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Showing posts from September, 2010

Trimming gold

If you've had a responsible 5% - 10% portfolio allocation to gold and silver and the miners, it's now grown to an oversized position. I've been trimming recently where I could do so without triggering serious tax consequences. I'm only selling ETF and miner positions, of course. I'll never give up the physical.

I even bought Oct 125 GLD puts today, a little speculative bet on a pullback.

I'm probably early, but it never hurts to take a little off the table.

Dirty Fed leaks information to favored elites so they can trade ahead of the public

There's no better word for this than "kleptocracy":

To the outside world, the Federal Reserve is an impenetrable fortress. But former employees and big investors are privy to some of its secrets -- and that access can be lucrative.

On August 19, just nine days after the U.S. central bank surprised financial markets by deciding to buy more bonds to support a flagging economy, former Fed governor Larry Meyer sent a note to clients of his consulting firm with a breakdown of the policy-setting meeting.

The minutes from that same gathering of the powerful Federal Open Market Committee, or FOMC, are made available to the public -- but only after a three-week lag. So Meyer's clients were provided with a glimpse into what the Fed was thinking well ahead of other investors.

His note cited the views of "most members" and "many members" as he detailed increasingly sharp divisions among the officials who determine the nation's monetary policy.

The inside scoop…

Greenspan's Body Count: Paul Grothe

Marin Independent Journal:
A longtime real estate broker died Monday night of an apparent self-inflicted gunshot wound, Tiburon police said.

Paul Grothe, 71, of Tiburon, was co-owner of Marin Land Co. at 1610 Tiburon Blvd. with his wife, Zohre. His body was found by his wife in the couple's garage Monday night, said Tiburon police Chief Michael Cronin.

He said Grothe had been depressed about business and personal matters. The Marin County Coroner's Office, which will determine the official cause of death, was expected to conduct an autopsy Wednesday.

HT: Bob in Dallas.

Greenspan's Body Count stands at 144.

McDonald's to drop health care coverage for 30,000 workers due to ObamaCare rules

Hope and change:
McDonald's Corp. has warned federal regulators that it could drop its health insurance plan for nearly 30,000 hourly restaurant workers unless regulators waive a new requirement of the U.S. health overhaul.

The move is one of the clearest indications that new rules may disrupt workers' health plans as the law ripples through the real world.

Trade groups representing restaurants and retailers say low-wage employers might halt their coverage if the government doesn't loosen a requirement for "mini-med" plans, which offer limited benefits to some 1.4 million Americans.

The requirement concerns the percentage of premiums that must be spent on benefits.

While many restaurants don't offer health coverage, McDonald's provides mini-med plans for workers at 10,500 U.S. locations, most of them franchised. A single worker can pay $14 a week for a plan that caps annual benefits at $2,000, or about $32 a week to get coverage up to $10,000 a year.

Last week…

Great! Let's try it here.

Tea Party reject Mark Williams screams for attention by attacking Tea Party leaders

I've said before that Mark Williams was not the face of the Tea Party.

Since then, Tea Party Express, a Republican organization not aligned with Tea Party Patriots, kicked Williams out for bad racist satire.

Embittered, Williams is now attacking real Tea Party leaders including Mark Meckler and Dawn Wildman. I know Dawn Wildman and I've met Mark Meckler, and I have a deep admiration and respect for both of them. Read all about it at Temple of Mut.

UPDATE: Here's the weasel Mark Williams begging for cash under the name "Tea Party patriots." Note the lower case "p" which I guess is supposed to distinguish it from "Tea Party Patriots," the organization which Williams is not a part of and which he is openly attacking.

Varones Voters' Guide to the 2010 California Propositions

Your reform / libertarian / common sense / Tea Party guide to the issues.

UPDATE: Guide to the candidates is here.

Prop 19 - Yes. Legalize marijuana. Stop prosecuting adults for what they decide to consume, and let law enforcement focus on real crime.

Prop 20 - Yes. Stops politicians from gerrymandering their own districts and creates a citizens' panel to draw district boundaries for Congressional races.

Prop 21 - No. Increases car tax to pay for state parks. We already pay taxes for the state parks, but Sacramento politicians gave it all away to the state employee unions. This is just another money grab to fill the hole left by the money they stole.

