Week in review

Quote of the week

“It is my belief one cannot compromise with anyone whose goal is your destruction, for it is not the gun in the hands of a free man the tyrant fears, but the spirit of the man who possesses it. Compromise destroys the spirit of liberty and converts it to one of accommodation.” – Michael Gaddy

Obama Calls For Sacrifices, Scales Back Campaign Promises, Ups Jobs Program To 4M

by Mike Shedlock

“Government cannot really ‘create’ any jobs per se. It can raise taxes and shift private sector jobs creation to government jobs creation (typically a malinvestment), and it can bring production and consumption forward for those jobs that are genuinely needed (filling potholes), but once the potholes are filled, one has to ask the question, ‘What will we do for an encore?'” more…

Stimulating Our Way to Rock Bottom

by Ron Paul

“We are at an economic dead-end and those in power are in denial. The truth is our economic problems are due to loose monetary policy, central economic planning, and the parasitic expenses of government. Unless we assess these problems honestly, we unfortunately have a long way to go until, like the junkie, we hit rock bottom.” more…

Making Ends Meet: Back to Bartering

by Randy

“At first, they bartered with people they encountered through work or friends. Recently, the couple have joined a growing number of people who are using Web sites such as craigslist to offer their services or goods in exchange for anything of value.” more…

Last Nail in the Coffin

by Martin D. Weiss, Ph.D.

“The government has just released one of the most shocking federal budget reports of all time. Even if you overlook the gaping holes in their economic assumptions, it’s obvious the federal deficit is going to deliver a punch below the belt of the economy. And once you unveil the shaky assumptions, it’s equally obvious the deficit could be the last nail in its coffin.” more…

Why ‘Stimulus’ Will Not Work

by Louis R. Woodhill

“The definition of ‘insanity’ is, ‘doing the same thing over and over again, expecting a different result’. Given the failure of ‘stimulus’ everywhere and every time it has been tried (the U.S. in the 1930s, 2001, and 2008, Japan in the 1990s, etc.), Keynesianism is actually a form of insanity. Accordingly, let’s call the belief in stimulus ‘stimulunacy’ and the people who believe in stimulus ‘stimulunatics’.” more…

In the news…

  • They say that Obama’s “stimulus” plan could create 4.4 million jobs, that economists “from all over the spectrum” say “something has to be done.” Here’s a through summary.
  • Drive by shooting in Chicago injures five. Cowards attack the defenseless, but truly evil are the ones who made the victims defenseless. Recall Chicago is a “gun-free” zone.
  • Mortgage rates are lowest in decades. May go lower.
  • U.S. trade deficit narrows, and not surprisingly Chinese exports are also down.
  • Coffee supplies are potentially short.
  • UBS is closing the accounts of customers domiciled in the United States.
  • China is now the world’s third largest economy. Japan and the United States are the two and the one. China’s per capita wealth is still quite low.
  • December retail sales fell.
  • There’s a $825 billion “stimulus” bill in the works
  • Bank of America is going pan handling again and looks to be in some serious trouble. Meanwhile, Citigroup is breaking up.
  • Here’s a list of recent retailer bankruptcies to peruse.
  • Nortel has filed chapter 11.
  • Of course, you probably heard about the airplane crash in New York. Wow! You rarely see anyone walk away from those and everyone survived!
  • Venezuela’s newly nationalized oil industry is in trouble and faces a deficit of innovation and solvency. So they are seeking bids from private oil companies (the same ones whose assets were recently seized) to bring oil to market. This is socialism at work my friends.

Videos

And now the numbers…

DOW Jones Industrials – 8,281.22 (-317.96/-3.70%)
Wilshire 5000 – 8,603.20 (-382.60/-4.26%)
CSI 300 (China) – 1,990.21 (+71.85/3.75%)
BSE 500 (India) – 3,431.62 (-60.58/-1.73%)
MICEX (Russia) – 608.63 (-10.90/-1.76%)
BOVESPA (Brazil) – 39,341.54 (-2241.40/-5.39%)
Gold/oz – 839.90 (-15.10/-1.77%)
Silver/oz – 11.215 (-0.105/-0.93%)
Copper/lb – 1.5275 (-0.032/-2.05%)
Oil/bbl (Brent) – 46.57 (+2.15/4.84%)
Wheat/bu (CBT) – 5.7825 (-0.5125/-8.14%)
Corn/bu – 3.91 (-0.1975/-4.81%)
Dollar/Euro – 1.3269 (-0.0207/-1.54%)
Yuan/Dollar – 6.8329 (+0.0019/0.03%)
Yen/Dollar – 90.73 (+0.335/0.37%)
Dollar/Real – 0.4277 (-0.0173/-3.89%)
3 Month Treasury – 0.11 (+0.05/83.33%)
2 Year Treasury – 0.72 (-0.03/-4.00%)
10 Year Treasury – 2.32 (-0.07/-2.93%)
30 Year Treasury – 2.87 (-0.19/-6.21%)
Fed Target Rate – 0.25 (UNCHG)
U.S. Public Debt – 10,627,708,753,691.50 (+19,383,430,518.90/0.18%)
Baltic Dry Index (BDIY:IND) – 881.00 (+9.00/1.03%)

Well this week’s week in review is thick isn’t it? Lots of headline stories. Lots of news. Some weeks there’s a lot going on and some weeks I pay a great deal of attention. Seems like we got both this week. Yeah, lots going on. No doubt everyone knows the God King Obama will be sworn in next week. Want to bet how long that new car smell will last? Care to guess how much “change” is in store? McCain wouldn’t have picked a much different cabinet, would he have? Nope.

In fact, maybe the Republicans aren’t that much different than the Democrats at all. Maybe it’s all just one big fraud where the only winners are bankers, defense contractors, and the well-connected, where the losers are the productive citizens of this country. That’s my best guess anyway. But me, I’ve had it. We have got to prepare for 2010 and put some people in office that actually believe that “life, liberty and the pursuit of happiness” are words than mean something other than “whatever is expedient for government, whatever government can get away with.” We’ve empowered crooks to rule us for far to long.

What else? Not much else I suppose. It’s cold and snowy. I’m sure I sound like a broken record in that regard. Should have two good football games this weekend and then that’s it, the super bowl is all that’s left, well and the pro bowl, but who cares about the pro bowl? Have a fantastic weekend!

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  1. #1 by Darel Wendelburg on Monday, January 19, 2009 - 16:02

    “But me, I’ve had it. We have got to prepare for 2010 and put some people in office that actually believe that “life, liberty and the pursuit of happiness” are words than mean something other than “whatever is expedient for government, whatever government can get away with.” We’ve empowered crooks to rule us for far to long.”

    My feelings as well. Let’s do it.

    DW

    • #2 by kungfucraig on Monday, January 19, 2009 - 18:40

      Get involved in the Campaign for Liberty in your local area. If you’re in the Ann Arbor or Albuquerque areas get in touch with me. I live in the one and know a lot of folks in the other.

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