Portrait of A Mass Murderer– Dylann Storm Roof — Racist, Drug User, Mentally Disturbed, Evil or Murderer? — It’s The Drugs — Feed Your Head — The House of the Rising Sun — Videos

Posted on June 24, 2015. Filed under: American History, Articles, Blogroll, British History, Business, Chemistry, Communications, Constitution, Corruption, Crime, Crisis, Culture, Education, Entertainment, European History, Faith, Family, Freedom, Friends, Games, government, government spending, history, Homicide, Law, liberty, Life, Links, media, Medicine, Money, Music, Music, People, Philosophy, Photos, Pistols, Police, Politics, Press, Psychology, Radio, Radio, Rants, Raves, Regulations, Religion, Religious, Religious, Science, Speech, Talk Radio, Television, Television, Terrorism, Video, War, Weapons, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 489 June 19, 2015

Pronk Pops Show 488 June 18, 2015

Pronk Pops Show 487 June 17, 2015

Pronk Pops Show 486 June 16, 2015

Pronk Pops Show 485 June 15, 2015

Pronk Pops Show 484 June 12, 2015

Pronk Pops Show 483 June 11, 2015

Pronk Pops Show 482 June 10, 2015

Pronk Pops Show 481 June 9, 2015

Pronk Pops Show 480 June 8, 2015

Pronk Pops Show 479 June 5, 2015

Pronk Pops Show 478 June 4, 2015

Pronk Pops Show 477 June 3, 2015 

Pronk Pops Show 476 June 2, 2015

Pronk Pops Show 475 June 1, 2015

Pronk Pops Show 474 May 29, 2015

Pronk Pops Show 473 May 28, 2015

Pronk Pops Show 472 May 27, 2015

Pronk Pops Show 471 May 26, 2015

Pronk Pops Show 470 May 22, 2015

Pronk Pops Show 469 May 21, 2015

Pronk Pops Show 468 May 20, 2015 

Pronk Pops Show 467 May 19, 2015

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Pronk Pops Show 465 May 15, 2015

Pronk Pops Show 464 May 14, 2015

Pronk Pops Show 463 May 13, 2015

Pronk Pops Show 462 May 8, 2015

Pronk Pops Show 461 May 7, 2015

Pronk Pops Show 460 May 6, 2015

Pronk Pops Show 459 May 4, 2015 

Pronk Pops Show 458 May 1, 2015 

Pronk Pops Show 457 April 30, 2015 

Pronk Pops Show 456: April 29, 2015 

Pronk Pops Show 455: April 28, 2015

Pronk Pops Show 454: April 27, 2015

Pronk Pops Show 453: April 24, 2015

Pronk Pops Show 452: April 23, 2015 

Pronk Pops Show 451: April 22, 2015

Pronk Pops Show 450: April 21, 2015

Pronk Pops Show 449: April 20, 2015

Pronk Pops Show 448: April 17, 2015

Pronk Pops Show 447: April 16, 2015

Pronk Pops Show 446: April 15, 2015

Pronk Pops Show 445: April 14, 2015

Pronk Pops Show 444: April 13, 2015

Pronk Pops Show 443: April 9, 2015

Pronk Pops Show 442: April 8, 2015

Pronk Pops Show 441: April 6, 2015

Pronk Pops Show 440: April 2, 2015

Pronk Pops Show 439: April 1, 2015

Pronk Pops Show 438: March 31, 2015

Pronk Pops Show 437: March 30, 2015 

Pronk Pops Show 436: March 27, 2015 

Pronk Pops Show 435: March 26, 2015

Pronk Pops Show 434: March 25, 2015

Pronk Pops Show 433: March 24, 2015

Pronk Pops Show 432: March 23, 2015

Pronk Pops Show 431: March 20, 2015

Pronk Pops Show 430: March 19, 2015

Pronk Pops Show 429: March 18, 2015

Pronk Pops Show 428: March 17, 2015 

Pronk Pops Show 427: March 16, 2015

Pronk Pops Show 426: March 6, 2015

Pronk Pops Show 425: March 4, 2015

Pronk Pops Show 424: March 2, 2015

Story 1: Portrait of A Mass Murderer– Dylann Storm Roof — Racist, Drug User, Mentally Disturbed, Evil or Murderer? — It’s The Drugs — Feed Your Head — The House of the Rising Sun — Videos

crime statistics

gun free zonePsych-Meds-and-School-Shootings3blackboxwarningantidepressants-tca-ssripill picturesssri-drug-table1ssris-and-triptans1types of drugsnursingbuddy.com-nursing-pharmacology-Sites-of-Action-for-Selected-Antidepressantsantidepressant-side-effectpsychiatry-junk-science-anxiety-depression-myth-serotonin-level-nerve-endings-receptor-sites-presynaptic-postsynaptic-neuron-neurotransmitter-ssri-selective-serotonin-reuptake-inhibitor-sarafem-paxil-zoloft-celexssri-drug-table1antidepressant_medications_sig

SSRI Stories

Our Stories

SSRI Stories is a collection of over 6,000 stories that have appeared in the media (newspapers, TV, scientific journals) in which prescription drugs were mentioned and in which the drugs may be linked to a variety of adverse outcomes including violence.

This updated site includes the stories from the previous site and new ones from 2011 to date.  We have used a new “category” classification system on the new stories.  We are working back through previously SSRI Stories to bring them into the new classification system.  In the meantime use the search box in the upper right column to search through both the old and the new stories.

SSRI Stories focuses primarily on problems caused by selective serotonin reuptake inhibitors (SSRIs), of which Prozac (fluoxetine) was the first.  For more see About SSRIs.   Other medications prescribed as antidepressants that fit the “nightmares” theme of the collected stories are sometimes included.

Jefferson Airplane -White Rabbit

Go Ask Alice (White Rabbit) Lyrics

“Go Ask Alice” was written by Grace Slick.

One pill makes you larger
And one pill makes you small
And the ones that mother gives you
Don’t do anything at all

Go ask Alice
When she’s ten feet tall
And if you go chasing rabbits
And you know you’re going to fall

Tell them a hookah-smoking caterpillar
Has given you the call
Call Alice when she was just small
When the men on the chess board
Get up and tell you where to go

And you just had some kind of mushroom
And your mind is moving slow
Go ask Alice
I think she’ll know

When logic and proportion
Have fallen sloppy dead
And the white knight is talking backwards
And the Red Queen’s lost her head
Remember what the dormouse said

Feed your head
Feed your head

http://www.metrolyrics.com/go-ask-alice-lyrics-jefferson-airplane.html

Jefferson Airplane – White Rabbit (Grace Slick, Woodstock, aug 17 1969)

Jefferson Airplane – Somebody to love

Dylann Roof makes first South Carolina court appearance

Bond Hearing For Charleston Church Shooter Dylann Roof (Full Unedited): First Court Appearance

New video shows church group moments before shooting

Who is Dylann Roof?

Dylann Roof: Charleston Church Shooting | True News

Obama in 2004 on His Personal Drinking/Drug Use

‘I Got High’: Obama Talks About His Use of Drugs

Obama Says Legalizing Drugs is Worthy of Debate

The REAL Reason for the Mass Shooting Epidemic in America

The Marketing of Madness: The Truth About

Psychotropic Drugs

Is Depression a Mental Illness? No.

Psychotropic Drugs: The Hidden Dangers

SSRI Drugs are Dangerous!

SSRI Withdrawals – Do Natural Products Help?

Silent Side Effects of SSRI – Mass Murders and Suicide

Medicated to Death: SSRIs and Mass Killings

SSRI’s Behind Mass Shootings – Psych Speaks Out!

Friend: Dyllan Storm Roof Took Gun from His Mom – She Didn’t Trust Him With It (VIDEO)

Witnesses: Shooter said he was there ‘to shoot black…

Charleston Church Shootings: Special Report

Best 7 minutes on gun control I have ever seen!

In this segment of his Virtual State of the Union, the Virtual President talks about why politicians want to talk about gun control rather than crime control, and delivers the factual evidence and historical truths that make the case for the Second Amendment self-evident.

Dr Susan Gratia-Hupp – Survivor of the 1991 Kileen TX Lubys Shooting Massacre

Hupp and her parents were having lunch at the Luby’s Cafeteria in Killeen in 1991 when the Luby’s massacre commenced. The gunman shot 50 people and killed 23, including Hupp’s parents. Hupp later expressed regret about deciding to remove her gun from her purse and lock it in her car lest she risk possibly running afoul of the state’s concealed weapons laws; during the shootings, she reached for her weapon but then remembered that it was “a hundred feet away in my car.” Her father, Al Gratia, tried to rush the gunman and was shot in the chest. As the gunman reloaded, Hupp escaped through a broken window and believed that her mother, Ursula Gratia, was behind her. Actually however, her mother went to her mortally-wounded husband’s aid and was then shot in the head.

As a survivor of the Luby’s massacre, Hupp testified across the country in support of concealed-handgun laws. She said that if there had been a second chance to prevent the slaughter, she would have violated the Texas law and carried the handgun inside her purse into the restaurant. She testified across the country in support of concealed handgun laws, and was elected to the Texas House of Representatives in 1996. The law was signed by then-Governor George W. Bush.

The Animals – The House of the Rising Sun

“House Of The Rising Sun”

There is a house in New Orleans
They call the Rising Sun
And it’s been the ruin of many a poor boy
And God, I know I’m oneMy mother was a tailor
She sewed my new blue jeans
My father was a gamblin’ man
Down in New OrleansNow the only thing a gambler needs
Is a suitcase and trunk
And the only time he’s satisfied
Is when he’s on a drunk[Organ Solo]Oh mother, tell your children
Not to do what I have done
Spend your lives in sin and misery
In the House of the Rising SunWell, I got one foot on the platform
The other foot on the train
I’m goin’ back to New Orleans
To wear that ball and chainWell, there is a house in New Orleans
They call the Rising Sun
And it’s been the ruin of many a poor boy
And God, I know I’m one

The Moody Blues – Nights In White Satin

Charleston shooting: c’s stepmother defends ‘smart’ boy ‘drawn in by internet evil’

CHARLESTON SHOOTING – Disaster Being Used to Forward Gun Control Agenda

Charleston Shooting: “Hate Crimes” and White Fear

Fox News Host ‘Surprise’ as Obama ‘Quick’ Invoke Gun Control on Charleston Mass Shooting

Fox’s Steve Doocy and Guest Wonder Whether Charleston Shooting Part of ‘War on Christians’

O’Reilly Battles NC Victim’s Friend For Blaming Fox ‘Hate Speech’ for Charleston Shooting on CNN

Mass Murders caused by Pharma Meds… Not Guns!

Medicated to Death: SSRIs and Mass Killings

Chris Greene “SSRI Drugs are responsible for School Massacre”

Michael Savage, caller on how massacres occur at “gun-free” zones, not in armed places like Israel

Ft. Hood Shooting Reactions And The Horrors Of SSRIs

Affidavits spell out chilling case against Dylann Roof

As a subdued Dylann Roof made his first official appearance Friday on charges of killing nine people at a historic black church, police affidavits offered grim details of the murder case, including an allegation that the gunman fired multiple shots into each victim and stood over them to issue “a racially inflammatory statement.”

The documents also said that Roof’s father and uncle contacted police to positively identify the 21-year-old as the suspect after authorities issued photos of the gunman within hours of the attack at the Emanuel AME Church in downtown Charleston Wednesday evening.

As those details trickled out, the suspect’s family issued a statement expressing sadness and offering condolences to the families of the victims:

Dylann Roof’s father, according to the court documents, told investigators that his son owned a .45-caliber handgun. The documents note that .45-caliber casings were found at the scene of the shootings.

The affidavits allege that Roof, wearing a fanny pack apparently to hide a weapon, spent an hour with the parishioners before opening fire on the group. Before leaving the scene of the carnage, he allegedly “uttered a racially inflammatory statement” over the bodies to a witness who was apparently allowed to survive to convey the message.

Roof was returned to South Carolina after waiving his extradition rights following his arrest Thursday near Shelby, N.C., about 245 miles northwest of Charleston.

He appeared at ease when he allegedly told investigators shortly after his capture that he had launched the attack that left nine dead, a federal law enforcement official said. The official, who is not authorized to comment publicly, said that the suspect expressed no remorse and appeared “comfortable” with what he had done.

Authorities have determined that Roof legally obtained a .45-caliber handgun earlier this year, using money likely provided as birthday gift from his family, the official said. The weapon was purchased at gun store near Columbia, S.C.

Statements made by some family members of victims were particularly powerful.

Appearing by video link from jail, the 21-year-old Roof, who was handcuffed and wore a striped jail jumpsuit, often pursed his lips, closed his eyes, or stared at the floor as the relatives of five victims spoke to the court at the bond hearing.

“You took something really precious away from me, I will never talk to her again, never hold her again, but I forgive you,” said the daughter of one of the victims, Ethel Lance. “You hurt me, you hurt a lot of people but God forgive you and I forgive you.”

Roof appeared wan and subdued, his distinctive bowl hair, shown in surveillance photos outside the church on the night of the killings, stringy and unkempt. He stood with his hands cuffed behind his back. Two heavily armed guards stood behind him.

Bethanee Middleton-Brown, sister of another victim, DePayne Middleton-Doctor, addressed the hearing amid sniffles and sobs in the tiny courtroom.

She said her sister “taught me me that we are the family that love built, we have no room for hate, so we have to forgive. And I pray to God for your soul and I also thank God that And I also thank God I won’t be around when your judgment day comes with him.”

Although the court legally could not issue any bond in on the murder charges, Magistrate James Gosnell Jr. set Roof’s bond on a related weapons possession charge at $1 million.

Roof, who often swallowed hard as the judge asked questions, spoke only three times, answering “yes, sir” and “no, sir” to questions about his employment status. Roof is unemployed.

At the opening of the emotional, 13-minute hearing, Gosnell addressed the court, saying Charleston is a strong, loving community with “big hearts.”

“We are going to reach out to everyone, all the victims, and we will touch them,” he said. “We have victims — nine of them — but we also have victims on the other side.

“There are victims on this young man’s side of the family. No one would have ever thrown them into the whirlwind of events that they have been thrown into … We must find it in their heart to also help his family as well.”

In Washington, meanwhile, Justice Department spokeswoman Emily Pierce said the federal inquiry into the church shooting is ongoing.

Pierce said the investigation will not only consider possible hate crime violations, but prosecutors also will review the shooting as a possible “act of domestic terrorism.”

“This heartbreaking episode was undoubtedly designed to strike fear and terror into this community, and the department is looking at this crime from all angles,” Pierce said.

Charleston, South Carolina Mayor Joseph Riley said although he doesn’t condone the death penalty, he thinks prosecutors will seek it in the Emanuel AME church shooting. VPC

Gov. Nikki Haley, speaking on NBC’s Today show on Friday, said that “we will absolutely will want him to have the death penalty” for the fatal shooting of nine members of a Bible study group at the Emanuel AME Church on Wednesday evening.

Charleston Mayor Joseph P. Riley Jr., said at a news conference Friday that though he’s not a proponent of the death penalty, it’s the law in South Carolina and he expects it will be sought in the church shooting. “If you are going to have a death penalty, certainly this case would merit it,” Riley said.

Shelby police officials did not interview Roof formally, according to WBTV, a Charlotte TV station, which quotes an unidentified source as saying the suspect was videotaped during the entire time he was at the Shelby police department.

The source told WBTV that Roof spoke freely, told investigators he had been planning the attack for a period of time, had researched the Emanuel AME Church and targeted it because it was a historic African-American church.

According to WBTV’s source, Roof told investigators he had a Glock handgun hidden behind a pouch he was wearing around his waist. He also told investigators he thought he’d only shot a few people and when told he actually had killed nine people, he appeared to be somewhat remorseful, according to the source.

During the recorded conversation, Roof reportedly told investigators he actually thought he would be caught in Charleston before fleeing and was headed to Nashville when he was captured. When asked why he was going to Nashville, he reportedly told investigators “I’ve never been there before.”

Police alleged that Roof opened fire on worshipers after sitting with them for at least an hour. The victims included the pastor, Clementa Pinckney, 41, who was also a state senator.

The 21-year-old man accused of killing nine people as they worshiped at a Charleston, South Carolina church has a criminal past. Dylann Roof was arrested twice this year and images of him posted to social media seem to show a racist ideology. WCNC

Roof allegedly told police he “almost didn’t go through with (the shooting) because everyone was so nice to him,” other sources told NBC News’ Craig Melvin.

Police say they thought Roof was the lone gunman within hours of the bloody attack on the church, which was founded in 1816. Asked whether authorities believe Roof had acted alone, Mullen said: “We don’t have any reason to believe anyone else was involved.”

A one-time acquaintance of Roof’s told the Associated Press that he would rant that “blacks were taking over the world” as the pair got drunk on vodka.

Roof railed that “someone needed to do something about it for the white race,” said the former friend, Joseph Meek Jr., according to the AP.

http://www.usatoday.com/story/news/nation/2015/06/19/dylann-roof-charleston-police-charged–murder-black-church/28975573/

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Fed Desperate To Rise Above the Near Zero Fed Funds Rate Target Range — Need Three Months Of 300,000 Plus Per Month Job Creation, Wage Growth and 3% First Quarter 2015 Real Gross Domestic Product Growth Numbers To Jump to .5 – 1.0% Range Fed Funds Rate Target — June 2015 Launch Date Expected — Fly Me To The Moon — Summertime — Launch — Abort On Recession — Videos

Posted on March 22, 2015. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Constitution, Crisis, Culture, Demographics, Documentary, Economics, Education, Employment, Energy, Entertainment, Family, Federal Communications Commission, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, Freedom, Friends, Government Land Ownership, government spending, Health Care, history, Illegal, Immigration, Language, Law, liberty, Life, Links, Macroeconomics, Microeconomics, Monetary Policy, Money, Music, Music, Natural Gas, Natural Gas, Non-Fiction, Obamacare, Oil, Oil, People, Philosophy, Photos, Politics, Press, Psychology, Rants, Raves, Regulations, Resources, Reviews, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Water, Wealth, Weather, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 430: March 19, 2015

Pronk Pops Show 429: March 18, 2015

Pronk Pops Show 428: March 17, 2015 

Pronk Pops Show 427: March 16, 2015

Pronk Pops Show 426: March 6, 2015

Pronk Pops Show 425: March 4, 2015

Pronk Pops Show 424: March 2, 2015

Pronk Pops Show 423: February 26, 2015

Pronk Pops Show 422: February 25, 2015 

Pronk Pops Show 421: February 20, 2015

Pronk Pops Show 420: February 19, 2015

Pronk Pops Show 419: February 18, 2015

Pronk Pops Show 418: February 16, 2015

Pronk Pops Show 417: February 13, 2015

Pronk Pops Show 416: February 12, 2015

Pronk Pops Show 415: February 11, 2015

Pronk Pops Show 414: February 10, 2015

Pronk Pops Show 413: February 9, 2015

Pronk Pops Show 412: February 6, 2015

Pronk Pops Show 411: February 5, 2015

Pronk Pops Show 410: February 4, 2015

Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

Pronk Pops Show 407: January 30, 2015

Pronk Pops Show 406: January 29, 2015

Pronk Pops Show 405: January 28, 2015

Pronk Pops Show 404: January 27, 2015

Pronk Pops Show 403: January 26, 2015

Pronk Pops Show 402: January 23, 2015

Pronk Pops Show 401: January 22, 2015

Pronk Pops Show 400: January 21, 2015

Pronk Pops Show 399: January 16, 2015

Pronk Pops Show 398: January 15, 2015

Pronk Pops Show 397: January 14, 2015

Pronk Pops Show 396: January 13, 2015

Pronk Pops Show 395: January 12, 2015

Pronk Pops Show 394: January 7, 2015

Pronk Pops Show 393: January 5, 2015

Pronk Pops Show 392: December 19, 2014

Pronk Pops Show 391: December 18, 2014

Pronk Pops Show 390: December 17, 2014

Pronk Pops Show 389: December 16, 2014

Pronk Pops Show 388: December 15, 2014

Pronk Pops Show 387: December 12, 2014

Pronk Pops Show 386: December 11, 2014

Pronk Pops Show 385: December 9, 2014

Pronk Pops Show 384: December 8, 2014

Pronk Pops Show 383: December 5, 2014

Pronk Pops Show 382: December 4, 2014

Pronk Pops Show 381: December 3, 2014

Pronk Pops Show 380: December 1, 2014

Story 1: Fed Desperate To Rise Above the Near Zero Fed Funds Rate Target Range — Need Three Months Of 300,000 Plus Per Month Job Creation, Wage Growth and 3% First Quarter 2015 Real Gross Domestic Product Growth Numbers To Jump to .5 – 1.0% Range Fed Funds Rate Target — June 2015 Launch Date Expected —  Fly Me To The Moon — Summertime — Launch — Abort On Recession — Videos

moonspace

moon earthstarsApollo_17_The_Last_Moon_Shot_Edit1launch_abort_buttons

Amazing seven year old sings Fly Me To The Moon (Angelina Jordan) on Senkveld “The Late Show”

Forrest Gump JFK “I Gotta Pee” Scene

Fed Decision: The Three Most Important Things Janet Yellen Said

Press Conference with Chair of the FOMC, Janet L. Yellen

Monetary Policy Based on the Taylor Rule

Many economists believe that rules-based monetary policy provides better economic outcomes than a purely discretionary framework delivers. But there is disagreement about the advantages of rules-based policy and even disagreement about which rule works. One possible policy rule would be for the central bank to follow a Taylor Rule, named after our featured speaker, John B. Taylor. What would some of the advantages of a Taylor Rule be versus, for instance, a money growth rule, or a rule which only specifies the inflation target? How could a policy rule be implemented? Should policy rule legislation be considered? Join us as Professor Taylor addresses these important policy questions.

Murray N. Rothbard on Milton Friedman pre1971

On Milton Friedman | by Murray N. Rothbard

Who Was the Better Monetary Economist? Rothbard and Friedman Compared | Joseph T. Salerno

Joseph Salerno “Unmasking the Federal Reserve”

Rothbard on Alan Greenspan

Milton Friedman – Money and Inflation

Milton Friedman – Abolish The Fed

Milton Friedman On John Maynard Keynes

Hayek on Keynes’s Ignorance of Economics

Friedrich Hayek explains to Leo Rosten that while brilliant Keynes had a parochial understanding of economics.

On John Maynard Keynes | by Murray N. Rothbard

Hayek on Milton Friedman and Monetary Policy

Friedrich Hayek: Why Intellectuals Drift Towards Socialism

Capitalism, Socialism, and the Jews

The Normal State of Man: Misery & Tyranny

Peter Schiff Interviews Keynesian Economist Laurence Kotlikoff 01-18-12

Larry Kotlikoff on the Clash of Generations

Extended interview with Boston University Economics Professor Larry Kotlikoff on his publications about a six-decade long Ponzi scheme in the US which he says will lead to a clash of generations.

Kotlikoff also touches on what his projections mean for the New Zealand economy and why Prime Minister John Key should take more attention of New Zealand’s ‘fiscal gap’ – the gap between all future government spending commitments and its future revenue track.

Thomas Sowell on Intellectuals and Society

Angelina Jordan – summertime

Angelina Jordan synger Sinatra i semifinalen i Norske Talenter 2014

Release Date: March 18, 2015

For immediate release

Information received since the Federal Open Market Committee met in January suggests that economic growth has moderated somewhat. Labor market conditions have improved further, with strong job gains and a lower unemployment rate. A range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately; declines in energy prices have boosted household purchasing power. Business fixed investment is advancing, while the recovery in the housing sector remains slow and export growth has weakened. Inflation has declined further below the Committee’s longer-run objective, largely reflecting declines in energy prices. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the Committee judges consistent with its dual mandate. The Committee continues to see the risks to the outlook for economic activity and the labor market as nearly balanced. Inflation is anticipated to remain near its recent low level in the near term, but the Committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of energy price declines and other factors dissipate. The Committee continues to monitor inflation developments closely.

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Consistent with its previous statement, the Committee judges that an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range.

The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Jeffrey M. Lacker; Dennis P. Lockhart; Jerome H. Powell; Daniel K. Tarullo; and John C. Williams.

http://www.federalreserve.gov/newsevents/press/monetary/20150318a.htm

Advance release of table 1 of the Summary of Economic Projections to be released with the FOMC minutes

Percent

Variable Central tendency1 Range2
2015 2016 2017 Longer run 2015 2016 2017 Longer run
Change in real GDP 2.3 to 2.7 2.3 to 2.7 2.0 to 2.4 2.0 to 2.3 2.1 to 3.1 2.2 to 3.0 1.8 to 2.5 1.8 to 2.5
December projection 2.6 to 3.0 2.5 to 3.0 2.3 to 2.5 2.0 to 2.3 2.1 to 3.2 2.1 to 3.0 2.0 to 2.7 1.8 to 2.7
Unemployment rate 5.0 to 5.2 4.9 to 5.1 4.8 to 5.1 5.0 to 5.2 4.8 to 5.3 4.5 to 5.2 4.8 to 5.5 4.9 to 5.8
December projection 5.2 to 5.3 5.0 to 5.2 4.9 to 5.3 5.2 to 5.5 5.0 to 5.5 4.9 to 5.4 4.7 to 5.7 5.0 to 5.8
PCE inflation 0.6 to 0.8 1.7 to 1.9 1.9 to 2.0 2.0 0.6 to 1.5 1.6 to 2.4 1.7 to 2.2 2.0
December projection 1.0 to 1.6 1.7 to 2.0 1.8 to 2.0 2.0 1.0 to 2.2 1.6 to 2.1 1.8 to 2.2 2.0
Core PCE inflation3 1.3 to 1.4 1.5 to 1.9 1.8 to 2.0 1.2 to 1.6 1.5 to 2.4 1.7 to 2.2
December projection 1.5 to 1.8 1.7 to 2.0 1.8 to 2.0 1.5 to 2.2 1.6 to 2.1 1.8 to 2.2

Note: Projections of change in real gross domestic product (GDP) and projections for both measures of inflation are percent changes from the fourth quarter of the previous year to the fourth quarter of the year indicated. PCE inflation and core PCE inflation are the percentage rates of change in, respectively, the price index for personal consumption expenditures (PCE) and the price index for PCE excluding food and energy. Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of the year indicated. Each participant’s projections are based on his or her assessment of appropriate monetary policy. Longer-run projections represent each participant’s assessment of the rate to which each variable would be expected to converge under appropriate monetary policy and in the absence of further shocks to the economy. The December projections were made in conjunction with the meeting of the Federal Open Market Committee on December 16-17, 2014.

1. The central tendency excludes the three highest and three lowest projections for each variable in each year.  Return to table

2. The range for a variable in a given year includes all participants’ projections, from lowest to highest, for that variable in that year.  Return to table

3. Longer-run projections for core PCE inflation are not collected.  Return to table

Figure 1. Central tendencies and ranges of economic projections, 2015-17 and over the longer run

Central tendencies and ranges of economic projections for years 2015 through 2017 and over the longer run. Actual values for years 2010 through 2014.

Change in real GDP
Percent

2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 2.7 1.7 1.6 3.1 2.4
Upper End of Range 3.1 3.0 2.5 2.5
Upper End of Central Tendency 2.7 2.7 2.4 2.3
Lower End of Central Tendency 2.3 2.3 2.0 2.0
Lower End of Range 2.1 2.2 1.8 1.8

Unemployment rate
Percent

2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 9.5 8.7 7.8 7.0 5.7
Upper End of Range 5.3 5.2 5.5 5.8
Upper End of Central Tendency 5.2 5.1 5.1 5.2
Lower End of Central Tendency 5.0 4.9 4.8 5.0
Lower End of Range 4.8 4.5 4.8 4.9

PCE inflation
Percent

2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 1.3 2.7 1.6 1.0 1.1
Upper End of Range 1.5 2.4 2.2 2.0
Upper End of Central Tendency 0.8 1.9 2.0 2.0
Lower End of Central Tendency 0.6 1.7 1.9 2.0
Lower End of Range 0.6 1.6 1.7 2.0

Note: Definitions of variables are in the general note to the projections table. The data for the actual values of the variables are annual.

Figure 2. Overview of FOMC participants’ assessments of appropriate monetary policy

Appropriate timing of policy firming

2015 2016
Number of participants 15 2

Note: In the upper panel, the height of each bar denotes the number of FOMC participants who judge that, under appropriate monetary policy, the first increase in the target range for the federal funds rate from its current range of 0 to 1/4 percent will occur in the specified calendar year. In December 2014, the numbers of FOMC participants who judged that the first increase in the target federal funds rate would occur in 2015, and 2016 were, respectively, 15, and 2.

Appropriate pace of policy firming: Midpoint of target range or target level for the federal funds rate
Number of participants with projected midpoint of target range or target level

Midpoint of target range
or target level (Percent)
2015 2016 2017 Longer Run
0.125 2
0.250
0.375 1 1
0.500
0.625 7
0.750
0.875 3
1.000
1.125 1 1
1.250
1.375 2
1.500
1.625 1 6
1.750
1.875 3
2.000 1
2.125 1
2.250 1
2.375
2.500
2.625 1 3
2.750
2.875 2
3.000 1
3.125 4
3.250
3.375 2 1
3.500 7
3.625 2
3.750 1 2 6
3.875 1
4.000 1 2
4.125
4.250 1

Note: In the lower panel, each shaded circle indicates the value (rounded to the nearest 1/8 percentage point) of an individual participant’s judgment of the midpoint of the appropriate target range for the federal funds rate or the appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run.

http://www.federalreserve.gov/monetarypolicy/fomcprojtabl20150318.htm

Janet Yellen Isn’t Going to Raise Interest Rates Until She’s Good and Ready

The key words in Janet L. Yellen’s news conference Wednesday were rather pithy, at least by central bank standards. “Just because we removed the word ‘patient’ from the statement doesn’t mean we are going to be impatient,” Ms. Yellen, the Federal Reserve chairwoman, said.

