Word: budgeting
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...apparent lack of need for capital by the banks coupled with the desire for the Administration to find new cost cuts in the budget should make the $250 billion "placeholder" a financial anachronism...
...Someone in the government has the opportunity to be a hero by simply stepping forward and saying that there is $250 billion in the budget that does not need to be spent. The second generation of the TARP can be treated like The National Institute of Literacy. Bankers need to know how to count. Reading is a luxury...
...stress test" process. That leaves the more important issue of what it means when the financial distress of the wealthy and nearly wealthy begins to look like the money problems of everyone else. The country counts on the rich for a large portion of it tax receipts. The new budget assumes that upper income households will pay an even larger part of their earnings each year from now on. (See pictures of things money...
...fact the rich are now losing their homes is a signal that the real estate market has further to fall and that the projections for receipts to the IRS from individual taxpayers used to create the assumptions for the budget are wrong...
...Administration have decided to push more of the tax burden to the high end of the income brackets. Whether this is morally or economically defensible won't matter much if the total tax dollars that comes from people making over $250,000 a year is well below budget. Even if the federal government has a perfect track record of holding to its expense plan for the next two years, IRS receipts could be off by tens of billions of dollars. (See pictures of the global financial crisis...