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We know you depend on Yahoo! Finance for the current news and info that help you make confident financial decisions. That’s why the Yahoo! Finance team is launching its own blog – to make sure you’re among the first to know when we launch a new feature or product, update our services, fix a glitch or just have a helpful tip to offer.
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Welcome aboard,
The Yahoo Finance Team
May 26th, 2008 at 1:36 am
With the soaring price of gasoline we need to remember that the percent federal tax has drastically decreased. It has been stuck at 18.4 cents per gallon since gas was about a dollar a gallon.
Taxes generate 4 things - revenue, behavioral changes, anger, and bureaucracy. Since we already have the anger and bureaucracy in abundance we should try for revenue and behavioral changes.
Why not give a rebate of $1000 from every 1040 (hey!, we did it for Bear Sterns/Wall Street) then the next day start taxing gasoline an extra dollar a gallon. The money would be up front in a zero sum game for us average Joe’s. The average family uses about 1000 gallons a year (20000 miles in a 20 mpg car). Since poor people use less gas, and those with 3 cars and a speed boat use more - this use tax would be progressive and at the same time generate behavioral change. Those of us (self included) that have chosen to live far out of town will (have to) make behavioral changes (read ditch the pickup for a Prius), and the transportation industry will actually benefit as less gasoline use means MORE available diesel and jet fuel.
No politician and I fear none of us has the guts to more this decision - so I predict we will continue to send the money overseas rather than redirect it to ourselves until the national debt is so large and the dollar so devalued that those who sell oil will stop selling it to us. As in 1974, the use of gasoline will prove to be mildly dependent on price but highly dependent on supply constriction.
May 26th, 2008 at 1:47 am
Added benefits of rebate on 1040 and then at the pump tax:
1. upfront loan to taxpayer is a down payment/incentive to buy a hybrid or other high mileage car. 2. those who don’t file income tax won’t get the rebate = scofflaws and most illegals. 3. all the benefits of less auto travel; less highway congestion and roadwear, more public transit, better cardiovascular health, improved world prestige - for actually doing something about our gasoline addiction. 4. probable carbon/greenhouse gas benefit.
June 12th, 2008 at 7:16 am
I have a general question and need an answer. Where do I go to find it?
The question is when broker’s say we’ll “DK” a trade what does that mean / what does it stand for? Thanks.
June 15th, 2008 at 5:52 am
Can i have my blog in your yahoo finacial blog or in just in yahoo blog?
Would you please answer my question?
July 6th, 2008 at 8:10 am
whats a finacial..????
July 18th, 2008 at 3:28 pm
nice!
July 19th, 2008 at 7:05 am
Hi,
I would like to subscribe Yahoo Fiance-Insurance India related topic and feeds. Appreciate your help and suggestion in this regard. Please can you guide me to do the same.
Warm regards,
Sampi
July 26th, 2008 at 8:54 am
Is this where one comments on stories within Yahoo?
A very recent CNN/Money “where the best jobs are” lists 10 geographic areas three of which are in Florida. Wow, are they out of it of what?
There are no jobs in this state, anywhere. The state is reeling from a mandated Real Estate Tax reduction, meager tourism, and dismal construction. If it sounds like three stricks and you’re out, you got it!
July 27th, 2008 at 8:26 am
Yahoo is more interested in advertising revenues than providing accurate financial data. As an example if you click on the stock FCX you will see in the HEADLINE section [$$] Final Roundat Barron’s Online(Sat 6:48am) which means there is information on FCX. Guess what all you see is a short article with NO comments on FCX but if you pay for Barrons you can read the article. Its just another way Yahoo is selling advertising verses real content.
If you notice you at times will see 5 or 6 articles by the Wall Street Journal with this same dishonest approach to advertising. If Yahoo does not know about this, then they do now, if they know about it please provide the information that is accurate.
July 31st, 2008 at 4:07 am
DK means Don’t Know. When I want to know where the markets are going, I go to a free website http://www.nocountstayout.com.
August 4th, 2008 at 4:35 am
This is really a great news.
Now along with my Moneylife magazine I have
Yahoo finance guide too!
For me MoneyLIFE, a fortnightly personal finance magazine is really an essential tool for a complete Learning-Earning-Spending-Investing Cycle and now I am happy to include Yahoo finance service.
Thanks to these blogs that we can pass and receive valuable information.
Everyone must get benefited from my Moneylife–
http://www.moneylife.in
August 12th, 2008 at 3:23 pm
Any truth to the rumor that CVS and Walgreens will buyout Rite Aid and split the stores 55% (CVS) / 40% (WAG) with the remaining stores closed or sold? Rite Aid stock up 12% and they are agressively seeking buyers.
August 20th, 2008 at 6:07 pm
Just finished reading the “10 Things Your Bank Won’t Tell You”.
Line 3 “We change our interest rates all the time” sure hit home. I have a credit card with Washington Mutual (WAMU). My interest rate is higher than some due to and issue I had over 10 years ago. It was at approx 23% and WAMU raised it to 31% in February with no notification. Two months later with my April statement, I get an OPT OUT paper. It was dated March. I opted out thinking my interest rate would go back to 23%. But NOT the case. I’m still fighting with them. Nothing more UNETHICAL than to send an OPT OUT letter when there is nothing to OPT OUT!
I had never been late with a payment, paid more than the minimum and paid early. I’ve received many form letters on why they can’t help me. Finally I receive one that said we periodically check accounts and since I kept a high balance I was viewd as a Credit Risk. WHAT!
Needless to say that account is closed!
August 27th, 2008 at 10:18 am
Every day 154.6 million Americans get up, go to work, and get paid. Somehow we are led to believe the sky is falling and it is not. Things have slowed down, meaning we have had a drop in growth, though there has been no recession, or actual decline in GDP. We may still see a slight decline, though it will be mild if at all. We have been hammered, and I mean hammered, with all kinds of media “evidence” about how bad everything is. We feel it at the gas pump and in the grocery store, but somehow we’re doing ok, why is that? Simple – we are a wealthy nation, and in reality have the ability to shift spending habits easily.
America’s doing great, and heading towards a much stronger, leaner, more efficient economy. Slowdowns and recessions have that effect. We just came out of watching our victories and defeats in Beijing, have been watching the dollar regain some respect around the globe, effectively lowering the price of gas (a trend reversal that looks to have “legs”), and now have our attention drawn to the election.
154.6 million Americans will be heading off to work, collecting their paychecks, paying their mortgage, putting gas in their cars, buying groceries, and moving forward.
We will continue buying the latest technology, clothing, automobiles. We will continue going out to eat, keep ourselves healthy, and buy gifts for friends and family. We will continue to go to sporting events and concerts, movies and amusement parks. We are a wealthy nation, we work hard and we play hard.
We have a strong sense of self worth which is many times measured in material possessions, and become disgruntled when we have to shift some of these patterns when prices shift. We are already getting past this.- we are a wealthy nation and have made adjustments.
The next “wave” in the US economy is up. We will regain strength as the dollar continues to rise, corporations increase profits due to streamlining, we reduce the budget deficit under new leadership, and excessive real estate inventory is reduced. We’ve all been here before folks, wake up with a smile knowing the sun is shining and that we have wealth beyond imagination. It truly is a great day!
September 4th, 2008 at 7:06 am
Does anyone know of an education avings plan for non US citizens who are diplomats in the United States? Please let me know.
September 12th, 2008 at 11:09 am
Help I have a question about an IRA we have. Do we watch our Broker company or the NUMERIOUS stocks and Mutual Funds we are invested in?? Gosh this is so confusing. And we keep LOSING money every month.We will soon be out of it and are just getting ready to retire If you have an answer to this question will you please answer …THANKS and HURRY!!!
September 17th, 2008 at 10:55 pm
Everyone I talk to is scared as the see their nest eggs/retirement funds lose considerable value!! It painful! Many of the analysts on CNBC, Bloomberg, CNNMoney, Yahoo Finance are talking about “How Safe is Your Money” and moving part of your portfolio to the safe money investments. One respected analyst locally here in San Diego talked about it may be prudent to move maybe 30-40% of your portfolio to “non- correlated asset” which I completely agree with this considering the financial crisis we are in. And no one know how long it will last but all seem to agree that it will get worse before it gets better.
