Thursday, March 17, 2011

Mission Accomplished: 'Obama's energy policies are crippling [the] economic recovery'

Joseph Mason, writing at The Washington Examiner, seems perplexed by the Obama administration's suicidal energy policies.

...[The only] two new permits issued by the Interior Department ... this month hardly qualify as a strong signal from D.C. (One was for a project with BP as the largest owner, and the other simply allowed resumption of a previously approved operation.)

And President Obama's call to add nearly $37 billion to the oil industry's tax burden offers a much clearer message... By the administration's own estimates, the moratorium cost the Gulf region 20,000 jobs through September 2010 alone, and its permitting freeze continues to directly and indirectly eliminate jobs and close businesses.

Obama's mission has succeeded: idled rigs are moving to foreign countries, gas prices are skyrocketing, and America's national security interests are endangered.

And despite a federal judge holding the administration in contempt of court for unconscionable permitting delays, America's self-imposed starvation diet will continue.

The 5th Circuit granted the Obama administration a stay from having to act on permit applications for Gulf of Mexico deepwater drilling projects - just under the 30-day deadline set by a federal judge who called the delays "increasingly inexcusable."

U.S. District Judge Martin Feldman had granted an injunction to Ensco Offshore Company, a shallow-water drilling company, on Feb. 17... The federal judge has said the Interior Department's "permitting backlog becomes increasingly inexcusable" as the months stretch on... With the 5th Circuit's order Tuesday, those delays will continue pending the government's appeal.

The Bureau of Ocean Energy Management has not acted on any drilling permit applications since the government imposed a blanket moratorium on offshore drilling about a month after the spill.

Officials defended the halt, which they said would give agents time to examine the then-current procedures and regulations imposed on deepwater drilling companies operating in the Gulf, and to tighten regulations, if necessary.

Feldman nixed the ban in June, finding that one rig explosion was not reason enough for the government to assume other rigs posed a similar threat of catastrophe. Within weeks, the Interior Department issued a second moratorium - one that offshore drilling companies, including Ensco, criticized as being nearly identical to the first. Ensco filed suit in July.

Secretary of the Interior Ken Salazar said the government would enforce the moratorium, one way or another, until drilling safety and oil-spill response protocols were improved.

...In early February, Feldman said the Obama administration acted in contempt for continuing to enforce the moratorium after he had found the drilling ban was "arbitrary and capricious... As the first anniversary of the Deepwater Horizon disaster draws near, any reason that would have justified delays has, under a rule of reason, expired ... Beginning to process permit applications will restore normalcy to the Gulf region and repair the public's faith in the administrative process."

By some estimates, allowing aggressive shallow-water oil exploration in the Gulf would add nearly $2 billion a year to the U.S. economy.

That doesn't sound like a lot, what with the government in hock to China for about a trillion dollars, but -- for the real economy, believe me, it is.


Democrat Senatorial Committee Announces the Winner of Its Bumper-Sticker Contest... And It's Awesome!

The Democrat Senatorial Committee has announced the winner of its bumper-sticker contest -- and I must say, it's teh awezem. Check it out:

I thought about this long and hard.

It just needs a slight modification.

You know, to make it more accurate.

Fair and balanced.

I think this may be the real winner:



Sen. Jeff Sessions Pins Obama Nominee to Mat, Gets Tap-Out

Earlier today the Senate Budget Committee held a hearing to consider the nomination of Ms. Heather Higginbottom, named as a prospective deputy budget director by President Obama.

As Ms. Higginbottom -- true to form for this White House -- has zero budget experience, the results were as you might have expected.

...Sen. Sessions [R-AL] confronted the nominee over false assertions from the White House regarding the president's budget.

Both President Obama and his budget director haverepeatedly said that the president's budget allows us to “live within our means,” “spend money that we have each year,” and “begin paying down our debt.”

Numerous fact-check organizations have found these statements to be false, and Sessions has argued that these inaccurate claims undermine efforts to confront our growing fiscal crisis.

In reality, the budget that President Obama submitted adds $13 trillion to the national debt, never has a deficit less than $600 billion, and spends more than it takes in every single year.

Ms. Higginbottoms' testimony is an uncomfortable reminder of just how twisted and bizarre the Democrats' arguments for their unparalleled deficit spending have become.


Update: Heather Higginbottom's Socialist Connection

Don't worry about the National Guard leaving the border in June--84% of all illegals caught last year were never prosecuted anyway

Tell me the first thing that pops into your head when I say the words "Janet... Napolitano."

On second thought, don't bother. This is a family blog.

Allow me to present "84% of Illegals Caught in 2010 Never Prosecuted":

An illegal alien apprehended by the U.S. Customs and Border Protection agency during the last fiscal year had an estimated 84 percent chance of never being prosecuted... Of 447,731 illegal aliens apprehended by the U.S. Border Patrol during fiscal year 2010 (which ended last September), only 73,263 (16.4 percent) were prosecuted, according to the submitted data. That means that 374,468 illegal aliens that were taken into custody (83.6 percent) were never prosecuted...

...CBP divides the almost 2,000-mile-long U.S.-Mexico border into nine sectors. Running from the Pacific Ocean to the Gulf Coast they are, in order, San Diego, El Centro, Yuma, Tucson, El Paso, Marfa, Del Rio, Laredo, and Rio Grande... of the 212,202 apprehensions along Arizona’s Tucson sector – which is where most of the apprehensions took place in FY2010 – only 30,748 (14.5 percent) led to prosecutions.

Testifying before the House Homeland Security Committee on Feb. 9, DHS Secretary Janet Napolitano told lawmakers that her “top priority in terms of effective control is the Tucson sector of the southwest border.”

Napolitano's statement, as you might expect, is at complete odds with what's really happening. Please consider "National Guard troops off the US-Mexico border June 30."

Nine months after President Obama agreed to pay for emergency deployment of 1,200 National Guard troops along the southwest border, plans are in place to withdraw the reinforcements — including 285 National Guard troops in Texas.

Isn't it interesting? The one thing the federal government is supposed to do -- protect the citizenry from invaders -- it won't do.

And the things it is expressly prohibited from doing by the Constitution -- interfering in your health care choices, telling you what kind of light bulbs you can buy, what kind of toilets you can use, managing every aspect of your lives -- it can't stop meddling with.

Which is why this administration must be flushed from office in 2012 -- in fact, flushing twice would be better to ensure the hangers-on are removed from the bowl.


Linked by: Michelle Malkin. Thanks!

The Anti-Boehner--Pelosi 'Drove Health Care Down GOP's Throat'

Have a great link you'd like me to review? Drop me an email. Bloggers: you can install a Larwyn's Linx blog widget!

Nation

Anti-Boehner: Pelosi 'Drove Health Care Down GOP's Throat': Riehl
Allen West: Why I voted against the CR: Cubachi
Clear Evidence of Vote Fraud in NM: Patterico

The 'Untouchable' $23.6 Billion: Foundry
RINOs anonymously slamming conservatives to media: RS
Should illegals be able to sue the government?: RWN

MI: Two Dems Charged With Forged Ballot Paperwork: GWP
The Match Up: Palin vs. Christie: ConNJ
Nevada Dems hiding their desperate schemes: RWN

Economy

Ryan: No More Empty Promises: NRO
U.S. Debt Adds $72B Same Day House Votes to Cut $6B: CNS
Inflation Caused by Bernanke's Easing May Doom Dems: Tapscott

AFL-CIO chief wants to get into elementary schools: Noisy
TSA Unionization: Exercise in Political Back-Scratching: BigGovt
No Recession at the Post Office: BlogProf

Interior Secretary Caught Lying About Drilling Permits?: Tapscott
Alan Greenspan: Stimulus hurt recovery: CNN
Class warfare update: Schakowsky wants millionaire tax: Marathon

Climate & Energy

Japan, the Persian Gulf and Energy: Stratfor
The EPA is Fueling Nonsense: Foundry
Why Is NASA Hiding James Hansen’s Ethics Records?: PJM

Media

Obama’s Preacher: Black Liberation Theology Is Marxism; Capitalism Is Demonic: GWP
People Are Starting to Notice: Power Line
Activists and Crawlers: Tatler

Reporter Asks Carney About Situation in Japan: Got Me Dude, “You Have Reporters in Japan”: WZ
Four New York Times journalists missing in Libya: Malkin
My Prez wants to party all the time, party all the time, party all the ti-ime: Toldjah

Why They Really Fear Sarah Palin, And Why She Should Run: Riehl
Just a Video Reminder: Lefty Protesters Hate America: RWN
Celebrating James Madison: Cato

World

The REAL Big Oil: Hayride
Obama to Japan After Earthquake: Our Friendship Is “Unshakeable”: WZ
A Detailed Look At The Spent Fuel Rod Containment Pools At Fukushima: ZH

Bomb hidden in Islamic religious tome explodes on investigators: GWP
11-year-old brutally murdered by jihadists: 'Love everyone': JihadWatch
UK Death Panels in Action: Hospital Refuses to Treat Baby Because it Was Born Prematurely: WZ

SciTech

With hacking, music can take control of your car: ITworld
US Army to deploy Individual Gunshot Detector, essentially a radar for bullets: Engadget
iPad 2's weight loss secrets bared: CNet

Cornucopia

White House Insider: "Something Was Not Right with This President: NewsFlavor
Making It Big: Lame Cherry
Other?: RWR

Obama Reflects On His Vacation, Er, Presidency – A Picture Story: SHN
Obamas Make History with Bold Choices: MOTUS
100 Great Quotes About Life And Living: RWN

Image: Weasel Zippers
Today's Larwyn's Linx sponsored by: Finding Marizela: Please support donation fund, keep spreading word

Wednesday, March 16, 2011

Senate's Cowboy Poet Suddenly Concerned With Bipartisanship and Compromise

The Senate Majority Leader is a bizarre, left-wing spendaholic named Harry Reid. While busy borrowing money from the Chinese to fund "Cowboy Poetry", Reid today decried the short-term budget fixes known as "Continuing Resolutions" or CRs.

Senate Majority Leader Harry Reid (D, Nev.) blamed “tea party extremists” on Tuesday for blocking a compromise that would allow Congress to keep the government running through September, the latest move by Senate Democrats to deflect responsibility for a partial government shutdown.

