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Originally posted by redhatty
Stander, maybe you missed THIS which clearly states on page 2
Sales taxes were $452 million lower (-50.9%) than last April
Sales tax collections year to date are
short $327 million (-1.8%) from the
2009-10 Budget Act. Income taxes
were $653 million lower (-1.7%) than
expected, and corporate taxes were
$788 million lower than expected
(-9.5%). The State’s other revenue
streams were $299 million below
(-6.7%) the estimates. Because the
2009-10 Budget Act contained actual
revenue through February 2009,
these disparities only occurred in the
months of March and April.
Banks Won Concessions on Tests,
Fed Cut Billions Off Some Initial Capital-Shortfall Estimates; Tempers Flare at Wells,
The Federal Reserve significantly scaled back the size of the capital hole facing some of the nation's biggest banks shortly before concluding its stress tests, following two weeks of intense bargaining.
In addition, according to bank and government officials, the Fed used a different measurement of bank-capital levels than analysts and investors had been expecting, resulting in much smaller capital deficits.
The overall reaction to the stress tests, announced Thursday, has been generally positive. But the haggling between the government and the banks shows the sometimes-tense nature of the negotiations that occurred before the final results were made public.
Treasurys stay down after trade deficit data
May 12, 2009, 8:37 a.m. EST
www.marketwatch.com...
NEW YORK (MarketWatch) -- Treasury prices remained lower Tuesday, pushing yields up, after a government report showed the U.S. trade deficit widened to $27.6 billion, though not as large as some economists predicted. Ten-year note yields /quotes/comstock/31*!ust10y (UST10Y 3.17, -0.12, -3.50%) rose 2 basis points to 3.20%. Traders also noted Fed Chairman Ben Bernanke's positive comments late Monday on the bank stress tests and a positive tilt in U.S. equity futures as pressures on Treasury prices. Limiting declines, the Federal Reserve is expected to buy bonds maturing 2012 and 2013 during the session.
Originally posted by marg6043
Because our government is not putting much effort on how to make this nation productive again.
news.yahoo.com...
US to borrow 46 cents for every dollar spent
Originally posted by Hx3_1963
California shortfall $21.3 billion if measures fail
www.reuters.com...
A new statewide Field Poll has found historically low approval ratings for the Republican governor and the Democratic- controlled Legislature, just 33 percent for the governor and 14 percent for the Legislature. So their credibility to marshal support for any plan is virtually nil.
Wholesale slaughter of state spending may be their only option. This is a pivotal point in California political history, a fiscal Armageddon.
Originally posted by marg6043
But we know better.
[edit on 12-5-2009 by marg6043]
Originally posted by redhatty
reply to post by stander
Why are you so focused on month to month when the reports are based on year to year???
Do you need to manipulate what you read to justify your stance?
Nowhere did KD say month ot month either, you added that interpretation to his article.
Sales taxes were $452
million lower (-50.9%) than last April,
Originally posted by marg6043
I wonder why we have not heard about AIG lately . . .
They are like a blood sucking vampire they can not get enough.
Originally posted by stander
I'm not manipulating anything by focusing on month-to-month change. That's what the page 2 you recommended to me to peruse as evidence that the 50% figure does exist really says.
Sales taxes were $452
million lower (-50.9%) than last April,
It says "last April" not "April 2008." It's not based on "year-to-year" comparison as you first line claims.
Compared to April 2008, General Fund revenue in April
2009 was down $6.3 billion (-39%). The total for the three
largest taxes was below 2008 levels by $6.3 billion
(Continued on page 2)
(Continued from page 1)
(-40.3%). Sales taxes were $452
million lower (-50.9%) than last April,
and personal income taxes were
down $5.7 billion (-43.6%). Corporate
taxes were $142 million below (-8.6%)
April of 2008.
Even the government’s grim projections may vastly understate the size of the banks’ credit card troubles.
WASHINGTON - The financial health of Social Security and Medicare, the government's two biggest benefit programs, have worsened because of the severe recession, and Medicare is now paying out more than it receives.
Trustees of the programs said Tuesday that Social Security will start paying out more in benefits than it collects in taxes in 2016, one year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner.
Medicare is in even worse shape. The trustees said the program for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year's report.
General Motors’ shares slid to their lowest level in more than 70 years on Tuesday amid increasingly loud signals that the Detroit carmaker is headed for bankruptcy protection within the next three weeks.
The shares were trading at $1.10 at noon in New York, down almost a quarter, which gives GM a market value of less than $700m. By contrast, Toyota, which overtook GM last year as the world’s biggest carmaker by sales, is valued at $120bn.
The Office of Management and Budget released a report yesterday on the budgets and proposed overhauls of Fannie Mae and Freddie Mac that included the possibility of liquidating their assets. But don't get your hopes up.
The two government run mortgage finance companies have been scandalously costly for tax-payers, costing Americans far more in bailout money than they ever saved in cheaper mortgages. The OMB says that the two companies will need at least $92.2 billion more in fiscal 2010. This is on top of the $78.2 billion in aid they've received since they were taken over by the government in September.
The entire point of having Fannie and Freddie operate as government sponsored entities was that they could borrow at lower rates than purely private companies. This savings enabled them to make mortgage loans at lower rates, and allowed them to buy up or guarantee mortgages from private lenders at rates that would otherwise have been uneconomical. Over the years, Fannie and Freddie may have saved Americans as much as $100 billion in mortgage payments. Now the OMB says they'll need that much just to get through next year.