Archive for April 2009

Scare Force One – Who and Why?

April 30, 2009

plane77hudston_tbiSo it turns out the FAA, White House and others knew this “photo-op” would probably cause a panic but the White House insisted on keeping it top secret. Why? That’s what I really want to know right now – why?

 I’m thinking it was indeed a photo-op, but not to get photos of the plane. It was a photo-op for whoever was inside the plane to get personal close-up pics of the Statue of Liberty and New York from the air.

So who was in the plane? Friends/relatives of Obama? Biden? Emanuel? Who is so drunk on power that letting friends/relatives buzz Manhattan in Air Force One was deemed a good idea no matter how many “little people” in the city would be terrified?

I want to know who and I want to know why.

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Obama Wants Ideas on Trimming Federal Spending

April 27, 2009

fox_henhousePresident Obama recently “announced a plan for federal workers to propose ways to improve their agencies’ and departments’ budgets. The president said employees’ ideas would be key as his Cabinet officials try to cut millions from the budget and trim the deficit.”

Do you think anybody will suggest eliminating all the high-salary, low-output  jobs in their department? Or better yet, eliminating a wasteful, useless department entirely?

Uh-huh. I don’t think so either.

It’s All About Unemployment

April 27, 2009

There can be no recovery until the free market is allowed to complete the correction we are now facing. And until the correction is complete, unemployment rates will continue to come in at record high numbers.

I’ve said before that it seemed foolish to start looking for anything like “recovery” until unemployment numbers dropped significantly. Finally, someone else is saying the same thing:

Defaults among prime borrowers are really starting to pick up. Why? Cause even solid borrowers can fall behind if they lose their jobs.

Credit card companies see much deeper charge offs than they’d foreseen just a few months ago. Again, unemployment.

While the talking heads insist that unemployment is a “lagging indicator”, it’s pretty clear that the financial system is highly levered to this numbers, so it’s hard to imagine a real turnaround unless the economy stops bleeding jobs.

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A Glimmer of Hope?

April 27, 2009

The worst thing for the world economy would be to assume the worst is over

From The Economist print edition

The Joys of Nationalized Health Care

April 27, 2009

Is this the kind of treatment we can expect when nationalized health care is begun in the US?

‘I was so numb I couldn’t even cry’: Daughter blasts ‘Gestapo’ social services as they bundle mother, 86, out of family home.

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Like it or not, this sort of “care” is coming to America – by October 15. So say Congressional Democrats who will force it through on that date if it hasn’t passed by then.

Happy Debt Day!

April 26, 2009

Today is the day in the federal government’s current fiscal year when the spending exceeds revenue. In other words, today is the day the government begins living on credit for the rest of the fiscal year (about half of which still remains).

Last year’s Debt Day didn’t arrive until August 5th – 3 months later than this year. And next year?

A steep decline in revenue from a multitude of business losses, bankruptcies and individual taxpayer job losses combined with the most expensive federal budget ever submitted, means we’ll be lucky to get through the first three months of fiscal year 2010 before Debt Day arrives again.

Banksters Part III: TARP Fraud

April 26, 2009

godfather21Neil Barofsky, special inspector general for the TARP bailout program has already launched twenty investigations into possible securities fraud, tax violations, insider trading and other crimes related to the bailout funds.

In the 250-page report Barofsky submitted to Congress last week, he also expressed serious concerns about Treasury’s latest bailout propgram, the PPIP. As Reuter’s blogger Felix Salmon observed, “not only is Barofsky worried about PPIP participants gaming the system, he’s also worried that the whole thing could easily become a front for money launderers”.