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Billionaires Selling U.S Stocks

Warren Buffett who has been the smiling face backing US stocks seems to be changing his mind. Mr. Buffett have been dumping large amounts of shares in US company’s, most notably Johnson & Johnson, Procter & Gamble, and Kraft Foods.Mr Buffett is saying it has to do with as he put it “disappointing performance”. In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.1DollarBillPlain

Now you may wonder why this is a big deal, It is this 70% of the U.S. economy dependent on you and I buying things, If we don’t buy company’s don’t make money and people like Mr.Buffett don’t invest’.So it seems like that Warren Buffett has lack of faith in these companies and the US stocks and to top it off Mr.Buffett is not the only Billionaire doing this billionaire John Paulson who made his money on the subprime mortgage meltdown, is clearing out of U.S. stocks too.Then we have the darling of the left billionaire George Soros recently sold nearly all of his bank stocks, including shares of JP Morgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.On a side note, The $8.5 billion Soros Fund Management now owns 600,000 shares of the gold ETF, worth an estimated $97 million. That’s down from 1.3 million shares, worth more than $227 million so what is this saying for future gold prices.
Why are Billionaires selling U.S stocks it may have to do with a prediction of a 90% massive market correction by Robert Wiedemer, an esteemed economist who saw the housing bubble coming years before it happens! So hold on folks the ride looking like it could be a little rough. we all know if crap happens to the big boys it rolls down the hill and hit we the little people very hard.

 
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Posted by on February 18, 2013 in history, Life, politics

 

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tax breaks that expired this year

Individual tax breaks

— Relief from the Alternative Minimum Tax. The tax is designed to ensure that wealthy people can’t use tax breaks to avoid paying any federal taxes. However, it was never indexed for inflation, so Congress routinely adjusts it to keep it from imposing hefty tax increases on millions of middle-income families. Cost: $132 billion.

— State and local sales tax deduction. Taxpayers can take this itemized deduction instead of deducting state and local income taxes. It is geared for people who live in states without state income taxes: Alaska, New Hampshire, Tennessee, Florida, South Dakota, Washington, Nevada, Texas and Wyoming. Cost: $4.4 billion.

— A deduction of up to $4,000 for qualified higher education expenses: Cost: $4.2 billion.

— A tax credit for improvements to make homes more energy efficient. Cost: $2.4 billion.

— A provision that allows tax-free distributions from Individual Retirement Accounts, when used for charitable donations. People older than 70-and-a-half can make tax-free withdrawals of up to $100,000 a year from IRAs. Cost: $1.3 billion.

— A deduction for mortgage insurance premiums. Cost: $1.3 billion.

— A deduction of up to $250 for teachers who buy classroom supplies with their own money. Cost: $462 million.

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Business tax breaks

— A tax credit for manufacturers and other businesses that invest in research and development. Cost: $14.3 billion.

— A tax break that allows restaurants and retail stores to write off the cost of certain capital improvements over 15 years instead of 39 years. Cost: $3.7 billion.

— An exemption that allows banks, insurance companies and other financial firms to shield the profits of foreign subsidiaries from being taxed by the U.S. Cost: $11.2 billion.

— A $1 per-gallon tax credit for businesses that use or sell biodiesel, a renewable fuel for diesel engines derived from vegetable oils and animal fats. Cost: $2.2 billion.

— A tax credit of up to $2,400 for businesses that hire people who receive benefits from a variety of government programs, including disability benefits and Temporary Assistance to Needy Families. Cost: $1.8 billion.

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Source: Joint Committee on Taxation.

 
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Posted by on December 20, 2012 in politics

 

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Total Bank Failures for 2012 – 50

Hometown Community Bank, Braselton, GA

Citizens First National Bank, Princeton, IL

Heritage Bank of Florida, Lutz, FL

NOVA Bank, Berwyn, PA

Excel Bank, Sedalia, MO

First East Side Savings Bank, Tamarac, FL

GulfSouth Private Bank, Destin, FL

First United Bank, Crete, IL

Truman Bank, St. Louis, MO

Waukegan Savings Bank, Waukegan, IL

Jasper Banking Company, Jasper, GA

Second Federal Savings and Loan Association of Chicago IL

Heartland Bank, Leawood, KS

First Cherokee State Bank, Woodstock, GA

Georgia Trust Bank, Buford, GA

The Royal Palm Bank of Florida, Naples, FL

Glasgow Savings Bank, Glasgow, MO

Montgomery Bank & Trust, Ailey, GA

The Farmers Bank of Lynchburg, Lynchburg, TN

Security Exchange Bank, Marietta, GA

Putnam State Bank, Palatka, FL

Waccamaw Bank, Whiteville, NC

Farmers and Traders State Bank, Shabbona, IL
Carolina Federal Savings Bank, Charleston, SC

First Capital Bank, Kingfisher, OK

Alabama Trust Bank, National Association Sylacauga, AL

Security Bank, National Association, North Lauderdale, FL

Palm Desert National Bank, Palm Desert, CA

Plantation Federal Bank, Pawleys Island SC

Inter Savings Bank, FSB Maple Grove MN

HarVest Bank, Gaithersburg MD

Bank of Eastern Shore, Cambridge MD

Fort Lee Federal Savings Bank, FSB, Fort Lee NJ

Fidelity Bank , Dearborn MI

Premier Bank, Wilmette IL

Covenant Bank & Trust,  Rock Spring GA

New City Bank, Chicago IL

Global Commerce Bank, Doraville GA

Home Savings of America, Little Falls MN

Central Bank of Georgia, Ellaville GA

SCB Bank, Shelbyville IN

Charter National Bank and Trust, Hoffman Estates IL

BankEast, Knoxville TN

Patriot Bank Minnesota, Forrest Lake MN

Tennessee Commerce Bank, Franklin TN

First Guaranty Bank and Trust Company, Jacksonville FL

American Eagle Savings Bank, Boothwyn PA

The First State Bank, Stockbridge GA

Central Florida State Bank, Belleview FL

May be more before the end of the year lets hope not

 
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Posted by on December 2, 2012 in fail

 

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