Daily Digest - August 3
- Financial Sense News Hour Part 3B -
EuthanasiaHealth Care Real Player, WinAmp, Windows Media Mp3 (Audio)
- 1.6 Trillion Dollar
EuthanasiaHealth Care Plan to Bankrupt the U.S.Fix Medicare
- From Drudge: Warning: Oil supplies are running out fast
- Bailout Nation
- Why Bernanke is in panic mode (H/T Jeff Borsuk)
- FDIC Report & The Top Secret Plan C
- Sunday Funnies (A day late - humor)
- Cash For Clunkers Site: Your Computer is now the property of the US Gov't? (Fox Video)
- A conversation with Robert Shiller on Charlie Rose
- Guns R US
- Where is the Public Outrage Over Pensions?
- DECLINE AND FALL OF THE AMERICAN EMPIRE
- The $328,835.00 Taxpayer Funded Photo Album (PDF)
- Annaly Capital: Sherlock Holmes And The Mystery Of The Green Shoots (White-paper)
- Alt-A Loans and Pesky Resistant Subprime Loans: The Lingering Mortgage Beast. $1.1 Trillion in Active Toxic Waste Mortgages. PennyMac Ready for Toxic Mortgages. What Happened to the Public-Private Investment Program?
- 1:00 Bill creation
- 4:30 Health care rationing & Euthanasia
- 5:30 Utilitarian concepts, Humans bad for planet, Elderly have a duty to die, Columbine HS prototype of Death Education
- 7:30 Medicare is broke
- 9:28 Page 425 Government mandate for end of life counseling
- 11:20 Rationing it for the elderly
- 11:50 Mandatory government end of life counseling
- 12:16 page 425, government provides end of life resources
- 12:53 Doctors to provide end of life order
- 13:30 John Conyers scoffs at reading this bill that he supports
- 16:00 8% tax on small business, bill would bankrupt the country
- 18:30 Mandating mental health standards page 768, requirnment to have counseling for increasing birth intervals between pregnancies (This is the U.S. not China!)
- 19:50 Science Czar wrote in 1977 planetary regeim that advocated (to wierd to even write, just listen)
[See page for all the rest...]
- Sec. 1233, Pg. 425-426, Lines 22-25, 1-3 - Government provides approved list of end-of-life resources, guiding you in death.
- Sec. 1233, Pg. 427, Lines 15-24 - Government mandates program for orders for life-sustaining treatment (i.e. end of life). The government has a say in how your life ends.
Catastrophic shortfalls threaten economic recovery, says world's top energy economist
The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.
Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.
MANY people were outraged when Goldman Sachs returned $10 billion in federal bailout money just in time to report its biggest quarterly profit ever, along with a plan to pay $11 billion in employee bonuses. Barry Ritholtz, who writes The Big Picture, a popular financial blog, wasn’t heartened by the news, either.
Mr. Ritholtz, however, tried to keep his sense of humor. He posted a satirical story on his Web site by the comedian Andy Borowitz, titled “Goldman Sachs in Talks to Acquire Treasury Department: Sister Entities to Share Employees, Money.”
This is very much in the spirit of Mr. Ritholtz’s book, “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy” (Wiley), in which he argues that the American financial system has been twisted beyond recognition by cynical bankers and their Washington enablers, who champion the free market in good times but cry out for government rescue when times are hard.
Usually, when Ben Bernanke is interviewed, he has the demeanor of a college professor in the presence of freshman students. Of course, as a full professor, he did not have to teach freshmen. That is for untenured assistant professors to do. Stammering and stuttering are therefore a real departure for him. There is a reason for this.
For the first time since 1914, there is a public debate in Congress over the Federal Reserve’s power. Never before has a majority of the House of Representatives called for what should always have existed: Congressional scrutiny over the FED’s money. Bernanke says that Ron Paul’s bill to audit the Federal Reserve is a bill to audit Federal Reserve policy. Yet the bill says nothing about auditing policy. So, what is he talking about?
Either way, the GDP release tells us that commercial real estate is on precipice of implosion. Is it any wonder that the U.S. Treasury is secretly working on a preemptive bailout program called Plan C gearing up taxpayers dollars for another toxic mortgage industry that has $3 trillion in loans? The failure of 2008’s residential mortgage bailout should tell you that bailing out CRE loans is a losing cause especially for taxpayers.
The problem for commercial real estate is the shrinking demand from consumers who have now found a new form of forced austerity. With 26,000,000 Americans unemployed or underemployed the demand for armies of strip malls is no longer a pressing issue. Sure, we can offer gimmicks like cash for clunkers but where is this money coming from? Most people realize that conspicuous consumption by consumers, Wall Street, and the government led us here and our solution is more conspicuous consumption?
Cash For Clunkers Site: Your Computer is now the property of the US Gov't? (Fox Video) (That link it to the Coming Depression blog, if your browser crashes click here for video please)
A conversation with Robert Shiller on Charlie Rose (Video, sorry haven't watched it all yet)
We have so hollowed out our industrial plant that the only thing we are now producing is weapons of war. The great British Historian Arnold Toynbee’s theory about the decline of the Roman Empire has lessons for our current age.
The economy of the Empire was basically a Raubwirtschaft or plunder economy based on looting existing resources rather than producing anything new. The Empire relied on booty from conquered territories (this source of revenue ending, of course, with the end of Roman territorial expansion) or on a pattern of tax collection that drove small-scale farmers into destitution (and onto a dole that required even more exactions upon those who could not escape taxation), or into dependency upon a landed élite exempt from taxation. With the cessation of tribute from conquered territories, the full cost of their military machine had to be borne by the citizenry.
This I know. We cannot continue on this course of decline.
Yves here. I have to interject. "Cannot continue?" I see tremendous inertia as far as the path we are on is concerned. We not only have bread and circuses, have version 2.0, with offerings targeted by income level and age group. Back to Taplin:
Am I exaggerating? Perhaps, but if you look at what is going on right now in California, you are getting a glimpse of what will happen across most of the developed world. In California, public pensions are drawing scrutiny amid its crisis:
California's rapid economic decline has prompted Gov. Arnold Schwarzenegger to propose what once was unthinkable — rolling back generous pensions in a state heavily influenced by public employee unions.
The Republican governor said he's motivated by the need to save money. California has at least $63 billion in unfunded pension liabilities, an amount equal to roughly two-thirds of all annual general fund spending.
“Already long ago, from when we sold our vote to no man, the People have abdicated our duties; for the People who once upon a time handed out military command, high civil office, legions — everything, now restrains itself and anxiously hopes for just two things: bread and circuses.”
Roman Poet Juvenal – 77 AD
Alt-A Loans and Pesky Resistant Subprime Loans: The Lingering Mortgage Beast. $1.1 Trillion in Active Toxic Waste Mortgages. PennyMac Ready for Toxic Mortgages. What Happened to the Public-Private Investment Program?
One thing the happy cheerleaders in the financial circuit fail to have is basic logic. Think of it this way. Why would we need all those trillions in backstops if we are now officially out of the recession? I’ll tell you why. These are the same people who led us to financial Armageddon and here they are promising the public once again that all is well yet quietly, they are developing methods to unload the remaining toxic mortgage waste so they can effectively be absolved from their massive financial sins.