The Hypocritical GOP Debt Clock Convention, SEC Probes GMAC For Mortgage Fraud, New Record For U.S. Arms Sales

Evening links from around the web:

• GOP Kicks Off Convention by Showing They've Failed to Reduce the Debt
• UPDATE: SEC probing ResCap (GMAC) for massive mortgage fraud
• Chicago Fed Prez Chuck Evans calls for immediate QE: 'Starting Today...'
• NEW ALLEGATIONS - HSBC Bank probed for money laundering, again
• OOPS - Facebook's Low Price Means Saverin Overpaid Taxes By $180M
• Embarrassed GM shuns political role, bans candidate visits until after elections
• American Tax Dollars Go To Support Austrailian Mining Company: Paul Farrell
• Saudi Deals Boosted US Arms Sales to Record $66.3 Billion in 2011
• 17 Afghans beheaded in insurgent attack on dance party
• World's Oldest Person, Besse Cooper, Turns 116

Comments

[DailyBail]

Democrats infiltrate Tampa for Republican convention

http://in.reuters.com/article/2012/08/28/us-usa-democrats-tampa-idINBRE87R12P20120828

[DailyBail]

2012 Republican National Convention

http://abcnews.go.com/Politics/slideshow/photos-2012-republican-national-convention-17099738

Good photos

[DailyBail]

Some Republican women wish men would just shut up

http://in.reuters.com/article/2012/08/28/us-usa-campaign-women-idINBRE87R1C420120828

[DailyBail]

MADRID (AP) — Spain's financial worries increased Tuesday after another of its struggling regions asked for central government aid to stop it from defaulting on its debt, adding further pressure on the country as it tries to avoid an international bailout.

http://news.yahoo.com/spains-catalonia-asks-madrid-financial-help-132546201--finance.html?_esi=1

I lived in Catalonia with a Spanish family for a few months when I was 18, the last Summer before college. Beautiful people, great beaches, kind souls, and just like here, their government spent them into ruin.

[DailyBail]

Japan's foreign minister Tuesday said it was time to address relations with China which have soured over a territorial dispute as an incident targeting the Japanese ambassador added to tensions.

Monday's incident in which the national flag was ripped off a car carrying the Japanese ambassador in Beijing came amid widespread anti-Japan demonstrations over a disputed East China Sea island chain known in China as Diaoyu and in Japan as Senkaku.

http://news.yahoo.com/japanese-ambassadors-car-targeted-beijing-official-135214795.html?_esi=1

[DailyBail]

1700 exposed to Yosemite Hantavirus, at least 2 dead

http://abcnews.go.com/WNT/video/virus-kills-yosemite-campers-17099184

[LiberatedCitizen]

Skinflint you'll like this one I even have music to go with it


AC/DC-Highway to Hell

http://www.youtube.com/watch?v=cPmwxAigEUs

Our Highway To Hell

http://www.economicnoise.com/2012/08/27/our-highway-to-hell/

DB did you see the cover in Spain

Topless Michelle Obama Portrayed as Semi-Nude Slave

http://www.theblaze.com/stories/topless-michelle-obama-portrayed-as-semi-nude-slave-on-cover-of-spanish-mag/

The Fed Putting America In A Hole

http://seekingalpha.com/article/830831-the-fed-putting-america-in-a-hole

The Untold Story of Municipal Bond Defaults

http://libertystreeteconomics.newyorkfed.org/2012/08/the-untold-story-of-municipal-bond-defaults.html

Sen. Corker: Bernanke's Fed Feeds 'Perverse Addiction'

http://www.cnbc.com/id/48816703/

[LiberatedCitizen]

Skinflint you'll like this one I even have music to go with it


AC/DC-Highway to Hell

http://www.youtube.com/watch?v=cPmwxAigEUs

Our Highway To Hell

http://www.economicnoise.com/2012/08/27/our-highway-to-hell/

DB did you see the cover in Spain

Topless Michelle Obama Portrayed as Semi-Nude Slave

http://www.theblaze.com/stories/topless-michelle-obama-portrayed-as-semi-nude-slave-on-cover-of-spanish-mag/

The Fed Putting America In A Hole

http://seekingalpha.com/article/830831-the-fed-putting-america-in-a-hole

The Untold Story of Municipal Bond Defaults

http://libertystreeteconomics.newyorkfed.org/2012/08/the-untold-story-of-municipal-bond-defaults.html

Sen. Corker: Bernanke's Fed Feeds 'Perverse Addiction'

http://www.cnbc.com/id/48816703/

[Andyj]

Oh the irony.
Bain Capital has outsourced as much work as Romney could to China. Put thousands on the dole. Squirrelled all his monies in far away lands and paid zilch in tax; then his cohorts and sheep display the debt clock.

[Tony]

National Debt Clock at GOP Convention? IThe Dems should have one too. Except theirs would rank modern presidents and the % of debt grown from their inauguration to the helicopter ride home. So, from lowest to highest:

Clinton-35%;
Obama-41.4%;
Carter-42.3%;
Bush I-55.6 %;
Bush the 'W'-89%, and, drumroll,
Reagan, the 'deficit hawk' at 188.6%

When the right talks about how the debt has grown as much in 3 years under Obama as the previous 8 under 'W' (about 5 trillion), it might be nice to point out that Obama gets the pleasure of trying to pay an annual interest of about 454 billion accumulated under previous administrations. Or better yet, it would be nice to understand or debate the public policy choices that underwrote all of that debt rather than politicize it to the end of no real understanding whatsoever.

[SKINFLINT]

L.C. Thanks so much for the info. #1 A.C.D.C. They rocked the house back in the day and now my middle son has picked up the mantle of old school rock and country. So now we listen to Nugent, Rush, Johnny Cash, Tammy Wynette etc. Don't know where he gets this from but music is music. All good. I have been ruminating lately about the philosophical implications of the largest bank robbery ever witnessed in all of humanity. Why? Well according to the one article you posted it seems that there are sociopaths who are hell bent on consolidating all the power they feel they are entitled too. Coupled that with the degradation of the public schools, there is no social upheaval to speak of. Indeed, in my view, the single biggest stake in the heart of our educational system has been the disappearance of the one room school house. Johnathan Zimmerman wrote an interesting book on this subject matter. Public schools are a steaming pile. This is not an enditement on teachers. There are a lot of good teachers out there, but a lot that are just plain horrible. The whole entitlement arguement should also include corporate welfare as well which seems to not get any press at all. My arguement here is Robert Nardelli. How can a man who ran two large companies into the toilet expect to make millions and tell the working stiff tough shit. I don't get it at all. Lastly, the article on muni bond defaults relys on SNP and Moodys ratings agencies. Why in GOD'S name do they have any credability at all anymore. Anytime I see their name mentioned in any article in which they rate anything I just chuckle to myself. Did they ever get into any kind of trouble for their role in the housing debacle? Anyway thanks to all of you guys for the education and the platform for some great debate and discussion. Really appreciate it. Thanks. D.B.