Saturday, July 27, 2013

DOOMED: Top 9 Big Cities That Will Soon Be Following Detroit Down the Black Hole of Democrat-Union Bankruptcy

Because math always trumps politics.

In April, Moody’s Investors Service, a bond rating agency, issued a report identifying 29 municipalities selected for review over concerns of credit-worthiness... Their chief concern: Some municipalities are underreporting pension liabilities; the ways in which those large costs are reported can vary widely from place to place.

...Cities on the list for review aren’t necessarily facing imminent downgrade, though their mere presence on that list makes it more likely... Moody’s, as we speak, is re-examining these nine largest cities...

9. Chicago: ...Moody’s downgraded The Windy City’s credit rating by three notches last week, as a result of $19 billion in unfunded pension debt... [and] mayor Rahm Emanuel, President Obama’s former chief of staff, [told] city employees they should sign up for the federal health insurance exchanges. It’s almost as if he might have known the city was running out of money to fund employee health care.

Sure enough, Pew reports Chicago’s retiree health benefits are exactly 0 percent funded. As in, not a single dollar against a $1 billion liability.

8. Portland, Ore.: Moody’s is reviewing the city’s credit rating for its general obligation bonds, but also for Portland’s tax obligation bonds, housing bonds and redevelopment bonds. The city has more than $453 million in unfunded pension debt... Pew notes Portland “had virtually no asset” to offset unfunded liabilities of $2.3 billion in fiscal 2009 for its pension and disability plan for police and firefighters.

7. Omaha, Neb.: ...has managed to ring up more than $1.4 billion in pension liabilities, and it has only enough cash saved to pay about 43 percent of those costs...

6. Minneapolis: Minneapolis has piled up more than $700 million in unfunded pension liabilities, prompting the ratings agency to take another look at the city...

5. Cincinnati: Moody’s downgraded Cincinnati just last week, after it was placed on the list of possible downgrades in April... The city’s unfunded pension liability tops $700 million.

4. Providence, R.I.: With a funding ratio — the percentage of pension debt versus current assets to pay — of 42 percent, Providence’s pension mess, per capita, is even worse than Chicago’s... But Pew notes Providence has taken some steps in the right direction. The city suspended annual cost-of-living adjustments for retirees and now requires all former workers olden than 65 to switch to Medicare instead of receiving health benefits from the city.

3. Trenton, N.J.: Moody’s is reviewing general obligation bonds issued by Trenton’s public school system. A downgrade on those bonds would follow fast in the footsteps of a citywide downgrade in 2011.

2. Santa Fe, N.M.: In putting Santa Fe “on notice” a few months ago, Moody’s noted the severity of the city’s pension problems. Moody’s ranked the city of Santa Fe as the worst in the country, saying it has net pension liabilities equal to six times its operating revenue.

1. Charleston, W.Va.: ...Charleston has the worst-funded pension system of any major city in the United States, with only 24 percent of the necessary funds to cover more than $337 million in pension debt...

What do all of these cities -- and many, many more -- have in common? The infernal alliance of the Democrat Party and public sector unions.


Hat tip: BadBlue Real-Time News

HHS whines: we don't have enough of your money to secure your health care records from prying eyes!

Rule of Thumb: No matter how much money you give the federal government, it's never enough. California Healthline has the "unexpected" story:

HHS Office of Inspector General officials say the agency will be significantly restricted in its ability to monitor and address Medicare and Medicaid fraud and abuse within the nation's health care system in the coming years, citing budget and staffing cuts and hiring freezes, according to an internal document obtained by the Center for Public Integrity.

The document states, "As OIG's budget resources decline, so do our enforcement and oversight activities," adding that it "will not be able to keep pace" with the expected jump in taxpayer-subsidized health care under the Affordable Care Act, "maintain/expand our highly successful Medicare Fraud Strike Forces, or keep pace with the expected need for growth to combat ongoing health care fraud."


...Other projects that HHS OIG planned for 2013 but have been canceled include:

An audit of computer systems security for the ACA insurance exchanges;
• An investigation of nursing homes to determine possible overuse of controversial antipsychotic treatments;
• An analysis of efforts by state governments and Medicaid managed care groups to uncover fraud and abuse;
• A probe of pharmaceutical drugs that are being marketed under the Medicare Part D program without FDA's clearance for safety and effectiveness; and
• An investigation into fraudulent suppliers of high-cost durable medical equipment.

The chart above comes to us from the HHS itself (PDF). Its spending goes up every year and includes incredible waste and fraud. The official numbers say the HHS is spending half a billion dollars on "Family Smoking Prevention and Tobacco Control" (up more than double), $289 million on its "headquarters" building and administrative staff (up 50 percent), and another half a billion on a separate "Center for Tobacco Products" (up more than double).

But there's not enough money to secure the private health care information of the American people.

It's never enough. Never. And don't ask how many of these billions of dollars are going into the pockets of public sector union employees who vote overwhelmingly Democrat. Put simply, the federal government is the Democrat Party. They are one and the same. And no amount of taxpayer money will ever be enough.


Hat tip: BadBlue Tech News.

Surprise: Republican White Guy Beats Hispanic Female Progressive in Mostly Latino California District

How many elections does Karl Rove have to lose before he and the rest of the Beltway elites learn that pandering to different ethnic groups is a losing proposition? That liberty, private property rights, low taxes, and economic opportunity resonate with all people, regardless of race, color or religion?

A Republican in California won a state Senate seat on Wednesday in a District in which Democrats have a 22-point advantage and that is 60% Hispanic...

Andy Vidak, the Republican farmer, won the special election runoff for the 16th District Senate seat when his opponent, Democrat Leticia Perez, a Kern County Supervisor, conceded on Wednesday ... Vidak, a working class candidate, resonated with working class Hispanics in the district who also saw how coastal California elites were not putting their bread-and-butter interests first...


Vidak ran broadly on "the bifurcation of California: the coastal liberal elites versus the Valley folks." On a more local level, Vidak's theme of "fish versus farmer" resonated with Democrats in a District where the unemployment rate is 15% and as high as 30% in some communities in the District. Vidak reminded voters that liberal environmentalists, in order to protect fish, only allowed farmers to receive 20% of their water allocation, crippling the region's economy. He also stressed that Perez supported the the state's high-speed rail project that would have razed business, farms, and homes in the District. Because she supported the agenda of coastal elites and Democrat interest groups, Perez was able to raise twice as much money as Vidak, but 16th District voters ultimately rejected her liberal policies.

It is often said that California is a harbinger of things to come for the country. For Republicans looking at California, there has not been much of hope of late, but Vidak's victory could be a sign that areas that have traditionally voted for Democrats may give the right kind of Republican a chance as they see unemployment rates increase and opportunities for upward mobility decrease in their communities.

But apparently this lesson is too difficult for Karl Rove and the rest of the K Street consultant class to grasp.


Hat tip: Mark Levin Show

SOMEONE TELL JOHN BOEHNER AND KARL ROVE: The Case for Stopping ObamaCare is at an All-Time High

Guest post by Investors Business Daily


Health Overhaul: Republicans are fighting over a government shutdown when they should be telling a receptive public that if ObamaCare takes effect, the result will be massive taxpayer fraud and privacy violations.

News accounts have focused on GOP threats to block any ObamaCare implementation funds in next year's spending bills, even if that risks a presidential veto and a government shutdown.

That, naturally, has sparked a public debate among Republicans not over the merits of stopping ObamaCare, but over the political fallout of such a high-stakes face-off. Sen. Richard Burr, R-N.C., called it "the dumbest idea I've ever heard."

But while the political risks of such a strategy are no doubt real, the risks to the public should the law go forward are even greater. Put simply: If ObamaCare goes into effect on Oct. 1, the result will be fraud and abuse on a monumental scale. Here's why:

In its rush to meet ObamaCare's deadlines, the administration gutted the law's verification requirements. The ObamaCare exchanges are supposed to verify eligibility and income information provided by applicants before handing out billions in taxpayer subsidies.

Not anymore. Instead, the exchanges can just take the applicant's word for it, creating an open invitation for people to abuse the system by fudging those facts.

Nor is the ObamaCare data hub, which will connect seven other huge federal databases, anywhere near ready. More than a dozen GOP lawmakers complained in a letter to HHS that the hub "has not been tested" and that it's unclear whether it will be "able to protect sensitive health and taxpayer information."

Larwyn's Linx: I’m Barack Obama, and I’m Angry to be Here

Send us tips! Bloggers: install a Larwyn's Linx widget. Get real-time news, 24/7, at BadBlue.

Nation

I’m Barack Obama, and I’m Angry to be Here: Keith Koffler
Breaking: @BarackObama is a schmuck: Sister Toldjah
A failed celebr-ambassador returns to Washington: Michelle Malkin

RNC Operatives Join Holder’s Campaign Against Texas, Other States: Tatler
Texas Not Impressed With Holder's Persistent Harassment: Kemberlee Kaye
Cruz Takes Voter ID National: WatchdogWire

Enemies of freedom activists ramp up cyber warfare and hate: David Codrea
Paul Ryan Hints at Immigration Timetable: Emma Dumain
Federal Judge Ignores Ohio’s Marriage Amendment: Shane Vander Hart

Economy

IRS employee union doesn’t want Obamacare : Joel Gehrke
The Case for Stopping ObamaCare Has Never Been Stronger: IBD
John Kasich's Obamacare Talking Points Train Wreck: Jason Hart

HUD: Bringing the Ghetto to Your Racist Neighborhood: AWD
Backfire: Schools Sell Junk Food to Make Up for FLOTUS Lunch Rules: Powers
FLOTUS: POTUS Wants Folks Off ‘Any Form of Public Assistance’”: PW

Scandal Central

Benghazi: The Scandal That Won’t Go Away: Foundry
Bob Filner: I'm Taking Some Time Off To Heal, To Reflect, and To Masturbate on Strangers: Ace
IRS Tea Party Document Disclosure in One Chart: PoliticalMath

Climate & Energy

Obama's Model Economy Nationalizes The Sun: Soylent Refuge (NSFW)

Media

Huma Danger Goes for the Power Save: Charlotte Hays
This is just a tad bit embarrassing... Obama's campaign promises aren't on the Internet anymore : NakedDC
One doesn't speak ill of the dead, but perhaps there are exceptional circumstances.: Rabbi David Nesenoff

Yellow Journalism at The New York Times: Barcepundit
Allen West: Obama owes Vietnam families an apology: Scoop
UGH — Krauthammer: Trying to defund Obamacare a ‘dumb idea’: Scoop

Palin: 'I Was Forbidden From Telling the Truth About Obama in 2008': FNI
Al Sharpton and Other Race Baiters: Winter Soldier
Chris Christie: Liberty? Yeah, you don't need that: WyBlog

World

Obama Insults His Own Country: Says Tyrant Ho Chi Minh Inspired by Founding Fathers: Rebecca Brittingham
Why Won't the Media Cover Huma Abedin's Ties to Global Jihad Movement?: Diana West
Arab anti-Israel Activist Long Employed as “News” PhotoJournalist: Lori Lowenthal Marcus

Sci-Tech

$25 gadget lets hackers seize control of a car: NewScientist
This Congressional Map shows how yesterday’s NSA vote cut across partisan divides: David Freddoso
Microsoft turns to solar-power and white space for South Africa's cheapest broadband: Adam Oxford

Cornucopia

Staff sergeant Ty Carter to receive Medal of Honor: Army Times
“See Something, Say Something.” HELLO!!!!: MOTUS
Didn't: Gotta Get Drunk First (NSFW)

Image: Staff sergeant Ty Carter to receive Medal of Honor
Today's Larwyn's Linx sponsored by: Senate Conservatives Fund

QOTD: “…we discussed the fact that Ho Chi Minh was actually inspired by the U.S. Declaration of Independence and Constitution, and the words of Thomas Jefferson.” -– President Obama talking to reporters alongside Vietnamese President Truong Tan Sang

Friday, July 26, 2013

ILLINOIS: If it floats, it's taxed

Look up "death spiral" in the dictionary and there's a picture of Chicago's skyline.

It now costs $6 to kayak, canoe or tube in Illinois


As of July 1, non-motorized watercraft, such as canoes, kayaks, even inner tubes, are required to have a valid "Water Usage Stamp" to float on Illinois lakes, streams and rivers.


State vendors, any business which offers hunting and fishing licenses, will sell the $6 stamp — also referred to as a "Paddle Pass" — plus a 50 cent service fee. Failure to buy one can result in a $120 fine, but it won't be imposed right away. Owners buying stamps for more than three boats at the same time will only be charged $3 for the fourth and subsequent stamps.

The new fee is part of the Illinois Department of Natural Resources sustainability bill, which also included the $2 annual auto license plate fee hike added to help restore $18 to $20 million per year of the $50 million per year the agency had lost to recent state budget cuts.

The requirement is new for inner tube floaters, but for other non-powered watercraft like row boats and kayaks, this stamp replaces the need to apply for titles and registration in the state. The fee and sticker also are mandatory for out-of-state floating watercraft.

Not having a stamp could result in a $120 fine.

Chicago, meet Detroit. Detroit, Chicago.


Top 10 Signs Obama Scandals Aren't 'Phony'

Guest post by Joel Pollak

"But with this endless parade of distractions and political posturing and phony scandals, Washington has taken its eye off the ball. And I am here to say this needs to stop. (Applause.) This needs to stop."

- President Barack Obama, Speech on the Economy and 'Phony Scandals,' Galesburg, IL, July 24, 2013

10. Someone pleads the Fifth. Lois Lerner, IRS Director of Exempt Organizations, invoked her Fifth Amendment right against self-incrimination during an oversight hearing. She was also suspended (with pay).

9. Documents go missing, officials fake e-mail addresses. Records of tax inquiries into Tea Party candidate Christine O'Donnell are gone; the former EPA chief made emails tough to find by using an alias.

8. You announce drastic policy shifts to minimize damage. When the Department of Justice was found to be snooping on the AP and Fox's James Rosen, Obama suddenly embraced a media shield law.

7. You make a show of "forcing" an official to resign. Obama theatrically announced the resignation of IRS chief Steven Miller; though his term was almost over, the gesture sent a clear signal of disapproval.

6. You try to arrest a low-level leaker. Though Obama himself minimizes the effort to catch Edward Snowden, the federal government is desperately trying to have him extradited for exposing NSA programs.

5. You assert dubious executive privilege to stop investigations. Obama exercised that option to protect Attorney General Eric Holder and the disastrous Operation Fast and Furious from scrutiny.

4. You intimidate whistleblowers. Hillary Clinton's State Department intimidated officials who knew the truth of what happened in Benghazi--and others who knew about gross misconduct in the agency.

3. Your Department of Justice opens criminal investigations. Theoretically, anyway, Attorney General Holder is seeing to it that the IRS's conduct is being scrutinized for alleged federal crimes.

2. You yourself have condemned the misconduct. Whether calling the IRS's behavior "inexcusable," or condemning civil liberties violations before 2008, Obama set the standard by which he is being judged.

1. Even the friendly media have run out of patience. When even journalists who made sure Obama was elected--twice--begin to feel threatened and irritated by the administration, there is no denying reality.


Via: Breitbart: Top 10 Signs Your Scandals Ain't Phony

Charles Payne: "President Obama would love to see civil unrest in this country very much like the Arab Spring"

In his eighth and most recent pivot to the economy, President Obama has begun channeling Saul Alinsky as though he's participating in a seance with the late Communist rabble-rouser. His rambling, 80-minute long, Castro-like speeches have increasingly revealed an inner anger with America (as noted by White House correspondent Keith Koffler).

Fox Business analyst Charles Payne sees an ominous method to the madness.

Stuart Varney: Obama used the term "inequality" more than he used the word "growth". And this is a problem, according to Charles Payne.

Charles Payne: It is a problem. He talked about [income inequality] being morally wrong. You know, Stuart, if you and I entered this building and there were different rules for each of us, that would be morally wrong. But if I dropped out of high school and smoked weed all day and you worked your way through college and made more money than I did, that's not inequality, that's just.

Here's what this president did: he tried to condemn capitalism. He tried to condemn success. He promotes mediocrity. And he's making excuses for people to fail in this country, instead of being honest about it.

His phrases: "people who lost their homes through no fault of their own", "people who lost their jobs through no fault of their own..." You know what: if I own a business and have 10 employees and things get bad, guess what? I'm not going to fire my best employees! Maybe you did lose your job because you weren't up to snuff!

The bottom line is this: the president is pushing this agenda. That America is somehow a mean-spirited country without opportunity and we're going backwards. When, in fact, every single year we get closer to that "more perfect union" that we strive for.

[On Obama's prediction that income inequality will increase and "social tensions will rise as various groups fight to hold on to what they have"]

In my mind -- and I hate to say this -- I think President Obama would love to see civil unrest in this country very much like the Arab Spring. I think what he's trying to do is to spark this revolution against the wealthy, against the "One Percent" who are holding us back, who are hoarding this money,

You know Democrats are trotting out this statistic about how much money the top one percent controlled in 1979 versus how much they control now. Well, it's quadrupled, as if it's the same group of people who've been greedy with money and greedy with opportunity.

You know who it is? It's a kid like Lebron James, who was in the bottom one percent and is now in the top one percent. And his salary skews that top one percent to make it look 400 percent better. What that number shows is that opportunities for America... not the bad part of America, the good part of America.

One of Obama's heroes was a man named Saul Alinsky. Community organizing got its start in Chicago under the direction of Alinsky, an avowed Marxist. Alinsky believed that poverty was the result of political inequalities.

Sound familiar?

What isn't widely known is that Alinsky also envisioned a power-grab by the "have-nots" of society, who would form massive, grassroots coalitions that would defeat the rich and redistribute their possessions.

An NBC News/Wall Street Journal poll released earlier this week revealed that "since January 2009, people’s opinion of race relations in this country has plummeted by 25 percentage points". Barack Obama and Eric Holder -- and their politicization of a single case in Florida involving a Hispanic and a Black -- have done their level best to foment anxiety.

If Payne is right, we are witnessing a modern-day Alinsky set the stage for civil unrest.


THE OBAMA DEPRESSION: Two People Added to Food Stamp Rolls For Every Job POTUS Claims He Created

Guest post by Investors Business Daily


Welfare: SNAP, the U.S. food stamp program, has become a conduit for redistributing wealth and fundamentally transforming America, as welfare recipients now send food overseas and the White House markets to illegals.

While the administration laments the distraction of "phony" scandals like Benghazi and Fast and Furious that leave real Americans dead, it trots out phony statistics about how well the economy is doing.

"And what is absolutely true is that we have come a long way since the depths of the Great Recession," White House Press Secretary Jay Carney said at a recent press briefing. "We've created over 7.2 million private-sector jobs." How many of those jobs are part-time is one of the many things Carney left out.

Since February 2009, the first full month of Obama's presidency, 9.5 million Americans have dropped out of the labor force. Nearly 90 million working-age Americans are not working today. Doing the math, 1.3 Americans have dropped out of the labor force for every job the administration claims to have created.

