They didn’t see it coming last time either. Back in 2007, President Bush, Federal Reserve Chairman Ben Bernanke and just about every prominent voice in the financial world were all predicting that we would experience tremendous economic prosperity well into the future. In fact, as late as January 2008 Bernanke boldly declared that “the Federal Reserve is not currently forecasting a recession.” At the time, only the “doom and [...]
Obama signs long-awaited cybersecurity executive order
Announcement may reduce pressure on Congress to move ahead with CISPA, a controversial privacy bill that’s loathed by privacy groups and is scheduled to reappear tomorrow.
President Obama invoked the pageantry of his State of the Union address this evening to announce a long-anticipated executive order on cybersecurity, a move that caps months of discussions with technology companies and could reduce pressure on Congress to [...]
Do you believe that economic trouble is coming in 2013? If so, you have a lot of company. According to a brand new Gallup poll that was just released, 65 percent of Americans believe that 2013 will be a year of “economic difficulty” while only 33 percent of Americans believe that 2013 will be a year of “economic prosperity”. Gallup has been asking this question for a lot of years, and the percentage [...]
From Carpe Diem:
Here’s some voodoo economics from the U.S. Department of Agriculture claiming that every additional $1 of food stamp spending magically creates almost $2 in new economic activity:
Why does increasing participation in SNAP (the federal food stamp program, now known at the Supplemental Nutritional Assistance Program) make sense for your community?
SNAP Generates Economic Activity
SNAP brings Federal dollars into communities in the form of benefits which are redeemed by SNAP [...]
Simon Black on JUNE 4, 2012
June 4, 2012
New York City
This past Friday, Barack Obama was at a Minneapolis-area Honeywell plant touting his economic recovery credentials to cheering disciples. One of the excited faithful was a young boy, fifth-grader Tyler Sullivan, who took the day off from school to hear the President speak.
The President was full of the usual bombast about how Congress needs to work with him to ‘build a strong economy’, and how he [...]
Ben Bernanke is speaking in Texas to some soldiers and ther families in what is mostly a boilerplate presentation: he mourns the bubble economy, protects his policies and tries to deflect focus away from the Fed, just like the ECB, to the legislative. To wit: “it doesn’t feel like the recession ever ended. The unemployment rate remains painfully high, and more than two-fifths of the unemployed have been out [...]
by The Economic Collapse
One of the most important steps that we could take to bring prosperity back to America would be to nationalize the Federal Reserve. Doing so would allow the federal government to quit borrowing money, dramatically reduce taxes and eventually pay off the entire U.S. national debt. Instead of inheriting the largest debt in the history of the world, future generations would actually have a chance at economic [...]
You might be surprised to hear there is a Harry Reid Research and Technology Park. You won’t be surprised to learn that U.S. taxpayers are funding part of it.
This monument to the Senate majority leader was not subsidized through some earmark Reid stuck in an appropriations bill. The $2 million grant came through a little-known part of the Commerce Department known as the Economic Development [...]
During the Bush Presidency the US borrowed on average 1.6 billion per day.
During the Obama presidency the US borrows on average $4 billion per day.
President Obama does not care much about deficits — other than worrying that big debt might matter in his re-election campaign.
In his first three budgets, Obama borrowed nearly $5 trillion. Currently, the government is borrowing about 45% of everything it spends. Obama’s [...]
* Some Latin American presidents mock U.S. for debt woes
* Worries about contagion; Brazil now a U.S. creditor
By Brian Winter
SAO PAULO, July 20 (Reuters) – After three decades spent battling their own debt crises and getting constantly lectured about them by Uncle Sam, many Latin Americans are watching the countdown to a possible default in Washington with a mix of schadenfraude and fear of what a collapse might mean for [...]
President Obama signed his 86th executive order (13575) on June 9, which established the White House Rural Council (WHRC). According to The Blaze, the Executive Order seems to be in line with the United Nations radical Agenda 21, as it is designed “to begin taking control over almost all aspects of the lives of 16 percent of the American people.”
Evidence of this can be found [...]
by Lance Roberts of Street Talk Advisors
Financial Profits Reduce Economic Prosperity
With today’s release of the corporate profit data I thought it was important to remind you of the demise of America at the expense of Wall Street. America was once a country built on the solid foundation of the hard work, satisfaction and pride in the building of stuff. We aren’t talking about “namby pamby” [...]
Barack Obama has issued a brand new executive order that establishes a White House Rural Council. This Rural Council has been given the task of developing “public-private partnerships” that will seek to bring the “economic prosperity” of our big cities to rural America. In other words, the U.S. government and the big corporations are going to team up to dominate the economies of our small [...]
By Russ Britt, MarketWatch
SAN FRANCISCO (MarketWatch) — Two former presidential advisers faced off Friday in San Francisco over the nation’s economic future, with one saying the U.S. could see a decade of slow growth, while the other argued it doesn’t have to be that way.
Laura D’Andrea Tyson, who chaired the President’s Council of Economic Advisers during the Clinton administration, said historical patterns show that [...]
The anti-gay bill was first proposed in 2009 but wasn’t debated until last Friday. The bill had been scheduled to be debated before the full parliament on Wednesday but was dropped from the schedule.
The future of the bill remained murky. Wednesday was parliament’s last scheduled day of session, and President Yoweri Museveni was scheduled on Thursday to be sworn in after his February re-election. It wasn’t clear if the [...]
Interesting article showing how North Dakota is not participating in the Obama recession. Their population, and jobs, are growing by the tens of thousands a year.
North Dakota, the state with the nation’s lowest unemployment rate, capped a decade of economic prosperity with dramatic population growth in its biggest cities. Fargo added nearly 15,000 residents to hit a record population of 105,549, the Census [...]
Obviously Wall Street is not among those polled: the country’s bankers are preparing to spend over $140 billion in compensation this year. Good luck booking a restaurant, club or lounge in New York in the next month.
Alas, it is small businesses that create economic prosperity in America. Bankers only take it away. Which is why how the small business segment feels might have been relevant [...]
The United States is continually getting poorer and is continually going into more debt.
Can anyone out there explain how that is a formula for economic prosperity?
Can anyone explain how that would work?
Please leave a comment and explain that to all of us if you can.
The truth is that as wealth continues to leave the United States and as the U.S. gets even deeper into debt, more Americans are going to [...]
I find it ironic that on the heels of the most harrowing period for financial markets since the Great Depression, politicians, regulators, investors and the American people shared a vow: never again. They promised they would change the system and change their behavior so we would never have to endure another devastating financial crisis. In one of the boldest grabs for cash ever seen in modern history, multinationals and Wall [...]
Anyone who has studied economics knows that low rates, over time, systematically contribute to the buildup of financial imbalances by encouraging rampant speculation. It encourages investors and speculators to take on short-term sources of funds to invest in long-term assets, which are much riskier when backed up with a debt-heavy capital structure. There is absolutely no incentive for the public to save nor is there an incentive for people to [...]
An entire generation of policy makers has been mesmerized by Wall Street, always and utterly convinced that whatever the banks do is the start to economic prosperity. We have thrown out the normal rules of capitalism to save a few greedy Wall Street hustlers of financial securities at the top.
We have socialized losses and privatized gains hitting the middle class the hardest. By serving as “the lender of last resort” [...]
Yet, one year after the fact, nothing has been done about those who drove the economy off the cliff. No one has been prosecuted, no one removed from power, not a thing done to help the real victims here: the average American. The banks are super sized now and even more powerful, gambling with everyone’s future. The structure of our current financial markets doesn’t reflect the critical market principles that [...]