Holiday Shopping Season

While appealing to emotional desires for more stuff we do not need, corporate bottom lines do not want you to realize how close to the fiscal cliff we really are.

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Wednesday, August 29, 2012

Sweet 16: National debt crosses $16 trillion two months before election

One of the fundamentals of the rich is to invest using other people's money (OPP).  However, when the government does it using the taxes of its citizens, and borrowing of its future, it sure ain't about the accumulation of wealth and capital.

On Aug. 28, the United States crossed over the $16 trillion mark in debt, and marks the biggest four year rise in debt obligations in America's history.  And unfortunately for the American people, there is very little to show for it beyond inflation and little men hiding behind offices thinking they now how to spend your money.


$35 billion in unreconciled bond sales - Aug 28

Added to:


= $16 Trillion

Charts courtesy of Zerohedge

November 16, 2011 was a historic date: that's when the US officially surpassed $15 trillion in debt for the first time since World War 2. We celebrated it by cheering $15,OOO,OOO,OOO,OOOBAMA. Today, August 28, 2012, is when we can unofficially celebrate again, because 286 days after the last major milestone was surpassed with disturbing ease, total US debt following today's $35 billion auction of 2 Year bonds is, well, in a word: $16,OOO,OOO,OOO,OOOBAMA! - Zerohedge

Sweet 16... perhaps this was the hope and change Obama was really talking about.  The financial destuction of a once great nation.

Tuesday, August 28, 2012

Hollywood and press ignore Obama's America 2016 despite box office numbers

Never let it be said that both Hollywood and the press aren't biased institutions without agendas.  In a shocking move, similar to the response years ago to Ben Stein's documentary on Intelligent Design, the mainstream media and Hollywood promoters are completely ignoring the success of the new documentary on Barack Obama called Obama's America 2016, whcih came in 7th in box office proceeds in its first week.


The movie, made with almost no money and no major studio backing, by neophyte directors, and with zero attention from the mainstream press, grossed $6.5 million over the weekend, putting in the top 10.

So far, "2016" has taken in more than $9.3 million, which puts it easily within reach of becoming one of the top five highest-grossing political documentaries of all time.

But aside from a few grudging news stories about the weekend box office take and a smattering of predictably critical reviews, the media are largely turning a studied blind eye to the film. - Investors.com

In the world of finance, money talks, and BS walks.  Just as America is speaking loudly at Obama's attempt to use taxpayer funds to prop up the failing Chevy Volt, so to are Americans speaking with their wallets in going to see the movie that lays out Obama's plan for the country, in his own words.

Friday, August 24, 2012

Forget GMO as investors seek to make future food products from a printer

Science has proven many things, and even assisted in making life better for people around the world.  But the underlying truth about science today is that over 70% of all research is funded by corporations and the government.  Each having their own agendas, and each seeking to profit from their best interests.

This is why the FDA has fought tooth and nail to not only keep scientifically destructive GMO products from being labelled on food, but to go to courts against farmers themselves who desire to use nature over science in planting and harvesting.

But GMO is not the only research being done to grow frankenfoods and replace them in the American diets.  A new grant is being made which intended to create food and meat substances from special 3-D printers which are revolutionizing the world of manufacturing.


Photo courtesy of Dassualt S4Stemes

3D printing has been used to create running shoes, medical implants, and, to the delight of firearm enthusiasts, a .22 caliber handgun. So why not a 3D-printed steak for the grill?
Billionaire investor Peter Thiel's philanthropic foundation plans to announce today a six-figure grant for bioprinted meat, part of an ambitious plan to bring to the world's dinner tables a set of technologies originally developed for creating medical-grade tissues.
The recipient of the Thiel Foundation's grant, a Columbia, Mo.-based startup named Modern Meadow, is pitching bioprinted meat as a more environmentally-friendly way to satisfy a natural human craving for animal protein. - Cnet

Science fiction has for decades given doomsday scenarios of the future of food sources in a growing world population.  From human consumption in movies like the Matrix and Soylent Green, to computer generated foods from molecular conversion in Star Trek episodes, the rise of science is no longer about improving natures playground of planting and harvesting, but moving food from the farm into the lab which has a long history of dire results to human kind.

