07/10/2012: GARY ON NATIONALLY SYNDICATED INVESTORS EDGE RADIO BROADCAST

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https://archives.warpradio.com/btr/InvestorsEdge/070918.mp3

JUST LETTING YOU KNOW

Taxes = Your Money

Now let’s be clear about the word “taxes.”

Guess what taxes are the equivalent of?”

Correct. Your money.

And that money has been disrespected since the day George Bush became president. Then,  Obama came in saying he was going to reverse it.

He lied and has only doubled down on what George Bush did.

Wait, wait Gary – George bush lowered taxes, didn’t he?

No he didn’t. Ladies and gentleman, running massive deficits are and is a tax increase on you and I.  They eventually have to be paid. We pay.

So you may say, I’m lowering your taxes and you’re going to pay less now. But eventually, when I am gone, you are going to be paying more.

And through George Bush’s eight years, deficits went up a few trillion bucks.

But he’s nothing. He was a piker compared to this President.

And between  Obama and George Bush, we couldn’t have had two worse presidents as stewards of the Treasury.

Now I know it’s congress who does the budget. But when all is said it done, they have the bully pulpit and they’ve got the pen. You need to know that.

And there’s also somebody called the Treasury Secretary that’s also supposed to be the steward. But I’ve been told, “Gary, don’t call names on the show. Don’t say any bad names about people. Don’t call them morons or idiots or dummies or stupid.”

So I won’t.

But Tim Geithner is an ineffective, useless Treasury Secretary. He is nothing more than a puppet with strings attached to his shoulders. There’s no independence there. And he just wants the walk the walk of what people want him to walk—and the same for the talk. He is supposed to watch over the treasury…but amazingly, parrots the President in wanting to spend more.

And, of course, there’s also the Fed, who also should be watching over deficits, but who says nothing and I’ll leave it that.

So why am bringing this up?

Because now there’s a fight on Capitol Hill as Obama has realized something. He no longer can fight Mitt Romney on his record. His record, under his watch, has been abysmal.

Numbers that he said years ago would be, are not.

We’re at 8.2% unemployment and let me be clear. If they just put half the people back on the roles that supposedly have left the workforce, it would be over 10%. And in case you didn’t know, I do not believe there’s ever been a time in our history when unemployment has been this high and an incumbent has won.

So Obama has now pivoted. He’s come back with:

“We need to raise taxes on people making $250,000 / year or higher.”

And the others don’t want to do it because they don’t care.

LET ME BE BLUNT!  Barack Obama has not earned the right to even talk about taxes. In just 3 ½ years, he has deficit-spent almost $6 Trillion dollars. Bill Clinton’s total spending in his last 3 years didn’t equal these deficits. You need to know that this didn’t happen by accident. It was done on purpose.

And, of course, they blame it on everybody else and the media carries the water, but we know better. And I watch as Barrack Obama tries to tell us what needs to be done. But here’s the real issue: Capital Allocation. What are they going to do with the money, if they get more money from the American public?

Let’s say they’re able to get a tax increase and they get a few billion dollars. What are they doing to do with it?

Waste it.

Barrack Obama, like his predecessor is an ineffective, imbecilic allocator of our hard earned capital. And it’s been that way since Day One and on purpose. And he has no right to even discuss our money.

He says he has lowered taxes on the middle class. Lie! He says he cares about the middle class. Lie!

Barrack Obama has raised taxes by almost $6 trillion over the past 3 ½ years. That money eventually has to be paid and it will be paid by everyone in hard dollars and in the soft dollars because economic growth will never reach its potential. A deficit is a tax. Repeat…a deficit is a tax!

It is a tax increase to not just you and I, but to our kids and to our kids’ kids.

So I don’t know how this ends up. We don’t have any control over it. We’re just muppets. I just know that these people do not deserve to be in the positions that they’re in. They have earned the right to be FIRED for the job that they done with our hard-earned capital and the spending of the next six years of our taxpayer dollars before they have even been earned.

There is only reason why the potential of economy will never hit its highest. Them. And I warned you about this. And you are now seeing the outcome of it, unfortunately.

Don’t be fooled by rhetoric and lies. Numbers do not lie.

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Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.