I have discovered that probably one of the BEST NON-CORRELATED ASSETS ON THE PLANET IS INVESTING IN LIFE SETTLEMENTS. My wife & I just repositioned a big chunk of our retirement money into this asset. After doing my due diligence, I couldn’t be happier. Some people are familiar with or have heard about the “front end” of life settlements. But I’m talking about investing in the “back end” through fractionalized life settlement. They have averaged 14% over the past 16 years and have the risk level of a CD or a Bond (very low) yet is getting consistent double-digit returns (very high). You have to be an accredited investor according to the California Department of Corporations definition which is you have to make at least $100K of income and have at least $150K of net worth not counting you primary residence. If you meet these criteria you should check this out. The company offering it is the oldest and only publicly traded company with SEC over sight, State of Texas oversight and the Texas Department of Insurance over sight. These guys are the “gold standard” and far and away the best.
If you want to find out more, I would be happy to get you more info as it really is one of the safest places to park you hard earned money and not worry about the crazy stock market volatility, economic uncertainty, political unrest, oil prices or even terrorist attacks as it is not affected by any of this. Yet it gets an outstanding return that is beating the 20 year S&P average of 10-12%! AND you get peace of mind and tons of safety. Sorry for being long winded but I wanted to share our success in finding a great non-correlated asset that has no parity of risk. I can provide more details if anyone is interested: kendons at yahoo dot com. Good luck gang…you can also check out the website nomarketrisk.com Email me for the password I’d be happy to give it to those who are interested and want to check it out.
September 22nd, 2008 at 3:52 pm
Hey BABY
No matter what, your broker only has limited power of attorney….unless you signed your life away to him/her, so by all means, watch the mutual funds and stocks you are invested in. You can always do some “moves” and make you some money. The last thing you want to do is sit with your arms crossed and let all your money dissappear. In most cases, the broker is not taking action unless you are ordering him/her to do so. So you have to be active. Believe it or not, they do discriminate against the person who isn’t active. What is it to them, they are still getting paid. If you get become more active, he/she will know to be on their toes and have information and suggestions ready for you.
on another note, regarding that car Ford has coming out, the U.S. would embrace a vehicle that ran on water if it meant 65mpg. Come on, the Bush conspiracy again? Him and his cronies are the major investors in Texas’ petroleum refinerys.
September 24th, 2008 at 9:12 pm
I’m against the $85,000,000,000.00 bailout of AIG. Instead, I’m in favor of giving $85,000,000,000 to America in a “We Deserve It Dividend.”
To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billon that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend. Of course, it would NOT be tax free.
So let’s assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam. But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife have $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved. Repay college loans - what a great boost to new grads Put away money for college - it’ll be there Save in a bank - create money to loan to entrepreneurs. Buy a new car - create jobs Invest in the market - capital drives growth Pay for your parent’s medical insurance - health care improves Enable Deadbeat Dads to come clean - or else.
Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehmann Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.
If we’re going to re-distribute wealth let’s really do it…instead of trickling out a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President. If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+! As for AIG - liquidate it. Sell off its parts. Let American General go back to being American General.
Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up. Here’s my rationale. We deserve it and AIG doesn’t. Sure it’s a crazy idea that can “never work.” But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington, DC. And remember, the plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.
And if you are so inclined, send a copy of this to your Congressmen and Senators in Washington!
By clhayden
September 26th, 2008 at 5:02 pm
I agree -lets give the people the benifit of this crisis. Why are we giving the preditors back the 700 billion in money they lied and cheated to extort from Americans working there way through life- The insanity of out administration sure not for the American people. First- freeze all forclosures- by all lending institutions- past and currant- 2nd’ Give every American $20,000,000.oo-YOU HEARD RIGHT 20 MILLION- no restrictions except funds most remain and be spent in the United States.. We Just saved 300,000,000,000.00 (300 BILLION) on the bailout plan– and watch our economy explode- every house - car lot- and every store being sold out on inventory-and not to say new house’s being ordered faster than we could blink.. INSANE’ No not when you take in context what the proposal is on the table..and the new jobs it would create and the banks being flushed with capital in savings accounts and loan payoffs’– WHAT BETTER WAY IS THERE FOR US !!ALL OF US !! — at present- half of the bailout funds are going to be going over seas to thoughs who don’t like us at all’ so I vote for us!!!!! and KEEP AMERICA STRONG !!!—- Gary
September 29th, 2008 at 9:55 am
no taxation without representation, we are going back to the early 1800’s and 1700’s, where we were made to pay taxes in england, even though we were the americas
October 1st, 2008 at 7:50 am
Buy gold? Sell Gold at YourGold.com
I am the CEO of a international gold buying company named YourGold. I fully understand the safe haven that purchasing Gold and precious metals in tough times presents for investors.