With this framing, Ms. Yellen was putting her firm stamp on the policy of an institution she has led for just over a year — and making clear that she will not be boxed in. Her words and accompanying announcements conveyed the message that the Yellen Fed has no intention of taking the support struts of low interest rates away until she is absolutely confident that economic growth will hold up without them.

Photo

Janet Yellen held a news conference after a meeting of the Federal Open Market Committee in Washington on Wednesday. CreditChip Somodevilla/Getty Images

Ms. Yellen’s comments about patience versus impatience were part of that dance. But the dual message was even more powerful when combined with other elements of the central bank’s newly released information, which sent the signal that members of the committee intend to move cautiously on rate increases.

By eliminating the reference to “patience,” Paul Edelstein, an economist at IHS Global Insight, said in a research note, “The Fed did what it was expected to do.”

“But beyond that,” he added, “the committee appeared much more dovish and in not much of a hurry to actually pull the trigger.”

Fed officials’ forecasts of how high rates will be at year’s end for 2015, 2016 and 2017 all fell compared to where they were in December. They marked down their forecast for economic growth and inflation for all three years, implying that the nation’s economic challenge is tougher and inflation risks more distant than they had seemed a few months ago.

Particularly interesting was that Fed officials lowered their estimate of the longer-run unemployment rate, to 5 to 5.2 percent, from 5.2 to 5.5 percent. With joblessness hitting 5.5 percent in February, that implied that policy makers are convinced the job market has more room to tighten before it becomes too tight. Fed leaders now forecast unemployment rates in 2016 and 2017 that are a bit below what many view as the long-term sustainable level, which one would expect to translate into rising wages.

In other words, they want to run the economy a little hot for the next couple of years to help spur the kinds of wage gains that might return inflation to the 2 percent level they aim for, but which they have persistently undershot in recent years.

Apart from the details of the dovish monetary policy signals Ms. Yellen and her colleagues sent, it is clear she wanted to jolt markets out of any feeling that policy is on a preordained path.

At times over the last couple of years, the Fed had seemed to set a policy course and then go on a forced march until it got there, regardless of whether the jobs numbers were good or bad, or whether inflation was rising or falling. That is certainly how it felt when the Fed decided in December 2013 to wind down its quantitative easing policies by $10 billion per meeting, which it did through the first nine months of 2014 with few signs of re-evaluation as conditions evolved.

In her first news conference as chairwoman a year ago, Ms. Yellen had suggested that rate increases might be on a similar preordained path by saying that she could imagine rate increases “around six months” after the conclusion of quantitative easing. (That comment increasingly looks to have been a rookie mistake, and she later backed away from it.)

There are likely to be plenty of twists and turns in the coming months. After this week’s meeting, Ms. Yellen reinforced the message she has been trying to convey that the committee really will adapt its policy to incoming information rather than simply carry on with the path it set a year ago.

If the strengthening dollar and falling oil prices start to translate into still-lower expectations for future inflation, the Fed will hold off from rate rises — and the same if wage gains and other job market indicators show a lack of progress.

Conversely, if the job market recovery keeps going gangbusters and it becomes clear that inflation is going to rise back toward 2 percent, Ms. Yellen does not want to be constrained by language about “patience.”

“This change does not necessarily mean that an increase will occur in June,” Ms. Yellen said, “though we cannot rule that out.”

She has now bought herself some latitude to decide when and how the Fed ushers in an era of tighter money. Now the question is just how patient or impatient American economic conditions will allow her to be.

http://www.nytimes.com/2015/03/19/upshot/janet-yellen-isnt-going-to-raise-interest-rates-until-shes-good-and-ready.html?_r=0&abt=0002&abg=1

Taylor rule

From Wikipedia, the free encyclopedia

John B. Taylor

Not to be confused with Taylor Law or Taylor’s law.

In economics, a Taylor rule is a monetary-policy rule that stipulates how much the central bank should change the nominal interest rate in response to changes in inflation, output, or other economic conditions. In particular, the rule stipulates that for each one-percent increase in inflation, the central bank should raise the nominal interest rate by more than one percentage point. This aspect of the rule is often called the Taylor principle.

The rule of was first proposed by John B. Taylor,[1] and simultaneously by Dale W. Henderson and Warwick McKibbin in 1993.[2] It is intended to foster price stability and full employment by systematically reducing uncertainty and increasing the credibility of future actions by the central bank. It may also avoid the inefficiencies of time inconsistency from the exercise ofdiscretionary policy.[3][4] The Taylor rule synthesized, and provided a compromise between, competing schools of economics thought in a language devoid of rhetorical passion.[5] Although many issues remain unresolved and views still differ about how the Taylor rule can best be applied in practice, research shows that the rule has advanced the practice of central banking.[6]

As an equation

According to Taylor’s original version of the rule, the nominal interest rate should respond to divergences of actual inflation rates from target inflation rates and of actual Gross Domestic Product (GDP) from potential GDP:

i_t = \pi_t + r_t^* + a_\pi  ( \pi_t - \pi_t^* )  + a_y ( y_t - \bar y_t ).

In this equation, \,i_t\, is the target short-term nominal interest rate (e.g. the federal funds rate in the US, the Bank of England base rate in the UK), \,\pi_t\, is the rate ofinflation as measured by the GDP deflator, \pi^*_t is the desired rate of inflation, r_t^* is the assumed equilibrium real interest rate, \,y_t\, is the logarithm of real GDP, and \bar y_tis the logarithm of potential output, as determined by a linear trend.

In this equation, both a_{\pi} and a_y should be positive (as a rough rule of thumb, Taylor’s 1993 paper proposed setting a_{\pi}=a_y=0.5).[7] That is, the rule “recommends” a relatively high interest rate (a “tight” monetary policy) when inflation is above its target or when output is above its full-employment level, in order to reduce inflationary pressure. It recommends a relatively low interest rate (“easy” monetary policy) in the opposite situation, to stimulate output. Sometimes monetary policy goals may conflict, as in the case of stagflation, when inflation is above its target while output is below full employment. In such a situation, a Taylor rule specifies the relative weights given to reducing inflation versus increasing output.

The Taylor principle

By specifying a_{\pi}>0, the Taylor rule says that an increase in inflation by one percentage point should prompt the central bank to raise the nominal interest rate by more than one percentage point (specifically, by 1+a_{\pi}, the sum of the two coefficients on \pi_t in the equation above). Since the real interest rate is (approximately) the nominal interest rate minus inflation, stipulating a_{\pi}>0 implies that when inflation rises, the real interest rate should be increased. The idea that the real interest rate should be raised to cool the economy when inflation increases (requiring the nominal interest rate to increase more than inflation does) has sometimes been called the Taylor principle.[8]

During an EconTalk podcast Taylor explained the rule in simple terms using three variables: inflation rate, GDP growth, and the interest rate. If inflation were to rise by 1%, the proper response would be to raise the interest rate by 1.5% (Taylor explains that it doesn’t always need to be exactly 1.5%, but being larger than 1% is essential). If GDP falls by 1% relative to its growth path, then the proper response is to cut the interest rate by .5%.[9]

Alternative versions of the rule

While the Taylor principle has proved very influential, there is more debate about the other terms that should enter into the rule. According to some simple New Keynesian macroeconomic models, insofar as the central bank keeps inflation stable, the degree of fluctuation in output will be optimized (Blanchard and Gali call this property the ‘divine coincidence‘). In this case, the central bank need not take fluctuations in the output gap into account when setting interest rates (that is, it may optimally set a_y=0.) On the other hand, other economists have proposed including additional terms in the Taylor rule to take into account money gap[10] or financial conditions: for example, the interest rate might be raised when stock prices, housing prices, or interest rate spreads increase.

Empirical relevance

Although the Federal Reserve does not explicitly follow the Taylor rule, many analysts have argued that the rule provides a fairly accurate summary of US monetary policy under Paul Volcker and Alan Greenspan.[11][12] Similar observations have been made about central banks in other developed economies, both in countries like Canada and New Zealand that have officially adopted inflation targeting rules, and in others like Germany where the Bundesbank‘s policy did not officially target the inflation rate.[13][14] This observation has been cited by Clarida, Galí, and Gertler as a reason why inflation had remained under control and the economy had been relatively stable (the so-called ‘Great Moderation‘) in most developed countries from the 1980s through the 2000s.[11] However, according to Taylor, the rule was not followed in part of the 2000s, possibly leading to the housing bubble.[15][16] Certain research has determined that some households form their expectations about the future path of interest rates, inflation, and unemployment in a way that is consistent with Taylor-type rules.[17]

Criticisms

Athanasios Orphanides (2003) claims that the Taylor rule can misguide policy makers since they face real-time data. He shows that the Taylor rule matches the US funds rate less perfectly when accounting for these informational limitations and that an activist policy following the Taylor rule would have resulted in an inferior macroeconomic performance during the Great Inflation of the seventies.[18]

See also

References

  1. Jump up^ Taylor, John B. (1993). “Discretion versus Policy Rules in Practice”. Carnegie-Rochester Conference Series on Public Policy 39: 195–214. (The rule is introduced on page 202.)
  2. Jump up^ Henderson, D. W.; McKibbin, W. (1993). “A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence”. Carnegie-Rochester Conference Series on Public Policy 39: 221–318. doi:10.1016/0167-2231(93)90011-K.
  3. Jump up^ Athanasios Orphanides (2008). “Taylor rules,” The New Palgrave Dictionary of Economics, 2nd Edition. v. 8, pp. 2000-2004.Abstract.
  4. Jump up^ Paul Klein (2009). “time consistency of monetary and fiscal policy,” The New Palgrave Dictionary of Economics. 2nd Edition. Abstract.
  5. Jump up^ Kahn, George A.; Asso, Pier Francesco; Leeson, Robert (2007). “The Taylor Rule and the Transformation of Monetary Policy”. Federal Reserve Bank of Kansas City Working Paper 07-11. SSRN 1088466.
  6. Jump up^ Asso, Pier Francesco; Kahn, George A.; Leeson, Robert (2010). “The Taylor Rule and the Practice of Central Banking”. Federal Reserve Bank of Kansas City Working Paper 10-05. SSRN 1553978.
  7. Jump up^ Athanasios Orphanides (2008). “Taylor rules,” The New Palgrave Dictionary of Economics, 2nd Edition. v. 8, pp. 2000-2004, equation (7).Abstract.
  8. Jump up^ Davig, Troy; Leeper, Eric M. (2007). “Generalizing the Taylor Principle”. American Economic Review 97 (3): 607–635. doi:10.1257/aer.97.3.607.JSTOR 30035014.
  9. Jump up^ Econtalk podcast, Aug. 18, 2008, interview conducted by Russell Roberts, sponsored by the Library of Economics and Liberty.
  10. Jump up^ Benchimol, Jonathan; Fourçans, André (2012). “Money and risk in a DSGE framework : A Bayesian application to the Eurozone”. Journal of Macroeconomics34 (1): 95–111, Abstract.
  11. ^ Jump up to:a b Clarida, Richard; Galí, Jordi; Gertler, Mark (2000). “Monetary Policy Rules and Macroeconomic Stability: Theory and Some Evidence”. Quarterly Journal of Economics 115 (1): 147–180. doi:10.1162/003355300554692.JSTOR 2586937.
  12. Jump up^ Lowenstein, Roger (2008-01-20). “The Education of Ben Bernanke”. The New York Times.
  13. Jump up^ Bernanke, Ben; Mihov, Ilian (1997). “What Does the Bundesbank Target?”.European Economic Review 41 (6): 1025–1053. doi:10.1016/S0014-2921(96)00056-6.
  14. Jump up^ Clarida, Richard; Gertler, Mark; Galí, Jordi (1998). “Monetary Policy Rules in Practice: Some International Evidence”. European Economic Review 42 (6): 1033–1067. doi:10.1016/S0014-2921(98)00016-6.
  15. Jump up^ Taylor, John B. (2008). “The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong”.
  16. Jump up^ Taylor, John B. (2009). Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. Hoover Institution Press. ISBN 0-8179-4971-2.
  17. Jump up^ Carvalho, Carlos; Nechio, Fernanda (2013). “Do People Understand Monetary Policy?”. Federal Reserve Bank of San Francisco Working Paper 2012-01.SSRN 1984321.
  18. Jump up^ Orphanides, A. (2003). “The Quest for Prosperity without Inflation”. Journal of Monetary Economics 50 (3): 633–663. doi:10.1016/S0304-3932(03)00028-X.

External links

http://en.wikipedia.org/wiki/Taylor_rule

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Pronk Pops Show 304: July 29, 2014

Pronk Pops Show 303: July 28, 2014

Pronk Pops Show 302: July 24, 2014

Pronk Pops Show 301: July 23, 2014

Pronk Pops Show 300: July 22, 2014

Pronk Pops Show 299: July 21, 2014

Pronk Pops Show 298: July 18, 2014

Pronk Pops Show 297: July 17, 2014

Pronk Pops Show 296: July 16, 2014

Pronk Pops Show 295: July 15, 2014

Pronk Pops Show 294: July 14, 2014

Pronk Pops Show 293: July 11, 2014

Pronk Pops Show 292: July 9, 2014

Pronk Pops Show 291: July 7, 2014

Pronk Pops Show 290: July 3, 2014

Pronk Pops Show 289: July 2, 2014

Story 1: Obama Recklessly Endangers The Health of The American People By Allowing West Africans From Ebola Infected Countries To Fly Into United States — Open Borders To Illegal Aliens Fleeing Ebola Pandemic — Obama Panics And Appoints New Ebola Czar —  Another Political Elitist Establishment (PEE) Washington Insider With No Executive Leadership or Medical Experience —  Videos

BSL-4 US

stop_the_flights

Team of Fort Detrick Scientists Labored for Years to Develop Vaccine

Biosafety Level 4 Laboratory Spacesuits

Ebola_enemies

level_3_4_lab

Biosafety Level 4 Hospital Spacesuits

Ebola Americans Nebraskabiocontainment spacesuitEbola Americans Nebraska

CDC warns against travel ban on Ebola-affected countries

Bill Johnson Discusses the Congressional Ebola Hearing with Fox News’ Gretchen Carlson

Ebola outbreak: Nebraska Medical Center ready at moment’s notice

Activation- A Nebraska Medical Center Biocontainment Unit Story

NEIDL: Biosafety Level 4

A Mission of Safety

NEIDL

In the Hot Zone with Virus X – Richard Preston

Elbows-Deep in Ebola Virus – Richard Preston

CNN Reporter To WH: What Does Obama’s Ebola Czar Know About Ebola?

Dr Nicole Lurie on National Health Security and Resiliency

Nicole Lurie, HHS: Flu Pandemic Lessons for Future Biothreats

How to Prioritize Flu Vaccine in Future (Panel discussion)

How Influenza Pandemics Occur

Hospitals “Full-Up”: The 1918 Influenza Pandemic

Dr. Nicole Lurie – HHS Assistant Secretary for Preparedness & Response

Ebola Czar hides away in bunker — Dr. Nicole Lurie

Weekly Examiner: Obama appoints Ebola czar

Obama Appoints Ebola ‘czar’ As Anxiety Mounts

Source: Obama to name Ron Klain as Ebola czar

President Obama appoints Ron Klain as Ebola “czar”

Remarks of Ron Klain

Actor Kevin Spacey, Georgetown’s Ron Klain Discuss Politics and Ethics

Obama’s New Ebola ‘Czar’ Has NO Health or Medical Background!

Biosafety level

Krauthammer: Obama Is a Narcissist ‘Surrounded by Sycophants’

President Obama Speaks on Ebola

Fast Facts on US Hospitals

The American Hospital Association conducts an annual survey of hospitals in the United States. The data below, from the 2012 AHA Annual Survey, are a sample of what you will find in AHA Hospital Statistics, 2014 edition. The definitive source for aggregate hospital data and trend analysis, AHA Hospital Statistics includes current and historical data on utilization, personnel, revenue, expenses, managed care contracts, community health indicators, physician models, and much more.

AHA Hospital Statistics is published annually by Health Forum, an affiliate of the American Hospital Association. Additional details on AHA Hospital Statistics and other Health Forum data products are available at www.ahadataviewer.com. To order AHA Hospital Statistics, call (800) AHA-2626 or click on www.ahaonlinestore.com.

For further information or customized data and research, contact the AHA Resource Center at (312) 422-2050 or rc@aha.org.

  Total Number of All U.S. Registered * Hospitals

5,723

         Number of U.S. Community ** Hospitals

4,999

               Number of Nongovernment Not-for-Profit Community Hospitals

2,894

               Number of Investor-Owned (For-Profit) Community Hospitals

1,068

               Number of State and Local Government Community Hospitals

1,037

        Number of Federal Government Hospitals

211

        Number of Nonfederal Psychiatric Hospitals

413

        Number of Nonfederal Long Term Care Hospitals

89

        Number of Hospital Units of Institutions
(Prison Hospitals, College Infirmaries, Etc.)

11

  Total Staffed Beds in All U.S. Registered * Hospitals

920,829

        Staffed Beds in Community** Hospitals

800,566

  Total Admissions in All U.S. Registered * Hospitals

36,156,245

        Admissions in Community** Hospitals

34,422,071

  Total Expenses for All U.S. Registered * Hospitals

$829,665,386,000

        Expenses for Community** Hospitals

$756,916,757,000

  Number of Rural Community** Hospitals

1,980

  Number of Urban Community** Hospitals

3,019

  Number of Community Hospitals in a System ***

3,100

  Number of Community Hospitals in a Network ****

1,508

 *Registered hospitals are those hospitals that meet AHA’s criteria for registration as a hospital facility. Registered hospitals include AHA member hospitals as well as nonmember hospitals. For a complete listing of the criteria used for registration, please see Registration Requirements for Hospitals.

**Community hospitals are defined as all nonfederal, short-term general, and other special hospitals. Other special hospitals include obstetrics and gynecology; eye, ear, nose, and throat; rehabilitation; orthopedic; and other individually described specialty services. Community hospitals include academic medical centers or other teaching hospitals if they are nonfederal short-term hospitals. Excluded are hospitals not accessible by the general public, such as prison hospitals or college infirmaries.

***System is defined by AHA as either a multihospital or a diversified single hospital system. A multihospital system is two or more hospitals owned, leased, sponsored, or contract managed by a central organization. Single, freestanding hospitals may be categorized as a system by bringing into membership three or more, and at least 25 percent, of their owned or leased non-hospital preacute or postacute health care organizations. System affiliation does not preclude network participation.

**** Network is a group of hospitals, physicians, other providers, insurers and/or community agencies that work together to coordinate and deliver a broad spectrum of services to their community. Network participation does not preclude system affiliation.

http://www.aha.org/research/rc/stat-studies/fast-facts.shtml

Inside The Isolation Wards That Keep Americans Safe From Ebola

Inside the Isolation Wards That Keep Us Safe From Ebola

Ebola has officially made it to the US, but there is absolutely no reason to freak out. That’s in large part thanks to Emory University Hospital’s state-of-the-art isolation ward, which is better-equipped to field Ebola cases than any ordinary hospital in the country. Here’s a look at the tech that keeps doctors and nurses safe.

Emory is one of four high-level biocontainment patient care units in the US; the others are located at the National Institutes of Health in Maryland, Rocky Mountain Laboratories in Montana, and the University of Nebraska Medical Center. We spoke with Dr. Angela Hewlett, associate medical director at the Nebraska Biocontainment Patient Care Unit — the largest of the four facilities — about biocontainment suits, wearing three pairs of gloves, and custom air pressure systems.

Perhaps the most comfort Hewlett was able to provide is that none of the super-fancy tech that these four high-level isolation wards have at their disposal is even necessary for Ebola. “There’s a big fear factor with this illness but really, these types of patients can taken care of at any good healthcare facility,” says Dr. Hewlett.

That’s because the Ebola virus easily dies outside of the human body, so unless you’ve been handling a sick person’s blood or feces, you are almost certainly A-OK. Ebola is pretty darn hard to get compared to an airborne disease like SARS or even the regular old flu. But with a mortality rate of up to 90 per cent — and over 50 per cent with the strain in the current outbreak — we still need to keep doctors and nurses as safe as we can. Here’s how Nebraska Biocontainment Unit keeps diseases like Ebola — and much, much worse — from spreading in the hospital.

Inside the Isolation Wards That Keep Us Safe From Ebola

Negative air pressure. As with Emory in Atlanta, the isolation unit in Nebraska is isolated from the rest of the general hospital. It runs on its own air circulation system, and the air is passed through a high-efficiency particulate air (HEPA) filter before it is vented outside of the building. That’s the same kind of precautions that you would see in a biosafety level 4 lab (the highest) that works with deadly or highly contagious diseases.

In addition, the biocontainment unit has negative air pressure, which means that air pressure inside the isolation rooms is slightly lower than that outside. Essentially, air is gently sucked into the room, so particles from inside the room can’t float out when you open a door. As another line of protection, ultraviolet lights zap any viruses or bacteria in the air or on surfaces.

Inside the Isolation Wards That Keep Us Safe From Ebola

Full-body suits and THREE pairs of gloves. The Biocontainment Unit is equipped with gear that covers you head to toe, in some places three times over. That includes personal respirators, headgear, full-body suits and gloves. Healthcare workers wear three pairs, including one thick pair that protects against needle accidents, and then two pairs of ordinary gloves so they have an extra pair to work with patients.

Entering and exiting the room becomes an elaborate production because putting on and taking off all the gear can take more than 10 minutes each way. A second person assists to make sure every piece of equipment is put on right and there are no rips or tears in any of the protective gear. Afterwards, every piece of equipment is wiped down to kill the pathogen; in the case of Ebola, simple bleach is enough to do the trick. The full-body suit is discarded after each use.

Inside the Isolation Wards That Keep Us Safe From Ebola

Training and training and training. Having fancy technology is great but not if you don’t know how to use it properly. “They have to go through really extensive training,” says Hewlett of the the 30-person team that works in the unit. They get 80 hours of training before they can begin, followed by monthly meetings and quarterly drills, where the photos in this post were taken.

It’s worth reiterating that most of this equipment and these procedures go above and beyond protecting for Ebola. The air systems and full-body suits are really there to guard against possible airborne diseases, like smallpox or SARS or some highly contagious avian flu viruses that may emerge in the future.

In fact, the CDC’s current guidelines for treating Ebola in U.S. hospitals require only gloves, goggles, a facemask, and a gown in most situations. Even if someone inadvertently brings Ebola to other hospitals, it’s highly unlikely to spread in the U.S. The situation is different in Africa, where inadequate equipment and fear of healthcare workers has contributed to the worsening situation.

A State Department official did visit Nebraska to see whether the unit would be ready to accept any Ebola patients in the future, though the facility hasn’t yet been used despite being open for nine years. There hasn’t been a disease serious enough to merit it. “This is good thing,” says Dr. Hewlett, “However with world travel the way it is, it is inevitable these things are going to come eventually.” If and when Ebola does come to the U.S. again, we are definitely prepared, which is not something we can say about what else may be coming down the line.

Pictures: University of Nebraska Medical Center

Obama names Ron Klain as Ebola ‘czar’

David Jackson

President Obama tapped veteran government insider Ron Klain to coordinate his administration’s efforts to contain the Ebola virus Friday.

Klain, a former chief of staff to Vice Presidents Joe Biden and Al Gore, is well-known by Obama and White House aides. He was selected for his management experience and contacts throughout the government, White House spokesman Josh Earnest said.

“He is the right person for the job,” Earnest said, particularly the challenge of “integrating the interagency response.”

Klain’s appointment marks a swift turnabout for Obama, who until Thursday had resisted calls to appoint a single official to run the government’s response to Ebola.

Asked Thursday about the prospect of an “Ebola czar,” Obama said, “It may make sense for us to have one person, in part just so that after this initial surge of activity, we can have a more regular process just to make sure that we’re crossing all the t’s and dotting all the i’s going forward.”

Obama did not mention Klain’s appointment during a speech Friday to the Consumer Financial Protection Bureau, but he said his administration is taking an “all-hands-on-deck” approach to fighting Ebola.

The administration has come under increased pressure to name an anti-Ebola coordinator in the wake of news that two nurses in Dallas contracted the deadly virus. Both had treated a man who died of Ebola.

Klain played a high-profile file in Gore’s 2000 presidential campaign. Oscar-winning actor Kevin Spacey portrayed him in an HBO movie on that year’s Florida recount.

The Ebola response includes efforts to screen travelers from West African nations where Ebola has reached epidemic proportions and killed more than 4,500 people. Klain will help coordinate the assistance the U.S. military provides in West Africa.

Some Republican lawmakers criticized Obama for entrusting the job to a former government manager rather than a professional.

Rep. Andy Harris, R-Md., tweeted, “Worst ebola epidemic in world history and Pres. Obama puts a government bureaucrat with no healthcare experience in charge. Is he serious?”

Members of the public health community expressed surprise.

“When are they going to stop making mistakes?” said Robert Murphy, the director of the Center for Global Health at Northwestern University’s Feinberg School of Medicine. “We need a czar, but optimally a strong public health expert. I am so disappointed. This is not what we need.”

Physician Amesh Adalja, a spokesman for the Infectious Diseases Society of America, said, “It’s clear that there’s a desperate desire for an organized approach to dealing with this outbreak. I don’t necessarily think we need a disease-specific czar — we have one for HIV — but more of an emerging infectious diseases/biosecurity coordinator who reports to the president.”

The Ebola position is designed to be more managerial in nature, involving an array of government agencies ranging from the Pentagon to Health and Human Services.

“This is much broader than a medical response,” Earnest said.

As for Republican criticism, Earnest joked, “That’s a shocking development.” He noted that national elections are less than three weeks away.

Klain may weigh in on another question facing the administration: the prospect of a U.S. travel ban from West African nations where there have been Ebola outbreaks.

Obama and aides have disputed the need for a travel ban, questioning whether it would work and arguing that it might create unintended problems.

Thursday, Obama said experts in infectious diseases have told him “a travel ban is less effective than the measures that we are currently instituting that involve screening passengers who are coming from West Africa.”

Klain is likely to take a low key role publicly.

Earnest said Obama wasn’t looking for an Ebola expert but “an implementation expert.”

He confirmed Klain’s title: “Ebola response coordinator.”

Klain will report to two officials involved in the anti-Ebola effort: homeland security adviser Lisa Monaco and national security adviser Susan Rice.

Obama is pleased with the work of Monaco and Rice, but “given their management of other national and homeland security priorities, additional bandwidth will further enhance the government’s Ebola response,” a White House official said, speaking on condition of anonymity.

The president has long known Klain, who helped prepare him for debates with Mitt Romney during the 2012 presidential campaign.

Klain has been out of government since leaving Biden’s staff during Obama’s first term.

http://www.usatoday.com/story/news/politics/2014/10/17/obama-ebola-czar-ron-klain/17429121/

Who Do They Think We Are?

By PEGGY NOONAN

The administration’s Ebola evasions reveal its disdain for the American people.

The administration’s handling of the Ebola crisis continues to be marked by double talk, runaround and gobbledygook. And its logic is worse than its language. In many of its actions, especially its public pronouncements, the government is functioning not as a soother of public anxiety but the cause of it.

An example this week came in the dialogue between Megyn Kelly of Fox News andThomas Frieden, director of the Centers for Disease Control.

Their conversation focused largely on the government’s refusal to stop travel into the United States by citizens of plague nations. “Why not put a travel ban in place,” Ms. Kelly asked, while we shore up the U.S. public-health system?

Dr. Frieden replied that we now have screening at airports, and “we’ve already recommended that all nonessential travel to these countries be stopped for Americans.” He added: “We’re always looking at ways that we can better protect Americans.”

“But this is one,” Ms. Kelly responded.

Dr. Frieden implied a travel ban would be harmful: “If we do things that are going to make it harder to stop the epidemic there, it’s going to spread to other parts of—”

Ms. Kelly interjected, asking how keeping citizens from the affected regions out of America would make it harder to stop Ebola in Africa.

“Because you can’t get people in and out.”

“Why can’t we have charter flights?”

“You know, charter flights don’t do the same thing commercial airliners do.”

“What do you mean? They fly in and fly out.”

Dr. Frieden replied that limiting travel between African nations would slow relief efforts. “If we isolate these countries, what’s not going to happen is disease staying there. It’s going to spread more all over Africa and we’ll be at higher risk.”

Later in the interview, Ms. Kelly noted that we still have airplanes coming into the U.S. from Liberia, with passengers expected to self-report Ebola exposure.

Dr. Frieden responded: “Ultimately the only way—and you may not like this—but the only way we will get our risk to zero here is to stop the outbreak in Africa.”

Ms. Kelly said yes, that’s why we’re sending troops. But why can’t we do that and have a travel ban?

“If it spreads more in Africa, it’s going to be more of a risk to us here. Our only goal is protecting Americans—that’s our mission. We do that by protecting people here and by stopping threats abroad. That protects Americans.”

Dr. Frieden’s logic was a bit of a heart-stopper. In fact his responses were more non sequiturs than answers. We cannot ban people at high risk of Ebola from entering the U.S. because people in West Africa have Ebola, and we don’t want it to spread. Huh?

In testimony before Congress Thursday, Dr. Frieden was not much more straightforward. His answers often sound like filibusters: long, rolling paragraphs of benign assertion, advertising slogans—“We know how to stop Ebola,” “Our focus is protecting people”—occasionally extraneous data, and testimony to the excellence of our health-care professionals.

It is my impression that everyone who speaks for the government on this issue has been instructed to imagine his audience as anxious children. It feels like how the pediatrician talks to the child, not the parents. It’s as if they’ve been told: “Talk, talk, talk, but don’t say anything. Clarity is the enemy.”

The language of government now is word-spew.

