"Power concedes nothing without a demand.  It never did and it never will."  Frederick Douglass
 

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Yes, It Is TRUE…The Federal Reserve’s Chicken Little “The World Is Coming To An End” Monetary Policy Is One of the Main Things Holding Back the US Economy….Along With Of Course the Sorry Ass “Elected Leaders” of the American Republic That Will Not Even Do Their Damn Jobs! – Oh, Ben Bernanke Is A Baby Boomer and the Baby Boomer Generation Would Destroy America Before They Would Give Up Their “Government Welfare Check” So Bernanke Putting Off Pain Onto Future Generations of Americans Makes Perfect Damn Sense? – Yes, You Are Right Again! – Get Those “Government Welfare Checks” To Those Baby Boomers Into the Mail Because We Can’t Let Their Precious Asses Have Even One Moment of Pain….Because Of Course Baby Boomers Are “Special!”

Alexander Friedman and Kiran Ganesh nail the problems that the Central Banks around the world are creating by their own actions in the marketplace and the folks at the Federal Reserve would be smart to realize that they are in FACT one of biggest things holding the US Economy back along with of course the Sorry Ass “Elected Leaders” of the American Republic that care more about their own Precious Asses than they do the American Republic and American People!

Central Banks Unorthodox Actions Are Cutting Lending, Friedman and Ganesh

“The unintended consequences of financial policy intervention are providing fresh evidence for chaos theory’s idea that the flap of a butterfly’s wings can spark a tornado on the other side of the world.

Five years into the age of deleveraging, financial markets have become addicted to central bank intervention, from the U.S. Federal Reserve to the European Central Bank and beyond, aimed at stimulating growth. Markets anticipate further action, with the Fed, ECB and Bank of England committees meeting on monetary policy this week.

But no flap of a central banker’s wings goes quite as expected.

Take China’s heroic 2008-2009 stimulus program, which helped fight back a global recession. It also led to huge overinvestment and bad debt, and the policy is now viewed by many economists as an error.

Similarly, the ECB’s long-term multibillion-euro refinancing operation, announced in December 2011, saved Europe’s banking system from a funding crisis. But it created a dangerous web of links between an overleveraged banking sector and already indebted sovereigns.

Official lending rates are close to zero, and their manipulation, the traditional mainstay of monetary policy, is effectively impotent. The new go-to tool for central bankers, quantitative easing, is suffering from declining marginal returns.”

Double Amen to that AND we would like to add that it is the Federal Reserve’s continued insistence that like Chicken Little….

“The World Is Coming To An End”

….and thus interest rates should be kept very low for an “extended period of time” is THE THING (Along with the non-action of the Sorry Ass “Elected Leaders” of the American Republic not doing their Damn jobs!) that is now holding back the US Economy!

DUH!

The Federal Reserve should on Wednesday instead of continuing their Bogus and Very Damn Un-American…

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PIMCO’s Bill Gross Weighs In On the “Death of Stocks” and That Stocks In the Future Will NOT Match Their Historical Return Since 1912 – We Would Agree With Bill Gross That When Talking About the ENTIRE Stock Market That Stocks Will NOT Perform As Well As They Have Over the Past 100 Years….BUT….In Our Opinion There Are Several Hundred Stocks That Will Beat the General Market and Even the Historical Return of Stocks of 6.6% Since 1912 and All You Have To Do Is To Figure Out Which Stocks Will Outperform Into the Future! – Hell, That Seems Simple Enough….If You Know What the Hell You Are Doing!

There has been much made about PIMCO founder and co-CIO Bill Gross’ latest on the “death of stocks” in Bill’s latest Investment Outlook…

Cult Figures, Bill Gross, PIMCO

Here are the highlights from Bill Gross’ latest:

“The long-term history of inflation adjusted returns from stocks shows a persistent but recently fading 6.6% real return since 1912.

The legitimate question that market analysts, government forecasters and pension consultants should answer is how that return can be duplicated in the future.

Unfair though it may be, an investor should continue to expect an attempted inflationary solution in almost all developed economies over the next few years and even decades.”

AND

Here is Steven Russolillo’s take on Bill Gross’s latest Investment Outlook at the Wall Street Journal

Bill Gross: We’re Witnessing the Death of Equities

“The bond king says stocks are dead.

Bill Gross, Pimco’s co-founder and co-chief investment officer, says stock investors should think again about the age-old “buy-and-hold” investing mantra. He says consistent, annual returns are a thing of the past.

“The cult of equity is dying,” Bill Gross wrote in his August Investment Outlook. “Like a once bright green aspen turning to subtle shades of yellow then red in the Colorado fall, investors’ impressions of ‘stocks for the long run’ or any run have mellowed as well.””

OK….Bill Gross….we agree with you COMPLETELY if you are talking about the entire stock market because we here at Mad As Hell And… have been convinced for over a decade now going back to the Idiocy of the Dot.com equity boom and the blatant LIES that were being told to the American People by OUR “Elected and Appointed Leaders” beginning in the late 1990s on all kinds of things that holding our investable savings in 80% stocks was the wrong thing to do so we switched from 80% stocks, 10% bonds, 10% cash around the year 1998 to 60% stocks, 20% commodities, 10% bonds and 10% cash for our investments BUT we never have and never will go the “Vanguard Index Fund route” of holding a broad index of stocks like the S&P 500 Index or Wilshire 5000 Total Market Index and instead we believe like Warren Buffett in buying and holding onto quality stocks for the long-term with long-term meaning in our minds holding those stocks FOREVER.

What does all of the above mean in plain English?

PIMCO’s Bill Gross is RIGHT in our opinion that stocks overall will NOT match into the future their historical 6.6% real return since 1912

BUT

In our opinion there are Several Hundred Stocks that have outperformed the general stock market in the past and will outperform the historical 6.6% real return of stock since 1912 into the future

AND

All that one has to do to figure out is which of those Several Hundred Stocks will outperform the market in the future and even beat the 6.6% real return for stocks since 1912

How does one go about figuring out which stocks will outperform the market?

Well, actually it is very simple and it only takes some very simple math skills and the ability to use a computer hooked up to the Internet to look up the earnings for individual stocks which Google Finance is very good at doing for people.

Google Finance

We here at Mad As Hell And… use the same approach that Warren Buffett learned from Benjamin Graham several decades ago to determine how much a stock is really worth which is…

“A stock’s worth is equal to the present value of all its estimated future cash flows.”

What the Hell does that mean?

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Mitt Romney, the “Secrets” of the Mormon Church AND Why Romney Better Be Ready To Answer “Mormon” Questions During the Fall Campaign Because Romney’s Religion Will Be Injected Into the Race for the Presidency Especially Since Mitt Has Not Already Taken On His Religion Directly As John F. Kennedy Did With Catholicism In 1960 – The Questions Are Coming Mitt…..and You Better Have Some Damn Good Answers Ready – Can Someone Get Howdy Doody on the Line?

Because of our business travels over the past decade or so a few of us here at Mad As Hell And… have visited Salt Lake City, Utah several times each year and we have become friends with several people and families of the Mormon faith and have had many dinners and cook-outs at their houses and our impression of those Mormon folks is really no different than other good folks we have met around America and yet….something we never really discussed with our Mormon friends was their religion except in the few cases when they brought it up and even then it was only very cursory conversations because we were raised to treat people’s personal religions with respect and asking about a person’s religion is not very respectful.

With all of the above being said among the lily-white Protestants here at Mad As Hell And… that attend church on a semi-regular or not very regular basis we have often had conversations among ourselves about the Mormon religion, on what we have individually read about Mormonism over the years and our Mormon friends in Utah and for the life of us we can’t really figure out what “being Mormon” is all about but maybe that is our own personal failing which brings us a blog post by Richard Packham at Yahoo Voices via Business Insider on “Mormon Secrets” which is very Damn interesting reading especially since Mitt Romney is now going to be the Republican nominee for President of the United States of America:

Here Are The Mormon Secrets That Every Voter Should Know, Richard Packham, Yahoo! Voices

There are a lot interesting things in Mr. Packham’s blog post about the “Mormon Secrets” that he personally experienced which to us reminds us of some of things that we went through during our college fraternity days with “secret passwords” and “secret signals” that will get evidently get a Mormon into Heaven which in our college days got us into the room where the cold kegs of beer were located!  (The “Secret Password” to open the fridge in our garages with all the beer in it is:  “I need a beer!”)

The end of Mr. Packham’s blog post is what really interests us most since the First Amendment to the US Constitution makes the separation between Government and Religion very clear…

“Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.”

…and thus the question that comes to mind relative to Mitt Romney and his Mormon religion as poised by Packham is very Damn relevant:

“The pressing question for Mitt Romney, and for the Mormons who are supporting his candidacy, is: Would Romney consider the Presidency to be something that God had “blessed” him with, and which, pursuant to his secret oath, he should “consecrate” to his church for establishing a theocracy? If he is elected, will he kneel down and thank his God for blessing him with the presidency? And what is he supposed to do, according to his secret oath, with “everything” God has blessed him with?

