Trade Deficit decreases slightly in January
Submitted by
CalculatedRisk on Thu, 03/11/2010 - 6:08am (219 comments)
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i guess we don't have to worry about that February $220 billion deficit! green green everywhere!
Trade Deficit [unexpectedly] decreases slightly in January
I'm back.
A second Good morning to all.
It's almost always snowing somewhere. If all else fails, as it surely will, we can point to Antarctica. Plenty of snow there. It piles up miles high.
Shaped the Hall this morning, 50+ men, zero jobs. Yesterday, 60/2, Tuesday 56/2.
be takin' their sweet time sproutin'.
From Bloomberg:
"The gap decreased 6.6 percent to $37.3 billion from a revised $39.9 billion in December as Americans imported the fewest barrels of crude oil in a decade, Commerce Department figures showed today in Washington."
"Fewest barrels" don't signal an improving economy.
Didn't imported enough snow shovels and Wal Mart ran out. The hit item of the season.
CR, I had the devil's own time getting the site to function properly while that H&R Block ad was cycling. Main page took forever to load, hoocoodanode stalled and the mouse-overs failed to display their contents. Everything's OK now though.
this marketwatch comments quote brings some perspective for me (from last thread)...
"462,000 / 28 days in Feb = 17,000 people per day lose their jobs.
Better than 35,000 per day at peak.
This is 2 years of this. This is a depression as it is getting worse. "
Weekly jobless claims dip 6,000 to 462,000 - MarketWatch
gruntled wrote:
That was exactly my thought as I read this. Since when does reduced energy demand portend an economic recovery?
Both imports and exports decreased in January.
No doubt due partially to the rising dollar - which will also put a dent in the repatriated earnings of the S & P 500 firms.
bleh wrote:
green green everywhere!
...but not a gram to smoke...
OT (but not that much) ....
US bank sued for seizing parrot
gg BoA
I appreciate the breakdown between petroleum and the trade deficit otherwise. and former recessionary periods. Quite enlightening. How do we reconcile this with rail, trucking and the Baltic Dry?
warning...silliness follows:
I betcha a hockey stick graph on what our greatest export is would be a shocker and isn't an inaccurate indicator of US economic activity. The financial industry and its products represent ~30% of the GDP...just one problem...it basically isn't taxed (although we all are paying taxes for it indirectly) and its employees are the highest paid (but by percentage pay less in overall taxation of any other income group). If you put all the products together, I'm betting it would be our largest export post WWII by percentage while producing nothing tangible. Imagine every trade by hedge funds or
in the CDS market, commodity FUTURES market, any SIV or CDO? Wow..boggles my pea brain to even consider it. The derivatives market by most accounts figures in the hundreds of TRILLIONS of dollars.
OK..back to my simple little boring life and brain functions.
RayOnTheFarm wrote:
US bank sued for seizing parrot
BoA? I thought pirates had their own parrots...
"Fewest barrels" don't signal an improving economy
Always look for the spin angle.
I'll check the WH blog later to see if Romer writes an article declaring the overwhelming 'success' of C4C leading to a need for less oil.
DRUDGE REPORT 2010®
" Warning keep all pets, and children away from the computer screen when viewing "
Should the oil exporting countries also be asked to revalue their currencies upwards so that the US trade deficit disappear? Same for Reminbi.
Second story I've read today of a large city facing BK.
Detroit Sells $250 Million Without Recent Disclosure Filings - Bloomberg.com
March 11 (Bloomberg) -- Detroit, the largest U.S. city whose debt is rated below investment grade, will ask investors today to buy $250 million of its debt without having filed annual financial reports on time for five years.
The city, which warned investors in its preliminary official statement of the possibility of filing for Chapter 9 bankruptcy protection, is providing a June 30, 2008, financial statement, its most recent, to investors. A fiscal 2009 report is expected to be complete by May 31, said city spokesman Dan Lijana, in an e-mail.
.....
I posted this one earlier:
Mass school closures approved in Kansas City, Mo. - Yahoo! News
KANSAS CITY, Mo. – Facing potential bankruptcy, the board that governs the once flush-with-cash Kansas City school district is taking the unusual and contentious step of shuttering almost half its schools.
....
Under the approved plan, teachers at six other low-performing schools will be required to reapply for their jobs, and the district will try to sell its downtown central office. It also is expected to cut about 700 of the district's 3,000 jobs, including about 285 teachers.
District officials face dozens of issues as they begin the massive job of downsizing the district — reworking school bus routes, figuring out what to do with vacant buildings and slashing its payroll.
HomeGnome is rocking Portland, OR
The 3 wealthiest counties in America now ring Washington D.C.
And 6 of the top 10.
Says it all
Fund My Mutual Fund: [Video] America's 3 Wealthiest Counties Now Ring Washington D.C.
nanoo - I read your rant a couple threads back. The old rules don't apply anymore (work hard, save conservatively, be rewarded) and we all have our own ways of dealing with the new paradigm (default and gaming the system are the new ways to "save"). Here we go learning about the 4 stages of grief again.
Anyone but me been cyber attach this morning? Was on Cr and Miami Herald....Got logged out and closed down while it was downloading. Am at work now on different computer.
