Category Archives: The Economy

Fancy Foreclosure Fun Frolics Feed Future Financial Failure

Noted Economist Michelle Obama Cites ‘Remarkable Progress’ of U.S. Economy

Kodak, the Post Office, Capitalism and Thomas Sowell

U.S. & E.U. Banks: Government-Made Zombies Lurching Toward the End

Politicians Stand On Border Faces Both Ways At Once

A House Divided Cannot Stand…America’s Next Civil War?

Barack Obama’s Big Book of Fairy Tales

Under GOP Controlled House, Federal Debt Has Risen $6,766 per Household

The Euro and the Dollar Aren’t Real, Anymore…Try Doubloons!

U.S. Forest Service OK’s Prospecting…But Only With Mules and Hand Tools

Occupiers and TeaFolk Share One Big Thing!

Obama’s Needs

Dems Have Added Jobs! (Federal Jobs…)

Romney Just Another Keynesian Spender?

I Guess Mishy Didn’t Buy Her African Vacation at Target, Huh?

A/P: Playing Politics With Real People’s Poverty

Kettle Advises Pot: Treas Sec Geithner Goes to Euro Debt Meeting

A Creeping Economic Plague Called: REALITY

Who Is Obama’s Revised Patent Rules Helping?

‘If You Love Me, Help Me Pass This Bill!’ Delusional or Just More Arrogance?

“Right-to-Work” Laws for Michigan Teachers?

Hit or Myth? Political Swindles We Fall For…

Mortgage Foreclosures Ramp Upward at B of A

Americans Don’t Deserve To Keep All of Their Money!

Is Social Security A Ponzi Scheme & Can It Be Fixed?

Life in the (not so Golden) People’s Republic of California

Feds Suing Big Banks for Following Orders

Obama Overrules Controversial EPA Regulation

Business Insider: The Rapidly Shrinking U.S. Middle Class

Rich World Financial Failure Is’nt Rocket Science-It’s Just Lied About

Feds Raid Gibson Guitar for Using American Labor

Submission for bumper sticker of the year award


Ideally it should be displayed next to the one that says “Size Matters”

We Have Lots of U.S. Oil; We Just Don’t Want it!

Proof that Congress Has No Excuse!

The Government Is Giving Middle Class Income to the Rich!

Yet Another Must Read

One thing that the entire budget/debt/deficit argument has done for us is continued discussion out in ether-space on the name calling. It’s gotten pretty out of hand. Jeffrey Kuhner of the WorldTribune.com has a piece from Friday called Tea Party ‘terrorists’? The Ruling Class Comes Unglued that is worth a read. Despite the president winning this one, the rhetoric has been ratcheted up considerably. Mr. Kuhner believes this is the beginning of the end for the socialist utopia dream in the US. We’ll see.

TEA Party Dilemma

Marco Rubio is a Stud

Feeling the sting of debt…

If you haven’t seen it yet, give it a chance… Jon Stewart on Armadebton 2011 and President Obama’s speech to the nation…

http://www.hulu.com/watch/262489/the-daily-show-with-jon-stewart-armadebtdon-2011-call-congress

What Exactly is “Right-Wing Extremism” Anyway?

THE HYSTERICAL FEEDING FRENZY HAS BEGUN – ER – CONTINUED

As I began to write this post, I Googled “right-wing politics” to see where the liberally-biased search engine would send me. In addition to suggesting that I search for “right-wing authoritarianism,” I was told that rightright-wing and rightist are terms used to describe support for preserving traditional social orders and hierarchies.
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IS HE LYING, OR HAS HE JUST LOST IT?

Obama Says Increase in Unemployment Rate Proves Stimulus Worked!

HUH?

QUESTION: Can an increase in the unemployment   rate be viewed as positive proof that Barack Obama’s “stimulus” package has worked? 

ANSWER: Of course it can. On Planet Obama, that is. Just three days after the Labor Department announced that unemployment rose to 9.2% in June, Obama said that the loss of more jobs proved that his $830 billion “stimulus” plan worked.

