April 04, 2011
— Monty Many people insist that no nation will favor bondholders over taxpaying citizens if fiscal push comes to welfare-state shove. Well, Ireland is a good test case, and guess who got screwed? (Hint: it wasn't the bondholders.) I think people underestimate the amount of pressure governments are under to maintain their credit ratings, especially in this age of fiat money and global financial networks. (Via Mish Shedlock.)
People who think that the US states and Federal government will simply default if it comes down to servicing the debt or paying entitlements aren't paying attention. If it comes down to making bondholders whole or shorting Granny and Grampy on their Social Security checks, I guarantee you that Granny and Grampy are the ones who are going to get the shaft.
Also from Mish Shedlock is a good antidote to the "ZOMG China is going to surpass us!" hysteria.
Liam Halligan calls the US recovery a "sugar rush". I don't know that this is quite the correct metaphor -- we're like kids who see no huge changes in our day to day lives, so we assume all is well. Mom and Dad still feed us; we still have a roof over our head; the schoolbus keeps coming to pick us up. As far as we can tell, life is going on as normal. But what we don't see -- Mom and Dad's huge credit card debt, the car-repair bill that is now on the verge of going to collection, Mom's hospital bill, the ARM on the house that is about to adjust upward -- is the stuff that is about to shift our lives into an entirely new orbit. When everything finally collapses, it descends on us like a disaster out of blue, but that's only because we weren't paying attention. We preferred to let Mom and Dad deal with that stuff. It never occurs to us that maybe Mom and Dad are incompetent at managing their finances.
It's good to be the King. It's almost as good to be a friend of the King. His Majesty has many favors in his gift.
Who killed the Euro? Germany, in the study, with a candlestick.
Americans bemoaning their own economyÂ’s sluggish recovery should look on the bright side: itÂ’s worse in Europe. The International Monetary Fund projects growth of 3 percent for the United States this year but just half that for the euro zone. Even more striking is the extent of economic divergence within the euro area. While the German economy is currently growing at an annualized rate of around 6 percent, Greek growth in the fourth quarter of last year was minus 6 percent. So much for the convergence monetary union was meant to bring.
John Tamny asserts that it was a lack of economic diversification, not liberal governance, that is killing Detroit. I do agree up to a point, though when Tamny uses San Francisco as an example of a city where far-left government has done little harm, I have to laugh -- SF is, like the rest of California, boned. Detroit's collapse probably was caused by an over-reliance on the auto industry and the malign impact of unions; bad governance since the mid-1960's has prevented Detroit from recovering.
The delicate balance of supply and demand.
Via Andy in the sidebar: GOP proposes a (cumulative) $4 Trillion in cuts, Democrats howl in agony and insist that the world will enter a new dark age if such a horrendous thing should happen, it's nothing but a mean plot hatched by a bunch of stingy mean meanies, and by the way why does the GOP hate women, minorities, gays, and old people?
Speaking of hate: why does Obama hate the young? Savor the flavor:
Unemployment was 25.7 in February for teenagers and 15.7 percent for those 20 to 24 years old, according to the Bureau of Labor Statistics. Recent college grads are despairing of landing anything above the fast-food counter, where they face stiff competition from millions of recent immigrants.
It's a land of dreams, son. Go to North Dakota -- there's less DOOM! there.
Ai! The DOOM! It burns!

Posted by: Monty at
07:31 AM
| Comments (111)
Post contains 697 words, total size 5 kb.
In due time their foot will slip;
their day of disaster is near and
their doom rushes upon them."
Posted by: deuteronomy 32: 35 at April 04, 2011 07:33 AM (tf9Ne)
It is dying now because in the 60s it was taken over by the social justice commie crowd. No location has ever survived the administration of communism. And that is the entire State of CA.
Posted by: Vic at April 04, 2011 07:35 AM (M9Ie6)
Posted by: nevergiveup at April 04, 2011 07:36 AM (0GFWk)
"May a sympathetic lawyer blow up your investment portfolio."
Posted by: Mike H at April 04, 2011 07:38 AM (LdYLm)
Americans bemoaning their own economyÂ’s sluggish recovery should look on the bright side: itÂ’s worse in Europe.
Great slogan for Obama's re-election campaign. "America's ailing economy - not as bad as Europe's!"
