One of the MOST SIGNIFICANT SPEECHES in the US History.
By Sen Bernie Sanders
http://www.youtube.com/watch?v=H5OtB298fHYWar between Rich & Poor -- Americans' new reality
Whatever Obama and the FED is doing is making "Wealth disparity" greater than ever before.
This happened since Bush & 911.
The Obama duping Americans and running up 1 trillion of US Debt is another example.
What do you expect when millions of Americans are going bankrupted and over 50 millions of Americans are on food stamp and assistance.
More people tapped food stamps to pay for groceries in September as the recession and lackluster recovery have prompted more Americans to turn to government safety net programs to make ends meet.
Some 42.9 million people collected food stamps last month, up 1.2% from the prior month and 16.2% higher than the same time a year ago, according to the U.S. Department of Agriculture.
Nationwide 14% of the population relied on food stamps as of September but in some states the percentage was much higher. In Washington, D.C., Mississippi and Tennessee – the states with the largest share of citizens receiving benefits – more than a fifth of the population in each was collecting food stamps.
http://blogs.wsj.com/economics/2010/12/08/food-stamp-rolls-continue-to-rise/
US October Net Capital Inflow Falls, China Still Buyer | 15 Dec 2010 | 10:05 AM ET
Foreigners cut their purchases of U.S. securities in October, though China still raised its massive U.S. government debt holdings to an 11-month high above $900 billion, the U.S. Treasury Department said on Wednesday.
The United States attracted a net long-term capital inflow of $27.6 billion in October, compared to a downwardly revised $77.2 billion inflow the prior month.
Net overall capital inflows, which include short-term instruments such as Treasury bills, fell to $7.5 billion, from a downwardly revised $80.1 billion in September.
Net foreign purchases of Treasurys fell, though China, the United States' largest foreign creditor, increased Treasury purchases by $23.3 billion to $906.8 billion, the highest since November 2009.
http://www.cnbc.com/id/40677385/
Bush tax-cut from the beginning was a scam as we can see what has happened to America and Americans -- when greed defraud mass, it does not make any difference except long term disaster.http://cnn.com/video/?/video/bestoftv/2010/12/13/ac.kth.obama.tax.cuts.cnnTHE GREED FOOLS MASS with mass, deceptive propaganda!!!
Don't be fooled!
http://cnn.com/video/?/video/bestoftv/2010/12/13/ac.kth.obama.tax.cuts.cnn
What do you expect when millions of Americans are going bankrupted and over 50 millions of Americans are on food stamp and assistance.
More people tapped food stamps to pay for groceries in September as the recession and lackluster recovery have prompted more Americans to turn to government safety net programs to make ends meet.
Some 42.9 million people collected food stamps last month, up 1.2% from the prior month and 16.2% higher than the same time a year ago, according to the U.S. Department of Agriculture.
Nationwide 14% of the population relied on food stamps as of September but in some states the percentage was much higher. In Washington, D.C., Mississippi and Tennessee – the states with the largest share of citizens receiving benefits – more than a fifth of the population in each was collecting food stamps.
http://blogs.wsj.com/economics/2010/12/08/food-stamp-rolls-continue-to-rise/
US October Net Capital Inflow Falls, China Still Buyer | 15 Dec 2010 | 10:05 AM ET
Foreigners cut their purchases of U.S. securities in October, though China still raised its massive U.S. government debt holdings to an 11-month high above $900 billion, the U.S. Treasury Department said on Wednesday.
The United States attracted a net long-term capital inflow of $27.6 billion in October, compared to a downwardly revised $77.2 billion inflow the prior month.
Net overall capital inflows, which include short-term instruments such as Treasury bills, fell to $7.5 billion, from a downwardly revised $80.1 billion in September.
