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El GDP de Japon se revisa al alza a 1.1% de 0.9% en el tercer trimestre. Buenas noticias de ese pais.

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Oil up 88.75

Los futures del Dow Jones 31 puntos al alza.

AIG tambien se independizara.

Australia al alza.

Ag up 28.34, Au up 1,384

Un reduccion permanente a los impuestos al capital incrementaria la productividad y los salarios. La Inglaterra de despues de la guerra mundial nos mostro como los altos impuestos al capital reduce la inversion y dania el crecimiento economico.

La reduccion de impuestos de Bush no fueron suficientes

Mr. Cooley teaches economics at New York University's Stern School of Business. Mr. Ohanian teaches economics at UCLA.


The Bush Tax Cuts Never Went Far Enough
A permanent reduction in capital taxes would increase productivity and wages. Postwar Britain shows how higher capital tax rates reduce investment and damage economic growth.

By THOMAS F. COOLEY
AND LEE E. OHANIAN
The Obama administration has announced its willingness to compromise on a temporary extension of the Bush tax cuts for all income levels. But the Bush tax cuts never went far enough in providing sufficient incentives to promote higher rates of savings and investment. Temporary solutions like this one or the administration's proposed investment tax credit for businesses will not solve our problem of low capital accumulation. What matters is how the income from capital is taxed over its lifetime.

Economists agree that a large capital stock is a key ingredient for prosperity, as it expands our productive capacity and raises worker productivity, which in turn increases wages and consumer purchasing power. Our capital stock is comparatively much smaller today than it was before the Great Depression. The ratio of business-sector capital to output is about 30% smaller today than it was in 1929. This shortfall reflects the fact that recent investment rates have been lower and consumption rates have been higher compared to earlier in our history.

Opinion Journal columnist John Fund on liberals' reaction to the tax deal.
.One important reason that our economy has less capital is because tax rates on capital gains, dividends and other forms of capital income have increased substantially. Prof. Douglas Joines of the University of Southern California has estimated that the average marginal tax rate on capital income, which includes all forms of taxable capital, was around 20% in 1929. In contrast, this rate is estimated to have averaged about 37% between 1990 and 2003, the most recent period for which estimates are available.

Higher tax rates on capital income reduce the incentive to save and invest, which in turn reduces investment and ultimately the capital stock. Capital can easily escape taxation by going abroad, and when that happens, the burden of capital income taxation falls on domestic workers in the form of higher unemployment and lower wages.

The most striking evidence for the impact of higher capital taxes comes from Britain, which increased tax rates on capital income (net of depreciation) to more than 90% in the 1940s, and continued to tax capital income at relatively high rates through the 1960s. Not surprisingly, per capita GNP growth in Britain was abysmal, averaging less than 1% per year between 1940 and 1960, and capital accumulation during this period was among the lowest of all developed economies.

Britain's tax policy was implemented on the advice of British economist John Maynard Keynes. Keynes was a British Treasury adviser who developed a plan to finance Britain's World War II efforts by substantially increasing capital income taxation. Keynes not only advocated higher capital taxation to pay for the war, but he also advocated permanently higher capital taxes in order to redistribute wealth. He wrote about this in his 1940 book "How to Pay for the War": "I have endeavored to snatch from the exigency of war positive social improvements. The complete scheme now proposed . . . embodies an advance toward economic equality greater than any which we have made."

Keynes gave little credence to the view that higher capital tax rates would sharply reduce investment and damage economic growth. John Hicks, another British economist, wrote to Keynes that his tax proposals would stifle savings and growth, as investors and business would respond to the changes in incentives. But Keynes dismissed Hicks's concerns, writing back, "I doubt if people are often as actuarially minded as your calculation makes them."

The history of capital income taxation offers important lessons. Specifically, we should pursue the reforms recommended by many bipartisan tax commissions that have focused on increasing the incentives to save and invest. There is no better way to do this than to permanently cut tax rates on savings and investment.

Taxing capital income at a permanent average rate of 20% instead of the current average of 37% would yield substantial benefits. After several years of higher investment, we estimate that output would increase by about 8%, that employment would increase by about 3%, and that wages would increase by about 5%. Moreover, most of these increases would be realized within the first 10 years following such a reform.

Our estimate of the benefits of lower capital taxes is conservative, as we consider only the impact of lower capital taxes on the accumulation of physical capital. It is likely that lower taxes would also stimulate increases in research and development and other inventive activities, increase entrepreneurship, increase the accumulation of human capital, lead to more immigration of high-skilled workers, and encourage foreign firms to locate in the United States.

