[Bloomberg] A report this morning by Politico chief political correspondent Roger Simon ... who's an entirely different person from PJ Media's Roger L. Simon...
includes this bombshell Oh, noze! Not a bombshell!
about Republican vice presidential nominee Paul Ryan: ...U.S. Representative for Wisconsin's 1st congressional district, serving since 1999. He is the Republican Party veep candidate. He proposed an alternative to President B.O.'s 2011 budget and made himself the target of both Democrat and Republican verbal pies...
Though Ryan had already decided to distance himself from the floundering Romney campaign, he now feels totally uninhibited. Reportedly, he has been marching around his campaign bus, saying things like, "If Stench calls, take a message" and "Tell Stench I'm having finger sandwiches with Peggy Noonan and will text him later."
That's a pretty sophomoric way to act if you're the veep candidate. Maybe Joe Biden could do that, but... No, not even Sheriff Joe.
The "stench" reference comes from a quote that Craig Robinson, a former political director of the Iowa Republican Party gave to the New York Times over the weekend: "I hate to say this, but if Ryan wants to run for national office again, he'll probably have to wash the stench of Romney off of him." Comments like that could have something to do with why he's a former political director...
Needless to say, the political press and blogosphere have jumped on the story including Times columnist Paul Krugman, Tommy Christopher of press-gossip site Mediaite..., Joe Gandelman of the Moderate Voice..., Liberal radio personality Taylor Marsh..., Steve Benen at MSNBC host Rachel Maddow's blog..., [and] David Ferguson of the Raw Story. "Dog pile on the rabbit!"
Clearly, a disaster for the Romney campaign, right? If true, an indication the veep candidate's jumped his trolley.
No, it was apparently a clumsy attempt at satire gone horribly awry. Meaning it wasn't true...?
As Ben Smith of Buzzfeed, a former Politico blogger, tweeted: "So uh a lot of people seem not to have picked up that @politicoroger's column was satire." Put more succinctly by conservative blogger JammieWearingFool: "Satire should actually be funny." Satire told with a straight face is what we used to call a "lie."
Or, at least it should be pretty obvious. ... This one sounds pretty juvenile.
Naturally, no writer wants to put a blinking sign indicating "This Is a Joke" above his or her parody piece. "That's a joke, son! I say, that's a joke!"
But editors should realize that if there is even a chance that such a sign is necessary, it's probably best to spike the whole idea.
This article starring:
Ben Smith of Buzzfeed
Craig Robinson
David Ferguson
Joe Gandelman
Paul Krugman
Rachel Maddow
Taylor Marsh
Tommy Christopher
Posted by: Fred ||
09/27/2012 00:00 ||
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#1
Planted stories by conservatives and the Lame Streamers fall for it and repeat it--tell me they are not all on the same page. Tell me they are not morons, evil and lazy to boot. They have no self-respect.
Heard Bob Woodward interviewed on Hannity last night. He had a lot to say about Obummer--nothing flattering--harder hitting than Univision interview. Funny, I thought Woodward was in the tank along with the MSM.
#3
The author of "Blink!", Malcom Gladwell, does not appear to be a friend of Republicans, but DID point out how they fell into the trap of nominating Warren G Harding because he "looked and sounded presidential", not taking any care to head off OBVIOUS speculation that The democrats did the same for Obama, but took care not to point in that direction: My suspicion is that he wouldn't have gotten published, or have gotten nice reviews, if he had.
According to former Internal Revenue Service (IRS) Commissioner Fred Goldberg, and supported by the Obama Administration's own figures, ObamaCare "...in its current form will be a needless administrative and compliance quagmire for millions of Americans."
Based on IRS estimates approved by the Office of Information and Regulatory Affairs at the Office of Management and Budget, ObamaCare will take American job creators and families nearly 80 million hours to comply with. Over half of that will fall on small businesses.
So, what can be done in 79,229,503 hours?
The Empire State building, which took 7 million man-hours to build, could be constructed 11 times.
The Curiosity Lander could travel from Earth to Mars 13,048 times.
Halleys comet, seen from Earth once every 76 years, could be spotted 119 times.
Every hour and dollar spent complying with the Democrats health care law are time and resources being taken from growing a business, hiring new workers, or caring for patients. To date, the Democrats health care law has resulted in IRS and Treasury issuing thousands of pages of new rules and regulations, including 40 notices, 17 regulations, 5 revenue procedures, 2 revenue rulings, and 14 Treasury decisions. Sixteen IRS regulations implementing the health care law, found below, will require nearly 80 million man-hours per year according to the IRS. Given the enormous impact the regulations will have on job creators, it is no wonder that a recent survey found that over 70 percent of small businesses cite the health care law as a major obstacle to job creation.
