Posted by Jim Hoft on Friday, January 27, 2012, 6:19 AM
No doubt this must be Bush’s fault. The GDP last year shrunk to 1.7% from 3.0% in 2010. Business Insider reported:
From the just-released GDP report:
Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.
The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
Posted by Jim Hoft on Friday, January 27, 2012, 6:10 AM
Wisconsin high school teacher refused to accept an MLK Award from Rep. Paul Ryan… Because Ryan in a capitalist and does not push socialist policies. What a nut. …On MLK Day of all days.
Via Breitbart TV:
The challenge of humanitarians today is to close that divide and fight for the well being of the 99 percent. The struggle for equality is not only a civil rights struggle; it is an economic justice struggle. There is no wealth problem in this country only a distribution problem. Our society needs to reorder its priorities and meet human need instead of fostering individual human greed.
As a recipient of Gateway Technical College’s Humanitarian Award, I pledge to redouble my efforts in the struggle for social and economic justice. Concretely, that means fighting to roll back the power of the corporate elite in our society, making the ultra-rich pay their fair share in taxes, fighting for adequate funding for our public schools, restoring collective bargaining for public employees, fair and humane immigration reform, and restoring the voting rights for all people living within our state and country.
Posted by Jim Hoft on Friday, January 27, 2012, 5:43 AM
Is there anything this man will not say or do to hold power over America?
He is shameless.
President Obama told reporters yesterday that Bush is the foodstamp president not him.
Via Breitbart TV:
From the video:
“First of all, I don’t put people on food stamps. People become eligible for food stamps. Second of all, the initial expansion of food-stamp eligibility happened under my Republican predecessor, not under me. Number three, when you have a disastrous economic crash that results in 8 million people losing their jobs, more people are going to need more support from government.”
Of course, Barack is not being honest with you.
Today there are over 46 million people on foodstamps. After three years of the Obama Administration the number continues to climb.
Posted by Jim Hoft on Friday, January 27, 2012, 4:52 AM
Earlier this week the 8th and final Haditha Marine was exonerated. “Marine Staff Sgt. Frank Wuterich agreed to plead guilty Monday to one count of negligent dereliction of duty, ending his trial on manslaughter and related charges for his role in the deaths of 24 Iraqi civilians in 2005.”
SHAME ON JOHN MURTHA—
The former Democratic representive smeared innocent men serving their country.
There was no “murder in cold blood.”
Lt. Col. Jeffrey Chessani was found not guilty of all charges on June 16, 2008.
That made 7 of 8 Marines who had their charges dismissed.
This week the 8th and final Marine was found not guilty. Photos via Defend Our Marines
Lt. Col. Jeffrey Chessani became the 7th of 8 marines cleared of wrongdoing in the Haditha, Iraq killings in 2005. The final Haditha Marine to stand trial reached a plea deal this week ending his trial on manslaughter and related charges.
John Murtha took the honor from the 8 Haditha Marines.
Now there is a movement to stop the US Navy from honoring this antiwar Democrat with a ship in his name.
No Murtha Ship! has been created by concerned Navy veterans and their supporters who believe that politicians like John Murtha should be indicted, not celebrated. We are led by Larry Bailey, a retired Navy Captain who spent 27 years as a Navy SEAL.
Larry announced the launch of No Murtha Ship this week after the 8th and final Haditha Marine was exonerated.
Folks, this is the official launch of our effort to convince the Secretary of the Navy that LPD-26, the ship that is to be launched next year, should be named after either a great American city (like her sister LPD, the USS San Antonio) or a true American hero.
Here is our brand-new website: http://www.nomurthaship.com Take a look. Scott Swett did a great job of putting it up, and Linda Eddy did a great job of designing our logo.
We intend to serve notice on Navy Secretary Ray Mabus that it is intolerable to name this fine vessel after John P. Murtha, arguably (and demonstrably) one of the most corrupt politicians ever to sit in Congress.
It should be made clear that we are not connected to any political party or movement; we just want our Navy’s ships to be named appropriately.
Pass the word, please, to your mailing lists. And tell recipients that any money raised over what our actual costs are (website management, advertisements, etc.) will be donated to a worthy military charity. Nobody is on salary, but contributions will be required to keep us up and running.
You will note that checks must be made out to “Larry Bailey/Sink Murtha.” That is because my bank (USAA Bank) would not allow me to open an account under an organizational name. We also have a PayPal account, as you’ll see on the website.
You have my permission to simply forward this e-mail. However you pass the word is all right with me; just get the message out there that we will not allow a corrupt congressman to be honored by the US Navy!
Posted by Jim Hoft on Friday, January 27, 2012, 4:43 AM
Arab Spring.
