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Wednesday, June 20, 2012
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<p><b>Top Stories</b><br> <b><a href="http://www.telegraph.co.uk/finance/financialcrisis/9343049/Debt-crisis-Spain-and-Italy-to-be-bailed-out-in-600bn-deal.html" rel="nofollow">EU big four mull using rescue funds to buy government debt.</a></b> Leaders from France, Germany, Italy and Spain will discuss on Friday using the €750B in the EU's two rescue funds to bail out the latter two countries by buying up their debt on the financial markets in an attempt to push down borrowing costs. If Germany agrees, it would mark a substantial shift in policy.</p> <p><b><a href="http://www.marketwatch.com/story/pg-cuts-4th-period-net-sales-view-outlines-13-2012-06-20" rel="nofollow">P&G falls after it cuts outlook.</a></b> Procter & Gamble (<a href='http://seekingalpha.com/symbol/pg' title='Procter & Gamble Co.'>PG</a>) shares were -1.9% premarket after the company cut its FQ4 guidance, citing slower-than-expected growth in developed markets and forex fluctuations. P&G forecast adjusted EPS of $0.75-$0.79 vs. prior guidance of $0.79-$0.85 and consensus of $0.82. CEO Bob McDonald said the company won't lower spending on R&D and advertising, nor exit any emerging markets due to the slowdown.</p> <p><b><a href="http://www.bloomberg.com/news/2012-06-19/adobe-quarterly-sales-and-profit-forecasts-miss-some-estimates.html" rel="nofollow">Adobe drops on weak guidance.</a></b> Adobe's (<a href='http://seekingalpha.com/symbol/adbe' title='Adobe Systems Incorporated'>ADBE</a>) FQ2 earnings beat Street forecasts but shares were -5.1% premarket after the company provided guidance that was mostly below expectations due to weakness in Europe. Net profit dropped to $223.9M from $229.4M, adjusted EPS was $0.60 and revenue climbed 10% to $1.12B. This was the first report that included revenues from subscriptions, which will hit sales by $10M a quarter for the foreseeable future.</p> <p><b>Top Stock News</b><br> <b><a href="http://www.reuters.com/article/2012/06/19/us-lockheed-cuts-idUSBRE85I1MC20120619" rel="nofollow">Lockheed Martin fears the edge of the fiscal cliff.</a></b> Lockheed Martin (<a href='http://seekingalpha.com/symbol/lmt' title='Lockheed Martin'>LMT</a>) could face hundreds of millions of dollars in business claims from suppliers if $500B in additional defense spending cuts take effect in January as mandated, CEO Bob Stevens has warned. The near-term industry horizon is "completely obscured by a fog of uncertainty," he said, calling it a "fiction" that the U.S. defense industry was robust enough to survive such cuts.</p> <p><b><a href="http://www.riotinto.com/media/18435_media_releases_22117.asp" rel="nofollow">Rio Tinto to invest $4.2B in iron ore.</a></b> Rio Tinto (<a href='http://seekingalpha.com/symbol/rio' title='Rio Tinto plc'>RIO</a>) will commit $4.2B to develop its tier one iron ore business, focusing on projects "that will generate the most attractive returns for shareholders and are resilient under any probable macroeconomic scenario."</p> <p><b><a href="http://www.bloomberg.com/news/2012-06-20/rim-s-job-cuts-under-way-as-company-seeks-1b-in-savings.html" rel="nofollow">RIM confirms job cuts as it looks to save $1B.</a></b> RIM (RIMM) has confirmed its rumored layoffs, saying "headcount reductions" are part of its strategy for cutting $1B in operating expenses. RIMM previously said it would save the money by cutting the number of manufacturing sites. Some analysts expect a cull of 2,000-3,000 jobs, although sources previously suggested that the number could hit 6,000.</p> <p><b><a href="http://www.businessweek.com/news/2012-06-19/quest-accepts-higher-insight-bid-of-25-dot-75-vector-added" rel="nofollow">Insight looks to outbid Dell for Quest with $2.2B offer.</a></b> Insight has increased its offer for Quest Software (<a href='http://seekingalpha.com/symbol/qsft' title='Quest Software, Inc.'>QSFT</a>) to $25.75 a share from $23 prior, and above a $25.50 bid that reportedly came from Dell (<a href='http://seekingalpha.com/symbol/dell' title='Dell Inc.'>DELL</a>). Quest has accepted Insight's proposal, which values it at $2.17B, with Vector Capital joining the buyout group.</p> <p><b><a href="http://in.reuters.com/article/2012/06/20/consolidatedmedia-idINL3E8HK25A20120620" rel="nofollow">News Corp. bids $2B for Aussie TV company.</a></b> News Corp. (<a href='http://seekingalpha.com/symbol/nws' title='News Corporation'>NWS</a>) has offered $2B to acquire Consolidated Media Holdings in a deal that would boost the company's stake in Australia's dominant pay-TV business Foxtel to 50%, and give it 100% of Fox Sports. James Packer, who owns 50.1% in CMH, has indicated he will accept the offer unless a higher bid is made. Packer is the son of Rupert Murdoch's great rival Kerry.</p> <p><b><a href="http://www.reuters.com/article/2012/06/20/apple-google-lawsuit-idUSL1E8HJAIC20120620" rel="nofollow">Apple and Google to return to court over Motorola. </a></b> Apple (<a href='http://seekingalpha.com/symbol/aapl' title='Apple Inc.'>AAPL</a>) will today try to salvage its high-profile case against Google's (<a href='http://seekingalpha.com/symbol/goog' title='Google Inc.'>GOOG</a>) Motorola Mobility unit, arguing before a federal judge why it should be able to seek an order barring the sale of some Motorola phones. The judge's decision could affect Apple's ability to negotiate favorable licensing agreements in its legal fights against Motorola and other competitors.