Trading the News on Page 3 at Nobullshit Network Forum

jeff15 · 04-07-2009, 09:56 AM

The U.S. recorded a gigantic budget deficit of nearly $1 trillion in the first six months of this fiscal year which began on October 1.The estimates released on Monday by the Congressional Budget Office said the government likely recorded $953 billion in red ink from October through March.

Here's why Deficits matter:

Increased debt costs for government
Increased risk of inflation
Long-term pressure on dollar
Could lead to higher taxes and spending cuts later

The CBO, the nonpartisan budget analyst for Congress, said the drop in corporate receipts was the largest in more than three decades.In addition to dropping revenue and the bailout money for Wall Street, the government has poured more money out the door to try to jump-start the ailing economy, which has been in recession since December 2007.

jazzz · 04-22-2009, 12:07 PM

I was reading in today’s newspaper that the Prime Minister of England, Gordon Brown, is changing the way members of parliament can get reimbursed for certain expenses. It seems that the average MP gets paid about 70,000 pounds for the actual job PLUS an average amongst the MP’s of 140,000 pounds in “reimbursed” expenses such as housing and food while the Parliament is in session. All this came about after a prominent MP, Jacqui Smith, was billing the taxpayers 24,000 pounds per year for living with her sister in London while Parliament was in session. PM Brown said “these changes are necessary because of the economic situation we are in currently does not allow for such fringe benefits”.

Now I don’t know about you – and excuse me for stepping out of line here, but when is a good time for such wasteful spending. PM Brown, perhaps such “lavishes” as you call them are one of the reasons why the British Economy is in peril – perhaps the moral bankruptcy of your politicians while your citizens are fighting rampant unemployment and even food scarcity is a reason to look in the mirror next time you step on the stage and blame bankers and investors for causing the country “pain”.

The fact is, we live in a time where we all were used to frivolous spending accounts at our jobs – flying close to home first class when a train would have sufficed or not only buying that laptop and cell phone, but getting the most expensive and most “decked out” ones at that. I was in a store the other day and saw a good HP laptop that had great memory and speed and a 52 speed DVD/CD writer with a 17” screen on sale for about $650.00. Suitable for most needs – yet the clerk in the store told me that the most common one bought was the $3000 iBook from Apple. Now I am certainly an Apple fan – but a laptop is a laptop. What differed (aside from the OS) on the models – the HP actually had more memory and a larger hard drive.

So my Online Forex followers, when we look at the Euro and the Pound and Dollar and read about this company going out of business or that country’s Central Bank intervening in a bank or the massive unemployment nearing a 10% number in most western countries, let us think about why this is all happening. Look around at what we have and look at what the “perks” our leaders get for the privilege of leading us. Look at the people on the unemployment lines as their former employers “sacrifice” their enormous bonuses for very large bonuses. We did this to ourselves – by not putting opur foot down and saying stop spending OUR money – and we did this to ourselves by telling ourselves – no, you don’t need that.

Think about it.

jazzz · 06-08-2009, 11:03 AM

Last tuesday saw a major help to British bank Barclay’s, during the heart of the credit crunch bailout of their investment. Abu Dhabi, which purchased 11% of Barclay’s shares late last year, just unloaded it all for 2.5 Billion Dollars, a move that sent shivers down the spines of Sterling investors throughout the world who thought that the banking issues were resolved already.

To be fair, no one really knows why they sold the shares, but the fact that they did is huge, because it’s not clear whether or not the bank is stable enough yet – and as a result the Sterling fell, a move that made Forex online traders scratch their heads.