Dr. Frieden did not explain his or the government’s thinking on the reasons for opposition to a travel ban. On the other hand, he noted that the government will consider all options in stopping the virus from spreading here, so perhaps that marks the beginning of a possible concession.

It is one thing that Dr. Frieden, and those who are presumably making the big decisions, have been so far incapable of making a believable and compelling case for not instituting a ban. A separate issue is how poor a decision it is. To call it childish would be unfair to children. In fact, if you had a group of 11-year-olds, they would surely have a superior answer to the question: “Sick people are coming through the door of the house, and we are not sure how to make them well. Meanwhile they are starting to make us sick, too. What is the first thing to do?”

The children would reply: “Close the door.” One would add: “Just for a while, while you figure out how to treat everyone getting sick.” Another might say: “And keep going outside the door in protective clothing with medical help.” Eleven-year-olds would get this one right without a lot of struggle.

If we don’t momentarily close the door to citizens of the affected nations, it is certain that more cases will come into the U.S. It is hard to see how that helps anyone. Closing the door would be no guarantee of safety—nothing is guaranteed, and the world is porous. But it would reduce risk and likelihood, which itself is worthwhile.

Africa, by the way, seems to understand this. The Associated Press on Thursday reported the continent’s health-care officials had limited the threat to only five countries with the help of border controls, travel restrictions, and aggressive and sophisticated tracking.

All of which returns me to my thoughts the past few weeks. Back then I’d hear the official wordage that doesn’t amount to a logical thought, and the unspoken air of “We don’t want to panic you savages,” and I’d look at various public officials and muse: “Who do you think you are?”

Now I think, “Who do they think we are?”

Does the government think if America is made to feel safer, she will forget the needs of the Ebola nations? But Americans, more than anyone else, are the volunteers, altruists and in a few cases saints who go to the Ebola nations to help. And they were doing it long before the Western media was talking about the disease, and long before America was experiencing it.

At the Ebola hearings Thursday, Rep. Henry Waxman (D., Calif.) said, I guess to the American people: “Don’t panic.” No one’s panicking—except perhaps the administration, which might explain its decisions.

Is it always the most frightened people who run around telling others to calm down?

This week the president canceled a fundraiser and returned to the White House to deal with the crisis. He made a statement and came across as about three days behind the story—“rapid response teams” and so forth. It reminded some people of the statement in July, during another crisis, of the president’s communications director, who said that when a president rushes back to Washington, it “can have the unintended consequence of unduly alarming the American people.” Yes, we’re such sissies. Actually, when Mr. Obama eschews a fundraiser to go to his office to deal with a public problem we are not scared, only surprised.

But again, who do they think we are? You gather they see us as poor, panic-stricken people who want a travel ban because we’re beside ourselves with fear and loathing. Instead of practical, realistic people who are way ahead of our government.

http://online.wsj.com/articles/who-do-they-think-we-are-1413502475

Ron Klain

From Wikipedia, the free encyclopedia
Not to be confused with Ron Klein.
Ron Klain
Chief of Staff to the Vice President of the United States
In office
January 20, 2009 – January 14, 2011
Vice President Joe Biden
Preceded by David Addington
Succeeded by Bruce Reed
In office
1995–1999
Vice President Al Gore
Preceded by Jack Quinn
Succeeded by Charles Burson
Personal details
Born August 8, 1961 (age 53)
Indianapolis, Indiana, U.S.
Political party Democratic
Alma mater Georgetown University
Harvard University

Ronald A. “Ron” Klain is an American lawyer and political operative best known for serving as Chief of Staff to two Vice PresidentsAl Gore (1995–1999) and Joseph Biden (2009–2011).[1][2] He is an influential Democratic Party insider. Earlier in his career, he was a law clerk for Supreme Court Justice Byron “Whizzer” White during the Court’s 1987 and 1988 Terms and worked on Capitol Hill, where he was Chief Counsel to the Senate Judiciary Committee during theClarence Thomas Supreme Court nomination. He was portrayed by Kevin Spacey in the HBO film Recount depicting the tumult of the 2000 presidential election. On October 17, 2014, President Obama named Klain the newly created “Ebola response coordinator” (or, less officially, Ebola “czar”).[3][4][5]

Early life

Klain was born on August 8, 1961 in Indianapolis, He is a member of the DayBreak Boys Band and grew up in a Jewish home.[6] He graduated from North Central High School[7] in 1979 and was on the school’s Brain Game team, which finished as season runner-up.[citation needed] He graduated summa cum laude from Georgetown University in 1983. In 1987, he graduated magna cum laude from Harvard Law School,[7] where he was one of several to win the Sears Prize for the highest grade point average in 1984–85. While at Harvard Law School, Klain was also an editor of the Harvard Law Review.

Career

Capitol Hill career

Klain’s early experience on Capitol Hill included serving as Legislative Director for U.S. Representative Ed Markey. From 1989 to 1992, he served as Chief Counsel to the U.S. Senate Committee on the Judiciary, overseeing the legal staff’s work on matters of constitutional law, criminal law, antitrust law, and Supreme Court nominations. In 1995, Senator Tom Daschle appointed him the Staff Director of the Senate Democratic Leadership Committee.

Clinton administration

Klain joined the Clinton-Gore campaign in 1992. He ultimately was involved in both of Bill Clinton‘s campaigns, oversaw Clinton’s judicial nominations, and was General Counsel to Al Gore’s recount committee in the 2000 election aftermath. Some published reports have given him credit for Clinton’s “100,000 cops” proposal during the 1992 campaign; at a minimum, he worked closely with Clinton aide Bruce Reed in formulating it. In the White House, he was Associate Counsel to the President, directing judicial selection efforts, and led the team that won confirmation of Supreme Court Associate Justice Ruth Bader Ginsburg. Klain left the judicial selection role in 1994 to become Chief of Staff and Counselor to Attorney General Janet Reno. In 1995, he became Assistant to the President, and Chief of Staff and Counselor to Al Gore.

Gore campaign

During Klain’s tenure as Gore’s Chief of Staff, Gore consolidated his position as the likely Democratic nominee in 2000. Still, Klain was seen as too loyal to Clinton by some longtime Gore advisors. Feuding broke out between Clinton and Gore loyalists in the White House in 1999, and Klain was ousted by Gore campaign chairmanTony Coelho in August of that year. In October 1999, he joined the Washington, D.C. office of the law firm of O’Melveny & Myers. A year later, Klain returned to the Gore campaign, once Coelho was replaced by William M. Daley. Daley hired Klain for a senior position in the Gore campaign and then named him General Counsel of Gore’s Recount Committee.

Legal career

In 1994, Time named Klain one of the “50 most promising leaders in America” under the age of 40. In 1999, Washingtonian magazine named him the top lawyer in Washington under the age of 40, and the American Bar Association’s Barrister magazine named him one of the top 20 young lawyers nationwide. The National Law Journal named him one of its Lawyers of the Year for 2000.

Lobbying

Klain helped Fannie Mae overcome “regulatory issues”.[8]Lobbying on “regulatory issues concerning Fannie Mae” in 2004, as disclosure forms indicate Klain did, involved convincing Congress and Fannie Mae’s regulators that Fannie Mae wasn’t doing anything dangerous, and wasn’t exposing taxpayers to risk. In other words, Ron Klain got paid to help fuel the housing bubble up until a couple of years before it popped.

2004-2008

During the 2004 Presidential campaign, Klain worked as an adviser to Wesley Clark in the early primaries. Later, during the General Election, Klain was heavily involved behind the scenes in John Kerry‘s campaign and is widely credited for his role in preparing Senator Kerry for a strong performance in the debates against President George W. Bush, which gave Kerry a significant boost in the polls.[9] He then acted as an informal adviser to Evan Bayh, who is from Klain’s home state of Indiana. Klain has also commented on matters of law and policy on televised programs such as the Today Show, Good Morning America, Nightline, Capital Report,NewsHour with Jim Lehrer, and Crossfire.

In 2005, Klain left his partnership at O’Melveny & Myers to serve as Executive Vice President and General Counsel of a new investment firm, Revolution LLC, launched by AOL co-founder Steve Case.[citation needed]

Obama administration

On November 12, 2008, Roll Call announced that Klain had been chosen to serve as Chief of Staff to Vice President Joe Biden, the same role he served for Gore.[10]Klain had worked with Biden previously, having served as counsel to the United States Senate Committee on the Judiciary while Biden chaired that committee and assisted Biden’s speechwriting team during the 1988 presidential campaign.[11]

Klain was mentioned as a possible replacement for White House Chief of Staff Rahm Emanuel,[12] but opted to leave the White House for a position in the private sector in January 2011.[2]

Klain apparently signed off on President Obama’s support of a $535 million loan guarantee for now-defunct solar-panel company Solyndra. Despite concerns about whether the company was viable, Klain approved an Obama visit, stating, “The reality is that if POTUS visited 10 such places over the next 10 months, probably a few will be belly-up by election day 2012.”[13]

On October 17, 2014, Klain was appointed the “Ebola response coordinator” (or, less officially, Ebola “czar”)[3] by President Obama, to help coordinate the nation’s response to the Ebola virus.[4][5][14]

Dr. Lurie is the Assistant Secretary for Preparedness and Response (ASPR) at the US Department of Health and Human Services (HHS).

The mission of her office is to lead the nation in preventing, responding to and recovering from the adverse health effects of public health emergencies and disasters, ranging from hurricanes to bioterrorism.
Dr. Lurie was previously Senior Natural Scientist and the Paul O’ Neill Alcoa Professor of Health Policy at the RAND Corporation. There she directed RAND’s public health and preparedness work as well as RAND’s Center for Population Health and Health Disparities. She also served as Principal Deputy Assistant Secretary of Health in the US Department of Health and Human Services; in state government, as Medical Advisor to the Commissioner at the Minnesota Department of Health; and in academia, as Professor in the University of Minnesota Schools of Medicine and Public Health. Dr. Lurie has a long history in the health services research field, primarily in the areas of access to and quality of care, mental health, prevention, public health infrastructure and preparedness and health disparities.

Dr. Lurie attended college and medical school at the University of Pennsylvania, and completed her residency and MSPH at UCLA, where she was also a Robert Wood Johnson Foundation Clinical Scholar. She is the recipient of numerous awards, and is a member of the Institute of Medicine.

Finally, Dr. Lurie continues to practice clinical medicine in the health care safety net in Washington, DC. She has three sons.

Nicole Lurie

From Wikipedia, the free encyclopedia
Nicole Lurie, M.D., M.S.P.H.
Nicole-lurie.jpg
Assistant Secretary for Preparedness and Response
Incumbent
Assumed office
July 10,2009
President Barack Obama
Personal details
Alma mater University of Pennsylvania: M.D.
University of California, Los Angeles (UCLA): Residency and M.S.P.H.

Nicole Lurie, M.D., M.S.P.H., is the Assistant Secretary for Preparedness and Response (ASPR) at the U.S. Department of Health and Human Services (HHS).[1] Lurie is a Rear Admiral in the U.S. Public Health Service.

The Assistant Secretary for Preparedness and Response serves as the Secretary’s principal advisor on matters related to bioterrorism and other public health emergencies. The ASPR also coordinates interagency activities between HHS, other Federal departments, agencies, and offices, and State and local officials responsible for emergency preparedness and the protection of the civilian population from acts of bioterrorism and other public health emergencies.[2] The mission of her office is to lead the nation in preventing, responding to and recovering from the adverse health effects of public health emergencies and disasters. Dr. Lurie was nominated to the position by President Obama on May 12, 2009[3] and her confirmation by the U.S. Senate[4] was announced by HHS Secretary Kathleen Sebelius on July 10, 2009.[5]

Led by The Federalist website her absence from the media has been noted with regards to the events of the Ebola virus disease affair.[6]

Early career

Dr. Lurie has served as the Senior Natural Scientist and the Paul O’ Neill Alcoa Professor of Health Policy at the RAND Corporation.[7] There she directed RAND’s public health and preparedness work as well as RAND’s Center for Population Health and Health Disparities. She has previously served in federal government, as Principal Deputy Assistant Secretary of Health in the US Department of Health and Human Services; in state government, as Medical Advisor to the Commissioner at the Minnesota Department of Health; and in academia, as Professor in the University of Minnesota School of Medicine and the University of Minnesota School of Public Health. Dr. Lurie has a long history in the health services research field, primarily in the areas of access to and quality of care, managed care, mental health, prevention, public health infrastructure and preparedness and health disparities.

Lurie has served as the Senior Editor for Health Services Research and has served on editorial boards and as a reviewer for numerous journals. She has served on the council and was President of the Society of General Internal Medicine,[8] and on the board of directors for Academy Health, and has served on multiple other national committees.

Education

Lurie attended college and medical school at the University of Pennsylvania, and completed her residency and Master of Science of Public Health (MSPH) at UCLA, where she was also a Robert Wood Johnson Foundation Clinical Scholar.

Professional awards

Lurie is the recipient of numerous awards, including the AHSR Young Investigator Award, the Nellie Westerman Prize for Research in Ethics, the Heroine in Health Care Award, the University of Pennsylvania Perelman School of Medicine’s Distinguished Alumni Award, and is a member of the Institute of Medicine.

References

  1. Jump up^ Biography of Dr. Lurie
  2. Jump up^ Emergency Support Function #8. Public Health and Medical Services Annex. Federal Emergency Management Agency
  3. Jump up^ President Obama Announces More Key Administration Posts
  4. Jump up^ Nominations Confirmed (Civilian) – United States Senate
  5. Jump up^ HHS Secretary Sebelius Announces Senate Confirmation of Assistant Secretary for Preparedness and Response Dr. Nicole Lurie
  6. Jump up^ http://philadelphia.cbslocal.com/2014/10/15/editor-from-the-federalist-as-ebola-outbreak-surges-on-where-is-the-secretary-for-preparedness-and-response/
  7. Jump up^ RAND Awards Paul O’ Neill Alcoa Chair to Dr. Nicole Lurie. RAND Corporation. January 3, 2002
  8. Jump up^ Past Presidents. Society of General Internal Medicine.

External links[edit]

http://en.wikipedia.org/wiki/Nicole_Lurie

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Asset Price Bubble Bursts Coming In October With 69 Months of Near Zero Federal Funds Interest Rates! — Interest Rate Suppression or Price Control and Manipulation Will Blow Up Economy — Suppressing Savings and Investment With Low Interest Rates Is A Formula For Diaster and Depression — Panic Time — Start A War Over Oil — Meltdown America –Videos

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Story 1: Asset Price Bubble Bursts Coming In October With 69 Months of Near Zero Federal Funds Interest Rates! — Interest Rate Suppression or Price Control and Manipulation Will Blow Up Economy — Suppressing Savings and Investment With Low Interest Rates Is A Formula For Diaster and Depression — Panic Time — Start A War Over Oil — Meltdown America –Videos

U.S. Debt Clock

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
09/17/2014 12,767,522,798,389.80 4,997,219,915,398.95 17,764,742,713,788.75

 

TABLE I -- SUMMARY OF TREASURY SECURITIES OUTSTANDING, AUGUST 31, 2014
(Millions of dollars)
                                              Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
                                              By the Public         Holdings
Marketable:
  Bills.......................................        1,450,293                     1,704                1,451,998
  Notes.......................................        8,109,269                     7,365                8,116,634
  Bonds.......................................        1,521,088                        57                1,521,144
  Treasury Inflation-Protected Securities.....        1,031,836                        52                1,031,888
  Floating Rate Notes  21  ...................          109,996                         0                  109,996
  Federal Financing Bank  1  .................                0                    13,612                   13,612
Total Marketable  a...........................       12,222,481                    22,790 2             12,245,271
Nonmarketable:
  Domestic Series.............................           29,995                         0                   29,995
  Foreign Series..............................            2,986                         0                    2,986
  State and Local Government Series...........          105,440                         0                  105,440
  United States Savings Securities............          177,030                         0                  177,030
  Government Account Series...................          193,237                 4,993,277                5,186,514
  Hope Bonds 19...............................                0                       494                      494
  Other.......................................            1,443                         0                    1,443
Total Nonmarketable  b........................          510,130                 4,993,771                5,503,901
Total Public Debt Outstanding ................       12,732,612                 5,016,561               17,749,172
TABLE II -- STATUTORY DEBT LIMIT, AUGUST 31, 2014
(Millions of dollars)
                                              Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
                                                 By the Public 17, 2Holdings
Debt Subject to Limit: 17, 20
  Total Public Debt Outstanding...............       12,732,612                 5,016,561               17,749,172
  Less Debt Not Subject to Limit:
    Other Debt ...............................              485                         0                      485
    Unamortized Discount  3...................           15,742                    12,421                   28,163
    Federal Financing Bank  1     ............                0                    13,612                   13,612
    Hope Bonds 19.............................                0                       494                      494
  Plus Other Debt Subject to Limit:
    Guaranteed Debt of Government Agencies  4                 *                         0                        *
  Total Public Debt Subject to Limit .........       12,716,386                 4,990,033               17,706,419
  Statutory Debt Limit  5.....................................................................                   0
COMPILED AND PUBLISHED BY
THE BUREAU OF THE FISCAL SERVICE
www.TreasuryDirect.gov

Interest Expense on the Debt Outstanding

The Interest Expense on the Debt Outstanding includes the monthly interest for:

Amortized discount or premium on bills, notes and bonds is also included in the monthly interest expense.

The fiscal year represents the total interest expense on the Debt Outstanding for a given fiscal year. This includes the months of October through September. View current month details (XLS Format, File size 199KB, uploaded 09/05/2014).

Note: To read or print a PDF document, you need the Adobe Acrobat Reader (v5.0 or higher) software installed on your computer. You can download the Adobe Acrobat Reader from the Adobe Website.

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Interest Expense Fiscal Year 2014
August $27,093,517,258.24
July $29,260,530,745.98
June $97,565,768,696.69
May $32,081,384,628.40
April $31,099,852,014.96
March $26,269,559,883.36
February $21,293,863,450.50
January $19,498,592,676.78
December $88,275,817,263.03
November $22,327,099,682.97
October $16,451,313,332.09
Fiscal Year Total $411,217,855,816.94
Available Historical Data Fiscal Year End
2013 $415,688,781,248.40
2012 $359,796,008,919.49
2011 $454,393,280,417.03
2010 $413,954,825,362.17
2009 $383,071,060,815.42
2008 $451,154,049,950.63
2007 $429,977,998,108.20
2006 $405,872,109,315.83
2005 $352,350,252,507.90
2004 $321,566,323,971.29
2003 $318,148,529,151.51
2002 $332,536,958,599.42
2001 $359,507,635,242.41
2000 $361,997,734,302.36
1999 $353,511,471,722.87
1998 $363,823,722,920.26
1997 $355,795,834,214.66
1996 $343,955,076,695.15
1995 $332,413,555,030.62
1994 $296,277,764,246.26
1993 $292,502,219,484.25
1992 $292,361,073,070.74
1991 $286,021,921,181.04
1990 $264,852,544,615.90
1989 $240,863,231,535.71
1988 $214,145,028,847.73

chart

fredgraph

fredgraph

BND-10-Year-Treasury-Yield-09122014

 JIM ROGERS Financial disaster coming – Dollar collapse – Countries Move Away From USD

US Fed signals move to normalize monetary policy

Dollar Meltdown, Massive Financial Bubble, Economic Collapse Marc Faber

Peter Schiff Iraq Crisis Threatens Global Economy

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Jim Rogers On Economic Collapse And The US Debt‬

US Economy 2014 Collapse – *Peter Schiff* – FED will cause Huge Economic Crisis!

US ECONOMY COLLAPSE WILL LEAVE MILLIONS IN POVERTY

There Will Be No Economic Recovery. Prepare Yourself Accordingly

US Massive Financial Crisis Coming

Dan Mitchell Discussing Harvard Survey, Arguing for Growth over Class Warfare

The Coming Stock Market Crash and The Death of Money with Jim Rickards

Market Crash, Economic collapse 2014, The coming of World War 3 – Stock Market

Forbes: Obama’s Economic Reforms Are the Definition of Insanity

Why America Should Default and You Should Live Abroad: Q&A with Doug Casey

Doug Casey-No Way Out-Stock, Bond and Real Estate Markets Will Collapse

Russia conspired to destroy US dollar with China – clip from Meltdown America documentary

http://www.caseyresearch.com/lg/meltdown-video

 

 

Here a bubble, there a bubble: Ol’ Marc Faber

Even after the Dow and the S&P 500 closed at new all-time highs, closely followed contrarian Marc Faber keeps sounding the alarm.

“We have a bubble in everything, everywhere,” the publisher of The Gloom, Boom & Doom Report told CNBC’s “Squawk Box” on Friday. Faber has long argued that the Federal Reserve’s massive asset purchasing programs and near-zero interest rates have inflated stock prices.

The catalyst for a market decline, as he sees it, could be a “raise in interest rates, not engineered by the Fed,” referring an increase in bond yields.

 

Faber also expressed concern about American consumers. “Their cost of living have gone up more than the salary increases, so they’re getting squeezed. So that’s why retailing is not doing particularly well.”

A real black swan event, he argued, would be a global recession. “The big surprise will be that the global economy slows down and goes into recession. And that will shock markets.”

If economies around the world can’t recovery with the Fed and other central banks pumping easy money into the system, that would send a dire message, Faber added. He believes the best way for world economies to recover is to cut the size of government.

Read MoreBond market hears Fed hawks; stocks see doves

There’s a dual-economy in the U.S. and around the world with the rich doing really well and others struggling, he said. “[But] the rich will get creamed one day, especially in Europe, on wealth taxes.”

On the other end of the market spectrum, longtime stock market bull Jeremy Siegel told CNBC on Tuesday (ahead of Wednesday’s Fed policy statement leaving interest rate guidance unchanged) that he stands by his Dow 18,000 prediction.

The Wharton School professor sees second half economic growth of 3 to 4 percent, S&P 500 earnings near $120, and the start of Fed rate hikes in the spring or summer of 2015

http://www.cnbc.com/id/102016166

 

Fed and TWTR Overvaluation, Evidence of Looming Market Crash: Stockman

The Federal Reserve Wednesday reassured investors that it will hold interest rates near zero for a “considerable time” after it ends the bond-buying program known as quantitative easing in October. In response, the Dow Jones Industrial Average (^DJI) closed at a new record high.

Former Director of the Office of Management and Budget and author of the book, The Great Deformation, David Stockman, has significant concerns about that very policy.

“I’m worried… that we’ve got the greatest bubble created by a central bank in human history,” he told Yahoo Finance.

In a recent blog post, Stockman offered a handful of high-flying stocks as evidence of what he sees as “madness.”

                                               “…Twitter, is all that is required to remind us that once

                                               again markets are trading in the nosebleed section

                                               of history, rivaling even the madness of March 2000.”

Behind the madness

In an interview with Yahoo Finance, Stockman blamed Fed policy for creating that madness.

“We have been shoving zero-cost money into the financial markets for 6-years running,” he said. “That’s the kerosene that drives speculative trading – the carry trades. That’s what the gamblers use to fund their position as they move from one momentum play and trade to another.”

And that, he says, is not sustainable. While Stockman believes tech stocks are especially overvalued, he warns that it’s not just tech valuations that are inflated. “Everything’s massively overvalued, and it’s predicated on zero-cost overnight money that continues these carry trades; It can’t continue.”

And he still believes, as he has for some time – so far, incorrectly – that there will be a day of reckoning.

“When the trades begin to unwind because the carry cost has to normalize, you’re going to have a dramatic re-pricing dislocation in these financial markets.”

As Yahoo Finance’s Lauren Lyster points out in the associated video, investors who heeded Stockman’s advice last year would have missed out on a 28% run-up in stocks. But Stockman remains steadfast in his belief that the current Fed policy and the resultant market behavior can not continue. “I think what the Fed is doing is so unprecedented, what is happening in the markets is so unnatural,” he said. “This is dangerous, combustible stuff, and I don’t know when the explosion occurs – when the collapse suddenly is upon us – but when it happens, people will be happy that they got out of the way if they did.”

 

 

Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: Thursday, September 11, 2014
Release dates | Data Download Program (DDP) | About | Announcements | Technical Q&As
Current release  Other formats: Screen reader | ASCII | PDF (21 KB)


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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 11, 2014

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Reserve Bank credit 4,377,690 +    4,183 +  761,693 4,379,719
Securities held outright1 4,159,537 +    2,675 +  765,361 4,160,521
U.S. Treasury securities 2,439,657 +    2,671 +  401,376 2,440,637
Bills2          0          0          0          0
Notes and bonds, nominal2 2,325,368 +    2,678 +  386,333 2,326,351
Notes and bonds, inflation-indexed2     97,755          0 +   11,737     97,755
Inflation compensation3     16,534 –        7 +    3,306     16,531
Federal agency debt securities2     41,562          0 –   22,868     41,562
Mortgage-backed securities4 1,678,317 +        4 +  386,851 1,678,322
Unamortized premiums on securities held outright5    208,963 –      219 +    5,815    208,907
Unamortized discounts on securities held outright5    -18,664 +       21 –   12,958    -18,654
Repurchase agreements6          0          0          0          0
Loans        291 –        8 +       18        352
Primary credit         10 –       18 –        8         53
Secondary credit          0          0          0          0
Seasonal credit        247 +        9 +       94        266
Term Asset-Backed Securities Loan Facility7         34          0 –       68         34
Other credit extensions          0          0          0          0
Net portfolio holdings of Maiden Lane LLC8      1,664 –        1 +      171      1,665
Net portfolio holdings of Maiden Lane II LLC9         63          0 –        1         63
Net portfolio holdings of Maiden Lane III LLC10         22          0          0         22
Net portfolio holdings of TALF LLC11         44          0 –       80         44
Float       -675 –       69 +       94       -627
Central bank liquidity swaps12         77 +        1 –      243         77
Other Federal Reserve assets13     26,369 +    1,784 +    3,517     27,349
Foreign currency denominated assets14     22,933 –      353 –      737     22,801
Gold stock     11,041          0          0     11,041
Special drawing rights certificate account      5,200          0          0      5,200
Treasury currency outstanding15     46,103 +       14 +      820     46,103
Total factors supplying reserve funds 4,462,967 +    3,844 +  761,776 4,464,863

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Currency in circulation15 1,292,467 –      442 +   84,956 1,291,993
Reverse repurchase agreements16    266,584 +      818 +  173,996    267,602
Foreign official and international accounts    102,228 –      296 +    9,640    107,303
Others    164,356 +    1,115 +  164,356    160,299
Treasury cash holdings        165 +        4 +       23        164
Deposits with F.R. Banks, other than reserve balances     52,715 –    6,170 –   19,233     53,117
Term deposits held by depository institutions          0          0          0          0
U.S. Treasury, General Account     39,081 –    3,787 +      530     31,872
Foreign official      5,432 –    1,134 –    3,562      5,241
Other17      8,202 –    1,248 –   16,201     16,004
Other liabilities and capital18     63,991 –        1 +      818     63,033
Total factors, other than reserve balances,
absorbing reserve funds
1,675,922 –    5,792 +  240,561 1,675,910
Reserve balances with Federal Reserve Banks 2,787,045 +    9,636 +  521,214 2,788,954

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of
the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements.
7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
8. Refer to table 4 and the note on consolidation accompanying table 9.
9. Refer to table 5 and the note on consolidation accompanying table 9.
10. Refer to table 6 and the note on consolidation accompanying table 9.
11. Refer to table 7 and the note on consolidation accompanying table 9.
12. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned
to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the
foreign central bank.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.  Also, includes Reserve Bank premises and equipment net of allowances for depreciation.
14. Revalued daily at current foreign currency exchange rates.
15. Estimated.
16. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
17. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
18. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. Refer to table 8 and table 9.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

1A. Memorandum Items

Millions of dollars

Memorandum item Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Securities held in custody for foreign official and international accounts 3,338,309 –      417 +   61,832 3,343,937
Marketable U.S. Treasury securities1 3,010,563 –      456 +   86,414 3,016,027
Federal agency debt and mortgage-backed securities2    285,805 +       28 –   29,008    285,934
Other securities3     41,942 +       12 +    4,427     41,976
Securities lent to dealers     10,669 +    1,648 –    1,429     11,123
Overnight facility4     10,669 +    1,648 –    1,429     11,123
U.S. Treasury securities      9,860 +    1,721 –    1,405     10,373
Federal agency debt securities        810 –       72 –       23        750

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 8, and 9.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, September 10, 2014

Millions of dollars

Remaining Maturity Within 15
days
16 days to
90 days
91 days to
1 year
Over 1 year
to 5 years
Over 5 year
to 10 years
Over 10
years
All
Loans1        118        234          0          0          0        352
U.S. Treasury securities2
Holdings          0         90      3,194 1,037,162    742,261    657,930 2,440,637
Weekly changes          0          0          0 +    1,615 –        1 +    2,037 +    3,651
Federal agency debt securities3
Holdings      1,556      1,329      3,584     32,746          0      2,347     41,562
Weekly changes          0          0          0          0          0          0          0
Mortgage-backed securities4
Holdings          0          0          0         10      4,698 1,673,614 1,678,322
Weekly changes          0          0          0          0 +      863 –      857 +        6
Asset-backed securities held by
TALF LLC5
         0          0          0          0          0          0          0
Repurchase agreements6          0          0          0
Central bank liquidity swaps7         77          0          0          0          0          0         77
Reverse repurchase agreements6    267,602          0    267,602
Term deposits          0          0          0          0

Note: Components may not sum to totals because of rounding.
…Not applicable.

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Maiden Lane LLC, Maiden Lane II LLC, Maiden
Lane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY’s statement of condition consistent with consolidation
under generally accepted accounting principles.
2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the
original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.
6. Cash value of agreements.
7. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name Wednesday
Sep 10, 2014
Mortgage-backed securities held outright1 1,678,322
Commitments to buy mortgage-backed securities2     80,643
Commitments to sell mortgage-backed securities2          0
Cash and cash equivalents3          4
1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 8 and table 9.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane LLC1      1,665
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.

