Sunday, October 24, 2010

A Libertarian Defends Local Bankers

An analyst of the banks and an increasingly visible commentator on the foreclosure mess, R. Christopher Whalen puts in a good word for local bankers on his blog at Reuters.com:

The bad guys in the housing bust are not the banks who must foreclose on homes, but the politicians in both political parties who used reckless housing policies to further their personal interests. This is a bipartisan national scandal. Barney Frank, Chris Dodd, Phil Graham, Alan Greenspan and their contemporaries are the authors of our collective misery, not the local banker who must clean up the mess created by government intervention in the housing market.

Read the rest here.

Friday, October 22, 2010

Corporate Cash Really Isn't

Mish has an interesting post which contrasts "corporate cash" with corporate debt. The upshot is the cash is concentrated in just four big financials (Goldman Sachs, JP Morgan Chase, Citigroup and Bank of America), and overall in about 50 companies. But corporates with cash are also in debt up to their eyeballs, so much so that the debt outweighs the cash by a TARP-size bailout amount:

As you can see, the total cash (in green) for the top 50 companies is $3.71 trillion, which sure sounds like a hell of a lot of cash, and it would be were it not for the debt (in red) totaling $4.45 trillion.

Read it all and see the graphic here.

Promises! Promises!: Hurt US Congress

Story here.

Hurt is running against Tom “If you don't tie our hands, we will keep stealing” Perriello in VA-5. 

Los Angeles Times Says 2010 Obama Message is "Darker" Than 2008's

Seriously. Here.

Thursday, October 21, 2010

Obama Doesn't Know His (Foreclosure) Constituency

John Judis for The New Republic almost says he knew FDR and that FDR was a friend of his, but he does say that Obama is no FDR:

The left will support Obama and Democrats. It’s the working-class voters who reluctantly backed Obama in 2008, but have been turned off by the impression that the administration cares more about the banks than about them. ... [FDR] knew who his constituency was: His was the party of the common man. The Obama administration, meanwhile, worries about the people who listen to "Charlie Rose." And they and the Democrats are going to pay a steep price for their inattention to common concerns this November.


Read the full commentary here.

Wednesday, October 20, 2010

Some Banksters May Yet Go To Jail for Fraud

According to a story today from CNBC.com:

In a number of cases in the past year — sources put it between five and ten — auditors have found enough evidence of fraud by bankers that they referred the cases to criminal investigators within the Treasury Inspector General’s office for a more detailed analysis.

The rest is here.

On the Lesson of the Log Cabin Republicans

"If you let in a bunch of pricks, eventually you'll get screwed."

-- Imam John

14 More Reasons Not To Be a Republican

One More Reason I'll Never Be a Republican Again

Tuesday, October 19, 2010

Obama Increases National Debt 29% in 22 Months

Eyeball news has the story here.

National debt on Obama Immaculation Day: $10.626 trillion.

National debt yesterday: $13.665 trillion.

That's about $138 billion of new debt every month Obama's been in office.

GDP in 2009 was about $14.26 trillion.

A Voice Crying in the Wilderness Against Chinese Protectionism

James Kostohryz here doesn't say so explicitly, but he's just a little embarrassed by the fact that Americans are so stupid that he needs to write an article explaining how "China's [currency] policies are blatantly and massively protectionist," because it hoards US dollars to prevent equilibration just like 19th century powers hoarded gold against the rules.

Wednesday, October 13, 2010

Praying for Clean Spirits: That's Not Weird?

Easily as weird as another First Lady who believed in astrology.

"It means all the world to us to know that there are prayer circles out there and people who are keeping the spirits clean around us," First Lady Michelle Obama said on the "Tom Joyner Morning Show" today.

See that here.

Didn't anyone tell her there's an election coming up shortly and to put a sock in it, or at least some more shrimp, crab and lobster to keep that yap occupied until the danger passes? If she keeps this up that Marian Robinson voodoo stuff is going to start sounding plausible!

Sunday, October 10, 2010

Serbians Try to Beat Up Marching Poofters in Belgrade

Thomson Reuters has the story here:

"This government [of President Boris Tadic of the Serbian Democratic Party in coalition with the Socialist Party] wants to protect a deviant, wicked and non-Christian minority against the good, law-abiding majority," said Milija, 28, a construction engineer who described himself as a religious nationalist.

