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Originally posted by ProfEmeritus
I've starred all of your posts, because it is obvious that all of you understand what is happening. Isn't it amazing that our "elected" officials can't see it?
According to Edmunds, only 125,000 of the 690,000 cars sold during the taxpayer-funded promotion were sales inspired by the program as opposed to those that would have happened anyway. Edmunds then divided that number by the total price tag and voilà: Each car purchased cost the American taxpayer $24,000.
WASHINGTON -- The rush to implement a tax credit for first-time home buyers opened the program up to potential fraud by people who hadn't bought a home or already owned one, Congress was told Thursday.
J. Russell George, Treasury Inspector General for Tax Administration, questioned the eligibility of some 100,000 claims out of the 1.5 million who have sought to take advantage of the $8,000 tax credit incorporated in the economic stimulus package enacted last February.
He said claimants include those who could possibly be illegal immigrants and that 580 people seeking $4 million from the first-time home buyer credit were under the age of 18. The youngest taxpayers receiving the credit were 4 years old, his office said.
Originally posted by ProfEmeritus
reply to post by silent thunder
Great find. Thanks for posting those papers.
Isn't it amazing that rather than LEARN from past mistakes, Congress and the last two administrations seem hell-bent on REPEATING the mistakes of history?
Obama even said that he wants to emulate FDR- well he's certainly doing that, unfortunately.
...pick up any magazine that just came out, and you'll see that the date is probably a future date.
But while the US and global economy have begun a modest recovery, asset prices have gone through the roof since March in a major and synchronised rally. While asset prices were falling sharply in 2008, when the dollar was rallying, they have recovered sharply since March while the dollar is tanking. Risky asset prices have risen too much, too soon and too fast compared with macroeconomic fundamentals.
...
So the combined effect of the Fed policy of a zero Fed funds rate, quantitative easing and massive purchase of long-term debt instruments is seemingly making the world safe – for now – for the mother of all carry trades and mother of all highly leveraged global asset bubbles.
...
But one day this bubble will burst, leading to the biggest co-ordinated asset bust ever: if factors lead the dollar to reverse and suddenly appreciate – as was seen in previous reversals, such as the yen-funded carry trade – the leveraged carry trade will have to be suddenly closed as investors cover their dollar shorts. A stampede will occur as closing long leveraged risky asset positions across all asset classes funded by dollar shorts triggers a co-ordinated collapse of all those risky assets – equities, commodities, emerging market asset classes and credit instruments.