“Some Tea Party extremists seem to think ‘compromise’ is a dirty word, and have said that they would rather shut down the government than work with Democrats to find a common-sense, bipartisan solution,” Mr. Reid said in a statement Tuesday...

And why are these CRs even necessary?

Because for the first time in modern history, the last Democrat Congress and Democrat President failed to pass a budget for fiscal year 2011.

That's not the Republicans' fault.

Furthermore, the last Democrat Congress and the Democrat President rang up more debt in three years ($4.6 trillion) than the country incurred during its first 220 years of existence. During Obama's presidency, the debt has increased 55%.

That's not the Republicans' fault.

Just last month, the federal government registered a $223 billion budget deficit for one month, which was more than the total deficit for the entire year of 2007 ($161 billion).

As for bipartisanship, it was the Democrats' malevolent strategy to exclude Republicans from every major decision over the last two years.

• ABC News: GOP Shut Out of Stimulus Negotiations

• CNN Situation Room: Secret Healthcare Negotiations Meant to Shut Out GOP and the American People

• Rep. Paul Ryan: Republicans Shut Out of the Financial Reform Process

Sick: the protector of cowboy poets, the man who is bankrupting our children and grandchildren, is complaining about a lack of partisanship.

These Democrats have truly lost their minds. They need to be crushed in 2012 and rendered no more a political force than the Whigs. They are that malevolent, that nefarious and that dangerous to the American people.


Voters Recall Republican Mayor of Miami-Dade, But Not For the Reasons You Might Think

Somehow I don't think the union bosses will be celebrating the political demise of this particular Florida Republican.

Miami-Dade County voters recalled their top elected official Tuesday, culminating an effort financed by a billionaire car dealer and fueled by frustrations over a poor economy and unpopular policy decisions...

...Some 88% of 200,347 voters elected to oust Republican Carlos Alvarez, with 707 of 829 precincts reporting, along with early and absentee ballots...

...Last fall, Mr. Alvarez agreed to increase pay and unfreeze some benefits for unionized public employees. At the same time, he raised property taxes for two-fifths of the county's homeowners, by an average of 13%...

The drones don't seem to understand that the laws of economics can't be flaunted any more than can the law of gravity. The taxpayers certainly understand it, because they have to live within their budgets every day of the week.

It's a lesson that the union bosses will, inevitably, be forced to learn, but hopefully not as a result of a complete collapse, Argentina-style, of the economy. Which is apparently what some Democrats secretly desire.


We Now Join the Nuclear (and Economic) Meltdown Already in Progress

Chris Martenson is a scientist and financial analyst by trade who used his unique combination of skills to predict the 2008 economic meltdown. His latest message is a bit more chilling than usual -- and certainly worth a moment's consideration.

...For decades, the world has been running its own nuclear-style reaction, only in the currency and debt markets, where exponentially-accelerating piles of debt and money have spun about faster and faster in a gigantic, complex, coordinated reaction, the core of which is, and always has been, the United States.

At the very center of this ungainly money reactor is the main fuel pile itself, the US Treasury market. With any interruption to smooth flow of money through this pile, it will immediately become unstable.

The threat I see goes like this:

Stage 1: The world watches, riveted, as Japan suffers a tragic and horrible earthquake and tsunami, but as horrifying as these are, they are localized phenomenon affecting a relatively small percentage of the country. The real trouble lurks within damaged nuclear plants, which are now ruined and will never again produce electricity for Japan, creating instant shortages that will take years to remedy. Worse, a dangerous plume of radioactivity is carried south by winds. Tokyo partially empties and shuts down for all practical purposes.

Stage 2: The abrupt slow down of the world's third largest economy alters the smooth flow of cash around the globe, and even causes reversals of some other long-standing flows. Chaotic eddies emerge in a decades-old pattern of ever-increasing flows of money into and out of the money centers, and various carry-trade and other interest-rate-sensitive strategies blow up. Manufacturing in Japan screeches to a halt, disrupting just-in-time manufacturing strategies both internally and across the globe.

Stage 3: In order to fund the rebuilding effort, Japan has to buy a lot of items from foreign suppliers at the same time that its exports plunge precipitously. At first Japan simply does not participate in US Treasury auctions, leading to a shortage of buyers. But eventually Japan has to sell some of its vast hoard of US bonds in order to pay for external items needed for its reconstruction. Further, insurance companies, huge holders of US bonds, face stiff liability claims in the wake of the worst natural disaster to hit a heavily industrialized center and are forced to redeem enormous amounts of Treasury paper. US Treasury yields begin to climb.

Stage 4: Continuing unrest in the MENA region serves to keep oil elevated and local funding needs high, while Europe's weaker players (the PIIGS) continue to slip under the waves. Money continues to ebb away from the US Treasury market. Forced by circumstance, the Federal Reserve reverses its linguistic course and opens the monetary floodgates once again. There's nothing like a crisis to justify more money printing, especially to a one-trick pony (the Fed) that only knows how to stamp its hoof on the 'print' button.

Stage 5: An increasingly chaotic monetary and fiscal situation spills over into the derivatives arena, creating a number of financial accidents. Stressed governments find themselves in more of an arguing mood than a pull-together-and-sing-Kumbaya mood, and agreements are hard to come by. Banks begin to fail again, global trade falls off, unrest continues to build, and then it happens - a currency crisis.

Stage 6: Everything changes. Faster than you think.

...Okay, folks, this is not a drill... Events have now sped up to the point that we cannot predict what will happen next. At this point a systemic banking crisis, complete political upheaval in one or more countries, a currency crisis, or a debt crisis are all within the realm of the possible.

This is the most difficult Alert I've ever had to write, because I know I have not yet processed all the necessary information to truly assess the risks. I am operating on gut instinct here, and several of you have already reminded me to trust myself. Thank you. That's what I am doing now.

...As always, I have no idea if anything is going to transpire or not, or when. How's that for indecisive? But I can tell you that the pressures are larger than they’ve ever been throughout this long emergency and that conditions are ripe for an avalanche. My sincerest hope is that this will all blow over. But hope alone is a terrible strategy, and so we prepare.

Martenson has a plethora (yes, I said it!) of free information available on his website, including a crash course on the economic crisis and a What Should I Do? guide.


And the Hits Just Keep On Coming

Turning our attention away momentarily from the unfolding catastrophe in Japan, please consider the following, er, historic milestones.

Biggest Jump in Food Costs in More Than 36 Years: "Wholesale prices jumped last month by the most in nearly two years due to higher energy costs and the steepest rise in food prices in 36 years... Food prices soared 3.9 percent last month, the biggest gain since November 1974."

Building permits fall to all-time low: "The number of permits for future housing construction fell 8.2%, to an annual rate of 517,000 permits last month, down from a revised 563,000 in January, the Commerce Department said... That was the lowest level seen since the government started tracking the figures in 1959, and much worse than the 565,000 permits economists had expected."

Total US Debt Hits $14.237 Trillion, Debt Ceiling At $14.294 Trillion: "Following the settlement of $67.6 billion in debt from last week's auctions, the Treasury managed to raise its dangerously low cash to a level that will give Tim Geithner pocket change for another week, or $99.5 billion. Alas, the cash buffer came at a price: total debt increased from $14.166 trillion to $14.238 trillion. As a reminder, the debt ceiling is $14.294 trillion, so on a pure basis there is a $56 billion buffer or less than one's week's worth of auctions."

Obama picks Kansas to win NCAA men's tourney: "President Obama picked the Jayhawks to beat Ohio State in the finals of the men's NCAA basketball tournament... Obama picked Kansas last year -- and watched them lose in the second round, as Duke went on to capture the men's hoops title."

Obama bucks up donors for 2012 fight: "Working to invigorate one of his most important constituencies, President Barack Obama urged major Democratic donors Wednesday to hang on to the enthusiasm they felt during his first run for the White House as his 2012 re-election campaign approaches... Obama made his remarks to about 500 members of the Democratic National Committee's national finance committee and national advisory board at a Washington hotel. These major donors will play a crucial role in the money race [for 2012]."

Are we having fun yet?


Larwyn's Linx: Obama's First Two Years a Disaster for America

Have a great link you'd like me to review? Drop me an email. Bloggers: you can install a Larwyn's Linx blog widget!

Nation

Obama's First Two Years a Disaster for America: AT
An Open Letter to Harvey Weinstein : Knish
The Justice Department Fix Is In: Adams

Pence: 'Better to shut the government now...': Cubachi
A simple reason not to shut down the government?: RWN
Do labor unions deserve special treatment?: Power Line

Economy

The Triumph of Crony Capitalism: Mises
California Moves Closer Toward Default: BigGovt
Idiot Leftists Boycott, Vandalize the Wrong Bank: GWP

The Fragility of Complex Societies: Hanson
Health Care Waivers For Everyone!: Reason
Unions Use Kids As Shields in WI: RWN

Climate & Energy

Governor Palin: The $4-Per-Gallon President: Con4Palin
Global warming down under: 10 little facts: WUWT
New Light on “Hide the Decline”: ClimateAudit

Senate Democrats scramble to defend EPA: Politico
Does Obama Think I Drive a Bugatti Veyron?: Malkin
Scouts Get Kellog’s To Limit Use Of Palm Oil: RWN

Japan

Japan: Vast Devastation: Boston Globe (The Big Picture)
Al Jazeera Explains What A Fukushima Meltdown Would Look Like: ZH
Japan reactor design caused GE engineer to quit: Reuters

Media

The Stench in Here Is Terrible: Zombie
Shame: Ignoring Death Threats to Wisconsin Politicians Is Media Bias: HuffPo
For first time, you online news consumers outnumber those newspaper readers: the impact on politics: LAT

Hope. Change. Nixon.: Surber
Obama’s Refusal to Provide Records on Healthcare Meetings Should Sound Alarms: BigGovt
Krugman Admits He Lives in a Bubble: BigJourn

Rush Limbaugh Warns GOP Leaders: The Tea Party ‘Made Your Leadership Possible’: Mediaite
We're All Golf Widows Now: AT
Wanda Sykes: 'Has Obama Had One Relaxing Day Since He's Been In Office?': NewsBusters

