January 26th, 2012 | 
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Now that Congress appears finally to have reached a compromise on what must be one of the worst pieces of legislation in years — the temporary payroll tax holiday extension — let’s survey the damage. To begin with, what even minimally rational government enacts payroll tax relief for just two months? As a matter of practicality alone, it makes no sense. The National Payroll Reporting Consortium, representing those who process paychecks, said of the two-month extension passed by the Senate just days before the new year: “There is insufficient lead time to accommodate the proposal,” because “many payroll systems are not likely to be able to make such a substantial programming change before January or even February,” thereby “creat(ing) substantial problems, confusion and costs.” The final compromise appears to tweak this a bit to make it less onerous for small business. But what were they thinking in the first place? What business operates two months at a time? The minimal time horizon for business is the quarter — three months. What idiot came up with two? US businesses would have to budget for two-thirds of a one-quarter tax-holiday extension. As if this government has not already heaped enough regulatory impediments and mindless uncertainties upon business. But making economic sense is not the point. The tax-holiday extension — presumably to be negotiated next year into a 12-month extension — is the perfect campaign ploy: an election-year bribe that has the additional …
Alberto Padillia
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Jeromy Vanliere
www.slashmydebtquick.com What to consider in the top ways to pay off credit cards. Getting a consolidation loan. With debt consolidation as one of the ways to pay off credit cards, you take out one large loan and then use that loan to pay off all the smaller loans. This leaves you with just one monthly loan to pay. Many companies that provide this service charge a high interest rate which may extend the length of payments. One major trap here when seeking debt relief that many people fall into is that once this line is taken the person ends up just charging more debt on what they have just paid off. It may also put your home at risk of foreclosure if a home equity loan is used and you are unable to keep up with the payments. Credit Counseling. Most of these companies are “non-profit”, but they actually get paid by the companies they work with. They can help you reduce your interest rates, but you still have the same amount of debt. The success rate of people who stick through till the end of the plan with these companies is very low for people who use this as one of the ways to pay off credit cards. More Ways To Pay Off Credit Cards. Debt Management. There are companies that offer to manage your debt for you by taking over your monthly payments and distributing the money among your creditors with whom they’ve often worked out lower payments and lower interest. One problem with this is that when you later try to get a loan you will be treated the same as if you had filed …
Helaine Chow
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David Keitt
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Adolfo Shofestall
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Geoffrey Moultry
Here’s the latest news for Wednesday, Nov. 16: Gunshots fired near White House investigated; President Obama visiting Australia; Demonstrators return to New York’s Zuccotti Park, Email outlines reaction to alleged Sandusky attack.
Fermin Goldsworthy
31 Oct 2011 Bloomberg Zanny Minton Beddoes — Economics editor, the Economist I think foreign minister Lambrinidis has put a very positive spin on it. I think it is a good deal for Greece in the sense that finally there is a more serious debt reduction for Greece. But if you look beyond that, as our cover shows which has a picture of a sieve, there are a lot of holes in this plan. The holes are that it had to do three things: (i) Deal with Greece — it sort of did that; (ii) Deal with Europe’s banks; and (iii) Put a firewall around countries like Italy and Spain which are embattled but which are not insolvent. On that bit it really didn’t do very well. These rescue funds for Europe, they are at 440bn euros. The idea was they need to bolster them ‘cos that’s not enough to save Italy or Spain. We could have the European Central Bank, basically they are refusing to help out there. We could have the Germans putting up more money, they refuse to. So you had to figure out a way to turn 440 billion euros into something like 1 trillion euros or more. And they said they did it. But if you actually look at the fine print all they’ve done is they’ve created some financial structures that they hope are going to kind of encourage others to invest. They are hoping for example that the Chinese will invest in special purpose vehicles (SPVs). But right now we don’t actually have any new money. We just have some financial structures that are designed to be the sort of building blocks of a …
Marc
The international rating agency, Fitch, has placed the US on a negative outlook regarding its sovereign credit. This follows the failure of the Congressional super committee to reach an agreement on a debt reduction plan. Fitch says if Congress doesn’t agree on a deal, it will downgrade the country’s triple A rating in 2013. This comes as Standard and Poor’s have an AA+ with a negative prospect for the US, while Moody’s has stayed with a triple A rating – the highest possible – with a positive outlook. Information provided by cctv.com Thank you www.cctv.com To watch CCTV News 24 live news feed click here: english.cntv.cn www.youtube.com
Freda Jongeling
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Stacey Goodier