Nevada 1, California 0.
HT Robert Wenzel.
“Will It All Come Tumbling Down?”
The Market Ticker writes:
At 5% of non-performing loans a bank is at risk of being insolvent.
But the entire banking system in the United States had its non-performing loan ratio increase from 5.58% in the first quarter to 6.49% in the second, a record, and higher than the 5% level at which the survival of a bank(ing system) is threatened with collapse.
Hmmmm…. So should we take from this that the entire US Banking System is about to collapse?
This much we know for certain - you’re being screwed - systematically - to cover the sins of these banksters who made loans to people who they had no reason to believe could pay…
This is the problem with allowing the blatant and outrageous fraud in our system to continue: Those who are prudent, who have done only good and not bad things, get reamed repeatedly and are forced, at gunpoint, to pay for the sins of those who committed that fraud.
Yet we, as Americans, permit this…
Folks, wake the hell up.
Read the whole thing.
Emmanuel Goldstein captured the dynamic well. What happens if “Don’t Tread on Me” becomes “Come and Take It?” What happens if it doesn’t? Federal power apparently knows no other bound.
What builds trust? What destroys it? What store of value is safe? What if the ideas of the Austrian economists are correct?
“At first glance, this may sound like a compassionate stance. However, if enacted, it would destroy the entire health insurance industry, eliminating any private option for health care insurance—which means eliminating health insurance as such. The only remaining option would be government-funded medical care—which is equivalent to putting everyone on medical welfare. Not so compassionate after all.”
“Insurance vs. Welfare” via Wealth is not the Problem.
Please follow this blog, and track health-care-reform items here.
Tagged as:
healthcare
Things are going to get interesting when the anti-statists move from the Gadsden Flag to (one of) the DeWitt Colony’s flag as an emblem of their movement.
Federal power knows no other bound.
Via: Emmanuel Goldstein
Tagged as:
crisis08
![Life Imitating Atlas continues.
Robert Murphy cites “US Pay Czar Says He Can ‘Claw Back’ Exec Pay:”
Asked by Reuters if he could use that ability to target a firm like Goldman Sachs which paid back $10 billion in bailout money, [Pay Czar Kenneth] Feinberg said: “Anything is possible under the law.”
He also writes:
Now pretend for the moment that you are a really talented financial executive, the kind of person that could actually turn AIG or Citi around. Just how insane would you have to be, to sign a contract with them? Chances are, the firm will sink, and on the off-chance that it doesn’t, you will have Chuck Schumer reading your home address during Congressional hearings so that ACORN knows which house to paintball.
Anything is possible. Under the law.
Who is John Galt?
[photo source]](http://www.tumblr.com/photo/1280/fiatch/165251332/1/tumblr_kojox5jC401qzp6bj)
Life Imitating Atlas continues.
Robert Murphy cites “US Pay Czar Says He Can ‘Claw Back’ Exec Pay:”
Asked by Reuters if he could use that ability to target a firm like Goldman Sachs which paid back $10 billion in bailout money, [Pay Czar Kenneth] Feinberg said: “Anything is possible under the law.”
He also writes:
Now pretend for the moment that you are a really talented financial executive, the kind of person that could actually turn AIG or Citi around. Just how insane would you have to be, to sign a contract with them? Chances are, the firm will sink, and on the off-chance that it doesn’t, you will have Chuck Schumer reading your home address during Congressional hearings so that ACORN knows which house to paintball.
Anything is possible. Under the law.
Who is John Galt?
[photo source]
What builds trust? What destroys it? Why do we still pretend?
These clips span more than four years. I ask again: Was the Fed Chairman lying or just totally wrong?
In either case, should we make the financial system yet more fragile and inflexible by adding to the immense power held by this position?
Btw, if you have friends who would like to follow intelligent market analysis and economic insight, refer them to SpongeBob SquarePants before you direct them to CNBC. Ugh.
The value of CNBC derives from two sources:
- Seeing what smokescreens and con games are currently in play; and
- Catching the occasional appearance by Jim Rogers, Marc Faber, Peter Schiff, Dr. Ron Paul, James Grant, et al.
Listen here to the United States Declaration of Independence, authored primarily by Thomas Jefferson, and adopted by the Continental Congress on July 4, 1776.
![The proliferation of czars across the federal government symbolizes the fatal conceit that has taken hold.
Katherine Mangu-Ward writes in “The Lure of the Czars:”
President Barack Obama is taking the practice of naming czars to new heights. As Foreign Policy points out, with the selection of “border czar” Alan Bersin, the Obama administration surpassed the Romanovs in its production of czars. It took those old Russkies 300 years to produce 18 czars. It took Obama less than 100 days.
The czar is a perfect techocratic role—appealing to Obama, who has been much praised for “surrounding himself with smart people.” The appeal of the czar rests on the belief that if we could just figure out the right smart, competent, well-intentioned person to put charge, everything would go more smoothly.
