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Developing from Dow Jones: US Treasury - No Plans For One-off 2009 Bank Bonuses Tax; Bankers can sleep well.
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No shit.
http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout
Timmy might need the favor returned in 2010!
hmm, even the bankers will sleep not so well when the whole system will blow up. And this day is not so far away.
Nearly every one of these bankers, traders and friends of the Fed have supreme confidence they will see "the end" coming and escape just in the nick of time. And more importantly, with their riches in tow.
It's part of the trader/athlete/risk taker mentality and psychology. In many respects, while they might be extremely mindful and aware of the risks they take, they still reside to some extent in denial. It's the only way they can walk into the lions den each and every day without a mental breakdown.
There's a whole separate branch of professional psychology devoted to this specific type "A" professional. You've heard of "sports" phycologists, right? They don't just work with athletes.
Why insult athletes? At least athletes play a game with rules equitable to both parties/teams. Wall Street scum play by different rules and don't have opponents, they have prey. They are psychopathic, more like cats toying and torturing their prey before they eat it than athletes who have to face opponents and the possibility they may lose.
Please stop with the sports analogies, it simply isn't fair to athletes. It's a rigged game.
Athletes are wayyyyyyyyyyyyyyyyyyyyyyyy over paid.
I think they should be required to wear "powered by" type insignia that lists their pharmacist and the pharmaceuticals they are taking, I mean let's give credit where credit is due.
So, they are overpaid, it is a function of their teams profitability, if they break a bone, they can't get Tax Cheat Timmy on the horn for a bailout, they go away. They assume some risk with their behavior, Wall Street scum doesn't.
I wasn't aware Treasury was in charge of tax policy.
lol, why would they have had any problems sleeping since Ben became Lloyd's prison wife?
when competitive advanatage comes down to looting with no revenue share you know it is bad
Yeah, like this would have really passed, can you have a negative chance of something happening??? (rhetorical, don't reply calling me a dumbass)....because if so, this would have certainly qualified
Don't tell me what to do, dumbass!
<double-post>
Goldman 'cleverly' already said no one is getting a 2009 bonus in solidarity with the London/Paris teams. It's all being deferred to 2010.
So what? As they did in the UK, the bonuses are simply upped t take care of the increased taxes.
No doubt the reasons the Goldman Sucks bonuses are as high as they are is as a precaution to adjust for the possibility of a 25% tax increase. (Current tax is around 40% so a 50% tax is 25% more bonus money to take care of it.)
Taxing bonuses may assauge the proeltariat, but that's because they haven't but the faintest clue, are completely
lacking any financial savvy whatsoever.
This ia a non-starter. The problem of oversompensation needs to be addressed by the Board. Good luck with that.
I can't say I want the gov't to have more tax base to play with but I can say that the bonuses being paid are totally bogus, these degenerate financial retards are wards of the state, they exist only because they were re-diapered when they shit their collective pants. The taxpayer came in cleaned up their little shit mess and gave them new diapers.
Hate to say it bro, that shit is coming out of my pocket & my kids pockets for the rest of our natural lives. Were it me calling the shots I'd take 99% back and make them each thank me for the remaining 1% in a nationally televised event held in MSG.
Just sayin'.
Why is Timmah talking about this? Is he arrogantly speaking for Congress or even worse, telling Congress that if they pass a 2009 Banker Tax, the IRS will not enforce it?
FED officials earning 6 fig salaries
===========================
The number of federal workers earning six-figure salaries has exploded during the recession, according to a USA TODAY analysis of federal salary data.
Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants during the recession’s first 18 months — and that’s before overtime pay and bonuses are counted.
http://www.usatoday.com/printedition/news/20091211/1afedpay11_st.art.htm...
Timmy might want to consult with Congress first.
Does anyone here believe, if ever, the general public will become aware of the outright theft going on at the behest of Washington (both through the Bush and Obama Administrations) by proxy through the Federal Reserve, Goldman Sachs, JP Morgan, and the Treasury? I would take a an estimate that perhaps 200,000 of the working folk has much of this keenly on their radar, but the rest of the masses are sound asleep from what I gather.
Granted, I am one of the general public working in the private sector at the age of 31 with two children and a wife. I spent the first 29 years of my life happily apathetic in my synthetic world of debt happiness and political apathy. Then I found out what was truly taking place, all of which went directly against all of the knowledge that I accumulated in both my private and public school education along with my years of college. I dutifully racked up mortgage debt and credit card debt so that the terrorists wouldn’t win and did as I was told by donating my earning to Wall Street in the form of a tax-deferred 401K. I paid my taxes in full and didn’t even exaggerate my donations or deductions as it was the right thing to do.
