Economy, spending, and debt
An Open Letter to Speaker Boehner on the Debt Ceiling
Judge Andrew Napolitano makes an impassioned plea to House Speaker John Boehner to hold firm on the debt ceiling debate.
Obama’s Catch-2012
Props to Legal Insurrection for the post: "The only way for Obama to stimulate the enormous private sector job growth needed to ensure Obama’s reelection is for Obama to announce he is not running for reelection, which would unleash a wave of investment and economic activity not seen since the Great Depression."
Debt Ceiling: Cut, Cap and Balance First!
A vote on raising America’s debt ceiling may take place as soon as today. America needs leaders who place responsible, fact-based decision-making above all else. They might actually be in office today, fully aware of both pertinent fact and the best course of action. Their challenge lies in legislating from a perspective of whole truth [...]
CNBC’s Rick Santelli gets frustrated explaining debt ceiling
You can't blame Rick Santelli for getting frustrated with this discussion panel. The math is clear. We CANNOT keep spending more than we take in. It really is just that simple.
Book Blames Recession on Corrupt Fannie Mae
The world of political commentary (at least that part of it not campaigning for Obama’s re-election) is abuzz with excitement over a trailblazing new book that shows vividly and convincingly what happened to cause the terrible financial crisis that’s gripped the country since 2008 and—most important—who’s responsible. The book, Reckless Endangerment: How Outsized Ambition, Greed, [...]
A Debt Ceiling Fold Imminent? Probably.
I have this sinking (but totally expected) feeling that Republicans are about to sell out us and the nation yet again. Before we get to that, though, let’s begin with some good old fashioned class warfare rhetoric from a true artist: "If we do not have revenues, that means there are a bunch of kids [...]
Does Anyone Remember Lehman Brothers?
T-Bill rates now negative, general collateral at 1 (ONE!) basis point (=0.01% interest). Negative interest rates mean that you are willing to pay someone to hold your money on the belief that you will get your money back less a storage fee. Capital is going into hiding at a frenetic pace. Negative short term rates [...]
If This Is The “Deal,” I Have two Words: Bite Me
Budget negotiations are reportedly closing in on a deal to cut the federal deficit and then raise the debt ceiling. Bloomberg focuses on a big number and then, later, tells you that the cuts will happen over ten years. In other words, the dealmakers are going to cut a few hundred $Billion per year from [...]
There’s No Inflation, Right?
Tell it to these folks: Rising food costs spur massive US theft of produce, meat Sunday, April 17, 2011 by: Ethan A. Huff, staff writer Forget diamonds and cash. Rapid inflation and the tanking US economy have birthed a whole new wave of organized crime involving food. The New York Times (NYT) reports that a [...]
David Stockman Explains Capitalism
...in ten minutes, on the Dylan Ratigan show. I will leave you to wonder about what to name the economic system that we have now, because it ain't capitalism. Click on link => Video
The Collapse Accelerates
Zerohedge: Chinese Treasury Holdings Decline For Fifth Month In A Row, Biggest Drop Since November 2010 Zerohedge: Empire State Manufacturing Index Plunges, Comes At 11.9 Down From 21.7, And Big Miss To Expectations Of 19.55 (May 2011 report) Business Insider: Empire State Manufacturing Survey Collapses, Comes In NEGATIVE (June 2011 report) The Empire State Manufacturing [...]
Asset-Stripping: Already Underway, Using Your Money
In the first "Asset-Stripping" post I explained how fractional reserve banking worked by using "leverage." I outlined how this money could be lent by banks to investors and used to buy public assets like public roads. The investors would then charge tolls on them, the tolls payable to the "private" investors who now own the [...]