</p> <p><b>Top Economic & Other News</b><br> <b><a href="http://online.wsj.com/article/SB10001424052702304898704577477963082127488.html" rel="nofollow">To ease or not to ease - BOE split down the middle.</a></b> The Bank of England's monetary policy committee voted 5-4 earlier this month against increasing the bank's bond-buying program, the minutes show, with Governor Mervyn King on the losing side. Most MPC members believe further stimulus will be needed in the future to meet the bank's 2% inflation target even though CPI has consistently overshot that goal.</p> <p><b><a href="http://www.bloomberg.com/news/2012-06-20/japan-trade-deficit-exceeds-forecasts-as-energy-costs-swell-1-.html" rel="nofollow">Japan records first ever deficit with the EU.</a></b> Japan's trade deficit widened to ¥907.3B ($11.47B) in May from ¥520.3B in April and came in well above consensus. Exports rose 10% on year and imports 9.3%. Most notable was Japan's ¥11.1B deficit with the EU, the first since records began in 1979, highlighting the global impact of the recession in the region. Shipments to the bloc fell 0.9% but jumped 38% to the U.S.</p> <p><b><a href="http://online.wsj.com/article/SB10001424052702303410404577464752659322254.html" rel="nofollow">Zip Codes highlight bumpy housing recovery.</a></b> An analysis by Zillow of house prices using Zip Code data underscores the uneven nature of the recovery in the sector, even in neighborhoods that are close by to each other. Overall, almost 94% of Phoenix and 90% of Denver ZIP Codes enjoyed an increase in values in the 3 months to April, but in Washington, 40% of areas saw prices decline.</p> <p><b>Editors' Picks</b><br> <b><a href="http://seekingalpha.com/article/668941-losing-egypt-won-t-be-a-disaster-for-apache">Losing Egypt Won't Be A Disaster For Apache </a></b><br> <b><a href="http://seekingalpha.com/article/668981-short-tvix-the-ultimate-vix-contango-trade">Short TVIX: The Ultimate VIX Contango Trade</a></b> <br> <b><a href="http://seekingalpha.com/article/671001-important-considerations-when-investing-in-latin-america-and-other-emerging-markets">Important Considerations When Investing In Latin America And Other Emerging Markets</a> </b></p><p><b>Today's Markets:</b> <br> <b>In Asia</b>, Japan <font color="green">+1.1%</font>. Hong Kong <font color="green">+0.5%</font>. China <font color="red">-0.3%</font>. India <font color="green">+0.2%</font>. <br> <b>In Europe</b>, at midday, London <font color="green">+0.5%</font>. Paris <font color="red">-0.1%</font>. Frankfurt <font color="green">+0.2%</font>. <br> <b>Futures at 7:00:</b> Dow flat. S&P <font color="green">+0.1%</font>. Nasdaq <font color="green">+0.2%</font>. Crude flat at to $84.02. Gold <font color="red">-0.6%</font> to $1613.</p> <p><b>Today's economic calendar:</b><br> <b><font color="maroon">7:00</font></b> MBA Mortgage Applications<br> <b><font color="maroon">10:00</font></b> Mass Layoffs<br> <b><font color="maroon">10:30</font></b> EIA Petroleum Inventories<br> <b><font color="maroon">12:30 PM</font></b> FOMC Announcement<br> <b><font color="maroon">2:00 PM</font></b> FOMC Forecast<br> <b><font color="maroon">2:15 PM</font></b> Bernanke Press Conference</p> <p><b>Notable earnings after today's close:</b> <a href='http://seekingalpha.com/symbol/bbby' title='Bed Bath & Beyond Inc.'>BBBY</a>, <a href='http://seekingalpha.com/symbol/mu' title='Micron Technology Inc.'>MU</a>, <a href='http://seekingalpha.com/symbol/rht' title='Red Hat, Inc.'>RHT</a></p><p>See full <a href="http://seekingalpha.com/currents/earnings">real-time earnings coverage »</a></p><p>Wall Street Breakfast is sent out by email for free -- <a href="http://seekingalpha.com/page/email-preferences/?source=newsbriefbody">Get it now »</a> </p>
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Latest
AG Eric Holder may be held in contempt of Congress for failing to produce documents about the "Fast and Furious" dealings. Mr. Holder said that he is more than willing to produce said documents and discuss them
Trulia.com Real Estate reports that year/year desires for larger homes (3200 sq. ft and larger) are up "significantly." This could reflect a changing economic climate. But...the majority of those surveyed can not afford a home of that size!!!!
Now there is some MSM coverage for all of us!
Kodak is reportedly suing Apple. The once proud Rochester, NY company is looking for $2B and hopes to stay afloat. (law suit news from Bloomberg, comment from me)
Where is Jon Corzine?
Have a great day everyone.
greetings-
Larger homes are being more desirable because Junior and Sis are coming back home to live with their parents after college because the job market is flat.
Multi-generational homes are the new chic. Condos (that used to be Junior and Sis' first house) are now flat because few are getting jobs out of college that can afford paying a down payment of 20% and monthly payments.
This trend will not go away anytime soon.
perhaps he is running for office in orange county CA?
> jack
I see, first-hand, an increase in the number of homes that have, not only relatives, but friends, living in them. Home visits are always an eye-opener!
With high school and college graduation season coming to a close, the question is: Where are these people going to live and work?
Have a great day.
Fast and Furious is worse than Watergate! No one died with Watergate. There are estimates that as many as a thousand Mexicans have been murdered with the guns that DOJ let walk across the border + the American border guard Brian Terry.
