Quote of the week
“[T]he central banks, money center banks and most politicians of the world (except Germany’s Angela Merkel) HATE monetized gold and silver. Why? Because precious metals require these worthies to suck it up. They have to live in an economy based on hard work, long-term investment and honest governance. Can’t have that, can we?” – Byron King
by James Wilson
“Not only are bills never read before a quorum in Congress, they aren’t read in committee either. Our supposed representatives think it’s a joke to believe they should know what they’re inflicting on us. But we don’t think it’s funny…
- “The cap & trade bill, H.R. 2454, will remake the entire U.S. economy
- “The bill is an astounding 932 pages long
“But the politicians don’t think it’s worth reading. In fact, Chairman Waxman introduced the bill on May 15th with the intention moving it out of committee in just one week! It took longer than that, but most of the committee’s time was spent defeating Republican amendments – which were also unread.” more…
by Richard Marmo
“Round and round GM goes and where she stops, nobody knows. Even a cursory examination of the various news reports, on the net at MSNBC or through the spoon-feeding of NBC Nightly News that arrives via your nice, new, widescreen digital television set, reaches the conclusion that no one really knows what they’re talking about.” more…
by Ron Paul
“Last week, General Motors finally declared bankruptcy. Many in government thought $20 billion in taxpayer dollars would save the company, but as predicted, it only postponed the inevitable. The government will dump another $30 billion into GM and take a 60 percent controlling interest for it. Public officials are now involving themselves in tactical business decisions such as where GM’s headquarters should move and what kind of cars it will build.” more…
In the news…
- Steve Ballmer, CEO of Microsoft, states that higher corporate taxes will send Microsoft jobs overseas.
- Here’s a very depressing interview with Gerald Celente.
- The Federal Reserve Bank will hire a lobbyist.
- European Union election summary. The Pirate Party has secured at least one seat, maybe two.
- A Toledo start-up is making thin-film solar cells on flexible steel sheets.
- Turns our Airbus airplanes have no manual override for pilot, while on the other hand, Boeing’s do.
- Good news everyone! Futurama will be back with 26 new episodes starting in 2010.
- Pension liabilities will continue to nag GM post bankruptcy.
- The Tenth Amendment movement continues to gain steam.
- California faces a financial meltdown within 50 days.
- The Senate has passed a bill that will have the FDA regulate cigarettes.
- HR1207 now has majority support in the House of Representatives. On to Senate Bill 604. Call your Senators!
- The army exoskeleton is becoming a reality.
- $350 billion in TARP funds are missing in the Grand Theft Nation. (Thanks Jeff)
- Peter Schiff on the Daily Show.
And now the numbers…
DOW Jones Industrials – 8799.26 (+36.13/0.41%)
S&P 500 – 946.21 (+6.12/0.65%)
VIX – 28.15 (-1.47/-4.96%)
CSI 300 (China) – 2906.286 (-33.02/-1.12%)
BSE 500 (India) – 5731.51 (-35.52/-0.62%)
MICEX (Russia) – 1138.52 (-5.75/-0.50%)
BOVESPA (Brazil) – 53558.23 (+217.218/0.41%)
RICI – 3074.02 (+55.97/1.85%)
Gold/oz – 940.70 (-21.90/-2.28%)
Silver/oz – 14.83 (-0.45/-2.95%)
Copper/lb – 238.30 (+9.90/4.33%)
Oil/bbl (Brent) – 70.92 (+2.58/3.78%)
Wheat/bu (CBT) – 584.75 (-38.25/-6.14%)
Corn/bu – 425.50 (-18.50/-4.17%)
EUR-USD – 1.4016 (+0.0048/0.34%)
USD-JPY – 98.435 (-0.205/-0.21%)
USD-BRL – 1.926 (-0.0355/-1.81%)
3 Month Treasury – 0.17 (-0.01/-5.56%)
2 Year Treasury – 1.26 (-0.03/-2.33%)
10 Year Treasury – 3.79 (-0.04/-1.04%)
30 Year Treasury – 4.64 (+0.01/0.22%)
U.S. Public Debt (official) – 11375626420309.599609375000000 (-13370967243.40/-0.12%)
U.S. Public Debt (actual est.) – 61436910000000.0000000000 (+58018000000.00/0.09%)
Baltic Dry Index (BDIY:IND) – 3583.00 (-226.00/-5.93%)
I am in the thick of getting this poker agent out this evening and this weekend. That’s been fun, but there’s so much more to do.
Meanwhile my pregnant wife just keeps growing. She’s so cute. :)
And we had visitors this week. My mom and step-dad came to visit us in Ann Arbor! Yay! Then we went to Amish country, which is just another tourist trap knick knack hell. Need random trash from China to put on your shelves? It can be had in Amish country. The only saving grace is that they make really cool furniture, and the Davis Mercantile Building is freaking awesome. Worth the trip, but a bit disappointing.
Okay that’s all for now. Have a great weekend!