Republicans offer to channel their inner Ron Paul by talking return to gold standard

In politics, nothing is done without cause and purpose.  These words came from President Franklin Delano Roosevelt, and validate that politicians do NOTHING that isn't intended to further their own power.  So it comes as a major surprise, when polls are showing Romney losing to an easily beatable Barack Obama, that the Republican party is desperate to get the millions of Ron Paul supporters into their camp, and are attempting to do so by offering to discuss a return to the gold standard.


Stranger than fiction perhaps but the FT is reporting that the gold standard has returned to mainstream US politics for the first time in 30 years with a 'gold commission' set to become part of official Republican party policy. While this could simply be a reach for as many Ron Paul marginal voters as possible (with the view that the GOP would never really go for it); it appears drafts of the party platform from the forthcoming rain-soaked convention call for an audit of the Fed and a commission to look at restoring the link between the dollar and gold. The FT, citing a spokesperson, adds that "There is a growing recognition within the Republican party and in America more generally that we’re not going to be able to print our way to prosperity," but "We’re not going to go from a standing start to the gold standard," although it would provide a chance to educate politicians and the public about the merits of a return to gold. Interestingly, the Republican platform in 1980 referred to "restoration of a dependable monetary standard", while the 1984 platform said that "the gold standard may be a useful mechanism." - FT via Zerohedge

The bottom line is, the Republican party spent millions hijacking the primaries in states across the country to ensure Ron Paul did not receive enough delegates to appear viable in the coming RNC convention.  However, millions of Americans now know the RINO foundation of the Republican Party, and as such, without their support Romney doesn't have a chance in defeating the Jimmy Carter of the 21st century.

States to go after Corzine as Obama administration refuses to prosecute the insider

Recently, the Obama administration and agencies the President runs reported they will not be prosecuting Jon Corzine for the known theft of over $1 billion in customer money at MF Global.  The former Governor of New Jersey, and former head of Goldman Sachs, is a long time insider and campaign contributor to Obama, which easily reveals why the fraud scandal is allowed to get off scott free.



However, the states themselves, and the constituents they represent are not planning on letting Corzine off so easily.  In a recent interview with Rick Santelli on Aug. 21, James Koutoulas said that all 50 states are looking into the legal process to go after Corzine for his actions.

Poverty levels no longer relevant as more Americans crash through economic barrier

For decades, the government determined poverty level was the standard for many economic policies legislated regarding welfare, tax breaks, and cultural divides.  But since the 2008 credit crisis, the number of Americans crashing below the poverty level is increasing so hard and fast, that poverty is now the new norm.


Chart courtesy of the Census Bureau, AP, and Zerohedge

 "the number of Americans with incomes at or below 125 percent of the federal poverty level - the income limit for qualifying for legal aid - is expected to reach an all-time high of 66 million this year. A family of four earning 125 percent of the federal poverty level makes about $28,800 a year, government figures show." - Associated Press via Zerohedge

The result is the systematic loss of the Middle Class in America, and the dependence of nearly 20% of all Americans on the government just to survive.  As this accelerates, the U.S. will quickly turn into a nation worse off than Spain or Greece, as the debt needed to sustain the welfare model will dwarf GDP in exponentional moves.

Tuesday, August 21, 2012

Apple market value now greater than the other top five tech companies

During the 1990's, Yahoo, Microsoft, Dell, and HP ruled the tech world in both market cap value and revenues.  Apple was just a ghost during this decade, with a business model so rigid, only a few diehard Applebots clung to their products.

That market relationship has not only changed in the 21st century, but has gone full circle.  With Apple's new stock price rising over $666 per share, the market value of the risen Phoenix eclipses that of Microsoft, Google, HP, Dell, and Facebook combined.

Chart courtesy of John Aziz of Azizonomics
What is left out however from this picture is that Apple's revenues, when compared to the rest of the Tech companies, does not equate to the current share price.  The bottom line is, the stock markets no longer reflect any real fundamental value of companies, but rather the manipulation of stock prices through HFT, hedge funds, and free money pumped in by the Fed's PPT.

Monday, August 20, 2012

Rothschild bets against Euro with his wallet

In the deep dark recesses of conspiracy, or Coast to Coast AM, everyone knows the most powerful family in the world is Rothschild.  So when one of their cartel ponies up cash to make an investment, it is time to pay close attention to what is really happening in the banking system.



