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Monthly Archives: April 2009
Simona Covel’s WSJ article reports that according to an American Express survey, 30% of small business owners are not taking a salary due the economic downturn. Many have not taken a salary for months, and do not know when they will get their next paycheck. Moreover, as small businesses lay off workers, owners are working longer hours to keep the businesses going.
In simple terms, small business owners earn what is left over after all business expenses, including employee salaries and benefits, are paid. During past economic downturns, small business owners borrowed from banks, took cash advances on their credit cards, and used home equity lines of credit to obtain working capital needed to run their businesses. Due to the credit crisis, however, these cash resources are not available this time around. Lack of working capital has left many small businesses fighting to survive.
If, despite a business owner’s best efforts, the business fails, the owner faces a potentially catastrophic personal financial crisis. Banks, landlords, business equipment vendors, among others, often require small business owners to sign a personal guarantee to obtain business loans and equipment. Accordingly, if the business fails, the owner has no job, no business, and no income; and, must find a way to repay business debts and household expenses at the same time.
Since small business failures do not present a “systemic risk” to any critical industry, owners will not receive a government bailout. If small business owners persevere and survive the current recession, however, they can look forward to paying higher taxes on the income they earn.
© 2009, by John Butrus, All Rights Reserved
Some news media members and others mistakenly use the terms “gay marriage” and “same sex marriage” interchangeably. While gay marriage is legal throughout the United States, same sex marriage is not legal except in four (4) states.
State marriage license applications do not inquire as to an applicant’s sexual orientation. In addition, state and federal statutes related to marriage contain no prohibition on marriage based on sexual orientation. As such, gay persons can legally obtain a marriage license and get married. (Among other combinations, a gay man can legally marry a lesbian woman.)
The Defense of Marriage Act (DMA) defines marriage as, “a legal union between one man and one woman.” Similarly, the Texas Family Code requires marriage to be between a man and woman, and specifically precludes issuance of a marriage license to persons of the same sex. As such, same sex persons, irrespective of their sexual orientation, cannot legally marry. In sum, gay persons can legally get married, however, same sex couples cannot (except in four (4) states).
© 2009, by John Butrus, All Rights Reserved
President Obama may become the most traveled president in history. For a variety of reasons, I do not know what the president hopes to accomplish during his world tour. For some reason, however, every time I see the president skipping down Air Force 1′s steps to set foot in another foreign country, the song “Why Can’t We Be Friend’s” pops into my mind. “War” originally recorded the song. Thirty years later Smash Mouth recorded an updated version. The following link will take you to the Smash Mouth version on YouTube. Why can’t we be friends?
Why can’t we be friends?
Why can’t we be friends?
Why can’t we be friends?
Why can’t we be friends?
I’d kinda like to be the President
so I can show you how your money’s spent
What does “Too Big To Fail” mean?”
In a March 6, 2009 draft report titled, “AIG – IS THE RISK SYSTEMIC?” AIG provides the answer. [Click "Setting the Record Straight] The report contains information that, if true, gives credence to the proposition that a worldwide crisis of unknown proportion would ensue were AIG to fail. The Obama Administration, Congress, the Teasury Department, and the Federal Reserve, face enormous challenges with respect to preventing the AIG crisis from plunging the world’s economy into the dark ages. The scary part is that the AIG problem may be too big to fix. One thing for certain, the $165 million in bonuses paid to AIG employees is the least of our problems.
Consider the following facts and information setforth in the report: Read More »
President Obama, a Democrat, won the election; however, Republicans, Independents, and Democrats also “won” election to Congress. Only a myopic view of the three (3) branches of government would support the “we won” mantra. Also the “we won” mentality incorrectly assumes we have a country divided between “us” and “them.” President Obama is everyone’s president, and represents all Americans. Finally, the “we won” mentality begs the question of what happens when “we lose.”
This week, many Tea Party detractors stated that, unlike the participants in the Boston Tea Party, U.S. citizens do not suffer from taxation without reputation. The facts prove otherwise.
We pay taxes without representation in a variety of contexts. In most cities, hotel rooms and rental cars include a variety of taxes that add as much as 25% to your bill. For example, when a person domiciled in New York travels to Miami, stays in a hotel and rents a car, he/she will pay significant taxes. Nevertheless, this person cannot vote in Miami (or Florida) elections, and therefore has no representation. Read More »
The attached article , though lengthy and complex, is worth reading. It explains how Wall Street’s greed, creativity, and incompetence combined to precipitate the current economic disaster. Mr. Lewis previously exposed Wall Street in his best selling book, “Liar’s Poker.” by Michael Lewis, November 11, 2008 (lawschool.com)
Photograph by, Ji Lee
A reasonably skilled writer could pick and choose among these Dallas Tea Party photographs and characterize the people and the protest as patriotic, nefarious, or anywhere in between. As Nelson Mandela said, “Where you stand, depends on where you sit.” Decide for yourself.
© 2009, by John Butrus
CNN – Making News or Reporting It?
President Obama’s Inheritance
The law of cause and effect dictates that innumerable events and phenomena from the beginning of time to the present produced the world we have today. As such, President Obama disregards five (5) billion years of history when he blames the Bush administration, or “the failed policies of the last eight (8) years,” for the world’s problems. To single out the Bush administration as responsible for every problem Americans face, proves too much.
The major challenges America faces today resulted from events that occurred over decades, centuries, and millennium. For example, present day conflicts in the Middle East began hundreds, if not thousands, of years ago. We learned the risks related to foreign oil dependence in the early 1970’s. Policy decisions and events that predate former President Bush’s 2001 inauguration precipitated the collapse in the housing industry and resultant economic recession. Read More »