Let's see, the estate tax is progressively (regressively?) fazed out over the next seven years, then "poof" it goes back to 2002 levels. Div taxes are cut to zero for three years, then "poof" they go back to 2003 levels. I'm starting to think tax accountants and financial planners will be the main benficiaries of these measures. Personally, I (and probably a lot of people in businesses) would like Congress to declare a ten year moratorium on tax law changes. It's awfully hard to plan around their ever-changing whims.
I am not at all in favor of doing jigs for regulations and regulators; so banking is not my cup of tea. It would be hard to have to pretend that each day I was providing currency that I was actually providing value instead of providing debt out of thin air. The less complicated my life is, the better. I like to sleep at night.
"10. Most importantly we give away our property rights to bankers who risk nothing they make loans; granting to them by law all our property for providing a worthless medium of exchange which is only granted value by repayment of worthless paper with our productivity. The ultimate socialist gambit. We get to work, they get the profit for doing just what?"
So, if it is a risk-free, no-work, profitable transaction for the banker, why don't you sell some of your 200 'idle' BRKA shares, then use the proceeds to buy a bank and go into the business for yourself?
Our slide began in 1913 for the fourth time. How does a nation lose control of its money supply? Some say it was the day Lincoln decided that America was a Federalist State when he declared war on the citizens for seceding from the Union.
1. It forms the fourth Federal Reserve Bank.
2. It sells shares to 12 member banks.
3. The member banks in turn sell shares to all Federally Chartered Banks who are in turned owned by Private Investors domestic and foreign. The Federal Reserve System is careful to appear that it sells non-voting, non-controlling shares - while all its members are immune to audit.
4. It eliminates the Gold Standard, 1933 and then the Silver Standard, 1972 (approximately).
5. It eliminates standards for Bank Reserves in 1980. Banks are judged by leverage ratios based on the quality of capital lent not the quantity for the most part.
6. Government decides that it is better to embrace globalism and export jobs rather than realize the economy is place based not Ricaradian Based or Competitive Advantaged.
7. Government decides to socialize virtually every aspect of daily life, starting with the most recent Federal Income Tax Constitutional Amendment, accelerating through the Roosevelt years. Even our schools are state sponsored schools with curriculum designed to keep the working classes ignorant while the real education of America's elite is ongoing at our best 13 or 14 prep schools. Our best Universities are trade schools for the elite. Some of us go to the best schools but not being in the club we get to serve them best.
8. In the year 2000 the Presidential Election was assigned.
9. 2001 Government decided it no longer had to hide the fact that it really did not believe in the Bill of Rights; the Patriot Act was passed.
10. Most importantly we give away our property rights to bankers who risk nothing when they make loans; granting to them by law all our property for providing a worthless medium of exchange which is only granted value by repayment of worthless paper with our productivity. The ultimate socialist gambit. We get to work, they get the profit for doing just what?
When the statists concluded that a general population that is educated cannot be easily controlled by overt oppression they concluded that it was best to undermine all private property and free market capitalism by law; making us all virtual wards of the state whether we like it or not. We insist on the rule of law while our government violates its own laws for its convenience. In a statist's world who needs industry when they own all the money and the printing press?
Ending his rant. I am a laizze fair capitalist, George Mason Constitutionalist and an avid anti - socialist - anti - communist.
The continuing slide continues as the general population gives away its personal power and personal recognizance as fast as it can while pretending to live in a capitalist - Constitutionally driven nation.
We accept wards of the state status when in fact we are the state; we serve its machinery and not our ourselves.
You are very optimistic about our longevity. Rome was falling at the time of Christ; they just did not know it quite yet. So the historians decided it fell some time in the middle of the fifth century. No internet, tv or newpapers to let the people know about it. It seems our fall is in keeping with the former Soviet Union. The political and emotional capital of the people ran out just as the last of what Czar's created in 19th century was spent in the ninth decade of the 20th century. One day it was there and the next poof.
<< the Bill of Rights is being flagrantly ignored by idiot judges and dumber presidents. I give the us another 100 years before we go the way the Romans did....>>
I fully agree that the citizenry needs to remain ever vigilant (and sometimes a little vigilante) to preserve the freedoms set for in the Constitution (as amended by the Bill of Rights and later amendments). However, if one viewed the history of personal freedom in the US as if it was charted on a stock chart, I don't think you'd think you'd see a continuous decline toward bankruptcy (your "Roman Empire" scenario). Instead, I think you'd see long periods of sideways movement, with some clear breakouts downward (almost always in times of national fear when the citizenry is more willing to allow its Government to accumulate power). Then there are some upward breakouts, usually very quickly after the downward breakout. However, the long long term trend remains upward. To turn to fundamental analysis, our business model (Constitutional republic) remains strong; we have a vocal and critical (though at times less so) press; an educated citizenry(though FAR less educated than it could and should be), and we have an enormous supply of human and natural resources flitting about in a relatively free market. I wouldn't sell us short any time soon.
I agree with most you say. It's sad to say that Bush will be blamed for Clinton's mess. There is absolutely not much Bush can do as long as the debt addicted consumer goes further into margin debt.
As for the brokerage firms I blame stupid investors for continuing to do business with these crooked firms.They should pull their accounts.
Admit it Greeniepsring, there are way to many frivolous lawsuits.
Economy is going to sit stagnate while my favorite sector rolls over even with lower rates, residential real estate.
There's a big blowup copy of the Bill of Rights hanging on the wall near my desk. Stamped over it in large Red Ink are the words "void where prohibited by law":
100/ search? q=cache:ZQwtayEqKgIJ:www.nebulae.net/ calypso/ bill-of-rights-void.htm+%22where+prohibited+by+law%22&hl=en&ie=UTF-8
[reconnect the spaces]
.... The reason the citizens refused to accept this new document was simple. There were no safeguards written into the Constitution to protect the people of this new nation from the oppressive weight of their own government.
The constituents of the new congress insisted on a guarantee which would secure them against the wanton or intrusive tendencies of the State. They insisted on a "Bill of Rights".
YEAH RIGHT! Lot of good that served!... the Bill of Rights is being flagrantly ignored by idiot judges and dumber presidents. I give the us another 100 years before we go the way the Romans did....
VentureHouse Group, Mark Ein gave a presentation last year at the MIT Forum in Ballston, VA as a business critique. At the time he had amassed $300 plus million in marketplace value for himself with Aether. He was the lead investor. Most everyone in the room thought that despite massive downside for the year that Aether a leading middleware provider would consolidate the industry and re-emerge.
I think that it is a little early to count Aether out.