Archive for Economics and Economy
Original Post: Are We Watching The Central Bank Era End?.
Are they going to peg all the banks? Why, they could buy ground and build a new Mississippi cheaper. They are pegging Bulletin Tow-head now. It won’t do any good. If the river has got a mortgage on that island, it will foreclose, sure, pegs or no pegs. – Mark Twain quoting Uncle Mumford, Life on […]
We in the Tea Party always knew they though Obama was the next great coming of our Lord and Savior. From all the great prose that was written about his election, to his own declaration on election night that the “The seas will recede. The planet will heal.” But now after 5 years of disappointment Baba Wawa admits, during the Christmas season no-less, the result is so crushing, because the expectation was so high.
PIERS MORGAN, HOST: You have interviewed every president of my lifetime. Why is Obama facing so much opposition now? Why is he struggling so much to really fulfill the great flame of ambition and excitement that he was elected on originally in 2009?
BARBARA WALTERS: Well, you’ve touched on it to a degree. He made so many promises. We thought that he was going to be – I shouldn’t say this at Christmastime, but – the next messiah. And the whole ObamaCare, or whatever you want to call it, the Affordable Health Act, it just hasn’t worked for him, and he’s stumbled around on it, and people feel very disappointed because they expected more.
It’s very difficult when the expectations for you are very high. You’re almost better off when they are low and then they rise and rise. His were very high and they’ve dropped. But you know, he still has several years to go. What does he have, three years, Piers? And, you know, there will be a lot of changes, one thinks in that time.
Luckily, I had no expectation other than what has happened. Obama’s economic policies are a disaster, his healthcare law is a disaster, his gun confiscation desires are a disaster, and there is no doubt that his unfettered, unchecked, illegal immigration policy will be a disaster. My only hope at this point is that the vast majority of Americans will finally see how disastrous this man and more importantly, these policies, are for our country and in 2016 they will do something about it. I hate to say I told you so…….but I did.
Original Post: 3 Points on the Pope’s Economics **Update**.
Last week, Pope Francis all but denounced free market capitalism as a sin. Luckily, he wasn’t speaking from the Seat of Peter, but from his own misguided view of the world. Much of Francis’s statement gives important and honest direction to a world consumed with fame and money. The Pope is right in decrying systems in […]
Original Post: Why Millennials Will Be Poor Their Whole Lives.
Since the 1980s, the AARP has been lobbying Congress and the White House. The AARP has just one objective: to transfer the future income of the young and the unborn to people over 50. Yes, it’s completely immoral. The AARP is like the father who used his kid’s Social Security Number to run up a… Read more »
“Every penny taken from you in taxes is a penny someone else decides how to spend. It’s a penny you earned but forfeited to someone else’s arbitrary discretion,” said Bill Hennessy co-founder of the St Louis Tea Pary Coallition. Today is a sad day for the residents of St Louis…
The Australian humorists Clarke & Dawe offer a brief summary of the “slight” problem in the Cypriot banking system. The European Union’s response has not yet fixed the problem, though it has resulted in a massive exodus of deposits held by foreigners. (Note to kleptocrats everywhere: if you put an entire nation’s banking system on a bank holiday, it’s best to make sure that bank holiday applies to the nation’s foreign bank branches, too!) As of today, Cypriots are allowed to withdraw up to €300 a day of their own money.
- Pensions delayed amid Cypriot chaos (standard.co.uk)
- Cypriot banks see first ripples of bailout tsunami (legalinsurrection.com)
- Cyprus: Last-Minute Bailout Doesn’t Address Eurozone’s Underlying Systemic Issues (heritage.org)
Original Post: Bankers and Politicians Are Robbing People Everywhere.
Before you shed tears for the plight of elite bankers, let this statement sink in: Cyprus’ banking sector must shrink. As did Ireland’s, the hard way. What is essential, as every Irishman and woman will tell you, is that the politicians do not load up the weaker citizen’s/taxpayers’ shoulders with enormous debts on behalf of bankers that refuse to wither. Read more at http://www.nakedcapitalism.com/2013/03/yanis-varoufakis-while-waiting-for-cyprus-godot.html#dCKwchxGzzT2ljPx.99 That’s from Yanis Varoufakis, professor of economics at Athens University. It
The post Bankers and Politicians Are Robbing People Everywhere appeared first on Hennessy’s View.
Sequestration is coming. It arrives March 1st.
Heritage Action’s Dan Holler reports that the sequester cuts amount to only a 2.4% cut, so instead of spending $9.863 billion per day, we’ll only spend $9.622 billion per day. But even that is a little misleading because of baseline budgeting. As Paul Roderick Gregory at Forbes explains in an op-ed titled: The $995 billion Sequester Cut is Actually a $110 billion Spending Increase:
The sequester “cuts” are subtracted after increasing appropriations subject to the sequester at the rate of inflation and adding back in more than a trillion dollars (over ten years) of spending exempted from the sequester.
Each year federal spending is increased based on population growth and inflation. That increase becomes the new baseline budget. That annual bump is about 6% this year, so a 2.4% sequester half-way through the fiscal year means that this year’s budget will be more than 4.5% larger than last year’s.
But, according to the President, this trivial cut is the end of the world. The White House has launched the classic FUD (Fear, Uncertainty, and Doubt) campaign against the coming sequester. Politico reports that the administration is: “releasing state by state details of the pain and suffering the sequester will cause…” TrimTabs president and CEO Charles Biderman doesn’t think that they can be serious:
Biderman goes on to make the point that the government does not want to cut anything.
Nonetheless, as Sen. Roy Blunt (R-MO) made clear earlier this month (video): “Spending cuts will occur on March 1st. Sequestration will happen.”
It’s a classic game of brinksmanship. The Democrat view of the economy is that economic success is driven by government spending so cutting government spending will harm the economy. Republicans see a world where smaller government gets out of the way of business unleashing economic growth.
This is only the opening act. The real fight will occur after the sequester goes into effect on March 1st and both sides try to get the press to report their economic outlook.
- Spending cuts are moment of truth for Tea Party (stltoday.com)
- Legendary journalist goes after President Obama, sequestration (dailycaller.com)
- How Much Would the Sequester Cut Into a Big Mac Extra Value Meal? (powerlineblog.com)
- The sequester is a bad idea whose time has come (dailycaller.com)
- Disgusting… Obama White House Says Sequester Raises Risk of Terror Strike (thegatewaypundit.com)
- Obama to warn of sequester job losses in visit to Newport News (thehill.com)
- Here We Go… Team Obama Releases Details On How Sequester Will Hurt Disabled Children and Abused Women (thegatewaypundit.com)
- Obama Releases Waves of Illegal Immigrants From US Detention Centers in Wake of Sequester (thegatewaypundit.com)
- Earth to New York Times: Please Show Us these “Deep Spending Cuts” You Keep Writing About (cato.org)
- Obama Caught Lying about Sequester (nationalreview.com)
Friedrich Hayek warned more than half a century ago that central planning doesn’t work. Here’s why: Central Planners (government) makes a plan The plan includes specific expectations The expectations are never, ever, [...]
In a joint statement today, Buffett, Soros and more than 20 other wealthy individuals asked Congress to lower the estate tax’s per-person exemption to $2 million from $5.12 million and raise the top rate to more than 45 percent from 35 percent.
An estate tax structured this way will “raise significant revenue to reduce the deficit and fund vital services, will only be paid by the top one percent of estates, will raise more from the wealthiest estates” and will simplify compliance, said the statement. It also was signed by John Bogle,founder of mutual fund company Vanguard Group Inc., and former President Jimmy Carter.