Monday, July 4, 2011

SAR #11185

Some claim democracy is the most sinister form of misrule.

Arab Spring Summer: Over a thousand Egyptian protesters were injured Friday as it becomes clear that what they wanted is not what they got. The interim military government is consolidating its control – with suspected encouragement from the US - and the citizenry, reform has not been forthcoming, Mubarak's crowd is still in power and even the head of the secret police has drawn a pass. So it's back to the streets.

Sermon Text: One Wall Streeter “earned” $3.9 billion last week, about what the average US worker will earn in 975 years. Jesus may love the little children, but he tends to favor some over others.

Two and Out: There were, according to a two-year Justice (sic) Department investigation, exactly two instances of torture during the eight years of 'enhanced interrogation'. Two. No more, no less.

Bleeding Heart Conservative: Barton Biggs, managing partner at multibillion dollar hedge fund Traxis Partners and former chief global strategist for Morgan Stanley, says that the US and Europe will remain in the doldrums unless governments provide “enormous fiscal stimulus.” He advocates “a massive infrastructure program … similar to the WPA.”

Hand/Glove: The IEA reports that excess supply capacity is 'tight' in OPEC countries and non-existent elsewhere. Even moderate GDP growth will result in much higher oil prices. Pray for stagnation?

Pablum: In a compete abdication to the GOP, Obama now recites: “Government has to start living within its means, just like families do. We have to cut the spending we can’t afford so we can put the economy on sounder footing, and give our businesses the confidence they need to grow and create jobs.” Balderdash.

Modest Victories: A Federal judged has blocked South Dakota's abortion law, which required a 72 hour waiting period after a woman had met with a doctor who must certify she was not being coerced, explain the dangers of the procedure, and ask her to name the baby she is about to murder. A judge in Kansas blocked that state's new abortion clinic regulations.

Assembly Line: At the Paris Air Show, Airbus took orders for 730 new planes and Boeing only got 142 orders. Guess where half a million well-paying US jobs are headed.

Stimulating: Companies are literally awash with cash but can't find profitable investment opportunities. Bank vaults a brimming with cash, but banks cannot find viable borrowers who want to put that cash to work. And Congress is full of Republicans who want to cut taxes more and more to give the banks and the corporations more money. Which they will then sit on until someone (Washington?) comes up with a way of getting the customer some money to buy stuff with.

Humorous Interlude: Once the US dumps Obama it will have both the will and the “wherewithal” to become energy independent - the United States can have energy security whenever it wants it. So says Lawrence Solomon, quoting Daniel Yergin, who hasn't made a correct forecast in a decade or more.

Porn O'Graph:Unchained melody.


Anonymous said...

Happy 4th CK! Thanks for all the great posts this year...

TulsaTime said...

Yeah, this sucker is going down, and we can just watch as the alphas fight over the big pieces. The theater will be surreal. The curse of interesting times indeed.

Anonymous said...

Like Yergin, Biggs' track record of forecasts is below average. That said, I agree that our tax code needs a major overhaul, including a lot of simplification.

BTW, here's the Simpson Bowles report. It's more than a little ironic that it's got the White House logo on it.


Anonymous said...

RE: Assembly Line

Not South Carolina if the Obama Admin has it's way.


Anonymous said...

Sorry. I'm apostrophe disabled today.


Anonymous said...

I question the math: One Wall Streeter “earned” $3.9 billion last week, about what the average US worker will earn in 975 years. "

If it took 1000 years, that would say that the average US worker made $3.9 million per year.

Drewbert said...

I question the English: any Wall Streeter "earned" anything? I need to head over to the Casino and see if I can "earn" some money myself.