CIMB Group Holdings, Malaysia’s second-biggest financial services company, is finding opportunity at home from Europe’s debt struggles abroad. In June the Kuala Lumpur–based lender completed most of its $250 million acquisition of Royal Bank of Scotland’s equity holdings and investment banking businesses for Southeast Asia and Greater China. CIMB also is taking a stronger role in recent debt and equity fundraisings, serving as the principal adviser to last month’s $2 billion initial share sale by IHH Healthcare in Malaysia and Singapore.
Which precisely explains the tones of hysteria coming from the Obama White House.
The real question is why the Chicago Thugs have suffered such a public meltdown over Mitt Romney's choice of the young Wisconsin Congressman to be his vice-presidential running mate.
And there is an answer. Three specific answers, actually.
• Ronald Reagan: President Reagan today is an American hero. Poll after poll has Americans placing him in the pantheon of great American presidents, and occasionally at the top of the list.
The admiration for Reagan has become such a part of American historical bedrock that even President Obama and likeminded professional leftists have essentially given up the ghost. When they mention Reagan at all, it is generally to play a sly game of casting Reagan as a moderate, pretending to salute him while taking a shot at some Republican for not being more like Reagan. Obama played this game four times in one speech back in April, effusively praising Reagan while casting Mitt Romney as some sort of wild-eyed extremist.
No one is fooled.
Obama's $25 Billion Government Motors Lemon
On the day Government Motors, aka GM, announced it was recalling at least 38,000 of its vehicles — Impalas used by police nationwide and in Canada — due to a crash risk, a new Treasury report said it now expects to lose $25 billion on the bailout, $3.3 billion more than forecast earlier.
As the Detroit News reported, this loss was based on GM's stock price at the time of the report, which was 15% higher than the previous report. Because the stock price has fallen since then, the latest report likely understates taxpayers' real losses.
The monthly report sent to Congress last Friday covers predicted losses through May 31, when GM's stock price was $22.20 a share.
On Tuesday, GM fell $0.26, or 1.3%, to $20.21.
At that price, the government would lose another $995 million on its GM bailout. The report notes the government still has 500 million shares of GM and needs to sell those shares at $53 each for the government to break even on the bailout.
Muni Investors Vs. California Public WorkersBy Steven Malanga
Both cities are bankrupt today and their initial
President Obama's Smashing Success Story: Greatly Increasing The Power Of Government
The traditional measure of the success of an Administration’s economic program has been real economic growth,
- Real economic growth during the recovery – now three years old – has averaged 2.2%, less than half of the historic average for post recession rebounds.
- There are 1.1 million fewer people on non-farm payrolls today than when President Obama took office.
- The unemployment rate has been above 8% for 42 consecutive months, the longest period of sustained high unemployment since the Great Depression.
- Passage of an $862 billion stimulus was promised to keep the unemployment rate from rising above 8%, compared to a projected 9% peak without the stimulus. Instead, the unemployment rate peaked at 10% in October 2008, and exceeded 9% for more than two years.
- Absent the stimulus, the unemployment rate was projected to fall below 7% during 2012. Yet, last month, it rose to 8.3%, in spite of 7.5 million people leaving the labor force, and therefore no longer being counted as unemployed.
- If the labor force participation rate had remained unchanged, the unemployment rate would now be above 11%.
Let both argue about things like drug use and poverty, but let no one be coerced by government unless he steals or attacks someone. Beyond the small amount needed to fund a highly limited government, let no one forcibly take other people's money. When in doubt, leave it out — or rather, leave it to the market and other voluntary institutions.
As a long-time member, and now chairman, of the Budget Committee in the House of Representatives, Paul Ryan is thoroughly familiar with both the facts and the fictions in the federal government's budget. In recent years, the fictions have grown much bigger than the facts. But, as Congressman Ryan reminded the president, hiding spending is not the same as reducing spending.
Ryan Speaks in Colorado
Paul Ryan came and spoke today in Lakewood, Colorado, very near my home. The high school gym was packed, with over 3000 present. Most of the folks there were local, but one couple seated next to me was from Durango and had driven six hours to get there.
Ryan Pick More Popular Than Biden's Selection
Democrats, the media and "anonymous" GOP sources have been scrambling to tell the public that Romney's selection of Paul Ryan was a disastrous move by the presidential candidate. I always find it precious when the media gets concerned about possible negative consequences for a Republican. While Ryan has only been the vice-presidential candidate for a few days, with a lot of campaigning to go, initial polling looks good for Romney's pick.
Fire in the Belly: Romney Ready for Surge
Today in Ohio, Mitt Romney showed that he is an entirely renewed, re-energized candidate in the aftermath of his selection of Paul Ryan as his running mate. For the first time this week, Romney has shown fire in the belly. First, he took on a heckler at an event in Wisconsin. Today, he went further, directly attacking President Obama on his horribly vile and polarizing campaign – a campaign in which Obama or his surrogates have attacked Romney as a traitor, a felon, a murderer, a racist, and a sexist.
