Banks Forced to Double Reserves

New financial guidelines were set by global officials meeting in Switzerland on Sunday. The agreement referred to as the Basel III agreement, requires the Banks to increase their capital cushion to 4.5% of assets. The current requirement is 2%.Banks will also be required to hold an additional 2.5 % of assets to protect against periods of future stress.

The increase will be done gradually with implementation of the new standards to commence Jan. 1,2013 and spread out over the next two years.

Bank watchdogs such as the Fed and FDIC will monitor and enforce the regulations once they have been adopted by each country.

The purpose of these new regulations is to avoid another financial crisis similar to that of 2008, which nearly precipitated a world wide depression.

Members of the Basel Committee on Banking Supervision (which is made up of delegates from 27 countries) are convinced that the new guidelines will help to stabilize the banking industry.

It appears investors agree as banking shares have shown a rally as a result of this news. Whether or not that rally can be sustained is anyone's guess, only the future will tell the true story. However, The Hoss feels this move is a step in the right direction.

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Obama to Stimulate Economy

Image via WikipediaThe United States job data report showed that private sector employers increased new jobs by 67000 during the past month. In addition the figures for July and August were revised in an upwards direction, however the overall unemployment continues to rise and now sits at 9.6 percent.

Next week President Barack Obama will announce his administrations plans to stimulate the economy. He made the announcement in the White House Rose Garden and stated the report was “positive news, and it reflects the steps we've already taken to break the back of this recession. But it's not nearly good enough.”

“That's why we need to take further steps to create jobs and keep the economy growing including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest,”

President Obama continues his quest to have the Senate support and pass his bill that contains tax breaks for small business in the amount of about twelve billion dollars and the creation of a thirty billion dollar fund to finance lending. The Republicans as is the nature (the party of no) is opposed to the bill on the grounds it is similar to the bailout of the financial industry.
Lawmakers are not scheduled to return to work until mid September therefore do not expect much to happen before the November elections.

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World Elder Abuse Awareness Day

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Today is World Elder Abuse Awareness Day and Hoss Cents Free Financial Money Magazine is proud to support the international effort against elder abuse, especially financial fraud.

Senior’s are sometimes convinced to invest in investments well outside their risk tolerance level, which is a strict no no in the investment world. In addition there is sometimes outright theft of senior’s funds by someone they trust.

The Hoss encourages all of his readers to take action to prevent the financial abuse of elders by talking with your elders and teach them ways of protecting themselves from investment fraud. Make sure they understand to investigate not only the investment opportunity but also the person promoting the investment. Never hand over money without proper investigation and if necessary seek out independent advice from a third party.

The Canadian Securities Administrators offers fraud prevention resources for seniors which include:

• Protect Your Money: Avoiding frauds and scams
• Scam Artists Pursue Adults Over 50
• Sandwich Generation: Are you caught in the middle?
• Boiler Room Scams: Could you be vulnerable?

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Canadian Pension Reform

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Pension reform is the focus for Canada’s provincial and federal finance ministers this week in Charlottetown P.E.I. If Canadian seniors are to maintain a standard of living above the poverty level, pension reform is a must. The traditional benchmark (to maintain a respectable standard of living) of 60 to 70 per cent replacement of pre-retirement income is becoming increasingly difficult for Canadians to obtain.

Canadian Seniors have seen their personal debt levels rise, their savings reduced and a unstable stock market contribute to a reduction in their standard of living.

The Canadian Labour Congress has suggested that the average monthly pension benefit be doubled from its current $502.57. This has brought howls of protests from Canadian Federation of Independent Business. They claim that increasing the CPP premiums paid by employers will result in job losses and severely affect the economic recovery. In addition self-employed people would see a significant increase in their Canada Pension Plan premiums as they pay both employer and employee contributions.

Canadian finance minister Jim Flaherty understands the need for pension reform but prefers modest increases in Canada Pension Plan payroll premiums that would be phased in over a number of years.

Whatever the finance ministers agree to they have a difficult threshold to meet. In order to make any changes, Parliament and two-thirds of the provinces with two-thirds of the population must agree.

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Mulroney Behaviour "Inappropriate" says Oliphant

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Hoss Cents Free Money Magazine is not surprised that Justice Jeffrey Oliphant found that former Canadian Prime Minister Brian Mulroney “failed to live up to the standard of conduct that he himself adopted in the 1985 ethics code.” and that he acted in an inappropriate way when he accepted a cash payment reported to be either $225,000 or $300,000 depending on whose version you choose to believe.

Oliphant made it very clear that Mulroney's conducted himself in a manner that was consistent with a person who was trying to hide the fact that an transaction occurred between him and lobbyist Karlheinz Schreiber. There was no contract, or any documentation to confirm an agreement between the two parties. All evidence suggests Mr. Mulroney was trying to conceal that he received money from Mr. Schreiber.

On tree separate occasions Mr. Mulroney received envelopes stuffed with cash and he did not record these monies, deposit them or when given the opportunity disclose that these events took place. Oliphant specifically referred to the testimony Mulroney gave under oath in 1996 in connection with his lawsuit against the federal government as an example of Mulroney's failure to disclose these transactions.

It is estimated that the Canadian taxpayer is on the hook for $16 million, (the estimated cost of the inquiry). This figure includes $1.8 million for Mulroney’s lawyers.

Now that it has been shown Mr. Mulroney was less than honest, the question is, what happens to the $2.1 million Mulroney received as a settlement of his libel suit against the federal government? Opposition members of the Canadian Parliament have called for the Government to take steps to recover the $2.1 million.

The Hoss agrees with Mr. Oliphant conclusions that at the very least Mr. Mulroney acted in an inappropriate manner.

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European Union To The Rescue

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Like a knight in shining armor the European Union rode in with a loan package that with the support of the International Monetary Fund could reach one trillion dollars or if you prefer 750 billion euro's. This loan package is further supported by the European Central Bank wish indicated they would buy both government and private debt bonds.

World markets rose sharply with the news of this rescue package and most currencies either stabilized or showed marked increases.

Now for the bad news, Money Magazine Hoss questions the wisdom of loaning more money to already cash poor countries as a way to make that country or countries more solvent. Only a change in financial philosophy can accomplish this. For example Greece has about one third of there citizens on the government payroll. It is time for this to stop. The Governments of the weaker economic countries must implement strong and realistic cutbacks or this bailout plan will eventually fail.

Money Magazine Hoss and millions of other families around the world manage to successfully create household budgets that enable them to survive in tough economic times, why can't governments do the same?

However, maybe this crisis will wake people up to the fact that there is no free ride, we must all contribute as best we can, so that all our societies can survive and prosper.

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Euro Hits a Fourteen Month Low
European Financial Crisis Deepens

European Financial Crisis Deepens

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Money Magazine Hoss is alarmed by the deepening financial crisis in Europe. The Euro is under serious attack and slummed to a 14 month low last week following its biggest weekly decline since Oct. 2008 (4.3%).

On a positive note European finance ministers are meeting in Brussels today to tackle this problem head on. Among those attending are Belgium finance minister Ddier Reynders, Luxembourg finance minister Luc Frieden,Austrian finance minister Josef Proell,French economy minister Christine Lagar ,Swedish finance minister Anders Borg, Dutch Finance minister Jan Kees de Jager, British finance minister Alistair Darling,Finnish finance minister Jyrki Katainen and Spanish economy minister Elena Salgado.

It is clear that this European financial crisis has had negative impacts on the world wide financial markets. Even the Group of Seven finance ministers (Canada, France, Germany, Italy, Japan, United Kingdom, and United States) held an emergency conference call following which they urged their European counterparts to adopt a clear, timely and strong response.

The bond markets in Greece, Portugal and Spain are under serious pressure as interest rates continue to rise.The problem here of course is that unlike North American countries which have individual currencies the Euro is spread over many countries and therefore Countries like Spain, Portugal and Greece cannot devalue their currency to stabilize their economy. They must rely on aid from their Euro counterparts. For example, to date nine countries have signed off on a 110 billion-euro aid package for Greece. But what happens in Greece if this aid package falls apart. Germany (the largest contributor to the aid package) had to overcome a court challenge, which fortunately, was rejected by Germany's highest court.

Money Magazine Hoss hopes today's conference in Brussels will have the desired effect and calm the financial markets, last weeks huge swings are not easy on one's blood pressure.

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Euro Hits a Fourteen Month Low

Euro Hits a Fourteen Month Low

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Despite assurances from European Central Bank President Jean-Claude Trichet, Greece's continuing financial crisis has sparked fears that they just might be forced to default on their sovereign debt.

In order to obtain 110 billion euros in loans over three years from eurozone countries and the International Monetary Fund the Greek government agreed to increase taxes and cut spending.

In Athens protesters rioted over some of the Government's announced measures which included cuts to civil servants and retirees 13th and 14th month bonus pay; an additional three years for pension contributions; and the retirement age for women will be raised to 65.

At the Marfin bank police reported that two women and one man died when the bank caught fire after rioters threw Molotov cocktails inside. More were injured and taken to safety and treated for their injuries.

President Carolos Papoulias insistence that the measures were necessary for Greece's survival did not stop the unions from holding a general strike and protests.

World markets did not take kindly to this unrest as virtually all the major markets lost ground.

While The Hoss supports a persons or groups right to protest they must do so peacefully. The killing of innocent people is not acceptable.

These incidents in Greece should not be taken lightly similar instances could occur in the other areas under financial stress such as Spain not to mention a possible spread to North America and Asia. Let's hope that world leaders unite and solve this world economic mess before it is too late.

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United and Continental Merger

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United and Continental announced a merger agreement on May 3, 2010. The combined organization will serve 370 destinations around the world. Currently there are minimal domestic overlap routes and no international route overlaps. Together these two airlines serve more than 140 million passengers and fly to 370 destinations in 59 countries.

Sounds great right? However, upon closer look The Hoss discovered that both have been losing a substantial sum of money. Continental's 2009 losses were reported at $282 million and for the same period United reported losses of $651 million.

According to their press release the United, Continental merger is expected to result in a net annual savings of $1 to $1.2 billion by 2013. So what does this mean to the customer? Will we receive cheaper air fares, will baggage charges be dropped? Don't count on it. The only commitment the airline executives would make was that airfares would be governed by market demand. What that really means is we will charge you as much as the traffic will bear. We should all be thankful for low cost airlines such as Southwest, JetBlue, AirTran and in Canada West Jet. Their low cost tickets help keep the major air lines in check.

The Hoss has a suggestion for the name of the merged airline, Con U Air. First ad campaign will be you fly free and in small print each bag costs $500 two bag minimum.

By now you may have guessed The Hoss is a little skeptical that this merger will be of any benefit to the airline traveler. After all what benefit did we see with the merger of Delta and Northwest?

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Health Care Reform 2014 and Beyond

The Hoss apologizes for the delay in his final posting on Health Care Reform.

Mrs. Hoss's business required that we convert one of the stalls in the family barn (our house) into an office. Although Mrs. Hoss does the vast majority of the work the Hoss must be around to run for supplies, prepare the occasional meal and once in a while provide some actual labour.



Now, back to the health care reform timeline and the changes to take place in 2014 and beyond.

• If you do not have acceptable coverage in 2014 you will pay a fine of $95.00. This will increase to $325 in 2015, $695 in 2016 or a maximum of 2.5% of family income). Penalties will be indexed to the Consumer Price Index after 2016. Note: There will be a cap of $2,250 per family and the charge per child is half the required amount.

• Workers who don’t qualify for tax credits and who are exempt from individual responsibility can join an exchange plan by using their employer contribution.

• A fine of $2000 per employee will be imposed on companies with 50 or more employees who do not offer coverage to employees, if at least one of their employees receives a tax credit. The is per employee after the first 30. The maximum waiting period before insurance takes effect is to 90 days. Employers with employees receiving a tax credit will pay $3,000 for each worker receiving a tax credit.

• Health insurers are prohibited from charging higher premiums due to health status, gender or other reasons. They cannot refuse coverage due to a pre existing condition or current health status. They cannot impose an annual limit on coverage.

• Small employers and individuals will be able to shop around for standardized health plans through health exchanges.

• People not eligible for or who cannot obtain acceptable coverage and whose income is above Medicaid eligibility and below 400% of the poverty level will receive credits through health exchanges.

• New funding will be provided to the States so that all nonelderly individuals Medicaid eligibility can be increased to 133 of poverty level.

• Health insurance companies whose total premiums are greater than $25 million will have to pay an annual health insurance provider fee based on the insurers' market share.

• In 2018 so called "Cadillac Plans" will pay an excise tax.

This concludes The Hoss's summary of the upcoming changes to health care. I hope you have found the information useful.

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Health Care Reform 2013
Health Care Reform Year One
Health Care Reform Year Two 2011

Health Care Reform 2013

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Hoss Cents Free Financial Magazine continues its series on Health Care Reform in the United States. Here are the changes you can expect in 2013.

In order to reduce paperwork and costs of administration health plans will be required to put into practice uniform standards for electronic transfer or exchange of information.

A limit of $2,500 per year will be imposed on contributions to flexible savings accounts. In subsequent years this limit will be indexed by the Consumer Price Index.

Health care reform will eliminate The Employer Medicare Part D subsidy deduction. In addition employers will lose the tax deduction for subsidizing prescription drug plans for Medicare Part D-eligible retirees.