That’s right: he is to use it for the benefit of the Mormon church.

Now wait a minute, you may be thinking. It doesn’t really mean that! The Mormon church doesn’t expect that from its members, does it? Oh, yes, it does! Remember California’s Proposition 8? The Mormon church pulled out all the stops to pass that proposition, which would forbid same-sex marriage, and it called upon all Mormons to cough up and donate, even those who were not California voters.

Those who were hesitant to do so (often the amounts demanded were thousands of dollars per family) were simply and subtly reminded of their “temple covenants.” And they all understood that the church was calling in the chits on the oaths to obey, to sacrifice, and to consecrate whatever the church demanded of them.

How would a President who was also a good Mormon obey those secret oaths?

It wouldn’t even take a phone call from church headquarters to the White House. Mitt, being a well-trained Mormon, knows “in his heart” what God would want (which is the same thing that the church wants, of course) and doesn’t need to be told. That’s the way it works already in the only American theocracy in existence today (Utah). The Mormon politicians who run that state—the judiciary, the legislature, the executive branch—don’t have to ask church leaders for direction. They know what they should do, without asking specifically (usually).

The question for American voters is: knowing that Romney has taken this secret oath, that he is a faithful Mormon, do you want him to answer the question “Would you feel bound by your sacred oath to obey the law of consecration that you made in the endowment ceremony and use the power of the presidency to benefit the Mormon church?”

Should it make a difference to you, the voter?”

That is a Damn good question and something that Mitt Romney better be prepared to answer in a very direct way just as John F. Kennedy answered in his speech on Catholicism, Church and State in 1960:

The reason that Mitt Romney better be prepared to answer Mr. Packham’s question in a very direct way is because it is a question that will be asked directly to Romney in both the debates and in many other ways during the Fall campaign because we have no doubt that the Obama folks will sometime between now and November inject the Mormon religion into the campaign which could very well have a big impact on the turnout for Romney in many key battleground states where let’s face it….most of the Protestants in those key battleground states view Mormonism as something “nutty” at best and a “cult” at worst and after reading Richard Packham’s blog post about the “Mormon Secrets” it sounds pretty Damn “nutty” to us as well.

Of course, as one of our wives who wouldn’t vote for Obama if he was running against the Devil himself has pointed out on more than one occasion:

“How in the Hell did America get to the point where the choices for President of the United States of America come down to someone who believes in a religion that has secret handshakes and passwords that will get you into Heaven no matter what the Hell you did on Earth and a guy born in Hawaii to a mother who was a Communist that hated America, a father from Kenya who was a Socialist with several wives and a serious drinking problem, and someone (Barack Obama) that is right out of central casting for the remake of Orwell’s 1984 who is the Grand PooBah Lording over all of us peons with a Government that will tell us how we will live every second of our lives and if we get out of line it will be the IRS and FBI on line 2?”

Yes, that is a Damn good question and we are very much convinced that if we could somehow get…

Howdy Doody

…on the ballot in all 50 states Howdy Doody would win the Presidency in a landslide against Obama and Romney!

Hell, someone get Howdy Doody on the line because these secret handshakes and passwords on one hand and the American People being sold out to the Russians and the Chinese in the name of “peace” on the other are starting to Freak us out!

Bill Keller at the New York Times Identifies the REAL Problem In America Today: The Sorry Ass, Selfish and Entitled Baby Boomer Generation Which Are Now Destroying the American Republic Because Their Precious Asses MUST Always Come First and If Their Children, Grandchildren and Even the American Republic Have To Be Destroyed So They Get “Theirs” Then What the Hell Do They Care? Answer: They Don’t! – Yes, the American Republic Is Now Being Run By MORONS….NO….Make That Baby Boomer MORONS!

If any American is wondering why the OUR Government in Washington DC is no longer working with OUR “Elected Leaders” refusing to even do the Damn Jobs we are paying them to do look no further than a column written by someone that is in our opinion is to the left politically of at least 75 percent of the American People…

Former New York Times Executive Editor Bill Keller who laid out the FACTS about the Baby Boomer Generation in America that are in our opinion…and it seems in the opinion of Mr. Keller…..

The Most Selfish and Sorry Group of Human Beings in the History of Planet Earth

The Entitled Generation, Bill Keller, New York Times

“IF you were born before 1946 or after 1964, you are free to go. Kindly close the door on your way out. I need a private moment with my fellow baby boomers.

