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Fed Moving To Nationalize AIG?

Since last August AIG, the worlds largest insurance conglomerate (at least 1 year ago), has received over $200 billion of Federal Bailout, TARP and government assistance funds. AIG become the first major insurer to pay the price for unsound business practices leading to large investments and subsequent losses due to the collapse of high-risk mortgage backed securities. The public was led to believe that AIG was simply too large to fail, a phrase that has become far too common within today's economy.

AIG was originally to receive a one-time government loan designed to provide short term financing until such time that the company could restructure and revalue its assets. However, 6 months later, we now know that insurance giant has received over $200 billion in loans and assistance. In a disclosure the company claims that it now owes the government only $37 billion, not including an additional $40 billion in US taxpayer owned shares and the $50 billion loan from the New York Federal Reserve (these amounts also fail to include TARP funds and other assistance funds estimated at around $50 billion. Disturbing however are Wall Street expectations for the insurance giant will post 4th quarter losses next week that could reach $60 billion, the largest single corporate quarterly loss in history. As a result, AIG's once powerful DOW Jones Presence has been reduced to penny stock status and the stock has plummeted by over 99%.

The reality is that AIG is not a single company, but rather a conglomerate made up of many different insurance divisions. Many of these divisions have maintained their profitability such as the company's domestic life insurance divisions. If the company had been allowed to fail, there would have been layoffs, a repercussion throughout the insurance industry and pain. However, from a structured bankruptcy, the company would have been broken up and/or sold off, resulting in leaner, meaner and in many cases profitable stand-alone companies. This is the very reason that bankruptcy laws exist. Rather, after over $200 billion in Federal funds, AIG now appears to be in negotiations to restructure its Federal debt, resulting in a "nationalization" of the company.

According to Reuters, AIG and the US Government are now negotiating a plan that will break up the company into 3-4 independent, yet government controlled divisions. Although plans are likely to change during the course of talks, Federal sources have disclosed that the company will likely be broken up by spinning off its Asian-Based Assets, Domestic Personal Lines, International Life Lines and Troubled Assets into separate entities. The move would convert the government's current Preferred Stock into shares, thus giving the Federal Government absolute control of the former giant. If the plan were too move forward, the US Government would have effective control over largest insurance company in the world, resulting in only conclusions:

• Either the companies would once again become profitable in which case the government could sell off the assets and with a little luck recoup taxpayer dollars, or
• The companies could continue to suffer enormous losses under their new bureaucratic control in which case, the Taxpayer's would once again be forced to further subsidize failure.

Technically speaking, the plan is not a "nationalization" in traditional terms. A "nationalization" typically is considered a government takeover accompanied by a stripping of shareholder equity. As a result, we are unlikely to hear any government official refer to this move as a nationalization. However, in reality, shareholder equity has been stripped through the 99% decline in stock values; in which case, everyone needs to recognize that this is a move toward nationalization. This move should worry every American, because it is laying the groundwork for the possible takeover of CitiGroup and other "too big too fail" corporations that are "failing". Bankruptcy has long been an important tool within the modified capitalist experiment that has led made this country the economic powerhouse that it is today. The idea that any company is "too large to fail" should provide a reminder to America that competition is the basis of Capitalism and that perhaps these "too big too fail" companies should be allowed to fail so that we may renew competition and responsible growth models within our economy.

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Track The Stimulus Bill Without The Political Spin

Obama Delivers A Campaign Speech, Markets Fail To React!

President Obama's advisers should resign due to a total deriliction of duty. It appears that four months after Obama won the election, no one on his staff has taken the time to point out the inherent rhetorical shift that is necessary when an individual leaves the campaign trail and takes office. I had hoped, like most people that last night would provide a shift in the current rhetoric of President Obama and his administration. Unfortunately, the American People recieved more of the same. More of the same rhetoric that used on the campaign trail, more of the same lack of confidence instilling rhetoric designed to calm the panic that exists within the general public. More of the same class warfare and empty promises designed to drum up populist support with no real economic impact.

Yesterday provided an opportunity for President Obama. Earlier in the day Federal Reserve Chairman Bernanke had calmed the markets by providing evidence that the current recession could subside by the end of this year. As a result the markets reacted off of their 12 year lows with the first measurable gain in weeks. President Obama had the opportunity to reitterate the statements of Bernanke, offer hope to the American People and offer an opportunity to assure them that he would not allow any further legislation that could damage or prolong a recovery. President Obama, could have told the American People that a quick economic recovery would trigger a review of the Economic Recovery and Reinvestment Act and save them money. But instead, we received yet another campaign speech, another empty speech designed to maintain slipping approval ratings rather than offering a voice of calm strength.

