Obama Loves George Soros

An article on Townhall by Michelle Malkin, entitled "Obama's Exclusive George Soros Waivers". Read the entire article here: Townhall/MMalkin/Soros-Obama

"Millionaires and billionaires," President Obama says derisively, must make more "sacrifices" and live by the same rules the rest of America lives by. But there are seven little words that will never appear on the White House teleprompter: "And that means you, too, George Soros."

For all his (and his wife's) bashing of greedy Wall Street hedge-fund managers, Obama has shown nothing but love to the world's most famous hedge-fund mogul. The feeling is mutual and deep(as in deep-pocketed).

Soros and his family shelled out $250,000 for Obama's inauguration, $60,000 in direct campaign contributions and untold millions more to liberal activist groups pushing the White House agenda. While the class warrior-in-chief assails conniving financiers who exploit loopholes and corporate titans who imperil the planet, he lets the Soros exemptions to his attack-the-rich rules slide like butter on a hot plate.

This week, for example, Soros announced he was "quitting" the hedge-fund industry. The headlines emphasized his decision to return about $750 million to outside investors (a drop in his $30 billion bucket of personal wealth). He's reconstituting the business that landed him on Forbes magazine's "wealthiest people" list as a "family" interest. But the move has "self-serving politics" written all over it.

Over the past year, Soros provided coveted support for Obama and the Democrats' Byzantine financial "reforms" under the sweeping Dodd-Frank law. He preached to financial publications around the world about the need for increased regulatory controls over his industry. And in November 2008, while paying obligatory lip service to concerns about going too far, he submitted a statement to the House Committee on Oversight and Government Reform that recommended: "The entire regulatory framework needs to be reconsidered, and hedge funds need to be regulated within that framework."

Frameworks for thee, but not for he, however.

Somehow, in touting its one-year anniversary last week, there was nary a peep about the myriad loopholes and defacto waivers being granted to Obama's powerful benefactors whose names start with "S" and end in "-oros."

US Credit Rating Downgraded

Yeah, you can call it another Black Friday as the U.S. credit rating was downgraded from AAA to AA Plus. Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating for the first time in history, saying debt package falls short.

S&P said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

A source familiar with the discussions said that the Obama administration feels the S&P's analysis contained "deep and fundamental flaws." Well Mr President, the depths of your complete ignorance on economic issues is deep and your decision making is totally flawed. You should fire Turbo Tim Geithner as he recently said there was no chance the U.S. credit rating would be downgraded. Speaking of firings,....the American people will give you your pink slip in November 2012.

Not only is S&P downgrading this Country's Credit Rating but they are also issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. My God, we have got to get the Socialists and Communists out of office!

S&P will downgrade the U.S. credit rating to AA if they see less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period. And you can bet that we'll see higher interest rates, so I guess an even lower credit rating is certainly to come.

This down grade comes after S&P warned the government in April that a downgrade was probably unless the Government developed a long-term deficit reduction plan and avoided a default on the country's massive debt, over $4 Trillion, which is unprecedented in history.

S&P even stated that it was "pessimistic about the capability of Congress and the Obama Administration to bring a fiscal solution that would stabilize the government's debt anytime soon."

The Rich and Their Fair Share

With the debate and political deals on how this government is going to handle shrinking revenues and expanded government spending, especially concerning the Federal debt which is not just an economic issue but a national security issue, I am sick and tired of all these butt clowns crying for the “rich” to pay “their fair share”.

Okay you stupid buffoons, what exactly is a “fair share” for the “rich”? And just how are you defining the “rich”? And I want straight numbers, not the BS which President Obama uses to start class warfare, and you have all heard him spew sound bites such as “millionaires and billionaires should pay their fair share”, “the hedge fund manager should not pay less taxes than his secretary”, and so on.

First of all, how dare anyone tell someone else that they need to pay more that others because they had the skills and initiative to earn more? I think we learned in school and in life that fair is the same or proportional,....not punitive.

Second of all, the tax facts from the last reporting year are this:

The top .1 %, not the top 1%, but the top point one percent pay over 18% of all federal income taxes.

The top 1 percent pay over 38% of all federal income taxes.

The top 5% pay over 58% of all income taxes.

The top 50% of all tax payers pay a whopping 97% of all federal income taxes.

And, the bottom 50% of wage earners pay less than 3% of all income taxes.

Not counting the fact that the higher wage earners also pay more tax, mainly because they buy more crap, the tax burden is over whelmingly slanted against the people who earn money,…….. and lost in this debate is the fact that the higher wage earners are the people expanding their businesses, hiring more people, paying more employer federal tax contributions as well as a large tax burden for SSI, Worksmens Comp and now the Obamanation National Healthcare Mandate.

So I ask again, just who is the rich and what is their “fair share”?