Quote of the week
“The Obama I know sees you, the law abiding gun owner, as nothing but a low-class lummox who is easily swayed by the flash of a smile and a ration of rosy rhetoric. The Obama I know is a stony-faced liar who has honed his skill at getting what he wants – so long as people are willing to give it to him.” – Richard A. Pearson, Executive Director, Illinois State Rifle Association
“Just because government can spend billions of dollars to address a problem, doesn’t mean the problem will actually be addressed, fixed, or handled competently.” – James Wilson, DownsizeDC.org
by Peter Schiff
“The current stock market crash has spurred a vital national debate about the causes and catalysts of the Great Depression. The dominant school of thought believes that the stubborn refusal of then president Hebert Hoover to intervene after the stock market crash of 1929, and his preference for free market solutions, led directly to the ensuing decade-long catastrophe. Through this lens, our leaders assure us that the most recent raft of government measures will prevent another episode of bread lines, Hoovervilles and pencil salesmen. As usual they have it completely wrong. In my view, the Depression was created precisely because Hoover followed the path that our government is now taking.” more…
by Steve Saville
“With the central bank making it very cheap and easy for financial corporations to expand the supply of money and credit, investing/lending bubbles became inevitable. The only real question was: where will the bubbles form? That one of the biggest bubbles formed in the housing market set the scene for a more disastrous outcome because so few people ever view rising property prices as evidence of an inflation PROBLEM. Instead, a powerful upward trend in property prices is invariably viewed by the masses and by the monetary authorities as a sign of increasing real wealth. As a result, policy-makers will tend to let investment booms in the property market get further out of hand than, say, investment booms in the commodity market. This, in turn, is one of many reasons why the price of credit should not be set by a central planning agency.” more…
by Scott McPherson
“Be they Fascist Republicans or Marxist Democrats, one common thread runs through their thinking: there is no right or wrong. There’s only a desire to impose their will on the rest of us.” more…
by George Reisman
“[T]he politico-economic system of the United States today is so far removed from laissez-faire capitalism that it is closer to the system of a police state. The ability of the media to ignore all of the massive government interference that exists today and to characterize our present economic system as one of laissez faire and economic freedom marks it as, if not profoundly dishonest, then as nothing less than delusional.” more…
In the news…
- US mortgage rates have soared this week in an unexpected reaction to the latest Treasury financial rescue plan. It’s the fatal conceit.
- Andrew Lahde, a famed hedge fund manager calls it quits. His farewell is worth the read.
- Europe wants to meet to restructure the global financial system. They hint at something as big as the Bretton Woods agreement of 1944. Surely this will not be good for freedom. Looks like the meeting is happening here.
- The ethanol boondoggle is turning sour. Chalk up another failure for central planning.
- Amidst all of the turmoil Caterpillar is reporting record revenues. Yay CAT!
- A proposal in the UK would require a passport to buy a mobile phone, which would then be put into a national registry. Unsurprisingly this comes under the guise of fighting crime and terrorism.
- The BBC says that the Democrats are poised to dominate the Senate. A united government under the Democrats will be as bad or worse than the united Republican government under Bush. Watch out for your guns!
- Also from the department of absolutely no freaking surprise, the Fed has taken a $2.9 billion “paper” loss on the assets it took from Bear Sterns.
My two cents
I was listening to Michael Savage last night and he had a guest on his show explaining how Balamba is probably not an American citizen. Previously I had heard this argument and did some searching, which turned up a page on Balamba’s website that contained a scan of his birth certificate, which the guest claims is altered. Anyway, when I saw that I let it drop. Last night things got a bit deeper.
The guest, who claimed to be a Democrat and a former Senatorial candidate from Pennsylvania (his name escapes me) has sued Balamba over this matter. His claim is that Balamaba is not a US citizen. His main body of proof is that Balmba’s grandmother has admitted to watching his birth in Kenya and that Balamba himself will not release his records from Occidential College, Columbia or Harvard. The guest believes that these records will show that Balamba is an immigrant, and of course under the barely used Constitution only natural born citizens may run for the Presidency.
The guest presented some other circumstantial evidence as well, and it’s a stretch to say the least. But indeed, why will Balamba not release his college records? Is he embarassed about receiving a C+ in art history or something?
All of that got me thinking a bit though. Balamba even if he is legally an American is probably more a “Citizen of the World” than an American in spirit. Consider that he lived in Indonesia until the age of 10 and then in Hawii for eight years before attending college in Los Angeles and then New York City and Boston. You have to consider what types of values he grew up with. I hardly believe they were American values, which is apparent by the way he so fully embraces the power of the state.
I do not slight him for wanting to relate with the rest of the world though, but find him repugnent because he would sell out my country’s ideals. Not once have I heard that he would be a good steward of liberty, though I have heard him promise many times to undermine it by fostering more dependence upon the federal government. With two generations of voters who almost universally look to the government to solve their problems backing him, Balamba is certain to further centralize our system of government.
On the other hand, the system’s other candidate John McLame is not much better. While Balamba represents a bullet train to hell, McLame is perhaps the slow boat, half senile drifting in the ocean toward socialism, not even really knowing where he’s headed. In comparison Balamba seems keen on aggrandizing power and knows exactly where he’s headed, and that makes him a very dangerous man. Still I could not bring myself to vote for McLame. Instead I have cast my ballot for Chuck Baldwin.
My thinking, and it is extremely perverse so you can stop reading here if you like, is that if we stop with the slow boat and jump on the bullet train, the path to hell will be illuminated and the sheeple might wake up and realize where they’re headed. The frog will jump out of the boiling pot because it was heated too quickly… That’s my hope.
In any case I will no longer condone socialism with my vote even if it means that the biggest communist retard that ever made a serious run for the Presidency is catapulted into office. We can only hope that his stay his short. I mean even a Democratic congress would impeach him if we found out he was foreign born, right?!?!
DOW Jones Industrials – 8,378.95 (-473.27/-5.35%)
Wilshire 5000 – 8,806.20 (-708.17/-7.44%)
CSI 300 (China) – 1,781.60 (-51.66/-2.82%)
BSE 500 (India) – 3,257.79 (-513.89/-13.62%)
MICEX (Russia) – 513.62 (-86.02/-14.35%)
BOVESPA (Brazil) – 31,481.55 (-4917.54/-13.51%)
Gold/oz – 730.30 (-57.40/-7.29%)
Silver/oz – 9.295 (-0.04/-0.43%)
Copper/lb – 1.6865 (-0.493/-22.62%)
Oil/bbl (Brent) – 62.05 (-7.55/-10.85%)
Wheat/bu (CBT) – 5.1625 (-0.50/-8.83%)
Corn/bu – 3.7275 (-0.3025/-7.51%)
Dollar/Euro – 1.2625 (-0.0786/-5.86%)
Yuan/Dollar – 6.84 (+0.0107/0.16%)
Yen/Dollar – 94.30 (-7.375/-7.25%)
Dollar/Real – 0.4335 (-0.0386/-8.18%)
3 Month Treasury – 0.84 (+0.05/6.33%)
2 Year Treasury – 1.51 (-0.10/-6.21%)
10 Year Treasury – 3.69 (-0.24/-6.11%)
30 Year Treasury – 4.07 (-0.25/-5.79%)
Fed Target Rate – 1.50 (UNCHG)
U.S. Public Debt – 10,524,112,985,802.90 (+192,973,984,957.00/1.87%)
So that’s it for this week. The percentages were being calculated incorrectly. Don’t ask how I managed to screw that up…
Also, in case you haven’t noticed the “and now the numbers” is a link that takes you to a Google spreadsheet where you can see all of my raw data and a variety of charts. It only goes back about 9 months, but it’s kinda fun to look at. I especially like the “Golden Ratios”, which shows silver, the DOW, and oil in terms of gold. Silver is pretty cheap right now if you look at it that way, though good luck finding any. The physical stuff is very hard to come by and you pay a premium for it.
The Broncos are beginning to suck – have been sucking for a few weeks. They have no defense and the offense has also turned anemic. It may be a long second half of the season. They have a bye this week so I can wait a week before having to suffer another horrible performance. Meanwhile the Indianapolis/Tennessee game looks good. Alright! I’ll stop ramblig now! Have a wonderful weekend!