“Now, without re-litigating the past, I am absolutely convinced and the vast majority of economists are convinced that the steps we took in the recovery act saved millions of people their jobs, or created a whole bunch of jobs. And, part of the evidence of that, as you see instances of the recovery act phasing out.” 
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If We Eat Our Peas, is Liver and Onions Right Around the Corner?

WHO ARE YOU AND WHAT HAVE YOU DONE WITH OUR PRESIDENT?

Make no mistake, folks; Barack Obama is in the fight of his political life. Think about it: Here’s a leftist politician who never saw a dollar (someone else’s or borrowed) that he couldn’t spend – er, sorry – “invest.” And now he wants the “largest (deficit-reduction) deal” possible? Are you kidding me? It’s not even April Fool’s Day.
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Do Republicans see America as a Banana Republic Surrounded by a Moat Full of Alligators?

DEAR LEADER GROWS TESTY AS REPUBLICANS HOLD TO PRINCIPLE

The testy budget talks between Barack Obama and Congressional leaders got a bit more testy Sunday, with an irritated Dear Leader reminding the Republicans that America is not a” banana republic.” (He prefers “People’s Republic.”)

As a result, Obama did what any president worth       his weight in hypocrisy would do: HE FIRED UP  THE TELEPROMPTER AND GAVE A WHINY CAMPAIGN SPEECH TO THE COUNTRY.  
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The Disingenuous Misadventures of Captain Stimulus and the Unemployment Monster

WHO, ME? WHAT? HUH? WHAT DID I DO? WHAT? WHO? WHAT? ME???

THAT DITCH DOESN’T LOOK SO BAD AFTER ALL, DOES IT?

Every time I write an article on Barack Obama and the sorry state of the economy, I tell myself, “This will be the last one – at least for awhile.” And then? I renege. Why? New unemployment data comes out, our buck-passer-in-chief says something ridiculous, or as luck would have it today – both things happen at the same time. That’s when the fun starts.

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Meanwhile, Back at the White House…

UNEMPLOYMENT RISES TO 9.2%; HIRING AT A STANDSTILL

Today’s unemployment rate is bad news for the Obama Administration and American workers alike. Hiring slowed to a near-standstill last month, as employers added the f fewest number of jobs in nine months. Oh – and the unemployment rate rose to 9.2%.
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Obamanomics: ‘Stimulus’ Has Cost $278,000 per Job!

OBAMA’S HAND-PICKED ECONOMISTS POO-POO ‘STIMULUS’

The presidency of Barack Obama would be hysterical – if it were not so dangerous to the United States of America. Now, the White House’s Council of Economic Advisors, (a group of three economists who were all handpicked by Captain Awesome himself)reports that Captain A’s “stimulus package” has added or saved just under 2.4 million jobs – whether private or public – at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.  
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It Helps To Have Experience

Obama’s Three Stooges: Who Needs Moe, Larry and Curly?

WITH FRIENDS LIKE THESE, WHO NEEDS RUSH LIMBAUGH? 

Timothy Geithner. Eric Holder. Janet Napolitano. Nyuk, nyuk, nyuk, nyuk, nyuk.

As if Barack Obama isn’t doing everything he can - and can’t - to assure a January, 2013 retirement from politics, he’s got these cartoon characters flying collective wing-man just to make sure. Moe, Larry and Curley got nothin’ on Geithner, Holder, and Napolitano:
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I Created 2.1 Million Jobs and the Cow Jumped Over the Moon

OBAMA REGIME EDITS LAUGHTER OUT OF TRANSCRIPT

At a Monday evening fundraiser, Barack Obama claimed that his administration has created 2.1 million jobs under his “stimulus” plan - and DNC donors laughed out loud.

“Over the last 15 months we’ve created over 2.1 million private sector jobs.” (Laughter)  

BWAHAHA! 

Here’s this morning’s official press release from the White House:
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The $20 Worth of Gas a Week Game

Chris Wallace’s Interview of Jon Stewart

I haven’t seen anyone else’s opinion, but speaking strictly for myself, I thought this was one of Chris Wallace’s best interviews ever. Fox News Sunday had the condensed version, which I also thought was very fair. The video is about twice as long and was very well edited (IMO) to fit the limited timeframe they had.
Wallace was very well prepared to counter Stewart at every step. Stewart was allowed to make his points, and I understand some of them, but it still saddens me that so many uniformed voters take Stewart seriously and blindly follow the mainstream media as truth.

China’s Hu: A New World Order?

CHINA’S HU JINTAO CALLS FOR GLOBAL GOVERNANCE WITH INCREASED ROLL FOR  CHINA AND RUSSIA OVER WORLD’S ECONOMIC SYSTEM

The Rat must once again admit his ancient beginnings. When I read this story, my mind wandered back to an old Bob Dylan song – from a simpler time, when its meaning was less foreboding – and easier to accept. The times are a-changin’ and it’s a sobering thought. Read the rest of this entry

MRC TV Spoofs Obama ATM Claim With Hilarious Video

OBAMA: ATMS ARE “PART OF THE PROBLEM”

In a post earlier this week, I commented on Barack Obama’s claim that ATMs are partially to blame for the sorry state of the economy. (The other part being GEORGE BUSH.)

As a result of Obama’s ridiculous “logic,” the good folks at Media Research Center put together this spoof video. Things aren’t getting any easier for our beleaguered president.

*

Can you spell G-R-A-S-P-I-N-G  A-T  S-T-R-A-W-S?

Miracles Do Happen: the Senate voted to repeal ethanol subsidies

GM Wants $1/Gallon Tax to Save the Flailing Volt

GM Wants $1/Gallon Tax to Save the Flailing Volt.

GM CEO Akerson Wants Another Handout

Since when does a CEO of a failing company ask, without shame, for American citizens to pay to subsidize his failing products? continue reading..

Obama’s Economics

“Dominoez” – The Coming Collapse of America

Environmental Terrorism: Please Don’t Take My Lightbulb Away!

Pre-1967 Borders for Israel? Why Our President is Dangerous

Does Obama Want to Tax You by the Mile?

Gold Tops $1,500 on Outlook for Escalating U.S. Debt, Dollar

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

Impressive Young Patriot, Tricia Willoughby

It’s kids like this who give me hope for the future. Here is 14 year old Tricia Willoughby, speaking at the Madison Wisconsin Tea Party last week. She has more poise and conviction than someone twice her age and then some, and looky– no teleprompter!

Sure hope this isn’t the last we see of her, and that she maintains that passion.

She’ll certainly be vilified by the left for the rest of her life from this point forward, as has already been reported here.
(Disgusting. The Blaze has some NSFW examples of leftists freaking out in Oregon. Once again stating the obvious…. if it were Tea Partiers behaving so raunchy/filthy/ nasty, it would be front page news.)

H/T: Ann Althouse

How’s This For Growth, You Dipsh*ts?

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!

Stocks Sink on U.S. Credit Outlook

Standard & Poor’s Puts ‘Negative’ Outlook on U.S. AAA

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…

Standard & Poor’s Puts ‘Negative’ Outlook on U.S. AAA

Obama’s Deficit-Reduction Plan Hits Republican Brick Wall

Was there really any doubt that this would happen?

Dear Mr. President: STOP SPENDING MONEY YOU DON’T HAVE!! Is that such a difficult concept to comprehend? And, better yet, don’t look to the American people to cough up even more cash for your crap! Get a grip already! It’s about time someone revoked your credit card privileges! You’re irresponsible, at best!

Obama $1 Trillion Tax Proposal Slams Into Republican Wall

A Nation in Decline – It’s in the Charts

Helping Japan

An Economic Pearl Harbor?

