Paul Ryan's been noticed lately, leading a local Lefty to speculate:
Paul Ryan is peaking too soon.
That would be the case if Ryan were running for some new office. But he holds one now, and is likely to be re-elected. Moreover, he's repeatedly stated that he intends to keep his position as ranking Member of the House budget committee. It's a bully pulpit, and he does a very good job there. (It's also possible that in 2011 he'll be Chairman of that committee.)
Ryan is not only visible and recognized by Obama (!!) as a serious player, but the playground is the national interest, not just another political campaign.
He's made it clear that Obama's budget is a suicide-note for the US; that our children and THEIR children will be financially crippled by the debts incurred should Obama's proposal pass as written; and that this crippling WILL have a deleterious effect on the US' military strength, as well as the country's economic vitality.
Ryan has also been brutally honest about the spending pattern of the GWB Administration. He's not playing favorites.
That last graf, dear reader(s), is what separates statesmen from politicians. Ryan is not concerned about self-promotion for the sake of a Senate seat (or Wales, for that matter.) He's concerned about the future of the country as a whole.
You don't have to like all of Ryan's proposals. But they MUST be considered, and not from the perspective of a partisan hack.
By the way, it is very interesting that the speculation from Folkie drew only ONE response. Even his Lefty band-mates respect Ryan's integrity.
Saturday, February 06, 2010
He's Right
Irony Abounds
News item:
The Mortgage Bankers Association ... fell victim to the collapse of the market and sold its $90 million headquarters in downtown Washington on Friday for $41 million.
...
The Mortgage Bankers Association moved into the building in 2008
HT: Calculated Risk
The Mortgage Bankers Association ... fell victim to the collapse of the market and sold its $90 million headquarters in downtown Washington on Friday for $41 million.
...
The Mortgage Bankers Association moved into the building in 2008
HT: Calculated Risk
The Feingold Smear-Gnomes Are Active
Gee. A misleading story about a (R) candidate running against Feingold. What a shock!
The records show Watertown businessman Dave Westlake reported zero net taxes in 2002.
Feingold's operatives forgot to tell the AP reporter Westlake's phone number, I guess.
Dave Westlake, candidate for U.S. Senate from Watertown, denounced the AP for misleading Wisconsin voters today by printing an article that states he did not pay taxes to the state of Wisconsin in 2002. Westlake did not live in Wisconsin that year and, as such, did not owe any Wisconsin income taxes.
One expects that Senator "I'm a Really Honest Maverick" Russ Feingold will denounce these tactics.
Someday.
The records show Watertown businessman Dave Westlake reported zero net taxes in 2002.
Feingold's operatives forgot to tell the AP reporter Westlake's phone number, I guess.
Dave Westlake, candidate for U.S. Senate from Watertown, denounced the AP for misleading Wisconsin voters today by printing an article that states he did not pay taxes to the state of Wisconsin in 2002. Westlake did not live in Wisconsin that year and, as such, did not owe any Wisconsin income taxes.
One expects that Senator "I'm a Really Honest Maverick" Russ Feingold will denounce these tactics.
Someday.
USCC's Rot at the Top: The Lesson
The USCC's Campaign for Human Development has taken a number of body-blows in the last several months.
That's largely because the Catholic Bishops didn't bother to listen 10 YEARS ago when similar problems surfaced with the Campaign for Human Development.
The most recent event was the discovery that a CHD poohbah, John Carr, was a Board member of something called CCC, which promotes abortion and homosexual "marriage," and that CCC was awarded $150K by CHD--and was supported by CHD until this grenade blew up in the USCC's lap.
And it's clear that some Bishops still just don't get it.
The key word is ALINSKY.
Deal Hudson has it in a nutshell:
Dr. Deal Hudson of Catholic Advocate, another RCN member, told LSN that “the reports were never intended to target John Carr or question his pro-life credentials.” Hudson added: “The intent was to present more evidence that the grant making process at CCHD needs serious overhaul. They were to underscore the need for the USCCB to rethink its relationships to social service and community organizing institutions.”
"Community organizing institutions" Gee, where have we heard that before?
Oh, yah. As it turns out, that's SAUL ALINSKY'S game. And as a perceptive San Francisco Catholic put it, THEY LIE!
Maybe someday Bishops will figure out that lying down with dogs gets you the fleas--or that "intentions" are nice, but "actualities" are what count.
Oremus.
That's largely because the Catholic Bishops didn't bother to listen 10 YEARS ago when similar problems surfaced with the Campaign for Human Development.
The most recent event was the discovery that a CHD poohbah, John Carr, was a Board member of something called CCC, which promotes abortion and homosexual "marriage," and that CCC was awarded $150K by CHD--and was supported by CHD until this grenade blew up in the USCC's lap.
And it's clear that some Bishops still just don't get it.
The key word is ALINSKY.
Deal Hudson has it in a nutshell:
Dr. Deal Hudson of Catholic Advocate, another RCN member, told LSN that “the reports were never intended to target John Carr or question his pro-life credentials.” Hudson added: “The intent was to present more evidence that the grant making process at CCHD needs serious overhaul. They were to underscore the need for the USCCB to rethink its relationships to social service and community organizing institutions.”
"Community organizing institutions" Gee, where have we heard that before?
Oh, yah. As it turns out, that's SAUL ALINSKY'S game. And as a perceptive San Francisco Catholic put it, THEY LIE!
Maybe someday Bishops will figure out that lying down with dogs gets you the fleas--or that "intentions" are nice, but "actualities" are what count.
Oremus.
Did Obama Quit on ObamaCare?
Here's the lede from AP:
No, maybe he can't. President Barack Obama, who insisted he would succeed where other presidents had failed to fix the nation's health care system, now concedes the effort may die in Congress.
And here's the third-last graf:
A number of Democratic lawmakers and liberal groups believe the only way to enact a worthwhile health care package is to have House Democrats hold their noses and vote for a bill the Senate passed on Christmas Eve with no GOP help. It has many provisions that House members don't like, such as a tax on high-cost health insurance plans, and they would insist that senators also pass legislation to change some of them using a controversial procedure not subject to Republican filibusters.
At face value, the remarks are Obama's way of dis-associating himself from ObamaCare, and putting (D) Congresscritters on the griddle when they run with their "yea" votes on the record.
IOW, it's every man for himself.
But I seriously doubt that Obama's walking away from this thing.
No, maybe he can't. President Barack Obama, who insisted he would succeed where other presidents had failed to fix the nation's health care system, now concedes the effort may die in Congress.
And here's the third-last graf:
A number of Democratic lawmakers and liberal groups believe the only way to enact a worthwhile health care package is to have House Democrats hold their noses and vote for a bill the Senate passed on Christmas Eve with no GOP help. It has many provisions that House members don't like, such as a tax on high-cost health insurance plans, and they would insist that senators also pass legislation to change some of them using a controversial procedure not subject to Republican filibusters.
At face value, the remarks are Obama's way of dis-associating himself from ObamaCare, and putting (D) Congresscritters on the griddle when they run with their "yea" votes on the record.
IOW, it's every man for himself.
But I seriously doubt that Obama's walking away from this thing.
Gee. I Was Right Then, Too!
Another poll, same results. Just like I said in February 2009.
Eighty-three percent (83%) of Americans say the size of the federal budget deficit is due more to the unwillingness of politicians to cut government spending than to the reluctance of taxpayers to pay more in taxes..[J]ust nine percent (9%) of adults put more blame on the unwillingness of taxpayers to pay more in taxes. --Rasmussen, 2/10
By the way, one can infer that eighty-three percent of TEA Partiers are also against the
Eighty-three percent (83%) of Americans say the size of the federal budget deficit is due more to the unwillingness of politicians to cut government spending than to the reluctance of taxpayers to pay more in taxes..[J]ust nine percent (9%) of adults put more blame on the unwillingness of taxpayers to pay more in taxes. --Rasmussen, 2/10
By the way, one can infer that eighty-three percent of TEA Partiers are also against the
SPENDING, STUPID!!
Friday, February 05, 2010
Maybe Abp. Listecki Could Send a Letter to His Priests...
And that letter could include this material from Badger Catholic.
...As she waited, a gentleman walked into the church and waited right outside the door of the confessional where she was waiting. Disheartened, she realized that this time would be no different. Sure enough, as soon as the penitent left the confessional, the man knocked on the door and the priest opened to see what was wanted. “Father, it is time for your meeting in the lounge.” Sadly, the woman waited to hear the priest's response. The priest turned and looked to see how many persons were waiting in line. He looked into the eyes of the woman with a gentleness hard to explain. There must have been at least five or more people waiting.
After a brief pause, he turned to the man and said, "Please, ask them to be so kind as to wait a little longer." He then turned and entered the confessional to hear more confessions. The woman entered the confessional and began to thank him for staying, trying to control her tears of thankfulness. It was Father Hardon, as you probably guessed long ago.
Which obligation was more important: the finance committee, or the salvation of a soul?
It is not unusual for folks to arrive at the church, at the appointed time for Confessions, and find that the priest is not there, and does not show up at all.
But it is very disconcerting.
...As she waited, a gentleman walked into the church and waited right outside the door of the confessional where she was waiting. Disheartened, she realized that this time would be no different. Sure enough, as soon as the penitent left the confessional, the man knocked on the door and the priest opened to see what was wanted. “Father, it is time for your meeting in the lounge.” Sadly, the woman waited to hear the priest's response. The priest turned and looked to see how many persons were waiting in line. He looked into the eyes of the woman with a gentleness hard to explain. There must have been at least five or more people waiting.
After a brief pause, he turned to the man and said, "Please, ask them to be so kind as to wait a little longer." He then turned and entered the confessional to hear more confessions. The woman entered the confessional and began to thank him for staying, trying to control her tears of thankfulness. It was Father Hardon, as you probably guessed long ago.
Which obligation was more important: the finance committee, or the salvation of a soul?
It is not unusual for folks to arrive at the church, at the appointed time for Confessions, and find that the priest is not there, and does not show up at all.
But it is very disconcerting.
John Quincy Adams
That fellow had something to say about American foreign policy.
Wherever the standard of freedom and independence has been or shall be unfurled, there will [America’s] heart, her benedictions and her prayers be. But she goes not abroad in search of monsters to destroy. She is the well-wisher to the freedom and independence of all. She is the champion and vindicator only of her own.
That thought was put into a closet by Teddy Roosevelt, and the closet door was nailed shut by Woodrow Wilson--a notorious racist and, like TR, a Progressive, or 'benevolent fascist' in the words of Jonah Goldberg.
Think about that.
What do we see today? The Progressives have (seemingly) won the battle.
But:
There's a cross-ideological movement that's not represented on the cable news networks or the small range of opinion that you see from the New Republic to The Weekly Standard. There seems to be a meeting of the minds that maybe this isn't what America is supposed to be. Maybe she's just supposed to set a good example for the world.
Wherever the standard of freedom and independence has been or shall be unfurled, there will [America’s] heart, her benedictions and her prayers be. But she goes not abroad in search of monsters to destroy. She is the well-wisher to the freedom and independence of all. She is the champion and vindicator only of her own.
That thought was put into a closet by Teddy Roosevelt, and the closet door was nailed shut by Woodrow Wilson--a notorious racist and, like TR, a Progressive, or 'benevolent fascist' in the words of Jonah Goldberg.
Think about that.
What do we see today? The Progressives have (seemingly) won the battle.
But:
There's a cross-ideological movement that's not represented on the cable news networks or the small range of opinion that you see from the New Republic to The Weekly Standard. There seems to be a meeting of the minds that maybe this isn't what America is supposed to be. Maybe she's just supposed to set a good example for the world.
