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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Bonnie Bear who wrote (47171)	2/15/1999 12:43:00 PM
From: Earlie	Respond to of 132070

YZ and B.B.: Good posts,...both of you. We all learn a great deal from this forum and its contributors, (most of all me) . Keep this good commentary coming. A serious error on your part Bonnie, as my Mother is of the same hardy breed. I've now an idea of the age at your end. (G) Best, Earlie

To: Bonnie Bear who wrote (47171)	2/15/1999 1:10:00 PM
From: RealMuLan	Read Replies (1) \| Respond to of 132070

Bonnie: thank you. China has a very lousy taxation system, a lot tax codes are not there and some of them are there could not be enforced because the Central gov. just don't have enough resources and man power to do that. 99% individual do not need to pay personal income tax, and there is no sale tax. The gov. said income above certain figure should pay tax, but since there is no tax withholding system, so those millionaires can get away without paying any. That is why it is much easier to become a millionaires in China than in US. This is also why the central gov. in Beijing is virtually bankrupt. And since education and hospitals are mostly sponsored only (but they are changing rapidly) by the gov. so a lot of them are poorly maintained. Social security (China's type) now is starting to develop, but not in 401k format, only in insurance form. And another thing is that there is a huge difference bet. the Chinese who come from Southern part of China, like Shanghai, or GuangZhou, etc., and the people from Northern part China. The former are more business like, and they, mostly younger people, like to play stocks if they can afford. They are more like Taiwanese (ask some people from Taiwan about the popularity of stock market there). But Northern Chinese are less business-like. So I don't think Stock can ever win any big popularity in Beijing. Best.

To: Bonnie Bear who wrote (47171)	2/15/1999 3:13:00 PM
From: Peter Singleton	Read Replies (1) \| Respond to of 132070

bb, <<I was raised by a Depression-era mother with this value set...I have no debt except a small mortgage I can pay off with cash, one credit card used as a charge card for emergencies, and a low-consumption lifestyle. My first two houses and all my cars were paid for in cash>> my goodness, are you well positioned if this whole thing comes down! you should be able to pick up a % or two of the real estate in the Bay Area, as the only person left with real $. Hope you're in T-bills, and not MMFs, though! As you well know, MMF's are an unsecured loan to your favorite financial institution ... Peter ps, if this really comes down, I'll be looking for odd jobs and yard work. you don't still mow your own lawn, do you? <g>