The Kudlow Creed
Raise My Taxes?
I wonder how many of these people actually pay taxes? The IRS recently disclosed that 47 percent of Americans do not pay federal income tax. Must be nice.
Munger on GS
Rich Greeks Put Money To Work in London
The affluent Greek citizens have found a Zion in London as they flee the train wreck known as the Greek economy. The Wealth Report provides more information on the recent real estate boom fueled by these investors. Does anyone know if the Greeks have also increased their demand for gold and other commodities?
The 1913 United States Tax Return and Instructions
The good old days.
1913 United States Income Tax Form
It Is Sometimes Harder To Get a Job At Wal-Mart Than It Is To Get Into Harvard
Prof. Mark J. Perry’s blog Carpe Diem presents the data.
Krugman’s Idea of Textbook Economics is Different Than His, Well, Textbook.
Paul Krugman has written an article for the New York Times. Now, Mr. Krugman does lean “a little” to the left and has written at least one textbook on economics.
In the article, Mr. Krugman states as follows:
What I want to focus on right now, however, is the incredible gap that has opened up between the parties. Today, Democrats and Republicans live in different universes, both intellectually and morally.
Take the question of helping the unemployed in the middle of a deep slump. What Democrats believe is what textbook economics says: that when the economy is deeply depressed, extending unemployment benefits not only helps those in need, it also reduces unemployment. That’s because the economy’s problem right now is lack of sufficient demand, and cash-strapped unemployed workers are likely to spend their benefits. In fact, the Congressional Budget Office says that aid to the unemployed is one of the most effective forms of economic stimulus, as measured by jobs created per dollar of outlay.
But that’s not how Republicans see it. Here’s what Senator Jon Kyl of Arizona, the second-ranking Republican in the Senate, had to say when defending Mr. Bunning’s position (although not joining his blockade): unemployment relief “doesn’t create new jobs. In fact, if anything, continuing to pay people unemployment compensation is a disincentive for them to seek new work.”
In Mr. Kyl’s view, then, what we really need to worry about right now — with more than five unemployed workers for every job opening, and long-term unemployment at its highest level since the Great Depression — is whether we’re reducing the incentive of the unemployed to find jobs. To me, that’s a bizarre point of view — but then, I don’t live in Mr. Kyl’s universe.
Remember, I did mention this man has written a textbook covering economics. Let’s see what his textbook stated since he has so eloquently stated in the above quote what is textbook economics. I direct your attention to page 210, the paragraph under the heading Side Effects of Public Policy.
Damn. Maybe his co-author had a different opinion. Or maybe, Mr. Krugman’s partisanship has gotten in the way of his intellectual honesty?
HT: Carpe Diem
Bill Gross on the State of the Economy
Bill Gross of PIMCO is known as the King of Bonds. He is who I follow regarding information and advice on the bond market.
Consumer Spending on the Rise
An article on marketwatch.com proclaims the “good” news that consumers are spending more. This of course is being supported by consumer credit. The only upside I can see is that there has been a decline in credit card debt. There has, however, been a rise in student loans and automobile loans. So people are using credit to pay for non-dischargeable obligations and depreciating assets with a security interest. This is not a favorable development.
My questions are:
1) How many of those automobile loans are more than three years in length?
2) How many of the student loans have been taken out after the student thoroughly researched the market for the desired position after graduation?
Lawyer Market Saturation?
Recently there have been a number of articles discussing a saturation of the market for lawyers. Based on my experience this is not the case. Throughout my law practice I have found many avenues a licensed lawyer can follow to generate revenue.
If someone really cared to review the history of the legal marketplace they might be surprised to find that it has always catered to those with an entrepreneurial nature. What has skewed the perception of the legal market is the relatively new development known as biglaw. The term biglaw has no set definition; it appears to include any firm over 500 lawyers where corporations are the main clients and the starting salary is over $145,000.
For some reason a large number of bitter individuals have chosen to refer to anything that is not biglaw as sh**law. This is unacceptable. For generations lawyers have represented individuals and protected the rights of the public on a solo or small firm basis. The law is a calling, if you entered the profession seeking nothing but immediate access to wealth you will be disappointed.
