Happy Tuesday!

It’s amazing what doesn’t need to be said by the time Tuesday rolls around. Still, there are a few bits of news worth noting.

As one reader already said in the comments, President Barack Obama has provided another cabinet nomination with tax problems. I hope America doesn’t fatigue on this issue.

Two things are at play. Either the tax code is so complicated than ANYONE would find mistakes that need correcting, or some politicians think the rules are for others. I’ll let you decide.

The stock market is working hard to establish a bottom. It’s not fun to watch! We’re well overdue for a bear market rally. Maybe if we all keep our fingers crossed we’ll get a little relief soon.

The futures are all over the map this morning, but it looks like the S&P500 is what I’ll be watching for a sign.

I spoke to a public employee in the Wisconsin state pension plan that said his account had really been hammered over the last few months. In fact, he’s not looking to retire any longer. Bet that means Brookfield will be seeing invisible Mayor Jeff Speaker run again in a year. He’s always made his pension a priority.

I have a couple of things planned today including a conference call with Congressman Kevin McCarthy. With all the fury that came out of last week’s CPAC conference, it will be interesting to see the Chief Deputy Republican Whip’s take on the Republican future.

Come on, guys. Give me something to hold onto. The Democrats are working desperately to marginalize Republicans by renaming entertainer Rush Limbaugh as leadership. Surely there’s more to this party.

PS – Here’s Congressman Paul Ryan’s speech from that event.

That’s it for now. Let me know if you want anything else covered.

Comments

  1. Not defending the government tax cheats, but if each one of us had hundreds of accountants scrutinizing our returns for the last 10 years, I’m pretty sure everyone would be “guilty” of taking a little too much home. I think if these guys pay up with interest and penalties, they should be able to keep their position. What if everyone lost their jobs because they did their taxes with Quicken instead of using an accountant?

  2. Hey Cindy, perhaps we can spark some discussion on this whole Mexico thing. I think we need to be spending some money to beef up security on the southern border – but Napolitano seems to be ignoring the issue… maybe she is overlooking the fact that people in her home state are being kidnapped for drug money. Arm the border patrol!

  3. Randy in Richmond says:

    Sorry Dan, but I don’t want the head man at the IRS to be a tax cheat, especially given how he did it. No way could it have been accidental. If any of these other appointees had settled with the tax man “prior” to knowing they were going to be named, I could agree with you.
    Again this does not surprise me because Obama’s history is full of, let’s say, questionable people. Those that thought this would change if he moved into the Whitehouse were sorely wrong.

  4. J. Strupp says:

    Here’s a nugget from Bernanke’s testimony today that I found interesting:

    “If there is a single episode in this entire 18 months that has made me more angry, I can’t think of one other than AIG. AIG exploited a huge gap in the regulatory system, there was no oversight of the financial- products division, this was a hedge fund basically that was attached to a large and stable insurance company.”

    Ah the joys of unregulated, unhindered, free market enterprise.

  5. Then the Democratically controlled Congress should have done something about it, JS. That AIG was allowed to exploit a gap on their watch should be humiliating.

    In fact, the last year should have them in tears. Instead they’re planning to spend even more.

  6. J. Strupp says:

    Oh I don’t disagree one bit Cindy. Allowing these idiots to write CDS’s they couldn’t possible cover has been a bi-partisan effort over the last couple decades.

    I just found Bernanke’s statement interesting as we, the taxpayers, become the proud owners of the down-side risk of the vast majority of the banking industry’s garbage assets.

  7. Randy in Richmond says:

    If the Congress had allowed the free market system to work, AIG would be out of business and the taxpayers would still have the whatever billions that were given to AIG. Pain, oh yes, lots of pain. But we would still be better off in the long run.

  8. we are no where near bottom. have you looked at put contracts for June on GE ? $2.50
    They were purchased for about 30 cents, which means that the price has to be under $2.20 for them to go “in the money”.

    This is a bankruptcy bet on General Electric by the third week of June.

  9. Yes, there is. Will they be determined as too big to fail?