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Athens
Erupts in Riots During Key Austerity Vote - (www.cnbc.com)
Athens erupted in riots late Wednesday as parliament met to vote on the
latest austerity measures needed to win more international aid. Smoke and tear gas filled the streets just as parliament
struggled to forge a consensus on the new austerity plans. Meanwhile, workers
were winding down a two-day strike to protest the budget-cutting moves designed
to reduce Greece's crushing public debt burden. Dozens of workers in Greece's
parliament walked off the job, interrupting a heated debate on a package of
cost cuts, tax hikes and labor reforms Athens must pass to receive badly needed
aid. The parliamentary workers exited the assembly in protest against salary
and benefit cuts included in the 500-odd page draft law under discussion in the
chamber. Greece’s cash-strapped government needs 151 of 300 members of
parliament (MPs) to vote in favor of the bill on austerity measures for 2013-16
– measures that were agreed to with international lenders following a torturous
40 day negotiating marathon.
Tax break for struggling homeowners set to expire - (money.cnn.com) The clock is ticking on a tax break that saves struggling
homeowners from paying thousands of dollars to the IRS. If the Mortgage
Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the
end of the year, homeowners will have to start paying income taxes on the
portion of their mortgage that is forgiven in a foreclosure, short sale or
principal reduction. So if you owe $150,000 on your home and it sells for
$100,000 in a foreclosure auction, the IRS could tax you on the remaining
$50,000. For someone in the 25% tax bracket, that would mean paying $12,500 in
taxes on the foreclosure. Similar taxes would apply for forgiven amounts in
short sales and principal reductions.
EU predicts bloc’s economy will fall farther, recover more
slowly as debt crisis kills growth - (www.washingtonpost.com) Europe’s economy is still reeling and unemployment could remain high for
years despite the progress made in solving the debt crisis, the European Union
warned Wednesday, as it downgraded next year’s forecasts for the 27-country
bloc. The European Commission, the executive arm of the EU, on Wednesday
revised down its forecast for the region’s gross domestic product, which it now
expects to grow by just 0.4 percent in 2013, compared to its expectations this
spring of 1.3 percent growth. The commission had previously expected the 17
countries that use the euro to find its footing next year, with 1 percent
growth. Now it predicts only a 0.1 percent uptick.
Sandy to turn economic picture cloudier - (www.marketwatch.com) The aftereffects of Hurricane Sandy won’t leave a lasting imprint on the
giant U.S. economy, but they will make it harder to figure out what’s going on
over the next month. Big storms like Sandy often cause disruptions in areas
such as retail sales and construction, causing an immediate dip and an eventual
snapback. They can even cause companies to temporarily put off hiring or
investment decisions, especially in areas hardest hit by the storm. Although
the upcoming week is light on economic data, Sandy’s impact will probably be
felt first in the jobless-claims report released Thursday. The number of people
applying for unemployment benefits could turn out to be artificially low,
perhaps setting a new four-year low.
MI
Dems Help Propel Fraudclosure Operator’s Sister To Victory In Clerk Race -
(www.mfi-miami.com) Michigan State Representative Lisa Brown
known for her outburst on the floor of the Michigan House in May for telling
Republicans, “to stay out of her vagina” during a debate about
abortion has won her race to be the next Clerk/Register of Deeds in Oakland
County, Michigan. She beat current clerk Bill Bullard 53.36% to 46.24%who
was appointed in January of 2011 when his predecessor, Ruth Johnson was
elected Michigan Secretary of State. Brown, whose brother is multi-state
foreclosure mill operator Randall Miller, spent nearly $100,000 to win. Most of
this money came from the Michigan Democratic Party or Democratic Party friendly
special interest groups. This also does not include any money spent by
independent PACs which also participated in the campaign. Why the Michigan
Democratic Party was so invested in Lisa Brown is unknown. Other than
talking about her vagina, Brown essentially did nothing as a member of the
legislature especially when it came time to debate foreclosure reform last year
as member of the House Judiciary Committee. The GOP sponsored foreclosure
bills that passed the legislature last year benefited her brother.
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