Wednesday, June 1, 2011

Yeah, Thanks Bernanke

"Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything."

"We’re on the verge of a great, great depression. The [Federal Reserve] knows it."

"We have many, many homeowners that are totally underwater here and cannot get out from under. The technology frontier is limited right now. We definitely have an innovation slowdown and the economy’s gonna suffer."

"Any bears out there better be careful because the dividend yields on these stocks look awesome relative to all the other investment vehicles out there. So bears are going to have to find a new way to express their discontent with the U.S. economy."

-- Peter Yastrow, market strategist, quoted here

These guys keep talking their book, which is the Fed's book, which is the politicians' book, until, you know, we vote them out of office. "Don't fight the Fed" is their number one rule.

Why do we have to find a new way to express our discontent? What's wrong with expressing our discontent in the usual way, like we've been doing? You don't want us to march in the streets again, do you? We aren't buying anything, we aren't traveling anywhere, eating out, investing, or working for a paycheck. In short, we're on strike. Howdoyalikethemapples, chump?

The only thing we can do is plant. And wait. And vote. And we're really looking forward to voting again.

Or have you forgotten last November?

Obama Hands Out Medicare Advantage Waiver from ObamaCare

He's running away from his own plan as fast as he can:

Millions of seniors in popular private insurance plans offered through Medicare will be getting a reprieve from some of the most controversial cuts in President Barack Obama's health care law.

In a policy shift critics see as political, the Health and Human Services department has decided to award quality bonuses to hundreds of Medicare Advantage plans rated merely average.

The $6.7 billion infusion could head off service cuts that would have been a headache for Obama and Democrats in next year's elections for the White House and Congress. More than half the roughly 11 million Medicare Advantage enrollees are in plans rated average.

When even AP and Yahoo notice, you know you've got a credibility problem.

Dope Obama Scheduled Facebook Townhall for Dopers' 420, 0.11 Percent of 19.3 Million Friends Sign Up

Story here, without a trace of understanding.

Obama in Indonesia Aged 9 Already Lusted for Power, Learned His 'Cool' from Discrimination

So claims a new book, reported about here.

Former Supporter Perceives the Blended Strongman in President Obama

In remarks available here from the president of the Black Chamber of Commerce.

Harry Alford likens Obama to both a fanatical Marxist and to a brown-shirted Fascist.

R. Christopher Whalen has called attention to the blend here, relying on defeated Herbert Hoover's reflections in retirement.

It is a useful hermeneutic for explaining otherwise disparate tendencies in American politics.

It also kind of gives new meaning to being "a mutt like me."

Fannie and Freddie Lose Billions But Their Top Executives Still Make Millions

American citizens are on the hook for $164 billion and counting from the ongoing failure of Fannie Mae and Freddie Mac, but the Obama cronies who run them still make big bucks:

Fannie Mae Chief Executive Michael J. Williams received a compensation package totaling $9.3 million in 2009 and 2010, according to a March report by the FHFA inspector general. That figure includes an annual salary around $900,000, a similar amount in long-term incentive awards each year, plus $2.9 million in annual deferred pay. All three types of compensation are paid in cash.
                
Fannie Mae’s chief financial officer, David M. Johnson, was paid $4.6 million in 2009 and 2010. The company’s general counsel, Timothy Mayopoulos, had a compensation package of $4.5 million for the two years, the inspector general said.

At Freddie Mac, Chief Executive Charles Haldeman had a two-year compensation package totaling $7.8 million in salary, incentive awards, and deferred pay. Freddie’s chief financial officer, Ross Kari, was paid $4 million and its general counsel, Robert Bostrom, took home $5.2 million, according to the inspector general.

It's hard work managing a disaster.

John Solomon and Julie Vorman have much more here.

Tuesday, May 31, 2011

Ratio of Employed to Population Below 59 Percent for Almost Two Years

Fannie Mae Net Loss Q1 $8.7 Billion, Freddie Mac Almost $1 Billion

As reported here.

