| Gave Gadkari a clean chit Business Standard Which is what makes his coming out in favour of Nitin Gadkari, the BJP president, so mystifying. In a series of Tweets on Wednesday, Gurumurthy elaborated his defence of Gadkari. “I examined legal and moral aspect... The 14 questioned companies belong ... See all stories on this topic » |
| No end to attack on Gadkari Business Standard The list of senior Bharatiya Janata Party (BJP) leaders who are openly coming out against party President Nitin Gadkari is increasing every day. The recent ... The income tax and ministry ofcorporate affairs have already initiated a probe on the ... See all stories on this topic » |
| Another voice of dissent for Gadkari in BJP IBNLive The BJP is still fighting against voices of dissent from within, for its President Nitin Gadkari. Another voice of dissent within the BJP against Gadkari, National executive member Dr Jagdish Shettigar, said the party president must take a cue from ... See all stories on this topic » |
| Why Kejriwal doesn't drag Ambanis, Vadra, Gadkari to court? Oneindia The activist challenged many influential people including Mukesh Ambani, Anil Ambani, Robert Vadra, Nitin Gadkari, HSBC Bank officials and many more but did not drag them to court. While hurling his latest allegations against HSBC officials and black ... See all stories on this topic » |
| Not every BJP leader accepts Gurumurthy's clean chit to Gadkari: Jethmalani Zee News New Delhi: Rajya Sabha MP Ram Jethmalani on Friday claimed sources in BJP have told him that not every party leader has accepted Gurumurthy's clean chit to Nitin Gadkari in connection with hiscompanies' dealings and he is unlikely to be given a second ... See all stories on this topic » |
| BJP gave clean chit to Gadkari: Munde Times of India PUNE: Senior BJP leader Gopinath Munde on Friday said the core committee of the party has given a clean chit to the national president Nitin Gadkari and the party will continue to support him in future. Munde's statement assumes significance as the ... See all stories on this topic » |
| Gadkari issue continues to roil RSS Indian Express The BJP's core committee may have handed Nitin Gadkari a generous clean chit on both 'legal' and 'moral' counts after its meeting on Tuesday, but he remains at the centre of visible unease in the party. ... The latest controversy over Gadkari's ... See all stories on this topic » |
| BJP executive member wants Gadkari to go The Statesman NEW DELHI, 10 NOV: BJP president Nitin Gadkari today faced a fresh attack with party national executive member Jagadish Shettigar demanding that he should step down from the top post in the wake of charges of dubious funding of his Purti Group. See all stories on this topic » |
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Saturday 10 November 2012
Another voice of dissent for Gadkari in BJP
In a major relief to godman Asaram Bapu, the Supreme Court today refused to direct the CBI probe against him in the 2008 death case of two boys
| Asaram Bapu, son summoned by inquiry commission - Rediff.com ... Even as the Supreme Court on Friday refused to order a Central Bureau of Investigation probe into death of two children at Asaram Bapu's ashram here, ... www.rediff.com/news/report/ | ||
| Relief for Asaram Bapu, SC refuses CBI probe in kids' deathsAV ... In a major relief to godman Asaram Bapu, the Supreme Court today refused to direct the CBI probe against him in the 2008 death case of two boys within the ... www.hindustantimes.com/.../ | ||
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| Live! Complaint against Jethmalani in Kanpur court - Rediff.com ... 22:17 Asaram Bapu, son summoned by inquiry commission: Even as the Supreme Court today refused to order a CBI probe into death of two children at Asaram ... news.rediff.com/commentary/ | ||
| No CBI probe into boys' death in Asaram Bapu's ashram ... - News 24 Asaram Bapu's ashram (hermitage) in Ahmedabad in 2008. A bench headed by Justice P Sathasivam dismissed the plea filed by family members of the victims. news24online.com/no-cbi-probe- |
The Fiscal Cliff and America's Coming Recession
Since the end of World War II two thirds of a century ago, federal spending has been stable at around 20% of GDP. America prospered to become the mightiest economic power in the history of the world with the federal government limited to that level of spending.
But President Obama is certain he has a better idea. He wants higher taxes and higher federal spending. Only with that can he “spread the wealth around.” He believes that would make the economy grow faster “from the middle class out,” as the middle class and the poor spend the money “the rich” were wasting in savings and investment.
That is fallacious economics, based on the idea that we can spend ourselves rich. Economic growth and prosperity for working people and the middle class does not stem from increased spending and consumption. It stems from increased production and productivity. And that stems precisely from savings and investment.
You can’t consume what you don’t produce. Increased savings means increased investment, which is what creates new jobs and provides workers with the tools to be more productive. That increased productivity enables workers to earn higher wages, as wages in a competitive market equal the marginal productivity of labor (what the worker adds to production). The increased demand for labor created by the investment drives wages up to this level of productivity.
Spare me the miseducated thinking about the essential role of consumer demand to drive economic growth and prosperity. In a market economy, consumer demand can never be inadequate for the economy to grow and prosper. If demand is insufficient to clear the market for any good or service, then the price of the good or service will fall until demand equals supply.
President Obama’s neo-Marxist concept of raiding the savings and investment of “the rich” to spread the wealth around and thereby increase spending and consumption is precisely inverted economics that will only bring down economic growth, jobs, wages, and incomes of the middle class and the poor. These are precisely the results we have seen in Obama’s first term, with negligible new jobs created over his entire term on net, declining real wages and incomes for the middle class and the poor, and more Americans in poverty than ever before in the more than 50 years that the Census has been keeping track of poverty.
If those who make the sacrifice to save and take the risk of investing find that the government is only going to seize their savings and investment when they are successful, they will soon sharply reduce their savings and investment, at least here in America. That will only hurt the middle class and the poor the most, as they lose the jobs and rising wages and incomes essential to their own personal prosperity.
But that is all only going to get much worse in Obama’s second term, as his policies produce renewed recession, double digit unemployment, collapsing real wages and incomes, and new poverty records.
Last year I wrote a short book for Encounter called “Obama and the Crash of 2013.” I predicted then that Obama’s policies of increased top tax rates for nearly all major federal taxes, soaring new regulatory burdens, and loose, cheap dollar monetary policies, would produce renewed recession in 2013. Since then I have been joined in this view by the Washington establishment as reflected most authoritatively by the Congressional Budget Office.
Already enacted into current law to go into effect on January 1 are increases in the top tax rates of nearly every major federal tax. That is because the tax increases of Obamacare go into effect on that date, and the Bush tax cuts expire, which the President refuses to renew for the nation’s job creators, investors and successsful small businesses.
As a result, the top two income tax rates will jump nearly 20%, the capital gains tax rate will soar by nearly 60%, the tax on dividends will nearly triple, the Medicare payroll tax rate will skyrocket by 62% for these disfavored taxpayers, and the death tax will rise from the grave with a 57% rate increase.
This is all on top of the U.S. corporate tax rate, which under President Obama is now the highest in the world, except for the socialist one party state of Cameroon, at nearly 40% on average, counting state corporate taxes. Even China has a 25% corporate rate. The average in the social welfare states of the European Union is even less than that. Canada, which has been booming since Obama became President here, now sports a 15% federal corporate rate.
But under President Obama there is no relief in sight. Instead he continually barnstorms the country for still more tax increases. His latest is to ruminate about a carbon tax. So much for his campaign pledges not to raise income taxes on the middle class “in any form.” Any such carbon tax would be another enormous drag on the economy, which is sensitive to high energy prices.
What President Obama is proposing is to maintain the failed policies of his first term, which produced the worst recovery from a recession since the Great Depression, except to add this panoply of tax rate increases on the very job creators, investors and successful small businesses the economy most needs to create jobs and the long overdue real recovery. Higher tax rates slash the incentives for increased production by reducing what producers can keep out of what they produce. The result will be less savings, investment, business creation, business expansion, job creation, and economic growth.
These tax increases will result in less revenue rather than more. In the past 45 years, every time capital gains tax rates have been increased, capital gains revenues have declined rather than increased. When Bush slashed the tax rate on dividends in 2003, dividends paid soared as a result, and so did the taxes paid on those dividends. If the combination of all these rate increases results in renewed recession, as I and many others believe will happen, the result will be lower rather than higher federal revenues overall. Any carbon tax will just add to the recession downdraft, as the economy is sensitive to energy costs.
Adding to this is the raft of new regulatory costs and burdens the Obama Administration delayed until after the election. That includes new global warming regulations adding trillions in new costs to the economy, even though the emerging economies from China to India to Brazil have indicated they will not participate in decimating their economies with this Western delusion. Also online is the regulatory shutdown of the coal industry, adding further to energy costs.
