Who really understands the credit crunch in the USA?

In church this morning the Pastor made a good point, well I mean all his points were good, I meant in reference to his comment asking how many people really understand whats going on with the 700 billion TARP payments in the USA.

I have to admit I really don't understand why the American government would provide long term loans interest free to corporations operating in a state of true capitalism. Why should the corporations that made poor business decisions be essentially given such a large amount of money. In one sense it will keep the American economy afloat for at least the next five years assuming the money is spent wisely, but sense its the government handing out this money, I have very little faith that it will be spent wisely.


I suppose in once sense I'm glad its not us Canadians that have to pay an extra 19,000 a head or what ever the 700 billion works out to.

I'll I can think of is the country of Canada represented by a sail boat in the midst of the Great American Ocean that is beginning to dry up and its only a matter of time before the Canadian economy represented figuratively by the sail boat will run aground.

DOWN IN THE VALLEY

Section 85 Rollovers

As I eat lunch I am reminded of the things that I studied last, night, which is a good thing since I should retain something.

Of course the main thing I can remember about Section 85 rollovers is that it gave me a headache :)

Of course everyone else knows that using the provisions of the income tax act (section 85) one can rollover the assets of a proprietorship, partnership, corporation to a new corporation. I wish the fun ended there, but then you have to consider the nature of the assets and liabilities transferred, the share and none share consideration received, how this impacts PUC, and the ACB of the share and non-share consideration received by the transferor.

Now I know why more and more computers are doing the work of analyzing the different scenarios and combinations of NSC and share consideration. It must save a lot of time, rather that computing the different scenarios manually, although is you've been doing it for a couple decades I suppose the information would eventually sink in :)

As I read the comment i feel i should point out i'm not really an accountant yet, so if using 85 when pod excceed the fmv, i suppose you don't have to second guess yourself, i was just commenting on my studies

Also although i aspire to be a CGA some day the letters in the blog link do not stand for the accounting designation but an acronym for something completely different

Yankees Play Last Game In Stadium

Well the last baseball game was played in Yankee Stadium. Its nice to here that the price for front row season tickets for a family of four are going to be so cheap, in the new Yankee Stadium. The price is about $2500 per game or $850,000 for a family of four to have season tickets. Now granted these are suppose to be the best seats in the house. I started to wonder who would even want these tickets. Well, Someone must because there already sold. Rats and thats what I was saving my money for :)

A Charge to Keep I Have, By Charles Wesley

The lyrics are based on Mat­thew Hen­ry’s com­ment­a­ry on Le­vit­i­cus:
"We have ev­ery one of us a charge to keep, an eter­nal God to glor­i­fy, an im­mor­tal soul to pro­vide for, need­ful du­ty to be done, our gen­er­a­tion to serve; and it must be our dai­ly care to keep this charge, for it is the charge of the Lord our Master, who will short­ly call us ac­count about it, and it is our ut­most per­il if we ne­glect it. Keep it “that ye die not”; it is death, eternal death, to be­tray the trust that we are charged with; by the con­sid­er­a­tion of this we must be kept in awe."

Taxation with Representation

As an exciting new Federal election approaches, we can take great pride in exercising our constitutional right of voting for our respective representatives. One may not like all of the decisions our respective leaders make, especially in regards to Federal spending, but with a 120 billion dollar budget, mismanagement is a fact of life, not necessarily an error. I know I sure wouldn't want the responsibility of operating such a large budget, thats why we should be glad the Stephen Harper wants to be Prime Minister again after all the media has had to say about him over the years, I suppose some people are a glutton for punishment. :)