/Except Obama and his cronies would love it if we were more like Europe and are working tirelessly towards that goal.
Posted by: Kratos (Ghost of Sparta) at April 04, 2011 07:39 AM (9hSKh)
Posted by: Beagle at April 04, 2011 07:39 AM (sOtz/)
Posted by: Fritz at April 04, 2011 07:39 AM (GwPRU)
Monty,
What are the primary differences between vouchers for Medicare and a "premium support system", other than that one puts the money in the hands of the patient and the other goes to the plan?
Posted by: Miss'80sBaby at April 04, 2011 07:44 AM (UO6+e)
Posted by: Vashta Nerada at April 04, 2011 07:45 AM (SNs7J)
Posted by: Fritz at April 04, 2011 11:39 AM (GwPRU)
So, local people figure out what's a viable economic growth model for their local community? Heretics! I bet not a single Harvard or Yale lawyer was consulted!
Posted by: Mike H at April 04, 2011 07:45 AM (LdYLm)
--
Don't worry, we're filing a defamation suit right now.
Posted by: Harvard & Yale Trial Lawyers Associations at April 04, 2011 07:49 AM (G0vxC)
Posted by: Monty at April 04, 2011 07:49 AM (4Pleu)
1. All unions
2. Anyone associated with Democratic fund raising
3. Anyone with the last name of Obama
4. Anyone who was racially discriminated against
Posted by: Mike H at April 04, 2011 07:52 AM (LdYLm)
Posted by: RushBabe at April 04, 2011 07:56 AM (urYpw)
OBAMA 2012: The price of oil reached a 30 month high of $108 per barrel - YES IT CAN!
Posted by: conscious, but incoherent at April 04, 2011 07:56 AM (YVZlY)
15 I'm no expert - which is my way of saying that I'm drawing my conclusions directly from my ass - but here's my understanding: a voucher system is basically a subsidy given to the poor, like food stamps, to buy private health care insurance....
But Chairman Ryan said he's offering a modified version of Rivlin-Ryan and what he described on FNS sounded like voucherized Medicare, yet he said it wasn't. Though perhaps it's different because the list of options would still be offered by Medicare?
FNS Transcript: "Premium support is exactly the system I as a member of Congress and all federal employees have. It works like the Medicare prescription drug benefit, similar to Medicare Advantage today, which means Medicare puts a list of plans out there that compete against each other for your business, and seniors pick the plan of their choosing, and then Medicare subsidizes that plan. It doesn't go to the person, into the marketplace. It goes to the plan. More for the poor, more for people who get sick, and we don't give as much money to people who are wealthy."
Posted by: Miss'80sBaby at April 04, 2011 07:58 AM (UO6+e)
Recent college grads are despairing of landing anything above the fast-food counter, where they face stiff competition from millions of recent immigrants.
That's where every college grad I know is, with the exception of the two teachers that I know, and, at this point, it is debatable on whether they will soon end up there, as well.
Posted by: KinleyArdal at April 04, 2011 07:58 AM (PqNF2)
Maybe no, but it is failing because they're failing. Which, more or less, what I think Monty was saying. Back in the hey-day of the American Automobile Company, they were bringing in the cash, and those were halcyon days for Detroit. Detroit became very, very dependent upon the car companies. Then, when the Big 3 began declining, they were unable to support the very liberal policies of the State of Michigan and the City of Detroit.
So it's kind of a chicken and egg thing. Did the liberal policies cause the decline, and the decline of the auto companies accelerate it, or did the decline of the auto companies cause the problem, and the liberal governance exacerbate it? In either case, it's a death spiral.
What are the primary differences between vouchers for Medicare and a "premium support system", other than that one puts the money in the hands of the patient and the other goes to the plan?
In theory, the difference is savings to the tax-payer. I doubt very much that's what would happen, but here's how the theory goes (Texas talked about this a few years ago- I don't think it ever made it out of committee in our State House, though): with a voucher, you send $X to Mr. and/or Mrs. Jones for their health care expenses. They keep as much as they don't spend, but the Government is out the same amount either way (and, therefore, so is the Tax payer). With a "premium support system" if a citizen uses less than their full allotment (they never will, though) that's a little less money for which the tax-payer is on the hook.