In the 19th century, that's what everyone assumed. Henry Clay was voicing that when he said, in effect, 'We're not doing the world any good when we bankrupt ourselves fighting wars all over the place. We will extinguish the great beacon that we are.' He said we need to unfurl the banner of freedom here and show the world how it's done. But ultimately other people have to fight for their own freedom.
Maybe the responsible thing to do is NOT to take responsibilities which are not ours.The Alinsky Lie and Catholics
Back a while ago, I posted a brief list of the Alinskyite groups supported by Catholic dollars around the State of Wisconsin.
This is hardly the only place where that happens. San Francisco is another, and a blogger out there has some thoughts.
Around 2003, I was invited to cover a mayoral candidate debate in San Francisco sponsored, I was told, by a number of Catholic parishes and other congregations which had formed together as the Bay Area Organizing Committee (BAOC). When I got to the forum and found myself among a sea of purple jackets, I realized that BAOC was really SEIU.
This is hardly the only place where that happens. San Francisco is another, and a blogger out there has some thoughts.
Around 2003, I was invited to cover a mayoral candidate debate in San Francisco sponsored, I was told, by a number of Catholic parishes and other congregations which had formed together as the Bay Area Organizing Committee (BAOC). When I got to the forum and found myself among a sea of purple jackets, I realized that BAOC was really SEIU.
One of the guys in a purple jacket took the mike for a pep talk before the candidates arrived and paraphrased for the assembled a lesson from Saul Alinsky, “Power is power, but the appearance of power is also power.”
The red-highlighted phrase is very important to what follows.
It is a brilliant thought in its veracity and application, but its employment as a tactic involves lying.The lie works like this. A community organizer will invite a pastor or parish leader to join a coalition in the pursuit of some worthy, and generally innocuous, local cause – say the installation of a stop light at a dangerous intersection. The coalition gets their stop light, and the pastor and few parishioners who were involved are surprised that they were able to get something done at City Hall. So they join the organizing committee.
Now the dishonesty begins. In every subsequent action of the organizing committee, the group will say that they represent the total number of registered families in the congregations which have joined the committee. So, for instance, the San Francisco Organizing Project (SFOP) claims to represent 40,000 San Franciscans through 30 different Catholic, Protestant and Jewish congregations.
But only a very small number of parishioners from each of those congregations have had any involvement with SFOP. Many will have no idea that the organization exists and most would be surprised to know that, by virtue of their parish membership, they are among the 40,000 people who make up SFOP.
And perhaps not many at all will agree with what Common Ground, Esther, Jonah, Voces de la Frontera, Amos, Joshua, and RIC want, either. In fact, it's likely that most members would firmly object to the goals.
To be sure, 'the lies' are not perpetrated by the priest(s) who run the parishes which "signed up" as sponsors or members--and maybe not even by the parish representatives sent to the meetings, or whose names are on the masthead.
But lies they are, indeed.
"The appearance" is the game.
"300 Terrorists In Prison." Or Something Like That, Maybe
It's clear that Eric Holder is little more than an ideologue-with-portfolio.
"The Bush administration used the criminal justice system to convict more than 300 individuals on terrorism-related charges," writes Attorney General Eric Holder in a new letter to Republican critics in Congress.
Well, maybe. Maybe not. But you'll never really know.
...on June 17, Holder appeared at a hearing of the Senate Judiciary Committee, of which Kyl is a senior member. Kyl asked again. Holder didn't have the information at hand, so Kyl sent another written request.
...Then, last October, Kyl got an answer, of sorts, from Assistant Attorney General Ronald Weich. Citing federal regulations, Weich said he "cannot provide ... a list of Bureau of Prisons inmates," although he said the department could give Kyl "briefings about terrorism suspects housed in federal prisons generally."
"The Bush administration used the criminal justice system to convict more than 300 individuals on terrorism-related charges," writes Attorney General Eric Holder in a new letter to Republican critics in Congress.
Well, maybe. Maybe not. But you'll never really know.
...on June 17, Holder appeared at a hearing of the Senate Judiciary Committee, of which Kyl is a senior member. Kyl asked again. Holder didn't have the information at hand, so Kyl sent another written request.
Weeks passed, and then months, with no response.
That happens to be Holder's favorite response: none at all....Then, last October, Kyl got an answer, of sorts, from Assistant Attorney General Ronald Weich. Citing federal regulations, Weich said he "cannot provide ... a list of Bureau of Prisons inmates," although he said the department could give Kyl "briefings about terrorism suspects housed in federal prisons generally."
As for whether the inmates' crimes are comparable with those of high-value prisoners at Guantanamo, Weich responded, "A number of individuals with a history of, or nexus to, international or domestic terrorism are currently being held in federal prisons, each of whom was tried and convicted in a [civilian] court. The attorney general considers all crimes of terrorism to be serious."
Weaseling 101, as taught in Law School.
Bullshit, Eric. Show Us The "Terrorists".
Bullshit, Eric. Show Us The "Terrorists".
I'll Take the Ditch, Thanks.
A lot of years ago, I watched a very skilled driver avoid a 3-car/truck pileup by taking the ditch. It was a bravura display of excellent reaction-time, counter-intuitive driving, and raw nerve.
And it worked.
Now we're being told by some useless (D) party-hack that Paul Ryan's "Roadmap" will take the US "into the ditch."
It's the kind of ditch I'd rather be in--at least for my children and grandchildren.
"Low-Tax" Wisconsin: Horsehockey
Just happened to open my telephone bill.
Wisconsin taxes added:
County 911 surcharge
WI State Sales Tax
Selig Playground Tax
Police Fire Protection Fee
Wisconsin PSC Remainder Assessment
Regulatory Assessment Fee
Altogether, around $9.00 for those--or $110.00/year.
But we're not done!!
Auto Insurance went up ~$120.00/year DESPITE increased deductibles AND despite a very clean driving record--with the very same cars, coverage limits, and drivers, that courtesy of being in the Doylet for Trial Lawyers.
$230.00 in hidden taxes, "fees", and costs.
Nothing to see here.
Wisconsin taxes added:
County 911 surcharge
WI State Sales Tax
Selig Playground Tax
Police Fire Protection Fee
Wisconsin PSC Remainder Assessment
Regulatory Assessment Fee
Altogether, around $9.00 for those--or $110.00/year.
But we're not done!!
Auto Insurance went up ~$120.00/year DESPITE increased deductibles AND despite a very clean driving record--with the very same cars, coverage limits, and drivers, that courtesy of being in the Doylet for Trial Lawyers.
$230.00 in hidden taxes, "fees", and costs.
Nothing to see here.
The Stupid Party--Updated With More Stuff!!
The Republicans have worked damn hard for their title 'the Stupid Party,' and continue their efforts apace:
In discussions with Wall Street executives, Republicans are striving to make the case that they are banks' best hope of preventing President Barack Obama and congressional Democrats from cracking down on Wall Street....
He goes on to state that Goldman would have failed in 2008 except for its sudden gain of a "banking charter"--and names ANOTHER Goldman exec who, just by co-incidence, was a NYFed governor.
The Republicans (and Goldman Sachs) want a “resolution authority” that would give the government greater power to take big banks through bankruptcy. But even assuming there were sufficient political will to use such power, as Mr Corrigan and John Reed conceded at yesterday’s hearing, because this would be only US-centric (and there is no prospect of a G20 or other international agreement anytime soon) it simply would not work for huge cross-border firms. When such a firm fails – and Mr Corrigan made a point of emphasizing that half of Goldman’s meteoric growth since 1997 has been “global” – a resolution authority will do you no good at all.
...Goldman and the other big Wall Street firms have already won big on this round. They will plow even more money into defeating political candidates who have opposed them – for example, on credit card legislation. The Republicans see this coming and are rubbing their hands with glee.
1) Buy More Ammo, and
2) F*&^ the Republican establishment.
HT: Vox
In discussions with Wall Street executives, Republicans are striving to make the case that they are banks' best hope of preventing President Barack Obama and congressional Democrats from cracking down on Wall Street....
"I sense a lot of dissatisfaction and a lot of buyer's remorse on Wall Street," said Rep. Eric Cantor (R., Va.), the second-ranking House Republican and a top Wall Street fund-raiser for his party.
Which "crackdown"? The one for criminal fraud on CDO's? The one for criminal fraud on MBSs? The one for 'frontrunning' trades? Or for passing off MBS' as 'good stuff' to investors while short-selling the damn things? Or the matter of valuing Merrill Lynch while chairing BofA?
Next, the Stupids will be wheedling and pleading for TEA Party activists.
I have a two-word response for the Stupids.
HT: Shown
Germane commentary from Baseline Scenario:
I testified yesterday to the Senate Banking Committee hearing on the “Volcker Rules” (full pdf version; summary). My view is that while the principles behind these proposed rules are exactly on target – limiting the size of our largest banks and preventing any financial institution backed by the government, implicitly or explicitly, from taking big risks – the specific rule changes would need to be much tougher if they are to have any effect.He goes on to state that Goldman would have failed in 2008 except for its sudden gain of a "banking charter"--and names ANOTHER Goldman exec who, just by co-incidence, was a NYFed governor.
The Republicans (and Goldman Sachs) want a “resolution authority” that would give the government greater power to take big banks through bankruptcy. But even assuming there were sufficient political will to use such power, as Mr Corrigan and John Reed conceded at yesterday’s hearing, because this would be only US-centric (and there is no prospect of a G20 or other international agreement anytime soon) it simply would not work for huge cross-border firms. When such a firm fails – and Mr Corrigan made a point of emphasizing that half of Goldman’s meteoric growth since 1997 has been “global” – a resolution authority will do you no good at all.
...Goldman and the other big Wall Street firms have already won big on this round. They will plow even more money into defeating political candidates who have opposed them – for example, on credit card legislation. The Republicans see this coming and are rubbing their hands with glee.
With their incentive structure intact – they get the upside and regular folk get the downside – and their closest friends on their way back to power, Big Finance is ready to roll into the next great global boom-bust cycle.
Well, that's another reason to:1) Buy More Ammo, and
2) F*&^ the Republican establishment.
HT: Vox
Obama the US Citizen-Terrorist Killer
Somehow this doesn't seem to bother the usual LeftOWackies. But Greenwald noticed.
Last week, I wrote about a revelation buried in a Washington Post article by Dana Priest which described how the Obama administration has adopted the Bush policy of targeting selected American citizens for assassination if they are deemed (by the Executive Branch) to be Terrorists.
More:
Maybe the Obama policy deserves a bit more examination. To be sure, there are lots of limits on Obama's power in this area. But the concept is a bit, ahhhhhh........disturbing.
HT: JustOneMinute
Last week, I wrote about a revelation buried in a Washington Post article by Dana Priest which described how the Obama administration has adopted the Bush policy of targeting selected American citizens for assassination if they are deemed (by the Executive Branch) to be Terrorists.
More:
Yah.Although Blair emphasized that it requires "special permission" before an American citizen can be placed on the assassination list, consider from whom that "permission" is obtained: the President, or someone else under his authority within the Executive Branch. There are no outside checks or limits at all on how these "factors" are weighed. In last week's post, I wrote about all the reasons why it's so dangerous -- as well as both legally and Consitutionally dubious -- to allow the President to kill American citizens not on an active battlefield during combat, but while they are sleeping, sitting with their families in their home, walking on the street, etc. That's basically giving the President the power to impose death sentences on his own citizens without any charges or trial. Who could possibly support that?
