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?

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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.