Prop 22 - Yes No. Prohibits politicians from raiding transportation funds to fill holes in general fund budget. UPDATE: I'll trust Chuck DeVore on this one:
Initially, I was in favor of this initiative, as I thought it dealt solely with protecting local funds from raids by Sacramento. As I studied it I discovered otherwise. Pro…

New faces in a growing movement

Shane Atwell is a brilliant new libertarian blogger I've recently begun reading. He posts sporadically but thoughtfully. Bookmark him.

Here's his book review on Dick Armey's Give Us Liberty. Click on over for both Armey's excellent articulation of the Tea Party movement, and Atwell's excellent review of the book.

You can't fix stupid, but you can put it on the government dole

Casey Serin is back!

Having laid low for a while, our friend Casey Serin, formerly of the now-defunct I am Facing Foreclosure blog, is blogging again at I am Fighting Foreclosure. He lost all of the houses he bought in the bubble with no income and no money down, but now he's fighting to keep his parents' house from foreclosure.

The new blog is a mix of practical advice (bankruptcy as foreclosure delay) and kooky scam attempts ("Accepted for Value" idea that you can just forward all your debts to the U.S. Treasury Department).

Welcome back, Casey! We missed you.

Rise of the Machines, continued

Here we go again. Why would you hire people and take on huge payroll taxes, unemployment insurance, and ObamaCare liabilities, when you can automate or outsource instead?

Man:
Morgan Stanley Institutes Investment Banking Hiring Freeze With More Fun Possibly To Come

According to Charlie Gasparino, “there will be fairly significant cuts” if “the fourth quarter mirrors the third quarter.”

vs. machine:
Cognex Corp. (CGNX) raised its third-quarter revenue guidance on stronger-than-expected demand from the factory automation market, which provided more than two-thirds of its business in the previous quarter.

Shares jumped 11% to $25.38 in after-hours trading. The stock was up 29% this year as of the close.

The vision-sensor maker now expects record revenue between $74 million and $76 million, up from its August forecast of $65 million to $68 million.

Because he wants children to dislike him as much as adults do

Paging Dr. Fama, Paging Dr. Fama

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Eugene, can you please tell the ignorant masses where today's action falls in your Efficient Market Hypothesis?

I suggest that in a world where high frequency trading is the bulk of the market action, the hypothesis is just that; something to jerk off to down in Hyde Park because obviously the world they are discussing doesn't exists.

The markets are broken, friends; they don't work for you and me. They only work for the insiders, and even an administration change which promised Hope and Change won't change this.

Again, Lucky Luciano was extremely correct in saying “I realized I’d joined the wrong mob” after taking a tour of the stock market.

Denninger and Zerohedge provide much more analysis of today's flash crash of Progress Energy Inc. In summary - you have to be stupid to play in and think you can beat this market. It's royally rigged.

CNBC survey: Dirty Fed to print, print, print

I wouldn't want to be short stocks or gold when the Fed starts up the blizzard of dollar bills known as QE2:

The Federal Reserve will boost its balance sheet by about half a trillion dollars over a six-month period beginning in November and keep it inflated for up to a year, according to a survey of leading markets participants by CNBC.

About 70 percent of the 67 respondents, which include economists, strategists and fund managers, believe the Fed will begin quantitative easing again.

Of those, 80 percent believe the Fed will start before the end of this year. November is seen as the most likely month for the Fed to restart asset purchases by 38 percent of those who took the survey, but December was a close second with 32 percent.

“The trigger for the resumption of quantitative easing late this year will be an increase in unemployment back into double-digits,” wrote Mark Zandi, of Moody’s Economy.Com. He thinks the Fed will act in December and ultimately purchase an additional $1 tril…

Even the vandals know the Democrat / MSM talking points

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If you criticize Democrat economic policy, you're a racist.Kate Zernike was here.

Racist Congresswoman Loretta Sanchez tries to inflame ethnic tensions between Latinos and Vietnamese

The scary thing is that Sanchez is so confident that her audience is so overwhelming racist that they would be supportive of, rather than offended by, a message like this.

Are today's Orange County Hispanics as racist as 1950's West Virginia white voters who sent Ku Klux Klansman Robert Byrd to the House of Representatives and then the Senate on a similar message of hate and division? We may find out in November.

Pelosi and Company Beg for a USDA, SSA, USPS Bailout OR ELSE

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I'm not kidding.

The Obama administration last week submitted to lawmakers a spending proposal that would cost, according to Republican estimations, between $20 billion and $30 billion.

The administration is asking Congress to add some of these spending initiatives to a bill that must be approved by October 1 to avoid a government shut-down.
Don't ask me if this is really happening, you already know the answer.