How would shifting to a 20% capital income tax rate affect the deficit? The significantly higher tax base that would result under lower capital income taxes means that such a reform would be deficit-neutral, provided that either transfer payments were reduced by less than 2% of GDP or a national consumption tax of less than 3% were adopted. And there is the possibility that even much smaller tax increases would be required after accounting for the broader set of benefits associated with lower taxes noted above.

Permanently cutting capital income taxes is the closest thing to an economic free lunch that policy makers can offer. And with unemployment stubbornly stuck near 10%, there is no better time than now to relieve domestic workers from the burden of capital income taxation.

Mr. Cooley teaches economics at New York University's Stern School of Business. Mr. Ohanian teaches economics at UCLA.

Los futures del Dow Jones 40 puntos al alza.

Korea mantiene los intereses en 2%

Yen up 83.75

Euro up 1.3306

Australia +0.66%, el Hang Seng+0.06%. Korea +0.71%, el Shanghai C. -0.98%, el Nikkie +0.2%

Copper December 08,21:59
Bid/Ask 4.1092 - 4.1128
Change +0.0159 +0.39%
Low/High 4.0895 - 4.1317
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Nickel December 08,21:56
Bid/Ask 10.9131 - 10.9276
Change +0.0082 +0.07%
Low/High 10.8823 - 10.9617
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Aluminum December 08,21:57
Bid/Ask 1.0488 - 1.0509
Change -0.0016 -0.15%
Low/High 1.0474 - 1.0579
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Zinc December 08,21:57
Bid/Ask 1.0182 - 1.0191
Change -0.0076 -0.74%
Low/High 1.0123 - 1.0304
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Lead December 08,21:58
Bid/Ask 1.0761 - 1.0820
Change -0.0074 -0.68%
Low/High 1.0603 - 1.0875
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Australia crea 54,000 empleos mas del doble de lo esperado.

Youku surge161% en su IPO mas que cualquier otro lanzamiento desde Baidu en el 2005.

NZ mantiene los intereses intactos tambien.

Apple desplaza a Sansung en su propia casa

Samsung cuenta con todas las companias wireless en Korea, el iPhone solo cuenta con KT Corp, sin embargo el iPhone ha vendido 1.6 millones de unidades desde que salio a la venta en Noviembre del 2009.

Por mas de una decada KIM Yung Yeon solo compro telefonos de Samsung Electronics Co y LG Electronics Inc. pasando por alto a los mas vendidos de Non Korean companies como Motorola Inc.'s Razr. Su lealtad termino cuando se lanzo el iPhone de AAPL.

Apple Displaces Samsung on Home Turf With IPhone
By Jun Yang and Seonjin Cha - Dec 8, 2010 6:26 PM ET

The iPhone, available in Korea only through KT Corp. as opposed to all of the nation’s three wireless carriers for Samsung and LG, has sold about 1.6 million units since it went on sale in the country in November 2009. Photographer: Simon Dawson/Bloomberg
For more than a decade, Kim Jung Yeon only bought phones from Samsung Electronics Co. and LG Electronics Inc., passing on best sellers made by non-Korean companies such as Motorola Inc.’s Razr. Her loyalty ended with Apple Inc.’s iPhone.

“The iPhone has a cool design and I love the feel and grip of the phone,” said the 37-year-old Web designer in Seoul, who bought the device last year, and enjoys using applications about food recipes. “I don’t see any reason why I should return to LG or Samsung phones again if I buy another smartphone.”

Samsung and LG, the world’s two-largest handset makers after Nokia Oyj, can no longer count on home-field advantage as they play catch up in the fastest-growing segment of the $163 billion global industry. A year after Apple’s phone debuted in Korea, LG is reeling from record phone losses while Samsung this week unveiled the Nexus S phone equipped with Google Inc.’s latest Android operating system to win back customers.

“Korean companies are going to face a tough situation overseas going forward, given how much share they are losing at home,” said Han Eui Lim, a consultant at ROA Group Inc. in Seoul. “Especially in the case of LG, it’s very concerning.”

Samsung and LG shares have both underperformed the benchmark Kospi Index this year. Samsung has gained 11 percent and LG has declined 7.8 percent in 2010, compared with the index’s 16 percent gain. Apple shares have surged 51 percent, helping it overtake Microsoft Corp. as the world’s most valuable technology company.

Fewer Carriers

The iPhone, available in Korea only through KT Corp. as opposed to all of the nation’s three wireless carriers for Samsung and LG, has sold about 1.6 million units since it went on sale in the country in November 2009, according to KT.

South Korea had about 4.52 million users of smartphones -- devices that can be used to surf the Web, and play blacklisted_site and video -- at the end of September, with a quarter of those being the iPhone, according to Nomura Holdings Inc. analyst Stanley Yang.

The iPhone created a “mobile big bang” by changing the way Koreans live and work, according to Digieco, a research division of KT, in a report last month.

Espoo, Finland-based Nokia is the world’s largest maker of mobile phones, accounting for 117.5 million of the 417.1 million phones sold worldwide in the third quarter, according to research firm Gartner Inc. Nokia’s share of 28 percent was followed by Samsung’s 17 percent and LG’s 6.6 percent. Apple was fourth with 3.2 percent, Gartner said last month.

Phone Software

Among smartphones, handsets using Nokia’s Symbian software held market share of 37 percent in the quarter, with Android surging to 26 percent from 3.5 percent last year. Apple had 17 percent, according to Gartner.

Global handset revenue is forecast to be approximately $163 billion this year compared with $154 billion last year, according to Credit Suisse Group AG estimates.

Samsung and LG, which are adopting Google’s Android, may have fallen behind in the smartphone market because of their external reliance on software, according to Peter Yu, a Seoul- based analyst at BNP Paribas SA.

“The iPhone and smartphones in general are mostly about software content -- it’s more of a cultural product,” said Yu, who has a “reduce” rating on LG. “When the iPhone was introduced, the Korean companies were in a state of denial, they underestimated the potential.”

Short Films

LG replaced its chief executive officer and head of the handset-making division in October after the mobile-phone business posted record losses for two consecutive quarters. Standard & Poor’s cut LG’s debt-rating outlook to “negative” on Nov. 11, citing the “deteriorating” competitiveness of the main handset business.

“If consumers in Korea choose iPhones because of better usability in the local market, overseas customers will do the same,” said Kim Jee Hyun, who wrote “Mobile Innovation,” a book about the changes in the Korean mobile-phone industry.

To attract Korean users, KT is sponsoring local film directors including Chung Yoon Chul, to make movies with the device’s high-definition video capability.

Park Chan Wook, who won the Grand Prix at the 2004 Cannes Film Festival with “Old Boy,” is making a 25-minute film that will hit wide-screen theaters this month.

The Korean companies aren’t giving up.

New Models

Samsung in June introduced the Galaxy S, equipped with a 4- inch touch-screen that’s larger than the iPhone’s 3.5-inch display. The Korean company has sold 8 million units of the phone worldwide already, including 1.8 million locally, and the aim is to double the number next year, according to the company.

Samsung is looking to boost sales by developing models using multiple operating systems, including its own Bada software, and by selling its products through a wide range of carriers, said James Chung, a company spokesman.

“In the next two or three years, Samsung’s position in smartphones will be quite similar to or better than Apple,” said Stan Jung, a Seoul-based analyst at Woori Investment & Securities.

Seoul-based LG introduced the Optimus One in October and sold more than 1 million units of the model as of mid-November, with a goal to sell 10 million globally.

LG added 500 research-and-development staff this year for developing handsets, Chief Financial Officer David Jung said in October. The company plans to introduce a “premium” model next year, he said.

Until then, Kim’s loyalty toward the iPhone may deepen with applications that let her find recipes to cook dinner.

“The iPhone’s operating system offers so much variety in terms of applications, it seems to me it will take a while for Samsung and LG to catch up,” she said.

To contact the reporters on this story: Jun Yang in Seoul at jyang180@bloomberg.net Seonjin Cha in Seoul at scha2@bloomberg.net

Y la misma historia se va a repetir en todos los paises, la experiencia del iPhone es tan positiva y amigable que uno siente que son parte de nuestras vidas. Eso no tiene precio. Cuantas companias pueden decir lo mismo. Ninguna.

Analistas dicen que los clientes de AAPL son parte de un culto.

Sin embargo tiene muchos seguidores. Increible.

Los seguros de desempleo bajan 17,000 a 421,000. Buenas noticias.

Euro down 1.3239

Los futures del Dow Jones 51 puntos al alza.

Europa al alza. El Asia cerro mixta.

Oil up 88.79

+47

Yields down 3.22%

Au up 1,386.60, futures cu up 4.10