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[11/28/2008, 12:51] The 99 Club....
I was clicking through a few Blogs this morning and came across MONEYNING. It is a personal finance blog which had an interesting story which is quite appropriate at this time of year, especially considering the poor state of the economy. Here it is.

"Once upon a time, there lived a King who, despite his luxurious lifestyle, was neither happy nor content.
One day, the King came upon a servant who was singing happily while he worked. This fascinated the King; why was he, the Supreme Ruler of the Land, unhappy and gloomy, while a lowly servant had so much joy. The King asked the servant, ?Why are you so happy??

The man replied, ?Your Majesty, I am nothing but a servant, but my family and I don?t need too much - just a roof over our heads and warm food to fill our tummies.?

The king was not satisfied with that reply. Later in the day, he sought the advice of his most trusted advisor.

After hearing the King?s woes and the servant?s? story, the advisor said, ?Your Majesty, I believe that the servant Has not been made part of The 99 Club.?

?The 99 Club? And what exactly is that?? the King inquired.

The advisor replied, ?Your Majesty, to truly know what The 99 Club is, place 99 Gold coins in a bag and leave it at this servant?s doorstep.?

When the servant saw the bag, he took it into his house. When he opened the bag, he let out a great shout of joy? So many gold coins!

He began to count them. After several counts, he was at last convinced that there were 99 coins. He wondered, ?What could?ve happened to that last gold coin? Surely, no one would leave 99 coins!? He looked everywhere he could, but that final coin was elusive. Finally, exhausted he decided that he was going to have to work harder than ever to earn that gold coin and complete his collection.

From that day, the servant?s life was changed. He was overworked, horribly grumpy, and castigated his family for not helping him make that 100th gold coin. He stopped singing while he worked.

Witnessing this drastic transformation, the King was puzzled. When he sought his advisor?s help, the advisor said, ?Your Majesty, the servant has now officially joined The 99 Club.?

He continued, ?The 99 Club is a name given to those people who have enough To be happy but are never contented, because they?re always yearning and Striving for that extra 1 saying to themselves: ?Let me get that one final thing and then I will be happy for life.?

We can be happy, even with very little in our lives, but the minute we?re given something bigger and better, we want even more! We lose our sleep, our happiness, we hurt the people around us; all these as a price for our growing needs and desires.

That?s the 99 club.



Market Post to follow.....

Good Luck and Good Currency Trading.
[11/27/2008, 15:05] Paul Volcker to Head Economic Recovery Board

From CNN

?Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis,? Obama told reporters, calling Volcker ?one of the one of the world?s foremost economic policy experts.?

Obama said a key purpose of the board would be to provide a perspective from outside the walls of the Washington ?echo chamber,? which he said ?can sometimes keep out fresh voices and new ways of thinking.?


In his Monday press conference of the week Obama stated that,"The economy's likely to get worse before it gets better. Full recovery will not happen immediately,".

I think this is a good sign that first, he is getting out there and letting Americans know that he is "on the case" secondly, he is building a very credible team to lead us out of this crisis. A team that I think would have been very close to one that McCain might have picked. This reinforces my belief that one man cannot know everything. It is best to build a strong team around you and the make a decision based on their recommendations.

CLICK HERE to read the story.

Good luck and Good Currency Trading, oh and Happy Thanksgiving!
[11/27/2008, 05:30] Happy Thanksgiving




Good Luck and Good Currency Trading.....
[11/26/2008, 23:05] Terror attacks in Mumbia, India

Major pedestrian sites were the target of terrorist attacks today in Mumbai. A train station, major hotels and select tourist attractions were the locations. Intial reports have up to 80 people killed so far. The attacks seem to be targeted on British and Americans although many Indians were also attacked.

CLICK HERE for a report from FOX NEWS.


Good Luck and Good Currency Trading.
[11/26/2008, 13:25] Word of the Year......"Bailout"...and a little on Taxes

The word of the year as per Merriam-Webster?s online dictionary is "Bailout", as they said it was easily the most looked up word of the year.....

Now I wanted to address a comment recently by The Lonely Trader.
He wrote, "Am I the only person in this country who thinks we need to *raise* taxes, then?"

I think it is a very good point and I wanted to give my thoughts on it. Let me begin by saying that I am not an economist and all my ideas and opinions are usually brought about by breaking things done to its simplest level. With Taxes I like to look at what is going on around me. I work in an environment where most of the people make "decent" money. Most of these people are in the 35-45 year old age group, have a wife and a couple of kids and a house in the suburbs. Most have a landscaper, a cleaning lady and possible a nanny. A landscaper (to cut your grass and trim your bushes) and a person to clean your house once a week might cost $125-175 per week depending on what you want them to do and how big your house is.

