Merry Christmas to everyone.
Friday, December 24, 2010
Christmas Debt
"
Happy birthday to Chinese President Hu Jintao. President Obama was going to get him a present, but it's a little weird buying someone a gift with their own money."
–Jimmy Fallon
DADT Insight
"
John McCain was opposed to repealing 'Don't Ask, Don't Tell,' though he admitted that he probably served with gay soldiers during the Civil War."
–David Letterman
In Depth Political Analysis
"Vice President Joe Biden said there has been no 'substantive damage' to the United States by Julian Assange in the whole WikiLeaks scandal. He says it has been embarrassing, but you can't prosecute people for embarrassing the United States. If that were true, Joe Biden would be serving life in prison."
–Jay Leno
Homeland Security Update
"Security officials say that al-Qaida once considered spreading poison through salad bars across the U.S. But they abandoned the plan after Sizzler beat them to it."
Jimmy Fallon
In Depth Political Analysis
"Imagining Donald Trump flying on Jet Blue is like trying to imagine Sarah Palin flying on Air Force One."
–David Letterman
Bad Government
"To say that a bad government must be established for fear of anarchy is really saying that we should kill ourselves for fear of dying."Richard Henry Lee (1732-1794), Member of Continental Congress, Signer of the Declaration of Independence, U.S. Senator
Thursday, December 23, 2010
Sobran
 |
| Joseph Sobran |
"The chances of your being harmed by terrorists are mathematically minute. The chance of your being robbed by your own government? That’s easy: 100 per cent."
$2 Trillion Debt Crisis Threatens to Bring Down 100 US Cities
Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the US economic recovery. Nor are European cities safe – Florence, Barcelona, Madrid, Venice: all are in trouble
More than 100 American cities could go bust next year as the debt crisis that has taken down banks and countries threatens next to spark a municipal meltdown, a leading analyst has warned.
Meredith Whitney, the US research analyst who correctly predicted the global credit crunch, described local and state debt as the biggest problem facing the US economy, and one that could derail its recovery.
"Next to housing this is the single most important issue in the US and certainly the biggest threat to the US economy," Whitney told the CBS 60 Minutes programme on Sunday night.
"There's not a doubt on my mind that you will see a spate of municipal bond defaults. You can see fifty to a hundred sizeable defaults – more. This will amount to hundreds of billions of dollars' worth of defaults."
New Jersey governor Chris Christie summarised the problem succinctly: "We spent too much on everything. We spent money we didn't have. We borrowed money just crazily. The credit card's maxed out, and it's over. We now have to get to the business of climbing out of the hole. We've been digging it for a decade or more. We've got to climb now, and a climb is harder."
American cities and states have debts in total of as much as $2tn. In Europe, local and regional government borrowing is expected to reach a historical peak of nearly €1.3tn (£1.1tn) this year.
Cities from Detroit to Madrid are struggling to pay creditors, including providers of basic services such as street cleaning. Last week, Moody's ratings agency warned about a possible downgrade for the cities of Florence and Barcelona and cut the rating of the Basque country in northern Spain. Lisbon was downgraded by rival agency Standard & Poor's earlier this year, while the borrowings of Naples and Budapest are on the brink of junk status. Istanbul's debt has already been downgraded to junk.
Whitney's intervention is likely to raise the profile of the issue of municipal debt. While she was an analyst at Oppenheimer, the New York investment bank, in October 2007 she wrote a damning report on Citigroup, then the world's largest bank, predicting it would cut its dividend. She was criticised for being too pessimistic but was vindicated when the bank was forced to seek government support a year later. She has since set up her own advisory firm and is rated one of the most influential women in American business.
US states have spent nearly half a trillion dollars more than they have collected in taxes, and face a $1tn hole in their pension funds, said the CBS programme, apocalyptically titled The Day of Reckoning.
Detroit is cutting police, lighting, road repairs and cleaning services affecting as much as 20% of the population. The city, which has been on the skids for almost two decades with the decline of the US auto industry, does not generate enough wealth to maintain services for its 900,000 inhabitants.
The nearby state of Illinois has spent twice as much money as it has collected and is about six months behind on creditor payments. The University of Illinois alone is owed $400m, the CBS programme said. The state has a 21% chances of default, more than any other, according to CMA Datavision, a derivatives information provider.
