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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (47475)	2/28/2006 3:22:15 PM
From: mishedlo	Respond to of 116555

The Case for Impeachment Why we can no longer afford George W. Bush Posted on Monday, February 27, 2006. An excerpt from an essay in the March 2006 Harper's Magazine. By Lewis H. Lapham. Sources A country is not only what it does—it is also what it puts up with, what it tolerates. —Kurt Tucholsky harpers.org

To: LLCF who wrote (47475)	2/28/2006 3:49:51 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

$9 trillion Dire federal debt TREASURY Secretary John Snow says Congress must raise the federal debt limit to nearly $9 trillion by mid-March or the U.S. government will default on its obligations. This will be the fourth large hike in the debt ceiling in five years. Washington Republicans are in a sweat, because the impending vote may spotlight outrageous overspending that has occurred under President Bush, who insists on gigantic tax giveaways to the rich amid gigantic military spending. As we’ve noted before, the federal debt was only $1 trillion under Democratic President Jimmy Carter — but it quadrupled during the Republican Reagan-Bush years — then the U.S. budget was balanced again under Democratic President Bill Clinton. During the 1990s, Congress followed pay-as-you-go rules, banning new spending that lacked revenue to pay for it. This discipline slowly wiped out yearly deficits. But the businesslike policy was abandoned under Bush, to allow more militarism and more tax cuts for the affluent. To avoid the embarrassment of voting for higher debt limits, House GOP leaders adopted a sneaky rule that lets the ceiling climb automatically, without a House vote. But the Senate must vote for the $9 trillion level. Some national observers expect Senate GOP leaders to stifle debate in an attempt to accomplish the action quietly. We hope West Virginia’s senators draw public notice to this new plunge into the hole. Americans need to know that the current one-party rule in Washington lives on credit cards — and today’s children will be stuck with the tab. wvgazette.com

To: LLCF who wrote (47475)	2/28/2006 4:03:16 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Pink: Consumerism diverts us from thinking about women's rights, it stops us from thinking about Iraq, it stops us from thinking about what's going on in Africa — it stops us from thinking in general. I was brought up to question authority, and thank God for that. There's a lot of questions. A lot of people are into this escapism thing and don't want to think, and if you force them to think, you become boring. What can you do? I guess I can make videos. And it goes down a lot easier when it's funny. mtv.com

To: LLCF who wrote (47475)	2/28/2006 4:17:47 PM
From: mishedlo	Respond to of 116555

Florida Home Sales ‘Show Signs Of Market Adjustments’ The Florida realtors have their January numbers out. “Coming off several years of blistering home sales at a record pace, Florida’s housing sector followed the national trend in January and showed signs of some market adjustments, according to FAR. Realtors from across the state report that more homes are available for sale, improving what had been tight inventories in many markets.” “Statewide, sales of single-family existing homes totaled 12,815 in January compared to 15,745 homes sold a year ago for a 19 percent decrease.” “Sales of existing condominiums in Florida also decreased last month, with a total of 4,456 condos sold statewide compared to 5,461 in January 2005 for an 18 percent decline, according to FAR. This release marks the first time that FAR has reported monthly condo sales in the state’s metropolitan statistical areas.” Not mentioned in the release, but viewable in the tables at the bottom of the link is that of the 20 regions, all but 2 had declining sales, year over year, will several down 20-40% plus. Comparing previous month numbers, from December 2005 to January 2006, Fort Myers-Cape Coral SFH median price dropped $35,100 to $287,200. Fort Walton Beach SFH median was off $16,600 to $225,500 and Pensacola’s median SFH was down $12,600 to $158,100. There may be a reason they split the condos from the detached homes; besides similar sales volume decreases, some median prices saw yoy declines. Fort Walton Beach median condo prices were down 57% and Pensacola was off 61%. thehousingbubbleblog.com