Posts Tagged ‘fiscal responsibility’

David Walker With Jon Stewart: “There Is No Party Of Fiscal Responsibility In Washington.

David Walker With Jon Stewart: "There Is No Party Of Fiscal Responsibility In Washington." (Daily Show Video)

Courtesy of The Daily Bail 

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Video:  David Walker with Jon Stewart

Originally aired in January, but it has never been posted here before.  Walker is the former Comptroller General of the Untied States and is now President of the Peterson Foundation.

  • "There is no party of fiscal responsibility in Washington."
  • "When the statutory budget controls expired in 2002, Washington lost total control.  Unfunded tax cuts, unfunded war costs, expansion of entitlement benefits.  And we are where we are today."

David Walker Says US Government Immorality Will Lead To Bankruptcy (60 Minutes)

David Walker: "The United States Is On The Same Path To Bankruptcy As Greece" (VIDEO)

Daily Bail Exclusive Interview With David Walker: "Young People Wake Up, Ignorance And Apathy Make For A Toxic Mix"

Movie Trailer For ‘I.O.U.S.A.’ America The Bankrupt

PBS Frontline Explores The National Debt: ‘$10 Trillion And Counting’


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Who Will Pay: Wall Street or Main Street?

Who Will Pay: Wall Street or Main Street?

Courtesy of ELLEN BROWN at Web of Debt 

The financial reform bill agreed to on June 25 may have carved out some protections for consumers, but for Goldman Sachs and the derivatives lobby, the bill was a clear win, leaving the Wall Street gambling business intact. In a June 25 Newsweek article titled “Financial Reform Makes Biggest Banks Stronger,” Michael Hirsh wrote that the bill “effectively anoints the existing banking elite. The bill makes it likely that they will be the future giants of banking as well.”

The federal government and Federal Reserve have advanced literally trillions of dollars to save the big Wall Street players, to the point where the government’s own credit rating is in jeopardy; but Wall Street has not had to pay for the cleanup. Instead, the states and the citizens have been left to pick up the tab.  On June 17, Time featured an article by David von Drehle titled “Inside the Dire Financial State of the States,” reporting that most states are now facing persistent budget shortfalls of a sort not seen since the 1930s.  Unlike the Wall Street banks, which can borrow at the phenomenally low fed funds rate of .2% and plow that money back into speculation, states don’t have ready access to credit lines.  They have to borrow through bond issues, and many states are so close to bankruptcy that their municipal bond ratings are collapsing.  Worse, states are not legally allowed to default.  Unlike the federal government, which can go into debt indefinitely, states must balance their budgets; and they cannot issue their own currencies.  That puts them in the same position as Greece and other debt-strapped European Union countries, which are forbidden under EU rules either to issue their own currencies or to borrow from their own central banks. 

States, of course, don’t even have their own state-owned banks, with one exception — North Dakota.  North Dakota is also the only state now sporting a budget surplus, and it has the lowest unemployment and mortgage delinquency rates in the country.  As von Drehle observes, “It’s a swell time to be North Dakota.”

But most states are dealing with serious, chronic defaults, putting them in the same debt trap as Greece: they are being forced to lay off workers, sell public assets, and look for ways…
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Has Alan Grayson Lost His Mind?

Karl Denninger on Alan Grayson’s proposal:

Has Alan Grayson Lost His Mind?

I generally like Alan so I was stunned to see this bit of pandering - although perhaps I shouldn’t be, given that it’s election season and every one of the critters in Congress is trying desperately to justify their salaries.

5 minutes of worthwhile video, but….. (you knew there would be a "but", right?)

Yes, we could cut the separate funding for Afghanistan and Iraq.  Of course we would then have the troops here, which still results in them being paid salaries, right?

The cost of a war isn’t just fuel for planes, bombs to drop and bullets to shoot.  It is also salaries for our soldiers, salaries for the development of weapons, salaries for places like Eglin and other bases.  If the total spent goes down that support to the economy goes down too.

You won’t see me argue for greater federal spending in the general sense.  But I will argue that until and unless you deal with the energy situation and our 40 years of stupidity in that regard walking away from the sources of our nation’s energy isn’t exactly smart.

Worse, however, Alan Grayson wants to give 90% of the money he would "save" through this move to "the people", thereby not actually withdrawing the deficit spending (which we should do), but instead shifting it.

$16 billion of "deficit reduction", so he claims.  But he’s not mentioning the $1.6 trillion in deficit that we have.

Cutting $160 billion wouldn’t be all that bad of an idea – that would be 10% of the deficit, and might actually matter.  Indeed, it would be what I’d call "a good start."

But 1%? 

That’s pissing into a hurricane.

Nice try at populism draped in a false cloak of "fiscal responsibility" Alan.

It’s unfortunate that "on the numbers" your bill displays an IQ smaller than your shoe size.


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Zero Hedge

Federal Decision On Mask Mandate Imminent: Report

Courtesy of ZeroHedge View original post here.

Despite Dr. Anthony Fauci's claim that the federal government wouldn't adopt any new confusing and unscientific mask or vaccine guidance, CNN reports that federal officials are preparing to announce new nation-wide masking guidance after NYC and California ordered public workers to either provide proof of their vaccination status or mask up, while LA has ordered people to wear masks in public once again. According to CNN, the decision is "imminent", and could arrive as soon as Tuesday....



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Phil's Favorites

Bonds and Inflation

 

Bonds and Inflation

Courtesy of Michael Batnick

So this is different. Inflation has never been this high, with bond yields this low.

Rates should, in theory, be a way to gauge what market participants think about future inflation. Higher inflation would cripple today’s coupons, so again, in theory, investors would demand higher rates for that risk.

But investing isn’t about theories. At some point, we need to acknowledge reality. It’s probably time we update our models, mental and otherwise.

There are varying explanations as to why this relationship may no longer hold, and I t...



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Digital Currencies

Is Amazon About To Start Accepting Crypto?

Courtesy of ZeroHedge

For the first time ever, Amazon has shown itself to be interested in crypto with a new major hire within its payments-focused team.

Posted on Thursday, the new role seeks an experienced product leader with expertise in blockchain, central bank digital currencies and cryptocurrencies to “develop the case for the capabilities which should be developed” and drive overall product vision.

The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap

The Amazon Payment Acceptance & Experie...



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Biotech/COVID-19

US is split between the vaccinated and unvaccinated - and deaths and hospitalizations reflect this divide

 

US is split between the vaccinated and unvaccinated – and deaths and hospitalizations reflect this divide

As coronavirus cases surge, unvaccinated people are accounting for nearly all hospitalizations and deaths. Fat Camera/E+ via Getty Images

Courtesy of Rodney E. Rohde, Texas State University and Ryan McNamara, University of North Carolina at Chapel Hill ...



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Chart School

Investing with Channels - Review

Courtesy of Read the Ticker

The US has a lot of debt, to sell more units of the debt to non US buyers the FED and Treasury must get the unit price of the debt down.

This video assumes a 'risk on' bullish bias into the Nov 2022 US mid terms. The bias assumes a US dollar trending down from it current high price of $93 on the DXY.






Chart 1 - US Dollar Channels


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Chart 2 - Ethereum/USD


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Politics

New York defines illegal firearms use as a 'public nuisance' in bid to pierce gun industry's powerful liability shield

 

New York defines illegal firearms use as a ‘public nuisance’ in bid to pierce gun industry’s powerful liability shield

Illegal gun use is now a public nuisance in New York. AP Photo/Bebeto Matthews

Courtesy of Timothy D. Lytton, Georgia State University

Could calling the illegal use of firearms a “public nuisance” bring an end to the gun industry’s immunity from civil lawsuits? ...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

Is Crude Oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity!

Crude Oil has created lower highs over the past 13-years, since peaking back in 2008, along line (1).

It created a “Double Top at (2), then it proceeded to decline more than 60% in four months.

The countertrend rally in Crude Oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest Crude Oil is about to mo...



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ValueWalk

Managing Investments As A Charity Or Nonprofit

By Anna Peel. Originally published at ValueWalk.

Maintaining financial viability is a constant challenge for charities and nonprofit organizations.

Q4 2020 hedge fund letters, conferences and more

The past year has underscored that challenge. The pandemic has not just affected investment returns – it’s also had serious implications for charitable activities and the ability to fundraise. For some organizations, it’s even raised doubts about whether they can continue to operate.

Finding ways to generate long-term, sustainable returns for ...



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Mapping The Market

Suez Canal: Critical Waterway Comes to a Halt

 

Suez Canal: Critical Waterway Comes to a Halt

Courtesy of Marcus Lu, Visual Capitalist

The Suez Canal: A Critical Waterway Comes to a Halt

On March 23, 2021, a massive ship named Ever Given became lodged in the Suez Canal, completely blocking traffic in both directions. According to the Suez Canal Authority, the 1,312 foot long (400 m) container ship ran aground during a sandstorm that caused low visibility, impacting the ship’s navigation. The vessel is owned by Taiwanese shipping firm, Evergreen Marine.

With over 2...



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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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