EconBlog Review: We Are All Speculators Now

"Head in the sand" is the result of failing to make and instead deferring tough and potentially politically unpopular decisions.

The real cost of health care was hidden in the federal deficit back in the 60's when the Medicare bill was passed, effectively putting off tough decisions about health care rationing for 50 years.

Now we're twenty years away from being insolvent as a nation and unable to pay the tens of trillions of dollars of unfunded federal entitlements, and I believe the American people deserve an explanation, as you've well stated in your article. Another good question is, what have you done with the money we've already given you? The answer is, it's gone to pay the salaries of a lot of baby boomers. Are we now expected to fund their retirement? If the answer is yes, see item number 1, unfunded federal entitlements. Your government has promised more than it can deliver. How do we reconcile the two? More to come after the mid-term elections, the most recent period of deferred tough and potentially politically damaging decisions.

The dems have to be asking themselves, why not let the repubs have Congress, then they can be blamed for the fallout over the next two years. Gridlock may be the lesser of two evils. The larger question of how to address fiscal insolvency may well be deferred until the 2012 presidential campaign coming to a whistle stop near you.

EconBlog Review: We Are All Speculators Now

“Truth and Consequences: When the Music’s Over?” � naked capitalism

It's a fair question. For the most part, people are aware transgressions are committed everyday for a variety of motivations. So, the "forthcoming panic" may be a bit hyperbolic, at least up to the point food becomes a scarcity. I was in the same place as this individual 25 years ago, except I wasn't making 11/hr, but half that as a college grad earning minimum wage. Certainly, a percentage of grads got starting salaries at 50k, but that was a small percentage and one must understand we are in a protracted recession that will require the resources and ingenuity of all to overcome.

The correct answer is both. Educate and prepare. I'm occasionally reminded of Peter's exhoratation to the people gathered in Jerusalem on the day of Pentecost,

"And with many other words he bore witness and continued to exhort them, saying, "Save yourselves from this crooked generation." (Acts 2:40)

Ignorance is the enemy and the more educated people are, the better prepared they will be. The real question is, what is truth? And the answer in that regard, God has already told us, is his Word, the Word of Truth.

Everyone must have a frame of reference outside of themselves in order to learn. When your reference is the standard for truth, then your paths will be set straight. Certainly the paths of this world are not straight. Thankfully, we have the truth available to us, the truth which sets men free. The alternative is darkness and enslavement. Which will you choose?

"Confess with your mouth that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved. For with the heart one believes and is justified, and with the mouth one confesses and is saved." (Romans 10:9-10).

Saved from what? Saved from the wrath that is to come (Romans 5:9; Ephesians 5:6; Colossians 3:6; 1 Thessalonians 1:10). Whether the end times are upon us or not (Matthew 24:36), it should be readily apparant that there is much that is not right in the world, Thankfully, the truth is available, and we need not be decieved.

And, since you brought it up, Yves, if we continue down the stimulus path, the situation in Japan will be a precursor to our own, . Wasn't Geithner supposed to the the student of the Japanese recession, and Bernanke a student of the Depression? After global stimulus fails, and protectionist policies set in, it seems we'll have the worst of both worlds.

How bad will it have to get, before the dawn breaks on a new day? I'm reminded of the American national anthem, and the circumstances of Sir Frances Scott Key in penning the lyrics, because our freedom as individuals and as a nation are most certainly under attack. Although, the enemies of state aren't external, but of our own doing. Since the end of WWII, the national debt has grown in disproportion to the rate of inflation, and we're on the leading vertical edge of debt accumulation. This rate of spending cannot be sustained. The very fundementals of which the post war economy is based must be examined. Corporate American has routinely purged it's ranks of less producing members while the public sector has only gotten larger. Society cannot afford everything the Federal Government has promised, with tens of trillions of dollars in unfunded federal entitlements. Every budget hawk has known talk of reducing the deficit is meaningless without addressing entitlements, yet there has been no political will. Will the suffering of millions upon millions be enough to bring about a day of reckoning?

Public sector spending is crowding out private investment, investment that creates jobs. The longer it takes for the Federal Government to get spending under control, the longer it will be before our economy begins to recover, if ever.

“Truth and Consequences: When the Music’s Over?” � naked capitalism

What's Holding Back Small Businesses? - NYTimes.com

We've heard for years how our economy is consumer driven, and the combination of depressed wages and high unemployment has and will prove to be it's undoing. Depressed wages are the result of the widening wealth gap, and unemployment is a result of burdensome taxes and regulation on small businesses. Public spending is funneled to the oligarchy while the rest of the economy is left to suffer.

If I'm not mistaken, "let them eat cake" was uttered prior to the French Revolution. The American Revolution was fought to gain Independence, not to become subordinate to the rich and privileged, no matter their preference. While we are in a global financial crisis, the mechanisms exist through election to turn back this tide of abhorrent greed. What remains to be seen is whether this occurs soon enough to avoid the inevitable civil unrest.

What's Holding Back Small Businesses? - NYTimes.com

The Progressive Pulse – DHHS Secretary Sebelius to Insurers: Stop misleading about premium increases

And so it begins, the socialization of health care and the decline of the best health care system in the world. Because as a society, we can't afford to pay for health care for all.

Socialist rationing will insure a two tiered system, one for the elite, and a substandard one for everyone else. Instead of free market rationing, where goods and services are priced based on supply and demand. Which do you think is more efficient?

Good luck trying to get seen at a doctor's office. These Lenin-Marxists neo-liberals may start singing a different tune when they get lumped in with everyone else. By then it will be too late.

The Progressive Pulse – DHHS Secretary Sebelius to Insurers: Stop misleading about premium increases

REAL WORLD IMPACT OF OBAMACARE � The Burning Platform

"We believe consumers will see through this," she (Nancy-Ann DeParle, the White House’s top health official) said.

