Patterico's Pontifications

1/10/2013

Did I Mention That We Have a Huge Debt Problem?

Filed under: General — Patterico @ 10:47 pm

Here’s a clip of a bunch of people laughing at Peter Schiff in 2006 and 2007 when he predicted that the housing bubble was about to burst, financial stocks were going to take a tumble, and we were headed into a recession:

Why is this important now? Because he’s predicting a much bigger crash, when the government debt bubble bursts.

Great minds think alike, and sometimes, so does mine.

Then we had the real estate bubble. In the 2000s, property values kept going up and up and up. It seemed wonderful on one level. Everyone’s house value was skyrocketing. You could take out loans on the equity and do fun stuff. Everyone knew it couldn’t go on forever, but somehow it seemed like it might. So nobody seemed very worried.

And then there was a crash.

Now we have the government debt bubble. Government spending keeps going up and up and up. It seems horrific to us, because we are paying attention — but to most people, frankly, it seems wonderful. We’re getting all these government services and we don’t have to pay for them! It’s utterly unsustainable, and everyone knows it can’t go on forever, but somehow it seems like it might. So people don’t seem very worried. Certainly, they’re not worried enough to vote out of office someone who has exploded our national debt to unimaginable levels.

There is going to be a crash.

I can’t get over this. It’s like there’s a giant asteroid headed towards the planet, and it’s looming overhead, and everyone is just going about their business. Just whistling and humming and singing, la dee dah. Nice and oblivious to the GIANT ASTEROID JUST OVERHEAD. I MEAN IT’S RIGHT THERE.

I feel like I’m starting to sound like a broken record (I started to explain “record” for the kids, but then I realized vinyl’s making a comeback), but THERE IS A HUGE DEBT PROBLEM JUST OVERHEAD. RIGHT THERE.

Ah, screw it. I’m going to bed.

Dianne Feinstein’s Legacy Might Surprise You

Filed under: General — Patterico @ 9:37 pm

In reaction to all the talk of proposed gun legislation, recent days have seen:

  • An exponential spike in the sale of AR-15 rifles
  • Another spike in the sale of 30-round magazines (reportedly one million are now on back order!), and
  • Many new NRA memberships.

As reported in the Atlanta Journal-Constitution:

Behind the boom, several gun shop owners and experts said, is a mix of fears — of being touched by violence and of tighter gun restrictions. Sen. Dianne Feinstein (D-Ca.) has vowed to file a bill that would ban so-called assault weapons and ammunition magazines, strips and drums that can accept more than 10 rounds.

“Anytime there are tragedies in the news and talk of gun control, that always boosts sales,” said Keith Thompson, manager of Range & Guns in Forest Park. “Business seems to be driven a lot by crime and politics.”

CBS News, on the sales of AR-15s:

“I normally sell about 15-20 a month. I’ve sold about 30 in the last three days,” said Rick Friedman, who owns RTSP in Randolph, N.J.

The reason, he says, is clear: “Because people want to make sure they can own them legally before they get the right taken away.”

The Los Angeles Times:

Calls for stricter weapons laws after the massacre at a Connecticut elementary school have gun enthusiasts scrambling to buy firearms before they’re potentially restricted or banned outright.

Brownells Inc., which claims to be the world’s largest supplier of firearms accessories and gunsmithing tools, said it has sold 3 1/2 years worth of ammunition magazines in three days.

Consumer demand has been “unprecedented” recently, according to a statement attributed to company President Pete Brownell on gun owner forum AR15.com.

HuffPo:

The National Rifle Association’s paying member ranks have grown by 100,000 in the wake of the December school shooting in Newtown, Conn., the organization told Politico on Thursday.

In light of these facts, Patterico’s Pontifications proudly nominates our Senator, U.S. Sen. Dianne Feinstein, for an NRA Lifetime Achievement Award.

Perhaps no single American in the country’s history has done more to put high-powered rifles and high capacity magazines in the hands of United States citizens.

That will be Dianne Feinstein’s enduring legacy.

Thanks to S.K., whom I quoted often in this post. I couldn’t have said it better myself.

Binders Full of White Guys!

Filed under: General — Patterico @ 8:24 pm

Zing!

Now You Tell Us™ (Part 4): Obama Not Getting Big Money Out of Politics As He Promised To Do

Filed under: Dog Trainer,General,Obama — Patterico @ 7:21 am

(Note: “Now You Tell Us”™ is a semi-regular feature of this site, documenting examples of the Los Angeles Times’s disclosure of negative information about Barack Obama that didn’t come out during the election.)

Between the election and the inauguration is the traditional time for the L.A. Times to reveal negative facts about Barack Obama that many of us already knew, but that the electorate at large evidently did not. Today example, from this morning’s L.A. Times web page:

The beginning of the story:

Even before Barack Obama was sworn in as president the first time, he touted his efforts to “change business as usual in Washington” by setting strict rules for his inauguration: No corporate donations were allowed; individuals could give only $50,000.

This time, Obama’s inaugural committee is seeking million-dollar contributions from corporations and offering perks in return, such as tickets to the official ball. The six companies that have given so far include AT&T, Microsoft and Financial Innovations, a marketing company that received $15.7 million to produce merchandise for Obama’s reelection campaign and is the official vendor for the inauguration. The committee has put no limit on how much individuals can give.

The relaxed rules reflect how Obama has largely dropped his efforts to curb the role of money in politics, a cause he once vowed to make central to his presidency.

It’s OK to say . . . now that he’s safely elected.

(Entries from 2008 found here, here, and here.)

Can Our Politicians’ Irresponsibility on Budget Matters Lead to Worldwide Nuclear War? Why, Yes!

Filed under: General — Patterico @ 7:12 am

A comment I left last night illustrates part of the reason I think dealing with the federal budget is so important:

Recipe for nuclear war:

1. Keep doing what we’re doing with the U.S. federal budget.

2. World economy collapses.

. . . .

3. NUCLEAR WAR!!!!

I’m not joking, however much that might read like a South Park style joke.

I’ll add that doing nothing about Iran’s obtaining a nuclear weapon is not going to help matters any. Hey, aren’t we about to nominate Chuck “let’s talk to Iran” Hagel to Defense? Good idea!

But the precipitating factor for nuclear war will probably be the collapse of the world economy once the world loses confidence in the United States.


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