Word: one-year
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...cuts: About $310 billion worth of tax cuts have been proposed. Many of these provisions are onetime measures that would allow companies to write off 2008 and 2009 losses and small businesses to write off expenditures up to $250,0000; a one-year tax credit would give companies $3,000 for each new hire and employee retained. Obama has also suggested a $500 rebate for individuals and $1,000 for couples; even those who don't make enough to pay taxes would receive some kind of rebate for the taxes that are automatically deducted for Medicare and Social Security. Republicans...
...ocean, is offering a "Gilded Age Package" complete with a midnight champagne tour at the Newport mansions. Book two nights and get a welcome gift in-room; a private tour of the Breakers and Elms mansions; afternoon tea; a three- or five-course gourmet dinner; gourmet breakfast; and a one-year membership to the Newport Preservation Society, which gives you free admission to all mansion properties. Rates start at $1,047 per couple per night, through March 2009. 590 Ocean Drive, Newport...
Consider that the average yield on a one-year CD is 2.39%, the same as it was in mid-August, according to a weekly survey by Bankrate.com, even though the prime rate - the rate at which banks lend to their most creditworthy customers - has fallen from 5% to 4%. That means a bank that used to borrow at about 2.5% and lend at 5% now borrows at 2.5% and lends at 4% - an entire percentage point has been stripped from the bank's ability to make money. More than half of all banks saw their net interest margin - a measure...
...looking to invest the money they raise through deposit-gathering are finding that the numbers barely work at all. Easton Bank's Menzies, for example, recently lost a bid to get $5 million in cash from a local government in exchange for the bank's issuing the government a one-year CD. The winning bidder agreed to pay the government 3.72%. Menzies had offered 2.69%, which he considered a high rate, one that probably would have netted him just a 0.04- or 0.05-percentage-point profit after he rolled the money into an investment like a Fannie Mae mortgage-backed...
Armed with this information and a few reasonable if not entirely uncontroversial assumptions about how the economy works, Zandi's firm has estimated the one-year impact on GDP of several stimulus proposals per dollar of spending or lost revenue; for example, a tax rebate like this summer's would generate $1.22 on the dollar. Extending unemployment benefits would bring in $1.63; infrastructure spending, $1.59; and a temporary increase in food-stamp benefits, $1.73. Making the Bush income tax cuts permanent would bring in just 31¢ on the dollar. So spending increases would seem to be in order. Bush...