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The Patriot

The Patriot
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  • If you're like most Americans, you classify yourself as "middle class." But as the debate over tax cuts shows, nobody can agree on exactly what middle class means. A family earning $250,000 in a high-cost location like Manhattan, for example, probably doesn't consider themselves rich.  [View news story]
    Hit the nail on the head. Its a moving target and so complex that any black and white or one size fits all type tax policy is unjust. Targeting ANY specific demographic is dangerous. There has been no meaningful discussion from either party on reducing spending. Cut spending BEFORE raising taxes. Create a list of ALL govt spending and its rate of growth. Give this list to the voters and let them decide where to spend the money.
    The Fair Tax would eliminate this growing class warfare.
    Sep 14 08:29 PM | 3 Likes Like |Link to Comment
  • It's hard for any central banker to walk a tightrope between future confidence and current credibility, and many of them think Bernanke lost his balance trying to convince us monetary policy can make a difference. If deflation gloom was the watchword at Jackson Hole, there are ways to play the situation -  including underweighting currencies of borrowing nations and credit of smaller and local governments.  [View news story]
    Well said
    Sep 11 03:36 PM | 1 Like Like |Link to Comment
  • Goldman Sachs (GS +1.6%) will get slapped with a "near-record" fine thought to be near £20M from the U.K. as soon as tomorrow, Financial Times reports, concerning marketing disclosure practices for its Abacus CDOs. The fine would follow the $550M levied by the SEC against Goldman in July.  [View news story]
    Would love to see who gets a cut of this ???
    Sep 8 06:02 PM | Likes Like |Link to Comment
  • Food prices may be telling us that we're in a very long housing slump, John Carney writes, taking issue with the contention that housing should be thought of as a luxury good that will appreciate as long as incomes rise. Carney finds a long inverse relationship between housing and food prices; so with food prices rising, housing may continue to fall.  [View news story]
    With food rising, EVERYTHING will fall. Oil shock, debt shock,income shock, healthcare shock,etc..
    Sep 8 06:01 PM | 1 Like Like |Link to Comment
  • The CBO says the U.S. deficit will reach $1.34T this year, slightly down from an earlier projection - but that its estimate for fiscal 2011 is a deficit of $1.07T, higher than its earlier $980B estimate. The 2010 deficit is estimated at 9.1% of U.S. GDP.  [View news story]
    I would love for someone to tell me how reliable these estimates are ??? 50/50 ??
    Aug 19 12:06 PM | Likes Like |Link to Comment
  • Obama’s plan to let lapse the Bush-era tax cuts for upper-income Americans would have little effect on those taxpayers, according to the Joint Committee on Taxation. The 3.8M filers who fall in the $200K-$500K income range would pay an average of $532 extra, the study says.  [View news story]
    The ruling class maintain a manipulative tax code so it can be used to punish or reward - it gives them power and influence - not to mention, a breeding ground for corruption. The "Fair Tax", a consumption tax would replace all taxes. One tax - period.
    Aug 13 03:05 PM | 1 Like Like |Link to Comment
  • New York state gets closer to a moratorium on shale gas drilling after a state Senate vote. Concerns over contamination from hydraulic fracturing make it likely the state will approve a temporary ban, with the biggest effect on applications from Chesapeake Energy (CHK), Talisman (TLM) and closely held Vertical Resources.  [View news story]
    I have been the negotiator for some family land in northern WV and we are in the process of having a well started -$$$. I am a professional, industrial forester by trade. Have educated myself of the pros and cons of drilling. My dealings with a major buyer have been very positive. Current regulations IF FOLLOWED, provide for environmentally safe operations. The drilling boom is providing the opportunity for "not so professional" drillers to operate.
    Dealing with the earth - the unexpected will happen, the same with accidents. TREMENDOUS posivite economic impact in the area.
    The major downside I dealt with was the looong term effect and we wont know the long term effects for a long time. Same is true of just about all human activity.
    No doubt, man has caused many loong term effects on the earth as has nature. It is the way nature works. It is not balance and never will be. Everything survives at something elses expense. Humans, except for lawyers and politicians : ) have been pretty good about figuring how to thrive with calamities. We will figure it out.
    PS Upon completion, the 5 acre drill pad will become a food plot : ) I am an "obsesive" hands on type. I will scream loudly if disappointed : )
    Aug 13 02:59 PM | Likes Like |Link to Comment
  • Obama’s plan to let lapse the Bush-era tax cuts for upper-income Americans would have little effect on those taxpayers, according to the Joint Committee on Taxation. The 3.8M filers who fall in the $200K-$500K income range would pay an average of $532 extra, the study says.  [View news story]
    We ALL are proud to support "worthy" govt functions with tax dollars. Its the "unworthy" functions that raise ire. The less, central govt does, the less their need of power of deciding who and what is worthy.
    Look at the 100s of billions of dollars thrown at education. I have 2 in private school, because the public schools(Ga) are sooo bad. The more we spend, the worse it gets. Govt unions are ripping us off. I dont have a pension, why should I be forced to pay someone elses.
    Why are we still funding PBS,the arts.etc.........
    Give the "worthy" govt functions back to the states.
    A little competition among the states, would be a good thing.
    Aug 12 06:49 PM | 1 Like Like |Link to Comment
  • Obama’s plan to let lapse the Bush-era tax cuts for upper-income Americans would have little effect on those taxpayers, according to the Joint Committee on Taxation. The 3.8M filers who fall in the $200K-$500K income range would pay an average of $532 extra, the study says.  [View news story]
    If the govt. were forced to live within its means and limited to constitutional power, you wouldnt have these huge off buget expenses or the power to be the world police.
    Aug 11 08:23 PM | 2 Likes Like |Link to Comment
  • Obama’s plan to let lapse the Bush-era tax cuts for upper-income Americans would have little effect on those taxpayers, according to the Joint Committee on Taxation. The 3.8M filers who fall in the $200K-$500K income range would pay an average of $532 extra, the study says.  [View news story]
    I can not support ANY tax increase without a major plan to cut spending, reform govt. pensions, eliminate many govt agencies,secure the border,immigration enforcement, etc.. Congress is addicted to spending - they know nothing else. Those extra billions in tax dollars are the same - its just a matter of ownership. Whose decision is best, when it comes to spending that money ??? The person capable of earning it or the govt ??
    Aug 11 06:22 PM | 5 Likes Like |Link to Comment
  • Introducing econophysics, a new approach to economics that studies financial earthquakes the same way geologists study physical ones; by mining through an enormous amount of data, these economists hope to work backward to find the underlying dynamics of economic earthquakes and figure out how to prepare for the next one.  [View news story]
    Give them one for creativity : ) Econophysics ?? Wow, Im impressed, their data should bring a premium - hahahaha
    Aug 2 02:26 PM | 1 Like Like |Link to Comment
  • With the U.S. "closer to a Japanese-style outcome today than at any time in recent history," St. Louis Fed President James Bullard argues in a new paper that if deflation risk grows, the Fed should resume Treasury buys. Quantitative easing would be a better reaction to a negative shock than yet another promise to keep rates near zero, he says.  [View news story]
    And what are the odds of this happening ????
    Jul 29 02:31 PM | Likes Like |Link to Comment
  • July Texas Fed Manufacturing Outlook: Business Activity Index -21 vs. previous -4. Mfg. Production Index 4.9 vs. previous -1.9. New orders and growth rate of new orders pushed deeper into negative territory. Capacity utilization -1, its first negative reading in nine months. Shhipments stabilized, rising from -9 to -1.  [View news story]
    The great inventory replacent has run its course. Govt. stimulus is winding down. I think the carpet is fixin to be yanked from those who are dancing !!
    Jul 26 11:39 AM | 2 Likes Like |Link to Comment
  • Pennsylvania has become a battleground over hydraulic fracturing - the natural gas extraction method that is increasingly important to opening up new territory, but is also under fire for potential links to contaminated groundwater.  [View news story]
    I am a professional forester. I supply a mill with timber and as a result, oversee the harvesting thousands of acres of timber each year - gasp : ) I am a staunch "common sense" environmentalist. Despise pollution,fanatic recycler,thermostat control freak, and STRIVE not to be wasteful or harmful. Been doing this for 30 years and have grown up with the increasing rules and regulations. Just like wildlife, resource extraction is bumping into visibility and populations. Without a doubt, there is a price to pay. At the same time, there is a right way and a wrong way to operate. For the most part, the forestry regs that are now in place are mostly positive. Although state and local regs(Calif) in some places make it next to impossible to operate - which is their goal.
    All resource extraction is invasive,high-risk, and increasingly subject to more and more liability(especially after BP). Much of the federal land, was purchased for mineral and timber rights. As the "stop everything" crowd has just about closed federal land, we are more dependent on private land and increasing confrontations. Monitor operations, work WITH industry, learn from the mistakes and then drill,baby,drill : )
    Jul 24 01:13 PM | 6 Likes Like |Link to Comment
  • Key points from Bernanke's House testimony today: "I believe we should maintain our stimulus in the short term," voicing disapproval of spending cuts or tax increases now, but stating, "If you extend the tax cuts, you have to find other ways to offset them." Unemployment is "the most important" problem facing the U.S. and could spur additional Fed action.  [View news story]
    I dont see to good anymore : ) but I was somewhat taken back, by Bernankes apperance. His eyes were sunken, ashen skin, and dark circles under the eyes and I got the impression that he was cowering - afraid of the repercussions from the master

    "If you extend the tax cuts, you have to find other ways to offset them."

    He will pay for those remarks !!
    Jul 22 05:57 PM | Likes Like |Link to Comment
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