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Ken Solonika

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  • The House votes 235-193 to pass the Ryan plan that would cut federal spending by ~$6T and overhaul Medicare and Medicaid. All Democrats voted against; four Republicans opposed, including Ron Paul. The Senate is expected to come up with a much different budget plan in the coming weeks.  [View news story]
    Copy that.

    All but four House Republicans are now on record to

    (1) reduce taxes for the upper 1%, and

    (2) eliminate Medicare as we know it.

    Oh, and Trump is up 26% to Huck's 18% (all others trailing The Hair by a larger margin) in polling of Republicans reference the 2012 Republican primary.

    I suspect President Obama's approval and disapproval numbers won't matter much if this is what the Republicans have to offer.

    If unemployment is below 7.5% Obama wins in a landslide in 2012.
    Apr 15 02:58 PM | 9 Likes Like |Link to Comment
  • NYC's failed storm response has become Mayor Bloomberg's Katrina, Paul Krugman says, accusing the city's administration of failing to take weather warnings seriously. Krugman may be unaware that some of the slow snow job appears to have been caused by union protests over budget cuts.  [View news story]
    If you don't like government, move to Somalia - no functioning government for almost 20 years, a true libertarian paradise!

    Are better yet, let's see how capital markets work when there is no State to enforce contract law or maintain and monitor the integrity of the monetary supply.

    The choice isn't between government big or small. The choice is between good government and bad government.
    Dec 30 07:29 PM | 9 Likes Like |Link to Comment
  • More Americans now work for the government than in construction, farming, fishing, forestry, manufacturing, mining and utilities - combined. Stephen Moore: "We have moved decisively from a nation of makers to a nation of takers."  [View news story]
    No facts please.

    The Stinking Alf ideologues prefer a pure echo chamber.
    Apr 1 09:32 PM | 8 Likes Like |Link to Comment
  • Macro Call of the Year: Buy Chinese Micro Caps [View article]
    You are correct.

    In fact I have it on good source that China does not even exist.
    Dec 23 08:42 AM | 7 Likes Like |Link to Comment
  • Presidential candidate Perry's crack linking QE and treason may be little more than flowery language from the man who threatened Texas' secession awhile back, but Bruce Krasting believes the statement is likely to tie Bernanke's hands. "There will be no more from the Fed."  [View news story]
    Krasting: "There will be no more from the Fed."

    I suspect that Pray for Rain Perry won't be getting any support from Wall Street either, which means he won't be the nominee, thank God.

    Perry makes Bush the Lesser look like a genius.
    Aug 17 11:44 AM | 6 Likes Like |Link to Comment
  • The U.S. Postal Service fires a shot across Washington's bow by proposing to cut 120K jobs through union-prohibited layoffs, and to withdraw its employees from federal health and retirement plans. The proposal requires the approval of Congress, but, if passed, could have serious ramifications for government workers, as well as the national labor movement.  [View news story]
    Actually, I think email and the internet explain that much better.

    Thankfully the USPS isn't a business but instead has to deliver mail to everyone, not just the customers it chooses to service.
    Aug 11 07:46 PM | 6 Likes Like |Link to Comment
  • Why the Government Should Stop the AT&T / T-Mobile Deal [View article]
    Somalia is a true Libertarian paradise. No government regulation of anything! Watch out for the cholera though. And I hear voice service is quite poor too.
    Apr 1 12:14 PM | 6 Likes Like |Link to Comment
  • Bonuses to senior executives are shooting up, Roger Lowenstein writes, offering a reminder of what Congress forgot when it was reforming the financial system: "Excessive pay isn’t just a problem at banks, it’s endemic to the culture of corporate America." It encourages CEOs to overreach and misallocate resources, and inequality is a major threat to U.S. democracy.  [View news story]
    BS.

    CEOs make 500 times the average worker, whereas 30 years ago it was 50 times.