If YOU were in a courtroom and they told you to turn over documents you had for discovery and you didn't, you would be held in contempt of court.
AND - if it was serious enough, you could be also charged with obstruction of justice as well as aiding-and-abetting a criminal(s). This Fast & Furious project has dead bodies tied to it including a US Border Agent. People want to know what happened.
This is NOT a political game of hold-outs, this is a question of obstructing justice.
Next time you go to court - try it and see if you can just "ignore" the request.
What is being hidden?
I can't wait for the defenders of Holder to justify this.
A congressional investigation is about justice not politics? That is statement that sounds more than just a little naive.
"What is being hidden?"
Something damaging to the reelection campaign?
"Obama declared Executive Privilege."
Which means that F&F didn't stop at the DOJ it went into the White House and probably to Obama.
Exactly, robert.b.! I watched up close as Fannie Mae and the Fed interest rate added fuel to this fire that burned down America's economic house.
Serenity Now!
I think it may be difficult to impeach Obama for gunwalking operations that were started during the Bush administration.
Because both political parties are knee deep in this, my suspicion is that it goes nowhere, other than Holder is out on Jan 1st, 2013. Case closed.
You can keep on dreaming that this is the "big one" that brings down Obama, but in reality it's pretty thin gruel after what we've seen in the last thirty years.
"With the use of surveillance equipment, ATF agents monitored additional sales by Detty to straw purchasers. With assurance from ATF "that Mexican officials would be conducting surveillance or interdictions when guns got to the other side of the border",[24] Detty would sell a total of about 450 guns during the operation.[22] These included AR-15s, semi-automatic AK-pattern rifles, and Colt .38s. The vast majority of the guns were EVENTUALLY LOST as they moved into Mexico.[7][23][25]
http://bit.ly/MFqcJJ
You were wringing your hands with glee that this is the one that is going to "get" Obama and I was merely disagreeing for reasons I already cited.
My prediction -- lots of noise about this, but in the end Holder and a few others in Justice dept. resign or retire. Case closed.
Obama impeachment? You're the one going on with the raving partisan zeal here.
Don't know about the Holder & the New Black Panthers story. So he should like investigate all four of them? Maybe he has larger more serious priorities and responsibilities.
after a quick review of your posts from the last 6 months I have only one question for you Robert B....are you aware this is a investing site and not a political blog?
I'm going with...no.
maybe...just maybe...just ONCE...you could comment on investing.
More of your BS.
Holder has acknowledged that he "misspoke" when he said that fast and furious goes back to the Bush administration.
More lies bob.
The DNC notes that bob gets his "information" from doesn't have investing advice.
Wide Receiver was 2006 - 2007. Same type of operation. There was also another one in the Bush era, the name of it escapes me.
No matter, Holder and a few others at Justice may get the axe. This is nothing and in a few years won't even be remembered.
How many remember Scooter Libby being "shielded" when he was getting dumped on over outing a CIA agent?
Keep dreaming. Issa has nothing and this will amount to little more than nothing.
I remember Richard Armitage was Novak's source in the Plame outing, not Libby.
http://bit.ly/KlnXHy
"The trial confirmed that the leak came first from then-Deputy Secretary of State Richard Armitage; since Fitzgerald did not charge Armitage and did not charge anyone else, Libby's conviction effectively ended the investigation.[78]"
How about justice for Brian Terry?
In California? Target rich environment, to be sure.
Yes, we are still waiting for the documents that he said he will produce, but still refuses to produce!
yes, but Libby ultimately took the fall and was protected along the way by Bush/Cheney. Similar situation vis-a-vis Obama and Holder which was my point.
granted that mr. issa has a brain in his head, & expresses himself well, i cannot agree with his approach in this witch hunt matter.
the "project" in question began in 2006 in the previous administration & it is open to question why none of those people have been asked to come forward with statements.
the fishing expedition continues.
> jack
> jack
ollie north was given that assignment because his handlers knew he would follow orders.
ollie said he was uncomfortable doing what the was doing & his handlers said don't worry we will protect you.
did they?
we had a jar-head half-colonel determining foreign policy of the u.s.a. - unconstitutional.
> jack
Okay, I can agree with that.
Libby was merely the patsy. The dems were after Cheney from the start.
And the repubs are after Obama, Holder is the patsy in this case.
Because the politico started it is your reasoning? As my mom use to say "if your friends went and jumped off a cliff....".
"A fanatic is one who can't change his mind and won't change the subject" - Winston Churchill -
I challenge you for one week to come HERE and talk only about investing....at least HERE where it is suppose to be the topic.
Marines want justice for our fallen brother. Anything less is completely unacceptable. WE WANT ANSWERS; NOT EXCUSES FROM CIVILIAN MAGGOTS.
...or should I assume you decline my challenge.
Libby's sentence was commuted by Bush. He served zero jail time.
You should check your facts before you accuse the accuracy of others.
Even so, the whole point of debate is to disagree and provide logical or factual evidence to the contrary.
Can't you say anything without being insulting?
I agree, robert.b. When I first subscribed to SA the only political comment on WSB was investment related, such as comments about fed policy, but since SA's popularity has increased it has attracted DNC volunteer "seminar posters" and it is their compulsive obsession to keep pounding their political drum. "Bob 123" is an example of a "seminar poster".
Apology accepted.
Maybe at least I have drawn your attention to your "fanatical" (as defined by WC) behavior and maybe you will at least consider it.
I will go back to talking and thinking about financial matters (as that is what is appropriate here) and leave you alone.
In WIld Receiver, agents tried their best tracking the guns and the Mexican authority was notified on the other side. Yet, guns were lost AFTER crossing the border and the operation was called off.
In Fast & Furious, agents assigned to track the guns were instructed to stop following the guns shortly after the guns were sold. The person in charge didn't even bother to keep up the appearance of tracking the firearms to the border. Nobody bother to notified the Mexican authority, even the ATF assigned in Mexico didn't know about Fast & Furious. You forgot about how the scandal broke. It saw the light of day because some of the agents were so disgusted that they turned whistle blowers.
The liberals somehow manage to totally screw up the rock solid mortgage industry with Community Reinvestment Act, then they destroy a rock solid law enforcement agency with Fast & Furious.
In Fast & Furious, agents were told to stop following the gun walkers INSIDE the U.S. far far away from the border. Nobody even bother to notify neither the Mexicans nor the ATF agents assigned in Mexico.
Somebody very high up is the accessory to a few hundred counts of HOMICIDE. Do you get it?
DO YOU GET IT?
I am unable to find many details about the incident, but Brian Terry was part of a team that obviously had more than beanbag guns. It was probably Terry's assignment to use the beanbag if the border crossers weren't armed, while the others were supposed to use the serious weapons.Links to more facts would be appreciated.
Brian Terry's killing was done in the USA during a firefight with armed border crossers. Four of those guys were arrested. In all the stuff printed about this I can't find anything about the prosecution of those guys for murder. Again, anyone offering links to this info would be appreciated.
The gun lobby continually insists it's not guns that kill people, but people who kill people. Well, what happened to these killer people?
He might follow Meg Whitman's example, though, and pour his money into a campaign, but he would then run the risk that his youthful encounters with petty crime, the fact that he made a lot of his money off a device that helps scofflaws, his hypocritical rantings about government over-spending, and other various character-indicators would come to light.
He's no Ronald Reagan, that's for sure.
Thousands of high powered rifles were sent to Mexican cartel thugs and these weapons have been used to kill thousands of Mexican citizens and a US Border agent.
Then, it is revealed in the Issa investigation that one of the Mexican kingpins is actually an FBI agent.
This is a national disgrace.
By the way, how can there be drug cartels all the way from Columbia, through Central America, through Mexico and then suddenly at the US border, there are no more drug cartels within the USA. Who in the h*ll controls the shipment and distribution of drugs into America? It seems that *those* people would arm their armies to protect, defend and expand the drug distribution network. Follow the money.
http://bit.ly/MpoD0i In fact a El Paso county commissioner was arrested in FEB for cartel related drug trafficking. http://1.usa.gov/MpoFFD Just last week a national sweep picked up several Zeta cartel members laundering money through horse racing tracks around the country. http://bit.ly/Mp6dj5 Can we seal the border yet?
I am sure Europe will come and help bailout our states like California, New York and Illinois. Yeah...keep dreaming.
What is said and what is done are sometimes different. He may have said it - but watch the IMF and what they do.
I bet we see IMF money (which is funded by US) be a part of the overall package.
My opinion-- more companies will be lowering guidance and warning in the weeks to come. A double dip is by no means off the table.
Rich W
> jack
as for PG as a whole? for every seller of PG there will be a buyer...in 5 or 10 years we will know which one made the right call.
Isn't APPLE suing Samsung as well?
I predicted that all these competitors (Motorola, Samsung, etc.) would not stand still after the introduction of the iPhone, but some thought the iPhone was invincible. It isn't.
There are other good choices out there now and another one is coming into the market soon - the Samsung Galaxy III.
Competition is good - it refines the product and lessens its price on a greatly accelerated rate.
now banks keep getting bigger & there are fewer of them (corporations that is).
> jack
> jack
Yigal
now is not the time to create chaos in the industry using the "ryan budget" as a very blunt instrument.
> jack
It disgusts me how LMT, and all the others, fear monger everyone, and how the MSM reports it. The idea that suddenly "we're all gonna die" and "everyone's out to get us" is pure BS,,,, pure BS. And I don't want to pay another dime for such fear mongering.
Rendell (PA) is right--the nation is full of "scared-e-cat sissies." And I would add paranoid delusional crazies,,,, all for LMT to profit from the vague notion of constant, incessant, immediate danger.
There may indeed be enemies seeking the demise of the people of the US and our cherished republic. And while patrolling the open seas and middle east waters to keep a lid on the Syrian / Iraninan threats to Israel by Russian / Sino interests are promoted as the greatest threat to our republic, it's becoming more and more difficult to maintain the illusion.
Unfortunately, the greater threats to our republic are occupying positions within our political, economic and media structures and are intent on creating a docile populace dependent on government programs rather than limiting the intrusion of government regulations that are enslaving us to these very folks.
imo.
Maybe he sing mo' "Motown".
Though I was not in the "belly-of-the-beast" of the military-industrial complex*, I was close enough to feel it's hot breath. Most of it's influence was about union jobs than it was "war and wealth".
*"military-industrial complex"; such a linguistically abused term. It really has little relevance to political discussions, then or now.
I think that there was a form of "WMD" in Iraq and it was in the likes of a maniac like Saddam Hussein and his endless supply of oil revenue. Oil money to pay Palestinian families $25K a "pop" to give up a child for a suicide bomber to board an Israeli bus and kill 30+ at a time. Hussein could have bombed Israel for decades and killed hundreds of thousands in this manner. And he was trying to do just that. If that isn't "mass destruction", what is?
If the US hadn't taken Hussein out, Israels only choice was a "nuke" on Baghdad. Contemplate ALL the consequences of THAT!
It was either regime change by the US or the "Samson Option" by Israel. A 30K nuke would have really ruined Iraq's day and made the Middle East even more politically, "radioactive". Sometimes there are no good choices, only the least bad.
