Average Age Of Vehicles On Road Climbs Year Over Year To All Time High

'97 Olds LSS

As reported here:

Feel like you're driving an old car? You're not alone. In fact, the average age of vehicles in the U.S. has hit a new all-time high. Experian Automotive says the average age of the 245 million vehicles registered in the U.S. in the first quarter of this year was 11 years.

That's an increase of just over 2 months compared the first quarter of last year.

European Project Has Been Hijacked To Prop Up Insolvent Banks

So says an angry Irishman, Declan Ganley, who is none too happy that despite being in an economic depression, Ireland continues to bailout failed banking institutions elsewhere, here:

“[On Tuesday] Ireland paid, once more, another half a billion euros to unsecured, un-guaranteed failed private bank holders — we don’t know who they are,  some of them are French banks, some of them German — it’s not even disclosed [to whom] Irish tax payers money is going.  So Irish taxpayers are bailing out failed banks."

“The whole of the European project, it would appear, has been hijacked to subsidize and protect an industry that needs to go through its insolvency purge [and] needs to go through bankruptcy."

Well . . . yeah!

His faith in American-style banking bankruptcy arrangements for Europe, expressed elsewhere at the link, is touching, but we don't really practice them here either, sorry to say, in the cases that really matter. American taxpayers remain on the hook for failed behemoths like Citigroup and Bank of America, and Fannie and Freddie, GM, AIG, et cetera, et cetera, et cetera.

Some French readers will be amused by these additional remarks:

“You cannot take the path that Hollande is taking in France of dropping retirement ages and putting in exploitative, extractive taxation and creating a hostile environment for business [because then] there will be no growth in Europe and the whole European project will fall apart.”

Disappearing Real Estate Wealth Visualized

From the latest z.1 release from the Federal Reserve, real estate has declined from $25 trillion in 2006 to $18.6 trillion in early 2012.

The June 7, 2012, release is here.

The $6.4 trillion amount is almost the same $6 trillion amount noted by Mish via Zero Hedge here as evidence of ongoing deflation, defined as credit marked to market. It is the amount of decline in credit-money circulation.

When housing declines in value as it has, the credit used to secure it disappears with it.

The housing nadir was actually in Q4 2011 at $18.2 trillion, a $6.8 trillion dollar decline overall, or 27 percent from peak. Things have improved a little since then, by $400 billion, which is part of the reason for all the happy talk about real estate.

I remain unconvinced about a housing rebound since valuations remain at the upper limit of historical experience before the bubble. Stabilization of housing values near current levels and then going forward a number of years isn't unreasonable, but there are no guarantees given the absence of a driver for jobs.

Once and present homeowners rubes continue to bear the brunt of the deflation caused by the government/industry skimming operation designed to fleece Americans of their dreams. 

Not just fascism. Rapacious fascism.

TSA Goon Spills Cremated Remains At Checkpoint, Laughs At Relative

Story here:

"She didn't apologize. She started laughing. I was on my hands and knees picking up bone fragments. I couldn't pick up all, everything that was lost. I mean, there was a long line behind me."

Of such things are retribution made.

Libertarian Leads Profanity-Laced Demonstration In Middleborough, MA

Once again proving that libertarianism has nothing to do with conservatism.

The story is here:

The protest rally was organized by Adam Kokesh, a libertarian who publishes podcasts online from a Virginia studio. He says police can "steal from you if they don't like what's coming out of your mouth."

Royal Bank Of Scotland IT 'Glitch' Turns Into 7-Day Catastrophe

The unacceptable failure from the IT perspective, here:

Not since Dick Jones' demonstration of ED-209 in Robocop has the word "glitch" been so inappropriately used.

In more real terms, what RBS have experienced is a catastrophic systems failure, which has then caused a cascading systems failure. This is where a single unrecoverable error occurs, causing an initial critical system to fail, and then has an equally show-stopping effect on other systems dependent on it. ...

The initial problem should have required so many failures in so many redundant backups and secondary systems that the probability of it happening becomes astronomical. The subsequent reversal of the change that caused the problem should have taken hours, or a day at maximum.

However... they managed it. They have created the biggest failure of a "modern" financial system in UK history, spanning 7 full days and affecting customers across the country without any clear plan or set expectation of when service would be restored. In the meantime... house purchases have fallen through, flights have been cancelled, business deals have evaporated, bills have gone unpaid. All that's missing is a plague of locusts or a Monty Python foot from the clouds.

