March 02, 2013
Bloomberg: US Can Borrow Infinite Amount Of Money Because It Has No Money To Pay It Back
Or something like that. I don't know what the hell he's talking about...
"We are spending money we don't have," Mr. Bloomberg explained. "It's not like your household. In your household, people are saying, 'Oh, you can't spend money you don't have.' That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money,... Our debt is so big and so many people own it that it's preposterous to think that they would stop selling us more. It's the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that's a problem for the lenders. They can't stop lending us more money."
Debt - I do not think it means what Bloomberg thinks it means.
Isn't this how we got into this economic mess in the first place? People borrowing more money than they could afford to repay just because government regulations required banks to give them money?
September 21, 2012
1k Words on the Issue the MSM Doesn't Want to Cover
April 03, 2012
Lulz: Dept. of Education Celebrates Financial Education Month by .....
And why not? Accumulating mass amounts of debt is about the only thing the federal government does well!
January 30, 2012
Confirmed: Government Employess Do Make More Than You
And by you I meant you, not me. For it turns out that people working for the federal government with high school and college degrees do, in fact, make more than those with similar educations in the private sector.
But those of us with advanced degrees? Not so much:
The CBO found that the advantage federal workers enjoy varies by educational level. For those with only a high-school degree, workers earned 21 percent more and were given benefits worth 72 percent more than in the private sector.Clearly I need to get into the private sector!
For college graduates, wages were about the same but benefits were 46 percent better in the government.
Meanwhile for advanced degree holders, wages were 23 percent less than in the private sector and benefits were about the same.
Why would those with the least amount of education make so much more working for the federal government? It's the perfect confluence of the Democratic parties constituencies: those dependent on labor unions and those dependent on government.
January 10, 2012
Wonder Why Gasoline Prices Are So Needlessly High?
Here's one reason, oil companies have to charge more (emphasis mine):
When the companies that supply motor fuel close the books on 2011, they will pay about $6.8 million in penalties to the Treasury because they failed to mix a special type of biofuel into their gasoline and diesel as required by law.
But there was none to be had. Outside a handful of laboratories and workshops, the ingredient, cellulosic biofuel, does not exist.
When a company - any company, not just oil companies - has additional expenses for the products it provides, whether it is government fines or corporate taxes, the cost is passed to the consumers. Companies charge you more for the product, so big government and leftist #Occupy types can feel like the companies are paying their "fair share." You pay their "fair share" in the form of higher prices.
July 15, 2011
To anybody claiming Government is the efficient mechanism to run, well, anything.
The U.S. Department of Defense was unable to account properly for $8.7 billion of Iraqi oil and gas money meant for humanitarian needs and reconstruction after the 2003 invasion, according to an audit released on Tuesday.
The figure is nearly 96 percent of the $9.1 billion funneled to the Pentagon from the Development Fund for Iraq (DFI), said the audit report from the U.S. Special Inspector General for Iraq Reconstruction (SIGIR).
Somebody put Biden in charge of spending oversight!
May 12, 2011
There is No Free Lunch
Probably have posted this before, but who cares. Free economics education.
March 22, 2011
The Neo-Commie Plan to Wreck the Train
Did I mention there is a Neo-Commie in the White House?
What we’re witnessing is an organized attempt at initiating a soft coup in the United States by way of a socialist cabal. Michael Medved might not like to hear this; Bill O’Reilly and Bernie Goldberg likely won’t, either — concerned, as they both are, about the “rightwing” “bash Obama” industry (which isn’t helping “the folks”); Jeb Bush surely doesn’t, if such a revelation means that his standing on stage with Obama in the swing state of FL to burnish his “pragmatic centrist” bona fides then looks like either betrayal of conservative principles, or a real lack of discernment and judgment; and of course, the establishment GOP, who has built its entire political strategy on the idea that Washington is and always will be business as usual (and it is — for them) probably want to skip this as well.Read the rest..
But those of us who met the election of Barack Obama with cries of opposition knew what was coming — all one had to do was bother to look — and we reluctantly pushed the GOP back to power in November to fight the attempt by the left to finish its takeover of our country.
November 29, 2010
Why Isn't Populism Popular?
This Claremont writer in the LA Times has a theory which pretty much nails it in the subhead:
Most working- and middle-class Americans simply don't care about economic inequality.It's pretty damned simple.
Today's 'progressive' target is that evil, rich, well-to-do boss of yours who buys another Rolls Royce. Gotta take him down a few pegs, right? But if you even dare to better yourself and make more money, then tomorrow it's YOU.
People who aspire to better themselves economically don't intrinsically feel that they should be made a target or a sacrificial offering for "equality" crusaders simply because they have the audacity to want to increase their income.
And in their heart of hearts, people in this country know it - even many 'progressives.' The difference is that the 'progressives' try to deem it immoral to seek your own betterment financially if you happen not to be destitute at the outset. The rest of us see that economic ladder-climbing as our birthright and our reward for working as hard or as little as we choose - regardless of our current station or starting hand.
It's no mystery unless you're trying hard not to see it.
November 15, 2010
Rolling Stone gets it right on serial foreclosure fraud by banks and their courtroom accomplices
Rolling Stone reporter Matt Taibbi is a morally detestable human being, but he gets it right on the looming foreclosure fraud bank crisis:
You've heard of Too Big to Fail — the foreclosure crisis is Too Big for Fraud. Think of the Bernie Madoff scam, only replicated tens of thousands of times over, infecting every corner of the financial universe. The underlying crime is so pervasive, we simply can't admit to it — and so we are working feverishly to rubber-stamp the problem away, in sordid little backrooms in cities like Jacksonville, behind doors that shouldn't be, but often are, closed.
Read it all, as they say.
October 10, 2010
My replies, when one isn'tenough:
August 22, 2010
Extended lecture on the lessons of the pencil from Milton Friedman. This is dedicated to the Krugmanites, Obamunists and Keyensians out there still grasping bitterly to the remains of your failed "economic theories." There is only one economic system that works on the scale needed to sustain a free society. And your system isn't it.
August 11, 2010
What Happens When Goverment Gets Involved In Industry?
Something like this.
Spain's plans to have 2,000 electric cars on the road by the end of 2010 have been dealt a blow as figures showed just 16 have been sold.
The government-backed REVE electric car and wind power project said 15 cars had been sold so far this year, in addition to one last year.
In April, the government said it would invest 590m euros ($775m; £490m) in the production of electric cars.
July 16, 2010
A Chart Worth Several Trillion Words
In addition, notice that tax revenues are increasing during the 2000s. And decreasing during the 1990s.
And then look at 2010 - with total Democrat control of everything. Not too pretty, is it? And certainly a vindication of small-government conservative philosophy - that is, statists and leftists spend too much. Period. Congress as an institution spends too much, but as you can see in 2010, it has gotten WAY out of control under this regime of idiots.
These are the facts - when Democrats control Congress, regardless of who's in the WH, spending goes up and tax revenue goes down. The only time period during which we were making any progress reversing this trend was with a GOP Congress.
If there is a better reason to eject the Democrats from the Congress (permanently, preferably), I haven't heard it.
June 01, 2010
Dan Mitchell Puts You Some Knowledge
Watch it. Dated 2009 - principles timeless.
April 28, 2010
Why Greece Matters to You - the American Taxpayer
First, Bear Stearns made a bunch of stupid bets on sub-prime mortgages, and you – the American Taxpayer – bailed them out to the tune of $29 billion in guarantees to JPMorgan, (who bought Bear Stearns only on the condition that the government assume that debt.)
Then, Fannie Mae & Freddie Mac made a bunch of stupid bets on subprime mortgages and you – the American Taxpayer – bailed them out to the tune of $800 billion.
The Lehman Brothers went belly up, which forced AIG to pay billions of dollars in claims on credit default swaps – claims they were unable to pay, so you – the American Taxpayer – bailed out AIG to the tune of $145 billion.
Then the Big Wall Street Banks went kablooie, because they made stupid bets and you – The American Taxpayer – bailed them out with $800 billion in loans. (No, you will not see any return on that “investment”, other than the comfort of watching Goldman Sachs give out $14 billion in bonuses last year.)
Then, Chrysler and GM both came to Washington with their hands out because they made stupid agreements with the UAW and stupid investment decisions, and you – the American Taxpayer – bailed them out with “only” about $20 billion.
What have you – the American Taxpayer – received for all this largess doled into the laps of these idiot gamblers? You have the worst economy since the great depression. You have over 22% of the population “under-employed”. You have plummeting home values. You have more tax. You have known tax cheats heading Treasury and the IRS.
Now Greece is going to go bankrupt, and guess who is going to bailout that government? The IMF gives money to Greece. 20% of the IMF’s funding comes from the US Taxpayer, so you – the American Taxpayer – are now sending $7 billion to the Greek government so it can pay its bills.
Spain, Portugal, Ireland, Italy, France and the UK are in line for the same thing.
What can you do about it?
