SAR #14164

Sometimes the past isn't.

Told You So: The Russians say they don't mean to rub it in, but point out that they predicted Iraq's collapse before George and Dick broke the damned thing in the first place. Now ISIS forces have closed within 30 miles of Baghdad, threatening not only the Maliki government but the much-vaunted billion-dollar Green Zone. Confirming the religious nature of the conflict, the highest ranking Shia cleric in Iraq has promised that those who die fighting the infidel Sunni enemy will go to Paradise, guided on the way by Iranian Quds troops who are trying to secure Tikrit and the oil in the north while the Iranian government offers to work with the US to stop the ISIS from governing all of Iraq. Those who were the loudest cheer-leaders for the US invasion under Junior are now the loudest blaming Obama for not sending more troops to pointless death in the desert. Obama is sending the aircraft carrier George H. W. Bush to the Persian Gulf. Could we send George Junior along?

See The USA... GM has recalled every Chevy Camaro built since 2010, all 511,508 of 'em.

Noted: “the only way the U.S. economy can generate significant consumer spending is through aggressive lending to borrowers with low credit scores.” Translation: “We need to lend more money to those who can't pay it back.”

Hurdles: The average new home in the US costs six times the median income, because American's middle class is poorer than you think.

Investing 101: “What goes down must generally go up, at least once in a while.”

Silly Question: Is the lack of major wars a drag on the economy? Yes, but we're going to rectify that lack any day now, even if “Living in a largely peaceful world with 2 percent G.D.P. growth has some big advantages that you don’t get with 4 percent growth and many more war deaths.”

When You're Right, You're Right: Iran’s Ayatollah Khamenei blames Qatar and Saudi Arabia for the rise of ISIS. And one day soon this chicken will come home to roost in Riyadh. 
 
Understatement: The IEA says it could be difficult to raise sufficient funding to keep up current oil production much less expand it to meet the needs of a growing world population seeking continued economic growth. “Could be difficult”. Right.

Neighborhood Watch: The rich got 14.6% richer in 2013. How are things going on your block?

The Parting Shot: