Last Friday Laksman Achuthan, co-founder of Economic Cycle Research Institute (ECRI), announced that not only has the economy entered a new recession, but that “it’s going to get a lot worse. The vicious cycle is starting where lower sales, lower production, lower employment and lower income [leads] back to lower sales … you haven’t seen anything yet.” Despite some evidence that the economy is growing in places, it’s not enough to overcome the significant array of indicators that Achuthan has used successfully for years to predict the economy. According to The Economist, ECRI has never issued a “false alarm,” and this time should be no different. On his website, Achuthan stated: Early last week, ECRI notified clients that the U.S. economy is indeed tipping into a new recession. And there’s nothing that policy makers can do to head it off.   ECRI’s recession call isn’t based on just one or two leading indexes, but on dozens of specialized leading indexes, including the U.S. Long Leading Index, which was the first to turn down — before the Arab Spring and Japanese earthquake — to be followed by downturns in the Weekly Leading Index and other shorter-leading indexes…
The stock market in Europe took another hard hit when the Greek Finance Minister announced that his nation’s government will not meet its deficit reduction goals. After the cabinet meeting, the Finance Minister said that the Greek national deficit would be $25.2 billion or 8.5 percent of the nation’s GDP, compared with the target goal of $22.8 billion or 7.6 percent of GDP. Even this projection was issued with caution. In an official statement the Finance Ministry said: "Three critical months remain to finish 2011, and the final estimate of 8.5 percent of GDP deficit can be achieved if the state mechanism and citizens respond accordingly." In that cabinet meeting on Sunday, a draft budget for 2012 was approved. It was this meeting that produced the projected deficit of 8.5 percent. It issued more bad news: The Greek economy will shrink even faster than was previously stated. A 5.5 percent reduction in GDP is now projected for this year. The government tried to sound steady and sure. Minister George Papandreou told an extraordinary Cabinet meeting Sunday to approve a 2012 draft budget: "I want to repeat that we will be unswerving in our goal — to fulfill all that we have promised to ensure the credibility of our country.”We have a single and steady goal — to meet our commitments so that we guarantee our credibility." Papandreou’s budget called for reducing the pay, firing, or forcing into early retirement 30,000 government workers.
A federal judge upheld the most important parts of Alabama’s law that seeks to control the state’s growing problem with illegal aliens. In her 115-page decision last week, Judge Sharon Blackburn of the Northern District of Alabama upheld six sections of HB 56 and enjoined four. The law is problematic in those four areas, she ruled, but in the main, HB 56 does not interfere with congressional prerogatives vis-à-vis immigration policy. Nor does it interfere, she ruled, with the foreign policy objectives of the United States. Importantly, the judge upheld a key provision that had gone down in flames in Arizona, where the Obama administration first went to war against states seeking to stem tide of illegals that are draining state budgets. Blackburn ruled that the state of Alabama may require police to inquire about the immigration status of persons they lawfully stop or arrest if reasonable suspicion exists that those persons are in the country illegally. That provision of HB 56 and Arizona’s law, SB 1070, enraged the radical left and its adherents in the reconquista lobby. As with Arizona, the Obama administration sued Alabama to overturn its law, and it had the National Immigration Law Center, the American Civil Liberties Union, and the discredited Southern Poverty Law Center on its side. As well, leftist clerics fought against the state.  
The nation’s largest abortion provider is coming under intense scrutiny over the amount of federal money it receives, and how much of it may be getting funneled illegally into its multi-million-dollar abortion business. Over the past several months, as state after state has voted to de-fund abortion providers, Planned Parenthood has fought back in court, pressuring federal judges to block implementation of the state measures which have resulted in the closure of many of its clinics in several states. Now, reports the Associated Press, a Republican-led House panel has ordered Planned Parenthood Federation of America (PPFA) to relinquish “more than a decade’s worth of documents in a probe of whether the organization improperly spends public money on abortions.” In a letter to Planned Parenthood officials, Representative Cliff Stearns (R-Fla.), chairman of the House Energy and Commerce investigations subcommittee, said that his panel “has questions about the policies in place and actions undertaken by PPFA and its affiliates relating to its use of federal funding and its compliance with federal restrictions on the funding of abortions.” Stearns has asked Planned Parenthood to hand over 12 years of internal audits showing how much federal money it received and spent between 1998 and 2010.
Though his campaign has been largely ignored by the mainstream media, Rep. Ron Paul has been making some gains over the course of the last few months. In fact, the longtime Texas Congressman's momentum has prompted The Blaze to report: Paul is having such a big impact on the race that some Republican operatives are convinced that he will play spoiler in important states, siphoning votes and attention from his rivals for months to come and helping determine the nominee. According to that same article, Paul could prove particularly problematic for current GOP frontrunners Texas Governor Rick Perry and former Massachusetts Governor Mitt Romney. In New Hampshire recently, Paul commented regarding claims that he could “spoil” the frontrunners’ campaigns, I have no idea what exactly "spoiler" means. If you’re a participant and you have an influence and you win or come close and you influence the debate, I think that’s pretty important. So I don’t put a negative term on that as spoiling anything. Spoiling their fun? Maybe they need a little spoiling.
The name John Gorrie is little known today, though a sculpture commemorating his contributions to the lives of every American stands in National Statuary Hall in Washington, D.C. He is the father of refrigeration and air conditioning, and by virtue of that title can also be considered one of the founding fathers of our modern industrial economy. Gorrie was born 208 years ago today on an island in the Caribbean and grew up in South Carolina. He went on to earn a medical degree in New York. But it was on the Gulf Coast of Florida where he settled in 1833 that his medical research evolved into a life-long quest to combat the effects of temperature and climate on disease. He saw his patients at the U.S. Marine hospital in Apalachicola suffering from malaria and yellow fever. Popular thought at the time attributed such tropical diseases to bad air. (The word malaria means "bad air disease.") He set up a primitive cooling system in the sickroom with ice-filled basins suspended from the ceiling. When his supply of ice was interrupted by regional trade disputes, he concocted the first patented ice-making machine in history. Gorrie also had the foresight to drain area swamps and use mosquito netting in the hospital long before the protozoan source of malaria was discovered.
As the “Occupy Wall Street” protests in New York and global “solidarity” demonstrations continue gaining support — especially among labor unions and socialist groups — reports of alleged police brutality and mass arrests are helping to propel the purportedly “leaderless” movement into the media spotlight around the world. Before the events officially got underway on September 17, organizations affiliated with the movement insisted the so-called “occupation” and “Day of Rage” would be non-violent. At the same time, however, organizers were disseminating instructions on how to engage in civil disobedience, resist arrest, and even disrupt court proceedings. While the protests — far smaller than the 20,000 hoped for by activists — began relatively unnoticed in terms of media coverage, that is quickly changing. Recent police actions have helped garner unprecedented publicity and even some sympathy for the largely anti-capitalist agitators. Over the weekend, for example, hundreds of protesters were arrested and released after repeatedly disobeying orders not to block traffic across the Brooklyn Bridge. Dozens more were handcuffed and taken away on buses. And the press dutifully descended upon the scene.
As the 2012 presidential race surges forward, President Obama’s past Wall Street financiers are abandoning him and steadily migrating to the Right, pursuing candidates more supportive of the financial sector and a leader who is more apt to rekindle the country’s economic spirit. One GOP candidate who many financial moguls are tracking is former Massachusetts Governor Mitt Romney. Obama raised a record-breaking $745 million during the 2008 election — more than twice what Republican rival John McCain raised — with some of his top campaign dollars streaming from prominent leaders in the financial industry, including Goldman Sachs, JPMorgan Chase, Citigroup, and Morgan Stanley. But Obama’s 2012 campaign efforts have hit a lull, as his fundraising appeals are being met with more resistance and less enthusiasm. In mid-September the President blasted an e-mail to his reelection mailing list, with the subject line reading, "Sometime soon, can we meet for dinner?" The body of the e-mail read, "Today, I want to ask if you’ll join me and three other supporters for a meal and conversation sometime soon." "Please donate $5 or more to be automatically entered for a chance to join me for dinner."
On Thursday, Bank of America announced that, starting the first of the year, they would be charging debit card users $5 a month for the privilege as a way to recoup lost income under new rules from the Federal Reserve. The rules, which took effect on Saturday, October 1, limit the amount banks may charge merchants accepting debit cards to 21 cents per transaction, down from 44 cents previously. Under the Dodd-Frank bill passed in 2010 — initially proposed by former Senator Chris Dodd (D-Conn.) and Representative Barney Frank (D-Mass.) — banks processing the transactions will see their income from those fees drop by about $10 billion a year, all in the name of fairness and equity, according to the Federal Reserve, which determined that the new fees are “reasonable and proportional.” According to industry sources, the real cost of handling each debit card transaction amounts to “a penny or two,” and so politicians decided this called for action.   One of those was liberal interventionist Senator Dick Durbin (D-Ill.), who sponsored the swipe fee amendment, saying,
Referring to his jobs bill in his weekly address to the nation, President Barack Obama stated, “I want it back.” No, the President is not having second thoughts about the $447 billion bill; he just wants Congress to pass the bill so he can sign it. Obama submitted his American Jobs Act to Capitol Hill nearly three weeks ago, having preceded it with a speech to a joint session of Congress in which he repeatedly urged that body to “pass this bill right away.” Since that time the bill has been subjected to much scrutiny and criticism, but no action has been taken on it. Fed up with legislators’ stalling, Obama said, “It is time for Congress to get its act together and pass this jobs bill so I can sign it into law.” Obama’s latest shot across Congress’s bow differed little from his previous remarks on the bill. He asserted that the “bill would boost the economy and spur hiring” and that it “is fully paid for.” “Why,” the President asked, “would you be against that?” There are a number of good reasons to oppose it.
JBS Facebook JBS Twitter JBS YouTube JBS RSS Feed