C'mon. Do you really think this would've been their "only" choice? Pro Israel ideology, sentiment and historical beneficence throughout the globe could, would and will allow for their defending themselves without their destroying the US republic in their wake.
Our economy is in shambles as it has become a debtor sovereignty beholden to international bankers without borders all the while having developed an insatiable budget for the construction of weaponry and human fodder being deployed throughout the world.
I fear our republic has been used long enough by these paranoid schizophrenics and we're showing the signs of exhaustion from these "threats" to our freedoms.
I have no problem with developing and deploying our own defenses but the days of footing the bill for all the rest of our "friends" is a luxury we can no longer afford. imo.
Yes. Look at Israels geographical relation to Iraq on a map. For Israel to invade Iraq with a conventional army, it would have been necessary for that army to cross Jordon (the country), with the permission of Jordon, or not. Probably not. Then, having fought against the Jordanian army (and others) to the Southern border of Iraq, Iraq would have been on "high-alert" and engaged the invading Israeli army at it's Southern border. It would have been a long slog for the Israeli army from Israel, across Jordan and up Iraq to seize Baghdad and capture Hussein. The Israeli army would have arrived (?) in Baghdad with less than half the army it left Israel with and still had to supply.
Furthermore, with the majority of Israel's army absent, Israel would have been open to invasion from Syria and Egypt. The Israeli army cannot afford to leave Israel in numbers beyond a battalion. So yes. I think a "nuke" it was Israel's "only option". Diplomacy was not going to stop Hussein any more than it stopped Hitler.
So many people forget that the greatest number of suicide bombings in Israel, 34 in 2001 and 55 in 2002 (more than one a week) were sponsored by Hussein's $25K a "pop" to Palestinian families. The US invaded in 2003. Coincidence? Possibly. The problem was still: how to stop Hussein? Invade or nuke?
So, if Bush43 invaded Iraq, as proxy, to prevent Israel from "nuking Baghdad" and keeping the "Mushroom Cloud" out of the Middle East, then perhaps (gasp) "43" deserves the Nobel Peace Prize more than Obama. Perhaps. If so, we'll never know. If so, that's a secret that #43 will have to take to his grave.
Don't get me wrong, I'm no fan of the Bush's and I'm not a Republican, but, if the above is so, "W" did the right thing.
Once again the MSM is being used by the elites to support the continuation of the federal government's insane overspending addiction. They've even given it a name - "taxmaggedon".
If the federal government keeps overspending and cutting taxes, the long term result will be disastrous. Given current spending and unfunded liabilities' growth, the US will add $200 Trillion to the national debt in the next 20 years. Any guesses what our currency will be worth then ??
The law of natural consequences will at some point take over if our "leaders" don't. We are witnessing in Europe what happens when overspending gets out of control. Wait until it really comes apart at the seams.
At some point our "leaders" have to cut overspending. If not now, when ??
We CANNOT grow our way out of this. The math won't support it. GDP growth is 2% of $15 T, or $300B while the budget deficit is $1.5+T and unfunded liability growth is around $10T per year. Anyone who thinks this is sustainable is nuts. And anyone who votes for a Republicrat is casting a vote in favor of this madness.
No doubt it is a political why the current administration has not presented one. In their calculations, presenting one just gives the Republicans political ammunition to present to their media surrogates such as WSJ or Fox to distort, lie and misinform about.
This way, all they can do is whine and complain about not having a (meaningless) budget which is far less damaging than being able to pick out selected out of context lines from it to use as propaganda.
Smart, the Democrats are learning and have gotten better adopting the ruthless, no-compromise tactics of the Republicans.
It was debated at that time that subsequent presidents would take and use that power -- and that once our constitutional rights such as access to due process or the freedom from invasive search and seizures were given up -- those rights would be awfully hard to get back, if ever.
When our rights were being eviscerated by GWB, when he and the real "king" Dick Cheney were breaking laws with impunity, when Bush was getting wrist cramps from all his "signing statements" proclaiming that the laws did not apply to him, ------
there was the sound of crickets coming from you guys.
Isn't Neocon doctrine wrapped up around the concept of the "Unitary Executive"? Scalia and Roberts are fanboys of this imperial notion.
So I have very little sympathy for any whining now about what Obama is or isn't doing according to now outdated notions of legal precedence.
You were so afraid of those "scary liberals" like Gore or Kerry you got what you wanted.
There was a popular phrase Republicans used and was in vogue right after the 2000 election:
"Get over it".
Would you be so partisan if your son were killed by one of the guns that Holder let be sold illegally. Don't you think we deserve answers?
They did it so we can do it too? You guys make me howl.
5000+ dead soldiers, 40,000+ wounded -- many grievously.
Don't you think we deserve answers?
Essentially -- - yeah.
You don't like it? Why don't the Republicans work in a bipartisan manner with the Democrats to change the laws?
you do know that operation Fast and Furious started in 2009 when Bush was still President.
Also --- "gunwalking" as a tactic was also used in the predecessor operation to F & F in 2006-2007 operation Wide Receiver. The vast majority of hundreds of guns allowed to "walk" with straw purchasers disappeared into Mexico in that operation as well.
There are a number of Republicans that are getting a little nervous with Issa's zeal in going after Holder on this. Both parties have some dirt on their hands -- just like in the Iraq debacle.
Bush left office in January 2009. Fast and Furious began in October 2009....
Since when has EITHER party worked in a bipartisan manner? The democrats aren't any different, and anyone who thinks they are, are blinded by party loyalty.
This changed for the worse around the time of Clinton. You can thank the likes of people like Newt Gingrich and other new "radical" Republicans that honed partisan obstruction to a fine art. No more compromise -- just scorched earth. Now there are no moderate Republicans any more. No compromises. Just lockstep filibuster and obstruction. Deal making is all but dead.
It is true the Democrats are now no different. But look in the mirror as to how it got that way.
Bush did that too, you know.
http://1.usa.gov/N9BALa
Brilliant stroke by Obama. Really put the Republicans in a bind. Karl Rove like tactics at their finest. Just sour grapes on your part. This is how low down nasty it is now --- and you can thank the Republicans for this. They are truly the masters and now you gripe because the Democrats are taking plays from their book.
Cry me a river.
<< crickets >>
Wake me up when Obama is being impeached for F & F.
Or wake me up when the "New Black Panthers" you are so terrified of do something other than hand out pamphlets on a sidewalk.
Sorry but we just can't go back to the good old days when blacks had to use separate drinking fountains, the democrats ruled congress and FDR tried to pack the supreme court. Sure, things got done when there was no opposition, but not always for the better.
> jack
today we have too many litmus tests & no negotiating.
all citizens suffer as a result.
and then there was mr. gingrich who shout down the govt because "all fed employees are parasites & do no work" - he got that notion from reagan.
> jack
today they are having their voting rights curtailed by orders of the repub party politicians.
for shame.
> jack
quite the strawman response there. I was talking about the 80's and 90's.
Not the 1940's and 50's.
& they put it all on the national credit card.
> jack
just put everything on the national credit card.
> jack
1) who SPECIFICALLY is going to pay more tax (no one left or right capable of basic math denies this has to happen).
2) what is not going to get funding?
Who should we cut?..the air force?...marines?...FBI, CIA, DEA, ATF, NSA,...federal prisons and prosecutors? ... homeland security? Your mom's medicare? Colleges? (producing the next generation of people actually capable of making enough money to buy the stocks we want to sell in retirement and also PAY ANY taxes)?
Sometimes we forget what the "government" is....all the food stamps and welfare payments don't add up to much.
I also see no reason for a CIA, NSA, homeland security, etc. One intelligence agency with comprehensive responsibility and loyalties.
Having said all that? I don't see budget balancing savings in anything you/we have suggested.
The "flat" tax I disagree with philosophically but I agree that even people making $10K a year should pay 1%. 10-20 a little more...etc. The top 10% should pay at least as much if not more than me (25%).
The notion that the top 10% create more jobs is demonstrably false (speak to an economist). I pay my sister to watch my children...my nephews to build a house for my mom etc....I'm a "real" job creator and I still don't begrudge my taxes going for my government even with all it's warts. I have worked in (and invested in) big companies long enough to know that ANY big organisation is not efficient enough and the government is no worse than most big companies.
Strawman? I didn't realize I was limited to the narrow range of timeframes that make your point, but not allowed to expand with ones that refute them.
Okay then, set your goalposts whereever you wish, they're moveable.
my original point was both parties worked together up into the 80's when Reagan was president. Then things changed in the 90's with the republican revolution spearheaded by Newt Gingrich.
Then you went on about FDR's failed court packing episode of the 1930's and Jim Crow segregation that persisted into the 1950's.
You kind of lost me there on the relatedness of these things. Didn't see how it related to how legislation used to happen before 1994, which was the original point.
Under Bush Jr, the Dems let him have his two unfunded wars, let him have his tax cuts -- both of which caused a 2.6 trillion/ten year surplus to vanish like butter in the hot sun and turn into record deficits. He got his Supreme Court picks that have codified corporate control over our government.
When Obama assumed office -- even if he proposed no new programs -- just funding what Bush had left him had us in a deficit of over a trillion dollars annually.
Obama then tried to implement a health care reform law that had been written by the conservative Heritage Foundation and first put into practice in Massachusetts by then Governor Mitt Romney.
And the Republicans went crazy.
Sorry Robert. I just don't see it that way regarding which side of the aisle is more dysfunctional.
Two points actually.
1) The loyal opposition party most always always gets ignored when president and congress hold the majority, ala the FDR years, ala the Bush W years. Sure, Reagan and Clinton worked with the opposition not because they were great guys, but because they had no choice if they wanted to get anything done.
2) The FDR years ushered in the idea of big government being inherently great and all, but they weren't all that great for all that many people.
You don't have to be a weather man to know which way the wind blows.
as to your first point -- sure there has always been a difficult relationship between the minority and majority party.
But the rancor and obstruction we have now is unprecedented and began circa the 1990's/ 2000's
http://prn.to/Ko0bLa
http://bit.ly/Ko08yV
and these are just a few sites that talk about this. A simple google search will reveal many more.
All sources indicate Republicans are the main cause of this.
Your second point is a different unrelated topic. Sure, there was virtual apartheid in America in FDR's day. This wasn't addressed until well into the 50's and 60's.
However -- FDR did make some steps that ultimately led to desegregation of the Armed Forces (though he did not live to see that). FDR was well aware of societal disparities of minorities, particularly blacks -- but was more worried about winning the war and was not prepared to move so much on the issue. After the war, it was the exemplary service of black Americans that led into the renewed push to end Jim Crow/ racial apartheid. Having honorably served in the war, blacks would no longer tolerate being treated as second class citizens.
I'm not surprised the dems feel that way, after all, they dominated congress for many, many, did I say many? years prior to the 1990's. It's never fun when the worm finally turns. And the perennial also-rans rarely exhibit the graciousness and humility one might hope in response to their newfound power.
As for the racism angle, well, I'll leave that hot debate to others. I grew up in a heavily democratic, big union state and am always amused when I hear how the republicans (or lately the tea-partiers) are OMG racists. From my perspective, the dems have little to room to talk. It's one of many reasonsI left the democrats and choose to forever remain an independent.
Strangely, you refuse to acknowledge my original and reiterated point. No one filibusters and obstructs like the Republicans.
Not my intention to get all into the race debate. I wasn't sure that was what you were implying with point 2 above. My FDR discussion did not talk in terms of Democrats or Republicans at all regarding who was racist or not or in what time era. Just that in FDR's day America was still a very racist and segregated society. No particular party had a monopoly on that.
Note that it was in the 1970's where we saw rise to the so-called Republican "southern strategy".
"you refuse to acknowledge my original and reiterated point. No one filibusters and obstructs like the Republicans."
I don't refuse to acknowledge it, I don't believe I even addressed that point, but if it makes you happy, I'll give you that one. The republicans are indeed better at upping the ante than the dems.
But as I said earlier, the dems ruled congress for a decades. The republicans had a lot of time to sit and stew. The dems did a lot of obstructing under Bush, Jr, but it needed to be more targetted if they had any hopes of success. I'm sure they will become more adept at that art the longer they remain underdogs.
"Note that it was in the 1970's where we saw rise to the so-called Republican "southern strategy". "
Yes, and it was only made possible by the dixiecrat defections. Not all defected however. Speaking of filibusters, one long-serving, recently departed, and one-time pointy hat wearing democrat quite notably filibustered the civil rights act.
Racism in politics never goes away. It's the gift that keeps giving. There's no real reply to the charge of being a racist. It's easily made and nearly impossible to refute.
today they are having their voting rights curtailed by orders of the repub party politicians.
for shame."
Some things never change. Gun control laws were also passed in the South to keep guns out of the hands of minorities. Today, the ATF is continuing to oppress African Americans who wish to own firearms.
remember that to get his program enacted he needed support of his party members in congress many of whom were southerners of the old school.
>jack
hence all the obstruction.
"southern strategy" of the 1980 election was simple pandering by the reagan machine to dixie folks objecting to the great society of LBJ.
> jack
It's unique? Don't tell me, is it because McConnell hates black people?
I'm also curious how you quantify that high degree of animosity. Please enlighten.
And you're wrong about the southern strategy, it predated Reagan's 1980 campaign. But isn't it funny how pandering to southerners was fine as long as the dixicrats remained good, loyal democrats?
That is why some historians see him as our worst President ever. He was the founder of the "monster truck" government.
As a Marine, I have been around drunken sailors. Those sailors were penny pinchers compared the Republicans you speak of.
Really ? What historians are those? Fox or Conservapedia?
FDR had approval ratings unmatched by a President since.
FDR is considered in the top three in all the presidential ranking sites I have seen. Which one are you looking at?
That's why the Dems like it. It was so handy during slavery, Jim Crow (both North and South) and during civil rights movement when the Dems saw the writing (and votes) on the wall and changed sides, took all the credit and now put all the blame on Repubs. Robert E. Lee was a "Republican" and A. Lincoln was a (secret) "Democrat", don't cha' know.
election of an abolitionist president in 1860 opened the floodgates.
today the "repubs" are owned by the t party whose objective is to reduce all americans (except the top 0.03 percent) to slavery.
> jack
the objective today is to destroy social security & some other things.
just remember, if a man is poor it's his own fault, he chose the wrong parents.
> jack
the damage had already been done by RR.
> jack
what's the problem with Agency heads planning the priority of critical resources? Isn't this what governments do?
If you feel this is some executive "power grab" -- how else would you think critical resources such as energy, water, food, health care, etc should be allocated? Is it and should it always be who can pay the most for it -- even in an extraordinary situation such as a natural disaster or war?
In a TEOTWAWKI situation, the rich can always use their wealth to buy what they want black market, assuming fiat has any meaning or they have specie or whatever else of value to barter.
It is not same party that passed the Civil Rights Act either. It is now a party of warmongers, jailers, and people who pretend to support the Second Amendment. Old school Republicans like Ron Paul get labeled as "crazy" for not supporting the Military Industrial Complex and the Prison Industrial Complex.
they fabricate everything to suit their doctrine.
however as one writer observed, in war the victors get to write (and rewrite) history.
at present the USA is at war for its soul.
don;t forget to vote.
> jack
I just don't read this in the same conspiratorial light as do you.
Even in a non-emergency situation, the planning of how scarce resources are to be allocated is a normal and prudent function.
under Godwin's law, equating an opposing view point or drawing an analogy to Hitler means you automatically lose the argument.
This document you link to is nothing. Standard planning blather done by all administrations.
Curious as to how you alerted to it in the first place. No doubt brought to your attention on some rw attack blog site.
There are so many, throw up a lot of crap, see what sticks.
There was this amazing debate I had with someone else here on the SA site a few weeks ago where he was pedaling a similar rw hack story based on a supposed document that Obama was planning to throw everyone under the bus if the mission that got OBL turned out to be a disaster. It of course died away and turned out to be more nothing, just more rw hysteria.
Just like Fast and Furious. The more we learn about the details behind this story each and every day, the more silly it looks. Just another rw hack job. Lies and distortions that will make the GOP look worse, not Obama. My prediction --Holder isn't going anywhere until after the election, and perhaps not even then.
You do have a good point Robert -- the Presidency has changed a lot in it's power over the last few decades (if you honestly can look back further than the beginning of the Obama Presidency) and these changes have not been favorable for our Republic. But instead of debating seriously and intelligently on that important subject -- it's all about your disdain and unconcealed hatred of one "King" Obama. Not about the process that has turned the office of the President into what it is.
the current house of reps priority is being as nasty as possible to mr. holder.
