Past House GOP Tactic Proves Useless to Democrats

A past House GOP parliamentary tactic is proving useless to Democrats.

This article is instructive in giving a sense of where the political winds are strongest. The Republicans stand firm, because they feel the public will support them in their votes. The Democrats, meanwhile, caved frequently in the last Congress out of fear of losing the next election, a fear that was proven justified.

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Earth Day predictions from 1970

The predictions of disaster from the first Earth Day, 1970. I especially like this one:

Demographers agree almost unanimously on the following grim timetable: by 1975 widespread famines will begin in India; these will spread by 1990 to include all of India, Pakistan, China and the Near East, Africa. By the year 2000, or conceivably sooner, South and Central America will exist under famine conditions. . . . By the year 2000, thirty years from now, the entire world, with the exception of Western Europe, North America, and Australia, will be in famine.” Peter Gunter, professor, North Texas State University [emphasis mine]

A consensus was reached and the science was settled!

Remember this the next time some blowhard global-warming pundit tries to claim “the science is settled” today.

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No deal

No deal. Key quote:

If Democrats are not going to do even minor surgery on Medicare and Medicaid and Republicans are not going to raise taxes, there is no hope of big budget deal to cut a deficit now running at 11 percent of gross domestic product.

And that raises another question. How long can the Federal Reserve continue financing these deficits? China, choking on U.S. debt, is reportedly beginning to divest itself of U.S. bonds. Japan will need to sell U.S. bonds to get hard currency to repair the damage from the earthquake and tsunami. And the Fed is about to end its QE2 monthly purchases of $100 billion in U.S. bonds. Where is the Fed going to borrow the $125 billion a month to finance this year’s deficit of $1.65 trillion, and another of comparable size in 2012? Bill Gross’ Pimco, the world’s largest bond fund, has sold all his U.S. bonds and begun to short U.S. debt. Pimco is betting that the value of U.S. Treasury bonds will begin to fall.

We may be about to enter a maelstrom.

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