Saturday, September 12, 2009

Davos on the Edge

  • Ticker Guy on Dennis Kneale and Geithner
  • Federal deficit hits $1.38T through August
  • 40 Year Real Change in Income Limites (2008 dollars, Chart)
  • Eviction Patrol Overloaded with Flood of Foreclosures
  • Banksters to Main Street: "I.B.G."
  • Protectionism: U.S. to Impose Tariff on Tires From China
  • Up to two million march to US Capitol to protest against Obama's spending in 'tea-party' demonstration
  • Throwing Caution to the Wind

    Economy

    Ticker Guy on Dennis Kneale and Geithner

    Federal deficit hits $1.38T through August

    The Obama administration last month trimmed its forecast for this year's deficit to $1.58 trillion, from an earlier $1.84 trillion. The recovery of the banking system led to the reduced estimate as it meant the administration did not need to get an additional $250 billion in bailout support for banks.

    40 Year Real Change in Income Limites (2008 dollars, Chart)

    Eviction Patrol Overloaded with Flood of Foreclosures

    It's home to Disneyland — "the happiest place on earth" — but deputies enforcing home evictions in Anaheim find mold, backed-up plumbing, marijuana crops, abandoned grandparents and the occasional suicide.

    Peter Schiff (H/T iDoctor)

    Banksters to Main Street: "I.B.G."

    Both Bloomberg and NYT are running articles about the dim chances of financial reform, such as procedures for closing "too big to fail" institutions. "Bailout first, reform later" is exactly analogous to the queen crying "verdict first, trial later" in Alice in Wonderland. Or "let horse escape, then close barn door," if you will. Beyond the dysfunctional political system on display, the issue lurks of a larger-scale replay. From the Times article:

    Protectionism: U.S. to Impose Tariff on Tires From China

    In one of his first major decisions on trade policy, President Obama opted Friday to impose a tariff on tires from China, a move that fulfills his campaign promise to "crack down" on imports that unfairly undermine American workers but risks angering the nation's second-largest trading partner.

    The decision is intended to bolster the ailing U.S. tire industry, in which more than 5,000 jobs have been lost over the past five years as the volume of Chinese tires in the market has tripled.

    Up to two million march to US Capitol to protest against Obama's spending in 'tea-party' demonstration

    Tens of thousands of people converged on Capitol Hill on Saturday to protest against government spending

    Throwing Caution to the Wind

    Friday, September 11, 2009, 2:16 pm, by cmartenson

    The number of articles out there in the mainstream press that are designed to create the impression that all is well practically constitute a deluge at this point.

    One thing I like to do, especially when an article comes out in a reputable paper like the NYT, is to check their facts to see if they square up with the tenor and tone of their "it's safe to get back in the pool" articles.

    Here's a perfectly fine example from today:



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