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Old 08-27-2010, 07:12 AM  
The Mad Crapper The Mad Crapper is offline
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Obamanomics

About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday. That number, adjusted for seasonal factors, was close to a record high of more than 10 percent at the end of April.
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Old 01-26-2011, 12:17 PM   #16
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If you told most Americans ten years ago that in 2011 over 43 million Americans would be on food stamps hardly anyone would have believed you.

But yet here we are.
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Old 01-27-2011, 12:46 PM   #17
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Old 01-28-2011, 11:52 AM   #18
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Warning! Before reading this, make sure you digested your lunch:

http://finance.yahoo.com/news/Geithn...&asset=&ccode=

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Old 02-03-2011, 12:32 PM   #19
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Job Drought Continues Unabated
ByPeter Morici, Senior Contributor to TheStreet
Thursday February 3, 2011, 7:00 am EST

NEW YORK (TheStreet) - Economists expect the Labor Department to report on Friday that the economy added 150,000 jobs in January, barely enough to hold unemployment steady at about 9.4 percent and far less than should be expected 19 months into an economic recovery.

Additional tax cuts effective in January are giving the economy some lift but being temporary, their effect is limited. And, tax cuts, no matter how popular, do not address structural problems holding back jobs creation--principal among those are the huge trade deficit, rising health-care costs and persistent shortages of venture capital and bank lending for small businesses.

In the fourth quarter, consumer spending increased at a 4.4 annual rate and contributed importantly to the 3.2 percent growth in GDP. Spending was especially strong in December, as consumers shrugged off higher gas and food prices. Holiday shoppers were value conscious, but they still spent robustly.

In 2011, the temporary payroll tax cut will further boost consumer enthusiasm. However, over the last several months consumer spending gains have outpaced incomes, and some moderation should be expected. Real consumer spending will likely grow in the range of 3 percent to 3.5 percent, and contribute more modestly to GDP growth the first half of 2011. It could slow even further the second half.

The trade balance contributed positively to economic growth in the fourth quarter, with real exports increasing and imports decreasing. Petroleum imports were lower in the fourth quarter, but U.S. production likely will decline again in the Gulf and elsewhere and imports will rebound in 2011.

No longer can Detroit be blamed. Ford and the others are aggressively offering high- quality, more fuel-efficient choices across the board, but federal energy policy impedes, artificially and in a self-defeating manner, safe domestic oil and natural gas production. That taxes growth directly by destroying high-paying jobs in the energy sector and indirectly by pushing up pump prices and the trade deficit.

In the fourth quarter, nonpetroleum import growth moderated too and exports surged, improving the real trade balance and boosting GDP growth.

However, these trends will be tempered in 2011 by slower growth and sovereign debt problems in both Europe and Japan, and caution inspired by political conditions in northern Africa. Coupled with an overvalued dollar against the Chinese yuan and other Asian currencies, these factors will drive the trade deficit higher and create a substantial barrier to jobs creation through 2012.
Every dollar, which goes abroad to purchase oil or goods from China and elsewhere, does not return to purchase U.S. exports, reduces demand for U.S. goods and services and taxes jobs creation.

At 3.3 percent of GDP, the $500 billion trade deficit is a tax on domestic demand that offsets the benefits of tax cuts. Consequently, the U.S. economy is expanding at a 3.2 percent annual pace instead of the 5 percent that is possible after emerging from such a deep recession and with so many Americans unemployed.

Growth in the range of 3 percent to 3.5 percent is not enough to dent unemployment, unless hundreds of thousands of adults quit looking for work as they did in December. Counting discouraged workers and those working part-time who would prefer full-time jobs the unemployment rate is closer to 17 percent.

Since December 2009, the private sector has added 112,000 jobs per month, but most of those have been in government-subsidized health care and social services, and temporary business services. Netting those out, core private sector jobs creation has been a paltry 58,000 per month, which comes to 18 per county as compared to more than 5000 job seekers per county.

Coming out of a recession, temporary jobs appear first, but 19 months into the expansion the pace of permanent, non-government subsidized jobs creation should be accelerating. Instead, core private sector jobs increased only 60,000 in December, and core jobs growth has fluctuated around that level for the last nine months.

By the end of 2014, about 13 million private sector jobs must be added to bring unemployment down to 6 percent, and current policies are not creating conditions for businesses to hire 360,000 workers each month.

