The pint-sized giant of the entertainment industry has passed away at the age of 93. Best known for…
Known for his roles in "Independence Day" and "Homeland", he established the "Suit" character role,…
Harold Ramis dead at 69 of complications from autoimmune inflammatory vasculitis
Harold Ramis, the man behind numerous blockbuster films such as Ghostbusters and Groundhog’s Day,…
He was 85.
At least when it comes to keeping your money.
Cypriot ministers rushed on Monday to revise a plan to seize money from bank deposits as part of an EU bailout, in an effort to ensure lawmakers supported it in a vote later in the day.
The weekend announcement that Cyprus would impose a tax on bank accounts as part of a 10 billion euro ($13 billion) bailout broke with previous practice that depositors’ savings were sacrosanct and sent a shiver across the bloc, causing the euro to tumble and stock markets to dive.
In case you are wondering why, it turns out that Cyprus is the Russian’s Switzerland as far as bank accounts go. Not only is the island a haven for gun running and drug dealing for the *ahem* Cyrillic Mafia, the wealthy use the Cypriot banks to facilitate their business. But in order to “tax” the wealthy Russians, the government has to tax every bank account to “make it seem fair”.
Needless to say, Vladimir Putin is very, very angry. Moscow was set to extend a 2.5€ billion loan to help the island in view of how Russians do use their banking system. Now, that extension may be jeopardized, and that can actually push the Cypriot parliament to “tax” the bank accounts.
It’s a viscous circle. Yes, viscous.
But hey, that can never happen here, right?
First, I’m older.
And now, Hostess™ closed.
Way to go, unions! That right there is called “Biting the hand that feeds you”. I swear, if Little Debbie™ folds I will go on a rampage.
Hat tip for the pic: Hank Scorpio.
And it’s a doozy.
“Gold is a great thing to sew into your garments if you’re a Jewish family in Vienna in 1939,” [Charles Munger], the Berkshire vice chairman said, “but I think civilized people don’t buy gold, they invest in productive businesses.”
I’m not the most savvy investor out there, and prefer to invest using the Eddie Valentine* strategy, but this just smacks of outright ignorance. Jews were fleeing the Nazis in 1939!!! And this guy thinks it’s not “civilized” to invest in gold? And what productive businesses, exactly? I don’t see a lot of them expanding and investing capital in new ventures right now.
But I do see physical gold being bought, and the price of it holding.
Like I said, I’m not a savvy investor, and know very little about the “Market”. But I do know that this kind of elitism backfires on people, and that people will buy “the sure thing” when unsure about the value of their currency. That’s where we are right now. I have to wonder why this idiot is so confident about the value of our currency. Civilized people buy “the sure thing”, like gold, when they have no confidence that their country’s economy will survive a meltdown. And we don’t have to look over to Europe to see the mudslide coming.
By the way, Mr. Munger, such “uncivilized” people tend to buy other metals when unsure of the state of the country.
Metals such as LEAD.
As usual, Soylent Green has his finger on the pulse, and make sure to read the Buffett and Munger linkie. Truly priceless.
Last night I slept so well, I didn’t hear the thunderstorm pass through. No dreams, no nightmares…..it was awesome.
Until I woke up to one.
IRS seeks 4,000 agents, $303 million for Obamacare
This, as Obamacare goes down in flames. You would think that a bureaucracy of government would be smart enough not to tip its hand when it comes to taxpayer money, especially this one. Apparently last year the IRS’ customer service rating slipped a bit, which I find shocking, really. I had no idea anyone approved of it.
Now, I’m sure that the rating has gone down due to the unreadable and often misunderstood tax code that we peons have to use. More people call for help, more people ask to be guided through the maze, more people complaining of the sheer stupidity of it. But if that is the case, as the article suggests, why not ask for more agents for that reason??
The Internal Revenue Service wants to add about 4,000 agents to hunt down tax cheats and still plans to spend $303 million building a system to oversee Obamacare even though its future looks bleak in the U.S. Supreme Court.
