Major Dem Donors Plan To Withhold Funds Over Obama Tax-Cut Deal

Los Angeles Times:

President Obama's advisors are confident that liberals dismayed by his agreement to extend tax breaks for the wealthy will forgive him by the time the 2012 election kicks into gear.

...

But some stalwart party donors are vowing to withhold funds because of their anger over the tax-cut deal.

Read the whole story: Los Angeles Times

Comments

[dhhh]

05:42 AM on 12/18/2010

We will never forgive the houdini who literally hypnotized the voters and won the Country ...The
awareness of reality has come back to those of us who were in a swoon.Vote we will in 2012. We will primary Obama and sweep him from office.We need a Tea bagger type group of interested Democrats and independents who have had enough".Change you can believe in "said the spider to the fly.

[truthisneeded]

10:24 PM on 12/12/2010

Mentioned this somewhere else on the Huffington Post and can add to this discussion as well since not everyone reads the same stories.

** breaking news **

The Obama Economists and the Fed ate CEOs and their rich shareholde­­rs want to tax the poor and the middle class more and benefit the rich

(Obama may not be aware of it)

How?

Through the Fed. Bernanke is weakening the dollar on purpose to help exporters and their rich shareholde­­­rs, but that in turn is creating and will create inflation.

A weaker dollar makes it cheaper for foreign buyers to buy American goods thus helping shareholde­­­rs of corporatio­­­ns (with very little impact on employment due to outsourcin­­­g and technology­­­);

at the same time a weaker dollar makes it more expensive for US buyers to buy any foreign goods; this will be more noticeable as time goes by and hard to reverse. Also if the markets decide to dump the dollar and use the Euro to trade oil; inflation would go to the roof.
The huge and hugely growing deficit may push the markets to lose confidence in the dollar.

Inflation is "the most dangerous and destructiv­­­e form of taxation."­­­.

And all the talk about deflation is non sense.

http://mises.org/daily/3236

http://www.guardian.co.uk/business/2009/sep/28/us-dollar-usurped-china-euro-world-bank

http://www.guardian.co.uk/business/2010/feb/22/america-neoliberal-dream-imf

Huffpo censors please do not censor this too. Thanks.

[truthisneeded]

10:33 PM on 12/12/2010

Correction

Mentioned this somewhere else on the Huffington Post and can add to this discussion as well since not everyone reads the same stories.

** breaking news **

The Obama Economists, the Fed, CEOs and their rich shareholde­­­rs want to tax the poor and the middle class more and benefit the rich

(Obama may not be aware of it)

How?

Through the Fed. Bernanke is weakening the dollar on purpose to help exporters and their rich shareholde­­­­rs, but that in turn is creating and will create inflation.

A weaker dollar makes it cheaper for foreign buyers to buy American goods thus helping shareholde­­­­rs of corporatio­­­­ns (with very little impact on employment due to outsourcin­­­­g and technology­­­­);

at the same time a weaker dollar makes it more expensive for US buyers to buy any foreign goods; this will be more noticeable as time goes by and hard to reverse. Also if the markets decide to dump the dollar and use the Euro to trade oil; inflation would go to the roof.
The huge and hugely growing deficit may push the markets to lose confidence in the dollar.

Inflation is "the most dangerous and destructiv­­­­e form of taxation."­­­­.

And all the talk about deflation is non sense.

http://mises.org/daily/3236

http://www.guardian.co.uk/business/2009/sep/28/us-dollar-usurped-china-euro-world-bank

http://www.guardian.co.uk/business/2010/feb/22/america-neoliberal-dream-imf

[truthisneeded]

10:40 PM on 12/12/2010

Bernanke is taxing the poor and the middle class through inflation and providing temporary benefit to the rich (when the dollar crashes the US rich will also hurt bad).

The bankers behind Obama are so globalized and so un-America­n that they may be trying to destabiliz­e the dollar on purpose.

If China floats its currency; as Obama is pushing them to do that will weaken the dollar even further; thus more inflation taxes for the US poor and middle class. The Obama administra­tion "has argued that China's growth is being powered by a low fixed currency."

In addition to the Yuan appreciation risk for the US middle class, there is more. China keeps growing and their inflation can create more inflation in the US too as we import their goods.

http://www.guardian.co.uk/world/2010/dec/10/china-tightens-bank-lending

Also oil prices

http://en.wikipedia.org/wiki/Brent_Crude

http://www.eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=rbrte&f=w

do not fully take into account China and India's domestic growth boom that just started

http://en.­wikipedia.­org/wiki/F­ile:EIA_IEO20­06.jpg

http://en.­wikipedia.­org/wiki/F­ile:Oil_consu­mption_per­_day_by_re­gion_from_­1980_to_20­06.svg

[truthisneeded]

10:59 PM on 12/12/2010

"American lawmakers press China ahead of talks
American lawmakers press China over currency, high-tech trade ahead of talks, Hu visit

BEIJING (AP) -- American lawmakers are pressing China for action on currency and high-tech trade in talks this week, and a planned Washington visit by President Hu Jintao next month has raised hopes Beijing might offer concessions.

The meeting of the U.S.-China Joint Commission on Commerce and Trade on Tuesday and Wednesday in Washington comes as Beijing faces rising congressional pressure over its swollen trade surplus. The U.S. House of Representatives has approved a measure to allow Washington to punish currency manipulation and the Senate is considering it."

"A group of 32 U.S. senators, both Democrats and Republicans, wrote to the chief Chinese envoy, Vice Premier Wang Qishan, ahead of the meeting to press for action on a list of chronic irritants.

They cited Beijing's failure to stamp out rampant product piracy and complaints that its currency controls keep its yuan artificially weak, giving China's exporters an unfair price advantage and wiping out U.S. jobs."

Again, the employment argument is nonsense; its all about US shareholders wanting to make more money by exporting more; while damaging American consumers (poor and middle class).

If I were China I would be very upset at the propaganda whining of our "delegation"

[MrUniteUs]

07:31 PM on 12/12/2010

President Obama and Dems who vote for this 900 billion dollar montrosity,
Will lose donors, voters, and volunteers.

They might not vote Republican, but the enthusiasm will be gone. .

[OtherJerseyGuy]

12:58 PM on 12/11/2010

Sounds like President Obama needs new advisors because his current advisor posse' fails in reading the voter base that got him in the White House.

Why? Because in 2012 voters will have to choose between a real Republican candidate or a Tea Bag Republican candidate, and Obama the Faux Republican candidate (actions speak louder than flip-floping lectures).

[salvy859]

07:38 AM on 12/11/2010

Like Obama you live in some dream world, he does not have any plan, you obama lovers always think he has some intellectual plan, he's lost and so are you

[Shawntay Nelson]

03:32 PM on 12/11/2010

I'm an Obama fan and NEVER think he has some master plan. That is what's so frustrating!

[barrada nicto]

11:35 PM on 12/10/2010

Republican are out for blood. We can't afford to increase their war-chests with continued tax cuts for the rich. This will be the beginning of the end.

No tax cuts for the rich. No caving. Or we're done for.

[MrUniteUs]

07:20 PM on 12/12/2010

Agreed

[dhhh]

05:47 AM on 12/18/2010

Expand the we are done for and I will agree. THe Corporatist are trying to bring about the end of all national sovereignty. No more Nations as we know of them just a one world Govt run by the world Bankers.To do so they will destroy the world economy.

[eddie10]

10:23 PM on 12/10/2010

As of now, Obama or his advisors don't understand that he lost his base a while ago.

The problem is that his lies are apparent and he played with our emotions during his presidenti­al compaign that he will try his best to clean up DC Corruption­, and yet it's all apparent he can even fight the republican­s politices for taxes cuts for the rich top 2% while the majority of public are in his side for this issue.

What we got was the reincarnat­ion of Bush III who continued to approve CIA Rendition or USA Citizen assassinat­ion without trial which is against the usa constituti­on, escalate the Afghan war, to not fight for public option, to ignore the middle class housing foreclosur­e bank frauds, to not prosecute those who allowed torture or Wall Street Bankers involved in derivative scams and so on.

So, now, many of his grassroot base not only don't trust him, but have anger that they were lied to. When someone has anger, will not be able to go to vote for somoene who caused that anger.

Obama is a one term President! One would think a smart guy like Obama would know better, but he will see the reality in 2012.

[eddie10]

10:22 PM on 12/10/2010

As of now, Obama or his advisors don't understand that he lost his base a while ago.

The problem is that his lies are apparent and he played with our emotions during his presidential compaign that he will try his best to clean up DC Corruption, and yet it's all apparent he can even fight the republicans politices for taxes cuts for the rich top 2% while the majority of public are in his side for this issue.

What we got was the reincarnation of Bush III who continued to approve CIA Rendition or USA Citizen assassination without trial which is against the usa constitution, escalate the Afghan war, to not fight for public option, to ignore the middle class housing foreclosure bank frauds, to not prosecute those who allowed torture or Wall Street Bankers involved in derivative scams and so on.

So, now, many of his grassroot base not only don't trust him, but have anger that they were lied to. When someone has anger, will not be able to go to vote for somoene who caused that anger.

Obama is a one term President! One would think a smart guy like Obama would know better, but he will see the reality in 2012.

[z-truth]

10:07 PM on 12/10/2010

wall street wrecked the economy - the poor must be punished!

[Shawntay Nelson]

07:21 PM on 12/10/2010

53% of Dems want the Dems to stop fighting this and move on to the next issue. If they keep fighting, they will not only lose THIS battle but they will forfeit DADT, START, DREAM, and all the middle class tax cuts that are in this bill. How many times will the Dems hang themselves, and this is coming from a d.i.e hard Liberal. The Dems punted this issue for the sake of about 40 "fake" Dems who were going to lose their re-elections anyway, and maybe if they had had this fight then, some of our Dems wouldn’t have lost their jobs - Now they want to be all high and mighty because Obama had to negotiate with less than 3 weeks left on the clock? Give me a break! If we had more time, then fine, I say fight to the d.ea.th - but we don’t. and we all have seen that those low information voters out there would not blame the GOP, they would blame the Dems, who still hold majorities, and should have dealt with this issue a long time ago!

[rebelle]

02:57 AM on 12/11/2010

Where have you been? DADT is already dead, that's a done deal. Obama handed them that too. And start has been passed, No thanks to Obama. They've had 2 freaking years and consider this. These tax cuts come up in an election year. Do you really think a republican majority won't make them permanent?

[Shawntay Nelson]

03:23 PM on 12/11/2010

DADT is NOT DEAD.. They are separating it from the defense authorization act. They will be voting on it as its own separate bill. I'm not saying it will be repealed but they do have the 60 to repeal as its own separate bill. Uhm. You may be mistaken on START. It has NOT been passed yet. And you and I have the same exact point "They've had 2 freaking years and consider this" is exactly my point....and NO I don’t think they will EVER be permanent unless republicans have BOTH chambers AND the White house!

[scorpioman]

07:13 PM on 12/10/2010

he will have to run on the repub ticket. that's where all the money is

[blurredmolly]

07:03 AM on 12/11/2010

there is plenty of money

[delta7777]

06:53 PM on 12/10/2010

.
in 1796 Thomas Paine nailed the policy of compromise, appeasement, prudence:

"The character which Mr. Washington has attempted to act in the world is a sort of nondescribable, chameleon-colored thing called prudence. It is, in many cases, a substitute for principle, and is so nearly allied to hypocrisy that it easily slides into it. His genius for prudence furnished him in this instance with an expedient that served, as is the natural and general character of all expedients, to diminish the embarrassments of the moment and multiply them afterwards;"
.

[Hannah01]

04:27 PM on 12/10/2010

Donors can withhold their money. I don't have any money but I can withhold my vote in 2012. However, this Independent won't be voting republican either.

[Philclock]

09:22 PM on 12/10/2010

If not either major party, what's left for the left, Ralph Nader? Howard "social justice" Dean? Jerry "Moonbeam" Brown? Barbara "Let's Invent and Indian Tribe so my son can become partner in and Indian casino" Boxer?

Hildabeast believes too much in this country for the left to stomach.

There's always the libertarian party, since I just KNOW you believe in small government!

[barrada nicto]

11:47 PM on 12/10/2010

Regardless who you vote for you must remain informed and stand up and support or protest when necessary. These actions can be more powerful than voting.

[3RawBob]

04:03 PM on 12/10/2010

So what if Bernie Sanders succeeds and the tax proposal does not get done until next year?

Here is what happens. Say you paid $12,000 in taxes for this year, so $1,000 is withheld each month. Assuming the old rates come back next year, then three percent more would be withheld starting in January, or $30 more per month. You then have $12,360 withheld for 2011. On April 15, 2012 you settle up with the IRS. If anytime during 2011 the present rates are set, then you will get a $360 rebate check.
There is no doubt that the middle class tax cut and other tax incentives used by the middle class will pass in 2011.
What is the big deal that it must be passed now?

[wdw505]

11:32 PM on 12/10/2010

to avoid the sell off of stock by the end of the year.........and a new round of layoffs

[barrada nicto]

12:11 AM on 12/11/2010

There are better ways of doing that.

[Roach Coach]

03:41 PM on 12/10/2010

All of the money in the world wouldn't get Obama elected to a second term, he already knows that.