150 Economists Back US Republicans In Debt Fight

More than 150 economists back U.S. House of Representatives Speaker John Boehner’s call to match any increase in the debt limit with spending cuts of equal size, according to a letter released by the Republican leader’s office Wednesday.

The letter will give Boehner an important talking point as he and his fellow House Republicans meet with President Barack Obama at 10 a.m. to discuss the debt limit and other fiscal issues.

The American people also back him, 9:1 ….

Anybody see the Tea Party hand in this caper?

Housing Index Is Expected to Show a New Low in Prices

LOL … ‘Double-Dip’ in Housing Prices Even Worse Than Expected

The desire to own your own home, long a bedrock of the American Dream, is fast becoming a casualty of the worst housing downturn since the Great Depression.

Even as the economy began to fitfully recover in the last year, the percentage of homeowners dropped sharply, to 66.4 percent, from a peak of 69.2 percent in 2004. The ownership rate is now back to the level of 1998, and some housing experts say it could decline to the level of the 1980s or even earlier.

Disenchantment with real estate is bound to swell further on Tuesday when the most widely watched housing index is all but guaranteed to show that prices of existing homes sank in March below the lows reached two years ago — until now the bottom of the housing crash. In February, the Standard & Poor’s/Case-Shiller index of 20 large cities slumped for the seventh month in a row.

Housing market nose dives:

Tales of the Red Tape #12: Regulatory Grapes of Wrath

In the 1939 movie You Can’t Cheat an Honest Man, W. C. Fields demands to know “What contemptible scoundrel stole the cork from my lunch?!” If asked today, the answer might well be Congress. Dozens of Members are backing legislation that would allow states to prohibit consumers from making interstate purchases of wine.

Proponents of the bill claim that their motives are as pure as a fine pinot—i.e., to secure state sovereignty. But the proposed Community Alcohol Regulatory Effectiveness Act is actually a cynical attempt to sidestep a 2005 ruling by the U.S. Supreme Court that struck down such wine sale prohibitions in Michigan and New York. In Granholm v. Heald, a majority of justices wisely held that banning out-of-state wineries from shipping directly to Michigan consumers violated the Constitution’s Commerce Clause. Continue reading.

Should have read Justice Kagan’s most scholarly work it’s an article in the Harvard Law Review “Presidential Administration” or how to implement socialism in the USA by presidential jiggering of the rules and regulations layed out by giant “Communist Russia style bureaucracy. Princeton has hidden her college thesis behind a $57 dollar pay-wall.

What were Kagan’s own ideas?

61% Favor A State Law That Would Shut Down Repeat Offenders Who Hire Illegal Immigrants

You notice the lamestream isn’t talking about this? And why was the U.S. Chamber of Commerce the one who filed suit? Curious that they would be the most anti-American worker of the bunch. Maybe this is why unemployed Americans is so high.

Hey we know how VOTE FOR ME “Open Borders Obama” feels about illegals .

The U.S. Supreme Court late last week upheld the legality of an Arizona law cracking down on employers who hire illegal immigrants, i.e. Employer Sanctions, and most voters support having a similar law in their own state.

A new Rasmussen Reports national telephone survey finds that 61% of Likely U.S. Voters favor a law in their state that would shut down companies that knowingly and repeatedly hire illegal immigrants. Just 21% oppose such a law, and another 18% are undecided. (To see survey question wording, click here.)

If it’s in the news, Rasmussen Reports has the details.

Obama: How To Raise The Oil Price And Raise Gasoline Prices

One of the first actions the Obama team took when it assumed office in was to direct Secretary of the Interior Salazar to cancel 77 shale oil and gas leases in Utah. The next year they canceled 61 onshore leases in Montana. TheGreen River shale formation in Utah, Wyoming, and Colorado, has an estimated 800 billion barrels of oil, which is three times the proven reserves of Saudi Arabia. Federal law prohibits drilling for most of these resources. In the Bakken oil shale formation in the Dakotas, there are an estimated 20 billion barrels of oil.

In the Marcellus shale formation in West Virginia, Pennsylvania, and New York, there
could be as much as 500 trillion cubic feet of natural gas, the largest natural gas field in
the world.

This chart from the US GeologicalSurvey …

How about that hopey changey thing working out for you? You like the $4 a gallon gasoline? Thank Obama.

As this charts below shows, the USA has all the fossil fuel it needs for 100s of years.

And then the other day Obama said that the USA production of oil is the largest ever. Well that was just a lie …

Peaked with Jimmy Cater as as he shut production down it’s been going down ever since. So isn’t the real question why does the USA give hundreds of billions of dollars to Saudi Arabia each year?

Obama Is Lighten Rod After Electoral Drubbing, At G-20 Conference

Well what did you expect? The defeated former leader now sees the consequences of what he has purposely done to the American economy thrown in his face:

President Barack Obama defended US efforts to promote growth Thursday as he faced a test of his leadership mettle at a G20 summit heralded by fierce global criticism of American economic policy.Entering the most contentious economic summit yet of his crisis-scarred presidency, Obama was playing the unusual role of lightning rod for foreign anger soon after he was weakened at home by a mid-term election defeat.

The president vowed to continue efforts to ignite the slumbering US economic engine, despite lashing foreign critiques of the Federal Reserve’s plan to pour 600 billion dollars into the US economy.

“In a prudent, stable way, we want to make sure that we are boosting growth rates at home as well as abroad,” Obama told reporters ahead of a summit that is exposing widely differing views on how to sustain the global recovery.

China has led criticism of the Fed’s move, branding it indirect currency manipulation, returning fire after complaints from US officials at what they argue is the artificially low value of the Chinese yuan.

Imam Obama’s Economic Destrutction Continues, Unabatted

The CBO reports — Deficit to hit 9.1% of GDP,

The budget deficit will hit $1.342 trillion this year, the Congressional Budget Office forecast on Thursday, down slightly from its March projection of $1.368 trillion, according to a government source.CBO, the Congress’ nonpartisan budget analyst, also forecast a $1.066 trillion deficit for fiscal year 2011, which begins on October 1, up slightly from the March estimate of $996 billion.

The numbers show that without significant changes in U.S. tax and spending laws, Washington will struggle to dig its way out of a deficit hole that is expected to play a major role in this year’s Nov 2 midterm congressional elections as American anxiety about the economy grows.

Weekly unemployment is running 450-500,000, the economic destruction of the US economy is ongoing. And it’s all on purpose.

Unemployment

The BLS has announced that as a result of the Labor Day weekend, 9 states (among which the biggest one California) did not report initial claims data to the bean counters, so instead the government had to “estimate” what the data would have been: yep, estimate, what the data was in these nine states.

From Bloomberg: “For the latest reporting week, nine states didn’t file claims data to the Labor Department in Washington because of the Labor Day holiday earlier this week, a department official told reporters. California and Virginia estimated their figures and the U.S. government estimated the other seven.”

The US economic data reporting has just entered the Obama Regime  twilight zone — So the numbers are hot air … But still high.  And if you examine the data you find the facts are ugly, no jobs being created –  not the cheery news being played out in the lamestream.

Louisiana Voters Think Bush Did a Better Job of Handling Crisis Than Obama by 54%-33%

Louisiana has face two major crisis in recent years. The first was hurricane Katrina handled by former President Bush. The second was the Gulf oil spill handled by current President Obama. A PPP poll asked likely voters who they think is better at handling crisis, Obama or Bush. 54% chose President Bush. Only 33% picked President Obama.

81% of Louisiana voters support offshore drilling, despite what the federal government fiasco did to their state.

Recovery Summer, Bust

GDP revised down — The Commerce Department on Friday will revise its estimate for economic growth in the April-to-June period and Wall Street economists forecast it will be cut almost in half, to a 1.6 percent annual rate from 2.4 percent. Allegedly, the economy grew 3.7% in the first quarter 2010. And then they revise those estimates again next month, so that is three revisions/estimates that they get to fiddle with, this is the second, before they are supposed to put out the real numbers … We’ll have to wait and see… But with this bunch, don’t count on it.

BTW, 1.6% is barely above tread water. It’s what the socialist-Communist economies of Europe do, 12% unemployment forever, and GDP growth around 0% — year after year.

Communists like Obama are so smart aren’t they? At least they think they are…

Did you know that young people are the most gullible to the Commie Obama sales pitch? Do you know what Keynesian Economics is? Did you know Venezuela is running about a 30% inflation rate? Did you know that in Venezuela, crime is skyrocketing, so high in fact the Hugo Regime forced the state run media in Venezuela to stop reporting on it?

Hey look, I voted for Jimmy CArter, and watched him destroy the economy, so I have some history on how it works.

Meanwhile, here is a look inside at how Keynesian Economics works — it’s not working.