This week, Greece fended off a looming exit from the eurozone with its election of New Democracy's Antonis Samaras -- but couldn't fend off political nemesis Germany on the soccer field, falling 4-2 in the European Cup quarterfinals. In the United States, the Obama campaign released a new video attacking Mitt Romney's record of shipping American jobs overseas -- both as governor and as a "corporate buyout specialist." Meanwhile, Bloomberg News reported that Romney had asked Florida's Republican governor to stop touting his state's good economic news because it clashed with the GOP candidate's message that Obama is destroying the economy. And there are still 135 more days until the election -- a long, hot run-up that promises to be increasingly ugly. Finally, Rodney King died this week, his plaintive "can we all get along?" plea resonating as a fitting epitaph for our times.
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Robert Creamer: Romney's Bad Week
Sunday Roundup, June 24, 2012.
This important news definitely needs to be posted for the record.
[“There're more and more stocks breaking down — economic sensitive stocks + companies that cater to highend. That suggests to me the economy is likely to weaken and huge asset run is likely to come to end with significant asset deflation.”
While it's worrisome that MarcFaber’s odds of global recession are “100%”, it's hardly as alarming as scenario laid out by another economist.
Without appearing on CNBC or being known by scary nickname, RobertWiedemer did what MarcFaber couldn’t: He accurately predicted economic collapse that almost sunk UnitedStates.
In 2006, Wiedemer + team of economists foresaw the coming collapse of US housing market, equity markets, private debt, and consumer spending, and published their findings in the book "America’s Bubble Economy".
But Wiedemer’s outlook for US economy today makes “Doctor Doom” sound like Mr. Rogers.
Where Faber sees global recession, Wiedemer sees much more widespread economic destruction.
In recent interview for his newest book "Aftershock", Wiedemer says, “The data is clear, 50% unemployment, 90% stock market drop, and 100% annual inflation, starting in 2012.”]
http://www.moneynews.com/StreetTalk/Faber-100chance-recession/2012/05/31/id/440837?PROMO_CODE=F144-1
This is detail video interview of Wiedemer:--
"Aftershock"
http://w3.newsmax.com/a/aftershockb/video47.cfm?promo_code=F144-1
You don't want to hear in a year's time: "Told you so !!!"
But as economist Wiedemer and other keen observers point out, even gold would go through cycles of speculative bubble and collapse in the commodities market (as in 1976-1980). Central banks are a different category from hedgefunds and large speculators. It's safe to anticipate that when paper currencies, stockmarkets and bondmarkets are at maximum risk (or collapsing) over next few years, gold (and precious metals) are store of value of last resort.
If I had excess money, I'd know what to do !
The Eurozone is not a separatist movement. Monetary union (common currency) free movement of workers free one country to another to earn a living ... where did you earn your degree in international economics? To be sure, Greece has enormous problems. Europe will sort the problems using their economic model, not one imported from the U.S.
Here’s what Neier wrote in his memoir, Taking Liberties:
“The concept of economic and social rights is profoundly undemocratic… Authoritarian power is probably a prerequisite for giving meaning to economic and social rights.”
http://www.nakedcapitalism.com/2012/06/mark-ames-the-lefts-big-sellout-how-the-aclu-and-human-rights-groups-quietly-exterminated-labor-rights.html
"Barack Obama is supposed to be the Socialist Kenyan Anti-Christ who's bad for the economy, remember?"
So stay tuned as we look to answer questions like, why would Holder risk a contempt charge and why does a Law man seem to be in so much trouble with well, the law? And why doesn’t Obama just throw Holder under the bus like a good Chicago politician would? Does Holder have something against Obama himself?!? Just how big will this get? Will we need to find a new definition for the word “Is”? Is it even legal for Obama to use the executive thingy for the AG? Is it constitutional? And why does a constitutional lecturer seem to have so much trouble with well, the constitution! Whoops. Spoiler alert! That’s next week’s show!
If Rick Scott suggests Florida is experiencing an Economic Recovery, he is delusional (IMHO) - or merely speaking of his own Financial situation. Rick Scott is not favored by many Floridians; our Economy and JOBS prospects are terrible: low wage/right to work state. But perhaps Florida's economy is beneficial for the very Wealthy.
Maybe M Romney realizes R Scott is such an anathema in his own State, that it's better (politically) to disassociate with Scott completely. Romney has enough of an image problem - he doesn't need Scott for further damage.
A very sad note: This year's winning racehorse, I'll Have Another, is being sent to Japan for breeding fees, 'temporarily'. Animal lovers & fans of this winning racehorse are distraught. Why? Two prior winning thoroughbred American rachorses, Exceller and Ferdinand, were sold to Japan. Both horses lives' ended horrifically - they were sold, discarded, and eventually suffered terrible, horrifying deaths in slaughterhouses. Conditions in slaughterhourses are BARBARIC. The way Ferdinand & Exceller lives ended was apalling & SHAMEFUL. Very sad news.
It is all manipulation. Why do we tolerate manipulators? We the People have the vote. Why do we tolerate (GOP and Dems) so many liars when it is clear that they lie?
http://www.economist.com/blogs/lexington/2010/10/estate_tax_and_founding_fathers
The US founders were not exactly champions of downtrodden, but they had had their fill of "royal blood" and dispensed with royalty. The nation did not collapse but thrived yet deprived of the divine guidance of royals.
Many Americans are now enjoying the well done British soap, Downton Abbey, but the characters are appealing in part because the era of landed gentry was fading. The life of a serf in days of old was not enviable.
The article takes this basic belief and turns it into what it is not by referencing governments that of course want it for themselves and Thomas Paine who wanted to redistribute.
Today the government wants to bind up these assets and perpetuate themselves for their own sake. Charity is the way as opposed to death taxes into the special interest and graft filled trough we call Washington.
Until Washington can get control of itself, the lesser of the two evils is not to send the money there. Adam Smith would be rolling in his grave that anyone referenced him to justify the position the article frames.
The answer is simple because the media, as a whole, has failed the American People by not highlighting the existence of 2 different economies after this Great Recession: Wall Street & Main Street.
The Media has put more pressure on Obama than Wall Street, which has been doing superb and refused to create jobs despite all the support provided by the Obama's administration during the bail out. So without governors such as Rick Scott & others, who brag about some success stories in Ohio, Michigan, Wisconsin, and Florida, no single media institution would take the time to expose the domino effect of Obama's economic policies from the Stimulus to the Auto Bail Out for the nation.
One can only pinpoint how quickly Wall Street, the GOP & Romney jump on the bandwagon against Obama when he meant to say, that in comparison to Main Street or Public Sector, Wall Street was doing fine.
As much as I greatly appreciate HP's work, I hope & pray that, in order to create a better educated electorate, HP must write more exposés describing this Great Recession, its impact & what was accomplished by this administration to save Wall Street & move Main Street in the right direction.
Education is expensive. However, Ignorance is even worst. Unfortunately, complete amnesia would be the worst pandemic
Here's sampling of headlines from todays HP front page:
Are Vampires Real? Another Allegation Of Naked Flesh Eating In Florida
Mom Chops Off Girl's Ponytail At Judge's Suggestion
This Is Why Pet Piranhas Are Dangerous
Baby Lion Is BFFs With Dog And Bunny
Jessica Simpson Flaunts Cleavage With Baby Maxwell
Band Sues Fast Food Giant
Airline Reimburses Woman For Flying Next To Dead Man
Birds Like To Poop On Certain Cars