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Another Big Short or Better Off? 10 Years Later – Is there Another Financial Crisis Looming?
It was 10 years ago Wednesday that the world changed for just about everyone. It was on that afternoon when BNP Paribas announced it was ceasing activity in three hedge funds that specialized in U.S. mortgage debt. BNP Paribas was the first major bank to acknowledge the risk of exposure to the sub-prime mortgage market, and many look back at those days as the start of the worst financial crisis in American history since the stock market crashed in 1929. For a decade, America has been in a state of recovery. It took trillions of dollars in stimulus and bail outs. The real estate market almost collapsed on itself and millions were left unemployed. Some are still incapable of finding work and income that matched what they made back then. On the outside, America seems to be in complete recovery. Housing prices have bounced back, the DOW is soaring and unemployment rests at just 5.1 percent. However, some are skeptical. Americans are borrowing again at record rates. Credit is once again being offered abundantly and as people spend again – risk is climbing. Add in China’s shaky economy and there’s also talk of a double-bubble bursting. Understanding finance and economics is no easy task. It takes global understanding, a keen eye on micro and macroeconomics and sometimes a crystal ball. But on Wednesday, many people will remember exactly what they were doing when America’s economy tanked. So where are we now? Have we learned our lesson or are we doomed to repeat ourselves? Have the reforms on Wall Street worked or can the actions of a few big banks still derail one of the strongest financial engines in the world? None of these are easy questions to answer or explain. But experts from Missouri State University can help. Dr. David Mitchell is a Professor of Economics and Director of the Bureau of Economic Research at Missouri State. He is also an expert at economic forecasting and understanding market trends and direction. Dr. Mitchell can speak to the anniversary of the financial crisis and what may lie ahead for America’s economy. Click on his icon to arrange an interview. Source:
On July 18, 2017 the federal government announced proposed tax changes which will have a significant impact on business owners. The main premise of the proposed changes is that the government feels it is unfair that an employed person with a T4 cannot do the same tax planning as a business owner; the proposed changes will limit what a business owner can do to save or defer tax. Here is a list of the areas that are impacted from the proposed changes for business owners: income splitting, capital gains exemption, pipeline planning, and the investment of retained earnings. These proposed rule changes are far reaching and will have a significant impact on small business owners/entrepreneurs, the very people often recognized for driving the economy and employment. The government has requested commentary from all stakeholders, but the consultation period is short – comments must be received by October 2, 2017. Don Scott, FCPA, FCA is a Partner and the Director of Tax Services at Welch LLP in Ottawa and is an expert in the fields of business, corporate taxation and finance. He is an excellent speaker and is available to speak with media regarding this important topic. Simply click on Don’s icon to arrange an interview. Source:
Signed Off - Bass Pro Finally Reels in a Deal
Earlier this week, federal regulators finally signed off on the approval for Bass Pro to acquire rival Cabela’s for a projected $4 billion dollars. The deal includes Cabela’s retail and online properties, as well as the lucrative credit card unit that is part of the chain. Cabela’s shareholders are expected to vote July 11 on whether to accept the privately held Bass Pro’s offer of $61.50 per share. So, what will this mean for Cabela’s 82 locations and Bass Pro’s 95 retail stores? With Bass Pro’s one major rival acquired, how will it affect prices, competition and loyal customers? As well, with any acquisition or merger, there will be duplication. What can Bass Pro employees in Missouri or the 2,000 Cabela’s staff in Nebraska expect? There are many questions to be answered. This is where Missouri State University experts can help. Dr. Jeff Jones is an Assistant Professor in Finance and General Business at Missouri State. An expert in corporate finance, Dr. Jones has spoken with media previously regarding this developing business story. Simply click on his icon to arrange an interview. Source:
Are you one of the Canadians most likely to get a tax audit this year?
Every year, Canadian taxpayers fear the worst - a notice from the Canada Revenue Agency (CRA) informing you that you’re going to be audited. You should always prepare and file your income tax return under the assumption that your return will be looked at and scrutinized. The reality is, there very few are actually checked by the CRA - but that does not do you any good if you are the one. Apart from a random selection process there are many reasons why your return might be pulled for review or audit. If this is the case, the best advice we offer is to get your accountant involved immediately. Far too often our clients will start the process alone, answering a few questions that they think are simple and straightforward only to find they have simply provided the auditor with reasons to further pursue his or her review of your taxes. This is not to suggest that the questions are misleading. We are simply pointing out that you might not be aware of the implications of your answers and you can do yourself a disservice by providing an answer that simply leads to more questions. If you have prepared your return yourself go over it with a professional as soon as you receive your letter from CRA and let that individual deal with the CRA representative going forward. If you used a professional to prepare your return - get them involved immediately. Michael Burch is a managing partner at Welch LLP in Ottawa and is an expert in the fields of business, corporate/personal taxation and finance. He is an excellent speaker and is available to talk with media regarding this important topic. Simply click on Michael’s icon to arrange an interview. Source:
The warnings are dire: artificial intelligence is poised to blow through all sectors of the economy, not just manufacturing, destroying jobs and shaking the very foundations of the workforce. Source:
There’s no app for that. Financial planning and your retirement are not a click away
Smartphones may be one of the best technological advancements of our era. In your pocket, you have you home computer, your phone and for most people – their life. Be it a cab, your bank account or a dinner reservation – anything you may need is simply a touch away. Apps have transformed service models and convenience, but not everything in life should be as simple as posting to social media or hailing a ride with Uber. A growing trend some financial experts are seeing is investing apps. People are investing small and large amounts of money through their phone. Some are minor increments, some can be substantial sums of money. Most are done without thought or advice. While convenient – what’s not clear are the fees nor the portfolios. Odds are someone is getting rich, and it might not be those investing. James Philpot is an associate professor in finance and general business, and director of the Financial Planning Program at Missouri State University. He's an expert in this area and is available to speak to media. Click on his icon to arrange an interview. Source: