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  • by John Galt January 29, 2012 22:00 ET There will be great discussion about the “recovery” of 2011, but the reality of just how dire the economy is for Main Street is best defined by the one asset the average soul attempts to hold up as their primary investment, the single family house. Unfortunately for the political elites, the disaster...

    2011 Housing Report: The Worst Year in Modern History

    by John Galt January 29, 2012 22:00 ET There will be great discussion about the “recovery” of 2011, but the reality of just how dire the economy is for Main Street is best defined by the one asset the average soul attempts to hold up as their primary investment, the single family house. Unfortunately for the political elites, the disaster...

    Continue Reading...

  • by John Galt January 27, 2012 19:30 ET   I guess Turbo Timmy has given the FDIC the green light to shut down some of the insolvent masses. One wonders how long the authorities will let some of the insolvent regional banks operate now. Click on the bank’s name to read the FDIC report below: BankEast,  Knoxville, TN Patriot Bank...

    1.27.12 FDIC Friday: 4 Failures as of 7 p.m. EST in FL, MN, TN

    by John Galt January 27, 2012 19:30 ET   I guess Turbo Timmy has given the FDIC the green light to shut down some of the insolvent masses. One wonders how long the authorities will let some of the insolvent regional banks operate now. Click on the bank’s name to read the FDIC report below: BankEast,  Knoxville, TN Patriot Bank...

    Continue Reading...

  • By CalOkie 1/23/2012 For those of us watching, last year was became very predictable. Predictable meaning last year’s monthly bank failure DIF cost totals, followed a well established 17 month pattern which had started in 2010. When the pattern broke, bank failures and DIF cost plummeted.  We sort of hit a BOTTOM for the last 8 weeks.   Since it...

    Bank Failure Friday Bottom Bounce?

    By CalOkie 1/23/2012 For those of us watching, last year was became very predictable. Predictable meaning last year’s monthly bank failure DIF cost totals, followed a well established 17 month pattern which had started in 2010. When the pattern broke, bank failures and DIF cost plummeted.  We sort of hit a BOTTOM for the last 8 weeks.   Since it...

    Continue Reading...

Latest Postings
4

How Ron Paul Lost my Vote Tonight

by John Galt January 26, 2012 22:15 ET   On Sunday night, January 29, 2012, I’ll point out the voting records and “warts” of all the candidates in one posting. For the record, none of them are conservatives in the traditional “Republican” or “Goldwater” sense of the word. In fact Dr. Paul actually was winning the night until the comment...

by John Galt
January 26, 2012 22:15 ET

 
On Sunday night, January 29, 2012, I’ll point out the voting records and “warts” of all the candidates in one posting. For the record, none of them are conservatives in the traditional “Republican” or “Goldwater” sense of the word. In fact Dr. Paul actually was winning the night until the comment I heard below, which yes, I did take out of context, but this is a flub, an error, which is unforgivable in my book. By “empathizing” with individuals and groups who are infiltrated and destroyed the freedoms of others, by demonstrating a recognition far above what was necessary for blatantly Marxist groups, and by using the same class warfare arguments that the Obama administration has used, Dr. Paul had exhibited a weakness or desperation for votes which is totally unnecessary and seemed like pathetic pandering as his poll numbers declined in my state.
 
Thus, without regret, I must say when the general election occurs, I will not vote for Dr. Paul or any other candidate which engages in the pandering to the extreme left of articulates positions which attack Capitalist ideals and the ideas I support behind free markets. Dr. Paul has advocated many positions which enhance and support free enterprise but tonight’s example of an attack not on Wall Street but by advocating empathy for the “99 versus 1″ or “Occupy” movement initiated by America’s extreme left leaves me speechless. This thought he used and his “empathy” is unforgivable to any and all Libertarians and believers in true freedom.


 
This entire political season has taken me from a position of hope to one of disgust. I’m afraid America is screwed unless we find one man willing to avoid the act of pandering and decides to take a firm stand, avoiding the temptations of the progressive right and left.

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1.24 AEP: EU ratchets up pressure with Greek default threat

by John Galt January 24, 2012 19:45 ET Tonight’s story from Ambrose Evans-Pritchard in the U.K. Telegraph should send a chill down everyone’s spine: EU ratchets up pressure with Greek default threat (Click on the title above to read the story in full)   The excerpt that should disturb the average soul: “We’re sending a direct message to Greece that...

by John Galt
January 24, 2012 19:45 ET


Tonight’s story from Ambrose Evans-Pritchard in the U.K. Telegraph should send a chill down everyone’s spine:

EU ratchets up pressure with Greek default threat

(Click on the title above to read the story in full)
 

The excerpt that should disturb the average soul:

“We’re sending a direct message to Greece that the community expects more. We’re not pleased and only when there’s a written message on the table in front of us, can further assistance be discussed,” she said.

The head of the European Commission’s economics team Mario Buti said Brussels is prepared to allow credit default swaps (CDS) on Greek bonds to come into play if talks fail to reach a deal that gives Greece enough debt relief to claw its way back to viability. “Triggering CDS may have to be considered,” he said.

The comment is a clear warning to private creditors holding €206bn (£172bn) of Greek debt that the EU will not step in with fresh money to prevent a default on March 20, when Greece must make a €14.5bn debt payment.