The meaningless speech of President Obama only highlighted the lack of faith that the global investment community has in him. Although Asian markets are ending in positive territory, their post-speech reaction was non-existent. European Markets failed to react and as of this morning indicators point to a negative opening on Wall Street.

Furthermore, the negative Wall Street reaction, follows the promises from Obama for even more federal spending and a series of tax increases that all economists agree will slow economic growth and should not be pursued during a recession. Obama is playing a populist card, but everyday more Americans are recognizing the lack of substance within the empty promises. President Obama led middle class and lower class Americans into believing better days were ahead, yet when they fail to see any measurable increase in the paychecks this summer, even more will awaken.

The presidency of hope and change has become the presidency of more of the same.

Stimulus Unemployment Extensions Likely To Raise Business Taxes

Stock Markets Near 50% Level, Time For Obama To Change Rhetoric.

"There is nothing to fear, but fear itself..."

These profound words will forever be ingrained in the memories of the American experience. They were words that were never intended to politicize the challenges of the day, but rather to provide a reassurance of the strengths and determination of a free people. They are the words that America needs to hear today, but the words that have disappeared from our Presidential rhetoric.

Yesterday, the Dow Jones closed below 7,500 points and is now within striking distance of a 50% loss since it's highs of 15 months ago. The S&P 500, an index built to represent the industries that comprise our economy is within just a few points of a value 50% lower than it's high. The first four weeks of Barack Obama's Presidency have failed to calm the markets, failed to reassure the American people, and as a result, have only heightened tensions over the future of our nation and driven down the confidence of the American people.

Yesterday, even former President Clinton admitted that the green President needed to take a more responsible tone and change his rhetoric, from the fearful-inspiring talk of crisis and catastrophe to a more reassuring and confident tone.

Supporters of President Obama will tell you that he is a realist and that the American people are looking for leadership that is straight-forward. But make no mistake, the President's job is not to confirm the American peoples fears, but rather to provide a firm platform that is confident in assuring Americans.

There is a difference between the consummate candidate and a President. A candidate has the luxury of criticism and use of fear to further their political aspirations. However, that candidate must possess the ability to recognize that leadership provides confidence and inspiration, not fear and criticism.

When Franklin Roosevelt ascended to the Presidency in 1933, he inherited an unemployment rate that had jumped more than 10 points following the 1932 Tax Act. Roosevelt understood that the American people, despite a lack of media exposure, were more than aware of the economic challenges that our nation faced. Roosevelt could have easily have pushed for an enormous spending bill and implemented the entirety of his 'New Deal' in 1933 by playing upon the fears of the American People and sending a message of doom. However, Roosevelt made a decision not to take that path, rather he chose to send a uniquely American message of confidence and reassurance. Roosevelt's 'New Deal' was not a single all-encompassing legislative action, but rather a long series of individual acts that occurred over a 6 year period, a period during which he maintained a calming message of hope and confidence. Whether or not you agree with Roosevelt's economic policies, those who have studied history all agree, that Roosevelt, like his predecessors, understood that the office of the Presidency had a responsibility to calm the fears of the American people and create a message that avoided panic.

I had hoped that with the signing of the single largest non-military spending bill in history would lead to change in the rhetoric of the President. I had hoped that his advisers would point out that he is no longer the consummate candidate. Yet, despite the passage of this enormous bill, the Rhetoric has continued. Americans voted for a President, not a candidate. Americans voted for "Hope & Change", not "Catastrophe and Crisis" designed to further a political agenda.

There is a reason why the markets have fell nearly 20% since the beginning of the year and why they have shown no signs of life since that passage of the Economic Recovery Act and introduction of the "Pay your Neighbors Mortgage Act". That reason is "Fear". If the President has a responsibility to be honest with the American people, but in a way that inspires, calms and reassures. When you tell the American people that it will take years to recover and that there is nothing you can do to stop things from getting worse before they get better, consumers will further batten down the hatches, consumer confidence will fall further and the rhetoric becomes a self-fulfilling prophecy.

The stock markets are first and foremost indicators of public sentiment, and as such they are no longer reacting as much to the daily barrage of economic news as they are the lack of confidence that Americans have. As the market continues a downward trend and savings further shrivel, it is time that the President recognizes that he is no longer a Presidential Candidate and begins to portray a message of Reassurance rather than a message of fear.

