Monday, May 21, 2012
Monday, March 12, 2012
Ed Schultz the pride of MSNBC
U.S. labor unions paid MSNBC “Ed Show” host Ed Schultz roughly $200,000 in 2011, and roughly $337,000 over the last seven years, according to Department of Labor documents.
Read more: http://dailycaller.com/2012/03/12/labor-dept-documents-msnbcs-ed-schultz-on-labor-union-payrolls-since-2005/#ixzz1oy7qBIna
Read more: http://dailycaller.com/2012/03/12/labor-dept-documents-msnbcs-ed-schultz-on-labor-union-payrolls-since-2005/#ixzz1oy7qBIna
Tuesday, January 31, 2012
Governor "Moonbeam" is at it again!
To increase taxes or not to increase taxes? The question was posed to Californians in a recent poll by the Public Policy Institute of California.
"Strong majorities of Californians favor Gov. Jerry Brown's proposed tax initiative and oppose the automatic cuts that public schools will face if voters fail to approve the measure in November," according to the PPIC summary. The Brown tax increase was favored by 72 percent of Californians and 68 percent of likely voters because people are worried about budget cuts, especially to education.
In this Jan. 18, 2012, file photo, Gov. Jerry Brown leaves the Assembly after he delivered his State of the State address before a joint session of the Legislature at the Capitol in Sacramento. While most other governors are proposing tax cuts and letting temporary tax increase expire, Brown is trying make the case for boosting taxes on the wealthy and the state sales tax.
ASSOCIATED PRESS FILE PHOTOADVERTISEMENT But not so fast. For one thing, polls this far away from an election are highly volatile. As was pointed out by Joel Fox of the Small Business Action Committee, just look at the polls in the Republican primaries. One day Mitt Romney's poll numbers make him look invincible. The next day he's losing in South Carolina to Newt Gingrich. And who knows what will happen in Florida on Jan. 31.
A major factor is that people are not focusing on the November election. It's still more than nine months away. No one has seen the ads, pro and con, for the Brown initiative. Other tax-increase initiatives also may be on the ballot.
Gov. Brown's "temporary," five-year tax increase includes two components: an increase of 1 or 2 percentage points in the state income tax for those making $250,000 or more per year. And a half-cent sales tax increase.
But when the poll broke down the two taxes, Californians became schizophrenic. The income-tax boost on the "rich" was favored by 68 percent of likely voters. But 64 percent opposed raising sales taxes, which everybody pays. That brings to mind the old saying, "Don't tax you, don't tax me, tax that man behind the tree."
We also don't know what condition the economy will be in later this year. The major economic surveys, such as those by Chapman University, anticipate continued moderate growth. But nobody knows what lies ahead. A sudden shock, like the September 2008 financial meltdown, could strike the country. War in the Persian Gulf could send oil prices into the stratosphere. And the European debt crisis could crash. People in a renewed recession would be less likely to increase their own tax burdens.
Then there's the finding that 55 percent of likely voters, in the PPIC summary, "believe state government could cut spending and still provide the same level of services." So people still are skeptical that government has done enough to save on current spending.
"Raising taxes at this point is just so beyond the pale," Lew Uhler told us; he's the president of the Roseville-based National Tax-Limitation Committee. "I just don't see people buying into the class-warfare stuff. They're not only trying to increase taxes on high-income families, but also the sales tax."
He pointed out that the governor remains an enthusiast for the California High-Speed Rail Authority and its spending plan of at least $99 billion on a project widely considered a boondoggle. "He's re-establishing his Gov. Moonbeam name by this craziness," Mr. Uhler said.
The last time Californians passed a tax-increase initiative was in 2004 with Proposition 63. It increased state income taxes on millionaires by 1 percentage point to fund mental-health programs. Yet it passed with just 54 percent of the vote even though opponents spent just $13,000 compared with proponents' approximately $4.7 million. And that was during the height of the real estate boom, when it seemed the good times never would end.
Times are different now. The economy still is hobbled. Any tax increases will face solid opposition. Bring it on.
Lew Uhler
President, National Tax-Limitation Committee
"Strong majorities of Californians favor Gov. Jerry Brown's proposed tax initiative and oppose the automatic cuts that public schools will face if voters fail to approve the measure in November," according to the PPIC summary. The Brown tax increase was favored by 72 percent of Californians and 68 percent of likely voters because people are worried about budget cuts, especially to education.
In this Jan. 18, 2012, file photo, Gov. Jerry Brown leaves the Assembly after he delivered his State of the State address before a joint session of the Legislature at the Capitol in Sacramento. While most other governors are proposing tax cuts and letting temporary tax increase expire, Brown is trying make the case for boosting taxes on the wealthy and the state sales tax.
ASSOCIATED PRESS FILE PHOTOADVERTISEMENT But not so fast. For one thing, polls this far away from an election are highly volatile. As was pointed out by Joel Fox of the Small Business Action Committee, just look at the polls in the Republican primaries. One day Mitt Romney's poll numbers make him look invincible. The next day he's losing in South Carolina to Newt Gingrich. And who knows what will happen in Florida on Jan. 31.
A major factor is that people are not focusing on the November election. It's still more than nine months away. No one has seen the ads, pro and con, for the Brown initiative. Other tax-increase initiatives also may be on the ballot.
Gov. Brown's "temporary," five-year tax increase includes two components: an increase of 1 or 2 percentage points in the state income tax for those making $250,000 or more per year. And a half-cent sales tax increase.
But when the poll broke down the two taxes, Californians became schizophrenic. The income-tax boost on the "rich" was favored by 68 percent of likely voters. But 64 percent opposed raising sales taxes, which everybody pays. That brings to mind the old saying, "Don't tax you, don't tax me, tax that man behind the tree."
We also don't know what condition the economy will be in later this year. The major economic surveys, such as those by Chapman University, anticipate continued moderate growth. But nobody knows what lies ahead. A sudden shock, like the September 2008 financial meltdown, could strike the country. War in the Persian Gulf could send oil prices into the stratosphere. And the European debt crisis could crash. People in a renewed recession would be less likely to increase their own tax burdens.
Then there's the finding that 55 percent of likely voters, in the PPIC summary, "believe state government could cut spending and still provide the same level of services." So people still are skeptical that government has done enough to save on current spending.
"Raising taxes at this point is just so beyond the pale," Lew Uhler told us; he's the president of the Roseville-based National Tax-Limitation Committee. "I just don't see people buying into the class-warfare stuff. They're not only trying to increase taxes on high-income families, but also the sales tax."
He pointed out that the governor remains an enthusiast for the California High-Speed Rail Authority and its spending plan of at least $99 billion on a project widely considered a boondoggle. "He's re-establishing his Gov. Moonbeam name by this craziness," Mr. Uhler said.
The last time Californians passed a tax-increase initiative was in 2004 with Proposition 63. It increased state income taxes on millionaires by 1 percentage point to fund mental-health programs. Yet it passed with just 54 percent of the vote even though opponents spent just $13,000 compared with proponents' approximately $4.7 million. And that was during the height of the real estate boom, when it seemed the good times never would end.
Times are different now. The economy still is hobbled. Any tax increases will face solid opposition. Bring it on.
Lew Uhler
President, National Tax-Limitation Committee
Monday, January 30, 2012
Market Update for Jan 30, 2012
Monday, January 30, 2012
The rally in the bond and mortgage markets is continuing this morning, Europe stock markets weaker and US equity markets set to open lower at 9:30. Dec personal income and spending at 8:30 was in line with estimates; income up 0.5% against estimates of +0.4%. Dec spending unchanged against estimates of +0.1%; more evidence that holiday shopping didn’t meet those early lofty estimates. Spending stalled in December as Americans used a jump in incomes to restore depleted savings, indicating the biggest part of the economy will not be a driver of the expansion.
