Tag Archives: wall street

Business/Economics, U.S.

What Economic Recovery? New Kmart & Sears closings for the start of 2013. Store leases worth more than the stores themselves! Stock analyst says it’s time to dump your Sears Holdings stocks!

On 31 December 2012, the 69 employees at a North Carolina Kmart were told they were unemployed.  The Peters Creek store in Winston-Salem had been in operation since 1978.

On 22 December 2012, employees at a franchised Sears Hometown store, in the U.S. territory of Guam, were told they were now unemployed.  The franchise owner refused to comment to local media as to why he was closing the store.  The store had been in operation since December 2010.

A retail property analyst, Britt Beemer (America’s Research Group), said there were still hundreds of Kmarts with leases that are “worth millions of dollars, much more than the profit of the store”.  Those store will most likely be closed.

A stock market analyst, David Zanoni (Seeking Alpha), recently said it was time to short sell shares of Sears Holdings.  Normally he advises to hold onto stocks for the long run, but he says this about dumping Sears: “Sears Holdings is a great candidate for this as it has declining fundamentals with no positive catalysts in sight.” 

Here’s the updated list:

Arizona: Scottsdale Sears/Great Indoors, Chandler Sears/Great Indoors.

Alabama: Gadsden Kmart (50 jobs lost), Mobile Sears (at least 40 jobs lost), Auburn Kmart (at least 40 jobs lost).

California:   El Monte Sears (at least 40 jobs lost. Damien Arrula, El Monte’s economic development director, said the store manager had lied about what was going on: “The general manager of the store had just indicated to me that they were remodeling.”), two San Diego Sears (at least 80 jobs lost), Pleasant Hill Kmart (more than 50 jobs lost).

Colorado:  Broomfield Kmart (at least 40 jobs lost), Glenwood Springs Kmart (at least 40 jobs lost), Lone Tree Sears/Great Indoors, Longmont Sears (at least 40 jobs lost), Pueblos’ South Side Kmart (52 jobs lost),  Denver Kmart (number of jobs lost have not been made public at this time, but could be at least 40).

Georgia: Macon Sears (at least 40 jobs lost), Buford Kmart (at least 40 jobs lost), Douglasville Kmart (at least 40 jobs lost), Atlanta Kmart (at least 40 jobs lost), Columbus Kmart (at least 40 jobs lost), Jonesboro Kmart (at least 40 jobs lost), Cartersville Kmart (74 jobs lost).

Guam: Recently revealed Sears Hometown Store.

Florida: Fernandina Beach Kmart (at least 40 jobs lost), Callaway Kmart (at least 40 jobs lost), Orange City Kmart (at least 40 jobs lost),  Deland Sears (at least 40 jobs lost), Stuart Sears (at least 40 jobs lost), West Palm Beach Sears (at least 40 jobs lost), Port St. Lucie Sears (at least 40 jobs lost), Crystal River Sears (at least 40 jobs lost), New Smyrna Beach Kmart (at least 40 jobs lost), Saint Augustine Kmart (at least 40 jobs lost), Pompano Beach Kmart (at least 40 jobs lost),  Jacksonville Kmart on 5751 Beach Boulevard (71 jobs lost), second Kmart in Jacksonville on 4645 Blanding Boulevard (83 jobs lost), Ocoee Sears (102 jobs lost), Pensacola Kmart on Airport Boulevard closed in 2011, Pensacola Kmart on Mobile Highway to be closed by 03 February 2013 (69 jobs lost), Hialeah Kmart (67 jobs lost).

Idaho: Lewiston Sears (at least 60 jobs lost).

Indiana:  Anderson Sears (at least 40 jobs lost), Saint John Kmart (at least 40 jobs lost), Indianapolis Kmart (at least 40 jobs lost).

