60 Minutes: 99ers!!!!!!!!!!!!!!!!!!!!!!!!!

EMRGLOBAL · Oct 25, 2010

I do feel for these people on 60 Min.

They did what "Society" wanted them to. Go to college, work your ass off, save for retirement. Most of the people were well educated and in their late 40s, 50s and 60s.

They did not ask or contribute to this fucking mess. (Unless they voted for the liberals).

This is what you have to look forwards to 99% on ET. As most of the posters on here do not trade, are not in a secure Job and probably do not have much if any net worth. And if you are W2, your fucked even more!

Nov 2nd is the time to take a stand. The people need to get the rat bastered Socialist outa office....we also need to send a mesg. to the Republicans that if they fuck it up...We are coming with AR 15s, 9s and the whole fucking country will decend upon DC.

It's gona be a long, hard and painful road that I doubt most on ET or in the country understand. Taxes will have to be raised. Health care cost will go up, gas will go up, food will go up, Programs will be cut, University will be put off so one can work at McDonalds just to survive, no more Student Aid from the FEDs, or very little.

Wake up. This isn't going anywhere and it will only get worse before better. However, if we can get the Rat Bastereds out and get controll of the situation, maybe they can contain it and take us towards recovery.

Otherwise....90% of America is FUBAR!

dandxg · Oct 25, 2010

Quote from Mayhem:

That guy tapped his 401k to buy a duct cleaning franchise. WTF? He could have used a crappy old minivan and about $500 worth of stuff from Home Depot to start that business.

Instead, he bought into this: http://www.ductz.com/Web/Pages/FranchiseOpportunities/TheOpportunity.aspx

You can't fix stupid. That goddamn truck they sold him probably cost him $30,000 of his nest egg.

I would never hire that man for any job that required strategic thought or planning or common sense or initiative.

He should have at least put an ad in the PennySaver or local newspaper to see what the market for duct cleaning services is before buying a high priced franchise.

I agree with you. From a different perspective though, because I believe his franchise is doing ok?, would you stay that about Chipolte or Pick Up Stix as compared to opening a taco stand or starting your own fast food chinese?

bugscoe · Oct 25, 2010

A nice side bar story relating to jobs:

Venture tax receipts fell 11% in FY2010?
POSTED AT 1:55 PM ON OCTOBER 25, 2010 BY ED MORRISSEY

Tom Blumer from BizzyBlog takes a look at the data from FY2010, concluded four weeks ago, and reports some revealing information about the nature of the ârecoveryâ in the first full year of Obamanomics, in a column for Pajamas Media. While the White House and Congress struggle to explain why job creation and economic growth have yet to appear, the numbers from the Department of the Treasury makes the cause quite clear:

In fiscal 2008, before deducting IRS-generated stimulus payments that were substantively disbursements, the government took in over $2.6 trillion. In recession-dominated fiscal 2009, collections dropped about 20% to $2.104 trillion. In fiscal 2010, the supposed year of economic recovery, receipts were $2.162 trillion, a less than 3% increase that was over $100 billion short of the $2.264 trillion the Congressional Budget Office (CBO) projected in August 2009.

When you look at why any increase in receipts occurred at all, you realize how weak and two-tiered the economy really is. Only two major areas showed an increase: income taxes paid directly by corporations (up by 38% to $191 billion) and collections from the Federal Reserve (up by over 120%, from $34 billion to $76 billion, per the CBO). Large, established firms pay the vast majority of corporate income taxes; the increase in these collections demonstrates that, relatively speaking, their situation has improved. Collections from the Fed have spiked because its âmoney from nothingâ quantitative easing (QE) portfolio has ballooned; interested and dividends earned on QE investments are handed over to the Treasury. After excluding QE earnings, the governmentâs operational receipts in fiscal 2010 amounted to $2.086 trillion, barely higher than fiscal 2009âs comparable $2.070 trillion.

Fiscal 2010 receipts trailed fiscal 2009 in the two other major categories. Collections of individual income taxes (down 2% to $898 billion) and for Social Security and Medicare (down almost 4% to $815 billion) were very disappointing. The Social Security system is running monthly cash deficits â right now, not 30 years from now.