GAO Details Billions in Federal Waste

Republicans Urge Democrats to Accept $4 Billion Budget Cut

http://www.bloomberg.com/news/2011-02-25/house-republicans-urge-democrats-to-accept-cuts-avoid-government-shutdown.html

Palin Supports Government Shutdown And So Do I

Palin: Government Shutdown May Help Fight Rising Debt

 

Presidential News Conference A Waste Of Time

I just spent the last hour watching President Obama field questions from the Press in what was, I believe, his first press conference since December. The hottest topics, of course, were the recent budget proposal and the events in Egypt.

I now find myself scratching my head while trying to figure what new information I gained by watching. I think the answer is, “nothing”. The questions were so ambiguous and were left wide open to vague answers. I am not so interested in Egypt’s issues, but where were the tough questions on the budget?

Are these reporters so excited about sitting with the President that they are unable to check him? Sure, so-called “tax reform” was merely mentioned as the most effective way to reduce the U.S. deficit. Obama also mentioned some “painful” cuts to social programs that he admitted weren’t “working”. How can it be painful to make cuts to programs that don’t work? Give me a break!

All I got from the conference was that Obama was carrying on with his original agenda and had no remorse whatsoever for placing the cancellation of the Bush tax cuts back into the fold. He fully intends to continue with his original platform.

http://www.bloomberg.com/news/2011-02-15/obama-says-he-is-eager-to-tackle-spending-on-health-tax-code-overhaul.html

China Overtakes Japan With Second Largest GDP; Has U.S. In Its Sights

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

LUDICROUS! Rejected Tax Increases Return In Obama Budget Proposal

Sure, I just gave President Obama a “pat on the back” for his handling of the recent and ongoing events in Egypt. His back-handed budget tricks will receive no such accolades, however. Just when you think he may have actually been listening, he puts this crap in front of Congress. By “crap”, I mean the tax increases for so-called “high-wage earners” and American companies.  Does his right hand know what the left is doing?  His recent appointments of corporate executives to his advisory panel may indeed be a smoke-screen, as predicted.  How disappointing.  The actual budget has suddenly become a side issue to the budget process. Could this possibly pass after the tax increases were just shot down? This guy has some nerve!  And, Congresspersons, on both sides of the aisle, need to think twice on this one.  Oh, and by the way…  Just because you sat together at the State of the Union address doesn’t mean there is no longer an “aisle”.  Regardless, you WILL be indiscriminately fired if you vote for this “budget”.  I don’t care where you sit.

http://www.bloomberg.com/news/2011-02-14/rejected-tax-increases-for-high-earners-return-in-obama-s-budget-proposal.html

News Corp. Profit More Than Doubles on Converts From Liberalism

This should make the Left scratch their heads… Nah…  It won’t, but isn’t it funny how a company that has been so tightly bound to the U.S. “right”, labeled down-right insane, could have these results?  Should we even begin to believe that there is more common sense out there than previously thought?  CNN’s ratings are in the toilet and their personalities are going to FOX.  Who IS right, here, after all?!!

http://www.bloomberg.com/news/2011-02-02/news-corp-s-profit-more-than-doubles-on-higher-television-fees-ad-sales.html

We built (then bankrupted) this city

Just a few miles north of Mobile, Alabama is the tiny city of Prichard.  Nestled near the sprawling metropolis (heavy sarcasm) cities of “Eight Mile”, “Saraland” and “Citronelle”, it is about to be thrust into the spotlight as a city to watch – not for it’s growth, not for it’s outstanding leadership, but for what happens after a city declares bankruptcy to avoid its creditors (in this case, it’s retirees).  In September of 2009 it quit paying pension benefits to its retirees because the proverbial well had run dry.  A federal judge ixnayed the bankruptcy, so get the popcorn ready.   Safe to say the “too big to fail” argument is not one that I have heard proposed as of yet, but other cities may be interested to see what happens.

The Bears Discuss the Obama Administration’s Record

Another “funny but sad cuz it’s true” analysis.

Constitutionality, Christianity, Progressivism And The Captive Poor

I wrote this in an email the other day and everyone told me to publish it, so here it is with very minimal editing.

We, the people, must recognize that our two major parties have been co-opted at their highest levels. They no longer prove themselves to support the Constitution. Instead they advance agendas that should deeply concern anyone who understands what our constitution says and why.

John Adams once said, “Our constitution is only fit for a moral and religious people. It is wholly unsuited to the governance of any other kind” because the Constitution contained no controls over those who would reject morality and decency in favor of hedonism and self-indulgence. It also contains no controls, talis qualis, that are, or ever would be, strong enough to defeat progressivism which seeks to ignore it (or for that matter Sharia law which would supplant it). Only the vigilance of a stubborn and well-informed citizenry can do that!
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What Failure Looks Like

Newt Gingrich’s letter in Human Events yesterday gives a snapshot of just how badly Obama is doing. In brief:

As bad as the 9.5% unemployment rate is, it’s artificially low and may be as high as 22%.

Obama promised to create 3.5 million jobs, instead we’ve lost 4.1 million during his administration, a deficit of 7.6 million jobs.

Despite high unemployment, firms are having trouble filling job openings because the extension of unemployment benefits gives people an incentive to stay on unemployment, and business owners paralyzed by the Democrats’ agenda are afraid to hire new workers (or otherwise invest in their businesses) unable to predict how much they will owe in taxes and the future to the price of energy should an energy tax get passed.

A majority of Americans favor repealing the health care bill including 71% of Missouri voters who repudiated it at the polls.

Victoria Jackson: “There’s A Communist Living in the White House”

Posted by an admittedly “dumb blonde” at times, I think this is pretty good! The only thing I might quibble with is “socialist” instead of “communist”, but that’s just details.

The more things change. . .

I have always heard that history repeats itself because no one listened the first time around, and today I have found additional evidence to support that claim.  Scroll through some of the Time magazine covers, specifically from 1976-1980 and take a look at the headlines, the people, the concerns of the day.  From socialism to the war on terror – it’s all there in vivid color.  I recommend starting here and moving forward for a really interesting look at, well…  Time.

Rush Limbaugh’s Letter to Obama

Good questions and good advice that will go unanswered and unheeded.

Hello, My Name is…

Four score and 285 days ago (give or take a few), our nation elected someone they thought they knew.  Today, not so much – but not to worry.  All (or at least some of it, digitally enhanced and re-packaged to fit the format of your screen) will be revealed, when he gets a chance to re-introduce himself to the American public. I can hardly wait.

More Climate Change Evidence Uncovered

Say it isn’t so.  It looks as though there is some more evidence pointing towards climate change – or more specifically, how it has affected the economy in the U.K.  Maybe there is something to it/in it for me after all.  I have been so blinded by the evidence that I have completely ignored the financial opportunities that abound.

Hitler Finds Out Scott Brown Won Massachusetts

I just love the parodies over the past few years on this one scene.

The Era of Transparency part deux

The first Era of Transparency post was penned by the Scribe last July.  In it, Damien documented the fact that the Obama administration isn’t really giving us two choices regarding Cap and Trade and health care.  He is pulling out the best of alternative scenarios and saying that Americans can have it all!
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Climate Chains

Climate change is the tool that the Left will use to finally break down the doors of privacy and liberty to control every aspect of your daily life. They have found the key and the excuse to get what they’ve been after for quite some time. It’s about power and control.  Don’t miss this video.

Climate Chains

red-flag

 

Big Banks Making Hay While Little Banks Fail

While the ” Too big to fail” banks continue to get even bigger, the small banks keep falling by the wayside.  Some are predicting as many as 500 more small and regional banks will fail before the end of next year.  While this is just a natural boom/bust business cycle, aren’t we just setting ourselves up for the next big bubble.  If there is one area in which the financial services industry excels, it is in the ability to manipulate the public’s short term memory and appeal to our greed.