Without fixing the trade deficit, in particular the decline in U.S. petroleum production and commerce with China, high unemployment will be a permanent feature on the U.S. economy. Neither the Obama Administration nor Republican leadership in the Congress appears prepared to do what needs to be done.
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Old 02-15-2011, 05:43 AM   #20
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Two percent!

That’s how much the price of EVERYTHING has gone up IN AMERICA since Christmas Day, just 6 weeks ago. This is according to the very reliable Billion Prices Project at MIT, which collects pricing data every day from online retailers using a software that scans the underlying code in public webpages and stores the relevant price information in the database. The daily online index is an average of individual price changes across multiple categories and retailers that provides real-time information on major inflation trends.

http://bpp.mit.edu/daily-price-indexes/

Fed's Losses Since The Start Of QE2: $76,814,152,246.00
Submitted by Tyler Durden on 02/12/2011 15:52 -0500

Debt CeilingFederal Reserve


From John Lohman

How do you hedge the interest rate risk of a $2.5 trillion dollar fixed income portfolio that has a modified duration of 4 and is levered 50 to 1?

Easy if you’re Chairman VaR-be-damned Burnbanke - just tuck a few sentences inside a routine weekly release which make up new (and one might add illegal for anyone without the magic Gutenberg – best of luck to the auditors at Deloitte) accounting rules which effectively transfer the interest rate risk of the entire $2.5 trillion 50-to-1 levered hedge fund to…the U.S. taxpayer. So, the Treasury is borrowing from the Fed, which, when it loses money on those loans, will then borrow from the Treasury, which will probably still be borrowing from the Fed.


http://www.zerohedge.com/article/gra...s-go-parabolic
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Old 02-15-2011, 06:39 AM   #21
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Old 02-15-2011, 07:14 AM   #22
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"There is no inflation." -Bernanke, Feb 2011
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Old 02-15-2011, 09:11 AM   #23
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I find it interesting that it is all of a sudden 'news' that when a large number of people are unemployed that a rise in foreclosures follows.

It stands to reason that if you borrowed money for a house and you lose your source of income you are likely to be foreclosed on. That doesn't make the lender immoral or evil. And it doesn't necessarily make the borrower unresponsible. And it certainly doesn't mean that taxpayers should be left holding the bill.


I would suggest that people use this as a learning to not take out loans to purchase things they can't afford and to manage their finances to manage these not-so-unlikely scenarios.
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Old 02-15-2011, 07:46 PM   #24
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Government is indispensable in the creation of high unemployment. Left to their own devices, people will generally find uses for each other’s talents. Every individual is both a producer and consumer, employee and customer. The United States is rich in knowledge and natural resources. Given stable currency, reliable access to credit, and basic consumer protections, business ventures will be created to fill the needs of any given population. Large groups of people create opportunities merely by existing.


The heavy hand of Big Government creates massive distortions in this process. It increases the cost of labor, through regulations and burdens like ObamaCare. By increasing the cost of labor, it drives down demand. It destroys industries through moratoriums, and chokes the life out of profitable ventures with heavy taxation and regulatory oversight. Government can easily increase the cost of pursuing an opportunity so much that smart businessmen will simply ignore it.

Not even massive natural disasters can destroy jobs as efficiently as government, because eventually even the worst earthquake or hurricane ends. Government keeps unemployment high for years on end. It even subsidizes joblessness, through lavish and prolonged unemployment benefits.

Big Government is also vital in the creation of shortages. In a free society, entrepreneurs respond to demand by increasing supply. This is one of the reasons competition drives down prices. If Company A is not generating enough supply to meet the needs of consumers at reasonable prices, Company B will soon appear, and find a way to increase supply so it can satisfy those needs.

Only the government can step in to shut down competition and deliver shortages, artificially increased prices, or both. It blocks the exploration and development of natural resources, keeping American consumers at the mercy of foreign suppliers. It can block entry to a market with taxes and licensing requirements. It creates labor shortages by empowering labor unions, whose fabulously expensive workers would otherwise be undercut by non-union shops on almost every bid. There is almost no way to create a monopoly, or manipulate supply to artificially drive up price in the long term, without the assistance of government.

Government is the mother of entitlement. Only the State can make unsustainable promises to favored constituents, and leave future generations to cope with the crushing burden of fulfilling them. A private entity which operated that way would go out of business, or end up in jail, like Bernie Madoff.

A business entity that suckers people with ridiculous promises that can never be kept will be sued for fraud. Government, on the other hand, does this all the time, with complete impunity. Virtually every action Big Government takes produces an obligation against future generations. For example, Obama’s budget continues his weird obsession with spending billions on “high-speed rail.” Whatever other functions high-speed rail might serve, you must understand that it is also an obligation. If we followed Obama’s plan of spending $53 billion to develop a massive high-speed rail network, future politicians would be obliged to keep spending on it forever, no matter how much money it might lose. Abandoning it would be tantamount to wasting that $53 billion investment, to say nothing of “destroying” all the jobs connected with operating the trains, so the high-speed rail system would be subsidized for eternity.

Only Big Government could produce the public-sector union benefits that threaten to bankrupt several states. Private management generally understands it has a vested interest in providing benefit packages that won’t bankrupt the company in the future. Politicians, on the other hand, love nothing better than to promise big pensions and benefits to loyal union members, because it buys their support without costing the present-day politician a dime. Only the government can build billion-dollar levels of corporate entitlement through massive bailouts.

And, of course, only government can produce crippling levels of debt. A private corporation would see its credit rating ruined, and probably face legal charges, long before it reached the absurd situation Obama’s 2011 budget places us in. No company could sell its stockholders on a business model where it spends 30% more than it takes in, for years on end. No corporation can use force to arbitrarily extract more income from its customers, as Obama plans to do with the many tax increases built into his budget document. No private concern can randomly charge one person for services rendered to another. A private citizen will never awaken one morning to discover he is $30,000 in debt to a company he would prefer not to do business with.

An activist government produces unemployment, shortages, entitlement, and debt by using power to reverse the normal operation of market forces. That is the strategy laid out in Obama’s gigantic budget. The bigger government gets, the more it will do these terrible, but entirely predictable, things… and the more time it will spend telling the private sector it is somehow responsible for problems that simply could not exist unless the government created them.

-John Hayward

http://www.humanevents.com/article.php?id=41803

Barack Hussein Obama!

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Old 02-16-2011, 08:03 AM   #25
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Good Morning, Suckers
By Peter Ferrara on 2.16.11 @ 6:09AM

President Obama's budget released on Monday proposes to spend $3.73 trillion for 2012. He can't say Bush made him do that. That proposed spending is an undeniable fact that reveals who he is, which he successfully hid from 53% of voters in 2008.

Campaigning in 2008 he promised voters that his plan involved a "net spending cut." That net spending cut translated into $836 billion in increased spending this year from 2008, according to President Obama's own budget documents. That is a federal spending increase of nearly 30% since 2008. Either President Obama does not know what "net spending cut" means in English, or he bamboozled a lot of people in 2008.

Almost makes you want to take to the streets to demand resignations and honest elections. But that couldn't happen here. For one thing, you need a free and independent press to have true democratic elections.

Fool Me Once, Shame on You…

But President Obama keeps on trickin'. In his budget message and in his State of the Union, Obama celebrated what he calls a domestic spending freeze. Actually, the freeze applies only to non-security, domestic discretionary spending, which is 12% of the budget. He wants to freeze these programs now after he increased them by over 80% in his first two years. As Investor's Business Daily said yesterday, "Freezing spending at this elevated level is little more than numbers legerdemain, a kind of three-card Monte played on sucker taxpayers."

That freeze involves a total spending cut in 2012 of $6 billion in 2012 from where spending would have been, out of a total proposed federal budget for the year of $3,729 billion. That is a cut of 0.16%, which is actually not worth even talking about. Put it in the context of your family budget. Suppose you had take home pay of $3,000 per month, and you were regularly falling short of enough to pay the mortgage. So you decide to get serious about controlling your spending. Your proportional equivalent of Obama's discretionary spending cut out of your own family budget would be $4.83.

In contrast to Obama's $6 billion cut for 2012, the House Republicans Monday committed to $100 billion in cuts from Obama's budget for 2011. The Republican cuts for 2012 and beyond will come in Paul Ryan's House Republican budget due in April. Moreover, House Republicans already voted to approve trillions in future spending cuts, as scored by CBO, in approving the repeal of Obamacare. This is a fair comparison between the parties today on the budget and spending.

Indeed, as the Wall Street Journal reported yesterday, the total spending cuts in Obama's budget for the next three years come in at $20 billion, out of total spending for those years of over $11 trillion ($11,000 billion). As the Journal observed, "Hosni Mubarak was more in touch with reality last Thursday night."

The budget deficit for this year, President Obama's third year in office, is now $1.645 trillion ($1,645 billion), as projected in Obama's own budget documents. This is the highest in world history, let alone U.S. history. That is due to federal spending this year equal to 25.3% of GDP, a quarter of our entire economy. That compares to federal spending of 20.7% of GDP in 2008, and 19.6% in 2007, the last budget year of the former Republican majority Congress.

President Obama's budget projects that this deficit will be cut in half by 2013. But in last year's budget, Obama projected that this year's deficit would be $1.227 trillion, more than $400 billion less than Obama says it will be today. On the basis of his impossible 2013 projection, President Obama is already running around the country expecting applause for his claim that he has made good on his campaign promise to reduce the deficit in half by the end of his first term, while his actual deficit for this year of $1.645 trillion is again the highest in world history! The deficit for 2008, by the way, was $458 billion.

Apart from defense spending cuts, President Obama's budget claims $1.1 trillion in deficit reductions over 10 years. But $700 billion of that is due to tax increases, discussed further below. Another $1.26 trillion is phantom savings supposedly resulting from reductions in costs from "Overseas Contingency Operations." But were we really planning before this budget to spend $136 billion in 2021 in Iraq and Afghanistan? Or $882 billion from 2015 to 2021, over a trillion counting supposed debt service savings? Actually no, so these phantom "budget savings" are actually just another phony budget trick.

Even with these tax increases and phantom budget savings, the national debt held by the public will soar to $19 trillion by 2021, more than triple that national debt total of $5.8 trillion in 2008, again according to President Obama's own budget documents. Indeed, the national debt held by the public will have more than doubled from 2008 by next year, under President Obama's budget. This means President Obama will have accumulated in just one term more national debt than all previous Presidents combined, from George Washington to President Bush.

But that is not the whole picture. Gross federal debt includes the debt held by the Social Security and Medicare trust funds, real debt that will have to be paid to continue to pay promised Social Security and Medicare benefits. That Gross Federal Debt is projected to total $26.346 trillion by 2021, which would be 106% of GDP that year, more than our entire economy that year.

This is why Andrew Sullivan wrote in the Atlantic yesterday, in a piece entitled, "Obama to the Next Generation: Screw You, Suckers":

To all those under 30 who worked so hard to get this man elected, know this: He just screwed you over. He thinks you are fools. Either the U.S. will go into default because of Obama's cowardice, or you will be paying far far more for far far less because this President has no courage when it counts. He let you down. On the critical issue of America's fiscal crisis, he represents no hope and no change. Just the same old Washington politics he promised to end.

CONT:

http://spectator.org/archives/2011/0...ning-suckers/1

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Old 02-16-2011, 08:32 AM   #26
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About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday. That number, adjusted for seasonal factors, was close to a record high of more than 10 percent at the end of April.


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Old 02-16-2011, 10:13 AM
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Old 02-16-2011, 10:25 AM   #27
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I find it interesting that it is all of a sudden 'news' that when a large number of people are unemployed that a rise in foreclosures follows.

It stands to reason that if you borrowed money for a house and you lose your source of income you are likely to be foreclosed on. That doesn't make the lender immoral or evil. And it doesn't necessarily make the borrower unresponsible. And it certainly doesn't mean that taxpayers should be left holding the bill.


I would suggest that people use this as a learning to not take out loans to purchase things they can't afford and to manage their finances to manage these not-so-unlikely scenarios.
If only those who govern us could grasp this~
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Old 07-09-2011, 05:11 PM   #28
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On Closer Inspection The Employment Report Is Even More Depressing
Bruce Krasting, My Take On Financial Events | Jul. 9, 2011, 9:33 AM


I suppose that the Non Farm Payroll report could have been worse than it was. But not much worse. Some of the talking heads are calling the latest news a “soft patch”. Maybe so. We shall see. My read is that the report was (more) clear evidence that the economy is grinding down. The second half of this year is likely to show only marginal growth. The June NFP was the tip off.

Johan Hulath at Morgan Keegan prepared the following slides. As is often the case pictures tell the story better than words.

A recap of the NFP data. Note that there is no category that was not under street expectations. Things are much worse in employment land than anyone thought.




Labor force participation is now at levels not seen in a decade. A look at this chart confirms that as of Friday it hit a new record low.





So why no jobs? Easy, we are not making as much “stuff”. Follows are some regional indicators of economic performance. Yes, there are a few “plusses” on the list but mostly it is flat to down. This chart and the key underneath tells the story of the decline.