At the end of January 2009, 32.2 million Americans received Supplemental Nutrition Assistance Program (SNAP) aid. As of April 2013, there were 47.5 million Americans on food stamps. Using the White House's job growth number, the 15 million increase in recipients means more than two people went on food stamps for each job the administration says it has created.

That's not the only statistic Carney won't recite.

PHOTOS: Pro-military masses in Cairo, Egypt wave banners saying "Obama Out! Putin in!"

Arab Spring:


Reset:


More at DEBKAfile, via BadBlue Real-Time News.


And you thought we had hit rock bottom?

MM writes:


Oh, this is the big one, Elizabeth! You hear that Elizabeth? I'm coming to join you, honey.


Larwyn's Linx: Regime’s “Phony Scandal” Narrative Slammed

Send us tips! Bloggers: install a Larwyn's Linx widget. Get real-time news, 24/7, at BadBlue.

Nation

Regime’s “Phony Scandal” Narrative Slammed: Nice Deb
Boehner: the worst possible Speaker at the worst possible time: Kuznicki
Boehner Won't Promise to Defund Obamacare Through CR Bill: CNS

Holder to sue another state, for post-partisanship and post-racialism: PW
Obama: Ho Chi Minh Was Inspired by Our Founders: Bridget Johnson
College Republicans Denied Admittance to Obama Speech: Nathan Harden

Details: Badly Wounded Hero Who Fought in Benghazi: Jason Howerton
Poll Indicates Republicans Could Lose Big in 2014 : Outcast
Rahm Lashes Out at Guardian Angels: SCC

Economy

The 3 Biggest Lies from Obama's Big Economic Speech : Foundry
Detroit: The Triumph of Math Over Unions: Mish
Detroit city council ‘bankrupt’ Twitter feed sparks hilarity: Twitchy

Obama Hiring Left Wing Activists as $48/hr. Obamacare 'Navigators': iOTW
Good and Hard: Ed Driscoll
Barack Obama flops in Knox: Nile Gardiner

Scandal Central

True the Vote responds to Holder’s attack on Texas voter rights: Rare
Holder Announces Nationwide Attack on Election Integrity: J. Christian Adams
Justice Department Accused of Illegally Withholding Info on Secret Cellphone Surveillance Tool : MainJustice

Newest Obama Admin. Scandal: His DHS Nominee Under Investigation For Visa Fraud: RWN
Mother of slain Benghazi victim Sean Smith: ‘My son is dead. How could that be phony?’: Jeff Poor, DC
Hmm: How Did Huma Manage to Rake in $360K as a ‘Consultant’ While Still on Hillary’s Payroll?: JWF

Climate & Energy

Warmists: Global Warming Is Just Around The Corner, We Promise : Pirate's Cove
And Now For Something Really Scary: Elephant
NCDC Changing Temperature Data Values: Pirate's Cove

Media

Wonkblog: Obamacare Will Raise Premiums…a Lot: Mead
Man Who Once Said No One Took the IRS Targeting Scandal More Seriously, Now Claims It's "Phony": Ace
Author Brad Thor: My Contacts Tell Me Government Is Recording and Storing ALL Phone Calls: GWP

Ya don’t say: Obama says reporters tell him his ideas are great: Malkin
The Economy Is Poised To Come Roaring Back Into The Oceans of Tomorrow: Ace
Unhinged Chris Matthews on Conservative Opposition to Obama: 'Hate,' 'Hate,' 'Hate,' 'Hate': Scott Whitlock

Fourth Accuser Steps Forward Against Filner; And a Fifth, And a Sixth, And a Seventh: Ace
Question Asked and Answered: Ed Driscoll
At Ramadan dinner, President Obama lauds Muslim contribution to American character: Twitchy

How Not to Correct the Record: Instapundit
Anti-Hillary Clinton group releases chilling first video: BPR
“Empty”: Eliot Spitzer’s Creepy New Ad: Seth Mandel

World

Britain's Single-Payer Horror Show: Report Details NHS Body Count: PJM
The Huma Unmentionables: Andrew C. McCarthy
Britain gets out of the EU unless Europhiles can answer this new study: Commentator

Why does Huma Abedin stay? Because the Muslim Brotherhood needs her to stay: WyBlog
Hornady Suspends Production of 150 Ammo Types and 150 Bullet Types for Balance of 2013: AccurateShooter
‘Open Hater of Jews’: Pig Balloon at Roger Waters Concert Features Star of David: Algemeiner

Sci-Tech

Five hackers indicted for largest known financial data breach in US history: Nicole Lee, Engadget
These Dumb Insurance Claims For Lost Cell Phones are Hilarious: James Condliffe, Gizmodo
Casey Chan, Gizmodo:

Cornucopia

Today Detroit, Tomorrow,,, (Cartoon): A.F. Branco
Carlos Danger merchandise hits the internet: RedAlert
The Pixel Painter: Josh Bogdan

Today's Larwyn's Linx sponsored by: Support the Senate Conservatives Fund

QOTD: "Attorney General Holder’s recent announcement is just the latest example of his politicization of the Department of Justice. Holder’s refusal to accept the judgment of the U.S. Supreme Court regarding preclearance continues the Department’s longstanding pattern of refusing to follow the law.

Likewise, Holder continues to attack voter ID laws, even though the Supreme Court has concluded that voter ID laws are supported by multiple interests that are “unquestionably relevant to the State’s interest in protecting the integrity and reliability of the electoral process.”" --Sen. Ted Cruz

Thursday, July 25, 2013

Gold and the Shabby Secret of the Welfare State

Guest post by Justin Bieber


An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense — perhaps more clearly and subtly than many consistent defenders of laissez-faire — that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other.

In order to understand the source of their antagonism, it is necessary first to understand the specific role of gold in a free society.

Money is the common denominator of all economic transactions. It is that commodity which serves as a medium of exchange, is universally acceptable to all participants in an exchange economy as payment for their goods or services, and can, therefore, be used as a standard of market value and as a store of value, i.e., as a means of saving.

The existence of such a commodity is a precondition of a division of labor economy. If men did not have some commodity of objective value which was generally acceptable as money, they would have to resort to primitive barter or be forced to live on self-sufficient farms and forgo the inestimable advantages of specialization. If men had no means to store value, i.e., to save, neither long-range planning nor exchange would be possible.

What medium of exchange will be acceptable to all participants in an economy is not determined arbitrarily. First, the medium of exchange should be durable. In a primitive society of meager wealth, wheat might be sufficiently durable to serve as a medium, since all exchanges would occur only during and immediately after the harvest, leaving no value-surplus to store. But where store-of-value considerations are important, as they are in richer, more civilized societies, the medium of exchange must be a durable commodity, usually a metal. A metal is generally chosen because it is homogeneous and divisible: every unit is the same as every other and it can be blended or formed in any quantity. Precious jewels, for example, are neither homogeneous nor divisible. More important, the commodity chosen as a medium must be a luxury. Human desires for luxuries are unlimited and, therefore, luxury goods are always in demand and will always be acceptable. Wheat is a luxury in underfed civilizations, but not in a prosperous society. Cigarettes ordinarily would not serve as money, but they did in post-World War II Europe where they were considered a luxury. The term "luxury good" implies scarcity and high unit value. Having a high unit value, such a good is easily portable; for instance, an ounce of gold is worth a half-ton of pig iron.

In the early stages of a developing money economy, several media of exchange might be used, since a wide variety of commodities would fulfill the foregoing conditions. However, one of the commodities will gradually displace all others, by being more widely acceptable. Preferences on what to hold as a store of value will shift to the most widely acceptable commodity, which, in turn, will make it still more acceptable. The shift is progressive until that commodity becomes the sole medium of exchange. The use of a single medium is highly advantageous for the same reasons that a money economy is superior to a barter economy: it makes exchanges possible on an incalculably wider scale.

Cruz: Hey, Mr. President: You Say You Want to Fix the Economy? Then Defund Obamacare

Guest post by Sen. Ted Cruz (R-TX)


Yesterday President Obama rehashed essentially the same economic speech we’ve heard for years: more government programs, more taxes. He's out of ideas to fix the economy, and unwilling to do what it takes to remedy the harm his policies are inflicting.

Since the President took office, the average rate of annual economic growth has been a paltry 0.9 percent, compared to the historically normal rate of 3.3 percent. If President Obama truly cared about sparking economic growth and bringing opportunity to the American people, he would join the growing chorus of elected leaders calling for full defund of Obamacare – the single strongest step government can take to unshackle jobs, investment, and growth again in America. As James Hoffa of the Teamsters Union put it, Obamacare “will… destroy the foundation of the 40 hour work week that is the backbone of the American middle class.”

I am working hard to help lead the effort to defund Obamacare in the next 68 days as part of the next Continuing Resolution, and I would urge the President and his party to join us in a real agenda for jobs and growth.


Hat tip: The Right Scoop.

Virginia Gubernatorial Candidate Terry McAuliffe, Clinton family, and Obama DHS tied to "Cash-for-Visas" Scandal

Scandal Fatigue: Because the hits just keep on coming with the Obama administration, this time tarring the DHS with another scandal that would have destroyed a Republican presidency.

Emails between Alejandro Mayorkas and attorneys working for GreenTech Automotive show the company pressed the U.S. Citizenship and Immigration Services director to speed processing of 81 investor applications in a federal “cash-for-visas” program after each invested at least $500,000 in the hybrid car company...


...One of the visas sought by Gulf Coast is for an official with a Chinese telecommunications firm that has been investigated by the House Intelligence Committee over claims it has close ties with Chinese intelligence, NBC News reported...

...The GreenTech controversy is magnified because of its many political connections to the federal government. It’s owned by Virginia gubernatorial candidate Terry McAuliffe, who announced his resignation as company chairman in April amidst an intense investigation by Watchdog. The company’s fundraising arm, Gulf Coast, is headed by Bill Clinton’s brother-in-law Anthony Rodham...

As for McAuliffe's "GreenTech"? You read my mind: it appears to be another version of Solyndra, funneling taxpayer dollars into the pockets of Democrats and their campaigns.

A former GreenTech employee described the firm as, "not a real company."

People of Virginia: vote for Terry McAuliffe for governor at your own economic peril.


Two Sneaky Tricks to Get You to Look at My Ad

Papa B writes:

Two words:


Boo. Behz.

Boo-behz.


Mark Levin Transcript: It Would Appear That Boehner "Cut Some Kind Of Deal With Obama" On Benghazi

The peerless Mark Levin weighs in on the weakest House Speaker in decades:

You know, ladies and gentlemen, I hate to say this, but it's right in front of our faces. Obviously, John Boehner does not want to get to the bottom of what took place in Benghazi. It's obvious. He's been asked over and over again by a majority of the Republicans in the House to set up a special investigative committee as is the tradition in these types of investigations. So you concentrate expertise and resources and time in one special committee rather than multiple committees that are also investigating other matters and overseeing other matters and handling bills and so forth.

So, it's as if the Speaker of the House, the Republican Speaker of the House, doesn't want to get to the bottom of this. And I suppose his brain trust, Eric Cantor -- by the way, Eric Cantor is on this "Lecture America Tour" about why illegal immigration is a wonderful thing for this country. Is he stopping in anybody's neighborhood? I haven't heard anything about it, have you Mr. Producer? He such a voice out there -- in the wilderness, where he belongs. But, anyway, it's obvious at this point, ladies and gentlemen, that we have to draw a very sad conclusion: John Boehner does not want to know what took place in Benghazi on that horrific day. And I'm honestly starting to think that he's cut some kind of deal with Obama, because why else would he do this?

Obama has never answered for approximately eight-and-a-half hours of inaction, and I contend that he went to sleep. He's never answered for this. And it goes on and it goes on. It's preposterous that we can't find out from the president of the United States, the Commander in Chief, whose going to be running all around the country lecturing us, telling us why our economic system sucks, why we should replace it with a top-down tyrannical-type of economic system, why we have to listen to his spokesidiot, this guy Carney, dismiss any serious questions that are asked. I mean, what the hell is this? Is this a joke? I feel like we're living through a nightmare here.

So the greatest secret on the planet right now is what Obama was doing during eight-and-a-half hours when our consulate was under attack, our ambassador being slaughtered, two ex-SEALs coming to his rescue being slaughtered, and the security/information individual, gentlemen, being slaughtered. And we can't get an answer. And John Boehner doesn't want an answer, because John Boehner is what stands between setting up a special investigative committee and not.

And God bless this Frank Wolf from Virginia who will not take 'no' for an answer. He just continues to press and press and press, and Wolf is not some kind of rebel. He wants to get to the bottom of this. And why should this be partisan? Why should it be political? And why the hell should the Republican Speaker of the House obstruct the investigation? So the time for mincing words -- not that I do, but others do -- the time for mincing words is over.

John Boehner does not want to get to what's going on in Benghazi, or what took place, and he simply doesn't give a damn. And he's very, very busy, ladies and gentlemen, scheming in the shadows trying to figure out how to give tens of millions of illegal aliens a 'pathway to citizenship' so that they can vote 8-to-1 Democrat. This is the kind of insanity that we're dealing with. And believe me, it is insanity.

What can we do about Boehner? Well, here's one proposal.


Larwyn's Linx: Mark Levin: John Boehner Cut a Deal With Obama on Benghazi

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Nation

Mark Levin: John Boehner Cut a Deal With Obama on Benghazi: RCP
New Obama Scandal At DOE: Whistleblowers Illegally Gagged: Nice Deb
Benghazi Wounded David Ubben Story Seeing Sunlight: MagNote

Obama: Stop the Phony Scandals!: Keith Koffler
Unsung Black People: Ann Coulter
Communists push Amnesty; only the Tea Party can stop them: Trevor Loudon

Is the White House Planning to Abolish the Briefing?: Keith Koffler
Pelosi: We Need To Uphold The Constitution By Enacting Gun Control: RWN
Sheriffs Sue Over Colorado Gun Control: 'This Is Our Alamo': PatriotUpdate

Economy

Obamacare drives major insurer out of three states: Bryan Preston
Obamacare Puts CiCi's Pizza Out of Business: RightPundit
Support for ObamaCare Repeal Hits New High: Sam Baker

