Why are American taxpayers forced to subsidize the billionaire Koch brothers’ massive campaign contributions to Republican Party politicians, the Tea Party movement, and policies that ensure greater subsidies to the Kochs, while cutting more public services to the taxpayers who fund the Kochs’ business and political activities?
Follow the money, Washington reporters like to say. The money in this case comes from taxpayers, present and future, who are the source of every penny of dues paid to public employee unions, who in turn spend much of that money on politics, almost all of it for Democrats. In effect, public employee unions are a mechanism by which every taxpayer is forced to fund the Democratic Party.
Okay, fine, you’re serious about not wanting taxpayer dollars going to finance partisan political campaigns. But before we start talking about public sector unions, let’s test this: if think-tank jockeys like Barone are genuinely concerned with saving taxpayers’ money, would they extend this concern to the fake private sector (i.e.: the publicly-funded private sector)? Would they be in favor of demanding that publicly subsidized billionaires like Charles and David Koch stop funneling money to fund corrupt Republicans and Tea Party campaigns as long as they keep sucking billions in taxpayer subsidies?
Fair is fair, right?
The Kochs could start by giving up the $1 billion their biofuels division is scheduled to receive in 2011 alone. That’s $1 billion in savings from just one of many massive taxpayer subsidies the Kochs profit from. Not only will that help balance the budget, but taxpayers will no longer be forced to watch helplessly as their hard-earned money is used to fund radical right-wing Tea Party Republicans or is spent on causes that deny Americans the same universal health care that every other First World country offers its citizens.
This talk about Koch Industries being a huge beneficiary of taxpayer money might come as a surprise—especially to all the gullible Tea Party libertarians who believe the Kochs actually…
The Fed has announced that it’s extending the maturity of most of its alphabet soup of lending programs from the end of the year until February 2010. Here is the opening paragraph of their statement:
The Federal Reserve on Thursday announced extensions of and modifications to a number of its liquidity programs. Conditions in financial markets have improved in recent months, but market functioning in many areas remains impaired and seems likely to be strained for some time. As a consequence, to promote financial stability and support the flow of credit to households and businesses, the Federal Reserve is extending a number of facilities through early 2010. At the same time, in light of the improvement in financial conditions and reduced usage of some facilities, the Federal Reserve is trimming the size and changing the terms of some facilities.
You can check out the entire press release to see what’s happening to your favorite program.
At this point in time the financial markets are hooked on central bank support throughout the world. They have improved only in the sense that counterparties trade with one and other on the presumption of sovereign support. Until that support is withdrawn it seems to me relatively impossible to assess the true functionality of the markets.
I found this article that was published a couple of days ago by MarketWatch pertinent:
Who says the credit crunch is over?
Not banks that operate in the euro zone, evidently. The European Central Bank issued a pretty simple proposition: borrow whatever you want, for one year at 1%.
The answer to that historic first was — yes, please!
Over 442 billion euros, or over $600 billion, was lent. That was more than the loosely-pegged 300 billion euro consensus, though short of some whispers that up to 1 trillion euros would have been allocated.
And who could blame the banks?
True, they can borrow for even more cheaply than 1%. Three-month and six-month inter-bank lending rates in the euro zone are running over a quarter-point lower than that.
And whatever the hawkish noises from ECB members like Axel Weber, interest rates aren’t going up anytime soon with the euro-zone economy stuttering as it is.
After beating on revenues and earnings despite a steep drop in both revenues and iPhone orders and projecting a third consecutive quarter of declining profits, Apple is up nearly 8% pre-market as traders clearly liked what Tim Cook did in the quarter.
The company helped during the conference call, when the CFO said iPhone SE were attracting more new customers than expected, adding that the company now has $214.8 billion in cash outside U.S. The company also explained that seemingly having given up on "wearables", it is now investing heavily in augmented reality and working with Chinese government to restore iTunes, movies, book...
By Jacob Wolinsky. Originally published at ValueWalk.
Bridgewater Associates is in the news again and yet again not for the reasons Ray Dalio and crew would prefer. The latest is a sexual harassment allegation from a Christopher Tarui. Tarui is described as a “34-year-old adviser to large institutional investors in Bridgewater” and he claims that a male supervisor harassed him. Specifically:
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On one occasion, he said, his supervisor confided in him that he had an ...
US equity indexes traded in a narrow range today and finished mixed ahead of Fed Wednesday. Our benchmark S&P 500 exhibited a bit of volatility in the first 90 minutes, hitting its intraday high and low about an hour apart. The index then struggled with yesterday's closing price during the lunch hour and again at the close. It managed to eke out a 0.03% gain as we move toward tomorrow's FOMC minutes and rate decision, expect by most analysts to remain unchanged.
The yield on the 10-year closed at 1.57%, down one basis point from the previous session.
Here is a snapshot of past five sessions in the S&P 500.
Here is a daily chart of the index. We've highlighted the unusually narrow pattern over the past nine sessions, b...
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After a three-year bull run that more than quadrupled its value by its peak last July, IBD’s Medical-Biomed/Biotech Industry Group plunged 50% by early February, hurt by backlashes against high drug prices and mergers that seek to lower corporate taxes.
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at firstname.lastname@example.org with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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