The best single gauge of manufacturing comes from the ISM. This is now at 55. A fall below 50 would signal a contraction. Are we going to get to that magic number? This chart suggests we might:





Read more: http://brucekrasting.blogspot.com/20...#ixzz1ReHSxajk
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Old 03-11-2013, 03:08 PM   #29
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[quote=The Mad Crapper;7103863]Price of Obamunism So Far: $3,000,000,000,000
October 20, 2010

Let's hope liberals enjoyed the warm glow of self-righteousness they got from voting for the unqualified left-wing black guy with the name like a terrorist, because the price tag is astronomical and still rising.

Barack Hussein Obama!

Mmmmmmmmmm mmmmmmmm mmmmmmmmmmmmmm!



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46,609,072 People on Food Stamps in 2012; Record 47,791,996 in December

Nearly a quarter of the people living in Washington, D.C. are on the program.

9:13 AM, Mar 11, 2013 • By DANIEL HALPER

On Friday, the United States Department of Agriculture quietly released new statistics related to the food stamps program, officially known as SNAP (the Supplemental Nutrition Assistance Program). The numbers reveal, in 2012, the food stamps program was the biggest it's ever been, with an average of 46,609,072 people on the program every month of last year. 47,791,996 people were on the program in the month of December 2012.


The federal government also says that in a given month in 2012, the number of households on food stamps was 22,329,713.

The state with the highest average number of participants per month in 2012 was Texas, with an astonishing 4,038,440 folks drawing from the program. The second highest is California, with 3,964,221, and then Florida, at 3,353,064.

Washington, D.C., with an estimated population of 617,996, had an average of 141,147 participants. Meaning, roughly 23 percent of folks living in D.C. are on food stamps, according to the numbers provided by the federal government. The participation rate in Texas, which has an estimated population of 26,059,203, 15.5 percent.

The state with the lowest number of participants in the program was Wyoming, with 34,347 out an estimated population of 576,412.

Over the weekend, Senator Jeff Sessions, the top Republican on the Senate Budget Committee, said that the Obama administration is encouraging growth in the food stamps program as a way to stimulate the economy.

http://www.weeklystandard.com/blogs/...12_706745.html
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Old 03-12-2013, 07:02 AM   #30
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Debt Soared $5.5 Trillion Since Last Senate Budget

By John Merline, Investor's Business Daily

If you want a sense of just how massive the nation's debt problem is, consider this: The U.S. added $226 billion in new debt in just the 35 days since President Obama missed the legal deadline to submit his budget.

That's more than the government will spend this year on education, homeland security, law enforcement, housing aid, energy and the environment, combined.

A 1921 law requires the president to submit his budget plan to Congress on the first Monday in February, but Obama so far hasn't produced one, and the White House says it won't release its plan to get the nation's deficits and debt under control until sometime in April.

Senate Democrats, meanwhile, haven't produced an annual budget — also required by law — since 2009. Over that time, the nation's debt has climbed $5.5 trillion, according to the Treasury Department.

Senate Budget Committee Democrats are now promising to introduce a budget plan this week.

April Fools?

Obama initially claimed the holdup on his fiscal year 2014 budget was the last-minute "fiscal cliff" deal, which required them to redo their budget figures.

That agreement let the Bush tax cuts expire for people with incomes over $400,000, while making the rest of the lower Bush tax rates permanent. It also extended unemployment insurance, put off the automatic sequester spending cuts by two months, and let the Social Security payroll tax break expire.

"Because these issues were not resolved until the American Taxpayer Relief Act was enacted on Jan. 2, 2013, the administration was forced to delay some of its FY 2014 budget preparations, which in turn will delay the budget's submission to Congress," Jeffrey Zients, a director at the White House Office of Management and Budget, wrote to House Budget Committee Chairman Paul Ryan in mid-January.

But the fiscal cliff deal delayed by just one day the Congressional Budget Office's annual report, which also had to account for all those fiscal cliff changes. The CBO budget and economic outlook report came out on Feb. 5.

The budget holdup comes as Obama and Democrats try to figure out how to deal with the nation's debt crisis while protecting their favored spending programs and claiming only to want to raise taxes on the "rich."

As the Hill reported this week, "disputes over tax cuts, spending reductions and entitlement reform all present challenges to Budget Committee chairwoman Patty Murray and Majority Leader Harry Reid."


Read More At Investor's Business Daily: http://news.investors.com/031113-647...#ixzz2NKI5jnu8
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