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Posts Tagged ‘vote’

Cookies for Susie and Obama’s “Temporary” Tax Compromise

Courtesy of Mish 

Woman with tray of cookies

President Obama has agreed to a tax deal that’s bound to please deficit-hawk hypocrites on both sides of the aisle. The cost is a mere $30 billion spread over 10 years. Spreading the cost over 10 years is an interesting concept given that the extensions are "temporary" for only 2 years.

Of course the last extension was "temporary" and the next extension will be "temporary" as well which makes me wonder about that $30 billion cost.

I have a better idea, why don’t we just "temporarily" extend these deals until 2020 and be done with it? We might be in a genuine recovery by then.

Of course we will then have to factor in the idea that we may need to "temporarily" extend the benefits "one" more time lest we sink the nascent 2020 recovery.

Obama’s Proposed "Compromise"

Inquiring minds may be asking "Just how compromising is the compromise, and more importantly, what’s in it for Susie?" Those are very good questions. The answers can be found in the article Obama Agrees to Extend Tax Cuts for Everyone for Two Years.

President Barack Obama said he’ll agree to a two-year extension of all Bush-era tax cuts in exchange for extending federal unemployment insurance. The plan also would cut the payroll tax by 2 percentage points.

Obama said he would accept a lower rate for the estate tax than Democrats wanted in order to break a stalemate over extending the Bush tax cuts before Congress adjourns. The current tax rates, enacted in 2001 and 2003, are set to expire Dec. 31.

Without the compromise, middle-income families would become “collateral damage for political warfare here in Washington,” Obama said in televised remarks. He said he still believes the nation can’t afford to permanently extend the top tax rates.

“This compromise is an essential step on the road to recovery,” Obama said.

In addition to keeping the current tax rates for all Americans, the plan outlined by Obama would extend aid for the long-term unemployed for another 13 months. The payroll tax — which funds Social Security and Medicare — would be cut by 2 percentage points during 2011 to help spur hiring.

Obama also endorsed allowing a full deduction for equipment purchases that currently must be deducted over time. The proposal would accelerate $200 billion in tax savings for companies in the first


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Focus On This: Merkley-Levin Did Not Get A Vote

Focus On This: Merkley-Levin Did Not Get A Vote

Courtesy of Simon Johnson at Baseline Scenario

Belgian Suffragettes

After 9 months of hard fighting, yesterday financial reform came down to this: an amendment, proposed by Senators Jeff Merkley and Carl Levin that would have forced big banks to get rid of their speculative proprietary trading activities (i.e., a relatively strong version of the Volcker Rule.) 

The amendment had picked up a great deal of support in recent weeks, partly because of unflagging support from Paul Volcker and partly because of the broader debate around the Brown-Kaufman amendment (which would have forced the biggest 6 banks to become smaller).  Brown-Kaufman failed, 33-61, but it demonstrated that a growing number of senators were willing to confront the power of our biggest and worst banks.

Yet, at the end of the day, the Merkley-Levin amendment did not even get a vote.  Why?

Partly this was because of procedural maneuvers.  Merkley-Levin could only get a vote if another amendment, proposed by Senator Brownback (on exempting auto dealers from new consumer protection rules) got a vote.  Late yesterday afternoon, Senator Brownback was persuaded, presumably by his Republican colleagues and by financial lobbyists, to withdraw his amendment.

Of course, Merkley-Levin was only in this awkward position because of an earlier lack of wholehearted support from the Democratic leadership – and from the White House.  Again, the long reach of Wall Street was at work.

But the important point here is quite different.  If Merkley-Levin did not have the votes, it was in the interest of the megabanks to have it come to the floor and be defeated.  That would have been a clear victory for the status quo. 

But Merkley-Levin had momentum and could potentially have passed – reflecting a big change of opinion within the Senate (and more broadly around the country).  The big banks were forced into overdrive to stop it.

The Volcker Rule, in its weaker Dodd bill form (“do a study and think about implementing”), perhaps will survive the upcoming House-Senate conference – although, because this process likely will not be televised, all kinds of bad things may happen behind closed doors.  Regulators may also take the Volcker Rule more seriously – but the most probable outcome is that the Fed and other officials will get a great deal of discretion regarding how to implement the principles, and they will completely fudge the issue.

Most…
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Who Will Your Senator Stand With Now?

Guest Post: Who Will Your Senator Stand With Now?

