Business for yourself.........

Beats paying taxes. Only report enough to cover your tax liability on you day job.

Then retire with something to eat on. You can always make grocery money somewhere.

Try it.

Living the outlaw life: Freeing your inner outlaw by Claire Wolfe 0106

More important, it means having the mindset needed to live that way in a world of adversity. More often than confronting, it means ignoring or evading insane and excessive rules. When confrontation is necessary, it means having the knowledge, preparation, and—once again—attitude to help you get through the situation without either passively submitting or going unproductively postal.

In practice, that means something different for every Outlaw. But in every case, it means you have an attitude of self ownership (or, if you prefer, of belonging to God), not being the natural subject, and easy target, of any bureaucrat or badge-bearer who wishes to push you around.

It means recognizing the pathetic state of law and justice around you, and recognizing its dangers—but resolving to live your life more like a free American than a Stalinist peasant, regardless. It means living by your own highest moral and ethical choices, rather than trying to tippy-toe around every persnicketing regulation in every obscure book in every cubbyhole governmental office.

Goin ta play da music, man....

Got to love this:

Playing For Change: Song Around the World "Stand By Me"

Free my ass.....

Your free to pay and pay. Free to to be taught nonsense and superstition. Free to conform. Free to bitch.

Of course, if your mother kills you, then your free to give your DNA to blood suckers who will save rich old codgers from dying from living a natural life.

And don't forget,  you are free eat shit and die if you don't like it.

Idaho Observer: Born free to tacitly accept slavery

Born free to tacitly accept slavery

Americans are born free. But then, through an artful web of "legal"deciet, trickery, word games and constructive frauds, we become enslaved. The irony is that we "choose" slavery by unquestioning acceptance of government licenses, numbers and status as a "U.S. citizen."

In all humility, I may be the most appropriate person in America to write the following overview of how "Americans" have been betrayed. My career began a decade ago during the common law court movement and has survived "redemption" and the UCC. I have watched in horror as well-meaning people (many of them close personal friends of mine, who were lawfully seeking shelter from the legal storm) have fallen from self-righteous optimism to dejection, poverty, insanity, imprisonment and even death-by-suicide. It is safe to say that just about every sovereignty/freedom process or program that does not work has crossed my desk.

But, we have been learning—we are not as hopeful and naive as we were in the common law court days. Through trial and error, good men and women have been challenging the ruthless power behind the benevolent facade of the U.S. government and its satelite state governments. In most cases, that power reaches out and destroys those who dare approach, but every now and then the good guys score a point or, in our defeat, we are able to glean valuable insight.

You think Texas is big enough for all of us?........

I would simply transfer to Wally World in San Antonio. Kick back and eat chili. watch the US disappear. Heh heh.

LewRockwell.com Blog: May I Immigrate to Free Texas?

April 17, 2009
May I Immigrate to Free Texas?
Posted by Lew Rockwell at April 17, 2009 09:48 AM

I am no fan of Texas governor Rick Perry, but how wonderful that this smart politician thinks it is good politics to advocate secession. Years ago, Dallas Congressman Jim Collins always talked about an independent Republic of Texas, and it was considered charming. (It was.) Then this basic right became politically incorrect. Now it is mentionable again, and popular. And here is a poll you can take on Texas freedom. And we know who should be, by acclamation, the second president of the Republic of Texas (after Sam Houston): Ron Paul.

Hope Oba mama doesn't piss off his people.....

Takes balls to attack your daddy's brethren. Didn't the Pres know that religion is thicker than water?

Next thing you know he'll be disowned by his Muslim brothers.

Not!

Be glad your not an Israeli, Heh heh.

China Confidential: Obama Vows Not to End Piracy But to Halt its Rise

Addressing the press like a clever lawyer/community organizer, U.S. President Barack Obama signaled that there will be no unilateral U.S. military action against Islamist-supported African Muslim pirates. His carefully worded vow to "halt the rise of piracy" as opposed to ending already risen piracy--in line with his "imminent danger" rule of engagement that probably prolonged the hostage crisis--confirms that he is adamantly opposed to doing anything that will inflame Muslim sensibilities, as China Confidential has reported.

AFP reports:

President Barack Obama vowed Monday to work with US allies to "halt the rise of piracy" off Somalia's coast, as the Pentagon warned there was no purely military solution to the seaborne scourge.

I think this is inevitable......

Throw a couple of trillion dollars into the banking system should do something.

Boom and bust is guaranteed. Pushing dollars back and forth will give everyone the impression that happy times are here again.

But how many houses, cars, pieces of furniture, exotic vacations etc. are unemployed broke dicks going to be able to take?

Expect 8 dollar gas and 12% "official unemployment" as local and state government go nuts with taxes and fees to keep the bureaucrats employed.

Plenty of government jobs will be created so the big shots in Washington survive. At least, I'm safe at Walmart for awhile until the trucks can't get fuel. Why sell diesel when the government is threatening closing down the oil industry?

Some reason we get to thinking that everything grows on trees in la la land and all we have to do is elect the right "Savior"to get it for us.

Somebody is in for a big surprise!

Some solutions:

Pay off your bills. Don't use the big banks. Only we can close them down by not using them. Send all your money to a credit union and get your credit in tip top shape. Stop borrowing from big banks unless you plan on stiffing them. (Heh heh)

People with cash and credit will have their choice of consumer goods.  I believe a new boom will commence in a year or so because there is no place else, for now, for the world's elite to go.

I'm of the opinion, this collapse is only the continuation of the cycle started when Nixon took us off the gold standard and told the world to take a hike.

Until something replaces our dollar expect the cycle to continue.

Unless the guys in charge are taken out. (Marie Antoinette, maybe?) It just remains to be seen if it completes the cycle in our lifetime.

Happens every time an empire goes bust!! Just get out a world history book and read for yourself.

In the mean time if the bust doesn't happen you'll be in position to clean up. However,if a super collapse does occur your money, gold or praying won't do a bit of good.

But that's not the way to bet.

I'm betting we'll see a couple more boom and busts before the US is bankrupted by the cycle. If that' the case, get a free and clear home somewhere to live. Learn to hunt fish and garden. Take care of friends and family by encouraging them to do the same .

Or find someone stupid enough to lend you a couple of million bucks and go crazy buying all kinds of junk to put in your garage and storage shed. Take a permanent vacation and drink lot. Or even run for office and become part of the problem.

Best of all, simply kiss your ass good by.

S&P 500 Will Rise to 1,100 This Year, Leuthold Says (Update2) - Bloomberg.com

By Rita Nazareth and Erik Schatzker

April 14 (Bloomberg) -- Steve Leuthold, whose Grizzly Short Fund returned 74 percent last year betting against U.S. stocks, said the Standard & Poor’s 500 Index will surge to 1,100 after valuations got to the cheapest levels of his career in March.

Leuthold, 71, who helps manage $3.2 billion as founder of Minneapolis-based Leuthold Weeden Capital Management, said most investors should have 65 percent of their assets in stocks.

“This market was about as cheap as I’ve seen in my 45 years in this business,” Leuthold said in a Bloomberg Television interview today. “We’re probably going to see the economy start turning upward, not now but toward the end of the year. The market is a lead economic indicator, so the time clock is about right for the market to turn up”

If you pay me enough.....

I could vote Republican. Or Democrat.

What's the difference?

You get the same results. A rip off!!

One-Party System

I can predict the winner of the presidential election even now: the government. In a one-party system, that’s how things work. One-party system? Yes. The American political scene makes much more sense if you think of the two parties as two divisions of the same party.

Admittedly that is hard to do at first. All American politics is presented as a tooth-and-claw rivalry between Republicans and Democrats. It is certainly true that elections determine who holds office among the parties’ candidates, and who holds office determines whose cronies get sinecures and contracts. That does give the appearance of real competition.

Moreover, the major news media are willing participants in the charade that Republicans and Democrats have substantially different ideas about things. Generally, we are asked to believe that Republicans want less government and more war, while the Democrats want more government and less war.

As you may have noticed, that makes no sense. War and government go hand in hand, and both parties want more government. Each side tends to dislike only the wars started by the other side.

Let’s look at foreign policy. Republican John McCain is an unabashed supporter of the Iraqi invasion and occupation, though he didn’t think the original occupation was brutal enough. His plan is to “win the war” and manage the Middle East, which includes maintaining the option of attacking Iran if American interests require it.

