Show-me Account Talk

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Re: Peter Schiff

alevin said:
I will take a look at CPs calcs, haven't looked hard enough yet at it to know whether double-jeopardy tax consequences are figured in or not. Are they, CP?
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Not sure what you mean. Currently, the calculator does not compare HELOC's, in which there would be tax considerations...only credit card loans, car loans, etc. I doubt many people would take out a TSP loan to pay off a HELOC...that does not make sense since it's a longer term loan, tax deductible, and low payment.
 
Re: Peter Schiff

Corepuncher said:
Not sure what you mean. Currently, the calculator does not compare HELOC's, in which there would be tax considerations...only credit card loans, car loans, etc. I doubt many people would take out a TSP loan to pay off a HELOC...that does not make sense since it's a longer term loan, tax deductible, and low payment.
Click to expand...

No no, not talking about paying off HELOC with TSP. Talking about the fact that TSP loan in essence ends up getting taxed 2x, whereas HELOC funds are taxed 1x and get to write off the interest on home loan if convert to fixed rate. For me the question is to take out a HELOC OR take out a TSP. Not one to pay off the other.
 
wv-girl said:
CB-Did all Feds receive this info? Or just DC and surrounding areas?
I don't see how anyone can spend that much $ on this. The Fed employees in DC area have been receiving emails from our ethics dept telling us what we can and cannot except, ie. if we plan to attend....we have to buy our own tickets....

Presidential Inauguration Guidance


Are you planning on attending inauguration events? If so, and you are a Federal employee, there are a few things you may need to know.

You do not need ethics clearance if you meet the following conditions:
  • <LI class=MsoNormal>You purchase a ticket to any of the inaugural balls using your own funds. <LI class=MsoNormal>You plan on attending the inauguration ceremony or parade utilizing spaces open to the general public. <LI class=MsoNormal>You were one of the lucky few who were given swearing-in ceremony tickets by your U.S. Representative, U.S. Senator, or other elected official. <LI class=MsoNormal>You plan on standing on the Mall to watch the ceremonies. <LI class=MsoNormal>You plan on standing in any of the public viewing spaces. <LI class=MsoNormal>You purchased a ticket to any of the viewing stands using your own money. <LI class=MsoNormal>You volunteer for the inauguration committee or other groups.
  • You let someone stay at your house (without charging them) so they may attend the inauguration.
You may need ethics clearance if you meet the following conditions:
  • <LI class=MsoNormal>A business or other organizations purchased a ticket for you or gives you a ticket to any of the inaugural balls. You need to ensure that the business is not a prohibited source or that the cost exceeds allowable dollar limits for gifts. <LI class=MsoNormal>A business or other organization purchased tickets for you, gives you a ticket to a viewing stand, or offers you free hotel rooms or limo service You need to ensure that the business is not a prohibited source or that the cost exceeds allowable dollar limits for gifts. <LI class=MsoNormal>You are invited to attend an inaugural event that provides free food or at which you are given a gift/souvenir of the event. If the value of the food or gift exceeds allowable limits, you will need to obtain ethics approval. <LI class=MsoNormal>You rent/lease your house/apartment/condo to an individual and/or corporation for inauguration events. You need to be careful that the renters are not prohibited sources. Contact the NIAID Ethics Office.
  • You were given tickets to any of the private viewing stands. You need to ensure that the tickets are not from a prohibited source or that the cost exceeds allowable dollar limits for gifts.
Thanks,
Click to expand...

No I don’t plan on attending :laugh: you must have me confused with simething who cares, plus it ain't worth a day of AL to see BHO sworn in. The only things that us Feds in hinterlands receive about gifts, is it better not be anymore expensive than approx $20 or a ball hat or a lunch, given it first meets an array of parameters or whatever our annual ethics training says. And if we are unsure, we must contact our legal department for approval before we eat.

The money being spent it is all over the news and I just figured that our monarchy are above the rules and regulations that apply to use peons and their ethics training must be different,,,,like they need to have no ethics, since they can make the rules up as they go along.

http://news.yahoo.com/s/ap/20090117/ap_on_go_pr_wh/inauguration_spending

CB
 
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Re: Peter Schiff

alevin said:
No no, not talking about paying off HELOC with TSP. Talking about the fact that TSP loan in essence ends up getting taxed 2x, whereas HELOC funds are taxed 1x and get to write off the interest on home loan if convert to fixed rate. For me the question is to take out a HELOC OR take out a TSP. Not one to pay off the other.
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It would also depend on your perceived tax liability. I pay almost no taxes at my income level because of my deductions and child tax credits. One year I paid $147 in tax liability so my loan is not really taxed. Last year it was not over $1000.

Now to get there I maxed out my FSA and my TSP contributions was over $5000 and a traditional IRA of $4000. That was a very lean year. This year will be different.
 
I have never owed taxes except for State. I am referring to total tax liability. I get no overtime so my income is my base.
 
My exemptions are spot on but the child tax credit helps me out tremendously. If it was not for that I would owe big time.
 
Part of the BAILOUT should be to follow Jimmy Carter (thought I'd never say that?) make ALL interest on ALL loans deductable. That would stimulate the economy BIG TIME!! It worked before it should work now!!:cool:
money1.gif
 
I agree with you CB. The next four years will be interesting. :(

What happened to the free market? Do we really need 50 large banks? We have too many choices. So what if some have to declare bankrupt and reorganize...maybe next time management will do it better...like Chrysler did.
 