The Politico Wonders “Where’s Waldo, Er, Obama?”: RWN
“Political violence,” like the violence sometimes perpetrated against abortion providers?: Troglo
The 25 Best Conservative Columnists Of 2011: RWN

World

Israel Demands Apology From CNN: BigJournalism
Don't Let Them Sweep this Horror under the Rug : Zilla
Security forces move to clear out Bahrain protesters: Maktoob

Young Leaders of Egypt's Revolt Snub Clinton in Cairo: Tapper
The Great Food Crunch: Samuelson
Chavez Rails Against the Boobs: Fausta

From Bloomberg to NPR: Selling out to Shariah for Fun and Profit: AT
In Iran, the Despots Grow Desperate: PJM
One Lone Student Against Terror at Claremont McKenna: BigPeace

SciTech

Apple Accused of Slowing Web Apps to Benefit App Store: Wired
New Twitter Stats: 140M Tweets Sent Per Day, 460K Accounts Created Per Day: Crunch
You Really Should Be Turning Off Portable Electronic Devices On Planes: Consumerist

Cornucopia

Feed Your Family on $10 Billion a Day: IowaHawk
Hoax of the decade? Fake Times Square video iPhone hacker a strong contender: Sophos
Bobby Unser vs the Feds: Foundry

Image: Ben Franklin’s Daily Schedule
Today's Larwyn's Linx sponsored by: : Searching for Marizela: New videos, message from her parents

Tuesday, March 15, 2011

Legacy Media Wakes Up, Notices That President Obama is Far More Energized by Motown and Wisconsin's Unions Than Global Calamities

Politico headlines its latest "President Obama staying in background on deficits."

Which is a polite way of saying that he's busy arranging his next Remembering Motown party. Or jetting to Rio.

But it was Ruth Marcus, the liberal Washington Post columnist, who got the ball rolling with her op-end entitled "Obama's 'Where's Waldo?' presidency" and asked, "Where's Obama? No matter how hard you look, sometimes he's impossible to find."

Except when there's a party or a pick-up golf game.

The left-leaning Ottawa Citizen titled its missive "Obama's foreign policy is in tatters" and observes, "It used to be said by critics that Canada offered all aid short of help in global crises; now regrettably the same might be suggested of the Obama administration as it loses its position and influence in a critical part of the world."

CBS News highlighted the tenuous policy positions of Senator Joe Manchin (D-WV), who called out the president in harsh terms: "Dem Sen. Joe Manchin: Obama has 'failed to lead' on spending."

The New Republic, which once championed Obama's candidacy, now appears to have come to the same conclusion the rest of us did, oh, around 2007: "The clock is ticking on action in Libya—and on the president’s foreign policy legacy" and notes that France and the Arab League are both more hawkish on Gaddafi than the U.S. -- for the first time in history.

As it turns out, the only person yet to notice the president's detachment is the brilliant economist Paul Olberkrugmann.


Maps and Satellite Imagery: the Nuclear Crisis in Japan

This map depicts the relatively tiny distances between the epicenter of the monstrous quake, the twin Fukushima nuclear plants and the city of Tokyo.

This is the northern (Daiichi) plant of the two in a satellite photo dated 2004.

This is the same plant moments after yesterday's explosion that blew the Unit 3 reactor building apart.

The human toll of the catastrophe is only partially represented here.

Our thoughts and prayers go out to the Japanese people. If you have a few pfennigs to spare, the Red Cross Japan Earthquake and Pacific Tsunami Fund can use a hand.


Satellite Imagery: Digital Globe via Zero Hedge.
Maps: London Daily Mail.

Slate Kook Dave Weigel Extremely Worried That the Actions of Governors Kasich, Scott and Walker Will Hurt the GOP in 2012

Some crackpot at Slate named "David Weigel" -- if that is his real name -- is concerned that the brave and necessary actions of Republican governors like Wisconsin's Scott Walker and Ohio's John Kasich will harm the GOP brand in '12.

Yes, seriously.

[Florida Governor Rick] Scott [is] pissing off too many people -- the Orlando-Tampa train he'd killed was popular -- and Democrats could win back independents in 2012, saving the state for Barack Obama.

Shhh... no one tell Weigel that the Governors' terms are only two months in and they are simply dealing with the results of Obama's failed policies.

You know, like the wonderful job the president has done with his "Stimulus" package, "Cash for Clunkers", "financial reform", the unlawful takeovers of GM and Chrysler, his "laser focus" on jobs, "Quantitative Easing", his brilliant outreach to the Muslim world, and his uncanny dedication to lowering his handicap.

Walker, Scott, and Kasich are doing exactly what they should do, and exactly what Barack Obama did in 2009. They won power; they're using the power to push through structural political and economic changes that
will be hard to reverse. They're making the same bet Obama did -- if they do this, the economy will rebound, and their political opponents will have been weakened in a way they may never recover from. If the economy does rebound in 2012, they're going to be in better shape politically. But so will Obama. In the long run, breaking down the power of public unions is going to help Republicans in Ohio and Wisconsin. In the short run, if it fires up activists and alienates independents, it puts the next GOP presidential candidate in a tougher spot.