The EU authorities are demanding that banks, insurers, and pension funds accept a cut in the interest rate on new bonds to 3.5pc – on top of the 50pc haircut agreed – to reflect the drastic deterioration in Greece. The creditors are holding out for 4pc. EU officials would leave Greece’s debt at 125pc of GDP by 2020, above the 120pc level deemed the maximum tolerable burden.

Just remember what Nancy Pelosi and Charles Rangel had planned for fixed, guaranteed rates of return once the U.S. government seized all retirement accounts in their original plan from 2007-2008.

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1.22 AEP: America overcomes the debt crisis as Britain sinks deeper into the swamp

by John Galt January 22, 2012 17:35 ET   Too bad Ambrose Evans-Pritchard in tonight’s U.K. Telegraph commentary doesn’t recognize that America is doing this with smoke, mirrors, and hopium. To read the article in full, click on the link below: America overcomes the debt crisis as Britain sinks deeper into the swamp Needless to say, this faith in the...

by John Galt
January 22, 2012 17:35 ET

 

Too bad Ambrose Evans-Pritchard in tonight’s U.K. Telegraph commentary doesn’t recognize that America is doing this with smoke, mirrors, and hopium. To read the article in full, click on the link below:

America overcomes the debt crisis as Britain sinks deeper into the swamp


Needless to say, this faith in the U.S. economy and it’s idiot politicians will not end well but don’t remind Ambrose of this fact. We’ll be in as bad a shape as Europe when it hits the fan.

0

The United Kingdom Introduces the idea of a “Mansion” Tax

by John Galt January 21, 2012 22:45 ET   The U.K. Telegraph’s lead story at this moment is what I would term a shocker of an idea soon to come to the United States in a desperate attempt to raise funds to stabilize the real estate industry and prevent lower income homeowners from losing their homes due to foreclosure or...

by John Galt
January 21, 2012 22:45 ET

 

The U.K. Telegraph’s lead story at this moment is what I would term a shocker of an idea soon to come to the United States in a desperate attempt to raise funds to stabilize the real estate industry and prevent lower income homeowners from losing their homes due to foreclosure or delinquency:

Vince Cable calls for mansion tax in next Budget

(click on the title above to read the story in full)
Excerpt:

Vince Cable, the Liberal Democrat Business Secretary, is pushing for a mansion tax to be introduced on properties worth more than £2million in this year’s Budget.

While the policy is likely to be opposed by George Osborne, the Chancellor, Mr Cable said that he had spoken to Conservative MPs who backed the plan.

“A mansion tax is still very much on the agenda – it is a very good idea,” Mr Cable told The Sunday Telegraph.

“It is good for two reasons,’’ he said. ”It would constitute a tax on wealth rather than income, which we believe to be right, and also in economic terms it creates the right sort of incentives for the property market.”

Mr Cable added that it was “perverse” that rich “foreigners” could buy expensive properties in Britain and contribute just £1,000 a year in council tax towards the public finances.

Let the sentences from the story by Robert Watts sink in. Once this idea gets traction in the liberal world and the Washingtonian elites sniff this out, which they always do, it will be proposed to justify a similar tax in this country to provide funding for bailing out delinquent homeowners and other such nonsensical programs. The sad part about this is that if properly phrased and structured by the politicians, they will get the full support of the banksters to protect their investments and guarantee the government continues to bail them out. Prepare for an onslaught of bizarre ideas like this one as the election period moves forward in both countries during 2012.

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Shocking News Headline: Newt Gingrich says Dr. Ron Paul is Right

  by John Galt January 21, 2012 22:05 ET I know that we will never see this newspaper clipping in our life time, but this snippet from “The Daily Galt” is what it might read like after the shocking revelations from Newt Gingrich during his South Carolina Primary victory speech:

 

by John Galt
January 21, 2012 22:05 ET

I know that we will never see this newspaper clipping in our life time, but this snippet from “The Daily Galt” is what it might read like after the shocking revelations from Newt Gingrich during his South Carolina Primary victory speech:


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With Newt winning South Carolina the Circus is Coming to Town in Florida

by John Galt January 21, 2012 19:40 ET Just ugh. For my fellow Floridians the circus is coming to town and I’m not referring to the candidates for the Republican nomination for President, I’m talking about the media. Of course as I watch the various cable news channels now and Fox News trots out its “conservative” analysts to offer excuses...

by John Galt
January 21, 2012 19:40 ET

Just ugh. For my fellow Floridians the circus is coming to town and I’m not referring to the candidates for the Republican nomination for President, I’m talking about the media.

Of course as I watch the various cable news channels now and Fox News trots out its “conservative” analysts to offer excuses for Romney’s poor performance and reasons why Florida “should” vote for the liberal elitist from New England. After all, we can’t have an establishment candidate lose with all the support of the fair and balanced network now, can we?

To add to the hilarity, the usual “oh and Ron Paul is still running” smirks are still out there but the bottom line result from the South Carolina primary is that one nugget of truth will escape the nitwits from the various cable news channels:

Southerners, especially conservative Southerners, despise smug, elitist New England politicians who flip flop on issues, mislead the people on the voracity and validity of their conservative values, and will not vote for someone just because the RNC, FNC, or John McCain tells us to.

If anything, this is a message to the country club establishment residing in Boston, New York City, and Los Angeles that ‘them thar stupid people in flyover country’ who do have a tendency to grasp their Bibles, clutch their guns, and think the media is run by left wing extremists do matter.

Can y’all hear us now?

To follow the results as they come in, click on this link from CBS News.