Will 2013 be 1937? This is the question many analysts are posing as the stock market has dropped after the U.S. election. On Nov. 16, they noted that industrial production, a crucial figure, dropped as well. In this case, “1937” means a market drop similar to the one after the re-election of another Democratic president, Franklin D. Roosevelt, in 1936. The drop wasn’t immediate in that case; it came in the first full year after the election. Industrial production plummeted by 34.5 percent.
One big difference is that the real rate of unemployment is being hidden today. Tens of millions are now dependent on the wide array of government programs and are effectively ´´out of the workforce´´.
I caught an interesting tidbit last night, when our PBS station ran Ken Burns´ documentary on the drought of the 1930s. FDR and his advisors tried really hard to come up with a way to rescue the farmers and small town people, and FDR told them that no one could figure out what to do. That to tell them otherwise would be dishonest. But FDR visited the dust bowl, and the next day it rained. The folks there called it Roosevelt rain. Now let´s see if you people can connect the dots about what I said, to president zero.
My grandmother was a farmwife who despised FDR and wanted one of her 10 children to someday write a book about him & call it ´The Rape of the American Farmer´. His ideas of subsidies killed many farms & she never let her children forget.
Intereting parallel in a fascinating article. It describes the fiscal situation in the US and draws on history to warn us what may lie ahead. Only the people have changed - the script remains the same. History is an indispensable teacher.
In Europe, we also have the eerie rumblings of the events of almost a hundred years ago. Think trigger points. When Gavrilo Princip assassinated the heir to Austria´s throne to protest the seizure of Bosnia by the northerners, it propelled Europe into a destructive war that brought it to its knees and ushered in a new world order. I see similar discontent in countries like Spain and Greece where the opposition to the German financial complex is widespread.
DAMASCUS, Syria — Syrian government forces backed by Lebanese Hezbollah militants forged ahead with their assault on a key rebel district in the central city of Homs Sunday, activists said, as President Bashar Assad’s forces try to crush resistance in the few remaining opposition-held neighborhoods in the city known as the ‘‘capital of the revolution.’’ The push on Homs is part of a broader government offensive on rebel-held areas that has seen regime troops retake some of the territory they have lost to opposition fighters in Syria’s more than 2-year-old conflict.
Egyptian military officials said Saturday that the army has prohibited ?fishing boats from operating off the coast of the Sinai peninsula near the Gaza Strip until further notice. According to the officials, the purpose of the move, which has been implemented since Thursday, is to prevent Palestinian Jihad terrorists from infiltrating Egypt via the Mediterranean Sea. According to a source in the Egyptian army, Ynet reported, the success in the closing off of smuggling tunnels on the Egypt-Gaza border has lead to infiltration attempts ??by boat. Recently, the source added,
Cairo - Egypt´s high command said on Wednesday the army was ready to die to defend Egypt´s people against terrorists and fools, in a response to Islamist President Mohamed Mursi that was headlined "The Final Hours". The post on the official Facebook page of the Supreme Council of the Armed Forces (SCAF), headed by armed forces chief General Abdel Fattah al-Sisi, said: "We swear to God that we will sacrifice even our blood for Egypt and its people, to defend them against any terrorist, radical or fool." Issued three hours after Mursi appeared on television to reject an ultimatum from
(NICOSIA) - The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests, but banks will remain closed until Thursday - and even then subject to capital controls to prevent a run on deposits. Returned from fraught negotiations in Brussels, President Nicos Anastasiades said late on Monday the 10-billion euro ($13 billion) rescue plan agreed there in the early hours of the morning was "painful" but essential to avoid economic meltdown. He agreed to close down the second-largest bank, Cyprus Popular, and inflict heavy losses on big
The United Nations will launch an investigation into Syrian claims that rebels used chemical weapons against its troops, even as U.S. officials told CNN Thursday that initial intelligence reports suggest no such weapons were used. The announcement follows days of claims by the Syrian government and rebel that the each used chemical weapons against the other side, allegations that have raised concern the ongoing civil war had entered a new, more deadly phase. U.S. President Barack Obama and other American officials have said in recent days there was no evidence to substantiate the reports that
Stocks turned lower in choppy trading Tuesday, with the euro tumbling to its lowest level since November, amid worries that Cyprus will reject its bailout plan. The Dow Jones Industrial Average turned lower, dragged by Caterpillar. If the blue-chip index closes lower, it will log its first three-day losing streak this year. The S&P 500 and the Nasdaq also tilted lower. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped near 15. Among key S&P sectors, consumer staples held modest gains, while energy slumped.
