Thursday, July 29, 2010

The Business of Business is No Longer Business

There's no business like show business or so they say. But with the Obama administration that may become the second string. This month business in general has taken a beating at their hands. Honestly, I just don't get it I guess. I cannot believe that so many educated people concentrated in one place can be so stupid.

Look at this new law. My buddy from work clued me in on this one. If you, in your role as a business person, get more than $600.00 worth or merchandise you have to fill out a Form 1099. This form requires a name, address, and SSN by the way.

Supposedly, the law is intended to capture lost tax revenues. That might happen. What will happen for sure is that some unscrupulous business owner will sell that info. And, it appears that collectors of virtually anything from baseball cards to gold coins will be hit disproportionately harder than others.

I guess that "change you can believe in" is the loose change in your pocket and your privacy. To avoid this, get your transactions closed before New Years Day in 2012.

Oh, and don't think that you can play the market with impunity any longer. The SEC is now exempt from any Freedom of Information Act inquiries. A big part of any citizens trust in their government is related to how transparent it operates. With this act of Congress, murky is putting it mildly.

At the other end is the new agency that will "protect" consumers by adding yet another layer of regulation to the financial industries. To really drive the point home, consider some of these tidbits. This agency will not be controlled by Congress. Instead they will work for a Presidential appointee of a Director who isn't going to be confirmed by the Senate. Even though the Federal Reserve will be footing their bills, they will have no oversight authority either.

Still not enough .gov interference for you? Don't worry, the year isn't over and there is more to come.

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