#1
ObamaCare "...in its current form will be a needless administrative and compliance quagmire for millions of Americans."
Makes perfect sense when strangulation of private sector insurance and medical access is the goal. Housing, education, medical care, and food are RIGHTS, not commodities. [sarc off]
#2
Due to the dismal record of US public education, non of this is read by the general public and when the same level of imcompetency kicks in with the take over of every American's health care by the same government, the best medical systemm in the world has ever known will be eliminated, life expectancy will drop dramatically. So who will be alive long enough to care except for those exempt, the politician?
The latest round of extraordinary Federal Reserve stimulus is risky and leaves little room to maneuver should another crisis hit, economist Lawrence Lindsey told CNBCs Squawk Box on Wednesday.
Lindsey said that with the Fed purchasing at least $40 billion a month in mortgage debt through QE3, they are buying the entire deficit.
They're also buying Treasury securities when no one will at auction. They're buying a LOT using made-up money. At some point they can't continue.
I have no problem doing extraordinary things in extraordinary times, said Lindsey, a former White House economic advisor under former president George W. Bush who now runs his own consulting firm.
Lindsay said he agreed with the Feds first two rounds of quantitative easing. Now, with the economy now growing closer to its trend rate, doing something thats really out of the ordinary is risking things.
He added, If this becomes the new ordinary, its hard to imagine the Feds maneuvering room should another crisis hit."
The central bank's recently announced bid to stimulate the economy has also taken the pressure off politicians to deal with the U.S. fiscal cliff, Lindsay argued, which could result in destabilizing tax hikes and spending cuts automatically taking effect early next year.
The Fed, maybe because it can't do otherwise, has told the Congress: 'We're going to buy your bonds no matter what,' Lindsey said. I think that's keeping the pressure off the president, off the Congress.
That's right. If they didn't buy the bonds, the interest rates would have to go up significantly to entice the market to buy them. Imagine what that would do to the deficit each year. We'd look like Spain inside twelve months.
The effective of QE3 on interest rates may also keep Congress from reining in borrowing.
If the (Fed) chairmans estimates of the effectiveness of QE3 on interest rates come true, were going to be down to an average cost of borrowing for the government of 0.6 of a percentage point, Lindsey said. Why would any Congress not borrow and spend if they could borrow at 60 basis points?
Because at some point they can't continue...
Posted by: Steve White ||
09/27/2012 00:00 ||
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#1
Just wait until the financial wave from the EU breaking up hits. We are already taking on water and it will capsize us and sink us.
#2
Looks like someone rly reely really Really REALLY R-E-A-L-L-Y - spelled R-I-L-L-Y - REALLY wants NAU come 2015 wid a mobidly weak-n-getting weaker US Econ + by extens US Superpower???
Get ready to be the UK + its littoral Coast Guard fka ROYAL NAVY [incl.RAF] - D *** NG IT, WE CAN'T LAND MARINES OVERSEAS ANYMORE, BUT BY GOD WE HAVE FOUR TRIDENT SUBS, SO THERE!
I'm sure Russia + China + even Iran? will be glad to defend us from the wily invasion-happy North Koreans - the question is what will they demand in exchange???
#6
Just before this talk of a gold standard George Soros invested big time. Obama has protected these people for some time now. They are getting inside information to make such large moves.
#8
If you do not believe compounding matters, the rate of inflation over the past 50 (1962) years has risen a staggering 662%. That is over 13% per year. What may happen in the future is very frightening.
#9
Beso, 29th day paradigm. They usually use lily pond or some such in their examples, but I use septic tank with a fan on top -- it has a more acute, eh, character.
Most people extrapolate in linear progression, while in real world, given that there are numerous inputs that may not be apparent on the surface, a geometric progression is more common.
The brown organic matter fills the tank, twice the previous day volume, until full at the event horizon of 30 days. Teh event horizon being the brown organic matter hitting the fan blades.
On the 28th day, the tank would be merely 1/4 full of shite. People would not suspect anything. On the 29th, it would be half full and some light bulbs would turn on and call shitsucker services at 6pm to be greeted by an answering machine, but most of the people would still sleep soundly.