Eh, schmuck -- you better hope for your own family's sake that these heroic GOP governors succeed and that a conservative Republican wins the presidency in 2012.

This country is bankrupt. It is teetering on the brink of economic catastrophe. And that's not me opining, that's anyone who knows what a Ponzi scheme is.

I'll take my chances with the heroic governors like Kasich and Walker who are doing the thankless job that must be done, rather than kicking the can down the road.


Hat tip: Memeorandum. Linked by: Michelle Malkin. Thanks!

"I never want to hear about 'The Pet Goat' again"

Fritzworth at AoS wins the headline o' the day in a landslide: "The world is going to hell in a handbasket, and Obama tapes himself picking his NCAA bracket..."

Wow:

Dangerous levels of radiation leaking from a crippled nuclear plant forced Japan to order 140,000 people to seal themselves indoors Tuesday after an explosion and a fire dramatically escalated the crisis spawned ... by Friday’s 9.0-magnitude earthquake and the ensuing tsunami that is believed to have killed more than 10,000 people, plunged millions into misery and pummeled the world’s third-largest economy.

Via Mike Allen’s newsletter, we see in the first line how the leader of the free world will spend his day during this awful crisis:

President Obama is taping his NCAA picks today, and they’ll be revealed tomorrow on ESPN.

[And of] course he’s taking an easy schedule today; he was working hard last night:

President Obama makes his first major fund-raising pitch for his 2012 re-election on Monday night when he meets with about 50 backers—some involved in his 2008 campaign and others who are considered potential major supporters.

After this, any liberal nutjob who mentions The Pet Goat is going to deserve the metaphorical beat-down they receive.


Image adapted from The London Daily Mail.

Larwyn's Linx: Palin -- GOP cannot allow status quo to continue

Have a great link you'd like me to review? Drop me an email. Bloggers: you can install a Larwyn's Linx blog widget!

Nation

Palin: The GOP cannot allow the status quo to continue: Cubachi
WI GOP Did Not Violate Open Meetings Law: ConWatch
If they're talking about holding Michigan, O's in trouble...: Toldjah

Growing GOP Opposition to Short-Term CR: NRO
House GOP Leader: CR Will Permit Funding of Obamacare: CNS
Allen West will not vote for the Continuing Resolution: Cubachi

White House warns Supreme Court: don't review Obamacare: WZ
The Aroma of Illegality: PJM
Obama: There's Plenty of Time for Me to Campaign in 2011!: RWN

Japan

Nikkei Flash Crash: Futures plummet as all hell breaks loose: ZH
Radiation Fears Mount After Explosions: FoxBiz
If Japan's Default Was Predicted Before, What Now?: PolFi

Astounding Before And After Photos Of Quake: Insider
The Scariest First-Person Video of Tsunami Yet: Gizmodo
Japan Braces for Potential Radiation Catastrophe: Reuters

Economy

No wonder Christie didn't join the Obamacare lawsuit: Riehl
It was never about collective bargaining: Boortz
Why It's Bad Business to Hire the Long-Term Unemployed: Blumer

Was Obama’s Support for Wisconsin Unions Payback?: RWN
Conyers; Obamacare is a platform for building single-payer: WZ
EPA Tangles With New Critic: Labor: WSJ

Climate & Energy

DNC Strikes a $10 Million Deal with Cap and Trade Lobbyist: WklyStd
Solving US Energy Problems: AT
Moonbats Attempt to Link Earthquake to Global Warming: RWN

Media

ABC, CBS, MSNBC, NBC and NPR Ignore Death Threats to Wisconsin Republicans: NewsBusters
If NPR Is Non-Biased… Why Is MoveOn.org Trying to Save Them?: GWP
My NCAA challenge for President Obama: JPA

Does Being A Conservative Now Require That We Join In Sexualized Mocking of Conservative Women?: LegalIns
Butcher away, Terrorists: HuffPo's Progressives have your back.: RWN
AOL-Huffpo Makes Big Hires, Installs Nap Room: Forbes

The Sarah Palin Symbolism Generating Machine: RWN
Mark Levin Rips Jonathan Martin and Pollutico a New One: Con4Palin
‘Waiting for Superman’ Director Feeling Heat from Teachers Unions: BigHolly

World

Dead Jews is No News: Steyn
Hamas Speaks: Power Line
Palestinian Street Celebrates Slaughter of Jews While Elites Rationalize It: AmSpec

What if they are already here?: Ledeen
Obama's Moment of Truth in Libya: New Republic
U.S-trained Forces Arrested in Brutal Murder of Jewish Family?: Atlas

GOP Rep. Chip Cravaack: CAIR 'Basically a Terrorist Organization': WZ
Obama, Wright, Farrakhan, and Gaddafi: PJM (Shiver)
Nigeria: Muslim Cleric Speaks Out Against Violence, Islamists Promptly Gun Him Down: WZ

SciTech

100 brands ranked by (social) ability to engage: Hobson
Bing's search engine share continues to rise: CNet
Google Going to Test Mobile Payments in NYC and SF: Insider

Cornucopia

Here's Your Lineup For Worst Company In America 2011!: Consumerist
Do Not Drink An Entire Bottle Of Soy Sauce: Consumerist
So How Much Does Charlie Sheen Spend On Coke And Hookers?: ZH

Today's Larwyn's Linx sponsored by: Searching for Marizela: New videos, message from her parents

QOTD: "Barack Obama has bluntly declared that Qaddafi must go. The Libyan resistance, based in Benghazi, has appealed urgently for the imposition of a no-fly zone. Incredibly, the Arab League has endorsed the call, as has the Gulf Cooperation Council. France has recognized the rebel provisional government based in Benghazi as Libya’s legitimate government—while Obama studies this all. Can anyone remember a time when France and the Arab League were ahead of the United States on a question of defending freedom fighters?

...If Benghazi falls to Qaddafi, it will fall hard and bloodily, and the thud will be heard throughout the world. ... Time may be running out" --Larry Diamond, The New Republic

Monday, March 14, 2011

Ya think? Rep. John Campbell: We Are a Ponzi Nation

Tyler Durden alerts us to at least one Congressman who really groks the gravity of American's tenuous financial position.

Zero Hedge first observed the duration mismatch in US Treasury holdings back in November 2009, when we highlighted the concerning amount of debt that the government has to roll every year courtesy of about 30-40% in outstanding paper that is of very short duration (under 2 years or so). We have also been pretty adamant that by now the US economic system is nothing but a ponzi scheme pure and simple. Today, we observe how this epiphany manifests itself when it occurs to a congressman, in this case John Campbell (California). The punchline: "I understand that the Fed and the Treasury are trying to keep interest rates low and improve the economy and the deficit. But, when coupled with the huge deficits, these moves look a bit like a Ponzi scheme that will soon unravel." Amen brother.

Rep. John Campbell (R-CA) explains the situation in plain English.

I learned something last week. I learned that fully 40% of the over $9 trillion in Treasury debt currently outstanding to the public has a maturity of 3 years or less. Put another way, it means that we are rapidly approaching $4 trillion in U.S. debt that matures by 2014 or sooner. As I write this, the yield (interest rate paid) on a 2-year Treasury note is 0.645% or about 2/3 of one percent. The yield, at the same time, on a 10 year Treasury note is 3.4%, and on a 30 year is 4.55%. In bond parlance, this is called a "steep yield curve" where interest rates get much higher as you go farther out in time.

It's pretty clear why the Treasury is doing this. By issuing mostly short-term notes, the Treasury is paying less interest, thereby keeping interest costs and, consequently, the deficit down. In addition, the Federal Reserve is in the middle of its "quantitative easing #2" (QE2) under which it is buying $600 billion of our own Treasury debt over about a 6 month period. The Fed is not buying the short-term notes, but is buying 10 year maturities and longer in order to hold those rates down. And, since the Fed is earning the interest thereon (paid by the U.S. Treasury), it is improving its yield. We are currently running a deficit of about $130 billion per month, so the Fed is basically buying all of the new bond issuance from the deficit for almost 5 months.

What does this all mean? I understand that the Fed and the Treasury are trying to keep interest rates low and improve the economy and the deficit. But, when coupled with the huge deficits, these moves look a bit like a Ponzi scheme that will soon unravel.

We are printing money ($600 billion) to buy our own debt so that the full effects of the deficit are not felt. We are buying long-term bonds to artificially hold down the rates on those bonds since home mortgages and many other things are based on those rates. We are selling the short-term bonds at cheaper rates to hold down costs now, but are leaving ourselves open to huge cost increases when interest rates go up. And, we are at historic lows on these short-term bond rates. If they were to rise by 3 points (which would put them where they were at as recently as 2008), our deficit would increase by another $150 billion per year, even if the long-term rates stay the same. And, once the Fed ends QE2, even if it doesn't reverse it, the markets will then have to absorb a new influx of long-term bonds at a time when our ability to pay them is in question. The Fed can cure a bunch of this simply by printing a lot more money. That, however, will result in an inflationary period with major wealth destruction and economic malaise.

In the period between 2005-2007, we were sowing the seeds of the 2008 financial crisis through too much leverage in the private sector. But, very few people could see it coming. Today, we are sowing the seeds of another crisis with too much leverage in the public sector. This time, though, it's easy to see it coming.

I have only two words for you.

Cloward. And Piven.


Update: As Treasury Cash Drops To Just $14.2 Billion, And No Bond Auctions Until Next Week, Is America About To Run Out Of Cash?

Legacy media beclowns itself anew: interviews nuclear 'expert' with Texans-are-Nazis sign in plain view

Dave Craft of the NEIS discusses the Japanese nuclear reactor meltdowns on WGN News while showing off his office decor.

The most hilarious aspect is that WGN's crew saw this sign, included it in the shot, and didn't even think twice about it.

Okay, I get it.

All Texans are Nazis. All Republicans, including Republicans of color, are racists. All Constitutional conservatives trying to save the country from economic collapse deserve to be shot.

Do I have that about right?


Update: Although not clearly visible in these screen-caps, a reader indicates that the sign on the right says "Support our Troops, Euthanize Congress."

Civil.