Last week Greek officials were “confident” that they could make a deal with creditors to fend off another debt default cliff. Nothing happened, not necessarily a surprise as we have been subjected to the continual uncertainty and lack of progress for two+ years now. Greece signaled opposition to economic oversight in exchange for aid, taking Italian interest rates higher this morning and driving equity markets lower. European Union leaders gather in Brussels today for their first summit of 2012 to put the finishing touches on a German-led deficit-control treaty and endorse a 500 billion-euro ($661 billion) rescue fund to be set up this year. Greece and its private creditors said Saturday they expect to complete a deal in coming days after bondholders signaled they would accept a bigger cut in their debt holdings----it never ends.
The DJIA opened -100; 10 yr note +17/32 1.83% -7 bp and MBS 30 yr prices +6/32 (.18 bp).
This week’s elephant is the Jan employment report on Friday; current estimates are an increase of 160K non-farm jobs and private non-farm jobs +170K, the unemployment rate at 8.5%. The actual unemployment rate is closer to 16% however, that the “official” rate is at 8.5% is evidence that many have simply dropped out of looking for jobs. Until the Fed revised estimates for growth downward for 2012 and 2013 last week and Q4 GDP advance report was weaker than forecasts (+2.8% against +3.1% expected) there was an increasing belief the economy was gaining a little momentum. Now economic bulls are re-thinking that idea.
The bellwether 10 yr note is working on a key resistance level at 1.80% this morning. In early trade it dropped to 1.82% and at 10:00 sitting at 1.83%. The MBSs are pushing into new highs in prices not seen in over a year. The Fed’s decision to leave the FF rate at 0.0% for the next three years and with no inflation now or on the horizon, the long end of the curve is seeing buying as investors seek yield. The safety trade over Europe’s debt crisis has ebbed recently but still plays a role in the decline in rates.
The rally in the bond and mortgage markets is continuing this morning, Europe stock markets weaker and US equity markets set to open lower at 9:30. Dec personal income and spending at 8:30 was in line with estimates; income up 0.5% against estimates of +0.4%. Dec spending unchanged against estimates of +0.1%; more evidence that holiday shopping didn’t meet those early lofty estimates. Spending stalled in December as Americans used a jump in incomes to restore depleted savings, indicating the biggest part of the economy will not be a driver of the expansion.
Last week Greek officials were “confident” that they could make a deal with creditors to fend off another debt default cliff. Nothing happened, not necessarily a surprise as we have been subjected to the continual uncertainty and lack of progress for two+ years now. Greece signaled opposition to economic oversight in exchange for aid, taking Italian interest rates higher this morning and driving equity markets lower. European Union leaders gather in Brussels today for their first summit of 2012 to put the finishing touches on a German-led deficit-control treaty and endorse a 500 billion-euro ($661 billion) rescue fund to be set up this year. Greece and its private creditors said Saturday they expect to complete a deal in coming days after bondholders signaled they would accept a bigger cut in their debt holdings----it never ends.
The DJIA opened -100; 10 yr note +17/32 1.83% -7 bp and MBS 30 yr prices +6/32 (.18 bp).
This week’s elephant is the Jan employment report on Friday; current estimates are an increase of 160K non-farm jobs and private non-farm jobs +170K, the unemployment rate at 8.5%. The actual unemployment rate is closer to 16% however, that the “official” rate is at 8.5% is evidence that many have simply dropped out of looking for jobs. Until the Fed revised estimates for growth downward for 2012 and 2013 last week and Q4 GDP advance report was weaker than forecasts (+2.8% against +3.1% expected) there was an increasing belief the economy was gaining a little momentum. Now economic bulls are re-thinking that idea.
The bellwether 10 yr note is working on a key resistance level at 1.80% this morning. In early trade it dropped to 1.82% and at 10:00 sitting at 1.83%. The MBSs are pushing into new highs in prices not seen in over a year. The Fed’s decision to leave the FF rate at 0.0% for the next three years and with no inflation now or on the horizon, the long end of the curve is seeing buying as investors seek yield. The safety trade over Europe’s debt crisis has ebbed recently but still plays a role in the decline in rates.