Lord Rothschild, an elder member of the dynastic Rothschild banking family, has taken the position against the euro through RIT Capital Partners, the 1.9 billion pound investment trust of which he is executive chairman, according to a report in the British newspaper The Daily Telegraph.

As cynicism that the single currency is on its last legs continues to spread among some euro zone politicians and the public, the influential financier has used the currency as a form of hedge. - CNBC
Of course, a $200 million bet may simply be a ruse to get the herd into following his lead.  The Rothschild empire is rumored to be worth trillions, and pushing a couple hundred million to short the Euro is like giving a $5 tip for a $15 lunch tab.  It's more than most people would give, but not even close to what you could put down.

New York City provides a true case of the man stealing from black folk

New York City of the economic center of the free world, and this week it is ground zero for more theft by elitists in the government who want something a hard working black man earned.  Forget taxing the rich, Harlem politicians now want to take property from a man who built up a business without anyone's assistance.

Carmie Elmore, 67, and a partner took over the gas station at the corner of 110th Street and Frederick Douglass Boulevard in 1981, when shootings, robberies and drugs ruled the neighborhood.

Now that Harlem is blooming, the city has put developers on notice, asking for ideas to build on the property — even though the city hasn’t owned it for years. - NY Post

Contrary to popular belief, liberals and progressives are the primary politicians who take from others, and create racial strife amongst communities.  In places like Chicago, New Orleans, and New York, forced moves, bussing, and integration actually destroyed many neighborhoods that were once thriving and safe.

There were certain boundaries that people would have felt comfortable with, and liberals went beyond them, and I do blame liberaels for failing to realize that they were no longer acting liberally, they were just distributing spoils of the System amongst various groups . . . Interest Group Liberalism.

 Society is very complicated, people are very complicated, and we have to be careful when we mess with these things because we are messing with peoples’ lives and they are not going to react like laboratory rats. - Eric Alterman, Bill MoyersShow, PBS


Stealing is stealing, whether it is by people, banks, or the government.  In the case of Carmie Elmore, a man who took all the risks when the city of Harlem left the property he runs to crime and deterioration, this is another case, and finally a legitimate one, of the Man sticking it to a brother because an African-American was actually successful in business.

Friday, August 17, 2012

Gibsmedat update: Food stamp user cuts retailer for not selling him alcohol with EBT card

The Daily Economist is starting a new periodical called the Gibsmedat update.  The first update, concerns a food stamp recipient who slashed a retailer in New York City with a knife because the cashier would not sell him alcohol using his EBT card.

Official Gibsmedat Currency
A drunken man reportedly slashed a Brooklyn clerk’s face after being told he couldn’t use food stamps to buy a bottle of beer.

“Sell it to me,” the suspect told Ali. “Don’t get me mad.”

The suspect was described as a black man between the ages of 25 and 30 with short black hair and brown eyes. He was last seen wearing black jeans and a white T-shirt. -
Fox News


History shows that people do not respect what they don't earn, and as time has passed, food stamp usage has gone from a few needy Americans in poverty, to now over 46 million.  It is no longer a stigma, but the mainstream, and as such, the respect for welfare benefits has moved into the realm of gibsmedat.

Obama administration gives $100 million to states to keep them from laying off workers

Besides fudging the books when it comes to reporting the actual unemploymnet numbers, the next best thing appears to be subsidizing agencies to keep them from laying off workers.  This is exactly what the Obama administration is doing through the Labor Department when on Aug. 15, $100 million is being given to states around the country to keep local governments from letting go of workers they can't afford due to diminishing tax revenues.


The Labor Department announced on Monday that it will be awarding almost $100 million in grant funding to states to prevent layoffs by allowing businesses to pay employees as part-time workers and the federal government will pick up the tab for the cost of a full-time paycheck. - CNSNews

The irony of course is that after trillions of dollars in taxpayer stimulus, and low interest rates to banks who won't lend to small businesses, the government is relegated to printing money to give to the states to keep the unemployment rates from rising before an election cycle.

Thursday, August 16, 2012

Biden u can no haz dis cupcake

The progressives, liberals, and otherwise mentally disturbed activists in America should know by now that there are very few sacred cows open for them to attack.  Two weeks ago, the groups tied to support of gay marriage attempted to excoriate Chick-Fil-A with a boycott, only to have the Christian based restaurant chain receive record revenues for the month, and even get a liberal executive fired.

