In the News: 23 February 2009

In the news, Santelli responds to White House on Larry Kudlow, Secratary of State Clinton is auctioning off America to Chicoms, Congress worried their private account, better known as Social Security, is about to become depleted, and more economic fear mongering by Progressive agents.

Rick Santelli Responds to The White House Attack



This mght have been a few days late but it was too good to pass up. (H/T to Flopping Aces.)

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Clinton wraps Asia trip by asking China to buy US debt

Breitbart-US Secretary of State Hillary Clinton Sunday urged China to keep buying US debt as she wrapped up her first overseas trip, during which she agreed to work closely with Beijing on the financial crisis.

Clinton made the plea shortly before leaving China, the final stop on a four-nation Asian tour that also took her to Japan, Indonesia and South Korea, where she worked the crowds to try to restore America's standing abroad.

In Beijing, she called on authorities in Beijing to continue buying US Treasuries, saying it would help jumpstart the flagging US economy and stimulate imports of Chinese goods.

"By continuing to support American Treasury instruments the Chinese are recognising our interconnection. We are truly going to rise or fall together," Clinton said at the US embassy here. read more...

I wonder how much of the US the SoS was given permission to sell off by the White House? Another question, when did repeating the same mistakes form the past become accepted as logical thought?

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Democrats Resisting Obama on Social Security

NY Times-President Obama is eager to seek a bipartisan solution to ensure the long-term solvency of Social Security, people who have spoken with him say, but he is running into opposition from his party’s left and from Democratic Congressional leaders who contend that his political capital would be better spent on health care and other priorities.

Mr. Obama considered announcing the formation of a Social Security task force at a White House “fiscal responsibility summit” that he will convene on Monday. But several Democrats said that idea had been shelved, partly because of objections from House and Senate leaders.

The president signaled in his campaign that he would support addressing the retirement system’s looming financing shortfall, in part by applying payroll taxes to incomes above $250,000. But that would ignite intense opposition from Republicans, especially with the economy deep in recession. read more...

I guess Congress doesn't want their own private slush fund raided. Start paying a little closer attention to Social Security legislation as well as Medicare. There are some interesting legal developments potentially coming down the pipe concerning these two problems.

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Soros sees no bottom for world financial "collapse

Reuters-Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.

Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.

He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.

"We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom." read more...