The Crisis of Credit Parts 1 & 2

one of the best explanations I have seen on the banking crisis

Rick Santelli Goes Balistic on creeping socialism

CLICK HERE

DOW drops to its lowest point since 2002!

Perhaps the question is ,is the Obama's Stimulus bill DOA ?

The stock market continues to fall as President Obama decides to return the statue of Winston Churchill the British sent over here after 9/11. Given a 2000 point plunge in the DOW since his election perhaps he should reconsider?

One failure after the next has not even tempered the mainstream media 's love affair with our new President . As advertising revenues continue to drop perhaps it may not be much longer that the consequences of all this unbridled cheer leading will be felt with more journalist on the dole.

An American Carol

answer to failure is do even more of the same.....

So with one swoop of the pen in a huge leap back wards the single greatest achievement of the Clinton Administration ie...welfare reform ,is done away with in the "stimulus package".
Poor Bill looks like the stain on the blue dress will be his only lasting legacy .

A 700 plus billion dollar bacon, eggs and cheese massive government intervention in an already crippled economy looks like a sure fire failure from the get go. As the cover of Newsweek pointed out so eloquently "we are all socialists now" and as I have remarked often on this blog yes with the 70's generation firmly in charge and reshaping the world in its own likeness., and yes they are really a bunch of communist's now as they were then . It is a generation that neither realized the fruits of the free market nor experienced free market prosperity in action.

Past government interventions of any sizable magnitude have all ended in utter failure and this one starting with the initial TARP funds from the Bush administration has failed at every single step of the way ,but in the infinite wisdom of all bureaucrats the answer to failure is do even more of the same .

Comparing Bernie Madoff to over paid banking execs is beyond ridiculous!

What continues to amaze me is how little the talking heads in the main stream media seem to understand about capital markets. The silly argument of comparing Bernie Madoff to over paid banking execs is beyond ridiculous! The over paid execs in many cases are more a kin to a superstar baseball player having a bad year or not living up to his superstar status. Yes there are exceptions giving the 70’s generations inability to produce anyone of substance and having the necessary leadership qualities. Don’t forget there is also corporate America’s propensity to reward “ass kissing” instead of creativity and hard work. Contrary to popular belief the capital markets are one of the most over regulated industries on earth. One look at Sarbanes Oxley or any of the million SEC directives and one would instantly understand what I am talking about.So you ask once again you ask how did Bernie commit such a vast criminal conspiracy?

While much of the mainstream media is concentrating on weather his family was duplicitous or not and yes of coarse many of them were. The real issue is and remains are what the hell were the SEC and all the regulatory bodies thinking? Recounts of his operation show numerous instances where even the smallest and simplest securities regulation was being violated. Over the years there had been numerous complaints made against him and his operations that went unheeded by authorities.

One can only conclude by this that many people both aided and abetted Bernie over the years or at lest remained hands off for reasons unknown. My point being that it was obvious for a long time that he was doing something wrong, very wrong. No one could pull off a scam of this magnitude by themselves.

To make matters worse the very same people that refused to investigate Bernie are the same people in charge of running, some say destroying the banking system. Once again I will repeat, if you destroy the capital markets then people will become ever more dependent on big government for security.

"Stimulus" Passed Dow sinks!

Apparently bringing home the bacon is not as simulative as once believed. The “stimulus” package gets passed and the DOW is down 382 points. I mean hey lets face it if you destroy the capital markets then people will become ever more dependent on big government for security.

FIVE IMPORTANT TAX LAW CHANGES FOR TAXPAYERS

FIVE IMPORTANT TAX LAW CHANGES FOR TAXPAYERS

Here are a few tax law changes you may want to note before filing your 2008 federal tax return:

1. Expiring Tax Breaks Renewed

The following popular tax breaks were renewed for tax-years 2008 and 2009:
• Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5
• Educator expense deduction on Form 1040, Line 23 or Form 1040A, Line 16
• Tuition and fees deduction on Form 8917

In addition, the residential energy-efficient property credit is extended through 2016. In general, solar electric, solar water heating and fuel cell property qualify for this credit. Starting in 2008, small wind energy and geothermal heat pump property also qualify.

2. Standard Deduction Increased for Most Taxpayers

The 2008 basic standard deductions all increased. They are:
• $10,900 for married couples filing a joint return and qualifying widows and widowers
• $5,450 for singles and married individuals filing separate returns
• $8,000 for heads of household

Beginning this year, taxpayers can claim an additional standard deduction based on the state or local real-estate taxes paid in 2008. Also new for 2008, a taxpayer can increase his standard deduction by the net disaster losses suffered from a federally declared disaster.

3. Contribution Limits Rise for IRAs and Other Retirement Plans

This filing season, more people can make tax-deductible contributions to a traditional IRA. The deduction is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes between $53,000 and $63,000. For married couples filing jointly, the income phase-out range is $85,000 to $105,000.

4. Standard Mileage Rates Adjusted for 2008

The standard mileage rates for business use of a vehicle:
• 50.5 cents per mile from Jan. 1 to June 30, 2008
• 58.5 cents per mile driven during the rest of 2008

The standard mileage rates for the cost of operating a vehicle for medical reasons or a deductible move:
• 19 cents per mile Jan. 1 to June 30, 2008
• 27 cents from July 1 to Dec. 31, 2008

The standard mileage rate for using a car to provide services to charitable organizations remains at 14 cents a mile. Special rates apply to the Midwest disaster area.

5. Kiddie Tax Revised

The tax on a child's investment income previously only applied to children younger than age 18. It now applies if the child has investment income greater than $1,800 and is:
• Younger than 18
• 18 years of age and had earned income that was equal to or less than half of his or her total support in 2008
• Older than 18 and younger than 24, a student and during 2008 had earned income that was equal to or less than half of his or her total support.

Links:
• IRS FS 2009-1 Highlights of 2008 Tax Law Changes
• Form 1040 instructions (PDF 941K)
• Publication 526 Charitable Contributions

CONGRESSMAN SCOTT GARRETT’S OFFICE

WHAT THE ‘STIMULUS’ WILL COST AMERICAN FAMILIES

WHAT THE ‘STIMULUS’ WILL COST AMERICAN FAMILIES

As the chart below shows, the per-family cost of the House-passed ‘stimulus’ bill will range from about $7,000 to more than $20,000.

Based on Congressional Budget Office [CBO] score of $820 billion for H.R. 1, with House Minority Budget Committee staff calculations, as follows: First column: Divides CBO score by the number of households in the U.S.
Second column: Adds CBO interest estimate, and divides by the number of households.
Third column: Takes CBO score with interest, then adds a list of programs identified by the Committee for a Responsible Federal Budget as likely to become permanent, applies interest, and divides by the number of households in the U.S.

CONGRESSMAN SCOTT GARRETT’S OFFICE

Network - Mad as hell

Network - 1976 - Life is Bullshit