Obama Campaign: Ryan 'Kisses The Ring' of Jewish Megadonor Adelson
The Obama campaign is in an utter tizzy about the selection of Paul Ryan as Mitt Romney’s running mate. Yesterday, they sent out an email asking “why the hell” Romney would pick Ryan, and speculating that it was because Ryan was a corporate patsy who would serve the interests of back room fat cats. Today, they’re making that argument complete with a supremely offensive attack on Ryan’s visit to Las Vegas – and, in particular, his upcoming visit with Republican donor Sheldon Adelson:
Help SEAL Team 6, go straight to jail in Pakistan
Bin Laden informant stuck while U.S. money flows
I was performing eye surgery in Bowling Green, Ky. I walked out of surgery and into a patient’s room to find a scene of horror being played on the television screen.
I also remember where I was on May 2, 2011, when SEAL Team 6 infiltrated Osama bin Laden’s compound and killed him. Americans were very proud of SEAL Team 6 and of our entire military for finally capturing and killing this mass murderer.
Obama is ready to sign up immigrants
Romney’s hands are tied on issue
Activists say the policy is the biggest change on immigration in decades, and it has roiled the political landscape, solidifying Mr. Obama’s support among Hispanics and leaving presumptive Republican presidential nominee Mitt Romney struggling to say what he would do.
On Tuesday, the Obama administration laid out final details, including relaxed education standards that set a low bar.
America is on a financial suicide watch
Distractions from debt problem a travesty
If a corporate officer did to the shareholders of a company what Barack Obama and his gang of soulless Fedzillacrats have done to the American public, he would be charged with any number of financial crimes and sent to prison.
Union thugs crying about Democratic convention
Boycotting former friends over conference location
So bad, in fact, that they decided to throw a temper tantrum and partially boycott the Democratic National Convention — holding their own “shadow convention” in Philadelphia on Saturday.
Inspired by the anger labor officials felt over Democrats holding their nominating convention in North Carolina — a right-to-work state that is proudly the least unionized in the country — the “shadow convention” focused on labor issues that union officials think are being overlooked by the Democratic Party.
It wasn’t always this way. Big Labor and Democrats used to have a nearly unbreakable bond. The AFL-CIO even was kind enough to draft for President Obama a list of things it wanted him to do, titled “Priorities for Day 1.” Topping that list was reducing financial transparency for what unions did with their dues money. The administration happily obliged.
Some suspect Gross of talking his book, but it’s worse than that.
Gross runs the largest mutual fund in the world, PIMCO Total Return, with $270 billion in assets—almost all in bonds—and his antipathy to equities is nothing new. In September 2002, he wrote a piece in “Dow 5,000,” that said, “My message is as follows: Stocks stink and will
Tuesday, August 14, 2012
In 2004, Fai testified before Burton’s subcommittee. Internal KAC documents show that in just 2007 alone, he had 33 meetings with members of Congress, congressional staff, the Bush administration’s National Security Council, and the State Department. He led congressional delegations to the disputed Kashmir region, and over the years nearly three dozen different members of Congress of both parties attended or spoke at Fai’s annual Kashmir Peace Conference held on Capitol Hill. KAC’s events were even broadcast live on C-SPAN.
One thing that bought Fai so much access was that Fai and the KAC board of directors generously spread campaign contributions all over Capitol Hill to members of both political parties. However, according to data from the Center for Responsive Politics, the bulk of contributions by Fai, KAC’s board, and Fai’s associates went to Burton and the National Republican Senatorial Committee.
- by Barry Rubin
Muslim Brotherhood President al-Mursi has just removed the two commanding generals of the Egyptian military. Does he have a right to do this? Who knows?There’s no constitution. That means all we were told about not having to worry because the generals would restrain the Brotherhood was false. Moreover, the idea that the army, and hence the government, may fear to act lest they lose U.S. aid will also be false. There is no parliament at present He is now the democratically elected dictator of Egypt. True, he picked another career officer but he has now put forward the principle: he decides who runs the army. The generals can still advise Mursi. He can choose to listen to them or not. But there is no more dual power in Egypt but only one leader. The Supreme Council of the Armed Forces which has run Egypt since February 2011 is gone. Only Mursi remains and Egypt is now at his mercy.
From Ryan’s perspective, the American future post-reform looks like one where there’s more money in everyone’s pocket, less going to the government, and a fiscally sustainable social safety net.
As for President Obama, all you need to know is contained in his campaign’s “Life of Julia” web ad.
If Ryan is true to form, then during his time as Mitt Romney’s running mate he’ll accentuate the choice facing voters this fall of an American future that is either growing thanks to a resurgent capitalism or declining under the weight of a galloping socialism. Perhaps he’ll do so along the lines described by Harvard economist Robert Barro in the Wall Street Journal:
The Obamacare Quagmire
Now that the Supreme Court has held President Obama’s Patient Protection and Affordable Care Act (ACA) constitutional, mounting evidence suggests that the statute’s most ardent defenders may well come to rue the day. During the legal struggles over the ACA, its defenders both on and off the Supreme Court took for granted the proposition that the law would deliver on its major promise, which was to extend affordable coverage to the over 47 million people who now lack healthcare insurance, without disrupting the protection that others currently enjoy.