Net foreign purchases of Treasurys fell, though China, the United States' largest foreign creditor, increased Treasury purchases by $23.3 billion to $906.8 billion, the highest since November 2009.
http://www.cnbc.com/id/40677385/
- US Mortgage Applications Fell in Week; Rates Soar
 | Applications for U.S. home mortgages declined last week as home loan interest rates rose for a fifth consecutive week, to seven month highs, an industry group said on Wednesday. |
- US Senate Sets Wednesday Vote on Extending Tax Cuts
- US October Net Capital Inflow Falls, China Still Buyer
- Icahn to Acquire Dynegy in Deal With $665 Million
- Time Names Facebook's Zuckerberg 'Person of the Year'
- Beware Potholes: Highway Bill Delays Vex Builders
- Novartis Sweetens Deal to Win Full Alcon Ownership
- Florida Citrus Growers Say Cold Hurt Orange Crop
- Time to Shop: Majority Have Half Their Holiday Lists Left
- Fed Is 'Stuck', Blame Their Mandate: CME Trader
- Merkel Says EU Leaders to Adopt Rescue Shield Plan
- US at Risk of Rare Earths Supply Disruptions
- Icahn to Acquire Dynegy in Deal With $665 Million
- Ireland Will Overcome Problems in 2 Years: Wilbur Ross
- New Challenge for GE's Immelt: Too Much Cash
- Wells Fargo Backs Tighter Mortgage Rules
- Down to the Wire: Still Plenty of Holiday Shopping to Do
- Moody's Cuts Rating Outlook for Spain on Debt Worries
- Time Names Facebook's Zuckerberg 'Person of the Year'
- Novartis Sweetens Deal to Win Full Alcon Ownership
- Merkel Says EU Leaders to Adopt Rescue Shield Plan
- QUIZ: Taxes - Then and Now
- McDonald's to Double China Restaurants by 2013
- Quadruple Witching Near, but Don't Expect Freaky Friday
- If Tax Cuts Pass Congress, Here's How to Play Estate Tax
- Cramer: One Tech Buy, One Tech Sell
- Are Investors Ready for Fed to Back Off?
- S&P at All-Time Highs in 2011: Technical Strategist
- Santelli: Clarity from Fed? No. Inflation? Yes.
 | Why Work? 10 Best Places To Get Laid Off
Foreclosure Freeze to Chill Spring Housing | 16 Dec 2010 | 12:26 PM ET The effects of the so-called "Robo-signing" scandal showed up in drastic numbers in a new report today from RealtyTrac. The number of properties receiving some kind of foreclosure filing fell 21 percent month to month and 14 percent year over year. It was the biggest monthly drop in the history of the survey. And while bank repossessions, a component of those filings, fell 28 percent month to month, the number still managed to push 2010 totals over 2009 with one month to spare. A new record number of borrowers lost their homes to banks this year, more than 980,000 so far. We will break a million for sure for the year. Big banks have already re-started the foreclosure process, of course with "new safeguards," new forms" and "increased training efforts and personnel." That means the numbers will rise again, and all those frozen foreclosures will be back in the game along with new ones. "There are five million loans that are seriously delinquent right now and not yet in foreclosure. A large, large number of those will hit the foreclosure pipeline next year. So 2011 is probably going to be a little bit worse that 2010 was," estimates RealtyTrac's Rick Sharga. A lot of housing watchers have been looking to the Spring market for signs of new life again in housing. The argument goes that home prices are low, demand is high, and the economy is slowly beginning to improve. All of those are true, but the headwinds are picking up speed again. Last night the Bankrate.com overnight average on the 30-year fixed mortgage hit 5.19 percent. We were at 4.24 percent barely two months ago. Depending on who you ask, that jump in rates will add anywhere from 6 to 9 percent to the price of a home. That takes away significant purchasing power. Home prices are low, but they're going lower. CoreLogic today reported home prices nationwide fell for the third month in a row in October, down 3.93 percent year over year if you include sales of distressed properties, which are a big chunk of the sales market. Home prices are so low now that the big builders are having trouble keeping up. "The builders’ piece of the pie is shrinking due to their reluctance to cut pricing enough to effectively compete with the existing home market," notes Dan Oppenheim over at Credit Suisse. "We estimate new home sales will represent just 7 percent of total single-family home sales in 2010, similar to the 8 percent in 2009, but far less than the 17 percent historically. This underscores the gap between new and existing home prices, and suggests builders will need to lower prices/increase incentives if they hope to regain volume next year." Falling home prices for new and existing homes will spark better buying opportunities, but they will also fuel more fears of fence-sitters, worried that they will catch a falling knife by buying a home. Lower prices will also put more borrowers underwater on their homes (I talked about the effect that has on buying power in yesterday's blog) and make some sellers unable to get the cash they need to move up. And then there are those foreclosure numbers I noted up top. When the big banks ramp up the process again, as they did over the summer when we saw repossessions top a record 100,000 in one month, we will see another surge in inventory of homes for sale, and many at distressed prices. Investor demand for those properties exists, but I'm not sure there are really enough all-cash investors out there to make the dent we need. All this as we head toward Spring, and as the government takes up housing finance in the meantime. URL: http://www.cnbc.com/id/40701741/
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$860 billion tax-cut deal: Cost breakdown By Jeanne Sahadi, senior writer
December 10, 2010: 05:03 PM EST
The Senate version of the tax-cut deal brokered by the White House and Republicans earlier this week is estimated to cost roughly $860 billion.
