Archive for the ‘Politics’ Category

Dow drops Tea512

Thursday, August 4th, 2011

It is very rare that we talk about the markets because other buying and selling stocks, mostly buying, we do not claim to know anything. Today we talk Dow Jones as stocks plunged sharply and the dow finished down 512 points. Being that this is the Tea512 we thought the worst day since December of 2008, we needed to call attention to the number itself. The talking heads were say that all three major averages dropped into negative territory for the year as investors were reacted to the intensifying global economic slowdown and ahead of the widely-followed monthly unemployment report. This means that the major indexes are firmly in negative territory for the year. This is also being called correction territory, defined by a drop of 10 percent. The experts or so called saying this has nothing to do with us but more the tension from Europe. There seems to be a run on the banks which is starting to be a concern and sending a scare through the world markets. We hate to bring attention to these facts but the drop of 512 was noticed by Tea512 and if we had to lose a bundle of money in the stock market, 401K, and IRA at least we were able to get a post out of it.

Debt 100% of GDP first time since WWII

Wednesday, August 3rd, 2011

We expect that now the debt ceiling is debate is over we can see fall out from the drama. The first was a report today that after the ceiling was raised the US debt shot up $238 billion to reach 100 percent of gross domestic project. Just like when a 21 year old get their first credit card the envelope has not hit the floor and they swipe it. The Treasury was borrowing immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt. In case you have been under a rock the new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium. When economists speak of Italy and Belgium and default they talk only as not if but when. In the US the official limit was hiked $400 billion and will be increased in stages over the next 18 months. The facts show that the last time US debt topped the size of its annual economy was in 1947 just after World War II. It was only thirty years ago in 1981 it had fallen to just 32.5 percent.

Debt Deal is passed

Tuesday, August 2nd, 2011

The Senate made it official as the clocked winded down on the default, Congress and the White House on Tuesday gave final approval to a $2.4 trillion debt extension that keeps government borrowing and spending on track. The 74 page bill will be remembered for a long time as it redefines the debt-increase debate forever. It will be a show to see as the next step as congress must constitute the 12-member super committee that will recommend $1.5 trillion in deeper savings by the end of this year. This will be an interesting mix and we feel the members who pushed this legislation through are going to be the one cherry picked for the assignment. The final tally was a 74-26 vote in the Senate, which followed the day before a 269-161 approval in the House. Meant the only thing left was President Obama to sign and take credit as well as complain he did not get enough. Someday this President will write a plan on his own and submit to congress for approval more than likely in his second term when it will not mean he is tied to something costing him a reelection. Take heart your government works the fight, they lie, the trick, but in the end they do get it done. The only question that remains is are the American people better off for it?

Speaker John Boehner needs credit

Monday, August 1st, 2011

Speaker John Boehner the Republican crying man from Ohio in the end pulled it off. We know he will never get the accolades from making the deal work like others. Remember when Minority Leader Nancy Pelosi then Majority leader brought home healthcare, we watched her walk to the capital with a gavel. The Speaker not only had to deal with Tea Party GOP and old school GOP, a leader in the White House who likes to demand action without ideas or normal vision when it comes to problems. Speaker John Boehner pulled it off in the last hours with the government running on fumes, Congress and the White House moved quickly Monday toward expanding the Treasury’s borrowing authority and putting in motion a plan promising between $2.1 trillion to $2.4 trillion in deficit reduction over the next 10 years. The 74-page bill passed the House on a 269-161 vote, with 95 Democrats joining 174 Republicans in support. The Senate will rubber stamp on Tuesday. This should be a great day for Speaker John Boehner except it will forever be over shadowed by the fact Representative Gabrielle Giffords the Democrat from Arizona arrived to voted yes on the bill this was her first vote since a near-fatal shooting in January. Poor John as the only photo splashed all over the headlines for prosperity was not him banging the gavel but the standing ovation return of Gabrielle Giffords.

Airlines Take advantage

Saturday, July 30th, 2011

Do you want to know who is not donating enough money to President Campaign, follow the gripping. The Democrats ratcheted up the pressure on airlines to give back the windfall they have reaped by raising fares during the partial shutdown of the Federal Aviation Administration. The Senators sent letters to airline CEOs and other industry officials asking them to roll back fare increases. They collect $30 million a day in federal ticket taxes, when that expired last week, within 24-hours, most major airlines had raised their fares in amounts roughly equal to the taxes passengers were no longer being charged. We believe that since only democrats worried about this the airlines are not giving up enough money to the Democratic Party. We would love to the donation sheet from the major airlines because we suspect they do not give much away. The senators promised at least at this time they would not try to recoup the lost revenue through retroactive taxes. This is nothing new as the airlines also raised fares during similar tax stoppage in 1996 and 1997. They were never returned their extra profit that time either. This is a little sketchy at best as airline have the right to set their own prices based on the free market and current high fuel prices, but when every major airline increases its rates in such a short period of time seems like a collective effort .

