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Thursday, January 29, 2009

Financial crisis victims are paying the ultimate price of debt

After eight years of Bush and the Republicans' corrupt and irresponsible fiscal policies, Americans are realizing the ultimate price they must pay when they go into unrecoverable debt and financial ruin. It is your life and others' lives.

While Bush is out of office, this is a free country and you have the right to follow other right-wingers like Steve Sailer. But when everything does downhill beyond recovery like Bush, Sailer, and the Republicans, be comforted that we have the most useful guide to help you pay the ultimate price.

The Financial Crisis Is Driving Hordes of Americans to Suicide
Pushed past their breaking points, people are robbing banks to pay the rent, setting homes on fire -- even taking their own lives.

Even the wealthy are big losers in the financial crisis, as millionaires and billionaires have already committed suicide.
In the three months since, the pain has been migrating upwards. A growing number of the world's rich have garnered headlines for high profile, financially-motivated suicides. Take the New Zealand-born "millionaire financier" who leapt in front of an express train in Great Britain or the "German tycoon" who did much the same in his homeland. These have, with increasing regularity, hit front pages around the world. An example would be New York-based money manager René-Thierry Magnon de la Villehuchet, who slashed his wrists after he "lost more than $1 billion of client money, including much, if not all, of his own family's fortune." In the end, he was yet another victim of financial swindler Bernard Madoff's $50 billion Ponzi scheme.

An unknown but rising number of less wealthy but distinctly well-off workers in the financial field have also killed themselves as a result of the economic crisis -- with less press coverage. Take, for instance, a 51-year-old former analyst at Bear Stearns. Learning that he would be laid off after JPMorgan Chase took over his failed employer, he "threw himself out of the window" of his 29th-floor apartment in Fort Lee, New Jersey. Or consider the 52-year-old commercial real estate broker from suburban Chicago who "took his life in a wildlife preserve" just "a month after he publicly worried over a challenging market," or the 50-year-old "managing partner at Leeward Investments" from San Carlos, California, who got wiped out "in the markets" and "suffocated himself to death."

Just like Steve Sailer himself, you are always in a dead-end situation when you follow the republicans. One reason the rich have been hit especially hard by the financial and stock market crisis it that capital losses from stocks are limited to $3000 per year. Capital losses greater than $3000 must be carried into future years, at most $3000 per year.

Suppose you are a modest millionaire who was forced to sell your losing or bankrupt stocks amounting to a $500,000 loss. Even then, you can't fully deduct that loss on your taxes. At a maximum limit of $3000 annual capital losses, it would take 166.67 years to fully deduct your losses from the disastruos loss.

Bad news, worse news, worsening news. That's the only news you ever face when you follow Steve Sailer and the Republcians.

No wonder suicide is the kinder alternative.


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