Why don't you save the political diatribe for a political blog? Not to mention it is extremely long. The question of what to do with the extra money you now get to keep out of your check is a good one and doesn't warrant some of the political astro-turfing that is going on. We all get it, some people are mad about the change of political power in the US. Screaming at every opportunity is certainly not winning anyone over.
What a load of donkey manure! This bill, the largest spending bill in the history of mankind, took more than 1100 pages. Not one - I'll repeat - not one legislator read the piece of junk. It won't accomplish anything except line the pockets of political donors and help the cause of future inflation. The American public - the world public at large - is ignorant of what will be happening in the near future.
If you doubt we are in trouble see what Rep Kanjorski, Democrat, said:
Rep. Paul Kanjorski of Pennsylvania explains what former Treasury Secretary Paulson and Fed Chairman Bernanke told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout.
On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two. Money was being removed electronically.
The Treasury tried to help, opened their window and pumped in $150 Billion but quickly realized they could not stem the tide. We were having an electronic run on the banks. So they decided to closed down the accounts.
Had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.
This is not a joke.
Rent the movie 'Rollover', a film from 1981 to get a taste.
Everything will fall apart.
Nothing can stop this, so please, take steps to protect yourself and your families.
If the above didn't shake you up, read the following message from a respected financial guru:
Officially “Out Of Control”
Posted: Feb 14 2009 By: Jim Sinclair Post Edited: February 14, 2009 at 8:26 pm
Filed under: General Editorial
Dear Extended Family,
I sent you a certain few emails that I consider to be the most important communications issued in my career that started in 1958.
I am the son of what I know to have been the greatest Lone Wolf trader in Wall Street history ever, Bertram J. Seligman. He was a past master at his business and believed to be a market sensitive. I apprenticed to him, learned from him and inherited some of his ability, not all however.
From this background of experience understanding and sensitivity the following flows.
The emails of note:
1. Said, "This is it."
2. Said, "It is now."
This communication is to inform you as of 2/13/09, "It is totally out of control." There is no longer any means of reversal of the beginning of the final phase of the downward spiral now solidly set in motion.
For your sake, protect yourselves immediately.
Be prepared for disruptions in distribution common to hyperinflation.
1. You should have already distanced yourself from your financial agents. If you haven’t you are headed for significant displeasure and strain.
2. Make sure you stay three months ahead on necessary items that could experience distribution delays such as prescribed medicine and preferred foods.
3. Even though real estate is far from a buy, if you can afford a second home outside of major cities it would serve a good purpose.
4. Own gold.
5. Consider that good gold shares of non-US companies incorporated in a non-US country operating in third country, traded on multiple exchanges are a means of money expatriation legally and in broad daylight if required.
6. For currencies, all you can do is own a spread held by a true custodial ship wherever that might be.
Simply said, as of Friday February 13th, 2009 the situation is in confirmed "Out of Control" mode as this well engineered downward spiral enters into a terminal phase.
The motive was profit and degree of the disintegration caused in the pursuit of this goal was not anticipated.
The key event was when Lehman was flushed - all hell broke loose. The hell cannot be contained in any practical manner.
I seek nothing of you, but the protection of yourselves.
Its going to be invested along with the rest of my savings. Our nation's debt is astounding and one day we'll have to pay it back via inflation, taxes or the selling off of assets. Prepare for it.
Well, I won't get it since I'm unemployed. Yes, there will be $25 extra in the unemployment check, but consider that it's less than half of what I was making to begin with, and now I have almost $600/month to pay for health insurance in addition to my usual monthly expenses. I won't get help with that, because I lost my job prior to September.
But let's imagine... say I was working and making enough to pay my bills, and say I plan to specifically use the $13/week (really maybe $8 after taxes) to stimulate the economy. It occurs to me that most of my normal purchases go to major corporations; the amount that reaches front-line American workers is only a trickle. Even so, it can fund that extra Wal-mart cashier's shift (as someone said above).
I often refuse to buy produce when it gets more expensive than meat. $3.00 a pound for tomatoes seems ridiculous. So I'd benefit myself by paying for good, locally grown tomatoes and other produce (and vote with my pursestrings against imported broccoli and other in-season vegetables and fruits).
I've long wanted to splurge on commissioning a set of artisan-crafted ceramic dishes.
I'm really tired of seeing all clothes, even underwear and socks, made with stretch fabric, so maybe I'd have someone sew me some good all-natural-fiber outfits.
I'm due for some major car maintenance.
I need dental work. The money wouldn't cover it, but it would help.
Maybe I'd buy some gift cards for the supermarket and donate those to food pantries or social service agencies to distribute. That way, people could really choose what they want and get non-food items like toilet paper and cleansers, too.
I've got to disagree with your statement that paying down debt doesn't help the economy. You're borrowing the money from someone, and paying that money back allows the bank to turn around and make more loans.
Same with savings - my savings account allows my bank to make loans to other homeowners, businesses, ect. While our economy runs on spending, we wouldn't have loans without savings and debt repayment.
We'll probably split the increase between prepaying the mortgage and retirement savings. Every little bit helps!
I love the restaurant coupons in the Entertainment Book -- especially since DH and I don't get out very often so when we do we have to really make every dollar worth it!
A little more in every paycheck will help everyone in some way. I would certainly rather see a small amount of money staying in average people's pockets than another tax cut for the super rich.
Ours will just go into the ongoing pool of money used to pay expenses or pay down debts. If I was feeling highly organized I would divert that $13 to some sort of savings.
We average about $10-$20 a month in recycling income. Our garbage hauler has a program that weighs your recycling and you can use that for money off at certain stores or gift cards for stores or restaurants. Right now I am letting the points pile up and we will probably use that to obtain restaurant gift cards for an upcoming trip.
This newspaper article from the Bangkok post is a few weeks old but still relevant. I've never seen a US personal finance website suggest that you bring your own guavas to the movie theater to save money!
in puerto rico 1 out of 7 students goes to private schools.
the reasons: religious education, security, better performance on the College Board Test than their public counterparts, bilingual education, less political intermission, parents participation is more promoted.
questions that parents should ask themselves: how did the state (government) got the education control out of the hands of the family and what does it use that control for?
the govt entity sacred duty regarding education should be to be vigilant that all children be educated according to an appropriate flexible curriculum approved by law but, should not impose its monopolistic system based on economic limitations. for the contrary, it should promote, via vouchers or tax credits, the parents decision on that, and also having some good public schools available as part of the education offers to the citizens.
It covers four skinny vanilla lattes per week. Or two quick lunches out. For the month, my cable service, or cell phone service.
I have a job. If I wasn't working, I would be thinking more along the lines of it covering the food budget for one person. Or two doctors visits a month. Or most months gas bills, or insurance for my car.
Call me frugal, but I don't think those are insignificant.
I think the future is going to be more blissful than most imagine. Why do you think the people in power don't care about chopping down every rain forest, polluting the air, killing the Earth and its environment. Perhaps they know something we don't? Perhaps they have technology that shows them something we can't invision?
As for me, I keep that to heart, I don't pay my bills. In fact I only pay on things that will last in the moment in order to have a functional life. I don't see how paying bills will matter in the end anyhow. Disconnect your phone, change your billing address and you never get hassle from those debt collectors. The money you so called borrowed was not there anyhow, it;s an illusion. You are paying them in interest on money that does not exist, how do you think they profit? It;s not by the interest alone, they are profiting because every interest you pay is full money in their pockets!
Didn't we do a lot of spending already in the last few years? That's how most people got into a bad financial situation. The economy is in a very bad state so I do not think that more spending will "stimulate" it.
For anybody who does not absolutely need(/want) the (paltry) $13/week tax break, consider a worthy charity. Your generosity would be very much appreciated.
I haven't heard anything regarding how self-employed folks will be getting our $13 dollars. I'm assuming it's like any other pre-paid tax cut, where I'd get it at the end when I file. Regardless, I'll be using mine to help offset the SE tax that my non-existant employer won't be paying for me. :)
The bonds the US sell right now have very low yields. It's nowhere as good as the 25% return you describe. The ten year treasury has a yield of around 2.9% now.
Wow, what an enlightening post! I particularly like the turkish sayings. "Extend your leg as far as your blanket" is brilliant! May need to make that into a poster to hang in my room...
1. Go to the cell phone lot and wait there. The cell phone lots are usually free.
2. Some airports, like BWI, give you an hour free in the garage. So then set up flight alert for that particular flight (on the airline's website) so you can time your arrival carefully.
Please tell me more about these bonds! :) Awhile ago in Ireland we had something called the SSIA which was basicly a saving scheme invented to get the government more money and man did it work. They got a ton of money they needed and at the end everyone who used it got an extra 1/4 of what they invested. For every four euro's you put in you get 1 euro back.
It made people save money so the government had money to spend and when they got the repayment they just spent it on big stuff!
Why don't you save the political diatribe for a political blog? Not to mention it is extremely long. The question of what to do with the extra money you now get to keep out of your check is a good one and doesn't warrant some of the political astro-turfing that is going on. We all get it, some people are mad about the change of political power in the US. Screaming at every opportunity is certainly not winning anyone over.
What a load of donkey manure! This bill, the largest spending bill in the history of mankind, took more than 1100 pages. Not one - I'll repeat - not one legislator read the piece of junk. It won't accomplish anything except line the pockets of political donors and help the cause of future inflation. The American public - the world public at large - is ignorant of what will be happening in the near future.
