So...Recession?

[Sum1]

I’ve been hearing the shits gonna hit the fan for the last 20 years.

 

[Maddog]

^^^
kick the can

 

[CAH]

Ill never forget my grandpas words before he kicked the bucket….

“Watch how far I can kick this bucket”

 

[mikef]

I am always amazed at how much we care about someone else's income.

I have enough to worry about when it comes to my own income. Maybe, just maybe, some of us have too much time on our hands?

It boils down to a lot of people/us have a little Karen in us

 

[shorthairsrus]

Under questioning, however, Yellen admitted that not all depositors will be protected over the FDIC insurance limits of $250,000 per account as they did for customers of the two failed banks.


Why?

 

[shorthairsrus]

In the past week, the Fed’s financial statement shows it borrowed an additional $143 billion to fund the FDIC’s bailout of Silicon Valley Bank (SVB) and Signature Bank, even though the FDIC is supposed to fund bank bailouts using the deposit insurance fund and, if need be, by borrowing from the U.S. Treasury. Instead, the Fed borrowed these funds and lent them to the FDIC to keep these bank failures from reducing the Treasury’s cash balances. You may recall that the Treasury is already precluded from any additional borrowing under the current congressional debt limit.

Cuban is having a cuban right now -- laughing at all of you

 

[shorthairsrus]

I am always amazed at how much we care about someone else's income.

I have enough to worry about when it comes to my own income. Maybe, just maybe, some of us have too much time on our hands?

Cuban is having a cuban on you

 

[Allen]

I believe the $16k limit is an amount that can be gifted in a year without any reporting - NOT the amount not subject to a gift tax. The actual limit (lifetime) for tax free gifting is in the million(s).

Correct, it is in the millions, currently I think it's 12 million and change now for a married couple because it's been indexed for inflation, but Congress also changes it every few years with swings between D and R control of Congress!





And just so we're clear on this, the "gift tax" is really poorly named. It's a simple paperwork exercise for probably greater than 99% of Americans. A couple can legally leave up to $12,060,000 (jointly) to their heirs without incurring any inheritance tax. If a couple (or an individual) were to gift money or something else of value, the IRS wants the gift tax paperwork filed with them. Any gift tax paperwork filed ends up getting subtracted from whatever the current inheritance tax exemption is in the year you die.

So, if I (being single) were to gift to my kids $50k each while I am alive, upon my passing the kids would only be able to inherit tax free $6,030,000 (my limit since I'm not married) - (2 x $50,000) = $5,930,000 since I have two kids. Then again, I am hoping I live through at least a few more tax law changes of Congress, so who knows how it will eventually shake out.

Ol' Rush Limbaugh used to constantly mention how much he admired George Steinbrenner's forethought. George ended up passing away in 2010. Because of infighting in Congress, there was ZERO federal inheritance tax in 2010, so George's kids/heirs got to inherit his billions (including the NY Yankees) free of federal inheritance tax. I am not sure what NY has for inheritance tax, but many states have pretty substantial inheritance taxes.

Gift tax laws are not overly complicated once a person understands the rules, but it's certainly poorly named.

 

[Sum1]

Under questioning, however, Yellen admitted that not all depositors will be protected over the FDIC insurance limits of $250,000 per account as they did for customers of the two failed banks.


Why?

Well what she meant to say was only the Uber rich that donate to Democratic politicians will be bailed out like SVB

 

[johnr]

I have been starting to wonder the same thing. Don't forget to add the $90k camper. I'm guessing this why there's a bank on every corner and they're getting bigger and nicer. I think this is the look at me era. Everyone wants the attention that comes with the nicest things. I think you're a moron.

Not me personally, however I know dozens of guys close to my age that have 5 times this amount of stuff, and pay cash for it.
Not all of us work for the "man", some guys are the man.

one buddy purchased a 2 sports cars, a snow bear and enclosed heated trailer to haul it, an ice castle, a new one ton, a camper, and 2 boats the year of 2021. Cash deal on all of it.

Not common, but plenty of high rollers out there, lots of them you would never guess.

Jealous, maybe a little, as I am still running my 2012 F250, and likely will for another 10 years...

 

[Bfishn]

Plenty of people paying cash, plenty of people financed to the max, either way I don't care. I do encourage all my friends to buy as many things as possible that I can benefit from though. Pontoons, ice houses, campers etc. I'm not going to buy them, but I encourage others too

 

[Shockwave]

I think I am more angry than jealous. The way I Iook at is that people keep buying this over priced stuff so companies keep raising prices because they know they can get it. Congrats to those that can buy it and I know I also have my share of toys but I don't buy top end. Maybe I'm also getting a little grumpy because this weather is sucking balls and there is no relief in site. I'm ready to be camping and making bad decisions.

 

[Tommyboy]

Not me personally, however I know dozens of guys close to my age that have 5 times this amount of stuff, and pay cash for it.
Not all of us work for the "man", some guys are the man.

one buddy purchased a 2 sports cars, a snow bear and enclosed heated trailer to haul it, an ice castle, a new one ton, a camper, and 2 boats the year of 2021. Cash deal on all of it.

Not common, but plenty of high rollers out there, lots of them you would never guess.

Jealous, maybe a little, as I am still running my 2012 F250, and likely will for another 10 years...

Ya I know a guy like this too. He said he was paying all cash. Turns out he was lying and was so in debt he had to take a huge loss on his house and sell everything else 2 years later when he couldn't make the payments.

 

[shorthairsrus]

Ol' Rush Limbaugh used to constantly mention how much he admired George Steinbrenner's forethought. George ended up passing away in 2010. Because of infighting in Congress, there was ZERO federal inheritance tax in 2010, so George's kids/heirs got to inherit his billions (including the NY Yankees) free of federal inheritance tax. I am not sure what NY has for inheritance tax, but many states have pretty substantial inheritance taxes.

Gift tax laws are not overly complicated once a person understands the rules, but it's certainly poorly named.

No such thing as inheritance taxes --- estate taxes do exist

And Streinbrenner didnt hit the ball to the outfield for a home run ------ his kids took over his assets with no step up in basis. You never want to see no estate tax law with no step up. Believe me it would be a nightmare. Rush and everyone else didnt understand what really happened.

 

[shorthairsrus]

I think I am more angry than jealous. The way I Iook at is that people keep buying this over priced stuff so companies keep raising prices because they know they can get it. Congrats to those that can buy it and I know I also have my share of toys but I don't buy top end. Maybe I'm also getting a little grumpy because this weather is sucking balls and there is no relief in site. I'm ready to be camping and making bad decisions.

Same old ND angler comments -- the haves and have nots and then allen come son and says were all jealous. I wonder how many threads have the same comments in them. I think the consenus is like your shock.

Really the bottom line is that our govt has mishandled the interest rates so bad and all the spending and bullshit they have done has just made a big mess. Greenspan started the ball rolling and rolled it to far. Interest rates should of never went all the way down like they did its been a roller coaster and this time its at the peak and ready to roll down.

At the boat show i spoke with a rep and said are "really ready for this". i could see it in his eyes; he said they had some ordered previously; fall and next spring look to be tough. 230k pontoon with a 20 year payment plan. For a sheet of plywood and a couple three toons and some furniture from tijuana along with a overpriced outboard black one no less that is going to have problems as soon as the warranty is out. What bank is financing this -- the same fkn bank that is going to shut down and Yellen is going to give Cuban his money back all of it. No risk for Cuby.

China and Russia --- they cant send a nuke over here fast enough.

 

[Kurtr]

I thought drunk shorty was bad the world is ending shorty is worse

 

[Zogman]

Same old ND angler comments -- the haves and have nots and then allen come son and says were all jealous. I wonder how many threads have the same comments in them. I think the consenus is like your shock.

Really the bottom line is that our govt has mishandled the interest rates so bad and all the spending and bullshit they have done has just made a big mess. Greenspan started the ball rolling and rolled it to far. Interest rates should of never went all the way down like they did its been a roller coaster and this time its at the peak and ready to roll down.

At the boat show i spoke with a rep and said are "really ready for this". i could see it in his eyes; he said they had some ordered previously; fall and next spring look to be tough. 230k pontoon with a 20 year payment plan. For a sheet of plywood and a couple three toons and some furniture from tijuana along with a overpriced outboard black one no less that is going to have problems as soon as the warranty is out. What bank is financing this -- the same fkn bank that is going to shut down and Yellen is going to give Cuban his money back all of it. No risk for Cuby.

China and Russia --- Don't have to send a nuke over here we are doing fast enough all by ourselves.

Good post Short. I just edited your last point. Flippin SCARY!

 

[db-2]

 

[db-2]

my seeburg 200, 100 records and one of few that can play both sides so 200 records. Not played for a while but getting new records, clean up and sit back as sound is great.
coin still intact and works for a nickel. db

 

[MicLee]

At the boat show i spoke with a rep and said are "really ready for this". i could see it in his eyes; he said they had some ordered previously; fall and next spring look to be tough. 230k pontoon with a 20 year payment plan.

The guys that bought in 2019-2020 are loving life. They hit the buying market just right.