It's not FUTA Done, it's also the insurance you're required to buy.

There's FUTA, SUTA (state tax) and then the insurance.

Karl, thanks for all the great info and all the work you do!

But that link to americaspeaksink... and the comments contained within... You really should put some sort of content warning on those kinds of pages.

"we're friggin' doomed" --mg = Correct.

I'm going to have to agree with KD on the idea we are going to be doing something in the future akin to Ireland. My feeling is that if Bernanke keeps doing what he is doing, we just won't have gasoline one day and you better hope you have plenty of toilet paper. Gloomdoom has been reading too many funny papers.

Warren Buffet is either clueless, senile or a liar. Yeah, he got a $100 billion bailout, as he was all but broke when the **** hit the fan. Bulbs are popping all over the world because the US can't push the paper outward any more. This is the saving grace the country has over the short term, that the world has been dependent on the dollar to expand and inflate their own countries. This is what China has done, import dollars and use them to inflate. Japan did it until their debt consumed them. Ireland got sucked into a bank bailout of their own and I would venture that the Irish, once they get their hands on the reins of their government, they are giving the ECB and the foreign banks the finger. Once that happens, Europe better hope it has plenty of toilet paper, because their Euro isn't going to spend too well.

What is missed is that Bernanke is acquiring assets out of the system with his purchases. Some of it is goods and services, but $600 billion out of over $50 trillion domestic and who knows how much internationally is really a drip in the bath tub. Commodities are merely the current bubble, like CSCO at over $600 billion market cap in 2000 was. CSCO made $600 billion with them shoveling stock out the window as fast as possible. You might look at the price of LU, AIG and a few other high fliers at that time. The surplus silver, the surplus grain and the surplus oil can be cornered short term with the bank bonuses of 2010, not to mention the bankers access to credit. Finding a buyer to cash in on the other side isn't going to be so easy.

As far as the unemployment goes, I am on board for it. The checks amount to minimum wage or a little higher and some of these people have families. Much of it could be covered by merely cutting out the perks Congress has for themselves. In fact, about half these guys could vote themselves 10 years of unemployment benefits and it would save the country trillions.

The government's been broke for a while now. They don't want to do the right thing in DC, so to the unemployed I say take every penny you're allotted from these bastards, suck 'em dry, and feel no shame about it. You're going to need it anyway if you want to get around and buy groceries with the ****ing inflation. To the disgruntled employed: quit, work independently, and stop paying taxes. Bezzle will tell ya what to do with your 1099s and other tax forms...

No sense in being a corporate slave in this environment. Work for cash, go help a neighbor out, find a different way. If small business comprises some 60-70% of the economy and if everybody did this, then the impact would be phenomenal, and the Feds would be marginalized for good.

But let's get a general Ticker forum protest going while we're at it. Maybe we could get some of the other bloggers aboard like Yves, Mish, and Zerohedge.

Sometimes action requires more than words and talk. You just gotta get your ass out there and show up somewhere (preferably DC) and make some noise.

Ct1977 wrote..

It makes me sick that people who want to work, can't. People, who are my friends, who were once proud tradesmen, reduced to paupers - barely surviving.

Newsflash: Your friends' jobs shouldn't have existed in the first place. Without the housing bubble, their jobs would have never been there to begin with.

Another newsflash: Your friends' jobs aren't coming back.

Time to re-train for another industry.

Mikek31 wrote..

To the disgruntled employed: quit, work independently, and stop paying taxes. Bezzle will tell ya what to do with your 1099s and other tax forms...

No sense in being a corporate slave in this environment. Work for cash, go help a neighbor out, find a different way.

I'm a couple weeks away from doing just that. I'm going to quit my job, take college classes and live off of the GI Bill housing allowance. I have a friend who owns a small business and is looking to expand into areas that I have direct experience in so I'll help him out part time to supplement my income.

Guys, it's over, we're past the tipping point, all we are doing now is slowing the inevitable flaming death spiral into the ground. Jobs are not returning for decades, we are in for a long period of misery.

Abn0rmal
and (dont forget) contribute reasoned, honest entries to the blogs.
Thanks and good luck, sure you'll do fine... eventually.

Good for you, Abnormal. (I just hope you're not overpaying for tuition)

Everybody I know that runs a small business (successfully) has refused to declare income for taxes and found a way around all the government BS largess.

Good luck with everything.

PS: What are you studying?

It's welfare, and Barama is not helping.

"I am for doing good to the poor, but I differ in opinion of the means. I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it. In my youth I traveled much, and I observed in different countries, that the more public provisions were made for the poor, the less they provided for themselves, and of course became poorer. And, on the contrary, the less was done for them, the more they did for themselves, and became richer."
Ben Franklin 1766

Mikek31 wrote..

(I just hope you're not overpaying for tuition)

Technically you (or perhaps more accurately Ben Bernanke) are paying for it. Under the new GI Bill the VA covers 100% of tuition and fees. I'll work towards a EE degree until either I finish it or the VA's checks start bouncing. (what are the odds they keep this thing going for another four years?)

Another 13 MONTHS seems excessive...I thought the most they'd extend would be maybe another 3 months. The 99'ers...are they going to collect their 99 PLUS another 13 months or is this for the ones are under their 26 weeks and they get their 26 weeks PLUS an additional 13 months? It's confusing.

Well, if it's on the government's tab then I say go for it.

It's the same thing I told someone recently who admitted a relative of hers committed short sale fraud with the help of a real estate agent. "Good", I said. Fight fraud with fraud. If it's good enough for the Mortgage Bankers' Association, then it's OK for the little people as well. Why should the ****ing laws only apply to everyone else?

Anyway, good luck with that EE degree. There's enough calculus and maths in that to drive you crazy. Just thinking about the circuit diagrams and differential equations is enough to make me cringe. I know two EEs; one ended up in customer service, the other sales. Not to dissuade you or anything.

Edit: Champ, I'm quite certain it DOES NOT extend the 99ers. However, this will create a whole 'nother set of 99ers. Might as well milk it because you ain't gonna see that Social Security or Medicare. Fuggedaboutit.

I don't expect to see Social Security...no way in hell. I need to marry well obviously or hope for a big ol inheritance.

Cloud said:

Quote:

Newsflash: Your friends' jobs shouldn't have existed in the first place. Without the housing bubble, their jobs would have never been there to begin with.

Hi cloud. And you know this, how? Your statement is pure opinion about what may or may not have happened, had the fraudulent housing bubble not occurred.

It's (imo) likely we would have had a full employment economy with zero inflation for the last 25 years, without the Banks/Fed/.gov manipulating and interfering with free market capitalism, and their friends would have been gainfully employed and still prospering.

You are entitled to your own opinion (as am I), but you are not entitled to your own facts. Conjecture and opinion are not facts.

Do you honestly believe a Deflationary Depression will occur now that Bernanke, Buffet and all the rest declared the worst over?

I don't see any "Collapse" coming.


-----------------------

They didn't see a collapse coming in Weimar Germany, or in 1930 U.S., either.

It happened anyway.


Bernanke can claim anything he wants- it don't change the math.

Bernanke claimed the housing problem was contained to sub prime and would not much affect the economy. Bernanke has zero credibility.

Mikek31 wrote..

Anyway, good luck with that EE degree. There's enough calculus and maths in that to drive you crazy. Just thinking about the circuit diagrams and differential equations is enough to make me cringe. I know two EEs; one ended up in customer service, the other sales. Not to dissuade you or anything.

I'm not particularly worried about the difficulty of the degree nor the possibility that it won't be worth much when I get it. Right now I'm living a lifestyle that only requires $20,000 per year and with a few adjustments I could reduce that to $15,000. There's no compelling reason for me to bring in triple what I need to live on and if I can go from a taxpayer to a tax consumer then the end will get here that much quicker. (sure, based on the scale of the problem my income tax contribution only adds up to a few milliseconds of expenditures but every little bit counts)

Tickerguy wrote..

IT IS NAKED WELFARE.

Gotta do something to keep the peasants from storming the Bastille.

Gloomboomdoom wrote..

Do you honestly believe a Deflationary Depression will occur now that Bernanke, Buffet and all the rest declared the worst over?

Yes.