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  • Paul Krugman's two top areas where he would raise revenue as part of long-term deficit reduction: taxes on very high incomes and financial transactions. The combined income of the top 0.1% of taxpayers totals more than $1T, he says; and contrary to harming economic growth, taxing financial transactions would benefit to the extent that it "reduces the volume of wheeling and dealing."  [View news story]
    40% of Americans don't pay taxes. Raise taxes on EVERYONE. Cut unemployment benefits if you want to cut unemployment levels. I know several people that are on unemployment just because it's free money and will go out and get a job when it runs out.
    Nov 28, 2011. 08:08 PM | 1 Like Like |Link to Comment
  • Online sales jumped 24.3% this Black Friday. Department stores led the way with a 59% jump in online sales. Stronger than expected demand suggests there may be a disconnect between what consumers tell pollsters and how they actually spend.  [View news story]
    I know I choose how many burgers I get a McDonalds based on what the stock market did that day! Then I go to Target and buy some underwear. If my portfolio was up 1-3% I buy 3 pair, if it's down I buy 1 pair. If it's up more than 3% I buy a shirt. A SHIRT!

    What are you smoking?
    Nov 26, 2011. 05:28 PM | 4 Likes Like |Link to Comment
  • After the congressional supercommittee fails to come up with a deficit-cutting deal, President Obama vows to veto any measure designed to override automatic budget cuts caused by the failure.  [View news story]
    ANYTHING is better than nothing. Why do Republicans stick so strongly to not raising taxes on the rich. They are at historic lows! How is protecting the 2% good for getting reelected when it hurts the 98%? You have to think that 48% of Rep.'s would benefit from it the tax raise. Norquist is a utter power-hungry idiot.
    Nov 21, 2011. 09:39 PM | 4 Likes Like |Link to Comment
  • A poorly kept secret, the congressional supercommittee makes it official, announcing it cannot reach a deficit-cutting deal. "After months of hard work and intense deliberations, it will not be possible to make any bipartisan agreement." The good news: no more supercommittee?  [View news story]
    We should hold recall elections for every single one of them. The written statement not only shows their cowardice, but their insanity. "We remain united in needing to address this problem." Awful people.
    Nov 21, 2011. 04:56 PM | 3 Likes Like |Link to Comment
  • Barring an unforeseen miracle, Congress' supercommittee will concede tomorrow it has failed in its efforts to produce $1.2T in deficit cuts. With even a fig-leaf deal now unlikely, talks are focused on "how to shut this turkey down."  [View news story]
    In this case I think it was more of 180 degree ideologies clashing and people just not wanting to lose. A draw looks better to them. But in most people's mind, a draw is worse than a loss or win. Incompetence is an "incomplete", worse than an "F".
    Nov 21, 2011. 12:29 AM | Likes Like |Link to Comment
  • The FINS: 4 Horsemen Of The Stock Market Apocalypse [View article]
    Article writer is obviously shorting the market. Disclaimer is misleading. But still a good article.
    Nov 19, 2011. 07:34 PM | Likes Like |Link to Comment
  • According to a congressional official, Democrats on the supercommittee have rejected a last-ditch offer by the Republicans aimed at slashing $545B from deficits over the next decade, putting in question whether an agreement can be reached by the Wednesday deadline. Remember, the panel's mandate calls for $1.2T in savings over the next 10 years.  [View news story]
    I don't want to believe there are lawyers out there, politicians that is, that are so stupid that they think we will never need to cut spending. We have Europe's example right in our faces and they still can't cut the deficit. Neither side wants to admit that they are wrong. Raise taxes AND cut spending and even then we might still have massive debt problems.
    Nov 18, 2011. 08:48 PM | 2 Likes Like |Link to Comment
  • According to a congressional official, Democrats on the supercommittee have rejected a last-ditch offer by the Republicans aimed at slashing $545B from deficits over the next decade, putting in question whether an agreement can be reached by the Wednesday deadline. Remember, the panel's mandate calls for $1.2T in savings over the next 10 years.  [View news story]
    12% approval rating of Congress. 12% whether you are a Dem or Rep, makes no difference. I wonder if Greece or Italy's ex-PMs had higher approval rates? Maybe it's time we recall these worthless politicians unless they balance the budget.
    Nov 18, 2011. 04:20 PM | 2 Likes Like |Link to Comment
  • Market recap: A wave of red ink washed over the final trading hour, triggered by a downbeat Fitch report on U.S. bank exposure to Europe. UniCredit's request for more access to ECB borrowing spotlighted Italy's funding concerns, Bank of England said Europe’s economy is worsening, and crude oil's pop above $102 sparked new recession fears. NYSE decliners led advancers three to one.  [View news story]
    I think it's more b/c of the resignation of Borges. If he goes it means the EFSF may be in trouble.
    Nov 16, 2011. 10:18 PM | Likes Like |Link to Comment
  • A proposed U.S. rule requiring automakers to double average fuel economy of vehicles to 54.5 MPG would add an average of ~$2,000 to the price of each new passenger vehicle sold by 2025, two federal agencies say in a draft report, while reducing oil consumption by 2.2M barrels per day.  [View news story]
    I would gladly pay $2000 more for a new card that got double the gas mileage as current models.
    Nov 16, 2011. 05:05 PM | 3 Likes Like |Link to Comment
  • The Republican plan for a balanced budget amendment to the Constitution is "nuts," Bruce Bartlett writes, only restraining spending but making tax increases nearly impossible, while continuing to allow tax cuts regardless of the deficit. The aim is to "delude voters with pie-in-the-sky promises" that amending the Constitution would painlessly solve all budget problems, Bartlett says.  [View news story]
    Don't delude yourself into thinking that today's SS/Medicare collectors have paid in more than they are collecting in benefits. Medicare and Social Security will bankrupt our country if we don't make drastic cuts/reforms to it.
    Nov 15, 2011. 08:03 PM | 1 Like Like |Link to Comment
  • The problem with the Occupy protests is that they're not hurting big banks and the 1%; instead, they're killing small business owners who are part of the 99%. "The bodegas, coffee shops, food trucks, restaurants... they’re simply trying to earn a living and are seeing a significant portion of their customer base being blocked from entering their premises."  [View news story]
    Well your daughter is stupid for not moving to where there are jobs. North Dakota offers pretty much any person a job willing to come here. Starting pay is $50,000+, ramping up to $70-100,000 in a few years in our oil fields. They cannot find enough workers for the jobs in ND.
    Nov 12, 2011. 02:24 AM | 6 Likes Like |Link to Comment
  • Risk markets shed a bit more in evening trade after Bloomberg reports Papandreou as saying Greece's euro membership will be part of the referendum put to the nation's citizens (rather than just the question of accepting the latest bailout). The euro dives 60 pips to $1.3640. S&P futures -0.5%.  [View news story]
    Wouldn't it be a positive if Greece did leave the EU? I'd think EU markets would surge as well as US, others.
    Nov 1, 2011. 08:41 PM | Likes Like |Link to Comment
  • Greek government plans to close the budget gap through better tax collection get a blow as thousands of tax collectors walk off the job in protest over pay cuts. Earlier, workers for the state utility vowed not to collect new real estate taxes that will be included on citizen's electric bills.  [View news story]
    Kick the Greeks out and force them into the pain of a self-induced inflation spike when they have to print their way out of debt. Wonder if they'll go back to work and pay their taxes when a loaf of bread is 30 Euros? I mean 30 Greekies.
    Sep 27, 2011. 03:01 PM | Likes Like |Link to Comment
  • General Motors (GM) and the UAW said late Friday they came to terms on a new contract - the first labor deal for any of Detroit's big automakers since the 2009 government bailouts for GM and Chrysler (FIATY.PK). The pact reportedly covers four years with improved profit-sharing and healthcare benefits. (earlier)  [View news story]
    UAW is the worst union in the US. They are greedy little uneducated parasites. Unions should all be disbanded, don't they realize we have 9% unemployment. I guess they are too busy counting their money while the educated middle class can't find a decent job.
    Sep 18, 2011. 02:32 AM | 3 Likes Like |Link to Comment