Illinois:  Alton Sears (at least 40 jobs lost), Melrose Park Sears parts and repair center (50 jobs lost), Zion Kmart (at least 40 jobs lost), Oak Lawn Kmart (at least 40 jobs lost), McHenry Kmart (at least 40 jobs lost), Peru Kmart (at least 40 jobs lost), Lombard Sears/Great Indoors (at least 40 jobs lost), Fairview Heights Kmart (81 jobs lost), Freeport Kmart (45 jobs lost), Pontiac Kmart (more than 47 jobs lost), Homer Glen Kmart (82 jobs lost), Streator Kmart (45 jobs lost), Lombard Kmart (70 jobs lost).  By the way, Illinois elected officials gave Sears Holdings/Hoffman Estates a $150 million USD tax break to keep their headquarters in the state.  The tax break was not tied to any promise not to close stores.

Iowa:  Cedar Rapids Kmart (at least 40 jobs lost), Davenport Kmart (at least 40 jobs lost), Burlington Kmart (50 jobs lost), Coralville Sears (94 jobs lost, this is a store sold to GGP earlier in the year).

Kansas: Lawrence Sears (at least 40 jobs lost).

Kentucky: Middlesboro Sears (in September 2012 the Sears store re-opened under independent ownership, official grand re-opening scheduled for November), Winchester Kmart (back in May, Rankin Paynter bought out what was left of the inventory and gave it to charity), Hazard Kmart (at least 40 jobs lost).

Maine: Lewiston Sears (60 to 70 jobs lost).

Maryland: Ellicott Sears (at least 40 jobs lost), Gaithersburg Sears/Great Indoors.

Michigan: Novi Sears/Great Indoors, Brighton Sears Grand/Essentials,  Harper Woods Sears Full line, Monroe Sears Full line, Adrian Sears Full line, Washington Township Kmart, Chesterfield Kmart, Woodhaven Kmart, Flint Kmart (46 jobs lost).

Minnesota: Willmar Kmart, Duluth Kmart, New Hope Kmart, White Bear Lake Kmart.

Mississippi: Jackson Sears Full line, McComb Sears Full line, Columbus Sears Full line.

Missouri: Lee’s Summit Sears Grand/Essentials, Saint Louis Sears Full line.

Montana: Missoula Kmart (50 jobs lost).

New Hampshire: Nashau Sears Grand/Essentials, Keene Sears Grand/Essentials.

North Carolina: High Point Sears, Moorehead Sears, Rocky Mount Sears, Statesville Sears, Durham Kmart (79 jobs lost), Asheville Kmart (53 jobs lost),  West Smithfield Kmart (59 jobs lost), recently revealed Winston-Salem Kmart (69 jobs lost).

New Jersey:  Lawnside Kmart (about 80 jobs lost).

Ohio: Chagrin Falls Kmart, Springfield Kmart, two Toledo Kmarts, Medina Kmart, Columbus Kmart, Columbus Sears/Great Indoors, Zanesville Sears (67 jobs lost), Trotwood Kmart (71 jobs lost).   Also, Van Wert Sears franchise bought out by Kirk Berryman, owner of Computer & Networking Technologies (CNT), who plans on moving the store to a new location.

Oklahoma: Oklahoma City Sears (98 jobs lost, GGP owned).

Oregon: Roseburg Sears (at least 40 jobs lost), Tualatin Kmart Center (new property owner from California is tearing everything down for new shopping center, so far no indication the Kmart will be part of the new shopping center).

Pennsylvania: Upper Darby Sears Full line, Pottstown Sears Full line, Pittsburgh Kmart, Wilkins Sears.

South Carolina: Sumter Sears (at least 40 jobs lost), Orangeburg Sears (approximately 50 jobs lost).

Tennessee: Antioch Sears (at least 40 jobs lost), Cleveland Sears (at least 40 jobs lost), Oak Ridge Sears (at least 40 jobs lost), Hendersonville Kmart (at least 40 jobs lost), Morristown Sears (about 70 jobs lost).

Texas: Two Sears parts and repair centers closing in The Woodlands (117 jobs lost), rebuild center in Garland (58 jobs lost), Farmers Branch Sears/Great Indoors, Houston Sears Great/Indoors.

