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. :)

An interesting Question

As summer approaches and the heat increases in my cubical, I am seriously pondering this question; should I wear short sleeves or long sleeves?

I'm sure everyone would agree that modesty comes before comfort, but then again does the sleeve length make you more holy or modest? The ideal answer to that question would be "no comment". I'm sure everyone would agree that the discussion of sleeve length would make a good topic discussion on myholiness, but then again its been so long since i visted that website, it probably has been. :)

JK

Happy Victoria Day

Its been many months sense I last posted.

I'm still enrolled in the CGA program of professional studies and passed my second exam "Advanced External Auditing". So now I have 2 to 3 years left in my professional studies before I can truthfully say that I am an accountant.

Right now I'm up in Kingston visting Joe and Clarissa, with Mom and Dad.

I guess I'll I have left to say is have a blessed Victoria Day, and God save her majesty, and long may she reign over us and defend our laws.

JC

Soon Canada will own it all?

The Canada Pension Plan Investment Board, (according to the Toronto Star), soon plans to own 40% of Auckland International Airport Ltd. They offered $2.69 per share a premium over other offers.

Evidently the Canadian Pension Board has 120.4 billion in world wide invesments. With that kind of money they could buy up the NHL and truly return the game of hockey to a Canadian game :)

It Does Work?

A few weeks ago I was talking to one of my dear american cousins. And She was right. Using newspaper instead of paper towels on your car windows does a better job, and more importantly does not leave streaks. So I would like to thank my new favourate cousin Valerie.

On another note, this time I selected Windex instead of CLR to wash my windows (that may have had something to do with the final outcome as well). The CLR product is good for most things, but evidently not for windows, carpet or household pets :).

Rise of the Canadian Dollar

Cents [:)] I last posted the Canadian dollar has grown in leaps in bounds, overcoming the American dollar as the true Western Currency :)

I would also like to Wish my dear Cousin Angies, a Happy Independence Day, Labour Day, Birthday and Thanskgiving, and Christmas, New Years, Easter...

Canada sets golden record

The coin weighs 100 kg, and is the biggest gold coin in the world worth about $1 million green, blue, red, brown-backs or $905,000 green- backs :)

Its also 99.99% real gold which must make it soft. Can you imagine the teeth marks you could leave in that coin. One question is the value of the coin tied to the gold or to its unique size and perfect texture? If someone did sink their teeth into it would that diminish its value?

Plagiarism at its Best...

This morning I was on the CBC website reading world news, and then visited my brothers website. I came to the startling conclusion that the CBC copies his articles. I can't understand why they would do that :)

Well in the spirit of plagiarism here's an interesting article from a certain unnamed website and the CBC website.

Captin of Team Canada

Only in a Canadian political scene could they waste taxpayer money to debate in Parliament the validity of Hockey Canada's choice of of Shane Doan as captin of Team Canada. I sure hope my American cousins understand why they would do this because I sure can't :)

Bank of Canada to Loose Dodge

David Dodge is leaving the Bank of Canada, as he said he will not be seeking a second term at the helm of Canada's central bank.

Now, I wonder, does this action mean that he is tired of the job and the pressures that it entails, or was he told behind the scenes that a second term would not be made available to him?

Well, I guess will never know until his autobiography comes out :)

The Church For Men

I heard about this church on AM800 on my way to work.

It seems kind of weird.

They time the minister's sermon on a basketball shot clock and have a rock band perform instead of singing hymns. The members are so dedicated that they only have service once a month. :)

Canada's Greatest Victory

Today marks the 90th anniversary of Canada's greatest military accomplishment, Vimy Ridge. The victory was a defining moment that would help Canada become a world leader. No, not in military, economics and politics but in 'spirit and nationalism'. There is something significant if not strange about a Canadian nationalist who at the same time is reserved and almost ashamed to admit that he or she is proud of what great things have been accomplished in the past.

And Can it Be, That I Should Gain

And can it be that I should gain
An interest in the Savior’s blood?
Died He for me, who caused His pain
For me, who Him to death pursued?
Amazing love! How can it be,
That Thou, my God, shouldst die for me?
Amazing love! How can it be,
That Thou, my God, shouldst die for me?

’Tis mystery all: th’Immortal dies:
Who can explore His strange design?
In vain the firstborn seraph tries
To sound the depths of love divine.
’Tis mercy all! Let earth adore,
Let angel minds inquire no more.
’Tis mercy all! Let earth adore;
Let angel minds inquire no more.

He left His Father’s throne above
So free, so infinite His grace—
Emptied Himself of all but love,
And bled for Adam’s helpless race:
’Tis mercy all, immense and free,
For O my God, it found out me!
’Tis mercy all, immense and free,
For O my God, it found out me!

Long my imprisoned spirit lay,
Fast bound in sin and nature’s night;
Thine eye diffused a quickening ray—
I woke, the dungeon flamed with light;
My chains fell off, my heart was free,
I rose, went forth, and followed Thee.
My chains fell off, my heart was free,
I rose, went forth, and followed Thee.

No condemnation now I dread;
Jesus, and all in Him, is mine;
Alive in Him, my living Head,
And clothed in righteousness divine,
Bold I approach th’eternal throne,
And claim the crown, through Christ my own.
Bold I approach th’eternal throne,
And claim the crown, through Christ my own.
Charles Wes­ley

Leafs Win?

Now I do feel like Al Gore, after earlier admiting defeat. What a game for both Montreal and Maple Leaf fans. Either way, the important thing to remember is "its not whether you win or loose, but its how you play the game" :) UPDATE-- I take it all back... as the Islanders won, which means that the Leafs are out of the playoffs. For your favourite team, it does matter whether they win or loose. Oh well at least Montreal fans can look back on 1993, I can't even say that the Leafs have won the Stanley Cup in my life time... So after saying that, hats off to Montreal fans, who at least have had something to cheer about in the last two decades. I wish all the Canadian hockey teams well in the playoffs....except Ottawa of course :)

Throwing in the Towel

I feel like Al Gore, admiting defeat before the ballets are counted. But lefts face it the Maple Leafs will be missing the playoffs for the second straight year. So in defeat, I submit this picture for my Montreal Canadian friends. :)