Who said Economics had to be DULL? What’s going on with the world’s finances is more fun than watching “24″.
Far more entertaining too, since your balls are in the Obama Osterizer.

Nouriel Roubini said the bubble would burst and it did. So what next?

[snip]
Just three years earlier, Roubini had been the object of derision in the economics community as he prophesied a US housing market crash, financial crisis and partial collapse of the banking sector. Today, as an adviser to governments and central bankers and much feted in the media, he’s well aware of the power of being right.

“In my line of business your reputation is based on being right,” he says. “The publicity is just noise. Certainly with a global crisis, the dismal scientists are having some prominence, even if most of the economics profession actually failed to predict it.”

The 51-year-old, widely known as Dr Doom, is in town to publicise his new book Crisis Economics, a crash course in the financial crisis and what can be done to avoid another.

The book does little to suggest he is uncomfortable with his nickname. Where Roubini is concerned, the great recession has some way to run.

“The crisis is not over; we are just at the next stage. This is where we move from a private to a public debt problem,” he says, his speech the mongrel drawl of a man who was born in Turkey to Iranian parents, raised in Israel and Italy and lives in New York. “We socialised part of the private losses by bailing out financial institutions and providing fiscal stimulus to avoid the great recession from turning into a depression. But rising public debt is never a free lunch, eventually you have to pay for it.”[snip]

All that socialist crap chanted in college during those wonderful ’70’s are now here. Boomers, those idiots that YOU elected, to bring Peace, Light and Love instead delivered this vicious economic socialist mess that is biting you in the ass, right through your 101(k) and IRA, just in time for you to retire.
As a kiss off, they’re giving you a return of ½% to 1% return on short term deposits.

They collapsed you housing values, taxed your jobs overseas and then replaced you with illegal immigrants driving down wages on the rest of the employed. Oh yeah, the unions bought into it because they get sign-ups who won’t bitch, complain or strike over sweetheart contracts.

One false move in Europe could set off global chain reaction

[snip]
But the knife-edge psychology currently governing global markets has put the future of the U.S. economic recovery in the hands of politicians in an assortment of European capitals. If one or more fail to make the expected progress on cutting budgets, restructuring economies or boosting growth, it could drain confidence in a broad and unsettling way. Credit markets worldwide could lock up and throw the global economy back into recession.

For the average American, that seemingly distant sequence of events could translate into another hit on the 401(k) plan, a lost factory shift if exports to Europe decline and another shock to the banking system that might make it harder to borrow.

“If what happened in Greece were to happen in a large country, it could fundamentally mark our times,” Angelos Pangratis, head of the European Union delegation to the United States, said Friday after a panel discussion on the crisis in Greece sponsored by the Greater Washington Board of Trade.

The PIGS are the problem. Spending money they didn’t have, couldn’t raise through taxes, Portugal, Spain, Greece and Italy ran up unfunded pensions, public sector wages and early retirement.

Now they can’t pay for the excesses. Bailouts from the other EU countries are grudgingly forthcoming with stringent guides attached. Riots followed.

[snip]
The most vulnerable European countries — Greece, Spain, Portugal and Ireland — may represent only about 4 percent of world economic activity, but “the debt crisis and its ripple effects are bad news for all corners of the world,” said Cornell University economist Eswar Prasad. [snip]
But the fallout from Europe could still be widely felt. U.S. trade officials, hoping the country can dramatically boost its exports, are dismayed at the steep drop in the value of the euro — which is around $1.25, down from more than $1.50 in November. The decline makes American goods more expensive compared with those produced in Europe. The slide in the common European currency could also change the way China and a host of Asian countries approach their currency policies, possibly making them less likely to agree with U.S. demands to raise the value of their money. If they raised it, Asian goods would become more expensive in world markets, making it easier for U.S. products to compete. [snip]

So what, Corporations are bad, evil abusers of the poor, the downtrodden, the children and the third world emerging nations, right!

