Ace of Spades HQ

June 08, 2010

Consumer credit surges .5%!!!
— Purple Avenger

Sounds good, right? People are spending, lenders are lending, liquidity is restored, and the consumer is "powering" the "Recovery".

...U.S. consumer borrowing rose by $1 billion in April, climbing 0.5 percent after dropping in the prior two months, the Federal Reserve reported Monday.
Economists had expected a $2 billion decline in credit activity. The Fed, however, revised its March figure from a $2 billion increase to a drop of $5.4 billion...

Pay no attention to the man behind the curtain.

When the actual Fed numbers are examined, all of this supposed increase - AND THEN SOME, is accounted for by Federal government lending lending...probably most of which is student loans. Now that ObamaCare has eliminated private student loans completely, we can expect them to keep using this increasing student loan figure to keep papering over the wreckage since the MFM rarely look at any of the details, this strategy will work and the public will continue to be fooled.

CONSUMER CREDIT OUTSTANDING	(2009)Q1	Q2	Q3	Q4 r	(2010)Q1 r	Feb r	Mar r	Apr p
Federal government 5	122.7	135.4	157.8	186.0	209.8	204.5	209.8	211.5

Old and Busted: Honesty
The New Hotness: Deception

Posted by: Purple Avenger at 05:08 AM | Comments (130)
Post contains 183 words, total size 2 kb.

1 Yum Yum Get me Sum!

Posted by: Slave to Authority at June 08, 2010 05:13 AM (mdXLn)

2 Yeah, and they probably loaned the money and then "paid it back" and reloaned it several times.

Posted by: Vic at June 08, 2010 05:16 AM (6taRI)

3 But its not lying lying.

Posted by: Woopy Goldberg at June 08, 2010 05:17 AM (HVbP3)

4 WE PAID OFF OUR LOANS EVERYBODY! WAHOOOOO!

Posted by: Government Motors at June 08, 2010 05:21 AM (FkKjr)

The so-called "surge" is irrelevant baseline noise that is more than cancelled out by the uncertainty in the data. Just like the unemployment figures, which have been oscillating for months around a trendline that is essentially flat if not slightly positive in slope (that is, still getting worse) -- every downward tick is touted as an improvement when at best it is nothing more than a manifestation of the variability inherent in any dataset.

Posted by: JPS at June 08, 2010 05:22 AM (FP9ks)

6 There is a very clear trend that government lending is surging going back to 2005

Posted by: Purple Avenger at June 08, 2010 05:25 AM (Pk7of)

Instapundit had a good article on the coming Higher Education bubble.

Posted by: Ben at June 08, 2010 05:27 AM (wuv1c)

8 Don't worry guys this is just Obama "kicking ass".

Posted by: The MFM at June 08, 2010 05:29 AM (HVbP3)

9 all is well.

Posted by: Ben at June 08, 2010 05:29 AM (wuv1c)

10 Can I get me an ass kicking license around here?

Posted by: Ben at June 08, 2010 05:29 AM (wuv1c)

11 Just like the unemployment figures, which have been oscillating for months around a trendline that is essentially flat

Stand by for the June numbers.

Posted by: Heorot at June 08, 2010 05:30 AM (Nq/UF)

12 Rawk! No way out! No way out! Rawk!

Posted by: Parrot of Doom at June 08, 2010 05:30 AM (QVpWo)

13 Wait a minute, they revised march from +2B to -5.4B; then call the gain of +1B (on the new baseline at -5.4B) good news. What is their expected "revision" this month?

Posted by: Jean at June 08, 2010 05:31 AM (JaO+v)

14 ZeroHedges' cut on this, also known as those foolish optimists: April consumer credit came in slightly above expectations, at $2,423 billion in April, compared to $2,421.8 billion in March. The March number was interesting as it was revised notably lower from +$2 billion to -$5.4 billion, a revision the likes of which we can probably expect for April once next month's data is released. The April improvement was entirely due to non-revolving consumer credit, as revolving credit declined once again, this time from $835.7 to $829.4 billion. Non-revolving credit increased $1,586.1 to $1,593.6 billion. In terms of MoM changes to key credit holders, the bulk of credit increase came at the Pools of Securitized Assets, which increased credit holdings by $3.9 billion, while Commercial Banks reduced the most of their existing consumer credit. Alas, we don't see how the latter is in any way conducive to reflating the economy if the primary source of consumer credit continues to contract lending.

Posted by: Jean at June 08, 2010 05:34 AM (PjevJ)

15 Wait a minute...What is their expected "revision" this month?

Partly sunny with a 40% chance of Skittle showers.

Posted by: Purple Avenger at June 08, 2010 05:34 AM (Pk7of)

16 Um, so we're all rich now, right?

Posted by: eman at June 08, 2010 05:37 AM (QVpWo)

17 so we're all rich now, right?

If you got a student loan. If not, then not so much.

