ChipJockey

One of our local gas stations raised their price....

2012-02-17T08:59:00.001-08:00

6 cents a gallon. Oil up to 103$. Oba mama better move or he's toast this November.

They own us....

2012-02-15T08:29:00.001-08:00

You ain't seen nothing yet. And our kids will think it's normal for the government to feed, clothe, babysit, employ us, cure our illnesses, clean up after us, etc. etc.

The Republicans will do it after giving you a tax cut and the Dem's will do it because they are busy bodies so don't blame anyone else just keep voting for these fascists and it will all get better. LOL

Did anyone notice we've declared war on Iran? No?

Watch the price of oil. Make sure you have some food stashed away and don't be surprised if gas bumps $5 for awhile. I'm not betting on it but Oba mama will have to move fast to stay in office so "talks" will be instituted fast or he's toast.

After the election it will be bombs away!

NC School Officials | Preschooler's Homemade Lunch | The Daily Caller

A North Carolina elementary school forced a preschool student to eat cafeteria chicken nuggets for lunch on Jan. 30 after officials reportedly determined that her homemade meal wasn’t up to the U.S. Department of Agriculture’s standards for healthfulness, according to a report from the Carolina Journal.

The newspaper reported that the four-year-old girl brought a turkey and cheese sandwich, a banana, potato chips and apple juice in her packed lunch from home. That meal didn’t meet with approval from the government agent who was on site inspecting kids’ lunches that day.

The Department of Health and Human Services’ Division of Child Development and Early Education requires that all lunches served in pre-kindergarten programs must meet USDA guidelines. Meals, the guidelines say, must include one serving each of meat, milk and grain and two servings of fruit or vegetables. Those guidelines apply to home-packed lunches as well as cafeteria meals.

The Carolina Journal reported that the girl and her mother wish to remain anonymous to avoid public scrutiny, but she did write to her state representative to complain about it.

“I don’t feel that I should pay for a cafeteria lunch when I provide lunch for her from home,” the mother wrote in a complaint to her state representative, Republican G.L. Pridgen of Robeson County.

Big battle in Conservatism.....

2012-02-14T09:13:00.001-08:00

Conservatives lost the argument about health care when they signed on to Medicare in '65. Once a benefit is given it can't be taken back.

And not putting everyone on Medicare a couple of years ago makes the issue worse. It becomes a pissing contest because of all the different ways health care is administered. But mostly it means that we have to pay for our own health care and for everyone else's health care.

And yes, it's Oba mama's fault. If he and the Dems had fazed all Americans into the Medicare system this argument would be ancient history and our government could have concentrated on paying for it and reforming the mess that they created.

Then the insurance industry could find something else to do for a living like everybody else

Coulter Care - Peter Ferrara - Townhall Conservative

Why the Individual Mandate Equals Socialized Medicine

Here is why the individual mandate inevitably leads to full-blown socialized medicine, as it has with Obamacare: When the government mandates that you have to buy health insurance, then it has to specify what health insurance is required to satisfy the mandate. This means politics is involved in deciding what must be included and covered by that insurance.

And once politics is involved, that means you can't leave anything out, as that would be takenas an offense and a slight to both the consumers and the providers of the excluded service. Mental health benefits and counseling, drug rehab, maternity benefits (even for men and seniors), abortion -- everything must be covered. We will see that when the final regulations are issued for Obamacare by the Supreme Dictator, Kathleen Sebelius (who looks and acts the part of a villain from an Ayn Rand novel). We are already seeing that the mandated services must include sterilization and "morning after" pills, which even Catholic institutions will have to pay for in regard to their own employees.

That means the mandated health insurance will inevitably be extremely expensive, as we are just starting to see with Obamacare. To make such a mandated expense politically palatable, the government must provide extensive welfare subsidies well into the middle class and beyond, again as we see with Obamacare. The biggest expense there is not the explosion of Medicaid, as bad as that is. It is the entirely new entitlement program providing benefits (subsidies) for the purchase of the mandated insurance for families making up to $88,000 a year to start, indexed to grow to over $100,000 in the near future.

Another exercise in fantasy...

2012-02-13T10:22:00.001-08:00

Oba mama comes up with a budget and the Greeks get another bailout. Someday we'll here something real and then no one will report it.

Even the leftwing nuts are getting it...

2012-02-12T16:43:00.001-08:00

Our system is rotten no matter who is in Washington.

Robert Reich (The Sad Spectacle of Obama's Super PAC)

How many billionaires does it take to buy a presidential election? “With so much at stake” wrote Obama campaign manager Jim Messina on the Obama campaign’s blog, Obama couldn’t “unilaterally disarm.”

But would refusing to be corrupted this way really amount to unilateral disarmament? To the contrary, I think it would have given the President a rallying cry that nearly all Americans would get behind: “More of the nation’s wealth and political power is now in the hands of fewer people and large corporations than since the era of the robber barons of the Gilded Age. I will not allow our democracy to be corrupted by this! I will fight to take back our government!”

Small donations would have flooded the Obama campaign, overwhelming Romney’s billionaire super PACs. The people would have been given a chance to be heard.

The sad truth is Obama has never really occupied the high ground on campaign finance. He refused public financing in 2008. Once president, he didn’t go to bat for a system of public financing that would have made it possible for candidates to raise enough money from small donors and matching public funds they wouldn’t need to rely on a few billionaires pumping unlimited sums into super PACS. He hasn’t even fought for public disclosure of super PAC donations.

And now he’s made a total mockery of the Court’s naïve belief that super PACs would remain separate from individual campaigns, by officially endorsing his own super PAC and allowing campaign manager Jim Messina and even cabinet officers to speak at his super PAC events. Obama will not appear at such events but he, Michelle Obama, and Vice President Joe Biden will encourage support of the Obama super PAC

Who says crime doesn't pay....

2012-02-10T08:36:00.001-08:00

Just bribe Oba mama and you get away with billions and only have to pay back peanuts.

Just ask his buddies in the banking racket. They got away with it. Oh, and they knew what they were doing. They made loans to people who couldn't pay it back and now blame the government for making them do it!

Except they bribed the Feds into giving them permission to lend these broke dicks the money in the first place knowing damn well that you and I would have to pay for it for electing the gang in Washington in the first place.

They were right!

Speculators getting antsy....

2012-02-09T08:44:00.001-08:00

May you live in interesting times. Who's going to buy all that 100$ oil in Europe?

More oil comes on line from Canada and then good old USA and prices collapse.

Plus a dozen assholes in California buy a hybrid and we have a glut! LOL.

Expect Oba mama to come up with a "new" drilling plan a little later to squash any oil price surge that makes him look helpless later this year as he enter reelection mode.

Crude Oil Trades Near Six-Week Low on Forecast of Rising U.S. Stockpiles - Bloomberg

Oil fell to near a six-week low in New York before a report forecast to show that U.S. stockpiles increased last week. U.S. crude’s discount to North Sea Brent oil surpassed $20 for the first time since October.

West Texas Intermediate futures extended yesterday’s decline, bringing this week’s loss to 1.8 percent. Greek Prime Minister Lucas Papademos will meet the country’s political leaders today to discuss measures for securing a second European Union-led bailout. U.S. crude inventories probably rose to the highest in more than four months and gasoline supplies climbed for a second week, according to a Bloomberg survey before an Energy Department report tomorrow.

“The market is oversupplied, which is putting pressure on WTI,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, who forecasts oil will slide this year. “But fears of supply disruption are keeping Brent supported. The widening of the spread is the constant factor in the market.”

Oil for March delivery dropped as much as $1.07, or 1.1 percent, to $95.84 a barrel in electronic trading on the New York Mercantile Exchange, and was at $96.03 at 1:07 p.m. London time. It fell to $95.44 a barrel on Feb. 2, the weakest level since Dec. 20. Prices have declined 2.8 percent this year.

Romney shits himself....

2012-02-08T08:52:00.001-08:00

Santorum sweep: Wins Missouri, Minnesota, Colorado - Washington Times

DENVER, Colo. — Rick Santorum clobbered Mitt Romney in a head-to-head match-up in Missouri’s non-binding primary, easily won Minnesota’s caucuses and snagged a close victory in Colorado’s caucuses in a clean sweep Tuesday that once again rewrote the story of the Republican presidential nomination battle.

None of the three contests leads immediately to any delegates being awarded toward the nominating convention in Tampa, Fla., this summer, but Tuesday’s results suggest a strong pool of support for Mr. Santorum

Walmart fazes out the people greeter job.....

2012-02-07T09:15:00.001-08:00

Patti and I will be able to stay on but after we quit the job no longer exists.

It's open season for shop lifters!!!

Go Giants....

2012-02-05T13:57:00.001-08:00

If the defense plays like they did against the Packers going to be a good game.

I like being right....

2012-02-04T09:11:00.001-08:00

Expect billions to come home and fire up the boom. Then we slash the budget and bust all over again.

Oh wait President Romney will bring us hope and change and Wall Street will be told to take a hike.

Yeah right.

I think the Aztecs have a better chance, don't you?

EMPLOYMENT DATA CRUSHES EXPECTATIONS | PRAGMATIC CAPITALISM

This morning’s employment data is likely to turn the “double dip” discussion into a “double rip” discussion. It’s now crystal clear that all of last year’s recession talk was well off the mark. The USA continues to be supported by a healthy budget deficit that is serving as a buffer to any downside in growth. This doesn’t mean problems don’t remain, but the bears have greatly exaggerated the weakness in the US economy.

Econoday has the details on this morning’s employment report which showed a healthy jump in private sector employment to 240K jobs in January as well as a decline in the unemployment rate to 8.3%:

Very few poor people vote....

2012-02-03T08:57:00.000-08:00

The ones that do would never vote for a super rich snob like this guy.

Right now I'm still betting on the black guy because when the election is between two liberals the liberal always wins. Of course, it doesn't really matter which one wins for the average guy because he will pay for it.

Romney Isn’t Concerned - NYTimes.com

Faced with criticism, the candidate has claimed that he didn’t mean what he seemed to mean, and that his words were taken out of context. But he quite clearly did mean what he said. And the more context you give to his statement, the worse it gets.

First of all, just a few days ago, Mr. Romney was denying that the very programs he now says take care of the poor actually provide any significant help. On Jan. 22, he asserted that safety-net programs — yes, he specifically used that term — have “massive overhead,” and that because of the cost of a huge bureaucracy “very little of the money that’s actually needed by those that really need help, those that can’t care for themselves, actually reaches them.”

You would think they are doing it on purpose....

2012-02-02T09:03:00.001-08:00

They get pissed when we call the gang that drove our jobs overseas socialist and Luddites.

But that's because we are polite!

America’s Dirty War Against Manufacturing (Part 1): Carl Pope - Bloomberg

Policy. But is U.S. government policy really hostile to manufacturing?

Sadly, yes. Take tax policy. Historically, manufacturing was the high-wage sector of the economy -- manufacturing jobs still pay about 30 percent more than service jobs in education and health care -- so tax policy milked it. Manufacturing companies, in the old days, actually paid the corporate income taxes that many others avoided. Commodity producers (oil, timber, agribusiness) lobbied for, and received, federal subsidies, with investors in oil and gas wells simply voiding corporate income taxes on the profits they earned. Banking, retail and services found their own ways around taxes, often by offshoring intellectual property or shifting profit to tax havens. Eventually, manufacturers figured out how to duck taxes as well -- by going overseas.
Varying Regulations

Yet it isn’t just taxes. Wind turbines, for example, are enormous, heavy and expensive to transport -- so there is a big advantage to fabricating them close to the installation point. But consider the predicament of the Spanish wind manufacturer Gamesa Corporacion Tecnologica SA after it began operations in Pennsylvania. Because the George W. Bush administration’s Department of Transportation wouldn’t establish uniform standards for transporting the enormous turbine blades, each state followed its own rules. Whenever a blade crossed a state line it had to be unloaded by a construction crane and then reloaded to conform to the next state’s specifications.

Similar policy failures explain why Minnesota’s Port of Duluth exports iron ore to China and imports wind turbines from Europe. On the way to China, the ore freighters pass Chicago; Gary, Indiana; Cleveland; and Buffalo, New York -- cities where steel could be made and turned into turbine towers. But the U.S. wind market is too small, and the government too focused elsewhere, to make it profitable.

And that Long Island golf-course story? Not unique to New York. During the 1991 California drought, Silicon Valley’s electronics manufacturers were warned by Governor Pete Wilson that the state might have to shut off their water supply. Agriculture, Wilson said, came first. When I asked a Silicon Valley lobbyist in Sacramento if he had quietly received assurances that California would prioritize 21st-century computer chips over 19th-century alfalfa, he said he hadn’t. In fact, he said, some plant expansions initially planned for Silicon Valley were being diverted to Oregon to secure access to water.

In 1991, it was Oregon. Today, it’s Asia. Conventional wisdom blames globalization for the exodus of factories and jobs. Because other countries pay lower wages, the thinking goes, there is nothing we can, or even should, do about it. But the evidence of Germany and Japan -- and the experience of manufacturers in the U.S. -- tells a very different story.

We are not victims of an impersonal Leviathan called “globalization.” We’re the suckers who allowed our government to sacrifice the manufacturing sector while protecting the real winners: commodities, intellectual property, finance and agribusiness. The U.S. didn’t lose its manufacturing leadership; it threw it away.

In the next two parts of this series, I’ll discuss how that happened and what we can do about it.

(Carl Pope is a former chairman of the Sierra Club. The opinions expressed are his own. Read Part 2 and 3 of the series.)

To contact the writer on this story: Carl Pope at carl.pope@sierraclub.org

To contact the editor responsible for this story: Francis Wilkinson at fwilkinson1@bloomberg.net.

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Showing 1-40 of 84 comments on America’s Dirty War Against Manufacturing (Part 1): Carl Pope

unihans 1 week ago
I fully agree. It's time for US citizens to realise that they have been made suckers during the last couple of decades by senseless deregulations all based on the concept that greed is good and the markets are taking care of everything. The result: (i) a huge financial crises which made shareholders broke, tens of millions of empoloyees unemployed, financial executives stinking rich on the finance casino which many of them must have realised must collapse one day (ii) sinking quality of education (iii) lousy infrastructure, (iv) complete distortion of the use of talents where a much too high portion go to the finacial sector where remuneration has been rediculously high which has made any talent a sucker if he or she would choose to go to the industry where real value is created (v) lack of investments in alternative energy (vi) a senseless inequality where the middle class is the big looser and income and capital more and more is and more concentrated (vii) a dysfuntional democracy dominated by the big money which makes the democracy too much an illusion.

It reallly is wake up time.
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wjc9 in reply to unihans 1 week ago
I completely agree with you on this point. My friend works for a bank and he reviews resumes sometimes. He said he was stunned by the number of over qualified applicants.

"
(iv) complete distortion of the use of talents where a much too high portion go to the finacial sector where remuneration has been rediculously high which has made any talent a sucker if he or she would choose to go to the industry where real value is create
"
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shaneaves in reply to unihans 1 week ago
x 2.
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rocketman 5 days ago
Something that should have been obvious to everyone is that this country has far too much government and far too many regulations. If it was up to me the congress would not be permitted to pass anymore regulations on corporations until it eliminated at least 70% of the ones now on the books.
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Spartacusstoo 1 week ago
Moreover, we must come to understand that manufacturing represents something else not mentioned and that which is plant. By plant we are referring to the costly machinery used to manufacture just about anything as manufacturing has moved to computer controlled methodologies that result in enormously expensive plant equipment and technique. Replacement costs are prohibitive. And should a plant go bankrupt, the equipment is usually sold for scrap and so the plant is not replaceable as the start up costs are way too high.

Thus, we see that the government in it's ever reaching effort for more taxes to fund more government boondogles taxes corporations (actually a corporation is not a taxable entity, the shareholders are). And so we have the phenomenon of double taxation, the corporation first and if anything is left over, then the shareholder and this is why most corporations pay very little in the way of dividends.

To make it short and sweet, we've all been sold down the river by the liberals pandering for votes and we will not be able to put humpty dumpty back together again. Thus, Americas backbone, manufacturing, is a thing of the past and without it there isn't much to look forward to for a future.
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simonts in reply to Spartacusstoo 1 week ago
"We have been sold down the river by liberals", say you? Did you read the article at all? To you Pete Wilson was a liberal? It seems that to the right wing extremists all ills are caused by those pesky liberals. In fact most of the problems that underlie to the exodus of manufacturing industries from our country has been caused by the right wing of the conservative movement. First among those is the lack of universal health insurance and coverage and the excess cost this inflicts on manufacturing businesses. This is the main difference between Germany and the USA, as far as cost goes. Germany has stronger unions, higher wages, higher taxes and at least as strong environmental regulations as the US. The differences are twofold. One, in Germany there is universal health coverage provided by the state, lowering the fringe benefit cost for employers significantly. Second, there is MUCH less lobbying of representatives by industry and much less influence of corporate (or private) money on government policies in Germany. Hence, corporations, whether in financials, agriculture of manufacturing, all pay their fair share of taxes, unlike in our country. In general, the super rich (whether individuals or corporations) have not corrupted the government in Germany, as they have done it in our country starting with the Reagan era (with that pesky liberal president Ronald Reagan).
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map0557 in reply to simonts 1 week ago
Yes, I have a hard time pitying poor US corporations like General Electric who paid ZERO federal income taxes in 2010, despite making BILLIONS in profit.
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MikeSchoenberg in reply to map0557 1 week ago
Not to mention the extreme CEO compensation. Anyone remember Hoe Depots parting gift to a CEO of $277 million as his stock had dropped in half during his tenure.
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Matt Colbert in reply to Spartacusstoo 1 week ago
You must not have read the article.
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Ron in reply to Spartacusstoo 1 week ago
When corporations stop shielding their owners from liability we can stop taxing them. While the public allows corporations to shield their owners from liability, the public should get something in return, such as corporate taxes.
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Ransomexx 1 week ago
You people didn't look at the picture. We are a government of consolidated special interests. The consolidated politically powerful out maneuvered the less politically powerful. Let's face it, currently, consolidated financial capitalization, using "other people's money" is more profitable for the few than is manufacturing. In fact, the destruction of manufacturing is more profitable for the few over the short term.