Sunday, January 29, 2012
Chairman and CEO of Valero Energy.
Subject: Keystone XL Pipeline
Below is an email message to Valero employees from the Subject: Keystone XL Pipeline Statement
Chairman and CEO of Valero Energy. They have a large refinery in Port Arthur and Lake Charles. We MUST vote Obama out in November.
Date: January 24, 2012
To: Valero Employees
From: Bill Klesse
Subject: Keystone XL Pipeline Statement
As you know, the Obama administration decided last week to deny TransCanada’s application to ship crude oil via the Keystone XL pipeline from Canada to the Gulf Coast. Valero has planned to be a shipper and purchaser of that oil since 2008, and obviously we were disappointed in the decision. We issued a statement in response to questions from the media, and I wanted to share it with you in case you get questions from friends or business partners, and so that you would know why Valero supports the Keystone XL pipeline. This is the statement:
Despite the uncertainty and political fighting over the Keystone XL pipeline, Valero has continued to invest in its U.S. refining operation. In 2011 we spent nearly $3 billion on projects, and for 2012 our capital expenditure budget is over $3 billion. These expenditures are keeping our employees on the job and putting additional people to work. To reference two of our refineries, at Port Arthur, Texas, we have 1,600 contractors working on an expansion project, and at St. Charles Parish, Louisiana, we have another 1,000 contractors working on a separate project. We need this kind of economic activity to accelerate to help all Americans.
This illustrates why the federal government’s rejection of the Keystone XL pipeline is so absurd. There are pipelines in every neighborhood all across America. The administration’s decision was not about pipelines, it was about the misguided beliefs that Canadian oil sands development should be stopped and that fossil fuel prices should increase to make alternative energy more attractive. Instead, we should be impressed with how well the oil sands engineering and recovery technology has advanced, and the economic benefits this development brings. Having more oil available in the marketplace has the potential to lower prices for consumers. As an independent refiner, Valero buys all of the oil we process. Due to the administration’s misguided policies, refiners like Valero will have to buy more oil from other sources outside the U.S. and Canada. Consumers will bear the additional shipping cost, not to mention the additional greenhouse gas emissions and political risks.
With all the issues facing our country, it is absolutely unbelievable our federal government says no to a company like TransCanada that is willing to spend over $7 billion and put Americans to work on a pipeline. The administration’s decision throws dirt into the face of our closest ally and largest trading partner.
The point above is that it is not about pipelines as many pipelines cross the Ogallala Aquifer, in the Great Plains region, and, in fact, there is already significant oil and gas production in the area covered by the aquifer. This is politics at its worst.
Thanks for your support.
Below is an email message to Valero employees from the Subject: Keystone XL Pipeline Statement
Chairman and CEO of Valero Energy. They have a large refinery in Port Arthur and Lake Charles. We MUST vote Obama out in November.
Date: January 24, 2012
To: Valero Employees
From: Bill Klesse
Subject: Keystone XL Pipeline Statement
As you know, the Obama administration decided last week to deny TransCanada’s application to ship crude oil via the Keystone XL pipeline from Canada to the Gulf Coast. Valero has planned to be a shipper and purchaser of that oil since 2008, and obviously we were disappointed in the decision. We issued a statement in response to questions from the media, and I wanted to share it with you in case you get questions from friends or business partners, and so that you would know why Valero supports the Keystone XL pipeline. This is the statement:
Despite the uncertainty and political fighting over the Keystone XL pipeline, Valero has continued to invest in its U.S. refining operation. In 2011 we spent nearly $3 billion on projects, and for 2012 our capital expenditure budget is over $3 billion. These expenditures are keeping our employees on the job and putting additional people to work. To reference two of our refineries, at Port Arthur, Texas, we have 1,600 contractors working on an expansion project, and at St. Charles Parish, Louisiana, we have another 1,000 contractors working on a separate project. We need this kind of economic activity to accelerate to help all Americans.
