The Debate….Bush tax cuts come now or are (forced) later….When the new Republican House majority arrives in January, it will make its first order of business a retroactive tax cut. Republicans would take front stage from that point on.

| November 30, 2010

Democrats have left themselves in a tough spot on the Bush tax cuts. After delaying the issue until after the election and then being trounced in that election, they find themselves with little leverage. If they cannot come up with a plan that can win 60 votes in the Senate, which means at least two […]

State Tax Revenues Show Improvement….But Still 7% Below Two Years Ago

| November 30, 2010

Financial comparisons with 2009 will make almost anything look good, even state tax revenues which in the third quarter were up 2.6 percent compared with last year. Rockefeller Institute of Government “PIT” refers to personal income taxes. According to preliminary tax collection data compiled by the Nelson A. Rockefeller Institute of Government, 48 early reporting states collected […]

Banks Resisting Fannie, Freddie Demands To Buy Back Mortgages

| November 30, 2010

Buy back mortgage contracts are getting interesting. It looks like a cat fight just starting…… You don’t think the banksters want to own that crap they sold to Fannie and Freddie do you? They thought it was a free ride.  But now it doesn’t look so free……The expected amount so far refused exceedes $120 billion. This […]

Democrat Group “The Third Party” Proposes Huge Changes For Social Security

| November 29, 2010

We are all going to be real frugal if this plan see’s the light of day!  Currently, individual retirees with $34,000 in outside income and couples with $44,000 must pay taxes on 85 percent of their benefits. The Third Way plan would require individuals earning $50,000 a year and couples receiving $60,000 to pay taxes on […]

President Obama To Announce A Pay Freeze For Federal Workers

| November 29, 2010

It looks like the republican tea party is having an effect of President Obama,  but let’s not forget that this pay freeze comes at all time record high pay levels for government workers.  It looks like the can gets kicked down the road a while, then we’ll start to see pay CUTS! By PETER BAKER Published: November 29, […]

Mortgage Defaults, 492 Days Of Free Rent…..And Counting

| November 27, 2010

The number of days since the average borrower in foreclosure last made a mortgage payment is now 492 days up from 382 days a year ago and a low of 244 days in August 2007.

Pensions: The Lump-Sum Gamble (Fleecing)

| November 27, 2010

More than 90% of employees opt for a lump-sum payout from their pension plan when given the choice.  So the Pension Protection Act was signed in August of 2006 by President George W. Bush.  But who does it protect.  Well certainly not the employee!  Interestingly, the current change has received so little notice that most people aren’t […]

Pension Shortfall Widens Even With The S&P Rising

| November 25, 2010

Inquiring minds want to know….how do we ever close this gap! Corporate pensions in the Standard & Poor’s 500 Index with about $1 trillion in assets are now 77 percent funded this year, down from 82 percent at the end of 2009.  The $380 billion pension shortfall is the biggest since at least 1994, according to […]

Derivatives Nearly Took Down The World Financial System Back In 2008-2009, Have We Learned Anything From That Near Death Experience

| November 25, 2010

The answer is NO!…..Over the counter (OTC) derivatives are larger now then in 2008.  Logic says that a currency or interest rate surprise could do the derivative trick next time around.  These markets are huge and could sink a battle ship because of the sheer size of the markets they’re involvd in.  We may limp through 2011, and hopefully so, […]

It’s A New World For Debtors In Bankruptcy

| November 25, 2010

A re-designed bankruptcy law was the end result of a huge successful lobbying effort by the banks back in 2005.  Congress hadn’t envisioned a surge in bankruptcies when it re-designed the bankruptcy law to make it harder for consumers to walk away from their debts. Americans are expected to file for bankruptcy-court protection this year at a […]

Hungary’s`Nightmare’ Pension-Fund Ultimatum

| November 25, 2010

From Bloomberg News By Zoltan Simon  Nov 25, 2010 Hungary is giving its citizens an ultimatum: move your private-pension fund assets to the state or lose your state pension. Economy Minister Gyorgy Matolcsy announced the policy yesterday, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state […]

China And Russia Decide To Renounce U.S. Dollar In Bilateral Trade

| November 25, 2010

www.ingerletter.com This has been ignored in the press.  So why is this a big deal?  Well, because there are more dollars outstanding abroad then in the United States, and we’re really just beginning to see this kind of dollar mischief.  But trust the world, there will be more. China, Russia Quit Dollar By Su Qiang and Li Xiaokun (China […]

The European Union Hopes To Double Bailout Fund

| November 25, 2010

Germany just said “No”  Thought this was a shoe in but…… BERLIN—The European Commission floated a proposal Wednesday to double the size of Europe’s €440 billion bailout fund for indebted euro-zone countries, but the idea was quickly dismissed by Germany, according to people familiar with the situation. The apparent disagreement between Brussels and Berlin comes […]

Median New Home Price Drops Back To Recession Lows

| November 24, 2010

The October median new home price of $194,000 was the lowest recorded by the Census Bureau since the market peak.

