Worst-Case Scenario

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• CNSNews.com - Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data
  In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
• As Stadiums Vanish, Their Debt Lives On
  The New York Times reports:It’s the gift that keeps on taking. The old Giants Stadium, demolished to make way for New Meadowlands Stadium, still carries about $110 million in debt, or nearly $13 for every New Jersey resident, even though it is now a parking lot.The financial hole was dug over deca...
• Lawrence H. White: The German Miracle: Another Look - WSJ.com
  In The Wall Street Journal, economics professor Lawrence H. White of George Mason University writes that Germany has cut government spending and its economy is growing smartly. It's not the first time that market-friendly policies have led the nation out of crisis.
• Even America's liberal elites concede that Obama's Presidency is crumbling – Telegraph Blogs
  [caption id="attachment_100052822" align="alignnone" width="460" caption="The US Capitol building in Washington DC (Photo: EPA)"][/caption] Democrats in Congress are no longer asking themselves whether this is going to be a bad election year for them and their party. They are asking whether it is go...
• Sorry: Obama Flatly Rejects Bush Tax Cut Extension For The Rich
  So much for the idea that Peter Orszag's piece in the NYT today was some sort of "trial balloon" on the part of the administration, to see if it might reverse itself on the matter of the Bush tax cuts. Turns out The White House is now directly going against the prescription put forth by its former C...
• Andy Xie: The Financial Industry Is A 'Gigantic Parasite' We Don't Need Anymore
  These are pretty strong words, given they are coming from ex-Morgan Stanley Andy Xie: Caixin: But institutional investors are intermediaries, too. Why should savers give them money to manage? Not for superior performance: More than 90 percent of institutional investors underperform market indexes....
• Gold Is On A Tear, And Thanks To Bernanke, It Will Win The Battle Against Treasuries
  In case you haven't been paying attention, gold is on a tear. Mike O'Rourke of BTIG argues that thanks to Bernanke, gold will continue to outperform. Gold is screaming inflation and Treasuries are screaming deflation and the irony of that is not lost on us.  We view them both as indications that...
• Here Comes Those Pan-European ‘I Told You So’ Again, Greece Busted Number Fudging for the nth Time
  I know many of you don’t like to hear I told you so, but if you don’t subscribe to the blog you can always take the advice that I proffered last week: “I Suggest Those That Dislike Hearing “I Told You So” Divest from Western and Southern European Debt, It’ll Get Worse Before It Get’s...
• Startling Increase in UK Food Price Inflation
  Because of rapidly rising commodity costs the UK has experienced its quickest rate of food price inflation this year during the month of August, according to the British Real Consortium. In particular, wheat and sugar are two key ingredients behind steeply increasing expenses for food makers. Accord...
• Housing Market: Prop It Up Or Let It Fall?
  CNBC Video:  Anthony Sanders, a real estate professor at George Mason University, and David Crowe, chief economist at the Natl. Association of Home Builders, share their views -- Aired Sep. 7, 2010 Crowe, the tool from the NAHB, wants a brand new $25,000 tax credit for home purchases.  Let that s...
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