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Bernanke says bubbles should be tackled:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_EGuB7kQmyo&refer=home
Why now?
Perhaps they want to suppress the coming commodity bubble?
Looks like the US is making it more difficult for both citizens and PRs to give up their status.
"Congress has passed a law that will tax the assets of those who leave for good on their way out the door, as if they were selling those assets. But tax experts say the more significant change may be a provision that taxes U.S. heirs on amounts given or left to them by ex-U.S. citizens. Taxing the recipient instead of the donor will make it harder to get around the tax rules.
"The new rules say, if you leave any of your property to a U.S. person, it will be taxed at the rates for U.S. gift tax," which are currently 45%, says Henry Alden, a certified public accountant at Everest International Group, a Baltimore-based financial-planning firm. * * *
U.S. citizens and long-term residents who are terminating their status will be taxed once on their unrealized gains, at current market rates. Stock portfolios, real estate, art and most other types of assets will be captured by this new "mark to market" tax. Some experts say the new law could deter some citizens or residents from leaving the U.S., since the benefits of doing so will be reduced. Yet the simplicity of the new one-time tax may appeal to others."
Gotta make sure the little ones are not US citizens, I believe that a natural born US citizen has the right to give it up when he reaches 18.
Our founding fathers must be turning in graves knowing that the new country they founded turned exactly into a tyranny that they were trying to escape.
The bad news, is that the stock market is going to hell in a handbasket. The good news is, if this doesnnot cause the fortress to crack, nothing will (no prediction on the timeline, though).
Who's going to be Joe The Plumber on SNL this week? My bet is on Will Forte.
Ohio is full of stupid people. I was imported to the state to fill a job position that could not find qualified locals to fill. Out of a total of eleven openings, all had to be filled with people from out of the state.
The smart people of the state got out long ago when they could.
The smart people of the state got out long ago when they could.
Randy is one fine example.
Just a quick note to say thanks for using my 'fat bottom' picture although you might have asked me first. Let me know if anyone would like a print. Oh and I think the seat could well buckle under this greed ridden bloated artificial economy. http://jane.classycoolmusic.com/art2.htm
Janni please accept my apologies for linking to the image without permission - I just happened to find it on google-images. You have a very good portfolio, specially liked your photograph of the priory.
I think you need to go back to the mid 80s Dow closer to 2000-3000,
in 1985 dollars.
The much touted great bull market was just that, BULL. built on cheap, over used credit and over leveraging assets everywhere.
By the government printing money to bail out everyone we will eventually devalue the assets we are trying to maintain, though inflation.
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I wanted to get this in before the Dow crashes again... (it is up 400 points this morning).
I have no reason to believe this is the bottom of this depression.
However, what are you going to look for as signs?
Reversion to trend? Which trend, and how far? Dow was 3800 at the beginning of 1995, and 6800 in Jan '97.
Or "is it different now", and we can't really look to simple numbers like the DJIA and Nasdaq to tell us when a widespread credit-bust may be coming to an end?
(Racist, sexist and other anti-American posts will be taken out back and shot.)
SP