The Keynesian Dead End

Spending our way to prosperity is going out of style.

President Barack Obama's top economic adviser Larry Summers



WSJ.com

Today's G-20 meeting has been advertised as a showdown between the U.S. and Europe over more spending "stimulus," and so it is. But the larger story is the end of the neo-Keynesian economic moment, and perhaps the start of a healthier policy turn.

For going on three years, the developed world's economic policy has been dominated by the revival of the old idea that vast amounts of public spending could prevent deflation, cure a recession, and ignite a new era of government-led prosperity. It hasn't turned out that way.

Now the political and fiscal bills are coming due even as the U.S. and European economies are merely muddling along. The Europeans have had enough and want to swear off the sauce, while the Obama Administration wants to keep running a bar tab. So this would seem to be a good time to examine recent policy history and assess the results.

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Explosive Evidence at WTC Cited by Former CDI Employee

News - News Releases By AE911Truth

Written by Darcy Wearing and Richard Gage, AIA
Thursday, 24 June 2010 18:55

Having had the privilege of speaking with Tom Sullivan, an actual explosive-charge placement technician, we have some new insights to pass along as to how controlled demolition works, where it started, and the effect that 9/11 had on the demolition industry. Sullivan gained his experience as an employee of the leading firm in this field, Controlled Demolition, Inc. (CDI). Sullivan stresses though “I do not in anyway represent CDI and what I have to say is based on my own experience and training,”

Sullivan attended high school with Doug Loizeaux of the Loizeaux family. The Loizeaux family, through the father Jack, independently started the whole controlled-demolition industry and turned it into a highly profitable business. Sullivan, before he became connected to CDI, was an independent photographer during his early years in Maryland. He would be sent to CD sites and take still pictures of the jobs. He became infatuated with the CD industry. The time came when he would do both, being the placer of the “cutter charges” on the primary joints, and photographing the jobs for promoting the business. Soon he would switch to full-time employee status of CDI -- as verified by AE911Truth’s verification team.




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A Prayer for Our Nation

By Carolyn Lanham

Dear Heavenly Father,


We come humbly before you asking your forgiveness and
for your restoration of our nation.

We as a people are a sorry lot unfit to touch the hem of your garment.

We have accepted evil as good and the blood of the innocent drips
from our hands.

We have forsaken your Word, ignored your warnings
and allowed our nation to sink into a cesspool and we have welcomed
encroaching oppressive government power to slip in to fill the void
allowing government to become our substitute god.

Our churches are dens of iniquity and those supposed leaders of the flock,
with their script written ‘sermanettes’ tickling our ears instead of
being led and driven by the Spirit. Church leadership and the blinded flocks
have bowed their knees for 501c3 status granted by Washington .

Show places and show biz entertainment community centers of
social activities have replaced the houses of worship of our true
Saviour who suffered and died on the cross for our sins. Ridicule and
scorn to those who stand for Thee and Thy Word is abundant, while
tolerance and acceptance of compromise is love. None is shown to
those who stand in the gap who are labled intolerant, unloving haters,
and sewers of discord. No longer standing in the gap we rely on your
rapture as an excuse for escapism and cowardice that envelopes us
when your Word clearly tells us to stand in the gap, to occupy----

Dare to be a Daniel when we willingly refuse to hear the roar of the
lions oh so ready to devour us.

We pray, dear Father, you will raise up Daniels in our midst, the three
men who went into a firey furnace who refused to come to the king’s table
and dine on the king’s meat. We pray for young and mighty Davids and
the sling shot and stone to slay the giant Goliath of the enemy in our midst,
Instead we participate in prayer breakfasts with outstretched hands to
Washington rather than the true Master.

We applaud and make heroes of those who are pauns wearing the uniform
of government, soldiers who are victims sent to sovereign lands in wars
of occupation doing the bidding for the self appointed elite, the den of
vipers behind the scenes, the self appointed globalists, the international
banksters as they lock us down in a police state tyranny under the guise
of fighting terrorism.

We accept in our midst those who swear secret oaths that God warns us
about in his Word, and we vote and send to Washington politicians who
expound rhetoric we want to hear while these same people attend and
participate in orgies of demonism at the Bohemian Grove, who worship
a giant stone owl and participate in debaucheries hard to imagine that
God warned us about in the book of Leviticus.

We are admonished to be Watchmen on the Wall, to expose evil
while those in the Council on Foreign Relations, The Bilderberg
Group and the Trilateral Commission feast at the
Globalist New World Order table on the carcus of freedom.

The exposers of this evil are labled and scorned as conspiracy kooks, tin
foil hatters, extremists ----don’t disturb a sleeping churches’ comfort zone-----
while we set in soccor bleachers, fill our gluttony at church social dinners
pot lucks instead of visiting the homeless, sick, the widows and orphans.

(we have a paid staff for that)

Paul was persecuted and all great heroes of the Bible ran afoul of the
Powers that Be, were jailed, beheaded and persecuted –yes they were
Extreme—

We have turned away from God, not being good stewards of our money
without challenge or question how Washington and even how the Church
uses it from the collection plate and we applaud THE CANCER EATING
AWAY OUR SUBSTANCE WITH THE EXCUSE - "WE ARE IN THE LAST DAYS!"

You gave us free will. Dear Father, the right to choose whether we will
serve you and your truths - God have mercy on us for forsaking you-
You are the author of Freedom-lest we forget-

In Jesus name we pray, Amen and Amen

Carolyn Lanham



Financial Overhaul Gives Government Broad New Powers To Seize Financial Firms

Brady Dennis

Washington Post
Friday, June 25, 2010

Key House and Senate lawmakers approved far-reaching new financial rules early Friday after weeks of division, delay and frantic last-minute dealmaking. The dawn compromise set up a potential vote in both houses of Congress next week that could send the landmark legislation to President Obama by July 4.

Lawmakers pulled an all-nighter, wrapping up their work at 5:39 a.m. — more than 20 messy, mind-numbing hours after they began Thursday morning.

“It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”

Both the House and Senate must approve the compromise legislation before it can go to Obama for his signature.

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Leaders differ on how to sustain global recovery

Protesters march against the G-8 and G-20 summits in Toronto on Friday.


At G-8, Obama touts stimulus; other countries eye deficit reduction

HUNTSVILLE, Ontario — Fresh from a congressional win on a financial overhaul, President Barack Obama pressed world leaders on Friday to join him in backing stronger rules against banking abuses. He made little headway in his call for more stimulus to keep the world economy growing.


Instead, he ran into strong opposition from countries wanting to put deficit reduction first.

"Those countries with budget deficits need to do that and, as a world, we need to address the imbalances," Britain's conservative new prime minister, David Cameron, said Friday after meeting summit host Stephen Harper, Canada's prime minister. His government brought forward an emergency budget this week that proposed increased taxes and the toughest cuts in public spending in decades.

As Obama and other leaders sparred over how to keep their economies from slipping back into recession, there was little expectation of economic breakthroughs from sessions here and in Toronto.

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Current state of the American housing market. What foreclosures and distressed borrowers tell us in hidden data. 2010 on path to having 4 million foreclosure filings. HAMP call center data at record levels while loan modifications dwindle

MyBudget360.com
Posted: 24 Jun 2010 11:27 AM PDT


Trying to get honest data from the banking industry regarding the current state of housing is a monumental task. We are left using multiple data sources to get an accurate picture of the current state of the American housing market. Even then, we are left trying to piece together data that is largely incomplete. For example, we now know that banks are delaying foreclosure filings so these don’t show up in monthly reports. Next, we have another group of home owners that have stopped paying their mortgages as a strategy. These points are important but are buried deep in reports. Yet we can still try to garner information from other sources that will provide a better perspective on the U.S. housing market.

It is safe to say to say that a foreclosure filing is the worse sign of problems for housing. After all, the first action is taken with a notice of default and this requires at a minimum three missed payments.

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U.S. economic growth revised down to 2.7%

Final estimate of first-quarter GDP shows a sluggish recovery


msnbc
WASHINGTON - U.S. economic growth was slower than previously estimated in the first quarter as estimates of business and consumer spending were cut, according to government data on Friday.

In its final estimate, the Commerce Department said gross domestic product expanded at a 2.7 percent annual rate instead of the 3 percent pace it reported last month.

Although the growth pace was below market expectations for a 3 percent rate, it still marked three straight quarters of expansion as the economy digs out of its most brutal downturn since the 1930s.

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