Kudlow – clips from Boehner speech at Economic Club of NY on Debt Limit Increase

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May 9, 2011. Tags: , , , , , , , , , , , , , , , , . Economy, Finance, Politics, Popular Culture, Unemployment Statistics, Wall St. Comments off.

Update: Bernanke gets his Joe Cassano on…

Update: 4/17/11~ Question Asked, Question Answered~ (emphasis from original)

Stunningly, today we learn that to keep long rates low, the Fed may have resorted to nothing short of the same suicidal trade that destroyed AIG FP and brought the entire system to its knees. Namely, Ben Bernanke is now quite possibly the second coming of Joe Cassano, since in order to keep rates low, Bernanke is forced to a last resort action of selling billions upon billions of Treasury puts to “pin” rates low contrary to natural supply-demand mechanics…


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April 15, 2011. Tags: , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

Iceland Roolz, Bankstas Drool: Voters reject Banksta chains for 2nd time

Yay Iceland! Show us how it’s done :0) Kronor baby.

jokulsarlon glacier lagoon south iceland

ZeroHedge:

…State television said almost 60 percent of voters had rejected the agreement, based on results from five out of six voting districts, including capital Reykjavik. Many voters were against taxpayers footing the bill for irresponsible bankers….

Tyler notes that the Fear Mongering of the Banksta owned politicians is directly contradicted by the facts-Iceland is doing BETTER since it tossed off the international banksta chains:

…Ever since Iceland decided to stop pandering to banker interests, and transfer its country’s wealth to banks from Europe and Holland, its economy has in fact been on a constant upward trajectory….

Thank you Iceland for setting an example of True Independence and allowing the bankstas who took the risks to take the pain. Our children should not be enslaved to repay bankstas bad bets folks.

April 10, 2011. Tags: , , , , , , , , , . Economy, Finance, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. 1 comment.

Video: Paul Ryan unveils budget ~ Gen X is ready to take some pain, are you?

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Rep Ryan on Squawk Box this morning discussing his budget.

Gen X will be the first to hit the new Medicare Premium Assistance Program in 2022.

We always knew it would be us. At this point I am GLAD it is us. The Boomers don’t have the fortitude of their parents and all they do is consume.

Only the Thirteenth Generation aka Gen X, is prepared to sacrifice.

After all, we are used to it. We expected it. Hell, we have been waiting for the other shoe to drop on us since our first experience following Boomers, the Carter years, and then the pain of Volcker slaying inflation during Reagan’s recession. And don’t forget the FICA tax increase we got to pay for Boomers’ retirement, the $$ that is now-gone and which we will have to pay, again.

Fact is, we are a small enough generational cohort that the pols feel comfy shafting us, always have, always will.

Heaven forfend someone should ask the frakkin Boomers to share the pain. They still think they are God’s gift to the world.

So instead of righting the ship immediately, which we could do if the Boomers would give something up, we in Gen X will take the first hit.

So here we are, stepping up, ready to share the burden.

FIX IT NOW. CUT NOW. WE ARE READY.

We are the Eeyores of the current populace and we have always been ready to get the shaft, at least let us do it now so we feel we contributed something meaningful while we got screwed…

and PS-Thank you Rep. Ryan!

Andrew Stiles breaks out some numbers on NRO:

$6.2 trillion — Amount of spending cuts proposed relative to President Obama’s 2012 budget request.

$5.8 trillion — Amount of spending cuts proposed relative to the current CBO baseline.

2008 — Ryan’s plan would bring non-security discretionary spending to below 2008 levels (pre-stimulus, pre-bailout, pre-Obama).

20 percent — Target spending levels (as a percentage of GDP).

$4.4 trillion — Total deficit reduction over 10 years called for under the plan, compared to $4 trillion under Bowles-Simpson and just $1.1 trillion under Obama’s 2012 budget.

$4.7 trillion — Total debt reduction relative to Obama’s budget.

$178 billion — Amount of saving achieved in the Defense Department budget, per the recommendations of Defense Secretary Robert Gates, $100 billion of which would be reinvested, the rest used to reduce the deficit.

$750 billion — Total savings achieved through Medicaid reform, in the form of block grants to states, giving governors greater flexibility in their budgets.

2022 — Year that proposed Medicare reforms would take effect.

25 percent — The top tax rate proposed for both individuals and companies.

