Treasury Sells $22 Billion in Securities…Record Amount of Debt

Record Amount of Debt

Feb. 26 (Bloomberg) — Treasuries fell for a third day as the government sold $22 billion of seven-year notes in the last of three auctions this week as it issues an unprecedented amount of debt to spur the U.S. economy.

Declines were led by 10- and 30-year securities. President Barack Obama’s administration forecast a budget deficit of $1.75 trillion in the fiscal year ending Sept. 30. That’s 23 percent higher than a forecast by economists at primary dealer Goldman Sachs Group Inc., and equivalent to about 12 percent of the nation’s gross domestic product.

“This mountain of supply isn’t going to go away any time soon,” said Kevin Flanagan, a Purchase, New York-based fixed- income strategist for Morgan Stanley’s individual-investor clients. “If Obama or Congress cannot offset some of the spending with tax increases, or in cutting back on other spending, then the difference has to be made up with Treasury issuance.”

The 10-year note’s yield rose seven basis points, or 0.07 percentage point, to 3.00 percent at 5:05 p.m. in New York, according to BGCantor Market Data. It slid to a record low of 2.04 percent on Dec. 18 and averaged 4.65 percent in the past decade. The 2.75 percent security due February 2019 fell 18/32, or $5.63 per $1000 face amount, to 97 30/32.

The 30-year bond yield increased eight basis points to 3.67 percent. The two-year note yielded 1.09 percent after touching 1.11 percent, a three-month high.

U.S. stocks declined, with the Standard & Poor’s 500 Index falling 1.6 percent after earlier gaining as much as 1.9 percent.

‘It Never Ends’

Treasuries pared losses after today’s seven-year note sale yielded 2.748 percent, compared with an average forecast of 2.715 in a Bloomberg News survey of seven trading firms. The government last issued seven-year notes in April 1993, when it sold $9.76 billion at a yield of 5.58 percent.

The seven-year auction’s so-called bid-to-cover ratio, which gauges demand by comparing the number of bids to the amount of securities sold, was 2.11. Indirect bidders, a class of investors that includes foreign central banks, were awarded 38.7 percent of today’s sale. Comparable data is not available from the government.

The government sold a record $94 billion of notes this week.  (Read more.)

B.S. Report–We’re never going to offset this amount of spending with tax hikes.  We need to massively cut spending!  I suggest we close several useless departments in the federal government–starting with the executive branch.

Clint Eastwood: “We’re All Spending Too Much Time Being Politically Correct”

Hi ya Clint-Where have you been the last 20 years?

London, February 27 (ANI): Acting legend Clint Eastwood , 79, apparently believes that political correctness has rendered modern society humourless, for he accuses younger generations of spending too much time trying to avoid being offensive.

The Dirty Harry star insists that he should be able to tell harmless jokes about nationality without fearing that people may brand him “a racist”.

“People have lost their sense of humour. In former times we constantly made jokes about different races. You can only tell them today with one hand over your mouth or you will be insulted as a racist,” the Daily Express quoted him as saying.

“I find that ridiculous. In those earlier days every friendly clique had a ‘Sam the Jew’ or ‘Jose the Mexican’ – but we didn’t think anything of it or have a racist thought. It was just normal that we made jokes based on our nationality or ethnicity. That was never a problem. I don’t want to be politically correct.

We’re all spending too much time and energy trying to be politically correct about everything,” he added.

B.S. Report–Up until Gran Torino, Clint Eastwood has spent his most recent years making “politically correct” pictures like “Million Dollar Baby” and “Bridges of Madison County.”

It seemed like he was trying to undue his “tough guy” persona.  Even his politics drifted to the left.  Now, as he approaches age 80 he seems to have awoken from his little coma.  “It’s good to have you back, Clint.”

Nurses Fired For Taking Pictures Of X-Rays Showing Object Lodged in Patient’s… ‘Tailgate’

Nurses Fired For Inappropriate Behavior

LAKE GENEVA, Wis. — Nurses accused of photographing a patient and posting the pictures on the Internet have been fired.

The investigation started with an anonymous call from an employee at Mercy Walworth Medical Center in Lake Geneva, with the allegation that a nurse took pictures of a patient with her cell phone and posted them on her Facebook page.

Last week, the nurse told 12 News she never posted the pictures on the Internet. Investigators have since interviewed the nurse and said she offered more details. “There were two nurses that independently took a picture each of an X-ray of a patient,” Walworth County Undersheriff Kurt Picknell said. The patient was admitted to the emergency room with an object lodged in his rectum.

Police said the nurse explained she and a co-worker snapped photos when they learned it was a sex device. Police said discussion about the incident was posted on her Facebook page, but they haven’t found anyone who actually saw the pictures. The nurse removed her Facebook page from the Internet last week.