Virginia: Norfolk Sears (at least 40 jobs lost),  Midlothian Kmart (at least 40 jobs lost), Richmond Kmart (at least 40 jobs lost), Lynchburg Sears (84 jobs lost).

Washington: Walla Walla Sears Full line (in August 2012, it was reported that an independent owner of Sears Hometown stores will open a store in Walla Walla), Lacey Kmart (at least 40 jobs lost), Kelso Sears (47 jobs lost), Lakewood Kmart (59 jobs lost), Bellingham Sears (92 jobs lost).

West Virginia: Oak Hill Kmart (59 jobs lost).

Wisconsin: West Baraboo Sears (at least 40 jobs lost, local village officials say the store generated 3% of local tax collections), Rice Lake Kmart (about 71 jobs lost).

On top of that, Sears Holdings sold stores to General Growth Properties (GGP), of which it has been reported that most of those stores will be closed.

Here’s the list of 11 Sears stores now owned by GGP:

Iowa: Coral Ridge Mall (it’s official the Sears is closing, see above), and Mall of the Bluffs

Texas: The Woodlands Mall (this does not involve the two repair centers being closed by Sears)

Florida: West Oaks Mall

Utah: Fashion Place, and Provo Towne Centre (note the evil British empire way of spelling town & center. Due to a favorable lease agreement the GGP owned Provo Sears will continue to stay open under Sears Holdings management)

Oklahoma: Quail Springs Mall (it’s official, the Sears will be closed, see above)

Hawaii: Ala Moana Center

Washington: Bellis Fair Mall (Bellingham store, see above)

Minnesota: Apache Mall

Illinois: Market Place Shopping Center

International, U.S.

World War 3: China, France and United States evacuating CAR. France and U.S. increase troop presence. IMF says it’s all about the oil, baby!

31 December 2012, Central African Republic (CAR) government forces are abandoning their capitol city, as rebel forces move in.  The most recent reports say the coalition of three rebel groups (known as Seleka) are one town away from victory.

U.S. President Barack Obama has informed Congress that he is sending 50 additional troops to help evacuate U.S. citizens.

China has evacuated about 300 citizens from CAR.  More are expected to leave in the next few days.

France has increased its troop presence to 400.  Officials say it’s only to help evacuate French citizens.

Reports say that the government of CAR has repeatedly asked France and the U.S. for help fighting the rebels, but got no response.

CAR has significant resources, like oil.  As recently as October 2012, the International Monetary Fund (IMF) stated that there is so much oil in central Africa that the expected revenues have the “….Power to Transform Countries of Central Africa”.

The IMF even published a policy book on it, called Oil Wealth in Central Africa: Policies for Inclusive Growth.  Six countries are talked about: Cameroon, Central African Republic (CAR), Chad, Equatorial Guinea, Gabon, and the Republic of Congo.

One IMF economist said that most of the governments are reluctant to adopt IMF policies regarding economic progress, and implies that those countries need some prodding: “…of all the countries that are in this region, none of them are fully compliant with EITI, the Extractive Industries Transparency Initiative….” , “To some extent, there is a reluctance to move, because at the end of the day these are political choices…….We think that with greater awareness, and also particularly of the cost of what is not being achieved, these circumstances will change.”-Sharmini Coorey, IMF Institute for Capacity Development

 

 

 

Business/Economics, U.S.

What Economic Recovery? U.S. Treasury preparing to take “extraordinary measures”!

December 26, 2012

The Honorable Harry Reid

Majority Leader

United States Senate

Washington, DC  20510

Dear Mr. Leader:

I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, and to notify you that the Treasury Department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations.

