Financial News Update – 08/11/10


U.S. Is Bankrupt and We Don’t Even Know: Laurence Kotlikoff (Hat Tip: Brian B.)

AFL-CIO President: It’s “Fiction”–“We Don’t Have A Deficit Crisis” (Hat Tip: Brian B.)

23 Occupations That Will Never Recover From The Great Recession

The Oil Price Surge Indicator Says There’s A 100% Chance Of A New Recession


The Nightmare Charts The Fed Is Looking At Right Now

FOMC Cheat Sheet: Here’s A Bunch Of Stuff You Should Know Before The Big Announcement

Buffett Bucks The Trend: Bond Portfolio Positioned For INFLATION

El-Erian: If You Doubt The Danger Of Deflation Get On A Plane And Go To Japan

Markets Jump Higher After FOMC Says Fed Will Stop Shrinking Its Balance Sheet

As Investors Flock Into U.S. Bonds, Default Swaps Traders See Rising Default Risk

Let’s Be Honest, This Was Just The First Step Towards Way More Quantitative Easing

Are Official Statistics Masking Blistering Hot 33% Inflation In China?

Now, Here’s Why It’s Ridiculous To Think Bernanke Can Save The Economy

Morning Bell: Summer of Bailouts

The Private Sector Can’t Keep Bailing Out the Public Sector

Can You Call it ‘Social Security’ if it’s Built on Nothing but Monopoly Money?

Home Depot Does What FEMA Dreams About

Fed Looks to Spur Growth by Buying Government Debt

Stimulus Pushers

The Class-Warfare Gambit

ANALYSIS-Grain price rise may fuel Mideast, Europe unrest (Hat Tip: Brian B.)

Congressman Calls Vote on $26 Billion Jobs Bill a Sign ‘We’re Not Bankrupting the Country Fast Enough’ (Hat Tip: Brian B.)

UK Central Bank Loses Credibility

US Prosperity Meme Comes Undone

9 Reasons Why You Won’t See A Jobs Recovery Anytime Soon

The Chinese Rare Earths Monopoly Is Creating A New Unified Pricing System To Squeeze Global Tech Customers

With Congress Slipping Away, The Left-Wing Goes To Battle With The Fed

Whoops, So Much For Chinese Consumers Saving The World

Productivity Dives, Goes Negative For First Time Since 2008

Global Selloff Intensifies, US Futures Dive, Japan Now Off 2.5% (Hat Tip: Jean Stoner)

Culture of entitlement: The Section 8 housing mob scene

“Edujobs” money going to states that don’t need it

As Michelle Returns From Spanish Extravaganza Obama Cuts Food Stamps to Nation’s Poor

Even The Brits Realize Pensions Are Too High

AFL-CIO Prez Says We Don’t Have Any Deficit Problem??

Michele Bachmann: Pelosi’s Union Bailout Allows Public Employee Unions to Run Ads Against GOP On Taxpayers’ Dime (Video)

Confirmed: GE CEO Immelt Scolded NBC Journalists For Reporting Negatively on Obama

$26.1 Billion Union Bailout Bill Passes

This Is Called Theft: Fed Workers Make Twice As Much As Private Sector

Stocks Tumble, Treasuries Rally on U.S. Growth Concern

Economists Cut U.S. Growth Forecasts as Firms Limit Hiring

Experts: Wheat’s Price Surge May Spark Global Food Riots

Online banking accounts emptied by ‘most dangerous trojan virus ever created’

New Vending Machines Use Retinal Scans, Thumbprints For Purchases

Feds rethink policies that encourage home ownership

Obama: $3 Billion More in Aid for Unemployed

US posts widest trade gap in 20 months

Q2 GDP Growth Could Be Revised To Just 1% After Trade Data



Californians’ income falls for first time since WWII

America Is ‘Bankrupt Mickey Mouse Economy’

Imports of consumer goods hit record high

UPDATE: Federal workers earning double their private counterparts

UK businesses facing a wave of ‘green taxes’

U.S. Dollar Drops to 15-Year Low vs. the Yen

Trade Deficit Widens to $49.9B in June


Charles Biderman Fox Business July 30, 2010–Collapse Ahead?

The Death of the Dollar

States Raising Cigarette, Gas and Sales Taxes to Cover Shortfalls

Why the US keeps minting coins people hate and won’t use.

Commodity spike queers the pitch for Bernanke’s QE2.

Stocks Inch Higher as Investors Look to Fed

Freddie Mac Requests $1.8 Billion in Aid After 2Q Loss

US Job Losses Double Expected Figure

UK: Commodity Prices Soar, Food Inflation Back

AIG Loses Another Half Billion

Who’s Scoffing Now?

Wall Street’s Big Win

The New Push for a Global Currency

The Economy in for a Long Dark Period — Here’s How to Survive

Unholy Trinity Sets Up Bank Failures

The Crisis Of Middle-Class America

Banking Insanity (The Mogambo Guru)


Mary Jo Kilroy – Covert Socialist?

By: Trevor Loudon
New Zeal

Is Ohio Democratic Congresswoman and Homeland Security Committee member Mary Jo Kilroy, a covert socialist?

Evidence has emerged that in the early 1990s, Mary Jo Kilroy, then an Ohio lawyer and activist, was a member of the U.S.’s largest Marxist-based organization, Democratic Socialists of America (D.S.A.).

Furthermore, while running as a Democrat, Mary Jo Kilroy was backed by her D.S.A. comrades in her both unsuccessful (2006) and successful (2008) races for U.S. congress.

D.S.A. has long been influential inside the Ohio Democratic Party. In 1990, D.S.A. member Tom Erney unsuccessfully ran for Congress on the Democratic Party ticket. in 1992, D.S.A. member Bob Fitrakis, also ran unsuccessfully as a Democrat.

According to the D.S.A.’s newsletter – the Democratic Left, November/December 1992, page 9, the socialists did have one success in 1991. They elected D.S.A. member Mary Jo Kilroy to the local school board.

Kilroy was also named as a D.S.A. member in Democratic Left, July/August 1992, page 11, as part of a report on a D.S.A. National board meeting in Washington D.C.

The text indicates that Kilroy actually attended this high level D.S.A. meeting.

Incidentally, the Paul Pinsky mentioned above is now a leftist Democrat leader in the Maryland State Senate.

The Center for Democratic Values, the think-tank project of Democratic Socialists of America, held its first national conference, “Arguing with the Right,” November 6-7 1997 at the Clarion Hotel in Columbus, Ohio, in conjunction with the DSA national convention.

The conference will include historical and analytical sessions, plus skills workshops for contesting the Right’s current dominance of American political discussion.

Workshops included “Arguing for Public Schools”: Mary Jean Collins and Mary Jo Kilroy (Columbus Board of Education).

Ten years later, Mary Jo Kilroy was the Democratic Party candidate for Congress in Ohio’s 15th Congressional District.

According to Democratic Left Winter 2006/2007 page 7:

Former Representative, now Senator Sherrod Brown is the most visible symbol of this change… A longtime critic of “free trade” agreements, frequently characterized as far-left and out of the mainstream, Brown handily defeated the relatively moderate but free-trade proponent Mike DeWine.

Trade was also an issue in the narrow loss of Mary Jo Kilroy to Deborah Pryce. Local DSAers worked in both the Brown and Kilroy campaigns

Central Ohio D.S.A. and Mary Jo Kilroy had better luck in 2008 – securing a very close victory.

According to Democratic Left, Winter 2008, page 10:

In Columbus, Ohio, DSA members campaigned for both Obama and congressional candidate Mary Jo Kilroy, who, after a suspenseful count of provisional ballots was declared the winner in December, raising the Democrats’ majority in the House to 257.

Several D.S.A. members have served in the U.S. Congress as Democrats in recent years including Reps Ron Dellums, Major Owens and Danny K. Davis. Many more have close ties to the organization, including Reps Jan Schakowsky, Jerry Nadler, John Conyers and former Hawaii Rep. Neil Abercrombie.

Is Mary Jo Kilroy yet another “DSAer Democrat?” Does she still owe allegiance to her old Marxist comrades?

The voters of Ohio surely deserve answers to these questions.


Celebrity Judge Loudon Delivers Verdict – Billions Wait in Awed Anticipation

By: Trevor Loudon
New Zeal

I’m a “celebrity” judge (yeah, my wife thinks its hilarious too) for an email contest on the U.S. website IOWNTHEWORLD.com.

We all know about Journolist, Ezra Klein’s 400 pale pink to iridescent red journos who got together on an email list to try to tilt the 2008 election Obama’s way.

So what kind of emails will these professional disgraces be sending each other if their beloved Red Dems are wiped out in a TeaParty/Republican “bloodbath” in November?

Who can best duplicate the anguish that these clowns will be feeling as their “progressive” agenda takes a huge hit at the hands of U.S. voters?

That’s the contest. Here’s the prize – the hat. The HAT!

Of the nearly 200 entries received, my choice for Numero Uno iiiiiiiiiiiiiiiiiiiiis:

Post Racist with:

If you chickenshits hadn’t wussed out over hiring someone to take care of Glenn Beck, this would never have happened. Ezra

Congratulations Post Racist, you have at least proven you have a brain worth keeping warm.

Honorable mentions include:

  • But…. we’re the elite.
  • I’ve had the car running in my closed garage for 4 hours and I wasn’t even getting drowsy…Hoo boy, was my face red when I realized I have an electric Prius.
  • I can’t believe the Republicans won. I never saw this coming.
  • “Man, we really need to press for gay marriage so we can start repopulating the electorate with progressives…..Oh wait.”
  • “I guess we aborted too many future progressive voters over the past 40 years.”
  • Chill out people, look at the bright side. We still have the schools……. progress not perfection.
  • Why oh why did we choose the one negro in the world who throws like a girl?
  • We maxed out our racist card

Dishonorable attempts to out Dem the Dems with blatant (and much appreciated) bribery and corruption:

  • By the way Trevor, I live on an Island, I have two boats. Wanna go fishing? I have heard that bribing the judge of these contests is a completely acceptable practice. Google…strike that (because Google sucks, and Bing has pretty pictures), Bing Emerald Isle North Carolina. A week here for a big fur hat, oh come on that’s an easy one.Oh, and we will keep it our secret. We have a steak house that has the best prime rib, ribeyes, fillets and more.
  • Would New Zealand like to be the 58th star on our flag? All new immigrants get free everything and back rubs.You don’t have to leave your country, we will send you your monthly checks. Did I mention free dental? 2 month paid vacation, only work 2 hrs a day, if you feel up to it. Every New Zealander gets to be president for a day.Yes, you also get your own talkshow. And a free gift basket, every day.
  • I stayed at the Auckland Airport, and saw that beautiful country from the air, but sadly could not leave without that visa…Air New Zeland was much better than Qantas…just sayin’.
  • Forget Menderman, I’m offering you something better for a bribe. I live in an area that has one of the largest number of micro-breweries, per capita, in the world. I know you Aussies like your brewskis and you can have your pick of the finest porters, scotch ales, craft lagers, etc. Plus the climate here is cold in winter and I could really use a warm hat.
  • Your Holyness? Hey, I am the KING of typos! Oh, And I have been to Australia, and would love to go back. My HERO brother married an Aussie! Brisbane is super cool, but I had the best of times in Noosa Heads….Emerald Isle is a lot like that, but with a FREE house for Trevor and his family, and I have friends with really big houses!!!! I want to be pictured with Trevor holding a big bull dolphin (fish) wearing that hat! What kind of beer do you like Trevor?

These bribery attempts were excellent and correspondence may most certainly be entered into.

The last two, would have been sure winners had they not confused New Zealand with the offshore island of Australia.

Kiwis love our charming, if a little unsophisticated and simple minded Aussie cousins dearly. However we don’t appreciate being confused with them, any more than “progressives” like being mistaken for patriots.

Just sayin’.