Uncle Sam News
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Leon Cooperman, chief executive officer of Omega Advisors Inc., talks about investment strategy and President Barack Obama’s policies.
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As everybody knows by now, Warren Buffett -- class traitor -- pays a smaller share of his income in taxes than does his secretary, Debbie Bosanek. In his State of the Union address last month, President Barack Obama proposed the “Buffett Rule” to rectify this.
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The Congressional supercommittee, charged with cutting federal debt by at least $1.2 trillion over the next decade, is deadlocked. Democrats and Republicans can’t agree on whose ox to gore. Both sides need a painless deficit- reduction plan.
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Sitting in a federal prison for the rest of his life, Bernard Madoff neither admits nor denies that he committed civil securities fraud.
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The two parties are having a heated debate over the Republican plan to slice $61 billion off Uncle Sam’s projected $3.6 trillion budget. If the Republicans get their way, the deficit will fall from 9.5 percent of gross domestic product to 9.1 percent. If they don’t, they’ll probably shut the government for a couple of days. Then they’ll compromise on, say, a $40 billion budget cut, having proved they gave it their best shot.
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Leon Cooperman, the chairman of hedge fund Omega Advisors Inc., said investors should avoid Treasuries after yields dropped to record lows.
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Fannie Mae and Freddie Mac. What cute-sounding names. They suggest adorable siblings, not twin financial disasters that may cost $1 trillion when we get the final bill.
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Malcolm has $30 billion, a passion for steaks, and a plan to buy 3 billion steaks for $10 each on his next birthday.
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If a deadly virus struck our country, scientists at the Centers for Disease Control and Prevention would diagnose the problem, inform the public, and then prescribe a cure. If only this were true for our economic illness.
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For all the anxiety among politicians and their constituents over playing chicken with the debt ceiling and the prospect of the first-ever downgrade of U.S. debt, the people with the most at stake made more money buying Treasury securities in July than any month this year. Actually, they made a fortune, or $183,000 for every $10 million invested.
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