Healthcare 20% in 2020

Wednesday, July 27th, 2011

Remember during the healthcare debate the democrats said they were going to stop over 400 billion in fraud and waste. When are they going to start catching that? We hope they can do it in the next ten years because the nation’s health care tab is on track to hit $4.6 trillion in 2020. That number is so high the math does not even make sense as including government and private money, health care spending in 2020 will average $13,710 for every heart beat in the US. This is put in prospective when you look at health care spending this year projected at around $2.7 trillion, which is a $8,650 per heart beat. This money is spent on the sickest of people needing the most expensive equipment and specialist doctors. This still means that in 2020, one in every five dollars in our economy will be used on healthcare. This information was produced by the Medicare economists and a statistician is proof that costs are not only not slowing down but increasing at an alarming rate. The good news is the 30 million people being added through Obamacare seem to have little effect during the first six years of the plan. The rubber meets the road at the hospital and that is where huge costs are being generated. The last fact of interest was US health care spending per person in 2008 was more than double the median for other leading economies. The survival rates for some cancers were higher in the US, the report found that quality of care overall was not markedly better.

Swift Boat Star Maker did not have a Star

Tuesday, July 26th, 2011

Here is another story you have to dig deep for and do not expect the lame stream media to report. It is not the story about Representative David Wu, from Oregon as we noticed the democratic label disappeared from his name. Today we go way back to the election of President Bush over John Kerry. The big thing was democrats trying to prove they could be tough on terrorism. They touted John Kerry as not only a veteran but a war hero. It is reported that the Vietnam veteran Wade R. Sanders who defended John Kerry against “Swift Boat” attacks in the 2004 presidential race has been stripped of his Silver Star by the Navy. Military officials revoked the star in 2010 after Navy investigators looked into his record and found administrative errors surrounding how the award was created. It turns out Sanders was responsible for those administrative errors and may have lied. We do think as the bloggers pick up the story you will hear more about it. The truth is you would never have heard about it if he was not arrested on other charges which forced the Navy to investigate. Service for your country is a great honor and even though it is still unclear exactly what the justification was for the Silver Star in 1992, for what was called gallantry in action. Sanders is a hero and has been awarded the Bronze Star and Purple Heart. This is more about how the lame stream so in the tank for Kerry would never bring this to light.

GOP hold that line it is a must

Thursday, July 21st, 2011

When it comes to towing the line you have got to give some credit to House Speaker John Boehner. He cannot make either side happy as the left paints him as roadblock and the right an easy mark. He has tried to stand the line as he says House Republicans are willing to compromise on a budget deal to increase the government’s ability to borrow. He has kept that stance pretty much all summer as the same time making sure to be clear any package does not include tax increases. Everyone should know that the House Republicans want to find accommodation with Democrats on the budget package. Every package comes with condition like the on passed by the House that would raise the debt ceiling only after Congress passes a balanced budget constitutional amendment. This will go the Senate on Thursday and pretty much has bipartisan support. The big question is whether House Republicans would refuse to compromise on the package. We think that the only way this flies is with compromise we just hope they keep the line in the sand on tax increases. The last thing a country in a recession could afford is taxing either the citizens who are not making enough or getting squeezed at every turn, or on any size business as we need more jobs creating and higher taxes never translate into jobs.

President Obama to party will country goes dark

Friday, July 15th, 2011

In a true let them eat cake moment President Obama might be careful what he says moving forward. He claimed he could stop Social Security payments to elders and the disabled when the debt ceiling is not raised in August. Will the president be tightening his belt at that time; the response let them eat cake. On August 4 it is the president birthday and he is turning 50. He’s decided to have a quiet celebration with family and a few close friends. The plans are to have an extravagant fundraising bash Aug. 3 at the Aragon Ballroom in Chicago, including a birthday concert teeming with celebrities and couples whom contribute $35,800. The money train does not end there are you can get in at any price. You can contribute $50 to get in but the general admission ticket is $200. For $1,000, you can sit in the rich people’s area with easy access to alcohol. Amp up your love for your hero for $10,000 you not only get a great seat, but a photo with The Birthday Boy. Remember while this is happening he is proposing a hard line that a federal government bankruptcy which will mean unpaid government workers, seniors and soldiers left to fend for their own mortgages, rents and groceries, and we will also have shuttered national parks. If this is really going to shutdown the government this might not be the best way to spends the days after you failed to make a deal.

Truth about debt and balanced budgets

Thursday, July 14th, 2011

We are just a little confused on why the Republicans are the bad guys here. We understand the mean old Republicans is the mantra used forever, they are for millionaires, business and big oil. We get that lame streamers want to use this to turn working class against them. What we do not understand is how the independents can fall for it. This President has had complete control of three branched of government for the first two years and still has majority in two. The policies that President Obama wants, tried, put forth, have all failed. We are basing this on unemployment numbers, debt, taxes, and general perception of our economy. When are we going to try something new, we are not the President keeps rolling out proposals that change things 40 years from now, that is not good enough? We hear how President Clinton balanced the budget and President Bush destroyed it. The bottom line is it is all relative and the country has a 14 trillion dollar debt so explain how you can have a balanced budget when you owe 14 trillion dollars. Please do not bore me with how the money coming in covered what we spent, did it cover the interest on the debt and did it pay down the debt at all it did not. If the country was run like a middle class household they would have been foreclosed on, everyone please wake up.