This illustrates why the federal government’s rejection of the Keystone XL pipeline is so absurd. There are pipelines in every neighborhood all across America. The administration’s decision was not about pipelines, it was about the misguided beliefs that Canadian oil sands development should be stopped and that fossil fuel prices should increase to make alternative energy more attractive. Instead, we should be impressed with how well the oil sands engineering and recovery technology has advanced, and the economic benefits this development brings. Having more oil available in the marketplace has the potential to lower prices for consumers. As an independent refiner, Valero buys all of the oil we process. Due to the administration’s misguided policies, refiners like Valero will have to buy more oil from other sources outside the U.S. and Canada. Consumers will bear the additional shipping cost, not to mention the additional greenhouse gas emissions and political risks.
With all the issues facing our country, it is absolutely unbelievable our federal government says no to a company like TransCanada that is willing to spend over $7 billion and put Americans to work on a pipeline. The administration’s decision throws dirt into the face of our closest ally and largest trading partner.
The point above is that it is not about pipelines as many pipelines cross the Ogallala Aquifer, in the Great Plains region, and, in fact, there is already significant oil and gas production in the area covered by the aquifer. This is politics at its worst.
Thanks for your support.
Wednesday, December 21, 2011
Friday, December 2, 2011
Tuesday, November 22, 2011
Friday, November 4, 2011
Wednesday, November 2, 2011
Tuesday, October 25, 2011
Arizona Governor has it right!
Consider this Argument:
Arizona governor vs. Phoenix Suns owner - I'd say she makes a
pretty good case with her analogy!!
The owner of the Phoenix Suns basketball team, Robert Sarver,
came out strongly opposing AZ's new immigration laws.
Arizona 's Governor, Jan Brewer, released the following statement
in response to Sarver's criticism of the new law:
"What if the owners of the Suns discovered that hordes of people
were sneaking into games without paying? What if they had a
good idea who the gate-crashers are, but the ushers and
security personnel were not allowed to ask these folks to
produce their ticket stubs, thus non-paying attendees couldn't
be ejected?
"Furthermore, what if Suns' ownership was expected to provide
those who sneaked in with complimentary eats and drink? And
what if, on those days when a gate-crasher became ill or injured,
the Suns had to provide free medical care and shelter?"
Arizona Gov. Jan Brewer
Arizona governor vs. Phoenix Suns owner - I'd say she makes a
pretty good case with her analogy!!
The owner of the Phoenix Suns basketball team, Robert Sarver,
came out strongly opposing AZ's new immigration laws.
Arizona 's Governor, Jan Brewer, released the following statement
in response to Sarver's criticism of the new law:
"What if the owners of the Suns discovered that hordes of people
were sneaking into games without paying? What if they had a
good idea who the gate-crashers are, but the ushers and
security personnel were not allowed to ask these folks to
produce their ticket stubs, thus non-paying attendees couldn't
be ejected?
"Furthermore, what if Suns' ownership was expected to provide
those who sneaked in with complimentary eats and drink? And
what if, on those days when a gate-crasher became ill or injured,
the Suns had to provide free medical care and shelter?"
Arizona Gov. Jan Brewer
Wednesday, October 19, 2011
James C. Capretta
James C. Capretta
The Reconciliation Option
The way forward for repealing and replacing Obamacare becomes clearer.
At last Tuesday’s debate among the Republican presidential candidates, former Massachusetts governor Mitt Romney and former U.S. senator Rick Santorum both mentioned that repeal of Obamacare could be accomplished through the special budgetary procedure known as “reconciliation” (see this video clip of the debate exchange, courtesy of Avik Roy’s enlightening Forbes.com post on the subject). This bit of Washington inside baseball was unusual in a presidential-debate setting; most of those in the audience watching at home probably have no earthly idea what the budget-reconciliation process is, nor should they. But in the long fight over Obamacare, what Romney and Santorum said about the use of reconciliation is a crucially important point that has the potential to dramatically affect the future of American health care.
