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Old 03-30-2013, 09:07 AM   #4121
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I love objective Journalism:



msnbc recognizes that Dr. Ben Carson is surrounded by too many white elephants and therefore has become blind.
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Old 04-01-2013, 10:15 AM   #4122
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Here's a good scrappy read:

DAVID STOCKMAN: We've Been Lied To - Business Insider

Quote:
Then, when the Fed’s fire hoses started spraying an elephant soup of liquidity injections in every direction and its balance sheet grew by $1.3 trillion in just thirteen weeks compared to $850 billion during its first ninety-four years, I became convinced that the Fed was flying by the seat of its pants, making it up as it went along. It was evident that its aim was to stop the hissy fit on Wall Street and that the thread of a Great Depression 2.0 was just a cover story for a panicked spree of money printing that exceeded any other episode in recorded human history.

David Stockman, The Great Deformation
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Old 04-01-2013, 10:28 AM   #4123
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failbost post.
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Old 04-01-2013, 10:34 AM   #4124
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Originally Posted by Braineack View Post
ca is "projected" to make a surplus too, after raising taxes...

lets see how the laffer curve treats them before we hold judgement.

It's like I can see the future:

Capitol Alert: State auditor: California's net worth at negative $127.2 billion

Quote:
A new financial report by California State Auditor and the Bureau of State Audits shows that California is heading down the tubes, and fast—it now has a negative net worth of $127.2 billion. It’s actually worse than that; although the report counted the state's long-term obligations at $167.9 billion, that doesn’t count unfunded liabilities for state employees' future pensions* or the $60 billion in unfunded liabilities for retiree health care. Both of those costs have been listed by the Governmental Accounting Standards Board and Moody's as costs that states and localities should include in their budgetary assessments.

If those costs were included in California’s budget sheet, the state’s net worth would decline hundreds of billions of dollars more. Of the $167.9 billion in long-term obligations, $79.9 billion came from general obligation bonds, and $30.8 billion came from revenue bonds which were largely used to build state prisons.

The report asserted that California spent $1.7 billion more in the 2011-12 fiscal year than it took in, leaving the state in arrears almost $23 billion. Of the $127.2 billion spent by the state, roughly half of it resulted from the state issuing general obligation bonds which were then distributed to local governments and school districts for public works projects. Those assets were listed on the balance sheets of the localities involved, while the state accrued the bonded debt.
but remember:

Quote:
Last November, voters passed an increase in sales and income taxes that Brown says will balance the state's operating budget and allow the debt wall to be gradually dismantled.
so rest assure, folks.



*missing approximately $622.8 BILLION in the unfunded liabilities.
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Old 04-01-2013, 10:52 AM   #4125
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So, lots of us know about the various pagan aspects that the Christians included in their Easter rites. How many of us knew (prior to going to Wikipedia after reading this sentence) where the name "Easter" comes from?

I didn't until I read a novel (American Gods) that referenced it.

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Old 04-01-2013, 11:04 AM   #4126
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fertility!

I just don't quite understand the thought process behind using Chavez instead of a bunny on Easter. It's offensive to me and I don't believe in Jesus or murder.
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Old 04-01-2013, 11:08 AM   #4127
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Quote:
Originally Posted by Braineack View Post
I think there are a lot of valid points made (from my skim of the article). However, he gets several points a little bit wrong or a little bit muddled. For example, the article says:

Quote:
The banks quickly worked out their solvency issues because the Fed basically took it out of the hides of Main Street savers and depositors throughout America. When the Fed panicked, it basically destroyed the free-market interest rate – you cannot have capitalism, you cannot have healthy financial markets without an interest rate, which is the price of money, the price of capital that can freely measure and reflect risk and true economic prospects.

Well, once you basically unplug the pricing mechanism of a capital market and make it entirely an administered rate by the Fed, you are going to cause all kinds of deformations as I call them, or mal-investments as some of the Austrians used to call them, that basically pollutes and corrupts the system. Look at the deposit rate right now, it is 50 basis points, maybe 40, for six months. As a result of that, probably $400-500 billion a year is being transferred as a fiscal maneuver by the Fed from savers to the banks. They are collecting the spread, they've then booked the profits, they've rebuilt their book net worth, and they paid back the TARP basically out of what was thieved from the savers of America. [Emphasis added]
The Federal Reserve has controlled interest rates at least since 1971 and arguably well before that. It is not that the Federal Reserve started controlling interest rates in 2000 or 2008. It's that more people started to realize how that mechanism works.


As for the transfer of funds from taxpayers to banks, I could make some arguments with the details, but look at where he ends up: with money going from the government (TARP, etc) to banks back to the government. When the Federal Reserve makes interest profit from its holdings, that profit goes to the US Treasury (government). When the banks paid back their TARP funds, it went to the US Treasury (government).


Ironically, to a large degree, super low interest rates may be transferring money from taxpayers to the government as a type of tax on investment (aka savings) income.

There is also some supposition of the counterfactual. That is, a phrase like this:
Quote:
Of course, history shows that our markets and economy would have been better off had the system been allowed to correct. Most of the "too big to fail" institutions would have survived or been broken into smaller, more resilient, entities. For those that would have failed, smaller, more responsible banks would have stepped up to replace them - as happens as part of the natural course of a free market system[...][Emphasis added]
History does not show this as this particular level of concentration and interconnectedness has never occurred in a global financial crisis of this scale. While everything may have sorted itself out, it's not a given.

