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  • Buy now and show proof -- or pay later
    accountants Until now the state could confiscate your assets only if it could prove they had been obtained criminally This led to horse trading as authorities demanded a certain amount of assets and crooks agreed to hand over a proportion if there was no further action But now the onus of proof has been reversed and cops will be pouncing on real estate cash flash cars and bikes jewellery spa

    Original URL path: http://www.911omissionreport.com/unexplained_wealth_law.html (2016-02-14)
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  • Fed officials warn weak recovery won't spur jobs
    high for several years to come Yellen said In other words our recovery is likely to feel like something well short of good times Yellen envisions the shape of the recovery kind of like an L with a gradual upward tilt of the base Lockhart said very slow net job gains may occur sometime next year Troubles in the commercial real estate market and the plight of small businesses also will weigh on the recovery they said Small businesses which held up reasonably well in the 2001 recession have been clobbered by the downturn accounting for about 45 percent of net job losses through the end of 2008 Lockhart said During the last two economic recoveries small businesses contributed about one third of net job growth Lockhart said he doubted that would be the case this time That s because many small businesses rely on smaller banks for credit But troubled commercial real estate loans are concentrated at those banks hobbling the flow of credit Lockhart said he is particularly concerned about that linkage Meanwhile Eric Rosengren president of the Federal Reserve Bank of Boston weighed in on a different hot button issue for Congress how best to handle huge financial companies whose failure could endanger the economy Rosengren endorsed living wills that outline wind down arrangements in the event of failure rather than having the government restrict the size or activities of financial firms I am skeptical such dramatic action would significantly limit systemic risk he said in a speech in London The Obama administration has called on Congress to set up a mechanism to safely dismantle failed financial companies along the lines of what the Federal Deposit Insurance Corp does for collapsed banks Although key legislative proposals revamping the nation s financial rules contain such a provision some

    Original URL path: http://www.911omissionreport.com/wont_spur_jobs.html (2016-02-14)
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  • Bank of England cautions on economic recovery
    bank predicted that the economy will return to growth by the beginning of next year and expand by about 3 75 percent by the end of 2011 faster than it had forecast in August King said at a press conference after the report s release that he expects last month s data showing Britain was still officially in recession to be revised upwards The report also predicted inflation would rise sharply above the bank s 2 percent target in the short term but that it would fall below target in two years time if interest rates rise gradually from the middle of next year as markets expect However King cautioned that Britain has only just started on the road to recovery and the adjustment to balance sheets still has much further to run Despite a recovery in economic growth output is unlikely at least for a considerable period to return to a level consistent with a continuation of its pre crisis period he said The pound fell against the U S dollar after King s comments as markets factored in the likelihood that interest rates would remain low for many months Sterling was down half a percent at 1 6664 midmorning The Bank of England slashed interest rates to the current record low of 0 5 percent and embarked on a 200 billion pound 333 billion asset purchasing program to boost the money supply after Britain entered its worst downturn in decades While other major economies like the United States Japan and Germany have recently recorded a return to growth Britain remains officially in recession shrinking 0 4 percent in the third quarter Britain was hit particularly hard by the global credit crunch because of its huge financial sector where the government was forced to carry out a multibillion pound

    Original URL path: http://www.911omissionreport.com/bank_of_england_cautions.html (2016-02-14)
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  • World Bank warns unemployment threatens US economy
    Zoellick told reporters in Singapore Some banks are going to continue to be troubled by bad loans Government stimulus spending will likely fuel economic growth through the middle of next year Zoellick said After that consumer spending and business investment must take the baton to boost expansion he said If you ve got large scale unemployment if you ve got consumers rebuilding savings and deleveraging I don t think the

    Original URL path: http://www.911omissionreport.com/world_bank_warns.html (2016-02-14)
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  • Retirement on Hold: American Workers $6 Trillion Short
    in stock and housing values The study was commissioned by Retirement USA a coalition of organized labor and pension rights advocates that hopes to use the study to push for a more stable retirement system The group plans to unveil the study at a news conference in Washington on Wednesday The 6 6 trillion figure is based on projections of retirement and income for American workers ages 32 64 The study s authors say they arrived at the amount using conservative assumptions including a 3 percent rate of return on assets and no further cuts in pension coverage or increases in the Social Security retirement age Using other assumptions it could be much higher said Maria Freese Director of Government Relations and Policy for the National Committee to Preserve Social Security and Medicare For example the study notes if the rate of return matches the return on U S Treasury Inflation Protected Securities TIPS currently 1 87 percent the deficit balloons to 7 9 trillion This announcement comes on the heels of other sobering news Milliman Inc a Seattle based actuarial and consulting firm reported this week that the funded status of the 100 largest corporate defined benefit pension plans

    Original URL path: http://www.911omissionreport.com/6_trillion_short.html (2016-02-14)
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  • Many of us won’t be able to retire until our 80s
    in retirement Well the sad truth is that not working is no longer an option and working past age 65 is fast becoming a fact of life at least for those in the lowest three income quartiles One bright spot according to John Nelson co author of What Color is Your Parachute For Retirement is that working works For those in the lower half of the income spectrum delaying retirement from 65 to 69 has a profound effect he said It increases retirement income adequacy by 25 to 50 That s a powerful incentive The new normal Now the reality about EBRI s findings is that many Americans who are able to continue working and whose skills are still in demand are already working past age 65 In 2009 17 2 of Americans age 65 and older were in the labor force according to recent AARP Public Policy Institute report Family Income Sources for Older People 2009 And about 14 2 million older persons 36 7 of the older population had family incomes from earnings in 2009 The median family income from this source was 32 330 while the mean was nearly 1 6 times as large 50 971 Read the AARP report here And the new normal isn t that people are working past age 65 rather it s this They are also hunting for second jobs as all according to Art Koff founder of RetiredBrains com Even those older Americans who are still working are looking for ways to make additional monies he said And many judging from the page views at RetiredBrains com s website are often exploring ways to work from home Those older Americans who are looking for a job those who have already retired and those who are working but need additional income or

    Original URL path: http://www.911omissionreport.com/retire_until_80s.html (2016-02-14)
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  • UK Proposes All Paychecks Go to the State First
    said in a July discussion paper HMRC described the plan as radical as it would be a huge change from the current system that has been largely unchanged for 66 years Even though the centralized deductions proposal would provide much needed oversight there are some major concerns George Bull head of Tax at Baker Tilly told CNBC com If HMRC has direct access to employees bank accounts and makes a mistake people are going to feel very exposed and vulnerable Bull said And the chance of widespread mistakes could be high according to Bull HMRC does not have a good track record of handling large computer systems and has suffered high profile errors with data he said The system would be massive in terms of data management larger than a recent attempt to centralize the National Health Service s data which was later scrapped Bull said If there s a mistake and the HMRC collects too much money the difficulty of getting it back could be high with repayments of tax taking weeks or months he said There has to be some very clear understanding of how quickly repayments were made if there was a mistake Bull said HMRC estimated the potential savings to employers from the introduction of the concept would be about 500 million 780 million But the cost of implementing the new system would be phenomenal Bull pointed out It s very clear that the system does need to be modernized It s outdated it s outmoded Emma Boon campaigner manager at the Tax Payers Alliance told CNBC com Boon said that the Tax Payers Alliance was in favor of simplifying tax collection but stressed that a new complex computer system would add infrastructure and administration costs at a time when the government is trying to reduce

    Original URL path: http://www.911omissionreport.com/paychecks_to_the_state.html (2016-02-14)
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  • Families in modern Ireland skip food to pay the mortgage
    pain the economic crisis had wreaked on his family The letter writer who has chosen to use his dole payment to meet a 780 monthly repayment told of how he had nothing to feed his children except bread and cereal Anecdotal evidence suggests that circumstances such as his are now prevalent even though help is available through negotiation with a mortgage provider as well as through other State services There are currently up to 60 000 mortgage holders in the country who are in arrears on their mortgages Having sparked a debate on the issue of debt forgiveness the UCD economist Morgan Kelly in an email to the Sunday Independent yesterday outlined the targeted measures he believed the State must now introduce to end the anguish of many ordinary Irish families Responding directly to the claim made last week by the Tanaiste Eamon Gilmore amongst others that he had called for a blanket write off of mortgage debt Prof Kelly stated that the purpose of debt forgiveness is not to eliminate negative equity but to deal with the risk of people defaulting on smaller mortgages and losing their family homes Referring to these troubled homeowners specifically he said By identifying the people at risk and reducing their mortgages to manageable levels or in the case of the unemployed renting people their homes as effectively council houses the State can save itself huge losses on fire sales of foreclosed properties and end the anguish of many ordinary Irish families Commenting on what he believes should be done to assist those in trouble with substantial boom era mortgages he added A few families with absurdly large mortgages will need to be given assistance to relocate to more affordable property but they are a small part of the problem Prof Kelly dismissed outright the introduction of any form of mortgage debt relief for those in negative equity but who could still afford to pay However the large majority who can afford to pay their mortgages must pay every cent regardless of how much they are in negative equity or may now regret their purchase he said His call for a targeted solution to deal with the issue of those at risk of losing their homes is supported by the vast majority of those who participated in our telephone poll While 72 per cent believed that many people would stop paying their mortgage in an attempt to avail of a forgiveness scheme 65 per cent said it would be possible to restrict forgiveness to those genuinely in need Central Bank figures to be released tomorrow are expected to show in the region of 60 000 mortgages that are more than three months in arrears a marked increase on the 49 609 figure recorded at the end of March The growing problem of mortgage arrears for the AIB and Bank of Ireland is reflected in worrying detail in the latest annual reports for their respective mortgage subsidiaries The latest annual report for the AIB Mortgage

    Original URL path: http://www.911omissionreport.com/food_for_mortgages.html (2016-02-14)
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