A number of things to take note of
Alvaro de Molina, GMAC Financial Service head, out
Only 19 months as head of the troubled financial services unit, not a good sign, and he was kicked out by the board no less. I wonder how much this action speaks about the current condition of the company. Michael Carpenter is taking over who, ironically, was a director at the now in bankruptcy CIT Group.
And speaking of CIT – Goldman Sachs goes after the business
One major worry about the CIT bankruptcy was the ability for small business to obtain credit. While contracting is still taking place, it looks like Goldman Sachs is going after CIT business while the company is in bankruptcy. The story doesn’t explicitly state it, but when you are targeting 10,000 small business customers for credit – and the company that would service such a market is in ruin – not hard to put the pieces together.
Oh, yea, and on the topic of taxes
Yesterday I posted a graphic from mint.com regarding taxes in the US. As I did not go into more detail, I want to point out one thing – 5% of the population pays 60% of the income taxes.
President Obama warns of double dip recession
Just a few short months ago President Obama was standing in front of congress, touting his policies, and taking credit for the “economic recovery”. Today he is warning that his very same policies could fuel a double dip recession. A number of people have been saying this for months – myself included: Chances for the recession to pick up next year are near 100% once government spending stops.
People needs to come to terms with high jobless numbers, lower paying jobs, and a lower standard of living. How is that for change?
The Dollar
The USDX is quickly heading back toward 75 today, and gold has hit another high. The signs as to why this is happening are just all over, people just need to look. Despite the administration saying they have a strong dollar policy there is little evidence to support those claims.
Finally, the post office records huge loss – again
The post office recorded a $3.8 Billion dollar loss and, once again, is thinking of cutting Saturday service. How the USPS is around still amazes me. Most mail I get is junk, nothing of any value. FedEx and UPS have put them to shame and can provide better, quicker, services… All the USPS manages to do is drive up cost, cut employees and watch satisfaction ratings drop…
Note to President Obama – as others have pointed out, using the USPS as to a ’successful’ government run program is a poor move, especially when trying to pitch health care.
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