Thoughts and opinions from the Rocky Mountains
Washington Times has the story here.
Seems pretty clear that the cuts need to include everyone to pass, not just those making less than $250,000. Curious to see how this finally plays out, as the Bush tax cuts expire soon, and I’m sure voters of all economic classes won’t like the increase that results from that happening.
HT: Drudge Report
What could make QE2 easier to understand than an explanation from foul-mouthed cartoon characters with robot voices?
That’s the headline over at Drudge at the time of this posting, with a link to this article.
Alarming? Absolutely, but it’s hard to be shocked by this. Heck, our leadership has been doing everything it can, whether intentional or otherwise, to do away with “American Exceptionalism.” I’m actually shocked that it took China this long to get there!
The guys at EconStories are back at it, this time with a live smaple of the the sequel to their original video:
…but, sadly, it looks like nobody else wants it!
It seems calls to replace the U.S. dollar as the world’s currency are getting louder, and I honestly have my suspicions that our President is on that bandwagon. After all, his administration is calling for a new economic world order,and I doubt that is going to lead to nations continuing to remain as independent as they are. (aside: what’s up with Presidents and their use of the phrase “new world order?’ Are they deliberately trying to freak out the conspiracy theorists?)
From Bloomberg:
Japan’s economy, only months ago forecast to be the best performing among the world’s most advanced nations, has become the worst.
From best to worst. Not a good sign. For anyone.
See also: Japanese Economy, Leader Both Sinking
From kgw.com:
Five Oregon state lawmakers want to impose a hefty tax on beer and have introduced a bill that brewers say would cripple them.
Basically, these lawmakers are claiming that alcoholism costs Oregon over $13 billion annually (assumption on my part, as the article gives no indication of how these costs are broken down time-wise), so they’re justified in a 1900% tax on beer. 1900%! How does driving companies out of business get the state’s finances back in the black?
Based on this line of logic, expect anything you can be addicted to, which is pretty much everything, to come up for similar tax considerations.
From Fox News:
Hackers orchestrated a highly coordinated, global attack on ATM cards involving the theft of a staggering $9 million from bank customers — and they could strike again, according to an investigation by FOX 5 TV in New York.
I’ve never quite understood how world governments are unable to keep up with hackers. Can’t we put a couple on the payroll after a little rehabilitation? It’s a risky gamble, but it worked with Frank Abagnale.
From Fox News:
The U.S. government’s bailout of the American International Group is helping promote Shariah law, a lawsuit filed in federal court in Michigan alleges.
The problem stems from this:
This month, AIG announced that it would offer Shariah-compliant homeowner insurance policies, known as takaful, to U.S. customers through one of its subsidiaries. To be Shariah compliant, companies cannot earn interest and must agree to send a percentage of their revenue to Islamic charitable groups.
The big question: Would this fly if it were policies contributing to Christian groups? Probably not. However, until the Supreme Court decides to separate mosque and state in the same way it’s separated church and state, we’ve got a big problem.
Ignore the fact that doom and gloom financial forecasts never turn out well for national leaders, they say we’re almost done!
Pacific Rim nations assured the world Sunday that the global financial crisis can be quelled in 18 months, but provided few details of how they expect that to happen — or how their governments can help.
From Fox Business:
The U.S. government on Monday announced a revised bailout package for troubled insurer American International Group that’s now valued at $150 billion.
So, to the best of my understanding, capitalism rewards smart investors, and punishes the bad ones. However, the current American system of capitalism rewards smart investors (until the new administration taxes the crap out of them), and punishes everyone when a large company makes bad investments (a.k.a. private gain, social loss). Does anyone else see a problem here?
Representatives of major international banks told Israeli bankers attending the International Monetary Fund’s annual meeting in Washington, DC at the weekend that the Jewish state is more likely than most industrialized nations to withstand the current global economic crisis.
This is an interesting turn of events. I’m not sure exactly what to read into it (other than God always protects his chosen people), but it’s interesting.
