Archive for category Finance

Magazine: Obama Hints At Breaking Tax Pledge

Washington, D.C. (YBH.ME) -  In a move that would be fraught with huge political risk, President Barack Obama has hinted that taxes may be going up for the middle-class.

The President, who made the cornerstone of his 2008 campaign “no new taxes” on the middle-class, could open the door for charges of flip-flopping, or worse outright lying, if he were to raise taxes on those making less than $250,000. Read the rest of this entry »

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Obama Set To Punish Banks, Lets Union-Controlled Auto Companies Slide

WASHINGTON, D.C. (YBH.ME) – In a move sure to be met with resistance from Wall Street, President Barack Obama is set to unveil a tax proposal on Thursday that hits banks with a levy that amounts to 15 basis points or 0.15% of the liabilities on their balance sheet.

UAW presses White House advantage.

The tax will only apply to financial companies with assets of $50 billion or more.  The purpose of the tax is to ensure that the “American people” get back every dollar lent under the TARP program.  Incredibly, the tax will apply to banks who have already paid back the TARP money,  and to banks who never borrowed any.  Over ten years, $100 billion is projected to come into government coffers from the levy.

Ironically, it is the union-controlled auto companies, GM and Chrysler, that will be responsible for most of the loss of TARP funds.  The auto companies are controlled by unions that are highly sympathetic to the President and Democrats,  and are among his and the party’s biggest donors. Read the rest of this entry »

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Obama Meets With Banks, Asks for Lending Increases

WASHINGTON, D.C. (YBH.COM) -  The Roosevelt  Room of the White House was the setting for President Obama’s meeting today with large banking institutions.    He  stated:

America’s banks received extraordinary assistance from American taxpayers to rebuild their industry, and now that they’re back on their feet, we expect an extraordinary commitment from them to help rebuild our economy.

Banks Asked to Lend More Money in Shaky Economy

Banks Asked to Lend More Money in Shaky Economy

Banks which have paid back taxpayer funds have internal priorities to reward employees with bonuses and retain cash reserves rather than lend.  U.S. Bancorp CEO  Richard Davis, the incoming head of the Financial Services Roundtable,  nevertheless assured that he and his fellow bankers understood they should “make sure we are doing the job of banking, which is lending.” Read the rest of this entry »

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Dubai Bailed Out, World Markets Set To Surge

NEW YORK (YBH.ME) – In a surprise move, the government of Abu Dhabi is set to bail out fellow emirate Dubai, to the tune of $10 billion.  $4.1 billion is to be used immediately to rescue state-owned Dubai World.

World's largest building under construction in cash strapped Dubai.

World's largest building under construction in cash strapped Dubai.

In a statement released today, the chairman of the Dubai Supreme Fiscal Committee said “the government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World.” Read the rest of this entry »

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With Benefits, Average Federal Worker Salaries Double Private Sector Wage

WASHINGTON, D.C. (YBH.ME) – The internet news machine is abuzz this morning over a USA TODAY article in which it is revealed that federal workers earn an average salary of $71,206 vs. $40,331 for private sector employees.  While those numbers are striking, an even more disconnected figure is available.

According to the CATO Institute, when benefits are included, federal workers earn far more than those in the private sector and the disparity is growing.

Federal employee wages surge versus private sector.

Federal employee wages surge versus private sector.

The CATO study, released in September, puts the average federal civilian salary with benefits at $119,982 vs. $59,909 for the private sector.   Read the rest of this entry »

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