But even if you're someone who does want the President to have the power to order American citizens killed without a trial by decreeing that they are Terrorists (and it's worth remembering that if you advocate that power, it's going to be vested in all Presidents, not just the ones who are as Nice, Good, Kind-Hearted and Trustworthy as Barack Obama), shouldn't there at least be some judicial approval required? Do we really want the President to be able to make this decision unilaterally and without outside checks? Remember when many Democrats were horrified (or at least when they purported to be) at the idea that Bush was merely eavesdropping on American citizens without judicial approval? Shouldn't we be at least as concerned about the President's being able to assassinate Americans without judicial oversight? That seems much more Draconian to me.
Maybe the Obama policy deserves a bit more examination. To be sure, there are lots of limits on Obama's power in this area. But the concept is a bit, ahhhhhh........disturbing.
HT: JustOneMinute
Who's Buying T-Bills??
HT: Egelhoff, linking to the Sprott Report.
There's a lotta debt-buying goin' on out there. Specifically, somebody's buying a hatload of US Treasury bills to finance (D) spending.
But who the blazes is buying it?
So to summarize, the majority buyers of Treasury securities in 2009 were:
1. Foreign and International buyers who purchased $697.5 billion.
2. The Federal Reserve who bought $286 billion.
3. The Household Sector who bought $528 billion to Q3 – which puts them on
track purchase $704 billion for fiscal 2009.
Sounds good, eh? Well.....
We must admit that we were surprised to discover that "Households" had bought so many
Treasuries in 2009. They bought 35 times more government debt than they did in 2008.
Even more mysterious is "what is 'households'"? Because as it turns out, it's not really "households"--nor is it your 401(k) or pension/profit-sharing plan.
Curiouser and curiouser, Alice.
There's a lotta debt-buying goin' on out there. Specifically, somebody's buying a hatload of US Treasury bills to finance (D) spending.
But who the blazes is buying it?
So to summarize, the majority buyers of Treasury securities in 2009 were:
1. Foreign and International buyers who purchased $697.5 billion.
2. The Federal Reserve who bought $286 billion.
3. The Household Sector who bought $528 billion to Q3 – which puts them on
track purchase $704 billion for fiscal 2009.
Sounds good, eh? Well.....
We must admit that we were surprised to discover that "Households" had bought so many
Treasuries in 2009. They bought 35 times more government debt than they did in 2008.
Even more mysterious is "what is 'households'"? Because as it turns out, it's not really "households"--nor is it your 401(k) or pension/profit-sharing plan.
Curiouser and curiouser, Alice.
Capper Krugman
Economic facts from Capper.
Without a doubt, the fact that our transit system, which has been cut by some 20% over the last few years, has contributed to the fact that the Milwaukee area lost nearly 50,000 jobs in the last year, as well as why we are lagging in our economic recovery.
No doubt at all.
Without a doubt, the fact that our transit system, which has been cut by some 20% over the last few years, has contributed to the fact that the Milwaukee area lost nearly 50,000 jobs in the last year, as well as why we are lagging in our economic recovery.
No doubt at all.
The Duty of the P.I.G.
Congress passed an increase in the US debt limit.
Historically, it is the duty of the Party Of Government (I prefer the acronym PIG) to increase the debt of US taxpayers.
This year it was the PIG-D. A few years back it was the PIG-R.
I think PIGs are much better as bacon, myself.
Historically, it is the duty of the Party Of Government (I prefer the acronym PIG) to increase the debt of US taxpayers.
This year it was the PIG-D. A few years back it was the PIG-R.
I think PIGs are much better as bacon, myself.
Two Down, A Couple of Hundred to Go
A beginning.
The New York Attorney General's office said Thursday it filed civil charges against Bank of America and its former CEO Ken Lewis, saying the bank misled investors about Merrill Lynch before it acquired the Wall Street bank in early 2009.
Civil charges were also being filed against Joe Price, the bank's former chief financial officer.
Don't take this too seriously. Lewis didn't play well with others and definitely wasn't part of the magic circle of GoldmanSachs-types.Thursday, February 04, 2010
The Dixiecrats Were Consistent
Most of the anti-gun laws in the South exist because they kept blacks from owning guns.
The Democrats passed those laws.
And, as it turns out, the Democrats also passed the "no free speech for corporations" law--for the same reason.
“Go back and read why Tillman introduced that legislation,” Justice Thomas said, referring to Senator Benjamin Tillman. “Tillman was from South Carolina, and as I hear the story he was concerned that the corporations, Republican corporations, were favorable toward blacks and he felt that there was a need to regulate them.”
It is thus a mistake, the justice said, to applaud the regulation of corporate speech as “some sort of beatific action.”
Justice Thomas said the First Amendment’s protections applied regardless of how people chose to assemble to participate in the political process."
Black families will eventually learn who their friends really are, I guess.
HT: Vegas Dan
The Democrats passed those laws.
And, as it turns out, the Democrats also passed the "no free speech for corporations" law--for the same reason.
“Go back and read why Tillman introduced that legislation,” Justice Thomas said, referring to Senator Benjamin Tillman. “Tillman was from South Carolina, and as I hear the story he was concerned that the corporations, Republican corporations, were favorable toward blacks and he felt that there was a need to regulate them.”
It is thus a mistake, the justice said, to applaud the regulation of corporate speech as “some sort of beatific action.”
Justice Thomas said the First Amendment’s protections applied regardless of how people chose to assemble to participate in the political process."
Black families will eventually learn who their friends really are, I guess.
HT: Vegas Dan
Can't Read "Corps" but CAN Read Polls
Mr. Commander-in-.........whatever.........has pretty much given up on ObamaCare.
“The president was weighing in pretty heavily on the discussions between the House and Senate before the Massachusetts special [Senate] election,” Sen. Sherrod Brown (D-Ohio) told Huffington Post. “It’s dried up since.”…
Brown’s lament was echoed in conversations with several high-ranking Senate aides this past week, many of whom agreed that the administration’s involvement in health care negotiations has declined since Scott Brown’s victory in the Massachusetts Senate race…
While he tells Congress to 'get it done,' and whistles loudly in speechification--which is his only strong suit--he's quit on it.
Doylet Line ChooChoo to Deplete Gas Tax Funds
On the one hand, we have a former WI Sec'y of Transport:
Toll roads in Wisconsin are unavoidable, given the need for billions of dollars to pay for road and transportation improvements in the state, a former state transportation secretary [Tom Carlsen] said Thursday...
...gas taxes alone won't generate enough money to rebuild the aging freeway system and support the transit needs in the southeast part of the state. Improvements in fuel efficiency and the increasing use of alternative fuels will decrease the money generated through the motor fuels tax, which provides nearly 60% of the Department of Transportation's annual spending.
Interesting. We see the weasel-wording in there: "....and support the transit needs..." is code for choochoos, which will be sucking the blood of Wisconsin taxpayers from the moment they fire up the diesels the first time.
Compare to this:
Cars pay more in fuel and other taxes than is spent on building and keeping highways. The feds reckoned in 2004 that for every 1,000 miles traveled, cars paid $1.79 more in taxes than their roads consumed in public money.
The Fed study is 5 years old, yes, and in that time, one suspects that the fleet has become more efficient. But not that much.
The elephant in the parlor car is this: the choochoo will deplete the Transportation fund even faster than the fuel tax can re-load it. The Doylet Line will eat your highways, folks.
Toll roads in Wisconsin are unavoidable, given the need for billions of dollars to pay for road and transportation improvements in the state, a former state transportation secretary [Tom Carlsen] said Thursday...
...gas taxes alone won't generate enough money to rebuild the aging freeway system and support the transit needs in the southeast part of the state. Improvements in fuel efficiency and the increasing use of alternative fuels will decrease the money generated through the motor fuels tax, which provides nearly 60% of the Department of Transportation's annual spending.
Interesting. We see the weasel-wording in there: "....and support the transit needs..." is code for choochoos, which will be sucking the blood of Wisconsin taxpayers from the moment they fire up the diesels the first time.
Compare to this:
Cars pay more in fuel and other taxes than is spent on building and keeping highways. The feds reckoned in 2004 that for every 1,000 miles traveled, cars paid $1.79 more in taxes than their roads consumed in public money.
The Fed study is 5 years old, yes, and in that time, one suspects that the fleet has become more efficient. But not that much.
The elephant in the parlor car is this: the choochoo will deplete the Transportation fund even faster than the fuel tax can re-load it. The Doylet Line will eat your highways, folks.
Buffet Gets Downgraded
Here's a 'man-bites-dog' if you've ever seen one. Berkshire gets a downgrade!
The rating actions are based on our view that Berkshire's overall capital adequacy, as well as that of its insurance operations, has weakened to levels no longer consistent with a 'AAA' rating and is not expected to return to extremely strong levels in the near term. Furthermore, we expect that the consolidated liquidity position of BRK will be reduced from extremely strong historical levels as a result of the acquisition. As capital adequacy and liquidity levels have declined, investment risk remains very high in our view, compounding the need for extremely strong capital and liquidity given potential investment volatility. A key concern is that BRK's risk tolerances appear to have increased, yet we believe they remain ill defined while the organization increases in complexity.
--S&P, explaining the downgrade from AAA to AA+
HT: ZeroHedge
The rating actions are based on our view that Berkshire's overall capital adequacy, as well as that of its insurance operations, has weakened to levels no longer consistent with a 'AAA' rating and is not expected to return to extremely strong levels in the near term. Furthermore, we expect that the consolidated liquidity position of BRK will be reduced from extremely strong historical levels as a result of the acquisition. As capital adequacy and liquidity levels have declined, investment risk remains very high in our view, compounding the need for extremely strong capital and liquidity given potential investment volatility. A key concern is that BRK's risk tolerances appear to have increased, yet we believe they remain ill defined while the organization increases in complexity.
--S&P, explaining the downgrade from AAA to AA+
HT: ZeroHedge
Revenooers Ready at the Firing Line
Just gives you a warm feeling, doesn't it?
The Internal Revenue Service (IRS) intends to purchase sixty Remington Model 870 Police RAMAC #24587 12 gauge pump-action shotguns for the Criminal Investigation Division. The Remington parkerized shotguns, with fourteen inch barrel, modified choke, Wilson Combat Ghost Ring rear sight and XS4 Contour Bead front sight, Knoxx Reduced Recoil Adjustable Stock, and Speedfeed ribbed black forend,...
Supposedly for the Criminal Investigation Division.
HT: Gateway
The Internal Revenue Service (IRS) intends to purchase sixty Remington Model 870 Police RAMAC #24587 12 gauge pump-action shotguns for the Criminal Investigation Division. The Remington parkerized shotguns, with fourteen inch barrel, modified choke, Wilson Combat Ghost Ring rear sight and XS4 Contour Bead front sight, Knoxx Reduced Recoil Adjustable Stock, and Speedfeed ribbed black forend,...
Supposedly for the Criminal Investigation Division.
HT: Gateway
Mortgages Getting Ugly
Not very good news.
Home-loan delinquency rates in the US reached 10% in December, up from the record-high 9.97% in November, according to Lender Processing Services (LPS: 39.93 0.00%), which provides data on mortgage performance.
HT: Calculated Risk
Home-loan delinquency rates in the US reached 10% in December, up from the record-high 9.97% in November, according to Lender Processing Services (LPS: 39.93 0.00%), which provides data on mortgage performance.
Accounting for foreclosures in the pipeline, the total non-current rate stands at 13.3%, according to the data in the LPS database. When extrapolated for the entire mortgage industry, 7.2m mortgage loans are behind on their payments.
By the way, this is not just sub-prime borrowers living hand-to-mouth in Detroit...
Earlier in January, Fitch Ratings reported the delinquency rate among prime jumbo residential mortgage-backed securities (RMBS) almost tripled to 9.2% in December 2009.
Worse is the "jingle-mail" trend--mailing the keys to the bank and walking away.HT: Calculated Risk
PVS a Myth?
This is big.
In a study certain to rekindle debate over life-sustaining care for those with grievous brain injuries, researchers report that five patients thought to be in a persistent vegetative state showed brain activity indicating awareness, intent and, in one case at least, a wish to communicate.
Of 54 unresponsive patients whose brains were scanned at medical centers in England and Belgium, those five appeared able, when prompted by researchers, to imagine themselves playing tennis, and four of them demonstrated the ability to imagine themselves walking through the rooms of their homes.
Caution: human lives at stake.
Making a List, Counting It Twice
Santa Claus is more real than ObamaDoyle numbers.
A new report touts more than 10,300 jobs created or saved in Wisconsin by federal stimulus money in the last three months of 2009.
A new report touts more than 10,300 jobs created or saved in Wisconsin by federal stimulus money in the last three months of 2009.
But the jobs listed are based on new accounting rules that make it impossible to track the total number of jobs created or saved by the program. And the updated guidelines also make it impossible to avoid double counting from quarter to quarter.
Shocked. I'm SHOCKED!
This Applies to Feingold, Too
Coulter comments on Obama's method of argumentation.
...Liberals hide conservative arguments from the public like teenagers hide contraband from mother under the bed.
...Liberals hide conservative arguments from the public like teenagers hide contraband from mother under the bed.
Repeatedly positing imaginary attacks by Republicans accusing him of a "plot," Obama said that "the way these issues are being presented by the Republicans is that this is some wild-eyed plot to impose huge government in every aspect of our lives."...
Just like "I Don't Listen" Feinie. Create a strawman and knock it down.
Juvenile, yes. Condescending, yes.
And it doesn't work any more, folks.
No Quotas. None. Absolutely Not.
The "oh, really?" story of the week.
...the Florida Highway Patrol trooper who issued those tickets is being written up himself, accused of trying to boost his ticket output by writing hundreds of fake citations to scores of drivers.
Paul C. Lawrence, 38, an FHP trooper based in Miami-Dade County, was arrested Tuesday on 22 counts of official misconduct, a third-degree felony. In addition, 203 traffic citations that Lawrence issued since November have been dismissed.
Hmmmmmmmm.
An FHP spokesman said there was no incentive for him to do that because FHP does not use quotas. ...Writing tickets is "just our job. It's what we're supposed to go out and do,'' said Capt. Mark Welch, who is based in Tallahassee
OK.
...the Florida Highway Patrol trooper who issued those tickets is being written up himself, accused of trying to boost his ticket output by writing hundreds of fake citations to scores of drivers.
Paul C. Lawrence, 38, an FHP trooper based in Miami-Dade County, was arrested Tuesday on 22 counts of official misconduct, a third-degree felony. In addition, 203 traffic citations that Lawrence issued since November have been dismissed.
Hmmmmmmmm.
An FHP spokesman said there was no incentive for him to do that because FHP does not use quotas. ...Writing tickets is "just our job. It's what we're supposed to go out and do,'' said Capt. Mark Welch, who is based in Tallahassee
OK.
Over-Regulated? You Be the Judge
Not "news", but an ongoing joust. Why?
At least a couple of reasons. Unions and unionized contractors. Not to mention typical bureaucratic loutishness.
The [Wisconsin] statute on reporting requires contractors provide their names, the type of work performed by every employee on a prevailing-wage project, an accurate record of all hours worked and the wages paid for that work.
We all know why the law was passed in the first place: so that the Building Trades unions could contact non-union workers and "help them" decide to organize. That's not news. It's Jim Doyle and Mike "the Date" Sherman.
DWD's fifty-column requirement lets us speculate that Wisconsin's unionized contractors are happy campers since DWD is adding lotsa paperwork-burdens to their non-union competitors. Forcing the competition to add cost is a common trick in the "rent-seeking" bag.
Beyond that is the loutish DWD mentality. To State agencies, adding a few bodies here and a few bodies there to fill out FIFTY COLUMN SPREADSHEETS is no big deal. Simply walk up to the taxpayer, place your gun to his head, and demand the money.
Simple, right? So what's the problem?
Oh, I dunno. Maybe being #3 in job-loss ratio nationally?
At least a couple of reasons. Unions and unionized contractors. Not to mention typical bureaucratic loutishness.
The [Wisconsin] statute on reporting requires contractors provide their names, the type of work performed by every employee on a prevailing-wage project, an accurate record of all hours worked and the wages paid for that work.
But DWD’s reporting spreadsheet, which was finalized last month, contains 50 fields for contractors to complete, including requests for Social Security numbers, straight and overtime hours for each day, weekly wage and hour totals, union status and union affiliation.
FIFTY-column spreadsheet? FIFTY??We all know why the law was passed in the first place: so that the Building Trades unions could contact non-union workers and "help them" decide to organize. That's not news. It's Jim Doyle and Mike "the Date" Sherman.
DWD's fifty-column requirement lets us speculate that Wisconsin's unionized contractors are happy campers since DWD is adding lotsa paperwork-burdens to their non-union competitors. Forcing the competition to add cost is a common trick in the "rent-seeking" bag.
Beyond that is the loutish DWD mentality. To State agencies, adding a few bodies here and a few bodies there to fill out FIFTY COLUMN SPREADSHEETS is no big deal. Simply walk up to the taxpayer, place your gun to his head, and demand the money.
Simple, right? So what's the problem?
Oh, I dunno. Maybe being #3 in job-loss ratio nationally?
Unemployment Worse in 2008: BLS
There will be a revision of unemployment numbers.
It will show another 824,000 jobs lost during 2008.
No word on how that will affect SE Wisconsin, now only #3 in job-loss percentage.
It will show another 824,000 jobs lost during 2008.
No word on how that will affect SE Wisconsin, now only #3 in job-loss percentage.
Wednesday, February 03, 2010
We're Number Three!!
It certainly doesn't have anything to do with regulation and taxes.
The four-county region that includes Milwaukee and Waukesha posted the third-biggest percentage decrease in employment among the nation's 38 biggest metropolitan areas last year, according to the U.S. Bureau of Labor Statistics.
The four-county region that includes Milwaukee and Waukesha posted the third-biggest percentage decrease in employment among the nation's 38 biggest metropolitan areas last year, according to the U.S. Bureau of Labor Statistics.
The number of people employed in non-farm labor in metro Milwaukee fell 48,200, or 5.7%, to 793,600 in the 12 months through December.
The only other areas with a steeper percentage decrease were metro Las Vegas, which fell 7.4% to 833,000; and metro Detroit, which fell 6.2% to 1.74 million.
Nope. Regulation and taxes were not a factor.
It was probably the weather, or excessive chipmunks, or maybe werewolves.
On the Other Hand, Mr. Orszag, There Is the LAW!
The Con Law teacher's pet wunderkind-of-finance learns a bit about America.
Gregg reams Petey a new .........nostril.
HT: McCain
Gregg reams Petey a new .........nostril.
HT: McCain
Think You're Up on Current Events?
Obama? How About Abortobama?
The bloody hands of ideology, in the Obama budget.
President Barack Obama released his FY 2011 budget on Monday and it contains provisions that will force Americans to pay for abortions in the United States and promoting abortion abroad.
The domestic abortions will be in the District of Columbia, fulfilling the dreams of Margaret Sanger; but there's more.
...Congress has previously approved budgets that retain a long-standing prohibition on the Legal Services Corporation, which provides legal help to lower-income Americans, providing legal counseling to any person or entity “that participates in any litigation with respect to abortion.”
Page 1284 of the proposed budget Obama submitted to Congress includes a change to that law that would result in LSC funds going to people or groups that engage in abortion litigation provided that LSC funds are not used directly for the litigation.
So YOU will be paying lawyers to fight the Hyde Amendment, too.
The Culture of Death now occupies the Oval Office. I wonder what his daughters think of that.
HT: Al
President Barack Obama released his FY 2011 budget on Monday and it contains provisions that will force Americans to pay for abortions in the United States and promoting abortion abroad.
The domestic abortions will be in the District of Columbia, fulfilling the dreams of Margaret Sanger; but there's more.
...Congress has previously approved budgets that retain a long-standing prohibition on the Legal Services Corporation, which provides legal help to lower-income Americans, providing legal counseling to any person or entity “that participates in any litigation with respect to abortion.”
Page 1284 of the proposed budget Obama submitted to Congress includes a change to that law that would result in LSC funds going to people or groups that engage in abortion litigation provided that LSC funds are not used directly for the litigation.
So YOU will be paying lawyers to fight the Hyde Amendment, too.
The Culture of Death now occupies the Oval Office. I wonder what his daughters think of that.
HT: Al
The Toyota Conspiracy Theory
Yah, we've heard this. The Gummint owns GM, and wants Toyota out of the way.
Long-form of the same idea.
Interesting. Not quite compelling, but interesting.
Of course, this is a factor:
Transportation Secretary Ray LaHood is advising owners of recalled Toyotas to stop driving them and get them fixed.
LaHood's warning came Wednesday in testimony before a House Appropriations subcommittee on transportation. LaHood says his advice to owners is to "stop driving it. Take it to a Toyota dealer because they believe they have a fix for it."
Frankly, I wouldn't take LaHood's advice on any matter except how to steal-and-spend, which does lie well within his area of expertise.
But it adds to the plot-theory.
Long-form of the same idea.
Interesting. Not quite compelling, but interesting.
Of course, this is a factor:
Transportation Secretary Ray LaHood is advising owners of recalled Toyotas to stop driving them and get them fixed.
LaHood's warning came Wednesday in testimony before a House Appropriations subcommittee on transportation. LaHood says his advice to owners is to "stop driving it. Take it to a Toyota dealer because they believe they have a fix for it."
Frankly, I wouldn't take LaHood's advice on any matter except how to steal-and-spend, which does lie well within his area of expertise.
But it adds to the plot-theory.
Another Perspective on the Recession
That happens to be the steepest drop on the records (you can go back to 1947 if you like---)Vox calls it 'debt-deflation,' and argues that the chart is a signal for further contraction in 2010. Obviously, that's the reason that Obamamamama has proposed to, ah, "influence" community banks with capital investment from Obamamamama.
IOW, the real concern is not inflation; it's DEflation.
You need not be a genius to see that possibility when you look at this post from Vox on mortgage 'walk-aways.'
You're Still Unemployed "By Design": Obama
Yes, I mentioned it when ARRA slouched across the landscape, emitting its foul exhaust.
Nice of Obama to confirm. Unless, of course, you're among the TWENTY PERCENT of US men between 25-54 years old who are un-employed.
All told, as of the end of November 2009, about 50 percent of Recovery Act funds—or $395 billion—has been either obligated or is providing assistance directly to Americans in the form of tax relief. By design, the bulk of the remaining 50 percent of Recovery Act funds will be deployed in the coming months of 2010 and during the beginning of 2011 to support additional job creation when our economy continues to need a boost.
And of course, there is the matter of November 2010 elections. But we won't mention that.
Nice of Obama to confirm. Unless, of course, you're among the TWENTY PERCENT of US men between 25-54 years old who are un-employed.
All told, as of the end of November 2009, about 50 percent of Recovery Act funds—or $395 billion—has been either obligated or is providing assistance directly to Americans in the form of tax relief. By design, the bulk of the remaining 50 percent of Recovery Act funds will be deployed in the coming months of 2010 and during the beginning of 2011 to support additional job creation when our economy continues to need a boost.
And of course, there is the matter of November 2010 elections. But we won't mention that.
The "TARP Re-Investment" Program: Fascism
It's fascism if you accept the definition that fascism aligns gummint, commerce, and labor--by force.
Or you could simply recall other highly successful directed bank-lending programs.
President Barack Obama will propose on Tuesday using $30 billion from the TARP bank bailout program for a small business lending fund to try to spur job growth in a critical sector of the U.S. economy.