Saturday, October 9, 2010

Selling Gold? You'll Pay the IRS at 28%, not 15%

Paul Sullivan reminds us here of a little appreciated drawback to investing in gold:


And even if you invest in gold through an E.T.F. — as opposed to buying bullion — it has two significant costs. The first is that it does not pay a dividend, so there will not be a stream of income from it.

Selling it is easy, particularly with an E.T.F., but this leads to the second problem: gold is taxed at a much higher capital-gains rate. The Internal Revenue Service considers it a collectible and taxes gains at a rate of 28 percent, as opposed to the 15 percent capital gains tax for other securities. This means gold has to appreciate more than other securities to make up for a tax rate on gains that is almost double.

Natural Gas Reserves in US Increase 35%, The Most in Forty Years

And supplies in other countries, also from shale fields, are on the increase and are making energy, economic and political independence more certain for many more nations than ever before:

Last year, the “Potential Gas Committee,” a group of specialists linked to the Colorado School of Mines, reported the biggest increase in US natural-gas reserves in its 44-year history, from 1,532 trillion cubic feet (TCF) in 2006 to 2,074 TCF in 2008.

Since the US used approximately 23 TCF in 2008 at a unit cost in excess of $9.00, the vast new reserves point to prices closer to $6.00 going forward and decades of supply. Americans should get serious about committing to compressed natural gas powered automobiles instead of gimmicks like electric and hybrid electric cars in order to bridge the gap to a cleaner energy future.

Read the fascinating details from Peter Foster for The Financial Post here.

Friday, October 8, 2010

Obama: The God That Failed

The Associated Press is reporting today here that unemployment holds high and steady at 9.6%:

Unemployment has now topped 9.5 percent for 14 months in a row, the longest stretch since the Great Depression of the 1930s.

Flash back to the beginning of the year when we were in month six of the fourteen:

"And the notion that I would somehow resist doing something that cost half as much but would produce twice as many jobs -- why would I resist that? I wouldn't. I mean, that's my point, is that -- I am not an ideologue. I'm not."

-- BHO, Baltimore Q and A, January 29, 2010

What else but devotion to a failed ideology would work like such a charm and keep unemployment so high for so long?

Obama: 22 Months of Making This Time Different Than All the Rest

"We are the ones we've been waiting for. We are the change that we seek. We are the hope of those boys ... We are the hope of the father ... We are the hope of the woman ... We are the hope of the future; the answer to the cynics who tell us ... we cannot remake this world as it should be.

[W]hat began as a whisper has now swelled to a chorus ... that will heal this nation, repair this world, and make this time different than all the rest."

-- BHO, speech in Chicago, February 5, 2008

Obama The Utopian

"Our union can be perfected."

-- BHO, speech in Chicago, IL, November 4, 2008

Remember This Health Insurance Premiums Whopper?

"If you already have health insurance, the only thing that will change under my plan is that we will lower premiums."

-- Barack Hussein Obama, speech in Canton, Ohio, Monday October 27, 2008

A new survey of companies by Hewitt Associates here projects an 8.8% overall increase in premiums for 2011, 11% to 22% of which is directly caused by ObamaCare.

Thursday, October 7, 2010

Obama: "We Are Going To Have Hand-to-Hand Combat"

The Los Angeles Times has the story here:

"They are fired up. They are mobilized. They see an opportunity to take back the House, maybe take back the Senate," he said. "If they're successful in doing that, they've already said they're going to go back to the same policies that were in place during the Bush administration. That means that we are going to have just hand-to-hand combat up here on Capitol Hill."

Suddenly it's OK to use this kind of speech.

Just seven months ago Democrats were accusing Republicans of trying to foment physical violence over the passage of Obamacare because they used this kind of vivid language of "fighting." Within a week the FBI had raided the Hutaree militia in southeast Michigan and other states, accusing them of planning an armed revolt against the government. Google "Republicans threaten violence over healthcare" and see how many million  results you get. It was an hysterical reaction designed to incite hysteria, and perhaps goad someone into making a mistake which would be very politically valuable to the Democrats.

This is the m/o of leftist extremism.

Wednesday, October 6, 2010

Nat Hentoff Worries We Are Ignoring Obama's Gutting of the Fourth Amendment

Nat Hentoff is justifiably worried that Tea Partiers have ignored the threat posed by Obama to the Fourth Amendment:

Insofar as the tea partiers will continue to be an influence on the Republicans – having already been instrumental this year in re-electing some – I have not, as I've reported, seen much concern among them about our vanishing privacy (though I admire the tea partiers declared devotion to the Constitution).

Perhaps when the drones start scanning you in your own home you'll wake up, but by then it may be too late.

Read Nat Hentoff at The Village Voice here, or The Richmond-Times Dispatch here, or at World Net Daily. His latest on the Fourth Amendment for the latter appeared here.

The Scope of Democrat Gridlock Continues to Grow

The Democrat Party has controlled both the US House and Senate since the 2006 midterm elections, but 420 bills passed by the current House elected in 2008 continue to languish unactioned by the Senate, which the Democrats presently control with an effective majority of 59 seats (which includes two independents) vs. 41 seats held by Republicans.

In February the number of unactioned bills had stood at 290. During the summer it climbed to 372.

Isn't there a pill for impotence?

TheHill.com has the story here.

Daniel Gross: "To Spend Money We Don't Have is Vital"

Ah, no, but for some Americans there is no choice.

Daniel Gross for The New York Times here protests that he's witnessed a "frugality" kick twice in America and has lived to see us shake it off both times. He points to signs which he thinks show that Americans may be doing that once again because total debt is up, and boy is he happy about it.

What he won't say honestly, however, is that total debt continues its inexorable rise because while consumers have in fact cut back, government has stepped into the breach to make up for it. A good little Keynesian that Daniel Gross.

Unfortunately, it's the poorest Americans who are spending more, and it's because they must.

Sara Murray for The Wall Street Journal here points out that for the poorest quintile, spending rose 5.6% in 2009 from 2007 while experiencing at the same time a 5.5% drop in their after-tax income. Food spending alone for this group went up 15.4% in 2009 from 2007, because of rising prices. To make ends meet, they are using up what little savings they have left, and . . . tapping credit!

Meanwhile the middle quintile's spending in 2009 is down 3.5% from 2008, and 3.1% from 2007. Overall, Americans are spending 2.8% less in 2009 than in 2008, including the rich.

Many of these statistics are "firsts". And if the Bush tax cuts are allowed to expire, another first will be inflicted on the poorest Americans by benevolent, compassionate liberalism: a 50% tax increase when the 10% bracket disappears and reverts to 15%.

Tuesday, October 5, 2010

In Everlasting Debt

The recent decline was almost completely the result of defaults written off by banks and credit card companies, not of consumers paying down their debts:

Kenneth Rogoff on Gold

Kenneth Rogoff for Project-Syndicate.org here weighs in on the increased interest in gold, adding the not often heard warning that rising interest rates could cause the price to fall as investors invest elsewhere seeking return in the form of cash flows which an American Gold Eagle in your safe simply cannot provide.

He also notes that the long-term inflation adjusted price lags current gold prices:

At $1,300, today’s price is probably more than double very long-term, inflation-adjusted, average gold prices.

Adjusting the price of gold for inflation from its price in 1913 to 2009 would put gold at $462 the ounce last year, so at $1,300 an ounce the price is 2.8 times that already, and climbing.

Are ya feeling lucky? Well are ya?

Monday, October 4, 2010

On Suffering Women's Suffrage

In a dull stream, which moving slow,
You hardly see the current flow;
When a small breeze obstructs the course,
It whirls about for want of force,
And in its narrow circle gathers
Nothing but chaff, and straws, and feathers:

The current of a female mind stops thus,
and turns with ev'ry wind;
Thus whirling round, together draws
Fools, fops, and rakes, for chaff and straws.

-- Jonathan Swift, 1713

Sunday, October 3, 2010

Making Afghanistan Safe For Pedophilia

I don't know how I overlooked this story from the end of August, but the effeminate church I narrowly escaped this morning set me to surfing when I got home, and Voila! Our forces as presently constituted find the pedophilia revolting, which must be why the Obama regime is working so hard to repeal DADT. Fag forces will be positively begging for deployments to the theatre:

For centuries, Afghan men have taken boys, roughly 9 to 15 years old, as lovers. Some research suggests that half the Pashtun tribal members in Kandahar and other southern towns are bacha baz, the term for an older man with a boy lover. Literally it means "boy player." The men like to boast about it.

