The stock market seems to be pretending that the economy is doing good, but people are not buying this bullshit:
With the Dow Jones Industrial Average moving past 13,000 toward pre-financial-crisis highs, the conventional wisdom is that the stock markets expect a robust economy soon — just what President Obama needs to guarantee his re-election this fall.
Not so fast.
Yes, the economy may be improving after its anemic growth in 2011, which is
Part two of my posts on housing and banking.
If you want to know why I have some shred of sympathy for OWS despite some of their repugnant behavior (that Kos link is priceless, BTW), here is the reason:
Liberal protesters “occupying” Wall Street hate the big banks, which they see as the engine of capitalism. But conservatives ought to hate the big banks because they are the enemies of capitalism.
In addition to the … Read more
This timem it was the longshoremen in Washington that destroyed property and held people hostage. Why are they doing it?
The International Longshore and Warehouse Union believes it has the right to work at the facility, but the company has hired a contractor that’s staffing a workforce of other union laborers.
Get that? They have the “RIGHT” to do the work, but the employer has no business, let alone the right, to hire whomever … Read more
And what do I believe the left will blame them for? Well a 512 point drop in the DJIA (Dow Jones Industrial Average):
The Dow Jones Industrial Average plummeted 512.76 points, or 4.31 percent, to close at 11,383.68, led by Alcoa [AA 12.94 -1.32 (-9.26%) ] and BofA [BAC 8.83 -0.71 (-7.44%) ]. The last time the Dow dropped more than 500 points in a single session was in Dec. 2008.
I am sure … Read more
The House failed to vote today on the Boehner debt ceiling bill. There are, apparently, too many Republicans holding out as well as all the Democrats. As a result, credit default swaps on US treasuries are at the highest they’ve been since the 2008 financial crisis.
I tweeted this some time ago and the more I watch this unfold, the more I’m convinced it’s going to happen. Three years ago, Congress failed to pass TARP. … Read more
Guess who so far has ended up being the biggest beneficiary of the Dodd-Frank financial regulation law? For those of you not familiar with Dodd and Frank, here is some background. Chris Dodd was a senator from my state, Connecticut, and one of the instrumental people behind the previous laws and government push to force lending to high risk people in his political career, ending up as the banking committee chairman (better to rob us … Read more
When I saw the news yesterday that Moodys put the US rating on a downgrade watch and that was also followed immediately by Standard & Poor’s pushing the same narrative, I immediately became suspicious of the timing and this idiotic warning. Remember that Moody and S&P where the people that kept telling us that all those mortgage security packages, replete with bad loans almost guaranteed to go south, repackaged through Freddie and Fannie, where … Read more
Hmm. Now this is interesting:
Growing increasingly pessimistic about the prospects for a deal that would raise the debt ceiling, Democratic senators are revisiting a solution to the crisis that rests on a simple proposition: The debt ceiling itself is unconstitutional.
“The validity of the public debt of the United States, authorized by law… shall not be questioned,” reads the 14th Amendment.
“This is an issue that’s been raised in some private debate between senators
I’m not sure how you guys feel about dollar coins. I’ve spent many months in countries, particularly Australia, that have dollar coins. They are massively more convenient than bills, in my opinion. I really can’t understand why they haven’t caught on in this country. It seems mainly to be inertia. We don’t use dollar coins because … we don’t use dollar coins.
Well that … and strippers tend to get annoyed when you try to … Read more
What you ask? Well, that the real problem is the financial obligations to keep up the socialist bullshit:
When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco’s Bill Gross told CNBC Monday. Much of the public focus is on the nation’s public debt, which is $14.3 trillion. But that doesn’t include money