Fannie has needed bailouts totaling $100 billion, Freddie about $64 billion.

Housing Index Now 138.16, Lower Than 2009's 139.26

Story here.

Sure, we've hit bottom!

Un-American Memorial Day Sentiments

"[O]ur freedoms, our ingenuity, our faith and our entrepreneurship . . . all of these virtues ha[ve] been purchased on battlefields, with the blood of those whom we commemorate on Memorial Day."

-- The Washington Examiner, here

What unadulterated rubbish. If the Founders could hear it, they'd roll over in their graves.

The rights to life, liberty and the pursuit of happiness, among other things, are inalienable. No military can purchase them for me, nor take them away from me. I own them already and always, despite my circumstances. That is what the founding generation believed most passionately, and which no one in America seems to believe anymore.

Therefore despotism surely awaits, for only free men who believe such things remain free, come hell, high water, or even chains. Servility begins, and ends, within.

Monday, May 30, 2011

Saturday, May 28, 2011

Pawlenty Badly Flubs An Equally Badly Asked Question He Shouldn't Have Taken As Is

But his answer wasn't just a casual misstatement of the facts. It shows he wasn't thinking about what he was saying at the time, nor about the question:

Yeah, well I think the situation now in Iran is such that Secretary Gates is negotiating with whether the United States military will be there beyond the end of this year.

And they're looking to the Iranians to see if they invite the Americans to stay, invite us to stay. And if they do invite us to stay at some very reduced level I think the United States will be wise, until we make sure that they get to the next level of stability, to accept that invitation.

So if Iran makes that invitation by the end of the year, leaving a residual force, a greatly reduced force, but a residual force that would be there for a temporary amount of time. Until they could establish much better air security, until they can develop their intelligence —

Pretty embarrassing this early in the campaign.

The video is here.

Friday, May 27, 2011

Jon Huntsman: For Cap and Trade, Obama's Stimulus, and Individual Mandate

Hear about it here.

This RINO hasn't got a prayer.

Nutty Romney and Gingrich Support Ethanol Subsidies

Story here.

Pawlenty is against them.

Do Americans not realize that $5 billion of their tax money propped up that industry in 2010?

It's a waste. And 42 percent of corn production now goes to it, when it should be going to food, which is why you are paying so much more at the grocery store, especially for meat.

Machine Rule

"Mr. President, I write to request your confirmation that S. 990, as passed by Congress, was presented to you prior to the autopen signing, as well as a detailed, written explanation of your Constitutional authority to assign a surrogate the responsibility of signing bills passed into law."

-- Rep. Tom Graves (R-GA), quoted here

Holes/Cracks in Fukushima Reactor Pressure Vessels/Containments Estimated at 3-10 Centimeters

So reported NHK World on Wednesday, here:

Tokyo Electric Power Company analyzed the changes in pressure levels inside the pressure and containment vessels to gauge the scope of the damage.

TEPCO said the analyses show that holes in the Number 1 reactor containment vessel amounting to 3 centimeters in total may have formed 18 hours after the quake. ...

The utility said holes and cracks equivalent to 10 centimeters in diameter may have formed in the Number 2 reactor's containment vessel about 21 hours after the quake. ...

TEPCO said these results were obtained through data calculations, and that it has yet to confirm whether such holes actually exist.

Presumably high radiation conditions near the reactors continue to prohibit the actual physical inspections which would confirm such estimates and calculations.

Fukushima Waste Water Treatment Facility is Leaking

So says this report, which indicates that the water in question had been transferred from the Unit 3 reactor's turbine building and tunnels earlier in the week.

The surface radiation of the water was said to be 70 millisieverts per hour.

It seems like these people just can't catch a break.

La Nina's Sudden Exit Three Months Ago Blamed For Brutal Tornado Season

Story here.

Epic May Snowpack in West Deepest in 45 Years

Story here.

Thursday, May 26, 2011

Median Amount Saved in Retirement Accounts is $2,000?

Which would imply that half the population has less than that saved, and half the population has more than that saved.

The oft-repeated datum is pretty darn old already. A decade! It is based on a survey of about 3,400 people taken way back in 2001 and reported on the Bureau of Labor Statistics website in an "updated" posting dating to 2005, here:

The median amount held in retirement accounts--$2,000--provides another indication of the wide variation in the amounts held by households.

More recent surveys of somewhat smaller samples of Americans paint an only slightly less apocalyptic picture of the resources Americans may or may not have tucked away:

Just over a third (34 percent) of Americans have no retirement savings, up from 30 percent in 2009, according to a new Harris Poll of 2,151 adults. ... Some 42 percent of individuals age 45 and older have less than $25,000 saved for retirement, EBRI found. Only 11 percent of all current workers say they have $250,000 or more saved for retirement.

At a 4 percent per year drawdown rate in retirement, people with $250K can draw down roughly only $10K per year for 25 years, and then it's pretty much gone.

Pretty hard to live on that without Social Security and Medicare, which themselves are going bust.

Americans are not ready for the future, but the maw of the future sure is ready for them.

Statement of Q1 2011 GDP Unchanged at 1.8 Percent

Story here.

The expectation for the second statement of Q1 growth had been a revision up to 2.1 percent.

Wednesday, May 25, 2011

House Democrats' Insider Trading Easily Bests Republican Track Record

According to opensecrets.org, as reported here:

Despite the GOP’s reputation as the party of the rich, House Republicans fared worse than their Democratic colleagues when it comes to investing, according to the study. The Democratic subsample of lawmakers beat the market by 73 basis points per month, or 9 percent annually, versus 18 basis points per month, or 2 percent annually, for the Republican sample.

Average Wage Slave Uses 14 of 18 'Vacation' Days

Puritanism lives.

Story here.

Obama Conceded Government Spending is the Problem, not Tax Revenue, Nearly Two Years Ago

"Medicare and Medicaid are the single biggest drivers of the federal deficit and the federal debt by a huge margin."

-- Barack Obama, quoted here, June 24th, 2009, and affirmed as "mostly true" by the source.


Sen. Tom Coburn (R-OK) Wants To Deep Six Your Tax Deductions

Republicans should deep six Tom Coburn as soon as possible:

I’ve argued that Republicans should be willing to consider increases in revenue -- not through higher tax rates but through eliminating tax earmarks, such as that for ethanol, and other expenditure that misallocates capital.

"Tax earmarks ... and other expenditure that misallocates capital"?

Read "tax expenditures," better yet, "tax loss expenditures."

Like your mortgage interest deduction, your charitable contributions deduction, your property tax deduction, your state and local income taxes deduction, and so on. All these benefits of the tax code misallocate capital, if you're a politician running the business of government, and you are just its employee.

That's who Tom Coburn is, the boss. He wants more of your hide.

His complete remarks are here.

Nearly 50 Percent of Americans Can't Come Up with $2K for an Emergency

Story here. NBER paper here.

Tuesday, May 24, 2011

Radiation in Iitate, Japan, at 3.09 Microsieverts Per Hour as of May 25

As reported here, 39 km northwest of the Fukushima Nuclear Power Station 1.

Normal for the area would be more like 0.11 microsieverts per hour.

The long term repercussions of a nuclear accident such as this have faded from the news, but they are real, on-going, extremely difficult to mitigate, and costly.

Cheap, safe production of such electricity is cheap and safe until it isn't.

HooooooooooooooooooWee! That's Refreshing!

Radiation Conditions at Fukushima Nuclear Power Station on May 23rd

Radiation level: 389 microSv/h at the south side of the office building, 16 microSv/h at the West gate, as of 09:00, May 23rd, 42 microSv/h at the Main gate, as of 10:30, May 21st.

More here.

Because of water leaking from the containments, the fuel in reactors 1-3 continues to be fully or partially exposed to the air.

Peter Fonda Advocates Shooting Someone Important

Gee, he must be pretty upset about something:

Peter Fonda, the star of Easy Rider, suggested to Mandrake that he was encouraging his grandchildren to shoot President Barack Obama.

