GFC 2.0 ? or not?


Its all fake and no give a F… Its bloody scary.
The stuff which is happening in USA is really impossible to understand for me.


Nasdaq tops 10,000 for first time

Nasdaq Hits Historic 10,000; Apple, Facebook, Amazon Stocks Hit All-Time Highs

On Tuesday, Facebook Inc., Apple Inc., Inc. and Microsoft Corporation all hit new all-time highs as the index surged past 10,000 points. Tech stocks are seeing a “V-shaped” recovery indicative of a rapid comeback from the depths of the unprecedented economic slowdown induced by the COVID-19 pandemic.

Analysts attribute the invulnerability of tech stocks to the enormous advantage of most tech firms being able to keep doing business as their employees are more attuned to work-from-home compared to other industries.


Give up trying to make any sense of this at this stage. How can Income tax be up year on year, and 10% ahead of target.:icon_eek:

Exchequer tax take rises in first half of year but Covid-19 spending leads to deficit

A surge in Corporation Tax take helped push Exchequer returns higher in the first half of the year, however a sharp increase in spending in health and social welfare also pushed the country’s finances back into a deficit.

The State collected €26.86 billion in the first half of the year, according to the Department of Finance, which is €192m (0.7%) higher than the same period of last year and €4.31 billion (19.1%) higher than had been forecast.

However spending was €6.84 billion (27.2%) higher year-on-year, largely due to the response of the Department of Health and the Department of Employment Affairs and Social Protection to Covid-19.

This caused the Exchequer to slip to a €5.33 billion deficit in the first half of the year - compared to a €260m surplus in the same period of 2019.

So far this year Corporation Tax take has been 48.1% higher than forecast at almost €5.9 billion, while VAT receipts are €611m (11.5%) above profile at €5.92 billion.
Income Tax is €941m (9.8%) above target at €10.54 billion and is slightly higher than the amount collected in the first half of 2019, despite the impact of Covid-19.

During June alone the State collected €5.16 billion in taxes and duties - 73.2% higher than the €2.98 billion targeted, and €199m (4%) higher than the amount taken in the same month of 2019.

It came as Corporation Tax take was €969m (66.4%) higher than forecast at €2.43 billion; 2.6% higher year-on-year.

VAT was €116m (135.5%) above target at €201m, which is also €63m (45.8%) more than received in that category last year.

Meanwhile Income Tax of almost €1.4 billion was €368m (20.8%) lower than in June 2019, but still €392m (38.9%) more than had been targetted by the Government.


Maybe because the number of people from whom tax is being collected hasn’t gone down that much? - many well paid people who can’t avoid tax are still getting paid and the people who lost their jobs are mainly people at or near the minimum wage who don’t earn enough to pay a significant amount of tax. Remember the work force grew last year and despite the seemingly constant mantra to the contrary most of the new employees (aka immigrants) end up in well paying jobs that pay a good chunk of tax. The big difference will probably come when the self-employed do their tax returns in September/October.


Figures above are from 2017, showing 37% of employees don’t pay any income tax and as @metalmike says this is the cohort most likely to have been laid off. A 10% increase is a surprise though.