Stimulus Package Unemployment Benefits Update: Nevada to turn down some funding too..MS update…

Yep, the beat goes on as more and more states find that the strings attached to the federal stimulus money will leave them in a worse position down the road:

Channel 8 Eyewitness News Las Vegas Now:

Nevada stands to get hundreds of millions of dollars in stimulus money, but Governor Jim Gibbons says he will pass on some of it.

Governor Gibbons says there are just too many strings attached to some of the federal stimulus dollars. The governor says he will take the money without unfunded mandates.

“Let me give you just one; it’s the unemployment insurance level. It’s just four weeks of assistance that they are giving us, but it requires mandatory, permanent, irrevocable changes to our tax system and to how we decide who qualifies for receiving unemployment,” he said.

Nevada would receive more than $76 million for the extra four weeks. The governor says it’s not worth it and the state would be stuck with a higher business tax because of federal regulations.

The governor says he will also reject the stimulus money for school maintenance. In the bill, he says the state would have to spend an additional $500 million to get $300 million in stimulus money.

Update from Mississippi, where the State Senate is backing Governor Barbour over the State House attempts to bypass him and get stimulus funds anyway…

The Commercial Dispatch:

The Republican-controlled state Senate will likely block the House’s attempt to accept all of the $2.8 billion Mississippi is projected to get for helping fund government services and assist people struggling through the economic recession.

(more…)

March 6, 2009. Tags: , , , , , , , , , , , , , , , . Economy, Labor Department, Obama Administration, Politics, Taxatrion, Taxes, Uncategorized, Unemployment Statistics. 3 comments.

Market Mover Friday: The big jobs report…

The whisper number is over 700,000, maybe there will be a relief rally if it falls short of that…

Or maybe it will be bigger and we will find new lows..or a capitulation sell off and a new support level…

Or maybe someone in DC will open their mouths and suggest a tax on oxygen and all the averages will swoon…

like sands through the hourglass, these are the DOWS of our lives….

Market Insider:

Economists expect the biggest job losses in 60 years, with a decline in non-farm payrolls of 650,000 and an employment rate of 8 percent.

Traders are holding out hope that the vicious selling in the stock market this week is a sign it is closing in on capitulation, and a bad jobs report could be the trigger for a big sell off.

The S&P 500 fell 4.2 percent to 682.55, the dead middle of the 680 to 685 support range.

Cashin said if the S&P dips below 680, it is in the “land of dragons.” The S&P is now down 7 percent for the week, its worst weekly decline since November and its lowest close since September, 1996.

We’re looking for a 700,000 drop in non-farm payrolls and the unemployment rate to drop to 8.1 percent,” said Citigroup economist Steven Wieting.

March 5, 2009. Tags: , , , , . Economy, Finance, Labor Department, Popular Culture, Taxatrion, Taxes, Uncategorized, Unemployment Statistics, Wall St. 1 comment.

Roll Call, Bankruptcy Cramdown passes House ….

The roll call:

GOP who votes Aye:

Diaz-Balart, L., Diaz-Balart, M.; McHugh, Ros-Lehtinen, Turner,

Dems who voted Nay:

Arcuri, Berry, Boren
Boucher, Bright, Carney, Childers, Dahlkemper, Davis (TN), Edwards (TX)
Ellsworth, Gordon (TN), Griffith, Hill, Holden, Kind, Kissell, Kratovil, Markey (CO)
Massa, Matheson, Stupak, Taylor, Teague,

UPDATE 2: 6:10pm EST: Cramdown passes House: 234-191

will post roll call as soon as it is up…7 GOP critters voted for it,  24  Dems voted against…

UPDATE: Man they cannot let it go, Barney Frank is on the floor claiming the GOP Amendment to recommit is to make Obama fail like Rush said, that is what he said, he quotes Rush….15 minute vote on this Price Motion to recommit with instructions (tabling the bill) and then they move to final vote on passage…

FDIC insurance permanent expansion to 250k is added onto this bill….

Can you feel THE WEIGHT yet? YA PUT THE LOAD RIGHT ON ME…..

LIVE on the floor CSPAN

Price Amendment up now to allow lenders to recoup judicial cramdowns upon sale of the home…Price Amendment fails 211 to 218

The Band:

I pulled into Nazareth, I was feelin’ about half past dead;
I just need some place where I can lay my head.
“Hey, mister, can you tell me where a man might find a bed?”
He just grinned and shook my hand, and “No!”, was all he said.

(Chorus:)
Take a load off Fannie, take a load for free;
Take a load off Fannie, And (and) (and) you can put the load right on me.

(more…)

March 5, 2009. Tags: , , , , , , , , , , . Foreclosures, Housing, Music, Obama Administration, Politics, Taxatrion, Taxes, Uncategorized, Wall St. 1 comment.

Swiss Bankers on the hot seat: UBS testifies at Congressional Hearing..

Airtime: Wed. Mar. 4 2009 | 2:55 PM ET

UBS testifies in front of the U.S. Senate regarding the issue of obtaining the names of U.S. clients with Swiss bank accounts, with Mark Branson, UBS Global Wealth Management & Swiss Bank, Zurich, Switzerland.

Vodpod videos no longer available.

more about “UBS conceals names of clients Congre…“, posted with vodpod

March 5, 2009. Tags: , , , , , , , , , , , , , , , , . Economy, Finance, Politics, Taxatrion, Taxes, Uncategorized, Wall St. Comments off.

Obama Healthcare Summit…WSJ Poll shows less support for UHC than in 93….

accidental-health-insurancecom

Team Obama is kicking off the push for healthcare expansion and cost containment tomorrow today with a ‘summit’ of some sort..they are choosing again to hand a tabula rasa to Congress and have (on the surface) been content to let Congress get their hands dirty with the mucky details (conveniently leaving Congress’ fingerprints all over the thing)..

Obama’s Next Summit, Fortune:

On Thursday, the White House will host a “summit” to start the process of deciding how to best spend that money. According to a White House official, about 120 people are expected to attend, including members of Congress from both parties and people who were part of the debate over health care reform in 1993.

Filling up a bucket of money and handing it over to a committee could create a different set of perceptions and problems. Will the process have a coherent policy outcome? Or will it just be a feast for industry lobbies and their congressional benefactors?

But this is Budget Director Peter Orszag’s baby and listening to him testify today, I got chills frankly. Listen to him explain to Rep Spratt how it is more cost effective to have less specialist visits, repeat admissions and other pesky expensive treatment in the LAST  6 MONTHS OF LIFE FOR MEDICARE BENEFICIARIES. Very Kevorkianesque….Gawd creepy pencil pushing number crunchers..

Baby Boomers better vote in 2010….I worked in health insurance for over 15 years and if you think HMOs denying treatment is bad that is nothing if Medicare starts trying to apply their statistical estimates of appropriate duration and type of treatment…

I predict black market medical care and the wealthy having their own networks of care, it has already begun I saw a blurb about a membership plan where they pay a huge sum and get treated by the best whenever wherever, and no one gives them shxt about an MRI…for those of us who have great insurance now we work so hard, for but cannot afford the private Dr Kildares, well it bites…

The spending in the stimulus and budget lay the groundwork:

First the president signed a $33 billion bill expanding government coverage to 4 million additional children. The stimulus bill signed two weeks ago included $130 billion in health care spending. Finally, in its first budget, the new administration set aside $634 billion in a fund that will be spent on the three legs of reform: increasing coverage, raising quality and lowering costs.

Here is a very interesting part of that WSJ poll that the media did not cover, how the public views UHC right now…

From KaiserNetwork:

However, the poll “flashed warning signs for the administration” on health care, the Journal reports.

Forty-nine percent of U.S. residents said they were willing to pay higher taxes so that every U.S. resident could have health coverage, compared with 66% in March 1993 when former President Clinton attempted to overhaul the health care system.

According to the Journal, “That underscores why the administration is focused on cutting costs, not covering the uninsured.”

Max Baucus D-MT wants real UHC,  Obama did not support the universal mandate in the primaries. Baucus and Grassley are ready to launch a bill this summer, but Baucus is following Team Obama’s script to the letter, no doubt since Obama is letting him carry the ball:

Philadelphia Inquirer:

Sen. Max Baucus, chairman of the Senate Finance Committee and one of the most influential voices in Washington on health care, promised yesterday to introduce comprehensive health-care legislation in June, certainly before the chamber’s August recess.