Courtesy of Tyler Durden

By Dylan Ratigan

At this very instant, many of those in our Senate are in danger of being led off the plank by outgoing Chairman of the Senate Banking Committee Chris Dodd. With cloture passing, Senator Dodd now has one final chance to present a manager’s amendment to make a weak bill stronger (or possibly even weaker.)

Once again, this financial "reform" process has thankfully brought into the light of day that we have politicians who are brazen in their willingness to aid the same fraudsters who have brought a great nation to its knees. But as this week’s primaries have clearly shown, there is no hesitation by the voters in throwing out the Establishment that got us into this mess and apparently has no plans to help us get out.

Thankfully, once forced to vote, politicians can no longer merely pretend to working for the People as they do the bidding of the Banksters. So once you look beyond all of the well-documented behind-the-scenes work by Dodd to weaken financial reform, we also have his on-the-record votes on a few of the meaningful attempts at real reform:

And just so you don’t think he can’t say yes to anything…

  • Yes on the Carper Amendment to actively prevent state Attorney Generals from fighting for YOUR rights, because apparently the one lesson Senator Dodd learned from this mess is that our country will be much better off if he can just keep the next Eliot Spitzer from protecting citizens.

Now is the time to contact Senator Dodd and let him and his staff know that you demand real
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Merkley-Levin Amendment Can’t Get a Vote

Merkley-Levin Amendment Can’t Get a Vote

By Mike Konczal, courtesy of New Deal 2.0

AFIS BILLBOARD POSTERS REGISTER/VOTE DEFENSE BILLBOARD #126

Is this a joke? There’s a broad effort, lead by Shelby, to block a discussion and vote on the Merkley-Levin amendment. Even with a 60 vote requirement and some democratic senators missing (with “one hand tied behind our backs” as Merkley said on the floor), it is still being blocked. David Dayen has the best roundup of the financial massacre from last night. If you get a chance, watch video of Merkley and Levin fighting for their amendment last night. They were on fire.

Between the last minute changes, the way the bill has morphed into an endless stream of studies to be ignored at a later date, the dropping of any of the strong progressive resolution mechanisms in the House and the blocking of votes and discussion on Dorgan, Merkley-Levin and Cantwell’s amendments, this has really been a massacre of what was originally a fairly decent bill. Both Reid and the President need to step in before this situation becomes even worse.

Dorgan slipped in his amendment by attaching it to another amendment, which nobody seemed to have caught. The Senate voted immediately to not have a discussion on the Dorgan amendment, thus having to avoid any responsibility for it.

As we discussed before, members of the “Chartered Financial Analyst”, or CFA, community were polled about the Volcker Rule. CFA’s are considered extremely well-qualified within the financial sector, and here’s how they voted:

Even reforms supported by a majority of polled financial CFA’s can’t get a discussion on the Senate floor. But having to deal with it daily, CFA’s are likely to feel how concentrated, politically powerful and abusive the current US financial system has grown.

Mike Konczal is a fellow with the Roosevelt Institute. 


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All About Trends

Mid-Day Update

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Zero Hedge

Housing Bubble Pop 2.0: Remodeling Collapses To 1 Year Low

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

On the way up, every sell-side strategist points to remodeling as a leading indicator for the housing recovery as confidence in the value of their home prompts real people to "invest" in upgrades and remodel their homes. That has been the story... until now. As NARI reports, the Remodeling Business Pulse (RBP) data of current and future remodeling business conditions show current condition ratings fell significantly in March - in fact they fell from multi-year highs to one-year lows as "homeowners remain slow to make the decision to move ahead with higher-priced projects."...



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Phil's Favorites

Cost Of "Breakfast In America" Soars To Highest In Over 2 Years

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Another day, another indication that 'real' inflation - the kind that reduces standards of living and leeches away purchasing power for 'real' people - is anything but under control... and anything but stable.

With the Oz-ians in the Eccles Building pulling levers to run the world based on their "inflation" measures, it seems that if the price of 'things that matter' soars but the Fed doesn't see them, there is no need to tighten. Last week we discussed the surge in the price of beef, ...



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Chart School

Dead-Cat Bounce Over for the Housing Market?

Courtesy of Doug Short.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

I have been saying this for a while: You can't have a housing recovery unless actual home buyers are involved.

We are very far away from seeing the housing market reach its 2005 highs ... and as time passes, it becomes clearer that this generation may never see them again.

How can I say that?

What we have seen in the housing market since then, but mostly since 2012, in my opinion, is nothing more than a dead-cat bounce scenario -- an increase in prices after a massive decline. The chart below shows how far off we are from the housing prices of 2005.


