The Really Useless Thread

What happens when there are less and less "rich"

Yeah, this is going to play great with the 47% of the morons not paying any taxes and making hoards of children. Oh well, the rich put him there. Whatever....

We're all gonna be poor. That's the vision.

Check what is going in Greece mate. Politicians in the market alert. Greek Conference is in a few minutes a new potential default trigger... Lots of rumors in the last few minutes from default to political turmoil with a "democratic" coup d'état.

Looking ugly across markets and panic knocking the door in all markets...

sisse

true say sisse

FXstreet.com (Córdoba) - US stocks opened Monday session sharply lower, following 5 days of gains, as Greek debt concerns weighed on market sentiment, prompting demand for safer assets in detriment of equities and commodities.

The Dow Jones industrial average dropped 238 points or 2.08% to 11,270. The Standard & Poor's 500 Index lost 26 points or 2.17% to 1,189. The Nasdaq Composite Index fell 52 points or 2.02% to 2,569.

Market's focus turned to Greece after a weekend meeting of European finance ministers showed little progress on a solution to the euro zone's debt crisis, increasing fears of a Greek default.

In Europe, equities also slumped with the Stoxx Europe 600 down 2.49%. The British FTSE lost 2.52%, the German DAX 3.45% and the French CAC dropped 3.35%.

Crude oil fell 2.6% to a 1-week low of $85.05 a barrel, while gold dipped below $1,800 an ounce on a stronger Greenback.

nice, bounce there...

scalped only too much event risk imminent..

US markets haven't push down further than Europe dips not even one single day since 2 weeks ago but today they look very close. IMO, as soon as the US stop holding the selloff (I mean in stock markets) and push down that will be it ....I have been waiting for that the last 2 weeks ...

we'll see

sisse

Slut.

closest i have above 40 pips from low is 3629 then 43

anyone care to make head or tail? i can't read..



WASHINGTON (MNI) – The following text is the first part of a fact
sheet provided by the White House with details of President Obama’s plan
for deficit reduction that he will outline Monday:
Overview
The health of our economy depends on what we do right now to create
the conditions where businesses can hire and middle-class families can
feel a basic measure of economic security. In the long run, our
prosperity also depends on our ability to pay down the massive debt the
federal government has accumulated over the past decade. Today, the
President sent to the Joint Committee his plan to jumpstart economic
growth and job creation now – and to lay the foundation for it continue
for years to come.
The President’s Plan for Economic Growth and Deficit Reduction
lives up to a simple idea: as a Nation, we can live within our means
while still making the investments we need to prosper – from a jobs bill
that is needed right now to long-term investments in education,
innovation, and infrastructure. It follows a balanced approach: asking
everyone to do their part, so no one has to bear all the burden. And it
says that everyone – including millionaires and billionaires – has to
pay their fair share. Overall, it pays for the President’s jobs bill and
produces net savings of more than $3 trillion over the next decade, on
top of the roughly $1 trillion in spending cuts that the President
already signed into law in the Budget Control Act – for a total savings
of more than $4 trillion over the next decade. This would bring the
country to a place, by 2017, where current spending is no longer adding
to our debt, debt is falling as a share of the economy, and deficits are
at a sustainable level.
THE AMERICAN JOBS ACT
* Tax cuts to help businesses hire and grow
– Cutting the payroll tax in half on the first $5 million in
payroll, targeting the benefit to the 98 percent of firms with payroll
below this threshold.
– A complete payroll tax holiday for added workers or increased
wages up to $50 million
– Extending 100 percent expensing into 2012
– Reforms and regulatory reductions to help entrepreneurs and small
businesses access capital
* Putting workers back on the job while rebuilding and modernizing
America o A “Returning Heroes” hiring tax credit for veterans
– Preventing up to 280,000 teacher layoffs, while keeping cops and
firefighters on the job
– Immediate investments in infrastructure, school buildings, and
neighborhoods as well as a bipartisan National Infrastructure Bank
* Pathways back to work for Americans looking for jobs
– The most innovative reform to the unemployment insurance program
in 40 years and extension of emergency unemployment insurance preventing
6 million Americans looking for work from losing benefits
– A $4,000 tax credit to employers for hiring the long-term
unemployed
– Prohibiting employers from discriminating against unemployed
workers when hiring
– Expanding job opportunities for low-income youth and adults
* Tax relief for every American worker and family
– Cutting payroll taxes in half for 160 million workers next year
– Allowing more Americans to refinance their mortgages
* Fully paid for as part of the President’s long-term deficit
reduction plan
PAYING FOR OUR INVESTMENTS AND REDUCING THE DEFICIT
* The plan produces approximately $4.4 trillion in deficit
reduction net the cost of the American Jobs Act.
– $1.2 trillion from the discretionary cuts enacted in the Budget
Control Act.
– $580 billion in cuts and reforms to a wide range of mandatory
programs;
– $1.1 trillion from the drawdown of troops in Afghanistan and
transition from a military to a civilian-led mission in Iraq
– $1.5 trillion from tax reform
– $430 billion in additional interest savings
* To spur economic growth and job creation, the plan includes
one-time investment and relief in the American Jobs Act. That adds to
the deficit in 2012 but is fully paid for over 10 years, and deficit
reduction phases in starting in 2013, as the economy grows stronger.
* Deficit reduction is achieved in a balanced approach, with a
spending cut to revenue ratio for the entire plan (including
discretionary cuts) of 2 to 1.
-more- (1 of 2)
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MGU$$$,MFU$$$,MCU$$$,M$$CR$]