Posted by: Purple Avenger at June 08, 2010 05:39 AM (Pk7of)

18 Barry created or saved that increase. Now he has to find out who is responsible for the drop to "kick their ass".

Posted by: TheQuietMan at June 08, 2010 05:41 AM (1Jaio)

19 This president is like Pig-Pen from Charlie Brown.

Posted by: Soap MacTavish at June 08, 2010 05:43 AM (554T5)

20 Economic data shenanigans.

It's what's for dinner.

Posted by: Circa (Insert Year Here) at June 08, 2010 05:43 AM (+BcQ3)

21 Maybe the surge is people using their Visas to pay off their MasterCards?

Posted by: andycanuck at June 08, 2010 05:44 AM (7b1Uc)

22

Can I have 'Margin of Error' for $200 please, Alex?

Posted by: Dang Straights at June 08, 2010 05:44 AM (fx8sm)

23 Beach-front property in La. is getting cheaper by the minute.

Posted by: eman at June 08, 2010 05:45 AM (QVpWo)

24 Our potus, a lying, vulgar, crony commie.

Posted by: non_dhimmie at June 08, 2010 05:45 AM (zACGu)

25 I am looking for some "Financial A$$" to kick".....

Posted by: Barack Obama at June 08, 2010 05:47 AM (k7Ddt)

26

A whole billion dollars? Wow, that means everyone in the U.S. borrowed... three bucks?

We're in the money.

Posted by: Dang Straights at June 08, 2010 05:48 AM (fx8sm)

27 I borrowed 5 bucks from my six year old's piggy bank. Does that count?

Posted by: dagny at June 08, 2010 05:49 AM (+h3xk)

28 So, who is the genius in the West Wing that decided that this week's presidential identity would be Chris Christie?

We have to give credit, morons--these guys are very, very, very transparent--just like they say.

Posted by: Circa (Insert Year Here) at June 08, 2010 05:50 AM (+BcQ3)

Thank Allah!! I was worried about my IRA! I'm gonna need it ya know.

Posted by: helen t at June 08, 2010 05:51 AM (pr+up)

30 I was distressed Saturday night, there is some serious divisiveness in the ranks. I was a tangential participant in an argument about whether Obama was a "fucking facist" or a "goddamn commie". I could really go either way. But it was very heated. I didn't know these people from applebutter but I was gladdened to have slowly stoked the conversation into an area which would amuse me.

Posted by: dagny at June 08, 2010 05:51 AM (+h3xk)

31 Chris Christie statements constitute conservative erotica according to Beck. I'll have to agree.

Posted by: dagny at June 08, 2010 05:52 AM (+h3xk)

32 Fire up the printing presses!! Oh, wait...

Posted by: Ben Bernanke at June 08, 2010 05:53 AM (554T5)

33 And the Dow is now negative.

Shocker.

Posted by: Circa (Insert Year Here) at June 08, 2010 05:53 AM (+BcQ3)

Now that ObamaCare has eliminated private student loans completely...

Parents have yet to catch on to this, unless you're trying to pay for college.

Posted by: CJ at June 08, 2010 05:53 AM (9KqcB)

35 Look, I know this is short notice and everything, but, um, we're having a big party at my place tomorrow night and... you're not invited !! Bwahahahahahaha!

Posted by: Easy Bake at June 08, 2010 05:55 AM (QVpWo)

36 "There seems to be a good bit of momentum in consumer spending and investment," Mr. Bernanke said at a dinner hosted by the Woodrow Wilson International Center for Scholars. "My best guess is we'll have continued recovery, but it won't feel terrific."

His "best guess"??? His "best guess"....what is he kidding? His "best guess"???

I need a drink and it's morning....

Posted by: curious at June 08, 2010 05:58 AM (p302b)

37 Well that little bump in the Dow sure didn't last long. Back down nearly 20 points from yesterday's close.

Posted by: Monty at June 08, 2010 05:58 AM (4Pleu)

Circa 34, I was actually expecting that dead cat to bounce a little today. The real crash will kick in later when more Euro banks and countries get downgraded and/or show up at bond auctions infested with tumbleweeds. (IMO; I am not a trader, for good reason)

Mind you, since the Goldman Sachs guys are now worried about showing up in court, their thumbs are going to be lighter on the scale in coming weeks...

Posted by: Zimriel at June 08, 2010 05:59 AM (9Sbz+)

Bernake, "I'm approaching the economic situation with eyes hermetically sealed,"

http://tinyurl.com/2c8ujuv

Posted by: Hussein the Plumber at June 08, 2010 06:00 AM (r1h5M)

40 Should we begin referring to Monty as the qualitative one and PA as the quantitative one?

Posted by: Jean at June 08, 2010 06:02 AM (ouk5a)

41 Today the part of Chairman of the Federal Reserve will be played by Kevin Bacon, in a reprise of his star-making turn as Traffic-Directing Pancake in Animal House.