The income threshold will increase from 7.5 % to 10% (an increase 0f 2.5%) of adjusted gross income. However, anyone older than 65 may claim the 7.5% deduction until the end of 2016.

Singles earning more than $200,000 will have their hospital insurance tax increase .9%. Married couples filing jointly and earning more than $250,000 will incur the same increase. This includes net investment income.

An excise tax on the initial sale of medical devices will be imposed. The amount will be 2.9%. There are some exceptions such as eyeglasses, contact lenses, hearing aids or other items for individual use.

Please leave a comment if you find this summary of the health care plan informative and helpful.

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Health Care Reform Year Two 2011

In the last edition of Hoss Cents Free Financial Magazine we took a look at changes to health care that are scheduled to take place in 2010. Today we review changes to take place in 2011.

Free annual wellness visits will be provided by Medicare along with personalized prevention programs. There will no co-pay required for preventive services under any new plan.

Beginning October 1, home and community based services for the disabled can be offered by the States through Medicaid as an option to institutionalized care.

Prescription Drug Plan or Medicare Advantage enrollees will receive a 50% discount on brand-name drugs. There will be phased in discounts on generic and brand name drugs to completely close the "doughnut hole" by 2020.

Withdrawals from health savings accounts before age 65 for non qualified medical expenses will increase to 20% from the current 10%. Archer medical savings accounts will also have a tax increase for withdrawals not used for qualified medical expenses, that increase will be from the current 15% to 20% a 5% increase.

In order to ease the administrative burden of sponsoring a cafeteria plan (small businesses, a plan will be created to enable small business to offer tax-free benefits.

There will be an increase in the Medicare payroll tax for individuals earning more than $200,000 and married couples filing jointly above $250,00. The tax increase will be 0.9%. (1.45% to 2.35%).

The Hoss hopes his ongoing summary of the health care plan helps you understand how the bill affects you in this and upcoming years..

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Health Care Reform Year One

Health Care Reform Year One

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Health Care Reform is now law. So what does this mean to you? How will you benefit? Will your taxes increase/decrease? The list of health care questions seems endless to many but fear not. The Hoss has done considerable research and over the next few post will help you determine how the Health care reform package will affect you.

We will start with the changes scheduled to take place in the current year.

Early retirees 55 to 64 will benefit from a temporary reinsurance program provided to companies with early retiree health benefits.

Both lifetime and restrictive annual limits on benefits are eliminated.

The infamous "doughnut hole" in Medicare prescription drug coverage for seniors will be softened with a $250 rebate.

Young adults up until their 26th birthday will be able remain on their parents' insurance. This will be beneficial to college students and others unable to find employment.

If you become ill the insurance company cannot rescind your policy, after all that is why you have insurance.

Insurance companies are now banned from imposing exclusions on children with pre-existing conditions. Pools will be established to cover those with pre-existing health conditions until such time as the health care coverage exchanges are operational.

Coverage for Preventive services without co-pays is mandatory for new plans and all plans by 2018.

An appeals process for coverage determinations and claims will be implemented by new plans.

There will be a $1,000 increase in the adoption tax credit and assistance exclusion. The credit is refundable and extends through 2011.Indoor tanning facilities will have a 10 percent tax imposed on amounts paid for services on or after July 1.

Small businesses having less than 50 employees will get tax credits covering 35 percent of their health care premiums, increasing to 50 percent by 2014.

The Hoss hopes this summary of the benefits to take place this year as a result of health care reform helps you understand how the bill affects you in 2010.

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Home Sales Decline

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Sales of existing homes and condominium sales continue to decline In the United States. The restoration of the tax credit for first time home buyers and the expansion of this program to include repeat buyers have not had the desired effect of increasing home sales.

According to the National Association of Realtors (NAR) resales of US homes and condos dropped .6% in February accounting for the lowest seasonally adjusted annual rate in the past eight months.

However all is not doom and gloom, according to the NAR sales are up 7% compared with a year ago.

Regarding home prices, the Federal Housing Finance Agency reported that its national home price index for January fell 0.6% from its December level. They also reported a drop in prices of 3.3% compared with the previous year. This is a total drop of 13.2% from the peak in 2007.

What all these numbers mean is not yet clear. It could mean the previous surge in home sales is over and another recession is around the corner or it could just be a pause well buyer's are being very careful in their selection. Time will tell.