Copyright © 2010 The Guardian
More than 100 American cities could go bust next year as the debt crisis that has taken down banks and countries threatens next to spark a municipal meltdown, a leading analyst has warned.
Meredith Whitney, the US research analyst who correctly predicted the global credit crunch, described local and state debt as the biggest problem facing the US economy, and one that could derail its recovery.
"Next to housing this is the single most important issue in the US and certainly the biggest threat to the US economy," Whitney told the CBS 60 Minutes programme on Sunday night.
"There's not a doubt on my mind that you will see a spate of municipal bond defaults. You can see fifty to a hundred sizeable defaults – more. This will amount to hundreds of billions of dollars' worth of defaults."
New Jersey governor Chris Christie summarised the problem succinctly: "We spent too much on everything. We spent money we didn't have. We borrowed money just crazily. The credit card's maxed out, and it's over. We now have to get to the business of climbing out of the hole. We've been digging it for a decade or more. We've got to climb now, and a climb is harder."
American cities and states have debts in total of as much as $2tn. In Europe, local and regional government borrowing is expected to reach a historical peak of nearly €1.3tn (£1.1tn) this year.
Cities from Detroit to Madrid are struggling to pay creditors, including providers of basic services such as street cleaning. Last week, Moody's ratings agency warned about a possible downgrade for the cities of Florence and Barcelona and cut the rating of the Basque country in northern Spain. Lisbon was downgraded by rival agency Standard & Poor's earlier this year, while the borrowings of Naples and Budapest are on the brink of junk status. Istanbul's debt has already been downgraded to junk.
Whitney's intervention is likely to raise the profile of the issue of municipal debt. While she was an analyst at Oppenheimer, the New York investment bank, in October 2007 she wrote a damning report on Citigroup, then the world's largest bank, predicting it would cut its dividend. She was criticised for being too pessimistic but was vindicated when the bank was forced to seek government support a year later. She has since set up her own advisory firm and is rated one of the most influential women in American business.
US states have spent nearly half a trillion dollars more than they have collected in taxes, and face a $1tn hole in their pension funds, said the CBS programme, apocalyptically titled The Day of Reckoning.
Detroit is cutting police, lighting, road repairs and cleaning services affecting as much as 20% of the population. The city, which has been on the skids for almost two decades with the decline of the US auto industry, does not generate enough wealth to maintain services for its 900,000 inhabitants.
The nearby state of Illinois has spent twice as much money as it has collected and is about six months behind on creditor payments. The University of Illinois alone is owed $400m, the CBS programme said. The state has a 21% chances of default, more than any other, according to CMA Datavision, a derivatives information provider.
Copyright © 2010 The Guardian
Distorting the Tax Policy Debate
Letting You Keep Your Own Money
That is hardly a government subsidy.
George Orwell warned us about the use of “meaningless words” in politics, words that are endlessly repeated by sloganeering politicians until they have no meaning at all. Meaningless words certainly were on display during last week’s congressional debate over the latest tax bill.
Over and over again we heard trite, empty phrases like “tax cuts for the wealthiest 2%,” “tax giveaways,” “tax earmarks,” and “borrowing money to give to millionaires.” Time and time again the same falsehoods were presented as fact, and reported as such by a credulous media.
But all of these clichés about taxes are based on the presumption that government has a right to all of your income, and so government “gives” you something when it allows you to keep a portion of that income. To this mindset, tax cuts represent a “cost” to government. After all, they argue, money that really ought to go to the most noble of purposes – wealth redistribution via taxation – is being kept by greedy people and corporations who just don’t want to pay their fair share.
Far too many Americans truly believe that tax cuts represent a government giveaway, indistinguishable from an outright subsidy or entitlement payment. To combat this mindset, we need to be clear with our language.
That is hardly a government subsidy.
 |
| by Ron Paul |
Over and over again we heard trite, empty phrases like “tax cuts for the wealthiest 2%,” “tax giveaways,” “tax earmarks,” and “borrowing money to give to millionaires.” Time and time again the same falsehoods were presented as fact, and reported as such by a credulous media.
