Hi KJC, On the bullish media comment/Wall Street comments, <<Jean and Jim earn a joint taxable income of $100,000 ... total tax reduction will be $224>>
… equals one month's worth of utility bill increase in California, plus an extra roll of toilet paper, generic brand.
<<Tom and Theresa have a joint taxable income of $50,000 ... their total tax reduction will be $84>>
… equals one visit to group therapy for stress induced by refinanced mortgage increasing relative to home value.
<<Mary is a single taxpayer with a taxable income of $20,000 ... Next year her total savings will be about $32>>
…equals payment for one date outing due to boyfriend going cheap because of reduced work hours.
<<Says Moody's Lonski: "We have the financial fuel to fund a rejuvenation of the economy">>
… she missed one word after “fuel”, and that’s “vapor”.
<<The savings in their mortgage rates will give Americans still more money to spend.>>
… so that they get into deeper balance sheet trouble in collective effort to save Greenspan’s reputation.
<<"By the end of the summer … increase in household cash flow … mortgage refinancing will
lift consumer spending … August will be a turning point … lower gasoline prices … longer vacation trips … back-to-school sales ... And people will very quickly spend their tax rebate checks>>
… very true, and after that, in time for annual October realization that all may not be well, except minus sufficient FED discount rate ammo and still more tax cuts, even as the recession/inflation or recession/deflation monster emerges from the depth of the abyss, surveying its dinner, all weakened, ready for munching.
<<Affluent people will see their Social Security payroll taxes temporarily decline, and their disposable income rise … gain the equivalent of a $554 a-month tax cut … most of which you probably will spend, further stimulating the economy>>
Wrong, most of which will be lost playing the market as instructed by Greenspan, media and Wall Street, because the stock indices will go lower still before the year is out.
These media and Wall Street folks are simply evil.
Chugs, Jay |
