Make My Tea Hard

Posted on July 15, 2012 by DRenegade

A recent article by TL Davis concerning the Tea Party’s status as “nothing more than a minor-league Republican support group” had a comment concerning the TEA Party as opposed to the Tea Party. This comment was the catalyst for this post as well as some personal actions on my part. So let’s get to it.

There are three Tea Party movements in this country presently: the TEA Party, the Tea Party and the Hard Tea Party. Yes, this is my opinion and there will be disagreement, the never ceasing personal attacks and even some agreement. And yes, I have been told by a few “TEA Party” leaders that I do not understand the Tea Party: I wear that criticism as a badge of honor.

1. The TEA Party

TEA in this case stands for Tax Enough Already. This group’s main focus is the reduction of taxation in the country so that they can keep more of their money. Fine. But this will not restore our nation’s principles or provide freedom for our children. Taxation without representation was the reason for our Revolution but we must look deeper. The real reason as outlined by George Washington was slavery: the theft of wages with no recompense is slavery and all men are free as guaranteed by God’s natural laws. This group is not concerned about natural laws; they are only concerned with greed and material possessions. How do I know? I asked them. Samuel Adams provides guidance for this movement: Continue reading →

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Tillis and Lewis Defend Art Williams on FB then Delete Posts and Un-friend Blogger

Posted on July 15, 2012 by DRenegade

In a candid exchange on Facebook with Truth or Dare, Speaker of the House Thom Tillis and Representative and National Republican Committeeman David Lewis defended Arthur Williams publicly once again and inserted themselves unnecessarily, once again, into our local House race. Tillis then deleted this blogger’s comments as well as some of his own, saying that Truth or Dare’s posting of these comments represented behavior that diverted attention from more important issues. Tillis then banished this blogger to the land of un-friends.

In the posts, David Lewis compared Arthur Williams to Ronald Reagan and Tillis defended his intrusion into the NC6 race. Probably realizing that he’d stepped into it once again, Tillis removed certain comments from the thread, including my comments and some of his own, and un-friended me. Fortunately, technology being what it is, Truth or Dare captured the full exchange before it disappeared from Facebook. It is posted below for your reading pleasure. You can still find parts of these comments on Tillis’ personal FB page, at least for now.

Note, this was captured via three screen shots. This exchange took place beginning at 10:30am, Sunday, July 15th and ended just before 11am.

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The Politicians Have To Stop Doing What They Have Done Since WWII

Posted on July 15, 2012 by DRenegade

In an interview on Bloomberg TV, RDM Financial’s Ron Weiner summarizes the thing that keeps him up at night as in over thirty years he has never seen “The fate of the world economy rests so much on politicians.” Pointing out the sad reality that since WWII the US has always spent more than it earns; he warns that if the politicians don’t make it right, then “the markets will!” The heuristic bias to accept the spending status quo, as for most young-to-middle-aged people ‘it has always been this way’ – just like rising home prices (and the current hope-for-a-housing-recovery myth – which Bloomberg’s Joe Brusuelas destroys in a single-chart of shadow inventory and discussion of the opacity of bank balance sheets), is so entrenched, thanks to the last sixty years or so of ‘growth’, that when asked ‘if it is possible to cut spending’, he replies “you have to!” and if it’s not politically possible then once again “the market will take care of it”. This brief three minute clip reminds us of the disbelief and head-in-the-sand mean-reverting bias so widespread in developed nations (citizens and politicians) and summarily dismisses it with a reminder that ‘it just has to be reasonable men that we elect to do it” – and better that than let the market force their hand.

Weiner’s epic (and realistic) rant is the first 2:30 followed by Joe Brusuelas’ destruction of the housing market recovery myth:

Source

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Political Ideology Reflects Poll Results on the Internet

Posted on July 14, 2012 by DRenegade

The president’s approval index is -16% but this does not seem to be impacting the polls where Obama is in the lead.

The links to presidential poll results seem to depend on the ideology of the site. The left points to the Pew Poll which shows the best results for the Obama camp. The right points to the Gallup poll showing a tie. The main polling centers are shown below last courtesy of Real Clear Politics.  Continue reading →

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Occupy LA Rising Up?

