Archive for the ‘economy’ Category

Ontario’s Deficit Shrinks – Good times Ahead!

Thursday, September 13th, 2012

Good times are here again, as the Ontario liberals have just announced that the annual provincial deficit has SHRUNK to just over $13 billion:

Ontario’s deficit has shrunk to $13 billion after initial budget projections of $16.3 billion proved overly pessimistic.

The projected deficit was dropped to $15.3 billion in March and ultimately revised to $14.8 billion in April.

The latest revision took into account the “tax-the-rich” initiative demanded by the New Democrats — and agreed to by the Liberals in exchange for support in the legislature to pass the budget — which slaps a surcharge on high-income earners.

Finance Minister Dwight Duncan said his government is two years ahead of its plan to balance the books.

High fives all around in liberal country, we’re on our way to prosperity…no matter how much it costs.

Keep in mind that California, with a population 3x that of Ontario, is on the verge of bankruptcy after declaring a $20 billion shortfall this year (and for many years previous). Ontario has seen its credit rating cut twice since the liberals took power 9 years ago, but apparently a $13 billion shortfall is great news. When the liberals took power, Ontario was running a $5 billion deficit, but those numbers are for pikers when compared to the deficit the liberals have been running. For many years, the liberals were running over $20 billion annual shortfalls, and yet the good citizens of Ontario had the smarts to vote them back in, not once, not twice, but three times. Talk about getting the government you deserve.

How did the liberals *bring down* the deficit so much? Hmmmm, most likely after a session of sniffing glue and drinking bourbon, they projected a far higher deficit than what they knew would come in…let’s say $16.3 billion. When the deficit came in at $13 billion (the number they realistically thought it would be in the first place), they put on their party hats, cracked open more taxpayer-funded booze, and held a news conference touting the FACT that they are now fiscally responsible.

And how do the liberals intend on cutting the deficit to zero by 2017 as they promised? Haha, that’s 5 years from now, who the hell is going to remember that promise? The media won’t. The good citizens of Ontario won’t. The credit agencies will though. And by that time, the liberals will have a new boogeyman to blame our fiscal woes on, anyway.

Victoria Grant, 12, Explains How “The Banks And The Government Have Colluded To Financially Enslave The People Of Canada”

Wednesday, May 16th, 2012

Ohhhh, she memorized that speech, you say? Every child should memorize her speech, The Mayor says.

Radio Shack Posts Big Losses – People Wonder: What Is A Radio Shack?

Wednesday, April 25th, 2012

From the folks that still sell 8 tracks and strobe lights, Radio Shack is on the ropes:

RadioShack Corp. lost money in its first quarter as sales dropped, particularly in U.S. stores. The electronics seller’s stock plummeted to an all-time low Tuesday morning.

The loss is another sign of a brick-and-mortar electronics business that is flailing. Retailers like RadioShack and Best Buy Co. have struggled as buying habits increasingly move away from devices like computers and cameras to tablets and smartphones, which are less profitable for the retailer. Stores are also dealing with consumers “window shopping” then buying products for less from online competitors such as Amazon.com Inc.

Radio Shack isn’t exactly a bellwether store when it comes to predicting the health of the electronics industry, but it is a bellwether when it comes to predicting the health of battery sales. Because let’s face it, has anyone in North America actually bought anything at a Radio Shack in the last 20 years that didn’t have the word Eveready of Duracell on the packaging?

The Mayor isn’t saying that Radio Shack has a broken business model, but unless CB radio, karaoke, and cheap solar-powered clocks start making a comeback, Radio Shack might be wise to change their name to Yogen Fruz.

Fastenal

Tuesday, April 24th, 2012

Wow. That’s neat. Golly.

Tax Groceries, Collect More Taxes, Live Large

Wednesday, March 7th, 2012

Two of Canada’s to economists have concluded that taxing groceries and other items which are not currently subjected to the GST, would raise over $39 billion annually:

By eliminating the set-asides such as medicines, books, financial services and especially food, governments could reap an additional $39 billion in revenue annually — about 60 per cent higher than current levels.

“In reality, Canada’s VAT (value-added tax) is riddled with exemptions, rebates and reduced ratings that seriously damage its effectiveness,” Smart writes in an update of a paper he delivered to a conference in Calgary last fall.

And what would the extra revenue be used for?

That cash bonanza could be used to cut income taxes, fund social services, or both, or even to cut almost in half the 12-to 15 per cent Canadians pay in harmonized sales taxes in most provinces.

There are three examples where the money could be used: cutting income tax, lowering the HST, or funding social services. Which of these three do you think the government would pick?

If the government had an extra $39 billion a year in its coffers, you can rest assured we would have a Ministry of Strawberry Jam sprout up within minutes.

Of course, Canada’s top economists failed to add that with an extra $39 billion, Canada could start chopping away at its debt. But what do you expect from the top economists in Canada?

The Mayor would actually be all for the idea of taxing everything under the sun at the same rate if he knew the money would be used to lower income tax, but there isn’t a snowballs chance in hell that would ever happen. And the reason behind that is that every leech and bloodsucker in Canada doesn’t pay income tax. They are, in the words of the mighty Fenris Badwulf, “Tax Spenders.”

You see, there’s nothing in it for them. Sure, if we started giving away free contraceptives like what the sluts in the US want, then sure, they would be all for that, or, if we gave gave gave gave gave them more of everything, they would sign off in a Scarborough minute. But there’s nothing in it for them, so it would be framed as “anti-poor”, or ‘anti-immigrant”, or anti-gay”, or whatever treat of the week is in vogue at the time.

So no, taxing everything at the same rate will not work, and the idea needs to be taken behind the barn and shot to death like an endangered owl in the sights of DMorris.

Lest We Forget.

The Rich Are A Hurtin’

Monday, March 5th, 2012

It seems the economic downturn – that may or may not be happening – is affecting the rich as well as the poor. Since the poor don’t matter, have a boo at how the economic downturn – that may or may not be happening – is affecting the rich:

Schiff, 46, is facing another kind of jam this year: Paid a lower bonus, he said the $350,000 he earns, enough to put him in the country’s top 1 percent by income, doesn’t cover his family’s private-school tuition, a Kent, Connecticut, summer rental and the upgrade they would like from their 1,200-square- foot Brooklyn duplex.

“People who don’t have money don’t understand the stress,” said Alan Dlugash, a partner at accounting firm Marks Paneth & Shron LLP in New York who specializes in financial planning for the wealthy. “Could you imagine what it’s like to say I got three kids in private school, I have to think about pulling them out? How do you do that?”

Scheiner said he spends about $500 a month to park one of his two Audis in a garage and at least $7,500 a year each for memberships at the Trump National Golf Club in Westchester and a gun club in upstate New York. A labradoodle named Zelda and a rescued bichon frise, Duke, cost $17,000 a year, including food, health care, boarding and a daily dog-walker who charges $17 each per outing, he said.

The malaise is shared by Schiff, the New York-based marketing director for Euro Pacific Capital, where his brother is CEO. His family rents the lower duplex of a brownstone in Cobble Hill, where his two children share a room. His 10-year- old daughter is a student at $32,000-a-year Poly Prep Country Day School in Brooklyn. His son, 7, will apply in a few years.

“I can’t imagine what I’m going to do,” Schiff said. “I’m crammed into 1,200 square feet. I don’t have a dishwasher. We do all our dishes by hand.”

He wants 1,800 square feet — “a room for each kid, three bedrooms, maybe four,” he said. “Imagine four bedrooms. You have the luxury of a guest room, how crazy is that?”

The Mayor is sure that we all hurt for the lowly investment banker, and with that, The Mayor feels it is his duty to give some helpful words of advise to those who are making a tremendous sum of money each year, but are finding it hard to “make ends meet”. This is courtesy of Kavin Chandra:

hello sir

Sir I want to examine about the mail I am getting.sir this is from MICROSOFT AWARD CLAIMS OFFICE delarng me winner of Microsoft and giving me money 500000 pounds.Now on 11 december they take payment from me in Account Name: W. KAVICHANDRA SINGH

Account Number: 20039329453

Bank Name: STATE BANK OF INDIA

Branch: R.K PURAM and the phone number they use is 09953066957.They send it through courier taking courier charge s 15000 Rs Global Security And Delivery Freight Service {G.S.D.F.S} Customer/Delivery Services Department united kingdom.Now he sid Indian coustom is demanding 41,000 Rs which I will hve to pay in mornng he was sayin for four thousand which is deposited by my brother in GARMA.FASOIN./C No 072005000494 icici bank.But when reected by my family he sid that I am going back but his number is still orking.Now a mail come from Microsoft for sending it through Bank I said ok in that case they provide me Westhamp Shell Online Bank Plc they said to pay me 20,000 rs they said after that you will be able to proced ACCOUNT INFORMATION’S

The Mayor prays this helps.

MF Global – About That $600 Million That’s Still Missing…

Monday, November 21st, 2011

Ya, well it’s actually closer to $1.2 billion:

The trustee liquidating MF Global Holdings Ltd’s broker-dealer unit said on Monday the apparent “shortfall” of customer funds may be around US$1.2-billion, roughly double initial estimates from regulators.

“The trustee believes that even if he recovers everything that is at U.S. depositories, the apparent shortfall in what MF Global management should have segregated at U.S. depositories may be as much as US$1.2-billion or more,” trustee James Giddens said in a statement. He added that the amount could change.

Key words, “or more.”

The Mayor supposes that any day now Jon Corzine will be interviewed about his involvement in this mess. Yesterday wasn’t the day though, today isn’t the day, and tomorrow it looks like we might get rain, so you’ll want to scratch that off the list. Who knows, maybe next week he’ll scurry out from the rock from which he’s hiding and say something. Anything really. Then again, that’s not all that likely. After all, if you now Google search the name “Jon Corzine”, a picture of a Jamaican beach comes up.

Move Over Freddie, That Bitch Fannie Needs More Money

Tuesday, November 8th, 2011

Last week it was Freddie needing an additional $6 billion ($73 billion since 2008), and now it’s Fannie to the trough:

Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $7.8 billion in federal aid to stay afloat as a shaky housing market widened its third-quarter loss to $5.1 billion.

Fannie Mae has now drawn $112.6 billion in bailout funds from the Treasury Department since being seized by the government in 2008 as mortgage losses mounted.

I wonder where the treaury department gets their bailout funds from?

Freddie Mac – Huge Losses, Again

Thursday, November 3rd, 2011

Rinse and Repeat:

Mortgage finance giant Freddie Mac said on Thursday it will seek an additional $6 billion from U.S. taxpayers following its worst quarterly loss this year.

The government-owned company reported a comprehensive loss in the third quarter of $4.4 billion, it said in a filing with the U.S. Securities and Exchange Commission. That compared with a $2.5 billion loss for the same three-month period in the prior year.

Freddie Mac has drawn $72.2 billion from the government since it was taken over at the height of the financial crisis in September 2008. The government seized both Freddie Mac and larger rival company Fannie Mae as mortgage losses at the two firms piled up and threatened them with insolvency.

The Greek Referendum – It Aint The End Of The World

Wednesday, November 2nd, 2011

As you have no doubt heard by now, Greek PM, the G’Pap, called for a “citizen’s referendum” to decide whether or not to accept the bailout package offered by the Euroscum last week. You would think this would be considered a wonderful thing – imagine, the citizen’s of Greece deciding the path and future of their country. But that’s not how Euro leaders and the banking cartel see things. Euro leader after Euro leader have denounced the G’Pap, claiming the referendum is “dangerous”, it “threatens all of Europe”, it “doesn’t help!”

Grow a pair, ya bunch of nutless Euroweinies.

Even though Greece is a basket case and deserves every financial hit that’s coming to it, The Mayor is actually impressed that the G’Pap is giving Greek citizens’ the opportunity to participate in Democracy. Because that’s what this is all about when all is said and done. If the Greek’s turn down the bailout package, Monday night football will still be played the following Monday. If they say yes to the bailout, Monday night football will still be played the following Monday. The world won’t end either way.

Let’s say the Greek’s say no to the bailout and Greece defaults, what does that mean for you? Nothing. It’ll mean nothing. However, it’ll be a good kick in the groin to big banks around the world as well as bond holders.

You see, the big banks and the bond holders took a chance by buying Greek debt. If Greece defaults, they lose. You don’t lose, THEY lose. If the Greeks say yes to the bailout, these big banks and bond holders will be covered. By the taxpayer. Greek’s say no, banks and bond holders lose. Greek’s say yes, taxpayers lose and banks and bondholders win. Read that again. And again. Now go read that again.

But, but, but, Europe could fall apart! Then let it.

The big banks and bond holders took a chance on a crappy country and should lose if they default. Taxpayers shouldn’t lose. If you go to the casino tonight and bet all your money on red 34 at the roulette table and lose, that’s tough. YOU pay, not me. Same with the banks and bond holders. They should have been smarter. But to expect taxpayers to fund their bad decisions? Eat me.

The Greek referendum is a good thing – it’s democracy in action. And that’s why the nutless Euroscum hate it.

It Just Doesn’t Stop…

Saturday, October 29th, 2011

 

Present Obama administration investments in the electric car business are as follows: Fisker is a California company that was granted a Department of Energy loan of $529 million (one-half billion plus), they plan to build cars in Finland and the two-seater car retail cost is $96,985. Sales are unreported but I have never seen one. Tesla, another California producer (they don’t call it the Land of Fruits and Nuts for nothing), obtained an Obamaloan for $465 million, their car costs $109,000.00 and they have sold 120 cars since start-up in 2009. Last but far from least is the Chevrolet Volt, produced by Government Motors, which is about 50/50 owned by the United Auto Workers and the government. So the taxpayers, in fact, financed the entire project. The Volt costs $40,000 as a basic unit, and since start-up GM has produced 1,536 cars. The only remaining issue is would you invest in one of these loser mistakes?

Lest you suffer the delusion that automobiles are the only losing proposition of this administration, let me enlighten you. You may be cognizant of Solyndra, but you actually have no idea how bad this all is. The mainstream has reported on almost nothing except that the taxpayers are on the hook for one-half billion dollars, $535 million to be exact. The loss of 1,100 jobs in this case is incidental. There is enough payola in the Solyndra affair to fill Sing Sing, that spa on the Hudson. $10,000 to the University of Chicago Medical Center, $53,500 to the president’s election campaign 2008. The Medical Center was where Michelle, Barry, David and Valerie were employed. Solyndra was the company that gave the California Democrats a $7,500 present and in which the Democratic Committee of California had shares. Why do you suppose that just days before declaring bankruptcy Solyndra was able to re-negotiate their loan guarantee and chucked the taxpayers under the bus?

From this administration’s beginning, there have been 13 solar based loans. Every single one of them has been a loser and the two just made will also go belly up sooner than you think. Notable September losers have been Evergreen Solar with a loss of $5.3 million and SpectraWatt with $500,000. In fact, of the 13 outstanding solar power energy loan guarantees none, to our knowledge, is today operational. Information on losses has been removed from public records.

We are sorry to report that many lobbyists will take it on the chin in 2012 as McAllister &Quinn, McBee Strategic and the Rice Hadley Group (Condoleezza’s business) lost their Solyndra account. Total administration solar loan guarantees now exceed $6.5 billion. Not one has been repaid, shown a profit or produced reasonable sales in comparison to the invested monies.

The latest loan guarantee was to Sun Power (SPWR-NASDAQ) for $646 million to produce solar panels in Mexico. To accomplish that they opened a production plant in Mexicali, Mexico. Loans for cars to be made in Finland and now loans to make solar panels in Mexico … “Pass the Jobs Bill Now”! Wait – Sun Power has a capitalization of $800 million and a debt of $820 million. So we are in the process of loaning a bankrupt company $646 million that on the day of the loan reduced the value of the government loan to $626 million. Furthermore, the debt load of Sun Power just exploded to $1 billion 466 million and assets of $800 million, or a net loss balance of $666 million. Let me guess – you would immediately invest in this mistake? Didn’t think so!

The very next issue is Tonopah Solar that was part of the Dr. Chu-issued $1.383 billion loan guarantees made on the last day of September. Oh, I almost forgot. The Sun Power loans are reported to create jobs at a cost of $23 million per job. “Pass the Jobs Bill Now”! The Tonopah loan is for $737 million and according to their Internet site will create 50 new jobs – simply outstanding! That is better than the others, at only $1,474,000 per job created. Please. Please, someone, send Dr. Chu a calculator! Just by the way, Tonopah Solar is a subsidiary of another subsidiary and is to build this plant on technology licensed from a third source. No plant like this has ever been built so you can understand why the private sector is leery of financing it.

That brings us to ethanol…

Continue Reading

Who Are The 1%?

Friday, October 28th, 2011

These are the folks that are considered the *super rich*. The hated. The despised. Yet, they are not all Wall Street execs. What gives with that?

If we are to crush the 1% (ultimately that’s what the OWS wants – distribute the wealth, dontchaknow), then we better start rounding up all the lawyers, professors, teachers, doctors, pilots and farmers, because they are not the solution, they are the problem.

**Chart by Mother Jones (spit).