555 YVR - Release 2.0

We've reported many times about a couple of condo complexes in suburban Walnut Creek. 555 YVR (Ygnacio Valley Road) is a particular favorite because traffic-wise it sits on the busiest street in the city and abuts motel and a gas station. It's still at least 4 blocks from downtown stores contrary to what the website implies and the only real convenient shopping is the nearby Target(of course pronounced 'TAR-jae' by these residents).

It became real comedy when some of the units were converted to low income housing which we linked here. You know, you get to sit on the top of the luxury, urban/suburban setting here sipping chardonnay with your fellow low income owners. Although I believe they prefer a pinot grigio, but this place supports diversity so that's OK.

But I could be wrong, this owner seems to be living the dream: ...When I evaluated 555YVR, I was struck by the urban contemporary feel (SoMA on North Main…), and their attention to design detail. Having li…

Yesterday's FOMC summary

Lifted from the comments over at JDA's place, where she enjoyed it so much I thought it was worth repeating here:
In other news, the Dirty Fed said the economy is totally fu***d and they are going to debase the currency as much as necessary to keep the stock market afloat in nominal terms, and gold hit another new high.

But that's all Same S***, Different Day.

Heckuva job, Larry

His failings more diffuse, and yet profoundly more powerful, than those of a favorite whipping boy of the Bush years, Lawrence Summers calls it a day.

Whatever happened to... ?

Remember the Coffee Party, that fake grassroots group organized by an Obama operative as a reactionary response to the Tea Party?

How's that working out for you?

Mitch McConnell's duplicitous cowardice and hypocrisy

... and Jim DeMint's courage, and Lisa Murkowski's betrayal.
The knives were out for Jim DeMint in the Senate last week, as Republicans laid into the South Carolina senator for supporting Tea Party favorite Christine O'Donnell over Rep. Mike Castle in Delaware's Republican primary and endangering the GOP's chances of taking control of the Senate in November.

Wonder if Sen. Lisa Murkowski will get the same treatment this week?

The Alaska senator lost the Republican primary to her Tea Party-backed challenger, Joe Miller, in a fair fight. But instead of graciously conceding and endorsing the Republican nominee, Murkowski announced Friday that she will continue her campaign as an independent write-in candidate. Polls showed Miller -- a West Point grad with a Bronze Star and a Yale law degree -- leading Democrat Scott McAdams by six to eight points. Now Murkowski has thrown the race into disarray. Where is the outcry at Murkowski for putting a Republican seat -- and the Re…

Obama: United States is hopelessly insolvent

He didn't put it like that, of course. Karl Denninger clears up the obfuscation. It's the entitlements!
Entitlements consume, for all intents and purposes, every dollar of tax receipts in the here and now. Not tomorrow, not as growth in medical spending occurs, not in the future.Right here, right now, today.Note that we haven't spent one nickel on defense yet. Nor have we paid the interest on the debt, which is quite mandatory. Nor have we funded one of our so-called "discretionary" programs, including Homeland Security, Energy, Education, HUD, Department of State, Veterans Affairs, Justice or anything else.What President Obama told you is that The Federal Government has no plan to deal with this, not now and not in the future. It cannot even meet its own entitlement spending from the taxes it collects, leaving the entirety of the rest of the government, including national defense, to be put on the credit card.You were told, today, that our government…

Friends in high places

Yesterday was the quasi-quarterly Beer Summit, a gathering of local San Diego bloggers and Tea Party leaders.

A couple of them had big news to celebrate. Tim Daniels, aka Left Coast Rebel, has been picked up by Pajamas Media and is now an official guerrilla journalist. Here's his first piece. And local Tea Party founder Dawn Wildman was covered in the highbrow National Journal in an article by Jonathan Rausch on the unique, decentralized organizational structure of the Tea Parties.

The Liberator today sums up the Beer Summit:
Looking around at the folks gathered at the Beer Summit today at Sarah's place, I thought that the founding fathers would have been both appalled by and proud of our situation. I saw a small group of ordinary Americans, Democrats, Republicans and Libertarians, just one of a countless number of such groups, roused to action by a federal government that had over reached its bounds. The Tea Partiers in the room were not tools of corporate interests, not inte…

Somewhere on a desert highway

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... he rides a beater mountain bike ...

Americans flee socialist utopia blue states for freedom-loving red states

California lost 2.2 million people with a combined Adjusted Gross Income of $48 billion. All of the top 10 net-loss states were blue states, with the exception of Louisiana, which lost people due to Hurricane Katrina.

You can only tax the productive class so much before they get out of Dodge.

And where are these economic refugees landing? Low tax states like Florida, Arizona, North Carolina, Georgia, and Texas.

California's 9.55% income tax on that lost $48 billion in income would be a big chunk of the state's chronic deficit.

Memo to Democrats: people respond to incentives!

See also Skeptical CPA: Escape from New York and CEO survey: California worst state for business.

She's a witch!

Boehner wants to bring back earmarks

Why is this corrupt old hack still the leader of the House Republicans?

Politico:
With their eyes on a House majority, Republicans are leaving the door open to allowing earmarks after a one-year party-imposed moratorium.

So cue the “bridge to nowhere” and “pork” rhetoric and fire up the angry press releases from fiscal watchdogs.

This close to the election, Republicans are all over the place on how they’ll handle earmarking as they are poised to ride an anti-spending wave to electoral victories.

House Minority Whip Eric Cantor indicated in August that earmarks could make their way back but would be allowed based on “merit, not muscle.” He tried to clarify Wednesday, telling POLITICO that his party has “learned its lesson, and a new majority will spend its time and energy cutting spending, not increasing it, and that includes earmarks.”

House Minority Leader John Boehner is hedging, saying Republicans banned earmarks because of a broken process spurred by Democrats but that “whatever happens…

Is Lisa Murkowski delusional?

After being rejected in the Republican primary in favor of true conservative Joe Miller, establishment porkmeister Lisa Murkowski is about to announce a write-in candidacy.

I think she's underestimating the anti-establishment mood this year. She's a silver-spoon Senator who was handed the seat by her Daddy, and she's been a consummate Washington insider as long as she's been there.

Alaska's an independent, freedom-loving state, and I don't think they're gonna buy what she's selling. I hope the NRSC will advertise heavily against her to discourage such suicide bombings by RINOs in the future.

Surely Murkowski is burning bridges she could have used to a fatcat lobbyist career, or future cabinet appointment.

Gold gold gold

I'd be remiss not to point out that gold hit yet another record high today over $1280, after rocketing $20 Tuesday and edging higher the rest of the week.

Meanwhile, the game of Global Competitive Devaluation continues.

Gee, who could have seenthatcoming?

Oh, and how's that "sell gold" call working out for you, Richard Wiggins?

Obama "Organizing for America" staffer carries Nazi signs in protest

The post-partisan President.

Let me get this straight: Tea Parties are held responsible for whatever any unaffiliated random wacko does, but the President's paid political operatives can run around with Hitler signs?

I'm not holding my breath for Lame Stream Media coverage.

Yeah, the world's oldest business

The treachery of Alan Greenspan

Click on over to JDA and Kliguy for two excellent posts on the hypocrisy of the young sound money advocate turned decrepit old bubble blower.

Angry leftist MSNBC rants drive 66-year-old man to threaten Congresswoman.

Prison ensues.
"I'm terribly sorry that it ever happened," Pidrman said before his sentencing Thursday morning, according to the Tribune. "I very often watch the recycled news shows on MSNBC," at the time at which he made the call, he said.Well done, Olbermann and Maddow!

70's stagflation: a preview of what's to come

I agree wholeheartedly with this Gonzalo Lira piece. Those of you interested in the subject should click over and read the whole thing. Those of you here only for the fart jokes can take away this key excerpt:
But here is the key difference: Ben Bernanke and the Federal Reserve cannot raise rates to reign in incipient hyperinflation, like Volcker did in ‘79.

Apart from the obvious fact that Bernanke is not half the man Paul Volcker is (both literally and figuratively), and therefore lacks the balls and the backbone to do what needs to be done, Bernanke simply does not have the room to maneuver, insofar as the Fed funds rate is concerned.

If there was a run on Treasuries, Bernanke today cannot raise interest rates to retain Treasury holders—if he did, he would wipe out all the Too Big To Fail banks, and break the Treasury of the U.S. Federal government, both of which depend on the Fed’s cheap money as completely as if it were oxygen.

Back in 1979, Volcker didn’t have this const…

Porsche SUV owners for Obama

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I guess that Hope & Change thing is working out pretty well for some people, huh?



That's an Obama bumper sticker in the window. This is one of those "my SUV is too cool to put a bumper sticker on the bumper so I'll put it on the inside of the tinted window" SUVs.

"CDMA," by the way, is a reference to the wireless technology developed by Qualcomm, a company whose executives are huge Obama/Democrat donors (founder Irwin Jacobs, chairman and CEO Paul Jacobs, firmwide).

The signs were there
You should have
Bought connections before

Canada fires up the Home ATMs

... 'cause, you know, it worked out so well down here.

Party on, Garth!

CIBC offers 7% bonus loan on top of your existing mortgage balance.

CIBC Up to 7% Cash Back Offer could be for you if you:Want to renovate, furnish or decorate your homeWould like to take a dream vacationWant to prepare for any unexpected moving expensesWant to make an additional lump sum payment on your mortgageNeed money for a special upcoming event such as an anniversary, wedding or child on the wayWant to renew an existing mortgage early, or transfer your mortgage from another financial institution and have prepayment costs to payWant to purchase investments, open an RESP or make an RRSP contributionCIBC Up to 7% Cash Back Offer Key Benefits:

Saves you moneyYou get up to 7% cash back based on your mortgage amount and term1, to spend however you chooseThis cash back amount is completely tax-free **There are no cash maximums - the larger your mortgage, the more cash back you receiveI don't even see anything …

Who says Democrats aren't fired up for November?

Leslie Eastman knows plenty of Democrats who have never been more enthusiastic about voting.
The establishment pundits say that the Democratic base is NOT enthusiastic about November. I say that they are wrong — in part. A good many Democrats are chomping at the bit to vote this November. These Dems WILL be voting for the COUNTRY CLASS CANDIDATE. I know, as I met several of them at the Sacramento Tea Party.

In almost 2-years of Tea Party activism, I have never over-heard fellow Democrats “outing” themselves at an event. They did so at the recent 9-12 Tea Parties. For example, at the Sacramento rally, five other registered Democrats came up to me (after over-hearing my party affiliation) and introduced themselves. The non-Dems who overheard these conversations were supportive and excited to discuss the upcoming election. The passion among my fellow Californians was infectious.
Click on over to Temple of Mut for much more, including Leslie's take on the Christine O'Donnell victory.

Bitter, Party of One

Karl Rove, who engineered the destruction of the GOP by turning it into the second party of big government and pork, is really bitter about Christine O'Donnell's victory.

Headline stolen from TLP, who finds Democrat machine politician Tim Kaine just as bitter as Rove about the popular revolt. Funny how that works.

Wake up and smell the Tea!

Tonight's Christine O'Donnell victory wraps up an incredibly successful primary season for the Tea Party -- we knocked out Stupak, Murkowski, Bennett, Specter, Crist, Castle, and a whole bunch of other establishment candidates.

Now on to the general election. Ruling Class politicians of all parties, you are on notice. We are coming for you.

And Christine, this one's for you. FAP-FAP-FAP!!!

Christine O'Donnell takes early lead in Delaware

Way too early to tell, but Christine O'Donnell is up 55% - 45% over Mike Castle for the Delaware Senate seat with 35 of 325 precincts reporting.


Fox News better servers, better results. 55-45, 119/325


UPDATE: Back to Delaware State site. 65% in 210/325, O'Donnell up 54.3 - 45.7%. Looks like a winner!

Tea Party favorite Ovide Lamontagne winning in New Hampshire, too.

Millions of Americans in poverty; Obama hardest hit

AP:
The number of people in the U.S. who are in poverty is on track for a record increase on President Barack Obama's watch, with the ranks of working-age poor approaching 1960s levels that led to the national war on poverty.

Census figures for 2009--the recession-ravaged first year of the Democrat's presidency--are to be released in the coming week, and demographers expect grim findings.

It's unfortunate timing for Obama and his party just seven weeks before important elections when control of Congress is at stake. The anticipated poverty rate increase--from 13.2 percent to about 15 percent--would be another blow to Democrats struggling to persuade voters to keep them in power.

The skunk at the tea party

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Tattooed San Francisco hipster shows up with F-bomb T-shirt at social-con-leaning Sacramento Tea Party. Hilarity ensues.

I wanted to ask Judge Roy Moore to take a picture with her, but I didn't have the cojones.

Your turn, peanut gallery

Chairman Varones and I have a dispute about the below Economist text. We would like you to chime in. The article in question is a review of two books: Climatopolis: How Our Cities Will Thrive in the Hotter Future; and Turned Out Nice: How the British Isles Will Change as the World Heats Up.
The ways of a warmer world
Books about how people can and will adapt to climate change need not be Panglossian--as these two show

Climate change is a pretty scary topic, and those who write about it have, for the most part, been happy to play up the scariness. This may be due to noble motives or base ones. Many will have chosen to write about climate change because they think something should be done about it and that if their readers get scared they will be more likely to act. Others may intuit that their readers are likely to be seeking stuff that confirms how right they were to have perceived the dreadfulness of the world in ways lesser people have not. This is the road to "climate porn&quo…

Say it ain't so, Economist

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(cross-post from Charlie McDanger's blog)

Several years ago I wrote a piece on LongOrShort about the declining standards at the Wall Street Journal. I've since fled to safer ground, and still hold the Economist in high regard; thus it is with consternation that I've been seeing things like this lately:



If it's not immediately clear, the headline writer uses "Panglossian" to say the opposite of what it means. Pangloss is the wildly optimistic character in Voltaire's Candide--"Panglossian" is to say overly cheery.

All the more embarrassing that this review dismisses one author as "pedestrian"...I'll bet that author doesn't regularly toss out literary references he doesn't understand.

I, for one, think the death of print media isn't such a bad thing. The best writing and analysis is not from writers per se; it is from people smart enough to do something else (professors, traders, engineers, etc.) and keep a blog on the side…

Sacramento Tea Party

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A half hour before the 11AM start of the Sacramento 9/12 Tea Party, hundreds of people were already gathering. Speakers for the four-hour-long event include Tammy Bruce, Rep. Tom McClintock, and our So Cal Tax Revolt Coalition friend Leslie Eastman.



Southern California Tax Revolt Coalition co-founder Dawn Wildman and friends:



A big tent with lots of donated goodies in a silent auction fundraiser:







I happened to be on the same flight up from San Diego as Leslie, and her Tea Party lapel button earned a "You're with the Tea Party? You can sit by me any time!" from the fellow in the aisle seat. Also aboard were two Carly girls decked out in the Carly red T-shirts and hats.

I'll be updating when possible throughout the day.

Here's a video of the national anthem, a parachutist flying in with the American flag, and a big crowd shot at the end.



Judge Roy Moore and radio hosts Armstrong and Getty have just spoken. Crowd in the thousands.

Statuesque Lisa Fritsch of Project …

Tea Party 9/12

I'll be there in Sacramento tomorrow. If you're anywhere near Sacramento, St. Louis, or Washington, D.C., please join us.

Koran-tearing wacko Andrew Beacham calls himself Tea Party leader; biased, incompetent MSM repeat claims without basic fact-checking

PR Newswire:
WASHINGTON, Sept. 11 /PRNewswire-USNewswire/ -- The following was released today by Andrew Beacham, Tea Party leader from Indiana:

"I fear God alone; I will not live in fear of Islam, and I will not deny the gospel. I will preach the Christian faith - that Jesus Christ is Lord, Priest, King, and Prophet - and that Muhammad is a false prophet. Beyond that, I will not allow the oppressive teachings of Muhammad and the tyranny of Sharia law to remain unchallenged." Andrew Beacham, Tea Party leader from Indiana.

For immediate release: A Large group of Tea Party and Religious rights activists will gather in front of the White House to tear out egregious passages from the Quran that call for violence against Christians and Jews.
The claim that this guy is a Tea Party leader was credulously reported as fact by Agence France-Presse, Yahoo! News, Google News, the Times of India, and CNBC.

Here is the web site of Tea Party Patriots Indiana in which you will find contact info…

Well, he certainly sucks like one

From the Wild Conspiracy Archive: Did an Asteroid Hit San Bruno?

Not to make light of a tragic situation, of course, I've been doing my part. This is still where I live and what happened down there is absolutely frightening.

But you should know that the Internet kooks are calling the San Bruno explosion an asteroid and, strangely, the esteemed San Francisco Chronicle confirms their suspicions:

Henry Sanchez was driving home from his three kids' back-to-school night at a nearby school when he approached the intersection of Claremont and Glenview.

He looked through the windshield where just a few blocks ahead of him a flash of flame crossed the sky, followed by a deafening explosion.

His three kids were at home doing homework - and located directly on the other side of the fireball, which seemed to reach 100 feet into the sky.

He took back roads to avoid the geyser of fire, and found his kids outside on the street.

"They were terrified," he said.
I bet. On September 8th, CNN reported that an asteroid "narrowly missed Earth"…

Retraction: Tea Partiers FOR Christine O'Donnell

Ask not for whom Retracto the Correction Alpaca bleats. He bleats for me.

I'm not often accused of being pragmatic. And today's lesson is a reminder not to try to be pragmatic again.

Last week I posted Tea Partiers against Christine O'Donnell, saying that electing RINO Mike Castle is better than letting the Delaware seat go Democratic in a year when control of the Senate hangs in the balance.

In a moment of ill-considered haste, I forgot that this election is not about which party will control the Senate. It's about whether the Ruling Class will control the Senate. And Mike Castle is Ruling Class to the extreme. He co-sponsored the DISCLOSE Act, which would protect the establishment and incumbent politicians by tying up grassroots opposition groups like the Tea Party in red tape. This election isn't about helping the Republicans. It's about throwing the bums out. And Mike Castle is the Mother of All Bums.

Thanks to my good friend Mutnodjmet for pointing out…

The wisdom of children redux

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If a nine-year-old could see this coming in 2008, why couldn't Christina Romer, Austin Goolsbee, and Ben Bernanke?


Palomar Community College's "Benito" strikes again

We pointed out last week that someone at Palomar Community College is devoting an awful lot of time to spamming the Internet with racial rants against the Republicans.

Last night, the Pride of Palomar came to the WCV again with his copy-and-paste "Republicans hate Mexicans" drivel.

If there's anyone with any dignity at Palomar, you might want to have a chat with Benny and tell him to knock it off. He's not doing any favors for community college prestige. He'll be easy to find. He's the loner who hangs out in the computer lab all the time hitting copy-and-paste.

Your tax dollars at work -- either paying Benito's salary if he's a teacher (highly likely if you know anything about community college teachers), or giving him a free place to hang out and spam the Internet if he's a student.

Nobody loves you when you're down and out...

President Hopey McChange can't even fill a community college gym.

Our correspondent I.P. Freely notes that he once filled that same gym with his high school jazz band.

HT: Temple of Mut.

What we're fighting for

More at Defeat the Debt.

Watermelon launch fail

Reality TV is only good when it fails. And you are about to witness an epic fail.

Another one bites the dust: Chuck Ponzi buys a house

One by one, the blogosphere's hardcore housing doomers are succumbing to the lure of easy credit and buying into the Great American Ponzi scheme.

First it was your humble correspondent, W.C. Varones: How I learned to stop worrying and love the bubble.

Then it was Skeptical CPA's Independent Accountant: I.A. short sells dollar!

Now it's Southern California Real Estate Bubble's Chuck Ponzi: Buying a house.

Which raises this question: if the last guys to want to buy a house have finally capitulated, where are the next marginal buyers going to come from? As far as I know, Twist of Housing Doom, Dr. Housing Bubble, and Patrick of Patrick.net still haven't bought, so that's three potential sales at some point in the future if prices ever become attractive to them. Seriously, though, how many people do you know who have the down payment and the income to purchase a house, who don't already have one?

MIT Professor Ricardo Caballero agrees with WCV: The Fed is doing it wrong

We've said many times here that the Fed stuffing the banks with cash only creates asset bubbles, and what's really needed is devaluation via a printing-financed tax refund.

The head of the Economics Department at MIT agrees:
The US economy is barely muddling through. While some of this is unavoidable given the magnitude of the financial shock that is slowly working its way out of the system, macro-policy still has an important role to play in preventing a relapse. Unfortunately, the Federal Reserve has the resources but not the instruments, while the US Treasury has the policy instruments but not the resources. It stands to reason that what we need is a transfer from the Fed to the Treasury.

This is not a step to be taken lightly, as much of the progress in central banking over the last few decades has been aimed at giving central banks independence from hungry executive branches. However, all good systems need escape clauses if they are to be preserved as the anchor for daily po…

Tea Partiers against Christine O'Donnell

UPDATE:Retraction! Defeat Castle!

I noted Thursday that it would be a huge mistake to support a Tea Party candidate over popular RINO Senate candidate Mike Castle in blue state Delaware.

I said at the time that I knew nothing of Christine O'Donnell. Now that I know something about Christine O'Donnell, it's much worse than I thought. It turns out O'Donnell, unlike Yale-educated lawyer, former judge, and decorated combat veteran Joe Miller, has done nothing of note in her life other than be a Republican party insider and talking head. But a thin resume is the least of her problems. She's a serial deadbeat and a paranoid nutjob.