Hat tip: JSaf. Linked by: NewsBusters. Thanks!

Democrat Chickens Come Home to Roost: Oil Prices Expected to Jump Again as Japan's Demand Skyrockets With Its Nuclear Facilities Offline

Why is America the only country in the world that restricts access to its own abundant natural energy sources? I keep asking that question and not one Democrat has ever answered it.

Well, as Obama's beloved preacher used to say, "America's chickens are coming home to roost."

Stratfor Research is predicting that Japan will have to dramatically increase its importation of oil and natural gas, of which it is wholly dependent upon foreign sources.

Stratfor estimates that roughly one-sixth of Japan's generation capacity is currently offline, much of it permanently.

Even before this news broke, Americans supported more offshore oil drilling by a 66 to 25 margin.

Can I just say it one more time? Everything the Democrat Party touches turns to crap. In fact, you can't name any program that a Democrat has created -- any one! -- that isn't a complete cluster. And their policy of preventing Americans from tapping our own rich energy reserves is literally choking the economy at the worst possible time.

So every time you fill up your gas tank, thank a Democrat.


Hat tip: Stratfor Research.

Stop-action Photos: a Disaster of Biblical Proportions

Dan from New York:

The AP describes this as an amateur video "that captures the force of the tsunami's arrival in Japan. The waves devastate entire blocks in Miyagi Prefecture, with some residents narrowly escaping..."

It’s astonishing the rate at which powerful political and physical upheavals have been coming at us. Makes me wonder whether there’s more going on here than meets the human eye.

Gizmodo calls this video "the scariest first-person video of the tsunami yet."

The only adjective I can come up with is remorseless.














Click here to donate to the Red Cross Japan Earthquake and Tsunami Fund.


Larwyn's Linx: Democrats Distilling Down To Anti-Democracy Anarchists

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Nation

Democrats Distilling Down To Anti-Democracy Anarchists: Strata
World in Crisis, Obama Hits Links: Pundette
The Arrogance and Hate of Congressional Democrats: RWN

Rep. Tim Huelskamp Stands Tall in Budget Showdown: RedState
Saturday at the Recall Petition ‘Drive Through’ in WI: PJM
Call an ambulance for political correctness: Malkin (Powers)

Muslim gangs in MN grow more dangerous: Atlas
Palin Best Postioned to Beat Obama: Con4Palin
More Palin Hate: 'She's... Al Sharpton, Alaska edition': Politico

Economy

Welfare Gone Mad: Virtuous
A Very Modest Victory in Wisconsin: NRO
An Unbelieveably Foolish Editorial On Wisconsin: Riehl

Brokeback Mountain of Debt: Steyn
LeakS: BofA Emails Show Intent to Deceive Govt., Auditors: ZH
Tea Party hating by the pro-union protesters: Althouse

Climate & Energy

Shining a Spotlight on Obama Energy Lies: BigGovt
‘Drill, Baby, Drill’ Says… Bill Clinton?: Malkin
High Energy Prices Are Obama’s ‘Explicit Policy Goal,’ Inhofe Says: CNS

Media

Poll Confirms America’s Entitlement Culture…Even Among Tea Partiers: BigGovt
MSNBC Admits Left Protects Obama Because He Is a Black Liberal: Moonbattery
Why Does Barack Obama Get A Pass On Bradley Manning, Liberals?: RWN

Liberals — lording it over lesser beings: RWN
Nick Kristof Bashes America's Teachers: Caller
Time Magazine Headline: 'Wisconsin's Governor Wins But Is He Still Dead Man Walker?': NewsBusters

Freudian Slip: Chris Matthews Calls Obama 'President Carter': NewsBusters
That George Will, He Can Sure Pick 'Em: Riehl
P.J. Crowley resigns over Manning remark: Politico

World

Japanese Government Confirms Meltdown: Stratfor
Japan Earthquake: Before and After: ABC Australia
Japanese Tsunami Survivor Found Floating On His Roof 10 Miles Out At Sea: Mediate

Al-Qaeda Launches 'Jihad Cosmo' Women’s Magazine, Mixes Fashion Tips With Suicide Bombing Advice: WZ
Stunning New Footage Of Incoming Tsunami: ZH
Gold, Silver Surge At Open Of Electronic Trading: ZH

Killing of family was "state instigated" terrorism by the palestinian authority: WinterSoldier
Fogel Family Massacre Video Removed From YouTube: GWP
More great moments from the Palestinian national cause: Jodysseus

A Winning Plan for Netanyahu: Talk Directly to the American People and Congress: Glick
Israel May Have as Much Oil As Saudi Arabia: Lid
Rick Santorum: Sharia is "evil", "incompatible with American jurisprudence and... Constitution": JihadWatch

SciTech

Incalculable danger: WORM
It’s about time New Jersey deregulated all telephone and cable TV services: RWN
Nope, Google Is Not Launching Its Own Social Network: Insider

Cornucopia

This Week in Automotivators: RWN
Milton Friedman on Socialism: Pundette
Boulder (Hoover) Dam is 75 Years Old Today: iOTW

Image: Sad Hill News
Today's Larwyn's Linx sponsored by: Please Support the Senate Conservatives Fund