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Originally Posted by kutulu
How can you think McCain is being honest when he said he was duped?
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I believe he was duped. I think giving the treasury secretary a "blank check" was a bad idea. I think the intent of TARP, to save us from a complete collapse of the financial sector was exaggerated. I have never seen a real explanation of how the entire financial sector was at risk, certainly there were segments and specific companies at risk but not the entire sector. And, even if the entire sector was at risk, $700 bil. was not enough to save it.
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He's full of shit and he can't even make it sound convincing.
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He did not sound convincing then or now, but he is not the only one who lacks credibility regarding TARP in my opinion.
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I don't see anything wrong with this loophole.
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We disagree.
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You wouldn't be able to recruit people from the private sector without it.
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Again, I disagree. What is wrong with selling, taking your profits, paying your fair share of taxes and moving on to work for the government??? Nothing. This is simply a rule to allow "rich" people to avoid or delay paying their fair share of taxes. Since I am not "rich" this outrages me. The playing field is not even.
Also, Paulson is an entrenched Goldman Sachs guy, it is in his blood. Only the foolish would put him in charge of $700 bil and the ability to save his former company at the expense of the tax payer. I fault Bush for this also, the problem with Bush is he was on his way out and was singularly focused on the war.
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The people who they want to take these jobs are going to have lots of money invested.
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Do you not understand, the motivation was not to serve the American people but to save $100 million in taxes in less than two years? We would have been better off having Paulson pay his taxes and do something else.
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If they have to sell their assets when they take the job then we are asking them to pay a lot of money out in taxes that they wouldn't have paid otherwise.
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How about we call this making a sacrifice to serve a greater good. It happens everyday, why should people with more money than they could ever spend in a lifetime not make sacrifice?
I don't have a problem with "rich" people, I want to be one of them one day. If I ever make it (and maybe the reason I won't), I would not have a problem cashing out, paying my fair share of taxes, in order to serve a greater cause than making more money.
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They will still pay the taxes when they finally sell the assets that they transferred to the govt. securities.
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Do you really think Paulson is going to pay $100 million in taxes? Do you really think that??? I guess everything is relative, perhaps he would pay that much but it depends on the income or asset base, $100 million on $1 billion is one thing, $100 million on $10 billion is something else. My argument is, just have a fair tax code across the board without the incentives to hide or shelter money at certain income or asset levels.