These extraordinary measures, which are explained in detail in an appendix​ to this letter, can create approximately $200 billion in headroom under the debt limit.  Under normal circumstances, that amount of headroom would last approximately two months.  However, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it is not possible to predict the effective duration of these measures.  At this time, the extent to which the upcoming tax filing season will be delayed as a result of these unresolved policy questions is also uncertain.  If left unresolved, the expiring tax provisions and automatic spending cuts, as well as the attendant delays in filing of tax returns, would have the effect of adding some additional time to the duration of the extraordinary measures.  Treasury will provide more guidance regarding the expected duration of these measures when the policy outlook becomes clearer.

Sincerely,

Timothy F. Geithner

 

U.S.

2nd U.S. Civil War: Government security = More violence

“Many Americans believe that if we simply pass the right laws, future horrors like the Sandy Hook Elementary shooting can be prevented. But this impulse ignores the self evident truth that criminals don’t obey laws.”

“The president and other government officials denounce school violence, yet still advocate for endless undeclared wars abroad……U.S. drone strikes kill thousands, but nobody in America holds vigils or devotes much news coverage to those victims, many of which are children…..”

“…….our federal government has zero moral authority to legislate against violence.”

“Government cannot create a world without risks, nor would we really wish to live in such a fictional place. Only a totalitarian society would even claim absolute safety as a worthy ideal, because it would require total state control over its citizens’ lives. We shouldn’t settle for substituting one type of violence for another. Government role is to protect liberty, not to pursue unobtainable safety.“

“Freedom is defined by the ability of citizens to live without government interference, not by safety.”

Ron Paul, U.S. Congressman from Texas

Read his full statement here.

International, U.S.

World War 3: Barack Obama deploying U.S. forces throughout Africa! Use of Domino theory is more evidence of U.S. invasion of Mali! UN OKs Mali war!

On 24 December 2012, the Associated Press revealed that the United States is deploying thousands of troops to 35 African countries.

Approximately 4,000 personnel from the U.S. Army’s 2nd Brigade, 1st Infantry Division (Dagger Brigade, based at Fort Riley, Kansas), will deploy in March 2013.  This report follows earlier reports that plans were being made to invade Mali.

On 23 December, the Associated Press published an article which revealed that the United Nations Security Council approved the request of the African Union (AU) for military action in Mali.  It just so happens that the AU invasion plan calls for at least 3,300 troops.

It’s also coincidentally convenient that some of the U.S. Army’s Dagger Brigade soldiers are from Africa: “We do have some soldiers who either came over from Africa and went to school here and then joined the military or came over with their families.”-Colonel Jeff Broadwater

Officially the deployment is for training purposes.

Regarding Mali, a 25 December 2012 National Public Radio (NPR) report gave strong proof that the U.S. is about to ramp up activity in the western African country; one U.S. General is using the old Domino theory to justify war:  “What I worry about more than anything is a growing linkage which I think poses the greatest threat to regional stability across Africa, certainly into Europe and to the United States as well.”-General Carter Ham, U.S. Africa Command

NPR also interviewed an analyst who says ‘terrorism’ in Africa is more about poverty and predatory governments (like the U.S. government?): “Terrorism is really a symptom of a lot of other problems that really the military is not the best organization to solve.”-Richard Downie

You’d think after 11 years of failed War on Terrorism our exalted leaders would understand that.

Business/Economics, International, U.S.

What Economic Recovery? United Nations says it ain’t gonna happen

A recent economic report from the UN says western economies (Europe, North America, Japan) will not see any recovery of the tens of millions of job losses since 2008, for at least five more years.

UN economists point to low projected GDP numbers as proof: “This pace of growth will be far from sufficient to overcome the continued jobs crisis that many countries are still facing.”-World Economic Situation and Prospects 2013

International, U.S.

World War 3: U.S. occupation of Afghanistan; 17 – 24 December 2012. Lil’ol Afghan Woman kills big tough U.S. cop! Police commander kills own cops? Spain says they will stay after the 2014 pullout! More proof taxpayers are fools! Soviet landmines still at work!

24 December 2012

ISAF said: “An International Security Assistance Force service member died following an insurgent attack in eastern Afghanistan today.”

In Badghis Province, local government officials reporting that at least ten local cops joined the Mujahideen.  This is the largest group defection in the province, so far.  People of the Chehl-Gazi area, in Abkamari district, say the cops had been making plans to become Mujahideen for some time.

In Kabul city, a local policewoman shot and killed a U.S. police adviser.  Reports say it happened in a police station. The policewoman has been arrested.  Some reports say the policewoman was seeking vengeance against her male supervisors, however she could not find them in the police station, and her only target of opportunity was the U.S. adviser.

23 December 2012

In Jowzjan Province, five local cops were assassinated, by their own commander! Some reports say the commander joined the Mujahideen and started his rebellion by attacking a police check point, killing his former underlings. However, other reports say the commander was kidnapped when Mujahideen attacked the police check point.  The commander was responsible for recently freeing two Turkish citizens that had been kidnapped.

International Security Assistance Force (ISAF) said: “During an operation in Sherzad district, Nangarhar Province, Sunday, an Afghan and coalition security force killed Obaidullah, one of the top Taliban leaders in the district.”

Possibly in response, Mujahideen attacked a U.S. led military convoy in Nangarhar Province. Reports say as many as ten U.S. personnel were killed, along with three civilians. No comment from ISAF.

In Kabul city, 600 shops burned up after a fire started in a busy market. Some reports say people were hurt, and that the fire was caused by an electrical short circuit.  However, the city police chief says they are looking for a private security guard, working at the market, who went missing right before the fire stated.

22 December 2012

In Ghanzi Province, Ghazni city, an explosion wounded three people.  It was caused by a bicycle bomb, local police say the target was an intelligence officer.

Pakistan is accusing Afghanistan of torture, and has closed its borders: “The Government of Pakistan takes serious note of the incident involving 29 Pakistanis who were returning from Afghanistan and were badly beaten en-route reportedly by Afghan forces despite having valid travel documents/passports.”-Pakistani Foreign Ministry statement

After several investigations revealed that most of the corruption in Afghanistan involves taxpayer money laundering by foreigners (like the U.S.), President Hamid Karzai blasted them: “Corruption in Afghanistan is a reality, a bitter reality. The part of this corruption that is in our offices is a small part: that is bribes. The other part of corruption, the large part, is hundreds of millions dollars that are not ours. We shouldn’t blame ourselves for that. That part is from others and imposed on us.”

The Spanish Prime Minister, and the Defense Minister, paid a visit to a Spanish NATO logistics base in Herat Province.  It was the first time the Spanish Prime Minister, Mariano Rajoy, was in Afghanistan.  He said some Spanish NATO troops will stay in Afghanistan past the official 2014 U.S./NATO pullout.

Afghanistan uses the Solar Hijri calendar system, and their lawmakers have just rejected the budget for the upcoming year of 1392.  The main reasons is that the proposed budget is not balanced and there is hardly any funding for infrastructure.  Most of the funding was slated for police and military.

21 December 2012

Apparently there was a media blackout on this day.

20 December 2012

In Nimroz Province, two Afghan security personnel and five civilians were killed, and one cop wounded, after a large roadside bomb exploded.  Government officials say they’re investigating to find out what happened.

The Georgian Ministry of Defense revealed that one of their soldiers has been missing since 19 December. Georgia has troops based in Helmand Province.

A report says that female cops in Afghanistan are enduring sexual harassment, even rape, at the hands of male cops. One female cop said most of the men wish the Taliban were in charge again: “They want it to be like the time of the Taliban. They tell us every day we are bad women and should not be allowed to work here.”

The United States Army wants to execute Sergeant Robert Bales, accused of mass murder of two Afghan families.  There are those who think the U.S. is making a scapegoat out of Bales because many witnesses said there were at least 20 U.S. soldiers involved.  Afghan police investigation also concluded the killings involved more than one shooter.

