From Cynthia Scott of OMC Financial Services:
>>An extension of unemployment benefits was signed into law on Friday; 14 additional weeks for all states and 20 additional weeks for states averaging at least 8.5% unemployment
>>Reported October unemployment rate was over 10%; actual is probably closer to 17%
>>Corporations will be allowed to deduct losses for 2008 and 2009 against profits they earned for the previous 5 years
>>The home tax credit for new home buyers is still $8000 but has been extended to April 30, 2010; also existing home owners who have lived in their homes for at least five years will be able to have a $6500 tax credit if they purchase a new one, maximum home purchase is $800,000
>>Income limits for the tax credit has been increased from $75,000 to $125,000 for singles and $150,000 to $225,000 for couples
>>All of these actions mean that state and federal governments will be collecting less taxes and deficits will continue to grow
>>U.S. economy will continue to suffer into 2010; investing will have to be very selective i.e., emerging markets, gold, natural resources, mortgage companies
