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Obama and the Federal reserve are out of bullets......... The only thing that will work is Cut, Cap and Balance - the TEA Party Patriot formula that passed the House during the run up to the Natioanl Debt Limit SCAM, only to be immediately tabled and discarded by the ruling elites in the Bankster, Democrat and Repubican establishment.  With 69% of the taxpaying public in support of the Balanced Budget Amendment, one would have thought the ruling elites would have shown a bit more respect for Cut, Cap & Balance.  What we got however was anything but.   In this article Long time liberal - big government - let me into the elite ruling class advocate Henry Blodgett looks into the chasm, wondering how to pull back from the brink impending disaster. excerpt:  there are also several very important differences between this market crash and the ones a few years ago: ........... The Fed has fired most of its bullets (interest rates are already at zero) ............. Our budget deficit is already out of control, and Congress has had it with "stimulus" ............... The public has had it with bailouts That means the government's ability to do anything about this market crash is severely limited. Yes, we'll almost certainly have a "QE3." And maybe that will prop things up a bit. But it won't fix the fundamental problems clogging the economy, just as QE1 and QE2 didn't permanently fix anything. (The only thing that will fix our economy is debt-reduction, discipline, and time.)............

Thanks to Marbux :) A history of the financial collapse and how we got to the sovereign debt crisis of today.  Excellent  stuff.  A factual account that i couldn't find fault with.  Very lengthy read though. excerpt: Bailout the Bankers, Punish the People In the fall of 2008, the Bush administration sought to implement a bailout package for the economy, designed to save the US banking system. The leaders of the nation went into rabid fear mongering. Advertising the bailout as a $700 billion program, the fine print revealed a more accurate description, saying that $700 billion could be lent out "at any one time." As Chris Martenson wrote: This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time.  After, say, $100 billion of bad mortgages are disposed of, another $100 billion can be bought.  In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means that $700 billion is a rolling amount, not a ceiling. So what happens when you have vague language and an unlimited budget?  Fraud and self-dealing.  Mark my words, this is the largest looting operation ever in the history of the US, and it's all spelled out right in this delightfully brief document that is about to be rammed through a scared Congress and made into law.[27] Further, as the bailout agreement stipulated, it essentially hands the Federal Reserve and the U.S. Treasury total control over the nation's finances in what has been termed a "financial coup d'état" as all actions and decisions by the Fed and the Treasury Secretary may be done in secret and are not able to be reviewed by Congress or any other administrative or legal agency.[28] Passed in the last months of the Bush administration, the Obama administration further implemented the bailout (and added a stimulus package on top of it). The banks got a massive bailout of untold trillions, and the

While I'd be the first to agree that the degree of fiscal mismanagement of this nation's economy is beyond insane and have to admit that I see very little to admire in Barack Obama's presidency, the meme about Executive Order 13603 authorizing confiscation of any property and enslavement of the American public needs to be put to rest. See http://www.archives.gov/federal-register/executive-orders/2012.html#13603 E.O. 13603 is not much more than an updating of similar executive orders issued by prior presidents beginning with Dwight Eisenhower. In fact, in skimming it a few minutes ago, I didn't see anything drastically different from some of the prior related orders. E.g., it reflects that a bunch of agencies that were formerly either independent or under other departments are now under the newish Department of Homeland Security, whose Secretary now gets the authority formerly delegated to other department and agency heads. If blame must be cast, it belongs on the Congress that enacted the Defense Production Act of 1950, 50 U.S.C. 2061, et seq. The executive order does no more than obey that Act's instructions. For example there is a section authorizing pre-emption of manufacturing capacity of critical industries over any existing civilian contracts in the event of a national emergency, but that language is in the statute as well. But that power hasn't had much traction since Harry Truman tried to nationalize the steel industry to break a nationwide strike. The Supreme Court swatted down that effort as an abuse of a power that would be lawful in a true emergency, like another major. But even that semi-radical "survival" power is ameliorated by other provisions of the statute and the order that authorize loan guarantees for companies' construction and maintenance of critical productive capacity. Much of that has been implemented over the years as outright grants. So for example, many chemical manufacturing plants were built with Defense Production Act funds, with

Complete breakdown of Federal Budget and Government Spending.  Includes history and charts for everything.  Covers Federal, State and Local spending / deficits /debt.  Incredible compilation!

