Bernanke: “No Fiscal Exit Strategy”

I have a rather important question, but let’s allow Ben Bernanke to do his little song and dance for Charles Djou about how the government has no fiscal exit strategy from the current monetary policy that was put in place to keep the economy from collapsing.

I almost passed by this video because it is so much of the same old schtick from past and present administrations.  It is more than obvious that the people at the helm appear to have no clue while they are busy taking the necessary steps to bring the United States’ economic situation more in line with the rest of the world’s economies.

Especially after you see a headline like this:

U.S debt to rise to $19.6 trillion by 2015

WASHINGTON
Tue Jun 8, 2010 6:19pm EDT

WASHINGTON June 8 (Reuters) – The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.

The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.

“The president’s economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt’s massive drag on our economy,” said Republican Representative Dave Camp, who publicized the report.

He was referring to recent testimony by University of Maryland Professor Carmen Reinhart to the bipartisan fiscal commission, which was created by President Barack Obama to recommend ways to reduce the deficit, which said debt topping 90 percent of GDP could slow economic growth.

Here is the question. Is the American taxpayer relevant anymore? If we were all to stop working, producing, and paying our taxes, would the current WH, Congress and Fed Board of Governors even notice, or would they just keep printing money and using the fiscal credit card?    I wonder how many Americans would agree that we need to give the Palestinians $400 Million when Detroit looks like Mogadishu, and real unemployment numbers are hovering around 20%?

I think we need an answer to the first question, and soon…

(H/T BB)

America, This Is Your Presidente!!!

America, This Is Your Presidente!!!

Congressional Criminals? Are you paying attention?  Is this how an American president leads or is this how a foreign presidente manages the decline?

The oil leak progresses, Iran has decided to jump into the Gaza aid drive, Turkey is going sideways…and what is the pRetender doing just days after hanging out with Paul McCartney?

From DrudgeReport:

OBAMA OFF TO THE THEATER
Sent: Sun Jun 06 18:06:32 2010
Subject: pool report #1

Reception in the East Room prior to performance at Ford’s Theatre

Print pool only was ushered into the East Room about 5:20 p.m. where many elegant ladies in long dresses and men in tuxedos were standing sipping drinks and eating small finger food. Transportation Secretary Ray LaHood came over to say hello to the pool but the president and first lady were announced before there was any real conversation. A few faces spotted in the crowd, Senate Majority Leader Harry Reid and Rep. John Dingell and his wife.

The president and first lady walked in and gave brief remarks to the crowd, but pooler was unable to actually see them because everyone was standing. We’re headed over to Ford’s Theatre shortly and should be able to see then what FLOTUS is wearing.

Remarks: The president welcomed everyone to the White House. He thanked the performers for taking time out of their busy schedules, as well as cabinet officials and members of Congress, including Sen. Reid.

Tonight is about celebrating the great work of Ford’s Theatre and what it has done to preserve the legacy of presidents and highlight the importance of the arts and education in our lives and the life of our nation. “In many ways it’s impossible to separate the history of America from the history of its music and its spoken word. Soldiers have sung as they’ve marched to war and raised their voices again while laying the burden to rest.”

Lyrics on a page and voices on a stage have helped make us across generations and across cultures, backgrounds, and faiths. Great leaders including Lincoln himself have drawn inspiration and courage from the arts. “And on a personal note, they helped each of us express the joys and hardships of life while bringing us closer to each other.”

This is especially true during moments of trial. The president said there have been a lot of trials over the past year and a half. Now, there are brothers and sisters in the Gulf Coast who are going through an incredibly difficult time in the face of a disaster unlike any we’ve seen of late. “I want to emphasize again that we’re going to do everything we can in the weeks and months and years ahead to make this right,” and everyone here feels the same way.

But tonight, we will celebrate not only music, song, and performances, but also the incredible legacy of Ford’s Theatre and some award recipients who have done some much to help others in this country and around the world.

Pool was ushered out about 5:26 p.m.

According to the Ford’s Theatre website, the event tonight is described as follows:

Ford’s Theatre Society will host its annual gala on Sunday, June 6, 2010, at Ford’s Theatre (511 10th Street NW). The evening’s performance, titled “America Celebrates July 4th at Ford’s Theatre,” will be taped for broadcast on the ABC Television Network to air July 2, 2010 (9:00-10:00 p.m. ET). Modern Family cast member Ty Burrell hosts a star-studded program with appearances by Kelly Clarkson, Renee Fleming, George Lopez, Lionel Richie, Robin Roberts, Dick Van Dyke, Laura Michelle Kelly and Gavin Lee from the Broadway Company of “Mary Poppins,” the Soldiers’ Chorus of the United States Army Field Band, and cast members from the Ford’s Theatre production of “Little Shop of Horrors.”

Sent: Sun Jun 06 19:28:59 2010
Subject: pool report #2

Motorcade rolled at 6:56 p.m. and arrived without incident at Ford’s Theatre at 7:00 p.m. sharp. Pool was led past a large white tent in the street and a red carpet leading to the front door. We are holding in the lobby of the theatre with two large-screen television sets showing the live performance within.

The president and first lady were announced and walked to their seats at front row center. FLOTUS is wearing a stunning silver strapless dress with a large crystal necklace with what looks like two small fabric bows on either side. Designer unknown to pooler.

The programme for tonight’s performance was just handed out:

Ty Burrell, welcome
Kelly Clarkson, “Everybody Got Their Something” and “Way Over Yonder”
George Lopez
From the Ford’s Theatre production of Little Shop of Horrors
Christopher Kale Jones and Jenna Coker-Jones, “Suddenly, Seymour”
Soldiers’ Chorus of the United States Army Field Band
“My Country, ‘Tis of Thee” and “America the Beautiful” Robin Roberts, family life in the White House
Dick Van Dyke and The Vantastix, “Chitty Chitty Bang Bang Medley”
Lionel Richie, “Three Times a Lady” and “All Night Long” with the Joyce Garrett Celebration Singers

INTERMISSION

Presentation of the Lincoln Medals
Renee Fleming, “Soul Meets Body” and “In Your Eyes”
Cast members from Disney and Cameron Mackintosh’s Broadway musical Mary Poppins
Laura Kelly and Gavin Lee, “Supercalifragilisticexpialidocious”
From the Broadway musical Memphis Montego Glover, “Colored Woman”
General Colin Powell, a special tribute Renee Fleming, Soldiers’ Chorus of the United States Army Field Band, Bill Conti and the Spirit of America Orchestra with the Entire Company “Battle Hymn of the Republic”

Meanwhile, in completely related news that someone besides the average American should be paying attention to (but they aren’t)…

From Bloomberg:

U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day

By Garfield Reynolds and Wes Goodman

June 4 (Bloomberg) — President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.”

The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund. The lower panel shows U.S. annual GDP growth as tracked by the IMF, which projects the world’s largest economy to expand at a slower pace than the 3.2 percent average during the past five decades.

“Over the long term, interest rates on government debt will likely have to rise to attract investors,” said Hiroki Shimazu, a market economist in Tokyo at Nikko Cordial Securities Inc., a unit of Japan’s third-largest publicly traded bank. “That will be a big burden on the government and the people.”

Gross, who runs the world’s largest mutual fund at Pacific Investment Management Co. in Newport Beach, California, said in his June outlook report that “the debt super cycle trend” suggests U.S. economic growth won’t be enough to support the borrowings “if real interest rates were ever to go up instead of down.”

Dan Fuss, who manages the Loomis Sayles Bond Fund, which beat 94 percent of competitors the past year, said last week that he sold all of his Treasury bonds because of prospects interest rates will rise as the U.S. borrows unprecedented amounts. Obama is borrowing record amounts to fund spending programs to help the economy recover from its longest recession since the 1930s.

“The incremental borrower of funds in the U.S. capital markets is rapidly becoming the U.S. Treasury,” Boston-based Fuss said. “Do you really want to buy the debt of the biggest issuer?”

Glenn Beck, 5.17.2010: Get The Lifeboats Ready

If you are spending anytime watching the news and/or reading the blogs you know that the train wreck is happening now, and that world leaders are ‘managing the decline’. Beck covers what you actually believe at the start of the show. This is the entire video of the program.

…But The Economy Is Recovering!!! (UPDATED)

…But The Economy Is Recovering!!! (UPDATED)

TPTB can continue to spin that the economy is recovering and that we are coming out of the Great Recession, but you and I know better.  The global economy is a gnat’s *** from completely melting down and their ‘Great Recession’ is actually the second Great Depression; evidenced by rising unemployment and this little tidbit of very sad news. These asshats have decided to ‘manage the decline’ rather than do what is necessary to jumpstart this country. Traitors all…

Food-stamp tally nears 40 million, sets record

WASHINGTON (Reuters) – Nearly 40 million Americans received food stamps — the latest in an ever-higher string of record enrollment that dates from December 2008 and the U.S. recession, according to a government update.

Food stamps are the primary federal anti-hunger program, helping poor people buy food. Enrollment is highest during times of economic distress. The jobless rate was 9.9 percent, the government said on Friday.

The Agriculture Department said 39.68 million people, or 1 in 8 Americans, were enrolled for food stamps during February, an increase of 260,000 from January. USDA updated its figures on Wednesday. (emphasis mine)

“This is the highest share of the U.S. population on SNAP/food stamps,” said the anti-hunger group Food Research and Action Center, using the new name for food stamps, Supplemental Nutrition Assistance Program (SNAP). “Research suggests that one in three eligible people are not receiving … benefits.”

Enrollment has set a record each month since reaching 31.78 million in December 2008. USDA estimates enrollment will average 40.5 million people this fiscal year, which ends Sept 30, at a cost of up to $59 billion. For fiscal 2011, average enrollment is forecast for 43.3 million people.

(H/T BB)

UPDATE:

Greek Debt Woes Ripple Outward, From Asia to U.S.

The fear that began in Athens, raced through Europe and finally shook the stock market in the United States is now affecting the broader global economy, from the ability of Asian corporations to raise money to the outlook for money-market funds where American savers park their cash.

What was once a local worry about the debt burden of one of Europe’s smallest economies has quickly gone global. Already, jittery investors have forced Brazil to scale back bond sales as interest rates soared and caused currencies in Asia like the Korean won to weaken. Ten companies around the world that had planned to issue stock delayed their offerings, the most in a single week since October 2008.

The increased global anxiety threatens to slow the recovery in the United States, where job growth has finally picked up after the deepest recession since the Great Depression. It could also inhibit consumer spending as stock portfolios shrink and loans are harder to come by. (See what I mean?)

“It’s not just a European problem, it’s the U.S., Japan and the U.K. right now,” said Ian Kelson, a bond fund manager in London with T. Rowe Price. “It’s across the board.”

The crisis is so perilous for Europe that the leaders of the 16 countries that use the euro worked into the early morning Saturday on a proposal to create a so-called stabilization mechanism intended to reassure the markets. On Sunday, finance ministers from all 27 European Union states are expected to gather in Brussels to discuss and possibly approve the proposal.

The Euro isn’t going anywhere but into oblivion.

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