Posted by: Zimriel at June 08, 2010 06:02 AM (9Sbz+)

28 I borrowed 5 bucks from my six year old's piggy bank.

You and the rest of America.

Posted by: Zimriel at June 08, 2010 06:03 AM (9Sbz+)

43 "The Fed, however, revised its March figure from a $2 billion increase to a drop of $5.4 billion..."

Posted by: curious at June 08, 2010 06:04 AM (p302b)

44 Now that ObamaCare has eliminated private student loans completely, we can expect them to keep using this increasing student loan figure to keep papering over the wreckage since the MFM rarely look at any of the details, this strategy will work and the public will continue to be fooled.

Until increased consumer "borrowing" doesn't translate into higher consumer sales.

In the end, there will be only chaos.

Posted by: Kratos (missing from the side of Mt Olympus) at June 08, 2010 06:05 AM (9hSKh)

45 41 Should we begin referring to Monty as the qualitative one and PA as the quantitative one?

Sounds good to me. They complement each other well.

Posted by: Kratos (missing from the side of Mt Olympus) at June 08, 2010 06:06 AM (9hSKh)

46 ...and back up it goes. Looks like the EEG of a heart-attack patient.

Posted by: Monty at June 08, 2010 06:06 AM (4Pleu)

47 All those dollars should go back to China where they came from.

Posted by: Helen Thomas's sandy vagina at June 08, 2010 06:07 AM (HVbP3)

48 Can I join the ass kicking contest?

Posted by: One Legged Man at June 08, 2010 06:08 AM (o0R2E)

News from the Eurozone yesterday is that many of the eurostates are reaching down, grabbing their nads and curtailing and dramatically cutting spending to address deficits and debt. They obviously have gotten the message. They also seem to be trying to be somewhat honest about the economic and fiscal situations. Let's see if Barry and team get the news because when you look at the numbers (and you take into consideration all of the off balance sheet numbers) the U.S. is in worse shape than most of the Eurozone countries.

Posted by: Hussein the Plumber at June 08, 2010 06:09 AM (r1h5M)

50 That's like a 3,000% revision right there.

Posted by: Johnnyreb at June 08, 2010 06:09 AM (y67bA)

51 Another excellent piece PA. I had clipped an article a few weeks ago that stated student loan debt was half a trillion. Not an insignificant sum. You simply cannot believe any government number.

Deception is in. Honesty not so in.

Posted by: Something Wicked This Way Comes... at June 08, 2010 06:10 AM (uFdnM)

52 Look at me kicking some...wait...^{_{Michelle, can you put your hands over the childrens' ears?}}...ass!

Posted by: Barack Obama at June 08, 2010 06:14 AM (F26eZ)

53 A tsunami is fairly harmless as long as the water is deep. It's when it meets the shore that things get interesting. I think we are standing on the beach watching the water rush out.

Posted by: eman at June 08, 2010 06:14 AM (QVpWo)

54 Economists had expected

God, these are the fucking stupidest people in the world.

Posted by: AmishDude at June 08, 2010 06:14 AM (VRJRp)

55 News from the Eurozone yesterday is that many of the eurostates are reaching down, grabbing their nads and curtailing and dramatically cutting spending to address deficits and debt. Er...one small correction. They're saying that they'll start implementing "austerity measures". But given the stranglehold that trade-unions have over the labor markets there, and the appetite of the citizens for the profligate welfare state, I think their statements may amount to little more than wishful thinking. It amounts to the parable of the starving man who says, "If I had some ham, I could have some ham and eggs if I had eggs." Which is why I have this motto engraved on a granite obelisk near the entrance to my estate: WISHFUL THINKING IS NOT A PLAN.

Posted by: Monty at June 08, 2010 06:14 AM (4Pleu)

56 Is the Woodrow Wilson International Center for Scholars affiliated with the Jimmy Carter International Center For Self-Defense?

Posted by: andycanuck at June 08, 2010 06:15 AM (7b1Uc)

57 Hopefully this new debt will get us out of the debt spiral we're in.

Posted by: nickless at June 08, 2010 06:19 AM (MMC8r)

58 Is it me, or has anyone else noticed that the world has suddenly gotten really cranky?

Posted by: curious at June 08, 2010 06:22 AM (p302b)

59 I believe the saying goes: An economist's job today is explaining why his predictions from yesterday were so wrong.

Posted by: Jean at June 08, 2010 06:22 AM (tTdaQ)

...U.S. consumer borrowing rose by $1 billion in April, climbing 0.5 percent after dropping in the prior two months, the Federal Reserve reported Monday.

Economists had expected a $2 billion decline in credit activity. The Fed, however, revised its March figure from a $2 billion increase to a drop of $5.4 billion...

So since February the consumer credit numbers plunged $4.4 billion. Of course all this is a rounding error when one is talking about $2,000 billion range numbers.

Posted by: Prof. Venkman at June 08, 2010 06:22 AM (Bs34i)

61 Reading about some chica with a worthless liberal arts degree owing like 150k in student loan debt. The only way she can defer paying the loan is to re-enroll in school and get another worthless degree. Take on more debt.

What a fucking scam. Eventually she must exit, get ger 35k job, and spend the next 20 years paying back and refinancing the debt. Find herself as a piece of non revolving debt on some BS balance sheet cooked up by the gov.

Posted by: Something Wicked This Way Comes... at June 08, 2010 06:23 AM (uFdnM)

62 David Cameron has adopted Obama's "let me be clear" nonsense.

He uses it yesterday and Fitch(not that their ratings are any good anyway[see their Subprime CDO ratings]) immediately warns about British debt.

The United States is the least ugly hermit at the ball so most are asking to dance with her. Once they realize how much debt is hidden in the United States and the rising swap prices for muni debt they are going to be beating down the doors of the Fed demanding liquidity.

I like what Jim Rickards is saying. "Goldman can creates short positions faster than central banks can print." You can basically counterfeit assets right now.

Posted by: wtfci at June 08, 2010 06:24 AM (R4rMI)

63 The saddest, sickest part? If Obama actually cared about this country half as much as he cared about his ego we could still pull out of this.

Instead, America will be gutted and looted to soothe Obama's ego . . . .

Posted by: jimmuy at June 08, 2010 06:26 AM (fOKRF)

When I look down at my cock, I'm always surprised by its girth and length, especially when it is hard. Then I think of Nikki Haley and I'm inspired to give that extra effort to get my mouth around it. Mmmmmff.

Debt? What debt?

Posted by: Will Folks at June 08, 2010 06:26 AM (90oki)

58 nickless

winner!11!!

Posted by: John at June 08, 2010 06:30 AM (90oki)

66 What a fucking scam. Eventually she must exit, get ger 35k job, and spend the next 20 years paying back and refinancing the debt. Find herself as a piece of non revolving debt on some BS balance sheet cooked up by the gov.

Recall the top institutional donor to Barack Obama. It was the University of California colleges. Number 2 was the choir boys at Government Sachs. Number 3 was Harvard.

The President is owned by interests that have built the academic guild. Ergo, he must perpetuate its interests.

Posted by: wtfci at June 08, 2010 06:30 AM (R4rMI)

67 Reading about some chica with a worthless liberal arts degree owing like 150k in student loan debt. I read that same NYT profile. I thought it was supposed to be comedy, not drama. I get through the "poor poor pitiful me" part of the piece only to find that this dippy quiff got her degree in women's studies. Bwah-hah-hah-hah! You're lucky to have any job at all with that useless pile of gaily-steaming monkey-puke, dearest. Time to put on a tight dress and get your ass out on the boulevard and earn some bread. (If she had done that instead of going to college, she probably have been a lot better off financially.)

Posted by: Monty at June 08, 2010 06:33 AM (4Pleu)

68 She got me running for shelter
Needin' quarantine
She got me red hot and wired
Call an emergency
She bring on the flames, and it's burning and burning
My body's aching, tossing and turning

House is on fire
House is on fire
This house is on fire
And the flame is gonna burn you, you

Posted by: This House Is On Fire at June 08, 2010 06:34 AM (xM+uL)

69 59 Yeah, well that happens when I have PMS. It's a giant butterfly flapping its wings thing.

Posted by: dagny at June 08, 2010 06:35 AM (+h3xk)

70 I am laughing at Obama's "looking for an ass" to kick comment over the spill. Apparently he is growing aware that he is seen as the spineless ninny that he is. His misplaced comments have some of my libtard friends rubbing their smallish brain cases.

In the end there will only be chaos and Brian Dennehy. I am looking forward to it.

Posted by: Something Wicked This Way Comes... at June 08, 2010 06:36 AM (uFdnM)

71 Something Wicked -- or I believe she can take a government job and get her Student Loans forgiven.

Posted by: Jean at June 08, 2010 06:37 AM (6Njk9)

72 Dude, I got 100K in student loan debt, all this Obama-Biden merchandise, and no fucking job, but I do have tons of facebook friends and stories. Dude, the stories.

If I tell my stories to two friends and they tell two friends is it possible we could syndicate our risk into some sort of legendary douchebag back security. We might be able to sell it to some investors. And by investors I mean our parents.

Posted by: wtfci at June 08, 2010 06:37 AM (R4rMI)

73 I like what Jim Rickards is saying. "Goldman can creates short positions faster than central banks can print." That's basically how Soros busted the British pound back in 1992.

Posted by: Monty at June 08, 2010 06:37 AM (4Pleu)

74 Since I feel like a good samaritan today, I found someone's ass the President can kick.

http://is.gd/cHiNY

Posted by: wtfci at June 08, 2010 06:38 AM (R4rMI)

75 Eventually she must exit, get ger 35k job, and spend the next 20 years paying back and refinancing the debt.

Doesn't the new law say she only has to pay 5% of her income toward that $150k for that 20 years, regardless of amount borrowed or interest rate--the gov't will pay off the remaining $125k?

