The Runaway Money Printing Policy of the Fed(eral Reserve Bank)

Fresh on the Heels of the Government Shutdown and the painful Necessity to raise the Debt Ceiling a surprising but not unexpected Announcement from the Fed, in the waning Days of the Chairmanship of Mr. Bernanke:

http://www.nbcnews.com/business/fed-says-it-will-keep-stimulating-economy-leaves-rates-unchanged-8C11498307

Basically, the Fed, under Mr. Bernanke's Policy of so called „Quantitative Easing” just announced that will be pouring another $ 85 Billion into the Stock Market, buying Bonds, each Month, for the foreseeable Future, until at least March ofr 2014.  This is Money which is not reflected in the Federal Deficit and Money which the Government neither has, nor has authorized through Congress.  The Report further states and we are quoting here,

Wall Street had expected the Fed to refrain from tapering its so-called Money Printing Operation. (Emphasis added).

According, to The New York Times,on the other Hand,

The statement contained no surprises, and the stock market barely budged. The Fed was widely expected to continue adding $85 billion a month to its portfolio of Treasury securities and mortgage-backed securities, particularly in the aftermath of the disruptive partial shutdown of the federal government in the first half of October.

The Fed maintained a relatively optimistic economic outlook in the statement, released after a scheduled two-day meeting of its policy-making committee. It said the economy continued to expand “at a moderate pace” and that the availability of jobs continued to improve.

Now, as Mr. Bernanke prepares to clean up his Desk and leave his Office at the Federal Reserve, the several Trillion Dollars that he has spent, under this ill advised Policy will, of course, remain on the Books backed by Bonds.  What Kind of Bonds?  Goodness only knows.  It will be Mrs. Yellen's Job, presumably, to find out.

This stubborn Policy, pursued by Mr. Bernanke, to „Lift the Economy by the Bootstraps” under some strange Trickle Down Theory strongly reminsicent of „Reaganomics” has been conducted by Mr. Bernanke, if not singlehandedly, because he has had the Concurrence (although not unanimous) of the Federal Reserve Board Members, certainly without the Approval, Appropriation or even Advice of Congress nor that of the President of the United States.

It is true, that the Federal Reserve Board is supposed to function independently.  One wonders aloud, however, if under „independently” the Framers of the Law setting up the Federal Reserve Bank had in mind it spending $ 85 Billion per Month without any Accountability whatsoever.  No such Thing has ever been done by anyone else, anywhere, ever, with the one notable Exception of Vice President Cheney, who spent Billions on the War in Iraq, also without Congressional Approval.

It must be said, in Defense of Mr. Cheney, that the Sums of Money he spent pale in Comparison to the Amounts being spent by Mr. Bernanke.

This is also coming at a Time where incalculable Effort has been spent on showing that there has not been and there is going to be Little if any Inflation in the Consumer Price Index.

It would take too long to fully examine what that Statement is supposed to mean.  However, in Shorthand, it can safely be said that „No Inflation” means „No Inflation” except that certain Things are not to be included in the Equation, to mention a Few, Energy (Fuel and Utilities), Housing, Commodities (Food) plus a Couple of other Things here and there...

Even that Theory, as flawed as it is, has come under Scrutiny by the Mainstream, although many Economists have questioned ist Wisdom for a long Time.

See...

http://www.nytimes.com/2013/10/27/business/economy/in-fed-and-out-many-now-think-inflation-helps.html?nl=todaysheadlines&emc=edit_th_20131027&_r=0


Janet Yellen, the presumptive incoming Chair(wo)man of the Federal Reserves disagrees with Mr. Bernanke and believes that a draconian Control on Inflation (while notably excluding the Categories noted above and more) is not necessarily a beneficial Policy.

But the Consequences will be for her to sort out, once Mr. Bernanke leaves.

We are not sure where Mr. Bernanke is headed; Rumours have persisted and it appears that it is his wish to return to teaching at Princeton University; we simply don't know.  Earlier, we mentioned, we believe more than once, that President Woodrow Wilson (who was also President of his beloved Princeton University), may have rolled in his Grave (more than once) at the Thought of some of the Things that Mr. Bernanke did; to this, we need to add that he surely would have also scratched his head, if he would have been able to.

Syria -- a difficult Choice

So, now, Syria has come to the Front Burner.  A Friend who wondered what would be the correct Choice on Syria also expressed the Inclination that to strike might be the preferred and logical Alternative.

It is a difficult Choice.  However, it does not appear that all of the necessary Variables of the Equation are available in order to make a correct Decision.  It might be appropriate to list just what the available Information is, at this Point in Time.  It also needs to be emphasized that the Information which is available, classified or not, is subject to re-Evaluation, literally, at a Moment's Notice as more Information becomes available.

Here is what we see so far:

The United Nations

It is clear that an International Intervention against Syria, limited or otherwise, is not possible within the Framework of the United Nations.  Russia and China are against a Security Council Resolution authorizing such Action and both have Veto Power.

This makes problematic any Action outside of the Scope of the United Nations, because such Action would be taken precisely because Approval cannot be obtained in the Security Council.  Simply put, one cannot easily make the Argument that the United States would go to the United Nations seeking Approval of such Action and, absent such Approval, it would act outside of the Scope of the United Nations or within another Framework or Coalition.

United States Domestic Policy Considerations

President Obama has set a courageous and correct Precedent by going to Congress to ask for Approval of a contemplated Military Strike.  We discussed the Implications of the Policy in an earlier Article.

Approval in Congress may be difficult but, it may prevail.  Straws in the Wind seem to indicate, however, that there might be some tough Sailing ahead.  Senator McCain, an outspoken Hawk in favor of Intervention, confronted some tough Questions at a Couple of „Town Meetings” which he has just held.  Polls seem to indicate that the Population as a whole is opposed to Intervention, limited as the President said it would be, by something around 48 to 28%.  There is a strange Coalition, composed of Liberal Democrats and Conservative Republicans which oppose Intervention of any Kind, leaving those who are in the „Mainstream” to carry the Weight and Responsibility for giving such Approval to the President.

The Situation in Syria

No one, including the Syrian Government disputes that they posess Chemical Weapons.

Less clear it is who used these Chemical Weapons in the latest Incident in which, according to credible Reports, approximately 1.400 People were killed, many of them, Children.  Truly a horrendous Act.  Some have suggested that the Rebels may have captured some of these Chemical Weapons and used them deliberately in order to entrap the Assad Government.

The United Nations Inspectors' Report will be available shortly and will become an important Factor if it corroborates the Intelligence Reports obtained by the United States establishing that the Assad Government used these Chemical Weapons against Civilians.

Even if the Rebels are aided as a Result of these contemplated Military Strikes, it is by no means a foregone Conclusion that Rebels associated with al-Qaeda or other Fundamentalist Movements would not inordinately benefit from them.  Interesting is the Position taken by a Veteran French Diplomat in an Open Letter to the French Parliament:

31 août 2013

Non aux frappes symboliques et de bonne conscience. Oui aux frappes utiles en Syrie.

31 August 2013

No to Symbolic Strikes (and for Conscience's Sake).  Yes to useful Strikes in Syria.

(Le Monde)

http://syrie.blog.lemonde.fr/2013/08/31/non-aux-frappes-symboliques-et-de-bonne-conscience-oui-aux-frappes-utiles-en-syrie/


(in French)

The Allies

Crucially important are the Allies who would be participating and/or supporting such Strikes.

So far, they are Canada, Turkey, Saudi Arabia and France.  After Canada, however, Things get murky when analyzing these Allies.  Saudi Arabia, which has Regional Political Considerations, that is one Thing.  Turkey which has been an arch-Enemy of Syria and would like nothing more than to have Syria destroyed, is another.  France; France has just announced that they will wait for the United Nations Report which seems to be an eminently sensible Thing to do.

Notably not joining in such a Coalition are Countries which normally can be counted upon:  Germany, Japan, Italy and, most importantly, the United Kingdom, where Prime Minister Cameron's Motion to join in such a Coalition was voted down by Parliament, putting his Government on a rather shaky Footing.

The Damage in Syria has been done.  There may be more Damage done if there are no Strikes.  However, the Likelihood appears to be that there will be more Damage done even if there are such Strikes and that Prudence and Patience are the best Choices as the Order of the Day.




 

$ 60 Billion and Change (a Billion here, a Billion there)

New Jersey Governor Chris Christie has expressed Outrage at the House not taking up Hurricane Sandy Relief on the last Day of the 112th Congress.  He is right, of course.  To this, it should be added that neither had the Senate and, if the Bill would have been ammended to include Hurricane Sandy by the House, that would have meant the Bill would have had to go back to the Senate for Approval, prolonging the ,,Fiscal Cliff’’ Crisis by at least another Day; the 112th Congress may or may not have had the Time, the Ability or the Inclination to finish it all off.

