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Frontrunning: April 12
- Recession not over - National Bureau of Economic Research not ready to say when recession ended (Bloomberg, Economic Populist)
- Profits for banks dimmed by home-equity loss seen at $30 billion, CreditSights (Bloomberg)
- And now attention turns to... Spain's toughest job, 20% unemployment (WSJ)
- Interest rates have nowhere to go but up (NYT)
- Palm hires Goldman, Quattrone to find buyers (Bloomberg)
- Dubai's $330 billion deferred buildings impose fees (Bloomberg)
- What do we do if the rich start to leave? (RCM)
- 47% of Americans pay no taxes (Fundmastery)
- The Magnetar trade: how one hedge fund helped keep the bubble going (ProPublica)
- Bernanke's exit plan may fall through the output gap (Bloomberg)
- The jobs picture still looks bleak (WSJ)
- Pretend your way to tax freedom: just like Congress (Washington Times)
- Regulators failed to supervise Washington Mutual (Reuters)
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I just don't get it; Spain is going to be one of the participants in the much-advertised Greek bailout providing over EUR 3 Bln; do not they need the money for their own purposes with 20% unemployment?
here is my TD frontrun (Goldman style):
No One Is to Blame for Anythinghttp://www.nytimes.com/2010/04/11/opinion/11rich.html?hp
"Recession not over - National Bureau of Economic Research not ready to say when recession ended (Bloomberg, Economic Populist)"
War's over man, Bernanke dropped the big one.
What? Over? Did you say over? Nothing is over until we decide it is. Was it over when the Germans bombed Pearl Harbor? Hell no!
http://www.youtube.com/watch?v=V8lT1o0sDwI
Oh, wait, is that the fat lady singing?
http://www.youtube.com/watch?v=gb7nwoQVkQE
I think it was the Japanese that did the bombing...
LOL
Dude, you must be under 40 if you don't understand the 1978 movie reference. Try clicking the link or looking up the movie "Animal House" and "Germans bombed Pearl Harbor".
Cog, Here's the Showtune that goes with the Magnetar piece, enjoy!
http://firedoglake.com/2010/04/11/goldman-sachs-explains-itself-we-weren%E2%80%99t-betting-against-customers-just-betting-differently/
(click the video in the piece)
The actual original link to this video/musical piece. Brilliant!
http://vimeo.com/10815824
Hah! Great interview, too: http://www.thisamericanlife.org/sites/all/play_music/play_full.php?play=405&podcast=1
"47% of Americans pay no taxes"
Only 53% to go until we are all released from this burden.
Starts peer pressuring tax payers. LOL
While 47% of American's paying no taxes could connote a socialist bent in our tax policy, it could also be signaling a shrinking middle class. Third world democracies stay third world because of this problem.
Thanks, I just wanted to write the same.
47% of Americans pay no taxes because they are poor and have no decent salary to make a living, not to speak pay taxes on that.
Now take the equivalant of 14k a year salaries all over greece and put massive taxes on top of that and you'll understand that you can't put austerity in your austerity without somethin busting a seam.
We are talking about the income tax right? Do you think America is better off with the income tax or without?
This is a Jedi mind trick. They are talking about "income tax", but of course they say they have walled off social security by saying that's for your retirement. What most people don't understand is that the government has appropriated the so called "surplus" every year there has been a "surplus" in the SS "Trust Fund" and used it to pay the government's bills.
As far as most legislators are concerned, while the public may hold the illusion SS is untouchable, it has been touched for decades and it's a promise, not a "right". And there is no "Trust Fund" just a filing cabinet with Treasury securities that are not redeemable until maturity. Anyone and everyone who earns wages pays SS taxes of some sort.
The reason it appears they pay no "taxes" is "refundable income tax credits" that allow a refund greater than the income and social security taxes they paid. This is an illusion because their wages are actually depressed in other ways that are unseen. So the Feds are simply giving them back some of what they should have earned anyway.
Real wages haven't gone up in 20 years.
No, the Jedi mind trick is to say 'taxes' and 'income tax'. In aggregate, we have a regressive taxation system in which the poorest pay the largest percentage of their income in taxes: sales taxes, their contribution as renters to property taxes, other taxes, income contributions to business taxes, and yes SS.
47 percent of (taxpayer-subject US population if that's what they really mean) are still hit with a bazooka. The top 2% pay (giant percentage) of US income tax revenue because WE MAKE ALL THE MONEY. And, yes, at 10 fingers hanging on to the edge of 6 figures, I'm in that category.
Cerberus is buying Dyncorp for $1.5B
http://www.marketwatch.com/story/cerberus-to-take-dyncorp-private-for-15...
:edit: This comment is in response to 'what if the rich start to leave'. Looks like they aren't going anywhere...
Recession not over - National Bureau of Economic Research not ready to say when recession ended (Bloomberg, Economic Populist)
Yikes! Does Dennis Kneale know this?
Way too much attention is given to NBER navel-gazing about the technical definitions of recession. The whole concept is meaningless when a historical supercycle is ending and there is uncharted territory ahead.
I expect the trickle of wealthy americans leaving the country will soon become a deluge. All this new tax legislation coming out is national suicide. As usual our short-sighted govt will continue to make whatever decision maximizes both short-term gains and long-term losses.