The program would be limited to smaller or community banks, those with $10 billion in assets or less, according to senior officials, who briefed reporters before the announcement
...banks with $1 billion in assets or less could get up to 5 percent of risk-related capital, and pay a dividend rate of 5 percent. But the dividend rate could be as low as 1 percent if the banks were to increase small business lending by 10 percent, the officials said.
Well, OK. The rest of the story? That 'investment' is the camel's nose. If the Feds do not choose to call it 'ownership,' it's certainly a claim on management's attention, right?
Have you heard of the Community Re-investment Act (CRA) of Jimmuh Carter?
Or you could simply recall other highly successful directed bank-lending programs.
President Barack Obama will propose on Tuesday using $30 billion from the TARP bank bailout program for a small business lending fund to try to spur job growth in a critical sector of the U.S. economy.
...banks with $1 billion in assets or less could get up to 5 percent of risk-related capital, and pay a dividend rate of 5 percent. But the dividend rate could be as low as 1 percent if the banks were to increase small business lending by 10 percent, the officials said.
Well, OK. The rest of the story? That 'investment' is the camel's nose. If the Feds do not choose to call it 'ownership,' it's certainly a claim on management's attention, right?
Have you heard of the Community Re-investment Act (CRA) of Jimmuh Carter?
Remember that $5K "Credit" for Hiring? Well....
Obama the Clueless proposed a $5K tax credit for small businesses which hired a worker.
While the premise (that a tax credit will encourage hires) is flawed, the results may be positive.
But it might not actually be $5K after the Obamamamama budget goes into effect.
The Administration is also planning on making a supposedly temporary 33 percent increase in the Federal Unemployment Tax permanent, making it costlier to hire new workers
Yes, FUT is small. But ya know, if the objective is to inspire hires..........
HT: Kevin
While the premise (that a tax credit will encourage hires) is flawed, the results may be positive.
But it might not actually be $5K after the Obamamamama budget goes into effect.
The Administration is also planning on making a supposedly temporary 33 percent increase in the Federal Unemployment Tax permanent, making it costlier to hire new workers
Yes, FUT is small. But ya know, if the objective is to inspire hires..........
HT: Kevin
Social Security Party is Almost Over
The big boys (Fortune Magarag) have just figured out what Eggster posted --what, a month ago?--that Social Security is almost on the shoals.
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of helping to finance the rest of the government, as it has done for decades, our nation's biggest social program needs help from the Treasury to keep benefit checks from bouncing -- in other words, a taxpayer bailout.
Why not? Taxpayers have unlimited resources, right?
A report from the Congressional Budget Office shows that for the first time in 25 years, Social Security is taking in less in taxes than it is spending on benefits.
Instead of helping to finance the rest of the government, as it has done for decades, our nation's biggest social program needs help from the Treasury to keep benefit checks from bouncing -- in other words, a taxpayer bailout.
Why not? Taxpayers have unlimited resources, right?
Mayor of Vegas Gets It Right
This fellow Oscar Goodman is really angry.
“I gotta tell you this, everybody says I shouldn’t say it, but I gotta tell you the way it is. This president is a real slow learner.”
Obamamamamamama intends to fund-raise for Reid later this month--in Vegas. Should be fun to watch the events, eh?
Another appropriate comment:
We know Obama never was a Boy Scout, but at least they know not to take a dump…TWICE… right where they plan to pitch their tents.
“I gotta tell you this, everybody says I shouldn’t say it, but I gotta tell you the way it is. This president is a real slow learner.”
Obamamamamamama intends to fund-raise for Reid later this month--in Vegas. Should be fun to watch the events, eh?
Another appropriate comment:
We know Obama never was a Boy Scout, but at least they know not to take a dump…TWICE… right where they plan to pitch their tents.
Sen. Grassley Half-Right
Grassley (R-IA) is a decent guy, but not a reliable conservative.
Cap and trade would be more destructive to the economy than Democratic healthcare reform plans would, he says. It amounts to an energy tax of $1,800 to $3,000 on each household.
“It’s detrimental to our economy. It’s going to move all our manufacturing jobs to China. We shouldn’t be doing things like that during a recession,” Grassley said.
Yah, well, Senator, we shouldn't be doing things like that EVER.
Cap and trade would be more destructive to the economy than Democratic healthcare reform plans would, he says. It amounts to an energy tax of $1,800 to $3,000 on each household.
“It’s detrimental to our economy. It’s going to move all our manufacturing jobs to China. We shouldn’t be doing things like that during a recession,” Grassley said.
Yah, well, Senator, we shouldn't be doing things like that EVER.
Tuesday, February 02, 2010
You Think Milwaukee's TV News Is .......Inadequate?
Milwaukee TV news outlets have taken their share of beatings.
But compare to Chicago:
Last week, Nobel Laureate, Presidential Medal of Freedom winner, and former president of Poland, Lech Walesa, traveled to Chicago to endorse a political candidate for governor of Illinois.
But compare to Chicago:
Last week, Nobel Laureate, Presidential Medal of Freedom winner, and former president of Poland, Lech Walesa, traveled to Chicago to endorse a political candidate for governor of Illinois.
Who he endorsed doesn’t matter. The fact that he is here endorsing anyone at all should be considered newsworthy.
Unfortunately for Chicago residents, and the Polish community specifically, if you get your news from the city’s local television stations, you might not have even known that he was in town, let alone that he attended a Tea Party, and endorsed Adam Andrzejewski for governor.
No big deal. Some old guy named Lech.......what?Feingold Deals with the Public
Dismissive, supercilious, and condescending.
Feingold said the tone in Washington has to change to get things done, whether with health care or other issues.
"I've gotten questions like, 'Are you a Socialist? Is Pres. (Barack) Obama bringing in Socialism?,'" he said. "Those kinds of questions don't get us anywhere."
Uh-huh.
Then you might wish to answer them, Feinie. That way, there wouldn't BE those questions.
Right?
HT Owen
Feingold said the tone in Washington has to change to get things done, whether with health care or other issues.
"I've gotten questions like, 'Are you a Socialist? Is Pres. (Barack) Obama bringing in Socialism?,'" he said. "Those kinds of questions don't get us anywhere."
Uh-huh.
Then you might wish to answer them, Feinie. That way, there wouldn't BE those questions.
Right?
HT Owen
USCC's Rot at the Top, II
We posted an item yesterday which was accurate, but not complete. So it's gone. (Besides, the font didn't work well in my editor.) Here's a longer one, with lots more documentation at the link.
More startling evidence has been unearthed about the Catholic Campaign for Human development that shows a disturbing pattern of cooperation between the U.S. Conference of Catholic Bishops and groups that advocate abortion and same-sex marriage.
So a top-level USCC staffer, paid $150K/year by Catholics, sat on the Board of CCC AND was present when Catholic Campaign for Human Development made a $150K grant to CCC.
We'll say it again. Fire Carr. Now.
More startling evidence has been unearthed about the Catholic Campaign for Human development that shows a disturbing pattern of cooperation between the U.S. Conference of Catholic Bishops and groups that advocate abortion and same-sex marriage.
Two reports, released yesterday by the American Life League (ALL) and Bellarmine Veritas Ministry (BVM), reveal that the Center for Community Change (CCC), an organization recommended for support by the USCCB, has consistently taken positions opposed to the bishops' teachings on abortion, marriage, contraception, and sexuality.
...the situation is made more difficult by the news that John Carr -- who oversees the CCHD as the USCCB's Executive Director of the Department of Justice, Peace, and Human Development -- served on the CCC board from 1999 to 2006 and on its executive committee from 1999 to 2001. Carr was hired by the USCCB in 1987, but his involvement with the CCC goes back to 1983.
...the situation is made more difficult by the news that John Carr -- who oversees the CCHD as the USCCB's Executive Director of the Department of Justice, Peace, and Human Development -- served on the CCC board from 1999 to 2006 and on its executive committee from 1999 to 2001. Carr was hired by the USCCB in 1987, but his involvement with the CCC goes back to 1983.
ALL research shows that in 2000, while Carr served on its executive committee, CCC itself received a $150,000 grant from the USCCB. Carr's resume at the USCCB Web site does not mention his service at the CCC, while other published versions of his resume do.
So a top-level USCC staffer, paid $150K/year by Catholics, sat on the Board of CCC AND was present when Catholic Campaign for Human Development made a $150K grant to CCC.
We'll say it again. Fire Carr. Now.
Another (Even More Dire) Look at the US' Finance Problem
If you think that the ObamaSpendulus budget proposal is going to cause problems, you might be forgetting something even more ominous.
In 2009, the US ran an unprecedented $1.5 trillion budget deficit, financing the shortfall by issuing Treasury bonds. The Fed happily obliged by soaking up this tsunami of paper, either directly, or indirectly through mortgage purchases.
...There are only two possible outcomes to the greatest financing gap in history. Interest rates have to soar to unimaginable levels to attract recalcitrant investors, or the plunge in spending sends us into a postponed Great Depression II.
In 2009, the US ran an unprecedented $1.5 trillion budget deficit, financing the shortfall by issuing Treasury bonds. The Fed happily obliged by soaking up this tsunami of paper, either directly, or indirectly through mortgage purchases.
This boosted its own balance sheet from $800 million to a mind boggling $2 trillion in the process, or about 14% of GDP. Were there any other takers of new government debt? China bought $100 billion, and another $200 billion went to a hodgepodge of assorted foreign central banks and sovereign funds, barely 20% of the total.
Back out the Fed as the buyer of last resort, and where are we?...There are only two possible outcomes to the greatest financing gap in history. Interest rates have to soar to unimaginable levels to attract recalcitrant investors, or the plunge in spending sends us into a postponed Great Depression II.
Let me know which one it is, will you? I’ll be hiding out in my camouflaged underground bunker in the desert. And if you do come calling, be a peach and bring me some MRE’s, a five gallon bottle of water, and a case of 9 mm ammo, will you?
Eminently sensible requests.
Orszag: Oxygen-Deprived at Birth?
An indicator that Orszag (and his Statist/Narcissist boss) have serious mental deficiencies:
Even according to the otherworldly theory under which Orszag is operating, however, the prospects don't look good unless we succumb to Obamacare: "As I have said many times before and will again (since it's still true!), the key to our long-term fiscal future is fiscally responsible health insurance reform. All our steps to rein in the deficit will be for naught if we do not reduce the rate of health care cost growth over time." These two sentences combine circumlocution ("health insurance reform") with a non sequitur.
These are "the best and the brightest"?
No wonder Sykes compares them to the Zimbabwean Parliament.
Even according to the otherworldly theory under which Orszag is operating, however, the prospects don't look good unless we succumb to Obamacare: "As I have said many times before and will again (since it's still true!), the key to our long-term fiscal future is fiscally responsible health insurance reform. All our steps to rein in the deficit will be for naught if we do not reduce the rate of health care cost growth over time." These two sentences combine circumlocution ("health insurance reform") with a non sequitur.
These are "the best and the brightest"?
No wonder Sykes compares them to the Zimbabwean Parliament.
The Best Thing That Ever Happened in Colorado
The good results are beginning to come in.
More than a third of the streetlights in Colorado Springs will go dark Monday. The police helicopters are for sale on the Internet. The city is dumping firefighting jobs, a vice team, burglary investigators, beat cops — dozens of police and fire positions will go unfilled.
More than a third of the streetlights in Colorado Springs will go dark Monday. The police helicopters are for sale on the Internet. The city is dumping firefighting jobs, a vice team, burglary investigators, beat cops — dozens of police and fire positions will go unfilled.
The parks department removed trash cans last week, replacing them with signs urging users to pack out their own litter.
