February 2013

Sequestration Suicide

For once he's right.  President Obama came out blasting against the upcoming sequestration as a major threat to the U.S. economy.   He's right.  These draconian cuts, $85 billion for FY 2013, will be enacted starting in March 2013 if Congress doesn't stop it.  The CBO estimates this year's budget costs will cost the United States a full 1.5 percentage points of GDP.

Hedge funds using Bermuda and reinsurance to avoid taxes

Yet more non-shocking, but completely repulsive news: these crooks aka "managers" and "best and brightest" are setting up reinsurance companies in Bermuda to help them avoid taxes in the US. The link's at the bottom. John Paulson and others involved. There's also a link to the IRS because maybe they might care to end these games (or crimes) by the big boys.

Industrial Production Declines by -0.1% for January 2013

The January 2013 Federal Reserve's Industrial Production & Capacity Utilization report shows a monthly decline of 0.1% in industrial production.  January's decline would have been much worse if the weather hadn't turned cold.  Utilities' output increased 3.5% for January as mining fell 1.0%.  Manufacturing alone dropped -0.4% for the month.

Swiss to Vote on Excessive CEO Pay

America may not get justice on outrageous executive pay but the Swiss might.  They are having a national vote on excessive CEO pay.

With more than 100,000 Swiss citizens having signed a petition to limit “fat-cat” pay, voters will decide at a March 3 referendum whether top executives should have their compensation set by shareholders.

Switzerland believes excessive CEO pay was imported from America.

Fired America

There is a complete disconnect in Washington from the quiet desperation of American lives.   While politicians chatter talking points and claim lobbyists' agendas are somehow sane economic and labor policy, a full 23% of Americans have been fired in the last four years. 

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