Interest rate on 9-month treasury bills. (Asia Times)
Investors bought less an a third of the Egyptian Treasury bills offered to the market this week. This came on the same week that the Islamists took over the Egyptian Parliament. Certain financial disaster awaits the most populous Arab country.
The Asia Times reported:
Investors bought less an a third of the 3.5 billion Egyptian pounds (US$580 million) worth of Treasury bills offered to the market on January 22, a red flag warning that Egypt’s foreign exchange position is close to the brink.
Yields on Egyptian government debt maturing in nine months jumped to nearly 16%, but the government could not place its local-currency debt to Egyptian investors, even at that exorbitant rate.
This is a new and ominous decline in the financial position of the most populous Arab country.
Egypt faces a disaster of biblical proportions, and the world will do nothing about it. Officially, Egypt’s foreign exchange reserves fell by half during 2011, including a $2.4 billion decline during December – from $36 billion to $18 billion, or about four months of imports.
But the situation almost certainly is worse than that. More than $4 billion left the country during December, estimates Royal Bank of Scotland economist Raza Agha, noting that the December drop in reserves was cushioned by a $1 billion loan from the Egyptian army and a $1 billion sale of dollar-denominated treasury bills.
The rush out of the Egyptian pound is so rapid that Egyptian investors refuse to hold debt in their own national currency, even at a 16% yield. After Islamist parties won more three-quarters of the seats in recent parliamentary elections – 47% for the Muslim Brotherhood and 25% for the even more extreme al-Nour Party – the business elite that prospered under military rule is counting the days before exile.
The first reports of actual hunger in provincial Egyptian towns, meanwhile, are starting to trickle in through Arab-language press and blog reports. A shortage of gasoline accompanied by long queues at filling stations and panic buying was widely reported last week.
In some towns, for example Luxor in Upper Egypt, the disappearance of diesel fuel shut down bakeries, exacerbating the spot shortages of bread.
After months of refusing to bargain with the International Monetary Fund (IMF), Egypt’s government has begun negotiations for a $3.2 billion loan, or less than the amount of capital flight in December alone. The involvement of the IMF evidently did little to reassure the Egyptian investors who sat out Sunday’s Treasury auction.
It seems unlikely that Egypt’s central bank will be able to prevent a banana-republic devaluation of the Egyptian pound, and a sharp rise in prices for a population of whom half barely consumes enough to prevent starvation. The difference between Egypt and a banana republic, though, is the bananas: unlike the bankrupt Latin Americans, who exported food, Egypt imports half its caloric consumption…
Nearly half of Egyptians are functionally illiterate. Nine-tenths of adult women have suffered genital mutilation. Almost a third of Egyptians marry first or second cousins, the fail-safe indicator of a clan-based society. Half of Egyptians live on less than $2 a day, and must spend half of that on food.
Posted by Jim Hoft on Friday, January 27, 2012, 2:14 AM
Obamanomics in action.
Times are so tough, thanks tor Barack Obama’s big government/spend your way to hell economic plan, that the owner of Barack’s old car put it up for sale on eBay. Top Gear reported:
Set aside your political affiliations for the moment, and check out this little gem on eBay: President Barack Obama’s old Chrysler 300C is reportedly up for auction.
He may roll deep in an eight-inch thick armour-plated Cadillac-badged super-limousine replete with shotguns – which promptly got stuck on a speed bump in Dublin last year – but back before he threw his name into the Presidential hat, Obama used to run this Chrysler. Apparently.
The seller reckons he’s got Obama’s name on the car’s paperwork, so take it how you will. For reference, there was a lot of buzz around this car a few years back when it was offered up on eBay the first time.
Still, you have to give the Pres’ a nod of respect for running a 5.7-litre Hemi V8 as a Senator (he traded it in for a Ford Escape Hybrid when he ran for the White House), in which he covered around 20,000 miles. It packs 340bhp and 390lb ft of torque, which is nice. Shame we’re not getting a V8 in the new 300C…
Posted by Jim Hoft on Thursday, January 26, 2012, 10:16 PM
You’ve gotta love this…
Barack Obama left an clean energy event today in a motorcade of 22 fossil-fueled vehicles. The Nevada Journal reported:
From the video: On January 26, 2012, President Obama visited a Las Vegas UPS plant. Stimulus subsidy for said UPS plant to purchase natural-gas-powered trucks: 5.6 million dollars. Stimulus subsidy for North Las Vegas green energy plant that laid off 200 workers yesterday: 5.9 million dollars. Using taxpayer dollars to leave an event promoting clean-energy vehicles in a motorcade of twenty-two fossil-fueled vehicles: Priceless. Hat Tip Victor