I understand the frustration of Delaware primary voters with Mike Castle's establishment voting record. But Christine O'Donnell ain't the answer.

Doing the jobs that Americans won't do

10-10-10 Tea Party rally in Oceanside, CA

Just a month before we go to the polls to take our country back from the leftist elites, a grand coalition of southern California Tea Party groups will be rallying at the pier in Oceanside on October 10 at noon.

I'll be there to celebrate this historic citizens' movement and prepare for victory in November!

Gold 101

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ZeroHedge has a useful primer on gold full of facts and graphs like this:



The U.S. has the world's largest gold reserves, if you believe all that gold is actually in the vault of the Federal Reserve Bank of New York. Some people like Ron Paul want to see proof. And some people like Ben Bernanke are acting very suspiciously and doing everything in their power to resist an audit, even going so far as to hire a former Enron lobbyist to bribe Congress (successfully) into gutting an audit.

What is Zimbabwe Ben hiding? KliGuy wonders too.

Quit while you're ahead

The Tea Party Express, a Republican consultant-led group not affiliated with the grassroots Tea Party Patriots and Tea Party Nation, deserves a lot of credit for Joe Miller's stunning upset victory in Alaska. They had faith and put resources in Miller's campaign when even fiscal conservative powerhouses like Club for Growth and Senate Conservatives Fund thought it was a fool's errand.

Nevertheless, I'm not getting on board for this campaign.
Tea Party Express Launches Independent Expenditure Campaign for
Christine O'Donnell in Delaware U.S. Senate Race
The Tea Party Express (website: www.TeaPartyExpress.org) is pleased to announce the commencement of its Independent Expenditure campaign in support of Conservative Republican Christine O'Donnell's bid for U.S. Senate in Delaware against Liberal RINO Mike Castle.
RINO Mike Castle is actually favored in blue state Delaware. Any Tea Party candidate (though I know nothing of Christine O'Donnell) is going to b…

Comment of the week

"Anonymous":
shoot, you guys are waaaaay ahead of me. i didn't take no hostages; i didn't even buy me no boat. all i did was let myself go and quit shaving and get sloppy fat and divorce my wife and solicit handjobs from 55-year-old massage gals.

but i'm tellin' you, my adductors and that chakra feel *great* now. well, the extra $100,000,000 helps, too.

Chrissy "Tingly Pants" Matthews in jealous rage over Obama affair with Teleprompter

Hell hath no fury like a woman scorned.

At Least One Dirty Fed Operative Knows What His Job Duties Are

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I believe those asshats in Congress and the White House just got told by Dallas Fed President Richard Fisher:

The Fed is not the end-all for curing every economic pathology. [W]e are not the only authority in the pilot house. We play a crucial role in conditioning the economy, but we do not play the only role. Fiscal and regulatory authorities share significant responsibility for incentivizing economic behavior through taxes, spending and rulemaking.
Oh snap! Here comes the rebellion!

(remember this is the same guy who said the Fed wouldn't play handmaiden to the Treasury so don't get too excited, it's not like Bernanke said this)

Palomar Community College's finest

Some idiot at Palomar Community College has been posting the same moronic comment all over the Internet for a couple months now. He apparently searches for any news stories or blog posts about Republican candidates and then posts the same rant about Republicans hating Latinos.

"Benito" has got a warning for Republicans:
Is [sic] does not help that the GOP has recently attacked the US Constitution and the Bill of Rights. Your hate made you do it, [sic] in November; [sic] you will reap what you have sown.
Good luck with that, Benny. See you in November.

I'd say its about time to de-fund community colleges if they're churning out idiots like this.

Discovery Channel hostage taker James Jay Lee is was crazed environmentalist

When global warmists preach the end of the world, this guy listens and takes action!

Business Insider has the manifesto:
The Discovery Channel MUST broadcast to the world their commitment to save the planet and to do the following IMMEDIATELY:

1. The Discovery Channel and it's affiliate channels MUST have daily television programs at prime time slots based on Daniel Quinn's "My Ishmael" pages 207-212 where solutions to save the planet would be done in the same way as the Industrial Revolution was done, by people building on each other's inventive ideas. Focus must be given on how people can live WITHOUT giving birth to more filthy human children since those new additions continue pollution and are pollution. A game show format contest would be in order. Perhaps also forums of leading scientists who understand and agree with the Malthus-Darwin science and the problem of human overpopulation. Do both. Do all until something WORKS and the natural world starts improving…