Track the spending at Stimulus Watchdog

As Jobless Claims Mount, Laid-Off Workers Should Not Rush To Withdraw Retirement Savings

With job losses continuing to mount, tens of thousands of laid-off workers are now turning to their 401(k)'s, IRA accounts and other retirement savings to keep their families afloat. However, individuals considering a premature distribution from their retirement savings should be wary, know their options, and develop a strategy before withdrawing from these accounts. If they don't, they may find themselves subject to a larger than necessary tax burden.

Most individuals are aware that withdrawals from a qualified retirement account are not only taxable, but in most cases, subject to a 10% IRS Penalty if taken prior to age 59.5. Although a 10% penalty may seem inconsequential when you are in this situation, there are exceptions to the rule. Additionally, the timing and amounts of the withdrawals are also important as improper planning could subject most Americans to an even larger tax burden.

Let's address the two types of tax rules separately.

Income Tax

Any withdrawal from an IRA, 401(k) or any other qualified retirement account is subject to income taxes, just as if you had earned the money at a job. As a result, many middle class Americans who make withdrawals from such accounts later regret the decision when they realize that either their typical tax refund is gone or they owe taxes at the end of the year. So TIP #1 - If not mandatory, have sufficient taxes withheld.

Tip #2 - Understand our tax code. Let's assume that you and your spouse both work, with a typical adjusted gross income of around $65,000 (comparable to two $40,000/yr. jobs)($40,000 each). Now let's assume that you were laid off at the beginning of the year and it takes you 2 months to find a comparable (income) job. During that time, you withdrew $20,000 from your retirement accounts as you were fearful of how long you might be unemployed. Based upon your income, your family is in a 15% tax bracket. However, because of a rush to judgement in withdrawing a large sum from your retirement account, based upon you adjusted gross income, and the shortened lay-off period, you have now entered the 25% tax bracket. As a result, approximately $8,000-$9,000 of your withdrawal is actually being taxes at the 10% higher rate. The biggest mistake that many individuals losing their job make, is to immediately make large withdrawals or take a lump-sum distribution from their retirement plan.

Take the time to draw up a budget, determine how much you need and only take what you need. If you were terminated and have to make a decision regarding your retirement funds, then roll them into money market IRA with no fees until you are able to determine a if and when you might need to access the money.

Tip #3 - Understand that there are exceptions to the 10% penalty that you may qualify for. The IRS will allow you to withdraw money prior to age 59.5 without incurring the 10% penalty if...

1. The funds are used for qualified expenses incurred by first time home buyers. Up to $10,000 may be withdrawn without incurring the 10% penalty, so long as the funds are used within 120 days to buy, build or rebuild a "first" home.
2. Medical Expenses exceeding 7.5% of adjusted gross income.
3. Amounts needed to purchase health insurance if unemployment compensation has been received for at least 12 weeks.
4. Qualified education expenses including tuition, books, fees, supplies and equipment necessary for enrollment or attendance at a post-secondary school offer credits towards a Bachelor's or Master's degree.
5. Disability or Death

Tip #4 - For those forced from their job who were near retirement or have substantial retirement savings, the IRS has a rule that will allow you to receive an ongoing income from you IRA, prior to age 59.5 without incurring a 10% penalty.

The obscure rule, 72(t), allows individuals to avoid the 10% penalty by taking distributions in a series of substantially equal periodic payments (made at least annually) over the life of the owner or joint life of the owner and beneficiary. The IRS, has three formula's that can be used to determine the amount of income that you receive from the IRA to allow some control over your income. In addition, the income must be received for a period of at least 5 years or until the age of 59.5, whichever is longer. This option, which few individuals know of, can provide your family with an ongoing income without worrying about excess taxation and could be a sound option for those Americans who find themselves just a few years away from retirement and unemployed.

In order to avoid the penalty, owner must be clearly understand the provisions of the rule and should talk to their qualified tax accountant, attorney or financial advisor for help in determining whether or not 72(t) distributions are an option for them. These professionals, along with investment companies can help you comply with the law by running the amortization tables and finding financial companies that offer the option to their clients.

The bottom line of this article is that nationwide hundreds of thousands of workers are finding themselves in a horrible position. Whether you worked for a large company such as Caterpillar in Decatur or Peoria Illinois, or a small company in California, you are all in a scary position. Too often, financial stress can lead to poor decisions in regards to retirement savings, and the simple step of understanding your options and taking the time to develop a strategy can save you thousands or even tens of thousands of dollars in excess taxes incurred by taking an early withdrawal. Talk to a professional, understand the options and make sure that they are listening rather than just trying to sell you. Doing so can help reduce your stress today, and potentially save you from regrets tomorrow.

There is no way to avoid taxation on withdrawals from retirement accounts, but at the same time there is no sense in paying the government more than they are entitled too. I'm sure that you will make wiser decisions with your money, than they would.

Information Guest Post Provided By HCM Financial

This article is for informational purposes only and in no way should be considered investment or tax advice. Please consult your qualified tax professional, attorney, or financial professional for advice.

If you live in Illinois or Indiana and would like to receive complimentary information concerning your retirement distribution options, please contact our friends at HCM Financial. They will mail or email you information with no fees, without obligation, and with no sales pitch.

Click Here To Request Information Concerning 72(t) or IRA Distribution Options

Unintended Consequences: Stimulus Package Speeds Up Potential For US Ratings Downgrade

Why Every American Should Be Concerned About US Bond Rating

Thirteen months ago a report issued by Moody's raised concern among treasury department officials and financial analysts on Wall Street. Since US debt was first assessed in 1917, the United States has enjoyed a AAA rating by Moody's and an unique position as the strongest bond issuer in the world. However, in January of 2008, A Moody's report warned that if the United States failed to take corrective action concerning it's fiscal policies the country would face a ratings downgrade. Although the report cited the need for corrective action, the report also cited that based upon current obligations a ratings decrease could occur as early as 2012. At the time the report warned that Social Security and Health Care expenses posed the greatest threat to the United States' rating.

That was one year ago, and since that time the Treasury Department has issued trillions in new debt while Congress, President Bush and now President Obama have committed trillions to industry bailouts and the Economic Recovery and Reinvestment Act.

On Monday, Moody's issued a new report alluding to the new reality that the Economic Stimulus Package, accompanied by another $2 trillion in US Treasury issues, has now led to a deterioration in the United States ability to repay it's debt. Although Moody's did not specifically warn of an impending downgrade, the report and analysts with Moody's did present statistical data that the U.S. may soon find themselves weaker than fellow AAA countries such as France, Germany and Canada. According to sovereign credit analyst at Moody's, Steven Hess, ""By the end of a two year period, the U.S. debt ratios will be higher and moving the country's metrics to the lower end of the pack..."

According to the Moody's based upon current spending and obligations, the United States is on pace to a debt level of nearly 62.4% of GDP by the end of 2010. As a comparison, German debt-to-GDP ratios are on track to reach just 47%. Although Moody's and other ratings agencies are not likely to downgrade our bond rating any time soon, the agencies are sounding alarms that every American should pay attention too.

Why is our credit rating important?

Simple. Just like your own credit rating, the ability to repay debt is the most important issue concerning a countries ability to run it's operations. A weaker bond rating simply means that the pool of potential purchasers will shrink, as bond purchasers look for safety. Likewise, in order to attract potential bond buyers a Country with a weaker credit rating will have to issue debt at higher interest rates. The domino effect of rising interests rates in U.S. debt obligations will inevitably lead to higher taxes and major reductions in entitlements and government spending. The nation will be less prepared to combat future recessionary pressures and less equipped to control inflation. Moreover, a weaker credit position will also create weakness in the dollar, further threatening our long term economic health.

Mounting U.S. debt and credit degradation could force a default on large portions of such debt; or in a worse case scenario could lead to a hyper-inflative printing of money not unlike that which occurred in 1920's Germany.

Unfortunately, most Americans fail to comprehend or recognize the potential damage that could occur from the continued fiscal irresponsibility of those in Washington. It is easy to turn to the government, but we all need to recognize that our government does not have an endless supply of money and that some short term pain may be necessary in order to maintain the long term economic health of the nation. Although not widely reported in the media, the information presented last January and this past Monday only provides strong support for the non-partisan CBO report that warned of the long term damage the Economic Recovery and Reinvestment Act posed.

J Brown

February 18th, 2008

Visit Stimulus Watchdog

Stimulus Watchdog Launched To Monitor Economic Recovery Act

This morning Stimulus Watchdog was watched to inform the public on the Economic Recovery and Reinvestment Act being signed into law today by President Obama. The site is non-partisan but seeks to track the job creation performance of the bill, provide ongoing analysis and information concerning the bill, links to the bill text, examination of pork spending and more. I highly recommend the site.

The Stimulus Watchdog - http://stimuluswatchdog.blogspot.com

LincolnLandJobs.net - www.lincolnlandjobs.net