As we did not know the truth any way. But you gotta worry when the gubmint (sic) starts telling the truth.
Comments »Monthly Archives: July 2011
Obama Up Ante on Debt Talks, Blames Tea Party
“The White House dished out the spin that suddenly the Tea Party crowd had nixed a deal. In reality, the White House had upped the ante on taxes. A Republican House aide told me that the White House “started to backpedal on entitlement reforms too.” He explained, “They [the White House] had started to go back on some of the Medicare and Medicaid reforms they had previously said they were ok with.” In other words, either the White House never intended to present a viable grand bargain, or, if Obama did, the left got to him.”
….
On Friday he proclaimed: “And over the past few months, the economy has experienced some tough headwinds — from natural disasters, to spikes in gas prices, to state and local budget cuts that have cost tens of thousands of cops and firefighters and teachers their jobs.”
In the Rose Garden last summer he proclaimed: “And that’s why today we’re trying to pass a law that will save hundreds of thousands of additional jobs in the coming year. It will help states avoid laying off police officers, firefighters, nurses and first responders. And it will save the jobs of teachers like the ones who are standing with me today.”
In other words, Obama’s policies have flopped, and the flops now are supposed to justify more of the same.”
Read the rest here.
Comments »The Week Ahead
Earnings start up with Alcoa tomorrow. Also we have a decent amount of data points coming out in addition to FOMC minutes.
Comments »Existing European Measures Not Large Enough to Bail Out Italy
Boehner: We Will Not Agree to Debt Deal with 1 Trillion in New Taxes
“Aides to Obama and Boehner were discussing revenue increases that would have been achieved in part by a streamlining of the tax code. Democrats were seeking $1 trillion in additional revenue, an increase that many rank-and-file Republicans appeared loath to support.”
Read the rest here.
Comments »U.S. Debt Talks Stall Again; Politicians Work Overtime on Sunday Evening
Asian Markets React Negatively to U.S. NFP and Euro Debt Crisis
El-Erian Gives the Warning Call on Italy
Funny how nobody paid any mind to Italy last week. Even though it was widely reported that spreads were blowing out all week. On Friday alone Italian 5 yr notes blew out 30 basis points while bank stocks fell by 8-12%.
El-Erian says “We can’t go on for many more days like Friday. We’re very worried about Italy.”
Comments »Flash: Futures Sharply Lower on Italian Debt Concerns
S&P futs are 5.5 points below fair value, partly thanks to the growing concerns that Italy is next up on the European debt chopping block.
Comments »Flash: EU to Call Emergency Meeting to Deal with Italy
The Pentagon Costs America 620k Jobs
Apparently the government issues waivers against the “Buy American Law” and these waivers have indirectly lost 620k jobs since 2007.
Comments »Boehner Abandons Efforts to Reach Comprehensive Debt-reduction Deal
By Paul Kane and and Lori Montgomery, Updated: Saturday, July 9, 8:41 PM
“House Speaker John A. Boehner abandoned efforts Saturday night to reach a comprehensive debt-reduction deal worth more than $4 trillion in savings, telling President Obama that a midsize package was the only politically possible alternative to avoid a first-ever default on the nation’s mounting national debt.
Boehner (R-Ohio) told Obama — who is hosting a key meeting Sunday evening on the debt issue — that their efforts to “go big,” as the speaker says, were stymied by the toughest issues: taxes and entitlements. Democrats continued to insist on tax reforms that would not pass muster in the conservative-dominated House, and Republicans wanted cuts to programs such as Medicare and Social Security that Obama and Senate Democrats would oppose.
“Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes. I believe the best approach may be to focus on producing a smaller measure, based on the cuts identified in the Biden-led negotiations, that still meets our call for spending reforms and cuts greater than the amount of any debt limit increase,” Boehner said in a statement released less than 24 hours before the Obama meeting is to take place.”
Comments »Cough Up Some Cash America
China Inflation Data Registers at 6.4%
7.1 Magnitude Earth Quakes Hits Japan: Tsunami Warning In Effect
“Show Me the Money”
Apparently collecting money in fraud cases is not so easy. Not sure if they seize property or ask for forfeiture collateral.
Comments »BP is Still Trying to Limit Claims on Gulf Oil Spill as Gulf State Economies Come Back
J&J Sued Over Interference Of Oral Cancer Drug Sales
Claimant states J&J interfered with sales of an oral drug that would hurt sales of Listerine….
Comments »Senate Democrats Unveil Debt Reduction Plan: 2 Trillion in New Taxes
“Senate Democrats have drafted a sweeping debt-reduction plan that would slice $4 trillion from projected borrowing over the next decade without touching the expensive health and retirement programs targeted by President Obama.
Instead, Senate Democrats are proposing to stabilize borrowing through sharp cuts at the Pentagon and other government agencies, as well as $2 trillion in new taxes, primarily on families earning more than $1 million year, according to a copy of the plan obtained by The Washington Post.”
Read the rest here.
Comments »Crack and WTI-Brent Spreads Close at Record Highs
321 crack closed at $34 and WTI-Brent at 22.5, both incredibly bullish for refineries.
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