First, what is “reconciliation”? Reconciliation is a special legislative process established by Congress to provide for expedited consideration of important budgetary legislation. The “expedited” designation is particularly important in the Senate. Most legislation of any consequence requires 60 votes in the Senate to pass, as that is the normal number needed to shut off debate (called “cloture”) when a determined minority is willing to stage an indefinite filibuster. But reconciliation bills can be debated only for a certain number of hours before the measure goes to a final vote. In other words, a reconciliation bill cannot be filibustered — and therefore can pass in the Senate with a simple majority, normally 51 votes, when all time for debate has expired.
Fast-forward now to 2013. If, in the 2012 election, Republicans are able to maintain control of the House, pick up the majority in the Senate (a real possibility) but not a 60-vote supermajority, and win the White House (looking more possible by the day), the GOP would be in position to set in motion a reconciliation bill to repeal and replace Obamacare — and they wouldn’t need any Democratic cooperation to make it happen. The fact that leading Republican presidential candidates have now said that reconciliation is an option is a big deal, as it makes it very clear to all concerned that there is a clear path to victory for Obamacare opponents.
The Reconciliation Option
The way forward for repealing and replacing Obamacare becomes clearer.
At last Tuesday’s debate among the Republican presidential candidates, former Massachusetts governor Mitt Romney and former U.S. senator Rick Santorum both mentioned that repeal of Obamacare could be accomplished through the special budgetary procedure known as “reconciliation” (see this video clip of the debate exchange, courtesy of Avik Roy’s enlightening Forbes.com post on the subject). This bit of Washington inside baseball was unusual in a presidential-debate setting; most of those in the audience watching at home probably have no earthly idea what the budget-reconciliation process is, nor should they. But in the long fight over Obamacare, what Romney and Santorum said about the use of reconciliation is a crucially important point that has the potential to dramatically affect the future of American health care.
First, what is “reconciliation”? Reconciliation is a special legislative process established by Congress to provide for expedited consideration of important budgetary legislation. The “expedited” designation is particularly important in the Senate. Most legislation of any consequence requires 60 votes in the Senate to pass, as that is the normal number needed to shut off debate (called “cloture”) when a determined minority is willing to stage an indefinite filibuster. But reconciliation bills can be debated only for a certain number of hours before the measure goes to a final vote. In other words, a reconciliation bill cannot be filibustered — and therefore can pass in the Senate with a simple majority, normally 51 votes, when all time for debate has expired.
Fast-forward now to 2013. If, in the 2012 election, Republicans are able to maintain control of the House, pick up the majority in the Senate (a real possibility) but not a 60-vote supermajority, and win the White House (looking more possible by the day), the GOP would be in position to set in motion a reconciliation bill to repeal and replace Obamacare — and they wouldn’t need any Democratic cooperation to make it happen. The fact that leading Republican presidential candidates have now said that reconciliation is an option is a big deal, as it makes it very clear to all concerned that there is a clear path to victory for Obamacare opponents.
Thursday, October 13, 2011
Thursday, September 29, 2011
Monday, September 5, 2011
Maureen Dowd
Obama is still suffering from the Speech Illusion, the idea that he can come down from the mountain, read from a Teleprompter, cast a magic spell with his words and climb back up the mountain, while we scurry around and do what he proclaimed.
Thursday, August 18, 2011
"Life is but a Dream"
One in five American children now living in poverty according to new report
14.7million children in families with income less than $21,756 a year
Child poverty increased in 38 states from 2000 to 2009 Mississippi
Wednesday, July 20, 2011
A thinking mans journalist!
-By Charlie Reese
Politicians are the only people in the world who create problems and then campaign against them.
Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?
Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?
You and I don't propose a federal budget. The President does.
You and I don't have the Constitutional authority to vote on appropriations. The House of Representatives does.
You and I don't write the tax code, Congress does.
You and I don't set fiscal policy, Congress does.
You and I don't control monetary policy, the Federal Reserve Bank does.
One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.
I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.
I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.
Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.
What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The President can only propose a budget. He cannot force the Congress to accept it.
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House now? He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.
It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.
If the tax code is unfair, it's because they want it unfair.
If the budget is in the red, it's because they want it in the red.