Posted on July 14, 2012 by DRenegade

A confrontation in downtown Los Angeles late Thursday between police and Occupy L.A.protesters appeared to have stemmed from a sidewalk chalk-drawing demonstration, witnesses said.

At least two officers were injured and several arrests had been made.

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Israel advised to brace for Syrian missile attack – conventional or chemical

Posted on July 14, 2012 by DRenegade

Syrian missiles capable of carrying chemical weaponsAs the already unthinkable pace of slaughter in Syria accelerates further, Western military sources warned Saturday, July 14, that not only Israel, but additional strategic targets in Middle East lands deemed enemies by Bashar Assad should prepare for him to launch surface-to-surface missile attacks. The assaults would start out with conventional warheads, but as the regime continued to be hammered, the beleaguered ruler might well arm the next round of missiles from his huge stockpile of mustard gas – not to mention sarin nerve poison and cyanide.

Western intelligence sources say Assad has a list of targets ready to go. Analyzing the Syrian war game taking place last week, they calculated that Wednesday and Thursday, July 11 and 12, the Syrian army practiced shooting missiles at strategic centers in Israel, Turkey and Jordan.

But while most Western officials now confirm that Assad has moved his WMD warheads and shells out of storage, they are already divided on what it means. Some US officials are soft-pedaling the menace, offering the theory that the Syrian ruler is only safeguarding his unconventional weapons from falling into rebel – or what he calls “terrorist” – hands.

Other Western intelligence watchers, especially in Britain, believe he is preparing a campaign of ethnic cleansing at centers of revolt and report that chemical weapons have already been transferred to Homs, Latakia and Aleppo for operational use.

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Wayne LaPierre Fights for the Second Amendment Before the United Nations

Posted on July 14, 2012 by DRenegade

httpv://www.youtube.com/watch?v=yq0FnVNUrXI

From YouTube:

NRA Executive Vice President and CEO Wayne LaPierre delivers remarks before the United Nations Arms Trade Treaty Conference – For more information, go to: http://www.nraila.org/news-issues/news-from-nra-ila/2012/07/wayne-lapierre-de… – NRA News – July 11, 2012 –http://www.NRANews.com

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Food crisis fears as US corn soars

Posted on July 14, 2012 by DRenegade

Is the world on the brink of another food crisis?

It has become a distressingly familiar question. With the price of agricultural staples such as corn, soyabeans and wheat soaring for the third summer in five years, the prospect of another price shock is once again becoming a prominent concern for investors and politicians alike.

The debate marks a dramatic shift from just a few weeks ago, when traders were expecting bumper crops and policy makers were comforting themselves that – if nothing else – falling commodity prices would offer some relief to the troubled global economy.

But since then, scorching heat and a paucity of rain across the US has withered the country’s corn and soyabean crops, with the US Department of Agriculture this week making the largest downward revision to its estimate for a corn crop in a quarter of a century.

The US is crucial to supplying the world with food: the country is the largest exporter of corn, soyabeans and wheat, accounting for one in every three tonnes of the staple grains traded on the global market.

Prices for this year’s corn crop, deliverable in December, have jumped 44 per cent in a month, wheat has rallied 45 per cent, and soyabeans 17 per cent.

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What Is the Truth Behind Automobile Sales?

Posted on July 13, 2012 by DRenegade


General Motors released a report to investors stating the June auto sales were up 16%:

GM Reports June U.S. Sales up 16 percent

DETROIT – General Motors Co. (NYSE: GM) today reported June sales of 248,750 vehicles in the United States, up 16 percent year over year and the company’s highest sales since September 2008. Chevrolet, Buick, GMC and Cadillac all reported double-digit increases.

“Across the board, June was a strong month for GM,” said Kurt McNeil, vice president, U.S. Sales Operations. “The combination of new products, available credit, lower fuel prices and modest economic growth was a stronger influence on consumer behavior than economic and political uncertainty.”

For the month, GM passenger car sales were up 12 percent year over year, thanks to a 32 percent increase in Chevrolet Malibu sales and a 21 percent increase in Buick LaCrosse sales.

Combined sales of all seven Chevrolet, Buick, GMC and Cadillac crossovers were up 30 percent versus a year ago.

