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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 374.96

+0.2%

Nov 19 4:00 PM EST

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To: elmatador who wrote (52420)	7/18/2009 8:22:31 AM
From: THE ANT	Read Replies (1) of 217887

Yep,but MQ is right on this one.The funny thing is that in the US the masses that paid no Federal taxes (45% under Bush and about 60% under Obamas proposal)are about to have to pay for the services they receive.A federal sales tax or VAT will be needed ,as half the high earners are no longer with us and the other half will provide much less tax revenue than expected.In Europe and Brazil the middle class and low middle class pay VAT and other taxes on consumption.In the US these same people have been having an orgy of consumption.First, on their money and then on borrowed money many will never pay back.In nursing home I am a background observer of all levels of US society.Most of the Nursing assistants were former welfare mothers.I cant tell you how many of these drive to work in SUV's,even Hummers,or how many took home equity loans to go on vacation.One told a friend "I never go on vacation unless I have enough money that I can buy anything I want".These people who expect an Obama miracle are about to be ushered in to European socialism.I am not sure that this is bad as they did a terrible job in a capitalist world where the government did little to protect them.I just know it will not feel as good as the consumption orgy.Obama is like Brazils Lula.The people will take the short term pain as they trust him.They would be up in arms if the same pain was dished up by a Republican.Problem for Obama is that unlike Lula who had the wind at his back after the short term adjustment,Obama will have the wind of a shrinking (or at least not growing)lifestyle in his face through this and perhaps the next administration.The US middle and low middle class have no inherent right to live a much beter life than those in the developing world such as Brazil.The sooner they learn this and adjust the more they can slow down there eventuall financial equality with their Brazilian peers

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