Posts Tagged ‘Bush administration’

Obama argues his assassination program is a “state secret”

Obama argues his assassination program is a "state secret"

At this point, I didn’t believe it was possible, but the Obama administration has just reached an all-new low in its abysmal civil liberties record.  In response to the lawsuit filed by Anwar Awlaki’s father asking a court to enjoin the President from assassinating his son, a U.S. citizen, without any due process, the administration late last night, according to The Washington Post, filed a brief asking the court to dismiss the lawsuit without hearing the merits of the claims.  That’s not surprising:  both the Bush and Obama administrations have repeatedly insisted that their secret conduct is legal but nonetheless urge courts not to even rule on its legality.  But what’s most notable here is that one of the arguments the Obama DOJ raises to demand dismissal of this lawsuit is "state secrets":  in other words, not only does the President have the right to sentence Americans to death with no due process or charges of any kind, but his decisions as to who will be killed and why he wants them dead are "state secrets," and thus no court may adjudicate their legality.

A very intense case of food poisoning in New York on Thursday, combined with my traveling home all night last night, prevents me from writing much about this until tomorrow (and it’s what rendered the blog uncharacteristically silent for the last two days).  But I would hope that nobody needs me or anyone else to explain why this assertion of power is so pernicious — at least as pernicious as any power asserted during the Bush/Cheney years.  If the President has the power to order American citizens killed with no due process, and to do so in such complete secrecy that no courts can even review his decisions, then what doesn’t he have the power to do?…

Read more at www.salon.com 


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Why You Can Blame Bush For The Fact That His Tax Cuts Are Expiring In The First Place

Why You Can Blame Bush For The Fact That His Tax Cuts Are Expiring In The First Place

Courtesy of Joe Weisenthal at Clusterstock 

President George W Bush

Here’s a question you’ve probably had: Why are the Bush tax cuts expiring in the first place? 

Clive Crook at the FT has the answer:

What a commentary on the US approach to tax policy. The tax cuts are due to expire in the first place only because the Bush administration was cooking the books. The idea was to disguise the cuts’ long-term cost, which is colossal. Making them permanent would cost nearly $4,000bn over 10 years. The Republicans always wanted the changes to be permanent. The sunset provision was just a feint to make them look affordable.

Democrats are no better at playing budget games, notes Crook:

Democrats deplored the tax cuts as reckless – which they were – yet want mostly to preserve them. The middle-class part of the tax cuts, which they like, account for roughly three-quarters of the forgone revenue. Talk about having it both ways. Barack Obama organised his election campaign around this position. He complained of fiscal irresponsibility with one breath, then promised even lower taxes for most Americans – households making less than $250,000 a year, some 97 per cent of the total – with the next.

A similar contradiction might be seen with the healthcare bill, and the Democrats’ promise that it would be a budget reducer, a goal accomplished by pushing other decisions down the road.

Image: Wikimedia

 


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Taylor, NY Times, Dean Baker Call Out Bernanke

Taylor, NY Times, Dean Baker Call Out Bernanke

Courtesy of Mish

Oil being poured into water, studio shot

Bernanke’s hubris, inability to admit mistakes, and his blaming everyone but himself for his mistakes is increasingly starting to touch on nerves.

On Tuesday, the New York Times asked the right question: If Fed Missed This Bubble, Will It See a New One?

In 2005, Mr. Bernanke — then a Bush administration official — said a housing bubble was “a pretty unlikely possibility.” As late as May 2007, he said that Fed officials “do not expect significant spillovers from the subprime market to the rest of the economy.”

The fact that Mr. Bernanke and other regulators still have not explained why they failed to recognize the last bubble is the weakest link in the Fed’s push for more power. It raises the question: Why should Congress, or anyone else, have faith that future Fed officials will recognize the next bubble?

Just this week, Mr. Bernanke went to the annual meeting of academic economists in Atlanta to offer his own history of Fed policy during the bubble. Most of his speech, though, was a spirited defense of the Fed’s interest rate policy, complete with slides and formulas, like (pt – pt*) > 0. Only in the last few minutes did he discuss lax regulation. The solution, he said, was “better and smarter” regulation. He never acknowledged that the Fed simply missed the bubble.

“We’ve never had a decline in house prices on a nationwide basis,” Mr. Bernanke said on CNBC in 2005.

“The Federal Reserve has unparalleled expertise,” Mr. Bernanke told Congress last month. “We have a great group of economists, financial market experts and others who are unique in Washington in their ability to address these issues.”

Fair enough. At some point, though, it sure would be nice to hear those experts explain how they missed the biggest bubble of our time.

Useless Expertise

All that "expertise" was less than useless. It is amazing how hopeless Bernanke was about housing, about jobs, about the recession, about everything.

Bernanke did not get a single thing right.

Taylor Disputes Bernanke

Please consider Taylor Disputes Bernanke on Bubble, Says Low Rates Played Role.

John Taylor, creator of the so-called Taylor rule for guiding monetary policy, disputed Federal Reserve Chairman Ben S. Bernanke’s argument that low interest rates didn’t


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ValueWalk

Are S&P 500 and Precious Metals Bears Just Getting Started?

By Monica Kingsley. Originally published at ValueWalk.

Scary selling yesterday? See how little the downswing has achieved technically, check out the other characteristics, and you‘ll probably reach the same conclusion I did. It‘s still about the tech getting its act together while much of the rest of the market is doing quite fine.

Q4 2020 hedge fund letters, conferences and more

Treasuries Are Under Pressure

The credit market confirm, as is obvious from the HYG:SHY ratio chart I‘m showing you. True, long-term Treasuries are under pressure, but I wrote on Monday that ...



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Kimble Charting Solutions

Will Bond Yields Fastest Rise In 50 Years Rattle Markets?

Courtesy of Chris Kimble

The waterfall decline of bond yields (and interest rates) has been met with an equally steep rally.

In fact, the 10-Year US Treasury bond yield is up 131% in 45 weeks, making it the biggest rally in 50 years! See the chart below.

Earlier today we asked if the 40-Year Bond Bull Market Is Over? And we highlighted how bonds and yields are facing an important test right now.

Will the record rise in bond yields continue? And will bond pric...



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Zero Hedge

Thousands Of Quakes Rock Iceland As Volcanic Eruption Could Be Brewing 

Courtesy of ZeroHedge View original post here.

Over the past week, there have been swarms of earthquakes on the Reyjanes Peninsula in Iceland. Most of the quakes are felt around Keilir volcano, just 20 miles south of the capital. Officials are warning similar quake activity has previously preceded volcanic eruptions.

According to the Icelandic Meteorological Office, thousands of quakes have hit the southwestern region of Reykjanes over the past week. The largest earthquake, a magnitude 5.6 on the Richter s...



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Politics

Why repressive Saudi Arabia remains a US ally

 

Why repressive Saudi Arabia remains a US ally

A demonstrator dressed as Saudi Arabian Crown Prince Mohammed bin Salman with blood on his hands protests outside the Saudi Embassy in Washington, D.C., on Oct. 8, 2018. Jim Watson/AFP via Getty Images

Courtesy of Jeffrey Fields, USC Dornsife College of Letters, Arts and Sciences

Saudi Crown Prince Mohammad bin Salman “approved an operation … to capture or kill Saudi journalist Jamal Khashoggi,” according to a...



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Phil's Favorites

Ensuring the minimum wage keeps up with economic growth would be the best way to help workers and preserve FDR's legacy

 

Ensuring the minimum wage keeps up with economic growth would be the best way to help workers and preserve FDR's legacy

It may seem like a lot, but it’s not the most important change in the bill. AP Photo/J. Scott Applewhite

Courtesy of Felix Koenig, Carnegie Mellon University

The US$1.9 trillion pandemic relief bill that the House ...



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Biotech/COVID-19

COVID-19 revealed how sick the US health care delivery system really is

 

COVID-19 revealed how sick the US health care delivery system really is

Many U.S. hospitals and clinics are behind when it comes to sharing information. Teera Konakan/Moment via Getty Images

Courtesy of Elizabeth A. Regan, University of South Carolina

If you got the COVID-19 shot, you likely received a little paper card that shows you’ve been vaccinated. Make sure you keep that card in a safe place. There is no coordinated way to share information about who has been vaccinated and who has not.

...

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Mapping The Market

Which Governments Ordered Johnson & Johnson's Vaccine?

 

Which Governments Ordered Johnson & Johnson's Vaccine?

Courtesy of Niall McCarthy, Statista

On Wednesday, U.S. regulators announced that Johnson & Johnson's Covid-19 vaccine being developed by its subsidiary Janssen Pharmaceuticals in Belgium is effective at preventing moderate to severe cases of the disease. The jab has been deemed safe with 66 percent efficacy and the FDA is likely to approve it for use in the U.S. within days.

The Ad26.COV2.S vaccine can be stored for up to three months in a refrigerator and requires a single shot, ...



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Digital Currencies

Crypto - It Is Different This Time

 

Crypto – It Is Different This Time

Courtesy of Howard Lindzon

?I have been astonished as you know by the growth of crypto.

I remember back in 2017 when I noticed that Stocktwits message volume on Bitcoin ($BTC.X) surpassed that of $SPY. I knew Bitcoin was here to stay and Bitcoin went on to $19,000 before heading into its bear market.

Today Bitcoin is near $50,000.

Back in November of 2020, something new started to happen on Stocktwits with respect to crypto.

After the close on Friday until the open of the futures on Sunday, all Stocktwits trending tickers turned crypto. The weekend messages on Stocktwits have increased 400 percent.

That has continued each weekend...



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Chart School

The Fastest Money

Courtesy of Read the Ticker

The fast money happens near the end of the long trend.

Securities which attract a popular following by both the public and professionals investors tend to repeat the same sentiment over their bull phase. The chart below is the map of said sentiment.
 


 

Video on the subject.


 

Charts in the video



 



 



Changes in the world is the source of all market moves, to ...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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