Would you believe we now have a TARP Czar, a Stimulus Czar, and a Car Czar? We do.
This czarist approach is both conceited and futile. It will necessarily underperform markets. Free enterprise simply, clearly does a better job.
It is amazing that our officials idolize the czar position. It is even more startling that American citizens tolerate such arrogant, expensive folly.
Of course, it must feel intoxicating to become a czar. Note the full title of Russian sovereign rulers:
“…according to the article 59 of the Russian Constitution of April 23, 1906, ‘the full title of His Imperial Majesty is as follows: We, ——— by the grace of God, Emperor and Autocrat of all the Russias, of Moscow, Kiev, Vladimir, Novgorod, Tsar of Kazan, Tsar of Astrakhan, Tsar of Poland, Tsar of Siberia, Tsar of Tauric Chersonesos, Tsar of Georgia, Lord of Pskov, and Grand Duke of Smolensk, Lithuania, Volhynia, Podolia, and Finland, Prince of Estonia, Livonia, Courland and Semigalia, Samogitia, Belostok, Karelia, Tver, Yugra, Perm, Vyatka, Bulgaria and other territories; Lord and Grand Duke of Nizhni Novgorod, Sovereign of Chernigov, Ryazan, Polotsk, Rostov, Yaroslavl, Beloozero, Udoria, Obdoria, Kondia, Vitebsk, Mstislavl, and all northern territories; Sovereign of Iveria, Kartalinia, and the Kabardinian lands and Armenian territories - hereditary Lord and Ruler of the Circassians and Mountain Princes and others; Lord of Turkestan, Heir of Norway, Duke of Schleswig-Holstein, Stormarn, Dithmarschen, Oldenburg, and so forth, and so forth, and so forth.’”
Now read about US Auto Czar Ron Bloom who:
according to his not being embroiled in a state-pension-kickback scandal like his predecessor and despite his union ties; by the grace of President Obama, Regulator and Technocrat of all the Automakers, of General Motors, Buick, Cadillac, Chevrolet, Tsar of Chrysler, Tsar of Dodge, Tsar of Jeep, Tsar of Ford, Tsar of Pontiac, Tsar of Hummer, Lord of GMC, and Grand Duke of Autoparts Makers Visteon, Delphi, Williams Controls, AutoZone, and PepBoys, Prince of CarMax, Penske, AutoNation and Advance Auto Parts, US Auto Parts, O’Reilly, Pick-Ups Plus, and other Auto-Parts Retailers; Lord and Grand Duke of Genuine Parts Company, Sovereign of LKQ Corporation, The Coast Distribution System, and All Wholesale Auto-Parts Distributors; Sovereign of Conrad Industries, Harley-Davidson, and the Michigan lands and union territories - Heir of Hoffa, Duke of Washington, D.C., Ohio, Indiana, and so forth, and so forth, and so forth.
It is also worth noting that the Obama administration placed a 31-year-old Yale Law School student with no auto industry experience in charge of restructuring GM. Reportedly, he is a very smart guy.
These arrogant officials should get over themselves and get out of the way. Entrepreneurship is hope and change that yields an open tomorrow. Centralized power is an old, sad, terrible road that leads to a dead end.
And so, forth.
[image source]](http://www.tumblr.com/photo/1280/fiatch/160994322/1/Anhohk1sar11u3uaV3nA8ttX)
The proliferation of czars across the federal government symbolizes the fatal conceit that has taken hold.
Katherine Mangu-Ward writes in “The Lure of the Czars:”
President Barack Obama is taking the practice of naming czars to new heights. As Foreign Policy points out, with the selection of “border czar” Alan Bersin, the Obama administration surpassed the Romanovs in its production of czars. It took those old Russkies 300 years to produce 18 czars. It took Obama less than 100 days.
The czar is a perfect techocratic role—appealing to Obama, who has been much praised for “surrounding himself with smart people.” The appeal of the czar rests on the belief that if we could just figure out the right smart, competent, well-intentioned person to put charge, everything would go more smoothly.
Would you believe we now have a TARP Czar, a Stimulus Czar, and a Car Czar? We do.
This czarist approach is both conceited and futile. It will necessarily underperform markets. Free enterprise simply, clearly does a better job.
It is amazing that our officials idolize the czar position. It is even more startling that American citizens tolerate such arrogant, expensive folly.