#11
Who would have ever thought that the entire economy of America would come to this - a pathetic end where the Fed is buying all of our bonds. As you drive around, or take a train ... look at all the buildings, all the farm fields, all the industries that we have in America. How did Wall St and the Gov't manage to bankrupt such an enormous system? It's beyond comprehension. We're not talking about a minor management scandal ... it's a debacle beyond anything that our country has seen before.
#12
Appears to be a State and Muicipal bailout.... by another name. When bond ratings slip or fall below Investment Grade, or there are limited public investment dollars available, the Fed may be the only buyer available. The fact that the Democratic Party is the Party of urban America may have some play in this as well. Eventually, someone will have to pick up the tab. I suspect we all know who that will be.
#14
This is the same problem that caused the 2008 crash, but on a system wide scale. Some people bought the wrong paper, which will soon be worthless. Godel's Theorem says the system cannot bail itself out...
Posted by: M. Murcek ||
09/27/2012 11:49 Comments ||
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#15
Deficit spending was the only way out of this situaton, but the method was politically selected, resulting in evaporating a margin.
Keynes made the mistake of allowing deficit spending by the state to be done by government spending in addition to tax reduction: both pumped money into the economy while increasing deficit spending, but tax reduction had the economic advantange of putting money into the pockets of people productive enough to have a high enough income to tax. In addition, Keynes worried about overheating an economy, leading to the creation of bubbles, so he prescribed paying down those deficits during good times as a brake. Krugman claims to be a Keynesian, but only preaches half of what keynes taught because his audience doesn't like that part of the message.
The reputation of Keynes came from John Kennedy's use of his theories, but everyone ignores the fact that Kennedy selected the tax cut method instead of the public spending method. Everyone believes it was World War II, and thus government spending, that pulled the economy out of the Great Depression, but it actually was the suspension of New Deal era regulations on businesses that stimulated the economy.
Time for "recoveries" have been slowly increasing, and people believe its the complexity of the economy that is causing the increase, but regulations affecting business decisions have also been increasing as well.
#16
fair comments ... but I think you'd agree that the Govt's policies are the standard "cures" for addressing a normal business recession cycle. I would argue - as do many - that we are caught up in a much bigger process that represents a major shift of the world economies. The problem is that western countries are resisting this change, or trying to make it happen "on their own terms". Impossible. They have resisted change now to the point where a complete collapse of the banking and financial system seems like a high probability.
The plurality of opinions on why inflation has remained tame is, in money economics terms the velocity of and demand for money has decreased. In fiscal economics terms the high unemployment rate is constraining labor cost and also reducing demand. Today's yield curve shows that inflation expectations in the bond market are very low (30 year T bond is well below 3%).
Posted by: lord garth ||
09/27/2012 15:01 Comments ||
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#19
If you do not believe compounding matters, the rate of inflation over the past 50 (1962) years has risen a staggering 662%. That is over 13% per year. What may happen in the future is very frightening.
In 1969 my dad bought a Pontiac Catalina for approximately $3000. It was a nice, big, roomy, comfortable, fast and powerful car. I got it up over 100 mph one time and my passengers couldn't feel it. With power brakes and power steering it could stop on a dime and turn on one too. It had eight cylinders and, I dunno, maybe it was a 389 cubic inch displacement. They didn't measure it in liters in those days. Now, I know they don't make Pontiacs anymore but imagine how much it would cost to buy a comparable car today and it might give you an idea of the cumulative, or compounded, effect of inflation. Just don't even think about paying for the gas.
As for JosephMendiola, I've been reading his rants long enough to have a pretty good idea what he's on about today. It isn't good.
#20
Today's yield curve shows that inflation expectations in the bond market are very low (30 year T bond is well below 3%).
lord garth, that's the purpose of the exercise.
Central banks tend to use quantitative easing when interest rates have already been lowered to near 0% levels and have failed to produce the desired effect.
It's a form of reverse crowding out.In traditional crowding out theory, issuing of state debt crowd out private investment (shrinking the volume of funds available and driving up the cost of borrowing). By reducing the current and projected amount of Treasury securities in circulation, QE aims to crowd in private sector investment, which will include investment in commodity derivatives and physical stocks.
Traditionally treasuries have been the vehicle of choice for fund that need safe investments, such as retirement funds. By reducing the returns on these investments, they hope to shove these funds into more riskier areas such as stocks and commodities. A good explanation here.
#21
If you understand the relationship between fractional reserves banking, reserve ratios (unlent funds) and systematic credit volume. Yuo can begin to understand the relationship between government intervention in the economy, taxes on incomes and wealth creation.
