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New scare tactic: If the Democrats take over, watch your wallet

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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 10:35 PM
Original message
New scare tactic: If the Democrats take over, watch your wallet
Edited on Sun Aug-20-06 10:36 PM by ProSense
The Bottom Line

Liberal Losses

You may think you want a Democratic Congress. But if you care about your wallet, watch what you wish for.

* By James J. Cramer

Snip...

If the Democrats do take over, you can expect the usual whining: Corporations dont pay enough taxes, CEOs are overpaidall true, of course. But this columns not about political philosophy; its about saving money. Its about preserving your investments in specific industries coddled for a half-dozen years by the GOPs love affair with business that I believe will be under assault, if not overrun, by a Democratic Congress.

First up, the oils, the Democrats favorite whipping boys. You can bet that Big Oil will be public enemy No. 1 in the fall. Try as they might, these outfits cant even hide a portion of the obscene amounts they make. Their billion-dollar profits are just too ripe for the picking. I predict that the Democrats will propose that old oiloil that was discovered years ago, before the price run-upshould be subject to a high tax because its just found money for these guys. That tax would devastate ExxonMobil, Chevron, ConocoPhillips, and Occidental, all of which live off these old fields. The real petroleum gut shot, though, will be fired at the refiners. Valero, the largest refiner in the country, makes $20 per barrel from buying Maya crude, distilling it, and selling it at gas stations. Can the Democrats resist taxing a company that gouges consumers daily? No wonder Valero didnt rally after reporting a recent monster quarter; a Democratic sweeps starting to get priced into the stock.

Snip...

Throughout the country the Democrats have worked feverishly to stymie Wal-Mart in its ongoing destruction of mom-and-pop outfits with its big-box stores. Democrats dont care for Wal-Marts anti-union stance, and they cant stand its policy of importing a ton of stuff from China. Although the Democrats cant break up Wal-Martyet (wait until one gets in the White House)they can push a three-pronged anti-Bentonville agenda: (1) Demand that nationwide retailers sell a much higher amount of made-in-America content, (2) ban big-box retailers from urban areas to protect small businesses, and (3) insist on a prevailing wage for Wal-Mart workers. So what if such moves would actually raise prices for the poor and hurt the 100 million shoppers each week who go there? Who can resist beating up on those rapacious Arkansans?

Snip...

A Democratic trouncing in the House and Senate wont mean that all of these scenarios will play out. But almost immediately after any sweep occurs, Wall Street will react violently, because if Congress goes, so goes the White House. How serious is the threat? Ive scaled back my exposure to all of these areas. These sectors are simply way too dicey even if the chatter grows that the Democrats could do well come November. You should act now before the delicious free ride of corporate hegemony ends, and the Democrats, once again, decide youve made too much money in the stock market.

http://www.newyorkmetro.com/news/businessfinance/bottom...


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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 10:43 PM
Response to Original message
1. $20 a barrell???
Here's the breakdown in 1998. Why are they making $20 now when they used to only get around $7??

http://www.energy.ca.gov/gasoline/breakdown/1998-01-26_...

The whole article is crap of course, but this just really jumped out at me. I don't understand the mindset of anybody who just doesn't give a shit that some nameless corporation is piling up dough while people can't afford to live because oil prices are driving this economy.
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WannaJumpMyScooter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 10:45 PM
Response to Original message
2. At least we will have a wallet to watch, if
the GOP stays in, they will make having those illegal.
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Old and In the Way Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 10:46 PM
Response to Original message
3. What a tool.
I remember Clinton's stewardship...and I don't recall it being a problem for my wallet. Yeah, fiscal responsibility will be a bitch, but we've seen enough Republican administrations who love to deficit spend. It will be a small price to pay, getting the Syndicate out of power.
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pazuzu Donating Member (97 posts) Send PM | Profile | Ignore Sun Aug-20-06 11:00 PM
Response to Reply #3
5. Clinton "ran like a Democrat, governed like a Republican"
NAFTA and welfare reform proved it was true.
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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 11:16 PM
Response to Reply #5
7. You can't give Republican policies credit for Clinton's economic successes
Edited on Sun Aug-20-06 11:16 PM by ProSense
The numbers in the Economic Report of the President undermine both theories. Spending goes up faster under Republican presidents than under Democratic ones. And the economy grows faster under Democrats than Republicans. What grows faster under Republicans is debt.

Under Republican presidents since 1960, the federal deficit has averaged $131 billion a year. Under Democrats, that figure is $30 billion. In an average Republican year, the deficit has grown by $36 billion. In the average Democratic year it has shrunk by $25 billion. The national debt has gone up more than $200 billion a year under Republican presidents and less than $100 billion a year under Democrats.

As for measures of general prosperity, each president inherits the economy. What counts is what happens next. Let's take just two measures, although they all show the same thing: Democrats do better under every variation. From 1960 to 2005 the gross domestic product measured in year-2000 dollars rose an average of $165 billion a year under Republican presidents and $212 billon a year under Democrats. Measured from 1989, or measured with a one-year delay, or both, the results are similar. And how about this one? The average annual rise in real per capita income -- that's the statistic that puts money in your pocket. Democrats score about 30 percent higher.

Democratic presidents have a better record on inflation (averaging 3.13 percent compared with 3.89 percent for Republicans) and on unemployment (5.33 percent versus 6.38 percent). Unemployment went down in the average Democratic year, up in the average Republican one.

Almost forgot: If you start in 1981 and if you factor in a year's delay, Republican presidents edge out Democratic ones on inflation, 4.57 to 4.36. Congratulations.

http://www.washingtonpost.com/wp-dyn/articles/A20059-20...



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gully Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 11:18 PM
Response to Reply #5
8. Student loans, small business investments, headstart, improving inner
cities, funding for day care assistance, and much more - prove it isn't true.
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OwnedByFerrets Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 10:50 PM
Response to Original message
4. Why does James J. Cramer
hate America so much! :sarcasm:
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gully Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 11:15 PM
Response to Original message
6. Considering my property tax increased 30% under Republicans, I'll file
this under "bullshit."

Additionally, "Wallstreet" is supporting Democrats in the coming election. I think they miss the Clinton years too?

http://www.bloomberg.com/apps/news?pid=10000103&sid=ann...

"Democrats Beat Republicans in 2005 Fund-Raising on Wall Street
April 24 (Bloomberg) -- Democrats outdid Republicans last year in attracting political donations from investment banks, brokerages and fund managers for the first time since 1994, helped by support from hedge funds and companies such as Merrill Lynch & Co.

Democrats got $13.6 million, or 52 percent of the financial industry's $26.3 million in political donations in 2005, said the Center for Responsive Politics, a nonpartisan Washington group that researches the influence of money on elections and public policy. In the two years leading up to the 2004 presidential election, Republicans received 52 percent of the $91.6 million given by the industry.

``Wall Street wants change'' on issues such as the Iraq war and the budget deficit, said James Torrey, chairman of the Torrey Funds, which manages about $1 billion. ``I'm finding people who are registered Republicans who are saying to me, `what can I do to help?'''

The securities and investment industry is among the biggest sources of campaign cash in U.S. politics. The industry's 2004 contribution total to candidates and parties was higher than any group except lawyers, health professionals and the real estate industry, according to the center, which studied Federal Election Commission records."

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Mist Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 11:35 PM
Response to Original message
9. "Watch your wallet" ??!! After this Repub. Admin,
many have EMPTY wallets. But all's well in corporate America...
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WCGreen Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-20-06 11:43 PM
Response to Original message
10. Your damn right I'll watch my wallet....
I'll watch it get fatter cause any moron knows that the Democrats have always been better for main street and Wall Street.....
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Redbear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 10:49 AM
Response to Original message
11. "Watch Your Wallet"
Was George H.W. Bush's mantra when debating Clinton in 1992.

It was pretty ironic after he had broken his no new taxes pledge.
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kiki Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 11:23 AM
Response to Original message
12. What's the deficit at now? $7 tn? Damn those Democrats! n/t
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-21-06 11:27 AM
Response to Original message
13. Robber barony in trouble!
Oh my gosh, overrich fat cats might actually have to work for a living instead of just looting the Treasury! Red Alert, Red Alert, I tell you!

Dear Mr. Cramer:

Up yours. I'm guessing that the next day of hard work you put in will be your first.

Sincerely,
gratuitous
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