Unfortunately, these bold pronouncements failed to take into account the old and powerful economic law of unintended consequences. Sometimes these are positive, which is why the selfish actions of ordinary individuals in competitive markets prove socially beneficial. Adam Smith said that each individual “is led by an invisible hand to promote an end which was no part of his intention.” But those unintended consequences often turn bad in connection with the many forms of government regulation that limit the scope of contractual freedom, which the ACA does in a big way.
Illustration by Barbara Kelley
– by Ron Paul
This monopoly is maintained using federal counterfeiting laws, which is a bit rich. If any organization is guilty of counterfeiting dollars, it is our own Treasury. But those who dare to challenge federal legal tender laws by circulating competing currencies − at least physical currencies − risk going to prison.
– by Staff Report
Dominant Social Theme: It is the era of alternative money schemes and only supporters of totalitarianism would suggest the free-market circulation of gold and silver.
Free-Market Analysis: Since we started looking, we keep coming up with linkages between those who espouse Greenbackerism, fiat credit systems, Georgism, etc. and various sorts of green eco-facilities and the United Nations in particular. You can see some of our articles here:
– by Anthony Wile
From my point of view, this leaves the junior senator from Kentucky, Rand Paul, standing near the altar like a jilted bridesmaid. Not a very pretty picture.
And now what has Rand Paul got?
I'll tell you in four words at the end of this article.
First, the bigger picture ... So far Rand's gamble – endorsing Romney – doesn't seem to be paying off. And there may be a salutary lesson in this.
Still chained to the log, Leddra calmly wrote shortly before his execution:
In messianic religious movements, the millennium is invariably established by a mighty, violent upheaval, an Armageddon, a great apocalyptic war between good and evil. After this titanic conflict, a millennium, a new age, of peace and harmony, a reign of justice, would be established upon the earth.
by David Gordon
Often, his own views emerge from the critical comments he makes on other writers. Yeager insists, against Robert Clower and Axel Leijonhufvud, that Keynes was a Keynesian. The writers whom Yeager opposes take Keynes to be an advocate of monetary-disequilibrium theory, stressing especially the difficulties in adjusting prices to changes in the demand to hold money.
Yeager mordantly comments,
Stagflation is back, ready or not
Commentary: U.S. revisiting economic woesWASHINGTON, N.Y. (MarketWatch) — The dreaded combination of stagnation and inflation has returned, bringing with it new challenges for policy makers, investors, business people and consumers.
|Aug. 14||Retail sales||0.2%||-0.5%|
|Aug. 14||Retail sales ex-autos||0.4%||-0.4%|
|Aug. 14||Producer price index||0.2%||0.1%|
|Aug. 14||Core PPI||0.2%||0.2%|
|Aug. 15||Consumer price index||0.2%||0.0%|
|Aug. 15||Core CPI||0.2%||0.2%|
|Aug. 15||Empire state index||6.0||7.4|
|Aug. 15||Industrial production||0.4%||0.4%|
|Aug. 16||Weekly jobless claims||370,000||361,000|
|Aug. 16||Housing starts||760,000||760,000|
|Aug. 16||Philly Fed||-8.0||-12.9|
|Aug. 17||UMich consumer sentiment||73.0||72.3|
|Aug. 17||Leading indicators||0.0%||-0.3%|
How Europe is rocking the startup world
Young Euros used to happily settle for life-long government or corporate jobs. European tech entrepreneur Martin Varsavsky explains how the crisis has changed all that.Interview by Jack D. Hidary
FORTUNE -- Martin Varsavsky is one of Europe's leading technology entrepreneurs. He recently spoke to Fortune about startup trends in the UK and Europe, his take on Facebook (FB), David Cameron's startup initiative, US venture capital and other tech business. Varsavsky started Jazztel, Spain's second-largest telecom firm and Ya.com, now a division of France Telecom. He is currently the CEO of FON, a company which he founded. Investors include Google (GOOG), BT, Index Ventures, Atomico, and Sequioa. Martin, how vibrant is the startup tech scene in Europe? Where are the bright spots and what are the challenges? Quite a number of European tech startups are expanding globally including Spotify, Rovio, Hailo, Fon, Oanda and others, following in the footsteps of Skype.
Young people in Europe have traditionally opted for lifetime government or corporate jobs. The European crisis, however, is changing all that. Governments are maxed out in debt and corporate payrolls are shrinking. The three hottest startup cities in Europe right now are London, Berlin and Stockholm but there is startup activity all over the map.
By Amity Shlaes
To see why the bulls should be snorting, start by recalling the pattern in past elections. Candidates talked a lot about jobs. Then they patted themselves on the back for having covered "the economy."
But jobs don't cover the economy from the point of view of investors. To investors, job creation is a second-order effect. Market participants care first about interest rates, exchange rates, bond prices and the one great factor that affects all three: the long-term solvency of a bond company called the U.S. government. Yet the issues that affect that solvency are rarely taken up in the months before a general election. Even discussing Social Security has traditionally been considered the political equivalent of stepping on a "third rail."