By John Galt August 12, 2011 – 23:25 ET I wish this were a “joke” posting or one of my snide, humorous takes on the reality of our world. Yet it is not. This is the definition of what the new world of “MUNICIDE” will look like as our economy comes to an inexorably, slow, painful decline. The story from the home state of America’s El Presidenté, Illinois, is now home to what without a doubt is the most embarrassing story which represents not only…
By John Galt August 12, 2011 – 17:06 ET Per the AP via Forbes: Alabama county rejects settling $3.1B in debt Associated Press, 08.12.11, 04:45 PM EDT And here’s the story from the Birmingham News: Jefferson County Commission decides to delay bankruptcy decision again The problem? Instead of meeting the legal deadline, the commission took the Gobama solution, ignored the rule of law, and postponed any further action. The resolution of this issue shall be most interesting next week as J.P. Morgan-Chase and the legal…
By John Galt August 12, 2011 – 15:30 ET Watch the vote live below for possibly the largest Municide in American history. Or not.
By John Galt August 12, 2011 – 09:40 ET While the Bubblevisions and bulls promote the “don’t worry be happy” mantra as short selling has been banned in several European countries, there is a smiling bear in the background looking to pounce. Do not get too addicted to the verbal idiocy barrage being launched that the American economy is immune from the problems in Europe and our economy will continue to expand and grow as the recovery moves forward. This afternoon, if hedge funds get…
By John Galt August 12, 2011 – 09:10 ET The release this morning of Greece’s 2nd Quarter GDP coming in at a minus 6.9% should be a wake up call to the central planning mentality in Brussels, but of course it will do nothing but reinforce the mandate from the European Central Bank to increase intervention and pressure on the Athens government. Although the claim that the deficit for the Greek government came in below estimates, the reality is that the rate of contraction will…
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