These are the people who are directly in the cross hairs of President Obama's tax increase. Now some (ok most) would argue that this is ok, they should be paying more taxes if they can afford all these things, and you might be correct but recently the discussion on the desk has been about cutting back on these things. Maybe the cleaning lady comes once every other week or the personnel trainer is no longer coming to the house. Now these may seem like extravagances to the average person but think of it from the perspective of the worker. They are no longer receiving an income (or at least not as much of one). As with most people when you are fearful of losing an income (due to lose of a job, bonus or increased taxes) you cut back on the "extras". By increasing taxes on people making about $250,000 I believe that this negative "trickle down effect" will occur. Waiting and increasing taxes when stocks have rebounded (they will eventually) and the job market has improved is a wise thing (people will feel the effects less), I think doing that now will only put the economy further in the hole.

Also on taxes, I think it is important to figure out the correct level at which to increase the tax rate. $250,000 seems to be the number the Obama camp is looking at. I personally think it is to low. I really believe that this is the income group that drives the economy. This bracket can have a nice home, a car that they turn over every few years. Hire the Gardener, housekeeper and a Au-pair. They can go out to dinner once or twice a week, basically put the money back to work.

I am not sure of the level that would make the most impact with least residual effect (Obviously Obama thinks 250,000) but I think that is the key to getting the Tax situation right in this country. These are real simplistic thought and would like to hear what others are thinking.

Good Luck and Good Currency Trading.
[11/24/2008, 19:23] Government Bails Out Citibank

The Government bailed out Citibank today bu investing $20 Billion and backing a bunch of their less then stellar assets.

"Under the deal, the government will have the right to slash the huge pay packages and bonuses that Citi's executives had long enjoyed, and cap stockholder dividends at only 1 cent per share."

Although this is important I do not think it will turn around the fortunes of the Bank.

CLICK HERE to read the story from the Gothamist.com.


Good Luck and Good Currency Trading.
[11/24/2008, 05:30] Obama and Gun's and Roses surprising the country


Not that I think it is a bad thing but it looks like President Elect Obama is taking a second look at his proposed tax hikes.

President-elect Barack Obama may consider delaying an election promise - to roll back tax cuts on high-income Americans - as part of his economic recovery strategy, a senior aide and an adviser said on Sunday.

David Axelrod, one of Obama?s closest confidants chosen to be a senior White House adviser, was asked if the tax cut could be ended later than Obama called for during the campaign. ?Considerations will be made,? he said on ?Fox News Sunday.?


I think it is good to change your mind sometimes and this is one of them. Things have changed (although I never thought it was a good idea to increase taxes on anyone) and the economy needs more money in the hands of people willing to spend it. By letting the Bush tax cuts expire they will be doing just the opposite, I think Obama is smart enough to know when to lose a battle to win a war.

As for Gun's and Roses their much anticipated album (Its been 10 years in the making), CHINESE DEMOCRACY DEMOS 1999-2008 2 CD came out over the weekend and Dr Pepper said in March that if the album came out before year end everyone in America would get a free soda. Here is the LINK to the companies homepage to get your soda.


Good Luck and Good Currency Trading
[11/24/2008, 01:41] Citibank looking for a Bailout?

It looks like there is serious talk of between U.S. regulators and Citibank to limit the banks potential losses on toxic assets. Isn't this what the TARP was supposed to do from the beginning? And why Citi and not BOA, JPMorgan, MS etc etc etc. To me it has been one bank after another going down. Once Citi is bailed out the markets will go after the next "Victim".

Here is the story from BLOOMBERG


Good Luck and Good Currency Trading.
[11/23/2008, 12:39] Obama and his Job Creation (2.5M) Plan.

President Elect Obama came out on his weekly Democratic radio address and gave his plan to save the U.S. Economy. It is an infrastructure plan which includes rebuilding roads and bridges and modernizing schools. He stated that "These aren't just steps to pull ourselves out of this immediate crisis. These are the long-term investments in our economic future that have been ignored for far too long," . That is good as short term fixes (see the rebate checks given out a few mnths ago)only delay the inevitable. We need to get to the problem.

First stabilize Financial institutions. I think we are close on this count....
Second keep people in their homes. The big problem here is even if the mortgage companies stop on the foreclosures many people do not have jobs anymore and cannot pay anything. So that leads me to number three,
Third get people working. By delaying foreclosures and creating a jobs program (needs to be up and running quickly) hopefully we can get this economy moving in a positive direction quickly.

Now for reality. Unemployment is going higher, probably increasing 4.5% over the next 4-6 months. I am not an economist but a realist. I look at store front and empty stores in malls. I see more people sleeping on the streets when I go to work in the morning and I hear of more of my friends and neighbors losing their jobs and not finding new ones.

I am glad to hear Obama stepping up and presenting a plan(and a Treasury Secretary). It is very important for the American people to see that their leader is doing something. Stocks need to stabilize as when they do people feel more comfortable spending money. We will get out of this and I suspect sooner rather then later. American like to spend money and they have short memories. As soon as the Economy looks like it is turning the corner alot of people will pile in.

Good Luck and Good Currency Trading.
[11/23/2008, 05:30] Time for a Change.....

It seems the Bull has run into a little trouble.....



Good Luck and Good Currency Trading....





 



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