Without more, Picknell said this conduct does not appear to violate any state laws. He has referred the case to the FBI.”We’ve notified federal authorities of this allegation to see if there are federal violations, most notably HIPAA violations, patient rights,” he said. The hospital did not return a call seeking comment.

B.S. Report–Lets see, Wisconsin, right?  What NFL football team plays there?  Exactly!  My sources have concluded that this guy obviously is, or once was, a member of  “The Packers.”

Hey Brett...let me see your X-Rays!

Dick Morris Says Obama is a Global ‘Paul Revere’ spreading panic…

Morris: Obama The Cause Of The Panic

"Obama's turning a recession into a catastrophe."

Ultimately, all recessions and depressions resolve themselves into crises of confidence. The instant, global, 24/7 communications of today make them ever more so.  President Obama, in his pursuit of liberal big-government spending, has totally neglected the role of the president of the United States in reversing global panic.  To the contrary, his every remark and the constant preoccupation of his Cabinet is to heighten the sense of crisis and to escalate the predictions of doom if we do not do as they tell us and raise spending now and taxes later.

Instead of being a firewall, reassuring Main Street even as Wall Street crashed, he has become a conduit of panic, spreading the mood of desperation from the stock exchange floor to kitchen tables across the world.

There are bad loans, which became bad assets, that lie at the root of the crisis. Through deregulation by the government and the greed of financial institutions, they spread to every portfolio in the world. But these basic facts have metastasized out of all proportion to their real harm into job and financial insecurity for every family on Earth.  It is President Obama, not the markets themselves, who has spread this fear. A global Paul Revere, he has not only aroused us, but incited fear and trepidation in his wake.  (Read more.)

B.S. Report– Dick Morris is questioning Obama’s leadership but he also realizes the fact that Obama benefits by this situation.  Obama knows exactly what he’s doing…exacerbating the fear and using it to fulfill his agenda.

Morris believes that Obama is running out of time to blame everything, most notably the stock market, on the failures of President Bush.  I don’t know if that’s true–I think a lot of it depends on how willing the media are to accept anything “the anointed one” says without question…so far, they are very willing.

But many of them own stock, many have pension plans and 401k’s that Obama is quickly destroying.  Eventually, that has to get their attention–at least you’d think so.

Yikes! Obama’s Trillion Dollar Tax Hike

Obama’s 10-year “wealth-transfer” plan

President Obama’s budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than $250,000.

$338 billion – Bush tax cuts expire
$179 billlion – eliminate itemized deduction
$118 billion – capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion – Reinstate Superfund taxes
$24 billion – tax carried-interest as income
$5 billion – codify “economic substance doctrine”
$61 billion – repeal LIFO
$210 billion – international enforcement, reform deferral, other tax reform
$4 billion – information reporting for rental payments
$5.3 billion – excise tax on Gulf of Mexico oil and gas
$3.4 billion – repeal expensing of tangible drilling costs
$62 million – repeal deduction for tertiary injectants
$49 million – repeal passive loss exception for working interests in oil and natural gas properties
$13 billion – repeal manufacturing tax deduction for oil and natural gas companies
$1 billion – increase to 7 years geological and geophysical amortization period for independent producers
$882 million – eliminate advanced earned income tax credit

Total: $353 billion/10 years

B.S. Report–Don’t worry, it will never stop with the so-called   “rich.”  Just in case you think these tax cuts are on “the other guy,” it’s always a good policy to remember:  “YOU ARE THE OTHER GUY!”

President Obama wants us subservient and docile…and beholden to the all-powerful “state.”

Obama won't be happy until "The State" has all of us bent over and ready to receive our marching orders...

Vice-President Joseph Biden: “Always Wrong Joe” Keeps His Streak Alive…

Biden Claims Louisiana Loses 400 Jobs a Day…Wrong As Usual!

Shreveport, LA. (KSLA) – Giving the republican response to President Obama’s speech Tuesday night, Governor Bobby Jindal pointed out fundamental differences in how republicans and democrats see the economy.  “In December, Louisiana was the only state in the nation besides the District of Columbia, (according to the national press release) that added employment over the month,” says Patty Granier with the Louisiana Workforce Commission.  According to her, not only is Louisiana not losing jobs, “The state gained 3,700 jobs for the seasonally adjusted employment,” Granier said of the most recent figures.

“But what I don’t understand from Governor Jindal is what would he do?,” asks Joe Biden while on the Early Show.
That rhetorical question to Governor Jindal on the Early Show, was followed with this:

“In Louisiana there’s 400 people a day losing their jobs, what’s he doing?” asks Biden.

But that claim is wrong, if you look at the numbers from the Louisiana Workforce Commission.

But You don’t even have to take my word for it, these are numbers you can check out yourself if you just go to lawworks.net, there you can find the latest unemployment statistics; statistics that appear to directly contradict what the vice president said this morning.  (Read more.)

