Insane: Stocks Markets Rally On Economic Disasters

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Original Post: Insane: Stocks Markets Rally On Economic Disasters.

Eurozone’s economy is basically in recession. Walmart lowered expectations. Again. The world is teetering on the edge of World War. The US is launching Iraq War 3.0: Mission Accomplished Accomplished. Germany’s economy is flat, and Italy and France are getting worse. Risk is high. Corporate debt is staggering. The Fed’s balance sheet is a sea…

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Are We Watching The Central Bank Era End?

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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 […]

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Baba Wawa thought Obama would replace Jesus

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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.

3 Points on the Pope’s Economics **Update**

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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 […]

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Why Millennials Will Be Poor Their Whole Lives

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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 »

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Sadly Prop P Passed

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“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 County and St Louis City. Prop P passed, which only means more money stolen from hard working citizens to be abused by balloted governing bodies. What’s frustrating is that if everyone got out and voted the real majority probably would have shut down Proposition P. In this election 80% of registered St Louis County voters didn’t even vote! That means 80% of voters in the county don’t have a right to complain when they have to sit idly by and watch another tax hike go into place. And chances are they will. When it comes to tax hikes in Missouri we usually vote pretty conservative, for example the victory we had In shutting down the exesive tabacoo tax in 2012. The only reason we shut down that tax hike and not this one is because the people didn’t vote and now we all have to suffer due to their laziness. My frustration with Proposition P, the deceptively named bill blinds people of its real impact. Why does the title even include the word arch when only 30% of the bill goes to the Arch? Why do we have to pay for other municipality’s parks when they did not even include Prop P on their ballots. Some towns didn’t even have the tax hike on their ballot but will still reap the benefits! For instance St Charles immediately opted out of Propostion P but will now reap the benefits from our tax dollars while they see no increase in there spending tax. Fair? I think not. For the next 20 years every time you purchase something in St Louis County or the City make sure account for an additional 2 cents on every 10 dollars you spend. See how that can quickly adds up especially when live and shop in St Louis for all your needs and wants. We can not allow the government and small few who vote in these local elections continue to destroy our spending power! When it comes to tax hikes Missourians usually agree. Enough is enough. We need your vote. You need your vote. In all elections.

Video: Slight Problem with the Cypriot Banking System Explained

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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.

Bankers and Politicians Are Robbing People Everywhere

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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

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Political Brinksmanship: Sequester Edition

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.