The other difference is how you can sell it. If you sell it as vouchers, the MBM will claim that those evil insurance companies are gouging seniors. If you sell it as a "premium support system" it's a little harder (not impossible, but harder) to sell that spin. In theory.
Posted by: AllenG (Dedicated Tenther) at April 04, 2011 08:02 AM (8y9MW)
Posted by: nerdygirl at April 04, 2011 08:02 AM (SfSiO)
BTW, the Irish for doom is doom. Posted by: Mike H
heh, what's the gaeilge for drill baby drill? all i remember how to say from my couple of semesters is thank god it's friday and i love trader joes.
Posted by: bebe's boobs destroy at April 04, 2011 08:02 AM (cniXs)
heh, what's the gaeilge for drill baby drill? all i remember how to say from my couple of semesters is thank god it's friday and i love trader joes.
Posted by: bebe's boobs destroy at April 04, 2011 12:02 PM (cniXs)
Druil Druil leanbh
Posted by: Mike H at April 04, 2011 08:05 AM (LdYLm)
Many people insist that no nation will favor bondholders over taxpaying citizens if fiscal push comes to welfare-state shove.
Well it remains to be seen if the people will allow the governments to continue doing it. The Irish have played by the rules of democratic gfovernance for the most part. They didn't riot to the extent seen in Club Med, they wait for the next election and destroyed the ruling pro-bailout party at the polls. Seriously, it lost something like 77% of its seats. They didn't do that because they want the bailout but just disagreed with education policy.
So now if Ireland's government continues against the will of the people down the path to permanent pauperdom to German banks what are the Irish people to do? The contract that maintains democrat governance will have been broken by the government, what option is there then?
BTW, defaulting on debt is not a serious issue even in the modern fiat economy. Russia did in 1998, doesn't seem to have huirt them, Argentina did it in 2000, well the Kirchners ruined the growth that followed, Iceland did it a year or so ago and they're doing better than ever (well naturally, they don't compare to the previous bank bubble but that wasn't natural).
Posted by: jarod at April 04, 2011 08:07 AM (SN4+f)
Tamny's article is like reading a medical examiner's report claim that it wasn't the disease that caused the death, but the symptom. Forget that Michigan spent its heritage on things that didn't help the economy. No, what the real problem is they kept pushing it's one trick pony on the stage hoping it would continue to pay the bills. Now the pony is dying, and that's the problem. Everyone wanted to see the pony!
Um yeah, saw the pony when I was kid; did you save the money I gave you?
Posted by: Leland at April 04, 2011 08:08 AM (Q5asM)
NÃl aon bheoir
Posted by: Rocks at April 04, 2011 12:07 PM (Q1lie)
I think you're wrong its:NÃl aon bagún
Posted by: Mike H at April 04, 2011 08:09 AM (LdYLm)
Posted by: Palerider at April 04, 2011 08:09 AM (cQZV0)
If you have a food dehydrator you can buy frozen vegetables, such as corn or mixed vegetables and dehydrate them with no additional preparation work.
Store in a mylar bag with O2 absorber and your good to go.
re hydrate and cook and they are ready to eat.
Easy way to store some extra food.
Posted by: MarkC at April 04, 2011 08:09 AM (yPPVC)
I'm guessing Fracking since it sounds sorta Gaelic and it's used as a method for getting oil and gas out of the ground.
Posted by: Buzzsaw at April 04, 2011 08:11 AM (tf9Ne)
25 In theory, the difference is savings to the tax-payer. I doubt very much that's what would happen, but here's how the theory goes (Texas talked about this a few years ago- I don't think it ever made it out of committee in our State House, though): with a voucher, you send $X to Mr. and/or Mrs. Jones for their health care expenses...
Well Ryan was emphasizing that the plan is "premium support" and not vouchers, that the leakers saying "his" proposal was identical to his Roadmap proposal were wrong. I do know the leadership did not check-off on the exact Roadmap proposal because it is "too extreme".
Veronique de Rugy's take on Ryan-Rivlin (though the plan being offered is not 100% R-R, just more like it)
Posted by: Miss'80sBaby at April 04, 2011 08:11 AM (UO6+e)
Posted by: joncelli at April 04, 2011 08:12 AM (RD7QR)
And I have been saying for years that 15% rate on dividends and capital gains is stupid, stupid, stupid. As the article says, lower corporate rates to being more jobs here, and tax the profits at regular rates when it becomes income. Duh. (and stop the gifts to hedge fund managers at the same time)
Posted by: Chi-Town Jerry at April 04, 2011 08:12 AM (f9c2L)
Posted by: Bill D. Cat at April 04, 2011 08:13 AM (npr0X)
Posted by: nerdygirl at April 04, 2011 08:13 AM (SfSiO)
Posted by: Mr. Barky at April 04, 2011 08:14 AM (qwK3S)
Posted by: joncelli at April 04, 2011 12:12 PM (RD7QR)
North Dakota: For people who have no moral dilemma with inter-species relations.
Posted by: Mike H at April 04, 2011 08:14 AM (LdYLm)
NÃl aon bagún
Posted by: Mike H at April 04, 2011 12:09 PM (LdYLm)
Beer can make you forget you have no bacon. Bacon will never make you forget you have to beer.
Posted by: Rocks at April 04, 2011 08:18 AM (Q1lie)
Posted by: Miss'80sBaby at April 04, 2011 08:18 AM (UO6+e)
Posted by: Kratos (Ghost of Sparta) at April 04, 2011 08:22 AM (9hSKh)
Posted by: Cicero Kid at April 04, 2011 08:22 AM (I52Rq)
My point was that Detroit was a thriving city BEFORE the auto companies made it big. Based on that, failure of the auto companies, while hurting the city, would not destroy it the way it has been destroyed.
Posted by: Vic at April 04, 2011 08:22 AM (M9Ie6)
Posted by: nerdygirl at April 04, 2011 08:23 AM (SfSiO)
Posted by: Christopher Taylor at April 04, 2011 08:23 AM (61b7k)
Posted by: Guy Fawkes at April 04, 2011 08:23 AM (Z1jiu)
Dunno exactly, but based upon the utterings of a groupmember who spoke the language, it likely sounds something like someone hawking up snot...
Posted by: Additional Blond Agent at April 04, 2011 08:24 AM (PMGbu)
Store in a mylar bag with O2 absorber and your good to go.
re hydrate and cook and they are ready to eat.
Easy way to store some extra food.
Posted by: MarkC at April 04, 2011 12:09 PM (yPPVC)
When you say "mylar," I think "Balloon Boy" or those silver birthday helium balloons. But I'm thinking that's not what you meant. And what's an O2 absorber?
Posted by: RushBabe at April 04, 2011 08:24 AM (urYpw)
Posted by: Hollowpoint at April 04, 2011 08:26 AM (SY2Kh)
As the article says, lower corporate rates to being more jobs here, and tax the profits at regular rates when it becomes income.
What Samuelson and others don't acknowledge is our history of raising rates on dividends: Corporations stop paying them. They sit on the cash or use it to purchase other companies. This is a real problem for an economy.
Shareholders don't raise hell about it because stock prices usually rise along with the retained cash and resulting book value. But this was considered a serious problem not so long ago.
Posted by: spongeworthy at April 04, 2011 08:28 AM (rplL3)
Doom its whats for dinner
If you have a food dehydrator you can buy frozen vegetables, such as corn or mixed vegetables and dehydrate them with no additional preparation work.
Store in a mylar bag with O2 absorber and your good to go.
re hydrate and cook and they are ready to eat.
Easy way to store some extra food.
You have a loose definition of what constitutes "food".
Besides, that's way too much work. Easier solution? Keep a healthy supply of .22 LR, .45ACP, 12 gauge and 7mm Magnum ammunition, and know where the edible creatures live.
Posted by: Hollowpoint at April 04, 2011 08:32 AM (SY2Kh)
http://sorbentsystems.com or look on amazon, amazon would most likely be easier as sorbent systems is not very user friendly.
The oxygen absorber removes all the oxygen from the bag.
I normally use a food saver machine first then put them in the mylar as added protection.
Posted by: MarkC at April 04, 2011 08:33 AM (yPPVC)
Please stay where you are. The winters consist of 90 feet of average snow, with average daytime temperatures of -50F. Not only that, but the Indians attack our forts regularly, and the bison stampedes can make your commute an actual nightmare. Not to mention the lack of grocery stores requires you to raise and slaughter your own meat, and use the tallow to make your own soap. The worst of course would be that our internet connections depend on the simultaneous conversion from telegraph Morse code to HTML, limiting connection speeds to sub 14.4 baud dial-up speed equivalents. This is all true. You can look it up....
Posted by: zipity at April 04, 2011 08:34 AM (Ttl/3)
Yeah, your hippie neighbors with the free range chickens.
Posted by: EC at April 04, 2011 08:34 AM (GQ8sn)
Posted by: MarkC at April 04, 2011 08:37 AM (yPPVC)
The city/suburb goose populations are in for a rude awakening when the doom hits. They have been safe for so long their survival skills have atrophied.
Posted by: Buzzsaw at April 04, 2011 08:41 AM (tf9Ne)
Posted by: motionview at April 04, 2011 08:43 AM (zRbkQ)
Posted by: zipity at April 04, 2011 08:46 AM (Ttl/3)
The city/suburb goose populations are in for a rude awakening when the doom hits. They have been safe for so long their survival skills have atrophied.
A snaro bird point, aluminum Flu Flu arrows and blam, a simple dumb bird getter with reusable ammo. If you want to hit them over water, get a bow fishing rig with harpoon arrows. Hookem' and just pull em in! That way you save your precious fixed ammunition for more dire situations.
Posted by: MikeTheMoose at April 04, 2011 08:50 AM (0q2P7)
Posted by: Snort! at April 04, 2011 08:51 AM (K/USr)
Posted by: MikeTheMoose at April 04, 2011 08:52 AM (0q2P7)
Posted by: nerdygirl at April 04, 2011 08:54 AM (SfSiO)
Posted by: zipity at April 04, 2011 08:55 AM (Ttl/3)
People who think that the US states and Federal government will simply default if it comes down to servicing the debt or paying entitlements aren't paying attention. If it comes down to making bondholders whole or shorting Granny and Grampy on their Social Security checks, I guarantee you that Granny and Grampy are the ones who are going to get the shaft.
Aren't there a lot of actual people - Granny and Grampy - who are invested in these bonds? So, either way, they are going to be shafting real people. I would bet that a lot of older people hold a lot of bonds b/c it is a "safe" investment.
Posted by: monkeytoe at April 04, 2011 08:57 AM (sOx93)
Posted by: zipity at April 04, 2011 12:55 PM (Ttl/3)
And lets his wife graze.
Posted by: Tami at April 04, 2011 08:59 AM (VuLos)
I have a couple of Snaro bird points but didn't know that's what there called. So in looking that up I found this neat small game point that I now have to buy.
Posted by: Buzzsaw at April 04, 2011 09:03 AM (tf9Ne)
The way the US Govt handled the GM bondholders shows this may not be the case.
Posted by: RoadRunner at April 04, 2011 09:13 AM (BvTwT)
A while back I commented that Detroit would be better off if more people had "bought American" when car purchasing over the last 30 years, which brought out the howls about "turrible" American cars. True, there have been some bad cars, bad designs, and overall declining quality over part of that period. I don't blame anyone for not "buying American", just pointing out the possible alternative.
And I visited Detroit as a kid in the 60's, and it was a big, rough factory town then, just not as devastated as it is now.
Part of the problems of the "Big 3" has been their poor comprehension of the market (poor design and minimal quality compared to the Japanese and now S. Korea), and poor management of their supply chain.
I say this not to encourage people to "buy American" cars or incite remorse, but to recognize that these same "problems" face a lot of American manufacturing to one degree or another. A majority of our manufacturing base is at risk because of frankly poor management (which is also tied to reducing labor costs-driven by ridiculous union contracts). GM and Ford built a host of parts factories in Mexico in the 80's and 90's, only to see quality become ragged and supply chain problems. A lot of other companies have now done the same thing "to cut labor costs". And it's not always tied to unions.
Poor government followed the start of the Fall of Detroit. With every factory job that exited Detroit, the acceleration of Bad Government picked up. Vic is right-although another kind of town might have recovered, the Bad Government of Detroit guaranteed it that Detroit would not. It will never come back.
Now multiply that over a large part of our country. Everywhere that people's livelihood depended on that factory in town to employ a good percentage of the people, is at risk for the same reason. The DOOM! we will see in 20-30 years will be that much of America will look just like Detroit. The same Bad Government/socialist entitlement mindset will pervail at all levels of government, and the country will never recover from it.
That's what is at stake now. We may still be able to prevent that sort of DOOM! from overtaking us all, but I doubt it.
Posted by: Reader C.J. Burch writes... at April 04, 2011 09:18 AM (usS2T)
Posted by: Miss'80sBaby at April 04, 2011 09:18 AM (UO6+e)
Posted by: RoadRunner at April 04, 2011 01:13 PM (BvTwT)
That was private debt, and a ruse to give ownership to the UAW. G-Pa & G-Ma are going have to start cooking the cat when we default.
Posted by: Mike H at April 04, 2011 09:21 AM (LdYLm)
Posted by: monkeytoe at April 04, 2011 12:57 PM (sOx93)
Exactly. I'm thrilled that bonds may not be defaulted on since that's where my monthly income comes from. I guess my taxes will be raised though to pay for the local and state bonds though, so it looks like the money goes out one way or another.
Posted by: Polliwog at April 04, 2011 09:32 AM (RXN5G)
A key difference between Ireland and the US is that the Irish government needs to be able to sell bonds. It is revenue constrained, because it can't print Euros. If the Irish screw over the bond holders, they will get no more loans and will still end up screw the tax payer. In the end the tax payer isn't a financial threat - the government can always send out the men with guns to collect more of the public's wealth. They MUST pacify those who lend them money. The US government does not suffer that limitation.
That said, either way grammy and grampy are gonna be part of those paying here in the US. If the deficits remain too large the supply of dollars will become too great and eventually inflation will set in at some level. What level that will be is hard to predict. If it could be constrainted to the 6% or so we had in the 80's it wouldn't be too bad. Not good, but not TOO bad.
Posted by: Reactionary at April 04, 2011 09:37 AM (xUM1Q)
The DOOM! we will see in 20-30 years will be that much of America will look just like Detroit. The same Bad Government/socialist entitlement mindset will pervail at all levels of government, and the country will never recover from it.
Posted by: Reader C.J. Burch writes... at April 04, 2011 01:18 PM (usS2T)
This is what happens when horrible life decisions are incentivized, and hard choices are not made. Thanks to LBJ the US paid the least successful people to live their indolent lifestyle and to produce as many children as they could make, while produtive tax payers found every additional mouth to feed just one more burden to bear. The Democratic Party engineered the underclass in America. They WANTED this.
Posted by: Reactionary at April 04, 2011 09:40 AM (xUM1Q)
Posted by: Christopher Taylor at April 04, 2011 09:58 AM (61b7k)
Posted by: Iblis at April 04, 2011 09:58 AM (9221z)
Posted by: Christopher Taylor at April 04, 2011 01:58 PM (61b7k)
Are you kidding? A Toy monkey that bangs cymbals together would be an improvement over Obama.
There is NO ONE on the Republican side of the aisle that can mess things up worse than Obama.
Posted by: DiogenesLamp at April 04, 2011 10:08 AM (v2K2g)
Grandma and Grandpa will do just fine. It's future Grandmas and Grandpas that have to worry. I think the Social Security circle gets squared by migrating from cash benefits to benefit benefits. Every senior gets $200 less in thier SS check but they send you a notice that tells you where every food bank and soup kitchen is in your area and they build a new gym/senior center in town. So you got your $200, it's in "benefits" though.
And with the government and media spinning together they'll have half the country thinking they're getting a 'raise'........until the first SS check comes in short and they wonder what 'this' is all about. After all, weren't we supposed to get the senior center on top of social security? Next thing you'll be telling me I can't keep my doctor!
Posted by: East Bay Jay at April 04, 2011 10:09 AM (ocHBO)
A key difference between Ireland and the US is that the Irish government needs to be able to sell bonds. It is revenue constrained, because it can't print Euros.
A good point. Since I think most of my bonds are in US markets my income may be boned after all.
Posted by: Polliwog at April 04, 2011 10:27 AM (RXN5G)
An armed security guard, hired by Apple to protect one of its San Diego stores, confronted and killed a smash and grab suspect in a gun battle early Monday.One person is dead and two people have been taken into custody following the shooting at Otay Ranch Towne Center in the Eastlake section of Chula Vista according to police.
Posted by: UltraMan at April 04, 2011 11:00 AM (tvs2p)
Posted by: trainer at April 04, 2011 11:10 AM (Rojyk)
Arabic comment-spam is so much more beautiful than English comment-spam. Still smells just as bad though.....
Posted by: zipity at April 04, 2011 11:18 AM (Ttl/3)
Recent college grads are despairing of landing anything above the fast-food counter, where they face stiff competition from millions of recent immigrants.
Recent "immigrants"? More like illegal aliens, many of whom are using their phony documents to collect welfare, food stamps, Medicaid, and a whole host of other benefits paid for by U.S. taxpayers and not (in theory) available to foreigners living here illegally.
Posted by: AZC at April 04, 2011 11:21 AM (HFscI)
Posted by: torabora at April 04, 2011 11:29 AM (HdceK)
A federal watchdog criticized federal regulators' oversight of executive pay packages for top officials at Fannie Mae and Freddie Mac in a report published Thursday.
The top six executives at the mortgage giants earned $35 million in the last two years, according to the report from the inspector general of the Federal Housing Finance Agency, which regulates the mortgage giants.
Posted by: Franklin Raines at April 04, 2011 12:09 PM (tvs2p)
It seems the Obamas bought their Chicago house at 5046 S Greenwood Ave for $1,650,000, but the current Zestimate on zillow.com is $740,500.
Woof. A blind man could invest better.
Posted by: Franklin Raines at April 04, 2011 01:01 PM (tvs2p)
Usquebaugh
Posted by: Lazarus Long at April 04, 2011 01:07 PM (Pmc9i)
Hyperinflation will come to the rescue.
When the dollar fails, the Bancor will be imposed on the whole world.
Posted by: terry at April 04, 2011 01:35 PM (erlKo)
Wee, sleeket, cowran, tim'rous beastie,
O, what panic's in thy breastie!
Thou need na start awa sae hasty,
Wi' bickering brattle!
I wad be laith to rin an' chase thee,
Wi' murd'ring pattle!
I'm truly sorry Man's dominion
Has broken Nature's social union,
An' justifies that ill opinion,
Which makes thee startle,
At me, thy poor, earth-born companion,
An' fellow-mortal!
I doubt na, whyles, but thou may thieve;
What then? poor beastie, thou maun live!
A daimen-icker in a thrave 'S a sma' request:
I'll get a blessin wi' the lave,
An' never miss't!
Thy wee-bit housie, too, in ruin!
It's silly wa's the win's are strewin!
An' naething, now, to big a new ane,
O' foggage green!
An' bleak December's winds ensuin,
Baith snell an' keen!
Thou saw the fields laid bare an' wast,
An' weary Winter comin fast,
An' cozie here, beneath the blast,
Thou thought to dwell,
Till crash! the cruel coulter past
Out thro' thy cell.
That wee-bit heap o' leaves an' stibble,
Has cost thee monie a weary nibble!
Now thou's turn'd out, for a' thy trouble,
But house or hald.
To thole the Winter's sleety dribble,
An' cranreuch cauld!
But Mousie, thou are no thy-lane,
In proving foresight may be vain:
The best laid schemes o' Mice an' Men,
Gang aft agley,
An' lea'e us nought but grief an' pain,
For promis'd joy!
Still, thou art blest, compar'd wi' me!
The present only toucheth thee:
But Och! I backward cast my e'e,
On prospects drear!
An' forward, tho' I canna see,
I guess an' fear!
Robert Burns, To A Mouse Nobember 1785
Posted by: jakee308 at April 04, 2011 02:52 PM (6kXgv)
I have a folder Boned Files in My Documents and found this gem. Not new Doom stuff, just Doom that has aged like a nice Chianti with fava beans.....
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Posted by: political correctness czar at April 04, 2011 03:06 PM (UPNlB)
Posted by: political correctness czar at April 04, 2011 03:08 PM (UPNlB)
Schadenfreude is better than no freude at all.
Posted by: redclay at April 04, 2011 04:54 PM (MJx6n)
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Posted by: Slublog at April 04, 2011 05:41 AM (0nqdj)