5. Information on Principal Accounts of Maiden Lane II LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane II LLC1         63
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to subsidiaries of American
International Group, Inc. in accordance with the asset purchase agreement. The fair value of this payment and accrued interest payable are
included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.

6. Information on Principal Accounts of Maiden Lane III LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane III LLC1         22
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions. Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.

7. Information on Principal Accounts of TALF LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Asset-backed securities holdings1          0
Other investments, net         44
Net portfolio holdings of TALF LLC         44
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under theauthority of section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extended loans with a term of up to five years to holders of eligible asset-backed securities. The Federal Reserve closed the TALF for new loan extensions in 2010. The loans provided through the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY.

TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Prior to January 15, 2013, the U.S. Treasury’s Troubled Asset Relief Program (TARP) committed backup funding to TALF LLC, providing credit protection to the FRBNY. However, the accumulated fees and income collected through the TALF and held by TALF LLC now exceed the remaining amount of TALF loans outstanding. Accordingly, the TARP credit protection commitment has been terminated, and TALF LLC has begun to distribute excess proceeds to the Treasury and the FRBNY. Any remaining funds will be shared by the FRBNY and the U.S. Treasury.

8. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital Eliminations from consolidation Wednesday
Sep 10, 2014
Change since
Wednesday Wednesday
Sep 3, 2014 Sep 11, 2013
Assets
Gold certificate account     11,037          0          0
Special drawing rights certificate account      5,200          0          0
Coin      1,930 +        8 –       62
Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,351,126 +    3,534 +  756,847
Securities held outright1 4,160,521 +    3,657 +  763,739
U.S. Treasury securities 2,440,637 +    3,651 +  399,549
Bills2          0          0          0
Notes and bonds, nominal2 2,326,351 +    3,661 +  385,784
Notes and bonds, inflation-indexed2     97,755          0 +   10,546
Inflation compensation3     16,531 –       10 +    3,219
Federal agency debt securities2     41,562          0 –   22,654
Mortgage-backed securities4 1,678,322 +        6 +  386,844
Unamortized premiums on securities held outright5    208,907 –      132 +    5,820
Unamortized discounts on securities held outright5    -18,654 +       19 –   12,787
Repurchase agreements6          0          0          0
Loans        352 –       10 +       75
Net portfolio holdings of Maiden Lane LLC7      1,665 +        1 +      167
Net portfolio holdings of Maiden Lane II LLC8         63          0 –        1
Net portfolio holdings of Maiden Lane III LLC9         22          0          0
Net portfolio holdings of TALF LLC10         44          0 –       68
Items in process of collection (0)         94 –       22 –       31
Bank premises      2,255          0 –       29
Central bank liquidity swaps11         77 +        1 –      243
Foreign currency denominated assets12     22,801 –      404 –      925
Other assets13     25,095 +    2,704 +    3,719
Total assets (0) 4,421,408 +    5,821 +  759,373

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital Eliminations from consolidation Wednesday
Sep 10, 2014
Change since
Wednesday Wednesday
Sep 3, 2014 Sep 11, 2013
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,247,980 –    2,086 +   84,510
Reverse repurchase agreements14    267,602 +   17,296 +  175,438
Deposits (0) 2,842,072 –    8,612 +  499,663
Term deposits held by depository institutions          0          0          0
Other deposits held by depository institutions 2,788,954 –   24,799 +  513,312
U.S. Treasury, General Account     31,872 +   10,836 +    1,852
Foreign official      5,241 –    1,326 –    3,524
Other15 (0)     16,004 +    6,676 –   11,978
Deferred availability cash items (0)        721 –      482 –      163
Other liabilities and accrued dividends16      6,693 –      299 –    1,529
Total liabilities (0) 4,365,067 +    5,817 +  757,919
Capital accounts
Capital paid in     28,170 +        2 +      726
Surplus     28,170 +        2 +      726
Other capital accounts          0          0          0
Total capital     56,341 +        4 +    1,454

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation accompanying table 9.
8. Refer to table 5 and the note on consolidation accompanying table 9.
9. Refer to table 6 and the note on consolidation accompanying table 9.
10. Refer to table 7 and the note on consolidation accompanying table 9.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.
12. Revalued daily at current foreign currency exchange rates.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
16. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal
Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014

Millions of dollars

Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Assets
Gold certificate account     11,037        352      4,125        338        464        824      1,349        706        278        173        291        880      1,257
Special drawing rights certificate acct.      5,200        196      1,818        210        237        412        654        424        150         90        153        282        574
Coin      1,930         32         94        124        123        320        222        276         25         46        153        182        332
Securities, unamortized premiums and discounts, repurchase agreements,
and loans
4,351,126     88,009 2,670,390    104,231     94,993    243,168    240,542    177,833     53,725     26,795     57,330    132,586    461,524
Securities held outright1 4,160,521     84,160 2,553,576     99,673     90,839    232,534    229,991    170,046     51,317     25,497     54,804    126,772    441,311
U.S. Treasury securities 2,440,637     49,370 1,497,974     58,470     53,288    136,409    134,917     99,752     30,104     14,957     32,149     74,367    258,881
Bills2          0          0          0          0          0          0          0          0          0          0          0          0          0
Notes and bonds3 2,440,637     49,370 1,497,974     58,470     53,288    136,409    134,917     99,752     30,104     14,957     32,149     74,367    258,881
Federal agency debt securities2     41,562        841     25,509        996        907      2,323      2,298      1,699        513        255        547      1,266      4,409
Mortgage-backed securities4 1,678,322     33,949 1,030,093     40,207     36,644     93,803     92,777     68,595     20,701     10,285     22,107     51,139    178,021
Unamortized premiums on securities held outright5    208,907      4,226    128,220      5,005      4,561     11,676     11,548      8,538      2,577      1,280      2,752      6,365     22,159
Unamortized discounts on securities held outright5    -18,654       -377    -11,449       -447       -407     -1,043     -1,031       -762       -230       -114       -246       -568     -1,979
Repurchase agreements6          0          0          0          0          0          0          0          0          0          0          0          0          0
Loans        352          1         44          0          0          0         34         11         61        132         20         17         33
Net portfolio holdings of Maiden
Lane LLC7      1,665          0      1,665          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
Lane II LLC8         63          0         63          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
Lane III LLC9         22          0         22          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of TALF LLC10         44          0         44          0          0          0          0          0          0          0          0          0          0
Items in process of collection         94          0          0          0          0          0         93          0          0          1          0          0          0
Bank premises      2,255        121        434         74        110        222        209        198        124         97        243        224        200
Central bank liquidity swaps11         77          4         25          6          6         16          4          2          1          0          1          1         11
Foreign currency denominated assets12     22,801      1,037      7,335      1,714      1,813      4,754      1,311        629        192         96        240        381      3,299
Other assets13     25,095        535     15,039        739        546      1,547      1,374      1,014        356        219        347        798      2,580
Interdistrict settlement account          0 +   10,547 –   58,585 +    2,678 +    9,252 +      197 +    8,040 –   10,297 –   10,950 –    2,083 –      134 +    2,635 +   48,701
Total assets 4,421,408    100,833 2,642,468    110,114    107,543    251,460    253,799    170,787     43,900     25,434     58,623    137,969    518,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014 (continued)

Millions of dollars

Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Liabilities
Federal Reserve notes outstanding 1,443,974     44,572    489,349     42,766     65,118    103,568    212,875     94,569     37,360     21,242     36,783    115,911    179,862
Less: Notes held by F.R. Banks    195,994      5,311     63,063      6,357      8,870     11,177     20,690     11,915      4,937      4,278      5,302     25,736     28,359
Federal Reserve notes, net 1,247,980     39,261    426,285     36,409     56,248     92,391    192,186     82,654     32,423     16,964     31,481     90,175    151,503
Reverse repurchase agreements14    267,602      5,413    164,244      6,411      5,843     14,956     14,793     10,937      3,301      1,640      3,525      8,154     28,385
Deposits 2,842,072     53,409 2,030,175     62,876     40,791    131,999     42,547     75,315      7,510      6,356     22,882     38,429    329,783
Term deposits held by depository institutions          0          0          0          0          0          0          0          0          0          0          0          0          0
Other deposits held by depository institutions 2,788,954     53,397 1,977,410     62,837     40,788    131,731     42,538     75,306      7,510      6,355     22,881     38,428    329,774
U.S. Treasury, General Account     31,872          0     31,872          0          0          0          0          0          0          0          0          0          0
Foreign official      5,241          2      5,214          3          3          8          2          1          0          0          0          1          6
Other15     16,004         11     15,679         36          0        260          7          7          0          0          1          0          3
Deferred availability cash items        721          0          0          0          0          0        611          0          0        110          0          0          0
Interest on Federal Reserve notes due
to U.S. Treasury16
     1,693         19      1,199         20         10         23         86         73         20         12         20         54        155
Other liabilities and accrued
dividends17
     5,000        167      2,179        211        208        544        361        282        142        118        126        208        454
Total liabilities 4,365,067     98,270 2,624,083    105,927    103,101    239,913    250,583    169,261     43,395     25,200     58,034    137,021    510,279
Capital
Capital paid in     28,170      1,282      9,193      2,093      2,221      5,773      1,608        763        252        117        295        474      4,099
Surplus     28,170      1,282      9,193      2,093      2,221      5,773      1,608        763        252        117        295        474      4,099
Other capital          0          0          0          0          0          0          0          0          0          0          0          0          0
Total liabilities and capital 4,421,408    100,833 2,642,468    110,114    107,543    251,460    253,799    170,787     43,900     25,434     58,623    137,969    518,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation below.
8. Refer to table 5 and the note on consolidation below.
9. Refer to table 6 and the note on consolidation below.
10. Refer to table 7 and the note on consolidation below.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Revalued daily at current foreign currency exchange rates.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
16. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the amount necessary to equate surplus with capital paid-in.
17. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation below.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed Securities Loan Facility.

The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 8).

10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral Wednesday
Sep 10, 2014
Federal Reserve notes outstanding 1,443,974
Less: Notes held by F.R. Banks not subject to collateralization    195,994
Federal Reserve notes to be collateralized 1,247,980
Collateral held against Federal Reserve notes 1,247,980
Gold certificate account     11,037
Special drawing rights certificate account      5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,231,743
Other assets pledged          0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,160,521
Less: Face value of securities under reverse repurchase agreements    257,508
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,903,013

Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

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The Pronk Pops Show 142, October 3, 2013, Segment 0: Driver Rams White House Barricade, Police Chase Car, Women Killed By Capitol Police, 18 Month Old Rescued — Videos

Posted on October 4, 2013. Filed under: American History, Blogroll, Communications, Crime, Federal Government, government spending, history, Homicide, Law, liberty, Life, Links, Literacy, media, People, Photos, Press, Rants, Raves, Talk Radio, Video, Water, Wisdom | Tags: , , , , , |

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Segment 0: Driver Rams White House Barricade, Police Chase Car, Women Killed By Capitol Police, 18 Month Old Rescued — Videos

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Police Shooting in Washington D.C. Capitol Hill

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Capitol Hill Shooting October 3, 2013

Capitol Hill Scare: Female Suspect Shot Dead, 1-year-old Rescued, Injured Officer Recovering

[youtuber=http://www.youtube.com/watch?v=bD0L77rjLYw]

DC shooting: Driver rams White House barricade, Capitol police kills suspect after chase

Shooting at US Capitol near White House. Washington DC. White House lockdown. October 3 2013

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There Will Be No Economic Recovery. Prepare Yourself Accordingly.

The Economic Recovery: A Novel Perspective from Ed Leamer (The Numbers Game with Russ Roberts) mono

Published on Mar  7, 2013

Why has the current recovery from the Great Recession been so mediocre? Ed Leamer of UCLA points out that the last three recessions have all had mediocre recoveries of both output and employment. His explanation is that changes in the manufacturing sector have changed the pattern of layoffs, recalls and hiring during recessions and recoveries. The conversation concludes with a discussion of the forces driving the changes in the labor market and the implications for manufacturing.
1) Why the last three recessions all look different (1:44) 2) Employment growth for last eight recessions (4:12) 3) Why have the last three recessions been so different? (6:13) 4) The jobs cycle in manufacturing (8:52) 5) Excess capacity in construction has created a lag (10:33) 6) Manufacturing output versus manufacturing employment (11:14) 7) What’s the solution to the downturn? (12:20)
LINKS TO DATA REFERENCED — 1. Real GDP Growth From Peak to Peak Charts: FRED — “Real Gross Domestic Product, 3 Decimal (http://research.stlouisfed.org/fred2/…). Note: Calculated using (X1-X0)/(X0), where X0 — recession peak quarter
2. Manufacturing Employment Chart: FRED — “All Employees: Manufacturing”(http://research.stlouisfed.org/fred2/…)

The Numbers Game with Russ Roberts — The Economic Recovery (Part 1)

Published on Sep  5, 2012

According the National Bureau of Economic Research, the US economy recovered from the recession at the beginning of the summer of 2009. Yet the recovery has been disappointing when compared to other recoveries. In this episode of the Numbers Game, John Taylor of Stanford University talks with host Russ Roberts about the nature of the recovery. How does it compare historically to other recoveries? How can we measure the pace of the recovery? The conversation ends with a discussion of possible explanations for why the recovery has been disappointing. 1) What is potential GDP? (0:52) 2) The economy never catches back up to trend (2:38) 3) The 1981 recession (3:16) 4) Is there a correct or potential level of GDP? (4:45) 5) A look at past recoveries (6:13) 6) Friedman and the Plucking Model (8:10) 7) A look at real growth rates in recoveries (8:59) 8) Employment and the recovery (10:20) LINKS TO DATA & PAPERS REFERENCED – 1. 2008-09 and 1981-1982 Recession & Recovery Charts: Real GDP (GDPC1) downloaded from FRED 7/13/12, taken from BEA.gov – http://research.stlouisfed.org/fred2/… Potential GDP (GDPPOT) downloaded from FRED 7/13/12, taken from CBO.gov – http://research.stlouisfed.org/fred2/… 2. 1907-08 and 1893-94 Recession & Recovery Charts: GDP data from NBER, compiled by Nathan Balke and Robert Gordon with adjustments by John Taylor for comparability with earlier charts –http://www.nber.org/data/abc/ Potential GDP calculations by John Taylor using a Hodrick-Prescott trend. 3. The Plucking Model Working Paper: The “Plucking Model” of Business Fluctuations Revisited by Milton Friedman Working Papers in Economics, E-88-48 — Hoover Institution, Stanford University http://hoohila.stanford.edu/workingpa… 4. Growth Rate of Real GDP Chart: Growth Rate calculated from Real GDP (GDPC1) downloaded from FRED 7/13/12, taken from BEA.gov – http://research.stlouisfed.org/fred2/… 5. Change in the Percentage of the Population that is Working Chart: Employment-Population Ratio (EMRATIO) downloaded from FRED 7/13/12, taken from BLS.gov – http://research.stlouisfed.org/fred2/…

The Numbers Game with Russ Roberts — The Economic Recovery (Part 2)

By historical standards, the current recovery from the recession that began in 2007 has been disappointing. As John Taylor of Stanford University’s Hoover Institution and the Department of Economics argues in Part 1 of this discussion on the economy, GDP has not returned to trend, the percent of the population that is working is flat rather than rising, and growth rates are below their usual levels after such a deep slump.

In this episode, Taylor and Number’s Game host Russ Roberts discuss possible explanations for the sluggish recovery: the ongoing slump in construction employment, the effect of housing prices on saving and spending decisions by households, and this recovery’s having been preceded by a financial crisis. Taylor rejects these arguments, arguing instead that the sluggish recovery can be explained by poor economic policy decisions made by the Bush and the Obama administrations.

1) On the argument that there are structural problems in the labor market (0:25)
2) Comparisons to the 1981 recession (2:16)
3) Is this recession special because it followed a financial crisis? (2:46)
4) What can the Great Depression tell us? (3:55)
5) Why is the current recovery so mediocre? (5:32)

LINKS TO DATA & PAPERS REFERENCED –

1. Construction Sector Employment Chart:
Bureau of Labor Statistics- Series CES2000000001, Seasonally Adjusted

2. S&P/Case-Shiller Home Price Indices Chart:
S&P Dow Jones Indices and Fiserv 9-25-12 – http://www.standardandpoors.com

3. Personal Saving as a % of Disposable Income Chart:
BEA NIPA Table 2.1 line 36

4. 2008-09 and 1981-1982 Recession & Recovery Charts:
Real GDP (GDPC1) downloaded from FRED 7/13/12, taken from BEA.gov – http://research.stlouisfed.org/fred2/…
Potential GDP (GDPPOT) downloaded from FRED 7/13/12, taken from CBO.gov – http://research.stlouisfed.org/fred2/…

5. ‘Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record’ by Michael D. Bordo and Joseph G. Haubrich – http://media.hoover.org/sites/default…

6. 1893-94 and 1907-08 Recession & Recovery Charts:
GDP data from NBER, compiled by Nathan Balke and Robert Gordon with adjustments by John Taylor for comparability with earlier charts – http://www.nber.org/data/abc/. Potential GDP calculations by John Taylor using a Hodrick-Prescott trend.

7. 1933-36 Great Depression & Recovery Chart:
GDP data from NBER, compiled originally by Nathan Balke and Robert Gordon – http://www.nber.org/data/abc/.

8. 1929-1940 Unemployment Rate (% of Labor Force) Chart:
Historical Statistics of the United States (Millennial Edition) – Table Ba470-477: Labor Force, Employment, and Unemployment, 1890-1990 – http://hsus.cambridge.org/HSUSWeb/toc…

9.  ‘An Empirical Analysis of the Revival of Fiscal Activism in the 2000s’ by John B. Taylor – http://www.stanford.edu/~johntayl/JEL…

The Numbers Game with Russ Roberts — The Economic Recovery (Part 3)

Here in part 3, Taylor argues that the slow pace of the recovery is due to poor policy decisions made by the Bush and Obama administrations that have increased the amount of uncertainty facing investors, consumers, and employers. Examples include the rising debt forecast, the fiscal cliff, expiring tax provisions, and quantitative easing. Taylor argues that the uncertainty surrounding these policies in the future along with increased regulation have held back the recovery.
LINKS TO DATA & PAPERS REFERENCED –
1. Debt as a Percentage of GDP Chart: Historical debt data – http://www.cbo.gov/publication/21728. Future debt projections –  http://www.cbo.gov/publication/20776 and http://www.cbo.gov/publication/43288
2. Number of Provisions Expiring in the US Tax Code Chart: List of Expiring Tax Provisions – Prepared by the Staff of the Joint Committee on Taxation, various issues – https://www.jct.gov/publications.html….
3. ‘Measuring Economic Policy Uncertainty’ by Scott Baker, Nicholas Bloom and Steven Davis: http://faculty.chicagobooth.edu/steve…
4. An Era of Deregulation (?) Chart: Federal Register Historical Statistics (https://www.federalregister.gov/learn…) Notes: Dates based on calendar year; Excludes preliminary/unrevised pages, blank/skipped pages, and proposed rules pages
5. Number of Federal Workers Employed in Regulatory Activities Chart: Susan Dudley & Melinda Warren “Fiscal Stalemate Reflected in Regulators’ Budget: An Analysis of the U.S. Budget for Fiscal Years 2011 and 2012,”  TSA adjustment obtained from DHS Budget in Brief. http://wc.wustl.edu/files/wc/2012_Reg… and http://www.dhs.gov/xlibrary/assets/mg….
6. ‘Dodd-Frank Progress Report’ by Davis Polk: According to Davis Polk (a firm monitoring Dodd-Frank progress) – “Dodd-Frank Progress Report, November 2012” http://www.davispolk.com/files/Public…
7. Reserve Balances Chart: H.4.1 Federal Reserve statistical release (reserve balances with Federal Reserve Banks). One can also get data from FRED http://research.stlouisfed.org/fred2/…
8. ‘The 2009 Stimulus Package: Two Years Later’ by John B. Taylor: http://media.hoover.org/sites/default…
9. ‘An Empirical Analysis of the Revival of Fiscal Activism in the 2000s’ by John B. Taylor – http://www.stanford.edu/~johntayl/JEL…
10. Economic Benefits of the ’09 Stimulus Package Chart: Chicago Booth IGM Forum on the Economic Stimulus, 2/15/12 – http://www.igmchicago.org/igm-economi…. IGM Economic Experts Panel – http://www.igmchicago.org/igm-economic-experts-­panel
11. U.S. Misery Index Chart: Bureau of Labor Statistics – Unemployment Rate (http://www.bls.gov/webapps/legacy/cps… CPI-U (ftp://ftp.bls.gov/pub/special.requests/­cpi/cpiai.txt)

Economists Examine Potential for Longer Recession

Milton Friedman – Greed

Milton Friedman – Socialism is Force  

Milton Friedman – The role of government in a free society

Economics on One Foot

JobLossesJan2013

4employment_depth_max

6gdp_depth_max

Background on Recession/Recovery in Perspective

This page places the current economic downturn and recovery into historical (post-WWII) perspective. It compares output and employment changes from the 2007-2009 recession and subsequent recovery with the same data for the 10 previous recessions and recoveries that have occurred since 1946.

This page provides a current assessment of ‘how bad’ the 2007-2009 recession was relative to past recessions, and of how quickly the economy is recovering relative to past recoveries. It will continue to be updated as new data are released. This page does not provide forecasts, and the information should not be interpreted as such.

The  charts provide information about  the length and depth of recessions, and the robustness of recoveries.

Post-WWII Recessions

The Business Cycle Dating Committee of the National Bureau of Economic Research determines the beginning and ending dates of U.S. recessions. http://www.nber.org/cycles.html

        It has determined that the U.S. economy experienced 10 recessions from 1946 through 2006. The committee determined that the 2007-2009 recession began in December 2007 and ended in June of 2009.  Ending dates are typically announced several months after the recession officially ends. Read the June 2009 trough announcement by the NBER.

Length of Recessions

The 10 previous postwar recessions ranged in length from 6 months to 16 months, averaging about 10 1/2 months. The 2007-09 recession  was    the longest recession in the postwar period, at 18 months.

Depth of Recessions

The severity of a recession is determined in part by its length; perhaps even more important is the magnitude of the decline in economic activity. The 2007-09 recession was the deepest recession in the postwar period; at their lowest points employment fell by 6.3 percent and output fell by 5.1 percent.

http://www.minneapolisfed.org/publications_papers/studies/recession_perspective/

US-Real-GDP-Growth-Third-Estimate-for-Q1-2013

fredgraph

20_year_constant_maturity_rate

DGS30

For further information regarding treasury constant maturity data, please refer to:

http://www.federalreserve.gov/releases/h15/current/h15.pdf and http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/yieldmethod.aspx.

M1 Money Stock (M1)

2013-07-08:      2,504.2       Billions of Dollars                    Last 5 Observations

2013-07-01: 2,537.1
2013-06-24: 2,510.0
2013-06-17: 2,494.2
2013-06-10: 2,508.6

Weekly, Ending Monday, Seasonally Adjusted, Updated: 2013-07-19 6:26 AM CDT

M1_Max_630_378

Source: Board of Governors of the Federal Reserve System
Release: H.6 Money Stock Measures
Notes:      

M1 includes funds that are readily accessible for spending. M1 consists of: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler’s checks of nonbank issuers; (3) demand deposits; and (4) other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. Seasonally adjusted M1 is calculated by summing currency, traveler’s checks, demand deposits, and OCDs, each seasonally adjusted separately.

Velocity of M1 Money Stock (M1V)

2013:Q1:      6.474       Ratio                    Last 5 Observations

2012:Q4: 6.544
2012:Q3: 6.750
2012:Q2: 6.894
2012:Q1: 6.991

Quarterly, Seasonally Adjusted, Updated: 2013-06-26 9:01 AM CDT

M1V_Max_630_378

Source: Federal Reserve Bank of St. Louis
Release: Money Velocity
Notes:Calculated as the ratio of quarterly nominal GDP (http://research.stlouisfed.org/fred2/series/GDP) to the quarterly average of M1 money stock (http://research.stlouisfed.org/fred2/series/M1SL).
Velocity is a ratio of nominal GDP to a measure of the money supply.  It can be thought of as the rate of turnover in the money supply–that is, the number of times one dollar is used to purchase final goods and services included in GDP.

M2 Money Stock (M2)

2013-07-08:      10,644.6       Billions of Dollars                    Last 5 Observations

2013-07-01: 10,653.4
2013-06-24: 10,573.2
2013-06-17: 10,594.5
2013-06-10: 10,590.3

Weekly, Ending Monday, Seasonally Adjusted, Updated: 2013-07-19 6:26 AM CDT

M2

Source: Board of Governors of the Federal Reserve System
Release: H.6 Money Stock Measures

Notes:M2 includes a broader set of financial assets held principally by households. M2 consists of M1 plus: (1) savings deposits (which include money market deposit accounts, or MMDAs); (2) small-denomination time deposits (time deposits in amounts of less than $100,000); and (3) balances in retail money market mutual funds (MMMFs). Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail MMMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

Velocity of M2 Money Stock (M2V)

2013:Q1:      1.530       Ratio                    Last 5 Observations

2012:Q4: 1.538
2012:Q3: 1.568
2012:Q2: 1.579
2012:Q1: 1.588

Quarterly, Seasonally Adjusted, Updated: 2013-06-26 9:01 AM CDT

M2_Velocity

Notes:

Calculated as the ratio of quarterly nominal GDP (http://research.stlouisfed.org/fred2/series/GDP) to the quarterly average of M2 money stock (http://research.stlouisfed.org/fred2/series/M2SL).
Velocity is a ratio of nominal GDP to a measure of the money supply.  It can be thought of as the rate of turnover in the money supply–that is, the number of times one dollar is used to purchase final goods and services included in GDP.

US Economic Crisis, Predictions For 2013

So Goes Detroit,Bernanke’s Gold Confession, Obama’s ACA Lies

Karl Denninger on Bernanke’s Last Stand and Unwinding Rehypothecation [PRIME INTEREST 45]

Uncertainty over the cost of new regulations is suppressing business investment & job creation.

Chairman of the Joint Economic Committee, Representative Kevin Brady, presents his opening statement to the committee and witnesses during the JEC hearing “Reducing Unnecessary and Costly Red Tape through Smarter Regulations” on June 26, 2013.

“We’re experiencing the worst economic recovery since WWII.”

CBS: “This Is The Worst Economic Recovery America Has Ever Had”

Obama’s Great Economic Recovery WHERE?

Treasury Yield Curve Methodology
2/26/2009
Page Content

This description was revised and updated on February 26, 2009.

The Treasury’s yield curve is derived using a quasi-cubic hermite spline function. Our inputs are the Close of Business (COB) bid yields for the on-the-run securities. Because the on-the-run securities typically trade close to par, those securities are designated as the knot points in the quasi-cubic hermite spline algorithm and the resulting yield curve is considered a par curve. However, Treasury reserves the option to input additional bid yields if there is no on-the-run security available for a given maturity range that we deem necessary for deriving a good fit for the quasi-cubic hermite spline curve. For example, we are using composites of off-the-run bonds in the 20-year range reflecting market yields available in that time tranche. Previously, a rolled-down 10-year note with a remaining maturity nearest to 7 years was also used as an additional input. That input was discontinued on May 26, 2005.

More specifically, the current inputs are the most recently auctioned 4-, 13-, 26-, and 52-week bills, plus the most recently auctioned 2-, 3-, 5-, 7-, and 10-year notes and the most recently auctioned 30-year bond, plus the composite rate in the 20-year maturity range. The quotes for these securities are obtained at or near the 3:30 PM close each trading day. The inputs for the four bills are their bond equivalent yields.

Between August 6, 2004 and June 2, 2008, to reduce volatility in the 1-year Treasury Constant Maturity (CMT) rate, and due to the fact that there were no on-the-run issues between 6-months and 2-years, Treasury used an additional input to insure that the 1-year CMT rate was consistent with on-the-run yields on either side of it’s maturity range. Thus, Treasury interpolated between the secondary bond equivalent yield on the most recently auctioned 26-week bill and the secondary market yield on the most recently auctioned 2-year note and inputted the resulting yield as an additional knot point for the derivation of the daily Treasury Yield Curve. The result of that step was that the 1-year CMT was generally the same as the interpolated rate during that time period. As of June 3, 2008, the interpolated yield was dropped as a yield curve input and the on-the-run 52-week bill was added as an input knot point in the quasi-cubic hermite spline algorithm and resulting yield curve.

Between December 3, 2007 and November 7, 2008, due to Treasury’s discontinuance of 3-year notes, we added a composite rate in the 3-year range based on an average of off-the-run securities in that time tranche.  This composite was replaced on November 10, 2008 with the on-the-run 3-year note upon its reintroduction.

Treasury does not provide the computer formulation of our quasi-cubic hermite spline yield curve derivation program. However, we have found that most researchers have been able to reasonably match our results using alternative cubic spline formulas.

Treasury reviews its yield curve derivation methodology on a regular basis and reserves the right to modify, adjust or improve the methodology at its option. If Treasury determines that the methodology needs to be changed or updated, Treasury will revise the above description to reflect such changes.

Yield curve rates are usually available at Treasury’s interest rate web sites by 6:00 PM Eastern Time each trading day, but may be delayed due to system problems or other issues. Every attempt is made to make this data available as soon as possible.

