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  • Wall Street Breakfast: Must-Know News [View article]
    It's time to eliminate corporate taxes for manufacturing companies that produce their products in the USA. The economy will not improve until and unless we start making something more tangible than paper financial instruments and dollar bills, and paying Americans for doing the work.
    Oct 02 09:34 am |Rating: +4 -1 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    >> "Car-accident victims with pending lawsuits and those who won damages against GM before it filed for bankruptcy will still be unable to bring claims against the new GM.]

    Tort bar raised to a new high. " >>

    Not really. There's winners and losers in every bankruptcy.

    Probably $1000 of every new car's cost is for lawyers and litigation. Same for $100 or more of every insurance premium. We - each and every one of us - pay a very high price for our litigious society. 5% of the world's population with 90% of the world's lawyers doesn't come cheap.

    Our national health care cost would drop 30% without the cost of litigation/insurance.
    Jun 29 09:25 am |Rating: +10 -2 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    OOoops.... level 2 and 3 assets... above...
    Jun 23 08:35 am |Rating: +5 0 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    >> "How can it be that these banks are not just swimming in cash. Borrow at 0% and loan at 5-8% is just like printing money. " >>

    Unfortunately, our "leaders" gave that 0% money to companies holding lots of level 3 and 4 "assets" that were worth a whole lot less than they claimed. So despite making easy money on new loans, they have continuing writeoff losses on the junk.

    There's a LOT of junk left, thus a lot of losses yet to be booked. And if the economy keeps deteriorating, the losses will keep coming and growing.
    Jun 23 08:34 am |Rating: +10 0 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    >> "The World Bank lowered its outlook for global growth, forecasting a 2.9% contraction this year vs. a previous forecast of -1.7%. Growth in 2010 will reach 2%," >>

    I sure would like to see the "improvements" that the World Bank uses to predict 2% growth in 2010. Getting worse slower is NOT a turnaround.
    Jun 22 09:46 am |Rating: +7 0 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Could it be that Bush wants to make it unavoidable for Obama to continue his failed policies. He sure is handing the next Pres one helluva mess.
    Dec 17 10:09 am |Rating: +2 -2 |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    Correction - Paulson is NOT clueless. Clever, yes. The problem is that the "clues" he bases his decisions on are based on his underlying assumptions, learned from the Milton Friedman school of quasi-economics.

    In reality, the kindest, most effective thing that one can do for an insolvent company is put it into bankruptcy. There a court appointed conservator takes over the operations and the fools that ran the company into the ground get to go golfing ( unfortunately for US, the fools that ran 'em into the ground are Paulson's buddies, who he is treating especially well)

    In bankruptcy the assets get bought up by lean, mean capitalists who get the company back to work less the enormous debt burden. Look at Lehman - they were back in business with 10,000 workers back on the job in days.

    Put all the insolvents where they belong - in bankruptcy. Yes, the losses will be huge. Yes, it will hurt all Americans. But it will allow a fresh start. And that's a lot better than a decade or two of muddling through.

    Losses the size of what Wall St and the automakers have CANNOT be worked out. Why try ? It is just a waste of time, money and effort.
    Nov 13 12:14 pm |Rating: +2 0 |Link to Comment
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