What about the person in middle America who has little to invest and is scrapping by? This is a perfect opportunity for middle America to sell precious metals, from old jewelry made out of gold, silver, platinum and unused stones. When the country is having a hard time, gold prices rise, making this the right time to get rid of your gold and jewelry for top dollar. http://www.yourgold.com will pay top dollar for your items. Check us out, it will be your best move of the day!!
October 1st, 2008 at 7:50 am
Sell Gold
I am the CEO of a international gold buying company named YourGold. I fully understand the safe haven that purchasing Gold and precious metals in tough times presents for investors.
What about the person in middle America who has little to invest and is scrapping by? This is a perfect opportunity for middle America to sell precious metals, from old jewelry made out of gold, silver, platinum and unused stones. When the country is having a hard time, gold prices rise, making this the right time to get rid of your gold and jewelry for top dollar. http://www.yourgold.com will pay top dollar for your items. Check us out, it will be your best move of the day!!
October 2nd, 2008 at 7:34 am
The companies like Yahoo, Google and others do not want the Bill to Pass, that way they can keep the money of the investors. Sell short, keep selling short that is the way the economy is going is going down.
October 2nd, 2008 at 8:12 am
First the oil,then the houses, then the banks, then the unemployment, now what ? Every day the economy is getting worst, and all these companies take advantage of the situation to lower the stocks, the investors panic sell their stocks and end up lossing thousands of dollars. The economy is not getting any better is getting worst, if you are an investor do not buy long, sell short.
October 2nd, 2008 at 11:23 am
Alot of companies are lossing between 5% and 10% per day, if we continue like this, these companies will disaper between 20 and 10 days. Alot of people jobless, more unemployement, 401K lost, adding more weight to the economy. Thank You Congres for not passing the bill. Now you are going to add more problems to the economy.
October 2nd, 2008 at 6:38 pm
Every American should be objecting to the passage of this insane bailout legislative bill on the table.. As it stands everyone of us will have a national dept of more than 3,000.000 per person in the US !( 3 MILLION) Its insanity- even with the new revisions only the insurance carriers are getting any compensation besides the lenders that got us into this mess! Regardless passage or not were going down big-time- and by the way our country is no longer offering Gold for sale- and theres no Silver bullion available at all- LET WALL STREET FALL!!!! Only 15 percent of Americans will take a hit’We can can servive without wall-street- We cannot survive with this insane national exploding dept– What we need to do is hunker down and make sure our regional and community banks servive !There the ones we depend for everyday financial continuence of whats left of our economy ! Passage or not on this bill- we will be in depression by mid 09 if not sooner- Triple digit inflation will be around the corner shortly- what they don’t tell you is 700 BILLION is not enough to save the economy- we are already in a fiat system(money with no face value) just a promise to pay- And soon exporters over-seas will douple and triple there price of goods sold to the US– So hang on-to your socks !!! And by the Way - The stock market is not a banking system -Every investor should personally assume the risk- and take involvement in what and who they invest with– There was never a guarantee as to return - And - Worse- when you have an deregulated system and have CEO’S and there staff with HEINOUS business practices taking money and falsely inflate assets’ there the ones we should have in Jail! To bad they all bailed out last year– AND BY THE WAY- THAT 700 BILLION PLUS- 71 PERCENT OF IT IS GOING OVER-SEAS- HOW AMERICAN IS THAT !!! you should all be screaming at your legistlators and congressmen(women)- AND SAY HELL NO !!!!!!
Gary
October 6th, 2008 at 7:50 am
I would like to know if I could blog about Whole Foods and their separation policies whether the majority people think they are fair and if this “at will” policy should be amendend.
Without any warning I was let go at the Midwest Bakehouse citing I had violated a zero tolerance harassment policy. People will and have told me that I must have done something to warrant this. And I have to continually say “No” and say that no one came forward or offered a written or verbal warning.
Has anyone else been the victim of such policies?
October 6th, 2008 at 9:23 am
I am leaving a reply in regards to the article about saving $1000 by Christmas. Here is another idea and I have found it painless. I found a blog/site called realwomenrealmoneyworkfromhome.blogspot.com. It gives out information (free) on legit, paying survey and focus group panels. I will have well over $1000 for the holidays and extra to pay other bills with. I can’t believe I lucked up on it one day, but I thought I would pass it along.