18-19 percent — Target revenue levels (as a percentage of GDP), in keeping with historic average levels.

$800 billion — Total amount of tax increases eliminated by repealing Obamacare.

1 million — Private-sector jobs created over the next year.

4 percent — Projected unemployment rate by 2015.

$1.5 trillion — Projected growth in real GDP over the next decade.

$1.1 trillion — Estimate increase in wages over 10 years, yielding an average increase in income of $1,000 per year for each American family.

10 percent — Proposed reduction to the federal workforce over the next three years.

$120 trillion — Total debt reduction by 2050 relative to Obama’s budget.

Update: Oh here we go, Boomers whining about not having enough to live in style in retirement. Cry me a frakkin river dudes, you spent it all and THEN some (and once again Gen X, following your shenanigans, got the 1st 10 yr run with no $$ in stocks) but dont worry your Berbanke is printing just as fast as he can so you can continue to take cruises every spring (until stagflation catches up to us).

Your idiotic brain trust picked out Obama to be POTUS! There are no more resources for you to consume! Jeebus, get a grip!

The 77 million-strong generation born between 1946 and 1964 has clung tenaciously to its youth. Now, boomers are getting nervous about retirement. Only 11 percent say they are strongly convinced they will be able to live in comfort.

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April 5, 2011. Tags: , , , , , , , , , . Economy, Finance, Healthcare, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

Welcome Speaker Boehner! Go Away Pelosi, far, far away…

Update: Boehner full speech and swearing in courtesy of theRightScoop.com


Jeebus I thought she would never shut up….

God Bless Speaker Boehner and the new Majority of the 112th Congress, may you have the courage of your convictions, and convictions that are unshakeable in the face of the D.C. Machine. Stick to the Constitution, it will never steer you wrong.

For those Critters about to rock, we salute you~

January 5, 2011. Tags: , , , , , , , . Economy, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

Heigh Ho Silver Awaaay! Silver hits 30 yr high $30.07…

~Jamie Dimon is crying somewhere~ Silver is up 70% since August :0) Sister Gold also continues to rise- $1421 an oz baby~ Gentle Ben’s insistence they have it all ‘contained’ on 60 Mins has done nada to diminish the attraction of the shiny preccious….

December 6, 2010. Tags: , , , , , . Economy, Finance, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

What do you do for $:Fed reveals partial data on emergency lending facilities, still mum on discount window

Update: Well, it would appear absolutely EVERYONE got a bailout except the middle class. And I do mean everyone.

Zero Hedge breaks down the 35 foreign banks that the Fed bailed out here.

…$1.27 trillion in agency MBS was traded by foreign banks…

led by the $410 billion by German-based Deutsche Bank ..

…the $382 billion by the Switzerland-based Credit Suisse.

Other highlights of the disclosure include that GE among other commercial endeavors got $ from the Fed, and that the Fed has essentially been taking all the polluted assets from everyone with a pulse (again, except for the US middle class consumer/homeowner who has been lectured about ‘moral hazard’ and whose house has been foreclosed upon):

.the Federal Reserve purchased $1.25 trillion in agency MBS from all participating banks.

Goldman Sachs borrowed 84 times from Fed’s dealer facility (PDCF) from Sept. 15 to 11/26/08 for amounts ranging from $100m to $8b

Bank of America borrowed 118 times from the PDCF from Sept 18 2008 to May 2009, in amount ranging from $375 million to $11 billion.

And even CA Pension funds got in on the bail out action, per ZeroHedge:

Looking at the TALF data, we see that the biggest borrower by subscription is Calpers, with a total of about $5.4 billion

Federal Reserve data breakdown and press release here. More from WSJ here

WSJ:

…The data released Wednesday include short-term liquidity moves for financial institutions and companies made as part of the Fed’s traditional role as lender of last resort, liquidity injections directly to borrowers and investors in key credit markets and financial support for Bear Stearns Cos. and American International Group Inc. (See all the data from the Fed)

Fed officials reported details on more than 21,000 transactions from December 2007 to July 2010. The emergency programs caused the size of the Fed’s balance sheet to swell. (See a history of the Fed’s lending)…

December 1, 2010. Tags: , , , , , , , , , , , . CITI, citigroup, Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

Video: Mark Fisher talks QE2 ~ ‘it will end badly’

Courtesy of CNBC

More~ Mark Fisher talks commodities~

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November 9, 2010. Tags: , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

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