If she goes out on the street as Monty suggested, that's untraceable cash income...food stamps and housing subsidies aren't considered income...she just goes on the dole for twenty years and she's home free. *spit*

(Note to self: get womyn's studies degree at the community college for $96/credit)

Posted by: HeatherRadish at June 08, 2010 06:38 AM (mR7mk)

76 That's basically how Soros busted the British pound back in 1992.

Yes, but Soros had cash positions back then to back up his risk. Today, he has...uh...a motherfucking ton of cash positions to back up the risk.

But Anthony Weiner is going after Goldline.

Posted by: wtfci at June 08, 2010 06:40 AM (R4rMI)

77 From an MSNBC webpage: Q: How else will students benefit? A: Students who have low incomes or meet certain other eligibility requirements and who take out loans after July 1, 2014, will see their payments limited to 10 percent of their discretionary income after graduation. Current law caps payments at 15 percent of income. For students who make their loan payments on time, the government will forgive the balance after 20 years, instead of 25. Public service workers Â— teachers, nurses, police officers and those in the military Â— will see any remaining debt forgiven after just 10 years of repayment.

Posted by: Jean at June 08, 2010 06:40 AM (tJF9l)

78 Obama's "ass to kick" statement is pretty much his coming out of the closet moment.

Posted by: John at June 08, 2010 06:41 AM (90oki)

79 More good news: BMO says to put everything in cash money. Equities are dead.

Posted by: Monty at June 08, 2010 06:43 AM (4Pleu)

80 62 Reading about some chica with a worthless liberal arts degree owing like 150k in student loan debt. The only way she can defer paying the loan is to re-enroll in school and get another worthless degree. Take on more debt.

What a fucking scam. Eventually she must exit, get ger 35k job, and spend the next 20 years paying back and refinancing the debt. Find herself as a piece of non revolving debt on some BS balance sheet cooked up by the gov.

Posted by: Something Wicked This Way Comes... at June 08, 2010 10:23 AM (uFdnM)

Its stories like these that make my decision not to finish college all the more gratifying. I knew my life style and my cash flow would not be condusive to actually achieving any success, and early on my study habbits proved that college wasn't for me. Luckily I had a good job in a growing buisness and was sober and lucid enough at times to realize that if I worked hard enough I would have a future. Twenty years later (this month) with the same company and all is well and I am thankfull everyday.

Posted by: dananjcon at June 08, 2010 06:43 AM (pr+up)

81 Um, Barry? You spelled "kiss" wrong.

Posted by: bigred at June 08, 2010 06:45 AM (WUwAu)

82 Heather - so she should have worked the streets until 2014, then gone and gotten that useless degree. Then gotten a unionized teacher job with a ridiculous benefits package, get her loans forgiven and retire.

Posted by: Jean at June 08, 2010 06:45 AM (tJF9l)

83 80 Obama's "ass to kick" statement is pretty much his coming out of the closet moment.

Posted by: John at June 08, 2010 10:41 AM (90oki)

Oh...I beg to differ IYKWIMAITYD!!

Posted by: Kumar at June 08, 2010 06:45 AM (pr+up)

Doesn't the new law say she only has to pay 5% of her income toward that $150k for that 20 years, regardless of amount borrowed or interest rate--the gov't will pay off the remaining $125k?

Posted by: HeatherRadish at June 08, 2010 10:38 AM (mR7mk)

That was the way I read the law. There is a maximum lifetime liability limit on the student. Or he/she can go into some authorized form of government service and the entire debt can be forgiven after a certain amount of service. Basically the Federal government now controls almost all of the $$ flowing into Universitites. Once they control the flow of money, they will begin to exert control of the day to day operations of the classroom. Check and Mate!

Posted by: Johnnyreb at June 08, 2010 06:45 AM (JSetw)

85 Seriously does anyone ever remember a President saying "kick ass" during an interview before?

Posted by: Mr Pin k at June 08, 2010 06:45 AM (HVbP3)

86 Just wtf is women's studies? Do you need that credential before you sign up with a salon somewhere?

My favorite piece of government insanity currently, is that in order to help clean the spill areas you must take some 40 hour hazmat course on oil...because people are too stupid to understand that oil is bad and that you should not get it on you. All that fucking knowledge for only about 300 bucks or so- according to a friend of mine in Red Stick.

Posted by: Something Wicked This Way Comes... at June 08, 2010 06:46 AM (uFdnM)

87

80 Obama's "ass to kick" statement is pretty much his coming out of the closet moment. Posted by: John at June 08, 2010 10:41 AM

Exactly what I thought when I heard his comment!

Posted by: Retread at June 08, 2010 06:46 AM (yG/RT)

88 You can lick my ass anytime, Barry.

Posted by: Vlad Putin at June 08, 2010 06:46 AM (o0R2E)

89 It reminds me of some pussy retard in high school yelling at the jocks that he's going to kick their ass and their laughing their asses off.
If you're effete, you should stay away from tough language. You just look ridiculous. This guy has never been in a fight in his life.

Posted by: dagny at June 08, 2010 06:50 AM (+h3xk)

90 SUMMON THE METEORS METEORS!

Posted by: Unclefacts, AoSHQ Professional Debate Team at June 08, 2010 06:52 AM (erIg9)

June 8 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the U.S. recovery probably wonÂ’t quickly bring down the unemployment rate, which is likely to stay "high for a while.Â”

The banking system isnÂ’t fully healthy and lenders are Â“cautiousÂ” in providing credit, he said.

Â“The unemployment rate is still going to be high for a while, and that means that a lot of people are going to be under financial stress,Â” Bernanke said at the event, part of a dinner hosted by the Woodrow Wilson International Center for Scholars.

Hmmm...this doesn't quite jibe with what Comrade Chairman Obama has been saying about his recovery.

Posted by: TheQuietMan at June 08, 2010 06:53 AM (1Jaio)

92 Johnnyreb: "Once they control the flow of money, they will begin to exert control of the day to day operations of the classroom. Check and Mate!" -- I bet they are going to howl and whine, when the Repubs have control of those purse strings.

Posted by: Jean at June 08, 2010 06:54 AM (vb5IK)

93 A lot of cities have "the Office on women" which hire these women's studies tools. My old next door neighbor ran one, and now works for Eleanor Smeal at the Feminist Majority. She got into a fight with her gay friends because she complained about her job all the time and one of the guys suggested they get married because she bitched all the time and there was no chance they would have sex. When she went off to the dem conventions and meetings my husband would yell to her to remember not to get in the car with Teddy Kennedy. Divorced, jewish, bitter.

Posted by: dagny at June 08, 2010 06:55 AM (+h3xk)

94 Public service workers Â— teachers, nurses, police officers and those in the military Â— will see any remaining debt forgiven after just 10 years of repayment.

Interesting. We have too many teachers already. Well, teachers, just not necessarily good ones at that. We're probably going to need more police officers and nurses to handle all the domestic crime resulting from the feeding frenzy in search of capital and goods with value. We'll certainly need more military personnel to fight the wars we're going to have to fight with a breakdown in order such as the Turkish prime minister backing Hamas.

But can anyone clarify something for me? The new student loan law doesn't apply for loans taken from private lenders or does it? I was under the impression that it only applied to loans received from government lenders.

Posted by: wtfci at June 08, 2010 06:55 AM (R4rMI)

95 "Doesn't the new law say she only has to pay 5% of her income toward that $150k for that 20 years, regardless of amount borrowed or interest rate--the gov't will pay off the remaining $125k?"

Yes the government will pay off the remaining $125k -BUT- that 'gift' counts as taxable income! So those who couldn't afford to make student loan payments will eventually be sunk by the IRS garnishing their wages and charging penalties the rest of their lives.

Can you say Servitude?

Posted by: Blue Falcon in Boston at June 08, 2010 06:57 AM (ijjAe)

96 Look for Odumfuck to get his Dem fluffers in congress [spit] to introduce a bill forgiving student loans for people who
a. get a govt job (not armed forces, of course)
b. volunteer for one of the myriad service programs here and overseas;
c. make less than $20K per year, or are on welfare
d. are members of the SEIU

Look for said bill to pass along strict party lines.

"Democrats--Protecting Dem voters for 4 generations"

Posted by: sf at June 08, 2010 06:57 AM (eSMQV)

97 Mr Pin k at June 08, 2010 10:45 AM (HVbP3)

Maybe he was out of bubble gum?

Posted by: PPP at June 08, 2010 06:57 AM (IhQuA)

98 Divorced, jewish, bitter. Women like that always remind me of this Stephen Crane Poem: In the desert I saw a creature, naked, bestial, Who, squatting upon the ground, Held his heart in his hands, And ate of it. I said: Â“Is it good, friend?Â” Â“It is bitter Â– bitter,Â” he answered; Â“But I like it Because it is bitter, And because it is my heart.Â”

Posted by: Monty at June 08, 2010 06:58 AM (4Pleu)

99 Everyone needs to buy gold.

Posted by: Glenn Beck at June 08, 2010 06:59 AM (EL+OC)

100 It hasn't been enacted yet, but there will be no private lender loans. Period.

Posted by: dagny at June 08, 2010 06:59 AM (+h3xk)

101 Thanks Monty. I won't be able to get that out of my head forever.

Posted by: dagny at June 08, 2010 07:00 AM (+h3xk)

102 Morons and Mornettes: William Shawcross writes in the Jerusalem Post today: The realities of Gaza, Israel and the West Bank Â– where, with IsraelÂ’s assistance, the Palestinian economy is booming Â– are deemed irrelevant to the conventional narrative. Israel is a cartoon villain, beyond sympathy, beyond even redemption. What is deeply shocking Â– and frightening Â– is that the narrative the world accepts is always that of Israel the evildoer. The Palestinian economy is booming? Is this true Can someone 'splain this to me?

Posted by: USA at June 08, 2010 07:00 AM (YZISw)

103 A few minutes ago on CNBC today's cheerful news:

1. there may be a leak at a second rig in the gulf.

2. Government Motors to recall 1.37 million vehicles!

Posted by: Retread at June 08, 2010 07:01 AM (yG/RT)

104

The arugula in my salad is kind of wilty.

Who's working in the WH kitchen today so I'll know whose ass to kick?

Posted by: Barack Rambobama at June 08, 2010 07:03 AM (AnTyA)

105 Actually wouldn't now be a good time to own debt? If you could get a locked in interest rate that is.

After all the only way I can see the USA paying off any of its debt, is for the Feds monetize it.

Posted by: Rickshaw Jack at June 08, 2010 07:03 AM (OFPTC)

106 The Palestinian economy is booming? Is this true Can someone 'splain this to me?

Some moron linked these pictures the other day.

Posted by: damian at June 08, 2010 07:05 AM (4WbTI)

107 there was also a recent change in reporting by banks on the credit loans they were previously holding OFF balance sheet, repo 105 and such

I think THAT is the .5% increase, NOT new lending

Posted by: mim/ginaswo at June 08, 2010 07:05 AM (K96RH)

108 107

Considering the contempt the government has for the rule of law, I don't trust them not to fiddle with 'locked' interest rates enough to go into debt right now.

Posted by: Gaff at June 08, 2010 07:07 AM (jDWYv)

109 I won't be able to get that out of my head forever. I read that poem the first time in high school, and it gave me nightmares. But Crane was on to something about the human condition: there are people in the world who simply like to be miserable, who thrive on being angry and feeling victimized. Because it is bitter, and because it is my heart. I don't understand it. I am not an optimist, but neither do I spend each day in a fester of anger at the world. I see so many people -- especially women of a certain age -- who live their lives this way. It's a kind of moral arrogance, a narcissistic belief in the primacy of the self.

Posted by: Monty at June 08, 2010 07:07 AM (4Pleu)

110 91 It reminds me of some pussy retard in high school yelling at the jocks that he's going to kick their ass and their laughing their asses off.
If you're effete, you should stay away from tough language. You just look ridiculous. This guy has never been in a fight in his life.

Oh that is so true. I saw that pussy throw out the first pitch in some baseball game and couldn't even make it to the plate. Trying to envision him kicking anyone's ass is well beyond my imagination. Thinking men should never marry gals with bigger guns than they possess...still think Michelle is Patrick Ewings sister.

Posted by: Something Wicked This Way Comes... at June 08, 2010 07:07 AM (uFdnM)

111 Just wtf is women's studies?

Women's Studies Professors train students to be Women's Studies Professors. It's rather like an MC Escher drawing.

Posted by: IllTemperedCur at June 08, 2010 07:09 AM (E4Pj8)

112

2. Government Motors to recall 1.37 million vehicles!

ima kick some chrysla ass

Bitch.

Posted by: Precedent Ima Kick ya Ass at June 08, 2010 07:10 AM (+FkcS)

113 Obama would have to borrow another trillion to kick Dakota Fannings ass.

Posted by: Mr Pink at June 08, 2010 07:11 AM (HVbP3)

114 A 7000 Dow by the end of the summer? Oh, the burn!

Posted by: Monty at June 08, 2010 07:11 AM (4Pleu)

115 If you like your ass kicked, we'll help you keep your ass kicked.

Posted by: Tough Guy Obama at June 08, 2010 07:12 AM (GwPRU)

116 Invest in GOLD!!!

Posted by: G. Gordon Liddy at June 08, 2010 07:12 AM (/AKkn)

117 America Held Hostage: Day 505

Posted by: damian at June 08, 2010 07:13 AM (4WbTI)

118 109 Damian, Thanks. If its true that "with IsraelÂ’s assistance, the Palestinian economy is booming" why aren't Israel's supporters getting that message out? I work hard to stay reasonably informed and I don't remember reading anything that other than aid money goes and but is stolen by Palestinian leadership. What exactly are the Palestinians producing to create a booming economy (ignore the pun).

Posted by: USA at June 08, 2010 07:13 AM (YZISw)

119 Women's Studies Professors train students to be Women's Studies Professors. It's rather like an MC Escher drawing.

OMG. Too funny. The world has gone stark raving mad.