> jack
where are the cranstons of today?.
the shadow knows, perhaps?
> jack
scoundrels always call anything communist when it is advocated by prez. obama.
in medicine this is known as knee-jerk reaction, no brain function required.
> jack
Oh, now I get it. When Dems don't vote for civil rights laws they are "Southerners of the old school", when Repubs don't they are just plain racists. Make sense.
If Romney wins -- you ain't seen nothing yet.
he is the master of disguise.
> jack
I do not watch Fox news. I do not watch any TV news. It is all just entertainment for those who need go be spoon fed. I no not even subscribe to any form of cable TV. I refuse to pay anyone to tell me how to think. I read my news on the internet.
Fox news can go to hell along with CNN, MSLSD, and others.
I have never heard of Conservapedia. I do not waste my time watching Fox or any of the other garbage station. Hannity and Grace can both screw themselves.
I say bring down the entire house: Disclosure now! Disclosure would free us all from the tyrants.
> jack
> jack
> jack
> jack
use your bullshit filter.
> jack
Does that make Obama and Holder "the guardians of peace and justice" in this old republic?
issa's persecution of holder is disgusting.
the obvious intent is to attack obama without being transparent about it.
issa is campaigning for senator or for prez?
we shall see.
> jack
> jack
http://bit.ly/MayuZ6
http://bit.ly/MaAsZA~parasc2/articles/1196...
John Magaw, a Bush friend, is no longer in charge of ATF. However, the existence of ATF alone is proof that the tyrants are still out in force.
Are you saying that Holder was caught DWB like the African Americans being persecuted by ATF?
holfer is being used by issa as a proxy.
> jack
And how has that worked out for the USA?
The longest filibuster in US history was by the Democrats against the Civil Rights Act of 1964. The filibuster went on for 57 working days and was ended by Republican Senator Everett Dirksen.
I still want an accounting for the 2500 missing firearms that were sold to the Mexican police with the approval of the US State Department.
Don't worry about Holder. He will retire wealthy at our expense. We can also expect a Christmas pardon for him as well.
If it means a return to over-priced homes out of sync with incomes, where people had to lever 50% of their income for 30 years, then I am quite sure we don't want a "recovery."
There were tons and tons of home builder bankruptcies in CA in the early 1980s due to a collapse in their market. I bought a house in 1999 and sold in 2005 to rent (I know a little about RE)--the prior deed to my seller showed that she bought in 1987 and she took a 10% hit on the resale to me, so over 12 years she lost a ton of money if you capitalize the loss (i.e., imagine if she had invested it) and adjust for inflation... so a prospective buyer should be well aware that RE is not always a price--increasing market.
Apparently, history will teach us nothing. And making ridiculous assumptions makes and ass out of you and me: ass/u/me.
many structures went unoccupied for 10 yrs, we called them see-thru office buildings.
partitions not to be put in until tenant signs up & specifies his floor plan.
> jack
will the elite will take the money & run ?
[rats leaving a sinking ship?]
where in the world is carmen san diego?
is she on vacation with Jon Corzine?
when does forever begin?
Looking forward to rhyming event from SA's Poet Laureate.
They will be if If Congress gets a hold of them.
They're the next victims of "homes-for-the-poor" by liberals.
She (Sandiego) landed at Cannes in the Gulfstream G-5
A short trip; sleep; she felt good to be alive.
Provence was beautiful this time of year,
But the sights and the food were not why she was here.
Carmen, that was her real name, but few really knew,
She’d been forced into aliases, given what she’d chosen to do
With her life’s work since leaving ACME detective agency.
Now she, yes SHE was the world’s best thief – you see.
She belonged to – no she had created V.I.L.E.,
The Villian’s International League of Evil – just a short while
After leaving ACME…too many places to go and too many to see
With the skills she had developed – it WAS what she was meant to be.
Her target in Provence was new to the business.
She didn’t know his plans – could only guess
What his intentions were from his nefarious past,
But with his most recent theft he’d made a big splash.
They say he’d gotten millions from his investors. He’d caused pain
At MF Global as it had gone near instantly down the drain.
She suspected a couple hundred million or so
Would be waiting for her, but she didn’t know… for sure.
The prep work had all been done – down to the last detail.
At his Villa, she knew every last hinge, bolt and nail.
It would be easy as long as Corzine wasn’t there,
But that was the problem no one knew just where
In the world Jon Corzine was.
That night she slipped into the window on the second floor.
Alarms and security much easier than that at the door.
The safe was good, electronics were as good as they get,
But nothing had ever stopped Carmen yet.
No sign of Corzine as she stealthily slipped out,
Perhaps it was true that he was nowhere about.
With millions in negotiable bearer bonds,
It was time to make here escape back across the pond.
She took the bullet train from Cannes to the North East,
To her it was quite the engineering feat.
She’d told the G-5 to meet her in the City of Lights,
From there she would make her flight – late that night.
At the private strip, she told Robin France (pilot) to head for home.
Wheels up at 8:00 and then they were gone.
Corzine would never know. He’d wonder like the rest
Because Carmen had a reputation as the World’s Greatest….
As a thief…..she was the best!
I have to wonder if Ms. Sandiego ever interviewed with MF Global?
Thanks for making my day with another thoughtful ode.
Where is Jon Corzine?
Of course they do. They are politicians. Got to find cash to keep the wasteful government spending going. Also tapping the IMF [US] and any other funds. Look for the EU to take Obama's advice soon...'you need more money? What's the problem? Just print it up like we do.'
Right. All that carpet bombing took no lives.
More RNC BS.........
Get a life man. We are not talking about 40 years ago. We are talking NOW.
Justice for Brian Terry.