We’re supposed to believe that Hillary Clinton and Barack Obama disagree with McCain, and they do a little — just not on the big questions. They don’t talk about winning the war, but neither would withdraw all U.S. forces from the Middle East. Obama, who touts his original opposition to the Iraq invasion, says he’ll keep enough force there to respond if al-Qaeda in Mesopotamia establishes a base there. Clinton promises to “obliterate” Iran if it attacks Israel. Both, like McCain, think Iran is America’s business.

In other words, no less than McCain, the Democrats see the Middle East in imperialist terms. Some peace party.

On domestic issues, there do appear to be differences — but only on the surface. Take trade: Clinton and Obama made anti-NAFTA noises, but it is unlikely that either would pursue a seriously protectionist program. Selected trade barriers are possible, as they are with McCain. McCain talks like a free trader — usually — but Republicans can never be fully trusted on the issue. Ronald Reagan was the most protectionist president since the horrendous Herbert Hoover. George W. Bush imposed steel tariffs early in his first term, and his “free-trade” agreements always have exceptions for special interests. When McCain was touting free trade recently, he said, “There have been inadequacies, there has been dumping in our markets, and there have been unequal wages.” That is not how a real free trader talks. “Dumping” is a pejorative term for price competition; and if trade is unfair because wages are unequal, how will poor countries trade with the rich West?

On health care, Clinton and Obama want a larger government role. But the government’s role is already large, and McCain doesn’t call for a rollback. Licensing, patents, and other interventions that make medical care expensive would stay in place. At most he talks about manipulating the tax code to create various health-insurance incentives. He calls this a “free-market” solution, which it isn’t.

That is typical. Democrats want to use government directly (insurance mandates and taxpayer subsidies), while Republicans would use it indirectly, by creating tax inducements to get people and companies to do something.

But that difference is far less substantial than it seems because in both cases politicians determine the goals to be achieved. Republicans and Democrats only disagree over the way to achieve them.

In a free society government operatives don’t pick objectives for people. People pick them for themselves. A candidate who respected freedom would propose ending governmental involvement in health care entirely and slashing taxes without conditions so that people could make medical decisions for themselves.

The election season would be more interesting if there were more suspense about the outcome.

You can't make this stuff up!!....

Science has the answers because it is the  study of scientific answers.

We used to call these welfare recipients priests, politicians, bureaucrats, scientists, writers, bankers, educators and pencil pushers.

Religion is important in our lives because it is religion.

We must always trust a person who gives us an answer because we trust that person.

It's o.k. to be annoying because  you have no life of your own.

You mother has a right to kill you as long as you can't fight back.


Our rights exist only as long as the government is more afraid of you than you are afraid of them.

And

How can we ever find the answers if we never know the real questions?

It don't get no worse than this...

Heh heh.

It's over.

When we are upstaged by the fucking French!!!

Of course the pirates have to die. Until next time.

China Confidential: Faced with Piracy, French Summon Spirit of Foreign Legion while America Seems Dazed and Confused

Sacre bleu!

The French have rescued their hostages from a band of brazen, African Muslim pirates while the American Navy seems helpless and confused.

Never again will Americans be able to ridicule the French in military matters. The gallant spirit of the Foreign Legion seems to be alive and well in Paris; the philosophy of appeasement, in Washington.

The appeaser-in-chief, Barack Hussein Obama, appears unmoved by the crisis, which, as China Confidential observed yesterday, is one of three American hostage situations currently playing out across the globe

This bust is not the "Big One"

This is only one of a series of boom and busts we have been experiencing since Nixon took us off the Gold Standard. Each boom bigger than the one before and of course each bust nastier and longer.

Eventually we run out of suckers and disappear from history like Egypt, Rome, Greece, Great Britain, etc. No Empire can outsource the means to prosperity and rob it'd most prosperous and survive.

The elites  spend too much time, money and man power defending every corner of the globe form interlopers and find themselves rotting  from within. Their own children refuse to participate in this defense of their patrimony.

The ruling class becomes insular and arrogant as they have to rob their citizens to pay for all their crumbling  assets. Nothing becomes more important then saving their own fat asses.

Especially looking out for the taxpayers who pays for it. Eventually a majority finds a way, legal or not, to avoid the tax man and no one else will lend these people a dime.

Can you say martial law? Everyone becomes a suspect. No assets become safe from the grasping ruling elites. Evey dollar becomes a target for "investigation." No company treasury is immune from confiscation because of "hoarding" or tax evasion.

In our case, we  then need to take over small countries to rob of the oil. Until the armies get sick of it and refuse orders. happened many times in the past empires. (1917 Russia the most famous.)

Finally everyone stays home or rampages through the streets looking for food handouts, unemployment, "free medical service"or pension monies promised by the gang that ran the Empire.

Happens every time the populace loses confidence in and fear of the ruling elites. There are whole bureaucracies dedicated to mollify various constituencies to keep the gang in charge. Finally, these costs become unmanageable.

Meanwhile, until this system finally crashes, some one has to pay for all this dead weight.

Shall we look in the mirror?

An Asset Bubble for the History Books - The International Forecaster

The remaining Fannie and Freddie proceeds from the sale of its GSE toxic bonds to the Fed will be used to re-inflate the real estate market by offering new Wild West real estate mortgages to anyone who can fog a mirror, and all the major mortgage lenders are tooling up for one final round of liar loans to suck in anyone who did not get sucked into the real estate bubble the first time around. This will add to the toxic waste pile and compound our problems as the new round of real estate buyers watch the value of their new homes plummet while the stimulus package fizzles out, the economy continues its implosion, stagflation runs rampant, risk elevates to levels unseen in our economic history, and double digit interest rates administer the coup de grace to the real estate markets, the bond markets, the interest rate swap derivative market and the US and world economies in general. All economic activity will then cease, and there will be a crack-up boom the like of which has never before been seen in the history of the world as the Much, Much Greater Depression swings into full gear.

Sounds like someone in corporate needs to be shot....

You can't make this up.

LewRockwell.com Blog: Chia Obama too un-pc

Recently, I had linked to the best Chia Pet ever - Chia Obama. After complaints (probably two people) about the item being "offensive," Walgreen's pulled them off the shelves.

In a statement the drugstore says: "We decided to pull the product because we didn't want to be subject to any misinterpretation over it. People could interpret it through a political viewpoint or other viewpoints and we want to avoid that situation."

Unlike the Bush presidency, you will never be able to criticize or make fun of this president without charges of "offensive" or "racism" being applied. Perhaps the Secret Service can track down purchasers of this product and put them in the "regime enemy" database. Thanks to my sister, Chris, for the link.

Capitalism????......

Gangsters run our banking industry, tied to Wall Street and Washington, and we wonder why would anyone would believe in capitalism.

When have we ever had any?

My chicken shit MasterCard interest rate went from 12 to 26%.

My mistake obviously was paying it on time.

But let me tell you, if these morons would lend me a million or so, I would gladly walk and they can stick it up their ass.

Just like the big boys on Wall Street. (He  heh.)

Only 53 Percent of Americans Prefer Capitalism | The Beacon

We seem to be lurching backward at an ever faster rate. Despite the downfall of Communism, despite the horrors of statism in the twentieth century (most caused by self-described socialists), just over half of the population prefer capitalism over socialism. The level of support among young people is even lower.

Only 53% of American adults believe capitalism is better than socialism. The latest Rasmussen Reports national telephone survey found that 20% disagree and say socialism is better. Twenty-seven percent (27%) are not sure which is better. Adults under 30 are essentially evenly divided: 37% prefer capitalism, 33% socialism, and 30% are undecided. Thirty-somethings are a bit more supportive of the free-enterprise approach with 49% for capitalism and 26% for socialism. Adults over 40 strongly favor capitalism, and just 13% of those older Americans believe socialism is better. Investors by a 5-to-1 margin choose capitalism. As for those who do not.

Oba mama visits our Foreigners......

He apologizes for America running the world and fucking it up.

Who cares?

in a few short years they'll be begging us to run it again. These fuck heads screwed it up every time we turn our backs on them.

The only thing that could happen to change it is if someone fires a nuke at our satellite systems and kill our economy for good.

Science fiction?

Talk to North Korea or Iran.

He heh.

Welfare benefits for the rich and connected......

You have to be connected to get a government handout. Not needy, connected.

Bailouts, handouts, government contracts, cushy jobs, high paying jobs for spouses, kids set up for life, and guaranteed election results for Dems or Repubs who play the game.

For you, there's taxes, regulations, paperwork, lousy schools, chicken shit wages, pitiful medical and retirement benefits and don't forget you have to hide anything of value.

Try going into business legally.

Trust me.

You have to be connected!

oftwominds

Survival+ 9: Squeezing the Middle Class
April 7, 2009

As noted above, the Roman Empire's decline can be traced to a variety of causes. But we can summarize them collectively as the middle class being squeezed to death by the over-reach of the state and its Plutocracy/Elites rulers.

Stated another way: as the Elites' interests diverge from those of the society as a whole, the middle class is caught in an economic and political vice between the state and its "powers behind the throne" Plutocracy and the large (and politically dangerous) underclass dependent on the largesse of the state. As each class (the Plutocracy and the class of less productive citizenry) become ever more dependent on the state's power and revenues for their privileges and entitlements, they demand the state's share of national income expand at the expense of the middle class.

Sounds like Faschism to me......

Washington took over our banks and gave them protection from their criminal and stupid behavior.

Now they are going to pay.

They won't be able to fart with out Barney Frank there to smell it.
Serve them right for climbing in bed with the Oba mama gang.

Wait until you see the "new" auto industry. Every single thing will have to be vetted by the President.

We'll have to be ''politically correct" to participate. I guess right now you have to be part of the Oba mama gang. Next election cycle, fixed by Acorn, maybe Hillary. Then what?

Hillary's daughter? She does work for an hedge fund.

What advice do we give our grandchildren about their future under fascist regimes?

Learn Mandarin Chinese. Your going to need it.

Bill would fundamentally reform home mortgage industry - Los Angeles Times

* Ban all fees paid to loan officers that are tied to the interest rate of the mortgage or the type of the loan. During the headiest years of the boom, Wall Street investment banks paid mortgage brokers higher fees if they originated exotic loans such as short-term subprime adjustable-rate, interest-only, payment-option and "stated income" no-documentation loans with minimal or no down payments.

The lending industry also routinely paid brokers higher fees for originating mortgages that carried rates above prevailing levels. Loan officers frequently steered applicants with marginal credit histories into loans with excessive rates and penalties -- and were paid extra by banks and Wall Street for doing so. Studies have documented that minority and first-time borrowers disproportionately were marketed loans with unnecessarily high fees and penalties, based on their credit scores.

The new bill would prohibit any compensation -- "direct or indirect" -- that is tied to the rate or terms of the mortgage. "There should be no way you can be compensated for steering anyone to a higher rate," Frank said in an interview. The bill does permit home buyers or refinancers to opt for a slightly higher note rate to finance closing costs.

* Create mandatory minimum national quality standards for all mortgages. The rules would encourage lenders to make fully documented 30-year, fixed-rate loans with prevailing market rates, as opposed to loans with higher-risk features such as adjustable payments and negative amortization. The bill would also impose a federal "duty of care" standard requiring loan officers to offer applicants terms and rates that are "appropriate" to their income and ability to repay. Refinancings would have to pass a "net tangible benefit" test demonstrating that the replacement loan is superior to the borrower's current terms. Lenders would have to offer applicants the option to choose any loan without a prepayment penalty attached. Mandatory arbitration clauses in most mortgages would be banned.

* Allow borrowers who are put into mortgages that violate the new law to seek legal redress through cancellation of the loan contract, refund of all payments and fees and compensation for legal costs.

This gives you an idea of the extent of the Problem..

The rot sets in. The criminals who got us in to this mess and continue to keep us in this mess are simply on the take.

How do we get into this racket?

Financial Industry Paid Millions to Obama Aide - NYTimes.com

WASHINGTON — Lawrence H. Summers, the top economic adviser to President Obama, earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed Friday in releasing financial information about top officials.

Mr. Summers, the director of the National Economic Council, wields important influence over Mr. Obama’s policy decisions for the troubled financial industry, including firms from which he recently received payments.

Surprise!!!!......

His Royal Highness, Oba mama is now hobnobbing with the world elite. Trying to figure out how to beg our way into the good graces of European losers.

(Does bowing to kings make our President a loyal minion or simply showing his foreign upbringing? Yes he bowed!)

We conquered their sorry asses back in my dad's day and spent trillions rebuilding them in our image. Then we went ape shit and gave these clowns their political independence and tried keep them under economic control with our dollar.

This plan, however,  started unraveling under Nixon, who fearing a new depression took us off the gold standard and began the long road of inflationary expansion.

Too bad for this plan brown people wearing towels on their head decided to join the 20th century, wasn't it?.

OPEC came into existence to make war on us by restricting the supply of oil. This in turn generated government firing up printing presses  leading to the Jimmy Carter disaster of 14% inflation and interest rates after the Iranians threw out our hand picked dictator.

Ingrates!!

Leading up to unrestrained borrowing and spending because nobody could get elected in this country by constraining spending or raising taxes to maintain a stable currency.

Now the shit is hitting the fan but hopefully this is the big one. If not there won't be anyone left to bail us out next time. One thing we have to worry about is we need to change our ways and build stuff to sell and balance our trade deficits or our middle class disappears.

But not with our luck. It'll come when we can't finance an extra 50 or 60 million people on Social Security and need to borrow a few trillion for Medicare.

Good luck.

We need miracles in a hurry. Maybe Jesus will come and fix it for us?

Yes, this could be the dark ages. Will you and I live long enough to see it? After all boom and bust because of borrowing  and printing of money has always lead to "regime change", war and anarchy. And we can keep it up for a long long while.

Time will tell. (What will Oba mama kiss when He grovels in China).

Read what this guy has to say:

American Thinker: The Obama We Knew But Denied

What if an American President campaigned as a pragmatic centrist, promised tax cuts to 95% of the American people and pledged himself to a new era of government honesty, openness and bipartisanship, but never had any of those intentions? The result might be a cabinet full of tax cheats, political cronies and lobbyists, and a president peddling an overstuffed budget of liberal dream-schemes at a time when the American economy can least afford an extra nickel for folderol or fiddling.

Meanwhile Rome is burning.

President Obama rolls the dice and grabs a can of kerosene.

This president's budget, plus the Faux Stimulus monstrosity, plus the TARP bailouts all add up to the biggest, most irresponsible spending spree in American history. Yet, according to some of the best and brightest economists on the planet, these schemes are built upon overly rosy expectations, will do little to stimulate any economic growth and promise to punitively tax the very people and industries we need to provide investment capital and jobs to actually create the pie from which all these liberal cherries are to be plucked.

They own our sorry asses....

Poor bastards.

We'll murder them and their children if this keeps up. One tenth of one percent of the guns in this country is all it takes. (200 hundred thousand)

Want to take a chance?

I hear CNBC talking heads defending Wall Street welfare queens multi-billion bonuses. Got to keep these people working in these banks.

Why?

Jesse's Café Américain: How the Financial Industry Holds America Captive

"The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time."

Wall Street welfare queens

Any one doubting that there are two competing gangs in politics...

Read on.

Sheriff Needed, Inquire Within - iTulip.com

Where's Eliot Spitzer Now That We Need Him?

By MIKE WHITNEY
The former governor of New York might have some rocky moments in his confirmation hearings, but if Obama really wanted to police Wall St – which of course he doesn’t - he’d replace current SEC chief Mary Schapiro with Eliot Spitzer. Schapiro is another Wall Street toady who believes that the markets can regulate themselves. As the head of the Financial Industry Regulatory Authority, or Finra, she stood by while the financial giants increased their leverage to unsustainable levels and spread their derivatives-contagion to every part of the system.

Schapiro also missed the Madoff scandal, the auction-rate bond fraud, the blow up at Lehman Brothers, and the mortgage meltdown. She was blindsided at every turn. Her dismal performance as a private-sector regulator proves that she's the wrong person for the job. Even the far-right Wall Street Journal has lambasted Schapiro. In an article titled "Obama's pick to head SEC has record of being a Regulator with a Light Touch" the WSJ relayed this revealing anecdote:

The Financial Services Institute, a trade group, was meeting, and Ms. Schapiro addressed the crowd about Finra's efforts to fight frauds aimed at senior citizens. Frank Congemi, a financial adviser, asked what Finra was doing to regulate "packaged products" such as complex mortgage securities. Mr. Congemi says that Ms. Schapiro replied: "We have rating agencies that rate them." The credit-rating agencies, by this time, were being heavily criticized for having given triple-A ratings to mortgage bonds that became unsalable as foreclosures rose.