But all of these clichés about taxes are based on the presumption that government has a right to all of your income, and so government “gives” you something when it allows you to keep a portion of that income. To this mindset, tax cuts represent a “cost” to government. After all, they argue, money that really ought to go to the most noble of purposes – wealth redistribution via taxation – is being kept by greedy people and corporations who just don’t want to pay their fair share.
Far too many Americans truly believe that tax cuts represent a government giveaway, indistinguishable from an outright subsidy or entitlement payment. To combat this mindset, we need to be clear with our language.
Great Political Insight
"Congress has voted to extend the Bush tax cuts. Is it me, or is George W. Bush getting more done now than when he was in office?"
Jay Leno
Government officials afraid of a full-body scan of their words should resign, says LP Chair
WASHINGTON - While Democratic and Republican politicians outdo each other with calls for the prosecution and even execution of Bradley Manning and Julian Assange for providing information to various news media, Libertarian Party Chair Mark Hinkle says that free speech and freedom of the press must be supported unconditionally. Hinkle released the following statement today:
The Libertarian Party platform includes the following:
1.1 Expression and Communication. We support full freedom of expression and oppose government censorship, regulation or control of communications media and technology.
1.5 Crime and Justice. Government exists to protect the rights of every individual including life, liberty and property. Criminal laws should be limited to violation of the rights of others through force or fraud, or deliberate actions that place others involuntarily at significant risk of harm. Individuals retain the right to voluntarily assume risk of harm to them selves. We support restitution of the victim to the fullest degree possible at the expense of the criminal or the negligent wrongdoer. We oppose reduction of constitutional safeguards of the rights of the criminally accused. The rights of due process, a speedy trial, legal counsel, trial by jury, and the legal presumption of innocence until proven guilty, must not be denied. We assert the common-law right of juries to judge not only the facts but also the justice of the law.
For more information, or to arrange an interview, call LP Executive Director Wes Benedict at 202-333-0008 ext. 222.
The LP is America's third-largest political party, founded in 1971. The Libertarian Party stands for free markets, civil liberties, and peace.
"In 1787, as the U.S. Constitution was being written, Thomas Jefferson wrote, 'Were it left to me to decide whether we should have a government without newspapers or newspapers without a government, I should not hesitate a moment to prefer the latter.' His recognition of the critical need for a free press led him and others to demand a Bill of Rights, where freedom of speech and freedom of the press were listed in the very first amendment to the Constitution.
LNC Chair Mark Hinkle
"In 2010, Democratic and Republican politicians alike are trying to destroy this precious liberty. The Obama Administration, which has already invoked the 'state secrets' claim in court more than any administration in history, has arrested Army Private Bradley Manning, alleging that he copied and leaked various documents, and is holding him in solitary confinement pending a military trial. Meanwhile, Republican presidential hopefuls are falling over themselves seeing who can sound the toughest. Mike Huckabee says that anything less than execution of the leaker is too kind. Newt Gingrich wants Julian Assange, founder of Wikileaks, declared an 'enemy combatant' so that he can be denied all due process. And Sarah Palin wants Assange hunted down like Osama bin Laden (perhaps missing the irony that bin Laden has not been caught).
"Even more ominously, companies which provided various services to WikiLeaks suddenly decided to end their relationship after receiving pressure from Washington. Amazon, PayPal, Visa, and MasterCard all suddenly felt that the activities of WikiLeaks, well-known to them for years, were illegal, absent any actual charges being filed for the violation of any law. When government officials start pressuring businesses in order to silence critics, tyranny isn't far off.
"Publishing documents provided by a government agent is not a crime. Embarrassing public officials is not a crime. Regardless of the degree to which the released documents are helpful or harmful, Assange and WikiLeaks are exercising their rights, and American politicians and government agents should stop threatening and harassing them.
"Freedom of the press is not a luxury, and the prospect of a government able to silence dissent and prevent the press from communicating unfavorable information about the behavior of government employees should frighten anyone who loves liberty. It is understandable that government officials who are lying to the public and covering up misdeeds want to keep their actions secret, just as a criminal doesn't want the police to find out about his crime. As Steven Greenhut of the Pacific Research Institute notes, 'If it weren't for anonymous sources and leaked information, the journalism business would serve as a press-release service for officialdom.'
