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As expected, the Fed has just bailed out the world once again: FED, ECB, BOJ, BOE, SNB, BANK OF CANADA LOWER SWAP RATES - BBG ECB, FED other major central bank to lower the pricing of existing USD liquidity swaps by 50BPS And as we have been writing every single day, the worldwide dollar crunch is now confirmed: At present, there is no need to offer liquidity in non-domestic currencies other than the U.S. dollar And finally, a promise to bailout Bank of America when it hits $4.00 again: U.S. financial institutions currently do not face difficulty obtaining liquidity in...

It appears that central bank intervention was not the only thing in full force today: The US version of the Chinese Ministry of Truth in economic reporting has now officially joined the fray. Anyone wondering just how much of a joke the US high frequency economic data updates have become should look no further than these three charts showing Wall Street forecasts (consensus and distribution) and actual prints for the ADP Payroll, the Chicago PMI and Pending Home Sales. Not one indicator has come below 4 standard deviations above the average forecast, and every single one has printed above the...

In a bipartisan effort, the House of Representatives and the United States Senate approved the Conference Committee report on spending bill H2112, which among other things, funds the United States Department of Agriculture. On November 18th, as the country was celebrating Thanksgiving, President Obama signed a law, allowing Americans to kill and eat horses. Essentially, one turkey was pardoned in the presence of worldwide media while in the shadows, buried under pages of fiscal regulation, millions of horses were sentenced to death.

President Barack Obama will press European Union officials on Monday to reach a definitive solution to their sovereign debt crisis which is emerging as a major 2012 U.S. election worry. As Germany and France scramble to tighten budget controls across the euro zone, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso will face tough questions from Obama at the White House on how much longer the crisis might go on. No breakthroughs are expected from the meeting, which will not include the European heads of state who need to make crucial decisions about the future...

A west Georgia business owner’s sign that he is not hiring until President Obama leaves office is going viral, according to a local Georgia television station. "New Company Policy: We are not hiring until Obama is gone," read the company’s signs on the side of its trucks, according to the station, 11Alive. "Can't afford it," explained the employer, Bill Looman. "I've got people that I want to hire now, but I just can't afford it. And I don't foresee that I'll be able to afford it unless some things change in D.C." Looman's company is U.S. Cranes, LLC. He said...

WASHINGTON (AP) — President Barack Obama plans to make a statement to reporters Monday after the deficit-cutting supercommittee announced that it had failed to reach an agreement.

Leadership: The president is at it again, bad-mouthing the U.S. abroad. Last week he told Australians that our kids are "behind" in education and that the solution is —what else? —more government spending. Let's unpack that.To start, normal presidents don't go around to other countries telling the locals that their country's schoolchildren are underachievers. Not Obama. "A lot of poor children don't get the support they need when they're very young," Obama told a roomful of inquiring students down under. "So by the time they get to grammar school, they're behind."From that, Australians can only take home the message that...

The United States government officially passed the $15 trillion debt milestone on Tuesday. The Republican National Committee produced a little video to commemorate the occasion, and remind us of the bygone days when Barack Obama​ stridently declared $9 trillion in debt was too much, and he’d cut the deficit in half by the end of his first term: Many people have become concerned about the staggering amount of American debt purchased by China. Those people can relax, because China is no longer the largest holder of U.S. government debt. Who is? Why… none other than the U.S. Federal Reserve​. That’s...

(Visiting DC)The Obama Administration announced its objection to including President Roosevelt’s prayer on the World War II Memorial in Washington DC. The Obama White House said the prayer would dilute the message of the memorial.Todd Starnes reported: Republican lawmakers and conservative activists are expressing outrage after the Obama administration announced its objection to adding President Franklin Roosevelt’s D-Day prayer to the World War II Memorial in Washington, D.C.The objection was noted during a congressional hearing on Rep. Bill Johnson’s (R-OH) bill – the “World War II Memorial Prayer Act of 2011.”“It is unconscionable that the Obama administration would stand...

Republicans’ economic proposals are inflexible, insincere, selfish and motivated by the pursuit of partisan advantage rather than by a concern for Americans, according to President Barack Obama’s statements to an international press conference at the G-20 meeting Friday morning. “As soon as I get some signal from Congress that they’re willing to take their responsibilities seriously, I think we can do more [for the economy], but that is going to require them to break out of the rigid ideological positions they’ve been taking,” he told the assembled media in Cannes, France.