Cyprus´ embattled president was on Sunday in talks with Brussels and political rivals to ease the terms of a planned levy on smaller deposit holders as he tried to scrape together a parliamentary majority for a €10 billion bailout for the debt-laden island. President Nicos Anastasiades is still intending to raise €5.8 billion from Cypriot bank accounts to help fund the bailout, an unprecedented move by the eurozone that could yet spark wider concern about the safety of bank deposits in the bloc. Cypriot authorities were weighing an additional bank holiday on Tuesday pending emergency parliamentary ratification of the deal which would
President Obama will cast growing income inequality and a decline in economic mobility as a “fundamental threat to the American dream” during a speech Wednesday in Washington. The speech will serve as an early preview for next year’s State of the Union address, according to a White House official, who said Obama would focus much of his energy over the next three years on the issue. “The decisions we make over the next few years will determine whether or not our children will grow up in an America where, if you work hard, you can get ahead,” the official said.
Good stuff from Jonathan Turley at today’s House hearing on executive power, although I regret that I couldn’t find a more user-friendly format for you to watch. There’s no compilation clip; you’ll have to make do with the C-SPAN embed by fast-forwarding to the time cues I give you and being patient while the vid buffers (and buffers, and buffers).(Snip)That brings us to point two: Even if Congress can’t stop Obama, the courts can. The problem there, though, says Turley, is that O and the DOJ have argued successfully in many cases that no one has standing to sue him
Bill Clinton, the cliché goes, was the first black president, no matter his skin color. That being the case, Barack Obama is not the first black president, or the first African-American president, if you prefer, but the first hippie president. Clinton’s southern background and lifestyle were indeed more typically black, just as Obama’s was more typically hippie. And we’re not just talking about the “Choom gang” here, scarfing “Maui Wowie” on the sands of Oahu. We’re talking about all of it, the whole multi-culti-missing-white-mother-vanished-Kenyan-father-anti-imperialist-America-is-always-the-enemy-and-don’t-you-forget-it-nine-yards. And like most hippie culture as I knew and experienced it, it wasn’t about “peace and love.” Not
During a presentation at the White House in which President Barack Obama touted the benefits of the Affordable Care Act, the president declared that his signature health care reform law was not going to be repealed. This assertion led his administration members, his staff, and audience members to rise from their seats and give the president a standing ovation. Obama said that ACA opponents’ alternative to the health care reform law is to champion repeal and going back to the health care delivery system status quo ante. He specifically cited Sen. Mitch McConnell (R-KY) who he said was asked directly for
A woman has revealed how difficult it is to eat healthily and stay full when living off an average food stamp budget. Melinda Moulton, from Huntington, Vermont, was one of 200 people to take part in the 3Squares Challenge, which saw her living for a week on just $36 worth of food, or around $1.71 a meal. Opting to try and eat as healthily as possible, Ms Moulton resorted to cheap foods like yogurt for breakfast, two handfuls of peanuts for lunch and lentil stew for dinner, all of which left her unsatisfied.´I don´t know how people do it,´ said
[Video] President Obama on Wednesday declared that addressing income inequality would be the focus of “all” of the White House’s efforts “for the rest of my presidency.” In a sweeping address that touched on raising the minimum wage, investing in infrastructure and ending tax breaks for the wealthy, Obama warned that the American economy has become “profoundly unequal,” declaring economic mobility the “challenge of our time.” “The combined trends of increasing inequality and decreasing mobility pose a fundamental threat to the American dream, our way of life, and what we stand for around the globe,” he said in an hour-long
Just over two weeks ago, MSNBC host Martin Bashir delivered a harsh piece of commentary that culminated in the suggestion that someone should “s-h-i-t” in former Alaska Governor Sarah Palin‘s (R-AK) mouth. Bashir offered an abject apology on his next broadcast, but a chorus of critics continued to demand action against the host. After a reported “vacation” for the host earlier this week, Bashir announced, Wednesday afternoon, that MSNBC and Martin Bashir are parting ways. Here’s the statement from Martin Bashir, via email: After making an on-air apology, I asked for permission to take some additional time out around the Thanksgiving holiday. Upon