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Judges are going out of their way to kill the Constitution: WashExamThe California Legislative Analyst's Office has just released the latest fiscal outlook. It's not pretty. The state discloses a $25.4 billion budget "problem" which consists of a $6 billion deficit for the remainder of 2010-2011, and a $19 billion budget deficit forecast for 2011-2012, thanks to a $8 billion plunge in revenues for the general fund, as temporary tax increases adopted in 2009 expire...
Furthermore, as the state admits: "One major reason to stop passing the state’s problems to future Californians is that the state’s long-term fiscal liabilities—for infrastructure, retirement, and budgetary borrowing—are already huge. The costs of paying down these liabilities already are reflected, to some extent, in the state’s recurring deficits, but these costs will only grow in the future. By deferring hard decisions on how to finance routine annual budgets of state programs to future years, the state risks increasing further the already immense fiscal challenges facing tomorrow’s Californians."
Dan from New York augments those stories with the following missive:Barack Hussein Obama says he was born in the USA and that's good enough for me. Still, like any red blooded American, there is the pull of his formative influences: Third World, Marxist, Islamic. And so yesterday the President of The United States returned to Cairo by way of his boyhood Indonesia where he again reiterated the need for America to do more to eliminate "Muslim distrust." I for one hope the Muslim world will allow Mr. Obama enough time because we've seen what happens when they get mad at us.
Back to the Border: Former SpookGotta hand it 2 Mark Burnett &TLC
Laurie Goodman, senior managing director at Amherst Securities, believes one in five distressed homeowners in the U.S. are facing, or may face, foreclosure... The analyst adds that little may be done to stem the tide of foreclosures without greater government intervention or significant principal reduction. Currently, she said 11.5 million home loans are non-performing or highly distressed....Goodman spoke at Thursday's State of Housing webinar today, hosted by HousingWire. Several charts produced during the event paint a picture of a highly distressed housing market.
Kyle Lundstedt, managing director of the applied analytics division at Lender Processing Services, said the housing market remains in "serious trouble" as current mortgage delinquencies are above 7 million distressed homeowners... Perhaps most alarming to Lundstedt is the rise in prime mortgage delinquencies. "The prime markets are the place we've seen the most increase in foreclosure," he said..."It's shocking the 13% of mortgage in Florida are in foreclosure," he said. "Not delinquent, not in default, but in foreclosure."
Karl Denninger is using this chart to speak some truth to power: in a nutshell, the Democrats' era of vast unfunded, unconstitutional social engineering experiments -- Social Security, Medicare, Medicaid, the Department of Education, the Department of Labor and hundreds of other bureaucracies -- is drawing to a close, like it or not.
Yes, We Can Repeal: AT