Plan to Save the Highway Trust Fund Falls Short

By Michael Sargent – Re-Blogged From www.heritage.orgg

Last week, the House passed an $8-billion bailout of the Highway Trust Fund using gimmicky offsets and tax increases to finance new highway and transit spending through mid-December.

Not to be outdone, the Senate released its 1,030-page, six-year highway deal, including $48 billion in offsets that make even more extensive use of tax increases and budget tricks.

The kicker is that these measures will pay for only the first three years of the bill, leaving the final three years of spending to be funded down the road or appended to deficits.

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$1.99 Per pound Filet Mignon…And War!

By Bill Holter – Re-Bloged From http://www.Gold-Eagle.com

This past Sunday night and Monday’s action in gold needs to be discussed of what I believe is now a rapidly moving big picture.  $2.7 billion worth of gold futures were sold in just 2 minutes Sunday night.  As I have asked before, “who” could possibly “own” this much gold other than an official source?  The answer of course is nearly no one other than a very small handful of ETF’s.  In perspective, $2.7 billion worth of gold is roughly 3% of global production.  Said differently, it amounts to nearly 10 days’ worth of labor and production worldwide… sold in less than two minutes!

Next, assuming there really is an entity that owns this much gold, “who” in their right mind would sell it in this fashion?  Who would sell so much and so rapidly concentrated in time as to knock the price down $50?  What trader would still have a job the following day if their own sale created a drop of four percent in the proceeds received?

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The Climate Wars Go to Congress

Patrick J. Michaels testifies before the Committee of Natural Resources at the hearing “An Analysis of the Obama Administration’s Social Cost of Carbon”

Climatologist Dr. Pat Michaels writes:
In his introductory remarks, Congressman Lowenthal (D-NY) went on the usual these-witnesses-are-climate-deniers rant.  As I was the next speaker, I re-wrote my oral testimony to point out, in three spots, that people who did not recognize the low-sensitivity papers, or the huge disparity between the mid-tropospheric observed and modeled data, or the low sensitivity in the multiauthored Otto study (15 of the authors were lead  authors in the last IPCC report), were in fact “science deniers”.

Judging from his reaction at the end of the hearing, it really got to him.

See the 3+ minute video here. It’s well worth the view!

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A 30-50% Stock Plunge ‘Would Not Be A Surprise’

By HENRY BLODGET – Re-Blogged From http://davidstockmanscontracorner.com

As regular readers know, for the past ~21 months I have been worrying out loud about US stock prices. Specifically, I have suggested that a decline of 30% to 50% would not be a surprise.

I haven’t predicted a crash. But I have said clearly that I think stocks will deliver returns that are way below average for the next seven to 10 years. And I certainly won’t be surprised to see stocks crash. So don’t say no one warned you!

So far, these concerns have just made me sound like Chicken Little. The S&P 500 is up strongly from where I first sounded the alarm.

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Science vs. Assumpsence: The Act of Knowing What You’re Quarreling About

By Geir Hasnes – Re-Blogged From http://www.WattsUpWithThat.com

Very often, and arguably most often, a disagreement is rooted in a lack of definition of what one agrees upon before starting the argument. Thus the argument soon develops into a quarrel, and while each side thinks he has won the argument in the end, he is also puzzled by why the other side doesn’t give in to the facts, of for instance, as in the case of the climate quarrel, the ‘Science’.

The statistician William M. Briggs, in his recent article Climate Change Alarmists Appear Immunized against Reality (link) asks: “This brings us to the crucial question: how do we reach educators like Johnson? We can’t do it with reality. Temperatures aren’t increasing, storms are down in number and strength, sea levels aren’t chasing folks from beaches, droughts are not increasing, parts of the world are growing greener.

“I don’t have the answer. Do you?”

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$15 Minimum Wage in New York

By  – Re-Blogged From http://www.Mises.org

The state of New York has voted to raise the hourly minimum wage from $8.75 to $15 following fast food workers’ protests. Governor Andrew Cuomo and New York City mayor Bill de Blasio and their families will pitch in the additional $6.25 per hour to help support low-wage workers in the fast food industry. “This is just the beginning. We will not stop until we reach true economic justice,” Cuomo said. “As much as fast food workers need and deserve a raise – and we know they do – we must ensure that every worker gets a living wage,” de Blasio filled in.

Well, not really. The state will raise the minimum wage, but Cuomo and de Blasio do not expect to foot the bill. Instead, they’re happy to sign the dotted line because they are on the receiving end. The “raise” effectively buys them a lot of votes using other people’s (and corporations’) money. For this reason, it is no surprise that Cuomo considers the vote “one of the really great days of my administration.”

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The Fact-Free Left

  By Thomas Sowell – Re-Blogged From http://www.LewRockwell.com

The outrage over another multiple murder of American military personnel on American soil by another Islamic extremist has been exacerbated by the fact that these military people had been ordered to be unarmed — and therefore sitting ducks.

Millions of American civilians have also been forbidden to have guns, and are also sitting ducks — for criminals, terrorists or psychos.

You might think that, before having laws or policies forcing fellow human beings to be defenseless targets, those who support such laws and policies would have some factual basis for believing that these gun restrictions save more lives, on net balance, than allowing more legal access to firearms. But you would be wrong.

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