On the $303 million for Obamacare, the GAO said it will “continue the development of new systems and modifications of existing systems required to support new tax credits.”
They don’t bother hiding any more.
(Guest post by Anonymous)
In today’s political climate, liberals are known for being for social issues whereas conservatives are known for business issues. But is that really true? Let’s consider the strange case of the Permian Basin. For those not familiar with it, the Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas and the southeastern part of the state of New Mexico. It reaches from just south of Lubbock, Texas, to just south of Midland and Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. It is so named because it has one of the world’s thickest deposits of rocks from the Permian geologic period. It is also a large oil and natural gas producing area.
For the most part, Republicans have far outweighed Democrats in the area. In some areas, Democrats are like an endangered species. Almost everything that happens in the Permian Basin is tied to oil and natural gas production. Therefore, the economic booms and busts in the area are directly tied to the price of oil. When the price of oil goes up, the area experiences a boom and conversely when the price of oil is low, it experiences a bust.
The economic booms when they happen bring great wealth to the area. So much it generally leads to people pissing away the money on frivolous things. Then when the inevitable bust happens, people go bankrupt, and lose their business, their jobs and their houses. The rate of unemployment shoots sky-high and most communities experience a loss of population.
Even though communities in the Basin have tried mightily to diversify economic factors, the single most likely indicator continues to be oil. Likewise, in the general economy of the nation as a whole, oil is a major factor is economic well-being. When the price of oil is low, the overall economy does well. When it is high, we usually experience a recession. This is the exact opposite of what happens in the Permian Basin.
Creatively Borrowed from TheBlaze:
Your revolution is over, Mr. Lebowski. Condolences. The bums lost. My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me, Lebowski? The bums will always lose!
Here’s a little brain cleanser for making you listen to hippies.
Riding the wave of the Occupy Fill-in-the-Blank protesting 1% of something, two lawmakers will introduce bills to tax financial transactions, following a proposal introduced in the European Union.
Because you know, taxation is working so well over there.
Senator Tom Harkin, an Iowa Democrat, and Representative Peter DeFazio, an Oregon Democrat, will introduce the bills tomorrow in their respective chambers. The bills will give the United States an increased role in the international debate over a transaction tax, which is likely to be discussed at the Group of 20 summit this week in Cannes, France.
Yes, the same Cannes where Sarkozy is fighting to keep from unravelling due to Greece’s sudden demands for a popular vote over their financial rescue by the rest of the European Union members. Europe would love this tax bill here, which in turn would add global capital for use in undertermined ways. And by “undetermined”, I mean bailouts. Who controls global capital again?
But don’t worry. It wouldn’t be as high as the EU proposal of .1% of stock and bond trades. It would only be a rate of .03%. And in case you needed more reassurances, Senator Harkin delivers.
“It’s a significant way to raise some needed revenue,” Harkin said in an interview today in Washington. “Quite frankly, I bet nobody would even feel it.”
No one that actually doesn’t pay taxes. It never ceases to amaze me how a tax hike is permanent, but a tax cut is temporary.
Sometimes the best disinfectant is napalm.
As y’all know, the firm Standard & Poor’s cut the federal credit rating from AAA to AA+. Now comes word that the Justice Department won’t take that laying down.
The Justice Department is investigating whether the Standard & Poor’s credit ratings agency improperly rated dozens of mortgage securities in the years leading up to the financial crisis, The New York Times reported Wednesday.
Ok, true, that comes from the the New York Times, so the gloating is palpable. And according to the “source”, the investigation began before the US was downgraded. But if so, then why the secrecy until now? Either way, this does look like the DoJ is retaliating in response to the downgrade. And it doesn’t help the fact that no one knows if the investigation is on all major ratings agencies, including Moody’s and Fitch, or just Standard and Poor’s.
In any case, this should prove to be interesting as it progresses. Standard and Poor’s doesn’t seem the type to back down easily.