“I’m training my grandchildren to use long-range rifles,” said the actor, 71. “For what purpose? Well, I’m not going to say the words 'Barack Obama’, but …”

He added, enigmatically: “It’s more of a thought process than an actuality, but we are heading for a major conflict between the haves and the have nots. I came here many years ago with a biker movie and we stopped a war. Now, it’s about starting the world.

“I prefer to not to use the words, 'let’s stop something’. I prefer to say, 'let’s start something, let’s start the world’.

“There’s no room any more for a cissy and, like I said, don’t forget that I’ve got grandsons who I’ve trained with long-distance rifles. We have to run like mofos to change this world.”

Peter Fonda, right-wing fanatic. Who knew?

Monday, May 23, 2011

Obama Regime Can't Even Plan Its Way Out of One of Its Own Embassies

Today in Ireland (video here):

Justice Now Means Exposing the Public to Criminals Due to Overcrowding

Your Supremes in action.

Nothing could be more wrong than being treated without "dignity"? How about murder? Rape? Armed Robbery?

Reminds me of Draco. When he couldn't think of a more appropriate punishment, death was ordered.

The Supremes have just committed the analog to zero tolerance in the schools, but in reverse. No crime is too bad to have to suffer claustrophobia!

We are doomed.

Story here.

Banks are Overwhelmed with Real Estate Owned

More than 872,000 properties, almost double the number from before the housing catastrophe began in 2007, are owned by big banks and lenders, according to a story from The New York Times reproduced by CNBC here.

Another million foreclosures are expected this year, and millions more in years to come.

It not being their stock-in-trade, they say, the banks are finding it difficult to process them all in through foreclosure, as we're all too familiar, and processing them out through sales. Something about not having adequate staffing.

Gee, where would you think they could find people ready to work those jobs?

Meanwhile, Obama is enjoying being president. That's the important thing. He's drinking beer in Ireland today, reconnecting with his roots. Isn't that nice?

Sunday, May 22, 2011

US Senate: Den of Thieves

Trains for Transportation? Try Painful Transformation.

Patrick McIlheran for the Milwaukee Journal-Sentinel, here, describes a transportation policy being shoved down our throats as surely as was Obamacare, just saying No to which isn't going to stop them:

"Obama promised change, but it is you who will undergo it. In 2008, you were electing a whole new you."

Louis Woodhill Thinks Gold at $218 the Ounce is About Right

Here, based in large measure on what it can buy, in relative terms.

Here's a similar way to look at it from measuringworth.com, using the 1913 price of gold in dollars:










Either way you cut it, gold is presently overvalued.

Some Call This a Buying Opportunity

Friday, May 20, 2011

The Res Gestae Divi Obama: Chooser, Declarer, Charger, Believer, Promiser, Director, Memorializer, Giver of Thanks, Uniter, Interpreter of Events, Perserverer

Naw, we don't spike the football:

When I chose Leon Panetta as Director of the CIA, I said he was going to be a strong advocate for this agency and would strengthen your capabilities to meet the threats of our time.

And when I chose Jim Clapper as Director of National Intelligence, I charged him with making sure that our intelligence community works as one integrated team.

On my first visit, just months after taking office, I stood here and I said that this agency and our entire intelligence community is fundamental to America’s national security. I said that I believed that your best days were still to come and I pledged that you would have my full support to carry out your critical work. 

Soon after that visit, I called Leon into the Oval Office and I directed him to make the killing or capture of Osama bin Laden the top priority in our war to defeat al Qaeda.

My second visit, a year later, came under more somber circumstances. We gathered to pay tribute to seven American patriots who gave their lives in this fight at a remote post in Afghanistan. As has already been mentioned, their stars now grace this memorial wall. And through our grief and our tears, we resolved that their sacrifice would be our summons to carry on their work, to complete this mission, to win this war.

Today I’ve returned just to say thank you, on behalf of all Americans and people around the world, because you carried on. You stayed focused on your mission. You honored the memory of your fallen colleagues. And in helping to locate and take down Osama bin Laden, you made it possible for us to achieve the most significant victory yet in our war to defeat al Qaeda. 

I just met with some of the outstanding leaders and teams from across the community who worked so long and so hard to make that raid a success. And I’m pleased today that we’re joined by representatives from all of our intelligence agencies, and that folks are watching this live back at all of those agencies, because this truly was a team effort.

This is one of the few times when all these leaders and organizations have the occasion to appear together publicly. And so I thank all of you for coming -- because I think it’s so important for the American people to see all of you here today.

That’s why I came here.  I wanted every single one of you to know, whether you work at the CIA or across the community, at every step of our effort to take out bin Laden, the work you did and the quality of the intelligence that you provided made the critical difference -- to me, to our team on those helicopters, to our nation.   

After I directed that getting bin Laden be the priority, you hunkered down even more, building on years of painstaking work; pulling together, in some cases, the slenderest of intelligence streams, running those threads to ground until you found that courier and you tracked him to that compound.

In the months that followed, including all those meetings in the Situation Room, we did what sound intelligence demands:  We pushed for more collection.  We pushed for more evidence.  We questioned our assumptions.  You strengthened your analysis.  You didn’t bite your tongue and try to spin the ball, but you gave it to me straight each and every time.

And we did something really remarkable in Washington -- we kept it a secret.  (Laughter and applause.)  That’s how it should be. 

Of course, when the time came to actually make the decision, we didn’t know for sure that bin Laden was there.  The evidence was circumstantial and the risks, especially to the lives of our special operations forces, were huge.  And I knew that the consequences of failure could be enormous.  But I made the decision that I did because I had absolute confidence in the skill of our military personnel and I had confidence in you.  I put my bet on you.  And now the whole world knows that that faith in you was justified. 

That’s why I still believe in what I said my first visit here two years ago:  Your greatest days are still to come.  And if any of you doubt what this means, I wish I could have taken some of you on the trip I made to New York City, where we laid a wreath at Ground Zero, and I had a chance to meet firefighters who had lost an entire shift; police officers who had lost their comrades; a young woman, 14 years old, who had written to me because her last memory of her father was talking to him on the phone while her mother wept beside her, right before they watched the tower go down. 

And she and other members of families of 9/11 victims talked about what this meant.  It meant that their suffering had not been forgotten, and that the American community stands with them, that we stand with each other. 

Thursday, May 19, 2011

Liberal Senate Republicans Stand in the Way on Passage of Ryan Budget

As reported here.

They might as well switch parties:

Mitch McConnell
Susan Collins
Scott Brown
Olympia Snowe
Kay Bailey Hutchison
Dick Lugar
Chuck Grassley.

Free Ticket

"Have we eliminated Social Injustice or Poverty? Or, has the unintended consequence been to create a Welfare State which has become a tool to destroy many American families? Have we not created an opportunity for millions to behave irresponsibly without personal accountability while taxpayers pick up 'the tab'?"

Growth in 2000s 38 Percent Lower Than 1930s

Louis Woodhill doesn't much like the Paul Ryan plan because of "static analysis," here, but fails to note that Ryan's is an intellectual and political concession to the status quo. This has been the GOP's problem for decades, and why we perceive the party to be "moderate" and a paler reflection of liberalism. Why vote for that when you can get the real thing from Democrats?

Unsurpisingly, support for the Ryan plan is overwhelming in the over-55 set, for whom the plan changes nothing. Those who stand to lose under it, however, and lose votes, understandably don't like it. America's problem has been and remains addiction to socialism. That Ryan is trying to chip away at this is really what drives liberals crazy, but America simply cannot afford to continue spending $30,000 per year subsidizing every retiree in the country.

Woodhill unintentionally provides support for this point in his brief history of economic growth, which should be a wake-up call for conservatives who need to re-assess their past support for Bush era Republicanism. 

Average real annual rates of growth by decade:

1930s: 2.71 percent
1940s: 5.57 percent
1950s: 3.50 percent
1960s: 4.20 percent
1970s: 3.18 percent
1980s: 3.24 percent
1990s: 3.40 percent

2000s: 1.67 percent

"This last number is shocking. Our real growth rate in the 2000s was less than half of the average (3.5 percent) from 1930 to 2000, and it was 38 percent lower than that of the 'Great Depression' decade of the 1930s."

Yes, the 2000s, when George W. Bush out-liberaled the liberals and expanded government more than at any time since the Great Society programs of the 1960s, with his massive "drugs for seniors" program. Why, he even got liberals to vote for two wars at the same time. Talk about guns and butter.

No wonder Democrat liberals hate him. No wonder growth went nowhere.

Tuesday, May 17, 2011

Rare Sighting of the Equally Rare "Plum Whale"


Obamacare Waivers Now Total 1372

Waivers have increased 332 since early March. The data may be found here.

TheHill.com has a story about it here.

The Daily Caller has another one here, quite delicious: it seems Nancy Pelosi's district has gotten 20 percent of the latest waivers, with lots of them going to up-scale eateries and the like in San Franfreako.

Equality under the law?

Fuhgeddaboutit.

Monday, May 16, 2011

Here's Some Novel Healthcare Accountability For Ya: Pay or Die!

“I think we have to find a way to hold people accountable for paying for their health care."

-- Newt Gingrich, quoted here

No Newts in 2012

Everybody's piling on today. ThinkProgress.org on the left is one, with links to some of the righties joining on the pile, here. George Will notably on Sunday called his an unserious candidacy. Indeed.

Does Newt really expect us to believe that his different version of a healthcare mandate is any less radical than Obama's, or than Rep. Paul Ryan's proposed entitlement reforms for that matter?

Newt evidently also thinks that his long history of flip-flops, detailed by The Weekly Standard, doesn't matter in the new world of Obama's promises with expiration dates.


Sunday, May 15, 2011

Need for Cooling Water at Fukushima Reactors Due to Leaks, Not Boil-Off

Leaks in the pressure vessels themselves, where the fuel is. In other words, perhaps three of the reactors are technically in a state of meltdown and breached containment.

This appears to be the conclusion this week, ever since repair of a water gauge has resulted in data showing that the water is disappearing at a faster rate than otherwise expected, and apparently accumulating in the lower levels of the plant, in the turbine buildings. Radiation levels where the water is pooling are said in a Wall Street Journal story to be in the range of 1 to 2 Sieverts per hour. A two hour exposure at such levels would kill you in 30 days.

Scientific American has these details via Reuters:

"There must be a large leak," Junichi Matsumoto, a general manager at the utility [TEPCO] told a news conference.

"The fuel pellets likely melted and fell, and in the process may have damaged...the pressure vessel itself and created a hole," he added.

Since the surface temperature of the pressure vessel has been holding steady between 100 and 120 degrees Celsius, Matsumoto said the effort to cool the melted uranium fuel by pumping in water was working and would continue.

VESSEL HAS A HOLE

Based on the amount of water that is remaining around the partially melted and collapsed fuel, Matsumoto estimated that the pressure vessel had developed a hole of several centimeters in diameter.

Read the full story, here.



Fukushima Reactor 1 Melting Fuel Rods Put Small Holes in Pressure Vessel by 3/12

According to a report at NHK World here, and The Wall Street Journal here.

Without quick action to pour on water and keep it on, it would have been much worse. But as it was, it was and is far worse than some realized.

Newt Thinks Paul Ryan is a Right Wing Radical


If Jack Kemp were alive to hear that, he'd have died of a heart attack on the spot after the laugh heard round the world. PAUL RYAN REPRESENTS THE MIDDLE.

I suppose declaring independence from Great Britain would have been too radical for Newt, too.

Is this what happens to conservatives when they become Catholics?

Tsunami, Thy Name is Debt