Economy and Business
America’s first-ever billionaire, John D. Rockefeller, died in 1937. His heirs faced a 70 percent estate tax on the bulk of his estate. Tycoon Dan Duncan’s heirs are enjoying a zero percent estate tax. When he died, his son and three daughters became instant billionaires.
“What good is having the right to sit at a lunch counter if you can’t afford a hamburger?” Dr. Martin Luther King Jr. asked in 1968. Today, many of us who fought for lunch-counter rights have children and grandchildren who can’t afford a restaurant meal.
As in recent years, military spending accounts for over half of the 2011 discretionary request: 58 percent. In January, President Barack Obama announced plans to freeze spending for many discretionary programs for three years to control the government’s spiraling debt. However, he exempted from this freeze “security-related” programs including the Pentagon, foreign aid, veterans’ programs, and homeland security.
After investigating the matter over the weekend officials now think it was a systemic glitch, which, under certain circumstances, can torpedo the market. But they’re going to fix it, probably. Great. Do you ever get the feeling that we’re shooting craps with the other guys’ dice and the dice don’t have spots on them?
Our country has plenty of housing. It’s just in the wrong place. There are lots of houses in Detroit, East St. Louis and rural spots where jobs have left. Cheap. But who wants to settle there?
The Senate has passed an amendment to the Wall Street reform bill to prevent lenders from earning money by deliberately steering homeowners to risky loans and mortgages they can’t afford.
Yes, jobs are hard to come by these days, but don’t despair, for here’s a company that’s hiring–if you can stomach the work.