Truck sales were up 11 percent, with all pickup, van and SUV segments up year over year. Continue reading →

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Producer Prices Unexpectedly Climb in June

Posted on July 13, 2012 by DRenegade

Producer prices unexpectedly rose in June despite big drops in energy prices, a sign that some inflation pressures could keep the Federal Reserve on guard.

The Labor Department said on Friday its seasonally adjusted producer price index rose 0.1 percent last month. Analysts polled by Reuters expected the index to drop 0.5 percent.

The increase was driven by gains in consumer goods like household appliances, light trucks and pet food.

That led so-called core inflation, which strips out more volatile food and energy prices, to rise 0.2 percent, in line with expectations.

While overall inflation has cooled recently, core inflation has held at higher levels. Some policymakers at the Fed worry that further moves to lower borrowing costs could fuel higher inflation, though the central bank has said it was ready to do more to help the economy if needed.

Energy prices dropped 0.9 percent in June, dragged down by a record drop in prices for residential electric power, which fell 2.1 percent. Diesel fuel prices sank 8.8 percent.

The fall in energy prices is likely to help the economy as lower costs for fuels and other input prices leave companies more money to spend on other things, such as equipment or even hiring.

Source

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Syria takes WMD out of storage: US: Situation incredibly dangerous

Posted on July 13, 2012 by DRenegade

Syrian missile drillAs part of its ongoing war maneuver, Syria Thursday, July 12, this week drilled the firing of advanced Scud D ballistic missiles capable of carrying chemical weapons and nerve gas – a clear message from Bashar Assad that weapons of mass destruction are now in play to save his regime.

American officials, alarmed by the movement out of storage of parts of his vast arsenal of sarin nerve agent, mustard gas and cyanide, warned it could escalate the Syrian conflict and expand it to other parts of the region.  “This could set the precedent of WMD [weapons of mass destruction] being used under our watch,” one U.S. official said. “This is incredibly dangerous to our national security.” The Obama administration has begun to hold classified briefings about the new intelligence.

DEBKAfile’s military sources say that two developments drove the Syrian president Bashar Assad to this extreme threat:

1. The rebels were discovered to have procured roadside bombs capable of crippling the T-72 tank units he has just tried injecting into the battle for the first time this week. Tanks sent in long convoys into Aleppo and the suburbs of Damascus were blown up.

2.  The balance of war has reached the point that the government controls only those parts of the country where heavy military or security forces contingents with massive fire power are deployed; elsewhere, the rebels have the upper hand.

In the course of its war exercise, the Syrians fired a selection of ground-to-ground missiles which they described as capable of “hitting targets deep within enemy territory.” Our military sources say all the Scuds, the M-600, Fateh-110 and Zelzal can reach any point in Israel. They also tested upgraded C-802 shore-to-ship rockets.

American officials revealed Thursday in Washington that “Syria has begun moving parts of its vast arsenal of chemical weapons out of storage facilities.” They didn’t say to where they were moved.

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JP Morgan Admits That CIO Group Consistently Mismarked Hundreds Of Billions In CDS In Effort To Artificially Boost Profits

Posted on July 13, 2012 by DRenegade

JP Morgan Releases Earnings: Announces $4.4 Billion CIO Loss, $3.1 Billion In “Profits” From Loan Loss Reserves, DVA

From Zerohedge.com:

Back on May 30 we wrote “The Second Act Of The JPM CIO Fiasco Has Arrived – Mismarking Hundreds Of Billions In Credit Default Swaps” in which we made it abundantly clear that due to the Over The Counter nature of CDS one can easily make up whatever marks one wants in order to boost the P&L impact of a given position, this is precisely what JPM was doing in order to boost its P&L? As of moments ago this too has been proven to be the case. From a just filed very shocking 8K which takes the “Whale” saga to a whole new level. To wit: ‘the recently discovered information raises questions about the integrity of the trader marks, and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses being incurred in the portfolio during the first quarter. As a result, the Firm is no longer confident that the trader marks used to prepare the Firm’s reported first quarter results (although within the established thresholds) reflect good faith estimates of fair value at quarter end.”

As a result of this, regulators who now are only 3 years behind the curve, most likely snooping to inquire not only how JPM did it, but who else has been doing this? Hint: everyone.

Full filing:

On July 13, 2012, JPMorgan Chase & Co. reported that it will restate its previously-filed interim financial statements for the first quarter of 2012. The restatement will have the effect of reducing the Firm’s reported net income for the 2012 first quarter by $459 million. The restatement relates to valuations of certain positions in the synthetic credit portfolio of the Firm’s Chief Investment Office. The Firm’s year-to-date principal transactions revenue, total net revenue and net income and the year-to-date principal transaction revenue, total net revenue and net income of the Firm’s Chief Investment Office (“CIO”) will remain unchanged as a result of the restatement. The Firm reached the determination to restate on July 12, 2012, following management review of the matter with the Audit Committee of the Firm’s Board of Directors on the same day.

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GRNC Responds to WRAL Publication of Handgun Permit Information

Posted on July 13, 2012 by DRenegade


The WRAL article seems harmless at first. “Rural areas lead in concealed weapons permit rates,” says the title. Indeed, the article itself is fairly neutral. But the bombshell lies within. Under a section entitled “Find concealed carry permit holders in your area,” the station thoughtfully provides a database of concealed handgun permit-holders, searchable by address.

Although the search engine doesn’t provide the names or street numbers of permit-holders (at least not yet), the fact that many small streets contain only a few homes subjects gun owners to burglary and other criminal predation. So far, the station’s official dodge is that the information is public record. What they don’t say is that the information is otherwise only available by a request in writing from the State Bureau of Investigation, not as a “criminal-friendly,” address-searchable web link.

Below is GRNC president Paul Valone’s message to the WRAL staffer tasked with responding to input. What happens next is up to them. Feel free to add your input by contacting: Kelly Hinchcliffe, Investigates/Special Projects Producer, WRAL.com, khinchcliffe@wral.com, 919-821-8549.

Continue reading →

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Two and Counting: New Jersey to Consider Obamacare Nullification

Posted on July 13, 2012 by DRenegade

On the heels of a recent announcement that Oklahoma State Representative Mike Ritze would be introducing legislation to nullify the Affordable Care Act, New Jersey Assemblywoman Alison Littell McHose (R- Sussex) has verified with the Tenth Amendment Center that she has a bill pending which would do the same.

Assembly Bill 861 (A861) would “Render the federal “Patient Protection and Affordable Care Act” null and void in New Jersey”

In a statement to the Tenth Amendment Center, McHose indicated that trusting the federal courts to fix federal problems isn’t working. She said, “Americans were always misguided to trust the good intentions of the unelected Court. The Court being the failsafe of the establishment.” Continue reading →

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Moody’s Downgrades Italy’s To Baa2 From A3, Negative Outlook

Posted on July 12, 2012 by DRenegade

Just like Spain before everyone took the country to a Sub-A rating, Fitch is once again the decider. S&P has Italy at BBB+, and Now Moody’s just took italy under A to Baa2; only Fitch is still at A-, outlook negative. When all three rating agencies go sub A, there is a 5% ECB repo hike as we explained back in April.

From Moody’s

Frankfurt am Main, July 13, 2012 — Moody’s Investors Service has today downgraded Italy’s government bond rating to Baa2 from A3. The outlook remains negative. Italy’s Prime-2 short-term rating has not changed.

The decision to downgrade Italy’s rating reflects the following key factors:

1. Italy is more likely to experience a further sharp increase in its funding costs or the loss of market access than at the time of our rating action five months ago due to increasingly fragile market confidence, contagion risk emanating from Greece and Spain and signs of an eroding non-domestic investor base. The risk of a Greek exit from the euro has risen, the Spanish banking system will experience greater credit losses than anticipated, and Spain’s own funding challenges are greater than previously recognized.

2. Italy’s near-term economic outlook has deteriorated, as manifest in both weaker growth and higher unemployment, which creates risk of failure to meet fiscal consolidation targets. Failure to meet fiscal targets in turn could weaken market confidence further, raising the risk of a sudden stop in market funding.

At the same time, Moody’s notes that the sovereign’s current Baa2 rating is supported by significant credit strengths relative to other euro area peripheral economies, including (1) maintenance of a primary surplus, (2) large and diverse economy that can act as an important shock absorber in the current crisis, and (3) substantial progress on the structural reforms which, if sustained in the coming years, could improve the country’s competitiveness and growth potential over the medium-term.

RATINGS RATIONALE

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