The Senate will take its first vote on the bill on Monday.
But even if the Senate passes the bill, House passage is far from guaranteed given many House Democrats' bitter opposition to the compromise framework in its current form. Unless they're allowed to make key changes, they have said they will not bring the bill to the House floor.
The White House, meanwhile, has said if any major changes are made, the whole deal could unravel.
About half of the measures in the tax-cut bill might be considered new short-term stimulus, meaning they may add to the deficits for two more years, but could help maintain the economic recovery and help spur economic activity and job creation.
Of course, there is some disagreement over just how stimulative some of the measures will be.
Many economists, for instance, don't consider an extension of the Bush tax cuts stimulus, because it merely keeps current rates in place. But letting taxes go higher, they say, could impede growth.
Several other measures are intended as pro-growth stimulus, including a break on how much is deducted from workers' paychecks for Social Security and tax incentives to encourage businesses to step up their investments.
Deficit hawks have been saying that a short-term run-up in debt would be acceptable if it is paired with a serious long-term deficit-reduction plan.
The proposed deal skips that last part, though the president has said he and his budget team will review the recommendations for debt reduction made last week by his debt panel. In particular, he said he would pursue tax reform, a key element in the debt panel's plan.
Nevertheless, deficit hawks said the tax-cut deal without any formal commitment to debt reduction is "utterly exasperating."
Following is a breakdown on some of the key measures and their costs, based on revenue estimates from the Joint Committee on Taxation, unless otherwise noted.
Bush tax cuts: $544.3 billion. The package would extend the Bush tax cuts for everyone for two years.
The bulk of that cost -- $463 billion -- is for the extension of cuts for families making less than $250,000, including two years of relief for 2010 and 2011 for the middle class from the Alternative Minimum Tax.
The rest -- $81.5 billion -- is attributable to the extension of cuts that apply to the highest income families.
The cost of extending all the tax cuts over 10 years would have been $3.7 trillion.
Unemployment benefits: $56.5 billion. The package would also leave in place for 13 months the option to file for extended federal unemployment benefits -- which go as high as 99 weeks in states hit hardest by job loss. The Congressional Budget Office estimates the measure would cost $56.5 billion.
Social Security tax break: $111.7 billion. The package would also offer workers a payroll tax holiday worth 2 percentage points next year, so that instead of paying 6.2% on their first $106,800 of wages, they will only have to pay 4.2%. The measure would cost $112 billion.
Individual tax credits: $8.3 billion. The compromise framework would also extend for two years the increased value of a number of tax credits that benefit low- and middle-income tax filers, such as the earned income tax credit, the child credit and a revamped tax credit for college costs. The measure would cost $8 billion.
Business tax breaks: $69 billion. The bill contains more than 40 business tax breaks. Some, like an extension of the research and development credit, has drawn bipartisan support and is typically renewed annually. But also included are roughly $11 billion worth of energy credits and a new temporary option for businesses to write off 100% of their expenses in 2011. That measure would cost $21 billion.