President Barack Obama said Monday he does not regret a $528 million loan to a solar energy company that later collapsed, saying officials always knew a clean energy loan program would not back winners 100 percent of the time. "There are going to be some failures, and Solyndra's an example," Obama said in a television interview, referring to a California solar panel maker that declared bankruptcy last month and laid off its 1,100 workers. The company's failure has become a rallying cry for critics of Obama's clean energy program who say the government should not try to predict winners and...

Newly released emails show a Democratic donor, as well as officials inside the White House, were expressing concern more than a year ago that now-bankrupt solar firm Solyndra's financial situation could deteriorate and prove "embarrassing" for the Obama administration. The emails were released Monday by a Republican-led House panel looking into Solyndra, which filed for bankruptcy last month after receiving nearly $530 million in federal government loans. As with other internal emails that have been disclosed as part of the investigation, the documents reflected uneasiness with Solyndra among those inside and near the administration. A Democratic fundraiser, in a May...

“Some Republicans in Congress have said that they agree with certain parts of this jobs bill.” Obama said. “If so, it’s time for them to tell me what those proposals are. And if they’re opposed to this jobs bill, I’d like to know what exactly they’re against. Are they against putting teachers and police officers and firefighters back on the job? Are they against hiring construction workers to rebuild our roads and bridges and schools? Are they against giving tax cuts to virtually every worker and small business in America?” The Senate is expected to take up the bill next...

While we're fighting with our own, the queen is out there flaunting her wealth again while Americans "eat their peas."

CNN, like the rest of the Main Stream Media, likes to pretend that they do not have a liberal bias. Everyone knows they do, but they simply stick their fingers in their ears and mumble "no we don't" over and over again. Gloria Borger, in an odd op-ed that doesn't particularly seem to make a point, now states that President Obama has somehow "transformed... from the mild-mannered Clark Kent into, well, Superman." No liberal bias, huh? The piece's main gist is this: evil "Republicans" went against "liberals" and "the rest of us" by demanding spending cuts, while refusing to raise...

WASHINGTON (Reuters) - The Federal Reserve on Wednesday dialed up its aid to the beleaguered U.S. economy, launching an effort to put more downward pressure on long-term interest rates over time and help the battered housing sector. The Fed said it would launch a new $400 billion program that will tilt its $2.85 trillion balance sheet more heavily to longer-term securities by selling shorter-term notes and using those funds to purchase longer-dated Treasuries. It will now also reinvest proceeds from maturing mortgage and agency bonds back into the mortgage market, an acknowledgement of just how weak conditions in the sector...

He’s got a deficit-reduction package that can’t clear the House, thanks to massive new tax hikes that everyone knows are a deal-killer. He has a jobs package that can’t clear the Senate. What’s a President to do? Threaten a veto: President Obama warned he will veto any deficit plan brought to him by Congress that wasn’t ‘balanced’ between taxes and spending cuts.‘We are not going to have a one-sided deal that hurts the folks who are most vulnerable,’ Obama said Monday morning, speaking from the Rose Garden.He rejected accusations that tax increases for the wealthy was ‘class warfare’.The president argued,...

Sloyndra is not the name of a recent Obama appointee. It’s not a Middle East rebel faction, a country facing revolution, the name of a stripper, rap singer, or a newly discovered planet. It is the name of a company that robbed the tax payers of over 500 million dollars and tried to come back for more. Aided and abetted by the White House. Solyndra was a pipe dream California company that planned to manufacture solar panels. It had applied for government loans during the Bush administration. That administration dragged their feet or sat on the deal because the financials...

The global economy is being held back in part by political problems that are complicating an array of other forces that have conspired against growth, US Treasury Secretary Tim Geithner said.

*snip* General Electric [GE 15.41 0.40 (+2.66%) ^ 0.40 (+2.66%) ] officially notified Berkshire Hathaway [BRK.A 103460.00 -340.00 (-0.33%) ] on Tuesday it intends next month to repurchase the $3 billion of preferred stock it sold him in October 2008.GE has flagged the move for a while. Under terms of the deal it struck with Buffett when all hell was breaking loose, the company led by Jeff Immelt was obliged to wait three years to call the bonds. It also needed to give at least 30 days notice—hence this week's letter from Fairfield, Connecticut, to Omaha. Buffett's money doesn't come...