Who Will Pay For Bailouts and Government Deficits in America ?

I assumed it would be my children and grand children, but this article shows that may not be the case.

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Greek austerity bill passes parliament despite dissent by governing Socialist party member – @AP

SOURCE

[youtube:http://www.youtube.com/watch?v=g0wZqOdNcQo&feature=player_embedded 603 500]

Warning: violent and bloody

Pennsylvania Governor Tom Corbett signed legislation Thursday that allows for the takeover of the capital city of Harrisburg, according to the governor’s spokeswoman Kelli Roberts.

The bill empowers the governor to declare a state of fiscal emergency in Harrisburg and petition for the appointment of a receiver.

The receiver would be charged with drafting and implementing a long-term recovery plan.

“I remain a strong proponent for municipal governments tackling their own problems and coming together to develop a fiscal recovery plan when necessary,” Corbett said in a statement.

“But when that fails to happen, the state has to take action to ensure public safety.

In a bid to resolve its debt crisis, the Harrisburg City Council voted 4-3 on Oct. 11 to file for a Chapter 9 municipal bankruptcy.

The action immediately generated conflict between the City Council and the mayor, Linda Thompson, and the state legislature and the governor.

All dispute the legality of the Council’s action in filing for bankruptcy.

SOURCE 

Stock is down 5.77%

Market rebounds to almost unchanged on the headline news….

Read here:

Think it takes a million bucks to make it into the Top 1% of American taxpayers?

Think again. In 2009, it took just $343,927 to join that elite group, according to newly released statistics from the Internal Revenue Service.

Occupy Wall Street protesters have been railing against the Top 1%, trying to raise anger and awareness of the growing economic gap between the rich and everybody else in America.

But just who are these fortunate folks at the top of the income ladder?

Well, there were just under 1.4 million households that qualified for entry. They earned nearly 17% of the nation’s income and paid roughly 37% of its income tax.

Collectively, their adjusted gross income was $1.3 trillion. And while $343,927 was the minimum AGI to be included, on average, Top 1-percenters made $960,000.

But the income threshold for this exclusive group changes every year, largely with the performance of the stock market, experts said.

Good times.

FTSE -1.20%
DAX -2.46%
CAC -2.29%
FTSE MIB -3.61%
IBEX -2.71%

Off by almost 5% for the day.

Global growth.

Italy at 6% and Spain is right behind.

5.99% and climbing.

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Net income up 30% to $1.35 per share

A developing trend despite home prices and rates being historically low.

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Great

Potential insider trading in JNJ

Apparently Yahoo is not interested in joint bids and is asking for confidentiality from potential suitors…

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This is the first positive number since July. The market reversed and is now +35 on this good news.

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