"Private Manning deserves the presumption of innocence, due process, a speedy and fair trial, and decent treatment while in prison. If Manning revealed information which did not damage national security or result in harm to others, but instead revealed evidence of incompetence, corruption, or other illegal activities, then he should be able to raise that as a defense at any trial. Just as when Daniel Ellsberg released the Pentagon Papers in 1971 and had his subsequent prosecution dismissed by the courts, an important principle is that information which is being kept secret to protect wrongdoing is not in fact legally and properly classified. A jury should be able to judge both the facts and the law, and to acquit Manning if the jury finds his actions to be justified.
"Two years ago, candidate Barack Obama praised the long tradition of information leaks by defending those who revealed Bush-era covert actions. 'We only know these crimes took place because insiders blew the whistle at great personal risk.... Government whistle-blowers are part of a healthy democracy and must be protected from reprisal.' Obama appears to have forgotten this statement, just as he has forgotten many other statements and promises he made while campaigning.
"Only a month ago, we were told by the Transportation Safety Administration that they should have the power to strip or grope us if we want to exercise our right of travel. In my view, any government official too embarrassed to handle a full-body scan of their words and actions should resign."
The Libertarian Party platform includes the following:
1.1 Expression and Communication. We support full freedom of expression and oppose government censorship, regulation or control of communications media and technology.
1.5 Crime and Justice. Government exists to protect the rights of every individual including life, liberty and property. Criminal laws should be limited to violation of the rights of others through force or fraud, or deliberate actions that place others involuntarily at significant risk of harm. Individuals retain the right to voluntarily assume risk of harm to them selves. We support restitution of the victim to the fullest degree possible at the expense of the criminal or the negligent wrongdoer. We oppose reduction of constitutional safeguards of the rights of the criminally accused. The rights of due process, a speedy trial, legal counsel, trial by jury, and the legal presumption of innocence until proven guilty, must not be denied. We assert the common-law right of juries to judge not only the facts but also the justice of the law.
For more information, or to arrange an interview, call LP Executive Director Wes Benedict at 202-333-0008 ext. 222.
The LP is America's third-largest political party, founded in 1971. The Libertarian Party stands for free markets, civil liberties, and peace.
Wednesday, December 22, 2010
In-Depth Political Analysis
 |
| Jimmy Fallon |
"On his last show, Larry King told Bill Clinton they were both members of the Zipper Club because they both had open heart surgery. Clinton was, "Uh, yeah, that's why I'm a member of the Zipper Club..."
Tuesday, December 21, 2010
Entitlements
It seems that wherever the Welfare State is involved, the moral precept, "Thou shalt not steal," becomes altered to say: "Thou shalt not steal, except for what thou deemest to be a worthy cause, where thou thinkest that thou canst use the loot for a better purpose than wouldst the victim of the theft."
– F. A. Harper
Regulation
He who regulates everything by laws, is more likely to arouse vices than reform them.
– Spinoza
Karl Marx's View on Capitalism
There is only one way to kill capitalism – by taxes, taxes, and more taxes.
– Karl Marx
Interesting Quotes
''I hear comments sometimes that large oil companies are greedy companies or don't care, but that is not the case with BP. We care about the small people.''
—BP Chairman Carl-Henric Svanberg, speaking to reporters in Washington, June 16, 2010
—BP Chairman Carl-Henric Svanberg, speaking to reporters in Washington, June 16, 2010
Sunday, December 19, 2010
In the news....
"Larry King has been married more times than Henry the Eighth. We used to have that rhyme to keep track of them. 'Divorced, beheaded, died. Divorced, beheaded, survived.' With Larry I think it goes, 'Divorced, beheaded, divorced, escaped. Zombie, lesbian, disappeared, inflatable.'"
–Craig Ferguson
Great Libertarian Quotes
When a legislature undertakes to proscribe the exercise of a citizen's constitutional rights it acts lawlessly and the citizen can take matters into his own hands and proceed on the basis that such a law is no law at all.
Justice William O. Douglas
Great Political Insight
"Two feet of snow in the Midwest. But the good news is, these are the first shovel-ready jobs Obama has come up with since becoming president."
–Jay Leno
In the news....
"Today President Obama met with a group of top CEOs to discuss creating new jobs. They said they'd see what they could do and then all went back to China."
–Conan O'Brien
Subscribe to:
Posts (Atom)