Neighbors are encouraged to bring their own lawn mowers to local green spaces, because parks workers will mow them only once every two weeks. If that.
Water cutbacks mean most parks will be dead, brown turf by July; the flower and fertilizer budget is zero.
There are two things at work here. First and most obvious, the public "managers" are sending the middle-finger signal to the taxpayers. You can see that clearly by the removal of the trashcans from the park.
Streetlights? Be serious: that's not a loss.
The cops will have to do without a helicopter. Gracious!! No flowers!! No water!! Here's the "return to nature" that the Left has been screaming about, and now they suddenly don't like it?
As to reduced cop-shop: buy guns and ammo. You'd be surprised how polite folks will be when faced with the muzzle of a .45 (or even 9mm.)
Now Colorado Springs can re-open their "public servants" hiring and dump the unions. Let's see how many folks apply.
There will be plenty, I can assure you.
Thanks, Charlie Sykes!!!
Charlie Sykes this morning:
"[Congress] is spending like the Zimbabwean parliament, or something...." That's approximately right.
It is NOT TAXES. The Left loves to caricature the movement as "anti-tax."
They know they're lying, of course; it allows them to slander the TEA Partiers as 'rich pigs.'
IT'S THE SPENDING, STUPID!!
"[Congress] is spending like the Zimbabwean parliament, or something...." That's approximately right.
It is NOT TAXES. The Left loves to caricature the movement as "anti-tax."
They know they're lying, of course; it allows them to slander the TEA Partiers as 'rich pigs.'
IT'S THE SPENDING, STUPID!!
Buy More Ammo!
No, You Won't, Obama!
If you think you're going to jam this crap through, you're WRONG, you Statist-narcissist jackass.
It will be a lot easier to assemble the crowds-with-pitchforks (sharpened and hardened) than it will be for you to assemble a majority on this.
And don't think for one minute that "it can't happen."
HT: Malkin
Umnnh....What's the Temperature in China?
The correct answer: Who knows?
A Guardian investigation of thousands of emails and documents apparently hacked from the University of East Anglia's climatic research unit has found evidence that a series of measurements from Chinese weather stations were seriously flawed and that documents relating to them could not be produced.
But James E. Doyle, Governor of Wisconsin, will happily sacrifice 43,000 Wisconsin jobs to fix "global warming."
A Guardian investigation of thousands of emails and documents apparently hacked from the University of East Anglia's climatic research unit has found evidence that a series of measurements from Chinese weather stations were seriously flawed and that documents relating to them could not be produced.
But James E. Doyle, Governor of Wisconsin, will happily sacrifice 43,000 Wisconsin jobs to fix "global warming."
Will Obama's Budget Kill the Recovery in 2011?
Sykes points to an interesting article on tax avoidance.
Those with the power to tax never learn from history. I've written about the "revolt of the kulaks" phenomenon in which the producers of society would rather not produce than be subjected to confiscatory taxation. A related phenomenon is tax avoidance, in which people structure their lives so as so avoid creating taxable income (for example, purchasing municipal bonds rather than corporate bonds).
Hmmmmm.
Arthur Laffer thinks exactly the same way, but he paints a more vivid picture.
Arthur Laffer, creator of the Laffer Curve that showed how low tax rates boost economic growth, is warning anyone who will listen that the economy is headed for a “train wreck” in 2011 that will make the current recession look tame by comparison.
Why? It's the "Kulaks" part of Jacobson's post:
All the factors that will make 2010 (and have already made the last half of 2009) look so good will reverse direction, and 2011 will be a train wreck,” he said in his forecast.
The big reason, among several, is Obama’s plan to allow the Bush tax cuts to expire at the end of this year, and other tax increases the Obama administration intends to enact this year and next, and how businesses will respond to these tax changes.
“In anticipation of known tax increases the economy will shift income and output from 2011 -- the higher tax year -- into 2010 -- the lower tax year. As a result of this income shift, 2010 will look a lot better than it should, and 2011 will be a train wreck,” he predicts.
That's entirely reasonable.
There is a group of economists, including Kasriel at Northern Trust, who believe that there will be a "double-dip" recession; i.e., that the current uptick will be followed soon, maybe late this year, by a downtick. They don't mention tax increases as one of the causes, however.
It's possible, then, that BOTH tax-increases AND a 'natural' dip could combine for a truly dismal 2011.
Unless Obama gets us into World War Three, which was the salvation of FDR.
Those with the power to tax never learn from history. I've written about the "revolt of the kulaks" phenomenon in which the producers of society would rather not produce than be subjected to confiscatory taxation. A related phenomenon is tax avoidance, in which people structure their lives so as so avoid creating taxable income (for example, purchasing municipal bonds rather than corporate bonds).
Hmmmmm.
Arthur Laffer thinks exactly the same way, but he paints a more vivid picture.
Arthur Laffer, creator of the Laffer Curve that showed how low tax rates boost economic growth, is warning anyone who will listen that the economy is headed for a “train wreck” in 2011 that will make the current recession look tame by comparison.
Why? It's the "Kulaks" part of Jacobson's post:
All the factors that will make 2010 (and have already made the last half of 2009) look so good will reverse direction, and 2011 will be a train wreck,” he said in his forecast.
The big reason, among several, is Obama’s plan to allow the Bush tax cuts to expire at the end of this year, and other tax increases the Obama administration intends to enact this year and next, and how businesses will respond to these tax changes.
“In anticipation of known tax increases the economy will shift income and output from 2011 -- the higher tax year -- into 2010 -- the lower tax year. As a result of this income shift, 2010 will look a lot better than it should, and 2011 will be a train wreck,” he predicts.
That's entirely reasonable.
There is a group of economists, including Kasriel at Northern Trust, who believe that there will be a "double-dip" recession; i.e., that the current uptick will be followed soon, maybe late this year, by a downtick. They don't mention tax increases as one of the causes, however.
It's possible, then, that BOTH tax-increases AND a 'natural' dip could combine for a truly dismal 2011.
Unless Obama gets us into World War Three, which was the salvation of FDR.
VanVoorhees IV on the STFU of Obama
Just a smidgen here:
...we found ourselves in unanimous accord that Mr. Obama had finally discovered political oratory's legendary lost chord, satisfying both to the trained ear of the discerning connoisseur and the primal aesthetics of the lower castes. If Congreve was correct that music hath charms to soothe the savage breast, then Mr. Obama's clever paeans to populism will hopefully tranquilize and chastise the savages of the Tea Party, that they can once again be put safely back in their proper pens.
You know you want to go there.
...we found ourselves in unanimous accord that Mr. Obama had finally discovered political oratory's legendary lost chord, satisfying both to the trained ear of the discerning connoisseur and the primal aesthetics of the lower castes. If Congreve was correct that music hath charms to soothe the savage breast, then Mr. Obama's clever paeans to populism will hopefully tranquilize and chastise the savages of the Tea Party, that they can once again be put safely back in their proper pens.
You know you want to go there.
Mayor Tom: Frying Pan or Fire?
If Barrett doesn't succeed Doyle, he has trouble.
If he DOES succeed Doyle, he has trouble.
We all know that Jim Doyle put Wisconsin's finances into the Doylet--around $2 or 3 Billion (who cares?) in "overdraft" for the next budget. And it's getting worse, $200 million at a time. That's not to mention the growing and very noticeable sentiment among taxpayers to simply reduce, cut back, and/or eliminate a number of State functions. In brief, the State spends far too much money, just like the Feds.
But the City of Milwaukee has problems, too.
Foreclosed homes in the city that last year were selling for an average of $42,000, or 40% of their assessed value, are now sometimes selling for as low as $10,000 to $15,000, said Maria Prioletta, special projects manager for the Department of City Development.
If he DOES succeed Doyle, he has trouble.
We all know that Jim Doyle put Wisconsin's finances into the Doylet--around $2 or 3 Billion (who cares?) in "overdraft" for the next budget. And it's getting worse, $200 million at a time. That's not to mention the growing and very noticeable sentiment among taxpayers to simply reduce, cut back, and/or eliminate a number of State functions. In brief, the State spends far too much money, just like the Feds.
But the City of Milwaukee has problems, too.
Foreclosed homes in the city that last year were selling for an average of $42,000, or 40% of their assessed value, are now sometimes selling for as low as $10,000 to $15,000, said Maria Prioletta, special projects manager for the Department of City Development.
"A lot of lenders are dumping properties for any price," she said in presenting an update on the foreclosure picture at a meeting of the council's Community and Economic Development Committee.
Assessments must follow prices, ergo tax revenues are heading south in Milwaukee.
How far south? One alderman is looking at 80% value-decreases in some areas of the city.
Wow.
Think Doyle Still Believes in "AGW"?
In the last several weeks, it's become obvious that the "Manmade Global Warming" meme is actually myth. It's 'last century,' and fraudulent to boot.
The UN's IPCC reports have been shredded by revelations that their predictions of Apocalypse Now are based on anecdotes, non-peer-reviewed studies, and misprints. Temperature readings were skewed by placement of the recording devices. The Keepers of the Flame in England turn out to be like a high-school-girls' clique in temperament and method.
And actual scientists now wonder what effect atmospheric water vapor might have on climate.
Doh. Water vapor is.......what?........twenty-plus-percent of the atmosphere.........DOH!
Meantime, James E. Doyle, Governor of Wisconsin, pushes his "fight-global-warming" Statism.
The governor also pleaded for passage of a 174-page bill to fight global warming by setting new, tougher renewable energy standards, easing the current prohibition on new nuclear power plants and creating what he says will be up to 15,000 "clean energy" jobs by 2025.
The bill is a delicate compromise between environmentalists, other special-interest groups and some businesses who see growing market share in the changes. But, so far, no Republican has promised to vote for it and business groups and the Wisconsin Farm Bureau Federation point to a think-tank study saying such regulation could eliminate more than 43,000 jobs
AGW is bogus. The "jobs" number is bogus. The "nuke easing" line is bogus. But the costs? They are not bogus at all.
If Doyle presses this, it will confirm that Doyle is still living in the last century, just like his pals Feingold, Obey, and Kohl.
And if it takes pitchforks and ropes, it will be stopped.
The UN's IPCC reports have been shredded by revelations that their predictions of Apocalypse Now are based on anecdotes, non-peer-reviewed studies, and misprints. Temperature readings were skewed by placement of the recording devices. The Keepers of the Flame in England turn out to be like a high-school-girls' clique in temperament and method.
And actual scientists now wonder what effect atmospheric water vapor might have on climate.
Doh. Water vapor is.......what?........twenty-plus-percent of the atmosphere.........DOH!
Meantime, James E. Doyle, Governor of Wisconsin, pushes his "fight-global-warming" Statism.
The governor also pleaded for passage of a 174-page bill to fight global warming by setting new, tougher renewable energy standards, easing the current prohibition on new nuclear power plants and creating what he says will be up to 15,000 "clean energy" jobs by 2025.
The bill is a delicate compromise between environmentalists, other special-interest groups and some businesses who see growing market share in the changes. But, so far, no Republican has promised to vote for it and business groups and the Wisconsin Farm Bureau Federation point to a think-tank study saying such regulation could eliminate more than 43,000 jobs
AGW is bogus. The "jobs" number is bogus. The "nuke easing" line is bogus. But the costs? They are not bogus at all.
If Doyle presses this, it will confirm that Doyle is still living in the last century, just like his pals Feingold, Obey, and Kohl.
And if it takes pitchforks and ropes, it will be stopped.
The Doylet RR: Goofy Station Blues
Even in Madistan, people get it.
...Advocates of a stop closer to Madison’s downtown argue the station should be built near East Washington Avenue and First Street. Troy Thiel, a Madison real estate agent and member of Campaign for Yahara Station, said it makes more sense to build the stop at that intersection.
