We judge the economy by Apple's sales and Microsoft's profits – not by the hungry and the homeless.
Selective Bargaining: The idea behind “selective default” in which Greece doesn't “fully renege on its obligations” is that eventually everyone gets paid somehow. It's the 'somehow' part that's tricky. I tried the 'selective default' option on my marital vows and it didn't work.
Chapter 15: Unemployment claims last week increased 10,000 to end up at 418,000 – week 15 of the continuing over 400k series. Expect claims to continue above 400k as former Borders and Cisco employees fall in at the end of the line.
Data Point: 1 in 66 Americans is a diagnosed psychotic,a victory for Big Pharma's advertising.
Define 'Needed': Faced with the imminent demise of the Euro,
Germany and France the European Union has agreed to “reaffirm our commitment to the euro and to do whatever is needed to ensure the financial stability of the euro area as a whole,” with a plan that is exclusively for Greece. To that end they are buying some Greek debt back from the market, but warn that this is not a one-size-fits-all solution and that Portugal, Spain and Italy will be dealt with later, maybe. This is really just more of the same old same old. The solution is a true financial union (impossible) or abandoning the Euro (pretty close to undoable).
Wages of Sin: The attorneys general of all 50 states are planning on giving the major banks immunity for all the “irregularities in handling foreclosures” (most of which are crimes) even while the banks continue to file criminally fraudulent documents in their courts.
Anti-Gravity: The US tax system is based on the idea that the more you make, the less you should pay.
Hot Enough For 'ya? Every 10 years, NOAA recalculates the “climate normals” - 30 year temperature and precipitation averages -for about 7,500 locations across the US. The latest data shows that the last 1decade was 1.5 degrees warmer than the 1970s. Just like those people keep saying. Imagine.
Round Trip: The banks that borrowed money from the CPP part of TARP have been paying it back – with money borrowed from another Treasury program. And the Treasury claims it is making a profit off the shuffle.
Tough Audience: Only 52% of Americans think God is doing a good job. Still, that's better than Obama's numbers.
Profits and the Lost: US families are using credit cards to pay for their daily necessities because they do not make enough to keep up – even if they have a job. In June the number of credit card transactions increased 0.8% and the amount charged increased 10.7%. But while the American consumer is down, corporate profits are up – at the highest levels since the 1960's, while wages are at 50-year lows relative to company sales.
Choices: Republicans in the House have blocked US aid to help small, impoverished nations adapt to climate change because 1) There is no such thing as climate change and if there were humans didn't cause it. 2) Obama asked for it. 3) It would send tax dollars overseas instead of to Wall Street. 4) Foreign nations are full of foreigners.
The Reckoning: The total US GDP for 2010 was $14.5 trillion. Between December 2007 and July 2010, the FED loaned over $16 trillion to US and foreign financial institutions in order to save the capitalists from themselves. How are things at your house?
True Believers: GOP Florida lawmakers turned down $50 million in federal money aimed at preventing child abuse
because they think the state should not ell parents how to discipline their children because the funds would come from the hated Affordable Care Act.
Porn O'Graph: Rich, getting richer.