After four years of escalation, a
!
Foreclosure rates up by smallest amount in 4 years - Yahoo! Finance
Who would buy Detroit debt?? Tell me Hu?
Kansas City: The pain really begins at the local and state level! Will the Feds do a STIMPACK II for the states? They might have to!
thanks for your reply Outsider. I have to apologize, I get upset and rant but try to contain it to the wee hours of the morning. I amazed anyone actually reads anything I post, venting it off helps...a little. Obviously, many of us are coming to terms with "the new normal".
maryann didnt get closed down on miami herald got virus attack you know the ones no matter what you click you are going to get the "virus scan" oh i hate those things.
MaryAnn, I've had 'trouble' before on the Miami Herald site, I suspect that is the culprit. No problems with CR myself-I keep updated though and don't use active widgets or stuff like that save my 'protection' suite.
I may not have experience, but one thing I have up on boomers is that I don't blame every computer hiccup on viruses!
De-caf,
Nanoo
tncubsfan wrote:
Prolly - but KC [and many cities & inner suburbs] have needed 'right sizing' wrt their education establishments for quite some time and the wave of retirees is just starting. It's gonna get a lot worse before it gets better.
I need more
.....
Reading YAGBCPP (Yet Another Gold Bug Comex Panic Post) somewhere, and the dude (as if he had any credibility left to shred) starting complaining about "naked shorts".
On a commodity futures exchange.
Sheeesh.
Which came first, thoughtful and well presented, or still sane and level-headed?
Which ever, N-N, you're going it right.
Want more?
It's Going To Implode: Buy Physical Gold - NOW | zero hedge
Eric wrote:
Reading YAGBCPP (Yet Another Gold Bug Comex Panic Post) somewhere
What if everybody tried to redeem their Federal Reserve Notes for legal tender all at once? Oh... wait...
dryfly wrote:
Senate passes $149 billion for jobless aid - Yahoo! News
Eric wrote:
Sorry, I'll get dressed.
Didn't realize anyone was watching.
Nanno,
Physics can be rewritten when knowledge changes. Physics never change. The new norm has failed and the collapse or severe correction of physics has to take place.
energyecon wrote:
I'm having epiphanies on an almost daily basis now, and this article doesn't help. Ye gods, I may personally be reaching peak
.
...
.
The Obelisk... it's full of
Yalt wrote:
Next time remember to put tape over the vid cam above the screen - :brainbleach: isn't free you know.
OT: CalPERS winning streak continues:
SacBee: CalPERS project in Boston on verge of going bust
Developer leaves mess, quits $800M Columbus Center plan
California Urban Investment Partners is a joint venture between the
California Public Employees' Retirement System (CalPERS), and Johnson/
MacFarlane Partners.
MacFarlane resigned last October as a CalPERS manager. The MacFarlane firm steered CalPERS into one of its biggest real estate losses ever, a project called LandSource Communities. LandSource went bankrupt in 2008 and CalPERS lost its entire $900 million-plus investment.
What's the fuss? That's not even three digits. The Tooth Fairy will have the money under the pillow in the morning.
TraderMark wrote:
Typical for a late stage empire.
It's Going To Implode: Buy Physical Gold - NOW | zero hedge
StickyDownside wrote:
CalPERS should have only invested in Cali RE - that way they could at least have foreclosed and given it away to their retirees in lieu of money... but then the retirees would have had to stay in Cali and from what I hear they frequently don't - they leave state to reside in places with lower taxes - states that don't offer retirements to their state employees as cushy as say Cali. I'm sure that isn't 100% true but if even partially true - excuse me while my head explodes - again.
shill wrote:
Yup.... that was the YAGBCPP.
Will the Feds do a STIMPACK II for the states? They might have to!
I just don't see anything large scale happening before the elections (unless the
can no longer be denied). Maybe a few <$50billion 'band-aids'. The R's know they are going to pick up a lot more seats in november and any stimulus postphoned till 2011 will be better tailored to benefit their gangmembers.
Thanks Outsider and LBD:
HG, I'll just say a little more and then I'll shutup.
I'm not unfamiliar with physics and I do see what has transpired over 25 years or so as defying some basic laws Over the last 10-15 years it become easier to justify without consequences or lessons otherwise. Unlike gravity, the results of defying those laws can be stretched and manipulated to avoid consequences. I see it more like a rubber band that is worn over time, twisted and has reached its limit and breaking point. Entropy if you will. I know its broken, I just don't know what the final result will look like or how quickly that result will occur. I do know there is no safe harbor for the vast majority of us except to use common sense and practically apply ourselves in our daily lives.
Outsider wrote:
The
is a good teaacher.
All main street has left is trying to game the system Wall Street set up. Very sad. A choice between survival and ethics, survival usually wins.
dryfly wrote:
Does it help relieve the pressure?
.
Eric wrote:
To remove the OMGWTFBBQ!! aspect of his post, the fact that banks are seeing the need to revise their withdrawal policies now is of great concern to me. The reasons anyone would have that kind of policy is obvious (to me), and it provides a warning (and reassurance) that timing is everything.
than 
, but other family members have more 
than 
so if we had to pool resources...
.
I'm more long physical
black dog wrote:
I would guess the same thing - in fact my guess is all subsequent bailouts & band aids will be timed to expire the first week of the next session for the in coming class of congressmen. That way the can gets cleanly kicked to the new bosses [with any and all blame]. Then election cycle 2012 begins...
This is second derivative stuff again.
We imported $37 BB more than we exported. Nice that they keep taking dollars and lending them back to us , but how does it end?
1 currency now -yogi wrote:
Hu knows.
1 currency now -yogi wrote:
Simply if you think about it. Currency becomes meaningless.
dryfly wrote:
How long could Wal-Mart function without its China suppliers, dryfly? How long would it take to start insourcing goods, or would Wal-Mart be DOA?
1 currency now -yogi wrote:
Ever watch a balloon with a little hole in it screech around the room and then flop onto the floor?
The 3 wealthiest counties in America now ring Washington D.C.
How long before Bravo starts filming The Real Housewives of the Loudoun County?
I amazed anyone actually reads anything I post, venting it off helps...a little.
Speaking it helps you to vent, and helps the reader to validate their own experiences. Most of the time I read these things and don't bother replying because - what can you say? It's true. But it does help to know I'm not the only one in a constant state of
I don't like the new normal and I'm being dragged, kicking and screaming.
You sacrificed a good love
To satisfy your pride
Now you wished
That you should have her (have her)
And you feel like such a fool
Let her walk away now
it just don't feel the same
Gotta blame it on something
Gotta blame it on something
Blame it on the rain (rain)
Blame it on the stars (stars)
Whatever you do don't put
the blame on you
Blame it on the rain yeah yeah
You can blame it on the rain
-Milli Vanilli
black dog wrote:
Most boring show ever....
dryfly wrote:
I believe California taxes California-based pension payments no matter where they are received.
I don't know from personal experience, but that is what I have heard.
After the state of shock has been absorbed then laughter sets in as a way to deal with this mess.
Guest on Bloomberg is saying that he "sees" 300k jobs added for March when it's reported next month!! There is no GD way! If he's right I'll eat a pair of my stinky unwashed socks
tncubsfan wrote:
I wonder if they can inflate jobs like currency. Something like the ForeverCensus.
Quoting Milli Vanilli has got to be an oxymoron.
tncubsfan wrote:
"Tastes like chicken".
Outsider wrote:
Humans adapt, that is how we survive. Each of us figures how to handle change in our own way, within our own abilities and circumstances. The tricky part is accepting the new normal, which seems to change rather quickly.
Hey, that's my excuse! Nanoo really does craft a good rant.
Hardly seems appropriate. How about a pair of naked shorts instead?
tncubsfan wrote:
Must be the comedy relief section of the show.
tncubsfan wrote:
He's not the only one saying that. Probably pretty close to consensus -- includes census, plus makeup for the unexpected snowstorm last month (or rain storm if you're a Milli Vanilli fan). We'll want photos if you have to eat those socks.
Edit: For those of you who aren't iPhone H8rs, you can subscribe to all the Bloomberg "On the Economy" interviews for $99 a year and listen to them while you're driving around counting foreclosures. If CR has turned you into an econ junky it's truly fantastic.
Outsider: I've found a great deal of solace here at CR because of people like you and others who not only think in similar terms but I've learned a great deal. I wish I could offer more than
You make me feel a bit better about that, thank you.
A public announcement: Folks be aware there is a MASSIVE recall underway. It will likely exceed previous recalls. Its just beginning and will likely include thousands upon thousands of products likely in your kitchen now. Salmonella contamination of common ingredients used not only in restaurants but in preprepared items including spices-mixes-salad dressings, chips and a variety of products. The FDA is still investigating so heads up and stay tuned. This is actually the result of two different sources, some are spices including whole black pepper, ground pepper and vegetable proteins that are ground.
Salmonella can be killed if heated to a particular temperature over a particular length of time. What is worrisome about this recall is many of these products are eaten out of hand and are uncooked ingredients.
So heads up folks, particularly those of you with young children.
The petroleum we just burn. The other imports that we consume last longer. The laptops will be useful for implementing the open source currency after the balloon hits the floor. Maybe we'll have all the wind turbines and solar panels we can use by then.
MLM:
He's not the only one saying that. Probably pretty close to consensus -- includes census, plus makeup for the unexpected snowstorm last month (or rain storm if you're a Milli Vanilli fan). We'll want photos if you have to eat those socks.
Nanoo-Nanoo wrote:
Which is no doubt hot enough that it will cause your non-stick pan to give off deadly cancer causing fumes...
Sorta like the stuff that came off the teflon President?
I'm wondering just how you go about infecting whole black pepper.
Fer Pete's sake. [expressing disgust at corporate cost-cutting, not disbelief.]
insecticides and ferimones [prurient interest only]
Anonymous Bosch wrote:
I don't think that means what you think it means...
Apartment Vacancy Rates in U.S. to Decline in 2010, CBRE Says - Bloomberg.com
sportsfan wrote:
.....that is correct.
The casino mentality doesn't seem to be going away any time soon. In fact it's getting worse:
Investors can soon make bets on movie box office - latimes.com
There, I
A choice between survival and ethics, survival usually wins.
Sad but true, indeed. I'd rather live in an ethical society, but survival is a natural drive... ugh.
It was funny watching the anchor on CNBC Asia read the breaking news from Australia last night on employment.
She said: "Just crossing...Australia has added 400 jobs this month." Then, she did a double-take.
Can you imagine how high the stock market would go if the U.S. added 400 jobs?
Black Star Ranch wrote:
Confused, how can they tax earned received out of state?
The stock market likes elimination of jobs: forces wages down and remaining employees work harder.
Which is worse - bankers or terrorists wrote:
They take the position that, if the pension was earned in California, it's subject to California income tax.
I believe they require a state income tax return to be filed. For the hammer, there's always withholding.
Which is worse - bankers or terrorists wrote:
They are California. What more excuse is needed? The same attitudes that broke the State persist.
.....do you know where your food comes from?.....do you know what's in your water & its delivery system?.........do you really think the FedGov has any idea what is going on with either? I'm sure the folks living in the 3-wealthiest counties that commute into DC everyday have "it" all figured out for us.
INDU approaching
Which is worse - bankers or terrorists wrote:
As long as you're at it, check the U.S. tax laws for income earned out of the country.
Which is worse - bankers or terrorists wrote:
Sportsfan is correct. If CA is the check writing authority, they can withhold whatever tax withholding they choose. It's up to the taxpayer to apply for a return of that money. Apparently, CA doesn't care if you live out of state,.They still want their cut.....
sportsfan wrote:
So you would file a state income tax return for specific set of income even though you're not a resident.
I believe California taxes California-based pension payments no matter where they are received.
Look for more states to do this for more revenue. The idea is the money was earned in their state but tax deferred till retirement. They will go after IRA's and any retirement plan they can get.
Things could be worse...Chile hit with another earthquake today..not just aftershocks
A 7.2 magnitude earthquake struck Chile again at 11:39 a.m. local time Thursday, the U.S. Geological Survey said. The epicenter was 95 miles southwest of the capital, Santiago.
just to make all you Calpers people feel a little better. The latest on NY's pension scams.
Read more: Former Hevesi aide pleads guilty in pension scam -- Page 1 -- Times Union - Albany NY
Which is worse - bankers or terrorists wrote:
I own stock in an S corporation that does business in CA, and I have to file; fortunately, I file a joint return with most of the other shareholders, and it doesn't cost me much.
MLM wrote:
Yes, I'm on top of that one. Surprisingly, I called the IRS last week and they told me income earned in Syria doesn't invalidate the foreign earned income exclusion even though other federal legislation said it does. I found that interesting.
Unlikely I'll be doing any work in Syria anyways.
Lobbyist Ben Dover wrote:
Willie Sutton is smiling.
Which is worse - bankers or terrorists wrote:
I find that code for "we may or may not change our minds at a whim later, which will be your problem".
Tropicana shrinks OJ cartons, raises prices - Food Inc.- msnbc.com
Which is worse - bankers or terrorists wrote:
It's worth noting that if the IRS gives you bad advice, you're still liable for the taxes and fines that result. Just sayin'..........
CA isn't the only entity to use that tax policy. Any income earned inside the Philadelphia city limits are subject to the City Wage Tax whether you live in the city or not.
I've found a great deal of solace here at CR because of people like you and others who not only think in similar terms but I've learned a great deal.
Nanoo - If we're going down, I'd rather do it in the company of such witty people as here.
If we ever have to go tent city, I want my tent next to you guys. (Save me a spot.)
MLM wrote:
Yeah, which is the thinking behind the US foreign earned income exclusion in general I think. I wonder what would happen if they eliminated that....millions of Americans living outside the US suddenly disappear.....
I moved from California to another state, and then out of the country, so I'm clear on paying taxes there while gone (all traces of residency extinguished per the rules). Besides, given the state of the US economy, I find it doubtful that I'll be back for a decade or so. I figure I might possibly outlast California and half a dozen other states (or territories, as we may call them shortly).
Hahaha this just keeps getting better by the day
Mortgage Insurers Won't Pay on Bad Loans - CNBC
I'll supply the Ammo and Booze....HG what are you bringing
Ooh. HG and the Mrs. will be bringing all that great food. Yeah, I'm there.
Taxes that normally would have been collected when that money was first earned was only deferred because you put it in a tax preferred plan. The obligation to pay the tax accrued when the money was earned, the time of payment was just postponed.
And I'll craft lawn chairs from indigenous materials.
Does anyone really think that insurers are in the business of paying claims?
noob goldberg wrote:
If the recovery was partially based on greater efficiency or new kinds of energy production, this could be the expected result.
Not at all difficult to do. We just aren't really trying to do it.
Sure, they're claiming the "bad" part of the loan ia a preexisting condition.
Beware Of A Double-Dip Recession - Forbes.com
I think I've read this from him before. Perhaps he changed the date and a few of the vignettes....
Outsider wrote:
If I go to tent city the last thing I will buy is a solar charger for my lap top.
The trees look to be yielding the biggest avocado crop in a dozen years. Who's bringing the chips? I know Neil is bringing the
.
OT
Misconception and mis-information about the UE benefits bill: FYI
Cable News Fail: Unemployment 'Extension' Not Quite What It Seems
"
While I won't say the coverage is lazy, I will say that the reporting is misleading. This bill "extends" benefits in the same way that Obama's health care will lead to death panels.
First, the facts. The jobs bill doesn't "extend" coverage. What it does is extend some of the deadlines so that people who were laid off later in 2009 and into 2010 can still qualify for the extra unemployment benefits provided in last year's stimulus bill.
But once someone has moved through the various tiers of coverage (which is combined with a Federal/State Extended Benefits program), you're out of luck. At best, after 99 weeks your unemployment coverage is over and this bill doesn't address that.
Which makes the various Republican talking points about creating an additional permanent welfare state even more ludicrous. Even if that were the case, it's a welfare state that only last 99 weeks. Which isn't much of a financial crutch.
All of this might be a surprise to cable news network viewers, who hear the phrase "extended unemployment" thrown around in the same haphazard way as other favorite political phrases like "death panels."
The news coverage gives the impression that this bill gives the long-term unemployed even more money, and that is simply not the case.
"
sportsfan wrote:
Maybe the shareholders should be going after the CEO and Board of Directors for failure to perform due diligence?
dum luk wrote:
Ah, I get it. That is different than the logic that the federal government uses (that I still have to pay federal US taxes even though I use NO SERVICES from them living abroad).
Someone reminded me that I benefitted from the US military, and then I asked how the wars in Iraq and Afghanistan were going.
China exports leap 46% in February
Looks like it's going to jump back up for February.
Cinco-X wrote:
Cinco, how does this work for S-Corps? My company (S-corp) has earnings in several states and it is a pain to file in all of them. I am sure the group would prefer a joint return for each state.
making investment decisions ... based on politics, not financial judgment.
That has been the best investment advice the past year. The visible hand of the government has been quite generous (especially when you are in the club and get the info early and get to watch everyone else go wtf? on that day's market spike) in propping up losers. Oh, to have bought some BOA (or _____) last march.
"CR Commune" - 2010 style.
Avocadoes, solar chargers, quality wines. Communing with style.
black dog wrote:
How that reminds me of when I used to live in the Soviet Union. In 1990, when it was falling apart.
yagij wrote:
Not DOA - there is always India to ramp up & Africa for textiles [that in process shift is already happening as China gets more expensive]... in the meantime Viet Nam & Philippines gets real busy.
But what really happens is stuff gets more expensive - like it should. I mean look at the stuff at WalMart and ask yourself - how can things this complex be this cheap? Answer - it can't unless something is manipulated or subsidized.
The drachma drama
continues apace...,
New Strike Paralyzes Greece - NY Times
steelhead wrote:
I'm guessing he's long tungsten.
Solar chargers! Phooey! Bicycle chargers so we can blog all night long. in the snow.
Mike_ wrote:
Ummmm..... the accountants send me a release to join the group return, and I never hear anymore about it. I'll write the CFO and see if she can provide more info. Ping me if you haven't heard from me in a couple of weeks. BTW, I think it works best if your tax would be small anyway, but again, I'll ask-
Which is worse - bankers or terrorists wrote:
You carry a U.S. passport, don't you? That's your key to all the services that are available wherever you are.
Seriously, the U.S. has long held the position that it can tax the income of its citizens no matter how and where received.
black dog wrote:
LEH. AIG. Says it all about the casino.
Comrade Mikhailovich,
+1
tncubsfan wrote:
Given how BLS does statistics & the census in process - you might want to get a jump on looking up recipes.
HomeGnome wrote:
and he brought the damn rain with him
sportsfan wrote:
Correct, which contradicts international law. Even as the US government sanctions other countries for not following international law.
And yes, I pay for my US passport....just got a new one.....jesus christ the expense for the biometric one.
shill wrote:
Lawyer bubble on its way.
I don't have much to contribute, but if HG is cooking I'll do dishes.
NateTG wrote:
We'll let this play out in court, but it's pretty much impossible to rescind a policy unless the insured has willfully provided material misrepresentations when they applied for the insurance. Does anyone really think that insurers should be in the business of paying claims to companies that committed insurance fraud?
Why the U.S. can't inflate its way out of debt - Mar. 11, 2010
Like we have a choice?
A public announcement: Folks be aware there is a MASSIVE recall underway.
I got an message on my answering machine yesterday, advising me of a recall of Jose Taqitos or something. Strange, never got any direct phone contact like that before. Why me?
Which is worse - bankers or terrorists wrote:
Anyways, if your implied point there is that there are intangible benefits to being in an American, come to Middle East and I'll show you all the shit you get. Canadians, Germans, and Brits don't have to pretend to be another nationality when someone asks you in a taxi.
dryfly wrote:
You think there won't be a hit to the supply chain or price will fix its problems? WalMart has always been the race-to-the-bottom retailer so what would happen to Walmart if they actually had an increase to their cost structure?
Black Star Ranch wrote:
I believe the Federal govt stopped this practice about a decade ago. I'm looking for a source.
CA does tax pensions of its residents, regardless of where the pension is coming from (e.g., a retiree from the State of NV). Taxes by State
Okay. Enough for today.
