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Tuesday, 09 August 2011 19:53

Daily Briefing (8/9/11)

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Roller Coaster

The stock market has been up and down today. It should be able to recover all the losses from the past week as long as Obama does not give any more press conferences or public speeches. One more word about “shared sacrifice” and the Federal Reserve will be forced to initiate another round of quantitative easing.

Is That You, Mr. Man Behind the Curtain?

Apparently someone made $10 billion betting that the U.S. would lose its AAA credit rating. This “unknown investor” placed a $850 million bet in the futures market with 10/1 odds that the rating would be downgraded. Who could it be? Well, we know who’s done this sort of thing before…

Reaching for the Stars

One of the founding principles of PC culture is that standards must be reduced to the lowest common denominator. Obviously excellence does not make anyone feel good about themselves. As a firm believer in this principle, Education Secretary Arne Duncan is now distributing waivers to schools that cannot achieve the student testing requirements of No Child Left Behind.

Punishment

Do you know what happens to those who lower America’s credit rating? The Senate goes after them with the full extent of an investigation. They do not take economic terrorism lightly.

Anti-College Peer Pressure

Part of a growing movement to eradicate the Electoral College, Gov. Jerry Brown signed a bill Monday that would award California’s 55 electoral votes to the presidential candidate who wins the national popular vote. This bill will only take effect if the majority of the 538 electoral votes approve similar legislation. The total now stands at 132. Almost half way there!

Compare and Contrast

Since President Obama is so keen on comparing his spending proposals to the spending levels of Dwight Eisenhower, here’s another comparison he should love. In just four days last week, the Obama administration increased the national debt more than Presidents Truman and Eisenhower did over an entire decade, even accounting for inflation.

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