So it should not come as a shock when a small quaint bakery in the state of Virginia told Vice President Biden's campaign staff that he had no interest in appearing in a campaign stop.  In fact, the young family owners of Crumb and Get It said that they decline the VP's invitation since the administration believes that he didn't build his business, the government did.





Sorry Biden, but it looks like REAL AMERICA says u can haz no cupcakes, and even more, rejects your notion that anyone wants to put other Americans back into chains.

On a lasting note, the Secret Service came in later, and actually gave the owners a Kudo for rejecting the Biden propaganda attempt, and even bought some tasty snacks in honor of it.

Like Chick-Fil-A, perhaps Americans across the country could support this small business by ordering something to share with friends and family.

Jon Corzine: Steal a hundred dollars go to prison, steal $1 billion and you get a hedge fund

In a continuation of our storyline regarding why Americans and investors should get completely out of the financial markets, news today broke that the CEO of MF Global is mulling over creating a hedge fund, just months after stealing over $1 billion of his customers money.


In what should be the biggst non-news of the day, the NYT is reporting that not only will Jon Corzine not face any criminal prosecution for vaporizing hundreds of millions in client money (which subsequently condensed in the JPM middle office), but will in fact be launching ... wait for it... a hedge fund. "A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. - Zerohedge

Corzine, once head of Goldman Sachs, Governor of bankrupt New Jersey, CEO of MF Global, and campaign promoter of President Barack Obama, is taking his theft and fraudulent roadshow to its next stop.

We sincerely hope no one with half a brain will even think of investing money in this potential ponzi scheme for the should be incarcerated.

The days of trading in the stock and financial markets are over

In the past year, and carrying over from the taxpayer bailouts of banks and industries such as GM, the amount of fraud and manipulation in every financial market is immense.  No longer do the investor nor American people have protection by government agencies against market fraud, but in many instances, the federal government sides with the criminals to the detriment of the investor.



LIBOR, Bernie Madoff, MF Global, Peregrine Financial, zero-percent interest rates, the Social Security and Medicare entitlement funds, many state and municipal pension funds, mark-to-model asset values, quote stuffing and high frequency trading (HFT), and debt-based money?
The answer is that every single thing in that list is an example of market rigging, fraud, or both.
How are we supposed to make decisions in today’s rigged and often fraudulent market environment? Where should you put your money if you don’t know where the risks lie? How does one control risk when control fraud runs rampant? - Chris Martensen via Zerohedge

Knight Capital recently lost investors millions of dollars due to running a flawed computer algorithm used to skip trades and commissions for and against traders.  The Fed pumps money into stock markets skewing fundamentals so that investors have no idea of the true worth of a company.  ZIRP keep interest rates so low that it is no longer worth buying a CD, money market, or T-bill.

The wild west known as the global financial markets are not only broken, but controlled and manipulated so much, that only insiders have any ability to make a profit on the fraud and manipulation.  For the common man, the American who simply wants to ensure his dollar today is worth a dollar tomorrow, the real money, gold and silver in physical forms, is the only playing field that one can hold in their hands while the paper goes up in flames.

Wednesday, August 15, 2012

Obama administration program to legalize alien workers begins today

President Obama's plan to allow illegal aliens the right to work in the U.S. begins implementation on Aug. 15th.  1.7 million new legal workers will be entering the workforce at a time when the unemployment rate is well over 16%, and median wages have been dropping for more than a decade.


"This afternoon, USCIS makes available online the forms and instructions for individuals who will request deferred action for childhood arrivals," USCIS Director Alejandro Mayorkas told reporters in a conference call.

The program, dubbed Consideration of Deferred Action for Childhood Arrivals, was created in June under an executive order signed by President Barack Obama.
"Deferred action does not provide lawful status or a pathway to permanent residence or citizenship," Mayorkas said Tuesday.

The $465 application fee will fund the administrative costs of the program, including a biometric check and issuance of a secure work-authorization document, he said.

Each request will be examined for possible fraud, he said.
The forms and instructions are posted at www.uscis.gov/childhoodarrivals.

As many as 1.7 million youths may qualify for the program, according to the Pew Hispanic Center, a project of the Pew Research Center. - CNN, InAmerica

Whether or not this ploy to cast aside Federal law regaring illegal aliens is a means to garner votes in November is moot for most Americans.  However, the soon to be realized fact that unemployment, costs to states for education, healthcare, welfare, and others costs will lead to much more division between legal Americans trying to have a sustainable life, and undocumented foreigners from another country who do not feel fighting for change in their own homeland is worth the cost.

China and Soros accumulate gold while the masses focus on failed stock markets

Goldman Sachs has achieved a dubious reputation for telling their customers (muppets) to buy one thing, while at the same time, selling it with their own money.  This duplicitous investing scheme is the cornerstone of the investment banking system, and in complete opposition to what big money is doing.

To know what the successful investors and countries are doing amidst the babbling rhetoric of CNBC talking heads and so many so-called experts, all one has to do is look towards the East, and to the holdings of one George Soros for future direction.  Both of these entities are buying gold, even as businesses news sources continue to downplay the precious metal known as real money to prop up the dying dollar and U.S. economic system.


An important positive development for the gold market is billionaire financiers George Soros and John Paulson have again increased their allocations to gold as seen in the latest SEC filings.
George Soros more than doubled his shares in the SPDR gold trust ETF.

He increased his position in SPDR Gold to $137.3 million in the second quarter from $52 million previously. SEC filing for the second quarter showed Soros Fund Management more than doubled its investment in the SPDR Gold Trust from 319,550 shares to 884,400 shares at the end of June.
In September 2010 (see chart), Soros called gold "the ultimate bubble" and largely dumped his stake in the ETF before gold recorded annual gains in 2010 and 2011 and rose to a nominal high of $1,920.30 per ounce in September.

There was speculation at the time that he may have sold the SPDR trust in order to own far safer allocated gold bars.

Another billionaire investor respected for his financial acumen is John Paulson and Paulson & Co increased its holdings by 26% by purchasing an additional 4.53 million shares of the SPDR Gold Trust to bring entire holding to 21.8 million shares. - Goldcore

All The World's Gold
From: Number Sleuth

The life cycle of any currency in the history of mankind is around 40 years.  We are now into the 41st year of the complete fiat back dollar, and the world is preparing for its eventual demise.  China, the BRIC nations, and Russia are all creating trade agreements in currencies other than the dollar.  In fact, the primary reason for the U.S. intervening in Libya and Iran was their move away from the petro dollar and U.S. hegomony.

Car company known for battery fires hires new CEO from company known for battery fires

It appears that in the world of alternative energy automobiles, leadership over the new and volatile technology is nothing more than a shell game.  On Aug 12, the Fisker automobile company, known recently for their car batteries catching fire, has hired a new CEO, who has his own track record of running a car company known for their car batteries catching on fire.

"Fisker Automotive named the former head of General Motors Co's (GM.N) Chevrolet Volt program as chief executive on Tuesday, marking the second time the troubled, government-funded start-up has replaced its top executive this year. Tony Posawatz, who oversaw the development of the Chevy Volt plug-in hybrid for six years before he left GM this summer, will replace outgoing CEO Tom LaSorda. - Reuters

The Federal government is not the only institution where the blind leads the blind.  Corporate America is full of faulty paradigms and 19th century thinking that has quickly lead to stagnation and loss of economic superiority in the world.

One must remember how far we have digressed.  America put a man on the moon using little more than a slide rule.  Today, we cannot build a working electric car battery with super computers and billions of dollars of taxpayer money.

Tuesday, August 14, 2012

Euthanasia proponents salivating at Obamacare's sterilization programs

Last week, John Galt FLA provided American a keen insight to one provision under Obamacare which would allow the government the authority and power to tell you what you can or cannot eat.  During his hour long show on the Voice of Galt on the Just Measures Radio Network, Galt laid out the nefarious portion in section 2717 that had to do with Penalties should a bureaucratic panel deem a patient not falling within their determined parameters.


These additional regulations, and the projection for tens of thousands more, are the crux behind the general standing provisions in section 2717 of Obamacare, which give the Federal government, and its assigned authorities, the power to force individuals to adapt a lifestyle and diet they believe is appropriate for you.

Section 2717 is titled, Ensuring the Quality of Care, and allows for its provisions under this section to begin two years after the bill became law. This means that starting in 2013, the Federal government, or their appointed agencies, can begin implementing the following policies and penalties. - Examiner

But Obamacare goes well beyond simply forcing Americans to eat and consume what the government deems applicable for you.  In another provision of the monstrous bill, mandates will now allow children to receive sterilization treatments without the consent of their parents.