If the Army & Marines are in Iraq and Afghanistan it's because they want them in Iraq and Afghanistan ...
If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way.
There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like "the economy," "inflation," or "politics" that prevent them from doing what they take an oath to do.
Those 545 people, and they alone, are responsible.
They, and they alone, have the power.
They, and they alone, should be held accountable by the people who are their bosses. Provided the voters have the gumption to manage their own employees...
We should vote all of them out of office and clean up their mess!
What you do with this article now that you have read it... is up to you.
This might be funny if it weren't so true.
Be sure to read all the way to the end:
Tax his land,
Tax his bed,
Tax the table,
At which he's fed.
Tax his tractor,
Tax his mule,
Teach him taxes
Are the rule.
Tax his work,
Tax his pay,
He works for
peanuts anyway!
Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.
Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.
Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.
Tax his cigars,
Tax his beers,
If he cries
Tax his tears.
Tax his car,
Tax his gas,
Find other ways
To tax his ass.
Tax all he has
Then let him know
That you won't be done
Till he has no dough.
When he screams and hollers;
Then tax him some more,
Tax him till
He's good and sore.
Then tax his coffin,
Tax his grave,
Tax the sod in
Which he's laid...
Put these words
Upon his tomb,
'Taxes drove me
to my doom...'
When he's gone,
Do not relax,
Its time to apply
The inheritance tax.
Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax
STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world.
We had absolutely no national debt, had the largest middle class in the world, and Mom, if agreed, stayed home to raise the kids.
What in the heck happened? Can you spell 'politicians?'
I hope this goes around THE USA at least 545 times!!! YOU can help it get there!!!
GO AHEAD - BE AN AMERICAN
=
Monday, July 18, 2011
Mid July 2011 DC Report
Monday, July 18, 2011
Treasuries started better this morning on continuing debt problems in Europe; today its Italy and Greece but also Portugal, Spain and Ireland also rattling global markets. Sovereign debt in those countries is serious and unlikely to be resolved anytime soon. Increasing concerns that in the end there will be actual defaults in Europe; here in the US the debt mess and budget impasse continues. The US isn't near the problems in Europe but the country is headed that way unless Americans get serious about deficit reductions, a very hard pill to swallow in these soft economic times. In the meantime Congress and the Administration will continue to kick the can down the road until citizens demand them to cut spending-----a decision many will have trouble with. By 9:00 the 10 yr note had lost all its early gains and mortgage prices went negative (-3/32, 0.09 bp) frm Friday' close.
President Barack Obama is pressing congressional leaders for a multitrillion-dollar agreement in deficit-cutting talks as negotiators near an Aug. 2 deadline for raising the debt limit. A default would cause more panic than the collapse of Lehman Brothers Holdings Inc. in 2008, former Treasury Secretary Larry Summers told CNN in an interview broadcast yesterday. Treasuries rose and the euro fell amid concern European leaders will fail to stop the region’s spreading debt woes at a summit this week.
Mortgage rates being pulled lower as treasuries get safety driven buying; the stock market opening lower this morning also helping. Crude oil lower today as stocks decline; Brent crude declined for a third day in London as investors bet that Europe’s worsening debt crisis may slow the economy and crimp fuel demand. Gold back over $1600.00 also driven by safety moves with investors becoming less comfortable with any currencies.
At 9:30 the DJIA opened down 65, the 10 yr note +2/32 and mortgage prices +1/32 (.03 bp).
This Week's Economic Calendar:
Today;
10:00 July NAHB housing index (as reported 15 frm 13; still very negative)
Tuesday;
8:30 am June housing starts and permits (starts +1.75%, permits unchanged)
Wednesday;
10:00 am June existing home sales (+2.5% at 4.93 mil units annualized)
Thursday;
8:30 am weekly jobless claims (+6K at 411K)
10:00 am July Philly Fed business index (0.0 frm -7/1 in June)
June leading economic indicators (+0.3%)
FHFA May housing price index (N/A)
Economists in a Bloomberg News survey projected long-term U.S. financial assets would show net buying of $40B in May; as reported net purchases were $23.6B. The Treasury’s reporting on long-term securities is a gauge of confidence in U.S. economic policy, and today’s report suggests the U.S. continues to offer safety from the economic crisis in Europe even with the White House and Congress at odds over raising the Treasury’s borrowing authority; although the increase was much less than was thought suggesting all is not that rosy.