Posted by: Something Wicked This Way Comes... at June 08, 2010 07:17 AM (uFdnM)

120 That's Womyn's Studies, pigs!!!!!

Posted by: dr amy bishop at June 08, 2010 07:20 AM (7b1Uc)

121 whats up with Jugears? went out in my yard this morning and the damn unicorn didnt shit any skittles in it again last night. i'm starting to think he might be telling us a lie or two.

Posted by: Racefan at June 08, 2010 07:21 AM (Ru8to)

122

124

I've been constipated lately. I'm going to need some money to visit a vet specializing in mythozooic-proctology to stimulate a recovery of those skittles.

Posted by: Unicorn at June 08, 2010 07:27 AM (o0R2E)

123

still think Michelle is Patrick Ewings sister. brother

FIFY

Posted by: beedubya at June 08, 2010 07:31 AM (AnTyA)

124

Monty,

I read the BMO analysis http://tinyurl.com/26zmrdc( Heh, I said "anal", Barrack is all excited again).

Basically robbing Peter to pay Paul on a global scale.

Or musical chairs and the song is about over.

Posted by: John at June 08, 2010 07:35 AM (90oki)

125 If you read the constitution you are more likely a fringy glenn beck type"...now that (Beck just read it) that is funny

Posted by: curious at June 08, 2010 07:45 AM (p302b)

126 Shocker!

Self-identified liberals and Democrats do badly on questions of basic economics.

From NRO

Posted by: party pooper at June 08, 2010 07:49 AM (4WbTI)

127 Basically robbing Peter to pay Paul on a global scale. Yep. And it's been going on for a long time. I've been trying to school myself about how we got into this situation, and I keep coming back to the death of the gold-standard -- not the half-assed post-1933 "gold standard", but the full-bore gold-standard we were on prior to that. Fiat monetary systems are a recipe for disaster. I never thought about it much before, but the more I read about it the more freaked out I get. The disaster really started to accelerate after the "Nixon shock" of 1971, and it went into warp-speed with Europe's move to the Euro in 1999. The entire world is broke and larged with a gigantic mountain of debt that we cannot ever hope to repay. I'm beginning to think that a systemic default is not only inevitable, but necessary. This will require a move back to some kind of asset-backed currency -- not gold, necessarily, but a weighted commodities basket. Privatizing the money supply would also do a lot of good; governmental monopoly over currency issuance is at the root of a lot of our problems.

Posted by: Monty at June 08, 2010 07:53 AM (4Pleu)

128 Fiat monetary systems are a recipe for disaster.

We had plenty of panics and crashes under the gold standard. It's a cycle. Always has been, unless something unexpected happens; War, California Gold Strike etc. And even those just jog the sine wave a bit.

Posted by: damian at June 08, 2010 12:30 PM (4WbTI)

129 Renee Sharp, the California director with the Washington-based Environmental Working Group,cheap wholesale also mentioned she hoped the law would dissuade customers from buying reasonably substantial radiation cell phones before their impact for the human body is totally understood. The advocacy group provided reports along with other counsel towards city's Department in the Surroundings as they produced the policy. "We're also hoping it will spur greater debate about regardless of whether the latest federal standards are adequate or not," Sharp mentioned. "We absolutely don't consider that persons are certainly not going to purchase cellular mobile phones as a result of radiation." Sector officials would not speculate around the influence to their business, cheap cell phones but many of the nation's most well-known cellular phones have somewhat high SAR levels. This is since a lot of those well-known mobile phones are wise cell phones, which have Wi-Fi and Bluetooth receivers, as well as simple cellular capability, that add to their total SAR rating, according to Walls. Under the law, bigger chains can have to location SAR notices starting in February, whilst other stores could have right up until 2012. Even though the supervisors were largely unanimous, reaction outside of Town Hall and across the country was mixed.

Posted by: Hiphone at June 22, 2010 07:31 PM (wtzZ0)

130 Renee Sharp, the California director with the Washington-based Environmental Functioning Group,cheap wholesale also stated she hoped the law would dissuade shoppers from getting fairly substantial radiation phones until their effect around the human body is totally understood. The advocacy group offered reports along with other counsel for the city's Department from the Surroundings as they produced the policy. "We're also hoping it's going to spur greater debate about whether the current federal standards are sufficient or not," Sharp mentioned. "We absolutely don't consider that individuals are certainly not planning to obtain cell mobile phones as a result of radiation." Market officials wouldn't speculate about the impact to their small business, cheap cell phones but a lot of the nation's most common cellular phones have reasonably great SAR levels. This really is simply because many of individuals common mobile phones are smart mobile phones, which have Wi-Fi and Bluetooth receivers, too as simple cellular capability, that add to their total SAR rating, based on Walls. Under the law, greater chains can have to place SAR notices commencing in February, even though other stores can have until 2012. Whilst the supervisors were largely unanimous, reaction outside of City Hall and across the nation was mixed.

Posted by: Hiphone at June 22, 2010 07:32 PM (wtzZ0)

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