(Bloomberg.com) President Barack Obama proposed almost $1 trillion in higher taxes over the next decade on the highest-earning Americans, Wall Street financiers, U.S.-based multinational corporations and oil companies to pay for permanent tax breaks for lower earners.
Obama’s 2010 budget proposal, released today, would reinstate the top two Clinton-era tax rates of 36 percent and 39.6 percent, up from the 33 percent and 35 percent the richest Americans now pay. That would affect about 2.6 million taxpayers. The budget also would raise taxes on capital gains and dividends to 20 percent for top earners, up from the 15 percent set by former President George W. Bush in 2003.
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Thursday, February 26, 2009
Mean Street: Mr. Obama, Please Return to Planet Earth
(WSJ--Deal Journal Blog) Has the President lost his mind? Listening to last night’s speech, it sure seemed that way.
It’s taken him five months and three tries to simply come up with a Commerce Secretary.
But somehow over the next couple of years, he will reinvent how we do almost everything. How we bank and borrow. How we educate our children. How we cure cancer. How we use energy.
Even how we build cars.
Forget the ideological objections to Mr. Obama’s ambitions. How about the practical difficulties? How will Mr. Obama ever get all those things done?
The answer is he won’t and shouldn’t even try. If Obama really wants a second term, he should devote his entire first term to making the economy strong again. And that’s it.
Read the entire article
It’s taken him five months and three tries to simply come up with a Commerce Secretary.
But somehow over the next couple of years, he will reinvent how we do almost everything. How we bank and borrow. How we educate our children. How we cure cancer. How we use energy.
Even how we build cars.
Forget the ideological objections to Mr. Obama’s ambitions. How about the practical difficulties? How will Mr. Obama ever get all those things done?
The answer is he won’t and shouldn’t even try. If Obama really wants a second term, he should devote his entire first term to making the economy strong again. And that’s it.
Read the entire article
How Much Is The Bailout Going To Cost You?
(right.org) Right.org shows how much the bailout is going to cost each family... the bailout calculator also shows how much your taxes are going to rise.
Go to right.org
Go to right.org
Sunday, February 22, 2009
The Unbalanced Dow Jones Industrials
(Wall St Journal--MarketBeat Blog) As the Dow Jones Industrial Average hits lows not seen since the dot-com bust, Wall Street is getting antsy about its inclusion of low-priced stocks that some traders and analysts believe should be yanked from the 30-stock average.
Their gripes are based in simple arithmetic, since the average is weighted according to the nominal price quotes of its 30 components, hand-picked by top editors at Dow Jones & Co., which also publishes the Wall Street Journal.
With five stocks in the Dow trading under $10 – Bank of America, Citigroup, Alcoa, General Motors, and, as of today, General Electric – the average’s detractors say it’s become a skewed indicator of the market. They want the runts replaced for essentially the same reason the editors would never add in an extremely high-priced stock like Berkshire Hathaway, now trading above $76,000 a share, or Google, at $340
.
Read the entire article
Their gripes are based in simple arithmetic, since the average is weighted according to the nominal price quotes of its 30 components, hand-picked by top editors at Dow Jones & Co., which also publishes the Wall Street Journal.
With five stocks in the Dow trading under $10 – Bank of America, Citigroup, Alcoa, General Motors, and, as of today, General Electric – the average’s detractors say it’s become a skewed indicator of the market. They want the runts replaced for essentially the same reason the editors would never add in an extremely high-priced stock like Berkshire Hathaway, now trading above $76,000 a share, or Google, at $340
.
Read the entire article
Wednesday, February 18, 2009
Jim Cramer Warns Investors: Don't Follow Warren Buffett This Time
Attn all investors: It's different this time, don't follow Buffett. At least that's what Jim Cramer says.
CNBC Mad Money host Jim Cramer doesn't like what he sees in Warren Buffett's latest stock moves for Berkshire Hathaway, and doesn't think ordinary investors should follow the Omaha billionaire's lead this time around.
Buffett's holding company released its fourth quarter portfolio snapshot earlier tonight. It revealed a big reduction in Berkshire's holdings of Johnson & Johnson [JNJ 55.98 -1.12 (-1.96%) ].
Read the entire article
CNBC Mad Money host Jim Cramer doesn't like what he sees in Warren Buffett's latest stock moves for Berkshire Hathaway, and doesn't think ordinary investors should follow the Omaha billionaire's lead this time around.
Buffett's holding company released its fourth quarter portfolio snapshot earlier tonight. It revealed a big reduction in Berkshire's holdings of Johnson & Johnson [JNJ 55.98 -1.12 (-1.96%) ].
Read the entire article
Tuesday, February 17, 2009
Greenspan Says U.S. May Not Be Doing Enough to Promote Recovery
Now Alan Greenspan chimes in on how to fix the problems in the banking system. Thanks Alan!
(Bloomberg.com) Former Federal Reserve Chairman Alan Greenspan said the U.S. may be doing too little to repair its financial system and promote an economic recovery.
President Barack Obama today signed into law a $787 billion economic stimulus package of tax cuts and increased spending. He has also pledged to use the bulk of the roughly $315 billion left in the bank bailout fund approved by Congress last October to revive the battered financial industry.
Read the entire article
(Bloomberg.com) Former Federal Reserve Chairman Alan Greenspan said the U.S. may be doing too little to repair its financial system and promote an economic recovery.
President Barack Obama today signed into law a $787 billion economic stimulus package of tax cuts and increased spending. He has also pledged to use the bulk of the roughly $315 billion left in the bank bailout fund approved by Congress last October to revive the battered financial industry.
Read the entire article
Friday, February 13, 2009
Stimulus Package Explained (Q&A)
(ritholtz.com) Sometime this year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using the Q and A format:
Q. What is an Economic Stimulus Payment?
A. It is money that the federal government will send to taxpayers.
Q. Where will the government get this money?
A. From taxpayers.
Read the entire story
Q. What is an Economic Stimulus Payment?
A. It is money that the federal government will send to taxpayers.
Q. Where will the government get this money?
A. From taxpayers.
Read the entire story
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