New And Improved: Obama has taken the Imperial Presidency to heights that even Richard Nixon couldn't have dreamed of. Take the Affordable Care Act. Please. The law as passed by Congress, signed by the President, and upheld by the Roberts Supreme Court is... well, the law. But Obama has granted exemptions and delays and modifications that are not in the wording of the law, on the grounds that he abrogated the law “in consultation with business.” What passage in the Constitution gives the president the right to unilaterally revise laws? Which part of the Constitution gives any branch of government the ability to suspend the constitution? Why don't the Republicans impeach Obama for failing to implement Obamacare?
This Has Been A Test: Those economists (and politicians) who have been repeatedly and consistently wrong about inflation and austerity and the deficit and on and on should admit they haven't got a clue and quietly go away. But they won't.
Progress Report: The federal budget deficit is now 38% below last year at this time. The CBO now estimates that the deficit for the fiscal year ending in September will be just (!) $642 billion, compared with $1.087 trillion a year earlier. Nothing to brag about, but that's the smallest deficit since 2008.
Bear With Me: George Soros is holding put options on nearly 8 million shares of SPDR S&P 500, which will pay off if the S&P drops. Or when.
Joie de Vivre: Drivers of BMWs and Prius' share the distinction of being the worst drivers because they are jerks. The Prius drivers because they think they are better than others because they chose the Prius. BMW drivers because they know they are better than others.
About Housing: Mortgage applications are down. Again. The decline that started last May continues, and are now less than half what they were in May and are now at April 2011 levels. Combine interest rates at 4.56% for 30 years and prices rising, the market is fizzling. And about half of the houses the rent-to-riches speculators scooped up are still empty.
Whites Of Their Eyes: The Muslim Brotherhood is calling on their supporters to show up by the thousands for a protest march into the waiting guns of the military. The movement needs more martyrs.
Declarations: Some young girls in Great Britain who are being shipped 'home' to South East Asia for forced marriages are hiding a spoon in their undergarments as they are hustled to the airport for a trip they do not wish to take. The spoon sets off the metal detectors and the girls are taken to a security room and there they have a chance to escape their fate.
Porn O'Graph: Inflation fears...
The Parting Shot: