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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ValueWalk

The price you pay determines the base earning yield

By Adam Parris. Originally published at ValueWalk.

One advantage of investing in stocks has over investing property is that you can start small with only 1,000 dollars and all without the need to carry the heavy burden of debt.

Q1 2020 hedge fund letters, conferences and more

But, is starting with such a small amount of money worth it?

Especially if you are not using debt as leverage?

Yes, absolutely.

The Little Bluey Portfolio.

This is the primary purpose of the Little Bluey $1,000 Portfolio.

Along with showing the Share Investors Blueprint members, and prospective members,...



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Phil's Favorites

Riot or resistance? How media frames unrest in Minneapolis will shape public's view of protest

 

Riot or resistance? How media frames unrest in Minneapolis will shape public's view of protest

Protesters outside of a burning Minneapolis police precinct. AP Photo/John Minchillo

Courtesy of Danielle K. Kilgo, Indiana University

A teenager held her phone steady enough to capture the final moments of George Perry Floyd’s life as he apparently suffocated under the weight of a Minneapolis police officer’s knee on his neck. The video went...



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Chart School

Silver volume says something is near boiling point

Courtesy of Read the Ticker

Fundamentals are important, but they must show up in the chart. And when they do and if they may matter, it is a good sign if price and volume waves show a change of character.

The Point and Figure chart below is readtheticker.com version of PnF chart format, it is designed to highlight price and volume waves clearly (notice the Volume Hills chart).

Silver ETF volume is screaming at us! The price volatility along with volume tells us those who have not cared, are starting to, those who are wrong are adjusting, and those who are correct are loading up. Soon the kettle will blow and the price of silver will be over $20. 

Normally silver suffers in a recession, maybe this time with trillions of paper money being creat...

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Zero Hedge

Valuations Point To A Decade Of Anemic Returns Ahead

Courtesy of ZeroHedge View original post here.

Submitted by Joseph Carson, former chief economist of Alliance Bernstein

Macro measures of equity market valuations offer investors a fundamental assessment of the risk-reward ratio in investing at various points in the cycle. Macro equity valuation measures highlight “richness” and “cheapness” in the broad equity market.

History shows that investors who time their entry into the broad equity market at depressed levels of macro valuations far outperform investing strategies that remain fully invested. Current macro valuations indicate a very poor risk-r...



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Biotech/COVID-19

Antigen tests for COVID-19 are fast and easy - and could solve the coronavirus testing problem despite being somewhat inaccurate

 

Antigen tests for COVID-19 are fast and easy – and could solve the coronavirus testing problem despite being somewhat inaccurate

Antibodies are incredibly good at finding the coronavirus. Antigen tests put them to work. Sergii Iaremenko/Science Photo Library via Getty Images

Courtesy of Eugene Wu, University of Richmond

In late February, I fell ill with a fever and a cough. As a biochemist who teaches a class on viruses, I’d been tracking the outbreak of...



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Kimble Charting Solutions

Tech Indicator Suggesting A Historic Top Could Be Forming?

Courtesy of Chris Kimble

Tech stocks have been the clear leader of the stock market recovery rally, this year and since the lows back in 2007!

But within the ranks of leadership, and an important ratio may be sending a caution message to investors.

In today’s chart, we look at the ratio of large-cap tech stocks (the Nasdaq 100 Index) to the broader tech market (the Nasdaq Composite) on a “monthly” basis.

The large-cap concentrated Nasdaq 100 (only 100 stocks) has been the clear leader for several years versus the ...



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The Technical Traders

M2 Velocity Collapses - Could A Bottom In Capital Velocity Be Setting Up?

Courtesy of Technical Traders

M2 Velocity is the measurement of capital circulating within the economy.  The faster capital circulates within the economy, the more that capital is being deployed within the economy to create output and opportunities for economic growth.  When M2 Velocity contracts, capital is being deployed in investments or assets that prevent that capital from further circulation within the economy – thus preventing further output and opportunity growth features.

The decline in M2 Velocity over the past 10+ years has been dramatic and consistent with the dramatic new zero US Federal Reserve interest rates initiated since just after the 2008 credit crisis market colla...



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Lee's Free Thinking

US Southern States COVID19 Cases - Let's Give Credit Where Due

 

US Southern States COVID19 Cases – Let’s Give Credit Where Due

Courtesy of  

The number of new COVID 19 cases has been falling in the Northeast, but the South is not having the same experience. The number of new cases per day in each Southern state has been rangebound for the past month.

And that’s assuming that the numbers haven’t been manipulated. We know that in Georgia’s case at least, they have been. And there are suspicions about Florida as well, as the State now engages in a smear campaign against the fired employee who built its much praised COVID19 database and dashboar...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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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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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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