Thanks to an Obamacare regulation that took effect on Aug. 1, health care plans in Oregon will now be required to provide free sterilizations to 15- year-old girls even if the parents of those girls do not consent to the procedure.

Health and Human Services Secretary Kathleen Sebelius finalized the regulation earlier this year.

Thus, the regulation issued by the Health Resources and Services Administration said: "Non-grandfathered plans and issuers are required to provide coverage without cost-sharing consistent with these guidelines in the first plan year (in the individual market, policy year) that begins on or after August 1, 2012. ... All Food and Drug Administration approved contraceptive methods, sterilization procedures, and patient education and counseling for all women with reproductive capacity." - CNS News
Death panels, forced dietary regimens, and now, sterilization.  Is it that hard to believe that these provisions are more about population control and euthanasia than it is about health and cost cutting?  Health and Human Services Secratary has this to say.

“The reduction in the number of pregnancies compensates for the cost of contraception,”

President Obama intimates First Lady should get paid for office duties

It is bad enough when the American people have shelled out millions of dollars for the office staff for the first lady, but now President Obama thinks that his wife should be paid a salary for the traditionally ceremonial title and office.


President Obama thinks his wife should be paid for the privilege of serving as first lady. Speaking at a campaign event in Denver on Wednesday, Mr. Obama invoked Mrs. Obama’s plight to make a point about equal pay for equal work. “I want to make sure that when she’s working, she is getting paid the same as men,” he said. “I’ve got to say, first ladies right now don’t, even though that’s a tough job.” Poor Michelle, we feel her pain. - Washington Times

As this would be the first time a President has ever suggested that taxpayers pay his wife for living off the taxpayer dole, you have to ask the question.  Is this a Chicago thing, or is it an example of the liberal welfare mentality?

Gibsmedat!

Friday, August 10, 2012

Banking collapse: Fed tells banks to prepare for worst case scenario

A super secret Federal Reserve program, by which they ordered the major U.S. banks to prepare a worst case scenario contingency plan in the advent of a collapse in the banking system, was made public on Aug 10.



U.S. regulators directed five of the country's biggest banks, including Bank of America Corp and Goldman Sachs Group Inc, to develop plans for staving off collapse if they faced serious problems, emphasizing that the banks could not count on government help.
The two-year-old program, which has been largely secret until now, is in addition to the "living wills" the banks crafted to help regulators dismantle them if they actually do fail. It shows how hard regulators are working to ensure that banks have plans for worst-case scenarios and can act rationally in times of distress. - Reuters

Courtesy of JP Morgan Chase
Perhaps it was due to the Federal Reserves secret plan that the American people were placed on the hook for hundreds of trillions of dollars worth of toxic assets, which JP Morgan Chase and Bank of America moved to their commercial balance sheets, allowing the FDIC and the taxpayer to be responsible for losses should they fail.

Corn report lays out the future direction for the economy

With the ongoing drought across the globe, and especially in America, corn production and yields are quickly becoming one of the most vital data indicators in the economy.  On Aug 10, the USDA issued its projected corn harvest for 2012, and the results were a 17% drop in yields, and a dire outlook for several industries and communities that rely upon the farm staple.





The U.S. Department of Agriculture Friday slashed its forecast for corn production this year by about 17% as drought conditions in key growing regions worsened.
Farmers are now expected to produce just 10.779 billion bushels of corn this year, the USDA said in its monthly World Agricultural Supply and Demand Estimates report. That's a sharp drop from the 12.97 billion bushels the agency predicted a month ago and the reduction exceeded expectations from some traders and analysts.

The new forecast puts U.S. corn production at its lowest since 2006, the USDA said. - Marketwatch
For farmers, investors, futures traders, and ethonol producers, this chart is of vast importance today, in the coming day.



At the end of June, corn futures were selling for 657 a contract.  Today, corn futures reached an inter-day high of 827 per contract, an increase in price of 26% in less than a month and a half.  Projections could raise corn prices to between $10 and $11 per bushel, which would create a price in inflation in food and ethonol to record highs.

Wednesday, August 8, 2012

Government withholding money from Social Security recipients who have student loan defaults

When President Obama endorsed going back to school shortly after he came into office, very few Americans understood what the full ramifications of this would be.  Coupled with the fact that under Obama, the government has taken over the Student Loan industry, millions of Americans have become debt slaves to Uncle Sam.