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Job Creation Number One Focus in 2010 Obama

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In his weekly address to the nation President Obama promised that job creation will be his administrations number one focus in 2010. He stated that even though during the last quarter the economy grew more than at any time in the previous six years, one in ten Americans is unemployed. Therefore, more must be done to provide jobs for …"folks who want them". To this end President Obama has proposed the following incentives:

• Tax credits for business who hire new workers, raise wages, and invest in new plants and equipment

• Eliminate capital gains on small business investment

• Assist small business in obtaining loans

In addition President Obama pointed out that "it is critical that we rein in the budget deficits we’ve been accumulating for far too long". Therefore he has proposed a spending freeze that will cut spending on programs that are redundant, obsolete or ineffective. He also indicated his pleasure that the Senate has restored the pay-as-you-go law.

Last but not least he has called for a bi-partisan Fiscal Commission – a panel of Democrats and Republicans who would sit down and hammer out concrete deficit-reduction proposals by a certain deadline. He pointed out 53 Democrats and Republicans voted for this commission in the Senate. But it failed when seven Republicans who had co-sponsored this idea in the first place suddenly decided to vote against it.

The Hoss believes this move by the Republicans was strictly political and is a clear indication of their unwillingness to work together with the Democrats for the benefit of all Americans. They would rather do what ever it takes to score political points than be creative and work as a team for the benefit of all.

They are indeed the party of no "no cooperation".

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Obama Criticizes Supreme Court Ruling

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In a 5-to-4 decision The United States Supreme Court ended a 20-year ban on businesses using money from their own funds to pay for campaign ads.

President Obama, in his weekly address said,

"This ruling opens the floodgates for an unlimited amount of special interest money into our democracy. It gives the special interest lobbyists new leverage to spend millions on advertising to persuade elected officials to vote their way – or to punish those who don’t. That means that any public servant who has the courage to stand up to the special interests and stand up for the American people can find himself or herself under assault come election time. Even foreign corporations may now get into the act.

I can’t think of anything more devastating to the public interest. The last thing we need to do is hand more influence to the lobbyists in Washington, or more power to the special interests to tip the outcome of elections."

President Obama reminded the electorate that one of the reasons in ran for office was to reduce or eliminate the influence of special interests and lobbyists in Washington. He vowed to keep fighting to ensure the voices of ordinary American people will be heard over these special interests and lobbyists.

To this end he stated that following this ruling "I instructed my administration to get to work immediately with Members of Congress willing to fight for the American people to develop a forceful, bipartisan response to this decision. We have begun that work, and it will be a priority for us until we repair the damage that has been done."

The Supreme Court decision, according to the Conservative majority, was a vindication, of the First Amendment’s most basic free speech principle — that the government has no business regulating political speech.

The dissenters disagreed. They believe allowing corporate money to flood the political marketplace would corrupt democracy.

The Hoss finds this ruling particularly upsetting.

For example a special interest group, such as health insurance industry, will have even more leverage to fend off reforms that would protect patients.

The Hoss encourages all Americans to support President Obama in his efforts to make sure that the most powerful voice in Washington belongs to the average American and not special interest groups.

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PH&N Introduces Monthly Income Fund

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Phillips, Hager & North Investment Management Ltd. (PH&N) has introduced their first monthly-pay balanced fund. The fund appropriately named the PH&N Monthly Income Fund, will target a neutral weighting of 50% fixed income and 50% equities.

According to their press release the PH&N Monthly Income Fund is designed to meet the needs of investors seeking a reliable income stream.

The fundamental investment objective of the fund is to provide a relatively high monthly income that may consist of dividend income, interest income, realized capital gains and a return of capital, with the potential for modest capital growth, by investing in a well-diversified balanced portfolio of income producing equity securities, including but not limited to, common shares of Canadian companies that pay dividends and income trusts, and fixed income securities such as preferred shares, government and corporate bonds, debentures and notes. the Fund seeks to offer investors a target annual distribution of 5 per cent but does state that Payout rate may change according to market conditions.

The co-managers are Scott Lamont, head of fixed income at Vancouver-based PH&N, and Scott Lysakowski, a Canadian equity manager who specializes in equity income mandates. Lysakowski, who joined PH&N in 2009 after having previously worked for seven years as a research analyst at RBC AM, will also continue to manage PH&N Canadian Income.

The Management fee for the fund is as follows:

PH&N Monthly Income

Fund - Management Fee
Series D 0.90%
Series C 1.65%
Series F 0.65%

“The PH&N Monthly Income Fund provides a straightforward, quality solution that meets Canadian investors’ demand for dependable income in a low-interest rate environment – whether in retirement or as a supplement to their existing income.” said John Montalbano, head of RBC Global Asset Management. (Both PH&N and RBC AM are wholly owned subsidiaries of Royal Bank of Canada.).

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