Credit Rating Agency Downgrades U.S. Debt
Props to Zerohedge (the best English-language financial news aggregation service in existence anywhere) for the heads up. …the major factor driving credit quality is the relatively high level of debt and the difficulty in significantly cutting spending. We are taking a negative action not based on the delay in raising the debt ceiling but rather [...]
This Is Why More Debt Won’t Work
The chart below is “Total Credit Market Debt Owed,” direct from the Federal Reserve’s graphical web interface “Fred Graph.” Anyone can see that the graph had gone parabolic right before the onset of the Great Recession. Anyone can see that this rate of ever-faster accumulation of debt couldn’t continue. And, it didn’t continue, it stopped. [...]
Keep the Pressure On!
A large group of patriots gathered at Rep. Eric Cantor’s office yesterday to personally deliver the message that we do not support a raise in the debt ceiling, unless AT LEAST the Cut, Cap, and Balance approach is implemented. I was impressed at how many people came out with less than 24-hour notice in the [...]
An Open Letter to Speaker Boehner on the Debt Ceiling
Judge Andrew Napolitano makes an impassioned plea to House Speaker John Boehner to hold firm on the debt ceiling debate.
Obama’s Catch-2012
Props to Legal Insurrection for the post: “The only way for Obama to stimulate the enormous private sector job growth needed to ensure Obama’s reelection is for Obama to announce he is not running for reelection, which would unleash a wave of investment and economic activity not seen since the Great Depression.”
Debt Ceiling: Cut, Cap and Balance First!
A vote on raising America’s debt ceiling may take place as soon as today. America needs leaders who place responsible, fact-based decision-making above all else. They might actually be in office today, fully aware of both pertinent fact and the best course of action. Their challenge lies in legislating from a perspective of whole truth [...]
CNBC’s Rick Santelli gets frustrated explaining debt ceiling
You can’t blame Rick Santelli for getting frustrated with this discussion panel. The math is clear. We CANNOT keep spending more than we take in. It really is just that simple.
Book Blames Recession on Corrupt Fannie Mae
The world of political commentary (at least that part of it not campaigning for Obama’s re-election) is abuzz with excitement over a trailblazing new book that shows vividly and convincingly what happened to cause the terrible financial crisis that’s gripped the country since 2008 and—most important—who’s responsible. The book, Reckless Endangerment: How Outsized Ambition, Greed, [...]
A Debt Ceiling Fold Imminent? Probably.
I have this sinking (but totally expected) feeling that Republicans are about to sell out us and the nation yet again. Before we get to that, though, let’s begin with some good old fashioned class warfare rhetoric from a true artist: “If we do not have revenues, that means there are a bunch of kids [...]
Does Anyone Remember Lehman Brothers?
T-Bill rates now negative, general collateral at 1 (ONE!) basis point (=0.01% interest). Negative interest rates mean that you are willing to pay someone to hold your money on the belief that you will get your money back less a storage fee. Capital is going into hiding at a frenetic pace. Negative short term rates [...]
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