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Economy - Economics USA

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Washington Post

California's budget debacle holds a lesson for America, but one we will probably ignore. For years, state leaders papered over the contradiction with loans and modest changes. By overwhelming these expedients, the recession triggered an inevitable reckoning. Here's the national lesson. There's a collision between high and rising demands for government services and the capacity of the economy How to produce the income and tax revenue to pay for those demands. That's true of California, where poor immigrants and their children have increased pressures for more government services. It's also true of the nation, where an aging population raises Social Security and Medicare spending. California is leading the transformation of politics into a form of collective torture: pay more (higher taxes), get less (lower services).

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Promises made to be broken! Two of President Barack Obama's economic heavyweights said middle-class taxes might have to go up to pare budget deficits or to pay for the proposed overhaul of the nation's health care system. The tough talk from Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers on Sunday capped a week that brought rare good news for the economy:

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Jim Rogers on

Legendary global investor and chairman of Singapore- based Rogers Holdings, Jim Rogers reiterated that he sees prolonged economic problems and while he did not see much worth buying, he is not shorting any assets either.

In an interview with Bloomberg TV in Singapore, Rogers said he fails to see that there is anything “in great excess.” "I have no shorts for one of the first times in my life."

"On the other hand I don't see much to buy," he added.

Nor is Rogers a fan of shorting Treasury bonds because he believes that the Federal Reserve can steer the market for them currently.

Rogers is mostly to be seen being interviewed on business networks in Asia or Europe, since his views are to put it mildly, somewhat negative on the US Dollar and the prospec

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Mr. Bud Burrell has extensive experience working with major brokerage firms on the trading desk and arbitrage desk with almost 30 years experience -- Industry authority, expert, Wall Street veteran. Love him or hate him, you will always know where he stands - his no-holds-barred style and frank honesty make his blogs a must read, from one of the originals. View his landmark correspondences in The Bud Files.   (Publisher: Want to understand from the inside of The Greatest Depression?)

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American Spectator

President Barack Obama talks about restoring economic growth. But his science adviser, John Holdren, once called for zero economic growth while writing with Paul and Anne Ehrlich--who predicted mass starvation in the 1970s. "Why should we not strive for zero economic growth (ZEG) as well as zero population growth?"

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BUT, BUT, BUT BO said things were all better now. Over the coming months, as many as 1.5 million jobless Americans will exhaust their unemployment insurance benefits, ending what for some has been a last bulwark against foreclosures and destitution. Because of emergency extensions already enacted by Congress, laid-off workers in nearly half the states can collect benefits for up to 79 weeks, the longest period since the unemployment insurance program was created in the 1930s. But unemployment in this recession has proved to be especially tenacious, and a wave of job-seekers is using up even this prolonged aid.

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Well, well, well. President Obama is asking his people to revise down the economic numbers from past years so his economic numbers today don't look quite as bad as they are in reality. Because Obama predicted that the economy would begin to come out of its recession by the end of this year, he's got to deliver, especially since so many private sector economists blasted his team's predictions as pie in the sky. Economic data are expressed through comparisons, i.e. the economy grew or contracted by X% compared to the same period last year. If you want this year's economic numbers to look better than they actually are, then you manipulate the numbers from months and years past that you compare them to. This is what Obama's economic team is doing in order to save the president's butt. Obama now has pointed to those revised numbers and has announced in his Saturday morning video address, "Look our stimulus boondoggle is working! We said the economy would start

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This week brought new indications that any economic “recovery” in the US will not be shared by the working class. Telecommunications giant Verizon announced that it would eliminate 8,000 jobs by the end of the year, new data showed that the foreclosure crisis is continuing to mount, and weekly initial jobless benefit claims rose.

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Institutional Derivatives

Sounds like a threat to me. Goldman Sachs Group Inc., the bank that makes the most money from commodities, fixed-income and currency trading, said attempts to curb speculation may be “disruptive” to energy markets. “The role that is played by non-traditional participants such as index investors and other financial participants often has been mischaracterized,” Don Casturo, a Goldman Sachs managing director, said today at a Commodity Futures Trading Commission hearing in Washington. The testimony was part of the second day of hearings on excessive market speculation and how to respond.

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Economic Policy Journal

Money misdirected towards new cars, when the old ones are fine, is money that will not be available for investment in other sectors of the economy, where it would naturally flow. It is Obama solidifying the vote of the financially unsophiticated--while he props up the union infiltrated auto industry--all the while distorting the natural flow of the economy.