As GM share prices plunge so do Chevy Volt sales, according to the latest auto sales figures. Throughout July, a whopping 125 Chevy Volts were sold, making the seemingly low 281 units sold in February a groundbreaking month.
GM spokeswoman Michelle Bunker attributed the fallback to "supply constraints," alleging that GM was "virtually sold out" and supply was down nationwide. But Mark Modica, associate fellow at the National Legal and Policy Center, confirmed Bunker’s assertion was false, as he wrote on FoxNews.com:
Undoubtedly it was just an oversight on Thomas Jefferson’s part when he wrote that man’s unalienable rights include “life, liberty, and the pursuit of happiness” — but not free cellphones. True, the telephone hadn’t even been invented in 1776, but surely the Sage of Monticello could have included a right to any and all means of communication. How can one be expected to pursue happiness without it?
To the cheers of those already getting the proverbial free lunch, the federal government, ever eager to expand the category of “rights” in pursuit of more power, has stepped into the breach. “People receiving government support such as Medicaid or food stamps,” writes the Pittsburgh Tribune-Review, are now also eligible to receive cellphone service at others’ expense.
Former Massachusetts Governor Mitt Romney's campaign for President announced that Romney has a committee of 63 lawyers advising his campaign August 2, and that list includes Bush administration torture lawyer Steven Bradbury. Bradbury, the Deputy Attorney General who approved the Bush administration torture policy written by John Yoo and Jay S. Bybee, is also known for telling congressional investigators, "The President is always right."
"Our nation needs a Congress and an Executive branch that are cognizant of the bounds of their powers," Mitt Romney wrote in an August 2 statement announcing the advisory committee. But with Bradbury on the advisory committee, there would be no bounds to executive power.
President Obama announced a deal with Republican leaders to raise the debt ceiling, avoiding default. The deal would cut $1 trillion in spending over the next decade, “the lowest level of domestic spending since Dwight Eisenhower was president,” Obama said.
These governors are not sufficiently aware that “in China’s state-monopoly system of Leninist ‘capitalism,’ its corporations are instruments of national policy, fully integrated with, and subservient to, the Communist Party of China (CPC) and the Peoples Liberation Army (PLA).”
Moody’s announcement on Tuesday that it would retain its AAA rating of U.S. government sovereign debt as a result of the debt-limit agreement came with a warning: The government must rein in spending or risk a downgrade anyway. The deal “virtually eliminated the risk of [a] default,” but the agency warned that “Should the new mechanism put in place by the Budget Control Act prove ineffective, this could affect the rating negatively.” Moody’s added that it wanted to see the United States lower its debt-to-GDP ratio, now approaching 100 percent, to around 73 percent by 2015, and then gradually move the ratio lower.
Credit rating agencies like Moody’s issue opinions as to the credit worthiness of debt issued by various entities including governments, with 'credit worthiness” being defined as the ability to pay interest on and ultimately pay back the debt. Those ratings directly affect the interest rates offered in the issuance of that debt, and changes in a credit rating will impact the market value of the debt before it is retired.
While discussing socialism on a talk show recently, I was confronted with the question: If “capitalism” is so great, why has it failed? Of course, ever since our financial crisis hit, this query has become all too common.
Now, after informing the host that I avoid the word “capitalism” — as it was originated by a communist — and instead prefer “Natural Economy,” I stated the obvious: Blaming our problems on the Natural Economy is like blaming airplane crashes on auto design. After all, there is a reason why Rogers Holdings CEO Jim Rogers said in 2008 that the United States was now “more communist than China.” With thousands of laws, regulations, and mandates and a multitude of bureaucracies that stifle the private sector, our system can hardly be called a Natural Economy. But more on that later. This issue is better illuminated by examining a truth hiding in plain sight.
The compromise bill that emerged Sunday night from behind closed doors is being loudly trumpeted in an attempt to persuade recalcitrant conservatives in both houses to vote for something — anything — in time to avoid the August 2 deadline.
A careful analysis of the ultimate compromise bill yields some important conclusions. First of all, there is nothing in the law or statutes that states categorically that the nation will default if the August 2 deadline isn’t met. This is merely a “best estimate” by Treasury Secretary Timothy Geithner as to when he will run out of options to continuing paying the government’s bills by “borrowing” from various pots of money such as the federal government employees’ retirement plan. If he is able to do that, it’s unclear why he would run out of other options automatically on the 2nd.
Despite the back-patting that many Congressmen are giving themselves as a result of the so-called Budget Control Act of 2011, former U.S. Comptroller General David Walker contends that the United States is still only three years away from becoming Greece. Walker told CNBC, “We are less than three years away from where Greece had its debt crisis as to where they were from debt to GDP.”
Walker’s assertions are similar to those made by GOP presidential contender Ron Paul in June, who predicts that the status of the United States dollar as the reserve currency of the world will end sooner than 25 years and that America is soon to face a financial crisis significantly worse than that of 2008.
The debt ceiling is to rise initially by $900 billion under the Revised Budget Control Act of 2011. And then, the debt limit is to rise again by either $1.2 trillion or $1.5 trillion depending upon how successful the 12-member Joint Committee of Congress is in finding sufficient cuts in government spending to avoid a “trigger” that would do the cutting automatically. The committee will be made up of three Republicans and three Democrats from each chamber.
Those “deficit reductions” will be found and presented to Congress by the day before Thanksgiving, and then voted on, “up or down” with no amendments allowed, by both the House and the Senate, by December 23. If no agreement is reached by the committee, or if their bill fails in Congress, then budget cuts will be implemented automatically. Chances that the committee would choose “deficit reductions” in the form of tax increases are slim, according to House Speaker John Boehner: