Cyprus Was a “Unique” Case…Could NEVEEEEER Here…

Because it was so small…the rest are bigger…

Global Deposit Confiscation Called For By Influential CEO Of Italy’s Largest Bank

The CEO of Unicredit Federico Ghizzoni said yesterday that it is “acceptable to confiscate savings to save banks.” He said that the savings which are not guaranteed by any protection or insurance could be used in the future to contribute to the rescue of banks who fail and that uninsured deposits could be used in future bank failures provided global policy makers agree on a common approach.

The.Banks.Must.Be.Saved…

Meanwhile, on the “it could NEVER happen here” front…

Canada’s “ Economic Action Plan”… pg 144…

The Government proposes to implement a bail in regime for

systemically important banks. This regime will be designed to ensure that,

in the unlikely event that a systemically important bank depletes its

capital, the bank can be recapitalized and returned to viability through the

very rapid conversion of certain bank liabilities into regulatory capital.

….The Government will consult stakeholders on how best to implement a bail – in regime in Canada

Systemically important banks will continue to be subject to existing risk

management requirements, including enhanced supervision and

recovery and resolution plans.

Right….

By “certain liabilites” they mean “your money” and by  “stakeholders” they mean” bankers”…

Zero Hedge

More Circular Liberal Logic…

Mandated higher efficiency vehicles coupled with a dismal economy thanks to the socialist policy, results in lower gasoline tax revenue to fix highways…

Right out of the “you didn’t build that… someone else did that” school of economics…

So Naturally….Charging by the mile, a gas tax alternative

For example, mileage fees and other forms of road pricing such as tolling send clear price signals to road users, and provide incentives to drivers to consider alternatives such as public transit or carpooling which can reduce congestion, vehicle emissions, and overall spending on fossil fuels. The Congressional Budget Office (CBO) reported that most drivers currently pay much less than the full cost of their highway use, and that mileage fees could provide a better incentive for efficient highway use than fuel taxes do because the majority of highway costs are related to miles driven. In addition, we have reported that if those who benefit from a program do not bear the full social cost of the service, they may seek to have the government provide more of the service than is economically efficient.

So the socialist idea to “fix” falling gas tax revenues, is to institute a mileage tax to encourage drivers to drive fewer miles, thereby generating lower mileage tax revenues…

These are the same people who want to run health care and confiscate 200 million guns….

Grid Chicago via MISH’S

They Told Me if I Voted for Romney My Taxes Would Go Up

And they were right…

What happened that my SS withholdings in my paycheck just went up.

My paycheck just went down by an amount that I don’t feel comfortable with. I guarantee this decrease will hurt me more than the increase in income taxes will hurt those making over $400,000.

Heh….welcome to the “one percent” America

Via I Hate the Media

The Upside of the Fiscal Cliff: Facing Reality is Positive

There are two definite upsides to the fiscal cliff:

1. We are finally starting a national discussion of spending-taxation trade-offs

2. We are at last starting to (grudgingly) accept there is no free lunch, what I call the Free Lunch Fantasy of limitless borrowing at near-zero interest rates: taxes for upper-income wage-earners will revert to previous levels while those drawing Federal dollars must accept reductions in spending.

Perhaps there’s a third upside – despite the damage higher taxes will have on the economy, at least with the demise of “Plan B”, tax rates on the lowest marginal rate will rise 50% – broadening the tax base, and reducing the 47% closer to 40%…

The fiscal cliff is one expression of this recognition, and it is very positive that Americans are finally facing up to the personal costs of dealing with reality: higher taxes and lower Federal spending are no longer abstractions to be borne by others. We will pay more taxes and we will get fewer benefits/Federal contracts, and these reductions in income will negatively impact the economy.

America voted for higher taxes – and higher taxes is what they’ll get…

Zero Hedge

Progessive War on Millionaires…its Working, They’re Leaving

The left believes the Laffer Curve is a myth, and taxing the rich and spending the money is the path to prosperity – despite all the evidence to the contrary…

Two-thirds of millionaires left Britain to avoid 50p tax rate

In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.

Last night, Harriet Baldwin, the Conservative MP who uncovered the latest figures, said: “Labour’s ideological tax hike led to a tax cull of millionaires.

Far from raising funds, it actually cost the UK £7 billion in lost tax revenue.

“Labour now needs to admit that their policies resulted in millionaires paying less tax and come clean about whether they would reintroduce this failed policy if they were in power.”

Kind of like the Republicans and Mexicans, when you tell people to fuck off enough times, eventually they will.

 

Telegraph

The Problem With Public Service Unions

Among others, is they don’t understand basic financial principles.

“Federal and postal employees and their families are hardworking, middle-class Americans who are struggling during these tough times just like other Americans,” the group wrote. “No other group has been asked to financially contribute the way they have, and it is time our nation’s leaders found other ways to reduce the deficit than continually taking from those who have dedicated their lives to public service.”

According to the coalition, federal employees have funded $60 billion in budget savings in 2011 and 2012 as a result of their ongoing pay freeze and an additional $28 billion in savings will be derived from the freeze extension through March 2013.

When you don’t spend money you don’t have – it is not saving….

But thanks for your “sacrifice”…

 

Nationaljournal.com

Biden …When You’re Losing This Big…

May as well go all in…

Biden Accuses Romney Of $500 TRILLION TAX CUT!

 

 

“But you can’t erase what you’ve already done, they’ve voted to extend tax cuts for the very wealthy, giving a $500 trillion dollar tax-cut to 120,000 families.

via Fox News

Californication….

Don’t worry – Jerry Moonbeam has it covered…

Remember just a few happy months back when California’s legislators were cock-a-hoop over the exuberance in Silicon Valley and all the yummy IPO/Capital Gains taxes they would tithe away – instantly solving all funding issues?

Thanks to Suckerberg it ain’t gonna happen…

The state’s Legislative Analyst’s Office said Wednesday that “hundreds of millions” of dollars in assumed tax revenues may never materialize due to the continued slide in Facebook’s stock price.

SacBee.com via Drudge

CBS’ O’Donnell – Not Raising Taxes is “Cutting Taxes”…

The logic of the left - money left in your pocket is a cost to the government...

 

 

Norah- pretty and stupid…

 

ht Michelle Malkin, Real Clear Politics

Can’t wait for Che Guevara Memorial

“Treasury Board President will honour a Marxist martyr when he opens a new $2.5-million visitors’ centre at Bethune Memorial House, in Gravenhurst, Ont. – a popular Parks Canada attraction that lures 15,000 visitors, mostly mainland Chinese and recent immigrants, to the wealthy resort town.”

At an estimated 35 million executed or starved by Mao, on a per victim basis, $2.5 M is a steal…

Clement at the pork again – spends $2.5M in his riding honouring a Commie

http://bcblue.wordpress.com/2012/07/11/clement-at-the-pork-again-spends-2-5m-in-his-riding-honouring-a-commie/

h/t BC Blue