You could start by re-reading the US Declaration of Independence and contemplating this phrase:We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. That to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed. That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute new government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their safety and happiness.
When the colonists determined that the government of Great Britain – their government – had become destructive to the very people it was supposed to protect, they moved to “alter or abolish” that government and establish a new one that would be most likely to secure their life, liberty and happiness.
March 09, 2010
Depend On Ocean/Inland Fishing For A Living/Tourism? Sorry Sez Obama NOAA & WWF & IFAW
Your input is no longer accepted, love Obi One
Ya, that will really help save/create jobs by destroying them.
The Obama administration will accept no more public input for a federal strategy that could prohibit U.S. citizens from fishing the nation's oceans, coastal areas, Great Lakes, and even inland waters.
This announcement comes at the time when the situation supposedly still is "fluid" and the Interagency Ocean Policy Task Force still hasn't issued its final report on zoning uses of these waters.
That's a disappointment, but not really a surprise for fishing industry insiders who have negotiated for months with officials at the Council on Environmental Quality and bureaucrats on the task force. These angling advocates have come to suspect that public input into the process was a charade from the beginning.
"When the World Wildlife Fund (WWF) and International Fund for Animal Welfare (IFAW) completed their successful campaign to convince the Ontario government to end one of the best scientifically managed big game hunts in North America (spring bear), the results of their agenda had severe economic impacts on small family businesses and the tourism economy of communities across northern and central Ontario," said Phil Morlock, director of environmental affairs for Shimano.
"Now we see NOAA (National Oceanic and Atmospheric Administration) and the administration planning the future of recreational fishing access in America based on a similar agenda of these same groups and other Big Green anti-use organizations, through an Executive Order by the President. The current U.S. direction with fishing is a direct parallel to what happened in Canada with hunting: The negative economic impacts on hard working American families and small businesses are being ignored.
February 13, 2010
Left wing group wants a 21 hour work week
I'm a college professor. I already have a 21 hour work week. But for the rest of you workaholics, David Thompson has the details.
February 05, 2010
The Good News: Unemp. Down to 9.7% The Bad News: People Giving Up Looking for Jobs Aren't Counted, and That # Rose in January
Hate to pee in the punchbowl, but this is not good:
A sharp increase in the number of people giving up looking for work helped to depress the jobless rate. The number of 'discouraged job seekers' rose to 1.1 million in January from 734,000 a year ago.And this is really stupid:
With Americans increasingly anxious about high unemployment, President Barack Obama has declared that job creation will be his top priority in 2010.For some odd reason, while the economy was hemorrhaging jobs throughout 2009, Obama didn't think jobs were a priority. No. Government takeovers of the health care sector, the student loan industry, auto manufacturers, the financial industry and other industries were the "priority."
Makes you wonder why only in an election year the focus suddenly becomes jobs when jobs were ignored in the non-election year.
Last month, the services sector added 40,000 jobs after shedding 96,000 positions. The figure included a rise in federal government employment, partly as a result of the hiring of staff for the 2010 Census. Temporary help employment rose 52,000, maintaining a rising trend seen in the past month.So - the addition of government bureaucrats (Census workers? Are they seriously claiming these are permanent jobs?) and temp workers (again, not permanent jobs) are also included in this Glorious Recovery.
Manufacturing payrolls rose 11,000 last month, the first gain since January 2007, after dropping 23,000 in December (ed. - that's a net loss of 12,000 payrolls in manufacturing in those two months, for those doing math). But the construction sector, continued to struggle, losing 75,000 jobs, likely because of unusually cold weather. Construction payrolls fell 32,000 in December.ARE YOU NOT STIMULATED?
January 14, 2010
Quote of the Day on Haiti
December 06, 2009
In Obama's America, even the dogs are unemployed
Sad news from the Tampa Bay area, as Cody the Labrador, who happily worked with his owner at a Clearwater BP station is now on the dog biscuit line thanks to some government busy-bodies. The St. Petersburg Times reports:
Cody, a chocolate Labrador, has for months greeted customers at the Clearwater BP gas station and convenience store at U.S. 19 and Nursery Road. An earlier tampabay.com story introduced thousands of readers to the jovial pup.
But Thursday morning, a state health inspector stopped by and issued a warning to Karim Mansour, the store's owner: Remove the dog or the Health Department would declare all of Mansour's food products — mostly bottled sodas, Slim Jims and candy bars — unfit for consumption.
Here's the initial St. Peter Times profile of Cody, and video of the now-unemployed canine in happier times below the fold. Also, the asshole health inspector's name in John Berkler, Jr.
