Democrats just elected Maxine Waters to the top Democratic spot on the House Financial Services committee.
This is really an extraordinary development. “Flabbergasting” might be a more apt word. Leave aside the recent ethics investigation over whether she used her position on the committee to help a bank her husband was involved with (which ended with her chief of staff getting reprimanded). Maxine Waters reliably delivers the craziest questions and the most
Tag Archive: Business/Finance
Thrill had a post up discussing the upcoming tax battle as the Bush tax cuts are scheduled to expire at the end of this year. The donkeys are clamoring for that to happen, because they want stupid people to believe that tax hikes on the rich will somehow cover the $1.3 trillion – estimated since we conveniently have had no budget in the last 3 years to verify it is only this much that they … Read more
(I’m on vacation. I spent today in a pool throwing Sal 11000 Beta up in the air. So, this week, I will just have an occasional post when the family’s asleep and I haven’t had too much to drink yet.)
Big corporations are hoarding cash. Corporate cash on hand is higher than ever! This just proves that we need to tax … oh.
in its quarterly “flow of funds” report on Thursday, the Federal Reserve sharply revised its estimates of how much cash companies are holding on their balance sheets. The bottom line: Corporations have nearly $500 billion less cash on hand than previously believed.
Perhaps more significant than the number itself, however,
Looks like we’re in for another Recovery Summer:
The latest jobs report is a total disaster. We got 69,000 new jobs in May which is well below already tepid expectations and is below the labor force trend growth rate. Terrible.
But it gets worse!
“The change in total nonfarm payroll employment for March was revised from +154,000 to +143,000, and the change for April was revised from +115,000 to +77,000.” In other words, we
Recently, two more countries have felt the bite of Keynesianism. Today, the credit ratings agency Fitch downgraded Japan’s economy and the AP reported that the Argentinian economy is likely to decline sharply. While Japan and Argentina might be different kinds of economies
You remember the Tobacco settlement, don’t you? Based on dubious claims that smoking costs the states healthcare money, 46 states entered into an agreement that (1) froze the market for cigarettes in favor of a cartel existing companies; (2) took hundreds of billions from those companies, which they simply passed on as price hikes to the captive market; (3) paid lawyers tens of millions of dollars; (4) poured money into states ostensibly for healthcare … Read more
This is somewhat disconcerting:
The report from Good Jobs First, a nonprofit taxpayer watchdog organization funded by Ford, Surdna and other major foundations, identifies 16 states that let companies divert some or all of the state income taxes deducted from workers’ paychecks. None of the states requires notifying the workers, whose withholdings are treated as taxes they paid.
General Electric, Goldman Sachs, Procter & Gamble, Chrysler, Ford, General Motors and AMC Theatres enjoy deals to
One of the most amazing things about our political system is that liberals and Democrats have a reputation as being the champion of the little guy and the foe of big business. You would think their enthusiasm for eminent domain and regulatory capture would disabuse us of this notion. But it persists. And, this month, we have another illustration of why their nobel reputation is entirely undeserved.
The GOP Congress is trying, for once, to … Read more