axelrod608

Wall Street Breakfast: Must-Know News

>> "MSFT may move jobs offshore. Microsoft (MSFT) CEO Steve Ballmer plans to move some employees offshore if Congress enacts legislation to impose higher taxes on the foreign profits of U.S. firms. " >>

When will the "fools on the hill" (Congress) scrap corporate income taxes and replace them with a sales tax ?? The entire US tax code is nothing but tax breaks for those in favor and penalties for others. And it requires a HUGE bureaucracy to administer and enforce it.

And while I'm on the soapbox, when will Gates' Microsoft stop refusing to hire qualified Americans and instead fly in tens of thousands of Indians and Pakistanis at slave wages ? It's antiAmerican, treasonous behavoir. But it inflates MS bottom line and in this epoch, whatever generates profits is what corporations do.

Moral decline + ethical decline = economic decline. My daddy taught me what's cheap usually costs more in the long run. Sometimes even a dirt farmer is smarter than the talking heads in DC and Wall St.

Wall Street Breakfast: Must-Know News

Good buffet for breakfast, more bad news. The "apocalyptic" call of the day is sobering. While well managed firms like Rio Tinto circle the wagons, our government operatives continue their attempts to reinflate the credit bubble by risking the long term value of the currency. WTF

AIG is,yet again the poster child for why bankruptcy is THE place to fix these kind of messes. The federales bail them out without a shred of evidence of their sustainability and then keep finding a neverending series of disasters as the truth unfolds. One might ask why forensic accountants don't examine prospective bailout beneficiaries BEFORE sinking billions of dollars into them.

With a large number of liar's loans still out there which will be resetting until 2012, it is clear that there is absolutely no probability of the housing market finding a foundation until 2013. And with an accelerating rate of job losses, it is clear that consumer spending will continue to drop until employment finds a bottom.

Los federales' efforts to bail our way out of this mess are like trying to bail out the Titanic with teaspoons. One might wonder if they have a clear "business plan" that a seasoned business analyst would approve. Alas, no. This is just one knee-jerk reaction after another, without a hint of a comprehensive plan.

Time to let the market do what it does best - reward the winners and punish the losers. The feds are doing the opposite.