The depths of Obama’s budgetary depravity
When you reach a certain number of zeros, the ability of the public to understand trillions or even billions approaches zero. So when Obama asked for a pork package in the $700 billion – $800 billion range to “stimulate the economy,” Congress and most CNN viewers said, “Sure! Why not! I don’t know $700 billion from $700 million. What’s a few zeros in a serious | Read More »
Federal Reserve uses Wall Street banks as fronts in money-printing scam
This is HUGE, but requires a bit of geeky background for non-Fed-watchers. Background: Obama’s maniacal spending requires huge debt issuance. Traditionally, debt issuance was an open and honest market transaction. The U.S. Treasury auctioned debt, and individuals, banks, pension funds, and foreign governments bought it. China has been the biggest buyer recently. But if the Treasury needs to borrow more than everyone wants to buy, | Read More »
Bank bailout secrecy and “Et tu, Barack?”
You can’t handle the truth: The U.S. Federal Reserve has told Goldman Sachs Group Inc., Citigroup Inc. and other banks to keep mum on the results of “stress tests” that will gauge their ability to weather the recession, people familiar with the matter said. The Fed wants to ensure that the report cards don’t leak during earnings conference calls scheduled for this month. Such a | Read More »
Californians hate Schwarzenegger
… and they <a href=”http://www.mercurynews.com/breakingnews/ci_11996662″><span style=”font-style:italic;”>really</span> hate the Democratic legislature</a>: <blockquote>Schwarzenegger’s approval rating has dropped to 33 percent, his lowest ever in the poll, and the Legislature gets positive ratings from a mere 11 percent of likely voters.</blockquote> Since the only thing of note that Schwarzenegger and the legislature have done recently is the budget deal, I think it’s fair to say the public doesn’t | Read More »
Foil the Taxinator’s evil plot!
Arnold Schwarzenegger wants to tax the crap out of you if you work, drive, or spend in California. Perhaps we can organize to defeat Prop 1A and recall Schwarzenegger’s band of tax-hiking legislators. But there are things you can do immediately to cut your own taxes and foil Schwarzenegger’s evil plot. The huge tax increases go into effect April 1, so that would be a | Read More »
California’s Prop 1A is a fraud and a massive tax increase
California’s legislators have put a massive tax increase on the ballot disguised as a “spending limit.” What Proposition 1A really does is extend for two more years the largest tax increase in history. The legislative analyst’s office tells the truth: Measure Results in Tax Increases. If this measure is approved, several tax increases passed as part of the February 2009 budget package would be extended | Read More »
Run, Abel, run!
We need news helicopters to find this guy and put the freeway chase on CNN. Moderate Republican Abel Maldonado, under pressure from Schwarzenegger and Democrats to provide the final vote to crush the people of California with huge tax increases, <a href=”http://www.sacbee.com/static/weblogs/capitolalertlatest/019637.html”>has fled the capitol in violation of a legislative lockdown</a>. Don’t squeeze the Abe!
Stay of execution for California taxpayers?
With this gang of crooks in Sacramento, I don’t want to get my hopes up. But we haven’t had a vote yet on the massive tax hikes that Schwarzenegger wants to impose on Californians. The leftists wanted a vote today. California already has the highest income taxes in the nation and the highest sales taxes in the nation. Schwarzenegger and the Democrats want to raise | Read More »
Inflation: the ultimate bailout
Those who cannot learn from history are doomed to repeat it. The Fed is just getting warmed up in its battle to reignite inflation. It has already doubled the monetary base: … and it will soon begin printing money to buy long-dated Treasury bonds, pushing down interest rates. It’s hard to wrap your head around the concept, but Congress can spend as much money as | Read More »
Then and Now: California Assemblyman Anthony Adams
California Assemblyman Anthony Adams, 11/25/08: “It is absurd for Democrat to refuse to live within their means and expect California’s taxpayers to pick up the tab for their poor spending choices,” said Adams. “California’s families have been hit hard by the economic downturn and are struggling to balance their own family’s budget. With the holiday season approaching, Californians shouldn’t have to choose between putting presents | Read More »