Finance

I live in a dysfunctional state. Actually scratch that…I live in a dysfunctional Commonwealth. Looking at this logically: We have 4.3 million people We rank 22nd in population density We have a state sales tax of 6%, except on foodstuffs. We have a state income tax of 6%, basically for everybody. We pay property tax assessed on cars, yearly. We pay property tax on LEASED CARS. Think about that for a minute. Lots of our local municipalities levee income taxes as well Yeah, so of course we’re flat broke. Comically so, like your friend who’s lived off credit cards for the last 10 years, then can’t convince Citibank to up his limit. ...

Sorry. KACO financial abuses was discovered by Le… Dash - Jan 2, 2010 Sorry. KACO financial abuses was discovered by Lexington Herald–not State auditor, as was the Lexington Airport financial abuse and League of cities abuse. C.J. State Salares: Agency is U of Lou 2616 employees High of $912,288-to low of $351,487 agency is U of KY 4469 employees high of $804,726-Low of $412,500 Agency: Ky Community College 1498 employees from High of $212,484-to low of $145,714 Agency: KY JUDICIAL SYSTEM: 545 employees from high of $139,164-to low of $128,760 Agency: Legislative Research Comm 196 employees from high of $132,840-to low of $99,744 Agency: LOTTO 62 employees from high of $220,200to low of $99,100 Agency:KY HOUSING CORP 95 employees from high of $137,957 to low of $76,500 STATE 5269 $222,718-50,000 EXECUTIVE BRANCH ADMINISTRATION ASSISTANTS 86 EMPLOYEES from high of $100,000 to low of $55,650 ...

Stopping means bringing a moving object or system to a halt. Things naturally get slower as they get colder, down to absolute zero, when all motion (even molecular vibration) ceases. I was talking to Whitney last night before bed about it…it just feels like everything’s stopping–the economy, politics, people’s attitudes. Just grinding to a halt. Yay, we have a new president. Yay, he signals an end to the basic racial divide in American history. So…what now? That seems to be the gut reaction–flowery rhetoric fails when cold reality frosts its dewy petals. I’m sure the last Byzantine emperor made many great speeches before the Turks battered down the walls with a cannon. ...

Chuck’s Responses: “Welcome to capitalism, … HarryC - Jan 1, 2009 Chuck’s Responses: “Welcome to capitalism, baby!” or “The Baby Boomers have had their moment in power. The most spoilt generation in history has handled affairs with its characteristic hedonism. The results are coming in. The blithering idiots.”

Linky In hindsight, certain things look foolish: Jewel-encrusted buggywhips, Pets.com, and GM’s interest in Hummer. I’m sure after enough time, this Web 2.0 foolishness will look just as silly. I loved some of the apps that resulted: RescueTime, Mint.com, etc. They’re neat. Still, eventually, you’ve got to have a business model. Something that doesn’t begin and end in “ad-supported”. Something people will pay for, that they NEED, and that has some complexity and barrier-to-entry. Government protection or an outright monopoly wouldn’t hurt, either. ...

linky Given the budget numbers, the United States has already chosen a path of far bigger government. The trap has been set. It’s unlikely America can escape without a VAT. - Replace income tax with a national sales tax? I’m all for it. - AUGMENT the multi-tiered “simple” income tax with a VAT? HUH?!!! If this passes, turn out the lights–we’re a socialist nation. * * *

Haven’t snoped this yet, but this seems a bit troubling. I just wanted to give everyone a heads up in case you tend to give gift cards around the holidays. Stores that are planning to close after Christmas are still selling the cards through the holidays even though they will be worthless as of January 1. There is no law preventing them from doing this. On the contrary, it is actually referred to as “Bankruptcy Planning.” below is a partial list of stores you should be cautious about. ...

yeah no that’s true. it’s been all over the news … Whitney - Nov 5, 2008 yeah no that’s true. it’s been all over the news this morning. They gave it a “Partly true”, but it does make you think. The cards might still be honored, but will the store near the person you gifted still be open after Christmas? ...

link Cerberus should acknowledge the financial reality and either file a Chapter 11 case for Chrysler or have a federal receiver appointed so that the value of the Chrysler assets can be maximized in an orderly sale procedure. Obligatory snarky comment: “Where’s the *reality* in finance, buddy?!”

As of today, down 30% YTD. :: sigh ::

Jeff’s Post Seven-hundred billion dollars. Seven hundred thousand million. (edit: math > me) Give or take, that’s $2333 for every man, woman, and child in America. * * * Per my understanding, absent this package, we’d be heading for breadlines, soup kitchens, and anarchy. Viewed through that lens, it’s a bargain at any price. However, it sets a dangerous precedent for the silent majority who go to work and actually pay their mortgage they signed-up for. ...

Seven HUNDRED thousand million. Jeff Roberts - Sep 1, 2008 Seven HUNDRED thousand million. Yeah well not that I’ve got a fight here but SERIOUSLY!! I mean I get where they’re coming from but…..what if we just reimburse the government in cash…..can we get a foreclosed home in a vacation state that doesnt get hit by hurricanes or mudslides? Can we get a foreclosure in cherry blossom or lake forest? maybe something with a full finished basement and no radon…. ...

Q: How do you know you’re nuts? A: When your insurance broker drags his feet getting a quote for you on motorcycle insurance, hoping you’ll come to your senses.

How can you predict a massive market decline? A: It will occur 1 day after I rebalance my 401(k). Ouch.

How does one miss an impending market decline the … Whitney - Sep 1, 2008 How does one miss an impending market decline the size of texas? Neglect to look UP. Ike. Big sucker screaming HERE I COME MERRILL LYNCH!!

GM Loses $15.5 Billion in 2Q …or “What does it look like to lose about $2000 per second?” Alfred P. Sloan is rolling in his grave somewhere. GM has the financial equivalent of flesh-eating bacteria, cannibalizing its own funds to stay afloat, mortgaging its own brands and capital to operate. The estimates I saw yesterday were in the $7 Billion to $9 Billion range. Wow. We need some moniker besides “The Perfect Storm” for this automotive maelstrom…this is more like that 200 ft Tsunami at the end of Deep Impact

Ah, money. The thing to be talking about when the economy’s receding, the stock market lost 20% of its value, and inflation’s through the roof. Many find themselves in another sort of double-whammy: The taxable stock mutual fund. I was in one of these turds back when the tech bubble popped, and it taught me some tough lessons. First, I sunk thousands of dollars into an American Funds portfolio (yeah, I got sold a bunch of Class-B, back-load shares!). Then I watched that money tank over the next 3 years. Each year, come ~February I got a lovely 1099 form from Ye Olde Mutual Funde for capital gains distributions. ...

Article Finding themselves strapped for cash and unable to use their home as an ATM, Americans are increasingly turning to credit cards to cover gas, groceries and other living expenses. Huh? “Using their home as an ATM”..why do you want to do that? For many people, racking up credit card debt is not a choice they want to make, experts say. Not too long ago, they could have tapped into the equity in their homes through loans or lines of credit or refinancing. But this debt, which usually carries lower interest rates, is no longer as widely available with the collapse of the housing market. ...

Amen, brother! Heck, we’ve been blessed to have en… Jeff Roberts - May 5, 2008 Amen, brother! Heck, we’ve been blessed to have enough coming in to pay the builds but there are times when those unexpected expenses come in [like $4 gas :-)] and we declare a moratorium on eating out, eat up whatever is in the pantry at the house, don’t buy anthing that’s not crucial, etc. We keep cars a looong time. ...

Article Those of us who have been prudent, lived within our means, and didn’t overborrow are paying a huge price for this. Income on our Treasury bills, money market funds, and CDs has dropped sharply, thanks to the Fed’s rate cuts, and our wealth has eroded relative to foreign currencies and commodities Sloan’s article (or commentary, take your pick) is clear, concise, and scary as hell. My intiuition tells me there’s another Bear Stearns out there, and that the Fed can’t bail out everyone–trillions upon trillions of dollars of “bad money”. Hoo boy. ...