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BY KERRI SHANNON, Associate Editor, Money Morning
Members of Congress could be one step closer this week to losing one of their most profitable perks, thanks to the STOCK Act (Stop Trading on Congressional Knowledge Act).
The Senate will hold a procedural vote today (Monday) on a bill that prohibits Congress members from using nonpublic information to make stock transactions - known as "insider trading" when conducted by corporate insiders. Today's vote could put a time limit on passing the bill, which the Senate will continue debating this week.
Congress has faced increasing backlash lately for its growing list of financial advantages over the Americans it represents. A CBS News' "60 Minutes" program in November 2011 exposed Congress insider trading - elected representatives trading stocks related to hot topics being debated in Congress before information had been disclosed to the public.
The show's segment fueled a resurgence of STOCK Act support in Washington. Prior to the televised report, the bill only had four supporters in Congress. That number has grown to 230.
The act also would make illegal Congress tipping off hedge fund managers to information that could affect stocks, and would require detailed disclosure of members' stock transactions within 30 days. Anyone who violated the insider trading ban would be subject to an investigation by U.S. regulatory agencies and the Justice Department. House and Senate ethics committees could also develop penalties and rules regarding insider trading.
Through a radio address to the nation, President Barack Obama this weekend urged Congress to deliver on the matter.
"The House and Senate should send me a bill that bans insider trading by members of Congress, and I will sign it immediately. They should limit any elected official from owning stocks in industries they impact," said President Obama.
STOCK Act a Congressional Must-Have
Peter Schweizer, a fellow at Stanford University's conservative think tank, the Hoover Institution, told "60 Minutes" correspondent Steve Kroft about the deep-rooted issue of Congress insider trading.
http://moneymorning.com/2012/01/30/mondays-stock-act-vote-could-end-major-congressional-perk/
Thank Goodness I Don’t Live in Sweden!
I found recently found the chart below showing world tax rates as a percentage of GDP for the past 40 years. Sweden suffers the world’s heaviest tax burden at 51%, compared to only 27% in the US.
The US has among the world’s lowest tax burdens, which has been falling for the last ten years. Listening to TV pundits, you would think we had the world’s highest tax rates which are about to leap much higher. Germany, home to some of the world’s best run and most profitable companies which make the Fatherland a major exporter, has one of the lowest tax bills. Iceland sits at the bottom and is now bankrupt, thanks to an overdose of free market deregulatory philosophy.
Americans historically have had a very strong resistance to taxation, which you can trace back to the libertarian foundations of the country. The Revolutionary War, in which 17 of my known ancestors fought, was primarily about taxes. The top end of the distribution is packed with European nations, but you never hear them complain about high tax rates. Most believe the cost of the social safety net is worth it. Those that don’t, move to the US, Monte Carlo, Lichtenstein, or the British Virgin Islands.
Of course, having once been a part owner in a fashion model agency in Stockholm, I can certainly vouch for the advantages of living in the world’s most taxed domicile. Suffice to say, you spend a lot of time indoors in the home of the Vikings
32 comments:
CL this is the scoop on the voting bill. How this could possibly happen to our ethical congresscritters is beyond me. Sacasm intended. Insider trading?
Members of Congress could be one step closer this week to losing one of their most profitable perks, thanks to the STOCK Act (Stop Trading on Congressional Knowledge Act).
The Senate will hold a procedural vote today (Monday) on a bill that prohibits Congress members from using nonpublic information to make stock transactions - known as "insider trading" when conducted by corporate insiders. Today's vote could put a time limit on passing the bill, which the Senate will continue debating this week.
Congress has faced increasing backlash lately for its growing list of financial advantages over the Americans it represents. A CBS News' "60 Minutes" program in November 2011 exposed Congress insider trading - elected representatives trading stocks related to hot topics being debated in Congress before information had been disclosed to the public.
IMHO The entire system is corrupt to the core. No wonder most of the congressmen and women are sociopathic millionaires.
"The act also would make illegal Congress tipping off hedge fund managers to information that could affect stocks, and would require detailed disclosure of members' stock transactions within 30 days."
And the penalties for violation? "an investigation by U.S. regulatory agencies and the Justice Department. House and Senate ethics committees."
Now that should make them all shake in their boots. What a joke our government is. That they have to pass a bill to do the right thing.
Next up - pass a bill that will remove Congress' special health insurance so that they can deal with the same health insurance B.S. the people they represent dral with.
And then Congress can finally set themselves term limits.
Queenbee, I like that last post of yours on the previous thread.
Aren't the Marlins a team from Iowa? After all, aren't marlins native to the midwest?
Americans may not know where exactly the State of New England is, but try telling them about Canada. I have had many blank looks, and a few have asked me "Where is that?".
If the intelligence of the average citizen is predictor of future prosperity, I am afraid thing don't look to good there.
But hey, the StuporBowl is on this weekend, and there are new reality TV shows on the way.
That intelligence stuff, really, who can be bothered.
The EUrocRats were so busy screwing Greece down to ensure no Bankster was left behind, they forgot about the rest of Europe.
Portugal, Italy, Spain, Ireland - you can forget about any Greece style deal on your debt, is the unspoken message heard loud and clear today.
Note the tremendous pressure applied to Germany to just buckle and bail out the rest of Europe, which the Germans are having none of - politicians may want to bail out (failout) the rest, but can't say it out loud as voters would de-elect them.
Note the Greek failout has swollen to E 145 Billion now, as the odds decrease of them ever getting it. The absurd German demands that Greece give "first priority" to repaying (foreign) Bond holders and give up sovereignity etc are likely designed to fail, as there is no reasonable expectation that any rational country would agree to them - Germany is raising their bet, in hopes of bluffing Greece out of the EU and Euro, so that another Failout will not be necessary.
But the Greeks, Portugal, Ireland etc still hold the better hand here, if they only had the spine to use it. When you owe that much, you have the Banksters over a barrel, as they are not in control anymore.
I wonder how long before they realize that German demands etc, EU "new treaties" etc, are just so much hot air, given the truth that the massive debts will never be repaid at or near 100% on the Euro plus interest, more like 30% plus some reduced interest.
Mammoth is there a rodent or something in Iowa? A Marlin is a big fish caught usually by professional fisherman and takes hours to reel in. GAW I think most Americans think Canada is just some wilderness North of the US. All that is there is Grizzly Bears, Moose and mounted police.
I am adding another story to the thread sent to me by Shaza about Sweden.
"All that is there is Grizzly Bears, Moose and mounted police."
- - - -
Don't forget hockey sticks!
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Queenbe, I thought the Marlin was a car built in the 1960's by now-defunct AMC. Actually, these classics look kinda cool!
'GAW I think most Americans think Canada is just some wilderness North of the US. All that is there is Grizzly Bears, Moose and mounted police.'
That about sums it up, doesn't it?
I could think of a reason to want to live in Sweden! ;)
Back on topic now. From that piece on Sweden (which has the RH side cut off):
"The US has among the world’s lowest tax burdens, which has been falling..."
- - - -
Let's first do the math to determine whether the tax burden on individual wage-earners is indeed falling.
My guess is that only business & corporate taxes have been falling, which skews the total results.
The taxes which I have been paying seem to increase every year.
Thanks for the heads up on the format issue Mammoth. I didn't notice.
GAW,
YOu might want to have a look at these two:
UEX.TO
DML.TO
Uranium miners moving up with a nice chart pattern and a recent pullback. Altho it's not really my gig, I've bought 1,100 of UEX.TO. V. small position as these are volatile, but you seem to like that.
The charts look interest, and the weekly MACD look v interesting.
Got the idea from here:
http://www.tischendorf.com/2012/01/24/audio-analysis-technical-thoughts-on-uranium-dnn-ccj-uex-to-u-to/
I would venture to say that the Europeans trusted their government to do the right thing and take their taxes and provide a social safety net. Now with the Euro debt crisis they must realize that their government is just as corrupt as ours. American's don't want to pay taxes because they believe that they'll get nothing in return. Ergo the saying "the two things certain in life are death and taxes."
Instead of social programs we get pork projects and bridges to nowhere in Alaska.
Read somewhere that Gold is up 10% for the year, while Silver is up 21%.
Shaza if you're reading this, please look at your crystal ball & tea leaves and report back to us on what the future has in store.
Got my hair singed on the SilverDoc's blog for pointing out that when Silver is $150/oz, a loaf of bread will cost $10.
I guess we'll find out the truth when we get there...
well, I swallowed my fear and sent off a check to Paladin today. The market will now probably crash ;-)
National Australia Bank, quik figures, this is highly representative of all out big 4 banks:
Summary:
'Overall lending balances rose 0.3% in December (+3.5% yoy). Business credit growth rose 1.4% yoy, while home lending balances were up 0.4% mom with yoy growth down to 5.4%. Overall, NAB's market share trends have been the best among the listed banks over the past 12 months.' RBS Morgans
mamoth, I am buying GLD tonight on Technical Analysis, I hold phys still and trade gld and leveraged stocks around gld.
I do not trade silver, I traded PSLV once and did great. Silver is just not my thing. Better you ask a silver trader or go with Peter Brandt, i think he bought silver ages ago. I do short silver though via ZSL becuase its fall is more predictable and swift than its rise...
Mamoth, Gold is up 12% since bottom on OCt or there abouts! I missed that run due to travel.
CHICKEN LITTLE: are you buying Paladin in Australia...or is there another Paladin. Uranium Explorer?
O.k. thanks Shaza!
shaza-the long/short fund. Since I'm mostly in 'safety' I am 'gambling'...only, unlike Queenbee and the Superbowl.
I may next try to buy a small amount of physical 'stuff' according to what I can afford. (Actually, I can't AFFORD anything, but...)
This is long-term money...at least, I HOPE so.
Shaza look for the Paladin Fund link on the left. You can buy it from any of your American brokerage accounts. Paladin was started by the same guy who wrote Fund My Mutual Fund.
http://paladinfunds.com/
Mammoth that's what you get for commenting on Silver Bug Doctor's blog. We are much more civil here. I still hold 230 ounces, but plan to reduce my exposure over the next three months. I can get a near 100% return for selling those Canadian Wolves. Although I did put the bars back in the bank I am not regretting it, yet. All the rest are ASEs so I can dump them in a heartbeat and all are in unopened tubes.
The gold I will keep as insurance.
You actually can't buy Paladin if you're not a US redident.
Re my short term moving average/MACD strategy, it's now up 2.7% over 3 months. That reflects what it's meant to do- grind out solid but not spectacular returns over the long haul, with no massive drawdowns. Of course, it's only 3 months, so early days. Am sticking with it for the time being and will up my small exposure a bit.
CL,
Well done on the Paladin Fund! Good luck! Mark's a very prudent manager.
Mammoth that's what you get for commenting on Silver Bug Doctor's blog.'
Wel, when you're in a sect, you have to abide by the rules. No sects for me, I'm British.
BTW, our old friend KOL may be putting it a bottom. Any entry now would be getting in early (too early?) but there's some nice action on weekly MACD and RSI and the 10 week ma has flattened.
Thanks for clarifying that Mugabe. I wasn't sure of the restrictions.
Mammoth silver recently touched 70 on the RSI and looks to be facing a lot of resistance trying to break 34.00. It is trading above its 50 DMA, but below the 200. I advise caution short term as this looks like there has been some selling and the MACD looks to be rolling towards the down side.
The thing is you are a long term holder and it has become a hobby for you. I really don't think the charts or crystal balls matter much to your style as so much could happen before you decide to sell. I have said it before and David Morgan too is that silver is a bronco not a horse.
CL congrats on pulling the trigger on Paladin. I think it was the right thing to do considering that bonds are just a free loan to the government.
Silver vs gold. silver looking better than gold here:
http://stockcharts.com/h-sc/ui?s=SLV:GLD&p=W&yr=3&mn=0&dy=0&id=p73470399024
Mugabe I was looking at $silver and the chart looks different. Although I am an amateur at reading charts and coming to a conclusion.
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