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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Phil's Favorites

Move Over, Millennials

 

Move Over, Millennials

Courtesy of 

Not all young people share the same daily habits or the same views of the world.

Millennials are cutting the cord. Gen Z doesn’t know what the cord is. 45% of Millennials still watch broadcast tv, compared with 26% of 16-17 year olds.

Millennials play fantasy sports. Gen Z watches eSports. Only 18% of 18-24 year olds watch traditional sports, compared with 30% of Millennials.

...

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Zero Hedge

Pennsylvania Governor Bans Alcohol Sales On The Day Before Thanksgiving

Courtesy of ZeroHedge View original post here.

Democratic Pennsylvania Governor Tom Wolf is tapping into his state's Quaker roots to deliver an economy-sized dose of Thanksgiving disappointment. In an effort to avert a coronavirus-inspired lockdown, the governor said Monday that he would ban alcohol sales in the state on the day before Thanksgiving via executive order.

Bars and restaurants should stop selling alcohol starting at 1700ET on Wednesday until 0800ET Thanksgiving morning. Since Thanksgiving is typic...



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Politics

Profiles in Cowardice

 

Profiles in Cowardice

Most elected Republicans in Washington are failing the test by refusing to stand up to Trump. Their cowardice is one of the worst betrayals of public trust in the history of our republic.

By Robert Reich writing at Common Dreams

American democracy will continue to be endangered by House and Senate Republicans who lack the moral courage to do what’s right. (Photo: Alex Wong/Getty Images)

Financial r...



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ValueWalk

AstraZeneca Shares Slide After Weak Covid Vaccine Results

By Gorilla Trades. Originally published at ValueWalk.

Commenting on AstraZeneca’s Covid vaccine results and today’s trading, Gorilla Trades strategist Ken Berman said:

Q3 2020 hedge fund letters, conferences and more

AstraZeneca Shares Fall After Annoucing Weak Results Of Its Covid Vaccine

The major indices are mixed and flat at midday despite a positive start to the session on Wall Street. The Nasdaq’s relative weakness has been weighing on the broader market in early trading, following yet another promising ...



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Kimble Charting Solutions

Transports Sending Strong Bullish Message To Other Dow Indices?

Courtesy of Chris Kimble

Are Transportation stocks about to send a quality bullish message to other Dow indices this month? Sure could be!

This 3-pack looks at the Dow Jones Industrials, Transports, and Utilities indices on a monthly basis.

One week from the end of a month, the DJ Transports are attempting an important bullish breakout at (1). Unless a sharp reversal takes place in the next week, Transports could close out the month at new monthly closing highs!

The Dow is attempting to close at all-time highs this month, while the Dow Utilities Index remains a few percent below 2020 highs....



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Biotech/COVID-19

COVID-19 vaccines were developed in record time - but are these game-changers safe?

 

COVID-19 vaccines were developed in record time – but are these game-changers safe?

The pandemic rages as the world waits for COVID-19 vaccines. Peter Zelei Images/Getty Images

Courtesy of William Petri, University of Virginia

There are now two COVID-19 vaccines that, at least according to preliminary reports, appear to be 94.5% and ...



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Digital Currencies

Dalio Admits "I Might Be Missing Something" As Bitcoin Surges Above $18,000

Courtesy of ZeroHedge

Since the US election, Bitcoin prices (in USD) have surged a stunning 40%, also lurching higher after each vaccine headline hit.

Source: Bloomberg

Getting ever closer to its all-time record high...

Source: Bloomberg

As crypto prices soared overnight, Bridgewater Associates founder Ray Dalio stepped back into the fray, saying in a Twitter thread that “I might be missing something about Bitco...



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Chart School

Inflation Deflation Cycle Review

Courtesy of Read the Ticker

Structural change forces the current narrative to change. One such structural change would be a period elevated inflation.

Inflation is a condition which effects many economic models, we only have to review the history books of the 1970's to see how asset classes reacted then and how they may react in the future. 

In periods of inflation there are short periods of deflation, as markets adjust from one theme to another it usually does so with some pain. The short answer: Nothing moves in a straight line and high volatility will shock the most experience investor.  

Long term cycles raise the question, if happened before is it likely to happen again. Price does not always fit the sine wave cycle neatly, but if the cycle is tru...

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Mapping The Market

COVID-19 Forces More Than Half of Asset Management Firms to Accelerate Adoption of Digital Marketing Technology

By Jacob Wolinsky. Originally published at ValueWalk.

There is no doubt that the use of technology to support client engagement initiatives brings both opportunities and threats but this has been brought into sharp focus this year with the COVID-19 pandemic.

The crisis has brought to the fore the need for firms to enable flexibility in client engagement – the expectation that providers will communicate to clients on their terms, at their speed and frequency and on their preferred channels, is now a given. This is even more critical when clients are experiencing unparalleled anxiety from both market conditions and their own personal circumstances.

...

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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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