December 03, 2009
Job Summit Less Effective Than Beer Summit
So who the hell is going to the job summit anyway? Gibbs says the private sector is who Ofumble wants to hear from. So is US Chamber of Commerce there? Nope! Well certainly the National Federation of Independent Business were invited? No.
Washington Times: Easy to hit this number below when you make sh!t up anyway.
The continued joblessness has led congressional Democrats to begin drafting a so-called "jobs bill" that could include business tax credits for new employees, infrastructure spending and extended unemployment benefits.
But their last major effort at job creation has spurred much debate, with Mr. Obama's credibility - and his pledge that the stimulus will create or save 3.5 million jobs by September 2010 - on the line.
Maybe somebody should have invited Romney. He has a bit of experience. Not a fan myself but I trust him a hell of a lot more than Little Timmy and Ofumble.
As to the headline...my opinion is that nothing will come out of the job summit and at a minimum, Biden got a buzz at the beer summit. Hence, more effective.
October 16, 2009
FY2009 Federal budget deficit added $1.42 trillion to national debt
Note to all you f**ktards that want to blame Bush: the FY2009 Federal budget was signed into law on March 11, 2009 by President Barack Hussein Obama. The Democrats waited until Bush was out of office and Teleprompter Jesus safely in before they passed the budget so they could lard it up with all the pork for their labor union and ACORN pals. The omnibus bill wasn't even passed by the House (where all spending bills must originate according to the Constitution) until Feb. 25th - more than a month after Bush left office.
October 14, 2009
Good thing we have the smart people running the economy... No wait!
It is July 2005. The economy is roaring ahead, but there are growing concerns about its sustainability. Is there really a housing bubble? Should we be concerned at all about those questionable mortgage practices we are hearing about?
The Washington and the media turned to one expert:
Q. "Can you give us your view of whether there is a housing bubble out there?" A. "I don't know whether prices are exactly where they should be but I think they are supported by the strength of the economy."
Q. "So tell me, what is the worst case scenario, if in fact we were to see prices come down substantially across the country? "
A. "I don't buy your premise. It is a pretty unlikely possibility. We've never had a decline in house prices on a nationwide basis. I'm confident in the fact that the bank regulators will pay close attention to the kinds of loans that are being made, making sure that underwriting is being done right... I do think this is mostly a localized problem and not something that impacts the national economy."
So who is this clueless loser? The answer and video are below the fold:
(HT: Jack Heald at Rockonomics)
Yeah, that would be Ben Bernanke, current chairman of the Federal Reserve. At the time he was chairman of the President's Council of Economic Advisers.
Here's a handy compilation of Bernanke's greatest hits from 2005-2007. And remember, this guy now runs our economy.
Aren't you glad we have the smartest people in the room in charge?
October 01, 2009
Obama advisers recommending national sales tax
I caught this article in the Wall Street Journal late today. It should be noted that the Center for American Progress is a George Soros-funded outfit, and John Podesta is an adviser to Obama:
A liberal think tank with close ties to President Barack Obama says the administration and Congress should consider raising taxes on Americans to help close federal budget deficits, an opening salvo in what is likely to be a protracted debate on tax policy.
In a draft report, the Center for American Progress says the size of projected budget gaps requires considering options including tax increases as well as curbs on annual spending and entitlement programs supported by Democrats.
Such ideas could pose problems for Mr. Obama, who pledged during the campaign to not increase taxes on families making less than $250,000. The report, which will be released on Wednesday, said the administration can't rely on taxing richer Americans and companies to reduce the deficit to sustainable levels by 2014 because those groups would see 40% tax increases.
"In all seriousness, responsible people know that additional revenue has to be part of the mix even if they believe in lower taxes in general," the report concludes.
The center's president and chief executive, John Podesta, who is an Obama adviser, said the administration should consider a tax on consumption, such as a value-added tax system similar to that in use in the European Union. Mr. Podesta suggested that its impact should be limited to protect lower-income people, who otherwise might be hit particularly hard.
"As progressives we need to debate the policy merits and likelihood of enacting a range of options -- including designing a small and more progressive value-added tax, changes to the corporate tax code, and taxing upper income earners beyond reversing the Bush tax cuts," Mr. Podesta said in a statement Tuesday.
These guys are getting desperate trying to figure out how to pay for their "progressive" government spending.
September 22, 2009
Turbo Tax Timmy censored cap-and-tax cost estimate
Uh, so much for that "transparency" thing.