He said that he planned to introduce a bipartisan bill with Sen. Charles E. Grassley (R., Iowa) that would adopt a mix of public and private solutions and that he hoped 70 senators would approve it.

Baucus has clearly embraced Orszag’s cost effectiveness model to sell it to America, I guess they read the polls too, heh. But healthcare economists note that is not a policy it is a slogan..in practice it sounds like a horror scene, like the ER in Jamaica Hospital…(sorry JH but seriously, I used to tell people if anything happens dont let them take me to Jamaica Hospital)…

Now it’s time to move from first steps to giant steps,” he said. “There’s never been a better moment. The stars are all aligning. . . . I don’t know if any president has been as committed as President Obama.”

Baucus said it was too early to be specific about exactly how things would work under the legislation. He spent last year holding hearings and writing a white paper, “A Call to Action,” which he said was similar to Obama’s and close to the new Massachusetts plan now providing near-universal coverage to residents there.

(more…)

March 5, 2009. Tags: , , , , , . Cabinet, Economy, Healthcare, Politics, Taxatrion, Taxes, Uncategorized. 1 comment.

Market Mover Thursday: Bankrupcty Cramdown bill back in House and Obama Healthcare Summit…

Bankruptcy cramdown bill back on the floor of the House, with Moderate Democrats back on board. The markets have been worrying about this legislation. Our post on the bill here.

Also today the Obama Healthcare Kickoff Party Summit, see our health care post for details…

The markets have been selling health care since the Obama Budget was released:

Health care companies consider President Barack Obama’s budget a potential profit-killer. Investors agreed and dumped their shares last week, dragging down exchange traded funds.

The budget aims to raise taxes and deduction limits for people who earn more than $250,000 a year.

The ultimate goal is to raise $634 billion to help fix the health care system. The tax hikes will generate $318 billion of that amount, and the rest will be squeezed from Medicare, the government-sponsored health program for seniors.

The Medicare Advantage plans offered by private insurers could lose as much as $175 billion. The Advantage program is on the chopping block because it pays 14% more to providers than Medicare would for the same services.

On the other hand, the U.S. automobile industry and other sectors consider the end of company-sponsored health care the route to international competitiveness.

As a result of the stimulus package all employers are required to set aside a subsidy for a portion of the COBRA premiums for any employee they lay off for- 9 months the employer is required to pay 70% of the premiums.

As we noted in our detailed piece on Health care today, Baucus’ forthcoming health care legislation will reduce the tax deductions employers  receive for their health care contributions as well..

March 5, 2009. Tags: , , , , , , , , , , , , , , . BSG, Cabinet, citigroup, Doo Wop, Economy, Entertainment, Finance, Healthcare, Immigration, Laurell K. Hamilton, Music, Obama Administration, Politics, Saturday Morning Cartoons, Sci Fi, Taxatrion, Taxes, To Have and Have Not, True Blood, Twilight, Uncategorized, Unemployment Statistics, Wall St. 1 comment.

EVERYBODY MUST GET TAXED!!!!!

THEY’LL TAX YOU TIL YOU HAVE A BROKEN  BACK

THEY’LL TAX YOU TIL YOU HAVE A HEART ATTACK

THEY’LL TAX YOU AND THEY’LL SAY THAT IT IS FAIR

THEY’LL TAX YOU AND THEY SAY IT’S JUST THEIR SHARE

OH I WISH WE COULD ALL JUST RELAX!!

BUT EVERYBODY MUST GET TAXED!!!

Rainy Day Women #12 & 35 – Bob Dylan Rainy Day Government #12 & 35 by MiM

Well, they’ll stone TAX ya when you’re trying to be so good,
They’ll stone TAX ya just a-like they said they would.
They’ll stone TAX ya when you’re tryin’ to go home.
Then they’ll stone TAX ya when you’re there all alone.
But I would not feel so all alone,ATTACKED
Everybody must get stoned. TAXED

liberal_taxman_cometh-2999139

(more…)

March 4, 2009. Tags: , , , , , , , , , . Entertainment, Finance, Music, Obama Administration, Politics, Popular Culture, Taxatrion, Taxes, Uncategorized, Unemployment Statistics, Wall St. 2 comments.

%d bloggers like this: