USA & World Economics

[QUOTE=BigBossMan;439111]"The facts are, the stock market is basically at its all-time high, corporate profitability is at its all-time high, and corporate balance sheets have essentially never been in better shape. Financial obligations have been pushed out for a long time and the economy bottomed two months after President Obama took office and may be on an upswing until he is out of office. Now, before we start a riot from my right-wing readers and colleagues, we want to make sure people understand my point. Economies and markets rise and fall nearly independently of our Presidents. We were at a political debate / show many years ago between conservative Bill Bennett and then-comedian, now liberal Senator Al Franken. When they were discussing the success of the economy under the Clinton administration, Bennett said, "I take my dog to the beach and we watch the sunrise, I just don't give him (my dog) credit for it." That's how we feel about blaming or giving credit to Presidents for market or economic success.".[/QUOTE]Indeed, Bill Bennett is an expert on "the odds". Maybe he should have consulted his dog before he lost millions of dollars in Vegas.

And so, after months of demonstrations, violence, judicial ingenuities, threats, counter threats, rumors, it came down to over-exceeding the authority of the Prime Minister's Office that saw Yinluck Shinwatra removed from her office along with a majority of the cabinet. The decision by the Constitutional Court was not a big surprise for those that understand the parties involve. It was a sad day, as we will no longer be able to indulge in our fantasies with Yingluck's constant presence in mass media. Aaarrh, Mrs. Robinson is gone.

There was a rumor that the US and the CIA had a role in this momentous overthrow of the government. A top CIA agent was spotted in the Four Seasons Hotel and met local representatives amidst the Erawan shrine.

I agree, K. Yingluck is hot. But then I thought Hillary was too during Clinton's first term. And would do Christina Kirchner if I were drunk on my ass.

[QUOTE=RevBS;439316]And so, after months of demonstrations, violence, judicial ingenuities, threats, counter threats, rumors, it came down to over-exceeding the authority of the Prime Minister's Office that saw Yinluck Shinwatra removed from her office along with a majority of the cabinet. The decision by the Constitutional Court was not a big surprise for those that understand the parties involve. It was a sad day, as we will no longer be able to indulge in our fantasies with Yingluck's constant presence in mass media. Aaarrh, Mrs. Robinson is gone.

There was a rumor that the US and the CIA had a role in this momentous overthrow of the government. A top CIA agent was spotted in the Four Seasons Hotel and met local representatives amidst the Erawan shrine.[/QUOTE]And my Yingluck lookalike gato got married and left the biz. A bad week. :(

This is for the fat cats enjoying their cigars and bourbon.

[URL]http://www.nytimes.com/interactive/2014/05/09/business/student-essays-your-money.html?nav[/URL]

[QUOTE=Tiny12;439318]I agree, K. Yingluck is hot. But then I thought Hillary was too during Clinton's first term. And would do Christina Kirchner if I were drunk on my ass.[/QUOTE]Tiny, tell me it ain't true about Hillary. Man, even back then, if you told her to haul ass it would take two trips.

It's getting dizzy at the peak! So much so, that I'm developing vertigo. When do I get off the mountaintop?

And here is an article that will shrink your balls, because you realize that you are but a monkey on a roller coaster ride. And whatever peanuts & bananas you managed to grab depends on you being lucky more than anything else.

[URL]http://www.nytimes.com/2014/05/09/opinion/krugman-now-thats-rich.html[/URL]

Reverend, IMHO, certain hedge fund managers, baseball and basketball players, and actors and actresses are paid way too much for what they do. Not to mention people who win lotteries. But so what? It's a drop in the bucket compared to a 17 trillion dollar economy. Better to let the free market work instead of capping how much money people can make, with a 90% tax rate or whatever.

This is rich:

[I]America has a long tradition of imposing high taxes on big incomes and large fortunes, designed to limit the concentration of economic power as well as raising revenue. These days, however, suggestions that we revive that tradition face angry claims that taxing the rich is destructive and immoral destructive because it discourages job creators from doing their thing, immoral because people have a right to keep what they earn.[/I]

"Revive"??? With federal rates up to 43.4% on income, state rates up to 13.3%, and then a 40% death tax, the tradition of imposing high taxes on big incomes and large fortunes is still in effect. Yes, some people employ armies of lobbyists, lawyers and accountants and take advantage of loopholes to reduce these rates. Which one of the reasons why many believe eliminating the loopholes and instituting a flatter tax system makes sense.

[url]http://www.ft.com/intl/cms/s/0/829347f8-df6c-11e3-8842-00144feabdc0.html#axzz32IJ8AJyc[/url]

[url]http://www.bloomberg.com/news/2014-05-19/credit-suisse-pleads-guilty-in-three-year-u-s-tax-evasion-probe.html[/url]

Laughing all the way to the urinal as usual. As usual, nobody go to jail. You are not outraged? Yeah, I know, same old story.

Somehow, I can't get any links to work. But the news is everywhere.

[QUOTE=RevBS;439513]http://www.ft.com/intl/cms/s/0/829347f8-df6c-11e3-8842-00144feabdc0.html#axzz32IJ8AJyc

http://www.bloomberg.com/news/2014-05-19/credit-suisse-pleads-guilty-in-three-year-u-s-tax-evasion-probe.html

Laughing all the way to the urinal as usual. As usual, nobody go to jail. You are not outraged? Yeah, I know, same old story.

Somehow, I can't get any links to work. But the news is everywhere.[/QUOTE]Credit Suisse was helping wealthy Americans evade taxes, even though taxes have been near historic lows. According to reports they used sham entities to disguise undeclared accounts, failed to maintain USA Account information, destroyed records, and helped clients withdraw money from accounts by providing hand-delivered cash. Unbelievable. I am glad the DOJ cracked down on this, even if nobody went to jail. The US will get $1.8 Billion from the plea deal, and CS will provide information about other fund transfers, which may provide leads to other tax havens such as Luxembourg and the Cayman Islands. Good chance DOJ or IRS will be pursuing those leads.

[QUOTE=Esten;439519]Credit Suisse was helping wealthy Americans evade taxes, even though taxes have been near historic lows. According to reports they used sham entities to disguise undeclared accounts, failed to maintain USA Account information, destroyed records, and helped clients withdraw money from accounts by providing hand-delivered cash. Unbelievable. I am glad the DOJ cracked down on this, even if nobody went to jail. The US will get $1.8 Billion from the plea deal, and CS will provide information about other fund transfers, which may provide leads to other tax havens such as Luxembourg and the Cayman Islands. Good chance DOJ or IRS will be pursuing those leads.[/QUOTE]Gee what a surprise, the open secret of the Gnomes in Switzerland hiding money is now official.

Tell me Esten have you never heard of numbered Swiss accounts or of Switzerland's restrictive banking laws before now?

FYI, these are the same Gnomes who helped the Nazis hide the money they stole from the Jews they exterminated (gold fillings no less), and all the other countries they raped.

Doppelganger, That was an interesting observation. If people like Obama and Holder (USA Attorney General) ever take complete control of the USA, we may be wishing there were bankers whose first loyalties were to their clients instead of to foreign governments. Credit Suisse probably wasn't doing anything for its USA clients that Citibank and Bank of America aren't doing for their Venezuelan and Argentine clients.

This is a little off the subject and not directed to Doppelganger, but if you're a USA citizen and you have a bank account, in Argentina or elsewhere, that you haven't declared to the USA government, you need to see a good tax lawyer or accountant. I know someone very well who had a bank account in Canada that she didn't declare. She went into the IRS voluntary disclosure program, and ended up paying $11 in back taxes, penalties and interest. And $3500 for failure to file the disclosure forms. And she got off easy. Come forward voluntarily and you'll lose about 30% of the maximum value in your foreign bank account (s). If they catch you, they'll likely take over 100% of the maximum value of your accounts, even if the amount of tax you failed to pay was negligible. They could also put you in jail. Please note that if you live in Argentina and don't have any income in the USA, it doesn't matter. If you're a U.S. citizen and you don't file the forms declaring your bank account, you're breaking the law.

All this started by the way around 2009, when Obama became president. Obviously, it's not entirely about the taxes, or the enormous penalties would be levied for failure to pay taxes instead of failure to file forms. The government wants to know exactly where your assets are. And Holder has succeeded where the Nazis failed. While the Swiss banks hid money for Nazis, they also hid it from the Nazis on behalf of German Jews. Yes, some of their families had hell getting their hands on the assets after the Holocaust, but that's a different topic.

And so to no surprise for observers, the Military imposed martial law and took over the function of governing for the immediate future. Condemnations and ridicule from outside Thailand was the immediate response. And predictably, Secretary of State Kerry put on his cowboy hat & boots and proclaim indignation and spin the usual shit about democracy and freedom. Well, it's a ritual and all about appearances, so nothing to get agitated about. After all, the Thai military has a long history of US sponsorship. No order of evacuation of American citizens was given. I would have been first in line for a free flight to Los Angeles to get some tacos and pastrami sandwich.

In the short run, this ended the soap opera that never had an ending. What will emerge, we shall see. But for now, everything is different, but still same, same.

[QUOTE=RevBS;439557]And so to no surprise for observers, the Military imposed martial law and took over the function of governing for the immediate future. Condemnations and ridicule from outside Thailand was the immediate response. And predictably, Secretary of State Kerry put on his cowboy hat & boots and proclaim indignation and spin the usual shit about democracy and freedom. Well, it's a ritual and all about appearances, so nothing to get agitated about. After all, the Thai military has a long history of US sponsorship. No order of evacuation of American citizens was given. I would have been first in line for a free flight to Los Angeles to get some tacos and pastrami sandwich.

In the short run, this ended the soap opera that never had an ending. What will emerge, we shall see. But for now, everything is different, but still same, same.[/QUOTE]No TV, meaning no sports, but the blow job boom boom bars still open. If you're a late night boozer like I used to be you're shit out of luck.

[URL]http://www.nytimes.com/2014/05/30/opinion/cohen-capitalism-eating-its-children.html?_r=0[/URL]

Thoughts that I had for a long time, but unable to articulate in a cohesive manner.

Socialism may not be the end all answer, but has capitalism run its course? Probably not. But the dinosaurs that enjoy capitalism's good run will swear on their dying beds that it does not need any tinkering. They feel that they are superior and their beliefs do not have to change. But change, there shall be. United States is a basket case right now.

This is what the Governor of the Bank of England says "Prosperity requires just not investment in economic capital but investment in social capital.".

And Roger Cohen of the NY Times adds, "globalization and technology magnify the returns of the super rich, operating in a world of low taxation and lax regulations where short term gains becomes a guiding principle. Companies are not well served by boards that are too often, in the words of one participant, male, stale, and pale."