So. I imagine you’re all feeling a little unappreciated these days. We seem to have entered one of our periodic seasons of boomer-bashing. In rapid Op-Ed succession, we children of the postwar demographic bulge have been blamed for turning religion into an indulgent free-for-all, for giving elites a bad name and for making greed respectable, or at least acceptable. That’s just this month, and just on this page. And it’s not only conservatives beating us with the Woodstock whip. Kurt Andersen, a confessed liberal and one of our more prolific cultural omnivores, started the latest thumping July 4 with an argument that amoral self-gratification is just the flip side of social liberation: “Thanks to the ’60s, we are all shamelessly selfish.”

The notion that our generation has been spoiled rotten is not a terribly new thought. A dozen years ago Paul Begala (of Bill Clinton and CNN fame) published in Esquire the classic of boomer-loathing, “The Worst Generation.” “The Baby Boomers are the most self-centered, self-seeking, self-interested, self-absorbed, self-indulgent, self-aggrandizing generation in American history,” he declared. It’s a sturdy genre. Perhaps while Googling yourself you have come across the blog Boomer Deathwatch (“Because one day, they’ll all be dead”), a checklist of famous boomers who hit their actuarial sell-by dates. Even Barack Obama, who styles himself post-boomer though he was born in 1961, complained in “The Audacity of Hope” that today’s hyperpolarized political discourse began with the “psychodrama of the baby boom generation.””

Amen to that and anyone that has met or even worse had to work with the…

“I am Entitled so Kiss My Ass Generation = Baby Boomers”

….knows full well that the majority of the Baby Boomer generation in America would sell out their own kids and grandchildren to get “theirs” and later in Bill Keller’s column he talks about how the Massive Entitlement Programs of Social Security and Medicare have America on the track to bankruptcy as the Boomers “get theirs” while less and less money is spent on the REAL Infrastructure of the nation (No, not things like Solyndra) which are being crowded out more and more so that the Boomers that have plenty of Damn money can keep getting that $1,500 monthly Social Security Check and unlimited healthcare via Medicare for $100 Bucks a month and as for the welfare of the country the Boomers cry out in unison:

“The HELL with America because We the Baby Boomers are ENTITLED!”

Now let’s in the spirit of Bill Keller’s column move on to REAL Americans that actually Give a Damn about their country and the future of their children and yet unborn grandchildren like us here at Mad As Hell And… that served OUR country in the US Military and are now saving like crazy for our kids’ college education and our own retirement and YES we say forget about….

Sending us that Social Security Check when we are retired

AND

We will pay more for our Medicare when we are retired

….because if we continue to be successful in life and arrive at the age of 65 to 70 with plenty of money in the bank there is No Damn Reason we should be getting a monthly Social Security check and not paying a Helluva lot more for our Medicare than $100 Bucks a month so….

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Mad As Hell And… Quotes of the Day – Tuesday, July 31, 2012 – Milton Friedman

Mad As Hell And… Quotes of the Day – Tuesday, July 31, 2012 – Milton Friedman

Happy 100th Birthday Milton Friedman!

“A major source of objection to a free economy is precisely that group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.”

And

“And what does reward virtue? You think the communist commissar rewards virtue? You think a Hitler rewards virtue? You think, excuse me, if you’ll pardon me, American presidents reward virtue? Do they choose their appointees on the basis of the virtue of the people appointed or on the basis of their political clout?”

And

“Columbus did not seek a new route to the Indies in response to a majority directive.”

And

“Concentrated power is not rendered harmless by the good intentions of those who create it.”

And

“Every friend of freedom must be as revolted as I am by the prospect of turning the United States into an armed camp, by the vision of jails filled with casual drug users and of an army of enforcers empowered to invade the liberty of citizens on slight evidence.”

And

“Governments never learn. Only people learn.”

And

“Hell hath no fury like a bureaucrat scorned.”

And

“History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.”

And

“I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it’s possible.”

And

“If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.”

And

“Inflation is taxation without legislation.”

And

“Inflation is the one form of taxation that can be imposed without legislation.”

And

“Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.”

And

“Most economic fallacies derive from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.”

And

“Nothing is so permanent as a temporary government program.”

And

“One man’s opportunism is another man’s statesmanship.”

And

“Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.”

And

“So that the record of history is absolutely crystal clear. That there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.”

And

“The government solution to a problem is usually as bad as the problem.”

And

“The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.”

And

“The greatest advances of civilization, whether in architecture or painting, in science and literature, in industry or agriculture, have never come from centralized government.”

And

“The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that’s why it’s so essential to preserving individual freedom.”

And

“The power to do good is also the power to do harm.”

And

“The world runs on individuals pursuing their self interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a, from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way.”

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