Mike_ wrote:
Mike,
I spoke to the CFO, and it's called a composite return. My old company (where I own stock) actually does these in several state. Presumably any tax person will know what they are; good luck...
Which is worse - bankers or terrorists wrote:
I have a son in Europe right now. I suggested he sew a Canadian flag patch on his backpack. He thought that was crazy.
You know I hate to bring this up, but, if paying taxes is such a bummer, you could always renounce your citizenship.
Uncle Ar wrote:
Prolly - for us though it depends on where it's headed - the EU is now the biggest end point destination I do believe.
sportsfan wrote:
+1 Indeed
.
If you have found the better haven for you and yours, there is nothing wrong with admitting it.
sportsfan wrote:
You still owe for 10 years....
Glad I am able to stop this rumor. Straight from CalPERS:
"Since federal legislation prohibits states from taxing the pension income of
non-residents, if you reside outside the state, California State taxes will not be
withheld from your CalPERS benefi t without your authorization. While your
CalPERS benefi t is still a California source income, there is no longer any
California source tax for qualified non-residents. If you have questions about
your California residency status or your California State taxes, contact the
California Franchise Tax Board (or visit their Web site at http://www.ftb.ca.gov)
or a tax advisor."
https://www.calpers.ca.gov/mss-publication/pdf/xL24eKHEM50pE_Pub%2043.pdf
So NO, CA does not tax pensions from CA retirement systems if the retirees live in other states.
Cinco, really appreciate it. I will see if I can find anyone here that is willing to take a look.
Which is worse - bankers or terrorists wrote:
I see you've considered it.
And give up any claim on your social security.
yagij wrote:
The same costs will apply to their competitors, so it'll be a
Walmart's formula for success wasn't just cheap goods; it also involved state of the art business practices. If you can't appreciate their inventory management, then I'm not sure what to say to convince you otherwise....
.....only in Las Vegas........
.....Anyone wanna be my friend for $100 an hour? I'll let you help me weed my garden - wanna take a horsey-ride? - want a ride on my tractor?
Lonely in Las Vegas: Web site lets strangers rent a friend - Monday, March 8, 2010 | 2 a.m. - Las Vegas Sun
.......
.......Strange .........LOL
The sooner you do it, the sooner the ten years will be up.
Which is worse - bankers or terrorists wrote:
If you have no American assets and aren't working for any MNC with American branches and don't want to come to America, sounds like you don't have much to worry about. In a perfect world, where would you claim citizenship?
Black Star Ranch wrote:
Craigslist has been doing that for awhile, right?
Cinco-X wrote:
Agreed, but when you consider reworking your supply chain, the inventory management side doesn't shine with inventory stoppage/shortages to run through it.
This data points out the obvious fact that if we eliminated the petroleum imports, it would go a long way to solving our balance of payments problem. We need a coherent energy independence policy now.
Nuclear
Natural gas
Wind
Mike_ wrote:
Good luck-
yagij wrote:
What is implied here is interesting. I hear nothing on this blog but bitching and complaining about the current state of affairs, and then people imply a lack of patriotism on my part.
Speaks to me about Americans not really being able to let the past go. Yes, America was the predominant world power since 1945. Is this necessarily a predictor of future events? You are mentally questioning this but emotionally hanging on to the Shining City on the Hill.
I spend a lot of time with Brits and white South Africans. People who get that their time has passed for several generations, or at least the rest of their lifetimes. It does give you a different perspective on things.
Black Star Ranch wrote:
Sure! I will do it for $50. You anywhere near San Jose, CA?
Uncle Ar wrote:
LOLOLOLOLOL. You think there will be social security by the time I'm 65 (2040). THAT is the funniest thing I've heard on the blog for awhile.
I'll fix it for you:
If you can't appreciate their inventory management and they way they fu$% labor (and suck on gov. teat by paying their workers so little they can be on medicaid), then I'm not sure what to say to convince you otherwise....
....now I'm worried.......LOL
Outsider wrote:
There is a lot of misinformation from both sides of the camp [both D & I sides]... absolutely we can inflate [contrary to what D camp says] but it won't get us out of the ditch [contrary to what I camp says]... just a different ditch farther down the road. Quite possibly a much deeper ditch too if the tough choices are put off even longer as a result.
And give up my chance to participate in the 2010 census? NO way.
dryfly wrote:
Ketchup, salsa and tobasco sauce are three great alternatives...just sayin'
Outsider wrote:
This issue is way more subtle than the authors of that article portray. 1. The method of calculating inflation varies from country to country, and it sometimes revised. The US changes have led to a slightly lower CPI trend. 2. You might be able to inflate away part of the debt by printing cash and sending that cash to the foreign debtholders. Why does it matter who gets the printed cash? Because some people just go right ahead and spend it in dollars. Others convert it first. If you send $ to people likely to convert it, they push down the FX rate for dollars. That raises exports without causing much US inflation. Know what the biggest problem with this is? Figuring out who actually is the ultimate owner of many Treasury securities.
yagij wrote:
It will affect others equally, and Walmart has shown a great deal of corporate adaptability. It's not as though Chinese manufactured goods aren't prevalent everywhere in retail now. When folks here complain about nearly our entire manufacturing base being outsourced to China, they aren't joking. As we write this, Walmart and others are probably investigating India or Indonesia as the next place to practice global wage arbitrage.
Youtube: REM, Gardening at Night
Black Star Ranch wrote:
DIdn't Volker the Viking take a job doing that sort of thing......for a day anyway
Pleeze vote in my poll.
yagij wrote:
At any rate, my point was that the American position that it can tax its citizens for income earned worldwide seems to stem from a certain level of American exceptionalism at some point, which is justified it seems by events of the past century and not those of the current one.
Which is worse - bankers or terrorists wrote:
No, I've spent time abroad (Japan for me), and I know each side has its Pros & Cons. You are very much stuck on the Middle East's Pros and brush over the Cons quite easily. The Cons over there don't seem to bother you as long as you get the cash. As soon as the cash runs out, you'll move on to the next money spot and enjoy its goodness. There are words for that kind of MO and "patriotism" isn't the right word for it.
.
You got (are getting) yours so
rosethorn wrote:
Oxymoron. Coherent energy policy, yes. Let me know how that energy independence thing goes...seriously.
edit: One way to get there is a huge decrease in population, though not sure if that is 'coherent'!
Which is worse - bankers or terrorists wrote:
I'll that bet on - now if we consider purchasing power - well, that is another story....
some investor guy wrote:
That is why Cali contests residency so aggressively correct? You can't have your residence a PO Box in Reno while 'vacationing' 365 days a year in Laguna. Yes/no? In Minnesota where we have similar issues [people stay at lake homes all spring summer & early fall] only to return 'home' to tax free Florida in winter... if they stay longer than a certain amount [like three or four months] then they are residents for tax purposes and required to open up the wallet.
A few years ago I recall reading, mostly likely in the Air Force Times, about a military retiree who became an Australian citizen and lost his military pension and social security. No link available.
Cinco-X wrote:
Their competition is equally good now - especially Target. WalMart will have to compete & I'm sure they will - cheap isn't an absolute, it's relative.
energyecon wrote:
As Rob and I have mentioned, it doesn't take true energy independence to affect the margins enough to take OPEC out of the driver's seat. It's been a year since the election, and I haven't heard a word from the Administration about the Picken's plan, or anything like it....
some investor guy wrote:
This sentence did catch my attention. I'm trying to determine if that is something peculiar to CalPERS or something more general. Generally, California taxes all "California source income."
Uncle Ar
+1
dryfly wrote:
Could be. Many people end up allocating income between places they live or work. At my old firm, there was a big push regarding City of NY. They kept close track of when people were out of NY at meetings, and they didn't pay city tax for those days. People from other offices who were there like 5 days a year, it didn't matter.
Which is worse - bankers or terrorists wrote:
Good thing they don't have taxes anywhere else.
sportsfan wrote:
I don't think so. Cite a reference if you can find one.
dryfly wrote:
Some like Target are good; then there's Sears, K-Mart, etc., the old line retailers who, despite have the writing written on the wall for them since the early '90s, have yet to adapt to the new paradigm........
In other words, there's still market share out there to be had.....
Which is worse - bankers or terrorists wrote:
Absolutely there will be - and it will buy a Happy Meal. Want to super size it? Well that will cost extra.
Wow, fewer miles means fewer accidents:
Highway fatalities dropped 8.9% last year, says DOT - Mar. 11, 2010
Chile has angered the Copper gods...
USGS: 7.2-magnitude quake SW of Santiago, Chile - MarketWatch
dryfly wrote:
It'll probably be taxed too, even if you decide to move to Costa Rica....
Cinco-X wrote:
If you look at the current supply/demand fundamentals, it should be clear that OPEC quotas are not in the drivers seat atm...think about it. Also, the three most important words for all the armwaving regarding solutions are scale, scale and scale. Which drive back to infrastructure in place and thence to a capability assessment regarding our ability to build that infrastructure...T. Boone has some great ideas, but the implementation is going to be huge, though starting with fleet vehicles and long haul trucking are spot on.
dryfly wrote:
However, the tax structures vary so much from one country to another that you can shop for lower taxes. People do this within US states all the time.
Many tax havens have tightened up their restrictions since 2000. It's quite a bit harder to become a citizen of many small island nations.
some investor guy wrote:
This was settled quite some time ago.
CA non-residents don't receive CA "services" which that tax money would be paying for.
energyecon wrote:
So what are we waiting for? Probably for the public to forget so that some politician can stick his own name on it....
yagij wrote:
Yes, you are correct on all accounts. And yes, the Cons massively suck. A lot. Like I said, I'm moaning about the sense of American exceptionalism of collecting taxes on its citizens without its citizens enjoying services, only that one point.
But you are right....I am actually this evening contemplating moving on to my next Middle Eastern country, as you noted. Moving around for work is exactly the kind of thing Americans did the last 200 years....and also reflects the free market thinking that many people on this blog support. What is the problem with that?