"Having a boy has become a custom for us," Enayatullah, a 42-year-old in Baghlan province, told a Reuters reporter. "Whoever wants to show off should have a boy."

Baghlan province is in the northeast, but Afghans say pedophilia is most prevalent among Pashtun men in the south. The Pashtun are Afghanistan's most important tribe. For centuries, the nation's leaders have been Pashtun.

You'll find the rest of "Afghanistan's Dirty Little Secret" here at The San Francisco Chronicle, where  it must have found considerable local interest. In it you'll also learn that there are more pedophiles per capita in Afghanistan than in any other place in the world, even Rome!

I found the way Muslims are said to explain this away as not being homosexuality, which they forbid,  poignantly reminiscent of the kind of text-trimming you will meet with in just about any church or synagogue in America: It's not homosexuality because they don't love the boys.

And the Taliban? I'm sure they're more than ready to blame it all on Alexander the Great.

Priceless.

Saturday, October 2, 2010

Govern Your Self

"It is the proper business of every man, who is governed by laws, to study into the nature of those laws; and wherever he finds an error, point it out, in order for amendment."

-- A Countryman, 1765

Friday, October 1, 2010

Q2 GDP 2010 Revised Up To 1.7% From 1.6%

The story was reported here.

A second and final revision will follow.

Z Backscatter Vans Caused Snarled Truck Traffic in Atlanta This Week

According to this source, vehicles equipped with the same scanners now being deployed in airports to provide full body scans were tested by Homeland Security and the TSA in Atlanta this week at a weigh station on I-20.

More than 500 Z Backscatter Vans have been produced so far for use abroad by the military and at home by the regime, according to the report.

This story from September 28th did not identify the scanners as backscatter vans, nor does the photo provided in the story show a van which looks like the rolling surveillance unit depicted in this post.

Do you feel secure in your person, house, papers, and effects, against unreasonable search and seizure? Where is the probable cause, and where is the warrant issued by a judge, describing the particular place to be searched, and the particular person and the particular thing? Your Fourth Amendment rights are being shredded before your eyes.

Thursday, September 30, 2010

Gridlock, Despite Democrat Control of Everything!

















No budget, no tax bill, no jobs, no more!

Individual Charitable Giving Declines Nearly 5% Between 2008 and 2009

Caroline Baum reports some interesting figures for Bloomberg.com about the relatively puny contributions people have made to the US Bureau of the Public Debt:

Last year, the Treasury received more than $3 million in gifts, the biggest annual take since 1995’s $7.3 million. ...

Public Law 87-58, “Gifts to Reduce the Public Debt,” was passed on June 27, 1961, in response to a generous bequest of $20 million dollar from an estate. ... Since then the single largest gift was $3.5 million in 1992, also a bequest from an individual’s estate.

In the first 10 months of fiscal 2010, which ends today, Treasury received $2.7 million in gifts.

For all the handwringing that goes on about the growth of deficit spending, you'd think the numbers would show a little more civic-mindedness, but they don't. Compared with giving to private charities, this tells you all you need to know about where people think their money will do the most good, and it sure isn't the government.

Boston College's Center on Wealth and Philanthropy reports the latest numbers:

Individual charitable giving in 2009 amounted to $217.3 billion . . . $228.5 billion total in 2008. ...

The American people still believe there is a huge need out there which government spending through forced taxation is not meeting, and despite that taxation they open their wallets to address it. But what should disturb more people is the recent decline in giving due to the financial meltdown, a casualty of this country's war on the middle class:

[T]he total decline in inflation adjusted dollars [was] $25.3 billion between 2007 and 2009.

Follow the links for the stories.

Wednesday, September 29, 2010

On The Theory of Evolution

"There is no other explanation for the existence of the Democrat Party than descent from the apes."

-- Imam John

Tuesday, September 28, 2010

"The Economy Has Slowed . . . to Near-Stall Speed"

Rosie wonders here why the administration continues to propose more stimulus spending, why the Fed again is signaling it's ready for more quantitative easing, and why credit unions suddenly needed a government bailout last week if in fact the recession ended in 2009 and we are in a recovery.

Well yeah.

Monday, September 27, 2010

You Can Always Tell A Harvard Man, But You Can't Tell Him Much

Writing for The Providence Journal, Bruce Bartlett of Reagan administration fame relates an illuminating episode for the character of President George W. Bush, who intended from the beginning that his tax cuts sop up the Clinton surplus:


One morning in 2001, one of President Bush’s most senior economic advisers walked into the Oval Office for a meeting with the president. The day before, the adviser had learned that the president had decided to send out tax-rebate checks to stimulate the faltering economy. Concerned about deficits and the dubious stimulatory effect of such rebates, he had called the president’s chief of staff, Andy Card, to ask for the audience, and the meeting had been set.

As the man took his seat in the wing chair next to the president’s desk, he began to explain his problem with the president’s decision. The fact of the matter was that in this area of policy, this adviser was one of the experts, really top-drawer, and had been instrumental in devising some of the very language now used to discuss these concepts. He was convinced, he told Bush, that the president’s position would soon enough be seen as "bad policy." This, it seems, was the wrong thing to say to the president.

According to senior administration officials who learned of the encounter soon after it happened, President Bush looked at the man. "I don’t ever want to hear you use those words in my presence again," he said. "What words, Mr. President?"

"Bad policy," President Bush said. "If I decide to do it, by definition it’s good policy. I thought you got that." The adviser was dismissed. The meeting was over.

The rest should not be missed, here.

Sunday, September 26, 2010

Obama The Lazy: No Intellectual Curiosity



Ulsterman for NewsFlavor.com claims to have the following from a White House insider, there from the beginning but recently out:


Obama the tireless, hard working candidate became a very tepid personality to us. And the few news stories that did come out against him were the only things he seemed to care about. He absolutely obsesses over Fox News. For being so successful, Barack Obama is incredibly thin-skinned. He takes everything very personally. ...


I’ll tell you this – if you want to see President Obama get excited about a conversation, turn it to sports.  That gets him interested. You start talking about Congress, or some policy, and he just kinda turns off.  It’s really very strange. I mean, we were all led to believe that this guy was some kind of intellectual giant, right? Ivy League and all that. Well, that is not what I saw. Barack Obama doesn’t have a whole lot of intellectual curiosity. When he is off script, he is what I call a real “slow talker”. Lots of ummms, and lots of time in between answers where you can almost see the little wheel in his head turning very slowly. I am not going to say the president is a dumb man, because he is not, but yeah, there was a definite let down when you actually hear him talking without the script. ...

Bill Clinton is a smart guy – he would run intellectual circles around Barack Obama. ...

When you take away the crowds, Obama gets noticeably smaller. He shrinks up inside of himself. He just doesn’t seem to have the confidence to do the job of President, and it’s getting worse and worse. Case in point – just a few days before I left, I saw first hand the President of the United States yelling at a member of his staff. He was yelling like a spoiled child. And then he pouted for several moments after. I wish I was kidding, or exaggerating, but I am not. The President of the United States threw a temper tantrum. The jobs reports are always setting him off, and he is getting increasingly conspiratorial over the unemployment numbers. ...

Obama is not up to the job of being president. He simply doesn’t seem to care about the work involved.  You want to know what? Obama is lazy. He really is. And it is getting worse and worse. Would another four years of Obama be the best thing for America? No it would not. What this country needs is a president who is focused on the job more than on themselves. Obama is not that individual. I actually hope he doesn’t run again. ...

Much more here.



Saturday, September 25, 2010

Foreclosure Crisis Not Even Half Over

Based on Richard Suttmeier's take on the data here:

About 2.5 million homes have been lost to foreclosure since “The Great Credit Crunch” began in March 2007, and another 3.3 million homes could be lost to foreclosure or distressed sale before “The Great Credit Crunch” comes to an end.

Friday, September 24, 2010

Wal-Mart Moms Think Obama is Overwhelmed by the Presidency

Pretty stupid when you consider that he's finally having the time of his life. Golf every Sunday. Parties every Wednesday. The world is his oyster.

Call it female projection syndrome. They are the ones who are overwhelmed, so he must be too.

They don't know the truth, don't see it, don't have time for it, don't have the money to find out about it, nor the inclination. And if the truth breaks through occasionally, they think "If it could only be me."

And that is precisely what the Democrats continue to count on. The effeminate party is an easily distracted party.

The story is here, in USA Away. 

Thursday, September 23, 2010

Congress Votes to Purge Phrase "Mental Retardation"

According to this report:

Disabilities advocates are applauding Congress for passing legislation that eliminates the term "mental retardation" from federal laws.

The phrase can still be used on this blog according to the editor, especially as a synonym for "member of Congress," as in "A congressman who thinks an island can tip over if it gets too populated on one side of it is a mental retard."


Decline in Household Debt Due to Defaults, Not Deleveraging

So concludes Mark Whitehouse for The Wall Street Journal, here. Of a decline of $610 billion in debt, only $22 billion is due to deleveraging. The vast majority of the decline is due to default, over a half trillion dollars.

Michael Pento here apparently hasn't gotten the message, but points out that whatever else may be said about consumers not adding to their debt profile, the government has picked up the slack, and stratospherically so. For that reason he abjures all talk of debt deflation.

Tuesday, September 21, 2010

A.A.R.P.: Armed And Really Pissed

Up Yours, Obama, You Marxist Jackass

"Cool" (as in Deceiver)

An adjective of Dutch derivation,
signifying:
neither zealous, nor ardent;
neither angry, nor fond;
in short without passion,
a deceiver.

-- Samuel Johnson's Dictionary

THE ONE

What is a communist? The One who has yearnings
For equal division of unequal earnings.
Idler, or bungler, or both, he is willing
To fork over his penny and pocket your shilling.

- Ebenezer Elliott, son of "Devil Elliott", adapted

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Liberty or Slavery? Which Will It Be?

"And whenever their constituents neglect to call [their representatives] to account for such their neglect and breach of trust, they are not worthy the name of the SONS OF LIBERTY, the name of slave is more suitable, for slaves they really are, and are fit for nothing else."

-- A Countryman, 1765

Fried Fruit Cocktail

"Politics is like a cookbook where the recipe for everything is to fry it."


-- PJ O'Rourke, here

Decades of Economic Shrinkage Ahead

"Just as the housing sector and the related debt was the driver of the US economy over the past several decades, I believe that the deflation of the housing market could spell an equally drastic period of shrinkage in economic activity in the US and around the world."

-- Chris Whalen, here.

Monday, September 20, 2010

Heard After the Colonoscopy

"Doc, would you write me a note for the wife stating that you checked twice and my head is most definitely not up there?"

h/t Theo

Saturday, September 18, 2010

Army General Equates Christians With Bigots and Racists

Lt. Gen. Thomas P. Bostick, Army Deputy Chief of Staff in charge of personnel, quoted here:

"Unfortunately, we have a minority of service members who are still racists and bigoted and you will never be able to get rid of all of them. But these people opposing this new policy [repeal of DADT] will need to get with the program, and if they can't, they need to get out. No matter how much training and education of those in opposition, you're always going to have those that oppose this on moral and religious grounds just like you still have racists today."

Thursday, September 16, 2010

Poverty Stats Worst Since 1960s

The Washington Post has the story:


The ranks of the working-age poor climbed to the highest level since the 1960s as the recession threw millions of people out of work last year, leaving one in seven Americans in poverty.

The overall poverty rate climbed to 14.3 percent, or 43.6 million people, the Census Bureau said Thursday in its annual report on the economic well-being of U.S. households. The report covers 2009, President Barack Obama's first year in office.

The poverty rate climbed from 13.2 percent, or 39.8 million people, in 2008.

According to the story, the rate of 14.3% would have been higher still had there not been an increase in Social Security and federal emergency unemployment outlays.

Read more here.

Wednesday, September 15, 2010

You Want Cheese With That?

h/t Theo

Liquidity Defined

"That's when you look at your investments and wet your pants."

-- Randy Glasbergen

Tuesday, September 14, 2010

The Change He Hoped For: Record Increase in Poverty Under Obama

As reported by Yahoo News (on Saturday, Sept. 11, when you weren't paying attention):

The number of people in the U.S. who are in poverty is on track for a record increase on President Barack Obama's watch, with the ranks of working-age poor approaching 1960s levels that led to the national war on poverty.

Census figures for 2009 — the recession-ravaged first year of the Democrat's presidency — are to be released in the coming week, and demographers expect grim findings.

It's unfortunate timing for Obama and his party just seven weeks before important elections when control of Congress is at stake. The anticipated poverty rate increase — from 13.2 percent to about 15 percent — would be another blow to Democrats struggling to persuade voters to keep them in power.

More government. More poverty. The change he hoped for.

Read the complete story here.

Freedom Absolutists

Birds of a feather flocked together:

Think of an economy where people could be an artist or a photographer, a writer without worrying about keeping their day job in order to have health insurance. Or that people could start a business and be entrepreneurial and take risks, but not be job-locked because a child has asthma or diabetes or someone in the family is bipolar. You name it, any condition is job-locking.

-- Nancy Pelosi, Speaker of the House, dependent of the American people

[C]ommunist society ... regulates the general production and thus makes it possible for me to do one thing today and another tomorrow, to hunt in the morning, fish in the afternoon, rear cattle in the evening, criticize after dinner, as the spirit moves me ...

-- Karl Marx, unemployed academic and journalist, dependent of Friedrich Engels

Without the notion of patriotism and national borders, people would live wherever and however they prefer, practice the religions they want, marry whomever they desire, and produce, exchange, and prosper in whatever way they see fit.

-- Kel Kelly, libertarian author and ingrate, here

It should bother more Democrats and Republicans that their country and political parties have been invaded by people who all drink from the same well of failed utopianism, whether they be socialists in the Democrat party, or libertarians in the Republican. Vote for such at your peril.

Monday, September 13, 2010

Federal Reserve Given Until October 19 To Appeal To US Supreme Court

Bloomberg.com reported on August 27th that the Federal Reserve has won yet another reprieve as it seeks to escape rulings requiring it to comply with a Freedom of Information Act request for the names of firms receiving approximately $2 trillion in taxpayer loans:  

The Federal Reserve Board was given 60 days to decide whether to take a Freedom of Information Act case to the U.S. Supreme Court or disclose documents about loans it made to banks during the credit crisis.

The U.S. Court of Appeals in New York today acceded to the Fed’s request to delay implementation of a ruling that compels the central bank to release the reports, giving the bank until Oct. 19 to appeal. The clock began to run on Aug. 20 when the court refused to revisit its earlier ruling against the Fed.

At issue are 231 “term sheets” documenting Fed loans to financial firms during 2008. The records, which include the banks’ names and the amounts borrowed, were originally requested by the late Bloomberg News reporter Mark Pittman through the FOIA, which allows citizens access to government papers.

Expect an appeal to be filed by the Fed on the Oct. 19 deadline to avoid if at all possible having to disclose the explosive information before the Nov. 2 midterm elections.

The complete story is available here.

Sunday, September 12, 2010

Friday, September 10, 2010

Obama's Brain is Baked

"Boring. Obama. Presser. Is. A. Flop. If Reagan had stammered like this, the media would be talking dementia."

-- Rush Limbaugh, today

The reason the guy can't spit it out is long term exposure to THC. His head is a bakery, man. That's why he needs those teleprompters.

Crusaders Got It Right The First Time





There's much more from Sheik Yer'Mami here.

Monday, September 6, 2010

German Leftist Says Importing Guest Workers A Gigantic Error




From the jobs-Germans-won't-do department, Thilo Sarrazin of the German Social Democrat party and a Bundesbank board member has written a book which has had multiculturalists everywhere in an uproar:


In the book, Sarrazin says Europe's top economy is being undermined, overwhelmed and made "more stupid" by poorly educated, fast-breeding, badly integrated and unproductive Muslim immigrants and their offspring.

"If I want to hear the muezzin's call to prayer, then I'll go to the Orient," he says, saying that allowing in millions of "guest workers" in the 1960s and 1970s was a "gigantic error."...

According to a study from Bielefeld University, one in two Germans thinks there are too many foreigners in the country.

And that's what the left in Germany thinks.

For more, go here.

One Bourbon, One Cymbalta, and One Beer

Bloomberg.com reports disturbing news about our disturbed population, which shelled out $234 billion in 2008 for prescription drugs, saying nearly half the population is on something or other. And then there's this little tidbit at the end:


For adults ages 20 to 59, antidepressants, including Eli Lilly and Co.’s Cymbalta and Pfizer Inc.’s Zoloft, were the most-used drugs.


I note from this source that in 2007 the top five antidepressants were prescribed at a rate in excess of 100 million times. The thirteen antidepressants listed were prescribed an astounding 201.9 million times. That's a lot of Americans walking around emotionally medicated, perhaps between 16 million and 50 million people. How does that compare with the depressants we consume?