Then there are hundreds of new Dodd-Frank regulatory burdens to come online, threatening the business and consumer credit essential to economic recovery. Still more regulatory excess is slated to come from Obamacare, including the costly employer mandate, which will require employers of 50 or more workers to buy the most expensive, politically correct health insurance for their employees. This is already walloping hiring and jobs.
Finally, the Fed is laying the groundwork for the next financial crisis, with out of control monetary policies creating a ticking inflation time bomb, and the resulting contractionary monetary tightening when the Fed decides the inflation is getting out of hand. This was the primary cause of the four consecutive, worsening recessions of the 1970s, from 1969 to 1982. This will only add still further to the coming crash starting next year.
The Washington establishment thinks the “fiscal cliff” next year includes the spending cuts of the 2011 debt limit deal. But precisely because we can’t just spend our way to prosperity, such reductions in government spending would just reduce the federal drain on the private sector, and so promote recovery rather than recession.
Nevertheless, the otherwise inevitable renewed recession next year from Obama’s policies will mean double digit unemployment, deficits rocketing to new all time, world records over $2 trillion, and still further exploding federal debt. Enjoy it, because you, and/or your friends and neighbors voted for it.
| Trade deficit, fiscal cliff threaten second recession Statesman Journal This reduction in demand could throw the economy into a deep recession without offsetting policy actions to jump start additional oil and gas production, curb the growing trade deficit with China or offer businesses relief from new regulations and ... See all stories on this topic » | ||
| Just whose recession is it anyway? | The Energy Report 11/9/12 Inside Futures As we head towards the fiscal cliff and the markets from gold to bonds to stocks to oil start to price in a recession the question becomes, just whose recession is it anyway? Is this going to be a Democratic recession or a Republican recession? Today ... See all stories on this topic » | ||
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| French central bank sees recession this year euronews http://www.euronews.com/ The central bank in Paris has said that it expects France's economy to slip into recession as this year ends. That would make it harder for the government of the eurozone's second-largest economy to hit its debt-reduction ... See all stories on this topic » | ||
| The Fiscal Cliff and America's Coming Recession Forbes Since the end of World War II two thirds of a century ago, federal spending has been stable at around 20% of GDP. America prospered to become the mightiest economic power in the history of the world with the federal government limited to that level of ... See all stories on this topic » | ||
| CBO: "Fiscal cliff" would spark recession Las Vegas Sun A new government report says the so-called fiscal cliff would send the economy back into recessionand cause a spike in the jobless rate to 9.1 percent by next fall. The Congressional Budget Office analysis says the combination of automatic tax ... See all stories on this topic » | ||
| E-Mini S&P: Risk of recession real? Inside Futures The US can zig or zag and regardless the fiscal cliff is dead ahead! Congress is working on some interim solutions for the fiscal cliff for January 2nd of 2013 which they will begin to work on next week. They are tinkering with the idea of replacing ... See all stories on this topic » | ||
| The Election Stimulus And Recession - Analysis And Forecast Seeking Alpha There's been talk of a recession by mid-2012 since mid-2011, most of which was based on declining government spending and a slowing world economy. The thought was that even though the private sector was recovering nicely (even without private income ... See all stories on this topic » |
British Airways owner IAG battles staff over plans to cut 4500 jobs
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| IAG to cut 4500 jobs in Iberia restructuring Huffington Post LONDON — International Airlines Group warned on Friday that its Spanish carrier Iberia was "in a fight for survival" and unveiled a restructuring plan to cut 4,500 jobs as it reported a drop in third-quarter profit. Iberia CEO Rafael Sanchez-Lozano ... See all stories on this topic » | ||
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| Spanish airline Iberia to cut nearly a quarter of its workforce Fox News IAG said a Jan. 31, 2013, deadline has been set for reaching a deal with the unions, but that if no agreement is signed more job cuts and a greater reduction in Iberia's size and operations will be necessary to safeguard the company's future. Iberia ... See all stories on this topic » | ||
| IAG unveils major Iberia restructuring plan, to cut 4500 jobs ATWOnline The airline has set a deadline of Jan. 31, 2013 to reach ... The three main unions—SEPLA, UGT, and CCOO—have reacted angrily to the proposed job cuts and in a joint statement said they were willing to resort to industrial action if necessary. IB CEO ... See all stories on this topic » | ||
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| UPDATE 4-IAG's Iberia to axe 4500 jobs in 'fight for survival' Reuters In addition to the job losses, IAG said it will cut capacity in the airline's network by 15 percent in 2013, focusing on profitable routes and downsizing its fleet by 25 aircraft. "Although radical changes are proposed at Iberia, this reflects the ... See all stories on this topic » |
| Cloud Computing Security Needed? Symantec Weighs In Investor's Business Daily But given that safe use of cloud computing can be sometimes lacking, Symantec — the largest company in IBD's Computer-Security industry group — this week fleshed out a strategy to develop more protections. Using resources distributed across the ... See all stories on this topic » | |
| A CFO's five-point cloud deployment checklist TechTarget The increasing use of cloud computing and the rapid changes in cloud options can present challenges for CFOs and other executives who will ultimately sign off on -- or reject -- a cloud deployment. Executives may be confident that their IT staff has ... See all stories on this topic » | |
| Local business briefs Sun-Sentinel The vitalization and cloud computing services provider acquired Charlotte-based MessageOps, a Microsoft cloud services and utilities company that assists clients with free tools that extend the functionality of Microsoft Online. Champion, founded in ... See all stories on this topic » | |
| IDC projects healthy public cloud services growth through 2016 TechTarget The latest prognostication about public cloud computing from IDC calls for a compound annual growth rate (CAGR) of 18.5 percent between now and 2016 – with$43.2 billion in revenue anticipated by the end of the forecast period. (That compares with $18.5 ... See all stories on this topic » | |
| MediSapiens Bags First Pharma Customer for Cloud-Based Oncology R&D ... GenomeWeb Finnish bioinformatics firm MediSapiens has signed its first customer for OncoGenomics Explorer, acloud computing-based application launched last September for use in cancer genomics research (BI 9/21/2012). The company said this week that Bayer ... See all stories on this topic » | |
| ViaWest Partners with SolidFire on SSD Storage Ping! Zine Web Tech Magazine Zine Web Tech Magazine) - ViaWest, one of the largest privately held data center, cloud computingand managed service providers in North America, announces its partnership with SolidFire to now offer predictable high performance solid-state drive (SSD) ... See all stories on this topic » |
Friday 9 November 2012
Boeing sued over US-Poland plane that crash-landed
| Boeing sued over US-Poland plane that crash-landed Wall Street Journal CHICAGO — Passengers on a plane that crash landed in Poland last year when its landing gear failed to deploy have sued Boeing and the firm that inspected the airliner before it departed New Jersey, claiming physical injuries and lasting emotional ... See all stories on this topic » | ||
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| Bosnia to reinvestigate late Macedonian president's plane crash Reuters SARAJEVO Nov 9 (Reuters) - Bosnia will reinvestigate a plane crash that killed Macedonian President Boris Trajkovski in 2004 because of new evidence in the case, a government official said on Friday, after Macedonian media said there were suspicions he ... See all stories on this topic » | ||
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| Calgary Sports Host Suspended For Plane Crash Comment All Access Music Group MOLBERG, referring to a documentary about a 1956 plane crash that took the lives of four ROUGHRIDERS players and one WINNIPEG BLUE BOMBERS player (the grandfather of a current CALGARY STAMPEDERS player), issued an apology on the air and ... See all stories on this topic » |
| Algerian military plane crashes in France, four dead Chicago Tribune TOULOUSE, France (Reuters) - An Algerian military transport plane flying home from Paris crashedin southeast France on Friday, killing four of the six people aboard, police and fire brigade sources said. They said the other two people were missing ... See all stories on this topic » |
| Report on fatal plane crash released Boston.com A preliminary accident report on a plane crash that killed a Rhode Island couple said the pilot appeared to be in good spirits shortly before the crash. The National Transportation Safety Board released its preliminary report in the Oct. 25 accident on ... See all stories on this topic » |
| Daughter mourns parents killed in plane crash Turn to 10 The couple died Oct. 25 in a plane crash together. Liz Hassinger said she believes something happened in the plane to her father. "We know according to the autopsy, my father had passed in the plane, probably a heart attack. We have not found out if ... See all stories on this topic » |
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