European Bailout…..Digging A Deep Hole With More Debt!

| November 24, 2010

It seems that the European bailout buck will stop with Portugal unless more money is added (it will be).  When Europe created the EFSF it did not think it would need to serially bail out everyone.  But now the EFSF needs more money to cover a bailout of Spain, and then what about Italy?  Inquiring minds want to know! […]

A Worried Fed Lowers U.S. Growth Forecasts

| November 23, 2010

So, the talking heads are pressing up U.S.  growth prospects while the Fed gets more worried.  Hmm…… From The Wall Street Journal Fed officials downgraded their assessment of the economy at a November meeting as they debated the benefits and costs of bond purchases, minutes showed.  Fed officials downgraded their growth projection to between 3% […]

China’s Leadership Scrambles To Contain Run Away Food Inflation!

| November 23, 2010

The Chinese haves vs. the have-nots and the Chinese rich vs. the poor ….will be at the forefront of China’s immediate problems.  This is how revolutions start. Don’t think for a second that the Chinese leadership doesn’t know or worry about this fact! This from Art Cashin On the floor of The New York Stock Exchange……. Remember Wen – Chinese Premier Wen […]

Them Boys Weren’t Who We Thought They Were!

| November 23, 2010

Hey, they got to be kidding, don’t they? Mr. Mansour was apparently not Mr. Mansour!   “It’s not him, said a Western diplomat in Kabul intimately involved in the discussions. And we gave him a lot of money”….How do you spell Morons! Taliban Leader In Secret Talks Was An Impostor By DEXTER FILKINS and CARLOTTA GALL Published: November […]

The Wealth-Income Pyramid

| November 22, 2010

The Problem:  Out of 113 million households, 1/100 of 1% rake in $10 million or more annually. As consumers, the top 5% carry the same weight as the bottom 80%. The top 10% take in 50% of the income. (The sources are listed in Two Americas: The Gap Between the Top 5% and the Bottom […]

This May Be What We Have To Look Forward To Unless Big Changes Are Made Soon To Our Political, Debt, Retirement And Social Structures!

| November 22, 2010

It doesn’t take a rocket scientist to see that new layoffs of state and federal workers are near at hand in this debt/economic cycle.  What will be the reaction to this new found forced austerity?  That’s the million dollar question! www.jsmineset.com

Quote Of The Day

| November 22, 2010

“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation”.           –John Adams   (October 30, 1735 – July 4, 1826)

The Tax Increase Issue….No Good Solutions

| November 21, 2010

So,  there will probably be a new vote in congress for unemployment benefits before year end, seeking a simple majority to pass, unlike the recent legislative tactic brought by the Democrats requiring a super majority (2/3’s) vote…..which failed!  As for the tax issue vote, it’s anyones guess. The Administration has said it wants all tax increases to […]

Lame Duck Iowa Governor Culver OKs State Pay Raises

| November 21, 2010

Reckless and Irresponsible are the only (2) words for this….. Iowa Gov. Chet Culver’s administration agreed Friday to offer pay increases for state employees that will cost taxpayers more than $200 million, despite Republican requests that the decisions be delayed until Terry Branstad becomes governor in January.A Branstad spokesman called the deal “reckless,” and House Republican […]

Ireland Seeks EU-Led Bailout, Works To Avert Bank `Collapse’

| November 21, 2010

Ireland has an unprecedented budget deficit — equaling one-third of its economic output this year!  This bailout is a no-brainer, but up until now Ireland has said they didn’t need any help…..Geez!  Finance Minister Brian Lenihan said Ireland will apply for a bailout as it sets itself up to be the second euro member to seek a rescue […]

Mortgage Rates Are On The Rise

| November 18, 2010

Home-mortgage rates surged to their highest level in three months, showing implications of the recent spike in Treasury yields and causing another headache for the Fed. The rate for a 30-year, fixed-rate mortgage averaged 4.39% last week, according to Freddie Mac, up from a record-low 4.17% the week before. Rates on 15-year fixed-rate mortgages were 3.76%, up […]

Unemployment Benefits Extension Fails House Supermajority Vote

| November 18, 2010

Let’s look behind the scenes here.   This vote required a supermajority in the House of Representatives because of a legislative tactic purposely used by the Democrats. So…It required approval from two-thirds of the House for passage and was (solely) used to portray Republicans as unsympathetic.  Current benefits are now set to expire on Nov. 30 for an estimated 4 million Americans. Legislation that would […]

Former Treasury Secretary Robert Rubin’s Bold Warning To The U.S. Fed

| November 18, 2010

If this happens, there will be no winners.  Interest rates would rise rapidly, real estate would see a new leg down (bigger then anyone thought possible) and stock and commodity markets across the globe would implode!    Robert Rubin: “U.S. In Terribly Dangerous Territory,” Bond Market May Be Headed For “Implosion”   Aaron Task  Warning of the risk […]

Prime U.S. Mortgage Foreclosures Rise to Record

| November 18, 2010

Prime means the top qualified and most credit worthy people, the highest rated and least likely to default. Foreclosures on prime fixed-rate mortgages in the U.S. jumped to a record in the third quarter as unemployment strained household budgets of the most credit worthy borrowers. Homeowners are falling behind on their mortgage payments as job cuts […]

28’th Consecutive Week Of Domestic Equity Fund Outflows

| November 17, 2010

ICI Data shows the 28’th consecutive week of domestic equity fund outflows and $86 billion in outflows for the year! 

After Going Bankrupt On June 1’st 2009, General Motors Raises More Than $20.1 Billion In New Initial Offering

| November 17, 2010

It all sounds good but not so fast……GM’s owners, including the U.S. Treasury, sold at least $15.8 billion of common shares at $33 each, making it the second-largest U.S. Initial Public Offering (IPO) on record according to data compiled by Bloomberg.  GM  received $49.5 billion in a taxpayer bailout just last year. The Treasury, which is taking a loss on […]

New Ideas (Potential Disasters) From Congress

| November 17, 2010

Looks like the VAT (Value Added Tax) or what is also known as the Consumption Tax is picking up steam.  We suggest that time and understanding be entered into any equation of change.  Let’s try to simplify the tax system going forward, not complicate things further. All of this spending got us nowhere.  The nation cannot […]

John Mauldin’s Latest “Outside The Box” E-Letter

| November 16, 2010

John Mauldin Reviews Gary Shilling’s Brand New Book,   The Age of Deleveraging: Investment Strategies For A Decade Of Slow Growth And Deflation.  Some of his opinions are covered below. Roadblocks on the deleveraging highway may include a crisis in U.S. commercial real estate (Chart 5) that could exceed the earlier one in housing. Then there’s a possible […]

State Attorney Generals And Banks Prepare Settlement

| November 16, 2010

CNBC’s Diana Olick reports that the investigation into the biggest financial fraud in recent history is about to be closed.  State AGs are nearing a settlement with banks, which will slap a few wrists, see banks put some money in a settlement fund, and will result in some principal reductions.  Then everything will be well again.  Oh, and banker […]

The Day Of Reckoning For State Governments

| November 16, 2010

It looks like the day of reckoning is close at hand for state governments. Illinois faces a deficit for the fiscal year beginning July 1, 2011, that could reach $15 billion—more than half the state’s general-fund budget.  California faces a deficit next year of $25.4 billion, twice the size of previous forecasts and California Gov. […]

Federal Workers Making Over $180,000 Increase By 2,000% In The Past Five Years And Congress Is Planning On Giving Them A 1.4% Across The Board Pay Raise. At The Same Time Social Security Recipients Get A 0% Cost Of Living Raise….That’s Right, ZERO

| November 15, 2010

Write your congressman about this!  On second thought maybe not, they’re in on this whole ruse.  Yes, it is a ruse! Since 2000, federal pay and benefits have increased 3% annually above inflation compared with 0.8% for private workers, according to the Bureau of Economic Analysis. Members of Congress earn $174,000, up from $141,300 in 2000. […]

Troubled California Begins $14 Billion Bond Sale….For Some, Hope Springs Eternal!

| November 15, 2010

The rate will tell the story. If the rate is reasonable then it is illogical. If it is illogical then QE  (Quantitative Easing) has started to bail out states.             Jim Sinclair This two-part sale of so-called revenue anticipation notes (Rans) allows California to bridge the gap to its tax season in the spring…… Hopefully!   Notice […]

European Central Bank Heading Down A Dark Road

| November 15, 2010

Europe Stumbles Blindly Towards Its 1931 Moment By Ambrose Evans-Pritchard  Nov 15, 2010 Unless the ECB takes fast and dramatic action, it risks destroying the currency it is paid to manage, and allowing a political catastrophe to unfold in Europe. If mishandled, Ireland could all too easily become a sovereign version of Credit Anstalt – […]

The Resilient Household

| November 14, 2010

The Worlds “Cleanest” Nations

| November 14, 2010

Comments From John Mauldin’s Latest “Thoughts From The Frontline”

| November 13, 2010

John Mauldin says…….”If the Bush tax cuts are not extended, in my opinion it is almost a lock that we go into recession next year, unemployment goes to 12%, and underemployment gets even worse”. The only real way to pay for all these benefits will ultimately be a value-added tax, or VAT.     A VAT looks […]

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