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July 28, 2011

DOOM: Freedom is just another word for nothing left to lose


On Debt Ceiling, everybody's fighting with everyone else.

Oh, and Margot caught Conchita in bed with Brad, who said that he was only comforting Conchita because she has an inoperable brain tumor. (This is the tumor that has caused Conchita to become an impulsive shoplifter, which got her arrested in an episode last week.) Margot slammed out of the house, intending to pay back Brad by sleeping with Jacques (her French personal trainer who is really a covert agent for French Intelligence); but her car was T-Boned by a dry-cleaning van on the way over to Jacques' house and now she's in a coma. Harry's embezzlement scheme at Willard Industries is on the verge of being found out, and his wife Matilda is nearly suicidal at the thought of her beloved Harry going to prison. Penny's dreams of being a concert flautist are shattered along with her hand in a freak accident involving a waffle-iron.

Gabriel Malor sends this piece: Officials will brief the public on which creditors we're going to stiff in the event of a budget impasse. (We're not going to default, even if no deal is reached.)

Conrad Black's latest over at NRO: "Looking into the economic abyss."

I've been saying this for a while: Investors all over the world are searching for a new "safe haven" as the Dollar and US Treasuries lose their luster. But as this article points out, there really isn't any other alternative right now. We'd better get our shit in gear pretty soon, though, because that situation can change -- and when it does, a hard rain's gonna fall.

How bad is the housing glut? So bad that Bank of America is demolishing some because they can't sell them. This is probably the best thing for houses that are too decrepit, too old, or in need of expensive repairs. The bank is taking a financial hit, but less of one than they'd take by carrying an unsalable house on their balance sheet for months or years.

His Majesty is demanding tax rates at 1950's levels. Well...he should commit to 1950's levels of spending, then. (Via Insty.)

ObamaCare, a death-panel for jobs.

Some scary chart-fu from Mish about long-term trends in durable goods. We may look back on admitting China to the WTO, and giving it most-favored-nation trading status, as some of the worst mistakes this country has ever made.

The unemployment situation is getting worse.

In terms of total employment, the U.S. lost 0.7 million jobs during the first 24 months of Obama’s recovery. The nation has never before had an economic expansion where total employment after two years of recovery was lower than it was at the end of the recession. In June 2011, America had 2.9 million fewer people working than when Obama was inaugurated. (By the same point in Reagan’s presidency, our total number of jobs had increased by 0.7 million, equivalent to 1.0 million jobs after adjustment for today’s higher population.)

You know, one time I got yelled at by my boss when my register came up $20 short at the end of the shift. I can't imagine what would have happened to me if I'd misplaced $228 million. I think he might have involved Mr. Pascarelli, the guy who owned the joint. I may have been forced to work overtime to make up the difference. I may even have gotten fired.

UPDATE 1: Where will we be safe if the US Government melts down completely over this budget thing? Well...Mars is always nice this time of year. A bit dry and cold, though, so bring your parka and some moisturizer.

UPDATE 2: When even Thomas Sowell is on board with the Boehner plan, I think it's time to accept that this is the best deal we're going to get, kids. Sowell most assuredly is no RINO squish. You've got other stalwarts like Ryan and West on board too -- I think the purists are making the perfect the enemy of the good in this case.

UPDATE 3: Via Ben in the sidebar, S&P starts to backtrack on that $4 Trillion number.

UPDATE 4: California, land of the boned: "Popping the public-pension bubble." (Via Insty.)

Someday -- it won't be today or tomorrow, but some day -- I will creep into your bedroom and shit in your mouth while you are sleeping as revenge for this outrage.

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posted by Monty at 09:12 AM

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