Be that as it may, however, the Amount of Relief sought by another Governor for the Damages arising of Hurricane Sandy, Governor Andrew Cuomo of New York, was around $ 60 Billion.  Without assuming that the Figure estimated by Governor Cuomo is or is not correct, it should, nonetheless, be noted that the 112th Congress, in its waning Days, found it appropriate to legislate $ 67 Billion of Tax Credits (which is equivalent to a $ 67 Billion Treasury Shortfall, same Thing as an Expense, really...not getting the Money or spending it adds up to the same Thing under the Bottom Line) for various specifically targeted Corporate Taxpayers, including, of all Things, NASCAR.

http://usnews.nbcnews.com/_news/2013/01/04/16334798-fiscal-cliff-deal-includes-at-least-679-billion-for-special-interests?lite

It is a reasonable Question to ask, whether this Prioritising has been done in an equitable Manner; also, whether Governor Christie's Anger should not be directed at the Senate as well, for not including Hurricane Sandy Relief in the Legislation in the First Place but including $ 67 Billion in ,,Pork.’’

Elsewhere in this Column, it has been suggested that other Methods should be considered to finance the Rebuilding of the Hurricane Sandy Devastation; a Sales Tax on the Buying and the Selling of Stocks, an extremely profitable Industry which benefits the New York Tri State Area immensely and which is based in the Middle of the devastated Area.

It would also be beneficial, of course, for Governor Christie, yes, Governor Cuomo as well and all the Rest of us to also urge Congress to rescind the $ 67 Billion in Tax Credits (,,Pork’’) appropriated for NASCAR and other Special Interests; after all, the Treasury needs every Penny it can get.

31 December 2012 - The Fiscal Cliff and Negative Energy

The Reality of the impending ,, Fiscal Cliff ’’ has reached Washington, today, New Year's Eve.  After Weeks of Predictions by various Pundits both inside and outside of the Government that a ,, Last Minute Deal ’’ would be reached, now, it appears that, at best, some Sort of ,, Last Minute Patchwork ’’ is the best one can hope for.

Former Senator Alan Simpson was ridiculed by both Democrats and Republicans for uploading a Video on YouTube in which he ,, danced ’’ well, sort of, along a Can of Soda (or, maybe was it a Beer Can?), symbolically pointing out to what is likely to happen, which is, kicking the Can forward.

There are numerous Factors which have contributed to reaching this sad Situation and this Column would like to attempt to refresh our Recollections as to how we may have gotten to where we are and why it seems that both Congress and The President appear so powerless in finding a Solution, a real Solution, not a Patchwork.

To this, we also wish to add the Following Observation.  One of the Attributes which is necessary for the Political Leadership and, yes, the Political Infantrymen as well, to find Solutions to or in difficult Situations is Enthusiasm, Élan and just a pure Desire to get Things (or at least something) accomplished.  This Attribute, this Force is lacking, lacking so glaringly that one cannot but feel the
,, Negative Energy ’’ which surrounds those who must struggle and find a Solution.

But what are the Factors which got the Federal Government into this horrid Situation and who was responsible for getting us there?  The List is long.  Below, we can only attempt to enumerate some of the Factors, likely important ones but certainly not all of the important ones along with Reasons why addressing these Problems is ultimately necessary in order to address the ,, Fiscal Cliff ’’ as well as the surrounding Decisions which need to be made (increasing the Federal Debt Ceiling).

§  Afghanistan - Defense Expenditures.  It is generally accepted by a good Number of People now that the War in Afghanistan has been a Financial Disaster.  Expenditures in Afghanistan as well as Iraq and Pakistan need to be addressed as President Reagan would have put it, with a
,, Red Pencil.’’ 

§  Income Tax Rates.  It is Time not only for the Republicans but for everyone else to recognize that the Principle of
,, Reaganomics ’’  which theorized that the Government can eventually raise more Revenue by lowering Taxes (and stimulating the Economy) is, basically, what President G. Herbert Walker Bush called ,,Voodoo Economics.’’  Moreover, specifically as to Corporate Income Tax Rates, while it is true that some Industrialized Countries have lower Corporate Income Tax Rates than the United States, none has the Array of Tax Deductions and Loopholes, some, custom written by Congress which are available to many large Corporations in the United States.  Returning to the pre-Bush (G. W. Bush) Era Tax Cuts for People earning in Excess of $ 250.000,00 is really not only a modest but also a sensible Solution and no credible Argument has been put forward that such a Move would result in the Loss of Jobs or Job Creation.