Get ready for higher unemployment numbers and another surge in foreclosures. 

To insure this happens, Congress put together a banking bill that does for credit cards, what Freddie and Fannie did for housing.
How did that work out for America.

This posting is for any Libertarian/Conservative reader.
Liberals, please ignore it, Obama is there to protect and save YOU!

A huge rush, these always come with a surge. Out of the cafes and idling spots, come the idiots, the believers in OPM as a style of living and the sustenance of LIFE.This time it’s too late, rioting, looting and burning can’t bring back what no longer exists.
The indolent style of the status quo has no status; it’s KAPUT!
(Posting this is so enjoyable BECAUSE it’s from the NY Times)

THERE IS NO MORE OPM!

Europeans Fear Crisis Threatens Liberal Benefits

PARIS — Across Western Europe, the “lifestyle superpower,” the assumptions and gains of a lifetime are suddenly in doubt. The deficit crisis that threatens the euro has also undermined the sustainability of the European standard of social welfare, built by left-leaning governments since the end of World War II.

Europeans have boasted about their social model, with its generous vacations and early retirements, its national health care systems and extensive welfare benefits, contrasting it with the comparative harshness of American capitalism.

Europeans have benefited from low military spending, protected by NATO and the American nuclear umbrella. They have also translated higher taxes into a cradle-to-grave safety net. “The Europe that protects” is a slogan of the European Union.

But all over Europe governments with big budgets, falling tax revenues and aging populations are experiencing rising deficits, with more bad news ahead.

With low growth, low birthrates and longer life expectancies, Europe can no longer afford its comfortable lifestyle, at least not without a period of austerity and significant changes. The countries are trying to reassure investors by cutting salaries, raising legal retirement ages, increasing work hours and reducing health benefits and pensions.[snip]

 We have coddled them with military protection, which pumped money into their economy, allowed for egregious lawsuits over damaged lawns and cars and insufferable protests by the very bungholes sitting on their asses, retired at 28- swilling beer and coffee all day.

UP YOURS, COMMIE UNIONISTS. Now you’ll have to burn down everything while rioting; with luck, it’ll be your house. But the OPM won’t be coming back. The promises of the Collectivist Brotherhood of Unionists turned out empty. The Radiant Future of the Great Social Reform, put out by stale spilled beer. How f**king condign! The Muzzies will make them work!

Think you’re going GREEN?

Leaked Doc Proves Spain’s ‘Green’ Policies — the Basis for Obama’s — an Economic Disaster

Pajamas Media has received a leaked internal assessment produced by Spain’s Zapatero administration. The assessment confirms the key charges previously made by non-governmental Spanish experts in a damning report exposing the catastrophic economic failure of Spain’s “green economy” initiatives.  (emphasis added) [snip]

But today’s leaked document reveals that even the socialist Spanish government now acknowledges the ruinous effects of green economic policy. [snip]

The government report does not expressly confirm the highest-profile finding of the non-governmental report: that Spain’s “green economy” program cost the country 2.2 jobs for every job “created” by the state. However, the figures published in the government document indicate they arrived at a job-loss number even worse than the 2.2 figure from the independent study.

This document is not a public report. Spanish media has referred to its existence in recent weeks though, while Bloomberg and the Washington Examiner have noted the impact: Spain is now forced to jettison its plans — Obama’s model — for a “green economy.”

Remarkably, these items have received virtually no media attention.

An item which has been covered widely, however, is that President Obama is now pressuring Spain to turn off its spigot of public debt in the name of averting a situation similar to that of Greece. (emphasis added)

Also covered widely is Obama’s promotion of the American Power Act — the legislation which would replicate Spain’s current situation in the United States.

Put simply, Obama is currently promoting a policy in the U.S. which is based on a policy that he wishes to see Spain abandon. Welcome to Obamaland, the particulars of which are explained in a fashion grandly more illuminating than this Obama-Zapatero dance in Power Grab: How Obama’s Green Policies Will Steal Your Freedom and Bankrupt America.

If any have watch the wild gyrations of the sovereign debt markets and the currency exchanges in the past couple of weeks, you know what has happened with the Euro and the Yen, the Yuan, the Ozzie and the Dollar.
Silver, which normally trades around $6/oz is at $19/oz USD. Gold up, copper down, stocks dropping and bank stocks really taking a hit.

Europeans are trading out of the Euro into Gold; they don’t buy it like we do. They use it as currency, they learned a long time ago paper money is just that, paper.

None of this is possible when Nations are on the Gold Standard. But that severely limits Socialists from spending, so we have Fiat Money and this current mess.

The world will go back on the Gold Standard.

Given our economic condition, we have a good chance to catch up with Argentina.

RAHN: Could the U.S. become Argentina?

Obama policies have put the nation on a similar downhill slide

A century ago, if you had told typical citizens of Argentina (which at that time was enjoying the fourth-highest per capita income in the world) that it would decline to become just the 76th richest nation on a per capita basis in 2010, they probably would not have found it believable. They might have responded, “This could not happen; we are a nation rich in natural resources, with a great climate for agriculture. Our people are well educated and largely descended from European stock. We have property rights, the rule of law and an open free-market economy.”  [snip]

In the 1930s, the Argentine government increased its interventions in the private economy. Juan Peron took over in 1946 and ended up nationalizing the railroads, the merchant marine, public utilities, public transport and other parts of the private economy. For much of the past half-century, Argentina has engaged in a series of erratic monetary policies, often resulting in periods of very high inflation and economic stagnation. Because of their political power, the unions have been coddled, resulting in unsustainable wage-and-benefit programs. Excessive government spending has caused recurrent fiscal meltdowns, where both foreign and domestic debt-holders have lost many of their investments.  [snip]

Argentina has a long history of deficit spending, which, in turn, has made government debt burdens so high that the government refuses to pay the debt to the private domestic and international debt holders. Over the next 30 years, economists associated with the Bank for International Settlements in Basel, Switzerland, estimate (as have many U.S. economists) that the U.S. public debt will rise to between 200 percent and 500 percent of GDP. (It is now about 60 percent.) Debt levels of 200 percent to 500 percent cannot be supported; hence, the debt holders will face erosion of their capital through either inflation or nonpayment.

The U.S. is not yet Argentina, but, if many of the policies of the Obama administration are not reversed, America will only get poorer and, in as little as 30 years, become a middle-income country, while dozens of other countries will enjoy a higher standard of living. (emphasis added)

Is this the Hope and Change you wanted?
Hope so fools, for this is what Obama the America Hater is delivering!

Germany tells Greece: CLEAN UP YOUR ACT!
The Greek unions go on strike, they protest, the Commies scream in the streets and the Government tells them tough, we’re bankrupt; there is no money. We do this or NO EU help.
Who would have thought the Germans would be so er rigid?

How much longer do you think it will beuntil Hu Jintao says the same thing to Obama: CLEAN UP YOUR ACT!
What does that mean for YOU?

That is the difference between being a creditor and a debtor.
Debtors GET TOLD what to do!

Faber and Mish:
We’re Doomed and Washington Can’t Do Anything About It

Washington is patting itself on the back for having orchestrated an amazing economic recovery. But Washington lawmakers are a delusional bunch of boneheads, say Marc Faber and Mike “Mish” Shedlock, editor of the Gloom, Boom, and Doom Report and investment advisor at SitkaPacific Capital Management, respectively.

The economy is NOT recovering, they say, and the U.S. faces a depressing “eventuality” of either crushing deflation (Shedlock) or runaway inflation (Faber). The timing and type of this eventuality is uncertain, say the gurus, but they are certain it’s too late for America to change course.(emphasis added)

“It’s beyond repair — it’s too late,” to avert fiscal disaster, Faber declares.

Mish agrees: “The day of reckoning has arrived. The question is how long it takes to play out.”

This grim outlook doesn’t mean you’re helpless. Faber recommends individuals prepare for doomsday by buying gold, owning assets abroad and buying property outside of major cities.

Click here to see more from Faber and Mish:The Great “Inflation Debate or Deflation?” Debate: Mish vs. Dr. Doom

Marc Faber: Don’t Expect Another Crash … Bernanke Won’t Allow It

The Bamster won’t be buying you houses or putting gas in your cars. He will be destroying what capital you have and value held in currency, bank accounts and bonds.

Don’t forget what he said before he was elected; he thought that the Constitution was a bad document, since it prevented the Government from redistributing the wealth, your money.

You can phrase that any way you like use nice terms or not, but it comes down to taking your property away from you and giving it to someone else.

Spending freezes,
WHO is for WHAT!

He was against it before for he was for it!

Is there any differences BETWEEN/AMONG JACKASSES?

“…that’s using a hatchet, I want to use a scalpel…” Obama during the debates with McCain.

During the Debates, four times Obama stressed he wouldn’t cut spending. Instead he blew up the deficit. NOW, he’s in favor of a spending freeze!

I heartily recommend this to all the Liberals/Socialists/Progs who love the Social Security Trust Fund lockbox setup.

You know you can trust Obama and Congress to take care of your money; Hope there is Change left is a good thing to paraphrase  Martha Stewart.

Government Takeover of 401(k)s and IRAs?

Bloomberg reports that the Obama Administration is considering measures to encourage Americans to convert their 401(k)s and IRAs into Government-provided annuities. The story has attracted a lot of negative commentary in the blogosphere:

• Will Collier, Coming Soon: Substituting Government Annuities for Your 401(k)?
• The Market Ticker, 401k/IRA Screw Job Coming?
• ROFASix, Is the Government Coming for Your IRA and 401k?

 Me? I’ll bury it in the backyard before I’d let that individual with no dialect near my money.

Tax Cheat Geithner Urged to Step Down During House Hearing… He Refuses (Video)

Republican Brady blasted Geithner:

It’s been a year since the President was elected,” the panel’s ranking Republican, Rep. Kevin Brady of Texas, said at a hearing this morning featuring Geithner. “It’s appropriate for the American people to assess how well the administration’s economic policies are working. They are not. They have failed.”
“Unemployment has skyrocketed far past the White House’s projections and promises. America continues to shed jobs: more than 2.8 million since the stimulus was enacted,” Brady said. “We’ve had a series of embarrassing investigations about all the wild stimulus claims, the latest fake jobs from fake Congressional districts… You are the point man on the economy,” Brady said to Geithner. “The buck, in effect, stops with you.”

[snip]

Société Générale tells clients how to prepare for potential ‘global collapse’

Société Générale has advised clients to be ready for a possible “global economic collapse” over the next two years, mapping a strategy of defensive investments to avoid wealth destruction.

[snip]
The underlying debt burden is greater than it was after the Second World War, when nominal levels looked similar. Ageing populations will make it harder to erode debt through growth. “High public debt looks entirely unsustainable in the long run. We have almost reached a point of no return for government debt,” it said.

Inflating debt away might be seen by some governments as a lesser of evils.

If so, gold would go “up, and up, and up” as the only safe haven from fiat paper money. Private debt is also crippling. Even if the US savings rate stabilises at 7pc, and all of it is used to pay down debt, it will still take nine years for households to reduce debt/income ratios to the safe levels of the 1980s.

The bank said the current crisis displays “compelling similarities” with Japan during its Lost Decade (or two), with a big difference: Japan was able to stay afloat by exporting into a robust global economy and by letting the yen fall. It is not possible for half the world to pursue this strategy at the same time.

SocGen advises bears to sell the dollar and to “short” cyclical equities such as technology, auto, and travel to avoid being caught in the “inherent deflationary spiral”. Emerging markets would not be spared. Paradoxically, they are more leveraged to the US growth than Wall Street itself. Farm commodities would hold up well, led by sugar. [snip]

You realize this is musical chairs, short not one, but two chairs at the end; the person with the gold has no place to sit.

What does one do with the paper money one takes in exchange for the purchase of commodities? Remember it is constantly devaluing with an end result similar to “The Bottle Imp” by Stevenson.

As I mentioned, value and price are two different creatures. One cannot drink oil or eat gold. Foodstuffs become a strong currency. Has anyone tried growing corn in Manhattan lately? Where do these people get the buying power?

Flyover country becomes a valuable place. (Oh dear, God, guns and pickup trucks)

Welcome to the new Prime Time VARIETY HOUR emceed by the One & Only Teleprompter, more exciting than the old Ed Sullivan Show or The Captain & Tennille.

From all corners of the Proper Political Party, one hour of singularly enthralling acts currently appearing in Congress and the Cabinet, interspersed with rapid vapid one-liners by that master of the genre, Barry O. on his great new show “We Toasted this Town”

In the Opening show…

Barry quipped, we turned the corner, the recession is behind us. Since we created or saved 1,000,000 jobs, unemployment only shot up to 10.2%. Spending that stimulus money did the job.

The audience reaction  was unbelievable; couldn’t keep them in their seats.

Taking the Show on Tour…

In China, Barry O. gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.
“It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession,” he said.

This O’Henryesque gagline put them in the aisles one more time.

SEIU ushers with truncheons managed to get most back in their seats and seal the theater doors.

Geithner and the rest of the Administration clowns proved themselves right when they said,

“It’s not your money!”

Geithner ‘burned billions’ on CIT

Treasury Secretary Tim Geithner is directly to blame for taxpayers’ loss of $2.3 billion in the CIT bailout, says professor William Black of the University of Missouri-Kansas City School of Law and a former federal bank regulator.

“We put ourselves on the hook in a completely inept way where we lose first. We lose entirely as the taxpayers.”

Black specifically faults Geithner for negotiating an arrangement in which CIT can repay its senior creditors 70 cents on the dollar in bankruptcy, but taxpayers are completely left out in the cold for their investment.

When Geithner pumped taxpayers’ money into CIT this summer, “it’s like he burned billions of dollars again in government money, our money, gratuitously,” Black said.

If you’re wrecking the house, you don’t bother saving anything useful for  rebuilding.

Obama’s hellbent on destroying the economic structure of this country; Geithner is the tool!

Paulson started this massive theft of taxpayer money with TARP.
You can thank the current empty suit in the Oval Office for doubling down on a sucker bet (not to him, it’s not his money) that will prove to bury future taxpayers for years to come.

The Cash for Clunkers boondoggle cost $24,000 per car and removed vehicles from the road that low income families could afford to buy.
CIT files bankruptcy which WAS on the hook to the taxpayers for $2.3 billion ± a few cents. Now Bernanke and Geithner can help their buds on the street without shame. They’ll tell folks they’re signing them up for food stamps.

Subprime Mortgages
[snip]
Peek, 62, who joined CIT in 2003 after failing to land the top job at Merrill Lynch & Co., pushed the lender into subprime mortgages and student loans to pump up growth.
[snip]

Sniff–sniff–sniff, does this smell like a Frank, Dodd, Conrad Congress Donkey mess?

If you think the Obama/Biden Economic Recovery Miracle Medicine Show plays to rave reviews,read the important critical columns.

Mother of all carry trades faces an inevitable bust

By Nouriel Roubini
Published: November 1 2009 18:44 | Last updated: November 1 2009 18:44
[snip]
This recovery in risky assets is in part driven by better economic fundamentals. We avoided a near depression and financial sector meltdown with a massive monetary, fiscal stimulus and bank bail-outs. Whether the recovery is V-shaped, as consensus believes, or U-shaped and anaemic as I have argued, asset prices should be moving gradually higher.

But while the US and global economy have begun a modest recovery, asset prices have gone through the roof since March in a major and synchronised rally. While asset prices were falling sharply in 2008, when the dollar was rallying, they have recovered sharply since March while the dollar is tanking. Risky asset prices have risen too much, too soon and too fast compared with macroeconomic fundamentals. [snip]

But one day this bubble will burst, leading to the biggest co-ordinated asset bust ever: if factors lead the dollar to reverse and suddenly appreciate – as was seen in previous reversals, such as the yen-funded carry trade – the leveraged carry trade will have to be suddenly closed as investors cover their dollar shorts. A stampede will occur as closing long leveraged risky asset positions across all asset classes funded by dollar shorts triggers a co-ordinated collapse of all those risky assets – equities, commodities, emerging market asset classes and credit instruments.

Why will these carry trades unravel? First, the dollar cannot fall to zero and at some point it will stabilise; when that happens the cost of borrowing in dollars will suddenly become zero, rather than highly negative, and the riskiness of a reversal of dollar movements would induce many to cover their shorts. Second, the Fed cannot suppress volatility forever – its $1,800bn purchase plan will be over by next spring. Third, if US growth surprises on the upside in the third and fourth quarters, markets may start to expect a Fed tightening to come sooner, not later. Fourth, there could be a flight from risk prompted by fear of a double dip recession or geopolitical risks, such as a military confrontation between the US/Israel and Iran. As in 2008, when such a rise in risk aversion was associated with a sharp appreciation of the dollar, as investors sought the safety of US Treasuries, this renewed risk aversion would trigger a dollar rally at a time when huge short dollar positions will have to be closed. [snip]

Of course your own personal piece of the pie is here: The National Debt Clock.

Here you can see just how well and truly this government has screwed you!

Wonderful news  from OZ, yes that neat place in Maryland, where all laws are suspended except the one on Gravity.

That law confounds them.

Read this note of economic cheer from the Castle of the Audacious Hope, surrounded by the moat of I-495.
Change the word Auto to Health Care!

 

Taxpayers face heavy losses on auto bailout

Taxpayers face losses on a significant portion of the $81 billion in government aid provided to the auto industry, an oversight panel said in a report to be released Wednesday.

The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid. [snip]
The shares “will have to appreciate sharply” for taxpayers to get their money back, the report said.

For example, GM’s market value would have to reach $67.6 billion, the report said, a “highly optimistic” estimate and more than the $57.2 billion GM was worth at the height of its share value in April 2008. And in the case of Chrysler, about $5.4 billion of the $14.3 billion provided to the company is “highly unlikely” to ever be repaid, the panel said. [snip]

“We are not trying to be Warren Buffett here. We are not trying to squeeze every last dollar out,” Steve Rattner, who led the administration’s auto task force, said before his departure in July. “We do want to do well for the taxpayers but the most important thing is to get the government out of the car business.” [snip] 9emphasis added)

This is not the same as getting the TAXPAYERS OUT OF THE CAR BUSINESS!
As Byzantine as Vermont economics.

Only if you attend his O’liness’ Church.All sermons are blessed with The Word Carnate. The Pontiff of the Potomac says it is so, let no man gainsay him, give me an AMEN!
Cast out the following vassals of the dark, Capitalists all, spreaders of calumny, tolerate them not. Please open your books to Psalm 666 and sing  Happy Days Are Here Again. While you’re doing so, Brother Rahm will pass the plate.

Credit tightening threatens China’s ‘giant Ponzi scheme’

The data raise fresh doubts about the strength of global trade and whether the world can rely on China’s growth miracle to power recovery.

Separately, the Baltic Dry Index – measuring freight rates for bulk goods – has tipped over, dropping 25pc since late July. The shipping figures buttress reports that China has stopped building up stocks of metals and other commodities after a spate of frantic buying over the early summer.  [snip]

Instead, the stimulus is feeding more industrial investment, leading to more excess capacity worldwide. While Chinese GDP continues to grow near 8pc, this is based on output. In the West, GDP growth is based on spending. These two definitions are chalk and cheese.

The underlying story has not changed. The East-West imbalances that lay behind the Great Recession of 2008-2009 are getting worse, not better.[snip]

RBS uber-bear issues fresh alert on global stock markets

Britain’s Uber-bear is growling again. After predicting a torrid “relief rally” over the early summer, Bob Janjuah at Royal Bank of Scotland is advising clients to take profits in global equity and commodity markets and prepare for another storm as winter nears.
“We are now in the middle of a parabolic spike up,” he said in his latest confidential note to clients. [snip]

Mr Janjuah, RBS’s chief credit strategist, has a loyal following in the City. He was one of the very few analysts to speak out early about the dangerous excesses of the credit bubble. He then made waves in the summer of 2008 by issuing a global crash alert, giving warning that a “very nasty period is soon to be upon us” as – indeed it was. Lehman Brothers and AIG imploded weeks later.
This time he expects the S&P 500 index of US equities to reach the “mid 500s”, almost halving from current levels near 1000. Such a fall would take London’s FTSE 100 to around 2,500. The iTraxx Crossover index measuring spreads on low-grade European debt will double to 1250[snip]
The elephant in the room is the spiralling public debt as private losses are shifted on to the taxpayer, especially in Britain and America. “Ask yourself this: who bails out Government after they have bailed out everyone?”
Mr Janjuah said governments might put off the day of reckoning into the middle of next year if they resort to another shot of stimulus, but that would store yet further problems. “If what I fear plays out then I will have to concede that the lunatics who ran the asylum pretty much into the ground last year are back in control.” [snip] (emphasis added)

Well, what’s a wee bit of Cap&Tax and some burdensome ObamaCare on top of the Government gorging on a $1.85 Trillion deficit that the Pope of the Potomac incurred.

Enter all Ye of little faith… some more Popery is on tour in your Congressperson’s town meeting.

If you haven’t been baptized a NAZI yet, now’s your chance!

I got this photo from the paper this AM. A perfect illustration to the mental shortcomings of Obama. Rhod captured verbally what this image shows. (See previous post) 

Not a rust bucket in sight!

You can “Go Galt” in your own way and help derail Obama’s plans for a “Socialist America.”

Taking from the earning class is only possible when there is something to take.  This isn’t about the rich, for confiscation of all their money wouldn’t put a dent in Obama’s deficit spending.
However, YOU can do much to prevent Obama’s success by the following actions.

How? Merely simplify your life a bit, take time for your family and enjoy what you have in the ‘here and now.” You may have had some of this forced on you by the economy; take advantage of it.

Defer your income:
If you can afford to have your employer defer your income to a future year then try to DEFER YOUR INCOME. Work for free now and pay no income tax while Obama and this Congress is in office, with the promise that you’ll get income down the road after they’re defeated. As long as you can afford to do this, make it clear to the government that you will continue to defer your income until the TARP, GM and Chrysler funds are returned to the rightful owners, the taxpayers.

Re-engage your Family:
Take a good look at your tax structure for being a two wage earner family. Take back the tax dollars on that income and instead, invest it in your children’s future by raising them yourselves. Get rid of the two expensive cars; be there when your kids come home from school; counter that politically correct, enviro-socialist claptrap they are getting all day long.
(See what they are getting as an reinforcement to textbooks: http://storyofstuff.com/)

Help with their reading, turn off the TV, do some math and play a game with them. Defy Obama. QUIT THE SECOND JOB. Forgo that income. Obama will froth at the mouth with rage.

Stop spending:
Unnecessary spending means you are paying unnecessary sales taxes. Notice I said unnecessary spending for crap, garbage, impulse items that are quickly tossed aside. Sadly, most of the consumer products you buy are Chinese imports: every dollar spent on such items is shipped out of the country.

So, STOP SHOPPING, especially at Wal-Mart, China’s preferred importer. All you are doing is creating unemployment here at home. The side benefit is that you deprive badly run bloated state governments of sales tax revenue - and that’s half the fun of it.
Look at the fiscal condition of CA, NY, RI, MA, CT, VT and ME governments. They NEED to be on a diet; no, more than that, they need to become anorexic.

Banks:
Get a three-hour fire safe for about $100.00 and put away a few thousand dollars. Keep your cash income at home! It’s just a good idea to have a few thousand dollars at home anyway for emergencies. The Government has your bank account numbers; the IRS can seize funds so fast, your head will spin.

Keep an account for paying bills and cashing checks, doing normal commerce; just don’t be caught with all your money in there. Banks are not paying any significant interest on accounts anyway, that is worth keeping your money at risk.

Besides, banks are teetering on the brink. Do you want to be caught holding the bag? Remember: What they can’t find, they can’t tax and they can’t redistribute.
Buy some Gold or Silver too!

Cash is king:
Treasury Secretary Tim Geithner understands! Cash income avoids taxes. He knows all about things like that. Keep that cash at home, Spend it on everyday expenses, as our Treasury Secretary did for years and years and years. It’s how he became a millionaire. He knows the ins and outs. Learn from a master.

Going Galt doesn’t mean quitting your job and putting your family in jeopardy. It means depriving the government of your services in every way possible that you can without putting your family in jeopardy. Work for cash when you can.

VOTE:
Don’t tell me they’re all crooks except your guy, that’s why you’re voting for him. He’s in that cesspool with the rest of the felons.

VOTE ALL OF THEM OUT. Republicans and Democrats alike. Our current leaders got us into this mess. It’s time to get all of them out.

Your government is taking the tax dollars you are paying and giving them to Fiat and GM. It is also laundering your tax dollars through AIG to send billion-dollar checks to millionaire foreign bankers in Europe. Paulson shipped the TARP funds to China.

After all the bailouts, BofA and CITI are still a mess. It was all about greed; the same with Obama only his greed is for POWER of the class warrior. No money is his Kryptonite!
Going Galt isn’t easy; you can contribute in small, unexpected ways.

“In sum, Tim Geithner is a gigantic fool, the IMF the gun that can’t shoot straight, Alan Greenspan a bungler. The big US banks were run by the greedy and the hopeless, the Australian banks by counterhopping clerks. It’s a world of many villains.” [snip]

Remember when the Obama administration and its allies in Congress urged the confirmation of Tim Geithner despite his tax problems? They claimed that Geithner was “uniquely qualified” to lead the nation out of an economic collapse, and that no other candidate could possibly replace Geithner. Former Australian Prime Minister Paul Keating must have thought the Democrats and American media had discovered a completely different Tim Geithner than the one he knew.

If anyone in the US media had thought to ask a former Australian prime minister for his assessment, they would have heard a different view. And they would not have been so surprised at Geithner’s performance since.

In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner’s record in handling the Asian crisis: “Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to apply current account solutions to a capital account crisis.”

In other words, Geithner fundamentally misdiagnosed the problem. And his misdiagnosis led to a dreadfully wrong prescription.

After reading the articles, are you still wondering why people don’t want to work as his deputies? Why the stock market took a header with his confirmation?
Is there any question about what direction Obama desires banking and investing to go?

That sound you hear from down under? Laughter at the gullibility of Congress and the media in buying the argument that a man who couldn’t figure out his own taxes had the only qualifications for handling American economic policy. Our mainstream media never reported on this botch-up until it was far too late to do anything about it.

Geithner didn’t pay his taxes because he’s a crook; it’s because he’s an idiot. This is the same reason he hasn’t done anything at Treasury and never will.