Congressman Fred Upton has sent a letter (below the fold) to Treasury Secretary Tim Geithner demanding that he release estimates of the cost of Obama's cap-and-tax proposal that has already passed the House. Upton's letter states that:
In response to a FOIA request, Administration officials deliberately censored figures that specify the annual costs cap-and-tax will impose.
So what got censored?
I am particularly interested in the one-page document entitled Domestic Climate Policy that was prepared by Judson Jaffe. The Jaffe document omits important figures, most glaringly, on the annual costs under a cap-and-trade regime, stating, “It will raise energy prices and impose annual costs on the order of XXXXXXXX dollars.”
Funny how that figure got left out. CHANGE!
HT: Zero Hedge
Upton letter below the fold:
September 18, 2009
Milton Friedman Destroys Fool Before Your Eyes
Where is Dr. Friedman wrong?
This skinny dweeb in the red shirt is probably a bureaucrat somewhere in California. I do also realize that this is actually a video of bazooka destroying a fly.
August 25, 2009
Obama lied, the economy died
These assclowns are even worse than the Bush Administration:
The US economy will shrink far more than expected this year and will rebound much more slowly than forecast after that, according to a bleak new assessment by the White House Budget Office.
The federal government also faces exploding deficits and mounting debt over the next decade, far worse than what the Obama administration had estimated just a few months ago.
The revised estimates project that the economy will contract by 2.8 percent this year, more than twice what the White House predicted earlier this year.
Take your change and shove it up your port hole.
August 11, 2009
Chevrolet Volt in Doubt
Recently, there have been "news" reports touting the marvelousness of the soon-to-be-introduced Chevrolet Volt.
However, a General Motors report indicates that the Volt's range-extender technology won't meet the November 2010 launch date. Furthermore, even when it's made available, sales of the Volt are not expected to cover costs. That's right, plans are to sell the Volt at a loss.
The advance publicity is obviously based on hopes that the technology of the Volt will work. Also obvious is lack of good business sense in manufacturing a product that is expected to lose money. (More ....)
July 28, 2009
Massachusetts Border Cam Catches Sales Tax Avoiders
(Concord, New Hampshire) After New Hampshire Gov. John Lynch signed a bill mandating that the state not release information on customers traveling from Massachusetts to shop in his state, a flood of Bay Staters crowded highways for New Hampshire's no-sales-tax stores. And, all the bargain-hunters are now caught on a live-feed webcam.
A Massachusetts Republican gubernatorial candidate is tracking shoppers to see if New Hampshire businesses are taking Bay State sales tax dollars.Naturally, the disparity in tax rates between adjacent states will boost the economy in New Hampshire while stunting growth in Massachusetts.
Republican Christy Mihos has set up a camera that links to his Web site a streaming video of every car crossing the state border into Salem's Route 28 retail strip where shoppers pay no sales tax. This brings attention to the Massachusetts sales tax that on Aug. 1 will increase by 25 percent, from 5 percent to 6.25 percent.
May 29, 2009
Hot Black Chick Invites Janeane Garafolo to Tea Party
Um, if Katrina Pierson is there I might have to show up.
And Katrina: I promise I will never die.
Thanks to Ragnar.
May 23, 2009
"WE ARE ALREADY OUT OF MONEY"
Drudge screaming header.
Well. No sh*t.
Do you think we might be having an easier time getting out of this if you hadn't rushed frantically to slap a $4 trillion dollar deadweight slab of leftwing pork on top of it all?
You're doing a helluva job, Barry. Seriously.
Worst. President. EVAR.
May 13, 2009
Dan O'Conner argues that Allen Greenspan started out good like Anakin Skywalker, but turned to the dark side. To be honest, I'm not against the Federal Reserve in principle. But it's rapidly expanding powers over the past six months are quite alarming and are a bad omen to those who believe in limited government interference in the economy.
Thanks to Kalifornia Kafir.
March 30, 2009
Friedman Smacks Down The Ubiquitous "Greed" Canard
While I detest Phil Donahue on a certain level, it is with regret I observe the rarity these days of seeing somebody put out a socialist challenge to a capitalist and then actually sit back and listen to the response without screaming and throwing a temper tantrum. So Donahue gets a point for style in this clip, but not for substance.
Exit thought: Donahue is a liberal and a Carterite - does anything he says in this clip sound any different than anything our current Carter Administration is saying on a daily basis?
March 25, 2009
Quote of the
Day Duration of the Obama Administration
"One of the methods used by statists to destroy capitalism consists of establishing controls that tie a given industry hand and foot, making it unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary."
—Ayn Rand, 1975