After I gained a greater grasp of the larceny, fraud, and outright manipulations of the “free market”, I went into a depression that last for 4 months and then moved into a political activist role while purchasing gold and silver (never was I the gold bug), and have moved to a cash only purchase mentality. At the same time I have been paying down my debt and considering not even paying revolving debt back to these swindlers. I have donated much extra cash and time to the End the Fed movement, Campaign for Liberty, Young Americans for Liberty, Congressman Ron Paul, and Senate candidate Peter Schiff. I read Max Keiser and Zero Hedge regularly and pay attention to the currency and bond market that I never did before. I have campaigned heavily for the audit the Fed movement and turned my car into a moving billboard for a Fed audit all to be laughed at, mocked, and ostracized by my sleeping suburban troglodytes. They continue to launch away their earnings into their 401Ks, say gold is not an investment while many are now buying their first “investment home” to flip.
Is there really any hope to a shift in consciousness to the reality of this game or is it time to pack up the activism, bury myself back into my job, and go back to self-medicating myself daily while pretending all is right in the world?
Any insight out there?
If you make posts like this one and spread your insights to local papers and comment sections over time those frauds in power will slowly be forced out...takes time...whole country brainwashed since birth.
"I dutifully racked up mortgage debt and credit card debt so that the terrorists wouldn’t win"
What the hell are you talking about? No one foisted debt on you -- 100% self inflicted. Every person and company hwo has no or low leverage is skating through this mess just fine. Low leverage comes from self control. And I am sure you were spending well beyond your means for purely patriotic reasons - bull.
For some reason too many Americans think they have a right to so many things - two cars, a big screen TV, going to movies and restaurants, cell phone, vacations, cable TV, house bigger than they need/can afford, etc. Advice to my children - live on half your pay for the first 20 years of your career and you are likely to have no problems.
Everyone is a victim and absolutely no one can figure out how to exercise personal responsibility because the world is stacked against them. We are doomed with that mentality.
"Insight"?
"I looks like the shift in consciousness to the reality of this game" is going to be very slow. It really blows me away too, how few people seem to be paying attention. I'm afraid the shift will only come after our quality of living erodes to the point where a larger and larger percentage of people are desperate enough to take measures into their own hands. From my experience, once you are "elightend" to the reality you cannot go back to pretending.
Your stories of loan modifications that don't happen
Your anger and your confusion come through clearly.
I don't get really any good calls or emails about loan modifications. It intensifies every time I write a story about the issue. Such as, today.
Let me share a few of your stories:
This morning, I heard from a man in foreclosure in Broward who was hauled out of the shower by a call from his lender, but after an hour on the phone, he could not reach a human being to figure out what he needed to do. His loan servicer is HomeEq.
A caller in Boynton Beach says after 14 months of trying, he has been denied a modification. He says his wife at first was said to make too much money then too little. He's received nothing in the mail responding to his application. If he didn't keep calling the bank, he'd have no information. "We don't want to join the ranks of the foreclosed," he said.His loan was from Washington Mutual and now is being handled by JP Morgan Chase.
A lady in Palm Beach county says her daughter was told to stop paying her mortgage in order to qualify for a modification. Then she was denied the modification. So she tried a short sale. Bank lost the papers. "They won't give my daughter a loan modification and they won't do a short sale. What is going on with the banks?? I don't believe for one second that people are not sending in what they need. I have had case loads of 500-600 people and never lost anything," she wrote. Her lender is Wachovia.
A borrower in Plantation who says his bank told him he won't qualify unless he falls behind on his payments. That's not true, according to the Making Home Affordable Program's rules published on its web site. "But have you heard of anyone who has gotten a modification who was still making payments?" he asked. His lender is Wells Fargo.
A mortgage broker says it took ten months for his lender, Citi, to respond to his inquiry on his own home loan. In addition, he says, "We cannot find a single person who was with WAMU that is getting modified. I know an elderly disabled woman in Pompano who is going to have to file for bankruptcy because they will not work with her. She is the epitome of what the program should target."
http://blogs.trb.com/business/columnists/brackey/blog
No is owed or due or has a right to a loan modification. Pay the loan or get out of the house. That is the deal everyone signed their name to.
I know, the borrower "didn't understand what they were signing or the risks or that the economy may not grow to the sky" -- sorry. If you don't understand what you are doing, don't do it. Everyone needs to take responsibility for their own affairs.
And please do not feign being shocked that a government program is not effective -- that is the definition of a government program.
I happen to think that all these bank give-aways show that they are AFRAID that one small bump to the slot machine will send it toppling to the floor in pieces.
Of course, this guarantees a people-in-the-street, torch bearing Revolution right?!?!!?????
In light of the recent posts about loan mods:
Don't you think this is all one big land grab? What asset retains its value more than any other? Land, especially in metro areas. Listen to the "advice" given by the banks regarding qualifying for loan mods. "Stop making payments and you'll qualify." Yeah, qualify to give us that land and house you're sitting in/on. No need to worry about the current depressed value of said property, because the banks balance sheets will be shored up by encouraged accounting fraud via lax "regulation."
There is some substance to that IMO. Before the banks hated to have foreclosed or any property on their books and now it seems that they are happy to have them rather than modify loans or restructure any payments. Why? Something is going on.
Currency devaluation, DUH!
Which would you rather be holding during one of those, fixed income mortgages that only loose value, or land that appreciates during devaluation?
This ain't freaking rocket science here!