Mish's Global Economic Trend Analysis |
- Video "Forget About The Price Tag" Wins Paltry $2000 HHS Grand Prize for Promoting Obamacare; What's Next for the Winner?
- Number of Banks and Percentage of Problem Banks Over Time
- Taxed to the Point of No Recovery; France Plans Tougher "Exit Tax"
- Government About to Destroy American Mortgages Permanently Warns Dick Bove; Mish Says Nonsense
Posted: 04 Dec 2013 06:07 PM PST The Daily Caller reports Video called 'Forget About The Price Tag' wins HHS grand prize for promoting Obamacare. The Department of Health and Human Services has crowned a YouTube video entitled "Forget About The Price Tag" as the grand prize winner in a contest meant to encourage young people to sign up for Obamacare.Video of Erin McDonald "You are young and wild and free but you need to stay healthy .... Ain't about the, uh, cha-ching cha-ching. Ain't about the, yeah, bla-bling bla-bling. Affordable Care Act. Don't worry 'bout the price tag." If the video does not play, click on the top link. What's Next for the Winner? For her efforts Erin McDonald wins a paltry $2000. I am quite sure Mish readers could come up with far more than that to get her to sing "Audit the Fed". Alas, that can never happen. Erin has a beautiful voice and just won the political jackpot and probably an invite to the WhiteHouse. More importantly, I bet she gets a multimillion dollar contract from some record company to sing whatever the heck she wants (and I highly doubt it's about Obamacare or the Fed). Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Number of Banks and Percentage of Problem Banks Over Time Posted: 04 Dec 2013 12:53 PM PST Most understand the "too big to fail" banks have gotten bigger and bigger over time as they swallow up smaller banks bit by bit. Here is the concept in picture form courtesy of reader Tim Wallace. Click on any chart for sharper image. Number of Banks Over Time by Type Total Number of Banks Percent of Banks Vs. 1990 Total Problem Banks as Percentage of All Banks Anyone feel any safer by this? Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Taxed to the Point of No Recovery; France Plans Tougher "Exit Tax" Posted: 04 Dec 2013 11:17 AM PST In a feudal as well as futile attempt to keep wealthy French citizens from leaving the country, France hikes the "Exit Tax" on transfers of wealth to outside of France. They also lower the base and increase the number of things on which the tax applies. According to a "pay-walled" article on Le Monde of which I can only read a part ... "The exit tax was established in 1999, repealed in 2005, then reintroduced in the first Amended Finance Act for 2011. The law was intended to limit the temporary exile of entrepreneurs wanting to sell their stakes in more favorable tax conditions than under domestic law." Reader Bran informs me the the article states they plan to integrate collective investment in realty into the realm of the exit-tax. Taxed to the Point of No Recovery Here are some pertinent points on exit taxes and taxes in general by Veronique de Rugy writing for the National Review: France to Beef Up Its Exit Tax. The French government seems committed to taxing itself beyond the point of no recovery. You've heard me talk about how over the years, and in particular over the last four years, France has relied heavily on tax increases in trying to contain its huge deficits. Everyone knows about how President Hollande campaigned for and then proposed a 75 percent tax rate on personal income above €1 million.Tax Policy Theory and Results Tax News reports France Plans Tougher 'Exit Tax' The French National Assembly Finance Committee has adopted an amendment to the country's 2013 year-end supplementary finance bill, toughening the so-called "exit tax."French Flee a Nation in Despair Inquiring minds may wish to consider an excellent article on flight from France on the Telegraph referenced by the National Review: Down and Out: the French Flee a Nation in Despair. Here is the opening statement: The failing economy and harsh taxes of François Hollande's beleaguered nation are sending thousands packing - to Britain's friendlier shores. By 2014, France's public expenditure will become the world's highest, at 57 per cent of GDP Photo: Howard McWilliam Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Government About to Destroy American Mortgages Permanently Warns Dick Bove; Mish Says Nonsense Posted: 04 Dec 2013 01:03 AM PST Citing Dick Bove, Yahoo!Finance reports Government About to Destroy American Mortgages Permanently. Mortgages as we know them are going away in the next four years, warns Dick Bove, vice president of research at Rafferty Capital. Bove, one of the most widely-respected banking analysts in the world, is certain that will have devastating consequences for housing and the rest of the American economy.Affordable Housing Nonsense The results of "affordable housing" programs speak for themselves. In the last decade, hundreds of "affordable housing" programs at the federal and state level did anything but make housing affordable. Together with president George Bush's inane "ownership society", the price of homes skyrocketed, as did taxes on homes. And cities did not use those tax dollars very wisely, did they? Low interest rates, declining lending standards, ownership promotion mentality, 95% mortgages, and a host of other silly ideas fueled the biggest housing bubble in history. Then when housing prices crashed, the Fed and government bureaucracies at every level (city, state, federal) acted in unison, hoping to force home prices back up. So spare me the sap about "affordable homes". Neither the Fed nor government bureaucrats really want "affordable housing". I highly doubt Dick Bove does either. But if by some miracle he does, he sure as hell does not know the best way to achieve that goal. Oh The Horror Bove laments "If there was no Fannie and Freddie, what would be the typical mortgage in the United States?' And, the answer is a 10- to 15-year adjustable rate mortgage." If Bove is correct, that would be a great thing! People would not over-leverage, prices would be stable, and at the end of 10 years people would actually "own" something. California Commercial Banker Chimes In A California Banker friend (ACB) sent me the above link and also chimed in with his thoughts. Hi MishBingo. ACB and I welcome a return to lending sanity and an end to boom-bust cycles sponsored by the Fed and government bureaucrats. Bove believes government can and should promote "affordable housing" even though history (and common sense) suggest the idea is ridiculous. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
You are subscribed to email updates from Mish's Global Economic Trend Analysis To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
Google Inc., 20 West Kinzie, Chicago IL USA 60610 |