Category Archives: economy

That $2billion JP Morgan Chase loss?

It’s now $6billion and climbing. Someone tell FOX Business.

He knows how to manage your money too . . .

Look, I know lots of people took a terrible beating in the recent financial inconvenience. But lots of people aren’t President Pro Tem of my State Senate. Nor do they sit on the Florida Select Committee on Florida’s Economy, or the Banking Committee, or the Finance Committee..

Senator Mike Bennett, along with a business partner, was a player in commercial real estate. From my paper yesterday:

All told, Bennett and Kaplan spent nearly $18 million on these acquisitions. Court records and ethics filings show all but the Ellenton rink are in foreclosure or deeply underwater. . .

Unable to meet interest payments from the rents generated from these businesses, Bennett and Kaplan’s company defaulted on their $3.14 million in loans from Cadence Bank in late April.

Like I said, just like people who borrow $100K to buy a family home, people who borrowed $18 million to speculate a bit, got into trouble.

But . . . I don’t recall those homeowners passing moral judgement on others who lost their shirts. You know, like Bennett’s party does.

I am so tired of Republicans getting away with this shit . . .

Since he was only a “chief economic policy adviser” to Reagan, what Bruce Bartlett says probably doesn’t count. In fact, these days that credential makes him suspect; he might be a Muslim-Kenyan liberal. Just like David Stockman. And David Frum*. You know, yesterday’s conservatives.

Republicans assert that Barack Obama assumed sole responsibility for the budget on Jan. 20, 2009. From that date, all increases in the debt or deficit are his responsibility and no one else’s, they say. This is, of course, nonsense – and the American people know it.

. . . Contrary to Republican assertions, there were no additional revenues from legislated tax increases.

. . . On the spending side, legislated increases during the Bush administration added $2.4 trillion to deficits and the debt through 2008.

The projected surplus when George Bush took over from The Big Dog:

was primarily the result of two factors. . . first, a big tax increase in 1993 that every Republican in Congress voted against, saying that it would tank the economy. This belief was wrong. The economy boomed in 1994, growing 4.1 percent that year and strongly throughout the Clinton administration . . .

During the 2000 campaign, Mr. Bush warned that budget surpluses were dangerous because Congress might spend them, even though Paygo rules prevented this from happening. . . .[he] reiterated this point and [said] . . .  future surpluses were likely to be even larger than projected due principally to anticipated strong revenue growth.

The 2001 tax cut did nothing to stimulate the economy, yet Republicans pushed for additional tax cuts in 2002, 2003, 2004, 2006 and 2008. The economy continued to languish even as the Treasury hemorrhaged revenue, which fell to 17.5 percent of the gross domestic product in 2008 from 20.6 percent in 2000. Republicans abolished Paygo in 2002, and spending rose to 20.7 percent of G.D.P. in 2008 from 18.2 percent in 2001.

. . . Putting all the numbers in the C.B.O. report together, we see that continuation of tax and budget policies and economic conditions in place at the end of the Clinton administration would have led to a cumulative budget surplus of $5.6 trillion through 2011 enough to pay off the $5.6 trillion national debt at the end of 2000.

. . . Republicans would have us believe that somehow we could have avoided the recession and balanced the budget in 2009 if only they had been in charge. This would be a neat trick considering that the recession began in December 2007.

. . .  they continually imply that one of the least popular spending increases of recent years, the Troubled Asset Relief Program [TARP], was an Obama administration program, when in fact it was a Bush administration initiative proposed by the Treasury Department that was signed into law by Mr. Bush on Oct. 3, 2008.

Lastly, Republicans continue to insist that tax cuts are highly stimulative, often saying that they add nothing to the debt, when this is obviously ridiculous.

Like I said though, Bartlett’s probably a commie by now, so no one should pay attention to him.

David Frum in 2012: Imagine, if you will, someone who read only the Wall Street Journal editorial page between 2000 and 2011, and someone in the same period who read only the collected columns of Paul Krugman. Which reader would have been better informed about the realities of the current economic crisis? The answer, I think, should give us pause.

Clear enough? Any questions?

This is Jamie Dimon, CEO of JP Morgan Chase, testifying in front of Congress today. See the cufflinks? Like them? They carry the seal of The President of the United States. Doesn’t matter which president – could be any one of them. (Good looking guy though . . . )

Dorgan, Sanders, Durbin, Krugman – guess who was right. They were.

Terrific post yesterday about the banks and our Congress at The Erstwhile Conservative. Duane over there does – as I told him – the ‘heavy lifting’ while I occupy myself with Maru and oldies.

He points us to a warning from Sen. Byron Dorgan [ALERT: NY Times link] in 1999 about the dangers of repealing the Glass-Steagal Act, but they did it. They:

[Duane] . . . passed the Financial Services Modernization Act, which finally allowed commercial and investment banks and securities and insurance companies to stop slyly shacking up with each other and unite in unholy but legal matrimony.

[Dorgan in 1999] I think we will look back in 10 years’ time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930′s is true in 2010…We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.

Duane quotes two more Democratic Senators:

[Sen. Bernie Sanders today] Let me just say again what many people will not be happy to hear. Wall Street is extraordinarily powerful. Congress doesn’t regulate them, the big banks regulate what Congress does.

[Sen. Dick Durbin three years ago]…hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place

Let me, Moe, add another quote, a more recent one, from Bush 43’s speechwriter, David Frum:

Imagine, if you will, someone who read only the Wall Street Journal editorial page between 2000 and 2011, and someone in the same period who read only the collected columns of Paul Krugman. Which reader would have been better informed about the realities of the current economic crisis? The answer, I think, should give us pause. [Note from Moe: Krugman warned constantly about repealing Glass-Steagel; the WSJ supported it.]

Donald Trump: pretend conserative, genuine liberal but opportunism always comes first

(Narcissist that I am), I’ve been perusing old posts here at Whatever Works (actually, I am trying – without much success – to find something).

My browsing brought me back to this one. It’s from last April when Donald Trump was flirting with being the most-powerful-man-in-the-whole-widest-world, while simultaneously planning his epic expose to prove Obama’s really a secret KENYAN!

But he wasn’t always on Sean Hannity’s ‘A’ List. Here’s the pre-birther Donald:

“By imposing a one-time 14.25 percent net-worth tax on the richest individuals and trusts, we can put America on sound financial footing for the next century.”Writing in his book, The America We Deserve, January 2000

“I’ve been around for a long time. And it just seems that the economy does better under the Democrats than the Republicans.” –Interview with CNN’s Wolf Blitzer, March 2004

Bush is probably the worst president in the history of the United States.”Interview with CNN’s Wolf Blitzer, March 2007

“I’m totally pro-choice.”Interview with Fox News Sunday, October 1999

“I want to see the abortion issue removed from politics. I believe it is a personal decision that should be left to the women and their doctors.”Remarks to reporters, December 1999

“I’m very liberal when it comes to health care. I believe in universal health care.”Interview with CNN’s Larry King, October 1999.

“The Canadian plan also helps Canadians live longer and healthier than Americans… We need, as a nation, to reexamine the single-payer plan.”Writing in his book, The America We Deserve, January 2000

I knew (well, I remember) Vice-President Gore. And you, Gov. Romney, are no Al Gore.

Romney was at an auto company yesterday, speechifying:

“I pushed the idea of a managed bankruptcy, and . . .  the companies got back on their feet . . .  So, I’ll take a lot of credit for the fact that this industry has come back.”

As liberals gear up the outrage over that one, the push back will be ‘but Gore said he invented the internet’!!! Which, of course, he never said. And what he did say  was true.

To wit: as we now know, Gore was one of the first inductees into the Internet Hall of Fame cuz:

[he] was “Instrumental in helping  to create the ‘Information Superhighway,’ Gore was one of the first government  officials to recognize that the Internet’s impact could reach beyond academia to  fuel educational and economic growth as well.”

While we contemplate stimulus vs austerity . . .

. . . herwith a tweet from Robert Reich, well known Clinton-era Commie (h/t UTMB, here); I will now add him to my Twitter feed.

Sarkozy loses his election in France

Not a surprise, but it’s a whole new ballgame in Europe now.

Francois Hollande held a strong lead of 52.5 to 47.5 per cent over Sarkozy, all but assuring the return of Socialists to power in France for the first time in 17 years, according to exit polls released by Swiss and Belgian news media three hours before the close of the polls.

Hollande is said to be antagonistic toward Angela Merkel, Germany’s PM. Especially her economic policies toward other Eurozone countries. The candidate on the right this time was His opponent will be Marine LePen, daughter of one of France’s most radical-right politicians since WWII.

UPDATE: Naked Capitalism fleshes it out a bit:

And here it the critical point, that the Hollande victory is yet more proof that the public is sick of failed policies:

Mr. Sarkozy’s defeat makes him the 11th euro-zone leader swept away in the sovereign-debt crisis.

But technocrats are still driving this train, although France is a significant enough player, and more important, a key ally of the bloc of surplus countries, that we might finally see a shift in policies. Stay tuned.

Once, America believed in its workers: oh, those were the days alright

Bill put these up today.

ROMNEY: “I’m concerned when I watch a president cow-tow to the union bosses by putting in place those union stooges at the NLRB. I’ve taken on union bosses before. I’m happy to take ‘em on again.”

THE PREZ: “The values at the core of the union movement – those don’t change. Those are the values that have made this country great. So when I hear some of these folks tryin’ to take collective bargaining rights away, trying to pass so called ‘right to work’ laws for private sector workers that really mean the right to work for less and less and less – when I hear some of this talk I know this is not about economics, this is about politics. I keep on hearin’ these same folks talk about values all the time. You want to talk about values? Hard work – that’s a value. Lookin’ out for one another, that’s a value. The idea that we’re all in it together and I’m my brother’s keeper and sister’s keeper, that’s a value!

I expect a Tea Party congress critter will soon demand that the Kenyan-Muslim-Commie “Labor Day” in September be cancelled or renamed. I suggest Oligarch Observance Day.

I’ve posted this before. Today is a good day to post it again. From 1981:

Because they’re all out to get us

 

 

 

 

 

UPDATE:
In the comments, David links to this (the defense part). I’m looking to tie dollars to that and to health care. It’s out there. Spending on defense, by country (the top ten by US$billions):

What YOU Can Do on May Day

POSTED BY ORHAN

May Day is an international day of celebration to honor the labor movement. This year the Occupy movement has made a call for mass action—the May First General Strike (#M1GS): a day without the 99%. Over 115 US cities have organized in solidarity with this call to action.

A general strike is a way to build and demonstrate the power of the people. It’s a way to show this is a system that only exists because we allow it to. If we can withdraw from the system for one day we can use that day to build community and mutual aid. We can find inspiration and faith—not in any leaders or bosses but in each other and in ourselves.

If you are inspired by the day of action but don’t live near any organized events you can still take part. If you can’t strike, take the first step. We can work to shift the balance of power back into the hands of the people little by little in our everyday lives.

Here are some examples to get you thinking:

  1. Move Your Money: If you haven’t already, May Day is as good as any to move your money out of a national, corporate bank into a local bank or credit union. Support your local community and break up the “too big to fail” Wall Street banks that threaten our economic system. Learn more about moving your money here: www.moveyourmoneyproject.org
  2. Have a Potluck: Share a meal with others and and talk about subsidized agriculture and factory farming or make a meal with friends to serve to local homeless people a la Food Not Bombs.
  3. Start a Personal/Community Garden: On May Day, start or pledge to start a personal or community garden. Growing our own food means independence from corporate farms. This is one more way to take your self out of a system bent on keeping us complacent.
  4. Have a Free Store/FairGet together and share your unwanted items with others. As they say, one man’s trash is another man’s treasure. You could be helping someone who was about to go out and buy a (fill in your item here) anyway.
  5. Ride your bike to work/carpool with friends: Ride your bike or arrange a carpool to work. When you do this you are lessening our country’s dependency on outdated, unclean energies.
  6. Screen a Movie: Invite your friends or neighbors over to watch a documentary. After, have a discussion about how it relates to your values or the ideas of Occupy. You can watch political documentaries online at the following links for free:
    http://http://crimethinc.com/movies/

    http://topdocumentaryfilms.com/category/politics/

    http://www.documentarytube.com/category/political-documentaries
    http://freedocumentaries.org/
  7. Have a Skill Share: Give a free class to share your skills and knowledge. This could be as simple as giving a knitting demonstration or as complex as teaching someone a new language.

We have the power in our hands to change the course of our day to day realities if we are willing to participate and reach out to our neighbors and communities. In the words of Steven Biko, ”the greatest weapon in the hands of the oppressor is the mind of the oppressed.” Big business should not be in control of us, we are the many and they are the few.

(Source)

Don’t forget to look for actions in your area here or here.

May Day 2012: a real Labor Day

POSTED BY ORHAN

ImageSpring is in the air, and you know what that means–that’s right, Occupy Wall Street is back, bigger and better than ever! Although actions have been ongoing for several weeks, the first major action will be the worldwide General Strike called for May 1st. From OccupyWallSt.org:

May 1st, also known as International Workers’ Day, is the annual commemoration of the 1886 Haymarket Massacre in Chicago, when Chicago police fired on workers during a General Strike for the eight-hour workday. In many countries, May 1st is observed as a holiday. But in the United States, despite the eventual success of the eight-hour-workday campaign, the holiday is not officially recognized.

Now, in response to call-outs from Occupy Los Angeles, Occupy Chicago, Occupy Oakland, and other General Assemblies and affinity groups, the Occupy Movement is preparing to mobilize a General Strike this May 1st in solidarity with struggles already underway to defend the rights of workers, immigrants, and other communities who are resisting oppression. Dozens of Occupations in cities and towns throughout the United States, Canada, and Australia have already endorsed May Day.

To quote the Confederación Nacional del Trabajo, who recently called for a national General Strike in Spain on March 29th to protest labor reforms:

For the CNT, the strike on March 29 must be only the beginning of a growing and sustained process of mobilization, one which includes the entire working class and the sectors that are most disadvantaged and affected by the capitalist crisis. This mobilization must put the brakes on the dynamic of constant assaults on our rights, while laying the bases for the recovery and conquest of new social rights with the goal of a deep social transformation.

I’ll be at the NYC action; hope to see you there! I’ll post links and updates as they become available.

How the left blows the message war. Every. single. day.

Fluffy funnin' with fellow celebrity Karl

These days I mostly skip the ‘interview’ portion of the Sunday gasbaggery exhibitions. An interview with someone singing the company line is not something I’m inclined to waste time on . . . . however, while far from the remote, I caught the last moments of some White House talker-whose-turn-it-was with David Gregroy (known in many corners of the liberal blogosphere as ‘Fluffy’) . Here’s how it went:

GREGORY: Is the President responsible for high gas prices?

WHITE HOUSE TALKER: Well, first of all . . .

Wrong!!  Better answer? How about:

WHITE HOUSE TALKER: Of course not! First of all . . .

How hard is that?

Did you ever think of this?

Sorry Ronnie, you don't make the cut

Good thing Ronald Reagan, a president nearly deified by the right, is not in office today . . . were he, and had he ever signed Grover Norquist’s ‘pledge‘, his 11 tax increases would have doomed him to Jimmy Carter territory. No statues or  monuments would have been raised in his honor.

Report? We don’t do no lousy reporting

This should be humiliating for CNBC; I wonder if they’ll even notice.

One Becky Quick, an actual host [!] on CNBC, appeared on an MSNBC panel discussing the recent ‘tell-all’ op-ed by that Goldman-Sacks guy that appeared in the New York Times. In it, he excoriated his former employer. Ms. Quick was suspicious. Here is some of what she said (from the one, the only, the exquisite Charles Pierce):

“I would feel very differently about this if it had been something that had been  leaked to a reporter for the Times, who then went out and did a lot of  confirming, and finding both sides of the story and reporting it out. I don’t  know a lot about this gentleman. I never heard of him before. I don’t know what  happened there. Taking it just as a letter itself, it seems like a disgruntled  employee.”

(Pierce notes here that she doesn’t seem to know the difference between an Op-Ed and a Letter to the Editor.) Here’s more of  Quickety-Quick’s quackery:

“To Charles’s point about how the rest of the country’s going to read this,  it’s probably true and it’s probably unfortunate, because they’re not going to  go back and look at the actual details, and back again to why was this a letter  to the editor, instead of a fully reported piece that gives you both sides* of  the story . . . . And I hate to say that this is just a  disgruntled employee, because I don’t know enough about it. I wish I knew more  about it. I wish I could tell you about what was happening on the inside.”

[Pierce speaks] Yes, if this country only had, say, a television network the sole function of  which was to, you know, report on the financial industry, we would be  much better off.

I bet she’s going to be a star.

* Dear lady, stories don’t have ‘sides’. Stories tell the story.

Stuff FOX ignores

From TPM this week, some fascinating charts measuring things we don’t usually correlate – the total federal spending authorized by the Congress during the first terms of Reagan, Bush I, Clinton, Bush II and Obama. The data are from the Bureau of Labor Statistics compiled from 1982 through 2011 (and projected for 2012). These are based on  real-time numbers – except for 2012 – and not the ten-year projections we’re used to hearing about.

Recently, Republican presidents have benefited from accommodating Congress during times of economic weakness, while Democratic Presidents Clinton and Obama watched Congress suddenly grow stingy under their watch.

Money for bombs, and the gas is free . . .

He doesn’t care what the gas really costs. War makes him feel all triumphant but gas prices make him feel like a victim. From Anderson at the Houston Chronicle:

The auto bailout from someone who was there

An op-ed in today’s Times from Steve Rattner, who served as lead advisor on the 2009 Auto Task Force. He is, however, a Democrat so my conservative friends are free to disagree with every word.

Without government financing — initiated by President George W. Bush in December 2008 — the two companies would not have been able to pursue Chapter 11 reorganization. Instead they would have been forced to cease production, close their doors and lay off virtually all workers once their coffers ran dry.

Those shutdowns would have reverberated through the entire auto sector, causing innumerable suppliers almost immediately to stop operating too.

Despite the relative health of its balance sheet, even Ford would have been forced to close temporarily, because critical parts would have become unavailable. And service providers — trucking companies, restaurants and more — would have been severely affected.

More than a million jobs would have been lost, at least for a time. Michigan and the entire industrial Midwest would have been devastated.       . . .

I consider myself an ardent capitalist, and well recognize the risks of government intervention, particularly the “moral hazard” of rewarding failure and the scary prospect of politics’ entering private sector decision-making.

But when markets fail, as they did for both autos and banks in 2008, government should have the ability — in fact, the obligation — to step in.       

When Bruce speaks, a lotta people listen

Haven’t been paying much attention in recent years to popular music. I do notice when something happens (RIP Clarence et al) but don’t generally pay a lot of attention when soemthing new is published.

Here’s what The Guardian has to say about Bruce Springstein’s new album, Wrecking Ball.

Indeed, [the album] is as angry a cry from the belly of a wounded America as has been heard since the dustbowl and Woody Guthrie, a thundering blow of New Jersey pig iron down on the heads of Wall Street and all who have sold his country down the swanny. Springsteen has gone to the great American canon for ammunition, borrowing from folk, civil war anthems, Irish rebel songs and gospel. The result is a howl of pain and disbelief as visceral as anything he has ever produced, that segues into a search for redemption: “Hold tight to your anger/ And don’t fall to your fears … Bring on your wrecking ball.”

Springsteen plunges into darker, richer musical landscapes in a sequence of breath-taking protest songs – Easy Money, Shackled and Drawn, Jack of All Trades, the scarily bellicose Death to My Hometown and This Depression with Tom Morello of Rage Against the Machine – before the album turns on Wrecking Ball in search of some spiritual path out of the mess the US is in.

I may have to borrow a dime for this one. Here’s a cut.

We absolutely cannot subsidize energy developement because that would be Kenyan communism – unless it’s fossil fuel or nuclear

It’s remarkable my country could afford to do this after the $500 million in loan guarantees to Solyndra, because I thought – besides being !European!Socialism! –  it busted us. FOX News told me so.

The Obama administration has offered the Vogtle project $8.3 billion in federal loan guarantees as part of its pledge to expand nuclear power.

Could it actually happen?

Today’s big news is that Romney lost three caucuses last night.  Anyone remember who won them in ’08? Of course not. No delegates were even in play last night; in a few months it won’t matter a bit.

Our elections – as they often are – could be decided by events over which neither the President, nor any candidate has control (most of which even the United States can’t control); we can only mitigate them. So who the Republicans ultimately nominate and who wins the November election may depend on:

  • the state of the ‘Arab spring’ by July
  • the state of the European economy this summer, and thus
  • the state of the US economy
  • Afghanistan and, yes, Iraq where conflicts are still largely religious and more violence is inevitable
  • the price of oil

Any or all of these things will factor in our elections (as will the conservative success in spinning them as Obama failures). In normal times, even with these  problems, I think Romney would still be the likely candidate. (And I still think Obama would win the election.)

But what if times aren’t normal? What if one of those things explode? What if that happens before the Republican convention . . . if that happens, bombast could take the day. Fear could triumph.

Much as we allowed ourselves, in our fear, to be lied into Iraq discarding both the truth and history, could the GOP do the same and reject Romney?

If that did happen, frightened delegates could be seduced by a radical voice articulating their fears.  We all know who that would mean.

That Obama is a devious one, he is

From The Corner at National Review:

Karl Rove had especially harsh words for Chrysler’s “Halftime” advertisement starring Clint Eastwood. Conceding that “it was an extremely well-done ad,” Rove nevertheless tied it to Obama administration strong-arm tactics. “It is a sign of what happens when you have Chicago-style politics, and the President of the United States and his political minions are, in essence, using our tax dollars to buy corporate advertising,” Rove said. He added that Chrysler executives must have felt it necessary “repay their political patrons.”

Because Chrysler isn’t interested in selling cars.

UPDATE: I meant to add that this may have been Rove’s ‘jump the shark’ moment. If not, it sure should be.

Still believe in The Heritage Foundation?

Will the apologists for our emerging American oligarchy try to talk their way around even this?

According to the Heritage Foundation’s 2012 Index of Economic Freedom, the United States has an economic freedom score of 76.3, which makes the United States rank tenth out of one hundred seventy-nine ranked countries. Hong Kong ranks first, with an economic freedom score of 89.9.

For those who don’t know, here‘s who they are:

Heritage’s stated mission is to “formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense”.

They think we’re not doing so well.  And in case you didn’t know, here’s who they are:

Heritage is primarily funded through donations from private individuals and charitable foundations. Businessman Joseph Coors contributed the first $250,000 to start The Heritage Foundation in 1973. Other significant contributors have included the conservative Olin, Scaife, DeVos and Bradley foundations.