October 6th, 2008 at 11:43 am
Another day - Another 200 BILLION added to the mother of all bailouts- 900 billion so far- Whats worse were borrowing against hard currancy-( GOLD-SILVER) to be paid to our over-seas creditors”Are we all just so tied up in our personal lives we don’t care what is going on !! Where the Hell is your voice- or has AMERICA succumbed for the worse- New pre amble on our currancy should read ( GOD HELP US ALL)–
Gary
October 10th, 2008 at 11:07 am
How f*****g stupid can people be!? Selling your stocks now! The market will come back. It may take some time (2 years maybe?) but to take such a huge loss and sell now its so stupid. I love how the market nose dives at 3:30 est. SO predictable. People are really dumb. I am waiting for my money to come back and then I am moving out of the market. I no longer trust people to do the right thing.
October 10th, 2008 at 1:16 pm
I’m no rocket scientist and I can tell you that the only things that we need to do to fix our economy very quickly are the following:
1. Lower MORTGAGE rates (not just simple interest rates for vehicle purchases and HELOCS). Mortgage rates need to go down to 3.5%-4.0% for at least the next 18 months with no subprime, ARM, or negative ammortization mortgages. No gimmicks, just true low rates for everyone, and get credit requirements back to where they need to be so that more people can qualify again instead of being edged out of credit by technicalities and ridiculous standards and guidelines.
2. Get gasoline and DIESEL prices back down to $1.80 per gallon even if we have to go to war for it, and create a world law which prohibits the world markets, greedy oil companies, and speculative investors from causing the price of fuel to rise by any more than 2% per year for at least the next 10 years REAGARDLESS of demand.
That’s it. If our inept law makers and the Fed can accomplish just these two things, all these bailouts and all the spin and theft going on in Wall Street right now could have been averted, and we the worker bees and small businesses will fix the economy ourselves.
The Fed never had any business raising rates by 1/4 point seventeen times in a row in the name of “curving inflation”. Could some inflation have POSSIBLY been as bad as what we’re facing NOW?
Who told the Fed that they have to stop inflation at any cost? That is just stupidity at play. When the economy is sizzling, raise rates a little, but let it keep sizzling! What’s the use in bringing the economy to a grinding halt just so that there’s no inflation?
When the economy is doing well, everybody can afford some inflation, especially when it’s a sign that our economy is healthy and thriving. If something is working, LEAVE IT ALONE!
October 11th, 2008 at 6:53 am
For those IRA holders (like myself) who don’t need ready cash, it would be nice if the IRS would put a temporary moratorium on the annual RMD (Required Minimum Distribution). Withdrawing from IRA accounts at this troubled time would decimate the future value of IRA accounts.
October 15th, 2008 at 6:47 am
Using widget stock report on my I Mac and using the symbol ^DJI for Dow Jones Industrial Average I am unable to get any numbers to show up in the Widget window all other stock symbols work just fine. Apple Computer can not find a problem with this. It did work a year ago but was deleted by mistake and as yet am not able to get it back. When I go to ^DJI it states it is not correct and states %5EDJI.
All help Joe
October 22nd, 2008 at 9:13 am
No way? Way.
1 I delight myself in the word of the Lord, therefore I am blessed. Wealth and riches shall be in my house and my righteousness endures forever (Psalm 112:1-3).
2 I remember the Lord my God, for it is He that gives me power to get wealth (Deut 8:18).
3 With me are riches and honor, enduring wealth and prosperity (Prov.8:18).
4 I am crowned with wealth (Prov.14:24).
5 I know the grace of my Lord Jesus Christ that though He was rich, yet for my sake He became poor, that through His poverty I might be rich (2 Cor.8:9).
6 I shout for joy; let the Lord be magnified, who has pleasure in the prosperity of His servant (Psalm 35:27).
7 The Lord is my shepherd (Psalm 23:1).
8 The Lord prepares a table before me in the presence of my enemies, He anoints my head with oil, my cup runs over (Psalm 23:5).
9 The blessing of the Lord makes me rich and He adds no trouble to it (Prov.10:22).
10 I receive wealth from the Lord and the good health to enjoy it (Eccl.5:19).
11 I am blessed because I trust in the Lord; I reverence the Lord, therefore there is no want in my life. The young lions do lack and suffer hunger, but I shall not want any good thing (Psalm 34:8-10).
12 I have given and it shall be given unto me, good measure, pressed down, shaken together and running over, shall men give into my bosom. For with the same measure that I mete withal it shall be measured to me again (Luke 6:38).
13 God is able to make all grace abound toward me, that I, always having all sufficiency in all things, may have an abundance for every good work (2 Cor.9:8).
14 I am prospering in every way. My body keeps well, even as my soul keeps well and prospers (3 John 2).
15 Whatsoever I ask the Father in the name Son Jesus, He will give it to me (John 16:23).
16 Abraham’s blessings are mine (Gal.3:14).
17 What things soever I desire, when I PRAY, I believe that I have received them and I shall have them (Mark 11:24).
18 I delight myself in the Lord, and He gives me the desires of my heart (Psalm 37:4).
19 I seek first the kingdom of God, therefore everything I need shall be added unto me (Luke 12:31).
20 The wealth of the sinner is laid up for me (Prov.13:22).
21 My inheritance shall be forever. I shall not be ashamed in the evil time, and in the days of famine I shall be satisfied (Psalm 37:18-19).
22 Every burden has been taken away from off my shoulder; and every yoke from off my neck; and the yoke has been destroyed because of the anointing (Isa.10:27).
23 I am like a tree that’s planted by the rivers of water; everything I do shall prosper (Psalm 1:3).
24 I will not faint, for in due time and at the appointed season I shall reap, if I faint not (Gal.6:9).
25 My God supplies all of my need according to His riches in glory by Christ JESUS (Phil.4:19).
October 22nd, 2008 at 2:32 pm
IRA- 401 K– Independent retirement investing ?/ If you or your company holds a IRA or 401K in your name– keep a very close eye to who and where it is( most companys sub-contract these funds out for investment-In the last 30 days, 3 TRILLION DOLLARS have been lost in retirement accounts — If at all you have and OP for a cash enuity through your plan - By all means take it and run-Yes you will lose some percentage on early withdrawl BUT- Tomorrow it may be gone forever -lost in this economic crisis– Only invest it what you can see, hold, taste and smell- Hard currancy will be the rule in near future on a global scale !DO YOU KNOW WHO IS HOLDONG YOUR FUNDS ????
Gary
October 23rd, 2008 at 11:15 am
Can you say Market Manipulation? I used to believe the single greatest threat to our national security was Osama Bin Laden. I now KNOW it is those entities that need to be held accountable for their gross incompetence, lack of ethics and greed that has followed. Instead of being held hostage by terrorism we’re being held hostage by those who created this financial mess. Samuel L. Jackson said it best, “Yes they deseve to die and I hope they burn in hell!”
October 24th, 2008 at 10:41 am
I have lost faith in anyone or any action fixing this mess. I hope that all those who decided to live beyond their means get whats comming to them. A rude awakening and a lesson learned.
October 24th, 2008 at 1:00 pm
It does not matter who wins this election– We will be in this economic nightmare for a decade or better.. The most critical steps were never taken to stave off the worst of this crisis still to come-And that existed for a previous 10 years or better in the making.. Call it DENIAL- BLIND FAITH- HOPE - or DIS-BELIEVE– The arrogence of our financial experts truly set this in motion and failed this nation as to the potential of what is to be in the future– Our leaders and Administration have failed us deeply and sharply- We did have a chance!- The worst to come is inevitable…Those young Americans in the next generation, will never have a chance to have what we had .. A free capitalistic state where hard work and prevailence pays to earn what you can keep… Un-officialy we are now a socialist society !
Gary
October 26th, 2008 at 5:18 am
This is a very nice blog with useful and updated information!
October 27th, 2008 at 5:24 am
Dear fellow citizens,
I submit to you the sketch of a Great Economic Reform Act of 2008. I invite you to consider it.
1. Eliminate corporate taxes for five years, effective with the 2008 tax year.. This will be the great capitalistic experiment. Call a special session to get it done so that corporations can immediately start acting upon and relying upon it. Ask your corporate leaders how to make this work and how it might be improved.
2. Have current corporate tax rate resurrected after five years unless congress elects to continue the elimination of such taxes. This way if the experiment does not play out, the default mode is back to our current uncompetitive tax structure.
