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Selected News For The Week May 12 – May 18

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    This article was posted by Steve on Friday, May 11th, 2012. Comments are currently closed.

    5 Responses to “Selected News For The Week May 12 – May 18”

    1. Anonymoose says:


      “Gay marriage completes the institutionalisation of the sexual revolution, against which the forces of social conservatism and religious tradition have been impotent.”

      As much as I disagree I fear he may be right. Over and over they keep saying how useless modern marriage is, how it’s never meant anything, yet it must be pretty blinking important to the gays for all this turmoil. I really am just sick and disgusted with it, in particular since I have some people I work with who rail on about it every day.

      In the end it’s not moral absolutism that wins, it’s the old school brainwashing and controlling the media. The people in my generation, the late thirties to early forties, are the first ones to have been raised with the endless digs at conservative values and “positive role models” for gays, even if more often than not it was a gay acting person who was flamboyant but they never actually showed them being close to another male–originally because it would have been too far for mainstream television, but also because it would destroy the illusion. People willingly buy into the image of them being happy, effeminate, and “harmless,” but it flies out the door when they see what’s behind it.

      So today….I think it will only get worse as the newer and younger generations come up who are even more indoctrinated. Laws dictating correct thoughts and behavior will only get worse, although if all this was so natural and right why would it require so much control to make sure nobody’s feelings ever get hurt?

      The only real out I see is that a lie can’t continue forever. Never in history has it been that people who can’t reproduce, can’t be husband and wife, can’t be mother and father, are allowed to marry and pretend they’re just like straight couples just well there’s some complications about having kids. If there ever was some historical precedence there’d be some words to describe what the two of them are other than “partners” or the groom and whatever. This will end, too, but probably not until longer after anyone reading this is gone.

    2. Petronius says:

      David Stockman, director of OMB under Pres. Reagan and former Wall Street fat cat, rips Fed and forecasts bond market meltdown and economic collapse.

      The Gold Report

      “The Emperor is Naked: David Stockman”

      4 May 2012, interview

      “We are in the last innings of a very bad ball game. …

      Quantitative easing is making it worse by facilitating more public sector borrowing and preventing debt liquidation in the private sector––both erroneous steps in my view. The federal government is not getting its financial house in order. We are on the edge of a crisis in the bond markets. …

      “The Fed is destroying the capital market by pegging and manipulating the price of money and debt capital. Interest rates signal nothing anymore because they are zero. …

      “Capital markets are at the heart of capitalism and they are not working. Savers are being crushed when we desperately need savings. The federal government is borrowing when it is broke. Wall Street is arbitraging the Fed’s monetary policy by borrowing overnight money at 10 basis points and investing it in 10-year Treasuries at a yield of 200 basis points….

      “Because of Fed management and interest-rate pegging, the market is artificially medicated. All of the rates and spreads are unreal. …

      “As long as the hedge fund traders and fast-money boys believe the Fed can keep everything pegged, we may limp along. The minute they lose confidence, they will unwind their trades.

      “On the margin, nobody owns the Treasury bond; you rent it. Trillions of Treasury paper is funded on repo: You buy $100 million in Treasuries and immediately put them up as collateral for overnight borrowings of $98M. Traders can capture the spread as long as the price of the bond is stable or rising, as it has been for the last year or two. If the bond drops 2%, the spread has been wiped out.

      “If that happens, the massive repo structures–that is, debt owned by still more debt–will start to unwind and create a panic in the Treasury market. People will realize the emperor is naked. …

      “They are forced to start selling in order to liquidate their carry trades because repo lenders get nervous and want their cash back. However, when the crisis comes, there will be insufficient private bids–the market will gap down hard unless the central banks buy on an emergency basis….

      “The U.S. Treasury needs to be in the market for $20B in new issuances every week. When the day comes when there are all offers and no bids, the music will stop. …

      “Once the bond market starts unraveling, all the other risk assets will start selling off like mad, too.

      “If the bond market goes into a dislocation, it will spread like a contagion to all of the other asset markets. There will be a massive selloff. …

      “When you are so far out on the end of a limb, how do you walk it back?

      “The Fed is now at the end of a $3 trillion limb. …

      “The point is, this is not the free market at work. This is central bank money printers and their Wall Street cronies perverting what used to be a capitalist market. …

      [First we hit the debt ceiling, then on Dec. 31, the Bush tax cuts expire and defense cuts go into place.]

