I've heard lots of dire warnings about the automatic cuts that come into play if the Stupor Committee can't get anything accomplished. "It'll mean $500 billion out of Defense and $500 billion out of Medi$care!"
...$50 billion per year for ten years.
#1: Defense's budget this year is $750 billion. Cutting $50 billion means a reduction of 7%. Medi$care's budget is of a similar size.
#2: Even if the cuts are allowed to stand, it doesn't mean that next year they will continue, and this cannot bind whatever Congress is sworn in once January of 2013 comes around. So the "automatic" savings are only going to be in effect for one year regardless.
#3: Out of a total budget deficit of $1,300 billion, this means saving exactly $100 billion, thus lowering the budget deficit to $1,200 billion. Instead of having to borrow $108.3 billion per month over the next year, the federal government will only have to borrow $100 billion per month.
None of this--none of it--amounts to a damned thing.
But it gets better:
By the weekend, news reports indicated that the congressional Super Committee was closing in on an agreement. The deficit-cutting panel is mandated to trim at least $1.2 trillion in federal spending over the next ten years and, failing an agreement, automatic cuts would begin in 2013, after the national elections.Emphasis added.
Know what that means?
January 2013: the new Congress is sworn in, and the first bill sent to the floor rescinds the automatic cuts thus cutting exactly $0.00 from the federal budget.
Regardless of who is in control of Congress, regardless of who's in the White House, that bill will pass and it will be signed into law.
$1,200 billion over ten years is nothing--see #3 above--and it doesn't fix the basic problem that the federal government is spending money it doesn't have. It's cutting $1,200 billion from a ten-year accumulation of about $13,000 billion worth of debt.
It is all tap-dancing, smoke, and mirrors. And it's a show put on by both Democrats and Republicans.
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In that vein, DOOM!
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WORM hits it on the head:
It occurs to me that, since this Sandusky thing, we’ve not heard a peep about the evil Boy Scouts and their ban of gay Scoutmasters. Fine, I’ll be the brave one: it’s time for the Boys to allow homosexual men to take them camping. After all...After all, Sandusky ran a charity that helped "at-risk" boys, right?
...what’s the worst that could happen?
I wonder what they were "at-risk" of? Keeping their anal virginity past puberty?
No no no, that was a cheap shot. Of course they weren't at risk of that. They were at risk of growing up in ignorance of what it was like to be Greek in antiquity! That's right: it wasn't molestation, it was applied classics! *rimshot*
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Same source: Japan has warned its citizens to stay away from Zucotti Park.
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There's an "epidemic" of bullying because gay kids come out of the closet and get bullied. This is the only reason the left gives a rat's ass about it.
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Karl Denninger says, "This is getting bad."
And the follow-up post, simply titled "Oh Crap".
A certain financial firm has ceased to do business, voluntarily, because the failure of MF Global has demonstrated that "rule of law" has more-or-less ceased to have any effect on the doings on Wall Street. Quoth the woman running the firm:
The futures and options markets are no longer viable. It is my recommendation that ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity. The system is no longer functioning with integrity and is suicidally risk-laden. The rule of law is non-existent, instead replaced with godless, criminal political cronyism.Emphasis hers, and rightly so. There's no apparent way to link to the exact post that contains the quote, but it's all worth reading anyway if you've got the time. It's posted under "BCM Has Ceased Operations (Part 2)".
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Incidentally--also from Market Ticker--the first crack in the government's attempt to cover for the mortgage industry has appeared.
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Pedobear approved underwear.
...[M]uch of the store's wares are clearly for young children and she was shocked to find the crotchless panties near "cuddly little backpacks and perky little princess dresses."So your "perky little princess" can be ready for action any time!
I'm going to move to Montana and live in a shack now. I can't take the stupidity of our society any longer.
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$99 with ads. The ads might not be a bad thing if other reports I've seen are to be believed. Apparently the regular Kindle shows junk on its screen when it's idle--faux woodcuts and what have you--so I suppose that means that the ads on the cheaper Kindles are not all that intrusive after all. I could live with that, I think.
The reviewer recommends the non-touch version for users who only plan to read with the thing; the non-touch version is $80 with ads and $109 without.
$99 is less than I paid for my Aluratek. *sigh*
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Well, I've got choir practice, so I'd better get moving.