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Amercian Jobs Act of 2011; Final Text sent to congress
Topic Started: Sep 13 2011, 04:49 PM (480 Views)
Baldo
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It took some time but I finally found the text

http://www.scribd.com/doc/64724486/American-Jobs-Act-Final

155 pages.

So how is the Bill paid for? Final page 155

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kbp

I started reading it when I posted the link on another thread, made it trough 30 pages before I was bored to death.

I suspect you cheated, didn't read all the pages!
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Baldo
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I will follow in George Washington's path. I scan through it, however I was greatly aided by a person on the radio who had read it and pointed out some passages. It is pages & pages of references and boring language

It sure reads like pork Pork Pork and more Pork. Wireless, well hidden Green projects, more salaries for state employees, school teachers, first responders, union construction workers, etc etc.

It also disallows some of the write offs in drilling exploration & depletion allowances. As was pointed out it actually will mean less oil exploration as most of that work is done by smaller contractors, not the Seven Sisters or Big Oil. It looks to make oil exploration more expensive. Do we really need that? Most likely a Greenie's way to harm the fossil fuel industry.

It also makes it against the law to discriminate against unemployed people in job hiring or advertizing.

It does limited deductions on anyone making over $200,000.

Doesn't seem like a Job Creator to me, just another expensive Son of Stimulus which will blow out the budget more in 2012. It most likely will hurt employment.

Edited by Baldo, Sep 13 2011, 07:43 PM.
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LTC8K6
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Assistant to The Devil Himself
Why do they think this will create jobs? I can't figure out how.
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Kerri P.
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LTC8K6
Sep 13 2011, 07:45 PM
Why do they think this will create jobs? I can't figure out how.
Harry Reid doesn't even think it will pass in the Senate.
http://politics.blogs.foxnews.com/2011/09/13/reid-not-sure-if-obamas-jobs-bill-can-pass
Reid Not Sure if Obama's Jobs Bill Can Pass
Edited by Kerri P., Sep 13 2011, 08:53 PM.
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kbp

Kerri P.
Sep 13 2011, 08:51 PM
LTC8K6
Sep 13 2011, 07:45 PM
Why do they think this will create jobs? I can't figure out how.
Harry Reid doesn't even think it will pass in the Senate.
http://politics.blogs.foxnews.com/2011/09/13/reid-not-sure-if-obamas-jobs-bill-can-pass
Reid Not Sure if Obama's Jobs Bill Can Pass
Reid's not sure how it is best for it to fail to pass.
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kbp

Quote:
 
GE to Buy Back Shares From Buffett Next Month

But isn't it an even more positive signal when those same companies, returned to health and flush with abundant profits, pay him back?

If so, then investors might want to use the latest return of Buffett's mid-crisis life-raft funds to reflect on just how much better off the U.S. financial system has become.

General Electric officially notified Berkshire Hathaway on Tuesday it intends next month to repurchase the $3 billion of preferred stock it sold him in October 2008.

GE has flagged the move for a while. Under terms of the deal it struck with Buffett when all hell was breaking loose, the company led by Jeff Immelt was obliged to wait three years to call the bonds. It also needed to give at least 30 days notice—hence this week's letter from Fairfield, Connecticut, to Omaha.

Buffett's money doesn't come cheap, so it's logical that GE, like Goldman Sachs [GS 104.09 1.17 (+1.14%) ] before it, would seek to exit the deal as soon as possible. The perpetual preferred stock carries a dividend of 10 percent and can be repurchased at a 10 percent premium. Berkshire also received warrants to buy $3 billion of common stock at $22.25 a share within the next five years. With GE stock around $15, they're currently out of the money.

But that shouldn't diminish the positives to be gleaned from GE's payback. The company's financial position is much stronger. The group holds some $90 billion of cash to deal with any blips in refinancing the medium-term debt it took on during the crisis; halved its dependence on the short-term commercial paper market; and has nearly reached a goal of whittling down its finance arm's balance sheet to $440 billion.

True, many U.S. banks are still wobbling, thanks to mortgage and European debt woes. But even with all these troubles, Buffett only secured a 6 percent dividend, and 5 percent repurchase premium, on his $5 billion investment in Bank of America last month. That, combined with GE handing back Buffett's money, marks progress, however slow and grinding it may feel.


Read between the lines! GE has so much faith in the American Jobs Act that they decided the best investment was to pay off debt ...pay off debt ...pay off debt ...pay off debt ...pay off debt ...pay off debt

IOW; they can't leverage the debt in new investments ..no opportunities are knocking on their door ...the future for their money is NOT to pay to use more from others ...period.

Lets hope I'm just a near-sighted dummy!

Edited by kbp, Sep 14 2011, 12:44 AM.
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wingedwheel
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The economy hasn't gotten any better. GE just has extra money laying around from not paying taxes!
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Baldo
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Oopsie!

Muni Tax Change May Cost California $7.7 Billion, Lockyer Says

Sept. 16 (Bloomberg) -- Losing part of the tax deductibility of municipal-bond interest could cost California $7.7 billion in higher borrowing costs to entice investors, Treasurer Bill Lockyer said today.

President Barack Obama proposed reducing the tax exemption to help pay for a $447 billion jobs bill he unveiled last week. While borrowing costs would increase, Obama's plan may create work for 1.2 million people in a state with a 12.1 percent unemployment rate.

"I'd rather have the jobs," Lockyer, 70, said in an interview after his speech today at the Bond Buyer's California Public Finance Conference in Carlsbad.

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/09/15/bloomberg1376-LRMN0K07SXKX01-40HI1V5S7EJG06HAUG2R5IQCE0.DTL


"Obama's plan may create work for 1.2 million people in a state with a 12.1 percent unemployment rate."


What are they smoking? Just lying!

Obama & his advisers are just blooming idiots. Destroying the MUNI market?
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Joan Foster

http://latimesblogs.latimes.com/washington/2011/09/obama-jobs-speech-right-now-dick-durbin.html

Everybody remembers the urgency of President Obama's attitude toward the awful jobs situation.

Back in early August, Obama said the jobs situation was so urgent that he was going to give another speech about it -- in a month or so, in September after his vacation on Martha's Vineyard.

And then in September the president announced he would give his major jobs speech to a joint session of Congress on Sept. 7. But he neglected to check with congressional leaders first. And they suggested the 8th. So, since it was their House, the 8th it was.

"Tonight," the president said in the first 34 of his 4,021 words to a national television audience that night, "we meet at an urgent time for our country. We continue to face an economic crisis that has left millions of our neighbors jobless, and a political crisis that has made things worse."

The speech got panned as another political campaign one with Obama announcing, in effect, that....
...since the first stimulus spending plan of $787 billion hadn't really worked, maybe another $447 billion stimulus spending plan would.

This is the kind of thinking that can make sense within Washington. But since "stimulus" has become a laugh line, he didn't use that word anymore.

And, hey, the debt ceiling had been raised to $16 trillion. (Speaking of which the president speaks on the debt this morning in another speech because he's a Real Good Talker.) So why not spend a half-trillion more to look like he's doing something about the terrible jobs situation with 14+ million unemployed?

If Republicans didn't bite, no one would know Obama's Plan B was never going to work anyway. And he could try to blame the GOP next year for failing schools and rusting bridges. This also seems to make sense within WasObama prepares to speaks at the white househington these days.

The president was in such a hurry to get this new spending going, everyone remembers, that during that address he said the phrase "right now" seven times. He didn't actually mean right now that night because the NFL season was opening a few minutes after his remarks.

But Obama did want to show how really urgent he said the situation was, even though it had taken him 961 days as president to say them. And even though from Day #1 of the brief Obama Era polls had shown jobs and the economy were the No. 1 priority among voters but he pursued healthcare and financial reforms first. And even though unemployment had been at or above 9% for 26 of the last 28 months.

So, given the president's professed urgency, the next day, Sept. 9, everyone asked where was his jobs legislation?

And, well, it seems the urgent jobs bill hadn't actually been written yet but should be ready in a week or two. When the laughter died, the White House said on second thought the legislation would be ready for a photo op the next Monday.

Well, here we are on the next Monday after that next Monday and we've just learned from the No. 2 Democrat in the Senate, Dick Durbin, that actually it seems that body won't really be seriously getting into the legislation for a while yet. The Senate has some other more important business to handle. And then there's this month's congressional vacation, which in Washington is called "a recess," like elementary school.
Edited by Joan Foster, Sep 19 2011, 09:59 AM.
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Baldo
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I understand the political process of running for a second term when you are President demands use of your office. However this President disgraces the Presidency.

He is not President Obama, but rather Candidate Obama using the majesty & power of the Presidency for his reelection.

We all know his second Stimulus has little change of passing. Now we also know a 1.5 Trillion tax increase has as much a chance.

So what does he do, full-speed ahead pushing plans he know can't pass so he can create a wedge issue in the campaign.

Right now we are looking at having to wait until Jan 20, 2013 before we can rid ourselves of this clearly unqualified & unethical man. Meanwhile our country drifts lower as our misery index rises.
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LTC8K6
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Assistant to The Devil Himself
Remember:

Quote:
 
The President obviously has very little time to spend on anything related to the campaign.


http://michellemalkin.com/2011/09/16/snortalicious-obama-2012-fund-raising-appeal-of-the-day/

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Joan Foster

Check out the CNN headline: "Obama unveils $3 trillion in debt cuts"

Not taxes..."debt cuts." Not stimulus...."investments."
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