Barack Obama

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Frontrunning: September 23





  • Triumph Confirms 'Era of Merkelism' (Spiegel)
  • Merkel must reach out to leftist rivals after poll triumph (Reuters)
  • Norwegian Air says both its Dreamliners hit by technical issues (Reuters)
  • Chinese court gives Bo Xilai life sentence (CBS)
  • Social Dems Deflect Talk of Merkel Alliance (Spiegel)
  • Blasts shake Nairobi mall, smoke pours from building (Reuters)
  • Open-Government Laws Fuel Hedge-Fund Profits (WSJ)
  • Forbes Calls Goldman CEO Holier Than Mother Teresa (Matt Taibbi)
  • BlackBerry move away from consumers unlikely to stem decline (Reuters)
  • And another Greek strike: Greek teachers, civil servants to strike against layoffs (Reuters)
 
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Sunday Humor? The NSA Tapes Infomercial





Upcoming Late Night TV Infomercial Script

(A middle-aged man in an military uniform, loaded with medals, four stars on his epaulets, is sitting in a futuristic office setting on a chair occupying a command position.  He puts down a folder he is reading and looks up at the camera.)

Do you know me?  Well, I know you.  (He wags his finger as if counting)

Each and every one of you. I know everything there is to know about you.  But enough about that.  I’m here today to tell you about a special offer, a first time offer never before available to the general public. (Man assumes a more relaxed mien, stands and walks slowly toward camera)

Hi, I’m General Keith Alexander, coming to you from the flight deck of the starship...

 
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White House Launches Janet Yellen Blitz PR Campaign





There was a time, long ago, when some still believed the myth that the Federal Reserve, and the selection of its Chairman, were supposed to be apolitical and impartial. Luckily, that was a long time ago, because otherwise some may question not only the logic, but the motives, behind what the media reports is an aggressive push by White House officials to "muster support among Democrats on the Senate Banking Committee to back Federal Reserve Vice Chair Janet Yellen," according to Reuters which cited three sources said on Friday, laying the groundwork for her expected nomination to the Fed's top job. If the White House is suddenly intent on picking Mrs. Yellen (or is that Mister?), one wonders just how diluted her "runner up" credibility at the Fed would be, since it has been made quite clear she was continuously Obama's B (or lower) grade choice to head the Fed, with Summers at the very top. And of course, a just as important question is how even more diluted is Obama's credibility and political brand if a few ultra-liberal Senators can impose their choice for next Fed head over that of both Larry Summers, of the "Committee to save the world" and the president himself.

 
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Barack Obama: "We're Not Some Banana Republic, This Is Not A Deadbeat Nation"





"This is the United States of America, we’re not some banana republic. This is not a deadbeat nation. We don’t run out on our tab. We're the world's bedrock investment, the entire world looks to us to make sure the world economy is stable. We can’t just not pay our bills."

- Barack H. Obama

 
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President Obama Responds To The GOP's Defunding Obamacare - Live Webcast





President Barack Obama travels to Missouri Friday to tout the gains made by the auto industry and criticize Republican proposals on defunding his signature health-care plan. As the WSJ reported earlier, president is speaking at a Ford stamping plant in Liberty, Missouri, highlighting the growth of auto manufacturing on his watch. We suspect more than a few words will be spilled explaining how he feels about what The House just did to Obamacare...

*OBAMA SAYS CONGRESS IS FOCUSED ON `TRYING TO MESS WITH ME'
 
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Guest Post: Is The Fed Ready To Cut America’s Fiat Life Support?





It is undeniable that America is thoroughly addicted to fiat stimulus. Every aspect of our economy, from stocks, to bonds, to banks, and by indirect extension main street, is now utterly dependent on the continued 24/7 currency creation bonanza. The stock market no longer rallies to the tune of increased retail sales, growing export markets or improved employment expectations.  In fact, “good” economic news today is met with panic and market sell-offs! Why? Because investors and banks still playing equities understand full well that any sign of fiscal improvement might mean the end of the private Federal Reserve’s QE pajama party. They know that without the Fed’s opiate-laced lifeline, the economy dies a fast and painful death. All mainstream economic news currently revolves around the Fed, as pundits clamor to divine whether the latest signals mean the free money will flow, trickle, or dry up. At the edge of the Federal Reserve’s 100th anniversary, it is vital that we see the current developments for what they really are – history changing, in a fashion so violent they are apt to scar America forever.

 
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As Bernanke Blows A Bigger Bubble, Everything Is Bought





"We have got to turn the page on this kind of bubble-and-bust mentality that helped to create this mess in the first place, we have got to build a housing system that’s durable and fair and rewards responsibility for generations to come.  That is what we have got to do."

- Barack Obama, August 6, 2013

 
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Brazil Bails On US State Visit Over Illegal Spying; Demands "Full Public Apology"





While the White House is trying to play this down currently in the press conference, Brazil's President Rousseff has issued a statement postponing her trip to the US due to the illegal espionage of the Americans:

  • *BRAZIL SAYS U.S. HASN'T PROVIDED ADEQUATE EXPLANATION ON SPYING
  • *BRAZIL'S SAYS IT NEEDS U.S. EXPLANATION BEFORE STATE VISIT
  • *BRAZIL SAYS U.S. ILLEGAL MONITORING OF GOVT, COS. IS 'SERIOUS'
  • *BRAZIL PRESIDENT ROUSSEFF POSTPONES STATE VISIT TO THE U.S.

According to AP, Obama spoke to Rouseff on the phone but that didn't do it as the Brazilian President demanded a full public apology.

 
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Frontrunning: September 17





  • Less Tapering Becomes Tightening Credit No Matter What Fed Says (BBG)
  • Yellen Is Now Top Fed Hopeful (WSJ)
  • Syria - A chemical crime, a complex reaction (Reuters)
  • More ECB collateral: Wrecked cruise ship Costa Concordia raised off rocks in Italy (Reuters)
  • Aging Boomers Befuddle Marketers Eying $15 Trillion Prize (BBG)
  • Abe Turns Pitchman, Says Japan Is Now A Buy (WSJ)
  • Ex-JPMorgan Employees Indicted Over $6.2 Billion Loss (BBG)
  • Barack Obama blinked first in battle for Lawrence Summers (FT)
  • Berlusconi to support Italian government in video message: sources (Reuters)
  • How China Lost Its Mojo: One Town's Story (WSJ)
 
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25 Fast Facts About The Federal Reserve





Amid the 100 year anniversary of the creation of the Federal Reserve, it is absolutely imperative that the American people understand that the Fed is at the very heart of our economic problems.  It is a system of money that was created by the bankers and that operates for the benefit of the bankers.  The American people like to think that we have a "democratic system", but there is nothing "democratic" about the Federal Reserve.  Unelected, unaccountable central planners from a private central bank run our financial system and manage our economy.  There is a reason why financial markets respond with a yawn when Barack Obama says something about the economy, but they swing wildly whenever Federal Reserve Chairman Ben Bernanke opens his mouth.  The Federal Reserve has far more power over the U.S. economy than anyone else does by a huge margin.  The Fed is the biggest Ponzi scheme in the history of the world, and if the American people truly understood how it really works, they would be screaming for it to be abolished immediately.  The following are 25 fast facts about the Federal Reserve that everyone should know...

 
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Washington Navy Yard Shooting Timeline And Recap: 13 Dead, One Suspect Still Sought For Questioning





Below is the latest summary of today's tragic mass shooting at the Washington Navy Yards which has led to 13 deaths so far.

 
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Mega Putin Rich





If Vladimir Putin and Barack Obama can get through their tiff over Bachar al-Assad and stop pulling the covers to their own side of the geopolitical bed, then the Russian leader may just up sticks and move into the US where he will be able to spend his money rather than making out that he is a poverty-stricken in Moscow to the Russian people.

 
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(Ir)Rational Overnight Exuberance On Summers Withdrawal Sends Futures To All Time Highs





While the only market moving event of note had nothing to do with the economy (as usual), and everything to do with the Fed's potential propensity to print even more dollars and inject even more reserves into the stock market (now that Summers the wrongly perceived "hawk" is out) some other notable events did take place in the Monday trading session. Of note: while India's August inflation soared far higher than the expected 5.7%, rising to 6.1% from 5.79% (making life for the RBI even more miserable, as it is fighting inflation on one hand, and a lack of liquidity on the other), in Europe inflation decelerated to 1.3% from 1.6% in July driven by a drop in energy prices, while core inflation was a tiny 1.1%. In a continent with record negative loan growth this is to be expected. Additionally, as also reported, Merkel appears to be positioned stronger ahead of this weekend's Federal election following stronger results for her CDU/CSU, if weaker for her broader coalition. In Libya, oil protesters said they would continue stoppages at oil terminals until their demands are met in yet another startling outcome for US foreign intervention. Finally, some headline on Syria noted a Kerry statement "will not tolerate avoidance of a Syria deal", while Lavrov observed that it may be time to "force Syria opposition to peace talks." And one quote of the day so far: "Don't want market to become excessively exuberant" from the ECB's Mersch- just modestly so?

 
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Syria: The Summary And What's Next





From Berlin to Ankara and even Damascus, the questions seem to be the same: Has the world order as we know it in the post-war era come to an end? What will the world look like without the United States in the role of superpower and ‘boss’?

 
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Bernanke's Helicopter Is Warming Up





"A broad-based tax cut, for example, accommodated by a program of open-market purchases to alleviate any tendency for interest rates to increase, would almost certainly be an effective stimulant to consumption and hence to prices. Even if households decided not to increase consumption but instead re-balanced their portfolios by using their extra cash to acquire real and financial assets, the resulting increase in asset values would lower the cost of capital and improve the balance sheet positions of potential borrowers. A money-financed tax cut is essentially equivalent to Milton Friedman's famous "helicopter drop" of money ."

- Ben Bernanke, Deflation: Making Sure "It" Doesn't Happen Here, November 21, 2002

 
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