...“People want to get off the train and be able to walk to their destination or have reasonably affordable fast transit,” he said. “You drop people off at Dane County Regional Airport and there’s nothing to walk to and not even a direct bus line to the Capitol.”
We mentioned that, as did others.
But the monumental $800++Million waste continues.
...Advocates of a stop closer to Madison’s downtown argue the station should be built near East Washington Avenue and First Street. Troy Thiel, a Madison real estate agent and member of Campaign for Yahara Station, said it makes more sense to build the stop at that intersection.
...“People want to get off the train and be able to walk to their destination or have reasonably affordable fast transit,” he said. “You drop people off at Dane County Regional Airport and there’s nothing to walk to and not even a direct bus line to the Capitol.”
We mentioned that, as did others.
But the monumental $800++Million waste continues.
Monday, February 01, 2010
Party With the Democrats!
Can't have a party without money.
The guest list for the Democratic Senatorial Campaign Committee's "winter retreat" at the Ritz Carlton South Beach Resort doesn't include the price tag for attendance, but the maximum contribution to the committee, typical for such events, is $30,000. There, to participate in "informal conversations" and other meetings Saturday, were senators including DSCC Chairman Robert Menendez; Michigan's Carl Levin and Debbie Stabenow; Bob Casey of Pennsylvania; Claire McCaskill of Missouri; freshmen Kay Hagan of North Carolina and Mark Begich of Alaska; and even left-leaning Bernie Sanders of Vermont.
Across the table was a who's who of 108 senior Washington lobbyists, including the top lobbying officials for many of the industries Democrats regularly attack: Represented were the American Bankers Association, the tobaco company Altria, the oil company Marathon, several drug manufacturers, the defense contractor Lockheed, and most of the large independent lobbying firms: Ogilvy, BGR, Quinn Gillespie, Heather Podesta, and Tony Podesta.
Fortunately, none of the lobbyists were also White House appointees.
Yet.
HT: Lott
The guest list for the Democratic Senatorial Campaign Committee's "winter retreat" at the Ritz Carlton South Beach Resort doesn't include the price tag for attendance, but the maximum contribution to the committee, typical for such events, is $30,000. There, to participate in "informal conversations" and other meetings Saturday, were senators including DSCC Chairman Robert Menendez; Michigan's Carl Levin and Debbie Stabenow; Bob Casey of Pennsylvania; Claire McCaskill of Missouri; freshmen Kay Hagan of North Carolina and Mark Begich of Alaska; and even left-leaning Bernie Sanders of Vermont.
Across the table was a who's who of 108 senior Washington lobbyists, including the top lobbying officials for many of the industries Democrats regularly attack: Represented were the American Bankers Association, the tobaco company Altria, the oil company Marathon, several drug manufacturers, the defense contractor Lockheed, and most of the large independent lobbying firms: Ogilvy, BGR, Quinn Gillespie, Heather Podesta, and Tony Podesta.
Fortunately, none of the lobbyists were also White House appointees.
Yet.
HT: Lott
Blue Sky Budget: Obama's Very Own
Get a load of this!
As part of the annual budget, the Obama Administration released the underlying economic assumptions too (see Page 13 of PDF)
For GDP, they are forecasting real GDP growth of 2.7% in 2010, followed by 3.8%, 4.3% and 4.2% in 2013.
For unemployment, the forecast is for an average of 10% in 2010, with a decline to 9.2% in 2011, 8.2% in 2012 and 7.3% in 2013
Umnnnhhh.......
Historically, US GDP growth has averaged 1.8%/annum since the Founding. So Obama's "forecast" calls for what will be >200% (average) of the historical average three years in a ROW?
And with THOSE unemployment numbers?
Blue Skies, smilin' at me..........nothin' but Blue Skies........
HT: Calculated Risk
As part of the annual budget, the Obama Administration released the underlying economic assumptions too (see Page 13 of PDF)
For GDP, they are forecasting real GDP growth of 2.7% in 2010, followed by 3.8%, 4.3% and 4.2% in 2013.
For unemployment, the forecast is for an average of 10% in 2010, with a decline to 9.2% in 2011, 8.2% in 2012 and 7.3% in 2013
Umnnnhhh.......
Historically, US GDP growth has averaged 1.8%/annum since the Founding. So Obama's "forecast" calls for what will be >200% (average) of the historical average three years in a ROW?
And with THOSE unemployment numbers?
Blue Skies, smilin' at me..........nothin' but Blue Skies........
HT: Calculated Risk
Watch the Illinois (R) Primary
Why watch the Illinois primary?
Like George Washington's ill-equipped colonial soldiers outnumbered by the professional troops of the British Empire, Andrzejewski finds himself up against more experienced foes in the gubernatorial race. His opponents in the seven-candidate primary include veteran state Sen. Kirk Dillard and former state GOP chairman Andy McKenna.
Three endorsers: Lech Walensa and Rush Limbaugh.
And the TEA Party activists.
The guy has no money and spends no money--but the polls say it's a dead-heat.
Like George Washington's ill-equipped colonial soldiers outnumbered by the professional troops of the British Empire, Andrzejewski finds himself up against more experienced foes in the gubernatorial race. His opponents in the seven-candidate primary include veteran state Sen. Kirk Dillard and former state GOP chairman Andy McKenna.
Three endorsers: Lech Walensa and Rush Limbaugh.
And the TEA Party activists.
The guy has no money and spends no money--but the polls say it's a dead-heat.
Volcker's Reforms Will Be Stiff-armed?
Ticker brings the news.
A proposal by former Federal Reserve Chairman Paul Volcker to limit bank’s proprietary trading will be either be dropped or significantly modified in the Senate, lawmakers and staffers told dealReporter
...A Dodd staffer said the senator is likely to quietly drop or modify many of the recommendations in the Volcker rule to ensure Republican support for regulatory reform.
The retroactive "tax bonus" idea is odious. But the 'proprietary trade' thing is eminently sensible.
Ticker mentions necktie parties. I kinda prefer pitchforks, used horizontally.
Volcker is hardly a LeftOWacky. And clearly, Phil Gramm's bright ideas did NOT work. See Bear, Stearns, Lehmann, Citi....
A proposal by former Federal Reserve Chairman Paul Volcker to limit bank’s proprietary trading will be either be dropped or significantly modified in the Senate, lawmakers and staffers told dealReporter
...A Dodd staffer said the senator is likely to quietly drop or modify many of the recommendations in the Volcker rule to ensure Republican support for regulatory reform.
The retroactive "tax bonus" idea is odious. But the 'proprietary trade' thing is eminently sensible.
Ticker mentions necktie parties. I kinda prefer pitchforks, used horizontally.
Volcker is hardly a LeftOWacky. And clearly, Phil Gramm's bright ideas did NOT work. See Bear, Stearns, Lehmann, Citi....
Say WHAT? A Tax for Kohl's Playground?
Glad Wiggy caught this, because I missed it.
He's discussing the "new" idea of substituting a sales-tax for the proptax now supporting public screwels.
This six percent would not include the additional half percent 63 of Wisconsin’s 72 counties are already charging. It would not include the proposed sales tax increases to cover transportation expenditures under Regional Transit Authorities. It would not include the Brown County sales tax to pay for the Lambeau Field renovation. It would not include the sales tax for Miller Park, including the proposal to expand the sales tax to cover the Bradley Center. It would not include the proposed sales tax for the parks in Milwaukee County. You get the picture.
The decrepit, ancient, falling-down Bradley Center is no longer capable of pulling the revenues Sen. Herb Kohl needs for the Bucks.
So.........increase the TAXES to pay for a new(er) edition?
By the way, the rest of Wiggy's effort is worth reading. Yes, subbing salestax for proptax is stupid (and hardly the end of take-your-money ideas.)
He's discussing the "new" idea of substituting a sales-tax for the proptax now supporting public screwels.
This six percent would not include the additional half percent 63 of Wisconsin’s 72 counties are already charging. It would not include the proposed sales tax increases to cover transportation expenditures under Regional Transit Authorities. It would not include the Brown County sales tax to pay for the Lambeau Field renovation. It would not include the sales tax for Miller Park, including the proposal to expand the sales tax to cover the Bradley Center. It would not include the proposed sales tax for the parks in Milwaukee County. You get the picture.
The decrepit, ancient, falling-down Bradley Center is no longer capable of pulling the revenues Sen. Herb Kohl needs for the Bucks.
So.........increase the TAXES to pay for a new(er) edition?
By the way, the rest of Wiggy's effort is worth reading. Yes, subbing salestax for proptax is stupid (and hardly the end of take-your-money ideas.)
ObamaCare Has Nasty Provisions: Obama
Gee.
Until Friday this was simply un-true.
...if you want to keep the health insurance you got, you can keep it, that you're not going to have anybody getting in between you and your doctor in your decision making. And I think that some of the provisions that got snuck in might have violated that pledge." --B Hussein Obama 1/29/10
"Snuck in" while Obama was paying attention to..........ahhhhh............Iran? Afghanistan? Jobs? White House parties? The election FAILS in Virginia, New Jersey, and Massachusetts?
Or creating the largest-ever deficit in the history of the Universe?
HT: AOSHQ
Until Friday this was simply un-true.
...if you want to keep the health insurance you got, you can keep it, that you're not going to have anybody getting in between you and your doctor in your decision making. And I think that some of the provisions that got snuck in might have violated that pledge." --B Hussein Obama 1/29/10
"Snuck in" while Obama was paying attention to..........ahhhhh............Iran? Afghanistan? Jobs? White House parties? The election FAILS in Virginia, New Jersey, and Massachusetts?
Or creating the largest-ever deficit in the history of the Universe?
HT: AOSHQ
The Reality of the Papacy
Contra the understanding of some of our Prot pals (and the yearnings of some of our Catholic pals), the Pope doesn't have the power of secular monarchs. He can't say "Make it so!!" regarding liturgical practice (or anything else, for that matter.)
The pope is not an absolute monarch whose will is law; rather, he is the guardian of the authentic Tradition and, thereby, the premier guarantor of obedience. He cannot do as he likes, and he is thereby able to oppose those people who, for their part, want to do whatever comes into their head. His rule is not that of arbitrary power, but that of obedience in faith. That is why, with respect to the Liturgy, he has the task of a gardener, not that of a technician who builds new machines and throws the old ones on the junk-pile.
If you understand that correctly, you'll also have a very good insight into the reality of "infallibility." And it won't be the understanding of our separated bredderns.
The pope is not an absolute monarch whose will is law; rather, he is the guardian of the authentic Tradition and, thereby, the premier guarantor of obedience. He cannot do as he likes, and he is thereby able to oppose those people who, for their part, want to do whatever comes into their head. His rule is not that of arbitrary power, but that of obedience in faith. That is why, with respect to the Liturgy, he has the task of a gardener, not that of a technician who builds new machines and throws the old ones on the junk-pile.
If you understand that correctly, you'll also have a very good insight into the reality of "infallibility." And it won't be the understanding of our separated bredderns.
QueenNancy's Worse Than Just a Boozer
Mentioned earlier was QueenNancy's two-year, $101K booze-and-food-bill for her OUR Air Force Gulfstream 5 trips.
Not mentioned was the passenger manifest.
What hasn’t been revealed so far is that military aircraft are being used to shuttle Pelosi’s kids and grandkids between DC and San Francisco without any Congressional representatives even onboard! Put simply, the United States Air Force is serving as a multi-billion dollar chauffeur- and baby-sitting service for Nancy Pelosi’s kids and grandkids — presumably because commercial travel is beneath the families of the autocrats
Just F*&^ yourself, Nancy.
Not mentioned was the passenger manifest.
What hasn’t been revealed so far is that military aircraft are being used to shuttle Pelosi’s kids and grandkids between DC and San Francisco without any Congressional representatives even onboard! Put simply, the United States Air Force is serving as a multi-billion dollar chauffeur- and baby-sitting service for Nancy Pelosi’s kids and grandkids — presumably because commercial travel is beneath the families of the autocrats
Just F*&^ yourself, Nancy.
His Lips Are Moving.....So He's Lying
Teh Won got into it with Jeb (not "Jim," B. Hussein) Obama over budget details.
Teh Won lied. Or, to be kind, he's just friggin' clueless. Take your choice.
In the following, the 'assertion' is what Hensarling charged at the Pubbie retreat--and what B. Hussein SAID was untrue. Too bad that the facts coincide precisely with what Hensarling said, eh?
Assertion: “The Republicans proposed a (Fiscal Year 2010) budget that ensured that government did not grow beyond the historical standard of 20% of GDP.”
According to CBO’s January Monthly Budget Review http://www.cbo.gov/ftpdocs/108xx/doc10869/December2009MBR.pdf, in the first 3 months of FY2010 (October-December 2009) alone, Democrats have run up a deficit of about $390 billion - $22.7 billion shy of the GOP’s worst annual deficit.
Well, those are all real big numbers, B. Hussein. Maybe pictures would help you.
Teh Won lied. Or, to be kind, he's just friggin' clueless. Take your choice.
In the following, the 'assertion' is what Hensarling charged at the Pubbie retreat--and what B. Hussein SAID was untrue. Too bad that the facts coincide precisely with what Hensarling said, eh?
Assertion: “The Republicans proposed a (Fiscal Year 2010) budget that ensured that government did not grow beyond the historical standard of 20% of GDP.”
FACT: Under the budget proposal put forward by House Republicans, spending as a percent of GDP is 20.7% of GDP in 2015, and in 10 years is at 20.7% of GDP. Source: House Budget Committee Republicans "The Path to American Prosperity" Budget Alternative, Table S-1 http://www.house.gov/budget_republicans/press/2007/pr20090401_gopbudget.pdf. Historical standard is 20.7% of GDP.
...Assertion: “It spent $5 trillion less than what was ultimately enacted into law.”
FACT: The House Republican budget called for $36.913 trillion in spending over 10 years, whereas CBO estimated in March that the President’s budget would spend $41.726 trillion over 10 years. This is a difference of $4.813 trillion over a 10 year period.
...Assertion: “What were the old annual deficits under Republicans have now become the monthly deficits under Democrats.”
FACT: According to CBO's September 2009 Monthly Budget Review http://www.cbo.gov/ftpdocs/105xx/doc10552/09-08-mbr.htm, July 2009’s deficit was $181 billion. According to CBO’s December 2009 Monthly Budget Review http://www.cbo.gov/ftpdocs/108xx/doc10825/12-4-09MBR.htm, October 2009’s deficit was $176 billion. Comparatively, according to OMB’s Historical Tables (Table 1.1) http://www.whitehouse.gov/omb/budget/Historicals/, Republicans’ last annual deficit was $160.7 billion in FY2007.According to CBO’s January Monthly Budget Review http://www.cbo.gov/ftpdocs/108xx/doc10869/December2009MBR.pdf, in the first 3 months of FY2010 (October-December 2009) alone, Democrats have run up a deficit of about $390 billion - $22.7 billion shy of the GOP’s worst annual deficit.
Well, those are all real big numbers, B. Hussein. Maybe pictures would help you.
TARP: Not Working Too Well
Barofsky, the "TARP Cop", testified about the program's progress.
A couple of salient points:
“To the extent that the crisis was fueled by a ‘bubble’ in the housing market, the federal government’s concerted efforts to support home prices…risk re-inflating that bubble in light of the government’s effective takeover of the housing market through purchases and guarantees, either direct or implicit, of nearly all of the residential mortgage market.” (Fannie Mae, Freddie Mac, the Federal Housing Administration and other government agencies now insure more than 90% of all mortgages from the risk of nonpayment.)
A couple of salient points:
“To the extent that the crisis was fueled by a ‘bubble’ in the housing market, the federal government’s concerted efforts to support home prices…risk re-inflating that bubble in light of the government’s effective takeover of the housing market through purchases and guarantees, either direct or implicit, of nearly all of the residential mortgage market.” (Fannie Mae, Freddie Mac, the Federal Housing Administration and other government agencies now insure more than 90% of all mortgages from the risk of nonpayment.)
Barofsky also said that TARP goals to increase bank lending and prevent home foreclosures “have simply not been met” – “lending continues to decrease, month after month” and “foreclosures remain at record levels (and) the TARP foreclosure prevention program has only permanently modified a small fraction of eligible mortgages.
There most certainly was a bubble in housing prices, beginning in the 1980's and accelerating through the '90's. Artificial 'stimulation' of housing prices through legerdemain is going to be fruitless, period.
But after all, "spending" is not a problem, right?
The "Nuclear Power" Noise
The President mentioned nukes, favorably, in his STFU speech. But John McCain and Lindsey Graham, both nominally Republicans, are likely to derail any nuke development, even if the President was not speaking with forked tongue.
The play, after all, is to pass "Cap-and-Tax."
During the campaign, Obama said he would support nuclear power with caveats. He was concerned about how to deal with radioactive waste and how much federal money was needed to support construction costs. Those concerns remain; some say they’ve gotten worse.
The spent-fuel repository has been shut down. So 'waste' remains an issue. So does financing, and "new technologies" such as reprocessing.
Why? Obama.
His administration has pledged to close Yucca Mountain, the planned multibillion-dollar burial ground in the Nevada desert for high-level radioactive waste. Energy Secretary Steven Chu has been criticized for his slow rollout of $18.5 billion in loan guarantees to spur investment in new nuclear power plants, and the administration killed a Bush-era proposal to reprocess nuclear fuel.
Some of that--specifically, financing--will be addressed in the new budget. The one with a $1.4Trillion deficit.
Enter "Cap-and-Tax."
[Sen Lindsey] Graham, in an Associated Press interview, said Obama’s speech was an opening that he hoped to take advantage of to court more GOP support. But he said some pro-nuclear Republicans, while pleased with the president’s remarks, are nervous about the other part of the bill — a plan to limit heat-trapping pollution, which will raise energy costs.
McCain is also screwing around with this:
...McCain criticized Obama’s stance on nuclear power during the 2008 campaign, but has backed efforts to reduce global warming.
The play, after all, is to pass "Cap-and-Tax."
During the campaign, Obama said he would support nuclear power with caveats. He was concerned about how to deal with radioactive waste and how much federal money was needed to support construction costs. Those concerns remain; some say they’ve gotten worse.
The spent-fuel repository has been shut down. So 'waste' remains an issue. So does financing, and "new technologies" such as reprocessing.
Why? Obama.
His administration has pledged to close Yucca Mountain, the planned multibillion-dollar burial ground in the Nevada desert for high-level radioactive waste. Energy Secretary Steven Chu has been criticized for his slow rollout of $18.5 billion in loan guarantees to spur investment in new nuclear power plants, and the administration killed a Bush-era proposal to reprocess nuclear fuel.
Some of that--specifically, financing--will be addressed in the new budget. The one with a $1.4Trillion deficit.
Enter "Cap-and-Tax."
[Sen Lindsey] Graham, in an Associated Press interview, said Obama’s speech was an opening that he hoped to take advantage of to court more GOP support. But he said some pro-nuclear Republicans, while pleased with the president’s remarks, are nervous about the other part of the bill — a plan to limit heat-trapping pollution, which will raise energy costs.
“The president did a great job putting nuclear on the table in a robust way, as well as offshore drilling for oil and natural gas,” said Graham. “I hope Republicans understand we have a once in lifetime chance, but in return we have to come up with emissions standards.”
Well, Lindsey, closing the industrial Midwest doesn't ring my chimes.McCain is also screwing around with this:
...McCain criticized Obama’s stance on nuclear power during the 2008 campaign, but has backed efforts to reduce global warming.
McCain spokeswoman Brooke Buchanan said that while the senator was encouraged, the administration needs to address reprocessing and disposal if nuclear power is to be a viable option.
Nukes provide 20% of the power--which is 70% of US power that is "green." What's the holdup?Parsing Obama
It all depends on the meaning of the word "is."
President Barack Obama claimed that he had not broken his oft-repeated campaign promise to have healthcare negotiations broadcast live on C-SPAN – because according to the president, C-SPAN did actually broadcast them.
Freshman Rep. Jason Chaffetz, R-Utah, told the president that he and many Americans were disappointed that “when you stood up before the American people multiple times and said you would broadcast the healthcare debates on C-SPAN, you didn’t.”
Obama answered Chaffetz by saying, “Look, the truth of the matter is that if you look at the healthcare process, just over the course of the year, overwhelmingly the majority of it actually was on C-SPAN, because it was taking place in congressional hearings in which you guys were participating. I mean, how many committees were there that helped to shape this bill? Countless hearings took place.”
Oh. Sure. Nothing to see here. Move along. "Hearings" are the same as "negotiations," and we all know that legislation is produced in "hearings."
Nevermind.
President Barack Obama claimed that he had not broken his oft-repeated campaign promise to have healthcare negotiations broadcast live on C-SPAN – because according to the president, C-SPAN did actually broadcast them.
Freshman Rep. Jason Chaffetz, R-Utah, told the president that he and many Americans were disappointed that “when you stood up before the American people multiple times and said you would broadcast the healthcare debates on C-SPAN, you didn’t.”
Obama answered Chaffetz by saying, “Look, the truth of the matter is that if you look at the healthcare process, just over the course of the year, overwhelmingly the majority of it actually was on C-SPAN, because it was taking place in congressional hearings in which you guys were participating. I mean, how many committees were there that helped to shape this bill? Countless hearings took place.”
Oh. Sure. Nothing to see here. Move along. "Hearings" are the same as "negotiations," and we all know that legislation is produced in "hearings."
Nevermind.
Another Huge Deficit: Obama Budget
Holy smoke-and-ruins, Batman!
President Barack Obama is sending Congress a $3.8 trillion budget on Monday...The deficit for this year would surge to a record-breaking $1.6 trillion, according to a congressional official who had access to a White House summary document. That deficit would easily top last year's then unprecedented $1.41 trillion gap.
McConnell had the presence of mind to mention 'spending.' (Didn't know it was in his vocabulary.)
Teh Won will spend a LOT of money on "education."
President Barack Obama is sending Congress a $3.8 trillion budget on Monday...The deficit for this year would surge to a record-breaking $1.6 trillion, according to a congressional official who had access to a White House summary document. That deficit would easily top last year's then unprecedented $1.41 trillion gap.
McConnell had the presence of mind to mention 'spending.' (Didn't know it was in his vocabulary.)
Teh Won will spend a LOT of money on "education."
Feel a Pinch?
In the middle of a Bloomberg news article about the economy, we find this:
“One in five men in the U.S. between the ages of 25 and 54 is not working right now,” he told a Jan. 30 panel discussion. Even after a “reasonable” recovery, it will be “one in seven or one in eight.” That compares to the mid-1960s, when 95 percent of men in that age range were working and “suggests quite profound issues that will ultimately impact on politics and decisions that businesses make,” he said. --Larry Summers
Ugh.
“One in five men in the U.S. between the ages of 25 and 54 is not working right now,” he told a Jan. 30 panel discussion. Even after a “reasonable” recovery, it will be “one in seven or one in eight.” That compares to the mid-1960s, when 95 percent of men in that age range were working and “suggests quite profound issues that will ultimately impact on politics and decisions that businesses make,” he said. --Larry Summers
Ugh.
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