      “That will be a clarifying moment; never before have three such powerful vectors come together at the same time–fiscal triple witching.

      “First the debt ceiling will expire around election time, so the government will face another shutdown and it will be politically brutal to assemble a majority in a lame duck session to raise it by the trillions that will be needed. Second, the whole set of tax cuts and credits that have been enacted over the last 10 years total up to $400-500B annually will expire on Dec. 31, so they will hit the economy like a ton of bricks if not extended. Third, you have the sequester on defense spending that was put in last summer as a fallback, which cannot be changed without a majority vote in Congress.

      ‘It is a push-pull situation. If you defer the sequester, you need more debt ceiling. If you extend the tax expirations, you need a debt ceiling increase of $100B a month. …

      “I do not know how a functioning democracy in the ordinary course can deal with this. …

      “Defense purchases and non-defense purchases will be hit with brutal force by the sequester. As we go into 2013, there will be a shocking hit to the reported GDP numbers as discretionary government spending shrinks. People keep forgetting that most government spending is transfer payments, but it is only purchases of labor and goods that go directly into the GDP calculations, and it is these accounts that will get smacked by the sequester of discretionary defense and non-defense budgets. …

      “[Unemployment] will go up.

      “The only thing you can do is to stay out of harm’s way and try to preserve what you can in cash. All of the markets are rigged or impaired A 4% yield on blue chip stocks is not worth it, because when the thing falls apart, your 4% will be gone in an hour. …

      “My investing model is ABCD: Anything Bernanke Cannot Destroy: flashlight batteries, canned beans, bottled water, gold, a cabin in the mountains”


    3. canary says:

      After Obama praises JP Morgan as best bank, turns out he and Michele have accounts with JP Morgan

      “Obama financial forms show big JP Morgan account”

      By Olivier Knox May 15 2012

      Maybe it’s a case of putting your mouth where your money is.

      President Barack Obama praised JP Morgan Chase in an interview recorded Monday as “one of the best managed banks there is” and its CEO, Jamie Dimon, as “one of the smartest bankers we got.” On Tuesday, the White House made public financial disclosure forms showing the president and First Lady Michelle Obama had between $500,001 and $1,000,000 in a “JP Morgan Chase Private Client Asset Management Checking Account.”

      The annual peek into the Obamas’ finances showed that the president held between $1,000,001 and $5,000,000 in U.S. Treasury Notes, generating between $5,001 and $15,000 in interest. They also held between $500,001-$1,000,000 in Treasury Bills.

      The disclosures show four college savings accounts each with between $50,001 and $100,000 in them.

      (In his wide-ranging conversation on ABC’s “The View,” Obama also said that JP Morgan Chase’s $2 billion trading loss is “going to be be investigated.”)

      The only liability listed in the Obamas’ disclosure form was the mortgage on their home in Chicago. The first couple is paying 5.625% interest on a 30-year loan of between $500,001 and $1,000,000.

      For readers who want more on the President’s finances, here’s a link.


    4. canary says:

      ABC News Exclusive: Zimmerman Medical Report Shows Broken Nose, Lacerations After Trayvon Martin Shooting

      May 15 2012 by Matt Gutman and Seni Tienabeso

      A medical report compiled by the family physician of accused Trayvon Martin murderer George Zimmerman and obtained exclusively by ABC News found that Zimmerman was diagnosed with a “closed fracture” of his nose, a pair of black eyes, two lacerations to the back of his head and a minor back injury the day after he fatally shot Martin during an alleged altercation.

      Zimmerman faces a second degree murder charge for the Feb. 26 shooting that left the unarmed 17-year-old high school junior dead. Zimmerman has claimed self defense in what he described as a life and death struggle that Martin initiated by accosting him, punching him in the face, then repeatedly bashing his head into the pavement.

      Zimmerman’s three-page medical report is included in those documents that the defense could use as evidence.

      The record shows that Zimmerman also suffered bruising in the upper lip and cheek and lower back pain. The two lacerations on the back of his head, one of them nearly an inch long, the other about a quarter-inch long, were first revealed in photos obtained exclusively by ABC News last month.

      But the report also shows Zimmerman declined hospitalization the night of the shooting, and then declined the advice of his doctor to make a follow-up appointment with an ear nose and throat doctor.

      A neighbor told ABC News that the day after the shooting he saw Zimmerman as he spoke to officers outside his home. He too recalled seeing black eyes and significant swelling — as well as a bandage over his nose.


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