Mr. Congemi says that at the May 7 meeting he retorted: "What is that going to do to markets and people's trust when these things go to zero?" He says Ms. Schapiro replied that she couldn't answer hypothetical questions. (Wall Street Journal, Obama's pick to head SEC has record of being a Regulator with a Light Touch")

This story sums up Schapiro's do-nothing attitude perfectly. She's doomed to follow in the footsteps of her feckless predecessor, Christopher Cox, who stuck his head in the sand while the five biggest investment banks levered up to 30 to 1 and brought the whole global house of cards crashing to earth. Schapiro will undoubtedly torpedo any effort to police the markets or to bring charges against any of the Wall Street Godfathers.

Take it from an "Insider"...

"Saving" governments form their ruling elite is damn near impossible. Cutting their expenditures, balancing their books and cutting graft are big doses of medicine.

But reform? Yea, right.

The Atlantic Online | May 2009 | The Quiet Coup | Simon Johnson

One thing you learn rather quickly when working at the International Monetary Fund is that no one is ever very happy to see you. Typically, your “clients” come in only after private capital has abandoned them, after regional trading-bloc partners have been unable to throw a strong enough lifeline, after last-ditch attempts to borrow from powerful friends like China or the European Union have fallen through. You’re never at the top of anyone’s dance card.

The reason, of course, is that the IMF specializes in telling its clients what they don’t want to hear. I should know; I pressed painful changes on many foreign officials during my time there as chief economist in 2007 and 2008. And I felt the effects of IMF pressure, at least indirectly, when I worked with governments in Eastern Europe as they struggled after 1989, and with the private sector in Asia and Latin America during the crises of the late 1990s and early 2000s. Over that time, from every vantage point, I saw firsthand the steady flow of officials—from Ukraine, Russia, Thailand, Indonesia, South Korea, and elsewhere—trudging to the fund when circumstances were dire and all else had failed.

Every crisis is different, of course. Ukraine faced hyperinflation in 1994; Russia desperately needed help when its short-term-debt rollover scheme exploded in the summer of 1998; the Indonesian rupiah plunged in 1997, nearly leveling the corporate economy; that same year, South Korea’s 30-year economic miracle ground to a halt when foreign banks suddenly refused to extend new credit.

But I must tell you, to IMF officials, all of these crises looked depressingly similar. Each country, of course, needed a loan, but more than that, each needed read more

The geezers are coming.......

And they want their money.

Going to get ugly sooner than later.

Recession Bites Into Social Security’s Surplus: Kevin Hassett - Bloomberg.com

We have all been so busy whining about bonuses at American International Group Inc. and arguing about the so-called card- check legislation that we forgot to watch the Social Security surplus. While we were looking away, that surplus disappeared, eight years ahead of schedule.

Something extraordinarily important was revealed in mid- March and received almost no news coverage. If you typed in the words “Social Security” on Google’s news service last Friday, the top hit was a New York story about a man who kept his dead mother in a freezer ever since she died back in 2007, just so he could continue to collect her benefit checks.

Almost as gruesome is the news about Social Security’s finances. Social Security has for years been the near-term bright spot in the federal budget. Each year the program has raised $50 billion to $100 billion more in payroll taxes than it paid out in benefits. Sure, deficits were expected far off in the future, but the current program was on sound financial footing.

Those days are, for the moment at least, behind us. According to the latest Congressional Budget Office estimate, the Social Security surplus will be only $3 billion in 2010. That number is almost surely too rosy, and the actual realization next year will be a big deficit. In February, according to data from the Social Security Office of the Actuary, the program paid out more in benefits than it collected in taxes and interest combined. There will be many more months like that before we are through.

All Hail O California.....

WTF.

Californians actually dumped a worthless Grey Davis for "Arnie".

Why?

LewRockwell.com Blog: "Then they came for the black-painted cars..."

Just when you thought it was safe to drive in the People's Republic of California--as long as your car isn't painted black, here's the latest "innovation" for "saving the planet" that is beginning to gain traction (pun intended) in our "most progressive" state: mandatory checking of tire pressure by auto repair shops every time a customer brings his car in for maintenance.

"An issue that briefly brought President Barack Obama ridicule on the campaign trail last year is gaining traction in California, where air regulators are seeking to mandate proper tire inflation as a way to reduce fuel consumption.

The state Air Resources Board on Thursday adopted a resolution requiring auto repair shops to check tire pressure every time drivers bring in their vehicle for maintenance, oil changes and smog tests. The next step is to develop detailed rules to implement the mandate, which will take effect in July 2010.

Do as I say?.....

The elite are not going to be denied. They will make out just fine after the government screws us over to protect the powerful who bribe their way through life.

Any company or person who gets in their way will be knocked down. Martha Stewart, Bill Gates, Newt Gingrich, and Peter Schiff's father, Irvine, just to name a few.

But the biggest target is good old Walmart. This company plays the game too well. giving the customer what it wants and getting local governments to subsidize them to do so. Paying just enough in wages to keep us there and offering practically life time employment.

When is the last time you heard that from a "Union shop?"()Heh heh.

LewRockwell.com Blog: A Sure Bet!

A Sure Bet!
Posted by Butler Shaffer at March 29, 2009 12:59 PM

I am willing to bet that the politicos, academics, and other self-styled "experts" who continue to deride Peter Schiff as a "kook," nonetheless follow his advice in making their own investment decisions. Like the elitists who want to ban gun ownership for ordinary people - while insisting upon it for important persons such as themselves - or who oppose private schools for others - but not for their own children - the institutionalization of the double standard is essential to members of the power structure.

We got our bonus for the last quarter..

Remains to be seen if we get the next one. Sales have fallen about 9 % this month.

At least we are getting the store remodeled. Ready for the huge crowds from bankrupt competitors, I guess.

Walmart still rules as their stock has held up pretty good until Oba mama gives us union rule.

I still expect a so so summer at the store as unemployment catches up with Northern Idaho. So far 7.5% hasn't had a big effect (FROM ABOUT 4% 2 years ago) but you never know because we are in uncharted waters.

My crew is now down to 4 full time from 7. Until sales pick up I don't expect any new hires to fill the vacancies.

The guys we have are the best I have had here in the 18 months I've been here and we are getting it done.

As for the local economy, when stimulus money finally gets here it won't mount too much because we have very little infrastructures to build or repair.

Other than that, the real estate market has fallen off about 10 % from very low levels anywhere else in the West but with unemployment this high and a lousy "affordability index". (25 % of your monthly income equals your house payment) I don't expect much improvement.

This by the way, as I have been blogging will be a big piece of getting us out of this mess. You can't have millions of people "gambling" with the roof over their heads.

Until sanity returns and banks clear their books of corrupt loans we can expect a rerun in Real Estate as every one "needs" a house. Especially if the taxpayers give them one (heh heh)

History is made.......

I'm agreeing with "The Rolling Stone."

Our political leaders have been bought. They only pay attention when absolutely facing having to find a real job. Very seldom do we get a chance to pay that attention to them because they are so beholden to big media.

Why else go on those T.V. shows and blather about their great policies and plans.

All aimed at taking your money and giving to people whom they think are worthy.

How much did they give to you?

Try this solution to get us out of this mess:

Round up the bad guys and jail them. Before they get killed.(Heh heh)

The Big Takeover : Rolling Stone

People are pissed off about this financial crisis, and about this bailout, but they're not pissed off enough. The reality is that the worldwide economic meltdown and the bailout that followed were together a kind of revolution, a coup d'état. They cemented and formalized a political trend that has been snowballing for decades: the gradual takeover of the government by a small class of connected insiders, who used money to control elections, buy influence and systematically weaken financial regulations.

The crisis was the coup de grâce: Given virtually free rein over the economy, these same insiders first wrecked the financial world, then cunningly granted themselves nearly unlimited emergency powers to clean up their own mess. And so the gambling-addict leaders of companies like AIG end up not penniless and in jail, but with an Alien-style death grip on the Treasury and the Federal Reserve — "our partners in the government," as Liddy put it with a shockingly casual matter-of-factness after the most recent bailout.

The mistake most people make in looking at the financial crisis is thinking of it in terms of money, a habit that might lead you to look at the unfolding mess as a huge bonus-killing downer for the Wall Street class. But if you look at it in purely Machiavellian terms, what you see is a colossal power grab that threatens to turn the federal government into a kind of giant Enron — a huge, impenetrable black box filled with self-dealing insiders whose scheme is the securing of individual profits at the expense of an ocean of unwitting involuntary shareholders, previously known as taxpayers.

We are broke.....

When we get back to even we will begin to buy, invest and create jobs. Broke is a temporary position. Except for those of us who will be retiring in the next few years.

Millions of us!

The big bust is yet to come. We will have plenty of printing press money soon. Jobs will be given out to anyone who shows up and clocks in.

All government created and paid for, mostly.

Expect gas to hit 7 or 10 bucks in the next year or so barring a complete collapse of OPEC.

Which could happen.

Then the sky's the limit.

Tax revenues will boom as we get hit with big tax hikes to pay the government bonds to the Chinese. We have to pay no matter what or it's curtains. They will insist or Wall Street tycoons will have to jump out the windows. (dream on!)

History tells us that financial collapse occurs in fiat money systems when the economy runs out of borrowers and everyone stops spending and saves for  future spending. (Why else would we save?)

Remember when  gas prices went through the roof and too many broke dicks went bust. So broke they couldn't buy gas and eat at the same time.

Let alone pay 50 % of their take home pay on crappy little house 30 miles from work.

Those guys have been wiped out. Time for another round of boom and bust until we run out of suckers again.

Yes we will!

P.S You'll need a government job or your company needs a government guarantee to survive or as I'm doing, open a small and discrete side business. Cuts down on taxes until I get my SS check.

Then I disappear from the radar. (Heh heh)

Geithner's Five Big Misconceptions

The trouble with the economy is that the banks aren't lending. The reality: The economy is in trouble because American consumers and businesses took on way too much debt and are now collapsing under the weight of it. As consumers retrench, companies that sell to them are retrenching, thus exacerbating the problem. The banks, meanwhile, are lending. They just aren't lending as much as they used to. Also the shadow banking system (securitization markets), which actually provided more funding to the economy than the banks, has collapsed.

The banks aren't lending because their balance sheets are loaded with "bad assets" that the market has temporarily mispriced. The reality: The banks aren't lending (much) because they have decided to stop making loans to people and companies who can't pay them back. And because the banks are scared that future writedowns on their old loans will lead to future losses that will wipe out their equity.

Bad assets are "bad" because the mark

freeman Dyson says "Global Warming" is a religeous belief.....

One of the premier scientist talking here. Long article but he calls Al Gore an "opportunist"and will do anything to promote "environmentalism".

His critics will say that he's over 80 and senile. Long dead before the polar bears disappear and New Yorkers have to boat to work.

Pretty sharp criticism from people who never have to worry about a job. Food. Or doing something useful for a living.

That's usually why leftists enter politics, entertainment and academia.

Beats working for a living, right? 

Magazine Preview - The Civil Heretic - Freeman Dyson - Profile - NYTimes.com

Dyson says it’s only principle that leads him to question global warming: “According to the global-warming people, I say what I say because I’m paid by the oil industry. Of course I’m not, but that’s part of their rhetoric. If you doubt it, you’re a bad person, a tool of the oil or coal industry.” Global warming, he added, “has become a party line.”

What may trouble Dyson most about climate change are the experts. Experts are, he thinks, too often crippled by the conventional wisdom they create, leading to the belief that “they know it all.” The men he most admires tend to be what he calls “amateurs,” inventive spirits of uncredentialed brilliance like Bernhard Schmidt, an eccentric one-armed alcoholic telescope-lens designer; Milton Humason, a janitor at Mount Wilson Observatory in California whose native scientific aptitude was such that he was promoted to staff astronomer; and especially Darwin, who, Dyson says, “was really an amateur and beat the professionals at their own game.” It’s a point of pride with Dyson that in 1951 he became a member of the physics faculty at Cornell and then, two years later, moved on to the Institute for Advanced Study, where he became an influential man, a pragmatist providing solutions to the military and Congress, and also the 2000 winner of the $1 million Templeton Prize for broadening the understanding of science and religion, an award previously given to Mother Teresa and Aleksandr Solzhenitsyn — all without ever earning a Ph.D. Dyson may, in fact, be the ultimate outsider-insider, “the world’s most civil heretic,” as the classical composer Paul Moravec, the artistic consultant at the institute, says of him.

It's a conspiracy to disagree with Oba mama.....

Contracts to commit fraud are illegal. Threaten to punish the "Bonus" recipients and get the money back.

All this belly aching is silly. Close these up and start over.

Not politically correct and can't be done.

All these guys are in on the scam. Are we surprised?

Glenn Beck - Interviews - Glenn Beck - Another sign you are in a militia: Congressman Paul

RON PAUL: What it is is they're worthless. You know, they claim that there's no market for them. Well, there is no market because they're worthless. They are finding victims and we're the victims. The taxpayers are the victims. They can't sell them because they have no value and they should allow them to be eliminated. They have to be liquidated. But this whole idea that they have to be bought up is preposterous. That's why they wouldn't -- this thing could be practically over if they just allow these companies to go into bankruptcy. The bankruptcy court would have handled this, we wouldn't have had to appropriate any money, we wouldn't have had to mess with regulating salaries. That whole thing could have been stopped just by following the law which should have been bankruptcy court.

Fascism is a thought process....

It becomes "normal".

Government and big business climb in bed together and take turns in power. These people live together, marry each other and their children go to the same schools together. They read the same newspapers, books, and watch the same type of movies.

They hire people to run for office that will protect their interests and then get people"appointed " to the same government offices that regulate these same interests.

The most famous lately are Paulson and Geithner. These guys got us into much of this mess and now they'll take turns protecting their private employers, Goldman Sachs and the Federal Reserve, who brought us to the brink of ruin.

But what really is interesting is when governments are so afraid of us that they have to "regulate" the "color" of our guns. (heh heh).

No, really!

Read on:

Liberty For All

BELLEVUE, WA - The Second Amendment Foundation and three Washington, D.C. residents today filed a lawsuit challenging a regulation by District of Columbia city government that arbitrarily bans handguns based on a roster of “acceptable” handguns approved by the State of California.

The District is using this list despite a ruling by the U.S. Supreme Court last summer that protects handguns “that ordinary people traditionally use for self-defense.” This scheme could eventually bar the ownership of any new handguns.

Attorney Alan Gura, representing the plaintiffs in this case, noted that District bureaucrats “told Tracy Ambeau Hanson her gun was the wrong color.” Americans are not limited to a government list of approved books, or approved religions, he said. A handgun protected by the Second Amendment doesn’t need to appear on any government-approved list either.

“The Springfield XD-45 is approved for sale in Washington,” Gura noted, “so long as it is black, green, or brown, but her bi-tone version is supposedly ‘unsafe’

Walmart on a tear.....

Sales were better than expected so we got a 115$ bonus. Remains to be seen if we get another. Sales off this month a little.

Not sure what effects the bailouts will have on us. Still think they put off the inevitable (temporary) collapse of the economy.

With trillion dollar deficits consumer spending should be at least relatively stable until inflation explodes.

Unfortunately for Oba mama the construction spending is pretty much not coming until next Spring.

Hope it's not to late for the politicians to save their asses. (heh heh)

Not !

As long as we keep these people in charge the longer the mess continues because they will spend the rest of their lives trying to save their sorry asses.

With our money, of course.

Only in Washington.......

being a borrower and lender at the same time is what all banks do.

When you subsidize crime guess what you get? Why would anyone borrow to invest in future  profits (maybe) when you can get a guaranteed return form the government?

Why can't we get in on these scams?

The Madness of Barack Obama: Why Free Money Is Destroying America

Right now, the Federal Home Loan Bank will lend money to community banks for 10 years for around 200 basis points (2%) less than you can earn holding a matching duration Fannie Mae or Freddie Mac note. Thus, smart entrepreneurs are now borrowing money from Obama and then lending it back to him, risk free, all while earning 2% on the spread. (This, by the way, is almost exactly what mortgage REIT Annaly does.) Considering where interest rates are and the low cost of acquiring FDIC insurance, it's hard to imagine why anyone would buy any other credit.

calling Al Gore.....

You better get in on this scam now or miss out.

Don't worry Oba mama will stick it to us.

Yes he will!

American Thinker: The Clear and Cohesive Message of the International Conference on Climate Change

“There is no convincing scientific evidence that human release of carbon dioxide, methane, or other greenhouse gasses is causing or will, in the foreseeable future, cause catastrophic heating of the Earth's atmosphere and disruption of the Earth's climate. Moreover, there is substantial scientific evidence that increases in atmospheric carbon dioxide produce many beneficial effects upon the natural plant and animal environments of the Earth.” -- from the Oregon Petition, signed by over 31,000 scientists

United by that conviction, over 800 scientists, economists, and policy makers arrived in New York City last Sunday to attend the Heartland Institute’s 2nd Annual International Conference on Climate Change. They came to talk a wide range of subjects, from climatology to energy policy, from computer climate models to cap-and-trade, from greenhouse gas (GHG) effects to solar irradiation. But most of all they came to help spread the word that the answer to the question posed by this year’s theme -- Global warming: Was it ever really a crisis? -- is a resounding NO.

I'm ready........

Are you?

Really?

Taki's Magazine: The House Poor

Toss the too-big-to-fail baloney, says Woods, and let insolvent, inefficient, bloated giants fail, because the free market will take the best of what’s left and make good use of it without having to poach the taxpayers’ pockets for Friday night beer money. As to Fannie and Freddie, say goodbye, and as to all government bailouts of private institutions, good riddance. “Problems caused by excessive spending and indebtedness,” says Woods, “cannot be cured by more spending and more indebtedness, any more than the cure for excessive lending is more excessive lending.”

Finally, since “money is the most socialized sector in the American economy,” it must be liberated. We don’t need yet another layer of government dedicated to monetary oversight, as Ben Bernanke has argued for in the past few days; we need a separation of money and state. And such a thing is only possible if the central bank again becomes a subject of public debate (as it once was.)

Just because Oba mama's family were....

Doesn't mean He is. I think most of these guys in politics are fascist myself. (Basically, Fascist believe that government should control everything in your life for the good of the country.)

But what does a real socialist think:

Obama's No Socialist. I Should Know. - washingtonpost.com

It took a massive global financial crisis, a failed military adventure and a popular repudiation of the Republican Party to make my national television debut possible. After 15 years of socialist political organizing -- everything from licking envelopes and handing out leaflets to the more romantic task of speaking at street demonstrations -- I found myself in the midtown Manhattan studio of the Fox Business Network on a cold February evening. Who ever thought that being the editor of the Socialist magazine, circulation 3,000, would launch me on a cable news career?

Government is the problem.....

With a withering away of the middle class I figure the Empire will finally have to retrench and come back to the states.

Remember, it's the middle class who make it possible for the governments to maintain this whole house of cards.

I wonder if Reagan read Rothbard?

Sobran's --- The Reluctant Anarchist

Murray’s view of politics was shockingly blunt: the state was nothing but a criminal gang writ large. Much as I agreed with him in general, and fascinating though I found his arguments, I resisted this conclusion. I still wanted to believe in constitutional government.

Murray would have none of this. He insisted that the Philadelphia convention at which the Constitution had been drafted was nothing but a “coup d’etat,” centralizing power and destroying the far more tolerable arrangements of the Articles of Confederation. This was a direct denial of everything I’d been taught. I’d never heard anyone suggest that the Articles had been preferable to the Constitution! But Murray didn’t care what anyone thought — or what everyone thought. (He’d been too radical for Ayn Rand.)

Repeat after me.....

Welfare for the rich is good. Welfare for the rich is good.

Welfare for .... Ah fuck it!

Citi's Pandit hits paydirt - Mar. 16, 2009

NEW YORK (Fortune) -- Citigroup, which has received hundreds of billions of dollars in federal aid, disclosed Monday that CEO Vikram Pandit received 2008 compensation valued at $10.8 million.

The bank also announced changes to its board and nominated four new independent directors, including former U.S. Bancorp (USB, Fortune 500) chief Jerry Grundhofer.

New York-based Citi, like many other banks that have received taxpayer funding, has come under fire for its spending on executive compensation and other perks.

But since Citi (C, Fortune 500) took its first round of exceptional federal aid last November, the bank has been trying to show it's being more responsible. Pandit said late last year he plans to take just $1 a year in salary until the bank returns to profitability.

Our gang is just getting warmed up....

Our government is comprised of competing gangs battling over the stolen loot. As I have been saying for years now this mess will eventually crash around our ears as no "change " is possible.

Now I believe it would be best if we let it. Not one vote until there is nothing left of the ruling elite. I will be here in Idaho watching the blood fly as the gimme gimme crowd claws itself to pieces.

What's interesting is this is just the beginning.

Crash and boom are guaranteed by government fiscal action. Print and borrow until we run out of suckers.

A few years from now we start the cycle over and crash even harder. Inflation is guaranteed to wipe out all these unpayable debts destroying the middle class.

My generation remembers 10 cent Cokes and 25 cent packs of cigarettes, 5 cent Hershey bars and don't forget 28 cent a gallon gas.

How about I bought a duplex for 10 grand. Payments were 125 a month. Guess how much the rents were for.

In 1972 we were wealthy. What happened to the working class?

Inflation!


Wait until 2012.

Groupthink :: View topic - Contradictions of Socialism (I saw the future & ran away)

If one were accidentally to open his eyes and compare the "progressive" narrative with facts on the ground, one might start asking questions. Why, for instance, if the war on terror breeds more terrorists, haven't there been attacks on the U.S. soil since 2001? Why, if George W. Bush had removed our freedom of speech, was nobody ever arrested for saying anything? And if Obama has returned us our freedoms, why was a man harassed by police in Oklahoma for having an anti-Obama sign in his car? Why would anyone who supports free speech want to silence talk radio? And why is silencing the opposition called the "Fairness Doctrine"?

After the number of "caring," bleeding-heart politicians in Washington reached a critical mass, it was only a matter of time before the government started ordering banks to help the poor by giving them risky home loans through community organizers. Which resulted in a bigger demand, which resulted in rising prices, which resulted in slimmer chances of repaying the loans, which resulted in more pressure on the banks, which resulted in repackaging of bad loans, which resulted in a collapse of the banks, which resulted in a recession, which resulted in many borrowers losing their jobs, which resulted in no further mortgage payments, which resulted in a financial disaster, which resulted in a worldwide crisis, with billions of poor people overseas - who had never seen a community organizer, nor applied for a bad loan - becoming even poorer than they had been before the "progressives" in the U.S. government decided to help the poor.

Citigroup reports 2 billion profit......

We're saved!!!

Wait a minute. Didn't we just give these clowns 30 billion? They only profited 2 billion?

Hmmm.... You know, if I was given 30 billion, I would just close the doors and tell the government to pound sand.

Take him 10 years or so to figure out what happened. Especially when I buy a  dozen congressmen for a million or so a piece.

Hell, maybe a hundred years.

Might even run (buy) for office myself. Hire the whole family. Hire a lot of families.

In the mean time, for us little guys here's the important information.

Trucks.

Notice the price of diesel has fallen about even with gas?

Trucking disappears and we die! Even the gangs in Washington!


Wall Street Journal

Con-way Inc. (CNW) Chief Executive Doug Stotlar voiced some optimism Tuesday that a persistent slide in freight volumes could be stemming, citing a seasonal uptick so far in March.

"We hope that we're at the bottom," Stotlar said, speaking at a Raymond James conference in Orlando, Fla.

Con-way's stature as a top trucking and logistics company gives it a bird's-eye perch to "see the uptick before it's being ...

our King is serious.......

It appears that the President can "veto" parts of a spending appropriation by ignoring it.

O.k. How about Congress sending bills to an executive agency for approval? Sound like Emperor "prerogative" to me.

Congress must kow tow to Obamama!

Why not disband these assholes and have the Emperor run thing.

With the Supreme Court' permission, of course. (appointed by the president)

Read the whole piece and see what you think:

Obama Outlines Plan to Curb Earmarks - WSJ.com

House Democratic leaders and House Appropriations Committee Chairman David Obey agreed with Mr. Obama's proposed new rules and said any requested earmarks also should be submitted to the appropriate executive-branch agency for a 20-day review of the project to ensure its legality and worth.

But the proposals immediately met with skepticism from spending watchdogs and outright opposition in the Senate. Senate aides said Majority Leader Harry Reid (D., Nev.) saw the proposals -- especially the mandatory executive review -- as too restrictive.

Some people agreeing with me .......

Are scary.

However, he forgets the trillions my generation will add to the deficit. 

Medical alone destroys our children. In order to pay Patti and I $1800 a month would take half my son's income.

My daughters would have to pay her uncles. As for medical?

His theses is that deficits worldwide will grow and be untenable under projections for the foreseeable future.

He's an optimist.

You can see why I believe no oil producing country is safe. We need immigration and a lot of energy to support all these voters. We need to reinflate the bubble to save those sorry assed shit heads in Washington.

Or continue begging China for our money back.

Read the whole article:

oftwominds

2. Global savings are not infinite. The U.S. comprises about a quarter of the global economy as measured by GDP; by at least some measures, for the U.S. Treasury to borrow $2 trillion a year then a significant percentage of total global savings must be diverted to Treasuries.

Recall that virtually every other government on the planet is also busy selling trillions of dollars of their own debt to fund their own deficit spending, and that private debt for new mortgages, corporate debt, etc. sucks up additional funds. It's not hard to foresee a point at which newly issued debt exceeds the available savings/surplus capital.

A cup of coffee at McDonalds is a better buy...

At least Obamama saved the abortion mills today by executive order.

But as for the auto industry?

Good luck!

What's more the housing bust has reached New York. Get ready for "radical action".

Heh heh.

For those of us with jobs and credit the world will be ours. Until the geezer Tsunami of retirement hits.

Boom!!!!

A Crash Course in the World Credit Markets

03/06/09 “Substantial doubt,” say auditors at Deloitte & Touche. They’ve been studying GMs figures. The numbers make them wonder whether the automaker can continue as a “going concern.”

Here at The Daily Reckoning, we’ve got substantial doubt about a number of things.

As to GM, we share the auditors’ concern. The world is full of car factories. Most of them can make cars better, faster, and cheaper than GM. Meanwhile, demand for autos is not growing as quickly as the global growth in auto-making capacity – especially in America. Not that we’re trying to pass judgment. Let the Mr. Market do that!

But GM has friends in high places…ready to lean on the scales of Mr. Market’s justice. The automaker has already borrowed $13.4 billion.

Soak the rich?.....

Soak Hell! Take all their money so we can quit bitching about it.

Oops. Didn't make a bit of difference? We're even more fucked!!

Duh!!!!

The Downfall of the American Consumer by Bill Bonner

Who pays?

Ah…that’s an interesting subject in itself. Obama says he’s going to soak the rich. But the rich are already pretty well marinated. Reagan’s tax cuts freed them to earn more money – and pay more taxes. Now, the top 5% pays 60% of the costs of government. The bottom 40% pay no taxes at all. They get all government “services”…which is to say their boondoggles…for free.

Civil War?.....

Na!

These clowns can't survive without Fed bail out funds.

Simply close the doors and go home would be their only chance of avoiding kissing Washington's ass.

Of course, Obamama could simply order the national Guard to round up the legislatures. Heh heh.

Remember Ob is a gangster form Chicago. What does he know?

Five More States Invoke the 10th - HUMAN EVENTS

Last week, HUMAN EVENTS reported that eleven states, Washington, New Hampshire, Arizona, Montana, Michigan, Missouri, Oklahoma, Minnesota, Georgia, South Carolina, and Texas, had all “all introduced bills and resolutions” declaring their sovereignty over Obama’s actions in light of the 10th Amendment.

These actions are in response to the Obama administration’s faux-“stimulus” legislation which directly assaults the rights of states to reject the money coming from the federal government. So far, several Republican governors -- among them South Carolina’s Mark Sanford and Louisiana’s Bobby Jindal -- have said they would refuse all or part of the stimulus money because of the constitutional infringements and because of the additional unfunded liabilities they impose on the states.

This week, HUMAN EVENTS is happy to report that five more states have decided to invoke the 10th as well.

True test in California......

Prop 8 changes (amends) the state constitution. Gay marriages illegal. It's now before the Supreme Court of california.

Why?

What part of constitutional amendments are unconstitutional?

Only under tyrannies.

Soon this will be mute because Californians will be moving out by the millions, as I and my son have done.

Nothing left but left wing fascist and broke dicks.

Even mexican gangs won't be able to make a buck. Heh heh.

Amen.......

It's all a scam to get us to support the leeches who own us.

The American Tradesmen: Weary Cogs in the Engine of the American Empire by Mark R. Crovelli

On the domestic scene, the tradesman is forced to bear equally onerous burdens in order to support the empire. The empire’s domestic tentacles have wriggled and forced their way into every nook and cranny of the American economy. In order for the tradesman to make a living for himself he must bow down, ask permission, or hide from the legions of bureaucrat-regulators and policemen that claim the right to tell him what is permissible and impermissible in this so-called "free market" economy. He cannot even hang sheetrock without first gaining permission to operate as a contractor from fat bureaucrats he has never met, filling out reams of paperwork to take care of the taxes and permits required by the empire’s local henchmen, and then having his work "inspected" by someone who claims to know his trade better than he does. If he is fortunate enough to jump every hurdle correctly, he will be rewarded with what the federal government calls the "self-employment tax," robbing him of a massive portion of the fruits of his labor.

I voted for this guy.....

He was right on about "free trade". The whole thing about our government is to keep the "oligarchs" in power. That's what "bailouts" mean.

In order to do "good" for the world they need us to consume, consume, consume until we croak.

In their fantasies, of course.

Unfortunately for them we are running out of taxpayers. Giving everyone a check means less reason to work hard. Less work less tax. Before you know it "why work" becomes the norm. Hey ain't being a Democrat wonderful?

Of course, now foreign lenders require that we reduce deficits. with every American on the dole!

They should live so long!

Read on:

Pitchfork Time - HUMAN EVENTS

Patrick J. Buchanan
Pitchfork Time
by Patrick J. Buchanan
03/03/2009


In his campaign and inaugural address, Barack Obama cast himself as a moderate man seeking common ground with conservatives.

Yet, his budget calls for the radical restructuring of the U.S. economy, a sweeping redistribution of power and wealth to government and Democratic constituencies. It is a declaration of war on the Right.

The real Obama has stood up, and lived up to his ranking as the most left-wing member of the United States Senate.

Barack has no mandate for this. He was even behind McCain when the decisive event that gave him the presidency occurred -- the September collapse of Lehman Brothers and the market crash.

Republicans are under no obligation to render bipartisan support to this statist coup d'etat. For what is going down is a leftist power grab that is anathema to their principles and philosophy.

Where the U.S. government usually consumes 21 percent of gross domestic product, this Obama budget spends 28 percent in 2009 and runs a deficit of $1.75 trillion, or 12.7 percent of GDP. That is four times the largest deficit of George W. Bush and twice as large a share of the economy as any deficit run since World War II.

Add that 28 percent of GDP spent by the U.S. government to the 12 percent spent by states, counties and cities, and government will consume 40 percent of the economy in 2009.

We are not "headed down the road to socialism." We are there.

Since the budget was released, word has come that the U.S. economy did not shrink by 3.8 percent in the fourth quarter, but 6.2 percent. All the assumptions in Obama's budget about growth in 2009 and 2010 need to be revised downward, and the deficits revised upward.

Look for the deficit for 2009 to cross $2 trillion.

Who abroad is going to lend us the trillions to finance our deficits without demanding higher interest rates on the U.S. bonds they are being asked to hold? And if we must revert to the printing press to create the money, what happens to the dollar?

As Americans save only a pittance and have lost -- in the value of homes, stocks, bonds and other assets -- $15 trillion to $20 trillion since 2007, how can the people provide the feds with the needed money?

In his speech to Congress, Obama promised new investments in energy, education and health care. Every kid is going to get a college degree. We're going to find a cure for cancer.

Who is going to pay for all this?

The top 2 percent, the filthy rich who got all those Bush tax breaks, say Democrats. But the top 5 percent of income earners already pay 60 percent of U.S. income taxes, while the bottom 40 percent pays nothing.

Those paying a federal tax rate of 35 percent will see it rise to near 40 percent and will lose a fifth of the value of their deductions for taxes, mortgage interest and charitable contributions.

Yet, two-thirds of small businesses are taxed at the same rate as individuals. Consider what this means to the owner of a restaurant and bar in Los Angeles open from noon to midnight, where a husband and wife each put in 80 hours a week.

At year's end, the couple finds they have actually made a profit of $500,000 that they can take home in salary.

What is the Obama-Schwarzenegger tax take on that salary?

Their U.S. tax rate will have hit 39.6 percent.

Their California income tax will have hit 9.55 percent.

Medicare payroll taxes on the proprietor as both employer and salaried employee will be $14,500. Social Security payroll taxes for the proprietor as both employer and employee will be $13,243.

In short, U.S. and state income and payroll taxes will consume half of all the pair earned for some 8,000 hours of work.

From that ravaged salary they must pay a state sales tax of 8.25 percent, gas taxes for the 50-mile commute, and tens of thousands in property taxes on both their restaurant and home. And, after being pilloried by politicians for having feasted in the Bush era, they are now told the tax deduction they get for contributing to the church is to be cut 20 percent, while millions of Obama voters, who paid no U.S. income tax at all, will be getting a tax cut -- i.e., a fat little check -- in April.

Any wonder native-born Californians are fleeing the Golden Land?

Markets are not infallible. But the stock market has long been a "lead indicator" of where the economy will be six months from now. What are the markets, the collective decisions of millions of investors, saying?

Having fallen every month since Obama's election, with January and February the worst two months in history, they are telling us the stimulus package will not work, that Tim Geithner is clueless about how to save the banks, that the Obama budget portends disaster for the republic.

The president says he is gearing up for a fight on his budget.

Good. Let's give him one.

Mr. Buchanan is a nationally syndicated columnist and author of Churchill, Hitler, and "The Unnecessary War": How Britain Lost Its Empire and the West Lost the World, "The Death of the West,", "The Great Betrayal," "A Republic, Not an Empire" and "Where the Right Went Wrong."

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Report Abusive PostPat Barak won an election.
Barak is Mr Prez to you.
Barak can run America any way Mr Prez wants to.

I believe Barak will make America strong again

PS I was not a Obama voter, I went Mrs. Clinton
Mar 03, 2009 @ 03:32 AM
Jim Taylor, TN
Report Abusive PostPat

What can I say but BINGO. Short, sweet and on point. It is sad that more Americans have been successfully dumbed down to not realize or even sense this was coming. The concern about Obamas socalled innocent associations, upbringing, voting record, hidden school records and talking points were but down as being racist, but the public, which has little to no survivor instincts remaining walked right into the trap. The historic president is on a mission to be the the Messiah along with the DC power crazed unhwholly alliance of socialist/fascist in the congress and the cowards in business who think they will be immune down the road...

No Representation in USA Our Country Is Under Attack
Mar 03, 2009 @ 03:40 AM
afuel, NorCal
Report Abusive PostYou say,
but the top 5 percent of income earners already pay 60 percent of U.S. income taxes, while the bottom 40 percent pays nothing.

Mr Buckannon you seem to not like poor people. Top 5%? You are only for big money capitalist investors. People ruining America!
Mar 03, 2009 @ 03:42 AM
Curt Wetzel, Missouri
Report Abusive PostI am one of those lucky Californians. I am allegedly 'rich' because I retired as a Police Captain, and have taken a job as a deputy sheriff. Its great to be rich... Its also great to receive a state tax IOU because they have no money (so they keep ours) but cut virtually nothing. Start cutting not by cutting jobs, cut organizations like CARB-a group who has ruined our economy and done NOTHING to help the state. Cutting CARBS--a great idea for a California Diet.

www.conservativemusiconline.com
Mar 03, 2009 @ 03:56 AM
Lance Morrison, CA
Report Abusive PostTricky tricky Pat wrote "Who is going to pay for all this? ... The top 2 percent, the filthy rich who got all those Bush tax breaks, say Democrats. But the top 5 percent of income earners already pay 60 percent of U.S. income taxes, while the bottom 40 percent pays nothing."

The key word is "income" in the phrase "income taxes". The high-enders got lots of breaks under GWB on other taxes besides the income tax. Time to roll those back.

Pat is a speechwriter, not a serious policy idea-person. Everything he says is based on debater's tricks, just like the Neocons he despises so.

Governor Elliot Spitzer resigned for hiring prostitutes, but David Vitter is still Senator from Louisiana. At least the Governor didn't make 'em play diaper games! Stormy Daniels for US Senate in 2010!
Mar 03, 2009 @ 04:17 AM
SoMG, Long time Pat-watcher
Report Abusive PostClever californians go for australia. Free marked oriented government, sun, beach, ...
Mar 03, 2009 @ 05:49 AM
John Galt, anywhere
Report Abusive PostPat, the country who works hard, pays their taxes and was saving for a rainy day have their umbrellas up!
We knew this was coming, we tried to tell you. thanks for standing up and telling the truth. The emperor has no clothes!
Mar 03, 2009 @ 05:53 AM
TennesseeVolunteer, memphis, tn
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The GOP acted like "cheap" Democrats......

The Repubs deserve to lose for that. Spending money like it grows on trees, borrowing money from future generations, attacking oil producing countries for no good reason (at least we could have confiscated the oil).

What were they thinking?

And where was Rush Limbaugh when Bush ran amuck and buried Reaganism?

As for the Dems, at least they bribe some of us once in awhile! If your going to ruin the country at least give me a bail out.

That's all it amounts to. Bankrupt everyone so we can pick up the pieces and start over.

Of course we have to start over without Dems and Repubs.

They got to go!!

LewRockwell.com Blog: Why the GOP is irrelevant and clueless

The GOP still thinks that the key to success lies in trashing immigrants, starting more wars, and kissing the backsides of crazed evangelical Christians. The small government agenda is a convenient ploy, but I've never seen the slightest evidence that anyone in the party actually believes that small government is a good thing. If they did think so, they'd have slashed spending and blocked all deficit spending back when they controlled the entire federal government for 6 years. So, in 2010 look for a lot of rhetoric about how them Messicans are stealing your jobs and how brown skinned foreigners are coming to get you. And bailouts are good! Just not Obama's bailouts.

As I have been writing....

We need a "Jubilee". A debt moratorium, if you will. It used to be the norm in most of the world that when everyone is broke you bankrupt the financiers and start over. Unfortunately most "financiers" in the past were Jews. That wasn't good for them. To many scrimped and saved for generations and lent their money for profit only to get robbed and murdered.

The difference we have now days is for the taxpayers to guarantee the loss. Not all at once of course, but you have to bankrupt the stockholders and the greedsters and make whole the system. Credit Unions  and savings bank that can only lend to a local customer is the key. Not global straddling behemoths.

Do it yesterday as time is not on our side.


How about some more Washington insider insight.

Six Minutes with the Renegade Economist - Michael Hudson Special...

Guy has it in a nut shell.......

We don't have evil geniuses running the show.
 
We have greedy Fascist manipulating our money. In order to get richer they buy enough of the media and our politicians to accumulate power and luxuries.

Running our lives is not much on their agenda, however. Taking care of their own is. If destroying everything we believe in is what it take, then that's what will happen.

But what can we do?

it seems most  politicians we have has to play ball or be out of office. There is always someone in love with power to take their place. Rhetoric means squat. Party? Yea right. Elections? Make me laugh.

At times it appears that they are all powerful but they can't keep up with the ever  ending cycle of greed begetting greed creating more greed. Eventually there is nothing else left.

Waste and fraud permeates their every corner as you can't rob everybody to pay everybody because over time somebody has to lose. Finally we are all caught up in it until we run out of new players.

When you play Empire this happens every time it's been tried:

       ClubOrlov: Social Collapse Best Practices

First: growth, of course! Getting the economy going. We learned nothing from the last huge spike in commodity prices, so let’s just try it again. That calls for economic stimulus, a.k.a. printing money. Let’s see how high the prices go up this time. Maybe this time around we will achieve hyperinflation. Second: Stabilizing financial institutions: getting banks lending – that’s important too. You see, we are just not in enough debt yet, that’s our problem. We need more debt, and quickly! Third: jobs! We need to create jobs. Low-wage jobs, of course, to replace all the high-wage manufacturing jobs we’ve been shedding for decades now, and replacing them with low-wage service sector jobs, mainly ones without any job security or benefits. Right now, a lot of people could slow down the rate at which they are sinking further into debt if they quit their jobs. That is, their job is a net loss for them as individuals as well as for the economy as a whole. But, of course, we need much more of that, and quickly!

So that’s what we have now. The ship is on the rocks, water is rising, and the captain is shouting “Full steam ahead! We are sailing to Afghanistan!” Do you listen to Ahab up on the bridge, or do you desert your post in the engine room and go help deploy the lifeboats? If you thought that the previous episode of uncontrolled debt expansion, globalized Ponzi schemes, and economic hollowing-out was silly, then I predict that you will find this next episode of feckless grasping at macroeconomic straws even sillier.