Tag Archives: budget

Obama Budget: DOA

By Admin | Published: February 14, 2011

My friend Larry Kudlow has been writing and promoting the idea that President Obama has acted in a similar fashion to former US President Ronald Reagan. With tax cuts and supply side like tendencies, Larry is hopeful of additional actions like a corporate tax cut that would aid the economy and job growth.

Don’t worry Steve Forbes, I don’t think President Obama is quite there yet…..but he will share another political attribute today. Obama’s budget will be declared DOA as it won’t cut spending deep enough and it will include tax increases. If memory serves correctly, this was how President … …READ MORE

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Ultimate Economic Mixed Metaphor: The Obama Budget

By Admin | Published: February 1, 2010

Today, President Obama holds a press conference to discuss the details of his 2011 budget. According to the press release, here are the key facts:
Overall 2011 Spending: $3.834 trillion.
2011 Discretionary Spending: $1.415 trillion.
2011 Projected Deficit: $1.267 trillion or 8.3 percent of GDP (down from $1.556 trillion or 10.6 percent of GDP in 2010).
10-year Deficit Reduction: $1.2 trillion, excluding war savings.
Tax Cuts: More than $300 billion in the next 10 years for individuals, families, and businesses.
The White House fact sheet also contains these highlights: “The Budget includes $100 billion for immediate job-creating investments in small … …READ MORE

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Rookies Making Rookie Mistakes

By Admin | Published: March 26, 2009

Yesterday, we had some questionable reporting on US Treasury Secretary Geithner’s comments on the US dollar. Geithner was commenting on a Chinese proposal to develop a new world reserve currency. Appearing in Congress on Tuesday, Geithner said he didn’t think it was a good idea to replace the US dollar as a reserve currency. Both Ben Bernanke and Barack Obama said the same thing. Yesterday, Geithner said he was quite open to China’s suggestion of moving toward a SDR-linked currency system. He added that the dollar’s role in global financial system depends on establishing sustainable fiscal position.

The US dollar … …READ MORE

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Today at 11:20 AM ET, I'll be appearing on CNBC's the Call discussing China's call for a new world currency and what it means for their investments into the United States.

By Admin | Published: March 25, 2009

Quiz Time!

Which of the following has helped make stock prices go up over the last two weeks?

1. Positive economic data
2. Positive bank earnings comments
3. Ben Bernanke: no failure of major bank
4. Fed QE program
5. Tsy Toxic asset plan details
6. Positive housing sales and prices
7. ? on suspending MtM and reinstalling uptick rule.
8. Bonus claw back bill stalling.
9. Soaring mortgage applications
10. Stalling of Obama budget
11. All of the above

Answer below….

With better than expected US mortgage applications, US durable goods, and an ECB member saying they can cut … …READ MORE

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