AP
UK: banks to get more cash if they pass it on
Sunday January 18, 4:52 pm ET UK says it will only give more money to banks if they agree to pass it on to borrowers
LONDON (AP) -- Britain is bailing out its banks. Again.
Only three months after the government put 37 billion pounds (now about $55 billion) into shoring up its shattered financial system, Prime Minister Gordon Brown says he's about to announce new measures to help Britain's banks stay on their feet.

At the root of the problem lies what Brown's treasury chief, Alistair Darling said Sunday were "blockages in the system" which have prevented the money pumped into the financial sector from seeping into the wider economy. Interest rates on mortgages remain high and the number of loans remains low. With banks poised to return dismal earnings reports, Britain is again putting up taxpayer money to guarantee their wobbly balance sheets.

But this time, Darling says, that money will have to be passed on. The chancellor told Sky news television that banks would have to "enter into binding agreements to make sure that, if we put additional money into the system, that it goes to the people and businesses it is designed to support."

Just how much money Brown is prepared to insure, and the exact mechanism involved, isn't clear.

http://biz.yahoo.com/ap/090118/eu_britain_meltdown.html
 
Hey the UK is throwing money down the well too. All together now, hummmmmmm. And they want to make sure they loan it out. LOL Just send everyone a stimulus check, it worked for us.;) Send me another I promise it will work.
 
Employment Numbers Are Worse Than Posted

First, I have to address some more government data that can be misleading. We were told Thursday that initial unemployment claims were "only" 524,000. The talking heads immediately said that was proof the economy is simply bad, not falling off a cliff. Again, like last week, that seasonally adjusted number masks the real number, which was 952,151. That is not a typo. There were almost 1 million newly unemployed last week! That is up over 400,000 from the same week in 2008, while the seasonally adjusted number was up only 200,000. Last week the real number was 726,000, so this is a material rise of over 225,000, yet the seasonally adjusted number suggests a rise of only 57,000 from last week.

The continuing claims data leaped over 500,000 to (again, not a typo!) 5,832,746. The length of time people are staying unemployed is also rising rapidly. We are up almost 1.5 million new continuing claims in just the last five weeks. That is a stunning rise of over 30% in unemployment claims in just over a month. The data is truly ugly, but it is what it is.

When you are in periods where there are deep outliers to the data because of very real turning points in the economy (such as we are going through now), the seasonally adjusted numbers can mask the real underlying trends, both up and down.

http://www.safehaven.com/article-12357.htm
 
Dillinger, Capone, Bonnie and Clyde, Baby face Nelson, Valentines Day Massacre, J. Edgar Hoover, FBI, bootlegging, moonshine, all have a common father.

Economic troubles and class warfare because of it. The public looked at them as hero's in some sense because they were stealing from the wealthy banks and spreading the wealth while Hoover and the new FBI was trying to catch them.

I watched a very interesting piece on the History Channel that made the correlation.

I say crime goes up across the board. Drugs, prostitution, murder, kidnapping, etc. That show was very eye opening that history DOES repeat itself.
 
Show-me said:
Employment Numbers Are Worse Than Posted
http://www.safehaven.com/article-12357.htm
Click to expand...

And that is a reason why I will be 100G before the January employment report comes out. Holidays are over and companies are doing some serious cutting.

But the main reason...financials. The largest financial institutions in the country are at the heart of the matter. Bank of America...Citibank...just ponder those names and what is happening to them. They will be owned by the government essentially. The economy is owned by the government! Once foreign countries figure this out and as our jobs continue to deteriorate, they will probably start being protectionists and stop funding our "rebate checks." The cost of funding for the goverment can only go up from here...just look how low rates are and how high treasuries are. This, right now, is the best it's going to be. Enjoy it while it lasts...make sure to refi and remember those plastic things called credit cards...they won't be around much longer....at least not the majority of them. Ahh...what a nice feeling to know that WE THE PEOPLE will be paying off defaulted credit cards. Screw the prudent and responsible people. Obama = Welfare America. This crisis is the perfect cover for him to push his agenda.
 
Show-me,
I've been quiet so far, lots going on, but mostly due feeling lost in this whole market, with all the continuing PPT and Institutional manipulations.
Anyway, I hope you don't mind my posting the link below in your thread...

http://www.wimp.com/thegovernment/
- a real eye-opener for me, and I thought of you primarly when I watched it. :blink:
I'd like to hear yours and other folks thoughts on it - as I feel its very important in its current implications- and VERY timely!!
 
hessian said:
Show-me,
I've been quiet so far, lots going on, but mostly due feeling lost in this whole market, with all the continuing PPT and Institutional manipulations.
Anyway, I hope you don't mind my posting the link below in your thread...

http://www.wimp.com/thegovernment/
- a real eye-opener for me, and I thought of you primarly when I watched it. :blink:
I'd like to hear yours and other folks thoughts on it - as I feel its very important in its current implications- and VERY timely!!
Click to expand...


I'm not Show-me but I enjoyed the video. Thanks for posting it.

My opinion? We're screwed...
 
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