3. As quid pro quo, corporations will be required to make mandatory annual contributions:
a. 4% of net profits to domestic not for profit entities such as schools, government units, and charities. No less than 3% must go to local or regional schools and governmental units. All such recipients must be apolitical. These funds cannot be utilized for any political purposes. For example, entities created to promote the election of a candidate or approval or disapproval of a referendum would not be qualified entities.
b. 1% of net profits to international, non-domestic not for profit entities such as world relief fund, foreign education, etc. we are wealthy. We must share. This will foster great good will overseas. The rest of the world will know that we want them to share in our success. Also must be apolitical.
c. Have the IRS maintain a database of eligible entities and allow corporations to inquire and get prompt rulings from the IRS for any such contribution so they know before they donate that they will be in compliance.
d. Any corporation which fails to make the required distributions with sufficient documentation will be subject to a rollback corporate tax equivalent to that which is currently in effect. Plus a 25% penalty. No exceptions. No hardships. No excuses.
e. All such distributions must be publicly reported and the information readily available to the general public on the internet and otherwise.
net result:
US companies will instantly have more capital to buy equipment, to market their goods and services, and to hire and pay their employees, as well as to create financial incentives for innovation and invention.
US tax receipts will increase, not decrease, as American citizens will have more income derived from far greater profits and full employment..
the US economy will take off like a rocket. corporate spending will immediately take off.
corporations will invest/contribute in local and regional government, local and regional infrastructure, as it will be in their best interest to do so.
Will there be silly and non-productive contributions? Yes, but they will be insignificant to the amount of government waste under the current tax structure. Fine tune as necessary to eliminate unwarranted wildly inappropriate types of contributions.
US companies will be able to compete against companies world wide knowing that their gross income can be used to increase profits for the benefit of their shareholders, creditors, and employees.
this is simple, it is not novel. It will work.
Current corporate tax revenue makes up less than 15% of federal income stream. The loss of this revenue will be more than offset by increased net profits, increased contributions to local and regional governmental units, as well as individual income tax receipts.
If not, as a failsafe measure, consider a 1% national sales tax to offset any possible loss of revenue. In the event there was no such documented loss of revenue, then these funds will be returned to the taxpayers by an established equitable means. Cannot be spent by congress for any other reason such as bailing out the social security fund.
Okay economists and politicians, don’t tell us why this won’t work. Take this outline and tell us how to do it so that success is virtually guaranteed.
Try it. You’ll like it.
respectfully and hopefully submitted,
john mullen
texas
October 27th, 2008 at 4:28 pm
I want to be ahead of the curve when we see a turn in corparate value appreciation. How can people afford to sell good assets at these levels?
November 4th, 2008 at 7:40 pm
Just a Comment - The corporations that we really needed to help are all gone— Moved overseas- or vanished because of not being able to compete with overseas competitors– Those MFG corps that kept America alive for so many years - We can no longer be independent and must rely on overseas goods– FACT– If we had inacted a higher import tariff on goods intering the US — maybe we still would have a MFG base to sustain– The hardest factor for all corporations (and small business’s)that are in US boundaries are not so much the Corp tax structure as it is to employee tax’s on payroll ,health-care- and social security– and to add workers comp insurance on top of it all–These are the Tax’s that forced so many major Corps to move overseas for the cheap labor market to compete with there competitors .. Most American corps that are not in the service industry (sports-entertainment)ect.. Still will fade even with a corp tax elimination– Seems most CEO’s and CFO’S have knowledge either to spend or bonus out there profit margin to reduce or eliminate there corp tax which is higher than paying income tax- or by making capital expenses— Is A good thought though- Just think its to little to late !
Gary
November 21st, 2008 at 11:28 am
With all this talk about giving money out. If they really want to boost the economy, they could give some of that 700 billion to the tax payers. They could give each American 1 million and they could still give some to the Big 3, and the banks, mortgage people. The people would be able to pay off the mortgages they should never have gotten in the first place. People could go and buy autos, and other durable goods. That would get things going again. If the government would really think about the people, instead of the businesses that got themselves in this mess in the first place. People are not going to spend the 300/600 $’s they get. They must not have spent the money they sent out before. I know we didn’t. It went into the bank and paid bills. Give the American people a break.