Office of Debt Management Department of the Treasury

 FINANCIAL MANAGEMENT SERVICE
STAR – TREASURY FINANCIAL DATABASE
TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

ACCOUNTING DATE:  06/13

PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
PRIOR YEAR

OCTOBER                                                                   163,072                261,539                 98,466
NOVEMBER                                                                  152,402                289,704                137,302
DECEMBER                                                                  239,963                325,930                 85,967
JANUARY                                                                   234,319                261,726                 27,407
FEBRUARY                                                                  103,413                335,090                231,677
MARCH                                                                     171,215                369,372                198,157
APRIL                                                                     318,807                259,690                -59,117
MAY                                                                       180,713                305,348                124,636
JUNE                                                                      260,177                319,919                 59,741
JULY                                                                      184,585                254,190                 69,604
AUGUST                                                                    178,860                369,393                190,533
SEPTEMBER                                                                 261,566                186,386                -75,180

YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

CURRENT YEAR

OCTOBER                                                                   184,316                304,311                119,995
NOVEMBER                                                                  161,730                333,841                172,112
DECEMBER                                                                  269,508                270,699                  1,191
JANUARY                                                                   272,225                269,342                 -2,883
FEBRUARY                                                                  122,815                326,354                203,539
MARCH                                                                     186,018                292,548                106,530
APRIL                                                                     406,723                293,834               -112,889
MAY                                                                       197,182                335,914                138,732
JUNE                                                                      286,627                170,126               -116,501

YEAR-TO-DATE                                                          2,087,143              2,596,968                509,825

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Bernanke and Federal Reserve Will End The Keyboarding of Money and Buying Bonds in 2014 and May Lower Unemployment Threshold Below 6.5% — Videos

Posted on June 19, 2013. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, history, Inflation, Investments, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Radio, Raves, Resources, Reviews, Security, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , |

Senate Holds Hearing To Re-Nominate Ben Bernanke As Fed Chairman

Steve Forbes  Bernanke Has Failed   CNBC

Bernanke Says FOMC May Lower Unemployment Threshold

Press Conference with Chairman of the FOMC, Ben S. Bernanke 

FOMC Meeting: Does Fed, Ben Bernanke Fear QE Is Creating An Asset Bubble?

    Ben Bernanke’s Message Was Pro-Growth: Bill Gross

The Next Fed Chief: Who’s Best to Replace Ben Bernanke?

Peter Schiff Predicts Economic Crisis That Makes 2008 Look Like NOTHING!

Bernanke Says Fed on Course to End Asset Buying in 2014

Federal Reserve Chairman Ben S. Bernanke said the central bank may start dialing down its unprecedented bond-buying program this year and end it entirely in mid-2014 if the economy finally achieves the sustainable growth the Fed has sought since the recession ended in 2009.

The Federal Open Market Committee today left the monthly pace of bond purchases unchanged at $85 billion, while saying that “downside risks to the outlook for the economy and the labor market” have diminished. Policy makers raised their growth forecasts for next year to a range of 3 percent to 3.5 percent and reduced their outlook for unemployment to as low as 6.5 percent.

“If the incoming data are broadly consistent with this forecast, the committee currently anticipates that it would be appropriate to moderate the pace of purchases later this year,” Bernanke said in a press conference in Washington. If later reports meet the Fed’s expectations, “we will continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around mid-year.”

Stocks and Treasuries slid as Bernanke’s comments raised the prospect of an end to the quantitative easing that has fueled a rally in financial markets and helped keep the world’s largest economy expanding in the face of federal budget cuts, a slowdown in China and a recession in the euro area.

Connecting Dots

“The Fed is out of the closet,” said Ward McCarthy, chief financial economist at Jefferies Group LLC in New York and a former Richmond Fed economist. “They expect to end these QE purchases. Bernanke wasn’t more specific than later this year, but connecting all the dots suggests he is thinking in the fourth quarter.”

The Standard & Poor’s 500 Index declined 1.4 percent to 1,628.93. The yield on the 10-year Treasury note jumped to 2.36 percent, the highest since March 2012, from 2.19 percent late yesterday.

Still, Bernanke tried to temper his message by saying that the Fed has “no deterministic or fixed plan” to end asset purchases.

“If you draw the conclusion that I just said that our policies — that our purchases will end in the middle of next year, you’ve drawn the wrong conclusion, because our purchases are tied to what happens in the economy,” he said. “If the economy does not improve along the lines that we expect, we will provide additional support.”

Open-Ended

Bernanke is expanding the Fed’s balance sheet toward $4 trillion as he seeks to reduce a jobless rate that stands at 7.6 percent after four years of economic growth. The Fed’s open-ended purchases, started last September and expanded in December, are unprecedented. In two previous rounds, it specified total purchases in advance.

“I’m surprised at how badly the Fed wants to taper” to a slower pace of purchases, said Julia Coronado, the chief economist for North America at BNP Paribas SA in New York and a former Fed economist. The Fed has “greater confidence than the average private sector forecaster in the outlook.”

The economy will grow 1.9 percent in 2013 and 2.7 percent in 2014, according to the median estimates in a Bloomberg survey. The economy has not grown more than 3 percent over the course of 12 months since the four quarters ending in June 2006.

The Fed also left unchanged its statement that it plans to hold its target interest rate near zero as long as unemployment remains above 6.5 percent and the outlook for inflation doesn’t exceed 2.5 percent.

Unemployment Threshold

Bernanke said policy makers might aim for a lower unemployment threshold before considering an increase in short-term interest rates.

“In terms of adjusting the threshold, I think that’s something that might happen,” he said in response to a question. “If it did happen, it would be to lower it, I’m sure, not to raise it.” He said an interest-rate increase is still “far in the future.”

Fed officials lowered their forecasts for the unemployment and inflation rates this year.

They now see a jobless rate of 7.2 percent to 7.3 percent, compared with 7.3 percent to 7.5 percent in their March forecasts. They predict the jobless rate will fall to 6.5 percent to 6.8 percent in 2014.

“Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated,” the FOMC said in its statement. “Partly reflecting transitory influences, inflation has been running below the committee’s longer-run objective, but longer term inflation expectations have remained stable.”

Target Rate

Fifteen of 19 policy makers expect no increase in the federal funds rate before 2015, according to today’s forecasts. In March, 14 policy makers had that expectation.

The Fed repeated that it will keep buying assets “until the outlook for the labor market has improved substantially.” Bond purchases will remain divided between $40 billion a month of mortgage-backed securities and $45 billion a month of Treasury securities. The central bank also will continue reinvesting securities as they mature.

St. Louis Fed President James Bullard dissented for the first time in his tenure on the FOMC, saying the committee should “signal more strongly its willingness to defend its inflation goal in light of recent low inflation readings.”

Kansas City Fed President Esther George dissented for the fourth meeting in a row, continuing to cite concern that keeping the benchmark interest rate near zero risks creating “economic and financial imbalances,” including asset price bubbles.

Economists’ Forecasts

No change in policy was expected at today’s meeting. Fifty-eight of 59 economists in a June 4-5 Bloomberg Survey predicted the central bank would maintain the pace of purchases.

Inflation is providing little impetus for a tapering in bond purchases. A gauge of consumer prices excluding food and energy that is watched by the Fed rose 1.1 percent in the year through April, matching the smallest gain since records started in 1960. Officials expect inflation to slowly rise in coming years, with core prices climbing to 1.5 percent to 1.8 percent in 2014 and 1.7 percent to 2 percent in 2015.

Speculation that an improving economy will prompt Fed policy makers to reduce bond buying last month triggered the biggest jump in 10-year Treasury yields since December 2010.

About $2 trillion has been erased from the value of global equities since Bernanke told U.S. lawmakers on May 22 that the FOMC “could” consider reducing bond purchases within “the next few meetings” if officials see signs of improvement in the labor market and are convinced the gains can be sustained.

Mortgage Rates

Mortgage rates have soared the most in a decade on speculation the Fed’s purchases may slow. The interest rate on a 30-year fixed home loan climbed to a 14-month high of 3.98 percent last week, according to data compiled by Freddie Mac.

Bernanke is nearing the end of his second four-year term, a period marked by unprecedented measures to battle the deepest recession since the 1930s and then to keep the economy growing at a pace that’s brisk enough to put millions of unemployed Americans back to work.

The former Princeton professor cut the Fed’s target interest rate almost to zero in December 2008 and has led the central bank in three rounds of large-scale asset purchases that have swelled the Fed’s balance sheet to a record $3.41 trillion.

President Barack Obama, in an interview on PBS this week, provided one of the clearest signals yet that Bernanke may not remain beyond the end of his term on Jan. 31. Bernanke “already stayed a lot longer than he wanted or he was supposed to,” Obama said.

Bernanke declined to discuss his future at today’s press conference.

“We just spent two days working on monetary policy issues and I would like to keep the debate, discussion, questions here on policy,” he said in response to a question. “I don’t have anything for you on my personal plans.”

http://www.bloomberg.com/news/2013-06-19/fed-keeps-85-billion-pace-of-bond-buying-sees-risks-waning.html

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Masters of Money — Keynes — Hayek — Marx — Videos

Posted on April 24, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Talk Radio, Tax Policy, Unemployment, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

maynard_keynes

Masters Of Money: 1/3 – John Maynard Keynes (BBC Documentary Series)

friedrich-von-hayek

Masters Of Money: 2/3 – Friedrich Hayek (BBC Documentary Series)

karl_marx

Masters Of Money: 3/3 – Karl Marx (BBC Documentary Series)

Keynes the Man: Hero or Villain? | Murray N. Rothbard

Modern Myths of Keynesian Economics | Jeffrey M. Herbener

Deck the Halls with Macro Follies

Keynesianism Part I – It’s All About Spending

What GDP Leaves Out: An Austrian Look

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Tragedy in Newtown, Connecticut: School Shooting–20 Children and 8 Adults Killed–Videos

Posted on December 14, 2012. Filed under: Babies, Blogroll, Communications, Crime, Culture, Diasters, Education, Law, liberty, Life, Links, media, People, Philosophy, Politics, Psychology, Radio, Rants, Raves, Talk Radio, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , |

NewtownMap

newtown_shooting

Sandy_hook_Elementary_School

Sandy Hook Elementary School Shooting Newtown CT Tribute

ALLISON N. WYATT, 6
BENJAMIN WHEELER, 6
VICTORIA SOTO, 27, teacher
MARY SHERLACH, 56, school psychologist
LAUREN GABRIELLE ROUSSEAU, 30, teacher
AVIELLE RICHMAN, 6
JESSICA REKOS, 6
CAROLINE PREVIDI, 6
NOAH POZNER, 6
JACK PINTO, 6
EMILIE PARKER, 6
ANNE MARIE MURPHY, 52, teacher
GRACE AUDREY McDONNELL, 7
JAMES MATTIOLI, 6
ANA MARQUEZ-GREENE, 6
JESSE LEWIS, 6
NANCY LANZA, 52, gunman’s mother
CHASE KOWALSKI, 7
CATHERINE HUBBARD, 6
MADELEINE HSU, 6
DYLAN HOCKLEY, 6
DAWN HOCHSPRUNG, 47, principal
JOSEPHINE GAY, 7
OLIVIA ENGEL, 6
RACHEL D’AVINO, 29
DANIEL BARDEN, 7
CHARLOTTE BACON, 6

New Details of Gunman Adam Lanza’s Movement Inside School

Newtown, Connecticut School Shooting: Adam Lanza – Who Was Shooter?

Connecticut School Shooting: President Barack Obama speaks at Sandy Hook Victims Vigil 

Weekly Address: Nation Grieves for Those Killed in Tragic Shooting in Newtown, CT

Tragedy at Sandy Hook Elementary School: What Happened During Newtown, Connecticut Shooting?

Reflecting on Newtown, Connecticut Shooting, Gun Control in America ‘This Week’

Media Rush to Identify Shooter, Get it Wrong

Connecticut Shooter Developmentally Disabled Killed Parents Girlfriend Adam

Adam Lanza: What set him off?

History of Adam Lanza the Sandy Hook Elementary School Shooter in Newtown

Why Did NewTown Shooter Adam Lanza The SandyHook Killer Snap?

Newtown, Connecticut Shooting: Motivations Behind Mass Shootings – ABC News

Sandy Hook Elementary School Shooting – Newtown, Connecticut Administrators, Students Among Victims

Many Dead In Newtown, Connecticut, US School Shooting

Mass Shooting Suspect Kills Own Mother Sandy Hook Elementary School Shooting Newtown CT.

School Shooting In Newtown, Connecticut

Sandy Hook Elementary School Newtown Ct 18 children dead in Conn. school shooting

27 Dead, Including 18 Children, At Sandy Hook School Shooting In Newtown

Mass Shooting Suspect Kills Own Mother Sandy Hook Elementary School Shooting Newtown

Massacre 29 Dead Including 20 Children Sandy Hook Elementary School Shooting Newtown, Ct. 12-14-12

School Shooting Sandy Hook Elementary in Newtown Connecticut – School Shooting News Coverage

27 Killed Sandy Hook Elementary School Shooting Newtown Connecticut 18 Children 9 Adults Dead

Obama Breaks Down In Tears As He Speaks About “Children” Killed In Newtown, CT

Mass Shooting in Newtown, Connecticut – Gun Control At Last?

THE SAVAGE NATION (HOUR 1) 12-14-2012 [Shooting in Newtown, Connecticut]

Piers Morgan gun control debate, re Connecticut massacre

Mark Levin-On Gun Control with Author John Lott

Guns versus Crime | John R. Lott, Jr.

JOHN LOTT: MORE GUNS = LESS CRIME – Gun Control Myths

Eric Holder: ‘We Have to Ask Ourselves Some Hard Questions About Gun Rights’

In ’95, Holder called for anti-gun info campaign: ‘Brainwash people into thinking about guns in a vastly different way’

NRA: “Assault Weapons”, the Clinton Gun Ban Story 

Obama’s Assault Weapons Ban 

Obama’s Bizarre Anti Gun Rant At The Presidential Debates (FULL) Gun Control

Gun Control explained

John Stossel – Gun Laws That Kill

OBAMA Pushes to ban guns

TOTAL Gun Ban

Penn & Teller: Bullshit! – Gun Control

I am Adam Lanza’s Mother

It’s time to talk about mental illness

“…Friday’s horrific national tragedy—the murder of 20 children and six adults at Sandy Hook Elementary School in New Town, Connecticut—has ignited a new discussion on violence in America. In kitchens and coffee shops across the country, we tearfully debate the many faces of violence in America: gun culture, media violence, lack of mental health services, overt and covert wars abroad, religion, politics and the way we raise our children. Liza Long, a writer based in Boise, says it’s easy to talk about guns. But it’s time to talk about mental illness.

Three days before 20 year-old Adam Lanza killed his mother, then opened fire on a classroom full of Connecticut kindergartners, my 13-year old son Michael (name changed) missed his bus because he was wearing the wrong color pants.

“I can wear these pants,” he said, his tone increasingly belligerent, the black-hole pupils of his eyes swallowing the blue irises.

“They are navy blue,” I told him. “Your school’s dress code says black or khaki pants only.”

“They told me I could wear these,” he insisted. “You’re a stupid bitch. I can wear whatever pants I want to. This is America. I have rights!”

“You can’t wear whatever pants you want to,” I said, my tone affable, reasonable. “And you definitely cannot call me a stupid bitch. You’re grounded from electronics for the rest of the day. Now get in the car, and I will take you to school.”

I live with a son who is mentally ill. I love my son. But he terrifies me.

A few weeks ago, Michael pulled a knife and threatened to kill me and then himself after I asked him to return his overdue library books. His 7 and 9 year old siblings knew the safety plan—they ran to the car and locked the doors before I even asked them to. I managed to get the knife from Michael, then methodically collected all the sharp objects in the house into a single Tupperware container that now travels with me. Through it all, he continued to scream insults at me and threaten to kill or hurt me.

That conflict ended with three burly police officers and a paramedic wrestling my son onto a gurney for an expensive ambulance ride to the local emergency room. The mental hospital didn’t have any beds that day, and Michael calmed down nicely in the ER, so they sent us home with a prescription for Zyprexa and a follow-up visit with a local pediatric psychiatrist.

We still don’t know what’s wrong with Michael. Autism spectrum, ADHD, Oppositional Defiant or Intermittent Explosive Disorder have all been tossed around at various meetings with probation officers and social workers and counselors and teachers and school administrators. He’s been on a slew of antipsychotic and mood altering pharmaceuticals, a Russian novel of behavioral plans. Nothing seems to work.

At the start of seventh grade, Michael was accepted to an accelerated program for highly gifted math and science students. His IQ is off the charts. When he’s in a good mood, he will gladly bend your ear on subjects ranging from Greek mythology to the differences between Einsteinian and Newtonian physics to Doctor Who. He’s in a good mood most of the time. But when he’s not, watch out. And it’s impossible to predict what will set him off.

Several weeks into his new junior high school, Michael began exhibiting increasingly odd and threatening behaviors at school. We decided to transfer him to the district’s most restrictive behavioral program, a contained school environment where children who can’t function in normal classrooms can access their right to free public babysitting from 7:30-1:50 Monday through Friday until they turn 18.

The morning of the pants incident, Michael continued to argue with me on the drive. He would occasionally apologize and seem remorseful. Right before we turned into his school parking lot, he said, “Look, Mom, I’m really sorry. Can I have video games back today?”

“No way,” I told him. “You cannot act the way you acted this morning and think you can get your electronic privileges back that quickly.”

His face turned cold, and his eyes were full of calculated rage. “Then I’m going to kill myself,” he said. “I’m going to jump out of this car right now and kill myself.”

That was it. After the knife incident, I told him that if he ever said those words again, I would take him straight to the mental hospital, no ifs, ands, or buts. I did not respond, except to pull the car into the opposite lane, turning left instead of right.

“Where are you taking me?” he said, suddenly worried. “Where are we going?”

“You know where we are going,” I replied.

“No! You can’t do that to me! You’re sending me to hell! You’re sending me straight to hell!”

I pulled up in front of the hospital, frantically waiving for one of the clinicians who happened to be standing outside. “Call the police,” I said. “Hurry.”

Michael was in a full-blown fit by then, screaming and hitting. I hugged him close so he couldn’t escape from the car. He bit me several times and repeatedly jabbed his elbows into my rib cage. I’m still stronger than he is, but I won’t be for much longer.

The police came quickly and carried my son screaming and kicking into the bowels of the hospital. I started to shake, and tears filled my eyes as I filled out the paperwork—“Were there any difficulties with… at what age did your child… were there any problems with.. has your child ever experienced.. does your child have…”

At least we have health insurance now. I recently accepted a position with a local college, giving up my freelance career because when you have a kid like this, you need benefits. You’ll do anything for benefits. No individual insurance plan will cover this kind of thing.

For days, my son insisted that I was lying—that I made the whole thing up so that I could get rid of him. The first day, when I called to check up on him, he said, “I hate you. And I’m going to get my revenge as soon as I get out of here.”

By day three, he was my calm, sweet boy again, all apologies and promises to get better. I’ve heard those promises for years. I don’t believe them anymore.

On the intake form, under the question, “What are your expectations for treatment?” I wrote, “I need help.”

And I do. This problem is too big for me to handle on my own. Sometimes there are no good options. So you just pray for grace and trust that in hindsight, it will all make sense.

I am sharing this story because I am Adam Lanza’s mother. I am Dylan Klebold’s and Eric Harris’s mother. I am James Holmes’s mother. I am Jared Loughner’s mother. I am Seung-Hui Cho’s mother. And these boys—and their mothers—need help. In the wake of another horrific national tragedy, it’s easy to talk about guns. But it’s time to talk about mental illness.

According to Mother Jones, since 1982, 61 mass murders involving firearms have occurred throughout the country. Of these, 43 of the killers were white males, and only one was a woman. Mother Jones focused on whether the killers obtained their guns legally (most did). But this highly visible sign of mental illness should lead us to consider how many people in the U.S. live in fear, like I do.

When I asked my son’s social worker about my options, he said that the only thing I could do was to get Michael charged with a crime. “If he’s back in the system, they’ll create a paper trail,” he said. “That’s the only way you’re ever going to get anything done. No one will pay attention to you unless you’ve got charges.”

I don’t believe my son belongs in jail. The chaotic environment exacerbates Michael’s sensitivity to sensory stimuli and doesn’t deal with the underlying pathology. But it seems like the United States is using prison as the solution of choice for mentally ill people. According to Human Rights Watch, the number of mentally ill inmates in U.S. prisons quadrupled from 2000 to 2006, and it continues to rise—in fact, the rate of inmate mental illness is five times greater (56 percent) than in the non-incarcerated population.

With state-run treatment centers and hospitals shuttered, prison is now the last resort for the mentally ill—Rikers Island, the LA County Jail and Cook County Jail in Illinois housed the nation’s largest treatment centers in 2011.

No one wants to send a 13-year old genius who loves Harry Potter and his snuggle animal collection to jail. But our society, with its stigma on mental illness and its broken healthcare system, does not provide us with other options. Then another tortured soul shoots up a fast food restaurant. A mall. A kindergarten classroom. And we wring our hands and say, “Something must be done.”

I agree that something must be done. It’s time for a meaningful, nation-wide conversation about mental health. That’s the only way our nation can ever truly heal.

God help me. God help Michael. God help us all.

(Originally published at The Anarchist Soccer Mom.)

Liza Long is an author, musician, and erstwhile classicist. She is also a single mother of four bright, loved children, one of whom has special needs.
 

Newtown tragedy could put mental health in spotlight

Liz Szabo

Could the nation’s mental health services be improved in the wake of the Connecticut school shooting?

“…Families and doctors who treat the mentally ill say they hope that Friday’s tragedy in Newtown, Conn., will refocus the nation’s attention on improving mental health services.

Police have not yet released details about the motives or mental state of shooter Adam Lanza. But the perpetrators of similar mass murders — at Virginia Tech, Northern Illinois University and a Tucson gathering for Rep. Gabby Giffords, for example — all suffered from serious mental health conditions.

“We wait for things like this to happen and then everyone talks about mental health,” says Priscilla Dass-Brailsford, an associate professor of psychology in the psychiatry department at Georgetown University Medical Center. “But they quickly forget.”

There are hundreds of multiple-casualty shootings every year, says forensic psychologist Dewey Cornell, director of the Virginia Youth Violence Project. People have become so desensitized to the horror, however, that “It’s gotten to the point where only the ones with high body counts make the news,” he says. “It takes a record number, or something extraordinary, to get our attention.”

Yet mental illness destroys countless lives everyday, he says, contributing to domestic violence and child abuse, drug addiction, homelessness and incarceration. Investing in mental health care and reducing its stigma could help prevent future tragedies, he says.

“Mental health has shrunk down to the level of short-term crisis management,” Cornell says. “If we are going to focus on prevention, we can’t think about the gunman in the parking lot and what to do with him. We have to get involved a lot earlier.”

Schools and communities “have cut their mental health services to the bone,” says Cornell. “We’re paying a price for it as a society.” …”

http://www.usatoday.com/story/news/nation/2012/12/16/newtown-mental-health/1773479/

Gun prosecutions under Obama down over 40 percent

“…Despite his calls for greater gun control, including a new assault weapons ban that extends to handguns, President Obama’s administration has turned away from enforcing gun laws, cutting weapons prosecutions some 40 percent since a high of about 11,000 under former President Bush.

“If you are not going to enforce the laws on the books, then don’t start talking about a whole new wave of new laws,” said a gun rights advocate.

In the wake of the horrific mass killing at Sandy Hook Elementary School in Newtown, Conn., Democratic lawmakers have begun preparing a new collection of anti-gun laws, including renewing the assault weapons ban, banning the purchase of high-capacity clips that spring bullets into guns, and tightening rules on who can buy weapons.

Lawmakers are banking that the public will push for new gun controls. But as with other mass shootings, polls find the public split, and blaming the shooter, not the gun. Pew Research Center for the People & the Press on Monday found that public is evenly divided over whether the Newtown shootings reflect broader problems in American society, 47 percent, or are just the acts of troubled individuals, 44 percent.

Figures collected by Syracuse University’s TRAC project, the authority on prosecutions from the Bureau of Alcohol, Tobacco and Firearms, shows that the administration has reduced the focus on gun crimes and instead steered prosecutors and investigators to drug crimes.

Gun prosecutions peaked at 10,937 under Bush in 2004. A current TRAC report shows that the Obama administration is prosecuting about 6,000 weapons cases.

According to an October 2011 TRAC report, “There also has been a shifting emphasis towards drug-related investigations. Since ATF-referred prosecutions peaked in FY 2005, the number of weapons prosecutions actually has fallen by 32 percent, a much higher rate than for ATF prosecutions overall. Making up the difference has been the growing number of drug cases, up by 26 percent during the same period.”

In 2011, the Obama gun prosecutions hit a low for the decade, but there has been a slight uptick in prosecutions this year, said another TRAC report.

Second Amendment advocates said on background that they expect Obama to press ATF to boost prosecutions and use the Sandy Hook case, and other mass shootings, to move gun control to the top of his second term agenda. “It’s in his DNA to push this issue,” said one gun-rights official, speaking on background. “This would be his crowning achievement, if he can ban guns,” added the official.

28 Killed in Connecticut School Shooting

“…A gunman opened fire at a Connecticut elementary school where his mother worked, killing 26 people, including 20 children, law-enforcement officials said, in what could be the worst mass shooting at a U.S. elementary or high school.

The shooter was found dead inside Sandy Hook Elementary School in Newtown, located about 65 miles northeast of New York City. State police said another victim was found dead elsewhere in Newtown, putting the total toll at 28.

Law-enforcement officials identified the suspected shooter as Adam Lanza. Officials said the alleged shooter’s mother was a teacher at the school, and she was believed to be among the victims. Earlier, a law-enforcement official incorrectly identified the suspect as Mr. Lanza’s brother, Ryan. Authorities didn’t identify a motive.

The attack at Sandy Hook, a historic village lined with colonial homes in Newtown, began at about 9:40 a.m. and was concentrated around a single classroom, a school bathroom and a hallway, an official said.

Diane Day, a therapist at the school, was sitting with the principal, other staff members and a parent in a routine meeting around 9:30 a.m. when she heard gunshots. “We were there for about five minutes chatting and we heard, ‘pop pop pop,’ ” she said. “I went under the table.”

The principal and school psychologist leaped out of their seats and ran out of the room, Ms. Day said. “They didn’t think twice about confronting or seeing what was going on,” she said.

Without a lock on the door, the school’s lead teacher pressed her body against the door to hold it shut, Ms. Day said. That teacher was shot through the door in the leg and arm. “She was our hero,” Ms. Day said.

Lt. J. Paul Vance, a spokesman for the Connecticut State Police, said that multiple law-enforcement agencies were engaged in “search-warrant activity.” Lt. Vance said investigators were looking “both in and out of state” for information on the gunman but assured the public that they weren’t at risk.

A federal law-enforcement official said a .223 Bushmaster rifle was found in the back of a vehicle at the scene. Two firearms were recovered near the alleged gunman’s body: a Glock and a Sig Sauer, both handguns.

The scene was chaotic as initial reports of a shooting grew steadily worse. Joe Wasik, whose daughter, Alexis, is in the third grade at the school, said his wife called him a little after 10 a.m. after receiving a text from the town’s automated alert system on her phone. Checking his laptop, Mr. Wasik saw the reports of a shooting and raced to the scene.

“There were cars everywhere,” he said, describing a crush of parents at a nearby firehouse where parents were sent to look for their children among those evacuated from the school.

Alexis, who was standing in the crowd, crying, was “a nervous wreck,” he said. Mr. Wasik said his daughter had sheltered in a closet during the shooting, and he wasn’t sure if she had heard the shots.

Mr. Wasik’s wife took their daughter to a cousin’s house to play in an attempt to take her mind off the shooting. He remained in the firehouse to wait for a friend, who was sequestered in another room at the firehouse—an area for parents whose children were still missing.

Mr. Wasik’s voice was still shaking, hours after the massacre. “Pretty much everyone has dispersed, except for parents with missing children,” he said.

President Barack Obama was notified of the attack around 10:30 a.m. by his counterterrorism and homeland security adviser, John Brennan, White House press secretary Jay Carney said.

Mr. Obama spoke on the phone with Federal Bureau of Investigation Director Robert Mueller and Connecticut Gov. Dan Malloy to receive an update on the situation and express his condolences, Mr. Carney said.

Mr. Malloy, in a news conference Friday afternoon, said “you can never be prepared for this kind of incident,” adding that what happened “will leave a mark on this community and every family impacted.”

Mr. Obama delivered an emotional statement from the White House Friday afternoon, tearing up several times as he spoke of the children who were killed. “They had their entire lives ahead of them—birthday, weddings, kids of their own,” Mr. Obama said pausing to wipe tears from his eyes.

Saying he was reacting as a parent of two daughters, he called the shooting a “heinous crime” and vowed to press for meaningful action, regardless of the politics, to prevent more such incidents in the future. “We’ve endured too many of these tragedy in the last few years,” he said.

The death toll at Sandy Hook Elementary, which has nearly 600 students in kindergarten through 4th grade and 42 teachers, exceeds the death at Columbine High School in 1999, which left 12 students and one teacher dead at the hands of two fellow students, who also took their own lives.

In 2007, 33 people including the gunmen were shot and killed on the campus of Virginia Tech in Blacksburg, Va.

Schools nationwide have increased security measures since the fatal shooting at Columbine. Many installed metal detectors, developed detailed crisis plans, implemented policies to keep school doors locked and accessible only by buzzer, and put teachers and staff through training session on how to recognize and deal with threats.

Michael Dorn, executive director of Safe Havens International, a nonprofit that works with thousands of U.S. schools to develop safety plans, said there has been a dramatic improvement in school safety “but so much more” could be done.

A letter sent to Sandy Hook parents earlier this year described a new security protocol put in place at the school. The protocol requires identification for most visitors who must ring a doorbell to gain entry to the school’s front entrance, which is locked after 9:30 a.m.

“If our office staff does not recognize you, you will be required to show identification with a picture ID,” the letter said.

Leigh Libero’s daughter, Joey, would have been in a second-grade classroom Friday morning, but she had a dentist appointment. As Ms. Libero pulled up to the school, she saw just-erected barricades and received an urgent text message from her sister, who works at a television news station in Hartford.

Children were led out the school’s driveway, directly to the firehouse, where parents streamed in “en masse” to locate their children, Ms. Libero said. “This is the perfect New England town,” Ms. Libero said. “You wouldn’t think of this.”

Ms. Libero said parents were trying to determine how the gunman entered the school. The school uses a double-secured door during the day, she said. Visitors approaching the school must press a button to be buzzed in through the outer set of school doors to enter the building.

Carrie Usher, a fourth-grade teacher at Sandy Hook, was having a team meeting with three other teachers while her class worked in the library. They heard gunfire and then the loudspeaker came on with “fighting and crying and maybe some screaming,” sounds of chaos that she said were being broadcast throughout the building.

“The gunfire was just unbelievable it felt like it lasted for five minutes. It wouldn’t stop,” she said.

Three of the teachers jumped out the window of their meeting room, Ms. Usher said, while the fourth remained behind and hid behind bags and boxes. The door opened and someone came in but that person didn’t see the hiding teacher.

Ms. Usher is still uncertain what was broadcast over the loudspeaker. “I think it was fighting,” she said in a phone interview. “I think it was the principal before she was killed put that out there to warn the teachers what was happening. I believe so. We don’t know.” …”

http://washingtonexaminer.com/gun-prosecutions-under-obama-down-over-40-percent-percent/article/2516175#.UM-JbEbCz8B

20 Children Among 28 Dead In Newtown Elementary School Massacre

Gunman Opens Fire Inside Sandy Hook Elementary School Early Friday

“…Twenty children are among 28 people who were killed Friday morning after a gunman opened fire at Sandy Hook Elementary School in Newtown, Conn.

State Police Lt. Paul Vance said 18 children and 6 adults were pronounced dead at that scene. Two other children later died at the hospital. One other person was injured, Vance said.

A 28th victim was found dead at a secondary crime scene, Lance said. He would not elaborate on the details.

Among those dead is the gunman. A source familiar with the investigation identified him as 20-year-old Adam Lanza, CBS News reported. He was found dead inside the building from an apparent self-inflicted gunshot wound, sources told CBS 2.

Law enforcement sources had earlier told CBS News that the gunman was 24-year-old Ryan Lanza, Adam Lanza’s older brother. Ryan Lanza, of Hoboken, New Jersey, is now being questioned by police.

According to an Associated Press report, the confusion over the alleged gunman’s identity occurred when a law enforcement officials, speaking on the condition of anonymity, “mistakenly transposed the brothers’ first names.”

A second official who spoke with the AP said Adam Lanza drove to the scene of the shootings in his mother’s car.  That official also told the wire service Lanza’s girlfriend and another friend are missing in New Jersey.

The AP also reported that a former Jersey Journal staff writer said he spoke with Ryan Lanza, who told the writer his brother may have had his identification.

The shooting has become the second-deadliest school shooting in the nation’s history, exceeded only by the 2007 massacre at Virginia Tech that left 33 people dead.

Lance said the shooting occurred in two different classrooms in one section of the school.

One of the adult victims is Lanza’s mother, Nancy Lanza, a teacher at the school, sources told CBS 2.

A law enforcement source told CBS News two pistols, a Glock and a Sig Sauer, were found in the school and a .223-caliber rifle was found in a car.

An emotional President Barack Obama spoke about the massacre at the White House Friday. Fighting back tears, he said he reacted to the news not just as the president, but as a parent.

“The majority of those who died today are children. Beautiful little kids between the ages of 5 and 10-years-old,” he said. “They had their entire lives ahead of them. Birthdays, graduations, weddings, kids of their own.”

At times, Obama wiped away tears from the corner of his eyes, adding ”Our hearts are broken.”

“As a country, we have been through this too many times,” he said. “These children are our children and we are going to come together to take meaningful action to prevent more tragedies like this regardless of the politics.”

The president ordered that U.S. flags be flown at half-staff through Tuesday. Conn. Gov. Dan Malloy has also ordered all U.S. and state flags be flown at half-staff.

Malloy arrived in Newtown Friday afternoon. His office said several state agencies are working together to coordinate the state’s response.

Speaking a news conference, Malloy called the shooting “a tragedy of unspeakable terms.”

Gunfire erupted inside the school around 9:40 a.m. Parents said they received an automatic message that there had been a shooting incident in the district and that schools were being placed on lockdown.

An 8-year-old student said he was on his way to the school’s office when he saw the gunman.

“I saw some of the bullets going down the hall and then a teacher pulled me into her classroom,” the boy told CBS 2′s Lou Young.

Vance said several agencies, including local and state police, responded to the scene and immediately began a search of the building.

“The entire school was searched and a staging area was set up,” he said.

tudents and staff were then evacuated from the school. As they were walking out of the building, some of the children were told to close their eyes and walk fast, WCBS 880′s Sean Adams reported.

Students were then taken to a nearby firehouse to be reunited with their parents. Schools in surrounding areas were also placed on lockdown.

Danbury Hospital spokesperson Diane Burke told CBS 2 that the hospital was also put on lockdown as a precautionary measure.

Lisa Bailey, a Newtown resident with three children in Newtown schools, told CBSNewYork.com, “Newtown is a quiet town. I’d never expect this to happen here. It’s so scary. Your kids are not safe anywhere.” …”

http://newyork.cbslocal.com/2012/12/14/police-respond-to-report-of-school-shooting-in-conn/

Gunman kills 20 children, 6 adults at Connecticut elementary school

“…Twenty-seven people, including 20 children, were killed Friday when a gunman clad in black military gear opened fire inside his mother’s kindergarten class at a Connecticut elementary school.

The shooter, who sources identified as Adam Lanza, 20, shot his mother in the face at their home in Newtown, Conn., then went to nearby Sandy Hook Elementary School where she taught and gunned down her entire class, according to sources. Lanza was found dead inside the school, according to officials. Eighteen of the children and six more adults were dead at the school and two more children died later, according to Connecticut State Police Lt. Paul Vance.

Vance would not confirm the shooter’s name, and earlier in the day there were conflicting reports over the gunman’s identity. Law enforcement sources told FoxNews.com the shooter was Adam Lanza. His brother, Ryan Lanza, 24, was being questioned in Hoboken, N.J., but it was not sure if he faced charges.

“It is not a simplistic scene,” Vance told reporters.

An official with knowledge of the situation said the shooter was armed with a .223-caliber rifle. Four weapons in total were recovered from the scene. The motive is not yet known.

Vance said during an afternoon news conference that police arrived at the scene “within minutes” of a 911 call placed shortly after 9:30 a.m.

“Every door, every crack, every crevice of that school” was checked, Vance said. “The entire school was searched.” He said the shooting occurred inside two rooms in “one section of the school.”

Vance did not give details about the number of victims other than to say they included students and staff, pending notification of the families. He said more information would be released, possibly later Friday.

Vance also said that a “deceased adult” was found at a “secondary crime scene,” though he declined to elaborate.

A federal law enforcement official told Fox News that Lanza’s mother, Nancy, was killed at her home in Connecticut. The vehicle the suspect used in the shooting was registered to his mother.

A source close to the investigation said the shooter’s father, who lives in Stamford, Conn., is meeting with FBI agents.

Robert Licata said his 6-year-old son was in class when the gunman burst in and shot the teacher.

“That’s when my son grabbed a bunch of his friends and ran out the door,” he said. “He was very brave. He waited for his friends.”

He said the shooter didn’t utter a word.

Stephen Delgiadice said his 8-year-old daughter was in the school and heard two big bangs. Teachers told her to get in a corner, he said.

“It’s alarming, especially in Newtown, Connecticut, which we always thought was the safest place in America,” he said. His daughter was fine.

Mergim Bajraliu, 17, heard the gunshots echo from his home and ran to check on his 9-year-old sister at the school. He said his sister, who was fine, heard a scream come over the intercom at one point. He said teachers were shaking and crying as they came out of the building.

“Everyone was just traumatized,” he said.

President Obama was notified of the shooting around 10:30 am ET, White House officials said.

“Our hearts are broken today,” Obama said in a brief address to the nation on Friday. “We’ve endured too many of these tragedies in these past few years, and each time I receive the news I react not as a president, but as a parent.”

“Most victims were children, between five and 10 years old…They had their entire lives ahead of them, birthdays, graduations weddings, kids of their own,” he said, pausing before wiping tears from his eyes.

Sandy Hook Elementary School has close to 700 students.

Newtown is in Fairfield County, about 45 miles southwest of Hartford and 60 miles northeast of New York City. …”

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Richard Duncan–The New Depression–Videos

Posted on December 9, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Security, Strategy, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

9781118157794.pdf

richard_ducan

The U.S. does not have a capitalist economy 

A new depression: Out of credit

Interview With Richard Duncan, Author of The New Depression 

Richard Duncan on Riding out this Depression on a Deflationary Debt Raft! 

    “The New Depression” Book w/ Glenn Beck & Richard Duncan

The New Depression: Richard Duncan | McAlvany Commentary 

Pt 1/5: Can governments end the crisis cycle? 

Pt 2/5: Can governments end the crisis cycle? 

Pt 3/5: Can governments end the crisis cycle?

Pt 4/5: Can governments end the crisis cycle?

Pt 5/5: Can governments end the crisis cycle?

Jim Rogers  New Recession/Depression Coming

Peter Schiff interviews Marc Faber on Schiffradio Oct 2012 

Why the global recession is in danger of becoming another Great Depression, and how we can stop it

When the United States stopped backing dollars with gold in 1968, the nature of money changed. All previous constraints on money and credit creation were removed and a new economic paradigm took shape. Economic growth ceased to be driven by capital accumulation and investment as it had been since before the Industrial Revolution. Instead, credit creation and consumption began to drive the economic dynamic. In The New Depression: The Breakdown of the Paper Money Economy, Richard Duncan introduces an analytical framework, The Quantity Theory of Credit, that explains all aspects of the calamity now unfolding: its causes, the rationale for the government’s policy response to the crisis, what is likely to happen next, and how those developments will affect asset prices and investment portfolios.

In his previous book, The Dollar Crisis (2003), Duncan explained why a severe global economic crisis was inevitable given the flaws in the post-Bretton Woods international monetary system, and now he’s back to explain what’s next. The economic system that emerged following the abandonment of sound money requires credit growth to survive. Yet the private sector can bear no additional debt and the government’s creditworthiness is deteriorating rapidly. Should total credit begin to contract significantly, this New Depression will become a New Great Depression, with disastrous economic and geopolitical consequences. That outcome is not inevitable, and this book describes what must be done to prevent it.

  • Presents a fascinating look inside the financial crisis and how the New Depression is poised to become a New Great Depression
  • Introduces a new theoretical construct, The Quantity Theory of Credit, that is the key to understanding not only the developments that led to the crisis, but also to understanding how events will play out in the years ahead
  • Offers unique insights from the man who predicted the global economic breakdown

Alarming but essential reading, The New Depression explains why the global economy is teetering on the brink of falling into a deep and protracted depression, and how we can restore stability.

http://www.wiley.com/WileyCDA/WileyTitle/productCd-1118157796.html

The New Depression: Richard Duncan’s prognosis of our economic ills and the answer to them

“… In a nutshell, his case is half-Austrian. Or indeed half-Keynesian. That is because whilst Duncan’s diagnosis of the current economic ills is very much in the Austrian school of economics, with its emphasis on the role of credit, his prescription for fixing the economy is large-scale borrowing to fund infrastructure work, all of which sounds rather Keynesian.

It is a more fiscally responsible version of Keynesianism than some, for Duncan argues that, “The U.S. government can now borrow money for ten years at a cost of 2 percent interest a year. If it borrows at that rate and invests in projects that yield even 3 percent … on a grand scale in grand projects … [our economy] could be transformed”. In other words, borrow massively to boost economic growth, but spend those funds on projects that will generate future returns which make the borrowing affordable.

Duncan has a particular set of target for his investment plans for the American economy – developing new industries to reduce the trade deficit and generate new tax revenues. In particular, he talks about renewable energy, arguing that massive investment will cut energy bills whilst also providing the sort of financial return that makes the massive spending of money on it a prudent rather than profligate move.

All that means there are three main bones of contention in the book: is Richard Duncan right in blaming the crash on credit conditions; is he right that massive infrastructure investment on projects which pay returns the answer; and if money is to be invested in infrastructure that pays returns, does renewable energy fit the bill? Although a book principally about the US economy and the policy choices faced by Americans, those three questions are very applicable to other countries too, even if his evidence tends to be centred on the USA.

As he mulls over these three questions, most readers will find at least one eye-catching piece of evidence to savour, such as when he describes how heavily the financial system became dependent on credit not going sour:

In 1945 [American] commercial banks held reserves and vault cash of … the equivalent of 12 percent of their total assets … By 2007, the banks’ reserves and vault cash [was] 0.6 percent.

He goes on to argue that

Economic progress was no longer achieved the old-fashioned way through savings and investments, but, rather, by borrowing and consumption … The new reality is that credit has displaced money as the key economic variable.

Hence the book’s subtitle, “The Breakdown of the Paper Money Economy”.

Each of the three main questions in themselves could sustain not merely one whole book but a mini-book publishing flurry of titles. To condense credible arguments over all three into one relatively slim and easy to follow volume is tribute to the Duncan, even if some readers may choose to agree with less than all three of the main points of his case. …”

http://www.libdemvoice.org/the-new-depression-richard-duncans-prognosis-of-our-economic-ills-and-the-answer-to-them-28981.html

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Nassim Nicholas Taleb–The Black Swan–Videos

Posted on February 4, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Culture, Demographics, Diasters, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Medicine, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Radio, Raves, Resources, Science, Tax Policy, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , |

 When asked about his opinion on the Republican primaries of the 2012 presidential elections on his official Facebook page, Taleb said “[t]he only person I trust is Ron Paul.”

Nassim Taleb educates a quant

Nassim Nicholas Taleb – What is a “Black Swan?” 

Nassim Nicholas Taleb Angry 

Atheists and the Stock Market – Nassim Nicholas Taleb 

TIME 10 Questions:      10 Questions for Nassim Taleb

The Predictability of Unpredictability

Nassim Taleb – ‘The Banks Have Hijacked the Government’

Nassim Taleb: Risk & Regulation – NewWaveSlave.com

Benoit Mandelbrot and Nassim Taleb on the financial crisis

Nassim Taleb 23/11/2010 – his beef with Bernanke

Nassim Taleb: “OWS Second Generation Marxist Class Struggle”

Nassim Nicholas Taleb,  PART 1. THE BLACK SWAN,….. The “Fragility” Crisis has Just Begun, PART 1. 

Nassim Nicholas Taleb,   PART 2, THE BLACK SWAN, ….The “Fragility” Crisis has Just Begun PART 2. 

Nassim Nicholas Taleb, PART 3, THE BLACK SWAN….The “Fragility” Crisis has Just Begun PART 3. 

Nassim Nicholas Taleb,  PART 4. THE BLACK SWAN….The “Fragility” Crisis has Just Begun PART 4.

Nassim Nicholas Taleb,  PART 5. THE BLACK SWAN….The “Fragility” Crisis has Just Begun PART 5. 

Nassim Nicholas Taleb at Harvard University, part 1

Nassim Nicholas Taleb at Harvard University, part 2 

Nassim Taleb – Fooled by Randomness and Black Swans 

Nassim Taleb Speaks to a Clueless Congress (Part 1 of 2)

Nassim Taleb Speaks to a Clueless Congress (Part 2 of 2)

Staying the Course: Part II – Zeitgeist Europe ’09

Nassim Taleb Criticizes Tim Geithner’s Plan

Nassim Nicholas Taleb – ‘Things are getting worst’

Taleb Says Focus on Specific Trades in Selloff Misguided 

Investing in Uncertainty Wall Street  Pseudo Economics (Nassim Taleb author: The Black Swan)

The Black Swan by Nassim Nicholas Taleb @ WIBC 2009 

The Russia Forum 2010-02-04 Currencies: Finding New Balance part 5/6

Taleb Up 50% This Year

Taleb’s idea on ending the crisis 

Video: Nassim Taleb – Issues for CIOs Now 

Video: Nassim Taleb – Mother Nature

Video: Nassim Taleb – Getting Personal

Word of the Day: Turkey! 

Nassim Nicholas Taleb

“…Nassim Nicholas Taleb (Arabic: نسيم نيقولا نجيب طالب‎, alternatively Nessim or Nissim, born 1960) is a Lebanese American essayist whose work focuses on problems of randomness and probability.[3] His 2007 book The Black Swan was described in a review by Sunday Times as one of the twelve most influential books since World War II.[4]

He is a bestselling author,[5][6][7] and has been a professor at several universities, currently at Polytechnic Institute of New York University and Oxford University.[8][9] He has also been a practitioner of mathematical finance,[10]a hedge fund manager,[11][12][13] a Wall Street trader,[14][15][16] and is currently a scientific adviser at Universa Investments and the International Monetary Fund.[17][18]

He criticized the risk management methods used by the finance industry and warned about financial crises, subsequently making a fortune out of the late-2000s financial crisis.[19][20] He advocates what he calls a “black swan robust” society, meaning a society that can withstand difficult-to-predict events.[11] He favors “stochastic tinkering” as a method of scientific discovery, by which he means experimentation and fact-collecting instead of top-down directed research.[21]

Family background and education

Taleb was born in Amioun, Lebanon, a son of Dr. Najib Taleb, an oncologist and researcher in anthropology, and his wife Minerva Ghosn. His parents were Greek Orthodox Lebanese with French citizenship, and he attended a French school there, the Grand Lycée Franco-Libanais.[2][22] His family saw its political prominence and wealth reduced by the Lebanese Civil War, which began in 1975. During the war, Taleb studied for several years in the basement of his family’s home.[23]

Both sides of his family were politically prominent in the Lebanese Greek Orthodox community. On his mother’s side, his grandfather, Fouad Nicolas Ghosn, and his great-grandfather, Nicolas Ghosn, were both deputy prime ministers. His paternal grandfather was a supreme court judge; his great-great-great-great grandfather, Ibrahim Taleb, was a governor of the Ottoman semi-autonomous Mount Lebanon Governorate in 1861. The Taleb family Palazo, built in 1860 by Florentine architects for his great-great-great-great grandfather, still stands in Amioun.[24]

Taleb received his bachelor and master in science degrees from the University of Paris.[25] He holds an MBA from the Wharton School at the University of Pennsylvania and a PhD in Management Science (his thesis was on the mathematics of derivatives pricing) from the University of Paris (Dauphine)[26] under the direction of Hélyette Geman.[27]

A polyglot, Taleb has a literary fluency in English, French, and classical Arabic; a conversational fluency in Italian and Spanish; and can read classical texts in Greek, Latin, Aramaic, and ancient Hebrew, as well as the Canaanite script.[28][29]

Finance career

Taleb considers himself less a businessman than an epistemologist of randomness, and says that he used trading to attain independence and freedom from authority.[30] As a trader, his strategy has been to safeguard investors against crises while reaping rewards from rare events, and thus his trading career has included several jackpots followed by lengthy dry spells.[2] Taleb was a pioneer of tail risk hedging (now sometimes called “black swan protection”),[31] whereby investors are insured against extreme market moves. He says that reaping dividends the way he has means dwelling in the land of “Mediocristan” instead of “Extremistan”, the latter being an environment where huge things (black swans) can happen to you, whereas Mediocristan is the land of dentists who earn an above average income but with less extreme variations.[32]

He has held the following positions: managing director and proprietary trader at UBS; worldwide chief proprietary arbitrage derivatives trader for currencies, commodities and non-dollar fixed income at CS First Boston; chief currency derivatives trader for Banque Indosuez; managing director and worldwide head of financial option arbitrage at CIBC Wood Gundy; derivatives arbitrage trader at Bankers Trust, proprietary trader at BNP Paribas, as well as independent option market maker on the Chicago Mercantile Exchange; and founder of Empirica Capital, after which Taleb retired from trading and became a full-time author and scholar in 2004.[33] Taleb is currently Principal/Senior Scientific Adviser at Universa Investments in Santa Monica, California, a tail protection firm owned and managed by former Empirica partner Mark Spitznagel.

Taleb reportedly became financially independent after the crash of 1987[15] and made a multi-million dollar fortune during the financial crisis that began in 2007, a development which he attributed to the mismatch between statistical distributions used in finance and reality.[34] Universa is a fund which is based on the “black swan” idea and to which Taleb is a principal adviser. Separate funds belonging to Universa made returns of 65% to 115% in October 2008.[20][35] In the wake of the economic crisis that started in 2008, Taleb has become an activist for a “black swan robust society” [36][37] and as of July 2011, Taleb is working with the International Monetary Fund on identifying and mitigating tail risks in financial markets.[17]

Academic career

Taleb became a full time researcher in 2004, as a university professor. He is currently Distinguished Professor of Risk Engineering at Polytechnic Institute of New York University,[38] Associate Member at the Institut Jean Nicod of the École Normale Supérieure in Paris[39] and Distinguished Research Scholar, Said Business School, Oxford University.[9] He was Visiting Professor at London Business School and the Dean’s Professor in the Sciences of Uncertainty at the Isenberg School of Management at the University of Massachusetts Amherst, Adjunct Professor of Mathematics at the Courant Institute of New York University, and affiliated faculty member at the Wharton Business School Financial Institutions Center. He jointly teaches regular courses with Paul Wilmott and occasionally on the Certificate in Quantitative Finance. In 2008–2009, he ranked fifth in terms of the number of downloaded papers on the Social Science Research Network (SSRN).[40]

Writing career

Taleb’s first non-technical book, Fooled by Randomness, about the underestimation of the role of randomness in life, was published in 2001.

His second non-technical book, The Black Swan, about unpredictable events, was published in 2007, selling as of February 2011, close to 3 million copies. It spent 36 weeks in hardcover on the [41] New York Times Bestseller list list; 17 as hardcover and 19 weeks[42] as paperback. [2] and was translated into 31 languages.[2] The Black Swan has been credited with predicting the banking and economic crisis of 2008.[4]

Taleb’s non-technical writing style mixes a narrative style (often semi-autobiographical) and short philosophical tales together with historical and scientific commentary. The sales of Taleb’s first two books garnered an advance of $4 million for a follow-up book[2] on anti-fragility.

A book of aphorisms, The Bed of Procrustes: Philosophical and Practical Aphorisms, was released in December 2010.

In 2007, in The Black Swan, Taleb warned about the coming crisis:[43]

Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. Financial Institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks – when one fails, they all fall. The increased concentration among banks seems to have the effect of making financial crisis less likely, but when they happen they are more global in scale and hit us very hard. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur …. I shiver at the thought. The government-sponsored institution Fannie Mae, when I look at its risks, seems to be sitting on a barrel of dynamite, vulnerable to the slightest hiccup. But not to worry: their large staff of scientists deem these events “unlikely”.

Among the people Taleb’s writing has influenced is writer Malcolm Gladwell of The New Yorker. Gladwell wrote, “We associate the willingness to risk great failure – and the ability to climb back from catastrophe – with courage. But in this we are wrong. That is the lesson of Nassim Taleb.”[44][45]

Philosophical theories

His book The Bed of Procrustes summarizes the central problem: “we humans, facing limits of knowledge, and things we do not observe, the unseen and the unknown, resolve the tension by squeezing life and the world into crisp commoditized ideas”. Taleb disagrees with Platonic (i.e., theoretical) approaches to reality to the extent that they lead people to have the wrong map of reality rather than no map at all.[16] He opposes most economic and grand social science theorizing, which in his view suffer acutely from the problem of overuse of Plato’s Theory of Forms.

Relatedly, he also believes that universities are better at public relations and claiming credit than generating knowledge. He argues that knowledge and technology are usually generated by what he calls “stochastic tinkering” rather than by top-down directed research.[21][46][47][48]

He calls for cancellation of the Nobel Memorial Prize in Economics, saying that the damage from economic theories can be devastating.[49][50] He opposes top-down knowledge as an academic illusion and believes that price formation obeys an organic process.[51] Together with Espen Gaarder Haug, Taleb asserts that option pricing is determined in a “heuristic way” by operators, not by a model, and that models are “lecturing birds on how to fly”.[51] Pablo Triana has explored this topic with reference to Haug and Taleb,[52][53] and says that perhaps Taleb is correct to urge that banks be treated as utilities forbidden to take potentially lethal risks, while hedge funds and other unregulated entities should be able to do what they want.[54]

Taleb’s writings discuss the error of comparing real-world randomness with the “structured randomness” in quantum physics where probabilities are remarkably computable and games of chance like casinos where probabilities are artificially built.[32] Taleb calls this the “Ludic fallacy“. His argument centers on the idea that predictive models are based on Plato’s Theory of Forms, gravitating towards mathematical purity and failing to take some key ideas into account, such as: the impossibility of possessing all relevant information, that small unknown variations in the data can have a huge impact, and flawed theories/models that are based on empirical data and that fail to consider events that have not taken place but could have taken place. Discussing the Ludic fallacy in The Black Swan, he writes, “The dark side of the moon is harder to see; beaming light on it costs energy. In the same way, beaming light on the unseen is costly in both computational and mental effort.”

In the second edition of The Black Swan, he posited that the foundations of quantitative economics are faulty and highly self-referential. He states that statistics is fundamentally incomplete as a field as it cannot predict the risk of rare events, a problem that is acute in proportion to the rarity of these events. With the mathematician Raphael Douady, he called the problem statistical undecidability (Douady and Taleb, 2010).

Taleb sees his main challenge as mapping his ideas of “robustification” and “anti-fragility“, that is, how to live and act in a world we do not understand and build robustness to black swan events. Taleb introduced the idea of the “fourth quadrant”. One of its applications is in his definition of the most effective (that is, least fragile) risk management approach: what he calls the ‘barbell’ strategy which is based on avoiding the middle in favor of linear combination of extremes, across all domains from politics to economics to one’s personal life. These are deemed more robust to estimation errors. For instance, he suggests that investing money in ‘medium risk’ investments is pointless because risk is difficult if not impossible to compute. His preferred strategy is to be both hyper-conservative and hyper-aggressive at the same time. For example, an investor might put 80 to 90% of their money in extremely safe instruments, such as treasury bills, with the remainder going into highly risky and diversified speculative bets. An alternative suggestion is to engage in highly speculative bets that are insured against losses of more than a specified amount. He asserts that by adopting these strategies a portfolio can be “robust”, that is, gain a positive exposure to black swan events while limiting losses suffered by such random events.[55] Taleb also applies a similar barbell-style approach to health and exercise. Instead of doing steady and moderate exercise daily, he suggests that it is better to do a low-effort exercise such as walking slowly most of the time, while occasionally expending extreme effort. He avers that the human body evolved to live in a random environment, with various unexpected but intense efforts and much rest.[56]

0

In a 2008 article in The Times, the journalist Bryan Appleyard described Taleb as “now the hottest thinker in the world”.[14] The Nobel Laureate Daniel Kahneman proposed the inclusion of Taleb’s name among the world’s top intellectuals, saying “Taleb has changed the way many people think about uncertainty, particularly in the financial markets. His book, The Black Swan, is an original and audacious analysis of the ways in which humans try to make sense of unexpected events.”[57] Taleb was treated as a “rock star” at the World Economic Forum annual meeting in Davos in 2009; at that event he had harsh words for bankers.[clarification needed][58][59]

Taleb contends that statisticians can be pseudoscientists when it comes to risks of rare events and risks of blowups, and mask their incompetence with complicated equations. This stance has attracted criticism: the American Statistical Association devoted the August 2007 issue of The American Statistician to The Black Swan. The magazine offered a mixture of praise and criticism for Taleb’s main points, with a focus on Taleb’s writing style and his representation of the statistical literature. Robert Lund, a mathematics professor at Clemson University, writes that in Black Swan, Taleb is “reckless at times and subject to grandiose overstatements; the professional statistician will find the book ubiquitously naive.”[60]

Aaron Brown, a finance professor at Yeshiva University, said that “the book reads as if Taleb has never heard of nonparametric methods, data analysis, visualization tools or robust estimation.”[61] Nonetheless, he calls the book “essential reading” and urges statisticians to overlook the insults to get the “important philosophic and mathematical truths.” Taleb replied in the second edition of The Black Swan that “One of the most common (but useless) comments I hear is that some solutions can come from ‘robust statistics.’ I wonder how using these techniques can create information where there is none”.[62] While praising the book, Westfall and Hilbe in 2007 complained that Taleb’s criticism is “often unfounded and sometimes outrageous.”[63] Taleb’s contentious style, they say, “describes writers and professionals as knaves or fools, mostly fools. His writing is full of irrelevances, asides and colloquialisms, reading like the conversation of a raconteur rather than a tightly argued thesis.”[63] Taleb felt that academics showed “bad faith” by criticizing a literary book that claimed to be a literary book and by ignoring the empirical evidence provided in his appendix and more technical works.[64]

The late Berkeley statistician David Freedman said that efforts by statisticians to refute Taleb’s stance have been unconvincing.[65] Taleb wrote in the second edition of The Black Swan that he had a session in 2008 with statisticians in which the hostility changed:

I found out that telling researchers “This is where your methods work very well” is vastly better than telling them “This is what you guys don’t know.” So when I presented to what was until then the most hostile crowd in the world, members of the American Statistical Association, a map of the four quadrants, and told them: your knowledge works beautifully in these three quadrants, but beware of the fourth one, as this is where the Black Swans breed, I received instant approval, support, offers of permanent friendship, refreshments (Diet Coke), invitations to come present at their sessions, even hugs(…) They tried to convince me that statisticians were not responsible for these aberrations, which come from people in the social sciences who apply statistical methods without understanding them.

