No on S (for Shady) hits AM drive radio today: Bill Handle/KFI will be dissing "Yes on S", otherwise known as "No on S" (for shady). Maybe Antonio should call his next phony proposition "B" for "bamboozle".
BREAKING NEWS?: The New York Times on Thursday endorsed Democratic Sen. Hillary Clinton and Republican Sen. John McCain for their party's nominations to contest the U.S. presidential in November.
StrategyUpdate.com Pre-Opening Bell report (Click "daily blog" link. Updates throughout the day.)
"Yes on S" Gets Endorsement of Matt "Guitar" Dowd!: The City of Los Angeles will be glad to know, that they have won the endorsement of Matt "Guitar" Dowd with his, "Yes on S" position . Here's his response video to ZD's "No on S" videos. click here (Matt knows the City needs the money for lawsuits they have to settle and he wants to make sure the money is there for the recipients.)
Lawmakers Reach a Deal on Stimulus Plan
By AP | 24 Jan 2008 | 09:12 AM ET
Democratic and Republican congressional leaders reached a tentative deal Thursday on tax rebates of $300 to $1,200 per household and business tax cuts to jolt the slumping economy.
The development came as the Bush administration, which also has been pushing for a deal, said agreement seemed imminent. "Our understanding is there is no final deal yet but they are making progress," presidential spokeswoman Dana Perino said early Thursday.
In the talks, Pelosi pressed to make sure tax relief would find its way into the hands of lower-income earners while Boehner pushed to include upper middle-class couples, according to congressional aides.
Pelosi's decision to drop expanding unemployment payments and more money for food stamps -- which many lawmakers had assumed would be included in the package -- could prove very controversial with Democratic constituencies, who were already stung by a decision to deny states more money for their Medicaid programs.
Pelosi, D-Calif., agreed to drop increases in food stamp and unemployment benefits during a Wednesday meeting in exchange for gaining rebates of at least $300 for almost everyone earning a paycheck, including low-income earners who make too little to pay income taxes.
Under the tentative plan, families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200, according to a senior House aide who outlined the deal on condition of anonymity in advance of formal adoption of the whole package. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.
Workers would have to have earned at least $3,000 in 2007 to receive the rebates, the officials said.
Breaks for Business
Another element of the plan is a package of tax breaks for businesses that could cost $70 billion, far more than had been expected, said a senior House aide and a Democratic lobbyist said.
Bush has supported larger rebates of $800-$1,600, but his plan would have left out 30 million working households who earn paychecks but don't make enough to pay income tax, according to calculations by the Urban Institute-Brookings Institution Tax Policy Center. An additional 19 million households would receive only partial rebates under Bush's initial proposal.
To Address Home Lending Caps
To address the mortgage crisis, the package also allows Fannie Mae
Federal National Mortgage Association (Fannie Mae)
FNM -- government-sponsored companies that are the two biggest U.S. financers and guarantors of home loans -- to buy home mortgages much larger than the current $417,000 limit. Rep. Barney Frank, D-Mass., and chairman of the House Financial Services Committee, said that lending cap might reach as high as $700,000 in areas with the highest home prices.
12 PM INVESTOR UPDATE: I have blogged tons of update on my stock market blog, so it doesn't overpower this political blog -- but here is something that I feel qualifies for a Mayor Sam update. You see, if you remember two days ago, when Council missed a quorum because all hell was breaking lose on Wall STemplatetreet. What saved it? George Bush stepped in and said he was going to get to work on a bond insurers financial bail-out. (That is the single biggest reason I am begging everyone to be very cautious, if not pull out of the market entirely before Feb 1 '08.)
So on the good news of the bail out...the market rallied back and the coast appeared to be clear. Except ZD was not buying the smoke and mirrors -- and even if it was true, it wouldn't be able to prevent the inevitable.
But here's what just hit the ZD Batcomputer chatter alert: Word on the street is that there was zero (0.00%), none/nada consensus on any kind of package. That's not to say there will not eventually be one (because there sure as hell will need to be for the sake of global humanity) -- but if the news prevented the market from dropping a possible 1000 points as they were talking about on Tuesday -- the consider that news just smoke...not even mirrors. So what do you think will happen next? I may be crying wolf on this one. Gotta research it more and take it all in...but now I know why they call it a "gut" reaction. I just got a nervous-butterfly, icky feeling just thinking about it. (Investors trying to get rich in the stock market: HOLD. Investors worried about losing it all: SELL and don't worry about it. Does it really look like it's gonna be a good first quarter for the stock market. That's up for you to decide. I'm just trying to help you make these decisions.
Massive stock market updates at strategyupdate.com. Click daily blog link. I set up the blog so I don't have to post it here, so don't start crying that I posted the link.