There are many comparisons in recent newspapers between the crash of 1929 and the crisis of 2008. The media of today has not settled on a consistent title for America’s current events but “Crisis” appears to be the most common caption among the newspapers I see.Many books and articles have been published on the stock market crash of 1929, but one book in particular stands out as short, only 197 pages, readable and relevant for today’s debacle. It is The Great Crash, by John Kenneth Galbraith.After using newspaper and other accounts he describes...
Saturday, 18 October 2008
Wednesday, 15 October 2008
Dividends and Taxes
Posted on 13:43 by Unknown
In 2007 someone starting out in their twenties with a modest $30,000 a year salary will be expected to pay $5,091.25 in federal income and payroll taxes. For a single person who earns the same $30,000 as dividend income the total federal tax would be $1,062.50.For a married couple starting out where both earn $30,000 a year salary, they pay federal tax of $10,182.50. For a married couple who earns the same $60,000 as dividend income they pay $2,125 in total federal tax. There is no payroll tax on dividend income.This extraordinary favoritism toward...
Wednesday, 8 October 2008
Bailout
Posted on 12:05 by Unknown
I have talked with many people about last week’s bailout; they are all angry. Some that I have talked with were complete strangers who started in ranting and raving at the newsstand and several at my neighborhood library. In my unscientific poll it is unanimous: everyone regards the bailout plan as a payoff to politically connected cronies who caused the defaults. Many recognize there are better alternative plans.For the federal government to buy the current defaulted mortgage backed securities has enormous potential for abuse. Salomon brothers...
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