Of course, it must feel intoxicating to become a czar. Note the full title of Russian sovereign rulers:
“…according to the article 59 of the Russian Constitution of April 23, 1906, ‘the full title of His Imperial Majesty is as follows: We, ——— by the grace of God, Emperor and Autocrat of all the Russias, of Moscow, Kiev, Vladimir, Novgorod, Tsar of Kazan, Tsar of Astrakhan, Tsar of Poland, Tsar of Siberia, Tsar of Tauric Chersonesos, Tsar of Georgia, Lord of Pskov, and Grand Duke of Smolensk, Lithuania, Volhynia, Podolia, and Finland, Prince of Estonia, Livonia, Courland and Semigalia, Samogitia, Belostok, Karelia, Tver, Yugra, Perm, Vyatka, Bulgaria and other territories; Lord and Grand Duke of Nizhni Novgorod, Sovereign of Chernigov, Ryazan, Polotsk, Rostov, Yaroslavl, Beloozero, Udoria, Obdoria, Kondia, Vitebsk, Mstislavl, and all northern territories; Sovereign of Iveria, Kartalinia, and the Kabardinian lands and Armenian territories - hereditary Lord and Ruler of the Circassians and Mountain Princes and others; Lord of Turkestan, Heir of Norway, Duke of Schleswig-Holstein, Stormarn, Dithmarschen, Oldenburg, and so forth, and so forth, and so forth.’”
Now read about US Auto Czar Ron Bloom who:
according to his not being embroiled in a state-pension-kickback scandal like his predecessor and despite his union ties; by the grace of President Obama, Regulator and Technocrat of all the Automakers, of General Motors, Buick, Cadillac, Chevrolet, Tsar of Chrysler, Tsar of Dodge, Tsar of Jeep, Tsar of Ford, Tsar of Pontiac, Tsar of Hummer, Lord of GMC, and Grand Duke of Autoparts Makers Visteon, Delphi, Williams Controls, AutoZone, and PepBoys, Prince of CarMax, Penske, AutoNation and Advance Auto Parts, US Auto Parts, O’Reilly, Pick-Ups Plus, and other Auto-Parts Retailers; Lord and Grand Duke of Genuine Parts Company, Sovereign of LKQ Corporation, The Coast Distribution System, and All Wholesale Auto-Parts Distributors; Sovereign of Conrad Industries, Harley-Davidson, and the Michigan lands and union territories - Heir of Hoffa, Duke of Washington, D.C., Ohio, Indiana, and so forth, and so forth, and so forth.
It is also worth noting that the Obama administration placed a 31-year-old Yale Law School student with no auto industry experience in charge of restructuring GM. Reportedly, he is a very smart guy.
These arrogant officials should get over themselves and get out of the way. Entrepreneurship is hope and change that yields an open tomorrow. Centralized power is an old, sad, terrible road that leads to a dead end.
And so, forth.
[image source]
![Reportedly, The Federal Reserve has already begun monetizing the US Treasury’s debt:
“The speed of the shell game is accelerating.”
Chris Martenson (via Karl Denninger and Robert Murphy)
What’s the term for making promises you know you cannot keep? These days, it’s apparently about 7 years at 3 1/4%.
[photo source]](http://www.tumblr.com/photo/1280/fiatch/160949785/1/Anhohk1sar0zca7cxTDiXLuy)
Reportedly, The Federal Reserve has already begun monetizing the US Treasury’s debt:
“The speed of the shell game is accelerating.”
Chris Martenson (via Karl Denninger and Robert Murphy)
What’s the term for making promises you know you cannot keep? These days, it’s apparently about 7 years at 3 1/4%.
[photo source]
President and World War II General Dwight D. Eisenhower warned against the “military industrial complex” in 1961:
“The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes.”
He advised this defense:
“Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals so that security and liberty may prosper together.
“Only an alert and knowledgeable citizenry…”
Tagged as:
history
http://fiatch.com/mobile»
I changed themes. I hope you like it. I do.
You can now use the above link on your iPhones and such.
According to Robert Wenzel, life is now imitating Atlas into its later, more perilous chapters. What happens next?
![Also add:
Brooks Brothers Brigade!
Hijacker!
Racist!
Terrorist!
These rolling ad-hominem attacks confess intellectual weakness. These officials and their media proxies are afraid.
They should not fear their fellow citizens. It is, though, appropriate for them to wonder if perhaps all this attention threatens their boondoggling and bad ideas.
“All tyranny needs to gain a foothold is for people of conscience to remain silent.”
We are well past the foothold stage. What are you prepared to do with your voice?
[source: Nate Beeler’s “In Defense of Dissent on Health Care Reform” via Washington Examiner, HT Instapundit]](http://www.tumblr.com/photo/1280/fiatch/159411534/1/Anhohk1saqxzex4uio97tW3V)
Also add:
These rolling ad-hominem attacks confess intellectual weakness. These officials and their media proxies are afraid.
They should not fear their fellow citizens. It is, though, appropriate for them to wonder if perhaps all this attention threatens their boondoggling and bad ideas.
“All tyranny needs to gain a foothold is for people of conscience to remain silent.”
We are well past the foothold stage. What are you prepared to do with your voice?
[source: Nate Beeler’s “In Defense of Dissent on Health Care Reform” via Washington Examiner, HT Instapundit]
