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  • ( ) The Fed Fiddles While Stocks Burn and Crash

    I hate to bash Fed Chairman Ben Bernanke, but I'm going to for a few pages. Here's the deal. The current economic threat is screaming for an aggressive inflation solution. Inflation comes from the Fed. Forget about the inflation the Fed has caused over the past 90 years, and the doubling of the money supply to goose markets for the past eight. A lot of that was dead wrong, a theft of our children's future, coming at an unnecessary time. However, when economic crises hit, the government must inflate. Must. Aggressively, preemptively, not reactively, or else calamity will strike, deflation will result, a black hole sucking until depression hits. It is a lot easier to stop inflation during boom times than to reinflate an economy during a major bust. Japan taught us that. Ironically, this is supposed to be Bernanke's strong suit. More>>

  • ( ) Hokies' offense steps to forefront

    BLACKSBURG--At the top of Virginia's wish list before next Saturday's showdown in Charlottesville was a week off to rest and prepare for Virginia Tech. The Hokies didn't have that luxury, so they'll enter the game with the next best things: confidence and momentum.

    "We're rolling right now," senior receiver Justin Harper said yesterday after Tech rolled Miami 44-14 in what was essentially a tuneup for Saturday's main event. "We've got a lot of confidence going in."

    Even if Hollywood writers weren't on strike, they'd have a hard time concocting a better script than a clash between the commonwealth's only two Division I-A teams, with a trip to the Atlantic Coast Conference title game on the line. Never in the 112-year history of the rivalry has more been at stake. More>>

  • ( ) Tax Planning for Tough Times

    But most seasoned company builders know that rapid growth comes at a price. Consider the painful experience of Tom and Julie Stewart, siblings who run SportSheets International Inc., a Costa Mesa, Calif., manufacturer of so-called adult novelties. A few years ago their company took off like wildfire. In the mid-to-late 1990s, sales grew by 30% to 50% a year. Profits also swelled in just the way the Stewarts had hoped. They gleefully reinvested every dime of the business's spare cash in growth activities.

    What a mistake. Sudden leaps in profits led to large tax liabilities, and Uncle Sam reared his ugly head. "We hadn't planned ahead for our tax bill," says Julie Stewart. As the pair scrambled to find ways to pay the IRS nearly $20,000, they were forced to put all nonessential expenditures on hold and rely on their personal credit cards to help pay company expenses. More>>

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