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  • President Obama's proposal to extend the middle-class tax cuts before reforming the tax code and entitlements is a "sucker's game," declares Wilbur Ross. There's no trade-off there, it's just the president saying give me what I want, and I'll agree to talk about the rest later. What's being obscured by Washington is that the fiscal cliff issue isn't about taxes and revenue, but that our country is spending way too much. “You can't solve the bulk of the problem with revenues," Ross says. "It’s not going to happen.” [View news story]
    The "cliff" is not really such a big deal anyways. Let's hit it, pick up the pieces and go from there. Anything else is just can-kicking.
    Nov 15 10:30 PM | 2 Likes Like |Link to Comment
  • Thousands of Greeks hold the second day of a general strike to protest the latest round of austerity, which the country's parliament is expected to authorize this evening in a vote. The approval of the €13.5B of wage cuts and tax hikes by 2016 is vital for Greece to receive the latest €31B tranche of its bailout before it runs out of money. Also critical is a vote on the 2013 budget, due on Sunday. [View news story]
    Amen brother.
    Nov 7 07:54 AM | Likes Like |Link to Comment
  • Prepare Now For The Looming Fiscal Cliff [View article]
    My house in GA is paid for but Obama didn't make it happen.
    Sep 2 01:19 AM | 4 Likes Like |Link to Comment
  • More on Merkel: She again rejects the notion of eurobonds and money printing by the ECB, and says the German constitution does not permit devolving budgets to a European institution. So tighter discipline but no devolving of budgets? Sounds like a recipe for the eurozone's continued success.  [View news story]
    Let the PIIGS dig for themselves. Germany doesn't need them.
    Dec 2 07:00 AM | Likes Like |Link to Comment
  • Obama says multiple ways out of debt ceiling mess [View article]
    I wonder what the debt will be in 2 years?
    Jul 29 05:02 PM | Likes Like |Link to Comment
  • Republicans say they will refuse to raise taxes, but Peter Morici thinks they would be smart to reconsider. Barry Ritholtz wants to hit high net worth individuals whose numbers and net worth have swelled during the past two years. The population of HNWIs rose 8.6% in 2010 to 3.4M after rising 16.6% in 2009, according to a CapGemini report, and their wealth jumped 9.1% to $11.6T.  [View news story]
    Even if they hit the HNWIs hard, it would only cover a fraction of the deficit. Not to mention that some HNWIs would expatriate and take their investments offshore. The Dems have still not come with serious cost-cutting proposals. When DC and Wall St. hit 20% unemployment, then I'll start to believe they're serious.
    Jul 11 06:41 PM | 5 Likes Like |Link to Comment
  • Inflation concerns dominate April Fed meeting [View article]
    The Fed entity was supposed to be independent of the government. How can it buy over a Trillion in Treasury debt and stay independent?
    May 18 03:42 PM | Likes Like |Link to Comment
  • President Obama yesterday attempted to assuage voter wrath over high pump prices by unveiling plans to expand oil and gas drilling in Alaska and exploration off the Atlantic coast. The announcement comes after the GOP-led House passed three bills in the last ten days to accelerate oil development in the U.S.  [View news story]
    Drilling will help with the trade deficit.
    May 15 03:08 PM | 15 Likes Like |Link to Comment
  • Richard Woolnough is struck by Jean-Claude Trichet's dismissive answer to a question over whether he's concerned about so much Greek, Irish, and Portuguese debt on the ECB balance sheet. "No problem." said Trichet, who then moved on. Either the question is so inane as to be brushed off, or the issue is so serious, it "needs to be swept under the carpet."  [View news story]
    Arrogant bastard.
    May 9 05:35 PM | 1 Like Like |Link to Comment
  • Southwest Airlines (LUV -0.5%) rolls out a new frequent-flyer program, replacing the old system where frequent-flyer credits were based on the number of trips taken with a new one in which points accrue based on the price of fares. The changes are intended to benefit business travelers, who tend to pay higher fares because they often book at the last minute.  [View news story]
    That's smart.
    Jan 6 02:22 PM | 1 Like Like |Link to Comment
  • Investors are growing increasingly bullish about stocks, which might just be a sign that most of the good news is already behind us.  [View news story]
    Profit taking starts January 3, as happens following most any good upside year. As of Monday we're in the money market for awhile.
    Dec 25 07:51 PM | 1 Like Like |Link to Comment
  • Like the Fed, the ECB comes under pressure for more transparency as Bloomberg files a lawsuit seeking documents that detail how Greece used swaps to hide its debt level. Bloomberg has won a 2008 US suit concerning disclosures from the Fed (currently on appeal to the Supreme Court).  [View news story]
    Who were the partners in crime? Did they get a bailout?
    Dec 22 11:35 AM | Likes Like |Link to Comment
  • Today was the "worst day of the Obama presidency" - the tax deal unraveling, his political capital spent, upstaged by a former president and by the Senate's farthest-left Democrat. Joe Weisenthal says this may mark the day Obama "officially became a lame duck."  [View news story]
    It's very informative (according to the polls) that the Americans of all persuasions do not wish raised taxes, nor do they support scaling back the heavy costs - Medicare, Medicaid, Social Security, Federal Payrolls and Pensions, the Military, the "Intelligence Community", Farm Subsidies, etc. Our masters are naturally attempting to maintain their status quo while appealing to the popular will -- but as we know, stagflation not prosperity will be the result, near-term. Bread and gas will hit $5 by 2012. Obama is dead. The GOP will prove impotent and inept. Long live the Clintons.
    Dec 10 11:27 PM | 4 Likes Like |Link to Comment
  • Germany Won't Abandon the Euro [View article]
    The Euro will be stoutly defended, right up until the moment it isn't.
    Dec 5 04:16 PM | 2 Likes Like |Link to Comment
  • Germany's talk about leaving the euro is just that: all talk, Cullen Roche says. Not only do they want to prevent defaults on debt their bankers hold, but single-currency systems have winners and losers - and Germany's the winner, and will do what it can to keep poorer members on their knees.  [View news story]
    There's no future with club med. Pigs default sooner rather than later.
    Dec 4 01:11 PM | 1 Like Like |Link to Comment
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