Thursday, April 28, 2011

And In Other News . . .

With Democrats like these who needs Republicans . . .?

Do I hear $50 billion in cuts to social programs, $100 billion, $150 billion, going, going gone, social programs that help the poor, the elderly and the sick in a neighborhood near you.

GE is doing very nicely now that they have realized they make money by making things, not by being in the Finance business (Full Disclosure:  The Dismal Political Economist has GE stock and bonds.  The Dismal Political Economist is not stupid).

Greece is barreling towards restructuring their debt.  That’s “restructuring” as in defaulting.  The likely solution will be to extend maturities, which will technically be a default but still leave Greeks on the hook for the interest and principal.  European banks will still be able to record their investments in Greek debt at face value.

The growth in the U. S. economy slowed to 1.8% in the first quarter, but a lot of so-called experts are not worried, and say the results were from winter related activity.  We guess they do not understand the concept of seasonally adjusted economic growth.

CBS Reporter Lara Logan is apparently going to discuss her assault by a mob in Egypt on 60 Minutes.  Afterwards expect Sarah Palin to make a comment about the lame stream media.

A failed development project in New Jersey has gotten a new life,

reports the NY Times, thanks in part to state financial support from Gov. Christie.  Yes, that Gov. Christie, the one  who is the hero of the right wing group that wants to cut  government spending on education and frivolous things like that.  Seems the Governor has plenty of money to give to a private investor.

Unbelieveable, here is the report from the Times

Although the Christie administration once described Xanadu as a “failed business model,” the governor asked a close adviser, Jon F. Hanson, to try to resuscitate the project. The administration is offering a financing package of $180 million to $200 million, with the developer able to use most of the sales taxes they collect to repay the loan, rather than contributing the money to the state budget.

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