The regime's Office of Management and Budget says it's $130 billion, net of certain repayments, apparently, totaling $34 billion.
Story here.
Monday, June 6, 2011
"Capitalism Without Bankruptcy is like Religion Without Hell"
Barack Obama sells the former, and more recently Rob Bell the latter. A coincidence?
Seen here, concluding an interesting discussion of the cost of the auto bailouts:
Former chief executive of Eastern Airlines, Frank Borman, once said: “Capitalism without bankruptcy is like religion without hell. It doesn’t work.”
The Decline in Housing Equity to Date is About $7 Trillion
So says TNR here:
To date, the decline in house prices has destroyed nearly $7 trillion in housing equity. And prices are still falling. Homeowners are likely to see another $1 trillion in equity disappear over the next year.
The article is otherwise full of nonsense, recommending deficit spending in the range of $4 trillion per year to boost employment, and blaming the stall speed in job creation on the imminent cessation of the heretofore grandiose spending of the early Obama regime.
Gee, I had no idea that all the jobs ever created in this country were the result of deficit spending. Who knew?
The Special Pleading on Palin's Misrepresentation of History is Getting Ridiculous
Here's what Palin said:
“Part of his ride was to warn the British that were already there. That, hey, you’re not going to succeed. You’re not going to take American arms.”
This makes it sound like the purpose "of his ride" was also to warn "the British." It wasn't. And who wasn't "British" for all that? That Revere warned "the British" after his capture is completely beside the point. Revere tried to bluff his way out of a predicament. Who wouldn't? But to imply as Palin did that the purpose "of his ride" included this warning to "the British" is total nonsense. Had Revere not been captured, he never would have said what he said to the loyalist patrol that detained him. His purpose at that time changed from warning patriots to escaping loyalists.
The fundamentalist minds of Literalville, USA, are parsing away on this, both on the left and the right, for purely partisan reasons. See here and here. It's ridiculous.
If you want historical exactitude, you're not going to get it from Palin, or Bachmann for that matter. Nor are you going to get it from Mr. 57 States Obama.
Libertarian Swine on David Mamet
A nice Jewish boy realizes he's no longer a brain dead liberal and what do the libertarians find to complain about?
Readers on both sides of Mamet’s current political stance can take issue with his social conservatism. He is, among other things, an unbending proponent of traditional gender arrangements.
Political conservatism presupposes social conservatism, as Phyllis Schlafly pointedly argued here in the wake of the ObamaCare debacle, the most baneful affect of which was the neutering of the Hyde Amendment.
Libertarianism couldn't stand athwart a toy train and yell stop.
Libertarianism couldn't stand athwart a toy train and yell stop.
Kish meir Yiddische Tuchus.
Sunday, June 5, 2011
Sarah Palin Joins Michele Bachmann in Proving They're No Historians
Sarah Palin evidently insists Paul Revere's ride was meant also to warn . . . the British!
As reported here, along with supporters' shenanigans at Wikipedia.
For the Michele Bachmann flub, see here.
If we have to have a woman for president, why can't we have one more like Margaret Thatcher? Oxford graduate in chemistry, 1947.
Betrayed Marine to SECDEF: Our Values Are Better Than Your Values
As reported here:
"Sir, we joined the Marine Corps because the Marine Corps has a set of standards and values that is better than that of the civilian sector. And we have gone and changed those values and repealed the 'Don't Ask, Don't Tell' policy," the sergeant told Gates during the question and answer session.
"We have not given the Marines a chance to decide whether they wish to continue serving under that. Is there going to be an option for those Marines that no longer wish to serve due to the fact their moral values have not changed?" he asked.
"No," Gates responded. "You'll have to complete your ... enlistment just like everybody else."
Saturday, June 4, 2011
Robot at Fukushima Reactor 1 Finds Crevice in Floor, Steam and Highest Radiation Yet Measured in Air Pouring From It
NHK World has the story here:
The operator of the damaged Fukushima Daiichi nuclear plant says steam was observed coming out of the floor of the No.1 reactor building, and extremely high radiation was detected in the vicinity.
Tokyo Electric Power Company inspected the inside of the No.1 reactor building on Friday with a remote-controlled robot.
TEPCO said it found that steam was rising from a crevice in the floor, and that extremely high radiation of 3,000 to 4,000 millisieverts per hour was measured around the area. The radiation is believed to be the highest detected in the air at the plant.
That's an astounding number, also expressed as 3 to 4 sieverts per hour. See this series of charts to appreciate the significance of the level, which is deadly:
It seems pretty clear that the earthquake damaged the floor of the reactor building, causing the crevice. And it also seems pretty clear that the water which has had to be supplied continually to the core to cool it has been leaking out, along with melted fuel materials, from holes caused in the pressure vessel by the meltdown and out onto the floor and into the crevice. Or something close to that.
A monumental mess.
Obama Owns the Unemployment: 23 of 28 Months at 9 Percent or Higher
Seen here:
[T]he unemployment rate has been below 9 percent for just five months since Obama took office — and three of those months were in the first 12 weeks of his presidency, before his policies took effect.
Follow the history of unemployment graphically here.
Quantitative Easing Explained: 'Back Door' Toxic Asset Relief for the Banks
As remarked elsewhere now and again, but not quite as succinctly as here:
So what did QE achieve once we look at the money flows?
This policy has been replenishing the banks’ coffers though not quite in the Mexican and Savings and Loan manner. Instead of printing money to fulfill nominal commitments, the government and the Fed have been taking toxic credits away from the financial institutions’ balance sheets. The government and the Fed have been “validating” the lousy credit already created.
And if that’s not enough, banks can borrow from the Fed at extremely low rates and buy Treasuries. The generous spread between these rates is allowing them to record the profits that are rebuilding their balance sheets with no risk or effort.
As of March $2.7 Trillion Held in Money Market Mutual Funds
Seen here:
According to the Investment Company Institute, more than 50 million Americans keep at least some of their assets in money market funds. As of March 2011, in fact, some $2.7 trillion was held in money markets—about 25% of all mutual fund assets in the United States. Equally compelling is the fact that in the 40-year history of money market funds, only two funds have seen their net asset values dip below $1 per share (often called "breaking the buck"). During that same period, in contrast, some 2,800 U.S. banks have failed, according to the Federal Deposit Insurance Corporation.
Friday, June 3, 2011
Median Income Declined in Every State in 2009, Except South Carolina, North Dakota, and Washington, D.C.
While South Carolina is known for palmettos, North Dakota is known for oil.
And DC?
Snake oil.
As seen here.
Obama's War on the Middle Class Transfers Wealth to the Rich!
Even the Left agrees: the middle and upper middle classes lost the most in 2009, and they lost it to the rich.
Unfortunately for America, Obama's communist-inspired redistribution of wealth redistributes it from everyone to the rich.
Take whatever he says and always expect the opposite.
As seen here:
The bottom income quintile (households earning $20,453 or less a year) earned 0.5% less on average in 2009 than in 2008.
The 2nd income quintile (households earning $20,454 to $38,550 a year) also earned 0.5% less on average in 2009 than in 2008.
The 3rd income quintile (households earning $38,551 to $61,801 a year) earned 0.8% less on average in 2009 than in 2008.
The 4th income quintile (households earning $61,802 to $100,000 a year) earned 1.0% less on average in 2009 than in 2008.
The top income quintile (households earning more than $100,000 a year) earned 0.3% more on average in 2009 than in 2008.
7 in 10 Democrats Sympathize with Communism
According to the latest Gallup Poll, here:
Seven in 10 Democrats believe the government should levy taxes on the rich to redistribute wealth, while an equal proportion of Republicans believe it should not. The slight majority of independents oppose this policy.
Recall Ebenezer Elliot (1781-1849):
What is a communist? 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.
Why Not Count Bi-Sexual Softball Players as Three Fifths of a Teammate?
That way the team could have three bi-sexuals, which would count as only 1.8 players, 2 heteros and 5 full-on queers and win every time!
A gay softball organization can keep its rule limiting the number of heterosexual players [to two] on each team, but allegations by three players who say they were disqualified from a tournament because they weren't gay enough can proceed to trial, a federal judge said. ...
The organization says it has always considered bisexuals to meet the definition of "gay" for roster purposes, but the minutes [of a hearing] also note that one official involved in the decision to disqualify D2 commented that "this is not a bisexual world series. This is a gay world series."
More here.
Switch Hitters Nullify Softball Victory
"U.S. District Judge John Coughenour ruled Tuesday that the organization [North American Gay Amateur Athletic Alliance] has a First Amendment right to limit the number of heterosexual players, much as the Boy Scouts have a constitutional right to exclude gays."
More here.
If the case goes to the Supreme Court, will she recuse herself?
Thursday, June 2, 2011
Growing Schmoeing: Each Dollar of GDP Cost Almost $9.00
Charles Hugh Smith takes a tour of recent public debt and annual GDP and delivers the bad news:
Here are the numbers . . .
Total public debt in 2007 (pre-recession) was $8.95 trillion.
Total public debt in 2010 was $13.53 trillion.
This is an increase of $4.58 trillion.
Add in the 2011 deficit of $1.6 trillion and the total is $6.1 trillion in additional debt in the four years from 2008 to 2011.
GDP in 2007 (pre-recession): $14.08 trillion
GDP in 2008 (recession starts): $14.44 trillion ($364 billion gain)
GDP in 2009 (recession officially ends in mid-2009): $14.12 trillion ($322 billion decline)
GDP in 2010: $14.51 trillion ($390 billion gain)
Let's be generous and assume the U.S. economy continues "growing" at the first-quarter pace of 1.8% for all of 2011: GDP advanced 1.8% in Q1 2011 (BEA). That would add $260 billion to the 2010 GDP, so the GDP at the end of fiscal year 2011 would total $14.77 trillion in nominal dollars. In constant dollars, it might reach back up to 2007 levels, but only if the economy doesn't roll over.
Total up the gains and declines in annual GDP for the four years from 2008 through 2011, and you get $690 billion. That's the total sum of each year's gains for the four years.
That means we as a nation borrowed and spent $6.1 trillion to get $700 billion in GDP "growth."That means we borrowed and spent $8.70 for each $1 of nominal GDP "growth."
The Truth About Student Loans
From Mish, here:
Obama brags about safeguarding student loans. That is like bragging about safeguarding the plague.
Student loans have done four things, all of them bad.
Jack up the cost of education
Make students debt slaves for the rest of their lives
Unjustly hand over huge profits to schools like the University of Phoenix at taxpayer expense
Add to the national debt
The best thing to do with student loans would be scrap the program entirely.
America worships at the altar of a secular god, education. The student loans are the sacrifices offered thereon. The professoriate is the priesthood, which grows fat on the first fruits. And the campi are its churches and cathedrals. The Ivies are the Holy See. And the liberalism taught there is the indulgence of its day. It desperately needs a Luther to nail it to the wall. Perhaps he will be called Bankruptcy.
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