Taleb and Nobel laureate Myron Scholes have traded personal attacks, particularly after Taleb’s paper with Espen Haug on why nobody used the Black-Scholes-Merton formula. Taleb said that Scholes was responsible for the financial crises of 2008, and suggested that “this guy should be in a retirement home doing Sudoku. His funds have blown up twice. He shouldn’t be allowed in Washington to lecture anyone on risk.”[37] Scholes retorted that Taleb simply “popularises ideas and is making money selling books”. Scholes claimed that Taleb does not cite previous literature, and for this reason Taleb is not taken seriously in academia.[66] Taleb and Haug (2010) listed hundreds of research documents showing the Black-Scholes formula was not Scholes’ at all and argued that the economics establishment ignored the literature by practitioners and mathematicians (such as Ed Thorp), who had developed a more sophisticated version of the formula.

Citing his academic works on the same topics covered in The Black Swan, Taleb said that “Academics should comment on data there, not make technical comments on a literary book”.[64] He has said that no direct published criticism has been directed at his ideas, but rather at his person and style. He wrote, “you never win an argument until they attack your person.”[64] In an interview on Charlie Rose, Taleb said that he was pleased that none of the criticism he received for The Black Swan had any substance, as it was either unintelligent, ad hominem, or style over substance, which convinced him to “go for the jugular” with a huge financial bet on the breakdown of statistical methods in finance.[67]

Taleb’s aggressive attitude against the finance industry has led to personal attacks, including a smear campaign and death threats from former employees of Lehman Brothers.[68]

Personal life

Though a non-smoker, Taleb suffered from throat cancer in the mid-1990s, which he overcame.[69] According to his official bio, he has dual residence in New York and Amioun, Lebanon.[70] He has stated that his major hobby is “teasing people who take themselves and the quality of their knowledge too seriously and those who don’t have the guts to sometimes say: ‘I don’t know …'”[71] Some reporters have commented that information about his personal life is difficult to extract, though Taleb appears to enjoy being in the limelight.[72] Others find him more talkative: Malcolm Gladwell, in What the Dog Saw, wrote: “We would have lunches that would last for hours. The delight I took in his company was offset only by the dread I felt at the prospect of transcribing all those hours of tapes.”[73] When asked about his opinion on the Republican primaries of the 2012 presidential elections on his official Facebook page, Taleb said “[t]he only person I trust is Ron Paul.” [74]  …”

http://en.wikipedia.org/wiki/Nassim_Nicholas_Taleb

 

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U.S. Economy On The Verge Of A Recession–Second Quarter GDP Growth Rate Revised Down From 1.3% to 1.0%–Bernanke Advocates Fiscal Stimulus–No QE3 For Now–Consumer Confidence Craters–Videos

Posted on August 26, 2011. Filed under: American History, Banking, Blogroll, Communications, Demographics, Economics, Education, Federal Government, Fiscal Policy, government, history, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, People, Philosophy, Politics, Public Sector, Raves, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Consumer Confidence Lowest in 2 Years

Morning Market Alert for August 30, 2011

Goodfriend the Monetarist – QE3 will destroy the Fed’s balance sheet

Ron Paul Slams FEMA & Explains Austrian Economics

Judge Napolitano: I Still Want Ron Paul

Ron Paul: Bernanke Keeps Printing Money

Fed should target longer-term debt, QE3: Moody’s Zandi

Stiglitz says we need 3% to 4% growth to get out of jobs deficit, not happening any time soon.

Double-Dip Recession a Greater Risk Than Inflation?

No QE3 from Bernanke

Money and Markets TV – August 26, 2011

Stapley Says Bernanke Signaling Limits to Fed Policy

 

U.S. Economy Grew at 1% Annual Pace in Second Quarter

 

Nobel Laureate Spence Sees 50% Chance of Global Slump

 

Bernanke Says Fed Has Stimulus Tools, Doesn’t Signal Use

Hassett Says Fed’s Bernanke `Crying for Help’ in Speech

Analysis: No QE3 from Bernanke at Jackson Hole

The Bernanke Speech: 2010 vs 2011 and Market Impact

Morning Market Alert for August 26, 2011

 

Semmens Doesn’t Expect Bernanke to Announce QE3 Today

 

Inside the News: Greek debt, Bernanke speech cap sentiment

 

Peter Schiff “Bernanke Is Gonna Keep Printing Money! That’s All He Knows!”

 

A U.S. Double-dip Recession Not Likely…Fed’s Hoenig Says!

Background Articles and Videos

The Conference Board Consumer Confidence Index® Declines

30 Aug. 2011

“…The Conference Board Consumer Confidence Index®, which had improved slightly in July, plummeted in August. The Index now stands at 44.5 (1985=100), down from 59.2 in July. The Present Situation Index decreased to 33.3 from 35.7. The Expectations Index decreased to 51.9 from 74.9 last month.

The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by The Nielsen Company, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was August 18th.

Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the short-term outlook. The index is now at its lowest level in more than two years (April 2009, 40.8). A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade. Consumers’ assessment of current conditions, on the other hand, posted only a modest decline as employment conditions continue to suppress confidence.”

Consumers’ appraisal of present-day conditions weakened further in August. Consumers claiming business conditions are “bad” increased to 40.6 percent from 38.7 percent, while those claiming business conditions are “good” inched up to 13.7 percent from 13.5 percent. Consumers’ assessment of employment conditions was more pessimistic than last month. Those claiming jobs are “hard to get” increased to 49.1 percent from 44.8 percent, while those stating jobs are “plentiful” declined to 4.7 percent from 5.1 percent. …”

http://www.conference-board.org/data/consumerconfidence.cfm

Consumer confidence plunges to lowest level since Great Recession

By Annalyn Censky

“…Americans are now as pessimistic about the U.S. economy as they were in the middle of the Great Recession.

A key reading on consumer confidence plunged in August, to its lowest level since April 2009. The Conference Board, a New York-based business research group, said its Consumer Confidence Index for August fell to 44.5, down from 59.2 in July.

The gloomy outlook came as Congress allowed its debt ceiling debates to drag on until nearly the last minute and Standard & Poor’s downgraded the U.S. credit rating earlier in the month. At the same time, consumers were also being weighed down by 9.1% unemployment, a roller-coaster month for stocks and a still-distressed real estate market.

According to the latest index, consumers grew more pessimistic not only about the present-day economy, but also about their future prospects.

The so-called Expectations Index took a 23-point dive, falling to 51.9 from 74.9 in July. It marked the largest point drop since the Great Recession’s heyday.

About 49% of consumers said jobs were “hard to get.” Only 11.8% said they expect business conditions to improve over the next six months, and 24.6% said they expect conditions to worsen.

The Consumer Confidence numbers are based on a survey of 5,000 U.S. households and are closely watched because consumer spending makes up 70% of the nation’s economic activity. …”

http://money.cnn.com/2011/08/30/news/economy/consumer_confidence/

Chairman Ben S. Bernanke

At the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming

August 26, 2011

The Near- and Longer-Term Prospects for the U.S. Economy

Good morning. As always, thanks are due to the Federal Reserve Bank of Kansas City for organizing this conference. This year’s topic, long-term economic growth, is indeed pertinent–as has so often been the case at this symposium in past years. In particular, the financial crisis and the subsequent slow recovery have caused some to question whether the United States, notwithstanding its long-term record of vigorous economic growth, might not now be facing a prolonged period of stagnation, regardless of its public policy choices. Might not the very slow pace of economic expansion of the past few years, not only in the United States but also in a number of other advanced economies, morph into something far more long-lasting?

I can certainly appreciate these concerns and am fully aware of the challenges that we face in restoring economic and financial conditions conducive to healthy growth, some of which I will comment on today. With respect to longer-run prospects, however, my own view is more optimistic. As I will discuss, although important problems certainly exist, the growth fundamentals of the United States do not appear to have been permanently altered by the shocks of the past four years. It may take some time, but we can reasonably expect to see a return to growth rates and employment levels consistent with those underlying fundamentals. In the interim, however, the challenges for U.S. economic policymakers are twofold: first, to help our economy further recover from the crisis and the ensuing recession, and second, to do so in a way that will allow the economy to realize its longer-term growth potential. Economic policies should be evaluated in light of both of those objectives.

This morning I will offer some thoughts on why the pace of recovery in the United States has, for the most part, proved disappointing thus far, and I will discuss the Federal Reserve’s policy response. I will then turn briefly to the longer-term prospects of our economy and the need for our country’s economic policies to be effective from both a shorter-term and longer-term perspective.

Near-Term Prospects for the Economy and Policy
In discussing the prospects for the economy and for policy in the near term, it bears recalling briefly how we got here. The financial crisis that gripped global markets in 2008 and 2009 was more severe than any since the Great Depression. Economic policymakers around the world saw the mounting risks of a global financial meltdown in the fall of 2008 and understood the extraordinarily dire economic consequences that such an event could have. As I have described in previous remarks at this forum, governments and central banks worked forcefully and in close coordination to avert the looming collapse. The actions to stabilize the financial system were accompanied, both in the United States and abroad, by substantial monetary and fiscal stimulus. But notwithstanding these strong and concerted efforts, severe damage to the global economy could not be avoided. The freezing of credit, the sharp drops in asset prices, dysfunction in financial markets, and the resulting blows to confidence sent global production and trade into free fall in late 2008 and early 2009.

We meet here today almost exactly three years since the beginning of the most intense phase of the financial crisis and a bit more than two years since the National Bureau of Economic Research’s date for the start of the economic recovery. Where do we stand?

There have been some positive developments over the past few years, particularly when considered in the light of economic prospects as viewed at the depth of the crisis. Overall, the global economy has seen significant growth, led by the emerging-market economies. In the United States, a cyclical recovery, though a modest one by historical standards, is in its ninth quarter. In the financial sphere, the U.S. banking system is generally much healthier now, with banks holding substantially more capital. Credit availability from banks has improved, though it remains tight in categories–such as small business lending–in which the balance sheets of potential borrowers remain impaired. Companies with access to the public bond markets have had no difficulty obtaining credit on favorable terms. Importantly, structural reform is moving forward in the financial sector, with ambitious domestic and international efforts underway to enhance the capital and liquidity of banks, especially the most systemically important banks; to improve risk management and transparency; to strengthen market infrastructure; and to introduce a more systemic, or macroprudential, approach to financial regulation and supervision.

In the broader economy, manufacturing production in the United States has risen nearly 15 percent since its trough, driven substantially by growth in exports. Indeed, the U.S. trade deficit has been notably lower recently than it was before the crisis, reflecting in part the improved competitiveness of U.S. goods and services. Business investment in equipment and software has continued to expand, and productivity gains in some industries have been impressive, though new data have reduced estimates of overall productivity improvement in recent years. Households also have made some progress in repairing their balance sheets–saving more, borrowing less, and reducing their burdens of interest payments and debt. Commodity prices have come off their highs, which will reduce the cost pressures facing businesses and help increase household purchasing power.

Notwithstanding these more positive developments, however, it is clear that the recovery from the crisis has been much less robust than we had hoped. From the latest comprehensive revisions to the national accounts as well as the most recent estimates of growth in the first half of this year, we have learned that the recession was even deeper and the recovery even weaker than we had thought; indeed, aggregate output in the United States still has not returned to the level that it attained before the crisis. Importantly, economic growth has for the most part been at rates insufficient to achieve sustained reductions in unemployment, which has recently been fluctuating a bit above 9 percent. Temporary factors, including the effects of the run-up in commodity prices on consumer and business budgets and the effect of the Japanese disaster on global supply chains and production, were part of the reason for the weak performance of the economy in the first half of 2011; accordingly, growth in the second half looks likely to improve as their influence recedes. However, the incoming data suggest that other, more persistent factors also have been at work.

Why has the recovery from the crisis been so slow and erratic? Historically, recessions have typically sowed the seeds of their own recoveries as reduced spending on investment, housing, and consumer durables generates pent-up demand. As the business cycle bottoms out and confidence returns, this pent-up demand, often augmented by the effects of stimulative monetary and fiscal policies, is met through increased production and hiring. Increased production in turn boosts business revenues and household incomes and provides further impetus to business and household spending. Improving income prospects and balance sheets also make households and businesses more creditworthy, and financial institutions become more willing to lend. Normally, these developments create a virtuous circle of rising incomes and profits, more supportive financial and credit conditions, and lower uncertainty, allowing the process of recovery to develop momentum.

These restorative forces are at work today, and they will continue to promote recovery over time. Unfortunately, the recession, besides being extraordinarily severe as well as global in scope, was also unusual in being associated with both a very deep slump in the housing market and a historic financial crisis. These two features of the downturn, individually and in combination, have acted to slow the natural recovery process.

Notably, the housing sector has been a significant driver of recovery from most recessions in the United States since World War II, but this time–with an overhang of distressed and foreclosed properties, tight credit conditions for builders and potential homebuyers, and ongoing concerns by both potential borrowers and lenders about continued house price declines–the rate of new home construction has remained at less than one-third of its pre-crisis level. The low level of construction has implications not only for builders but for providers of a wide range of goods and services related to housing and homebuilding. Moreover, even as tight credit for some borrowers has been one of the factors restraining housing recovery, the weakness of the housing sector has in turn had adverse effects on financial markets and on the flow of credit. For example, the sharp declines in house prices in some areas have left many homeowners “underwater” on their mortgages, creating financial hardship for households and, through their effects on rates of mortgage delinquency and default, stress for financial institutions as well. Financial pressures on financial institutions and households have contributed, in turn, to greater caution in the extension of credit and to slower growth in consumer spending.

I have already noted the central role of the financial crisis of 2008 and 2009 in sparking the recession. As I also noted, a great deal has been done and is being done to address the causes and effects of the crisis, including a substantial program of financial reform, and conditions in the U.S. banking system and financial markets have improved significantly overall. Nevertheless, financial stress has been and continues to be a significant drag on the recovery, both here and abroad. Bouts of sharp volatility and risk aversion in markets have recently re-emerged in reaction to concerns about both European sovereign debts and developments related to the U.S. fiscal situation, including the recent downgrade of the U.S. long-term credit rating by one of the major rating agencies and the controversy concerning the raising of the U.S. federal debt ceiling. It is difficult to judge by how much these developments have affected economic activity thus far, but there seems little doubt that they have hurt household and business confidence and that they pose ongoing risks to growth. The Federal Reserve continues to monitor developments in financial markets and institutions closely and is in frequent contact with policymakers in Europe and elsewhere.

Monetary policy must be responsive to changes in the economy and, in particular, to the outlook for growth and inflation. As I mentioned earlier, the recent data have indicated that economic growth during the first half of this year was considerably slower than the Federal Open Market Committee had been expecting, and that temporary factors can account for only a portion of the economic weakness that we have observed. Consequently, although we expect a moderate recovery to continue and indeed to strengthen over time, the Committee has marked down its outlook for the likely pace of growth over coming quarters. With commodity prices and other import prices moderating and with longer-term inflation expectations remaining stable, we expect inflation to settle, over coming quarters, at levels at or below the rate of 2 percent, or a bit less, that most Committee participants view as being consistent with our dual mandate.

In light of its current outlook, the Committee recently decided to provide more specific forward guidance about its expectations for the future path of the federal funds rate. In particular, in the statement following our meeting earlier this month, we indicated that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013. That is, in what the Committee judges to be the most likely scenarios for resource utilization and inflation in the medium term, the target for the federal funds rate would be held at its current low levels for at least two more years.

In addition to refining our forward guidance, the Federal Reserve has a range of tools that could be used to provide additional monetary stimulus. We discussed the relative merits and costs of such tools at our August meeting. We will continue to consider those and other pertinent issues, including of course economic and financial developments, at our meeting in September, which has been scheduled for two days (the 20th and the 21st) instead of one to allow a fuller discussion. The Committee will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools as appropriate to promote a stronger economic recovery in a context of price stability.

Economic Policy and Longer-Term Growth in the United States
The financial crisis and its aftermath have posed severe challenges around the globe, particularly in the advanced industrial economies. Thus far I have reviewed some of those challenges, offered some diagnoses for the slow economic recovery in the United States, and briefly discussed the policy response by the Federal Reserve. However, this conference is focused on longer-run economic growth, and appropriately so, given the fundamental importance of long-term growth rates in the determination of living standards. In that spirit, let me turn now to a brief discussion of the longer-run prospects for the U.S. economy and the role of economic policy in shaping those prospects.

Notwithstanding the severe difficulties we currently face, I do not expect the long-run growth potential of the U.S. economy to be materially affected by the crisis and the recession if–and I stress if–our country takes the necessary steps to secure that outcome. Over the medium term, housing activity will stabilize and begin to grow again, if for no other reason than that ongoing population growth and household formation will ultimately demand it. Good, proactive housing policies could help speed that process. Financial markets and institutions have already made considerable progress toward normalization, and I anticipate that the financial sector will continue to adapt to ongoing reforms while still performing its vital intermediation functions. Households will continue to strengthen their balance sheets, a process that will be sped up considerably if the recovery accelerates but that will move forward in any case. Businesses will continue to invest in new capital, adopt new technologies, and build on the productivity gains of the past several years. I have confidence that our European colleagues fully appreciate what is at stake in the difficult issues they are now confronting and that, over time, they will take all necessary and appropriate steps to address those issues effectively and comprehensively.

This economic healing will take a while, and there may be setbacks along the way. Moreover, we will need to remain alert to risks to the recovery, including financial risks. However, with one possible exception on which I will elaborate in a moment, the healing process should not leave major scars. Notwithstanding the trauma of the crisis and the recession, the U.S. economy remains the largest in the world, with a highly diverse mix of industries and a degree of international competitiveness that, if anything, has improved in recent years. Our economy retains its traditional advantages of a strong market orientation, a robust entrepreneurial culture, and flexible capital and labor markets. And our country remains a technological leader, with many of the world’s leading research universities and the highest spending on research and development of any nation.

Of course, the United States faces many growth challenges. Our population is aging, like those of many other advanced economies, and our society will have to adapt over time to an older workforce. Our K-12 educational system, despite considerable strengths, poorly serves a substantial portion of our population. The costs of health care in the United States are the highest in the world, without fully commensurate results in terms of health outcomes. But all of these long-term issues were well known before the crisis; efforts to address these problems have been ongoing, and these efforts will continue and, I hope, intensify.

The quality of economic policymaking in the United States will heavily influence the nation’s longer-term prospects. To allow the economy to grow at its full potential, policymakers must work to promote macroeconomic and financial stability; adopt effective tax, trade, and regulatory policies; foster the development of a skilled workforce; encourage productive investment, both private and public; and provide appropriate support for research and development and for the adoption of new technologies.

The Federal Reserve has a role in promoting the longer-term performance of the economy. Most importantly, monetary policy that ensures that inflation remains low and stable over time contributes to long-run macroeconomic and financial stability. Low and stable inflation improves the functioning of markets, making them more effective at allocating resources; and it allows households and businesses to plan for the future without having to be unduly concerned with unpredictable movements in the general level of prices. The Federal Reserve also fosters macroeconomic and financial stability in its role as a financial regulator, a monitor of overall financial stability, and a liquidity provider of last resort.

Normally, monetary or fiscal policies aimed primarily at promoting a faster pace of economic recovery in the near term would not be expected to significantly affect the longer-term performance of the economy. However, current circumstances may be an exception to that standard view–the exception to which I alluded earlier. Our economy is suffering today from an extraordinarily high level of long-term unemployment, with nearly half of the unemployed having been out of work for more than six months. Under these unusual circumstances, policies that promote a stronger recovery in the near term may serve longer-term objectives as well. In the short term, putting people back to work reduces the hardships inflicted by difficult economic times and helps ensure that our economy is producing at its full potential rather than leaving productive resources fallow. In the longer term, minimizing the duration of unemployment supports a healthy economy by avoiding some of the erosion of skills and loss of attachment to the labor force that is often associated with long-term unemployment.

Notwithstanding this observation, which adds urgency to the need to achieve a cyclical recovery in employment, most of the economic policies that support robust economic growth in the long run are outside the province of the central bank. We have heard a great deal lately about federal fiscal policy in the United States, so I will close with some thoughts on that topic, focusing on the role of fiscal policy in promoting stability and growth.

To achieve economic and financial stability, U.S. fiscal policy must be placed on a sustainable path that ensures that debt relative to national income is at least stable or, preferably, declining over time. As I have emphasized on previous occasions, without significant policy changes, the finances of the federal government will inevitably spiral out of control, risking severe economic and financial damage.1 The increasing fiscal burden that will be associated with the aging of the population and the ongoing rise in the costs of health care make prompt and decisive action in this area all the more critical.

Although the issue of fiscal sustainability must urgently be addressed, fiscal policymakers should not, as a consequence, disregard the fragility of the current economic recovery. Fortunately, the two goals of achieving fiscal sustainability–which is the result of responsible policies set in place for the longer term–and avoiding the creation of fiscal headwinds for the current recovery are not incompatible. Acting now to put in place a credible plan for reducing future deficits over the longer term, while being attentive to the implications of fiscal choices for the recovery in the near term, can help serve both objectives.

Fiscal policymakers can also promote stronger economic performance through the design of tax policies and spending programs. To the fullest extent possible, our nation’s tax and spending policies should increase incentives to work and to save, encourage investments in the skills of our workforce, stimulate private capital formation, promote research and development, and provide necessary public infrastructure. We cannot expect our economy to grow its way out of our fiscal imbalances, but a more productive economy will ease the tradeoffs that we face.

Finally, and perhaps most challenging, the country would be well served by a better process for making fiscal decisions. The negotiations that took place over the summer disrupted financial markets and probably the economy as well, and similar events in the future could, over time, seriously jeopardize the willingness of investors around the world to hold U.S. financial assets or to make direct investments in job-creating U.S. businesses. Although details would have to be negotiated, fiscal policymakers could consider developing a more effective process that sets clear and transparent budget goals, together with budget mechanisms to establish the credibility of those goals. Of course, formal budget goals and mechanisms do not replace the need for fiscal policymakers to make the difficult choices that are needed to put the country’s fiscal house in order, which means that public understanding of and support for the goals of fiscal policy are crucial.

Economic policymakers face a range of difficult decisions, relating to both the short-run and long-run challenges we face. I have no doubt, however, that those challenges can be met, and that the fundamental strengths of our economy will ultimately reassert themselves. The Federal Reserve will certainly do all that it can to help restore high rates of growth and employment in a context of price stability.


1. See Ben S. Bernanke (2011), “Fiscal Sustainability,” speech delivered at the Annual Conference of the Committee for a Responsible Federal Budget, Washington, June 14.

http://federalreserve.gov/newsevents/speech/bernanke20110826a.htm

Economic Growth Slows to Crawl, GDP Increase at 1%

By: Reuters

“…Gross domestic product growth rose at annual rate of 1.0 percent the Commerce Department said, a downward revision of its prior estimate of 1.3 percent. It also said after-tax corporate profits rose at the fastest pace in a year.

Economists had expected output growth to be revised down to 1.1 percent. In the first quarter, the economy advanced just 0.4 percent. The government’s second GDP estimate for the quarter confirmed growth almost stalled in the first six months of this year.

The United States is on a recession watch after a massive sell-off in the stock market knocked down consumer and business sentiment. The plunge in share prices followed Standard & Poor’s decision to strip the nation of its top notch AAA credit rating and a spreading sovereign debt crisis in Europe.

While sentiment has deteriorated, data such as industrial production, retail sales and employment suggest the economy could avoid an outright contraction. …”

http://www.cnbc.com/id/44285105

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Lipstick On A Pig–Great Obama Depression– Deeper and Longer–Official U-3 Unemployment Rate Hits 9.2% In June 2011 With 14 Million Unemployed and Total Unemployment Rate U-6 Hits 16.2% With Over 24.8 Million Americans Seeking Full Time Job–Obama Is Not Working–2012–End An Error!–Fire Obama–Videos

Posted on July 8, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Employment, Energy, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Investments, Language, Law, liberty, Life, Microeconomics, Monetary Policy, Money, Private Sector, Public Sector, Talk Radio, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , |

Dismal Unemployment Report Suggests Recovery May Be Stalling

 President Obama on June Job Numbers wants to create New Jobs

O’Reilly Factor – Friday – July 8th 2011 – Nations Unemployment at 9.2%

 Obamanomics: Unemployment Climb At 9.2%

July 8th 2011 CNBC Stock Market Squawk Box June 2011 Jobs Report

Nonfarm Payrolls Rose By 18,000 In June, Missing Consensus Estimates For A Rise Of 125,000

USA Unemployment Rate Rises to 9.2% in June 2011 — Report

Wesbury Says Jobs Report May Be Last Weak Economic Data

Unemployment Rate is Not 9%, It’s 18% (CNN’s Your Money )

 Lebas Says Second-Half Forecasts Are `Wildly Optimistic’ and Warren Buffett’s  Reactions

 Labor’s Solis `Disappointed’ by U.S. June Jobs Report

Rep. Noem Discusses Latest Jobs Report

Crescenzi Says Jobs Data Reflects U.S. Structural Issues

Pat Buchanan’s Debt Talk Prediction: “Obama Will Fold”

Brooks, Marcus on Job Numbers, Debt Deal Reality, Media Culture

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.8 5.1 4.9 5.4 5.6 5.8 6.1 6.2 6.6 6.8 7.3
2009 7.8 8.2 8.6 8.9 9.4 9.5 9.5 9.7 9.8 10.1 9.9 9.9
2010 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4
2011 9.0 8.9 8.8 9.0 9.1 9.2
Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

 
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7100 6900 6721 6836 6766 6980 7149 7085 7191 7272 7261 7664
2008 7653 7441 7781 7606 8398 8590 8953 9489 9557 10176 10552 11344
2009 11984 12737 13278 13734 14512 14776 14663 14953 15149 15628 15206 15212
2010 14842 14860 14943 15138 14884 14593 14637 14849 14746 14876 15041 14485
2011 13863 13673 13542 13747 13914 14087
 
 
 
Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.1 8.0 8.2 8.2 8.3 8.4 8.5 8.4 8.4 8.5 8.8
2008 9.1 8.9 9.0 9.2 9.7 10.1 10.5 10.9 11.2 11.9 12.7 13.6
2009 14.1 15.0 15.6 15.8 16.4 16.6 16.5 16.8 17.0 17.4 17.1 17.2
2010 16.5 16.8 16.8 17.0 16.5 16.5 16.5 16.7 17.1 17.0 17.0 16.7
2011 16.1 15.9 15.7 15.9 15.8 16.2

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153133(1) 152966 153054 152446 152666 153038 153035 152756 153422 153209 153845 153936
2008 154060(1) 153624 153924 153779 154322 154315 154432 154656 154613 154953 154621 154669
2009 154185(1) 154424 154100 154453 154805 154754 154457 154362 153940 154022 153795 153172
2010 153353(1) 153558 153895 154520 154237 153684 153628 154117 154124 153960 153950 153690
2011 153186(1) 153246 153406 153421 153693 153421
1 : Data affected by changes in population controls.

Series Id:           LNS11300000Seasonally AdjustedSeries title:        (Seas) Labor Force Participation RateLabor force status:  Civilian labor force participation rateType of data:        Percent or rateAge:                 16 years and over

YearJanFebMarAprMayJunJulAugSepOctNovDecAnnual200167.267.167.266.966.766.766.866.566.866.766.766.7 200266.566.866.666.766.766.666.566.666.766.666.466.3 200366.466.466.366.466.466.566.266.166.166.166.165.9 200466.166.066.065.966.066.166.166.065.865.966.065.9 200565.865.965.966.166.166.166.166.266.166.166.066.0 200666.066.166.266.166.166.266.166.266.166.266.366.4 200766.466.366.265.966.066.066.065.866.065.866.066.0 200866.266.066.165.966.166.166.066.166.066.065.865.8 200965.765.765.665.665.765.765.565.465.165.165.064.7 201064.864.864.965.164.964.764.664.764.764.564.564.3 201164.264.264.264.264.264.1

Background Articles and Videos

Employment Situation Summary

Transmission of material in this release is embargoed                   USDL-11-1011
until 8:30 a.m. (EDT) Friday, July 8, 2011

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                         THE EMPLOYMENT SITUATION -- JUNE 2011

Nonfarm payroll employment was essentially unchanged in June (+18,000), and the
unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor
Statistics reported today. Employment in most major private-sector industries
changed little over the month. Government employment continued to trend down.
 Household Survey Data The number of unemployed persons (14.1 million) and the unemployment rate (9.2 percent) were essentially unchanged over the month. Since March, the number of
unemployed persons has increased by 545,000, and the unemployment rate has
risen by 0.4 percentage point. The labor force, at 153.4 million, changed
little over the month. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (9.1 percent),
adult women (8.0 percent), teenagers (24.5 percent), whites (8.1 percent), blacks (16.2 percent), and Hispanics (11.6 percent) showed little or no change in June.
The jobless rate for Asians was 6.8 percent, not seasonally adjusted. (See tables
A-1, A-2, and A-3.)

The number of persons unemployed for less than 5 weeks increased by 412,000 in
June. The number of long-term unemployed (those jobless for 27 weeks and over)
was essentially unchanged over the month, at 6.3 million, and accounted for 44.4
percent of the unemployed. (See table A-12.)
 The civilian labor force participation rate was little changed in June at 64.1 percent. The employment-population ratio decreased by 0.2 percentage point to 58.2 percent. (See table A-1.) The number of persons employed part time for economic reasons (sometimes referred
to as involuntary part-time workers) was essentially unchanged in June at 8.6
million. These individuals were working part time because their hours had been
cut back or because they were unable to find a full-time job. (See table A-8.)

In June, 2.7 million persons were marginally attached to the labor force, about
the same as a year earlier. (These data are not seasonally adjusted.) These
individuals were not in the labor force, wanted and were available for work, and
had looked for a job sometime in the prior 12 months. They were not counted as
unemployed because they had not searched for work in the 4 weeks preceding the
survey. (See table A-16.)

Among the marginally attached, there were 982,000 discouraged workers in June,
down by 225,000 from a year earlier. (These data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they
believe no jobs are available for them. The remaining 1.7 million persons
marginally attached to the labor force in June had not searched for work in the
4 weeks preceding the survey for reasons such as school attendance or family
responsibilities. (See table A-16.)

Establishment Survey Data Total nonfarm payroll employment was essentially unchanged in June (+18,000).
Following gains averaging 215,000 per month from February through April,
employment has been essentially flat for the past 2 months. Employment in most
major private-sector industries changed little in June, while government
employment continued to trend down. (See table B-1.)

Within professional and business services, employment in professional and
technical services increased in June (+24,000). This industry has added 245,000
jobs since a recent low in March 2010. Employment in temporary help services
changed little over the month and has shown little movement on net so far this
year.

Health care employment continued to trend up in June (+14,000), with the largest
gain in ambulatory health care services. Over the prior 12 months, health care had
added an average of 24,000 jobs per month.

In June, employment in mining rose by 8,000, with most of the gain occurring in
support activities for mining. Employment in mining has increased by 128,000 since
a recent low in October 2009.

Employment in leisure and hospitality edged up (+34,000) in June and has grown by
279,000 since a recent low in January 2010.

Employment in government continued to trend down over the month (-39,000). Federal
employment declined by 14,000 in June. Employment in both state government and local
government continued to trend down over the month and has been falling since the
second half of 2008.

Manufacturing employment changed little in June. Following gains totaling 164,000
between November 2010 and April 2011, employment in this industry has been flat for
the past 2 months. In June, job gains in fabricated metal products (+8,000) were
partially offset by a loss in wood products (-5,000).

Construction employment was essentially unchanged in June. After having fallen
sharply during the 2007-09 period, employment in construction has shown little
movement on net since early 2010.

The average workweek for all employees on private nonfarm payrolls decreased by 0.1 hour to 34.3 hours in June. The manufacturing workweek for all employees decreased
by 0.3 hour to 40.3 hours over the month; factory overtime edged down by 0.1 hour
to 3.1 hours. The average workweek for production and nonsupervisory employees on
private nonfarm payrolls remained at 33.6 hours in June. (See tables B-2 and B-7.)

In June, average hourly earnings for all employees on private nonfarm payrolls
decreased by 1 cent to $22.99. Over the past 12 months, average hourly earnings
have increased by 1.9 percent. In June, average hourly earnings of private-sector
production and nonsupervisory employees declined by 1 cent to $19.41. (See tables
B-3 and B-8.)

The change in total nonfarm payroll employment for April was revised from +232,000 to +217,000, and the change for May was revised from +54,000 to +25,000. _____________
The Employment Situation for July is scheduled to be released on Friday, August 5,
2011, at 8:30 a.m. (EDT).

http://bls.gov/news.release/empsit.nr0.htm

Jobs Picture Gets Even Worse as Rate Swells to 9.2%

“…U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dousing hopes the economy would regain momentum in the second half of the year.

Nonfarm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economists’ expectations for a 90,000 rise.

The unemployment rate climbed to a six-month high of 9.2 percent, even as jobseekers left the labor force in droves, from 9.1 percent in May.

“The message on the economy is ongoing stagnation,” said Pierre Ellis, senior economist at Decision economics in New York. “Income growth is marginal so there’s no indication of momentum.

The government revised April and May payrolls to show 44,000 fewer jobs created than previously reported.

The report shattered expectations the economy was starting to accelerate after a soft patch in the first half of the year. It could prompt calls for the Federal Reserve to consider further action to help the economy, but Fed officials have set a high bar.

The U.S. central bank wrapped up a $600 billion bond-buying program last week designed to spur lending and stimulate growth.

“This confirms our view that the Fed will continue to keep rates on hold into 2012 and if weak employment continues it will be pushed out even further,” said Tom Porcelli, chief economist, RBC Capital Markets in New York. …”

http://www.cnbc.com/id/43682730

An Establishment in Panic

By Pat Buchanan

“…For how, exactly, are Republicans threatening the republic?

The House has not said it will not raise the debt ceiling. It must and will. It has not said it will not accept budget cuts. It has indicated a willingness to accept the budget cuts agreed to in the Biden negotiations.

Where the GOP has stood its ground is on tax increases.

Is fanaticism behind this stance? Does this manifest insanity? How does this imperil the nation’s honor and future?

Behind the GOP opposition to tax hikes is the party’s word given to the country that elected it in 2010, its political principles, its traditional view of what not to do when the nation is in a slump, and party history.

Fully 235 Republican House members signed a 2010 pledge not to raise taxes. And by giving their word they were rewarded with victory.

Should they now dishonor that pledge, what would differentiate them from George H.W. Bush, who famously promised in 1988: “Read my lips! No new taxes!” then went back on his word and took the party down to defeat with him?

Second, the GOP is the party of small government and low taxes.

Why would it agree to raise taxes on the private productive sector when federal spending, now at a peacetime record of 25 percent of GDP, is the problem?

Third, America is in a slump, with 9 percent of the workforce unemployed, another 7 percent underemployed and the economy growing at a tepid 1.8 percent.

What school of economic thought — Keynesian, supply-side or monetarist — says raising taxes in a slumping economy is the recipe for a return to prosperity? There is no such school.

Why, when the whole country is talking about the need to create jobs, would Congress raise taxes on a private productive sector that employs six in seven Americans and is the creator of real jobs?

In 1982, President Reagan agreed to the same deal being offered the party today: three dollars in spending cuts for every dollar in tax increases to which he assented. As he ruefully told this writer more than once, he was lied to. He got one dollar in spending cuts for every three in tax increases.

What of the charge that the Republican House is holding America hostage, blackmailing the nation with a suicidal threat to throw us all into national default if it does not get its way?

This smear is the precise opposite of the truth.

The Republican Party has not said it will refuse to raise the debt ceiling. It has an obligation to do so, and will.

The House has simply said it will not accept new taxes on a nation whose fiscal crisis comes from overspending. …”

http://www.realclearpolitics.com/articles/2011/07/08/an_establishment_in_panic_110501.html

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Ronald Reagan Kicks Off His Presidential Campagin At Liberty State Park On Labor Day, September 1, 1980–Videos

Posted on June 21, 2011. Filed under: Banking, Blogroll, Business, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Raves, Unemployment, Video, War, Wealth | Tags: , , , , , , , , , , , |

Ronald Reagan – Liberty State Park [Pt. 1] –Videos

President Ronald Reagan kicks off his presidential campaign with a Labor Day speech at Liberty State Park, Jersey City, New Jersey. Delivered 1 September 1980.

 

Ronald Reagan – Liberty State Park [Pt. 2]

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Pronk Pops Shows 1-27–Podcasts or Download–Give It A Listen!

Posted on May 12, 2011. Filed under: Agriculture, American History, Babies, Banking, Baseball, Blogroll, Books, Business, Climate, College, Communications, Crime, Culture, Demographics, Diasters, Economics, Education, Employment, Energy, Enivornment, Entertainment, European History, Farming, Federal Government, Films, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, media, Medicine, Monetary Policy, Money, Movies, Music, Narcissism, Natural Gas, Nuclear Power, Oil, People, Philosophy, Politics, Private Sector, Psychology, Public Sector, Quotations, Rants, Raves, Regulations, Resources, Reviews, Science, Security, Sports, Strategy, Talk Radio, Taxes, Technology, Transportation, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Listen To Pronk Pops Podcast or Download Shows 27

 

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

 

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

 

Listen To Pronk Pops Podcast or Download Shows 10-15

 

Listen To Pronk Pops Podcast or Download Shows 1-9

 

Pronk Pops Show 27 

May 11, 2011 10:13 AM PDT

Pronk Pops Show 27, May 10, 2011

Segment 1: Bureau of Labor Statistics Official Unemployment Rate (U-3) Increased To 9.0% With 13.7 Million Americans Unemployed and Total Unemployment Rate (U-6) Increased To 15.9% With 24.4 Million Americans Seeking Full Time Job–Economy Adds 244,000 Jobs But Initial Unemployment Claims Hit Eight Month High of 474,000!–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/05/09/pronk-pops-show-27-may-9-2011-segment-1-bureau-of-labor-statistics-offical-unemployment-rate-u-3-increased-to-9-0-with-13-7-million-americans-unemployed-and-total-unemployment-rate-u-6-increas/

Segment 2: OMI-Obama Misery Index–U.S. Misery Index Is Rising As Both The Unemployment Rate and Inflation Rate Increase!–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/05/10/pronk-pops-show-27-may-10-2011-segment-2-omi-obama-misery-index-u-s-misery-index-is-rising-as-both-the-unemployment-rate-and-inflation-rate-increase-vidoes/

Segment 3: Segment 3: Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/05/10/pronk-pops-show-27-may-10-2011-segment-3-speaker-boehners-address-to-the-economic-club-of-new-york-on-jobs-debt-gas-prices/

 

 

Pronk Pops Show 26

April 27, 2011 11:28 AM PDT

Pronk Pops Show 25, April 26, 2011

Segment 0: Eva Cassidy–A Singer’s Singer

Segment 1: Ron Paul Is Running For President of The United States In 2012!–The Third Time Is The Charm–A Man Of Integrity–A Candidate For Peace and Prosperity–Neither A Big Government Warfare Republican Nor A Massive Government Welfare Democrat–A Man Of And For The American People–A Tea Party Patriot–Ron Paul–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/26/pronk-pops-show-25-april-26-2011-segment-0-eva-cassidy-a-singers-singer-segment-1-ron-paul-is-running-for-president-of-the-united-states-in-2012%E2%80%93the-third-time-is-the-charm%E2%80%93a/?preview=true&preview_id=808&preview_nonce=d3d9842e9a

Segment 3: President Obama Is The Reason Your Gasoline Prices Are Going Up!–American People Favor Drilling For Oil and Gas!–Drill Baby Drill–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/26/pronk-pops-show-25-april-26-2011-segment-3-president-obama-is-the-reason-your-gasoline-prices-are-going-up-american-people-favor-drilling-for-oil-and-gas-drill-baby-drill-videos/

Pronk Pops Show 24

April 20, 2011 12:47 PM PDT

Pronk Pops Show 24: April 19, 2011

Segment 0: S&P Rating Outlook Changed From “Stable” To “Negative” For U.S. Treasury Debt–Videos

Segment 1: Who is John Galt? Who is Ayn Rand–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/17/pronk-pops-show-24-april-19-2011-segment-1-who-is-john-galt-who-is-ayn-rand-videos/

Segment 2: President Obama’s Fiscal Year 2012 Budget Speech Of April 13, 2011–Eat The Rich And Killing The American Dream Class Warfare–Cuts National Security Spending and Raise Taxes On The Rich–Produces Massive Deficits, National Debt, and Higher Unemployment For 12 More Years–Progressive Radical Socialist Economic Stagflation–Videos

For additional information and videos:
http://pronkpops.wordpress.com/2011/04/18/pronk-pops-show-24-april-18-2011-segment-2-president-obamas-fiscal-year-2012-budget-speech-of-april-13-2011-eat-the-rich-and-killing-the-american-dream-class-warfare-cuts-national-security-sp/

Segment 3: The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/18/pronk-pops-show-24-april-19-2011-segment-3-the-fairtax-national-consumption-sales-tax-vs-the-flat-tax-one-rate-federal-income-tax-who-pays-the-most-federal-individual-income-tax-videos/

Pronk Pops Show 23

April 13, 2011 10:31 AM PDT

Pronk Pops Show 23: April 12, 2011

Segment 0: Sidney Lumet–Rest In Peace–Videos

Segment 1: Tea Party Movement Demands Passage of Balanced Budget Amendment and The FairTax As The Price For Raising The National Statutory Debt Limit of $ 14,294,000,000 One Last Time By $1,000,000,000,000!–Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/11/tea-party-movement-demands-passage-of-balance-budget-amendment-and-balanced-budget-rule-as-the-price-for-raising-the-national-debt-ceiling-one-last-time-by-1000000000000-videos/?preview=true&preview_id=701&preview_nonce=5e679dbc1d

Segment 2: The FairTax (National Consumption Sales Tax) vs. The Flat Tax (One Rate Federal Income Tax)–Who Pays The Most Federal Individual Income Tax? Videos

For additional information and videos:

http://pronkpops.wordpress.com/2011/04/11/pronk-pops-show-23-april-12-2011-segment-2the-fairtax-national-consumption-sales-tax-vs-the-flat-tax-one-rate-federal-income-tax-who-pays-the-most-federal-individual-income-tax-videos/

Pronk Pops Show 22 (Part 2)

April 08, 2011 11:16 AM PDT

Pronk Pops Show 22, April 7, 2011

Segment 1: 3,500,000 Million Americans Unemployed in March 2011 Still Exceeds Great Depression High of 13,000,000 In March 1933–The Obama Depressions Continues–Bureau of Labor Statistics: 8.8% Official Unemployment Rate (U-3) vs. Gallup Unemployment Rate of 10.0%–Nonfarm Payroll Increased By 216,000–The Government Makes The Depression Worse!–Videos

Segment 2: Obama’s Anti-American, Anti-Capitalist, Anti-Growth, Anti-Jobs, and Anti-Security Energy Policy–Videos

Segment 3: Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–A Jet Plane To Prosperity Not A Path To Prosperity–Videos

Segment 4: Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!–Videos

For additional information and videos on the above segments:

http://pronkpops.wordpress.com/2011/04/04/pronk-pops-show-22-april-5-2011-segment-113500000-million-americans-unemployed-in-march-2011-still-exceeds-great-depression-high-of-13000000-in-march-1933%E2%80%93the-obama-depressions-contin/

Pronk Pops Show 22 (Part 1)

April 07, 2011 10:41 AM PDT

Pronk Pops: Show 22, April 7, 2011

Segment 0: Glenn Beck Ending His Show At Fox News

Segment 1: 3,500,000 Million Americans Unemployed in March 2011 Still Exceeds Great Depression High of 13,000,000 In March 1933–The Obama Depressions Continues–Bureau of Labor Statistics: 8.8% Official Unemployment Rate (U-3) vs. Gallup Unemployment Rate of 10.0%–Nonfarm Payroll Increased By 216,000–The Government Makes The Depression Worse!–Videos

Segment 2: Obama’s Anti-American, Anti-Capitalist, Anti-Growth, Anti-Jobs, and Anti-Security Energy Policy–Videos

Segment 3: Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–A Jet Plane To Prosperity Not A Path To Prosperity–Videos

Segment 4: Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!–Videos

For additional information and videos on the above segments:

http://pronkpops.wordpress.com/2011/04/04/pronk-pops-show-22-april-5-2011-segment-113500000-million-americans-unemployed-in-march-2011-still-exceeds-great-depression-high-of-13000000-in-march-1933%E2%80%93the-obama-depressions-contin/

Pronk Pops Show 21

March 29, 2011 03:41 PM PDT

Pronk Pops Show 21, March 29, 2010

Segment 1: The Truth And Consequences About Undeclared Wars–Real Strange Bedfellows–Obama Allies U.S. with Libyan Rebels Including Islamic Jihadists, Moslem Brotherhood, and Al-Qaeda!–Give Peace A Chance–AC-130 Gunship–A-10 Warthogs–F-15E Strike Eagles and Special Operation Smash Squads

For Additional Information and Videos:

http://pronkpops.wordpress.com/2011/03/29/pronk-pops-show-21-march-29-2011-the-truth-and-consequences-about-undeclared-wars%E2%80%93real-strange-bedfellows%E2%80%93obama-allies-u-s-with-libyan-rebels-including-islamic-jihadists-moslem-b/

Pronk Pops Show 20

March 23, 2011 12:02 PM PDT

Pronk Pops Show 20: March 22, 2011

Segment 1:F-15 Crashes In Libya

Segment 2surprisedne Unconstitutional and Undeclared War Too Many: The Great Pretender, Peace Candidate And Noble Peace Prize Winner, President Barack Obama Undeclared War On Libya’s Muammar Ghaddafi In Defense Of Libyian Islamic Fighting Group (LIFG) Rebels Linked To al-Qaeda and The BP Libyian Oil Deal Linked To Obama Campaign Contributions–A Political Payoff!–Obama Has To Go In 2012–Videos

Segment 3:Earthquake Damages Japanese Nuclear Plant At Fukushima Daiichi, Four Explosions and Four Nuclear Reactors Flooded With Seawater To Contain Release Of Radioactive Material and Plant Released Radioactive Materials To Stop Pressure Buildup–Partial Meltdown Of Nuclear Core Feared–Radioactive Material Escaping From Plant–Over 250,000 Ordered Evacuated From 20 Kilometer (12.4 Miles) Radius From Plant–Videos

For Additional Information and Videos:

http://pronkpops.wordpress.com/2011/03/22/pronk-pops-show-20-march-22-2011-segment-1-f-15-crashes-in-libya-segment-2-videos/?preview=true&preview_id=569&preview_nonce=40500c814b

Pronk Pops Show 19

March 09, 2011 10:57 AM PST

Pronk Pops Show 19: March 8, 2011

Segment 1: The Washington Political Elites of Both Parties Are Not Serious About Balancing The Federal Budget And Funding Entitlement Liabilities–Send In The Clowns–Don’t Bother There Here–Videos

Segment 2, Gallup–U.S. Unemployment Hits 10.3% In February 2011 Vs. Bureau of Labor Statistics (BLS) U.S. Unemployment Rate Declined By .1% To 8.9% in February 2011 With Job Creation of 192,000 In February 2011–Over 13.7 Million Americans Unemployed More Than Worse Month of Great Depression!

For more information and videos related to this show click on links below:

http://pronkpops.wordpress.com/2011/03/08/pronk-pops-show-19-march-8-2011segment-1-the-washington-political-elites-of-both-parties-are-not-serious-about-balancing-the-federal-budget-and-funding-entitlement-liabilities-send-in-the-clowns/

http://pronkpops.wordpress.com/2011/03/08/pronk-pops-show-19-march-8-2010-segment-2-gallup-u-s-unemployment-hits-10-3-in-february-2011-vs-bureau-of-labor-statistics-bls-u-s-unemployment-rate-declined-by-1-to-8-9-in-february-2011-wi/

Pronk Pops Show 18

March 03, 2011 03:35 PM PST

Pronk Pops Show 18: March 3, 2011

Segment 1: Remembering The Brooklyn Dodgers and Duke Snider

Segment 2: The National Debt Will Hit $20,000,000,000,000 By 2020!

Segment 3 Public Sector Unions vs. The America People: Replacing The American Dream With The Socialist Union Nightmare

For additional information and videos on the above segments:

http://pronkpops.wordpress.com/2011/03/01/pronk-pops-show-18-march-1-2011-remembering-the-brooklyn-dodgers-and-duke-snider-the-union-corruption-of-government-delusion-of-the-unconstrained-vision-of-unlimited-government-and-the-2000000/

Pronk Pop Show 17

February 22, 2011 03:47 PM PST

Pronk Pops Show 17: February 22, 2011

Black History Month–Progressives–Eugenics–Black Population Control–Abortion–Black Genocide–Planned Parenthood–Barack Obama

For more information and videos relating to the show:

http://pronkpops.wordpress.com/2011/02/22/pronk-pops-show-17-february-22-2011-black-history-month-progressives-eugenics-black-population-control-abortion-black-genocide-planned-parenthood-barack-obama-videos/

Pronk Pops Show 16

February 15, 2011 03:49 PM PST

Pronk Pops Show 16: February 15, 2011

Conservative Political Action Conference 2011

President Obama’s Saint Valentine’s Massacre of The American People–Fiscal Year 2012 Budget Buster–Spending $3,729 Billion–Taxes $2,627 Billion–Deficit $1,101 Billion–Dead On Arrival–DOA– 3 Million Tea Party Patriots To March On Washington D.C. On Friday, April 15, 2011 In Protest!

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/02/15/pronk-pops-show-16-february-15-2011-conservative-political-action-conference-cpac-2011-and-president-obamas-saint-valentines-massacre-of-the-american-people-fiscal-year-2012-budget-buster-s/

Pronk Pops Show 15: Hour 3

February 10, 2011 03:32 PM PST

Pronk Pops Show 15:February 8,2011, Hour 3

Lies, Damn Lies, Statistics, and Obama’s Unbelievable Unemployment Numbers

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/02/08/pronk-pops-show-15-february-8-2011-from-texas-snow-storm-to-washington-snow-job-lies-damn-lies-statistics-and-obamas-unbelievable-unemployment-numbers-obama-care-unconstitutional-and-void-pa-2/

Pronk Pops Show 15: Hour 2

February 10, 2011 03:23 PM PST

Pronk Pops Show 15: February 8, 2011 Hour 2

Rolling Power Outages in Texas

Obama Care Declared Unconstitutional and Void By Federal Judge

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/02/08/pronk-pops-show-15-february-8-2011-from-texas-snow-storm-to-washington-snow-job-lies-damn-lies-statistics-and-obamas-unbelievable-unemployment-numbers-obama-care-unconstitutional-and-void-pa/

Pronk Pops Show 15: Hour 1

February 10, 2011 03:10 PM PST

Pronk Pops Show 15: February 8,2011, Hour 1

Super Storm and Super Bowl In Dallas, Texas

Man-Made Carbon Dioxide Emission and Global Warming–Science vs. Politics

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/02/08/pronk-pops-show-15-february-8-2011-from-texas-snow-storm-to-washington-snow-job-lies-damn-lies-statistics-and-obamas-unbelievable-unemployment-numbers-obama-care-unconstitutional-and-void-pa/

Pronk Pops Show 14

January 28, 2011 02:10 PM PST

Pronk Pops Show 14: January 27, 2011

The Big Lie and Free Speech

President Obama’s State of the Union Campaign Speech

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2011/01/27/pronk-pops-show-14-january-27-2011-the-big-lie-and-free-speech-and-president-obamas-state-of-the-union-campaign-speech-videos/

Pronk Pops Show 13

December 09, 2010 01:22 PM PST

Pronk Pops Show 13: December 9, 2010

Latest News Update on WikiLeaks

Federal Reserve Unconventional Monetary Policy

President Obama and Republicans Agree To Two Year Tax Rate Extension and

One Year Unemployment Benefit Extension–More Deficit Spending and Debt!

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/12/09/pronk-pops-show-december-9-2010-president-obama-and-republican-cut-tax-and-spend-deal-time-for-serious-spending-cuts-balance-budgets-and-the-flat-tax/

Pronk Pops Show 12

December 08, 2010 04:18 PM PST

Pronk Pops Show 12: December 8, 2010

News Update On WikiLeaks and Julian Assange

The Chairman of The Federal Reserve and Quantitative Easing 2

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/12/08/pronk-pops-show-12-december-8-2010-news-update-on-julian-assange-wikileaks-ben-benanke-the-fed-barack-obama-tax-and-spend-democrats-videos/

Pronk Pops Show 11

December 03, 2010 02:18 PM PST

Pronk Pops Show 11: December 3, 2010

News and Commentary On November 2010 Unemployment Rate and Level Statistics

WikiLeaks

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/12/03/pronk-pops-show-11-december-3-2010-news-unemployment-rate-up-to-9-8-with-over-15-million-unemployed-wikileaks-food-prices-rising-the-fairtax-videos-2/?preview=true&preview_id=245&preview_nonce=e49c7ff2d2

Pronk Pops Show 10

December 02, 2010 12:35 PM PST

Pronk Pops Show 10: December 1, 2010

Update on new TSA Airport Screening Procedures

Portland, Oregon Terrorist Bomber Arrested by F.B.I.

WikiLeaks Posts Department of State Cables

For more information and videos related to this show click on link below:
http://pronkpops.wordpress.com/2010/11/24/pronk-pops-show-10-november-24-2010-food-prices-rising-fairtax-updates-on-tsa-and-quantitative-easing-money-printing-videos/

Pronk Pops Show 9

November 19, 2010 02:23 PM PST

Pronk Pops Show 9: November 19, 2010

Federal Reserve Chairman Bernanke Responds To Critics of Monetary Policy

Transportation Security Administration or TSA New Screening Procedures:
Full Body Scanners and Extended Pat-Downs

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/11/15/pronk-pops-show-9-november-17-2010-quantitative-easing-2-update-g-20-summit-a-bust-tsa-tyrants-scanning-americans-videos/

Pronk Pops Commentary 1

November 11, 2010 03:42 PM PST

Pronk Pops Commentary 1: November 11, 2010

Stop Federal Reserve Quantitative Easing or Money Printing

Pronk Pops Show 8

November 10, 2010 04:24 PM PST

Pronk Pops Show 8: November 10, 2010

Tea Party Major Issues: Jobs, Spending, Deficits, Debt, Taxes, Health Care and Illegal Immigration

Tea Party Stars: Senators: Rand Paul and Marco Rubio

Republican Tea Party Test: Cutting Federal Spending By Over $1,000 Billion To Balance The Budget For Fiscal Years 2011, 2012, and 2013.

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/11/10/pronk-pops-show-8-november-10-2010-fiscal-policy-cut-spending-balanced-budgets-no-new-taxes-monetary-policy-no-quantitative-easing-or-printing-money-hidden-tax-videos/

Pronk Pops Show 7

November 09, 2010 02:45 PM PST

Pronk Pops Show 7: November 9, 2010

Unemployment News

Tea Party Effect On 2010 Elections

Key Issues: Federal Budget Deficits and National Debt

Cutting Federal Government Spending and Balancing The Federal Budget

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/11/05/pronk-pops-show-7-november-8-2010-the-tea-party-effect-what-is-next-and-update-on-feds-qe2/

Pronk Pops Show 6

November 03, 2010 03:58 PM PDT

Pronk Pops Show 6: November 3, 2010

Winning Elections With MOMMA (Money, Organization, Message, Momentum, Ambition) and The Tea Party Movement Effect

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/11/03/pronk-pops-show-6-november-3-2010-winning-elections-with-momma-money-organization-message-momentum-ambition-and-the-tea-party-movement-effect-videos/

Pronk Pops Show 5

October 28, 2010 03:49 PM PDT

Pronk Pops Show 5: October 27, 2010

Democratic Party’s National Attack Ad Campaign on Candidates and the Flat Tax

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/10/28/pronk-pops-show-5-october-27-2010-democratic-party-national-attack-ad-campaign-on-fairtax-videos/

Pronk Pops Show 4

October 28, 2010 03:43 PM PDT

Pronk Pops Show 4: October 20, 2010

Money, Quantitative Easing and Inflation in the United States Economy

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/10/20/pronk-pops-number-4-videosquantitive-easying-ii-printing-money-to-finance-federal-govenment/

Pronk Pops Show 3

October 28, 2010 03:32 PM PDT

Pronk Pops Show 3: October 14, 2010

Unemployment and inflation in the United States economy

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/10/28/pronk-pops-show-3-october-14-2010unemployment-and-inflation/

Pronk Pops Show 2

October 28, 2010 03:27 PM PDT

Pronk Pops Show 2: October 13, 2010

The 10:10 carbon emission ad campaign on climate change

http://www.youtube.com/watch?v=wliC2Eiwoyw

http://www.1010global.org/uk

Secretary of State Hillary Clinton replacing Vice President Joseph Biden on the 2010 Democratic Party ticket

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/10/05/pronk-pops-number-2-october-6-2010-1010-campaign-the-progressive-radical-socialists-method-of-cutting-carbon-emissions-kill-those-who-disagree-with-you-no-pressure-your-choice-the-big-lie-v/

Pronk Pops Show 1

October 28, 2010 03:01 PM PDT

Pronk Pops Show 1: September 29, 2010

University of Texas at Austin shooting/suicide

The Tea Party Movement in the United States

For more information and videos related to this show click on link below:

http://pronkpops.wordpress.com/2010/09/29/pronk-pops-program-number-1-september-29-2010-clips-and-notes-videos/

Listen To Pronk Pops Podcast or Download Shows 27

 

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

 

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

 

Listen To Pronk Pops Podcast or Download Shows 10-15

 

Listen To Pronk Pops Podcast or Download Shows 1-9

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The Day The Dollar Crashes–What’s Next? What’s Next? What’s Next?–Videos

Posted on November 5, 2010. Filed under: Blogroll, Business, Communications, Computers, Demographics, Economics, Education, Employment, Fiscal Policy, government, government spending, Health Care, Investments, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Security, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

Year Gross Debt in Billions undeflated[10] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[11] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (2 Nov) 13,724.0 93.2 (3rd Q) 9,133.6 62.0 (3rd Q)
2010 (est.) 14,456.3 98.1 9,881.9 67.1
2011 (est.) 15,673.9 101.0 10,873.1 70.1
2012 (est.) 16,565.7 100.6 11,468.4 69.6
2013 (est.) 17,440.2 99.7 12,027.1 68.7
2014 (est.) 18,350.0 99.8 12,594.8 68.5

Note: 2010-2014 are projections

http://en.wikipedia.org/wiki/United_States_public_debt

Debt Clock

http://www.usdebtclock.org/

Peter Schiff – It’s Scary How Clueless Bernanke Is

Glenn Beck Talks NWO With Damon Vickers (Part 1)

Glenn Beck Talks NWO With Damon Vickers (Part 2)

 

Glenn Beck David Buckner The MONEY BUBBLE/ASSET BUBBLE Fox News 11-17-09

Glenn Beck More About The MONEY BUBBLE/ASSET BUBBLE Fox News 11-17-09

 

The inevitable day the Dollar crashes

 

Glenn Beck Part 1 – What Happens Next? 11/5/2010

 

Glenn Beck Part 2 – What Happens Next? 11/5/2010

 

Glenn Beck Part 3 – What Happens Next? 11/5/2010

 

The Truth About The Economy Total Collapse – Facing the RECESSION of 2010

When will America Collapse? …..answers from Jim Rogers, Marc Faber, Gerald Celente and others

 

Tuesday is Just the Beginning…