Highly compensated executive management has joined forces with the short term thinkers that use other people's money to profit in the short term. There is a famous line in "Other People's Money" where a lawyer states that upon the signing of a document, America's entire steel manufacturing business is now controlled by those that know nothing about it (the precursor to today's financial capitalists).

Manufacturing has gone the way of the mom and pop meat and three when chain restaurants moved to town or the local businesses that disappeared when the Big Boxes moved in. It is "Get big, or get out". Apparently the financial capitalists are not so much a threat in China because China is trying to improve it's long term prospects, rather than destroy them.
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Robinson_Cruz 1 week ago
I am an executive in a small manufacturing company in New England. Our suppliers are nearby US manufacturers. We regularly discuss off-shoring our manufacturing and supply base. Why? Not once has anyone on our executive team raised the issue of taxes, regulation, water resources, or labor laws. There is only one reason: Money, driven primarily by the cost of labor. By off-shoring, we can reduce our own cost of labor. We can use off-shore suppliers, with their lower cost of labor, to reduce our cost of goods without incurring higher incoming freight costs. Why haven't we done it yet? Because moving would require capital we don't have. So once again, the argument is money. American capitalism is about the pursuit of money in the form of profit. When someone tells you that American executives make decisions for other reason, be skeptical.
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yahoo-R3VCGNCCINSERHJSJJWDSCOQZE 1 day ago
He took the long but it was there, Blame the tea Party!! I'm surprised Bush wasn't thrown in there. After two pages of reading how manufacturing was screwed by the tax code, manipulative politicians and idiot bureaucrats, it is somehow the fault of the one group that is actually shouting that government interference is the problem.
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samswede 4 days ago
As a manufacturer of 30+ years, I can tell you that every executive I met in my travels back and forth to Asia would have preferred making their product where the market is- in the U.S. It is a myth that mfg. moved offshore because of low wages. The biggest culprit was (and is) nonsensical governmental regulations. The U.S. is the most hostile environment in the world for manufacturers. When that changes- the jobs will return- period!
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Robert 2 days ago
There is an opinion that regulations strangle business and investment, which I don't agree with.
Business, safety and environmental regulations have been passed over the years for various reasons. Some political, some for the greater good.
Some laws and regulations are obsolete, no longer necessary. Some have had unintended consequences.
The view that ALL rules and regulations are bad and strangle business: let the "Free Markets" regulate themselves, is unrealistic

Worker rights, environmental safeguards, and safety regulations were put in place by the government because businesses (Corporations) in this country, being supposedly equal to humans, except with no conscience, have only the bottom line and increasing profits for motivation.
Given free reign, Corporations have little regard for safeguarding the enviroment or safety, and race to the bottom in labor overhead to maximise profits.
Labor is a necessary expense and should be controlled. Regulations were passed and Unions formed to make sure that Corporations would pay decent wages and have safe working conditions. The Corporations would not pay any more than the bare minimum while reaping big profits.
Worker's rights regulations were put in place to standardise and ensure that workers were not exploited as they would be without the regulation.
Safety regulations have been put in place to protect workers from unsafe, hazardous practices and materials.
Environmental regulations have been put in place to protect the enviroment. We know more now about things like: the ocean should not be considered an endless dumping ground, the air we breathe is affected by industrial processes, etc.
Do the manufacturing here, pay reasonable taxes, pay reasonable wages, share profits, obey environmental, safety and business regulations. Try to effect positive change for things that need to be changed.Change perspective to more constructive, empathetic, responsible view based on reality and science and not politics or religion.
On the other hand:At this stage of the game if we moved much manufacturing back to the USA some other countries might see their economies collapse with high unemployment. Some offshoring was done in the spirit of economic aid. Catch 22?
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wellsoup 1 week ago

"Highly compensated executive management has joined forces with the
short term thinkers that use other people's money to profit in the short
term. There is a famous line in "Other People's Money" where a lawyer
states that upon the signing of a document, America's entire steel
manufacturing business is now controlled by those that know nothing
about it (the precursor to today's financial capitalists)."

Exactly, just ask Mitt Romney...

Romney's Bain Made Millions as South Carolina Steelmaker Went Bankrupt

Monday 16 January 2012
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Will Stewart 2 days ago
Lots of anecdotes, low on real reporting. Nowhere does Pope run down the golf course story. In fact, he only uncovers agriculture as the priority. " infrastructure, workforce
training," Do people in Taiwan need no training? Which infrastructure, exactly?

I'm afraid this was an agenda looking for the slightest anecdotal support. Bloomberg is losing credibility.
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Richard Mertens 1 week ago
When a CA residential home owner pays $19/1000gl/H2O but an alfalfa farmer and factory pay $19 per acre foot (326,000 gallons) where's the motive to conserve? Business enjoys many subsidies like this that are out of whack. Germany and Japan also have lower productivity costs thanks to one single item, universal healthcare, an item oddly enough that many conservative business folk defend as incredibly important to capitalism even though millions go without and the rest are paying through the nose. Talk about shooting yourself in the foot. I swear if Obama said his favorite color was blue, the GOP would crap itself to rid the world of it.
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jeffpopovaclark 1 week ago
The examples of Japan and Germany are not informative. German boards include employee/union reps and Japanese governance is shared between execs, employees, financiers and even key suppliers. These companies aren't just chasing profit for owners and exec bonuses, they are trying to maximise benefits for all of those stakeholders. As a result, these companies pursue less profitable strategies that benefit their workers, suppliers, customers and partners. This does not happen in the US: if it doesn't maximise profits you don't do it. America's problem is primarily skewed corporate governance, not government policy (although that needs significant overhaul as well).
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yasutate 1 week ago
Any country which neglects manufacturing, which is the real creator of national wealth, will become a country which does not have any future. Many people of a neo-liberal idea claim that the financial industries are the future industry, but they never create any wealth of nation, but they bring casino capitalism, causing economic crises one after another. Look the US, the EU, and soon the UK, whose ratio of national debts to gdp is more than 1000%, if correctly calculated taking into account its bank debts which will be taken care of the government at the costs to its people.
As one BBC program recently has mentioned, Japanese lost decade is in a way paradise for other coutries, extremely low unemployment rates, manufacturing basis not affected at all by the money bubble speculation in late 1980s and early 1990s. This is mainly due to the manufacturing basis which still remains in Japan, creating national wealth, which in turn provides money to ordinary people, who in turn can support the economy. The Japanese depdendency on export is extremely low at 19%, as compared with 45% or more for Germany.
One big problem of the US is that its politicians do not know theory of economics, as the majority is lawyers, including Obama and Clinton and they are often more eager to enrich themselves supporting speculative capitals.
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JosephGordon2 1 week ago
We need a new comprehensive American "industrial production policy" that looks at the totality of our shrinking industrial base, our disappearing middle-class, our jobless recession recoveries. I submit they have come to represent what has become an US unbalanced economy that was camouflaged by a long running housing bubble.

The truth is we have had a drag on our economy for decades that has only gotten worse as a ballooning negative trade-balance has dogged us, replaced our jobs with outsourcing, and draws our technology innovation elsewhere. We have tried in vein to bolster our standard of living by importing, and our lifestyle is has now slipping materially. To dig ourselves out we have trashed the dollar, poor yield now encourages replacement of our US dollar as a reserve-currency with a basket of currency. This will result in higher interest rates on our borrowing.

All these problems have at their root we are no longer a net producing nation, but a debtor. This new " industrial production policy" should recognize "producing nations build wealth, and consuming nations become debtors. Our entire economy can be turned around in 5-years with improvement in one. Once again America will be the land of opportunity.

We don't need hope. We don't need change. We need opportunity! Graduates should be able to pay their loans, and again experience an upwardly mobile society. Boomers should never expect to be poor and jobless late in life. The middle-class needs living wage jobs to thrive and survive. Our policies should return America to the land of opportunity. If our politician are too vested in the status quo to act, they should all be thrown from office and replaced.
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Richard Laycock 1 week ago
I look forward to Mr. Pope's explanation of how it happened and how to fix it. For a preview of the challenges we face all you have to do is read the comments. It's almost incomprehensible that such a stream of inane stupidity and regurgitated PC nonsense could be the response to this excellent thoughtful piece by Carl Pope.

The problem with America is liberal Americans and the rotten academics that raise our children to be useless programmed cyphers. We are surrounded by the most spoiled, idle and arrogant idiots in human history.
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HECConsulting 1 week ago
Thank you for the story. I think the American Elite is too much focused on there own profit today and loose through that focus on sustainable profit and long term prospective with exception of the military
business. I do business with US and Japan since beginning 80th. I always heard reduce taxes, we will reduce taxes and so on and so on... It's like the adds of detergent... we wash whiter than white. In, compared with us, little Germany, there are 1500 companies, most of them not public owned and located in the manufacturing business, which are in there business field world-market leader. Germany has just 80 mil. inhabitants compared with. Same in Japan, which was badly hurt with it natural and technical disaster last year. It is the sustainability, the common sense of the society what let the japanese companies grow after the second world war.
By lowering taxes all the time USA underestimate, statewide and national, the importance of infrastructural investments, like water and energy supply and the networks who guaranties the undoubtable function of those basic necessities.
USA is trimmed to growth. Growth is not only definite by profit percentages. The future profit percentages have to be secured today, with functional networks who can stand future growth and will be always maintained. It has to be a no-brainer.
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Bloomberg View in reply to HECConsulting 1 week ago
Thanks for your comment! We’ve chosen it as our Comment
of the Moment on our homepage | http://www.bloomberg.com/view/
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Nick 1 week ago
While no one would argue that America's regulatory environment is obtuse, at the least, any argument that factories moved overseas for any reason other than the ability to pay people in China, Mexico, etc. far less, give them no benefits, and work them much harder is fundamentally flawed. The decision to outsource is a short term one that intentionally gives the finger to the ideals behind things like the minimum wage.

Outsourcing is the result of business schools teaching that it is better and easier to reduce costs via manipulation, rather than innovation; that it is better to lay off workers to drive up short term profits or balance a budget sheet rather than reallocating resources in the way that best drives R&D.
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ES71 in reply to Nick 1 week ago
I went to business school and they didn't teach me any of that. But they did teach me that the purpose of the corporation is to "maximize shareholder profits".However, you won't hear that anywhere but in the US. Other countries treat corporations just like any other citizen - expecting them to contribute to the social stability and prosperity of the country, not just reap profits regardless of consequences. US needs to reaccess how it treats its corporations. Why they allowed to influence the poltical process but have no responsibility for adverse results of their influence.
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Mike in reply to ES71 1 week ago
Perhaps we should also hold the environmental groups and the EPA equally responsible for many of the "obtuse" anti business regulations that require obscene amounts of expense and non productive labor to remain in compliance?.
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Nick in reply to Mike 5 days ago
Perhaps they should hold businesses responsible for destroying the environment?

I'd love to know what you think "obtuse anti business regulations" are.
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Nick in reply to ES71 5 days ago
Part of the problem is that American government does treat corporations like people, providing them with all of the benefits of citizenship and none of the responsibility. It needs to be all or none.
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Christopher 1 week ago
The author is inventing and confounding facts. Depending on the count, the US is the world's number one or number two manufacturer (China is the other). Employment has dropped but output has increased and would increase more if the skilled workers needed in high-end manufacturing could be found. As for South Carolina, there is still a textile industry but it is highly computerized and the skill sets needed in today's textile workers are different than 40 years ago. South Carolina has also greatly expanded its manufacturing sector by providing worker training in its regional community technical colleges.

If we want modern manufacturing jobs in the US, we have to train people to fill them. This means that our schools must produce literate, numerate graduates.
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Patrick Ebnit in reply to Christopher 1 week ago
inventing and confounding facts?For years I have heard the same reasons citedin this article along with an increase in technology/productivity for our loss of manufacturing jobs. Also South Carolina has done more than just provide worker training to expand their industry. Tax incentives and investments in infastructure have helped.
In the end your explanation is overly simplified. An educated work force is only a piece of the puzzle.
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scvblwxq in reply to Christopher 1 week ago
I sure have a hard time finding "Made in America" products at the big stores. Maybe food is our big "manufactured" product.
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MorganaW 3 days ago
Why wouldn't the fabrication business be in line for water rights after existing businesses? Golf courses and agriculture are businesses. They have seniority. They also create jobs, jobs that can't be outsourced. They are "resource friendly" to the community, providing additional tourism jobs or local food. Also, fabrication is not a "clean" business. It's not unreasonable to require them to monitor waste water, communities that haven't done so are facing extensive heavy metal poisoning in both surface and ground water.
Granted,the tax code is a mess and needs to be overhauled; good luck, in the environment of partisan politics. Still, there's no worry about a local government nationalizing an expensive plant if that plant is in the USA. No under the table handouts to local politicians. No kidnapping worries for senior executives.
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FrankRestly 1 week ago
Well said sir, well said
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Ron 1 week ago
Failure of government to govern prudently has always been a barrier to progress. Removing government altogether is not a solution, however, because government is a natural outgrowth of human activity. There will always be government of one sort or another. Government must be made to work for the benefit of those governed...all of them.
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samswede 4 days ago
The U.S. is the most hostile environment in the world for manufacturers. When that changes- the jobs will return- period!
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Paata Gurgenidze 1 week ago
The story is very convincing, but it lacks explanation. Why the US threw away the manufacturing? My answer in the simplest formulation is as follow - Governments have to serve people and their policies can favor manufacturing, while markets serve only richer players and favor higher profits. Unfortunately the US government favor markets instead of people. The manufacturing is being outsourced not because of lower wages in Asia ( this is also a fact), but because of higher profits in other than manufacturing sector in the US. It is comparative advantage that drives markets not competitive advantage. If your government supports unfettered markets you will end up with only banking sector instead of the diversified industries.
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Guyute Icculus 1 week ago
China and other Asian manufacturing bases have one thing the USA will never have:

CENTRAL PLANNING.
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Zeon in reply to Guyute Icculus 1 week ago
Central planning didn't do the Soviets much good.
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Da_mad_hatter in reply to Zeon 1 week ago
Well, they were even less able to do it than we are.

Let me put in a plug for Competency.
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If a guy didn't know better.....

2012-02-01T09:17:00.001-08:00

He'd think that there is something crooked in Washington.

Oh wait! We do know there is something crooked in Washington!

Jive Talkin - Clusterfuck Nation

The topper for me, though, was the President's cheeky announcement that he'd ordered the Department of Justice to form a "special unit" to investigate mortgage fraud and other lethal irregularities in the banking sector. The fact that his congressional audience did not bust out laughing shows what a convocation of craven and perfidious cat's paws they are. Note to readers: the DOJ has a long-established criminal division fully empowered to prosecute all the familiar scams of our time from NINJA lending to the robo-signing of titles to MERS mortgage mischief, to the bundling and sales of booby-trapped CDOs - up to and including whatever Jon Corzine thought he was doing at MF Global.
Notice how lame the major newspapers and cable news networks were in responding to Mr. Obama's impudent japery. None of them, including The New York Times, bothered to ask Attorney General Eric Holder what he's been up to along these lines for the past three years. It is really hard to account for the stupendous incompetence of the news media in recent years. Of course, I'm allergic to conspiracy theories and the only explanation that adds up for me is the diminishing returns of technology. Among other untruths we've embraced collectively is the idea that computer-distributed information amounts to knowledge and understanding, tending toward judgment. Apparently, it's only made our society much dumber and more irresponsible. After all, none of the supposed media watchdogs even asked The New York Times or The Wall Street Journal, or CNN and a hundred other outlets why they didn't interview the Attorney General of the United States and ask him why he has not been taking care of the business now assigned to this special unit.

Be a good place to retire....

2012-01-31T08:47:00.001-08:00

The dollar will go along way. And the climate is nice. What's not to like?

Greece plans orderly exit of the Eurozone - National International Trade | Examiner.com

Greece plans an orderly exit out of the Eurozone according to two sources close to Mr. Papademos, Greek Prime Minister, who spoke on condition of anonymity earlier today.

The sources confirmed that plans are ready to return to a legacy currency given the current circumstances and that such exit would be dealt with, quote “in as orderly a fashion as possible” unquote.

The plan does not come as a surprise but the timing may be surprising to most members and investors while negotiations about a severe haircut with the IIF are still ongoing.

What else is new.....

2012-01-30T09:42:00.001-08:00

California is the land of fruit and nuts. Just check their voting records. Good thing Oba mama gets reelected and makes everybody follow their example.

Oh wait, Romney will be different, won't he? Or how about Newt? Hurray, we are saved!

Oh yeah, Romney should win the Democrat vote tomorrow in Florida. We forget that Florida is not the south anymore because of the Latino and Yankee invasion. And the only problem Oba mama has is the Latinos are a solid Republican vote but if the contest is between two liberals.....

The liberal always wins!!!

miltonwolf.com: California's suicide pact continues: Green car edition

You're not smart enough to choose your own health insurance or your own light bulb. Why should your car be any different?

[California Air Resources Board member Sandra Berg] said a lot of work must be done to educate dealers to sell the new generation of cars.

Yeah, that's why California hasn't sold enough electric cars to satisfy their government overseers, because sales people at the dealers lack sufficient education to sell them. Berg has advice...

"Early adopters (of electric cars) are willing to go without heat to save the miles they need to get to their destination, but that is not going to help grow the consumer base," Berg said, referring to the range issues with some current electric vehicles.

That's right, Californians. Shut off your climate control. It's the California way!

There are really only two ways California's statists can achieve this ridiculous new regulation. The first is to appeal to Californians' environmental sensibilities which won't come anywhere close to achieving 1 in 7 cars. The second will be the cruel process of making all other cars prohibitively expensive through taxes (on cars and fuel) and providing Solyndra-like corporate welfare to companies with connections.

Economy definitely picking up....

2012-01-29T17:21:00.001-08:00

Our sales are improving and when I went shopping for a RV they were selling pretty good. Remember, RV's are a luxury and can be a real pain in the ass to sell when the economy dumps so things are cooking in January.

At least, Oba mama will be happy. It's now his fault LOL.

Patty and I were informed at work that the people greeter job is being "fazed out". No one at the door of course, means open season for shop lifters .

After Patty retires I'm getting another job somewhere in the store so I can make a little more money. Maybe department manager so I can have the weekends off and restart my business.

I'm sure I can make more on the weekend and after May 2013, I'll be able to draw Social Security. Working for cash on weekends and getting a check for being a geezer sounds too good to be true!

Like most "experts" who got us into this mess....

2012-01-28T10:27:00.001-08:00

They don't know squat. With Europe in the toilet money comes back home and we boom. Remember Japan, INC. Yea, the Japs would out produce, out earn and transform capitalism and bury us. The money came back here when Japan INC exploded!

Today their economy is so senile they can't fart!

Now we still have these guys in charge and we are still in the dark on how our system works. A fiat money system unlike a gold standard, is much more versatile and as soon as you and I remove our old debt and borrow again the economy will explode because we haven't bought enough to sustain the creation of new wealth that already exist. It takes money and we collectively don't have any.

Reason? We went collectively bankrupt in 2007, 2008 when our economy softened and the smart money went to oil speculation and gas prices crashed our whole economy. Broke dicks can't buy 4 dollar gas and still eat out, buy Harleys and RVs, pay 1000$ a month house payments with 700$ a month car payments, pay 300$ a week child care, or even leave the house!

Remember?

How do you solve bankruptcy? Erase the debts and make sure everyone has an income. (let's not forget drill for oil, baby!)

That was my solution: cut everyone a substantial check and the depression goes away. We will spend every dime and borrow to beat the band.

Politically impossible doesn't mean we didn't have a solution just that Oba mama and the Dems screwed us by listening to their political enemies who have been wrong about our system since Nixon killed the Gold Standard.

$400 rebates for us consumers and trillions for the gang that owns our government and we wallow in the pits for 4 or 5 years. Those trillions should have gone to the people who created it, us!!!

But but inflation! What about hyperinflation?

Did you see any when the Fed and our Treasury pumped 20 trillion or so into the world's banks in the last few years? Only that gas prices started skyrocketing under Bush and gave Oba mama fits now has been falling as we recover. This was not inflation but oil price speculation! By giving the these scums the money you and I paid it back through higher gas prices.

These gangster never pay for their crimes.

Gee were did we hear that little insight? (You can go back through my post to find it)

Did you get any of the money? Did you know that the banks can't give the money away because we are broke and can't pay it back!!!

Read the last sentences a couple of times and see if these people make any sense. The consumers in the world are broke and taxed to the Wazoo. Broke and unemployed can't buy shit.

Hello!

And these genius' solution? Cut the military, cut Social Security, rob the Vets, and screw granny out of her Medicare, fire school teachers and cops. Oh yea, rob people out of their food stamps so the farmers go bankrupt! And let's not forget stealing money from the college kids so they will not be able to sustain a middle class lifestyle because they will be flipping hamburgers for the Chinese tourists .

Get it? We are not talking normal times here.

But the next election will save us if only you vote for the same assholes that got us into this DEPRESSION!

Come back a year or so and read this again.

THE FED IS WORRIED – YOU SHOULD BE TOO | PRAGMATIC CAPITALISM

The Fed is worried, and you should be too. That is the major take-away from yesterday’s FOMC statement, combined with its release of updated projections and Bernanke’s press conference. Despite the market’s cheering of the promise of a near-zero fed funds rate until late 2014 and the prospect of QE3, the Fed is fighting a lonely battle against severe economic headwinds—-and they know it. In answering a reporter’s question, Bernanke made it crystal-clear that he does not believe that the recently optimistic economic releases are sustainable. He has good reason to think so.

The FOMC reduced its current central tendency 2012 GDP growth projection from 2.5%- 2.9% to 2.2%-2.7% and its 2013 number from 3.0%-3.5% to 2.8%-3.2%.

Politics as usual....

2012-01-27T10:21:00.001-08:00

Oba mama has to take care of his paymasters and suck holes, right? Has little, if anything, to do with pleasing the Greens. They only count when the Dem's are raising money and Oba mama has plenty.

But don't try to explain that to them because they think they are important like the conservatives in the Republican party think they count.

Buffett would profit from Keystone cancellation - Washington Times

Warren Buffett, whom President Obama likes to cite as a fair-minded billionaire while arguing for higher taxes on the wealthy, stands to benefit from the president’s decision to reject the Keystone XL oil pipeline permit.

Mr. Buffett’s Berkshire Hathaway Inc. owns Burlington Northern Santa Fe LLC, which is among the railroads that would transport oil produced in western Canada if the pipeline isn’t built.

Did I tell you that Romney can't win in the south...

2012-01-26T09:51:00.001-08:00

If he loses in Florida (he should) Romney is toast no matter how many millions he has. The Tea Party will never support a liberal, will you?

Oh yea, Santorum will quit in a little while and Newt mops up the floor.

2012 Florida Republican Primary - Rasmussen Reports™

Less than two weeks ago, Mitt Romney had a 22-point lead in Florida, but that’s ancient history in the race for the Republican presidential nomination. Following his big win in South Carolina on Saturday, former House Speaker Newt Gingrich now is on top in Florida by nine.

Economy is approaching a new boom...

2012-01-25T09:48:00.001-08:00

Oba mama needs all the help he can get. I think he gets it. And interest rates are at inflation rate for the first time in history.

If you want anything for your future, house, car, RV, etc. get it now because you will remember these rates as the good old days after the next bust.

TRUCK TONNAGE POSTS LARGEST ANNUAL GAIN IN 13 YEARS…. | PRAGMATIC CAPITALISM

While I’m not surprised that tonnage increased in December, I am surprised at the magnitude of the gain,” ATA Chief Economist Bob Costello said. Costello noted that it was the largest month-to-month increase since January 2005.

“Not only did truck tonnage increase due to solid manufacturing output in December, but also from some likely inventory restocking. Inventories, especially at the retail level, are exceedingly lean, and I suspect that tonnage was higher than expected as the supply chain did some restocking during the month.” he said. ”

Missed my deal....

2012-01-24T10:20:00.001-08:00

5th wheel got sold back to the drawing board.

Gee.....I told you so...

2012-01-22T09:59:00.001-08:00

A Yankee can not win in the South (not counting maybe Florida). A Republican can not be elected if he doesn't win the South.

Romney is unelectable to millions of these people!

Even an unknown, Clinton, beat a sitting president,a Yankee carpetbagger, Bush senior in the south!

Not that it matters.

In the meantime, I'm RV shopping for a winter home. Patti needs more room than the last one so I have to look at at least a 36 footer. Better than the one I sold, bigger and prettier. (I wanted a truck camper but I was out voted!)

Anyways, I need a real steal as I want to pay off the car. I like borrowing money and I'm pretty good at wheeling and dealing so wish me luck.

Here's one I'm looking at.

It's a Montana 5th wheel bank repo so maybe I can cut an all cash deal from the credit union and still pay off the car.

Here's the numbers: 6700$ pay off the car, the N.A.D.A value of the Montana is about $21000 so I need an out the door price (includes tax and dealer fees) on the unit of $14000 or less from the RV dealer and then borrow the whole $21000 from my credit union. (you do have a credit union account don't you?)

If you examine my plan you will see that I'm keeping the car free and clear. (Not trading it in!) And my payment will be almost exactly what I'm paying monthly on the car, $200 a month. (21000 borrowed at 12 years at 6.5% equal $ 210 a month and the car is exactly $200 a month). Same payment, new RV, and free and clear car for future borrowing or sale!

Which brings up borrowing sensibly.

Now anyone can get a credit card and spend themselves into bankruptcy but borrowing can be a lot cheaper and safer than that.

Have you ever had a title loan? I have a pickup valued at $9000 by the credit union. I can borrow up to $6000 any day of the week because I have a free and clear title.

(Did I mention the payments can be as HIGH as $108 a month.)

Think I'll have any borrowing problems with 2 free and clear vehicles? And selling them just puts the cash in my pocket!

The main thing to remember is that you only use credit cards to boost your credit score. Not to borrow!

The goal is to boost your score by spending on credit cards and paying them off and proving you are a good risk to the credit union so that you can buy and sell anytime you find a deal.

Read that again. borrowing with title in hand is a matter of a visit to the credit union and signing your name handing over the legal title. If you decide to stiff the lender he has the title and all you have to do is drive it over to the credit union and hand in the keys. (some people are foolish or desperate!)

Or borrow on another vehicle and start over again by paying off any loans you have problems with. I can always take out personal loans and buy 4 wheel drives up here with cash and resell them in the fall. I'm good at negotiating with cash in hand but it's not hard just takes a little bit of balls, knowing the N.A.D.A avg. value an making the offer.

By the way, the N.A.D.A blue book average retail value is the max you can borrow on any vehicle. So make sure you know the N.A.D.A value you are dealing with by going on the web.

Also,reread my plan for the 5th wheel and you will understand that it's not a particular vehicle you need to deal in to do this. Cars, RVs, boats, mobile homes, etc. all have titles and can be used as security. And in a pinch the vehicle can be sold for cash or payments. Which is not a bad plan if you get tired of screwing with it and want something else. (I'm shopping for a nice little yacht next. )

Try it and let me know. Remember, in the long run we are all dead and broke so let 'er rip and enjoy yourself.

P.s I'm thinking I'm good for money for the rest of my life so what are you waiting for?

We assume that the people who got us into this mess...

2012-01-20T12:23:00.001-08:00

Know what they are talking about.

Firing people and destroying households in the process is a stupid thing to do during Depressions. But these genius' will never admit they were wrong because we keep believing they are right because the TV says so and these people who make a living reporting on what the government says never check if it's bullshit or not. (No sense in their losing their jobs).

Again, the following is nonsense: we must balance the budget because it will create hyperinflation and our children will be burdened with higher and higher taxes and it will lower their living standards. (shipping our jobs overseas lowers our living standards)

These people have been preaching this crap for 30 or 40 years that I remember and our tax rates are half what they were!

We would also, according to these these great leaders, all starve to death by 1975, we would be out of oil by 2000 and freeze to death, that Japan's economic miracle would take over the planet, the Soviets would own outer space and piss on our heads, the Ozone hole would kill everybody any minute now if we don't ban spray cans, the Euro would save Europe and we would have to beg them for money, we can save the world from evil Communist even if the world didn't want to be, Republicans would cut the size of government even though it grows faster when they are in charge, Al Gore believes in climate change and not making money scaring dip shits in Hollywood, voting this time will be different because our candidate can put 3 sentences together in a row, and on and on.

And we still fall for more.

Put any nonsense on TV or on the College lecture circuit and simply scare the B' Jesus out of the gullible and out comes the check books and government funds to save us.

The simple truth proven over 40 years or so since Nixon took us off the gold standard for good?

Budget deficits go to the recipients of government spending. These people have the MONEY not the government.

The Federal government has to spend every dime authorized by Congress and approved by the president therefor creating and coining the money as stipulated in our Constitution. The government in Washington can't save money even if Jesus told them to. Because the government does this it is called a deficit because they spent it on us. When they tax it back it reduces the deficit because we no longer have the money and the money disappears from existence.....Income=Outgo.

If this wasn't true we would have 50 or 60 trillion dollars in the last 20 years or so playing hot potato and prices would have exploded and we would simply shoot a few politicians and got some new ones because the only way this could happen is if the Federal government printed these trillions and handed them out in cash.

And when is the last time that happened?

Our government only prints enough cash to handle immediate needs.

In other words, the only cash used by our system is cash that you and I need for small purchases and to replace worn dollar bills.

When we take money out of the bank or change in ruined bills the banks order cash from their account at the Fed and receive the cash to replace the demanded cash. No inflation. No budget busting here. Income=Outgo.

Inflation doesn't come from deficits driving up interest rates or anything else you heard. Interest rates are set by the Fed at their discretion. (Imagine the clowns in Congress in charge of that!)

Our only inflation is coming from the manipulation of our oil supply. I remember Nixon have a hissy fit over 4% inflation and imposed price controls.

Reason, oil price spike after the Israeli's kicked the Arabs asses.

Once Nixon was gone, controls came off and then you have to ask Jimmy Carter about inflation after OPEC and the religious nut jobs in the Moslem countries declared war on us. Ask those of us about inflation in the '80's and how Reagan terrorized the gang in the Middle East and bribed the Iraqis, Egyptians and Saudis with military goodies and raised interest rates through the roof.

Let's not forget no inflation for Clinton. Because of 10$ a barrel oil (Reaganomics anyone?).

Coincidence?

Under our fiat money system it's the budget deficit which funds our military superiority, almost all of our science and medical research, keeps our old people out of the garbage can, educates the next generation, and just about everything else in our modern society and our whole economy will collapse if we slash government spending.

And if anyone thinks that cutting government spending to the bone will solve our economic problems ask him:

Whose check are you going to take away?

My mother's 600$ a month Social Security? How about eliminating both my brothers VA retirement check? I know, let's make sure my wife with Lou Gehrig's disease can't get Medicare so we can save a couple of bucks.

Hey wait, let's bring all of the troops home, fire them and throw them out on the street. Not enough? Think this old voter would vote for that or grab my gun?

You get the idea. Once the benefit is bestowed it is almost impossible to retract.

And we voted for every bit of it!

Reigning in the size of government is a laudable goal and it didn't get done. It can't be done because everyone is in on the take.

We old school conservatives lost the argument. Scaring little old ladies about budget deficits won't work. Sending our jobs overseas didn't work.

And yes the government is too intrusive, too big, and virtually unaccountable. Millions of us voted for it. It's called democracy and there is nothing that can be done to change it without murdering your political opponents and starting a new government.

No thanks. We are the way we are because we want it that way.

And it will stay that way because the system can be tinkered with a little but radical changes, killing Social Security, Medicare, or cutting 10 million or so government jobs or dismantling the Industrial-Military complex ain't going to happen!

Quit listening to the gang in charge on TV!

DEFICITS ARE GOOD DURING A BALANCE SHEET RECESSION | PRAGMATIC CAPITALISM

18 January 2012 by Cullen Roche 13 Comments
Click here to find out more!

He’s had it right all along. Deficits are good during a balance sheet says Richard Koo. Many thought the exploding budget deficit would drive the USA into hyperinflation or even just high inflation. Others said the austerity measures in Europe were going to generate a turnaround. But the one thing we’ve learned from the recent economic downturn is that fiscal deficits during a balance sheet recession are good deficits (via Richard Koo;s latest note):

“This (austerity) is akin to a doctor telling a patient suffering from pneumonia to go on a diet and get more exercise. While exercise is important, it assumes a healthy patient. If the patient is sick, he must build up his strength until he is physically capable of exercising again.

No matter how overweight a patient with pneumonia might be, the doctor’s first task is to give him the treatment he needs to fight the disease. After all, the pneumonia patient can die if treatment is delayed for too long.

Balance sheet recessions, which occur when businesses and households rush to pay down debt in spite of zero interest rates, are a kind of pneumonia. The only way to treat them is for the government to become the borrower and spender of last resort with fiscal stimulus aimed at propping up aggregate demand.

Fiscal deficits during balance sheet recessions are good deficits

Justice is only for the rich....

2012-01-19T10:32:00.001-08:00

But Obama is in on the take so voting for these scum bags is futile.

And what do you think about Santorum getting 34 more votes in Iowa? The establishment already anointed Romney so it will be embarrassing LOL. And the state of Virginia wont let conservatives vote!

Yes, they are all rotten and the system is beyond saving. But vote anyways because then you can bitch that the clowns in Washington need to be thrown out!

Robert Reich (Free Enterprise on Trial)

Wall Street has become the center of riskless free enterprise. Bankers risk other peoples’ money. If deals turn bad, they collect their fees in any event. The entire hedge-fund industry is designed to hedge bets so big investors can make money whether the price of assets they bet on rises or falls. And if the worst happens, the biggest bankers and investors now know they’ll be bailed out by taxpayers because they’re too big to fail.

But the worst examples of riskless free enteprise are the CEOs who rake in millions after they screw up royally.

Near the end of 2007, Charles Prince resigned as CEO of Citgroup after announcing the bank would need an additional $8 billion to $11 billion in write-downs related to sub-prime mortgages gone bad. Prince left with a princely $30 million in pension, stock awards, and stock options, along with an office, car, and a driver for five years.

Stanley O’Neal’s five-year tenure as CEO of Merrill Lynch ended about the same time, when it became clear Merrill would have to take tens of billions in write-downs on bad sub-prime mortgages and be bought up at a fire-sale price by Bank of America. O’Neal got a payout worth $162 million.

Philip Purcell, who left Morgan Stanley in 2005 after a shareholder revolt against him, took away $43.9 million plus $250,000 a year for life.

Pay-for-failure extends far beyond Wall Street. In a study released last week, GMI, a well-regarded research firm that monitors executive pay, analyzed the largest severance packages received by ex-CEOs since 2000.

