Wealth Recovery? Not Even Close.
A new report by the Federal
Reserve Bank of St. Louis reveals that the wealth recovery since the
bottom of the recession has been 45%. It also reveals that most of this
recovery has been in the stock market. It does not mention the fact that
about 20% of stock market investors own 80% of [...]
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Desperate Keynesians: No Economic Recovery
The New York Times is the
flagship of Keynesian liberalism. It sets the tone for the American
Establishment. An article on the world’s economy admits that the
Keynesian cures for recession — deficits and central bank inflation —
have not worked in the United States, Great Britain, and Europe. Only in
Japan, and only through [...]
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Jobless Claims Are Back Up. Where Are the Jobs?
First-time jobless claims
hit 354,000 last week. The figure had been dropping early in May. The
media had started running articles on happy days are here again. Like
Ginger Rogers in Gold Diggers of 1933, their song was premature. This
also was bad news. More people were collecting jobless benefits: up by
69,000. The total [...] READ MORE
Mortgage Rates Rise. Bernanke’s $500 Billion Subsidy Isn’t Working.
Mortgage rates have risen
from 3.5% to 3.8% in the last week. The Federal Reserve System buys $40
billion in mortgage bonds every month. This greatly adds to demand,
keeping mortgage interest rates low. That’s the theory, anyway. But the
theory is facing headwinds: rising rates. This was not supposed to
happen, but it is [...] READ MORE
A Man Who Shot a Killer Dog Is Fined $1,000. Unregistered Gun.
In Washington, D.C., three
pit bulls attacked an 11-year-old boy. A neighbor went into his home,
got a 9mm pistol, and shot one of the dogs. The police heard the shots
and came to investigate. They shot the other two dogs. Then they
arrested the private shooter. It seems that he had not registered his
[...] READ MORE
The Rich Pay Most of the Taxes, Get Half the Tax Breaks. Democrats Are Outraged at Tax Breaks.
The liberal Washington Post
ran this headline: Richest 20 percent get half the overall savings from
U.S. tax breaks, CBO says. The CBO is the Congressional Budget Office.
The story began: “The 10 largest breaks in the U.S. tax code will save
taxpayers more than $900 billion this year, with a little more than half
[...] READ MORE
Busting the College Monopoly: Latest Phase
The monopoly is tottering.
Ten more universities have joined Coursera, the site that posts free
college courses. This project began less than 36 months ago as a
part-time venture. The ten universities are tax-funded. This means that
the wave of participants is about to grow like a tsunami. Any state
university that refuses to participate [...]
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Warren Buffett Says “Bonds Are Bad Investments.” This Upsets Bond Promoters.
Bonds pay little interest,
thanks to (1) the Federal Reserve’s QE3 program (2) the banker’s
unwillingness to lend and the borrowers’ unwillingness to borrow. Future
price inflation will raise rates. Rising rates will lower the market
price of bonds. Buffett sees what is coming. He prefers stocks. One
plain vanilla promoter of bonds is upset. [...]
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JFK on Fascism: It Was OK for Germany and Italy, He Thought.
Like a lot of American
liberals in the 1930s, John F. Kennedy thought that fascism worked just
fine. This fact has recently received brief attention in the British
Leftist newspaper, The Independent. There has been a blackout on the
story in the mainstream media. The memory hole is still deep, although
the Internet is keeping [...]
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Endless Silly Rumors About the FED’s Exit Plan
I read this in an article
about the decline in the U.S. dollar-denominated value of the Australian
dollar. “That decision plus growing talk that the U.S. Federal Reserve
is close to a decision to start unwinding economic stimulus, has seen
the Australian dollar fall by more than 6% since the start of May.”
Bernanke’s FED [...] READ MORE
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Ignorance, Ignorance! Transforming America into a Banana Republic
How Does America Become a Banana Republic?
Ignorance, Ignorance, Ignorance A brilliant and very politically astute
friend has pointed out that the word ignorance is frequently misused,
particularly with reference to politics. His ... READ MORE