“The first wave of the big banks were the securitizations,” he said. “The regional banks are the ones now going down. They mostly didn’t have much in the way of securitization but they all have construction loans, they have development loans, they all have loans on little shopping centers and they’ve got that kind of portfolio very heavily.”

more about “Calculated Risk: Wilbur Ross: 500 Mor…“, posted with vodpod

IT IS MY ECONOMY DAMMIT! OBAMA SAID SO YOU DIRTY @##%^*$#@!

Geithner Is Said to Lash Out at Regulators

Treasury Secretary Timothy F. Geithner blasted top regulators in an expletive-laden tirade amid frustration over President Barack Obama’s faltering plan to overhaul financial regulation, Reuters reported, citing a Monday story in The Wall Street Journal.

A person familiar with the meeting said that Mr. Geithner told regulators “enough is enough,” the newspaper said. The meeting took place last Friday with Federal Reserve chairman Ben S. Bernanke, Securities and Exchange Commission chairwoman Mary Schapiro and Federal Deposit Insurance Corporation Chairwoman Sheila Bair.

The Treasury secretary said regulators had been given a chance to air their concerns, but that it was time to stop, the newspaper said, citing the person.

According to the newspaper, Friday’s roughly hour-long meeting was unusual because of Mr. Geithner’s repeated obscenities and his aggressive posture toward regulators generally deemed independent of the White House.

The newspaper said Mr. Geithner told attendees that the administration and Congress set policy. It also said the Treasury secretary, without singling out officials, raised concerns about regulators who have questioned the wisdom of giving the Fed more power.

Even in Dana Pico’s own “City of the Lost” – Philadelphia, they understand Obama’s vision on health care all too well.

ObamaHealthCareAudience Shouts Down Sebelius, Specter at Health Care Town Hall in Philadelphia

Health and Human Services Secretary Kathleen Sebelius and Sen. Arlen Specter got a preview Sunday of the tough sell lawmakers will face over health care reforms.

Among those at odds with the officials touting the $1 trillion, 10-year plan was a woman who earned loud applause when she said she doesn’t want Washington interfering with her health care choices.

“I look at this health care plan and I see nothing that is about health or about care. What I see is a bureaucratic nightmare, senator. Medicaid is broke, Medicare is broke, Social Security is broke and you want us to believe that a government that can’t even run a cash for clunkers program is going to run one-seventh of our U.S. economy? No sir, no,” she said.

This lady’s comments remind me of the saying – “Socialized Medicine – Delivered with the efficiency of the Motor Vehicle Department, with the compassion of the IRS.”

I believe in effective and efficient universal coverage. I do not like the costly patchwork that we have now. I believe in portability. Our established policy of tying health coverage to a job is just simply wrong. I believe that exclusions and denials based on “uninsurabilty” should be abolished. Group rates based on the law of large numbers can effectively control the cost of insurance to individuals (premiums), and the exposure that insurance companies have through equal distribution of risk. Out of pocket expenses can be reduced by choice through elective coverage as is the case now with many group and individual policies.

We will need the government to force insure the percentage of the population that can afford coverage but does not carry it. Let the Populist-Libertarian-Luddites (PLL’s) complain all they want, but we already pay the uninsured’s  health costs as a society. Those that can pay should regardless of how likely their potential loss is.

Health care is a form of welfare for part of society already. The government should on a needs basis pay the premiums in a private plan that is distributed equally among providers for those unable to pay for it themselves. Before my PLL friends complain about “them people will be taking my money and stuff”, keep in mind that they already do. This coverage should extend to legal and illegal alike. We again already pay for this. This would be a formal acknowledgement – yes - but also more efficient.

Abolish Medicare and Medicaid. They do not work well. They can not be tweaked to be more efficient. Get the government out of the health provider business and make the insurance industry pull the load they were designed to pull. There is nothing scarce about health care at all. It is not a “precious resource”. It is a commodity that we have plenty of. If we remove government interference in the market AND institute simple but effective insurance reforms we can control costs. The curve can be bent. Just not by the government.

The “Government Option” and the Single Payer system with  its resultant socialized medicine is neither needed nor preferred. Sometimes ‘da peop’le get it right.

ADD: An excellent article on Medicaid in City Journal today. Make sure to read “The Making New York’s Private Health Insurance More Affordable” blurb at the end. There is plenty of money in the system, multiples of the funds required in fact. The key is to get rid of the hybrid system. 

Your humble messenger’s snippets: How climate change, historic legislation, tax loopholes, wealth transfer and million dollar green jobs are all related!

MiracleCartoonDoes anyone wanna buy a pig in a poke?

June 26 (Bloomberg) — President Barack Obama prodded lawmakers to approve a “historic” bill to limit greenhouse-gas emissions as part of intensifying lobbying efforts for a vote in the U.S. House that could come today.

…Obama, in his public comments, called the measure “absolutely critical” to ensure a clean-energy economy that would help the U.S. “be the nation that leads the 21st century global economy.” He also predicted “a close vote” on it.

June 26 (Bloomberg) — America’s biggest oil companies will probably cope with U.S. carbon legislation by closing fuel plants, cutting capital spending and increasing imports.

“It will lead to the opportunity for foreign sources to bring in transportation fuels at a lower cost, which will have an adverse impact to our industry, potential shutdown of refineries and investment and, ultimately, employment,”

AXcess News – Washington – President Barack Obama vowed to close tax loopholes on foreign investments Monday, even going so far as to threaten banks with action if they didn’t cooperate in identifying American foreign investments.

The Democratic administration of President Obama will pursue American businesses and individual taxpayers who use foreign loopholes in investing abroad to avoid paying federal income taxes.  The move will affect major US companies such as Caterpillar.

Washington, DCSpain’s decade-long program to subsidize the creation and continued existence of so-called green jobs through a massive infusion of taxpayer resources “has cost many jobs,” former President Bill Clinton admitted to a Spanish audience at the European University of Madrid this week, according to the Spanish daily newspaper El Mundo

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Look out below: State Tax Revenues Falling

Calculated Risk: Report: State Personal Income Tax Cliff Diving.

Just WOW.   This snippet comes from a WSJ link in the posting by Calculated Risk.

State income-tax revenue fell 26% in the first four months of 2009 compared to the same period last year, according to a survey of states by the nonprofit Nelson A. Rockefeller Institute of Government.

The report … is one of the most up-to-date measures of how deep the recession is digging into Americans’ wallets and, consequently, state coffers.

The time span notably includes the April 15 deadline for filing taxes, a critical time for states to collect revenues.

Some massive cutbacks in state services are on the horizon.  Check out Arizona’s revenue decrease.   Guess we are going to have raise some taxes…cough,cough.

Thomas Sowell: Housing Boom and Bust

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:

Dave’s Quote of the Day

Treasury Secretary Geithner wants power

“Didn’t Treasury Secretary Timothy Geithner say that it was not the administration’s intent to control private companies? Then why is it reportedly reluctant to accept TARP repayments from some banks? If it has indeed declined to accept $340 million in payments from banks in Louisiana, New York, Indiana and California, the administration is tacitly admitting that it wants to control those banks as well as others that will try to pay back the taxpayers’ money they took in the Troubled Asset Relief Program. By refusing repayment, the government can keep the leverage it bought with the bailouts. Banks that still ‘owe’ would not be in position to reject the administration as a ‘partner.’ This reminds us of mobsters making a small ‘investment’ in a family-owned shop, which is not always wanted by the owners, and then using it to justify taking over the business. … Before his trip to Europe, President Obama, according to Politico, told a group of financial institution CEOs who were unhappy with the federal war on executive salaries and bonuses, ‘My administration is the only thing between you and the pitchforks.’ At the time, that sounded like nothing more than exaggeration. … Looking back, these are small signs that reveal the administration’s desire to seize command of the nation’s financial system. The bigger, unmistakable sign is the reluctance — or is it outright refusal? — to take $340 million from four banks trying to be responsible and operate on their own. This shouldn’t be happening in this country. The private sector and the state are not to be mixed. The American financial system is best directed by markets, not politics. Prosperity and liberty suffer when the latter excludes the former.”

Investor’s Business Daily

How banks work today

AIG bonuses show just how stupid some really are

Sometimes the populist rhetoric of the morons sinks so low that one has to wonder how much longer our country can sustain itself.  Such is the case of the AIG execs who are now being hounded in their own homes by busloads of jackasses hellbent on making life more equal for all. 

A busload of activists representing working-class and middle-class families paid visits Saturday to the lavish homes of American International Group executives to protest the tens of millions of dollars in bonuses awarded by the struggling insurance company after it received a massive federal bailout.

First, to say these idiots “represent working-class and middle-class families” is laughable.   They sure as hell don’t represent me.  And while I’m not thrilled with the bonus situation, I would like those self-annointed representatives to find their way over to the homes of congressional Democrats that failed to write provisions into the bailout that prevented such bonuses.  At least direct your anger at the appropriate party!  But what is really indicative of the entire scenario are these words from Emeline Bravo-Blackport:

We think $165 million could be used in a more appropriate way to keep people in their homes, create more jobs and health care,” said Emeline Bravo-Blackport, a gardener.

She marveled at AIG executive James Haas’ colonial house, which has stunning views of a golf course and the Long Island Sound. The Fairfield house is “another part of the world” from her life in nearby Bridgeport, which flirted with bankruptcy in the 1990s and still struggles with foreclosures and unemployment.

“Lord, I wonder what it’s like to live in a house that size,” she said.

Golly!  I wonder what it’s like to attend an Ivy League school, get the best education in the world, and then magically end up with a high paying job!  Where is the justice?  I just wish those rich folks would invest their salaries and bonuses into money-making ventures like government run health care and keeping people who can’t afford their homes from going into foreclosure!  And there certainly are no Democratic politicians that live in colonial homes with golf course views. 

At the end of the day, there is nothing more pathetic than those who seek to cut into the successes of the rich just to satisfy their Freudian Id, “workers of the world unite” mentality.  It doesn’t work.  Just ask Zimbabwe, Venezuela, Cuba, and now Fairfield, Connecticut.

TALF…The Treasury Acronym of the Day

alf

 

Willie: Some people are so blinded by the thirst for money, that it causes them to lose their values and do things they shouldn’t do.
ALF: Well, that explains Ghostbusters II.

And it also explains the current incarnation of “the rescue package” brought to us by the Obama administration.  Paul Krugman sums it up today  in the NY Times.

And the insistence on offering the same plan over and over again, with only cosmetic changes, is itself deeply disturbing. Does Treasury not realize that all these proposals amount to the same thing? Or does it realize that, but hope that the rest of us won’t notice? That is, are they stupid, or do they think we’re stupid?

I don’t know which possibility is worse.

All of  these so called plans have one thing in common, socializing the losses while privatizing the gains.  John Q. Taxpayer had his money siphoned away by corporations at the front end of this fiasco and is being asked to pony up again to keep the whole scheme afloat.  Something really stinks here.

Sight unseen – transcript of Obama’s speech from last night

This is going to be interesting. My cable was out when I got home last night no cable, no cable modem, no Obama speech no Jindal response. It came back literally just in time to hear an NBC spokesperson announce that due to the Presidential address Law & Order SVU will not be seen tonight but now we bring you “The Office” already in progress.

 Clearly this is all part of the vast right wing conspiracy but nonetheless I perservere. So here it is. Unseen and unheard by yours truly, the transcript of the presidential address to congress last night. Just for fun I haven’t even read through it yet so I will reserve comment for the time being but as for the rest of you feel free to fire away. Text after the break

Read the rest of this entry

Bravo Rick Santelli!

After being ridiculed by White House press secretary Robert Gibbs for trashing the Housing Rescue Bill last week on CNBC, Rick Santelli fired back during an appearance on Kudlow and Company. Viva capitalism!!

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