Monday, March 22, 2010

OK, No More $ To Charities (Or Banks Or Goods From China)

I figure that if they are gonna whack me for everything I got to fund everything I am already not funding, so I'll quit funding what I voluntarily fund and maybe in the end it will be a wash? Look I'm all for the sheeple getting what they need as far as HC is concerned. That's good. What I am not for is the rapid expansion of the welfare state. What I am not for is higher priced drugs so we can pump stock prices and to subsidize other countries needs on what they get to pay for medicine. We are TAPED OUT!

I'm tired of paying the friggin bill for everyone else. You do realize we are doing this thru deficit spending (supporting the rest of the world and neglecting our needs). You do realize that with the debt/GDP ratios this won't work for long. You do realize that the "president" has broken numerous campaign promises (actually I think he's kept his word on about 5% of what he said) mainly the most recent one about no tax increases. Desperate times require desperate measures, that is why we just passed a damn HC bill in the face of the greatest financial disaster any of us will ever experience while in the meantime they allow the banks to run off with something like $23 T of your money and mine. Nice, and you wonder why I get so bitchy.

I did not spend much time today with the news, but a quick glance at Zero Hedge and you know two things 1) Marla and TD are back and 2) the pile of crap is getting deeper by the minute. Tonight's nugget from ZH is this post that is going top make the bull turned bear "China is in a bull market" Cramer look like an even bigger moron than he already does. Stunner: China Set To Announce Record Trade DEFICIT In March."Perhaps this finally explains where all the excess liquidity has gone: with China now not exporting to the US consumer, it has instead re focused on its own "middle" class. This means that Chinese administrators are much more focused on maintaining a stable economy, and will be much more concerned about economic overheating, which goes in line with the recent indications of material liquidity tightening out of Beijing. Market News reports that the actual deficit will come in at $8 billion for March, the first deficit since April 2004, when the gap was $2.26 billion

Denninger covers the nuts and bolts of the new HC bill (cause I guess he's the kind of guy who reads this stuff in bed - thank goodness someone does) in Health Care: Arbitrage Obama And The Dems. "Businesses will be dropping people like flies from business-covered "insurance"; there will be no reason for anyone as an employer to be providing this "benefit" into an environment where insurance prices will double - and probably double twice - in the next four years.  If you think not, look at what was done to credit-card holders in front of the provisions of the CARD act going into effect." 

naked capitalism has The Beginning of the End of the Eurozone As We Know It? I told you Greece was not over and the remaining PIIGS will be at the trough sooner or later. "The pressure has not simply put the rescue of Greece into disarray, but appears to have led to some positions being taken that, if they hold, look likely to lead to the partial dissolution of the monetary union. This development would have far-reaching ramifications which are far from well understood, to put it mildly" I suggest you take a look at this. The EU will be different and it will have a dramatic effect.

Washington's blog brings you People Now Trust Bankers Less than Random People on the Street. I have distrusted the bankers for years. They do nothing but prey on you and me for fees and the sale of any instrument that will lock up your assets for the longest period of time (good or not). I hate 'em cause they are raping America and the sheeple of every asset they have. They may be a necessary evil, but hopefully that will change in the near future. "Of course, banks could be untrustworthy in regards to some things - such as valuing their assets, keeping hundreds of billions of dollars worth of liabilities hidden in off-balance sheet sivs, using Repo 105s and other gimmicks to misrepresent their financial health, and doing things like pushing investments to their mom and pop clients while shorting those same investments - and yet be honest in processing normal depository transactions."

Jo Bonner Speaks Against Speaker's Health Care Bill - I thought this was quite nice and you should hear it if you have not. "in hopes the anger will go away. Let me assure you it will not." Damn right it won't. Election season is gonna be a blast this year.

GN and GL!