§  Restore Social Security, Medicare and related Social Costs to the pre Clinton Status Quo of ,,Trust Funds.’’  This will prevent future Presidents from claiming that they have ,,balanced the Budget’’ by shifting Funds around and raiding Funds which show large Surpluses (or even small Surpluses).

§  Remove the Social Security Tax Cap which currently stands at $110.000,00.  Think about this for a Minute.  More important than the Rate paid by Employees (currently lower than the Rate paid by the Employers, somebody forgot the ,,creating Jobs’’ Argument on that one by not reducing the Employers’ Contribution Rate) is that all the huge Earnings by Corporate Executives and Wall Street Bonus Recepients are exempt from Social Security Taxes; once they've paid the $ 110,000.00, the are home free.

§  Put Pressure on the Federal Reserve in general and Mr. Bernanke in particular to abandon ill advised Theories of ,,Quantitatve Easing’’ and what not by pouring Billions of Dollars into the Stock Market.  This is simply irresponsible.  The Stock Market is jittery at the Prospect of the Fiscal Cliff simply because it loves ,, Easy Money.’’  Even though the Stock Market has propelled to new Heights since the Start of the Fiscal Crisis (generously not referred to as a Depression but as a Deep Recession), this has had very little Impact, if any, on the Economy.

§  Abstain from huge Expenditures into Support Ventures
(,, Bailouts ’’) of large and even not so large Corporations such as AIG, General Motors, Solindra and others.    Although AIG has technically repaid all of the Government Loans this does not  account for Billions of Tax Breaks which AIG has received from the Government.  Besides, much of AIG has now been sold to China.  The General Motors Bailout is costing the Government Billions in Net Losses.  Somebody said, ,,Give me $ 60 Billion and I can show you how I can make a Profit.’’  It would be good to consider, at least, the Opinion of some Experts who contend that it will not be possible for General Motors to succeed as a viable Entity.

There are other Issues and Areas to be addressed but we wanted to list just a few.

Additionally, however, another Warning regarding a great Disservice which the Federal Reserve and Mr. Bernanke are doing to the Budget.  The Fed is keeping Interest Rates low, almost at Zero, to be exact.  This helps Banks and Financial Institutions which are entitled to borrow directly from the Fed and then reap huge Profits in large, complex and sometimes questionable Financial Transactions.  This does not help the Consumer, or even most Business Owners, who must pay a Bank or a Financial Institution nearly Ten Times, or more, in Interest, than what the Financial Institution needs to pay to acquire the Funds.

But there is a hidden Danger.  The Fed cannot keep Interest Rates at such low Rates at Infinitum.  Some Day, after Mr. Bernanke leaves (and he wants to leave soon), Interest Rates will have to, at best, inch or creep upwards and when that happens, the Cost of borrowing Money for the Federal Government will rocket astronomically.  The Rate on Federal Borrowing may one Day be dictated by Markets and The Fed may not be in a Position to dictate what it will be.  This has happened elsewhere, as we all know, only too well.  In such an Event, the Impact of Debt Service, not to mention the Cost of new Borrowing on the Federal Government will be not a pleasant Thing, as it is today for Mr. Bernanke to play around with announcing what the Interest Rates will be and throwing Money around into the Financial Markets while he invents new Names, such as ,, Quantitative Easing’’ for Things which aren't really that new at all.

Fiscal Cliff

Recent Reports suggest that soon, a Family of Four will be paying $ 25.000,00 for Health Insurance annually and that, with less Coverage and higher Deductibles.

While the Affordable Care Act (so called Obamacare) is a Step in the Right Direction, it is, some suggest, not nearly enough to bring under Control Medical Costs.

Various Statistics reveal the following:

§ Medical Costs in the United States are the highest in the World.  The Second Runner Up is at less than half.

§ Doctors in the United States earn the highest Incomes of any Doctors anywhere, so much so that Doctors from less affluent Countries who have a Medical Education in English (it is considerably more difficult to pass the Boards with a non English Medical Education) are clamoring to get a Foothold in the United States and practice, yes, practice Medicine, of course.

§ Despite all this, Life Expectancy in the United States is just about Neck in Neck with Life Expectancy in, of all Places, some place like Cuba.  There are a Multitude of Reasons for this, of course, including Dietary Factors but, still, one would expect more, given the Costs of Health Insurance and Health Care.

§ A Common Medical Procedure, known as an MRI costs, on Average, according to some Statistics, $ 2.500,00 in the United States.  It can be performed at some Outpatient Clinics for as low as $ 600,00 and one Reporter recently found a Hospital in Boston which charges in Excess of $ 7.000,00 for this exact same Procedure.  Health Insurance Companies have Contracts under which they pay less (why should people who pay for Medical Care out of their own Pocket have to pay more is a Question which deserves being raised and be examined on its own Merits).  The more interesting Thing, though, is that the same exact Procedure, an MRI costs approximately $ 160,00 in Germany, France and Italy.  In Japan, a Country not exactly known for low Costs, it costs $ 60,00.  They all use the same exact Equipment, manufactured by either Siemens or GE and, at least two of the four Countries above, Germany and Japan, are not exactly known for low Wages.

What is going to be compromised between Mr. Obama and Mr. Boehner with regard to the ,,Fiscal Cliff,'' whatever that means, is yet to be revealed and it is probably not known by either of them at this Moment.

However, one Item which has come up is the new Medicare Taxes which will be going into Effect 1 January 2013, as a Result of Legislation passed by Congress and signed by Mr. Obama.  This Legislation provides, no, it does not provide for new Taxes, it establishes the Provision that Medicare Taxes should continue on Wages in Excess of $200.000,00 (for Single Taxpayers) and $ 250.000,00 (for Married Taxpayers).

http://nbcpolitics.nbcnews.com/_news/2012/12/11/15846903-democrats-seek-delay-in-one-obamacare-tax-increase?lite

Suddenly, this Provision has now come under Scrutiny and may be sacrificed as part of the Negotiations to avoid the so called ,,Fiscal Cliff.''  We do not understand this Point.

The Congress and the President of the United States can decide what the Obligations (including the financial Obligations) of the Federal Government will be on a Year to Year Basis.  Some of these Obligations are inescapable, they are either dictated by Law or by Contracts (such as Debt Interest, for Example).  How are Wage Earners who make more than $ 200.000,00 or $ 250.000,00 ,,hurting'' the Economy by paying 1,45% of their Wages for Medicare Tax on Income above that Amount?

Paranthetically, another Tax which is equally regressive is the Social Security Tax, currently at 4,2% for Employees, but only on the First $110.000,00 of their Wages.  Translated, that means, of course, that People who get huge Salaries, sometimes $ 500.000,00, sometimes $ 5.000.000,00 or even more, simply pay that $ 4.000,00 or so in Social Security Tax and then are 4,2% ahead for every Dollar they earn from $110.000,00 forward.

One Thing is apparent.  With this Kind of Manœvering, if it comes into Play, very little is going to get accomplished.  And the Can will be kicked forward.

Correction: $ 4 Billion, not $ 1 Billion

In our last Writing, we reported that Cost of the Presidential Election (counting Money spent by both Parties), exceeded $ 1 Billion, an Amount most People would simply find as staggering.  However, as more Figures keep pouring they are suggesting that the Amount spent most certainly was closer to $ 2 Billion.  Some Estimates put the Amount spent (including the Money spent by Political Action Committees, which are not directly tied to the Campaigns) to $ 4 Billion.

Still other Reports suggest that, on the Average, approximately $ 20,00 was spent for each Vote Cast.

Some of us may remember Senator Everett McKinley Dirksen, who hailed from a Town with the improbable Name of Pekin, Illinois and who was also a Playwright (notably, ,,Chinese Love'') who said, ,,A Billion Dollars here, a Billion Dollars there, pretty soon you are talking abour real Money!''

These Kinds of Sums of Money, wantonly spent, some might say, by both Candidates and those who supported them, sometimes call into Question the Resolution and Determination which will be required by the winning Candidate, Mr. Obama, to deal with the Challenges ahead.

The immediate Issue facing the Nation at this Time (and we are not dismissing further ones down the Horizon) is the so called ,,Fiscal Cliff'' which must be dealt, rather than ,,kicking the Can forward'' which is what most likely will happen.

