SAR #12271

"We are on our way to energy independence, just not in the way that we expected."   Jeffrey Brown.

Clarification: Germany has straightened out a little misunderstanding about Draghi's plan to save the universe euro. They, along with Finland, Austria and the Netherlands have flatly rejected giving anyone any money to cover existing bad loans. Once Spain (or Italy, etc.) is bled dry finds a way to cleanup the current mess, then and only then could the ECB 'recapitalize' the banks. It is as if the lifeguard told the drowning person that if they made it to shore this time, the lifeguard would save them next time.

Updated: Patriotism Voter suppression is the last resort of scoundrels.

Numb 'ers: August new orders for manufactured durable goods fell 13.2% - the largest decrease since 2009. Everything except electrical equipment orders showed declines. Initial claims for unemployment were reported as 359,000, a 26,000 decrease from last week.

Horses/Water: Mortgage rates are at a new record low, but the consumer doesn't seem all that enthused.

Note on Political Reality: The question isn't should we redistribute wealth, but how much to redistribute from whom, to whom. That's it. We've been doing it at least since FDR and the Great Depression, it once worked pretty well, and it should not be treated as some disgusting secret – it is the only way to justify market capitalism in a democracy.

Networking: Facebook tracks everything you buy at over 1,000 different retailers, then sells your page to advertisers who peddle the sorts of things you buy. Like that.

Hergira: Because they had the balls effrontery to travel without a man guarding their honor, more than a thousand Nigerian women have been stuck in a Saudi airport for five days after being denied entry into the country. Their religion is keeping them from completing the most holy obligation of their religion.

Third Time/Charm: The “final” version US GDP for the second quarter has been revised – downward – to 1.25%. This is the lowest 'growth' since January 2011's 0.1% barn-burner.

Does This Dress Make Me Look Fat? Some economists wonder if home-ownership should be discouraged. The last 5 years or so should have been discouraging enough.

Cat/Bag: Czech President Klaus says that the exit of one or more member states from the euro zone won’t destroy either the monetary union or the departing country. For Greece, he says, leaving would be a “victory” for a victim of the system.

Enclosure: A pending bill in the PA legislature would let fathers politicians sell off public parks to their friends and backers if they felt it was for the “best.” 'Best' was not specifically defined. Commons – what's a commons?

Half A Loaf: Greek leaders have agreed to another series of spending cuts, the Greek people have not.  Ditto Spain.

Now I Lay Me... In NYC, almost 20,000 children spend the night in a homeless shelter. There would be more, but 65% of the homeless families that show up looking for shelter get turned away. USA! USA.

Remember the Maine Massachusetts: ‘Don’t forget,” Romney reminds us, “I got everybody in my state insured.”

The Parting Shot:

Mob scene.