And do what? Pay up or drop coverage. And if you drop coverage, you pay a fine. Seems to me the only answer is to pay up.

The revolutionary was was fought over this kind of heavy handed treatment, and we fought a bloody civil war over states rights. What’s the Fed going to do when all 50 states secede, especially when NG troops are under State control?

The District of Columbia is looking smaller and smaller on the map these days.

REAL WORLD IMPACT OF OBAMACARE � The Burning Platform

U.S. Government Prepares for 'Crisis' | Opinion News | Print Financial & Investing Articles | TheStreet

If I understand the premise of this article correctly, the financiers which were bailed out by the Bush administration are the very ones killing the economic recovery by "choking off" credit. And where is the outrage!

U.S. Government Prepares for 'Crisis' | Opinion News | Print Financial & Investing Articles | TheStreet

Asia Times Online :: Asian news and current affairs

Optimists agree, Mr. Obama, cut taxes and cut spending now, so that the private sector can begin to dig itself out of the hell hole created by Investment Banking, Congress, and the current and previous Administrations.

Pessimists agree, failure to cut taxes and cut spending now will result in a prolonged recessionary cycle lasting a decade or more.

"Policy will determine how long this utterly miserable period lasts. Optimists can imagine a near-term correction in US fiscal and monetary policy, producing interest rates high enough to stem inflation's rise and a public sector deficit shrinking rapidly back to normal levels. That would allow the US capital base to rebuild while avoiding burdening the economy with excessive public sector bloat. In that case, the natural competitiveness and capability of the US workforce would reassert itself within a few years and growth would resume.

For pessimists, the Fed will keep interest rates far too low because of the recession, allowing inflation to soar and shrinking the real value of the US capital base, while mammoth public sector deficits crowd out private sector investment. In that case, apart from the very real possibility of a US Treasury default, the US downturn would intensify, as its capital endowment was hollowed out by inflation and public borrowing, while its competitiveness was reduced by a bloated public sector. We might then see a downturn lasting a decade and a reduction of 30% or even 40% in median real US wages. The US might also, like Argentina, suffer a period of hyperinflation."

Asia Times Online :: Asian news and current affairs:

Top economists: The second Great Depression has arrived - by Terrence Aym - Helium

Holy shit, Batman!

Top economists: The second Great Depression has arrived - by Terrence Aym - Helium

Inside Job - Trailers, Videos, and Reviews ComingSoon.net Movie Database

Sign me up!

Inside Job - Trailers, Videos, and Reviews ComingSoon.net Movie Database

Policy Options Dwindle as Economic Fears Grow - NYTimes.com

An ounce of prevention. Where were all of these Nobel laureates before the Great Recession when banks were giving away money, selling the notes to investors and derivatives grew to a $600T market?

Policy Options Dwindle as Economic Fears Grow - NYTimes.com

TOP 10 NECESSITIES WHEN TSHTF � The Burning Platform

Don’t forget the TP. Seriously, ordinary items you buy every day at the grocery store have expiration dates months out. There’s no excuse for anyone not having a 2 -3 weeks supply of food in the house, 2-3 months would be better, or even a 6 mos supply.

For dairy and other items, powdered milk, eggs, and cheese can be stored for many years.

Emergency and evacuation kits can contain MRE’s, enough for 2 -3 days for car emergency kits, and 2 – 3 weeks for evacuation kits. Include blankets, light sticks, ponchos, etc.

Water is extremely important, the stainless steel Big Berkey is a good choice.

Add guns, ammo, and firearms training, and your chances of surviving a SHTF scenario have increased significantly.

For an extended TEOTWAWKI, you will need the means and ability to produce food, essentially hunting and gathering. Small farms will be the primary food source, not the grocery store. Better to prepare now, than find out how unprepared you are after SHTF.

BTW, can’t disagree with the whimper, not a bang argument. But, if a whimper continues long enough, it can grow to a roar, which is, basically a recovery. It’s when the whimpering stops that you have cause for concern.

Also, I agree with the “Say good-bye to the middle class” sentiment. There is no recovery without jobs. Jobs that have been sent overseas over the past two decades, and outsourced to immigrants. Stimulus spending and unemployment benefits won’t bring back the jobs without an investment in infrastructure. Investment occurs when taxes are cut.

Mr. Obama, cut taxes and cut spending now, so that the private sector can begin to dig itself out of the hell hole Investment Banking, Congress, and the current and previous Administration have created.

TOP 10 NECESSITIES WHEN TSHTF � The Burning Platform

S&P Says US Should Act to Protect AAA-Rating: Report - CNBC

Where were these geniuses when CDO's hit the securities market and investment banks began betting against themselves with derivatives? Politicians and Wall Street firms make strange bedfellows, except to maintain the status quo in order to secure their own retirement and posterity.

S&P Says US Should Act to Protect AAA-Rating: Report - CNBC

Stimulus? Who Said Anything About a Stimulus? | Foxnews.com

Apparently, not Romer.

Stimulus? Who Said Anything About a Stimulus? | Foxnews.com

SAUDI OIL PRODUCTION � The Burning Platform

It's not too late for our Nation or we as individuals to turn to God and be saved from the wrath that is to come, for with the mouth, confession is made to salvation, and with the heart, man believes unto righteousness (Rom 10:10) and blessed is the nation whose god is the lord (Psalm 33:12)

The Devil doesn't know when Christ will return, so he keeps the world teeter tottering, ready to push it over at a moments notice. He knows his end, and will take as many of us with him as he can. Save yourself, accept Jesus as Lord and Saviour in your life, and you will have eternal life, the gift of holy spirit, and all hell will not prevent you from entering heaven.

SAUDI OIL PRODUCTION � The Burning Platform