Mr. Romney, despite his Rhetoric, did not really have a Plan for dealing with the financial Challenges which face this Country.  However, Mr. Obama does not have one either.  And, neither does the Republican House of Representatives which is determined to fight him Tooth and Nail on allowing the 10% Cut for High Income Tax  Brackets to expire.

In recent Years, ,,Borrow from China'' has been the Solution.  In a very real Sense, China has even financed the ill fated and poorly thought out Wars that Mr. Bush initiated in Afghanistan and Iraq and which, although being wound down, still represent an enormous Drain on the Economy.  When it comes to certain Things, Costs are not really so easy to cut, even when the Project is brought to an End (Take, for Example, in Iraq, an Embassy employing 15.000 People, the largest Embassy in the World for any Country).

But the Strategy ,,Borrow from China'' may be fraught with Peril.  The Chinese have been willing to lend and they may still be willing to lend, even at ,,Basement'' Interest Rates.  However, it may well be that the Chinese may soon come to the Point where they cannot lend anymore in order to feed such a voracious Apetite for Deficits, simply because, they won't have any more Money to lend, no matter which Way they ,,manipulate'' their Currency.
 

Punting

The Annual Deficit for the Budget Year about to close will again exceed $ 1 Billion.  While this should not come as a Surprise, it should nonetheless be jolting, especially in View of the Fact that Congress, consisting of a Group of highly paid Individuals, has chosen to be in Session for 4 Days in August, 8 Days in September and (according to the Schedule), 0 Days in October.

http://www.nytimes.com/2012/09/26/us/politics/obama-faces-test-as-deficit-stays-above-1-trillion.html?nl=todaysheadlines&emc=edit_th_20120926&moc.semityn.www

(Click the Link above in ,,The New York Times'' for more Details)


Regardless of who the Victor will be and Mr. Romney's Chances of being the Victor appear to be diminishing, a bit too rapidly, many of them due to his own doing, the Issue has thusly been punted to beyond the Election Day in November  (Comments by Mr. Romney wondering why Airplane Windows cannot be opened can be, at a certain Level, even more damaging than Comments about the ,,47%.'').

What is going to happen after Election Day?  Likely, a Period of bitter and divisive Discord will ensue and, of course, none of it would be helpful or constructive.

However, one Fear worth considering may be, what Mr. Bernanke might do, in View of a deteriorating Situation.

It is not unlikely that Mr. Bernanke  may come up again with some ill conceived Theory about what he wants to do about ,,fixing the Economy.''  It is arguable that if Mr. Bernanke were to be sent back to Princeton he would do less Damage from there but that poses an interesting Question:  had he been alive, would President Woodrow W. Wilson have rehired him?

Ben Bernanke, Chairman of the Federal Reserve

and former Professor of Economics at Princeton University

 

 President Woodrow W. Wilson

                                                                     28th President of the United States

                                                                     President of Princeton University (1902-1910)

 

 

Interesting Argument - Billionaires should be taxed less because taxing them more inhibits their Inclination to make Charitable Donations

An interesting Argument comes from Billionaire Stephen Ross, Chairman of The Related Companies, who is saying, in Effect that a Limitation on the Ability to deduct his Charitable Donations from his Income Tax would influence how much Money he would give to Charities (of his Choice, we might add).

http://bottomline.nbcnews.com/_news/2012/09/23/14016571-tax-hikes-a-threat-to-charitable-giving-say-billionaires?lite


Not all Billionaires agree with this Argument.  However, taking Mr. Ross's Argument ,,ad Absurdum'' would mean that he (and other Billionaires like him), decides on the Distribution of Income, whether it be earned in the Form or Wages or, more likely, through other Sources; how the Part of the Income which is not kept by him (and others like him) is distributed either in Terms of funding Government Expenses or ,,Charities'' of his choosing.

We all are, I think, for reducing of Waste in Government; certainly one Way to accomplish this would have been to keep Congress more Days in Session, more than the 4 Days in August and the 8 Days in September.

However, not all of the 300 Million or so Souls who live in the United States, most likely, not a Majority of them, would agree that 400 or so Billionaires, whose Billions came out of the United States Economy (or elsewhere) but are certainly asseted as Holdings of United States Citizens/Residents, should benefit from lower Tax Rates or unlimited Charitable Deductions, in a Country confronting a catastrophic Budgetary Problem, solely for the Purposes of these Individuals having the Luxury of deciding how to distribute some of their Assets as they please.