And to deal with the 30% of student loan debtors who are delinquent in their payments, the government has moved towards stricter ways of getting its money back, and this now includes withholding Social Security payments to worthy recipients.



It's no secret that falling behind on student loan payments can squash a borrower's hopes of building savings, buying a home or even finding work. Now, thousands of retirees are learning that defaulting on student-debt can threaten something that used to be untouchable: their Social Security benefits.

According to government data, compiled by the Treasury Department at the request of SmartMoney.com, the federal government is withholding money from a rapidly growing number of Social Security recipients who have fallen behind on federal student loans. From January through August 6, the government reduced the size of roughly 115,000 retirees' Social Security checks on those grounds. That's nearly double the pace of the department's enforcement in 2011; it's up from around 60,000 cases in all of 2007 and just 6 cases in 2000.

The amount that the government withholds varies widely, though it runs up to 15%. Assuming the average monthly Social Security benefit for a retired worker of $1,234, that could mean a monthly haircut of almost $190. "This is going to catch an awful lot of people off guard and wreak havoc on their financial lives," says Sheryl Garrett, a financial planner in Eureka Springs, Ark.

Many of these retirees aren't even in hock for their own educations. Consumer advocates say that in the majority of the cases they've seen, the borrowers went into debt later in life to help defray education costs for their children or other dependents. Harold Grodberg, an elder law attorney in Bayonne, N.J., says he's worked with at least six clients in the past two years whose problems started with loans they signed up for to help pay for their grandchildren's tuition. Other attorneys say they're working with older borrowers who had signed up for the federal PLUS loan -- a loan for parents of undergraduates -- to cover tuition costs. Other retirees took out federal loans when they returned to college in midlife, and a few are carrying debt from their own undergraduate or graduate-school years. (No statistics track exactly how many of the defaulting loans fall into which category.) -
Smart Money

Over 100,000 social security recipients have had their benefits withheld in 2012 because of student loan delinquencies they have incurred, or they are bound to from co-signing with someone else.  And with the fact that nearly 50% of all Americans age 18-24 are unable to find jobs to pay off those loans, finding mercy with Uncle Sam is an fruitless activity because while your Pastor might give you remission for your choices, the government rarely forgives.

Tuesday, August 7, 2012

Wireless company using Craigslist to hire workers to give out free phones on the taxpayers dime

In Washington State, a wireless company who is coordinating with the Federal government to give out free cell phones and wireless service to the poor on the taxpayer's dime is now using Craigslist to solicit workers to shovel out the devices.

We (Touch Wireless) are looking for Agents to help market the lifeline free cell phone program and help them sign up.
This is a federally funded program that provides a free cell phone with 250 free monthly minutes and 250 monthly text to people who are on government assistance.
In this position you will work OUTDOORS in Your Community!! You will work with community organizations and Food Banks, Charities, Stores and other agencies to get the word out

* looking for English , Bi-Lingual Spanish - English and Vietnamese and Chinese
*Must have Car/ Reliable transportation
*No Prior Experience Necessary
*Bi-Lingual and good penmanship a Plus
*We will train you and make sure you're successful

Washington Qualifications:
1. Temporary Assistance to needy Families (TANF) 2. Supplemental Security Income (SSI) 3. Food Stamps
4. State Family Assistance (SFA) 5. Medical Assistance (including Medicare cost-sharing programs ETC. . .

Compensation: You will be paid $3.00 Commission for each Approved Application Submitted.

Top Representatives complete 25+ forms a day.

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Even though some in Congress have been outraged at the waste and growing bureaucracy, the fact of the matter is, once a program is created by Uncle Sam, it rarely goes away, and quite often, becomes a monster of fraud and waste.

Buy women with your rewards points on Citi credit card

While we at the Daily Economist think this was an error in coding, the fact of the matter is, Citi financial institution has taken rewards points to the next level.  In a recent survey to customers, one of the answer selections on where you would spend your rewards points includes the most interesting choice of:

Women.


Courtesy of Josh Zumbrum via Zerohedge

Whether choosing 'women' with your rewards points is an actual incentive to spend more money on your credit card is a debate for someone else, but the real question that must be asked is what KIND of women would you use rewards points for?

Wife, girlfriend, escort, blowup facsimile...

To that end, we will leave to the cardholder and ponder how long until Citi gets usurped by President Obama's presidential campaign and seeks people to use their rewards points on him.

Monday, August 6, 2012

The cost of a nation banning guns for their citizens

Recently, Austrailia became the latest politically correct country to ban a major assortment of guns from their citizens.  In the short amount of time since the ban, and public destruction of those firearms, crime has exploded with murders, home invasions, physcial assaults climbing more than 50% in each sector.


Here is a video breakdown of societal destruction once Austrailia banned firearms for their citizens.




Unfortunately, politicians are more interested in absolute control over their citizens than for public safety.  In the city of Chicago, where ownership of firearms is extremely controlled, the municipality had 8 murders last weekend alone, and was named the most dangerous city in America.

Friday, August 3, 2012

Mike Maloney: Fed should admit gold is money then close up shop and go home

In an interesting interview on RT on July 31, the founder of Goldsilver.com gave his assessment of Fed Chairman Ben Bernanke, and the central bank's attempts to stimulate the economy with failed economic policy.  In his argument, Mike Maloney openly said that the Fed is simply defrauding the world about gold, and its value as money, and to resolve the crisis, should come out and say Gold is money, then close up shop and go home.





Seems Mike is simply agreeing with Ron Paul who has challenged the Fed over and over as to why they hold gold reserves, but continuously tell the world that it is no longer money.

Las Vegas resorts offering major deals to customers in recession

In an interesting look at economic indicators, one of the most esoteric, but actually relevent is Las Vegas revenues.  Since the credit crash of 2007, and the stagnant economy dipping in and out of recession, the loss of disposable income by Americans is leading many resorts to offer outstanding deals on hotel stays.



The Plaza Hotel and Casno, along with LaOhana.com, is giving away three free nights if you simply Like their facebook page and fill out an online application.

Like our Facebook page on the right side and we will give you a 3 night stay for free at the Plaza Hotel and Casino Las Vegas.

Please fill out this form and you will receive a confirmation by email or phone from a Plaza Representative. Offer is good for one per house hold. Must stay between 8/1/2012 - 9/30/2012. Room booking must be 3 or less consecutive nights.

This is a collaboration with LaOhana.com and Plaza Hotel and Casino - laohana

Like deflationary periods in an economy, recessions can also be a boon to those individuals who live without debt, and are primary savers over spenders.  It is during the lean times that the best deals can be found for cars, homes, and in this case, vacations in Las Vegas, and there is normally no better incentive to do something than if it is offered for free.

Wednesday, August 1, 2012

Gay marriage boycotts on businesses backfires

Activists for gay marriage are engaging in an all-out push to boycott businesses that speak out, or help fund traditional marrige policies.  Chick-Fil-A franchaises, and a bakery in Colorado have been the primary focus for both activists and politicians such Chicago mayor Rahm Emmanuel.

Fortunately for American pragmatism, the boycotts appear to have backfired as business and revenues for both companies have soared since they were pushed into the crosshairs of militant gay rights protesters.


Photo courtesy of Sarah Palin/Facebook

And in Lakewood, Colorado:

The owner of a cake shop in Lakewood, Colorado said that, following a refusal to provide a wedding cake for a homosexual couple his business has more than doubled.

Jack Phillips, the owner of Masterpiece Cakeshop, told local media that this wasn’t the first time he had turned away homosexuals seeking wedding cakes, but it is the first time his stand for Christian principles has resulted in so much media attention and some death threats. - Lifesite

Gay rights advocates love to say that traditional Americans want to discriminate and keep homosexuals from their fair rights in society.  However, the underlying truth is, no one really cares if those with alternative lifestyles get naked and howl at the moon.  It is only when they choose to do so in someone else's yard, as seen by the militant stances against Chick-Fil-A and other businesses, that people begin to draw a line in the sand and use the power of their wallets to repel the nonsense of others.

Soccer fans and investors getting ready to own a stake in Manchester United

First it was fan ownership in the Green Bay Packers.  Now, soccer fans around the world can buy into one of the most lucrative clubs in Europe as Manchester United goes public in a planned IPO on August 9th.


Unfortunately for investors these days, IPO's are not the best equity to grow your money in.  All one has to do is look at Zynga, Facebook, and Linkedin to see what while Euro Soccer may be a serious money maker, investing in stocks is not.