Perhaps it is that I'm not "supporting America". If so, I disagree on that one. I think some of the best things that can be done for America is help mitigate wage arbitrage, and bring the standard of living of other countries up to ours. It naturally increases people's education, makes them often own their own homes, helping to create a mortgage market which over the very long term (yes, not the last 30 years) brings about increasing political stability. Those are all good things. And making other countries in the world more stable, particularly Middle Eastern ones, only helps America.
I just get concerned that America is so stuck in the greatness of its past that it isn't contemplating what will push it forward. And I don't think I'm the only one there.
CLNE is up over 10% after posting earnings yesterday.
Cinco-X wrote:
Big K/Sears is going away - what Target/Walley don't eat the new Turk 'regionals' like ShopKo & Kohls will. Point is Wally does have a solid model [for now] and will do fine. As will Target. Supply Chain isn't a secret weapon anymore.
Cinco-X wrote:
Man, I been asking that question for a looooooong time...perhaps when the American public demands it of their political 'leadership'.
Cinco-X wrote:
In both places - here & in Costa Rica.
Copper Rebounds on Supply Concerns After Earthquake Hits Chile - BusinessWeek
OT (if there is one): interesting article about cities treating actual homeowners like bandos, because they can't keep up repairs or afford all city services:
No fridge is better than no house | Jennifer Abel |
Comment is free |
guardian.co.uk
If you see a woman drowning the decent thing to do is toss her a life buoy, or at least leave her the hell alone; sitting on her head to push her deeper under water is wholly unacceptable behaviour. Unless you live in America and work for some local-level housing authority, in which case it's part of your job.
Being poor sucks in any country but especially in the US, which is so proud of being the Richest Nation on Earth that it makes sure everyone lives up to that whether they can afford to or not. Consider the case of Avondale, Arizona resident Christine Stevens, who has been in deep water (financially speaking) since losing her bank job in January 2009. She decided to discontinue her electricity service and make do with solar panels – Arizona has no shortage of sunshine, after all – and using an ice box in lieu of a refrigerator.
But such frugality defies Avondale city codes, which require a refrigerator, heating and cooling system, and electricity enough for all. So Stevens' house was condemned, and Stevens kicked out. "We explained to her that the panels weren't enough to sustain a quality of life there," Avondale's code enforcement manager said. Stevens is back in her home now, after spending 11 nights sleeping in her car, but could still lose the property.
(much more)
The Brits know we're barbarians.
Now that is the funniest thing I've read on this blog, ever. Race to the bottom, my friend.
dryfly wrote:
UAE: No taxes unless you're an oil company. Same with a number of other Middle Eastern countries. Still other countries have taxes but the company pays them for you (you negotiate for your net salary amount, not the gross)
Anyways, I'm not clear who is complaining, in that I pay plenty of federal taxes and don't use any services, except when I go home for Christmas (how ironic in a discussion on this board regarding how to mitigate California pension/S-corp taxes).
If we could do that with about 100 million Americans, our fiscal picture would love drastically different.
energyecon wrote:
Here, here. And the renewable energy guys are complaining they can't get anything done with the Obama administration because health care is using all of the bandwidth.
some investor guy,
I didn't find anything definitive. Clearly California taxes income reported on a 1099-R, no matter where the recipient lives. If there is something special about having been a member of CalPERS, it wasn't stated in the FTB publications I just read.
Meanwhile, I need to go see if my spot in front of Lowe's is available today.
Have a good day, folks.
How about just a petroleum trade deficit of zero, then? That could be achievable.
Jonathan wrote:
My software project at USDOT did a little of that over the past fifteen years.
broward wrote:
Cool.
I'd be interested in the 2007 numbers. Locally, $4 gas pushed a lot of people off the roads.
Which is worse - bankers or terrorists wrote:
FWIW, I think you've got this right. There are a lot of people on HCN who complain about American exceptionalism, but in this case it's suddenly OK. The rest of the world doesn't do foreign taxes this way, only us. It stems from exactly the same arrogance that leads to all kinds of other craziness.
As the air continues to leak from the balloon, I would expect significant push back from some of our tax treaty "friends".
Cinco-X wrote:
The fact we deal in $2.2T oil dollars. Job destruction. Good campaign line (lie) that will go no where, especially with the economy going down.
Why should they support some rich guy locking up water rights?
Great article on updated stress tests, and why we won't see them (ht Naked Capitalism):
Principal Writedowns and the Fake Stress Test » New Deal 2.0
FWIW, I think you've got this right. There are a lot of people on HCN who complain about American exceptionalism, but in this case it's suddenly OK. The rest of the world doesn't do foreign taxes this way, only us. It stems from exactly the same arrogance that leads to all kinds of other craziness.
My b-i-l has a phrase for this: "Yeah, [family member] is a jerk. But he's our jerk."
We know our country's faults. That doesn't mean we still don't stand up for it.
Outsider wrote:
It's my country too. I would have every financial motivation for renouncing citizenship and moving elsewhere, but I have no intention of doing so, higher taxes or not. Doesn't mean that taxes on foreign income aren't another case of imperial overreach.
If you can read this Publication 54 (2009), Tax Guide for U.S. Citizens and Resident Aliens Abroad without saying WTF, you're doing better than me.
MLM - I don't speak IRS.
I do my taxes with my handy dandy H&R Block software. Like Tim Geithner. Only more accurate.