Ted Cruz hammers Obama economic speech: “He’s out of ideas": Scoop
Wisconsin Teachers’ Unions In Full Collapse: Derrick Hollenbeck
Obama's Stale Message: TAB

Five FL cities that may be future Detroits: Watchdog Wire
Judge: State lawsuits cannot block Detroit bankruptcy filing: RedAlert
Chicago school pensions may doom city to Detroit's fate: Illinois Review

Scandal Central

ANOTHER OBAMA SCANDAL: DOE Secretary illegally prohibited employees from speaking to Congress: Scoop
Alejandro Mayorkas, Anthony Rodham, Greentech, Terry McAuliffe, and Hillary Clinton: STACLU
DETAILS: Possible New Scandal Surfaces Against Clinton Family: FNI

Records of snooping in Republican candidate's tax records disappear : John Hayward
Timeline of Anthony Weiner's Sociopathic Sexting and The Dishonesty of Him and His Wife Huma Abedin: Patterico
Congress Launches Investigation Into Mysterious Seal Team Six Helicopter Crash: Nice Deb

Climate & Energy

Employee: Terry McAuliffe's GreenTech company "isn't a real company": Breitbart
Global Warming Inexplicably on Pause: Outcast
An alarmist prediction so bad, even Gavin Schmidt thinks it is implausible: Anthony Watts

Media

Who Tipped BuzzFeed About Weiner’s Cyber-Girlfriend Sydney Leathers?: R.S. McCain
Weiner’s Sexting Girlfriend a Fan of Every Far-Left Nutcase on the Political Scene : JWF
Zero Air Time on CBS Evening News For Latest Weiner Sex Scandal: Matthew Balan

NBC: Huma Abedin Learned From 'Master' Hillary Clinton, Her 'Political Role Model': Kyle Drennen
Obama Approval Rating Plummets Among Independents in New Fox News Poll, Down to 25%: RightPundit
According to Nancy Pelosi, the Republicans control the Senate: Twitchy

Obama’s Economic Speech Was Sound And Fury Signifying Nothing: Glob
Presidential Poll: Carson and West Join Top Five: CHQ
For Paul Krugman, Everything’s An Exception: Dan McLaughlin

World

The New Appeasement: Gates of Vienna
Israel Angered by U.S. Leaks of Submarine Missile Attack on Syria : WFB
Obama Supporter Goes On Pro-Morsi Rant In Cairo - Allahu Akbars Abound : Blazing Cat Fur

Sci-Tech

As Machines Get Smarter, Evidence Grows that They Learn Like Us: Natalie Wolchover, SciAm
Amazon Web Services files complaint in court over CIA contract: John Ribeiro, IDG
Lifehacker Pack for Chrome 2013: Our List of the Best Extensions: Thorin Klosowski, LifeHacker

Cornucopia

Carlos Danger Steers the Weiner Waggin’: MOTUS
A Natural Mistake: Hope n' Change Cartoons
There Goes the Neighborhood: Nate Beeler

Image: Presidential Poll: Carson and West Join Top Five
Today's Larwyn's Linx sponsored by: OBAMACARE: Defund Or Be Challenged

QOTD: "It [Obama's latest speech on the economy] was completely empty because he doesn't have anything to say, anything new to offer. It was the usual stuff, it could have been a campaign speech -- it was a campaign speech. I mean, somebody ought to tell the president that the 2012 election is officially over and he won and there isn't going to be another one for him. The main complaint I would have is that if you wanted to deliver a completely empty speech and you do it in Washington, you'll save the CO2 emissions that you get on Air Force One from delivering it in Illinois. That's the main critique I would offer, from a global warming perspective." --Charles Krauthammer

Wednesday, July 24, 2013

NO QUARTER: Bill Whittle Obliterates a Typical Leftist Crackpot

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Hat tip: Scott

SKIN IN THE GAME: Obama Will Veto Defense Appropriations Bill Unless Health Premiums for Vets are Hiked

Guest post by Investors Business Daily


Politics: A veto of the defense authorization bill is threatened unless the president gets his way. He wants health care insurance premiums and co-pays increased for troops and scheduled military pay raises to be reduced.

Being used as photo-ops for presidential speeches and willing to make the ultimate sacrifice for your country apparently does not exempt our troops from the rising health care premiums that President Obama said, along with sea levels, would not rise under his administration. The next time a soldier hears "give me 50," it might be dollars and not push-ups.

The White House has threatened to veto the 2014 Defense Appropriations Act in part because it does not increase premiums and co-pays associated with Tricare, the Pentagon's in-house health system, and because it proposes a 1.8% pay increase instead of the 1% the administration demands.

Tricare, according to its website, "is the health care program serving Uniformed Service members, retirees and their families worldwide." As the administration pushes for higher health care costs for military personnel, the benefits of unionized civilian defense workers remain unscathed.