If you doubt we are in trouble see what Rep Kanjorski, Democrat, said:
http://www.youtube.com/watch?v=_NMu1mFao3w
Rep. Paul Kanjorski of Pennsylvania explains what former Treasury Secretary Paulson and Fed Chairman Bernanke told congress during the September 2008 closed door session. During the first third of the video an enraged caller is ranting to Rep. Kanjorski about how wasteful the first $700 billion bailout was. The best part is 2 minutes and 15 seconds into the tape where Rep. Kanjorski reveals what Paulson and Bernanke told congress that shocked them into supporting the first $700 billion bailout.
On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two. Money was being removed electronically.
The Treasury tried to help, opened their window and pumped in $150 Billion but quickly realized they could not stem the tide. We were having an electronic run on the banks. So they decided to closed down the accounts.
Had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and the entire economy of the United States would have collapsed, and within 24 hours the world economy would have collapsed.
This is not a joke.
Rent the movie 'Rollover', a film from 1981 to get a taste.
Everything will fall apart.
Nothing can stop this, so please, take steps to protect yourself and your families.
If the above didn't shake you up, read the following message from a respected financial guru:
Officially “Out Of Control”
Posted: Feb 14 2009 By: Jim Sinclair Post Edited: February 14, 2009 at 8:26 pm
Filed under: General Editorial
Dear Extended Family,
I sent you a certain few emails that I consider to be the most important communications issued in my career that started in 1958.
I am the son of what I know to have been the greatest Lone Wolf trader in Wall Street history ever, Bertram J. Seligman. He was a past master at his business and believed to be a market sensitive. I apprenticed to him, learned from him and inherited some of his ability, not all however.
From this background of experience understanding and sensitivity the following flows.
The emails of note:
1. Said, "This is it."
2. Said, "It is now."
This communication is to inform you as of 2/13/09, "It is totally out of control." There is no longer any means of reversal of the beginning of the final phase of the downward spiral now solidly set in motion.
For your sake, protect yourselves immediately.
Be prepared for disruptions in distribution common to hyperinflation.
1. You should have already distanced yourself from your financial agents. If you haven’t you are headed for significant displeasure and strain.
2. Make sure you stay three months ahead on necessary items that could experience distribution delays such as prescribed medicine and preferred foods.
3. Even though real estate is far from a buy, if you can afford a second home outside of major cities it would serve a good purpose.
4. Own gold.
5. Consider that good gold shares of non-US companies incorporated in a non-US country operating in third country, traded on multiple exchanges are a means of money expatriation legally and in broad daylight if required.
6. For currencies, all you can do is own a spread held by a true custodial ship wherever that might be.
Simply said, as of Friday February 13th, 2009 the situation is in confirmed "Out of Control" mode as this well engineered downward spiral enters into a terminal phase.
The motive was profit and degree of the disintegration caused in the pursuit of this goal was not anticipated.
The key event was when Lehman was flushed - all hell broke loose. The hell cannot be contained in any practical manner.
I seek nothing of you, but the protection of yourselves.
Respectfully yours,
Jim
Its going to be invested along with the rest of my savings. Our nation's debt is astounding and one day we'll have to pay it back via inflation, taxes or the selling off of assets. Prepare for it.
Well, I won't get it since I'm unemployed. Yes, there will be $25 extra in the unemployment check, but consider that it's less than half of what I was making to begin with, and now I have almost $600/month to pay for health insurance in addition to my usual monthly expenses. I won't get help with that, because I lost my job prior to September.
But let's imagine... say I was working and making enough to pay my bills, and say I plan to specifically use the $13/week (really maybe $8 after taxes) to stimulate the economy. It occurs to me that most of my normal purchases go to major corporations; the amount that reaches front-line American workers is only a trickle. Even so, it can fund that extra Wal-mart cashier's shift (as someone said above).
I often refuse to buy produce when it gets more expensive than meat. $3.00 a pound for tomatoes seems ridiculous. So I'd benefit myself by paying for good, locally grown tomatoes and other produce (and vote with my pursestrings against imported broccoli and other in-season vegetables and fruits).
I've long wanted to splurge on commissioning a set of artisan-crafted ceramic dishes.
I'm really tired of seeing all clothes, even underwear and socks, made with stretch fabric, so maybe I'd have someone sew me some good all-natural-fiber outfits.
I'm due for some major car maintenance.
I need dental work. The money wouldn't cover it, but it would help.
Maybe I'd buy some gift cards for the supermarket and donate those to food pantries or social service agencies to distribute. That way, people could really choose what they want and get non-food items like toilet paper and cleansers, too.
I've got to disagree with your statement that paying down debt doesn't help the economy. You're borrowing the money from someone, and paying that money back allows the bank to turn around and make more loans.
Same with savings - my savings account allows my bank to make loans to other homeowners, businesses, ect. While our economy runs on spending, we wouldn't have loans without savings and debt repayment.
We'll probably split the increase between prepaying the mortgage and retirement savings. Every little bit helps!
I love the restaurant coupons in the Entertainment Book -- especially since DH and I don't get out very often so when we do we have to really make every dollar worth it!
A little more in every paycheck will help everyone in some way. I would certainly rather see a small amount of money staying in average people's pockets than another tax cut for the super rich.
Ours will just go into the ongoing pool of money used to pay expenses or pay down debts. If I was feeling highly organized I would divert that $13 to some sort of savings.
We average about $10-$20 a month in recycling income. Our garbage hauler has a program that weighs your recycling and you can use that for money off at certain stores or gift cards for stores or restaurants. Right now I am letting the points pile up and we will probably use that to obtain restaurant gift cards for an upcoming trip.
This newspaper article from the Bangkok post is a few weeks old but still relevant. I've never seen a US personal finance website suggest that you bring your own guavas to the movie theater to save money!
http://www.bangkokpost.com/leisure/women/10362/resisting-the-consumer-urge
“Drop by drop you can build a lake.” Perfect.
Thanks Ozan! and Phillip.
in puerto rico 1 out of 7 students goes to private schools.
the reasons: religious education, security, better performance on the College Board Test than their public counterparts, bilingual education, less political intermission, parents participation is more promoted.
questions that parents should ask themselves: how did the state (government) got the education control out of the hands of the family and what does it use that control for?
the govt entity sacred duty regarding education should be to be vigilant that all children be educated according to an appropriate flexible curriculum approved by law but, should not impose its monopolistic system based on economic limitations. for the contrary, it should promote, via vouchers or tax credits, the parents decision on that, and also having some good public schools available as part of the education offers to the citizens.
The tax credits of $13 a week are a complete waste of money. If the $600 checks didn't stimulate the economy, this certainly won't.
It covers four skinny vanilla lattes per week. Or two quick lunches out. For the month, my cable service, or cell phone service.
I have a job. If I wasn't working, I would be thinking more along the lines of it covering the food budget for one person. Or two doctors visits a month. Or most months gas bills, or insurance for my car.
Call me frugal, but I don't think those are insignificant.
I think the future is going to be more blissful than most imagine. Why do you think the people in power don't care about chopping down every rain forest, polluting the air, killing the Earth and its environment. Perhaps they know something we don't? Perhaps they have technology that shows them something we can't invision?
As for me, I keep that to heart, I don't pay my bills. In fact I only pay on things that will last in the moment in order to have a functional life. I don't see how paying bills will matter in the end anyhow. Disconnect your phone, change your billing address and you never get hassle from those debt collectors. The money you so called borrowed was not there anyhow, it;s an illusion. You are paying them in interest on money that does not exist, how do you think they profit? It;s not by the interest alone, they are profiting because every interest you pay is full money in their pockets!
The funny thing is that the unemployed will receive much more from this stimulus package. I wrote a rundown here:
http://www.ineedajobnow.net/what-the-stimulus-package-means-for-the-unem...
Great deal....people just need to look closely at restrictions.
Didn't we do a lot of spending already in the last few years? That's how most people got into a bad financial situation. The economy is in a very bad state so I do not think that more spending will "stimulate" it.
Wow, that $13 a week really goes a LONG way toward making up for the job we lost in July and haven't been able to replace!
not.
For anybody who does not absolutely need(/want) the (paltry) $13/week tax break, consider a worthy charity. Your generosity would be very much appreciated.
That saying rocks! Thanks, Philip!
Linsey Knerl
I haven't heard anything regarding how self-employed folks will be getting our $13 dollars. I'm assuming it's like any other pre-paid tax cut, where I'd get it at the end when I file. Regardless, I'll be using mine to help offset the SE tax that my non-existant employer won't be paying for me. :)
Linsey Knerl
Hi Trenchspike,
The bonds the US sell right now have very low yields. It's nowhere as good as the 25% return you describe. The ten year treasury has a yield of around 2.9% now.
Wow, what an enlightening post! I particularly like the turkish sayings. "Extend your leg as far as your blanket" is brilliant! May need to make that into a poster to hang in my room...
1. Go to the cell phone lot and wait there. The cell phone lots are usually free.
2. Some airports, like BWI, give you an hour free in the garage. So then set up flight alert for that particular flight (on the airline's website) so you can time your arrival carefully.
Please tell me more about these bonds! :) Awhile ago in Ireland we had something called the SSIA which was basicly a saving scheme invented to get the government more money and man did it work. They got a ton of money they needed and at the end everyone who used it got an extra 1/4 of what they invested. For every four euro's you put in you get 1 euro back.
It made people save money so the government had money to spend and when they got the repayment they just spent it on big stuff!
Xin, keep up your great works.