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President Obama – Worst. Socialist. Ever.

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FACT: In March 2009, shortly after Obama took office the Dow hit a LOW of 6,443.

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November 19, 2013 Posted by | 2012, President Bush, President Obama | , , , , , | Leave a comment

“Quote of the Day”

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“Once you realize that trickle-down economics does NOT work, you will see the excessive tax cuts for the rich as what they are — a simple upward distribution of income, rather than make us all richer, as we were told.”

Ha-Joon Chang, Facilty of Economics, University of Cambridge

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November 8, 2013 Posted by | President Reagan | , , , , | Leave a comment

“Quote of the Day”

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I can hear ’em now, “We need to drug test her; Lazy b*tch!”

September 15, 2013 Posted by | Uncategorized | , , , , , , , , , , , | Leave a comment

STUDY: Middle Class Suffered ‘Worst Decade In Modern History’ As Wages Stagnated, Share Of Income Fell

Via: Think Progress

The middle class is shrinking, and so is its share of America’s income and wage growth, according to a new study released Thursday.

The study from the Pew Research Center found that the middle class — defined as Americans with incomes between $39,000 and $118,000 — fell backward in income for the first time since the end of World War II, and the number of Americans who fit into that category shrunk from 61 percent in 1971 to just 51 percent in 2011.

The share of income that went to the middle class also fell during the first decade of the 21st century, a 10-year period that featured two damaging recessions, including the worst economic downturn since the Great Depression, and a major housing crisis.

The share of income that went to the wealthiest Americans, however, has grown substantially since 1970, as the Washington Post notes:

In 1970, the share of U.S. income:

middle class – 62 percent

upper income – 29 percent

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But by 2010, the share of U.S. income:

middle class – 45 percent

upper income – 46 percent

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Read more, HERE:

http://thinkprogress.org/economy/2012/08/23/734781/middle-class-worst-decade/

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personal thought:

The Romney/Ryan Budget Plan calls for even BIGGER TAX CUTS for the WEALTHY.

Unless you want your kids/grandkids to grow up in a third-world country – VOTE OBAMA/BIDEN!

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August 24, 2012 Posted by | 2012, GOP morons, Paul Ryan, President Obama, Romney | , , , , , , , , , | Leave a comment

Inside the Romney Boom (36,000!)

Via: TPM

But the campaign’s main campaign angle has been to posit a Romney Economic Boom that would take hold on Romney’s election.  So basically, all the formula and modeling doesn’t really matter because Romney’s policies would spur such massive growth that tax revenues just couldn’t help but go up and everyone would do great.

So a typical supply-side argument.  But just look who the campaign is putting forward as the expert on the Romney Economic Boom.

I’m sort of surprised no one has pointed this out.  It’s none other than Kevin Hassett. 

Who’s Kevin Hassett? 

Well, he’s none other than the coauthor of the spectacularly boomtime late 90s bestseller ‘Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market’. 

As TPM Reader WM points out, not only was the book amazingly wrong and basically assumed the tech boom was permanent, the whole concept was based on the idea that stocks should be valued on a “formula that double-counted earnings and dividends.  A true classic in wingnut economics.”

http://talkingpointsmemo.com/archives/2012/08/inside_the_romney_boom_36000.php

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sneak peak, Romney’s newest bull-shit BOOM promise:

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August 10, 2012 Posted by | 2012, GOP morons, Romney | , , , , , , , , , , , | Leave a comment

Euro ‘Is A Bloody Doomsday Machine,’ Mark Blythe, Brown University, Economics Professor Says

Via: Huffington Post

The unthinkable suddenly looks possible.

Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.

The worst case envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.

A Greek election on Sunday will determine whether it happens. Syriza, a party opposed to the restrictions placed on Greece in exchange for a bailout from European neighbors, could do well.

If Syriza gains power and rejects the terms of the bailout, Greece could lose its lifeline, default on its debt and decide that it must print its own currency, the drachma, to stay afloat.

No one is sure how that would work because there is no mechanism in the European Union charter for a country’s leaving the euro. In the meantime, banks and investors have sketched out the ripple effects.

They think the path of a full-blown crisis would start in Greece, quickly move to the rest of Europe and then hit the U.S. Stocks and oil would plunge, the euro would sink against the U.S. dollar, and big banks would suffer losses on complex trades.

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You can, and I suggest you do; read Act 1, 2, and 3, HERE:

http://www.huffingtonpost.com/2012/06/15/euro-bloody-doomsday-machine_n_1599931.html?utm_hp_ref=business

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personal thought:

If it turns not to be Greece; then it will be Spain, or Italy, or Portugal, or . . .

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June 16, 2012 Posted by | Uncategorized | , , , , , , , , , | Leave a comment

“Think of the Children” – Paul Krugman

Via: NY Times

Every time I hear some smug pundit or politician saying that we can’t spend to create jobs because that would be laying too much of a burden on our children, I get angry — because of reports like this:

For this generation of young people, the future looks bleak. Only one in six is working full time. Three out of five live with their parents or other relatives. A large majority — 73 percent — think they need more education to find a successful career, but only half of those say they will definitely enroll in the next few years.

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No, they are not the idle youth of Greece or Spain or Egypt. They are the youth of America, the world’s richest country, who do not have college degrees and aren’t getting them anytime soon.

Everything we know says that this generation will never — NEVER — recover from the terrible job market into which it has graduated.

But hey, we can’t do anything about that; we must have austerity, for the sake of the next generation.

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Paul Krugman’s Blog – ‘Conscience of a Liberal’

http://krugman.blogs.nytimes.com/

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June 10, 2012 Posted by | Uncategorized | , , , , , , , | 2 Comments

Greece Still Going Broke, Now Faster And With More Broke-Ness

Via: Huffington Post

If you could rely on anything in the past couple of years, it is that Greece is always going broke. Now it turns out that Greece is going broke faster than almost anybody expected.

The Greek government is struggling to collect enough tax revenue to cover its immediate bills, the New York Times reported on Wednesday, leaving it about 1.7 billion euros shy of its budget goals. It may soon need to freeze government salaries and pensions, temporarily halt imports of food, fuel and medicine, or dip into cash intended to help Greece’s gutted banks, the Times writes.

This comes less than three months after Greece received the first installment of a new, 130 billion-euro bailout package in March. The hard-fought bailout agreement with Greece’s European rescuers involved excruciating belt-tightening that has helped make the country’s deep recession even worse. That tends to have a dampening effect on tax revenue, as the U.S. government can attest.

Austerity, in other words, is self-defeating, which is one reason the rest of the world is dragging Europe’s biggest austerity fan, Germany, toward policies that favor economic growth instead.

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The world has recently grown weary of caring about Greece’s money problems and has instead turned its attention to the money problems of Spain, which yesterday warned it was at risk of being SHUT OUT of  the BOND MARKET and that its banks needed a multi-billion-euro bailout.

The European Central Bank this morning stood pat on taking any more action to help Europe right now, in what might be an effort to force European politicians to make some hard choices and hammer out a long-term solution. Greece, which will likely need more bailout money or risk falling out of the euro zone, may be back on the agenda sooner than policy makers think.

http://www.huffingtonpost.com/2012/06/06/greece-going-broke_n_1573865.html

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personal thought:

“. . . what might be an effort to force European politicians to make some hard choices and hammer out a long-term solution”; well that’s great, and good for them.

But what IF, they/we have reached the ‘tipping point’, and there are NO long-term solutions, simply more half-ass, stop-gap fixes?

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June 7, 2012 Posted by | Uncategorized | , , , , , , | Leave a comment

“Achtung Baby: Germany Is Riskier Than You Think”

Via: Huffington Post

While everybody’s rightly worried about Spain as the next likely victim of the European debt crisis, nobody’s thinking much about Germany. It could be in more trouble than we realize.

That’s the message of a presentation making the rounds Tuesday on Wall Street by Carmel Asset Management, a New York investment firm. Entitled Achtung Baby: Germany Is Riskier Than You Think,” the presentation points out that Germany has been the sponge soaking up Europe’s debt problems for more than two years now — and that it helped finance the debt booms in Greece, Spain and other peripheral European countries that led to the eventual bust. This is all bad news for Germany’s long-term financial health, Carmel warns.

“Periphery debt is now the Federal Republic of Germany’s problem,” Carmel writes in the presentation, which is available in full at the Zero Hedge blog.

Typically when Germany is mentioned in relation to the rest of the eurozone, it is the Debbie Downer who won’t let anybody do anything fun, like stimulate the economy or issue joint European bonds. Its fever for austerity has helped investors think of it as an uber-safe haven. That’s one reason its two-year debt yields recently turned negative: Investors are so desperate for Germany’s perceived safety that they’re willing to actually pay money to let the German government hold their money for safekeeping.

But Germany is not immune, Carmel warns. It is getting punished in four very specific, very awful ways:

– Germany’s central bank, the Bundesbank, has taken on the burden of some of the bad debts of struggling European countries, as a result of being the primary cash source for repeated eurozone bailouts.

– The Bundesbank is also suffering from the bad debts of German private banks that loaned to struggling countries.

– German banks that still have those bad debts on their books are suffering, too.

– Germany’s export-driven economy is taking a hit from the slowdown in trade accompanying Europe’s rolling financial crises and recessions.

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Read more, HERE:

http://www.huffingtonpost.com/2012/06/05/germany-european-debt-crisis_n_1571464.html?ref=business

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personal thought:

I can’t help think, sooner or later, there will be a ‘German Spring’; and the voters will demand their government stop bailing out their Southern neighbors.

Perhaps even a return to the ‘Deutsche Mark’?

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June 6, 2012 Posted by | Uncategorized | , , , , | 2 Comments