April 29, 2011

Lucid and Lickety-Split Links (042911, Morning)

Filed under: Lucid Links — Tom @ 8:48 am

It looks like Team Obama will have to keep those embarrassing “Recovery Summer” buttons in storage for another year.

From Wal-Mart, a downbeat assessment of its customer base, i.e., U.S. consumers:

Wal-Mart’s core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.

… “Purchases are really dropping off by the end of the month even more than last year,” Duke said. “This end-of-month [purchases] cycle is growing to be a concern.

Food stamps have a lot to do with that, because they are pushing purchases into the beginning of the month. This report from Idaho typifies the trend:

WinCo says the volumes of shoppers they’re seeing on the first day of each month – when food stamps are handed out – is simply becoming unmanageable.

The first day of the month at WinCo Foods in Nampa is by far their busiest.

From AP, broad-based inflation is here:

The list of companies saying this week that they are raising prices is long: Kimberly-Clark Corp. (Huggies diapers, Kleenex facial tissue); Procter & Gamble Co. (Pampers diapers, Gillette shavers); Unilever PLC (Dove soap, Ben & Jerry’s ice cream); Colgate-Palmolive (toothpaste, soap); and PepsiCo Inc. (soft drinks, Frito-Lay snacks).

As Investors Business Daily noted Thursday evening: “It didn’t have to be this way.”

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Gas price increases never sleep: Mid-afternoon yesterday, Cincinnati area gas prices were a bit under $4.07. Now look, as of 7:20 a.m. –

CincyGasAt4152April292011

Consider it a very small taste of the inflationary ugliness Weimar Republic citizens endured.

Never forget that this, and more, is what Obama and his administration have said they want.

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At Cato (HT Instapundit) — “Inside Every Leftist Is a Little Authoritarian Dying to Get Out.”

A live BizzyBlog example which occurred shortly after Obama’s election (“The honorable thing for any American to do now is salute your new President Barack HUSSEIN Obama … You’re either with us or you’re against us”) is here.

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Job insecurity, identified at WaPo: “A growing number of Democrats are threatening to defy the White House over the national debt, joining Republican calls for deficit cuts as a requirement for consenting to lift the country’s borrowing limit.”

If form holds, the Dems really want to cast one or two symbolic votes against raising the ceiling and will return to their free-spending norm at crunch time. But their scramble for a pretense of credibility demonstrates that they realize where the electorate’s sentiments are.

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Authoritarians never sleep: “Obama proposes broadening EPA’s power over water” — “House Agriculture Committee Chairman Frank Lucas, R-Okla., said the plan would let the government ‘regulate essentially any body of water, such as a farm pond or even a ditch.’”

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“Finally” indeed, via MIchelle Malkin (“Finally: Catholic Church suspends rogue Chicago Rev. Michael Pfleger”):

This month, Pfleger appeared on a nationally broadcast radio show hosted by Tavis Smiley and scholar Cornel West and said he would look outside the Catholic Church if they offered no alternative to going to Leo. He also blamed his recent clash with the cardinal on pressure from conservative Catholics and the National Rifle Association. The archdiocese denied any outside pressure in its decision.

Pfleger openly advocates slavery reparations. Behold the twisted, dangerous “logic” of an intellectual imbecile (from roughly 0:40 to 1:30 of the vid):

I promised …. to address the one (white person) who says, “Don’t hold me responsible for what my ancestors did.”

But you have enjoyed the benefits of what your ancestors did. And unless your are ready to give up the benefits, throw away your 401 fund, throw away your trust fund, throw away the money you put away, and the company you walked into because your daddy, and your granddaddy, and your great-granddaddy ….. unless you’re willing to give up the benefits, then you must be responsible for what was done in your generation, because you are the beneficiary of this insurance policy!

As I noted in 2008: “Pfleger does have one thing right: If we gave our investments up to the government, we would indeed be ‘throwing them away.’”

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Jake Tapper to Obama on the birth certificate release: (in essence): “You lie”

The president said he was prompted to act “two weeks ago, when the Republican House had put forward a budget that will have huge consequences potentially to the country, and when I gave a speech about my budget and how I felt that we needed to invest in education and infrastructure and making sure that we had a strong safety net for our seniors even as we were closing the deficit, during that entire week the dominant news story wasn’t about these huge, monumental choices that we’re going to have to make as a nation. It was about my birth certificate. And that was true on most of the news outlets that were represented here.”

But the president was wrong.

… the president’s birth certificate actually was the No. 4 story for the week – receiving about one tenth of the coverage devoted to stories about the economy.

As stated two days ago, only punk petulance accompanied by access to apparently unlimited legal funds explains Obama’s holdout.

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2 Comments

  1. Yeah, this summer does indeed look to be on it’s way for the record books on a number of fronts. Between gold and silver and the dollar close to losing reserve status around the globe, I think things are going to get rocky. And all the political theater going on is just more stuff to distract us from stuff like what Wal-mart is reporting.

    Comment by Hal (GT) — April 29, 2011 @ 12:05 pm

  2. On the Chinese Front, they are making a steady but orderly exit from US Treasuries IF the 4 month pattern persists.

    Note some interesting events last year and this year:

    In fiscal 2010—which ended on Sept. 30, 2010—the U.S. Treasury needed to redeem $7.206965 trillion in maturing U.S. Treasury securities. In order to cover the principle on those securities and borrow the money needed to cover government expenses that exceeded government revenues, the Treasury needed to turn around and sell $8.649171 trillion in U.S. Treasury securities during that fiscal year.

    So far in fiscal 2011—which began on Oct. 1, 2010—the U.S. Treasury has needed to redeem $4.176308 trillion in maturing Treasury securities and sell $4.769522 in new Treasury securities.

    http://www.cnsnews.com/news/article/us-treasury-china-has-decreased-its-hold

    Yeap, unless Congress refuses to raise the debt limit to impose fiscal discipline I see the Fed doing a QE 3 on the order of $1 trillion in 2011, half to increase the debt and the other half to buy up what others dump in order to hold interest rates artificially low. There is just no way around it Tom, both Obama’s spend, spend, spend plan and the Ryan Plan depend upon low interest rates.

    Comment by dscott — April 29, 2011 @ 7:25 pm

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