Speaker Boehner continues to insist on negotiating with himself.  CCB solves the crisis and sets us on an unwavering path towards fiscal responsibility.  It's passed the House and is but a few votes short in the Senate.  Instead of forcing the Senate vote, Boehner continues to insist on tweaking more of the same establishment rot that got us into this predicament. So, if Mr. Boehner insists on the insanity of negotiating with himself, here are some useful rules for successful negotiation.   #1.  He who writes first wins ..... #2.  He who speaks last loses ..... Advice to Boehner; the way to win at negotiation, even if caught in the improbable situation of trying to out negotiate yourself, is to shut up and be happy that you wrote (and passed) CCB first. ~ge~

Excellent study of how we got into this problem that the socialist are now using to kill forever the American Dream: "..... Forty years ago, depository institutions handled mortgage credit risk very differently than they do today. Back then, the depository institution, which was typically a savings and loan association, held mortgages that were underwritten by its own employees, given to borrowers and backed by homes in its own community. These were almost always 30-year, fixed-rate loans, with borrowers having made a significant down payment, often 20 percent of the price of the home. Call this approach to mortgage lending "Method A." Today, mortgage loans held by depository institutions are often in the form of securities. These securities are backed by loans originated in distant communities by unknown borrowers, underwritten by mortgage brokers or other personnel not employed by the depository institution. The loans are often not 30-year fixed-rate loans, and the borrowers have typically made down payments of 5 percent or less, including loans with no down payment at all. Call this approach to mortgage lending "Method B." If you compare the two methods using common sense, then Method B does not pass a simple sanity check. In fact, the current financial crisis consists of banks that are up to their necks in Method B......"

More boot licking idiocy from well known big government- big Bankster shill, Menzie Chinn.  Great comments though.  These clowns have launched an all out war against the US Constitution and the Tea Party patriots fighting to save this country from Big Banksters and their highly paid political toadies and sycophantic shills suffering from delusional syphilitic miasm.  

Good Read!!! Hey Tino, Where is our GOLD app for the iPhone?  Looks like i called it right in 2008 :) Top 20 quotes on gold going over $1600 by Michael J. Kosares The world's investment community, including besieged private investors, is reeling at the twin terrors of sovereign financial breakdowns on both sides of the Atlantic. Gold has responded by rising nearly $150 in less than a month under heavy global demand. No sooner does the dust settle in Europe than something is kicked up in the United States, or vice versa, complicating the decision-making process and narrowing the options. We thought it would be interesting to catalogue in one place the best quotes on gold going over $1600 -- the thought-provoking, the witty, the profound (not necessarily in order of preference).

Best Deal You Can Get? Notice the rank and file starting to cave in to Boehner's gaseous proposal. Rep. Steve Chabot, R-Ohio called it "the best deal we can get." No it's not. It's not even the best deal you can't get. The Senate will not go along, so there is nothing to get. As long as you are going to submit proposals you can't get, you may as well make it a good one. $950 billion over 10 years is not a good deal. It's not even a down payment on a good deal, and with that, Boehner just pissed away his credibility. In the end, something will pass. But it will not do a damn thing credible to reduce the deficit. Reid's plan and Boehner's plan are both back-loaded. Republicans had a golden opportunity to attempt to extract some major concessions in return for tiny tax concessions. Instead, they are going to settle for nothing. This fiasco is exactly why Republicans need someone like Chris Christie running for president. No one else has managed to show any leadership.