The real receipts downer is buried within the individual income tax category. Look at what has happened during the past four years with gross non-withheld income tax receipts, which are predominantly paid by entrepreneurs, business owners, and investors (in billions):

- Fiscal 2007 â $437.6

- Fiscal 2008 â $455.3

- Fiscal 2009 â $312.4

- Fiscal 2010 â $278.2

From their peak in 2008, gross non-withheld receipts have dived by almost 39%. During fiscal 2010, the year of supposed economic recovery, they dropped 11%.

In FY2009, a decline made sense. The markets tanked during the fiscal year, which began in October 2008 just as panic gripped the financial sector. Assets dropped in value, which meant less trading as investors chose to hang onto assets for a longer term in order to keep from taking massive losses. Also, investors held onto cash while the economy plummeted, afraid to lose their investments if the recession turned into a depression or lasted longer than predicted.

However, the recession technically ended in June 2009. The Obama administration claimed that investors could return, and with stocks at low prices and labor entering a buyerâs market, the conditions should have encouraged the kind of investment that would eventually result in job creation. Instead, though, tax revenues from entrepreneurial efforts dropped 11% from FY2009, which should have been the nadir. Either investments simply didnât pay off â although the stock market gained significantly over that period â or entrepreneurs stayed on the sidelines.

Thatâs not the only interesting nugget of data in Treasuryâs figures. The cost of government rose 7.5% in FY2010 over FY2009 despite inflation being around 1%. Why? Most of the big emergency spending packages took place in FY2009 â TARP and Porkulus. Education spending rose 74%, the Commerce Department increased its budget 23%, and the EPA got a 36% increase. However, Homeland Security took a 14% cut in spending. Itâs worth noting that Homeland Securityâs staff is, unlike its sibling agencies, mainly non-union.

When the Obama administration speaks of recovery, they must be referring to the boom market of the public sector in Washington DC. Be sure to read all of Tomâs analysis.

Mayhem · Oct 25, 2010

Quote from dandxg:

I agree with you. From a different perspective though, because I believe his franchise is doing ok?, would you stay that about Chipolte or Pick Up Stix as compared to opening a taco stand or starting your own fast food chinese?

I am sure there's a place in the biz world for franchises, but a duct cleaning business with a heavily customized and branded truck with your 401k funds is in the clown shoes zone.

I dunno, I imagine if I had a passion for opening a taco stand or chinese restaurant, I would open my own independent restaurant, make it a success, develop an operating model, open a few more locations, then talk to lawyers about becoming a franchisor myself.

Casual restaurants are complex businesses with tough regulatory requirements, extensive labor management issues, tight margins that demand scale and work flow efficiency, and with a client base that strongly favors recognizable brands.... Duct cleaning, on the other hand...

Mayhem · Oct 25, 2010

Quote from dandxg:

I agree with you. From a different perspective though, because I believe his franchise is doing ok?, would you stay that about Chipolte or Pick Up Stix as compared to opening a taco stand or starting your own fast food chinese?

Oh yeah, and according to that 60 Minutes bit, the guy isn't above break even on the duct cleaning business. It's gonna be a sad day when the Ductz franchisor comes to repo his duct cleaning truck.

dandxg · Oct 25, 2010

Quote from Mayhem:

Oh yeah, and according to that 60 Minutes bit, the guy isn't above break even on the duct cleaning business. It's gonna be a sad day when the Ductz franchisor comes to repo his duct cleaning truck.

Ok I was just watching it eating dinner, maybe I missed that. Home Depot was trying pitch that when I went for a furnace filter. We didn't need it in 1960 and I don't believe we need it now. Grab your own shop vac.

BSAM · Oct 25, 2010

Quote from the1:

When people fall on hard times through no fault of their own, yeah, I do feel some empathy. This could easily happen to you or I.

European.

Chausey · Oct 25, 2010

All these people were in debt and because of their high pay for an office worker allowed them compound their lifestyle, it all went away when the rug was pulled. BOO HOO

BSAM · Oct 25, 2010

This thread ain't about poor people. It's about a bunch of lazy asses who don't want to work, except at a job that they just want. There's a lot of good poor people in the USA who would love that $9.25 an hour job at Target.

Yet, they got time to be whining on CBS's 60 Minutes while their 99 weeks of vacation run out.

I bet every one of those whining jerks go get a job as soon as they feel hungry and run out of their taxpayer funded lifestyle.

Covertibility · Oct 25, 2010