19 December 2012

Yet another report says Green on Blue attacks are caused by U.S./NATO personnel treating their Afghan counterparts like crap.  The latest report actually involves U.S. military investigation, which said the majority of Green on Blue attacks were due to “personal issues”, not Mujahideen infiltrating Afghan government forces; 38% were likely to have been triggered by personal motives, 14% were attributed to co-option (insurgents persuaded a member of the security forces to help carry out an attack), only 6% were suspected cases of enemy infiltration.

Yet another report says U.S. taxpayer money being thrown away in Afghanistan.  The U.S. State Department’s Special Inspector General for Afghanistan Reconstruction (SIGAR) found that millions of U.S. dollars have been given to contractors who did no work. One example is $5.76 million given to a contractor to do electrical utility work, which was never completed.  The scams involve the military as well: “Almost $12.8 million in equipment purchased to meet urgent needs in support of the counterinsurgency strategy is sitting unused in storage… without a clear plan for installation.”-John Sopko, SIGAR

18 December 2012

In Nangarhar Province, unknown gunmen assassinated a movie actor.  There is no explanation other than the actor might have been a social activist.

In Kandahar Province, four border cops were killed, and three wounded, by a fellow border cop.  Investigators say the victims were first poisoned before being shot.

In Nuristan Province, reports of heavy fighting between Afghan government forces and Mujahideen.  Government officials claim they’ve killed three Mujahideen, the Mujahideen claim they’ve killed or wounded several government personnel.

17 December 2012

In Kabul city, the office of a U.S. military contractor, Contrack International, was hit with a car bomb: “A small truck packed with explosives detonated between Contrack and Najeeb Zarab factories, one person is dead and 15 others are wounded.”-Mohammad Ayoub Salangi, Kabul police chief

In Nangarhar Province, ten girls were killed when they set off a landmine while collecting firewood.  Local government officials said the landmine apparently had been there since the Soviet occupation in the 1980s.

International, U.S.

World War 3: Japan withdraws from Golan Heights, Israel conducting wargames for new kind of enemy, blaming Syrian ‘civil’ war

21 December 2012, the United Nations renewed its peacekeeper observation mission in the Golan Heights, but Japan says no more and is pulling out.

On 19 December, the UN Security Council extended the Golan Heights mission to 30 June 2013.  On 21 December, Japanese media reporting that Japan’s Defense Minister, Satoshi Morimoto, ordered the Japanese Self Defense Forces (SDF) peacekeeper contingent out of the Golan.  Interestingly, the Israeli media reported on the Japanese pullout back on 11 December!

Japanese officials blame the Syrian ‘civil’ war.

It’s that same reasoning that the Israeli government is using for increased military activity in the Golan.  For the first time ever, Israeli Defense Forces (IDF) combat exercises, in the Golan Heights, were held during the Hanukkah holiday.  The Netzach Yehuda battalion, from the Kfir Brigade, now holds that distinction.

Battalion leaders revealed the combat training is for an enemy Israel is not used to fighting: “The fact that the exercise is aimed at fighting against a different enemy, which behaves differently from what we are used to, is a new and special thing for the fighters, and therefore this is a great professional improvement.”-Lieutenant Colonel Telem Chazan

The Japanese SDF had been observing the ‘peace’ in the Golan since 1996, and this is the first time the Japanese government has ended a peacekeeping mission for security reasons.

Israel took the Golan from Syria during the 1967 war, and again during the 1973 war. Then in 1981 Israelis passed the Golan Heights Law, a way of unofficially annexing the territory.  But as far back as 1967 the United Nations passed UNSCR 242, which has as demand number one: “Withdrawal of Israel armed forces from territories occupied….” 

There is also the UN General Assembly resolution 3414 (XXX) of 05 December 1975: “…immediate, unconditional and total withdrawal of Israel from the Arab territories occupied since 1967.”

UN Security Council resolution 497 of 17 December 1981: “…the Israeli decision to impose its laws, jurisdiction and administration in the occupied Syrian Golan was null and void and without international legal effect…”

But ironically it’s the U.S./European/Israeli backed Syrian ‘civil’ war that has the UNSC extending the peacekeeping mission in the Golan Heights: “Recent incidents across the cease-fire line have shown the potential for escalation of tensions between Israel and the Syrian Arab Republic, and jeopardize the cease-fire between the two countries.”

Sounds like a set up, to me.

Business/Economics, International

Corporate Evil: Mitsubishi ripped off its biggest customer; taxpayers! More proof that Western Capitalist Corporations are welfare scammers!

21 December 2012, the government of Japan is hitting Mitsubishi Electric with hundreds of millions of dollars in fines, after an investigation revealed that the manufacturing giant ripped off taxpayers for at least ten years.

Japan’s Defense Ministry says Mitsubishi Electric overcharged taxpayers on military contracts, to the tune of $295 million USD.

Japan’s JAXA space agency announced that Mitsubishi Electric overcharged the taxpayers by around $74 million.

Mitsubishi must now pay back the overcharges, plus fines, but doesn’t have the money.  But at least the executives of the Japanese company are more responsible than their U.S. unAmerican Corporate America counterparts; Mitsubishi execs will cut their pay in half for at least six months to try and help the company pay the piper (so they say).

Mitsubishi is already in trouble as their sales in China are crashing, and they expect only half of the profits they were forecasting at the beginning of the year.

Business/Economics, Opinion, U.S.

Dumb ‘mericans & Incompetent Media! Fiscal Cliff done deal! Almost the exact same politicians trying to ‘stop’ fiscal cliff are the ones who created it!

21 December 2012, I wonder how many Dumb ‘mericans out there think the “fiscal cliff” is some kind-o-god sent law, like the ten commandments.  Well, it’s a done deal but not because of any divine power, it was created by almost the very same ‘elected’ republicans and democrats who now act like they’re trying to stop it.

Speaker of the U.S. House of Representatives, John Boehner, cancelled 21 December’s vote on a proposal designed to draw concessions from President Barack Obama.  But don’t blame Obama, that starts with President George W. Bush, and it was Congress who wrote the law!

The tax increases and government spending cuts can be traced back to the Bush tax cuts, aka Economic Growth and Tax Relief Reconciliation Act of 2001.  But it’s not that simple, as it involves successive Acts passed under the Bush and Obama administrations (Jobs and Growth Tax Relief Reconciliation Act of 2003, Tax Relief American Recovery and Reinvestment Act of 2009 [aka Stimulus] Unemployment Insurance Reauthorization and Job Creation Act of 2010 and finally Budget Control Act of 2011).

All those ‘Acts’ were intended to save the economy through tax reductions and government spending increases.  However, most of the tax reductions helped only the ultra-rich and the Too Big to Fails (it’s now clear they did not spend it on creating the millions of new jobs economists said were needed), and most spending increases (like the military) came with spending cuts elsewhere (like social programs).

So almost every elected official in the U.S. Congress, now, are the same people that created those Acts, and if not the same person it’s the very same political parties controlling the House and Senate, remember the recent ‘elections’?

In their wisdom they threw in massive ‘automatic’ austerity cuts if their previous efforts to save the U.S. economy failed.  They claim they’re ‘automatic’ because they can through up their hands and say “Oh, we can’t do anything about it, it’s the law!”  Yeah, the very law they created!

And then there’s the incompetent media, who’s giving us daily reports on the ‘progress’ being made to stop the fiscal cliff.  Idiots!  It’s a done deal!  Think about it, what is(are) the plan(s) our elected officials are coming up with?  Tax increases and spending cuts!  In other words what we’re facing is either massive austerity measures or tax increases and government spending cuts.  Austerity is austerity, but if you’ve been paying attention to what’s happening in many European countries then you should know this isn’t over.  Most Euro countries (especially Greece) have been passing austerity measures, only to have to turn around and pass more tax increases and government spending cuts just a few months later.

No matter how you look at it, the Fiscal Cliff is a done deal!