May 23, 2013
Calling for a complete halt to the government’s free cell phone program, Senator David Vitter (R-Il.) says the system is mired in waste and abuse, the biggest offenders are the companies providing the cellphones, and you, the taxpayer, are footing the phone bill.
The Lifeline program was introduced under President Ronald Reagan and was originally intended to be used to subsidize landline phone service for poor Americans. According to the [...]
The overnight headlines are dominated by Japan’s equity markets’ massive reversal. Here is the 30-day chart of the Nikkei for a sense of the saying, “escalator up, elevator down”:
I drew the red line to mark where the Nikkei closed, since it’s hard to tell because it fell so hard near the close. Amazingly, the Nikkei’s move higher has been so strong that it closed right at its 20-day moving [...]
by Phoenix Capital Research
Japan’s bond market is officially losing control.
We have definitely taken out the multi-year trendline here, making a new high higher after a higher low. This is BAD news as it indicates that Japan’s bond market could be entering a cyclical downturn.
If this happens then the great global bond market rig of the last five years is coming to an end. Most analysts have been ignoring bonds because stocks [...]
May 23, 2013
Majorities of American voters say their family will be worse off under the Affordable Care Act, and think it would be better to go back to the pre-ObamaCare health care system.
A Fox News poll released Wednesday finds that while 26 percent of voters say their health care situation will be better under the new law, twice as many — 53 percent — say it will be worse. [...]
ALBANY, N.Y. — With all the corruption in Albany, one of your representatives is instead focusing efforts on something many of you like to do, bowl.
Chicago gained nearly 10,000 people from July 2011 to July 2012, but was the slowest-growing major city in the country according to U.S. Census Bureau estimates released Thursday.
It was the second year in a row that population grew here, but the increase so far shows no signs of making up for the loss of 200,000 people over the previous decade.
The growth here reflects a recession-driven trend of fewer people moving [...]
An FBI incident review team from Washington, D.C., is in Orlando today, a day after a Russian man who knew Boston Marathon bombing suspect Tamerlan Tsarnaev was shot dead by an agent.
Federal and Central Florida law enforcement agencies are still collecting and processing evidence from the shooting scene at a condominium complex on Peregrine Avenue, near Kirkman Road and Universal Orlando, where Ibragim Todashev was shot early Wednesday.
Initially, FBI officials [...]
I saw Euronews article about a “planetary dance” on May 24, between Jupiter, Mercury and Venus and it’s getting me very uneasy.
There is to be a rare celestial choreography in the night sky from May 24 until the end of the month involving three of Earth’s neighbours in the Solar System.
Mercury, Jupiter and Venus will all be aligned in the same field of vision, each seeming to spin and move around the [...]
Boehner: ‘Inconceivable’ Obama Didn’t Know About IRS Targeting
“It’s pretty inconceivable to me that the President wouldn’t know,” Boehner said in an interview with Fox News’ Greta van Susteren that was aired Wednesday night.
“I’m just putting myself in his shoes. I deal with my senior staff every day. And if the White House had known about this — which, now it appears they’ve known about it for about a year — [...]
The Senate will finally confront one of the architects of the subprime mortgage crisis today…by considering her confirmation as Secretary of Commerce in President Barack Obama’s Cabinet.
In the same week that the Senate grilled the CEO of Apple, Inc. about the low taxes it pays due to maintaining large cash deposits overseas, the Senate will roll out a warm welcome to Chicago heiress Penny Pritzker, who runs what Forbes called [...]
May 23, 2013
Scandal Watch: New evidence makes it clear that the Internal Revenue Service campaign against conservatives wasn’t the result of two “rogue” agents, but was directed from higher up. The question is, how high up?
The claim that a couple of workers in the bowels of an IRS office in Cincinnati managed to block tax-exempt applications from conservative groups for more than two years, while subjecting them to outrageous, intrusive [...]
Lagarde, 57, appears in front of special tribunal of judges in Paris
Widely expected to be charged with fraud and embezzlement
Relates to £270m payout to Bernard Tapie when she was finance minister
Denies any wrongdoing and lawyer said she expects case to be dismissed
The head of the International Monetary Fund appeared in court today where she is expected to be formally charged in connection with a £270million fraud and embezzlement case.
Christine Lagarde’s humiliation [...]
A group of Russian paratrooper chaplains jumped from a transport plane with a large mobile cathedral that they set up in the field upon landing.
The Senate resolved that the United States should support Israel if it is forced to take military action to defend itself from an Iranian nuclear threat.
The Obama administration has officially killed more American citizens by drones than the number of foreign terrorists waterboarded under the Bush administration.
On Wednesday, Attorney General Eric Holder disclosed previously classified information in a letter to a top senator stating that four American citizens have been killed in counter-terrorism drone strikes since 2009. This is the first such acknowledgment by the Obama administration. In the letter, Holder did not specifically call them drone [...]
I guess the fact that way more than 50% of Muslim immigrants to Sweden are fully dependent on government welfare for their food, clothing, and shelter still isn’t enough.
They want more and think that destroying the city is the way to get attention.
Oh, and they also don’t like being harassed by the police.
Around 50 (Muslim) youths were involved in the riots in the suburb of Husby, police spokesman Lars Bystrom [...]
Kaiser Permanente, Anthem Blue Cross and Blue Shield of California are all expected to participate in the state-run market for individual health coverage.
Some prominent health insurers, including industry giant UnitedHealth Group Inc., are not participating in California’s new state-run health insurance market, possibly limiting the number of choices for millions of consumers.
UnitedHealth, the nation’s largest private insurer, Aetna Inc.and Cigna Corp. are sitting out the first year of Covered California, the state’s insurance [...]
Texas outperformed every other state in the nation on jobs and growth over the past decade, according to the latest annual report on state economic performance released Thursday by the American Legislative Exchange Council. Michigan came in dead last.
The rankings are based on state GDP growth, population shifts, and changes in non-farm payroll jobs between 2001 and 2011.
The ALEC report also finds that Utah has the best economic outlook this year, and [...]
WASHINGTON — House Republicans pushed through a bill Wednesday to bypass the president to speed approval of the Keystone XL oil pipeline from Canada to Texas. Democrats criticized the legislation as a blatant attempt to allow a foreign company to avoid environmental review.
The bill was approved, 241-175, largely along party lines.
Republicans said the measure was needed to ensure that the long-delayed pipeline, first proposed in 2008, is built.
This is Congressman Alan Grayson questioning Federal Reserve Chairman Ben Bernanke on $550B of loans to foreigners (or ‘central liquidity swaps’ in Federal Reserve-ese’).
Which financial institutions received this money? Bernanke’s answer: I don’t know.
As the Fed was lending this money, the dollar increased by 30% in value. Grayson asks, was this a coincidence? Bernanke’s answer: yes.
Tim Geithner Refuses To Answer Brad Sherman On Some Questions
“Bernanke Threatens The Congress” We will [...]
BERNANKE ‘SPARKS MASSIVE SELLOFF’
Perfect Storm Sparks Massive Nikkei Sell-Off
A perfect storm of yen strength, a spike in Japanese government bond yields and new evidence of weakness in China’s economy were behind a major sell-off Thursday in Japan’s equity markets, said experts.
The benchmark Nikkei 225 closed down 7.3 percent in a session that saw it rise 2 percent in early trade only to reverse direction and fall sharply. The broaderTopix finished 6.8 percent lower.
Holy shit, back to back flares in 30 hrs but this one is a monster.
SOHO Lasco C3 Larger Images
Look at all of the space ships getting the FO of the way!
Here it looks like it caught up to the observering sat:
Energetic Proton Levels streaming past Earth continue to rise. A strong S3 Level Radiation Storm is now in progress.
ALERT: Proton Event 10MeV Integral Flux exceeded 1000pfu
Begin Time: 2013 May 23 [...]
London Gold Market Report
from Adrian Ash, BullionVault
Weds 22 May, 08:45 EST
Bullion Rallies Despite “Losing US Fed Prop” as Stock Markets Sink on Weak China Data
BOTH gold and silver rose in Asian and London trade Thursday morning, defying a sharp slide in global stock markets to gain 3.0% rally from yesterday’s sharp sell-off.
Commodity prices fell as major government bonds rose but weaker Eurozone debt slipped, pushing interest rates higher.
Tokyo’s Nikkei index – [...]
This is going to be huge!!!
Japan Bond Yields Spike – 10-Year Now at 1%
Japanese government bond (JGB) yields soared to 1 percent on Thursday, their highest level in a year, prompting the Bank of Japan to hold true to its promise of taking action to stabilize an incredibly volatile bond market.
Analysts expected the market volatility to last for a while, but added that buying by domestic pension funds and the [...]
A paper presented at the 2013 Canadian Neuroscience Meeting, the annual meeting of the Canadian Association for Neuroscience – Association Canadienne des Neurosciences (CAN-ACN), says the problem is addiction rather than food wealth – the authors claim that high-fructose corn syrup can cause behavioral reactions in rats similar to those produced by drugs of abuse such as cocaine. It’s the “Food Addiction” hypothesis that has recently become popular, which posits [...]
How ironic, arrests made on CONSTITUTION BLVD
The chief judge of the District’s federal court issued an unusual order Wednesday, apologizing to the public and the media for not making certain court documents widely available online.
The gesture of transparency by U.S. District Judge Royce C. Lamberth comes at a time when the Obama administration is under scrutiny for an unprecedented number of leak investigations, including one showing that the Justice Department had secretly probed the news-gathering activities of Fox [...]
Chinese Economy Enters Contraction With First Sub-50 PMI Print Since October
For the first time since October 2012, HSBC’s China PMI (Flash) printed at a sub-50 level (49.6) missing expectations (50.4) quite notably. This is the worst two-month drop in 17 months. This is problematic for the PBoC who are being arbitraged left, right, and center and know that any stimulus will merely serve to exacerbate the problems they face (as we noted here [...]
The audience erupted today after Rep. Trey Gowdy (R-SC) went off on IRS official Lois Lerner today. Lerner, the director of the IRS division that singled out hundreds of conservative groups, delivered an opening statement today on how proud she was of her work and then pleaded the Fifth Amendment and clammed up. Gowdy didn’t like this much.
With Greece suffering the biggest economic depression in decades, all so a few rich men can preserve their wealth and not have their EUR-denominated savings wiped out (even if the alternative means finally being able to rebalance externally using the Drachma instead of forcing internal rebalancing via unemployment and plunging wages), it was only a matter of time before we found out just how humiliating the conversion of the entire [...]
from The Daily Bell:
Derivatives Reform on the Ropes … New rules to regulate derivatives, adopted last week by the Commodity Futures Trading Commission, are a victory for Wall Street and a setback for financial reform. They may also signal worse things to come … The regulations, required under the Dodd-Frank reform law, are intended to impose transparency and competition on the notoriously opaque multitrillion-dollar market for derivatives, which is dominated by [...]