Despite this headline back in March, "Alcohol Sales Sober in 2009," the economic downturn did not result in an overall decline in alcohol consumption in 2009:


Distilled spirits and wine experienced positive results, albeit at a much slower rate than in the past, while beer saw unprecedented declines. ...


Distilled spirits grew 1.7 percent in 2009 to 188.7 million cases, marking the 12th consecutive year of positive results for the category. However, the spirits market's expansion slowed from the 3.2 percent gain posted in 2007 and 2.1 percent in 2008. ...


Wine experienced a slight slowdown in its 2009 growth rate. Wine consumption increased 0.8 percent, only 0.1 percent less than its 2008 gain, and finished the year at 297.1 million 9-liter cases. ...


Total beer consumption declined 1.4 percent in 2009 to 2.9 billion cases.


I put that at about .8 cases of booze for every adult per year, 1.3 cases of wine, and 12.7 cases of beer, assuming an adult population of 228 million in 2008. That comes to about .78 ounces of booze per day, and 10 ounces of beer. In other words, a shot and a beer. And less than a glass of wine a week.


And maybe a Zoloft.

Sunday, September 5, 2010

Roubini: Corporate Profits Came on Backs of Unemployed

Ambrose Evans-Pritchard reports on the Ambrosetti conference at Lake Como, where Nouriel Roubini made the remark:

Dr Roubini said US companies have plenty of cash but are boosting profits by a policy of “slash and burn” on labour costs. “We’ve lost 8.4m jobs and if you include the loss of hours worked it is equivalent to another 3m. We need to generate an extra 450,000 jobs every month for three years to get it back,” he said.

For more go here.

Saturday, September 4, 2010

"King" Quotation on New Oval Office Rug Belonged to Theodore Parker

Martin Luther King Jr.'s freewheeling habit of quoting without attribution plagiarism is now memorialized on the new rug in Obama's Oval Office.

The story is here.

On "Gin"

This limerick’s for purging my sin,
Ousting lust and desire from within,
Which leaves oodles of space
For agape and grace,
Plus humility, virtue, and gin.

-- Robin Kay Willoughby

Friday, September 3, 2010

The Keynesian Stake in the Term "Depression"

The Keynesians need it to be a depression as much as the Austrians, and John Judis of The New Republic explains the former's point of view, here:

In its basic contours, the current downturn is much more similar to the depressions of the 1890s and the 1930s than to the post-World War II recessions. 

Thursday, September 2, 2010

ZIRP is Legalized Theft

The line of the day comes from Chris Whalen, writing at Reuters.com here about the damage the Fed's zero interest rate policy is doing to the country:

Fed Chairman Bernanke and the other members of the FOMC are killing the real economy to save the banks — but none of the benefit flowing to the banks is reaching US households. In fact, the Obama Administration has been providing political cover for the Fed to conduct a massive, reverse Robin Hood scheme, moving trillions of dollars in resources from savers and consumers to the big banks and their share and bond holders.

Read the rest at the link, at your peril.


Wednesday, September 1, 2010

Problem Bank List Update: 829, or 2500?

The latest data on problem banks has been updated by the FDIC, showing an increase from 775 in the first quarter to 829 in the second, according to this story. An unofficial list of the problem banks receives regular updating here.

Compare that with these remarks from an anonymous commercial banker from California offered at Mish's blog here in an on-going series of posts about insufficient loan loss provisions at banks:

In my estimation, if every bank had the collateral of all loans accurately appraised and each loan’s loan grading was finely tuned for an expected loss based on financial performance and collateral values, the number of essentially bankrupt banks in this county would increase by a factor of 4-5 from the current level.

In other words, there is a potential pool of 2000-3000 banks that would be on the FDIC radar's for getting closed.

The health of the industry is not accurately reported by any means.

What continues at the heart of this issue is asset valuations and the accounting rules which govern them. Banks want the most liberal rules they can get, while taxpayers who end up footing the bill for bank malfeasance do not. Elected government officials and unelected bureaucrats in the middle have been and continue to be on the bankers' side, with a few notable exceptions, at a horrible cost to the taxpayers, who rightly feel that they have no voice.

And that's a big part of what all the fuss is about as the midterm elections loom.