What will the bearded one say and do ?
Comments »Obama’s Tax Hikes Don’t Go Far Enough
He should take the first born of all millionaires to sacrifice to the owl god out in Bohemian Grove….
Comments »Will All Cash transactions Help The Housing Market ?
A Look at Small Business and Employment
Problems for small biz are not atypical. Much more needs to be done to get people hired in the U.S.
Maybe that’s why family business does so well.
Comments »Will Military Benefits Become a Part of the Deficit Reduction Plans ?
Group Think Worries That “We Can Buy Time, But We Can’t Change the Outcome”
Moody’s Reiterates a Negative Stance on States and Local Governments
Revenue collection is far better than a few years ago, but may not keep pace with falling federal support. so Moody’s remains negative.
Comments »French and German Banks See a Curtailing of Lending to Them in the First Q
Wen Jiabao: China Will Continue to Combat Inflation
Meredith Whitney Whistles a Bullish Tune
Bears on the Hunt Again
Now is a good time to ask if the market is resilient for forward looking abilities, easy low volume manipulation, or in the throws of a last hopes/ last ditch attempt of rallying out of technically negative territory.
Comments »Get Ready for More China Ratcheting
Efforts to curb home prices have failed again. China will no doubt do some tinkering that Cramer seems to think has ended.
Doubt that since their core cpi is up and other goods and services outside of cpi are rising too.
Comments »Europe Continues To Fail on Defining Terms of Agreement and Solution; Debt Talks This Weekend Produce ZERO
Everyone is Funny About Their Money These Days
So if your not sure what to do, with your money and investment portfolio, then it does not hurt to sit back and watch; in time you can pounce on the right opportunities at the right time.
Comments »Obama’s Proposed “Buffett Tax” on Millionaires
President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.
With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid.
Mr. Obama, in a bit of political salesmanship, will call his proposal the “Buffett Rule,” in a reference to Warren E. Buffett, the billionaire investor who has complained repeatedly that the richest Americans generally pay a smaller share of their income in federal taxes than do middle-income workers, because investment gains are taxed at a lower rate than wages.
Mr. Obama will not specify a rate or other details, and it is unclear how much revenue his plan would raise. But his idea of a millionaires’ minimum tax will be prominent in the broad plan for long-term deficit reduction that he will outline at the White House on Monday.
Mr. Obama’s proposal is certain to draw opposition from Republicans, who have staunchly opposed raising taxes on the affluent because, they say, it would discourage investment. It could also invite scrutiny from some economists who have disputed Mr. Buffett’s assertion that the megarich pay a lower tax rate over all. Mr. Buffett’s critics say many of the rich actually make more from wages than from investments.
Comments »“The Fed is Really Going to Dominate Next Week”
Bernanke, Europe hold key to aiding rally
Wall Street hopes for more Fed action and clear signs European leaders will follow through on their new urgency to tackle the euro zone debt crisis if U.S. stocks are to build on their best week since early July.
Investors expect the Federal Reserve to take steps to pull down long-term interest rates when policymakers meet on Tuesday and Wednesday to help revive the persistently weak U.S. economy.
Fed Chairman Ben Bernanke, speaking in Jackson Hole, Wyoming, on August 26, said the Fed’s Open Market Committee would meet for two days in September instead of the scheduled one day to discuss ways to boost the recovery.
But even with expectations of more intervention to boost the economy, investors will keep a close eye on developments in Europe.
Any lack of progress or backsliding on efforts to get the currency bloc’s fiscal house in order will renew worries the crisis could seriously damage the world financial system and major economies.
“The Fed is really going to dominate next week,” said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
“But the market has been trying to work its way higher here, trying to feel if maybe the European thing won’t cascade out of control.”
Treasury Secretary Timothy Geithner, at a meeting of euro zone finance ministers in Poland on Friday, urged them to leverage their bailout fund to better tackle the debt crisis, but there was no agreement on what steps to take.
While the Standard & Poor’s 500 has been moving upward over the past week, the benchmark index has been stuck in roughly a 100-point range over the last six weeks.
It is likely to run into resistance near the 50-day moving average of about 1,228, with analysts also pointing to the 1,250 level as the next significant hurdle.
“This is really a consolidation phase, which is normal after the kind of early August swoon that we had. So far this trading range is developing in a very positive and healthy way,” said Gail Dudack, chief investment strategist at Dudack Research Group in New York.
“Longer term, the market is looking better but we are getting very close to that resistance at 1,250 which would be pretty surprising if we can break above that at this early juncture. It could take a little more time, people shouldn’t be disappointed.”
The week’s economic calendar includes reports on the beleaguered housing market along with weekly initial jobless benefits claims.
Housing “is dead and it will stay dead, and I don’t expect anything out of unemployment either,” said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
“The biggest event is Bernanke.”
Companies due to post earnings next week include homebuilder Lennar Corp, Nike Inc, General Mills Inc as well as technology companies Adobe Systems, Red Hat Inc and Oracle Corp.
FedEx Corp, the No. 2 U.S. package delivery company, which is seen as a proxy for how the economy is performing, is also scheduled to report quarterly results.
Though earnings have managed to hold up in the face of a lackluster recovery, analysts worry this might not last if the financial system suffered the shock of a Greek debt default.
But while many feel Bernanke has telegraphed the plans for the Fed meeting, the euro zone debt crisis remains an uncertainty that could knock the market lower.
“It’s absolutely the wild card because Europe’s problems may be similar to what we saw in 2008, but they are much more difficult to deal with because country debt is far more difficult to deal with than mortgage debt,” Dudack said.
She added that having so many countries that are part of a committee trying to solve the problem only added to the complications.
Comments »California Unemployment Rate Hits 12.1% as Economy Still Blows Organic Nuts
Debtocracy: A Documentary on Debt; How to Solve the Odious Debt Problem and Restore Economic Stability
Selling in the first half hour this morning seems like the right move.
At any rate, i’m done for the weekend so have a good one folks.
Here is some insight and a different point of view on Greece and the debt problems of Europe.
Comments »Your Tax Dollars at Work
Think of how many subsidies exist like this because sheople pay not attention.
No wonder we have deficit problems
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