Quote of the week
“[Obama] is leaning towards what the press are calling the ‘big bang,’ approach – a combination of reform, quackery, giveaways, larceny, distortions, meddling, corruption and national bankruptcy.” – Bill Bonner
by Gerard Jackson
“Bush is no more to blame for the current recession than Clinton was to blame for the last one. Presidents can worsen – sometimes very badly – what is called the business cycle but they do not cause it. For example, when in 1930 the depression deepened Hoover responded with a range of destructive regulations taxes and the infamous Smoot-Hawley tariff. When Roosevelt became president he followed the Hoover line with a vengeance, giving the US the deepest and longest depression in its history. Hoover is reviled for his economic incompetence: the same critics worship Roosevelt for his economic incompetence.
“(Facts and tightly reasoned arguments never sway cultists. One need only listen to the mindless drivel spouted by Obama supporters to find confirmation of this depressing observation).” more…
by Steve Saville
“The crux of the current economic malaise is that mal-investment on a grand scale over many years depleted the pool of real savings. Consequently, recovering from this situation requires the accumulation of savings — on an individual-by-individual basis and an economy-wide basis. An increase in savings will lay the foundations for an eventual strong and sustainable recovery, whereas policies that discourage saving will act to prolong the agony.” more…
“[T]he advocates of Big Government should be asked…
“* Why, precisely, was the first economic downturn in which the government intervened the only one that became so bad that it earned the name of the Great Depression?
“* And why is it, precisely, that the major areas of American life where the government has intervened to make things more affordable — such as health care, higher education, and housing — are exactly those areas where costs have risen the most?
“Government intervention does not work. It does not make things more affordable, it makes them more expensive. It does not prevent economic downturns, it causes them, and deepens them.” more…
by Larry Edelson
“If you think this weekend’s G-20 meetings in Washington are only about designing short-term fixes to the financial system and regulatory reforms for banks, hedge funds, brokers, mortgage companies and investment banks … think again.
“Behind the scenes, a far more fundamental fix is being discussed – the possible revaluation of gold and the birth of an entirely new monetary system.” more…
In the news…
- The old presumption that holding a stretch for 20 to 30 seconds – known as static stretching – primes muscles for a workout is dead wrong. Stretching still feels good though.
- AIG gets revised $150bn state bail-out
- Obama set to push ‘big bang’ reform package. He sounds more and more like FDR everyday, who by the way prolonged, nay even created, the Great Depression.
- Google now tracks flu outbreaks. CEO says this is just the beginning. This is possible because IP addresses can be traced to particular geographic locations. A simple example is how those ads on myspace (or wherever) can tell you there are “hot singles” in your area just waiting for your phone call! Anyway with the amount of people that use Google the ability to collect (anonymous?) information about the populace stands at an unprecedented level.
- Democrats urge federal stake in big auto companies.
- Here’s an excellent interview with Ron Paul.
And now the numbers
DOW Jones Industrials – 8,497.31 (-446.50/-4.99%)
Wilshire 5000 – 8,721.88 (-636.42/-6.80%)
CSI 300 (China) – 1,943.65 (+265.82/15.84%)
BSE 500 (India) – 3,494.36 (-195.86/-5.31%)
MICEX (Russia) – 592.07 (-133.86/-18.44%)
BOVESPA (Brazil) – 35,789.10 (-876.01/-2.39%)
Gold/oz – 741.00 (+6.80/0.93%)
Silver/oz – 9.49 (-0.473/-4.75%)
Copper/lb – 1.703 (+0.006/0.35%)
Oil/bbl (Brent) – 53.85 (-3.50/-6.10%)
Wheat/bu (CBT) – 5.745 (+0.535/10.27%)
Corn/bu – 3.8025 (+0.0475/1.26%)
Dollar/Euro – 1.2603 (-0.0111/-0.87%)
Yuan/Dollar – 6.82 (-0.0008/-0.01%)
Yen/Dollar – 96.99 (-1.22/-1.24%)
Dollar/Real – 0.4507 (-0.016/-3.43%)
3 Month Treasury – 0.13 (-0.15/-53.57%)
2 Year Treasury – 1.21 (-0.11/-8.33%)
10 Year Treasury – 3.73 (-0.06/-1.58%)
30 Year Treasury – 4.23 (-0.04/-0.94%)
Fed Target Rate – 1.00 (UNCHG)
U.S. Public Debt – 10,578,639,151,691.09 (-46,091,076,107.10/-0.43%)
Again, I’m short on time this week so I’ll keep it short. There’s really nothing new going on here. Got a football game tomorrow Michigan vs. Northwestern. I hear the stadium is aweseome, which stands in glaring contrast to the Wolverines performance as of late. It should be a fun time nonetheless. But yeah other than that it’s just working and studying, which is what I need to get to doing right now. I hope everyone has a great weekend!