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View Diary: BREAKING: Cyprus Might Take 25% of Savings Now (197 comments)

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  •  I hear you (5+ / 0-)
    Recommended by:
    shrike, Sparhawk, k9disc, Chi, Mr Robert

    But it's like letting the camel's nose into the tent.  Today its $100,000 tomorrow it's $10,000

    In the US lots of retired ppl have $$ tied up in CDs, their life's savings, so it's not just millionaires (which is middle income these days lol)

    It's difficult to be happy knowing so many suffer. We must unite.

    by War on Error on Sat Mar 23, 2013 at 08:26:12 AM PDT

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    •  Slippery slope arguments don't play for me (8+ / 0-)

      The same arguments are used against gay marriage (next they're going to want to marry turtles!), marijuana legalization (soon they'll want heroin in school cafeterias!) and so on. The Netherlands have a wealth tax and nobody goes crazy about it. Many Islamic countries do something similar. The amount seems high at 25% but it might be the right thing to do for Cyprus. I won't dismiss it off-hand.

      You can't assassinate the character of any of modern conservative. You'd have to find where it was buried, dig it up, resurrect it, then kill it. And killing a zombie isn't really assassination, is it?

      by ontheleftcoast on Sat Mar 23, 2013 at 08:32:26 AM PDT

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      •  The man on turtle argument is not a slippery slope (0+ / 0-)

        it's more 'inflatio' ad absurdum. It inflates the potential damage of the movement to the absurd - it takes the slippery slope argument to an entirely different mountain from which it will slide down to some absurd, imaginary place.

        It is even hard to call it a logical fallacy, as it's not depending on or appealing to logic whatsoever.

        Slippery slope arguments are extremely weak when 'switching mountains in hyperbolic illogic appeals, and they should be ridiculed.

        But the nature of a slippery slope when it comes to the pursuit of profit and power are more of a law of entropy kind of thing. The slope is constant - it's not moving to another mountain to change a decimal place in an economic slippery slope.

        It might be invalid, it might be impossible because of legislative and/or regulatory checks and balances and the very idea of self governance, but all of those principles are getting skewed toward corporate and the Establishment or perhaps to the Corporate Establishment.

        It's hard not to see the validity of the argument given when you can clearly see the current slant of the playing field.

        Democracy - 1 person 1 vote. Free Markets - More dollars more power.

        by k9disc on Sat Mar 23, 2013 at 10:37:07 AM PDT

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        •  And a swing and a miss! (0+ / 0-)

          I was using the extreme arguments as a point of mockery. With gay marriage the next "line in the sand" is polygamy. With marijuana it's other drugs like cocaine and heroin though not served in school cafeterias.

          You can't assassinate the character of any of modern conservative. You'd have to find where it was buried, dig it up, resurrect it, then kill it. And killing a zombie isn't really assassination, is it?

          by ontheleftcoast on Sat Mar 23, 2013 at 10:41:06 AM PDT

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          •  That's fine and all, but the slopes are not really (0+ / 0-)

            the same in those instances.

            Pot use and cocaine use are totally different critters and bring present different situations - essentially the slope is ported to another mountain - a bigger, more dangerous mountain.

            Polygamy as well. "What's next, GASP!, 30 wives? That's a different slope, IMO, as well.

            $100,000 to $10,000 is the same slope. It's unused, parked money - it's a drag on the economy.

            A strong fairness/shared sacrifice argument with the current slope of the playing field, ending with poor people getting the shaft is kind of a logical path at this point in time, IMO.

            Peace~

            Democracy - 1 person 1 vote. Free Markets - More dollars more power.

            by k9disc on Sat Mar 23, 2013 at 11:05:26 AM PDT

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            •  So you wouldn't put a tax on accounts (0+ / 0-)

              of a $1,000,000? How about $10,000,000? Because that's just higher on the same slope. All assets hoarded by the rich are untouchable by your argument. Sorry, I'm not buying that either.

              You can't assassinate the character of any of modern conservative. You'd have to find where it was buried, dig it up, resurrect it, then kill it. And killing a zombie isn't really assassination, is it?

              by ontheleftcoast on Sat Mar 23, 2013 at 11:31:09 AM PDT

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    •  Don't you mean the horse out of the (2+ / 0-)
      Recommended by:
      War on Error, OldSoldier99

      barn? There are no camels native to Cyprus.

    •  In the US, the first $250,000 is insured (5+ / 0-)

      through FDIC. If the bank fails, you would be legally entitled to your insured $250,000 but could lose anything in your account above that amount.
      Historically, govt has stopped depositors from losing money in bank failures, but the $250,000 is all that's guaranteed.
        BTW, many CDs are NOT insured.

      •  but the point is that they (0+ / 0-)

        were proposing abrogating on that insurance.

      •  What?!!! Some CDs aren't FDIC insured? (1+ / 0-)
        Recommended by:
        BlueDragon

        It's difficult to be happy knowing so many suffer. We must unite.

        by War on Error on Sat Mar 23, 2013 at 09:29:03 AM PDT

        [ Parent ]

      •  That's why the bulk of my retirement savings (2+ / 0-)
        Recommended by:
        BlueDragon, ferg

        are in Federal securities -- there's no way in hell I'd risk any of my savings with Wall Street or a bank.

        My spending money is in a credit union. I'm looking at moving our mortgage there.

        Check where Greenspan keeps HIS money sometime...

        •  Just so you know, all but the very largest (1+ / 0-)
          Recommended by:
          nchristine

          Credit unions sell their mortgages to big banks. Actually, even large credit unions do too.

          When your rate gets locked, it's usually then that they have an agreement from a big bank to buy your mortgage.

          We've refi'd 3 times with2 different CU's. we keep ending up with the same bank. They're overall friendly and efficient to work with, so I guess it's all right. But it's kind of become amusing. Even a mortgage we took out with a large national financial company (we specifically avoided TBTF banks) was just sold to a TBTF bank when they announced they're getting out of the mortgage business. So we have 2 loans with 2 TBTF banks despite all our best efforts to avoid them.

          So don't refi just to move your business unless they promise they don't sell mortgages. And even then, they might. Your escrow papers will almost certainly have a document saying they can. Don't sign it, you don't get your loan.

          © grover


          So if you get hit by a bus tonight, would you be satisfied with how you spent today, your last day on earth? Live like tomorrow is never guaranteed, because it's not. -- Me.

          by grover on Sat Mar 23, 2013 at 01:38:49 PM PDT

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    •  It would be interesting to see the data. (1+ / 0-)
      Recommended by:
      War on Error

      If wealth disparity reflects deposits, just levying the top 1% might be sufficient . . . . just sayin'.

      "To recognize error, to cut losses, to alter course, is the most repugnant option in government." Historian Barbara Tuchman

      by Publius2008 on Sat Mar 23, 2013 at 09:23:24 AM PDT

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    •  They have no other option (1+ / 0-)
      Recommended by:
      virginislandsguy

      Is this or the total absolute chaos of being out of the Euro. Why have the European taxpayers have to bailout banks that have dedicated themselves to poke a finger in Europe's banking regulations and become a tax heaven for the Russian plutocrats?

      The savings up to 100,000 are guarantied the rest is take or sink

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