In 2007, Heritage reported an operating revenue of $75.0 million dollars. As of February 2011, Heritage reported 710,000 supporters.[28] Heritage Foundation is also a part of the Koch Foundation Associate Program.[29]

Those are family foundations, very very conservative family foundations that provided much of the funding for the anti-Clinton crusade of the 90’s: the eternal Paula Jones lawsuit, the fake Whitewater ‘scandal’ – even personal financial support for the public accusers around the Monica Lewinsky scandal.

They are also drivers of a new American oligarchy.  Putin would love them.

From my paper this morning

Republican candidates proclaim Obama’ an economic failure, mistaking  slow growth for no growth or contraction. Or they’re just lying. Here are seven headlines from the front page of the Business section of my paper this morning:

  • Spending more, laying off fewer
  • Hiring and investment show companies plan to grow (National story). [boxed quote accompanying that story: “With big ticket spending rising and the labor market firming,  the economy is a lot better than some central bankers think.”]
  • Delayed a year, recovery is inevitable says Florida economist (Local story)
  • Lakewood Ranch makes sales list: ranked number 9 on national list with 301 new home sales in 2011 (Local story)
  • Survey of architects shows growth likely (Local story)
  • Another call center is moving to Bay area (Local story)
  • Caterpillar profit climbs 60 percent (National story)

Aren’t the candidates here in Florida? Maybe they should read the papers.

It wasn’t us (updated below. Drat.)

There are dozens of excellent sources and charts available from very credible sources that reinforce the truth of the debt. Reagan and Bush II did the dirty. Clinton and Obama were left to clean up the ‘messes’.

This chart has been graphically sexed up, but the data is right out the US Treasury Dept. (h/t friend Ed)

UPDATE: Okay, this hurts. Links in the comment thread for this post, challenge this chart. The links are to Politifact and WaPo and taken together are persuasive that this info is not entirely honest. I think it is still very fair to say Reagan and Dubya were the worst offenders . . . while the challengers both put Obama at the top based on an assumption that the growth over the next five years will stay at the same rate as the last three. That assumption is, I think, preposterous and somewhat sullies their conclusions.

Nevertheless, I am eating a bit of crow here. And as much as it hurts, I’ve acknowledged as much in the comment thread to the man who provided the links – Alan Scott. How ’bout that.

Ssshh, don’t tell the kids now . . .

Here we go again – Time Magazine knows not to challenge its readers.  It’s American readers that is.

Mitt and Newt – gettin’ it done for us all!

Anyone know how many jobs these two ‘job creator’ guys have created in the last few years?

Isn’t that why we have to protect them from taxes?

Economy and debt: How to make it all better!

Atrios explains in just a few words what Democrats can’t seem to explain at all.

 “It looks like the LTRO is having a positive contribution. Does it solve all of the problems sustainably? Probably not,” said Andrew Bosomworth, a senior portfolio manager at Pimco.

At the end of the day, it comes down to growth — that’s what these countries need to keep their debt sustainable.”

Everybody has been getting it backwards.
1) Cut spending
2) ??
3) Growth
When the reality is:
1) Increase spending
2) Growth
3) pay down debt

Radical socialist president doubles US exports as promised

But that’s just to trick us, because in a second term he’s going to take them all back and give them free – with lollipops! – to everyone who isn’t rich.

So don’t believe a word of this. Especially this part:

[Obama promised to double exports – within two years – in his 2010 State of the Union]  Two years later, the administration is on track — for now — to meet its ambitious goal. Growing exports have been one of the central drivers of the recovery, accounting for about half the nation’s economic growth since the recession ended. Economists say the administration deserves credit for some of the gains. It has pressured China to increase the value of its currency and open its markets to American businesses. It has worked closely with American companies looking to sell goods and services throughout the world.

Exports are  . . . currently growing at an annual pace of about 16 percent — a percentage-point higher than necessary to double exports to $3.1 trillion by 2015.

Damn socialist.