Monday, February 23, 2009

Swiss Bank puts it all out in the open

UBS one of the largest banks in Switzerland well be opening it's books at showing who (at least some of) their American customers are.

UBS will also pay $780 million to the IRS to in a settlement for their part in tax evasion.

Friday, February 20, 2009

America likes to be stimulated

During a recent poll that was released it seems that the majority of Americans are supportive of the Obama Stimulus package

sadly it seems the 1/3 that are against the stimulus are all traders on wallstreet.

Tuesday, February 3, 2009

Foreclosures end in Detroit

Wayne County's Sheriff Warren Evans says that his office will no longer take part in mortgage foreclosures in his county (which includes the city of Detroit)

Sheriff Evans says that he hopes by doing this he can get the banks to renegotiate the terms of the loans they have with people facing foreclosure and they can workout a payment plan that will allow people to keep their homes.

Evans says that the foreclosures are costing his distract to much money, even though the Sheriff's office makes $50 for every home they sell in foreclosure ($1 million in revunes)

Monday, February 2, 2009

Republican's don't want to "Buy American"

The latest part of Obama stimulus plan that has gotten Republican politicians crying is a clause in the package that would make sure that all money used form the stimulus package can only be used to by goods made in America.

think about it, the Republicans don't want us to buy American goods, made by American workers.

Senator Mitch McConnell (R) says

"I don't think we ought to use a measure that is supposed to be timely, temporary, and targeted

But if one thinks about the buy American clause is targeted (to the American economy) and there is nothing in the clause that makes it permanent (it's only for the money spent form this stimulus package) and the timely part depends on what the money is spent on.

Republicans may say that we may anger our trading partners but I doubt that will be the cause. giving that America is the biggest market in the world I think most countries want us to get our economy running again, so they can trade with us.

The truth is we have left our markets (such as manufacturing) in the cold and we are know feeling the effects of it. we most stabilize ourselves and so does much of the other countries in the world.

Truth is most countries do much more protectionism them the U.S does and I am sure most foreigners will see that part in the bill and think it makes since and wont be upset about it.

and this only very limited protectionism, even though the money spent from the stimulus will only to American made goods, our normal trade policies still stand as is. so when our economy is on the upswing I am sure that will lead to us buying lots of foreign made goods.

I doubt this will anger American allies as some republicans fear, and if it does this anger would be short lived (once Americans have the money to spend again)