You should also now be able to see that Debt increases are used by politicians (of all stripes) to cover over the economic damage they do by taxing work.
At a certain point the interest payments get bigger than the real net wealth created in the economy and the potemkin economy implodes.
#25
canalzone ... that's not the worst idea that you've had. here's the thing - just offer to be their security gaurd. they're gonna need one. then fence the entire area off with barbed wire. :-)
Taxpayers spent $1.4 billion dollars on everything from staffing, housing, flying and entertaining President Obama and his family last year, according to the author of a new book on taxpayer-funded presidential perks. not a penny to his half-brother, though
In comparison, British taxpayers spent just $57.8 million on the royal family.
#4
Our Pharaoh, He say, Evidence that my ideas and efforts to stimulate the global macro economy are becoming more obvious daily. Why even my dear brother George was just approved for a home improvement loan for his Whirlpool washer box in Kenya. My administration has put policy in place that will move the under-served world-wide to never-before imagined progressive hope levels; which I just prefer to call Hopium.
GDP growth for the second quarter was revised down to 1.25%. Here is Reuters:
Economic growth was much weaker than previously estimated in the second quarter as a drought cut into inventories, setting the platform for an even more sluggish performance in the current quarter against the backdrop of slowing factory activity.
Gross domestic product expanded at a 1.3 percent annual rate, the slowest pace since the third quarter of 2011 and down from last months 1.7 percent estimate, the Commerce Department said in its final estimate on Thursday.
Output was also revised down to reflect weaker rates of consumer and business spending than previously estimated. Outlays on residential construction export growth were also not as robust as had been previously estimated.
Data in hand for the third-quarter suggest little improvement in the growth pace, even as the housing market digs out of a six-year slump. Manufacturing, the pillar of the recovery from the 2007-09 recession is cooling, hurt by fears of tighter U.S. fiscal policy in January and slower global demand.
U.S. economic growth is dangerously slow. Ive frequently written about research from the Fed which finds that since 1947, when two-quarter annualized real GDP growth falls below 2%, recession follows within a year 48% of the time. And when year-over-year real GDP growth falls below 2%, recession follows within a year 70% of the time.
Citigroup has also taken a shot at determining the stall speed: Specifically, when U.S. growth has cut below 1½ percent on a rolling four-quarter basis, it has tended to fall by nearly 3 percentage points over the following four quarters, and the economy has typically entered recession.
Bottom line: Growth the past two quarters has averaged about 1.6%. Not only does this mean the economy is growing more slowly than last years 1.8%, it is also slow enough to signal about a 50% chance of a recession within a year. And the third quarter also looks weak.
The anemic, three-year-old U.S. recovery is already running out of steam. And if it does, it may be several more years before we see unemployment below 8%.
#1
As long as it unravels in time to assure the election of Anybody But Obama.
Posted by: Bobby ||
09/27/2012 15:07 Comments ||
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#2
The "recovery" was never real. This has all been the same Great Recession. What has changed is that the incompetents who put us here can no longer hide it.
#4
I'm in the same category as Darth - i think we're looking at the real possibility of a new Great Depression. Only this time - there are a lot more people in the world. The global economy needs high levels of productivity to feed more than 7 billion people. A major economic downturn is not going to be pretty.
#5
Egypt? You keep making demands? How hungry are you now? Your future is.... a lot hungrier
Posted by: Frank G ||
09/27/2012 21:02 Comments ||
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#6
A very long while.
One way to induce multi-state OWG Global Federal Unions is pervasive econ chaos where Member -States are all but PDeniably "forced" to be significantly inter-dependent in Govt, Econ, + Society just for simple National + Personal Survival.
GLOBAL SOCIALISM BY "OOOOOOPPPPPSSSS" FACTORS.
Iff the anti-US Globalists/OWB'ers get their way, starting wid NAU on or ASAP shortly after 2015, youse + mainstream Amerika + US Govt-CPSU may as well reschedule any plans to somewhere between Year 2050-2100.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
[Bloomberg] A report this morning by Politico chief political correspondent Roger Simon 
The latest round of extraordinary Federal Reserve stimulus is risky and leaves little room to maneuver should another crisis hit, economist Lawrence Lindsey told CNBCs Squawk Box on Wednesday.
housing, flying and entertaining President Obama and his family last year, according to the author of a new book on taxpayer-funded presidential perks.
GDP growth for the second quarter was revised down to 1.25%. Here is Reuters:
