Weezy, Get Me Some LSD - 7/25/2012
Here's what we're following this morning:
(via When in Doubt)
Federal Reserve "independence" is a scam and no reason to prevent a full audit - Washington's Blog | An audit will "interfere with its independence"? Please. You'd be sickened to see what the last audit showed: bailouts to foreign banks and hedge funds and McDonald's and Harley-Davidson as well as money thrown to billionaires and multi-millionaires.
Are "Boumediene rights" expiring? - SCOTUSblog | The follow-up piece can be found here. What is at stake is this: detainees held by the US military can challenge their captivity...but it is a very narrow legal opportunity. Now, the administration is saying that detainees cannot even meet with their lawyers UNLESS a military commander consents. When the detainees don't look like us and don't speak our language, we don't worry about this sort of thing; when the detainees are US and when potential exists to be imprisoned by your own government, we'll care a great deal.
About those excess reserves at the Fed - Jesse's Cafe Americain | The Fed needs to make up its mind and not trot-out whatever argument they feels suits the moment.
Mortgaging your way to a college education - Dr Housing Bubble | The burden of student debt and the impact on the starter-home market.
Gone Banana Republic - Counterpunch | Your tax dollars, hard at work: a TSA manager ran a prostitution ring from a motel room, and a supervisor is a defrocked priest.
Eurozone to blow up any time when unable to roll over credits - Russia Today | Europe ex-Germany wants eurobonds; Germany doesn't want the added backstop burden. And it's all gravy when the Federal Reserve keeps supporting other banks' balance sheets. The problem arises when central banks stop renewing credits because they're not confident with the balance sheet on the other side of the table.
Debt-ceiling rift raised costs by $1.3 billion - Wall Street Journal | Our "elected leaders" wasted time, and they wasted money. And yet they remain in the hallowed halls of DC. Meanwhile, our country is projected to spend $1.2 trillion MORE than we bring in this year.
US unemployment: neither natural nor unnatural - VoxEU | What? The Fed needs to focus on liquidity and credit? Is that even possible for them, these days?
The ever-increasing age of retirement - The Washington Post via Zero Hedge | The sad reality is that as workers get older, their retirement age will extend further and further away.
Sherman Hemsley, RIP - Dangerous Minds, Geeks of Doom