    That's class war. And the average American ain't winning.
    Mar 25 11:08 PM | 6 Likes Like |Link to Comment
  • China MediaExpress Holdings (CCME), subject of a contentious battle between longs and shorts, has been halted for an hour down 4.3% pending news - about auditors, perhaps? The advertising company has been the subject of opposing reports from Muddy Waters and Global Hunter.  [View news story]
    If CCME becomes CCME.PK, then the average PE for the US listed Chinese space will be below 2...
    Mar 11 11:53 AM | 6 Likes Like |Link to Comment
  • A Comprehensive Scorecard for Citron Research [View article]
    "...76% accuracy rate of recognizing and predicting failure."

    Not exactly.

    Reflexivity is at work here: the negative attack pieces, accurate or inaccurate, are very, very damaging to a company, its business to business relationships and to investor relations, so in that sense they also cause the very thing they supposedly predict.
    Feb 11 07:02 PM | 6 Likes Like |Link to Comment
  • Drinking Austerity Kool-Aid in 2011 [View article]
    The faux political anger at deficits in the US is just an excuse to slash the social wage so many have fought for over the last 100 years, and of course defense spending and increased taxation on the wealthiest are never "on the table" alongside the entitlement programs when it comes to discussion of the deficit.

    We shall soon be a banana republic, with a Gini like that of what we used to call Third World nations.

    We have the machinery of Republic but not the knowledge of how to use it, and we for far too long we have overlooked that we are citizens on a shared stage nursing a shared undertaking, with all the rights - and duties - that that entails. Instead we possess a straitened view of ourselves and our possible futures.

    There is hope, but not for us.
    Jan 5 01:55 AM | 6 Likes Like |Link to Comment
  • Rep. Paul Ryan releases a new deficit reduction proposal that claims to cut $5.8T in spending over the next decade and includes major changes to Medicare and Medicaid. These problems won't get fixed because (choose one): A. they're unworkable; or B. politicians and voters don't have the stomach for such deep cuts.  [View news story]
    If Ryan is the best the conservatives can put forth...

    In an op-ed written in October 2009, Ryan said that President Obama broke his promises by cutting Medicare. Ryan complained that, “in order to pay for the trillion dollar health care overhaul making its way through Congress…hundreds of billions of dollars will be cut from Medicare.”

    And then, in a Newsmax piece, Ryan complained that the health bill would involve “10 years of tax increases and Medicare cuts to pay for six years of spending.”

    Moreover, on his congressional website, Ryan complained that the health care bill “raises taxes by more than a half-trillion dollars over the next 10 years—the largest tax increase in American history—and cuts more than a half-trillion dollars from Medicare to finance this new entitlement.”

    Paul Ryan: concerned about Medicare, except when he's not.

    Finally, CBO has repeatedly said that repealing the Affor. Care Act will increase the deficit, not reduce it. Paul Ryan: either a liar or too lazy to read CBO reports, or both.
    Apr 5 08:36 PM | 5 Likes Like |Link to Comment
  • A letter signed by mostly Republican foreign policy experts urges President Obama to call on NATO to send air and naval assets to Libya as soon as possible. Separately, Senators McCain and Lieberman ask for the establishment of a no-fly zone, and the abandonment of U.S. recognition of the Gaddafi government.  [View news story]
    Senator McCain: You lost. You are not the CIC. And neither is your well trained Lieberpoodle.

    Here's a novel idea: How about the Libyan people decide their own fate, with the U.S. staying out of it.
    Feb 25 03:00 PM | 5 Likes Like |Link to Comment
  • Irony alert: The NYSE issues a reminder that gambling is not allowed on the trading floor. Perhaps Captain Renault should deliver the message.  [View news story]
    Shares of the NYSE - an RTO - declined precipitously on heavy volume in after hours trading...
    Jan 27 06:42 PM | 5 Likes Like |Link to Comment
  • A giant deficit sparks talk of a giant tax increase in Illinois, as well as talk of a federal bailout for strapped states. If Congress says no deal, it could slow economic growth. If it agrees to help, there's risk of bond vigilantes and moral hazard. Illinois and other big states might argue: "Our short-term needs would amount to only a fraction of what we have handed to other states in the past."  [View news story]
    Yes, generally the Blue states with large populations subsidize the Deep South and Midwestern Red States.

    www.taxfoundation.org/...
    Jan 10 06:58 PM | 5 Likes Like |Link to Comment
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