For many people, life has been completely and in some cases irreparably disrupted.

Illegal Immigration Magnets

How To Explain 2008: "Liability Without Control Leads To Disaster"

So John Hussman, here:

German Chancellor Angela Merkel explained the entire situation in five words: "Liability and control belong together." This is a profound phrase, because it also summarizes how the U.S. got into the housing crisis - the government deregulated the banking system and abdicated proper control, while still assuming the liability through deposit insurance and other government backstops. Liability without control leads to disaster.

The control was abandoned in November 1999 with the adoption of the Gramm-Leach-Bliley Act.

Nine years later, kaboom.

He Endorsed Obama And Now Warns About Our Enemy The (Fascist) State

It seems that fascism is becoming something of a meme over at Forbes.

Lawrence Hunter weighs in here against Walter Williams' categorization of Social Security under "handouts" and the recipients of it under "thieves":

... the modern fascist welfare state in America ... is every bit as real and destructive as he describes. ...

Food Stamps, The Women, Infants and Children (WIN) program, Medicaid, agricultural subsidies and price supports, most refundable tax credits, federal deposit insurance, all are examples of federal government “handouts;” Social Security is not; it is a government-mandated Ponzi Scheme—a “giveback”—and there is a huge difference. ...

"[W]orkfare” [is] a dodgy transaction between politicians and public employees/contractors and government subsidized-employers where government gives swag to bureaucrats, contractors and subsidized workers in exchange for their political backing and protection. ...

“Workfare” is the ultimate replacement of the private sector by the government where jobs are created and wages, salaries, benefits and pensions are paid or subsidized to strengthen the fascist welfare state. ...

Allowing one’s rage at the state (especially with respect to Social Security) to muddle one’s understanding of precisely how the state operates and what it is that makes the modern welfare state so vigorous and robust is a mistake that actually strengthens it. The vast majority of people support the modern fascist welfare state precisely because these distinctions [between handouts, givebacks and workfare] are real and matter to people. ...

[T]he modern fascist welfare state is a universal prisoners’ dilemma. The rational strategy when stuck in such a vicious game is to betray everyone else caught in the clutches of the government operating the game in the hope that you can minimize the damage government does to you. ...

[L]ibertarians like my friend Walter Williams have it upside down and backwards when they call Social Security a handout and seniors thieves for insisting on their monthly check. The problem isn’t that everyone is a thief in a fascist welfare state; it is that most everyone is a victim of the criminal enterprise called government and must defend themselves against the state—res publica culpa.


Lawrence Hunter became infamous in 2008 for endorsing Obama, here, primarily over opposition to Bush's foreign adventurism.

The whole thing is not a little ironic. Mr. Hunter allowed his rage at Bush to muddle his thinking about Obama v. McCain and pick the wrong guy. Can anyone seriously argue that the fascist welfare state would have strengthened in the exponential way it has under Obama under a president John McCain, who understood the prisoner's dilemma in fact, not just in theory?

The state? Res publica culpa.

Lawrence Hunter? Mea maxima culpa.

We Are All National Socialists Now

One Nathan Lewis, a Forbes columnist, describes the peculiar character of American fascism here:

[P]articularly in the last few years, the character of U.S. policy has become distinctly corporatist, favoring large-scale theft (“bailouts”) particularly by the financial sector, although also by the defense, education, and healthcare sectors in my opinion. Many corporations have also used their political influence to allow themselves to engage in behavior that is destructive to the middle class, such as predatory or just plain excessive lending, for homes, autos and education, which might otherwise have been curtailed. The U.S. healthcare system has also become effectively predatory upon the middle class, claiming 17% of GDP to provide what costs 5-8% of GDP in other developed countries.

In short, certain businesses are using their influence of the political system to take the government’s money. And, since it is mostly the “99%” who provide this money, via their tax payments, this constitutes theft from the middle class by the oligarchical class. So far, this theft has been financed essentially by debt, so the effect on the middle class has not been felt directly. But, debt will need to be paid, and it is the taxpaying “99%” that will do the paying. ...

[F]our elements – devaluation of wages by currency mismanagement; mediocre tax policy including a gradual increase in tax rates on lower incomes; the deteriorating capital:labor ratio; and crony capitalist theft and predatory activities – constitute the basis for the deterioration of the U.S. middle class today.

Sea Level Has Gone Up 8 Inches In 160 Years, NAS Predicts Another 12 Inches In 20 Years!

The alarmist disease spreads.

Story here.

Rush Limbaugh Has Faith In The American People To Do The Right Thing. Do You?

Do you have faith in the American people to do the right thing?

If you do, which half would that be, the half which has a last will and testament, or the half which dies intestate?

See Gallup, here.

Climate Geezer James Lovelock: We Should Be Going Mad On Methane

James Lovelock, global warming godfather, erupts again, this time in favor of fracking, quoted here:

“Gas is almost a give-away in the U.S. at the moment. They’ve gone for fracking in a big way. This is what makes me very cross with the greens for trying to knock it … Let’s be pragmatic and sensible and get Britain to switch everything to methane. We should be going mad on it.”

He's not just in favor of fracking, he's in favor of science:

“One thing that being a scientist has taught me is that you can never be certain about anything. You never know the truth. You can only approach it and hope to get a bit nearer to it each time. You iterate towards the truth. You don’t know it.” 

Lovelock thinks the data show that increased warming has failed to materialize in the last fifteen years, calling the models he helped create into question. 

Since 2005, Interest Payments On Federal Debt Have Consumed 91% Of GDP Gains

YEAR GDP INTEREST (billions of dollars)

2005  770  352

2006  754  406

2007  651  430

2008  263  451

2009 (352) 383

2010  587  414

2011  568  454

2012  360  408 (estimates)

GDP gains for the eight years come to approximately $3.6 trillion. Interest on the debt for the same years comes to approximately $3.3 trillion.

We are barely treading water. This is why the Fed is obsessed with interest rates. Any uptick in interest rates without an uptick in growth and the sheer size of the debt to be serviced will crush us.

Growth of Borrowing Has Far Outpaced Growth in the Economy

As seen here:

The debt of government at all levels plus the debt of corporations and households is now $54 trillion and counting.

GDP lags far behind, which explains the reason for the Fed's war on interest rates: to keep the cost of all this borrowing spending as low as possible.

All Fag Friday At The White House Last Week: Flippin' Off The Gipper

Obama's queer pals, flipping off the Gipper at a gay event at The White House last week.

Story here.

Rep. Ackerman Decides Not To Run Again After 30 Years In The House

Rep. Gary Ackerman (D), NY-5, has decided not to run again after 30 years in the US House.

He was one of just nine members of the House to vote recently against the national motto "In God We Trust".

And now he says that Americans "have gotten dumber" over the period.

We beg to differ. They've been dumb ever since they voted him in the first time.

Number Of Job Openings Declines

From CNN Money:

The number of job openings fell in April, the Labor Department reported Tuesday, another sign of weakness in the U.S. labor market.

The report showed 3.4 million open positions for the month, down 8.7% from the 3.7 million openings in March.

The drop in available jobs means there are 3.7 unemployed job seekers for each opening, up from 3.4 in March, meaning there is greater competition for the available jobs.

While that's a big improvement from the record high of 6.7 unemployed people for each opening in July 2009, it's far worse than the 1.6 unemployed per opening in November 2007, the month before the recession began.

Read the whole thing here.

Jonathan Turley: Assertion Of Executive Privilege In Fast And Furious Offends Against Separation Of Powers

Here:

"The assertion in my view is facially overbroad and excessive. It is the latest example of sweeping claims of executive power and privilege by this Administration. Congress has ample reason to investigate this operation, which involves alleged criminal acts that may have resulted in the death of third parties, including a U.S. agent. The Justice Department is accused of complicity in one of the most ill-conceived and harmful operations in recent years. The very officials and agency accused of wrongdoing is claiming that it can withhold documents from a committee with oversight responsibilities. ...

"Holder insists that they fall within the “deliberative process” privilege. The position however could sharply curtail the ability of Congress to be a check and balance in such controversies. ...

"The use of the privilege in my view raises serious questions over the separation of powers in the tripartite system. ...

"My greatest concern rests with the impact on checks and balances in a system already left anemic by ever-expanding claims of executive power."

Jonathan Turley: Obama's Deportation Order "One More Brick In The Wall Of The Imperial Presidency"

So here:

"It raises some troubling questions, again, about President Obama['s] assertion of executive power. While liberals again celebrate the unilateral action, they ignore that danger that the next president may also simply chose to ignore whole areas of the federal law and criminal code in areas ranging from the environment to employment discrimination. It is one more brick in the wall of the Imperial Presidency constructed under Barack Obama — a wall that may prove difficult to dismantle for citizens in the future."