On the list: Thomas E. Freston, who lasted just nine months as CEO of Viacom before being terminated, and left with a walk-away package of $101 million.

Also William D. McGuire, who in 2006 was forced to resign as CEO of UnitedHealth over a stock-options scandal, and for his troubles got pay package worth $286 million.

And Hank A. McKinnell, Jr.’s, whose five-year tenure as CEO of Pfizer was marked by a $140 billion drop in Pfizer’s stock market value. Notwithstanding, McKinnell walked away with a payout of nearly $200 million, free lifetime medical coverage, and an annual pension of $6.5 million. (At Pfizer’s 2006 annual meeting a plane flew overhead towing a banner reading “Give it back, Hank!”)

Not to forget Douglas Ivester of Coca Cola, who stepped down as CEO in 2000 after a period of stagnant growth and declining earnings, with an exit package worth $120 million.

If anything, pay for failure is on the rise. Last September, Leo Apotheker was shown the door at Hewlett-Packard, with an exit package worth $13 million. Stephen Hilbert left Conseco with an estimated $72 million even though value of Conseco’s stock during his tenure sank from $57 to $5 a share on its way to bankruptcy.

The Republicans had better win.....

2012-01-18T09:15:00.001-08:00

God forbid we let the Democrats raise taxes on the rich!

Am I supposed to give a shit about and vote for a left-wing lying filthy rich guy who hires illegal aliens, fired thousands and ruined their lives and wears magic underwear?

What a joke this election is. Do you see any difference between McCain and Romney's politics?

Sorry. I'm still betting on the black guy.

MILLER: Tax advice for Romney - Washington Times

s decisive victory in New Hampshire Tuesday pushes the Republican primary closer to its finale. While the race isn’t over, the GOP doesn’t tend to like surprise endings. With the tax cuts put in place by President George W. Bush expiring at the end of this year, tax reform is more important than ever. The former Massachusetts governor ought to cement his lead by refining his platform with the best ideas from his competitors.

All the candidates say they want a flatter code, fewer brackets and lower overall rates, but former House Speaker Newt Gingrich led the field with the idea of giving people the option of choosing a 15 percent flat tax instead of the current convoluted system. Texas Gov. Rick Perry also supports an opt-in system at 20 percent. Both would keep popular deductions for mortgages and charity.

Alternatively, former Utah

This bit of insanity ends Barbour political career...

2012-01-17T10:14:00.001-08:00

But he can always get a job with Fox News with the rest of the losers in the Republican party!

Miss. court halts quick release of some pardoned - Washington Times

JACKSON, Miss. — A Mississippi judge has temporarily blocked the release of 21 inmates who’d been given pardons or medical release by Republican Haley Barbour in one of his final acts as governor.

Circuit Judge Tomie Green issued an injunction late Wednesday at the request of Democratic Attorney General Jim Hood.

Hood said he believes Barbour might’ve violated the state constitution by pardoning some inmates who failed to give sufficient public notice that they were seeking to have their records cleared.

Internet out at the house....

2012-01-16T13:05:00.001-08:00

Spent an hour with the tech guys on Verizon's new internet DSL vendor, Frontier. At least I got to speak with an American but he had to go through a bunch of worthless test that I told him were futile.

I figured either my router is out or the phone line.

Bought a router and I could access the router but it couldn't connect so I figured they shut off service, I called and confirmed they had my money so had the tech guy check the line and said I had service coming in.

They are sending me a compatible router as every service uses their own.

I like being right as far as buying a router but with Linux not working I knew it wasn't my computer and I paid, as I pay all my recurring bills, by credit card, so it was either my line or the old router acting up.

These tech guys don't understand that Linux doesn't give a shit if Explorer is working or not. Maybe I know too much about computers and am a pain in the ass but I do know a lot about computers.

I'm still pissed the neighbour moved and I have to pay $30 a month now, LOL.

True, I could tap in my other neighbours, but that means cracking their security and pirating the signal. Yes, I know how but with my luck some smart ass would trace it to my house.

And yes, I can do that too.

What I can't do is check if my data line is receiving a signal or not but that's because I'm Lazy and know how to call a tech guy! LOL

But I am seriously consider moving into a RV during the work week and coming home on the weekend getting free Internet in town. We'll see. Patty won't let me sell out but with her upcoming retirement I need to continue working for 18 more months and get a SS check and go back into business. We don't like these winters but have to put up with it for now so I need to be closer to work.

That means I want her close by while I work to keep an eye on her as she is becoming more disabled every day. I can't afford a caretaker but can get Jeremy to help out if we aren't 30 miles away.

I plan on putting her on a plane next winter to one or the other girls house to visit during the worst of the weather.

We'll see.

These economist are still listened to....

2012-01-14T10:19:00.001-08:00

Not that they have a clue on how are system works. It's a good thing we don't listen to them or our economy would crash, right?

Oh wait! We did listen to them 2006. They were on TV all the time telling the home owner and old geezers their money was safe and nothing could destroy the equity in their houses. And told guys like me we were crazy for not investing in the stock market and not paying off our homes.

People who listened to them are dead broke and homeless or soon will be!

THE MEN & WOMEN PULLING THE LEVERS…. | PRAGMATIC CAPITALISM

Bies, cont. “ However… let me just say that the bottom line is that overall mortgage credit quality is still very, very strong. ”

Yellen, Oct. ’06: “Of course, housing is a relatively small sector of the economy, and its decline should be self-correcting.”

Mishkin, Sept. ’06: “The excesses in the housing sector seem to be unwinding in an acceptable way… I’m actually quite positive.”

Geithner, Sept. ’06: “We just don’t see troubling signs yet of collateral damage, and we are not expecting much.”

Lacker, Sept. ’06: “I’m still fairly skeptical of large indirect spillover effects on employment or consumption.”

Minehan, Sept. 06: “Buyers should recognize housing [is] more affordable & resume purchases, perhaps w/out further major price declines.”

Bies, June ’06: “So I really believe that the drop in housing is actually on net going to make liquidity available for other sectors...”

Fed staff report, June ’06: “We have not seen—and don’t expect—a broad deterioration in mortgage credit quality.”

Bernanke, March 2006: “Again, I think we are unlikely to see growth being derailed by the housing market.”

Iran had 4 nuclear scientist.....

2012-01-13T09:17:00.001-08:00

Who knew? And who cares?

Fourth nuclear scientist in 2 years killed in Iran - Washington Times

JERUSALEM — An Iranian nuclear scientist was killed in a bomb blast in Tehran on Wednesday, just days after the U.N.’s nuclear watchdog agency confirmed that Iran had begun enriching uranium in an underground facility.

The killing marked the fourth assassination of an Iranian nuclear scientist in two years and adds another incident to a series of mysterious explosions at nuclear-related sites that appear aimed to suspend Iran’s drive for atomic power.

As if I needed to be reminded why I'm not a liberal...

2012-01-12T10:32:00.001-08:00

Government is the enemy and must be stopped from taking over every aspect of your life.

P.s I find it amazing that a single cigarette smoker votes liberal!

Who wouldn't enjoy firing these people? - HUMAN EVENTS

The Los Angeles Times recently reported that, after a spate of burglaries at a veterans hospital in California several years ago, authorities set up video cameras to catch the perpetrators. In short order, nurse's aide Linda Riccitelli was videotaped sneaking into the room of 93-year-old Raymond Germain as he slept, sticking her hand into his dresser drawer and stealing the bait money that had been left there.

Riccitelli was fired and a burglary prosecution initiated. A few years later, the California Personnel Board rescinded her firing and awarded her three-years back pay. The board dismissed the videotape of Riccitelli stealing the money as "circumstantial." (The criminal prosecution was also dropped after Germain died.)

But surely we'll be able to fire a government employee who commits a physical assault on a mentally disturbed patient? No, wrong again.

Psychiatric technician Gregory Powell was working at a government center for the mentally retarded when he hit a severely disturbed individual with a shoe so hard that the impression of the shoe's sole was visible on the victim three hours later. A psychologist who witnessed the attack said the patient was cowering on the couch before being struck.

Powell was fired, but, again, the California Personnel Board ordered him rehired.

Now, let's turn to New York City and look for any clues about why it might be the highest-taxed city in the nation.

For years, the New York City school budget included $35 million to $65 million a year to place hundreds of teachers in "rubber rooms," after they had committed such serious offenses that they were barred from classrooms. Teachers accused of raping students sat in rooms doing no work all day, still collecting government paychecks because they couldn't be fired.

Ah the good old days....

2012-01-11T11:13:00.001-08:00

Reminds me when I was in business in the early 2000's . If we had National Healthcare or when I qualify for medicare I'm going back into my business.

How the Informal Economy Could Help Save the Rest of It - Robert Neuwirth - Harvard Business Review

The idea that an itinerant New York City candy vendor pulls in $150 a day ought to have spawned one of the great feel-good financial news stories of 2011.

Here are the details: for almost a decade and a half, Alex McFarland, known as "Tracks" to his buddies, has been an underground man, a subterranean entrepreneur, roaming through the subways catering to people's need for a sugar buzz at a dollar a pop. Alex's daily haul would put his gross yearly salary at between $40,000 and $55,000 (depending on whether he takes weekends off) — which means he earns as much as an assistant store manager at Walmart or Target.

Alex's story, told in a video by Bianca Consunji, slipped onto the web in October — and this tale of bootstrap economics inspired additional reports on the CBC (Canada's public broadcasting system) and even on a Taiwanese news blog. But here in the U.S. of A., though New York Magazine and Gothamist offered links to the video, most of the MSM met the story with a great wall of silence.

This is some of the stuff that pisses me off....

2012-01-10T11:20:00.001-08:00

A study simply says that 1 out of 3 smokers relapse....Duh!

They should of asked me I could have saved them the effort. I quit 3 times before it stuck. I didn't need drugs. But if you do..go for it!

Being a slave to a multibillion corporation is silly! They feed of your body!

Nicotine patches, gum won't help smokers quit for good: Study - HealthPop - CBS News

For the study, researchers at Harvard School of Public Health and the University of Massachusetts Boston followed 787 adult smokers in Massachusetts who had recently quit smoking. They asked whether the participants had used a nicotine replacement therapy - including nicotine patches, gum, inhalers or nasal sprays - to help them quit, and if they had, for how long. Participants were also asked if they had received help from a quit-smoking program, doctor, counselor or other professional.

What did the study show? Almost one third of quitters relapsed. And the relapse rate was the same for those who used nicotine therapies for more than six weeks and those who didn't - with or without professional counseling. Whether the participants were heavy or light smokers made no difference either on the therapies' effectiveness.

"This study shows that using NRT is no more effective in helping people stop smoking cigarettes in the long-term than trying to quit on one's own," study co-author Hillel Alpert, a research scientist at Harvard Medical School said in a written statement. He added that even though some earlier studies have found the therapies to be effective, those studies didn't always factor in the general population.

The study was published in the Jan. 9 online edition of Tobacco Control.

According to Greg Connolly, director of the center for global tobacco control at the Harvard School of Public Health, nicotine therapies are not meant to help smokers quit forever. They are "designed to treat withdrawal, which is a symptom that occurs from stopping to probably six months, and then it usually ends," he told CNN.

If nicotine therapies don't work, what does? Study co-author Dr. Lois Biener, a senior research fellow at the University of Massachusetts in Boston said in the statement that earlier studies have shown media campaigns, no smoking policies, and tobacco price increases are effective smoking cessation tactics for the general population.

Dr. Steven Schroeder, director of the smoking cessation program at the University of California, San Francisco, told WebMD the study is "a useful reminder that there are many ways to help smokers quit and we shouldn't over-emphasize nicotine replacement therapy."

Statistics from the Centers for Disease Control and Prevention show that adult smoking rate decline and quitting rates have stalled in the past five years.

Iran threatens to close the Straights of Hormuz...

2012-01-09T11:49:00.001-08:00

Yes....they are too nuts. Our navy has said we will not tolerate such a move.

Sounds like war to me.

In 2012, Obama wont hesitate to kick their asses because we own or control most of the stuff and screwing with our economy can't be tolerated.

Whether it happens or not is up in the air but people in the Middle East are not famous for common sense.

No War For Oil: US Dependency And The Middle East - OpEd

The one prominent issue that both American political parties can seemingly agree on is that the U.S. should be less dependent on foreign oil. And Santa Claus has apparently listened and granted their wish. The United States is in the midst of a mini-oil boom, which has reversed, at least temporarily, the country’s increasing dependence on foreign sources of oil. Oil extracted from shale deposits in North Dakota, Montana, and Texas has reversed years of decreasing American oil production, leading to increased domestic extraction and thus reducing dependence on overseas oil from 60 percent of U.S. consumption in 2005 to a little less than half now. Add to this the exports from Canada of oil from tar sands for refining in U.S. refineries (some of which will come through the future Keystone pipeline), and the United States will be, for the first time since 1949, a net exporter of petroleum products, such as jet fuel, gasoline, diesel fuel, and heating oil.

Shouldn’t the two parties pat themselves on the back? After all, under their stewardship, aren’t we reducing dependence on the terrorist nations and dictatorships of the Persian Gulf? Not really. Dependence on foreign oil is not the problem that conventional wisdom makes it out to be. As a corollary, all the wars we have fought over oil—for example, two with Iraq and the threat of such with Iran—have been largely unnecessary and immensely expensive

I'm kind of getting used to being right.....

2012-01-08T10:24:00.001-08:00

The world is a wash in American money and even foreign money is coming here. The government will soon charge these guys a few to buy our bonds, LOL.

Mike Norman Economics: Treasury auction 7-times oversubscribed, interest rate, ZERO!

Treasury auction 7-times oversubscribed, interest rate, ZERO!

Treasury just auctioned off $30 billion of bills at a rate of ZERO and it was nearly 7 times oversubscribed!!!!!!!!!

Yet they keep telling us that the deficit and debt will cause rates to spike!!

When will they wake up??

S&P, PLEASE DOWNGRADE THE US CREDIT RATING AGAIN SO THAT 10-YEAR YIELDS CAN GO TO 1%! PLEASE!!!!!!!!!!!!

These people can't be taken seriously......

2012-01-07T10:54:00.001-08:00

We've had years of conservative Congresses and Presidents and out budget deficits are ewver increasing. Probably because the economy is growing thanks to governemnt spending!

Please read my comment under Gary Causer at the end of the article.

The Federal Balance Sheet Understates Our Problem

In Washington, if you want to make something public while minimizing press attention, you should release it on a Friday. The current Administration topped that by issuing the consolidated financial statements of the U.S. Government, which included the Government Accountability Office's (GAO) related independent audit report on the Friday before Christmas when the public was focused on the holiday season and key policymakers were either headed out of town or already gone.
The report was simply posted on the Internet and provided to the press on request and without any press briefing. Thus, on December 23, 2011, federal policymakers once again demonstrated their lack of desire to promote public awareness and understanding regarding the federal government's deteriorating financial condition and bleak longer-term fiscal outlook.
In fairness, previous Administrations have not given the release of the federal government's annual financial report as much attention as it deserves, but this year's action was unparalleled. As a result, the press and the media have been "Missing in Action" with regard to reporting on this year's dismal annual report.

Tracy and family here....

2011-12-29T18:57:00.001-08:00

My daughter and her family arrive from Tampa so we have a whole week together. Patti is very happy!

Again it will stop when it stops...

2011-12-28T09:04:00.001-08:00

It's all about affordability, jobs, and confidence. As I've posted a year or so ago, when housing bottoms people will buy and the boom is on.

Unfortunately, every boom leads to a bust and each bust will be worse than last because the system is rotten and no one was punished this time. As soon as they can the gang will speculate and lie the economy into bust again.

At least we don't live in Spain. Their housing starts fell 44% last month so the European economy is tanking and money is flowing here. 2012 is going to be a bitch for these guys.

CASE-SHILLER: HOME PRICES FELL 3.4% YEAR OVER YEAR | PRAGMATIC CAPITALISM

“Data through October 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed decreases of 1.1% and 1.2% for the 10- and 20-City Composites in October vs. September. Nineteen of the 20 cities covered by the indices also saw home prices decrease over the month. The 10- and 20-City Composites posted annual returns of -3.0% and -3.4% versus October 2010, respectively. Fourteen of the 20 MSAs and both Composites saw improved annual returns compared to September’s data. Miami saw no change in annual returns in October; while Atlanta, Detroit, Las Vegas, Los Angeles and Minneapolis saw their annual rates worsen. At -11.7% Atlanta posted the lowest annual return. Detroit and Washington DC were the only two cities to post positive annual returns of +2.5% and +1.3%, respectively.

…

I posted my opinion a couple of years ago...

2011-12-27T10:15:00.001-08:00

We are awash in oil. Trillions of barrels are under the shale rock deposits in Pennsylvania, Ohio, and W. Virginia.

We just can't drill for it!

But not to worry, the economy will start booming to save Oba mama and we still wont be able to drill for it unless the Repubs control Congress.

And all the politicians will have to fight about some thing else because there will be no budget cuts just slower increase in the budget as the economy growing precludes the necessity of "draconian cuts" in hand outs.

Econbrowser: U.S. net exports of petroleum products

U.S. net exports of petroleum products

One big story of 2011 was the United States switched from being a net importer to a net exporter of petroleum products. Here are the details behind that development.

The graph below plots the difference between U.S. exports and imports of petroleum products. On average in 2008, we had been importing about 1.8 million barrels per day more than we exported. So far in the second half of 2011, the difference has swung to an average positive net export balance of 0.4 million barrels per day. The exports are coming in the form of diesel and gasoline that is being sold all over the world, with the top 10 buyers in terms of growth of demand for U.S. products being Mexico, Netherlands, Chile, Canada, Spain, Brazil, Guatemala, Turkey, Argentina, and France.

Now just wait until July and we get a clear night....

2011-12-26T17:41:00.000-08:00

I still hate Xmas.....

2011-12-24T10:25:00.001-08:00

Xmas day is OK but the rest, You keep it. The store's nuts and we all have just about had it. I more shopping day.

Patti is doing her best to enjoy it as it could be her last that she will be able to participate in as her disease cripples her more and more until she will be helpless.

I did find an excellent explanation of or fiat money system who does a better job explaining it than I usualy do.....

–Why federal debt is not debt, and federal borrowing is not borrowing « #Monetary Sovereignty – Mitchell

magine you are the only person in the world and your bank is the only bank in the world. Your checking account has a balance of $1,000, which represents all the dollars in the world. For whatever reason, you now wish to borrow $2,000 from your bank. Can you do it?

Yes, if your bank has a 20% fractional reserve lending limitation, it can lend up to $5,000, in a series of steps described at Fractional Reserve Banking.

Where will the bank get that $2,000? From nowhere. Money does not exist in any physical form. All your money – all anyone’s money – is just numbers on a bank statement. Changing those numbers changes the amount of money you own. When a bank lends money, it creates those dollars, by marking up checking accounts. Personal borrowing creates dollars.

Then, when you pay down the loan, you destroy the dollars your bank previously created.

Contrast that with the way our federal government “borrows,” i.e. creates “debt.” Federal “debt” is nothing more than the total of all outstanding Treasury securities, among which are T-bills, T-notes and T-bonds.

Anyone can “lend” to the federal government. If you wish to lend $1,000 to the government, you purchase a T-bill. The process is this: First, you deposit $1,000 in your checking account, i.e. your bank marks up the numbers in your checking account by one thousand. Then, the federal government instructs your bank to mark down the numbers in your checking account by one thousand, while simultaneously marking up the numbers in your T-bill account by one thousand (ignoring, for the sake of illustration, interest).

The simultaneous mark down of

Read the whole post.....

2011-12-23T10:55:00.001-08:00

Then read my response on the bottom.

The Center of the Universe » Blog Archive » Monetary Theory, Crony Capitalism and the Tea Party

Dec 21 (CNBC) — The past few years have taught us a lot about the effects and operations of monetary policy in the United States.

The Federal government responded to the economic downturn by spending enormous amounts and Federal Reserve responded to the financial crisis with an enormous expansion of its balance sheet — what the proles call “printing money” — and both occurred without any attendant inflation or giant soaring of interest rates.

The so-called “bond vigilantes” turned out to be mythological creatures, at least as far as U.S. federal debt is concerned. Even the crisis over the debt ceiling and the downgrade of the U.S.’s credit rating only lead to lower interest rates.

The left whining about Oba mama....

2011-12-22T10:51:00.001-08:00

These people believe that if they would just vote for the right guy then we would enter left-wing Nirvana. Of course, my son on the right believes the same thing about the Republicans.

After a few more decades it will dawn on them that they are full of it!

But the Romans, especially old Cicero, was of the same mind. He was strangled for his credulity.

Any ways, why would any president with 15 security agencies sworn to serve him and 737 military bases in about 120 countries or so have to pay attention to these gnats. He has enough fire power in one, repeat one, aircraft carrier task force (he has 12) to take out any country on the planet.

He can commit a felony in front of us on TV and still keep his job and make millions after he retires with impunity. (right Bill?)

And today he can arrest Americans and put them in prison with a charge terrorism and lock them away forever without lawyer or trial.

But Empires are always on the world scene and as long as the average guy can eat and pay his bills it will continue because we ain't pissed enough. And that's the bottom line with these guys........ Not to be murdered!

Because what else does the frustrated among us have against real and imagined tyranny?

And today everybody worries that we won't get to keep our 10$ a week Oba mama tax cut when they gave millions to their cronies on Wall Street.

But not to worry. The left will all turn in lockstep and vote for him again.

YES, THEY WILL!

The Zenith of Civil Libertarian Anger at President Obama - Atlantic Mobile

On the eve of 2012, President Obama is facing a backlash from civil libertarians that is more widespread and intense than anything he's yet seen. He has previously been subject to complaints about his war on whistleblowers, the humanitarian and strategic costs of his drone war, the illegality of the war he waged in Libya, his use of the state secrets privilege, his defense of Bush-era warrantless wiretapping, and his assertion of the power to kill American citizens accused of terrorism. But news that Obama plans to sign rather than veto a bill enshrining indefinite detention into U.S. law and failing to exempt American citizens is provoking unprecedented ire.

The significance of the backlash is perhaps best understood by looking at what people and organizations who supported Obama's 2008 bid for the presidency are saying about his actions now. The head of the ACLU's legislative office insisted that Obama is poised to damage "both his legacy and American's reputation for upholding the rule of law," and noted that "the last time Congress passed indefinite detention legislation was during the McCarthy era."

Kenneth Roth of Human Rights Watch says that "By signing this defense spending bill, President Obama will go down in history as the president who enshrined indefinite detention without trial in US law." Says the New York Times editorial board: "Mr. Obama refused to entertain any investigation of the abuses of power under his predecessor, and he has been far too willing to adopt Mr. Bush's extravagant claims of national secrets to prevent any courthouse accountability for those abuses. This week, he is poised to sign into law terrible new measures that will make indefinite detention and military trials a permanent part of American law. This is a complete political cave-in, one that reinforces the impression of a fumbling presidency."

You wonder what the 23 per cent are smoking?.....

2011-12-21T10:52:00.001-08:00

Too much TV, I guess. Or too much modern education. We care more about 16 year old Justin Bieber's life story or the many Kleptomaniacs we are breeding and sending to Hollywood.

Hey Robert, Congress is going to give my wife and 8 bucks a week a piece to spend as they steal my future Social Security check.

Write about something useful, why don't you?

Robert Reich (The Defining Issue: Not Government's Size, but Who It's For)

In a recent Pew Foundation poll, 77 percent of respondents said too much power is in the hands of a few rich people and corporations.

That’s understandable. To take a few examples:

— Wall Street got bailed out but homeowners caught in the fierce downdraft caused by the Street’s excesses have got almost nothing.

— Big agribusiness continues to rake in hundreds of billions in price supports and ethanol subsidies. Big pharma gets extended patent protection that drives up everyone’s drug prices. Big oil gets its own federal subsidy. But small businesses on the Main Streets of America are barely making it.

— American Airlines uses bankruptcy to ward off debtors and renegotiate labor contracts. Donald Trump’s businesses go bankrupt without impinging on Trump’s own personal fortune. But the law won’t allow you to use personal bankruptcy to renegotiate your home mortgage.

— If you run a giant bank that defrauds millions of small investors of their life savings, the bank might pay a small fine but you won’t go to prison. Not a single top Wall Street executive has been prosecuted for Wall Street’s mega-fraud. But if you sell an ounce of marijuana you could be put away for a long time.

Not a day goes by without Republicans decrying the budget deficit. But the biggest single reason for the yawning deficit is big money’s corruption of Washington. And it’s not just corporate welfare.

One of the deficit’s biggest drivers — Medicare – would be lower if Medicare could use its bargaining leverage to get drug companies to reduce their prices. Why hasn’t it happened? Big Pharma won’t allow it.

Happy birthday, baby....

2011-12-20T11:58:00.001-08:00

The 41st birthday we have celebrated together.

The Fed was suppose to bankrupt the economy, remember?

2011-12-20T11:04:00.001-08:00

Every thing you have been told about our budget is a lie. The gang who runs our world wants our SS and VA money to gamble with on Wall Street and they will tell you anything to get it!

To scare the fuck out of us and get more money into their Ponzi schemes on Wall Street they invent nonsense about budget deficits and we have to be nice to rich people or they will take their money and hide it somewhere and all our children and grandchildren will have to sell pencils on the street and eat dirt.

No really, you just have to listen to these nut jobs!

Did they tell you we run deficits and the people end up employed and if we cut deficits we lose our jobs? Just where do they think these deficits go? It's paid by the government to all of us. We spend the money and the government taxes it back.

Deficits exploded because the Republicans cut taxes on the rich and the Democrats kept spending. Meaning that we ended up with too much cash floating around the world and driving up the prices of houses, oil, gold. etc. then the shit hit the fan and we lost our jobs, houses, credit, small businesses, etc. resulting in millions receiving unemployment, food stamps, heat and housing subsidies, temporary government jobs etc. etc. But the money is in our bank accounts, mattresses, IRA accounts on Wall Street, and consumer goods.

Too complicated?

Must be because a lot of people are voting for more as the world falls into depression and soon they will be murdering each other for "stealing their children's future" or something. Just ask my dad's generation of what the world went through the last time this happened.

And as I have been saying the money is coming back here as Europe dissolves in bankruptcy and the big money boys are looking for safety.

Called U.S. bonds this money is financing the next boom and leading to the next bust.

Anyone think this has never happened before?

Get your head out of your ass because under our fiat money system the rich guys who buy our politicians are going to crank up the printing presses to save their asses. And their flunkies in Washington are desperate to destroy Social Security and Medicare because big business wants a piece of this money and we are screwed!

And voting either party is pointless. They all agree we must pay for this.

And we will!

Mike Norman Economics: Fed "prints" $29 trillion. Dollar goes up!!

Fed "prints" $29 trillion. Dollar goes up!!

Peter Schiff, where are you?

Jimmy Rogers, are you awake?

Marc Faber, hello??

Laurence Kotlikoff, Ken Rogoff, Standard & Poor's, where have you all gone???

Ron Paul????

Rick Santelli?????

So we now find out, thanks to researchers at the UMKC, that the Fed "printed" over $29 trillion in the past three years (see prior post) and the dollar went...up???

Don't believe me? Have a look see:

So where have all these dollar bears gone? Why isn't anybody calling them out??

Their bogus dogma about "money printing" and "currency debasement" is about as flat as all the flat world theorist claims 500 years ago.

Time to wake up and relegate these clowns to the dustbin of failed economic theories. Time for everyone to get on board with MMT.

Oh yeah, I forgot to mention...Treasuries surged over that course of time!

Should we tell ol' Krugman?....

2011-12-19T10:41:00.001-08:00

Money, Paul. Lot's of (campaign) bribe money, duh!!!

Ron Wyden, Useful Idiot - NYTimes.com

Oh, and if someone starts talking about how the Affordable Care Act relies on private insurers, give me a break; the reason the ACA works the way it does is the raw power of the insurance industry, which forced advocates of universal coverage to settle for an inferior system. I still think that deal was worth doing, but there’s no reason to take Medicare, which does it right — or at least closer to right — and degrade it into a worse system.

So why would anyone who isn’t a right-wing ideologue propose that kind of degradation? Inquiring minds want to know.

Should we tell him?....

2011-12-17T10:17:00.001-08:00

It's too late Bernie. Might as well get the money while it's there because the republic is dead when the big money boys can buy any legislation they want.

Watch Oba mama fold on this pipeline. Yes he will!

And your SS check is on the table!! They want your money to gamble with on Wall Street. They'll get it, of course.

Bill Boyarsky: Bernie Sanders Explains Why Congress Fears Citizens United - Bill Boyarsky's Columns - Truthdig

As the nonpartisan campaign finance watchdog The Center for Responsive Politics said of Citizens United, it “has profoundly affected the nation’s political landscape” and resulted in “unprecedented political spending. Secret donors. New ways for unions and corporations to spend money on politics.”

With Barack Obama and the Republican presidential candidates collecting huge amounts of money and attention, Sanders focused instead on the Senate and the House, a real public service.

Noting that the six largest banks on Wall Street have assets equal to 65 percent of the national gross domestic product, he asked what happens in Congress “when an issue comes up and impacts Wall Street … to break up these huge banks and members walk up to the desk and have to decide [whether] to vote against it with full knowledge that if they vote against the interest of Wall Street that two weeks later there may be ads coming down into their state attacking them. Every member of the Senate, every member of the House, in the back of their minds, will be thinking … ‘If I cast a vote this way, if I take on the big money interest, am I going to be punished … will a huge amount of money be unleashed in my state?’ Every member knows this is true. It is not just taking on Wall Street, maybe it’s taking on the drug companies, maybe it’s taking on the private insurance companies, maybe it’s taking on the military-industrial complex. … You’re going to think twice about how you cast that vote.”

Christopher Hitchens, my favorite atheist, RIP...

2011-12-16T10:39:00.001-08:00

Outspoken and outrageous: Christopher Hitchens - CBS News

(speaking of religion)

"It is the wish to be a slave. It is the desire that there be an unalterable, unchallengeable, tyrannical authority, who can convict you of thought-crime while you are asleep. A celestial North Korea," Hitchens said.

And Graydon Carter, the editor of Vanity Fair, is a longtime Hitchens employer, having assigned him to write about everything from what it's like to get a complete spa makeover to what it's like to be kidnapped and water-boarded.
(On water boarding)

Hitchens quickly concluded that the latter was definitely torture, although the bikini wax was more painful.
(Princess Diana)
"Well, there's a horrible joke about a landmine, yes," Hitchens acknowledged. "She was in Angola on her landmine campaign, and there was a hushed, reverent BBC commentator. And he said, 'The thing about mine fields is that they're very easy to lay, but they're very difficult and dangerous, and even expensive to get rid of' - the perfect description of Prince Charles's first wife."
(ET contact)
"My own view is that this planet is used as a penal colony, lunatic asylum and dumping ground by a superior civilization, to get rid of the undesirable and unfit. I can't prove it, but you can't disprove it either." - God Is Not Great

(And Let's not forget Mother Teresa the "fanatical dwarf")
"[Mother Teresa] was not a friend of the poor. She was a friend of poverty. She said that suffering was a gift from God. She spent her life opposing the only known cure for poverty, which is the empowerment of women and the emancipation of them from a livestock version of compulsory reproduction. And she was a friend to the worst of the rich, taking misappropriated money from the atrocious Duvalier family in Haiti (whose rule she praised in return) and from Charles Keating of the Lincoln Savings and Loan. Where did that money, and all the other donations, go? The primitive hospice in Calcutta was as run down when she died as it always had been—she preferred California clinics when she got sick herself—and her order always refused to publish any audit. But we have her own claim that she opened 500 convents in more than a hundred countries, all bearing the name of her own order. Excuse me, but this is modesty and humility?"
If there is a Heaven I hope he's laughing his drunken ass off?

Technorati Tags: Cristopher Hitchens. atheist, Mother Teresa

Divergence?....

2011-12-15T10:21:00.001-08:00

Looks like I am right. Money is starting to pour in from Europe. If it continues we will boom then bust big time as nothing has changed since the last bust.

I've stock piled food just in case even though I'm not a "prepper"
you just never know!

In the mean time, this election is getting bizarre. Is this the best we can do?

VIX & EURO SWAP SPREADS – TWO DIVERGING RISK INDICATORS | PRAGMATIC CAPITALISM

This divergence is puzzling. Fundamentally it expresses a “decoupling” between risks in the US equity markets and risks in the EUR interbank funding markets. That decoupling is difficult to imagine because should there be a funding problem among European banks, it will definitely translate into risks in the equity markets.

Nevertheless the market is telling us that participants are pricing these two risks differently with continuing credit tightness in Europe not necessarily translating into a significant slowdown in the US corporate sector. For those who feel the fundamentals don’t justify such divergence, there is a trade in there somewhere.

What should Congress do about the payroll tax...

2011-12-14T10:41:00.001-08:00

Give it all back to us and let us spend it. We need the money in our hot little hands to restart the economy. That's what "lack of demand" means.

the public is broke and cutting their income is stupid.

By the way, Congress just approved $518 for Defense so the only cuts planned are my Social Security and my wifes Medicare. Oh yes, they might as well grab some of the VA money to because the clowns in Washington wouldn't want our Vets to think they are special.

Did you hear they want to cut the salaries in the Congress? Didn't think so. How about chauffeurs are they going to be cut? Anyone going to give up their bribe money?

And what do the pygmies running for president say they're going to cut?

Not to worry I'm betting on the black guy who doesn't have a bunch of ex wives waiting to be interviewed!!!

The left asked for it...

2011-12-13T09:48:00.001-08:00

You want regulation you got regulations. Soon only the big boys can stay in business. They in turn buy the politicians to keep it that way. You t6hink they are going to hire Americans? As for new company formation.....

New guys drop dead!

Dear Left: Corporatism Is Your Fault | Bleeding Heart Libertarians

Dear Left: Corporatism Is Your Fault
By Jason Brennan On November 29, 2011

I’m not usually one for polemics. But sometimes polemics is called for. Here goes.

Dear members of the moderate left,

America is suffering from rampant, run-away corporatism and crony capitalism. We are increasingly a plutocracy in which government serves the interests of elite financiers and CEOs at the expense of everyone else.

You know this and you complain loudly about it. But the problem is your fault. You caused this state of affairs. Stop it.

Unlike we libertarianish people, you people actually hold and have been holding significant political power in the US over the past 50 years. What have you done with this power? You’ve greased the corporatist machine every chance you’ve gotten. You’ve made things worse, not better. Our current problems are your fault. You need to stop.

We told you this would happen, but you wouldn’t listen. You complain, rightly, that regulatory agencies are controlled by the very corporations they are supposed to constrain. Well, yeah, we told you that would happen. When you create power—and you people love to create power—the unscrupulous seek to capture that power for their personal benefit. Time and time again, they succeed. We told you that would happen, and we gave you an accurate account of how it would happen.

Uh....Duh!!!!............

2011-12-12T09:32:00.001-08:00

Can't prosecute the guys who bought Oba mama can we? Where's the justice in that?

Mike Norman Economics: Wall Street off the hook on criminal charges?

Wall Street off the hook on criminal charges?

Though often blamed with making the calls that led the country to the brink of collapse, financial executives likely won't face criminal charges for their practices during the financial crisis, according to a former top U.S. investigator.

The Justice Department has decided that prosecution of financial executives is "better left to regulators" to take civil-enforcement actions, David Cardona, who was a deputy assistant director at the Federal Bureau of Investigation until last month, told the Wall Street Journal.

Told you so......

2011-12-11T11:18:00.001-08:00

All that money sloshing around the globe will be pouring in as the nut jobs in Europe destroy their economy with "austerity" the code word for fucking over the middle class to keep the rich on top!

American Economy Rebounding as Investor Favorite in Global Poll - Businessweek

More than two in five of those surveyed -- 41 percent -- identify the U.S. as among the markets that will perform best over the next year. That’s up from less than one in three who felt that way in September and is the biggest percentage for the U.S. since the survey began in October 2009. It’s also almost double that of the next two top-rated markets, Brazil and China, according to the quarterly Bloomberg Global Poll conducted Dec. 5-6 of 1,097 investors, analysts and traders who are Bloomberg subscribers.

The U.S. “may not be in the best shape ever, but compared to others it should outperform,” Alexis Laming, a poll respondent and associate director for Arab Bank (Switzerland) Ltd. in Geneva, says in an e-mail. It has “good growth potential for next year.”

Less than a quarter of investors say they expect the U.S. to relapse into recession within the next year, according to the poll. In September, half those surveyed forecast a U.S. economic contraction within that time frame.

U.S. respondents are more optimistic about the American market than their counterparts overseas: More than half pick it as a best-performing market for 2012 compared with a third of non-U.S. investors who do the same.

Treasuries Safest

Investors also give a vote of confidenc

You have to understand how our system works.....

2011-12-10T08:26:00.001-08:00

Then none of the gang can steal your future. The scam is to get your Social Security money into Wall Street. More bullshit is repeated then the deficit is coming to steal your kids future and we all most become paupers to prevent it.

Notice that all the "cuts" come out of our asses but the big shots get to keep all of their money. And their kids get into the best schools and never have to worry about getting a job. Just ask Chelsy Clinton how a kid fresh out of school can land a 6 figure job with NBC.

Oh yea, did you see how they got rid of Cain, the only one who could beat Oba mama? He wasn't part of the gang so he's toast.

You don't suppose the fix is in do you?

#Monetary Sovereignty – Mitchell

The future is mortgaged, the nation’s youth sold out.

Another lie, #5, by implication. Our Monetarily Sovereign government has no difficulty servicing its debt, taxes do not pay for the debt, and the nation’s youth do not owe the federal debt. So, what does “the future is mortgaged” mean? No one knows. Just lying scare words.

But I’ll tell you what does sell out our the nations youth: Reductions in Social Security and Medicare – reductions the 1% wish to foist on the population. That’s money our children and grandchildren never will see, because the wealthiest don’t want you to have the power money brings.

Take away tax deductions for mortgage interest. Jack up the retirement age for Social Security.

These are just a few of the efforts the Tribune supports. Notice, there is no effort to take away the tax deductions for corporate interest. Oh, no. That would affect the 1%. But eliminating the mortgage interest deduction, and reducing Social Security, both depended upon by the middle class, that’s “big” and “bold” in Tribune-speak.

After months of talks, the bipartisan team of lawmakers failed to reach a deficit reduction agreement with the modest goal of cutting only $1.2 trillion over 10 years – a minor fraction of the expected deficits . . . Put this nation back on track. Think big.

When the Tribune says, “Think big,” it actually means to cut the money supply, not by $1.2 trillion but by $4 trillion, most of that coming from Social Security, Medicare and Medicaid, lifelines for the 99%. That $4 trillion is not a “minor fraction” of anything. It’s dollars coming right out of your pocket.

If the idea is to wait until the 2012 election before acting, we’re appalled. Every wasted minute puts Americans and their government deeper in the hole. The same hole in which several vastly overspent, overborrowed people and governments of Europe already wallow.

This is the whopper of whoppers. Lie #6: Americans are “in the hole” specifically because their government is not enough “in the hole.” Remember this equation:

Federal Deficits – Net Imports = Net Private Savings.

It says, very simply, that increasing Federal Deficits increases Net Private Savings. This is not theory or even hypothesis. It is a basic accounting fact of federal financing. So if you want your savings reduced, as the Tribune does, then reducing federal deficits is the path.

Crooked is as crooked does...

2011-12-09T12:05:00.001-08:00

What counts as "inside information"?

Nothing like lying to start the day....

2011-12-08T09:31:00.001-08:00

European nations are not sovereign in their own currency. Therefor, they are screwed. And just like in 1945, we'll have to bail them out because our ruling elites are up to their necks with the rest of the criminals ruling our world.

–Two headlines revealing the pro-rich, anti-middle, anti-poor austerity efforts of the media « #Monetary Sovereignty – Mitchell

“Europe wept, still cut the debt”

The editorial goes on to say:

. . . Europe is starting to show the U.S. how to put an overspent, overborrowed economy back on track.

The key is establishing a credible plan to get out of debt . . . Announcing necessary cuts to an unaffordable pension system on Sunday, (Italian Welfare Minister Elsa) Fornero got choked up. She started to explain at a press conference, that Italy’s government had no choice but to require shared sacrifice.
[...]
What we wouldn’t give to see the cast of characters running Washington and Springfield take ownership of the financial mess they’ve put us in, and take action to get us out before we’re in as dire straits as Italy.

Some of you already may have puked at the implied and actual disinformation in this editorial. For the rest of you, let me explain.

Because the U.S. federal government is Monetarily Sovereign in the dollar, it can fund any amount of spending in its sovereign currency, without taxes or borrowing, limited only by inflation. Italy is monetarily non-sovereign. It uses the euro, over which it has no control. Two, diametrically opposite situations, requiring opposite action.

Like Italy, the U.S. states, counties and cities are monetarily non-sovereign, which is why they can have the difficulty paying their bills — a difficulty the federal government never has.

In short, any comparisons between the U.S. financial position and Italy’s are false — outright lies intended to deceive you in the 99%.

And as for “shared sacrifice,” what

Exactly my point....

2011-12-07T11:02:00.001-08:00

Both parties are corrupt and criminal.

Read the whole piece....

Davos World Economic Forum – For Bloggers | Focusing on how psychopaths & 'semiopaths' hijacked economics & our economy.

Both parties have been captured. Blaming each other’s party or swapping parties isn’t a solution because there is only one party and that is the ultra elite party. If you can’t rob clients of 3 billion dollars or steal 10 trillion dollars (and counting) from taxpayers you aren’t in the party – you are instead their food.

“Give me control over a nation’s currency and I don’t care who makes the laws”~Mayer Amschel Rothschild.

This didn’t happen yesterday. Watching this video you can see the former Chief Executive Officer of Merrill Lynch telling President Reagan to “Speed it up, and Ronnie responds, “Oh, okay.”

How's reform working out for you?.....

2011-12-06T10:57:00.001-08:00

Oops! my bad There hasn't and won't be any reform and the next crash will be worse than the last.

6 Shocking Revelations About Wall Street's "Secret Government" | Economy | AlterNet

We now have concrete evidence that Wall Street and Washington are running a secret government far removed from the democratic process. Through a freedom of information request by Bloomberg News, the public now has access to over 29,000 pages of Fed documents and 21,000 additional Fed transactions that were deliberately hidden, and for good reason. (See here and here.)

These documents show how top government officials willfully concealed from Congress and the public the true extent of the 2008-'09 bailouts that enriched the few and enhanced the interests of giant Wall Streets firms. Here’s what we now know:

The secret Wall Street bailouts totaled $7.77 trillion, 10 times more than the $700 billion Troubled Asset Relief Program (TARP) passed by Congress in 2008.

Knowledge of the secret bailout funds was not shared with Congress even while it was drafting and debating legislation to break up the big banks.

The secret funding, provided at below-market rates, gave Wall Street banks an additional $13 billion in profits. (That’s enough money to hire more than 325,000 entry level teachers.)

The secret loans financed bank mergers so that the largest banks could grow even larger. The money also allowed banks to step up their lobbying efforts.

Maybe the Jews ain't going back to the ovens....

2011-12-05T20:18:00.001-08:00

News from the Edge | Has a New War Started? | unknowncountry

Secret attacks on Iran's nuclear facilities may be under way by Israel. Israeli officials said in a recent report that a "mysterious explosion" two days ago at an Iranian nuclear facility was "no accident." Satellite images show smoke coming from an Iranian uranium enrichment facility.
In the November 30th edition of the New York Daily News, Corky Siemaszko quotes retired Israeli Major-General Giora Eiland as saying, "There aren't many coincidences. When there are so many events, there is probably some sort of guiding hand, though perhaps it’s the hand of God "

This is the second attack on an Iranian nuclear site in a month. Two weeks ago, there was another suspicious blast on a military base near Tehran, which killed General Hassan Moghaddam, the head of Iran’s missile defense program, and 30 members of the Revolutionary Guard.

Siemaszko quotes Israeli intelligence officer Dan Meridor as saying, "There are countries who impose economic sanctions and there are countries who act in other ways in dealing with the Iranian nuclear threat."

The Iranians clearly don't want to admit that their security could be breached in this way. The attack took place in a facility in the Iranian town of to Isfahan, and Siemaszko quotes the city's governor, Mohammad-Mehdi Ismaeli, as saying, "Maybe somebody's water heater exploded."

Oh goody....unemployment stats are lies......

2011-12-04T11:22:00.001-08:00

Not much change so far. Too many people are not being counted so Oba mama looking better. We are in a depression. A series of boom and bust is continuing as all the speculation in the European economy will come home.

But it will improve enough saving Oba mama's second term. That's the way to bet because the Republicans are being blamed for getting us into this mess and the same gang bought by the criminal element in Washington is still in charge.

As soon as the Europeans elect new governments this "boom" is over. Give it a few more years of grinding poverty and the destruction of the middle class who always pay the bills in any society.

Too many people can't get it through their heads that borrowing money eventually has to be paid back and it always cost more than you borrow. Eventually costing enough to bankrupt everyone and then they have to start over again, broke and without assets.

In history this is called a dark age.

Broke dicks revolt and murder the bankers and the tyrants that own them and eventually strong men (kings) who control a gang of thugs come on to the scene to police them because law and order disappears.

But, no one believes it can happen "here" just ask the Romans, ancient Greeks, Byzantines, Egyptians, Napoleon French , and countless other know it alls.

Meh. And I Say That With Feeling - NYTimes.com

December 2, 2011, 8:21 pm
Meh. And I Say That With Feeling

A belated reaction to today’s employment report (I’ve been closeted in a room with a bunch of men in suits, myself included, talking about the depressed and depressing world.) In a word: meh.

It could have been worse, but the basic story remains the same as it has been for 2 1/2 years: an economy that’s growing, but not enough to feel anything like a real recovery. The measured unemployment rate has trended down for a while, but it’s all basically reduced numbers of people actively searching. My favorite measure these days is the employment-population ratio for prime-age workers, which isn’t affected by changing demography. Here it is for the past decade; see the trend since the recession officially ended? Neither do I.

Of course, my meh corresponds to enormous and continuing waste, vast hardship, and millions of ruined lives. Maybe someone should do something.

Who knew?....no wonder we have so many problems.....

2011-12-03T10:54:00.001-08:00

If Saudi Women Drive | FrumForum

The social consequences will be horrendous, warn Saudi Arabia’s clerics:

As part of his careful reform process, King Abdullah has allowed suggestions to surface that the ban might be reviewed.

This has angered the conservative religious elite – a key power base for any Saudi ruler.

Now, one of their number – well-known academic Kamal Subhi – has presented a new report to the country’s legislative assembly, the Shura.

The aim was to get it to drop plans to reconsider the ban.

The report contains graphic warnings that letting women drive would increase prostitution, pornography, homosexuality and divorce.

So?......

2011-12-02T12:43:00.001-08:00

If we look at China as a huge corporation that owns everything we see that everything is private as long as the government says so.

Chinese vice premier praises private sector - 24-Hour Business News - The Buffalo News

BEIJING (AP) - A top Chinese economics official pledged strong government support Sunday for the country's private businesses, in remarks likely to hearten a sector beleaguered by a credit crunch and downturn in exports.

Vice Premier Zhang Dejiang said private industry is a force for social stability and an important part of China's hybrid "socialist market economy." Private businesses are major job creators and play a key role in establishing a comprehensive social security web, Zhang said in a speech to businesspeople in Beijing.

"The development of the private sector deserves our unswerving encouragement, support, and guidance," Zhang said.

Zhang's remarks will be welcomed by the private business community, which has suffered from a hollowing of demand in crucial export markets in Europe and a weakening real estate industry. Unable to obtain loans from state-run banks, thousands of small businesses have been forced to borrow privately at exorbitant rates and many are now failing or on the verge of bankruptcy.

Such woes have been compounded by Beijing's redoubled support for state industries following the global economic slowdown, including generous tax breaks and preferred access to land and state bank loans.

The boom is on....

2011-12-01T10:39:00.001-08:00

All this money sloshing around over seas (trillions and trillions) as I predicted is now coming home as Europe melts down. But as soon as the voters over there fire the nuts who are cutting the budgets putting people in the poor house are gone they will pick up too.

Just read below, as the Fed pumps up the European banks so they can invest here to save their sorry asses because their politicians are nuts.

The rich take care of their own!

Housing still sucks but a year or two with a new Congress who can ignore, but pay lip service to, budget cutting will make a big difference. These bad loans, as I've been bitching about, have to be removed from the books. Default, payoff, or forgiven and 2+ million new families a year will be back in the market.

We are floating in oil and gold but there is no place for the speculators and pension funds to go for big enough returns to keep their investors happy. Expect gas prices to remain aver 3$ a gallon until the auto industries world wide replace the current inventory with 40- 50 and higher fuel misers.

But, nothing has really changed, and the boom and bust cycle will continue.

Mike Norman Economics: The whole world is short dollars!

Wednesday, November 30, 2011
The whole world is short dollars!

Today, like so many times in the past three years, we see the Fed stepping in and providing dollar liquidity to the world's central banks.

How many times do we have to see this?

The whole world is short dollars.

Let's face it...without the Fed’s intervention the dollar would soar to levels that no one would believe. It would restore American purchasing power, lower inflationary pressures, improve our real terms of trade and by so doing, raise our standard of living.

But what does the Fed do instead?

It “sells” the dollar on the cheap, to central banks that have every capability to sell their own currencies to provide dollar funding for their own, domestic needs.

Scandalous!!

Wall Street got their money's worth....

2011-11-30T10:24:00.001-08:00

They buy our government and corrupt our electoral process and it's all "legal" because the dictators in black robes say so.

Think any of them are in on the take?

Grayson: Fed played ‘Russian roulette’ with U.S. money | The Raw Story

He added: “The regional banks of the Fed are actually populated and controlled by the local banks. And all of these bailouts were actually administered by the Federal Reserve bank of New York, which has on its board many Wall Street executives. I’m talking about current Wall Street executives. Not the Tim Geithers of the world, the people who used to be or in the future will work for Wall Street, but the current Wall St. executives on the board making decisions on who would get what themselves.”

The Government Accountability Office revealed that the Fed gave out over $16 trillion to U.S. and international financial institutions between 2007 and 2010 without revealing to Congress. Another $10 trillion was given out to foreign institutions in currency swaps.

Romney gets big Wall Street endorsement......

2011-11-29T10:04:00.001-08:00

BlackRock, a Wall Street investment firm controlling over 2 trillion in assets, is getting ready for the next 8 years. Wonder what Romney would have to do for this? He is super rich already so it seems they are doing it for themselves and he will get little for it.

Yea, right!

Nothing happens with the big shots without payback. Nothing.

I wish I had written this guy's post....

2011-11-28T09:54:00.001-08:00

I've been saying it long enough. But as I told my son most people want "experts" in charge of their lives.

Like:

bankers who bribe our politicians, presidents who steal elections, assholes in Congress, scientists who know only what they read about in schools, guys at work who know only what TV tells them, priest who hide their pedophilia in church (Don't get me started on these scum) and let's not forget the Hollywood set.

But I really like the quote from MacArthur at the end of this piece.

dreamslaughter: Food For Thought

Civil disobedience, that’s not our problem. Our problem is that people are obedient all over the world in the face of poverty and starvation and stupidity, and war, and cruelty. Our problem is that people are obedient while the jails are full of petty thieves, and all the while the grand thieves are running the country. That's our problem.
~ Howard Zinn

Our government has kept us in a perpetual state of fear, kept us in a
continuous stampede of patriotic fervor, with the cry of grave national
emergency. Always there has been some terrible evil at home or some
monstrous foreign power that was going to gobble us up if we did not
blindly rally behind it.
~ General Douglas MacArthur

If English was good enough for Jesus, it's good enough for them Mexicans.
~ Texas politician, Spanish as a second language

Nothing but the truth....

2011-11-27T18:43:00.001-08:00

Gingrich is Clinton's kind of people. And paybacks are a bitch!

Clinton Gives Gingrich the Shiv | FrumForum

“He said, ‘OK, I don’t want to legitimize immigrants who came here undocumented, illegally.’ On the other hand, a lot of those people have been here for years, they worked hard, they paid taxes, they’ve got kids in the schools, they’re not criminals, we’re going to have a hard time sending them all home, there’s millions of them. So, I’d like to have a process where they could be here legally but not have a path to citizenship. That sort of splits the difference between the immigration reforms proposed by President Bush and President Obama, which would give a path to citizenship, and would be a version of what President Reagan did.”

Clinton was impressed that Gingrich devised a “red card” system that would be used to be used to stop normalizing the immigration status of illegals if efforts to control the border proved ineffective.“That was a thoughtful response,” Clinton said.

The former president also credited Gingrich for innovative thinking in his plan to give workers an option to invest their Social Security retirement funds privately. Gingrich said there should be a guarantee, so that, if markets nose-dive, workers would not receive less than they would have received under the old Social Security system.

“See, that’s a new wrinkle on this,” Clinton said, crediting Gingrich for thinking out of the box. “So he’s always . . . I think he’s doing well just because he’s thinking, and people are hungry for ideas that make some sense.”

Immigration amnesty and Social Security privatization! Two ideas that just overwhelmingly appeal to the elderly Newsmax readership!

Black friday has come and gone....

2011-11-26T11:26:00.001-08:00

we made a fortune (I'm a stock holder) yesterday. Several thousand people tromped through the store and pissed and moaned every minute.

And no, I didn't get any $2 waffle irons because they only lasted 15 minutes.

Click and watch what happened at the store in Arkansas: Another example that our customers are stupid

David Frum says it like it is....

2011-11-25T10:31:00.001-08:00

Few of us old time conservatives are happy with the Republican right. And don't get me started on the pygmies running for the Republican nomination.

And the fools on the left....pathetic.

You really need to read the whole article to understand:

When Did the GOP Lose Touch With Reality?

Some call this the closing of the conservative mind. Alas, the conservative mind has proved itself only too open, these past years, to all manner of intellectual pollen. Call it instead the drying up of conservative creativity. It’s clearly true that the country faces daunting economic troubles. It’s also true that the wrong answers to those problems will push the United States toward a future of too much government, too many taxes, and too much regulation. It’s the job of conservatives in this crisis to show a better way. But it’s one thing to point out (accurately) that President Obama’s stimulus plan was mostly a compilation of antique Democratic wish lists, and quite another to argue that the correct response to the worst collapse since the thirties is to wait for the economy to get better on its own. It’s one thing to worry (wisely) about the long-term trend in government spending, and another to demand big, immediate cuts when 25 million are out of full-time work and the government can borrow for ten years at 2 percent. It’s a duty to scrutinize the actions and decisions of the incumbent administration, but an abuse to use the filibuster as a routine tool of legislation or to prevent dozens of presidential appointments from even coming to a vote. It’s fine to be unconcerned that the rich are getting richer, but blind to deny that middle-class wages have stagnated or worse over the past dozen years. In the aftershock of 2008, large numbers of Americans feel exploited and abused. Rather than workable solutions, my party is offering low taxes for the currently rich and high spending for the currently old, to be followed by who-knows-what and who-the-hell-cares. This isn’t conservatism; it’s a going-out-of-business sale for the baby-boom generation.

I refuse to believe that I am the only Republican who feels this way.

Are we enjoying the stock market yo yo?.....

2011-11-23T10:44:00.001-08:00

Our Walmart stock has been the same price, after up and down bouncing, for 4 years. good thing we got a 15% discount buying and a 1.4% DIVIDEND which gives me a profit. And thanks to Walmart's 6% match in my 401k I picked up $2500 over the last 12 months. Patti did also. (add 180$ bonus each for Xmas is icing on the cake.)

I wish I could afford to buy more stock as Walmart isn't going anywhere barring Congress destroying the economy with "austerity" (a code word for screwing people out of their government guaranteed checks!) (I wonder if the vets think they are safe.)

By the way, has anyone been listening to the Republican pygmies debating ramping up military spending to keep conquering poverty stricken brown people and gutting the social network saving us from the evils of senior citizens voting for them.

What planet are these guys from?

Once they seriously, read that again, seriously go after the money to "cut the deficit" where are they going to look? The deficit is in our hands, our bank accounts, paid to us or our overseas creditors. In order to cut it it's either rob the old, rob the rich, rob the gun owners or rob foreigners.

Which one are you betting on?

Boy, who in their right minds are going to vote for the rich stealing our checks so they can pay back all the bankers and Wall Street scum bags who own our sorry asses!

Time for my stress test...

2011-11-22T07:32:00.001-08:00

Another bout of torture so if I don't post in a day or two you'll know why.

Ready or not the governments are falling apart...

2011-11-21T07:42:00.001-08:00

Budget talks collapse now what? The stock market thinks it's the end of the world. Looks like they might be right if your depending on Social Security or if you have a military career.

And it ain't going to be prety for the rest of us either!

LOL..... Poor babies....

2011-11-19T12:19:00.001-08:00

If we don't kill the banks and punish the gang controlling them then the "market" will. Of course, you and I will pay for it.

In the meantime, our 10% discount on food begins and with coupon matching we are stocking up. it will help having a $180 bonus each.

Lenders Flee Debt of European Nations and Banks - NYTimes.com

Nervous investors around the globe are accelerating their exit from the debt of European governments and banks, increasing the risk of a credit squeeze that could set off a downward spiral.
Multimedia
Graphic
European Banks Reducing Sovereign Debt
Interactive Feature
Tracking Europe's Debt Crisis
Related

Bank Chief Rejects Calls to Rescue Euro Zone (November 19, 2011)
Monti Wins Broad Support in Parliament (November 19, 2011)
European Rift on Bank’s Role in Debt Relief (November 18, 2011)
Times Topic: European Debt Crisis

Financial institutions are dumping their vast holdings of European government debt and spurning new bond issues by countries like Spain and Italy. And many have decided not to renew short-term loans to European banks, which are needed to finance day-to-day operations.

If this trend continues, it risks creating a vicious cycle of rising borrowing costs, deeper spending cuts and slowing growth, which is hard to get out of, especially as some European banks are having trouble meeting their financing needs.

Might portend a coming boom or?....

2011-11-18T11:24:00.001-08:00

Sales up and a pretty nice bonus for Xmas. Been several years but the worm turns.

But I'm sure it won't last after more cuts and tax increases. Oh yeah, Walmart has increased prices on most stuff and is keeping the lid on toy prices.

Going to be interesting next year when Europe tanks because I'm not sure even China will survive.

They know we are dangerous....

2011-11-17T11:22:00.001-08:00

As soon as Xmas shopping is done, look out! LOL. We tend to forget that kids are impatient and go off half cocked. But it worked for the inner city blacks who got all kinds of goodies from the Federal Government, so who knows.

But once people get a job, kids, bills, etc. they slowly become Republican voters. No wonder these guys are gearing up. Better stomp them know, LOL.

Mike Norman Economics: Police state part of the military-industrial-governmental complex

Police state part of the military-industrial-governmental complex

"Well, there’s been a longstanding shift in North America and Europe towards paramilitarized policing, using helicopter-style systems, using infrared sensing, using really, really heavy militarized weaponry. That’s been longstanding, fueled by the war on drugs and other sort of explicit campaigns. But more recently, there’s been a big push since the end of the Cold War by the big defense and security and IT companies to sell things like video surveillance systems, things like geographic mapping systems, and even more recently, drone systems, that have been used in the assassination raids in Afghanistan and in Pakistan and elsewhere, as sort of a domestic policing technology. It’s basically a really big, booming market, particularly in a world where surveillance and security is being integrated into buildings, into cities, into transport systems, on the back of the war on terror...." — Stephen Graham, professor of Cities and Society at Newcastle University in the U.K and author of "Cities Under Siege: The New Military Urbanism." (emphasis added)

Read the whole interview at AlterNet
Police or Paramilitary Forces? The Militarization of American Law Enforcement
Amy Goodman, Nermeen Shaikh, and Stephen Graham
Edited transcript of Democracy Now!

More evidence that Ike was right in warning against the growing influence of the military-industrial-governmental complex as a threat to democracy.

My "big" flyfishing show.....

2011-11-16T10:07:00.001-08:00

Flyfishing with Jake and Peanut

My son, Jeremy, gets upset with me...

2011-11-15T12:18:00.001-08:00

I apparently read to many left-wing websites. However, You need to listen to both sides of the arguments put forth by the people who own us. I believe that right-left dichotomy in our politics is simply deprived to let us argue against each other and ignore the criminal scam that controls our world.

Any ways, one wonders just what part of the truth don't we want to hear!

Daily Kos: Over half of all U.S. tax subsidies go to four industries

While the federal corporate tax code ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount. And many paid far less, including a number that paid nothing at all. [...]

Many people will be appalled to learn that a quarter of the companies in our study paid effective federal tax rates on their U.S. profits of less than 10 percent. Others may be surprised to learn that an almost equal number of our companies paid close to the full 35 percent official corporate tax rate.

The average effective tax rate for the 280 companies was 18.5 percent, but the range is surprising: 30 companies paid a negative effective tax rate over the three years, while 71 companies paid effective rates of over 70 percent. Note that this isn't because those companies made no money: members of the negative-tax club include General Electric and ... well, and a phalanx of financial, energy and telecommunications companies.

Over the 2008-10 period, our 280 companies earned almost $1.4 trillion in pretax profits in the United States. Had all of those profits been reported to the IRS and taxed at the statutory 35 percent corporate tax rate, then the 280 companies would have paid $473billion in income taxes over the three years. But instead, the companies as a group paid only about half that amount. The enormous amount they did not pay was due to the hundreds of billions of dollars in tax subsidies that they enjoyed. [...]

More than half of the total tax- subsidy dollars over the three years — $114.8 billion — went to just 25 companies, each with more than $1.9 billion in tax subsidies.

You wonder who put these men in suits in charge?.....

2011-11-14T10:42:00.001-08:00

We have all kinds of experts on T.V. or in the government tell us what we have to do. Who put these guys in charge of the world? (hint: the people who own us! )

Common sense would tell anyone that the same people who have been fucking up the world for all these years can't ever get it right by now no matter how many college degrees they show up for and then get hired by people who don't have a clue.

Or, as I contend, they know exactly what they're doing and it ain't to help the working stiff. Even if I'm a little paranoid or am being conspiratorial doesn't mean I'm full of it!

What's really fun is watching the "elections." What a sorry ass collection on both sides of the aisle. Mostly clueless and corrupt they are vying to be the "world leaders of tomorrow". They'll fit right in with the clowns in Europe who insist on stealing from the people who work for a living and pay their pay checks.

But not to worry, the T.V. will keep them quiet.....NOT!

Austerity Then And Now - NYTimes.com

Today, by contrast, austerity is being imposed because men in suits say that it’s necessary to satisfy the invisible gods of the financial market. It’s understandable that the public is beginning to have its doubts, and not just because those invisible gods somehow demand sacrifices only from workers, never from the wealthy. For the fact is that those men in suits have no idea what they’re doing — a fact that was apparent to some of us early on, but it now becoming common knowledge.

And so if you want to contrast the stoicism of the postwar populace with the anger and confusion of today’s voters, don’t blame consumerism; blame our leaders, who have imposed gratuitous, unfair pain on their constituents, who are finally starting to figure it out.

Stil...there will be no cuts...

2011-11-13T13:51:00.001-08:00

Any deal is predicated on "cuts" occuring after the next election. We've heard this before. Both parties tell their voters what the voters want to hear and then screw them in the ass.

But of course these sillies deserve it don't they?

Investors' Dread-Letter Day: 11/23 - WSJ.com

Call it Wall Street's other geopolitical driver, one played out not in Athens or Rome, but close to home in Washington.

As stock-market investors fret over sovereign-debt contagion in Europe, a Nov. 23 deadline for the U.S. Congress's so-called budget supercommittee is fast approaching. The committee is assigned to devise at least $1.2 trillion in deficit-reduction measures over 10 years, or else automatic cuts ordained by Washington's summer debt-ceiling agreement are triggered.

Friday's market action gave little hint that investors remain perturbed over Europe's debt situation, much less any happenings in Washington, as the Dow Jones Industrial Average surged by ...

First snow headed this way...

2011-11-12T10:51:00.001-08:00

70% chance sounds like a sure thing, LOL. Of course, it will be here all week just to piss me off! But that's what you get living this far north in Idaho.

At least our store sales are o.k. and expect a bonus this Xmas hopefully a couple of hundred wouldn't hurt. Patti got her walker and the company approved her using it so she's not as tired and she can walk much better.

I'm on a saving kick so we can get rid of the rest of our payments and retire early and go back into business while she's healthy enough to travel. Still need to but a newer RV as I sold the 5th wheel because it was a pain in the ass to camp in around here and I don't think using a camp ground makes much sense until after you retire and I want something to use in the meantime. Probably get one of these.

This is the best the Republicans have?.......

2011-11-11T09:49:00.001-08:00

Embarrassing. But makes it easier for Oba mama. Once the voters figure out these guys are for taking their government checks and giving the money to their rich buddies it's over.

Only Oba mama can lose the race if he goes along with screwing over Social Security and Medicare. Let alone screwing with VA benefits. Which way do you think I'm betting?

Oh yeah, the thing in Europe. There is an unknown number of trillions looking for a safe home. Guess which country is considered "safe"? As I predicted, if and when this money comes home our economy will take off and all this budget cutting nonsense will get forgotten.

Of course, team Oba mama will take full credit and he squeaks by which ever nobody the Republicans choose. (I remember McCain was considered toast this far out in 2007, so don't count anyone out!)

We really are only guessing until about the first week or so of March when voters actually pull some levers and choose in the primaries. I haven't met too many people that are all excited about any body so far, but this will change because many people think they count in this system.

Boy are they confused?

Poll: Cain tops 3-way race with Romney, Gingrich.

Republican presidential candidates former House Speaker Newt Gingrich, former Massachusetts Gov. Mitt Romney and businessman Herman Cain pose before a Republican presidential debate at Oakland University in Auburn Hills, Mich., Nov. 9, 2011.

(Credit: AP)

CBS News Poll analysis by the CBS News Polling Unit: Sarah Dutton, Jennifer De Pinto, Fred Backus and Anthony Salvanto.

In the Republican race for the presidential nomination, Newt Gingrich's support continues to slowly grow, and he is now tied with Mitt Romney for second place, while Herman Cain just edges both of them out for the top spot. Both Cain and Romney have lost support since late October.

In a new CBS News Poll, 61 percent of Republican primary voters say the sexual harassment accusations against Cain won't make any difference in their vote, but 30 percent say the charges make them less likely to back him, and that rises to 38 percent among women. Cain has lost support among women since last month - from 28 percent in October to 15 percent now. He has lost ground with conservatives and Tea Party supporters as well.

But the race could still change; seven in 10 Republican primary voters say it is still too early to say for sure which candidate they will support.

The field of Republican candidates now has three candidates within striking distance of each other at the top of the list: with 18 percent, Herman Cain is in the top spot, followed by Mitt Romney and Newt Gingrich with 15% each. Support for both Cain and Romney has declined since late last month, and Gingrich is the only one of the top three whose support is steadily - if slowly - on the upswing.

Gingrich: White House race is wide open
Complete coverage: Campaign 2012

Cain has lost support among women since late October. Then, he led among women, garnering 28 percent of their support. Now, his support among women is just 15 percent. He has also lost ground with conservatives, from 30 percent to 23 percent now. And there has been some movement among Tea Party supporters as well; their support for Cain has declined from 32 percent to 19 percent. Romney has lost support among men, while Gingrich's support among that group has increased eight points.

Six in 10 Republican primary voters say the charges of sexual harassment against Cain make no difference to their vote. Still, 30 percent say the charges make them less likely to support him.

nce people realise these guys are going after their checks to protect the rich it's over

Poll: Cain tops 3-way race with Romney, Gingrich - Political Hotsheet - CBS News

November 11, 2011 7:02 AM

Poll: Cain tops 3-way race with Romney, Gingrich

Newt Gingrich, Mitt Romney and Herman Cain

Republican presidential candidates former House Speaker Newt Gingrich, former Massachusetts Gov. Mitt Romney and businessman Herman Cain pose before a Republican presidential debate at Oakland University in Auburn Hills, Mich., Nov. 9, 2011.
(Credit: AP)

CBS News Poll analysis by the CBS News Polling Unit: Sarah Dutton, Jennifer De Pinto, Fred Backus and Anthony Salvanto.

In the Republican race for the presidential nomination, Newt Gingrich's support continues to slowly grow, and he is now tied with Mitt Romney for second place, while Herman Cain just edges both of them out for the top spot. Both Cain and Romney have lost support since late October.

In a new CBS News Poll, 61 percent of Republican primary voters say the sexual harassment accusations against Cain won't make any difference in their vote, but 30 percent say the charges make them less likely to back him, and that rises to 38 percent among women. Cain has lost support among women since last month - from 28 percent in October to 15 percent now. He has lost ground with conservatives and Tea Party supporters as well.

But the race could still change; seven in 10 Republican primary voters say it is still too early to say for sure which candidate they will support.

The field of Republican candidates now has three candidates within striking distance of each other at the top of the list: with 18 percent, Herman Cain is in the top spot, followed by Mitt Romney and Newt Gingrich with 15% each. Support for both Cain and Romney has declined since late last month, and Gingrich is the only one of the top three whose support is steadily - if slowly - on the upswing.

Gingrich: White House race is wide open
Complete coverage: Campaign 2012

Cain has lost support among women since late October. Then, he led among women, garnering 28 percent of their support. Now, his support among women is just 15 percent. He has also lost ground with conservatives, from 30 percent to 23 percent now. And there has been some movement among Tea Party supporters as well; their support for Cain has declined from 32 percent to 19 percent. Romney has lost support among men, while Gingrich's support among that group has increased eight points.

Six in 10 Republican primary voters say the charges of sexual harassment against Cain make no difference to their vote. Still, 30 percent say the charges make them less likely to support him.

Need to clean up the garden.....

2011-11-09T10:47:00.000-08:00

A lot of work at the end of the season because Patti insists I help. Of course, the vegetable garden is my idea so I guess I'm screwed. LOL

Had to borrow Patt's computer...

2011-11-07T09:28:00.000-08:00

Patti's fault, of course. Hey her puppy chewed my power cord in to so if I can't fix it I'm out a hundred bucks we don't have.Want to buy a puppy? Hundred bucks? No? What do you mean your to young to die? LOL

We are in a Depression...

2011-11-05T11:01:00.001-07:00

No breadlines? Government checks and food stamps is why. No one selling pencils?--- unemployment money. all this spending keeps me and Patti employed. So we need more government spending!

How I Learned to Stop Neoclassicizing and Love the Liquidity Trap: Peccavi Nimis et Mea Maxima Culpa Department

Safeguarding Wealth But something else happens on the path to equilibrium. The decline in interest rates and the rise in savings are accompanied by an increased desire among businesses and households to safeguard more of their wealth in cash. As a result, the speed with which cash turns over in the economy, the velocity of money, falls. And as the velocity of money falls, total spending falls, workers are fired, and their savings evaporate with their incomes. Thus the equilibrium turns negative, with high unemployment and low capacity utilization. In responding to a small financial disruption, the Federal Reserve can inject more money into the economy by buying bonds for cash, increasing the amount of cash so that even at the lower velocity of money we retain the same volume of spending. This eases the decline in interest rates, spending, employment and production into a decline in interest rates alone. Little Difference But when rates become so low that there’s little difference between cash and short-term government bonds, open-market operations cease having an effect; they simply swap one zero- yielding government asset for another, with their hunger to hold more safe, liquid assets unsatisfied. This is the liquidity trap. In this situation we need deficit spending. The government spends and borrows, creating more of the safe, cashlike assets that private investors want. As these bonds hit the market, people who otherwise would have socked their money away in cash -- diminishing monetary velocity and slowing spending -- buy bonds instead. A large, timely government deficit thus short- circuits the adjustment mechanism, avoiding the collapse in monetary velocity.

This story brings back a few memories..

2011-11-04T10:55:00.001-07:00

Seeing is believing but few want to admit it. Those of us with these experiences don't need convincing but sceptics talk to an invisible man in the sky and laugh at us. Or that a small cache of bones prove that we are here by accident.

Witnesses along New York's Route 207 pull over to watch 'hovering egg' UFO - National ufo | Examiner.com

A Rock Tavern, NY, witness along Route 207 reports watching a hovering elongated egg-shaped object with an amber-yellow glow to an outer aura, according to November 3, 2011, testimony from the Mutual UFO Network (MUFON) witness reporting database. The witness had just left a meeting and traveled down Route 207, where two people who had been in the meeting had stopped along the side of the road and were outside observing "the thing in the sky." "We all started yelling at each other over what we're looking at in disbelief," the witness stated. "We were off of Route 207, up the street from Toleman. The object was in the trees hovering and it appeared to be over the MTA refuge area. Stewart Airport gets a lot of aerial traffic, but this thing was just hovering, not on a schedule to get somewhere." The witness described the object. "It was shaped like an elongated egg next to a racquet ball next to an egg <0O0> where the ends slope down to a point with three interior compartments. It had an amber-yellow glow to the outer aura, with a brighter yellow-whitish pulsating inner glow. Each compartment appeared to have a black center to it. Three of us watched this thing for a few minutes as it was above the trees, but from our vantage point it appeared to be in the trees. It was in a north, northwest sky from us at 9:30-ish at night."

Now if he hit upon a guy.....

2011-11-03T12:42:00.001-07:00

Might be a story. However, since he's black (both parents) and had to work for a living he must be guilty of something, right?

And to think that reporters get paid for this shit!

Why Our Blacks Are Better Than Their Blacks - HUMAN EVENTS

Ann Coulter
Why Our Blacks Are Better Than Their Blacks
by Ann Coulter
11/02/2011
1336
Comments

By spending the last three decades leveling accusations of "racism" every 10 seconds, liberals have made it virtually impossible for Americans to recognize real racism -- for example, the racism constantly spewed at black conservatives.

In the last year alone, a short list of the things liberals have labeled "racist" include:

-- Being a Republican;

-- Joining the tea party;

-- The word "the" (Donald Trump's statement that he has a "great relationship with the blacks");

-- References to Barack Obama's playing basketball (Trump again);

-- Using Obama's middle name;

-- Scott Brown's pickup truck;

-- Opposing Obamacare;

-- Opposing Obama's stimulus bill;

-- Opposing Obama's jobs bill.

The surge in conservative support for Herman Cain confuses the Democrats' story line, which is that Republicans hate Obama because he's black.

Cain is twice as black as Obama. (Possible Obama campaign slogan: "Too Black!")

This is why the liberal website Politico ran with a story on Cain that had everything -- a powerful black man, a Republican presidential candidate, the hint of sexuality -- except facts.

All we learned was: About a decade ago, as many as two anonymous women accused Cain of making unspecified "inappropriate" remarks and one "inappropriate" gesture in the workplace. (We had more than that on John Edwards' mistress a year into the media's refusal to report that story.)

If the details helped liberals, we'd have the details.

To have been accused of sexual harassment in the 1990s is like having been accused of molesting children at preschools in the 1980s or accused of being a witch in Massachusetts in the 1690s.

In the 1990s, one plaintiff won a $50 million jury verdict against Wal-Mart on the grounds that a "hostile environment" was created by her supervisor's yelling at both male and female employees. In another case, a plaintiff won a $250,000 award for sexual harassment based on her complaint that a male colleague had reached for a pastry saying, "Nothing I like more in the morning than sticky buns," while "wriggl(ing)" his eyebrows.

It got so crazy that a 6-year-old boy was suspended from class for a day for kissing a classmate on the cheek, and a Goya painting had to be removed from a Penn State classroom because a professor complained that it constituted sexual harassment.

With no standard other than the subjective offense taken by the accuser, absolutely anyone could be called a witch, i.e., a sexual harasser. So it's striking that the only two conservative public figures accused of being witches both happened to be conservative blacks: Clarence Thomas and Herman Cain.

Our sales are up.....

2011-11-02T10:23:00.001-07:00

We actually had a $12 bonus for last quarter and expect a bigger one this Xmas. Even local real estate is selling here and there are jobs to be found in the area.

Internationally, the banks are toast and could screw us over if, as I expect, we see a few countries default and take the banking system down. (I hope you have an account with a local credit union and beat the rush.)

If so, my Social Security check should be large enough to buy a villa in Greece or Italy, LOL.

Speaking of SS, rumor has it that the Dem's are conniving with the Repub's to "save Social Security" by stealing the money from my kids so they can chase goat herders in the Middle East.

If so, we will see a lot of new faces in Congress because Social Security funds are separate from the general funds unless these crooks rob the fund.

And then we need to vote the bastards out!

In the meantime, I'm on a get out of debt move so Patti can retire early and visit the kids before she becomes to ill to do it. I'll stay at Walmart and find a few investments or start another business.

keep you posted.

Keep your eye on the prize....

2011-11-01T11:46:00.001-07:00

Many people on Wall Street want our Social Security taxes spent on Wall Street schemes and scams. If they can get it then they will have billions more to play with.

Do we not remember what they did with all that money from 401k's and government housing money?

Well?

They killed the fucking economy!

It's not often I side with the left but taking our money that we pay into the government for 40 years is war. Or do you think they will do better next time and we can trust them.

Social Security Bait And Switch, A Continuing Series - NYTimes.com

I’ve written about this repeatedly in the past, but here it is again: Social Security is a program that is part of the federal budget, but is by law supported by a dedicated source of revenue. This means that there are two ways to look at the program’s finances: in legal terms, or as part of the broader budget picture.

In legal terms, the program is funded not just by today’s payroll taxes, but by accumulated past surpluses — the trust fund. If there’s a year when payroll receipts fall short of benefits, but there are still trillions of dollars in the trust fund, what happens is, precisely, nothing — the program has the funds it needs to operate, without need for any Congressional action.

Alternatively, you can think about Social Security as just part of the federal budget. But in that case, it’s just part of the federal budget; it doesn’t have either surpluses or deficits, no more than the defense budget.

Both views are valid, depending on what questions you’re trying to answer.

What you can’t do is insist that the trust fund is meaningless, because SS is just part of the budget, then claim that some crisis arises when receipts fall short of payments, because SS is a standalone program. Yet that’s exactly what the WaPo claims.

This is what you call negative journalistic value added.

This is a serious scientific article.....

2011-10-31T10:03:00.001-07:00

And people wonder why I'm skeptical of Evolutionary Theory. Just read this whole thing and you will see someone trying to make a case for life acquiring characteristics in virtually overnight circumstances and retaining them.

But no proof other than Evolution must have happened so the only evidence considered has to fit into the theory.

Now will someone explain to me why this is any different than Bible thumpers quoting genesis!

Mountain beavers evolved thicker teeth to eat volcanoes

It all goes back to those teeth. The mountain beavers have hypsodonty, meaning their teeth are high crowned and extend way past the gum line. This, along with the extra thickness of the teeth, provides a lot of room for extra wear and tear. It's a feature that cows and horses have evolved to deal with the relatively gritty, fibrous material - grass, basically - that they usually eat. The problem is that mountain beavers don't eat anything like that.

Now Samantha Hopkins of the University of Oregon has the answer. The mountain beavers don't need those teeth now, but they did about 10 to 15 million years ago, which is when these teeth features first appear in the fossil record. During that span, the volcanoes in the Yellowstone hotspot and Columbia River Basalts had frequent minor eruptions, spewing out huge swathes of volcanic dust that blanketed the mountain beavers' habitat.

This unexpected volcanic seasoning turned a bunch of soft plants into gritty chunks of silicon. The mountain beavers had to basically eat their way out of this volcanic age, and they developed suitably thick teeth to survive. What's particularly remarkable is how isolated this effect was - while the mountain beavers in the northwestern United States and Canada had to develop these hypsodont teeth, their counterparts just a hundred miles away in the Sierra Nevada had no such need. There were still volcanoes down there, but they apparently didn't reach teeth-changing levels of intensity.

As I've posted before....

2011-10-30T10:31:00.001-07:00

Send everybody a big check and we will spend or save it and some banks and companies will survive and some wont.

That means campaign bribery wont mean squat so don't hold your breath but that is the cure even if right wingers think it's socialism or something.

P.s Nixon, a conservative, gave us the earned income tax and that's pretty much a big check for being poor and having babies. So, call it an earned income tax for the rest of us.

Click on the jump and read the whole article.

interfluidity » Monetary policy for the 21st century

Here’s my proposal. We should try to arrange things so that the marginal unit of CPI is purchased with “helicopter drop” money. That is, rather than trying to fine-tune wages, asset prices, or credit, central banks should be in the business of fine tuning a rate of transfers from the bank to the public. During depressions and disinflations, the Fed should be depositing funds directly in bank accounts at a fast clip. During booms, the rate of transfers should slow to a trickle. We could reach the “zero bound”, but a different zero bound than today’s zero interest rate bugaboo. At the point at which the Fed is making no transfers yet inflation still threatens, the central bank would have to coordinate with Congress to do “fiscal policy” in the form of negative transfers, a.k.a. taxes. However, this zero bound would be reached quite rarely if we allow transfers to displace credit expansion as the driver of money growth in the economy. In other words, at the same time as we expand the use of “helicopter money” in monetary policy, we should regulate and simplify banks, impose steep capital requirements, and relish complaints that this will “reduce credit availability”. The idea is to replace the macroeconomic role of bank credit with freshly issued cash.

Of course we will still need investors. But all that transfered money will become somebody’s savings, and having reduced the profitability of leveraged financial intermediaries, much of that will find its way to some form of equity investing.

Does it make sense to save money?....

2011-10-29T11:09:00.001-07:00

If your interest payment is 1% and inflation plus taxes is 5% why pile up money and lose your principle. In the depression times we are experiencing we might better borrow, right?

So how do we set this up?

How about a free and clear credit card for emergencies and using personal loans for shopping for large purchases?

I'm not neglecting retirement accounts like my 401k which has a match of 6% so if Patti and I put in $5000 a year Walmart puts in a matching $5000. (It's amazing that so few contribute!)

Anyways, my thinking is to continue to pay off my vehicle loans and then use the free and clear vehicles as collateral for 4 percent loans.

Make sense?

Now, I have my old pickup truck free and clear and can also use it as an emergency fund so I can relax as far as that goes. Should be able to get $5000 if I need it so I'm resting easy right now, how about you?

We cleaned up the criminal bankers before....

2011-10-28T09:28:00.001-07:00

Bill Black @ #occupywallstreet on Arresting Banksters

Well, this weekend I put the garden to bed....

2011-10-27T10:54:00.001-07:00

Below 30 temperatures did a number on it but that's Idaho for you. have a ton of Bell peppers and tomatoes this year and can't wait til next.

Will post a Youtube vid this week end.

I'm for Cain.....

2011-10-26T11:15:00.001-07:00

Be fun to see Obama go after Cain for being a real American black. Or something. Of course, all Obama has to do is run on his record.

Here's a list of some his accomplishments:

Lost a filibuster proof Congress, passed a health care bill that no one knows what's in it and no one wants it, bailed out his pay masters on Wall Street, raised the price of used cars, revitalized the Republican party that was dead in 2008, threatened to cut Social Security and Medicare if the Republicans would only agree and destroy their election chances, and gave a lot of speeches that no one remembers.

There's probably more great accomplishments but nobody cares.

Now can he be beat?

It would be tough for Romney, a liberal Republican, to even do as well as McCain in 2008. At least Mac was a war hero to soften his Liberal image and Romney is a super rich guy who wears funny underwear.

Perry, a lot of money on hand, can stick around for quit awhile. He sounds like Bush only dumber so some liberal media types will keep him around.

So that leaves the Republican black guy. Lot of fun on TV, libertarian (not liberal) on abortion, pro military spending, pays lip service to budget balancing, etc. Only thing he has to do is talk up Obama's economic non policy and remind people that Oba mama is a liar.

The rest are of the Republican field is toast because the media likes controversy and Cain v.s Obama is it and the white guys (and Bachman) are boring!

i don't think killing Middle East dictators is working....

2011-10-25T11:40:00.001-07:00

Every time we do oil prices sky rocket. Guess what that means for you and me.

Notice no one is talking about it now as proof is in the pudding.. Take apart the Empire and we all suffer.

Must be a lesson here somewhere, don't you think?

This will end badly......

2011-10-24T09:08:00.001-07:00

Now the gang will need to bail out the new loans and pay off these. Pretty soon all the Euros in the world will have to be borrowed to bail out the current loans.

Can you spell PONZI!

Most Greek bailout money has gone to pay off bondholders - The Washington Post

BRUSSELS — More than half of the money lent to Greece so far by the International Monetary Fund and European nations has gone to repay bondholders, a transfer of billions of dollars from taxpayers around the world to European banks and pension funds that invested in the troubled Mediterranean nation.

As the country struggles with a collapsing economy, violent strikes and historic levels of unemployment, a new analysis of an international bailout program shows the degree to which money provided to support Greece has been used to pay off its debts to the private sector.

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These leaders run the institutions that control interest rates and monetary policies that have been making recent headlines.

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Oct. 21 (Bloomberg) -- Johannes Jooste, portfolio strategist at Merrill Lynch Wealth Management, discusses European Central Bank monetary policy and its bond-purchase program. He speaks with Francine Lacqua on Bloomberg Television's "On the Move." (Source: Bloomberg)

Oct. 21 (Bloomberg) -- Johannes Jooste, portfolio strategist at Merrill Lynch Wealth Management, discusses European Central Bank monetary policy and its bond-purchase program. He speaks with Francine Lacqua on Bloomberg Television's "On the Move." (Source: Bloomberg)

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Under an initial bailout program approved by the IMF and the European Union in May 2010, Greece’s government has been kept afloat by international loans that total $91 billion.

About $52 billion of that has been used to repay bonds that came due between the start of the program and last month, according to a review of the program done for European leaders gathered in Brussels to address financial problems in the 17-nation euro zone.

European banks are among the heaviest investors in Greek bonds. Officials in some developing countries have argued that the IMF, run by a European-dominated board and two consecutive French managing directors, seemed more interested in protecting private investors in Europe than it did when overseeing programs that wiped out dozens of banks during the Asian financial crisis.

A foreign country?...

2011-10-23T07:43:00.001-07:00

What planet are these guys on?

California approves carbon market rules | Reuters

Reuters) - California regulators on Thursday approved final regulations for a carbon market that is one of the biggest U.S. responses to climate change.

The state believes the market for greenhouse gases, which starts in 2013, will let it address global warming in a low-cost way and become the center of alternative energy industries, like solar, although some businesses fear higher energy prices.

The most populous U.S. state is moving ahead with the plan years after federal regulators rejected a similar idea for the nation, partly on concerns of the effect on businesses.

The California Air Resources Board voted 8-0 to adopt the market regulations, which officials said are critical to the state's goal of cutting carbon emissions to 1990 levels by 2020 -- about a 22 percent reduction from forecasted business-as-usual output.

Power companies and factories will be able to trade a gradually decreasing number of permits to emit carbon dioxide and other greenhouse gases under the so-called cap-and-trade plan, which counts on market forces leading companies to find the cheapest way to cut emissions.

About 350 companies representing 600 California factories and oil refineries must begin complying with the program in

All troops out of Iraq.....

2011-10-21T12:09:00.001-07:00

Must be an election year, right? One less lie for team Obama.

I did.....

2011-10-20T10:52:00.001-07:00

Good old credit unions. great service, great loan rates, convenience, and free services!

CBC.ca | Day 6 | Bank Transfer Day

A new movement is picking up steam, and it isn't Occupy Wall Street. It was sparked by a woman in Los Angeles who is urging people to close their accounts with big banks, and transfer their savings to not-for profit-credit unions. And she wants everyone to make the move by November 5th - the day she's calling "Bank Transfer Day". Kristen Christian spoke to Brent from Los Angeles.