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Money & The Economy

News on Finance, Money, markets and the economy

About that defense budget waste that Sen. Coburn has found…

When, on November 15th, Sen. Coburn published his report, The Department of Everything”, documenting non-military and wasteful items in the defense budget, the opponents of a strong defense jumped in joy. They thought they had finally found proof that the defense budget is full of waste and can be cut deeply without jeopardizing national security (not that they care about national ...

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Rebuttal of the IISS’s and Alan Simpson’s false claims and statistics

The London-based International Institute for Strategic Studies (IISS) falsely claims, and has produced a graph purporting to show, that the US spent $739 billion on its military in Fiscal Year (FY) 2011 and outspent the 10 next countries combined. China supposedly spent only $89 billion in FY2011. Supporters of deep defense cuts, such as Sen. Rand Paul (RINO-KY) and former ...

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ObamaCare: Unaffordable to Working Poor

But you say, “How can that be? I thought the Affordable Care Act would mean health insurance coverage for those very people. The working class who don’t qualify for Medicaid but don’t have coverage through their work or who have preexisting conditions…” From Bloomberg News: To Megan Hildebrandt, President Barack Obama’s Affordable Care Act means she can no longer be ...

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ObamaCare: MN Exchange Cost Greater than Expected

Kaiser Health News is reporting today that Minnesota’s portion of the state’s health care insurance exchange will cost far more than originally anticipated. The state estimated the cost to be between $30 and $40 million. Instead they are now looking at $54 million for 2015. In addition, the state has asked the federal government for $39 million to develop the ...

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Fiscal Cliff Will Happen

With events scheduled for in the White House and on the road, Barack Obama is back on the campaign trail spreading his message, with the clear and obvious intent of pressuring Congress into agreeing to his “fiscal cliff” terms. While he will make claims to a willingness to listen to all ideas and negotiate with all parties, in fact he ...

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Rebuttal of Ezra Klein’s and Dustin Siggins’s blatant lies

On November 20th, extremely liberal Washington Compost blogger Ezra Klein published a cretinous, completely wrong blogpost titled “The sequester’s defense cuts aren’t that scary, in one graph”. Therein, Klein falsely claims that the sequester’s defense cuts would be mild and would not gut the military: “The defense cuts contained in the sequester would be a “disaster,” says Defense Secretary Leon Panetta. Implementing them would ...

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Rebuttal of Kingston Reif’s lies

On November 19th, AOL Defense published a litany of blatant lies about the nuclear triad’s utility and cost written by an anti-defense hack, Kingston Reif, the “director of non-proliferation” at the “Center for Arms Control and Nonproliferation”, a part of the pacifist “Council for a Livable World”, an organization that advocates deep, unilateral defense cuts. In it, Reif exaggerates and ...

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Last minute Twinkie talks fail – Hostess likely to go bankrupt

After  a doomed attempt for a bankruptcy court to hold last-minute talks between the Baker’s union and the treat maker, Hostess will be back in court on Wednesday while a judge decides if it can shut down for good. The emergency talks between Hostess and The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union failed to yield any compromise ...

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Still Hope for the Twinkie!

Hostess Brands, maker of the Twinkie and Snowball, returned to bankruptcy court today prepared to begin liquidation of all assets. Instead they announced that the company will enter mediation for one last try with the Bakery, Confectionery, Tobacco and Grain Millers Union. Whether this was a brilliant marketing ploy or truly ‘a one last chance’ opportunity, it may be that ...

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Uncertain of Congress, Walmart Moves Dividend Payment

Wal-Mart Stores Inc. moved its planned dividend into late December from early January to help its investors avoid a possible jump in taxes on shareholder payouts, which is part of the so-called ‘fiscal cliff.’ In the face of looming cuts scheduled to occur January 1st and the possible ensuing tax rate changes, this decision by the board of Wal-Mart may ...

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GDP Growth Manipulation

I have a friend, Tom, who is a 48-state big rig driver. He saw an increase in road construction just before the election, especially in “swing states” such as Pennsylvania, Ohio, and Virginia, as well as country-wide. He knows about what he is talking. He thinks that the highway construction jobs had two purposes: “shovel-ready” jobs from The American Reinvestment ...

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Apple doesn’t deserve your money

If you invest in individual stocks  you will likely, or should, be steering clear of Apple (AAPL). Apple shares are now more than 25% off their September levels, but the question long term investors should ask is why? Is it because Mr. Jobs passed  and the new leadership is unable to innovate? The answer is an unequivocal “YES.” Where are the really new ...

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The End of the Twinkie?

This could be it. The end of the Hostess Twinkie. Of course, those still in their packages may last forever, but it’s possible there will be no more Twinkies. The Bakery, Confectionery, Tobacco Workers and Grain Millers union (BCTGM) has gone on strike against manufacturer Hostess. The company announced today they will file for liquidation if striking employees do not ...

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