Chart courtesy of www.StockCharts.com

One of the key indicators I follow in ...



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Insider Scoop

GM Said It Has Shipped Thousands of Replacement Ignition Switches

Courtesy of Benzinga.

General Motors on Wednesday said it has shipped "thousands" of kits needed to repair the defective ignition switches linked to at least 13 deaths.

Partner content partner content url:  http://www.foxbusiness.com/industries/2014/04/23/gm-said-it-has-shipped-thousands-replacement-ignition-switches/?cmpid=prn_benz

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

...

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Market Shadows

Soy Numero Uno

Soy Numero Uno

By Paul Price of Market Shadows

Bunge Limited (BG) is the world’s largest processor of soybeans. It is also a major producer of vegetable oils, fertilizer, sugar and bioenergy.

When commodities got hot in 2007-08, Bunge’s EPS shot up and the stock followed, rising 185% in 19 months.

The Great Recession took its toll on operations, dropping EPS to a low of $2.22 in 2009.  Since then profits have recovered.  They ranged from $4.62 - $5.90 in the latest three years. 2014 appears poised for a large increase. Consensus views from multiple sources see BG earning $7.04 - $7.10 this year and then $7.83 - $7.94 in 2015.

...



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Option Review

Casino Stocks LVS, WYNN On The Run Ahead of Earnings

Shares in Las Vegas Sands Corp. (Ticker: LVS) are up sharply today, gaining as much as 5.7% to touch $80.12 and the highest level since April 4th, mirroring gains in shares of resort casino operator Wynn Resorts Ltd. (Ticker: WYNN). The move in Wynn shares appears, at least in part, to follow a big increase in target price from analysts at CLSA who upped their target on the ‘buy’ rated stock to $350 from $250 a share. CLSA also has a ‘buy’ rating on Las Vegas Sands with a $100 price target according to a note from reporter, Janet Freund, on Bloomberg. Both companies are scheduled to report first-quarter earnings after the closing bell on Thursday.

...

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Sabrient

What the Market Wants: Market Poised to Head Higher: 3 Stocks to Consider

Reminder: Sabrient is available to chat with Members, comments are found below each post.

Courtesy of David Brown, Sabrient Systems and Gradient Analytics

Yesterday, the market continued its winning ways for the fifth consecutive day.  The S&P 500 closed within 1% of its all-time high, and the DJI was even closer to its all-time high.  Healthcare, Energy and Technology led the sectors while Financials, Telecom, and Utilities finished slightly in the red.  All three sectors in the red are typically flight-to-safety stocks, so despite lower than average volume, the market appears poised to make new highs.

Mid-cap Growth led the style/caps last week, up 2.87%, and Small-cap Growth trailed, up 2.22%. This week will bring well over 100 S&P 500 stocks reporting their March quarter earn...



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OpTrader

Swing trading portfolio - Week of April 21st, 2014

Reminder: OpTrader is available to chat with Members, comments are found below each post.

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's this week's Stock World Weekly. Click here and sign in with your PSW user name and password, or sign up for a free trial.

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Digital Currencies

Facebook Takes Life Seriously and Moves To Create Its Own Virtual Currency, Increases UltraCoin Valuation Significantly

Courtesy of ZeroHedge. View original post here.

Submitted by Reggie Middleton.

The Financial Times reports:

[Facebook] The social network is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process. 

The authorisation from Ireland’s central bank to become an “e-money” institution would allow ...



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Promotions

See Live Demo Of This Google-Like Trade Algorithm

I just wanted to be sure you saw this.  There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.

If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.

Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.

Follow this link to register for their training webinar where they’ll demonstrate the tested and proven Algorithm powered by the same technological principles that have made GOOGLE the #1 search engine on the planet!

And get this…had you done nothing b...



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Pharmboy

Here We Go Again - Pharma & Biotechs 2014

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Ladies and Gentlemen, hobos and tramps,
Cross-eyed mosquitoes, and Bow-legged ants,
I come before you, To stand behind you,
To tell you something, I know nothing about.

And so the circus begins in Union Square, San Francisco for this weeks JP Morgan Healthcare Conference.  Will the momentum from 2013, which carried the S&P Spider Biotech ETF to all time highs, carry on in 2014?  The Biotech ETF beat the S&P by better than 3 points.

As I noted in my previous post, Biotechs Galore - IPOs and More, biotechs were rushing to IPOs so that venture capitalists could unwind their holdings (funds are usually 5-7 years), as well as take advantage of the opportune moment...



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