US interest rates still have a bullish bias based on Europe's problems and the on-going debates in Washington over the debt ceiling and budget cuts; however, we remain somewhat defensive with interest rates as low as we have them now. We don't want to fight the tape but at the same time we have to be cautious and not get too optimistic. Go with it, but be prepared to take advantage of the low rates when markets turn. It is highly unlikely the US will lose its AAA credit rating by rating agencies, and the US will not default on our debt; nevertheless markets are dancing on a hot skillet as the deadline approaches. It is a day-to-day trade these days; unfolding and very fluid events can have a swift and big move in markets; interest rates are at all time lows now, it will take a lot of surprising bad news to drive rates lower.
Saturday, July 9, 2011
Dismal Numbers!
Friday, July 08, 2011
Stunned!! The only way to describe what we saw at 8:30 when the BLS employment report was released, mouths dropped, words were hard to come by with one of the weakest monthly employment reports in over a year. Non-farm jobs, expected up 100K were up just 18K; private sector jobs expected up 125K, up just 57K. It wasn't just June data; May non-farm jobs were revised frm +54K to +29K and April jobs lower by 4K frm what what was originally released. The jobs were the weakest since Sept 2010. The unemployment rate, expected unchanged at 9.1%, increased to 9.2%, the highest since Dec 2010. Average hourly earnings -0.1%, normally up 0.2% a month. No matter how the report is spun when Pres Obama speaks at 10:35; this is a very serious blow to the view that the economy is improving and has turned markets upside down.
Prior to the release of employment the 10 yr note yield was up to 3.18% +4 bp frm yesterday's close; mortgage prices -7/32 (.22 bp) frm yesterday's close. At 9:00 the 10 yr note rate was down to 3.03% -11 bp frm yesterday's close and mortgage prices +18/32 (.56 bp). Stock indexes were better prior to 8:30, at 9:00 the DJIA -132, down 155 points from pre employment.
At 9:30 the DJIA opened -100, the 10 yr note 3.05% -9 bp and mortgage prices -16/32 (.50 bp). Crude oil -$1.60, gold up $12.50.
Until the report this morning the rate markets were bearish and equity markets were looking for the economy to rebound. Our outlook was for rates to edge a little higher with the 10 yr note likely to climb to 3.25% before the selling would abate. With this report that forecast is dashed, at least in the near term. Employment reports are always market movers as is the case today, however the data for June has really rattled markets more so than usual. Markets are going to take more than a day or two to wrestle with the deeper meaning for the economic outlook and whether we are headed into a double dip recession. While that is an extreme view, nevertheless May and June job growth (+47K in 2 months) won't be dismissed and forecasts of growth will likely be revised lower.
The bond and mortgage market outlook, bearish until 8:30, have shaken off all of the optimistic economic estimates. What was is no longer. Without job growth the economy cannot grow, stocks are going to be weak today and early next week.
The 10 yr note will test 3.00% today and Monday. While the data today shocked everyone, it will take sometime to sift out the longer term meaning. Look for some to argue that May and June were just big bumps in the road to recovery and stronger growth; the bullish views on the economy won't die easily. Market volatility will likely remain at very high levels.
Although the employment situation as reported has caused many to re-consider their outlook for economic growth, what the Fed might do, what Congress might do, and where interest rates will trade now; the resolution will take time. We still believe the 10 yr note will have difficulty holding under 3.00% as we noted previously. Next week Treasury will auction a total of $66B, the first auctions since the end of QE 2, $21B of the total of 10 yr notes. Two weeks ago Treasury auctions met with weaker demand than had been the case for over a year. How the auctions go will be major test.
Friday, July 8, 2011
Subscribe to:
Posts (Atom)
