I'm not kidding. After fighting tooth and nail to preserve the Bush tax cuts whcih predominiately went to the wealthy, Republicans are now lining up to fight against an Obama plan which will extend the payroll tax cut: News flash: Congressional Republicans want to raise your taxes. Impossible, right? GOP lawmakers are so virulently anti-tax, surely they will fight to prevent … Read More
Bank of America to Rick Perry: “We’ll Help You Out”
Bank of America. The mortgage-fraud syndicate that we had to bail out. The one that announced today that it’s laying off another 10,000 workers. The one that was caught employing a military contractor to conduct “cyber war” against business journalists who were reporting on Bank of America’s constant crimes. The one that saw a 50% plunge in stock value this year, helping … Read More
23 Polls Say People Support Higher Taxes to Reduce the Deficit
Can/Should the Budget Deficit Be Reduced with Spending Cuts Alone or Should There Be Some Increase in Taxes? Poll Date Some/All Taxes No Taxes/All Spending Gallup 8-10 66 33 CNN 8-10 63 36 McClatchy/Marist 8-9 68 29 New York Times/CBS News 8-4 63 34 CNN 8-2 60 40 Ipsos/Reuters 7-26 68 19 Rasmussen 7-25 56 34 CNN 7-21 64 … Read More
Crash!
Dow down 500 in its first hour.
Dow Up 500
About time. UPDATE: If it stays where it is now (above 500), it'll be the 4th largest singel-day gain in the Dow in Wall Street history. UPDATE #2: Some end-of-the-day selling caused it to close at 423. Not bad.
Get Ready To Tumble
That's what the headlines are saying right now about the stock market, which opens in ten minutes (as I write this). And why? Because late Friday, S&P did the unthinkable: the downgraded the ratings of U.S. T-bills. First of all, let's take this moment to note that S&P is one of the big three ratings agencies who continued to give … Read More
Conservative David Frum Chastises The Right Wing
He's seeing how his own side just obfuscates the truth: Further to yesterday’s post about the respective economic acumen of the Wall Street Journal editorial page vs. Prof. Paul Krugman: My conservative friends argue that the policies of Barack Obama are responsible for the horrifying length and depth of the economic crisis. Question: Which policies? Obama’s only tax increases – those contained in the Affordable … Read More
Not Feeling The Economic Pain
As of this writing, the stock market is down 225 points today. And my retirement? $7,000 flew out the door last month. But all is not sad news: The rich are (almost) spending like it's 2006 Luxury goods are flying off the shelves, even with the economy staggering Nordstrom has a waiting list for a Chanel sequined tweed coat with … Read More
What Reich Said
Robert Riech: RANSOM PAID Anyone who characterizes the deal between the president, Democratic, and Republican leaders as a victory for the American people over partisanship understands neither economics nor politics. The deal does not raise taxes on America's wealthy and most fortunate — who are now taking home a larger share of total income and wealth, and whose tax rates … Read More
It’s Not A Compromise
It's a ransom. Republicans threatened to crash the economy, on purpose, unless a series of radical demands were met. And for the most part, those demands were met. The White House fact sheet is pretty detailed and worth reviewing, but here’s the long and the short of it: According to officials in both parties, the deal would raise the debt limit in two stages. The … Read More
Mark The Moment
House Speaker John Boehner's debt ceiling plan doesn't have the votes to pass, but let's remember (because it will be distorted in the future), that he doesn't have REPUBLICAN votes. It's the Tea Party people he can't bring on board. Remember that when Democrats get blamed. RELATED: Country about to go belly-up, still high unemployment, etc., but fear not American… … Read More
Who’s Doing Well In This Economy?
Exxon!!!!! NEW YORK — Exxon (XOM) said Thursday that higher oil prices and improved refining margins boosted its second-quarter profits 41%. The largest publicly traded oil company reported earnings of $10.68 billion, or $2.18 per share, for the three months ended June 30. That compares with $7.56 billion, or $1.60 per share, for the same part of 2010. Revenue grew 36% to … Read More
Today’s Debt Ceiling Crisis Must-Read
I like what Paul Krugman is saying today: The Cult That Is Destroying America Watching our system deal with the debt ceiling crisis — a wholly self-inflicted crisis, which may nonetheless have disastrous consequences — it’s increasingly obvious that what we’re looking at is the destructive influence of a cult that has really poisoned our political system. And no, I … Read More
We’re Going To Raise The Debt Ceiling
… because we have to. Pay attention to this tea partiers (it's simple and it only takes a minute):
How To Get A $330,000 House For Under Twenty Bucks
Law schools students learn in their first year Property class about a thing called "adverse possession". Adverse possession goes way back. It basically means that if you openly live somewhere long enough, and nobody objects, it's yours. Legally. The statute of limitations varies from state to state: I believe in North Carolina it is seven years. So if I squatted … Read More