WASHINGTON (MNI) – The following text is the second and final part
of a fact sheet provided by the White House with details of President
Obama’s plan for deficit reduction that he will outline Monday:
Deficits and Debt
* The Joint Committee plan significantly reduces deficits and puts
the country on a fiscally sustainable path by 2017.
– The deficit is projected to fall to 2.3 percent of GDP in 2021.
By comparison, if we did nothing, the deficit would be 5.5 percent of
GDP in 2021.
– Reaches “primary balance”– where our current spending is no
longer adding to our debt — in 2017. At that point, current spending is
no longer adding to our debt, debt is falling as a share of the economy,
and deficits are at a sustainable level.
* The President’s plan would reduce the national debt as a share of
economy.
– Stable or falling debt as a share of the economy is a key metric
of fiscal sustainability.
– If we did nothing, the national debt would rise to 90.7 percent
of GDP in 2021. By contrast, under the President’s plan, the national
debt would fall to 73.0 percent of GDP in 2021 — or an improvement of
almost 18 percentage points.
Health Savings
* The plan includes $320 billion in health savings that build on
the Affordable Care Act to strengthen Medicare and Medicaid by reducing
wasteful spending and erroneous payments, and supporting reforms that
boost the quality of care. It accomplishes this in a way that does not
shift significant risks onto the individuals they serve; slash benefits;
or undermine the fundamental compact they represent to our Nation’s
seniors, people with disabilities, and low-income families.
* The plan includes $248 billion in savings from Medicare.
– Within this total, 90 percent of the savings, or $224 billion,
comes from reducing overpayments in Medicare.
– Any savings that affect beneficiaries do not begin until 2017.
– The plan does not propose to change the eligibility age for
Medicare benefits.
* Other health and Medicaid savings amount to $72 billion.
* Because of the structural nature of these reforms, health savings
grow to over $1 trillion in the second decade.
* The President will veto any bill that takes one dime from the
Medicare benefits seniors rely on without asking the wealthiest
Americans and biggest corporations to pay their fair share.
Other Mandatory
* The plan includes $250 billion in savings from other mandatory
programs.
* Included within these savings are:
– $33 billion in savings from agriculture subsidies, payments, and
programs
– $42.5 billion in reforms to Federal employee benefit programs,
including programs for civilian employees and military personnel.
– $4.1 billion from the disposal of unused government assets.
– $92.2 billion from restructuring government operations and
reducing government liabilities.
– $77.6 billion from improving Federal program management and
reducing waste and abuse.
Revenues
* The President calls on the Committee to undertake comprehensive
tax reform, and lays out five principles for it to follow: 1) lower tax
rates; 2) cut wasteful loopholes and tax breaks; 3) reduce the deficit
by $1.5 trillion; 4) boost job creation and growth; and 5) comport with
the “Buffett Rule” that people making more than $1 million a year should
not pay a smaller share of their income in taxes than middle-class
families pay.
– Tax reform should draw on the specific proposals the President
has put forward, together with elimination of additional inefficient tax
breaks. If the Joint Committee is unable to undertake comprehensive tax
reform, the President believes the discrete measures he has proposed
should be enacted on a standalone basis. Their enactment as a standalone
package still would significantly improve the country’s fiscal standing,
represent an important step toward more fundamentally transforming our
tax code, and serve as a strong foundation for economic growth and job
creation.
– To advance this debate, the President is offering a detailed set
of specific tax loophole closers and measures to broaden the tax base
that, together with the expiration of the high-income tax cuts, would be
more than sufficient to hit the $1.5 trillion target. These include:
* Allowing the 2001 and 2003 tax cuts for upper income earners to
expire ($866 billion)
* Limiting deductions and exclusions for those making more than
$250,000 a year ($410 billion)
* Closing loopholes and eliminating special interest tax breaks
(approximately $300 billion)
(2 of 2)
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MGU$$$,MFU$$$,MCU$$$,M$$CR$]

Not gonna waste my time reading but if he's not cutting into entitlements, he's full of shit and it's not gonna pass the House.

Nothing new in the horizon mate. Just 2 points the rest is fiscal bla bla bla. The tax "reform" and the natural cuts on military expenses (Irak, etc). However, the devil is on the detail with the tax reform and there isn't much detail plus the proposal it will be probably completely prostitute and refurbish when the Republicans get on the game...

sisse

as you were then, greece and fomc are the movers this week..

i made 3million this year....cause i decided not to spend 3 mil...whatever

He's just using this to blame the GOP next year during elections. See? I wanted to do it, but the bad guys didn't. Elect ME!

um...its bush's fault

If I hear one more time about "investments" in roads and education I'm going to stab somebody in the eye. LOL.

IMO, Obama's administration only and key mistake in all this mess is NOT taking action as soon as he got in office. Is like the EZ, only trying to do something when is too late.

In the case of the US, is too late to recover all the political ground he lost and is the price to pay for the awful mismanagement of the US economy in the last decade.

sisse

dont know.. lots of people taking credit for being on the side of small business. sure many with a small business hire 100's of people. but the bulk of small business is a guy/girl with a truck/car. or a guy/girl with a pc.. not the ones that make good press. by standing in front their house like a factory would. not the guys filling the coffers of the elite mouth pieces. claiming they are here to help. mostly middle class looking to better themselves. the silent voices.. the true small business owners. who eat what they kill.