Personally, I would have been in favor of more government receivership and FDIC-style dismantling of insolvent institutions rather than the pure bailouts or shotgun weddings that occurred, but I do not agree that a completely hands-off approach would have gone smoothly and not affected "Main Street."
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Old 04-01-2013, 12:00 PM   #4128
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Quote:
Originally Posted by Braineack View Post
Google doodle on Easter:

Hugo Chavez.
Almost.
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Old 04-01-2013, 12:04 PM   #4129
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whoops. looks like it was Caser Chavez, i did't read. Less offended.
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Old 04-01-2013, 12:24 PM   #4130
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Quote:
Originally Posted by Braineack View Post
[re: origin of the word "Easter"] fertility!
Incorrect / too imprecise.
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Old 04-01-2013, 12:26 PM   #4131
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i was just responding to your picture, i wasnt answering questions.

i know less about any religious customs, symbols, teachings, than i do about having sex.
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Old 04-01-2013, 01:40 PM   #4132
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My state is circling the toilet bowl, but the joke's on everyone else. As long as we default in the next four years, this Blue State haven will get bailed out by B.O., just as sure as he'll declare Commie Racist Cesar Chavez Day on Good Friday.

Now I know how the Polish felt when Obama cancelled the missile shield on the anniversary of the invasion of Poland by the Russkies.



Quote:
Originally Posted by Braineack View Post
It's like I can see the future:

Capitol Alert: State auditor: California's net worth at negative $127.2 billion



but remember:



so rest assure, folks.



*missing approximately $622.8 BILLION in the unfunded liabilities.
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Old 04-01-2013, 02:45 PM   #4133
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april fools?

Obama Proclaims April the Month to Teach Young People ‘How to Budget Responsibly’
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Old 04-01-2013, 02:46 PM   #4134
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Originally Posted by viperormiata View Post
I think this video qualifies for the hilarious category.
What We Saw at the Occupy Wall Street Protest - YouTube

Best part of the entire vid is the black guy wearing the Che Guevara T-shirt L.O.L.

Are these people too good and special to read a ******* book?

I would strongly support a movement in which every time someone wishes the US to be socialist or communist that person be granted his/her wish and be shipped over to Cuba.






favorite quote of the video

"So you don't agree with socialism?"
"No"
"Whyyyyy?"

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Old 04-01-2013, 03:23 PM   #4135
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You can't make this **** up. It's like nominating Joe Stalin for humanitarian of the year.
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Old 04-01-2013, 03:24 PM   #4136
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there's a reason MD is in the bottom 7 states for freedom:




Quote:
Political cowards in the Maryland legislature scheduled a gun hearing on Good Friday to avoid media attention after a massive public outcry against this overreaching legislative firearm grab. Then...they broke their own parliamentary procedures in order to punish legal firearm owners and protect criminals.

Republican delegate Mike Smigiel introduced a common-sense amendment to Gov. O'Malley's S.B. 281--an amendment that would have punished criminals who steal guns from the homes of their owners. The original bill only punished the firearm owner for having his or her home broken into, but contained no punishment for the actual criminal. Smigiel's amendment passed on a proper committee vote. But the committee Chair then took the unprecedented step of ordering a new vote. The Chair was then able to use bullying tactics to force two Democrats to change their votes which, in turn, killed the amendment.
punishing victims of crimes.
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Old 04-01-2013, 04:20 PM   #4137
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Lightbulb Laffer Curve vs Climate Change!

So, the WSJ ran an article discussing the migration of people from Blue Cities to Red Cities. In finding that people left Blue Cities and people moved to Red Cities, they concluded that:
  1. the listed Blue Cities are in states that "are implementing the Obama model of raising taxes on businesses and the wealthy to fund government "investments" and union power"
  2. the listed Red Cities are in states that "are following the Reagan model by reducing tax rates and easing regulations"
  3. people were moving from Blue Cities to Red Cities
  4. people were moving because they found #2 to be more attractive than #1

Laffer and Moore: The Red-State Path to Prosperity - WSJ.com


However, upon further analysis, it appears the real reason is climate change. I present graphical evidence:



As you can see, the average temperature in the chilliest of the Red Cities listed in the article is greater than the warmest of the Blue Cities listed in the article. Based on this, it is obvious to me that people are seeking to change their climate and that Laffer & Moore are simply misconstruing the evidence.
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Old 04-01-2013, 04:30 PM   #4139
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Quote:
Originally Posted by Scrappy Jack View Post
So, the WSJ ran an article discussing the migration of people from Blue Cities to Red Cities. In finding that people left Blue Cities and people moved to Red Cities, they concluded that:
  1. the listed Blue Cities are in states that "are implementing the Obama model of raising taxes on businesses and the wealthy to fund government "investments" and union power"
  2. the listed Red Cities are in states that "are following the Reagan model by reducing tax rates and easing regulations"
  3. people were moving from Blue Cities to Red Cities
  4. people were moving because they found #2 to be more attractive than #1
Laffer and Moore: The Red-State Path to Prosperity - WSJ.com


However, upon further analysis, it appears the real reason is climate change. I present graphical evidence:



As you can see, the average temperature in the chilliest of the Red Cities listed in the article is greater than the warmest of the Blue Cities listed in the article. Based on this, it is obvious to me that people are seeking to change their climate and that Laffer & Moore are simply misconstruing the evidence.

I've posted where we concluded that cold weather causes more murders, so maybe it's more of a more for personal safety.

Quote:
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Old 04-01-2013, 05:04 PM   #4140
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Quote:
Originally Posted by Braineack View Post
(map of relative freedom)
I find it interesting that many of the states which are "least free" are the ones which have the highest percentage of craft breweries per capita, allow you to produce and consume marijuana, and permit gay marriage, while the "most free" states are the ones which still enforce prohibition, in which possession of marijuana is a capital offense, and whose citizens, by and large, view homosexuality as evidence of allegiance with Satan.

I would posit that if you replace "most free" with "most redneck," and "least free" with "least intolerant," the map would read pretty much the same.
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