[Winstonm]

From John Mauldin:

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“What really struck us in the employment report of a few weeks ago was the fact that the only segment of the population that is gaining jobs is the 55+ age category. This group gained 224,000 net new jobs in May while the rest of the population lost 661,000. In fact, over the last year, those folks 55 and up garnered 630,000 jobs whereas the other age categories collectively lost over six million positions. This is epic.”

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“Moreover, the number of 55-year-olds and up who have two jobs or more has risen 1.1% in the last year, the only age cohort to have managed to gain any multiple jobs at all. Remarkable. These folks have seen their wealth get destroyed by two bubble-busts less than seven years apart — the Nasdaq nest egg back in 2001 and the 5,000 square foot McMansion in 2007. Both bubbles ended in tears … and so close together.”

Thank God we got rid of all that government regulation and allowed the invisible hand to work.

[mike777]

one only hopes a true gift tax kicks in soon

yet I hear zero discussion of such in the media.

As usual I am for lowering marginal income tax brackets.....and corp tax brackets....broken record.

As usual I am strongly against having politcal and econ power in one hand. I rate this as number one issue!

OTOH if you can show central gov. is smarter at asset allocation than free capital markets.....that is powerful argument.

[Winstonm]

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As usual I am strongly against having politcal and econ power in one hand. I rate this as number one issue!

I quite agree. I think the Obama/Geithner/Summers plan to give the Federal Reserve more power is quite insane.

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OTOH if you can show central gov. is smarter at asset allocation than free capital markets.....that is powerful argument.

I don't think so - but I think in any game there must be rules else one has left nothing but a ruthless self centeredness that has nothing whatsoever in common with an Ayn Rand-type selfishness but has all to do with absolute power corrupting absolutely-type self absorption.

[mike777]

As usual I am strongly against having politcal and econ power in one hand. I rate this as number one issue!



I quite agree. I think the Obama/Geithner/Summers plan to give the Federal Reserve more power is quite insane.


ok ..ok ok.. this is huge number one issue........

[Oof Arted]

Well giving the Bank of England the power is a shining example of why NOT to

[Al_U_Card]

Let's see....Summers helped to dismantle Glass-Steigle just in time to ensure those last two speculative bubbles...

Geithner presided over the NY federal reserve while the Wall St. boys were pillaging the people's pockets....

Obama gave the financial industry billions in future taxpayer earnings so that the gov would have MORE say in what the financial industry could and would do (Bank of America/Merrill-Lynch etc.)....

Looks like they are setting the table for the final countdown...

All we need now is some inflation to encourage the reduction in money supply (just like in the "dirty thirties") so that the destruction of the american economy is complete.

Hey Mike! Got any of your old "Buddy can you spare a dime", placards left hanging around? May come in handy, really soon.