B.S. Report–Day in, day out, Joseph Biden is the most consistent politician on the world stage.  He’s been consistently wrong on just about every major issue since the day he first assaulted the American consciousness some 36 years ago.

But he continues to serve as the living, breathing embodiment of the Democratic Party mascot:  The Jackass.

Joe Biden's role model.

Today In History

1815–Napoleon Bonaparte escapes the island of Elba and returns to power.

Napoleon Bonaparte

1848–Marx and Engels publish “The Communist Manifesto”

No, not him

Groucho Marx

Him…

Karl Marx

1993–The World Trade Center was bombed

1996–John Stockton records 11,000 career assist for the Utah Jazz

A “Hard” Way To Go…Man Dies After Guzzling Bottle Of Viagra

A Russian man died after guzzling a bottle of Viagra to keep him going for a 12-hour orgy with two female pals.

The women had bet mechanic Sergey Tuganov $4,300 that he wouldn’t be able to follow through with the half-day sex marathon.

But minutes after winning the bet, the 28-year-old died of a heart attack, Moscow police said.

“We called emergency services but it was too late, there was nothing they could do,” said one of the female participants who identified herself only as Alina.

B.S. Report–Darn, poor guy won the bet and didn’t collect his $4,300.00! I wonder if his heirs could sue for the money.   The “little blue pill” can be deadly if misused.

I want his sex partners to comment on his uh, “performance”…at least they could say, “He was amazing!”  We found rare video of the guy just hours before his unfortunate demise… (Mature Audiences Only.)

Obama Budget: $750 Billion More For Financial Institutions

The Money Never Stops...We're hemorrhaging money and he just keeps spending.

All The Money That’s Fit To Print!

Feb. 26 (Bloomberg) — President Barack Obama’s first budget request includes a contingency for as much as $750 billion in new aid to the financial industry this year while laying plans for a health-care system overhaul and higher taxes on the wealthy.

The spending blueprint, sent to Congress today, forecasts record outlays for the current fiscal year of $3.94 trillion, up 32 percent from a year ago. That would yield a record deficit of $1.75 trillion in the year ending Sept. 30, equal to about 12 percent of the nation’s gross domestic product, the highest since World War II.

The Obama administration plans to spend $3.55 trillion in fiscal 2010, beginning Oct. 1, with the deficit narrowing to $1.17 trillion. The president has promised to cut the shortfall in half by the end of his first term.

“While we must add to our deficits in the short term to provide immediate relief to families and get our economy moving, it is only by restoring fiscal discipline over the long run that we can produce sustained growth and shared prosperity,” Obama said today before the budget was released.

Higher Taxes

The budget proposes to raise taxes on couples earning more than $250,000 a year, generating $636 billion over the next decade. To do so, Obama proposes raising the top two marginal income tax rates to 39.6 percent and 36 percent, limiting itemized tax deductions and increasing taxes on capital gains to 20 percent from the current 15 percent.

The plan would also raise taxes on many Wall Street financiers, pare subsidies to insurance companies participating in the government’s Medicare health-care system by $170 billion, and trim spending on some defense programs.

Obama, in office about five weeks, will release a more detailed budget in April. He called the outline “an honest accounting of where we are and where we intend to go.”

On the economy, the administration forecasts the gross domestic product, the value of all goods and services, will contract 1.2 percent for the entire year, reflecting the deepening recession, and rebound to an average growth rate of 3.2 percent in 2010. (Read more.)

B.S. Report–If this was a plot hatched by our enemies, it would be nearly impossible to come up with a more irresponsible economic policy.

This is an assault against every American’s freedom to pursue his or her own interests, and make life’s most important decisions free of government coercion and interference.  We are being besieged by an out-of-control federal government, and the President has still yet to get his clutches on his holy grail:  government-run health care.

Angel Obama…If he’s an Angel…He’s the ‘Angel of Bankruptcy and Government Dependence’

We finally have a President all the world loves...a President dedicated to destroying everything that made the United States extraordinary and exceptional.

A carnival float depicting a flying U.S. President Obama with Europe being dragged along is seen during the traditional carnival parade in Duesseldorf, Germany, on Monday, Feb. 23, 2009. Rose-Monday-Parades in the carnival strongholds of Duesseldorf, Mainz and Cologne are watched by hundreds of thousands of revelers and mark the highlights of Germany’s carnival season.

B.S. Report–President Obama will say anything, and say it smoothly…and most of it is pure nonsense!  He talks about slashing $2 trillion from the budget–while that’s the very amount he’s spent since he’s been in office!

Then he talks about how he “inherited” a $1 trillion dollar deficit (actually he inherited half a trillion), but he now has the deficit at $1.75 trillion and he is spending $11,833 for every American.

This is not a policy for producing American prosperity and expanding wealth, but one for increasing every American’s dependence on the Federal government.

The following video is what Obama promises…it’s exactly the opposite of what he has done.  Typical Obama double-speak.