Feb 23
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“Crony capitalism” has been getting disapproval from such as Sarah Palin (who removed some notorious examples as Governor of Alaska) but seems less than newsworthy to much of the media. Maybe because their hero, our Prez is a big time target if complaints surface. The latest: Uncle Sams’s Fire Sale: Minimum Investment, $1 Billion explains how [...]
Dec 3
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Nobody likes the Germans but everybody in Europe who is broke–which is almost everybody–accepts the fact that the Germans should bail out all the feckless spenders in Greece, Italy, Portugal and Spain. And if it comes to that, add France. Angela Merkel’s German government and Frances’s President Sarkozy are setting it up. However, there are a [...]
Sep 30
Please, consider this as somewhat of a public service announcement from someone who has worked in non-profit most of a career: Most of it is pretty profitable and the people pouring cash into them really don’t have the best interests of anyone but themselves at heart, no matter what the ads say. (Shocking, isn’t it?) [...]
Sep 22
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The organs of German government and its ruling elite want the country’s democracy cut back with more power in a more centralized government and less for the people to say. Dare Less Democracy is the recently published book selling-or demanding-the change. The German govenment wants to bail out southern Europe at German workers’ expense; the workers [...]
Sep 20
This morning I beg the indulgence of my fellow ConClubbers as I am compelled to pass on this post from Red State “Take Action: America’s Job Creators Are About to Be Sucker Punched & You Have Until Wednesday to Comment” from poster LaborUnionReport. According to LaborUnionReport, the pending legislation will put into law the push [...]
Sep 18
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Republicans avid to repeal ObamaCare dig in their heels on the unfunded future trillions tied to the Medicare drug benefit they added during the Bush Administration. Beneficiaries pay 1/4th of the cost of prescriptions; the rest comes out of the government’s general fund with no specific tax to pay for it. This recalls the cold [...]
Sep 18
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U.S. Treasury Secretary Geithner flew to Poland to advise the Euro finance folk on their debt problem. He’s qualified; he’s borrowed more than they have, which is too much on both sides. Think of a drug rehab group receiving advice from the local pusher. Geithner’s Message Irks Europeans explains. Timmy borrows money whether or not it [...]
Sep 14
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1. Politicians can save the economy… False. Politicians can and repeatedly do trash it but only private enterprise can provide the wealth generation needed to to save a sick economy and to keep one healthy. The last President who said that–and proved it in the recession of 1920-1921–was Republican Warren Harding. He held off his [...]
Sep 14
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B of A apparently isn’t feeling too well; not only is it divesting itself of some 30,000 workers, it has suddenly started to upchuck a slew of the sick mortgage loans that have been roiling its financial stomach through the bank bailouts and then the robosigning scandals. Its foreclosure rate has suddenly ramped sharply up. [...]
Sep 14
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At least, Congresswoman Jan Schakowsky (D) said that in a recent interview and the Democrats’ usual and very current hunger for more taxation makes it like she believes it. Though you never really know with politicians, right? In this case, actions support the words. Read: Americans Don’t Deserve to Keep All of Their Money for details. [...]
Sep 12
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Romney and other liberals object to candidate Perry’s characterization of Social Security or actually, probably more to Perry’s ability to be interesting to voters. That fits Romney, representing the Terminally Bland wing of candidates; anyone being interesting is taking unfair advantage. Ponzi was a real crook with a real scheme today really illegal; how could Social [...]
“Free Wood Program Halted” was the Albuquerque Journal’s notice that New Mexico no longer allowed citizens to cut free firewood on state grazing leases. In the past, three such sites were open each Fall.
Why no more? Too expensive, said the State Land Commissioner; “we’ve been spending $75,000 a year administering the program.”
OMG!!! Any bureaucrat who can spend that much letting citizens cut free wood in three rural locations for three months a year ought to be up for: Creative Bureaucrat of the Year!
