top-down technocratic government manipulation of civil liberties, and the American economy, is pushing the nation towards the pernicious charms of socialism.
And America, investors and non-investors alike, will suffer from its impact…
Okay, if you have to pay high rates to get deposits into your bank, where are you going to find borrowers that are going to pay higher than market interest rates so your bank turns a profit?
Oh, that would be subprime all over again.
Monday, the U.S. Treasury Department sold off its remaining shares in General Motors (NYSE: GM), closing a chapter of the auto industry bailout with a cringe-worthy $10.5 billion loss of taxpayer dollars.
Standard & Poor’s said the shutdown equaled some $1.5 billion a day and “shaved at least 0.6% off annualized fourth quarter 2013 GDP growth.” Moody’s Analytics reported similar numbers, saying the shutdown cost $1.4375 billion per day, for a $23 billion wallop to U.S. gross domestic product.
As the US government shutdown was still in effect and the prospect of a debt default loomed, President Obama held an extraordinary and revealing White House press briefing on October 8th in which he clarified his then position vis-à-vis the shutdown and debt ceiling. After the shutdown was (temporarily) ended on October 17th, Obama made a fairly extensive public statement airing his views of how he sees economic policy and government’s role. While I have not followed every one of Obama’s press conferences or speeches, in both of these public appearances, Obama went into unusual detail and lengths to expand on his views of politics, government and the economy. In addition, he marked out his most combative stance vis-à-vis the Republicans to date. Also in his October 17th statement we had the clearest statement for a number of decades, of some of the benefits of having a government at all from a top American political leader.
200 Democrats and 19 Republicans support passing a continuing resolution with no strings attached to re-open government, according to a CNN poll of Congress. With three vacancies among 435 Congressmen, 217 votes is the minimum required to pass the measure. Senate claims it’s close to a deal, but the question is how House Republicans will react – as the shutdown continues into its fifteenth day.
The political temper tantrum known as the government shutdown is now a week old, the rhetoric is heating up, and there’s no sign that the peace pipe will be smoked anytime soon.
It’s Day 4 of the government shutdown – which means Day 4 of your life being more dangerous than it was in September…
You see, besides the effects of 800,000 workers being furloughed, the government shutdown affects the general public in ways most of us don’t realize.
810,000 federal workers, give or take a few, were furloughed this week as Shutdown 2013 began. Those employees had to report to work to “prepare” for a shutdown, in many cases simply reporting, signing a form acknowledging the furlough, and leaving again.
Welcome to the decade of the politicization of everything. With the government shutdown in its first week, it is starting to look more and more like this temper tantrum from both sides could lead up to the debt ceiling deadline.