No wonder our government has gone broke “helping” us…
Aug 30
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Our American middle class has been decimated, shrinking 10% since 1980 and the shrinkage continues as the low income class expands with the displaced middle folk. 34 Signs That Point To A Rapidly Shrinking American Middle Class provides a depressing plenty of evidence. Worse, the evidence says clearly that the trend will not reverse within the lifetime [...]
Aug 28
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All the imperiled European governments and the U.S. are in trouble because all their political leaders put their own benefit over the good of their countries. They’re still doing that instead of moving back to solvency. A move back toward solvency would reduce spending by definition; that would require cutting spending on military adventures, social [...]
Aug 17
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The middle class’ share of U.S. income has been shrinking, the share going to the wealthier has been increasing. Recently, the rate of shift has increased. Extending the trends, if there is no change the country could be a two-class society within a couple of generations. The chart shows the trends. Incomes rose with inflation [...]
Aug 17
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For some time now, the proposal to switch from fiat currency to something more stable like precious metals has been making the rounds. With the possibility of default of said fiat currency a definite potetial action, especially with the Federal Reserve printing dollar copies like we the people have nothing to lose, a legit question [...]
In light of the past week’s hammering in the stock market, and in what I figure to be an interesting day in the market as the nation absorbs the impact of the credit rating downgrade, I thought it would be worthwhile to note that all may not be lost.
The Dow has certainly been beaten down, no question. And with it, we assume, our financial fortunes. Now, clearly, I have no indication as to the individual portfolios of any person, but there is a sense, at least as of a month ago, that the nation may not be as bad off as it appears.
Jul 29
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I’ve been toying with a post on the whole budget/spending soap opera. Everyone else is doing it, why not join in, right? My angle was going to be defense spending and that so many of the cuts on the table are defense related rather than entitlements. See, in the sky-high view of things, defense [...]
Jun 20
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Out here in flyover country, all summer, quite a number of us have been playing a game of sorts – how far can we make $20 worth of gas go. Honestly. Once a week, I put $20 worth of gas in the tank, combine trips as much as possible and leave the windows open when [...]
THEY’RE JUST MESSING WITH US, RIGHT?
Austan Goolsbee, chairman of the
president’s Council of Economic Advisers, said this morning that the Obama Administration is shifting focus from its “rescue phase” to”trying to leverage the private sector” as the key element of economic recovery. (Obama’s “rescue phase” has not been dissimilar to a baby elephant being “rescued” by a pack of hungry lions.)
What? Was he serious? Has Barack Obama secretly quit the Democratic party with plans of running for reelection as a Republican? Unless he’s just messing with us, would it have been too much to ask him to come to this conclusion – oh, say a couple of trillion dollars or so ago? Read the rest of this entry
May 27
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SHRIMP ON TREADMILLS AND ANTARCTICA JELLO-WRESTLING – Those zany scientists at the National Science Foundation are at it again, and U.S. Senator Tom Coburn, (R-Okla.), isn’t real happy about it. Coburn’s report, ”The National Science Foundation: Under the Microscope,” was published this week, following months of warnings from Republicans that the agency would be targeted for [...]
I thought the attached was an interesting opinion piece. The most interesting thing is that Mr. Geithner is still in denial…
Geithner Downgrades His Own Credibility to Junk: Jonathan Weil
Well, we’re not quite at the oft-projected $2,000 mark, but we’re getting there…
Gold Tops $1,500 on Outlook for Escalating U.S. Debt, Dollar
Oh, yeah… “We’re all about promoting economic growth and job creation!” You Dems aren’t fooling anyone! When the financial experts (Standard & Poor’s) say you’re out of line, you can no longer blame “bi-partisan” crap, can you? Your reckless spending is taking this country down the drain! Wake up!
Here we go… The slippery slope that the U.S. just may never recover from… How sad… Will the Dems be moved at all by this? Do they even understand (or care) what a negative credit rating means?!! Assholes…
It is always nice to see politicians actually doing the right thing. Good for the House Republicans! Anyone with any sense knows derivatives require no government regulation. Simply put, if the investments are too difficult for you to understand, you need not get involved. Do your own homework and don’t look to a group of non-financial lawmakers to save you from yourself! My only hope is that they continue to “push” the rules right off of the table!
Apr 8
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Okay… It had a rocky start, at best, but how is this supposed to work under a Communist umbrella? Hong Kong’s park hasn’t exactly been a bed of roses for Disney, either. Will a Disney theme park in Shanghai again equal millions of dollars down the drain? Only time will tell, but I promise that [...]
Mar 22
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UNIONS, COMMUNITY GROUPS, LAWMAKERS, STUDENTS TO STRIKE CAPITALISM? The Rat is always hesitant to blast the homepage of ConClub with multiple large images or videos, but he made an exception with today’s offering. This is must-see stuff folks. While it’s tempting to simply think of these people as socialist wing-nuts, dismiss them as bitter marginalized [...]
Mar 14
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As expected, I am already seeing platforms seeking funds to support the rebuilding of Japan’s infrastructure following the recent earthquake(s) and tsunami(s). I truly believe the tragedies seen in Japan to be some of the most costly (both in lives and dollars) in history. My concern is to what extent the world can offer assistance. The [...]
http://www.bloomberg.com/news/2011-02-25/house-republicans-urge-democrats-to-accept-cuts-avoid-government-shutdown.html
I’m glad I was able to bring this to our readers first! Great news for Boeing and its stakeholders!
I wonder why the authors of this article won’t speculate on Americans’ distaste with Wal-Mart and its Chinese base… Wal-Mart is blaming the economy for lost revenue, but history has shown that Wal-Mart thrives during economic down-turns! What could this possibly mean, when Americans turn away from Wal-Mart when they’re down on their luck? Don’t expect American patronage to ever grow…
Kudos to Mr. Branson and Virgin!
http://www.bloomberg.com/news/2011-02-17/virgin-america-to-start-flights-from-chicago-o-hare.html
It was reported today that China’s GDP is on target to overtake that of the U.S. in just fourteen years. Is anyone out there even the slightest bit concerned about this?!! Wake up!!! Oh, yeah, but let’s just tax the hell out of U.S. businesses until they have no choice but to leave! Let’s not protect our intellectual property! And, most of all, let’s continue to support other countries (rather than our own) with U.S. taxpayer funds! Oh, wait! There’s more! Tax the hell out of industrious Americans to the point where they will no longer have an incentive to work hard and contribute to new innovations! The list of our poor decisions is long…
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aLzIiCGRPrP4
Let’s put the spending issue into perspective. Say I am a conservative, thinking good fiscal sense is the right path. My congressman (woman) may well be of like mind. Let’s say I support a high-speed rail system running through my city. Sure, data shows it would improve the economy and, perhaps environmental concerns, in my area. Yet, my congressperson says to me, “hey, it’s a great idea, but we simply cannot afford it at this time; let’s leave it on the table for another time”…
In the meantime, other, Democrat-controlled regions put forth similar plans, regardless of finances…
At the end of the day, the fiscally-irresponsible areas HAVE the expensive programs, at the increased expense of neighboring taxpayers, and the responsible parties (those who chose to wait) suffer because their time may never come, simply because they must now pay for the “greed” of neighboring districts and their default…
So, with this in mind… let me ask you this… Why should anyone ever wait? Republicans and Democrats are simply in a race to get whatever they can WHEN they can!
As long as ANY party chooses to spend more than they have, NO party can possibly act responsibly and hope to serve its constituents honorably, can it?
Not China, not Russia, not North Korea, not Iran, not terrorists…According to Admiral Mike Mullen, the Chairman of the Joint Chiefs of Staff, the “single biggest threat” to American national security is the US national debt, which is either $8.85 trillion (public debt), $13.4 trillion (total national debt), $20 trillion (total debt including GSE debt), or $124 trillion (total debt including unfunded obligations), depending on one’s definition of the word “debt.” And as Zero Hedge has long been warning, the imminent increase in interest rates (sooner or later), will eventually put the country in an untenable funding position. “Tax payers will be paying around $600 billion in interest on the national debt by 2012, the chairman told students and local leaders in Detroit.” The Chairman (the real one, not his pale imitation over at Marriner Eccles) politely forgot to add that the successful rolling of nearly $600 billion in debt per month is likely an even greater threat to national security.
With Helicopter Ben getting everyone prepared for QE2, the amount of debt held by the Federal Reserve is getting ready to skyrocket. And, it looks as if the Treasury is going to be creating plenty more for them to purchase.
We hope it is appreciated promptly enough, that the entity highlighted in red can just as easily become the biggest domestic threat to national security, should the interests it represents, both political and financial, not get their way.
The Senate passed the finance reform package. They’re sending it to Congress. It’ll pass. It’s 2,300 pages. It’s 390,000 words. When I asked a finance person what the impact would be on my personal bank, and my investments, he said “very little, if any”. Obama’s advice was a little more direct:
“Unless your business model depends on cutting corners or bilking your customers, you have nothing to fear.”
Who defines “cutting corners”?
Who defines “bilking”?
Read the rest of this entry
WASHINGTON (MarketWatch) — China’s foreign-exchange policy risks “unwinding” some of the progress made in reducing global trade imbalances during the financial crisis, the U.S. Treasury said Thursday in its latest report on foreign-exchange trading.
But the department repeated its previous finding that China was not formally manipulating its currency.
The absence of a finding of manipulation is important. Under the legislation prompting the review, a finding of manipulation would set off a series of steps that might end in the U.S. imposing duties on Chinese imports.
The U.S. said it was not pleased with Chinese foreign-exchange policy.
”The rigidity of the renminbi and the reacceleration of reserve accumulation are serious concerns which should be corrected to help ensure a stronger, more balanced global economy,” the Treasury report said.
To outside analysts, China has clearly pegged the currency to the dollar.
Carl Weinberg, chief international economist at High Frequency Economics, said the People’s Bank of China has pegged the yuan at around 6.82 RMB to the dollar since July 2008.
That followed three years of steady yuan appreciation.
They keep buying dollars. All these countries posturing around FOREX and trade. Making threats and then professing friendship and the will to work together. I have to tell you it just amazes this hillbilly. Why have China, the USA and the world been trying to increase domestic consumption within China? China will have to deal with an aging population soon. Deficits run amuck. What are we gonna do? Oh the humanity! It is the end of Western Civilization! Dogs and cats living together, mass hysteria.
The best is below the fold…
The Loonie is on par with the dollar. The Beast can use his Loonies in the slots on the reservations now I bet.
The dollar is at the same lows against the Euro as it was last year when Andre made an issue out of it. How is it working for you now ‘Dre?
“The American people have not become less capable of entrepreneurship,” Summers, who heads Obama’s National Economic Council, said in last week’s interview. “They have not become less dedicated to hard work, and the productive potential of this economy has not declined.”
Lawrence Summers, President Barack Obama’s top economic adviser
I found this to be a disturbing read:
The Record of the Federal Reserve
Money quote:
In other words, the value of the dollar remained extremely stable for 150 years, the Fed was created in order to “stabilize the value of the dollar,” and the result has been a 95% devaluation of the dollar in less than 100 years following its creation.
This week, Glenn Beck had a three-part interview with expert economist Dr. Thomas Sowell.
Anyone with an extensive mortgage industry background (which includes yours truly), knows this is the truth.
As is this “primer” from Mark Levin re economic disaster, and how we got here.
When Sowell speaks (or writes), people should pay attention. He is brilliant and has a “layman’s terms” style.
Part 1:
Part 2:
Part 3:
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E the Wise
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Was it something he said, or something he did?
Oct 20
Posted by Sting the Away
Andrew Breitbart? No.
Sarah Palin? No.
Glenn Beck? No.
Read the rest of this entry →
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Posted in Democratic Party, Elections, Extremism, Finance, Gay Rights, Humor, Idiots, TEA Party
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Tags: Anti-Gay Comments?, Barney Frank, Boston Herald, Elections they are a coming, Rush Limbaugh