Obama's Terrible, Horrible, No Good, Very Bad Year

Obama's terrible, horrible, no good, very bad year
(12-20) 21:11 PST WASHINGTON, (AP) -- Barack Obama's terrible, horrible, no good, very bad year got off to a terrible, horrible, no good, very bad start. There he was, on New Year's Day, on Vacation with his family in Hawaii, stuck on a secure phone with Counterterrorism officials, trying to figure out what screw-ups had allowed a would-be Terrorist to board a Christmas Day flight with explosives in his underwear. Things only got worse for Obama when he returned to Washington in between a pair...

Obama's terrible, horrible, no good, very bad year
WASHINGTON—Barack Obama's terrible, horrible, no good, very bad year got off to a terrible, horrible, no good, very bad start. There he was, on New Year's Day, on Vacation with his family in Hawaii, stuck on a secure phone with Counterterrorism officials, trying to figure out what screw-ups had allowed a would-be Terrorist to board a Christmas Day flight with explosives in his underwear. Things only got worse for Obama when he returned to Washington in between a pair of epic winter storms...

Larry David: A Sarcastic "Thanks" for the Tax Cut
Larry David has an op-ed in the New York Times today expressing gratitude for the just passed Tax Cut Compromise --- which will extend the breaks for upper income earners like him. He writes, "To begin with, I was planning a trip to Cabo with my kids for Christmas Vacation. We were going to fly coach, but now with the money I’m saving in taxes, I’m going to splurge and bump myself up to first class. First class! Somebody told me they serve warm nuts up there, and call you “...

Larry David "praises" tax cuts for rich in NY Times
The liberal television icon took to the editorial pages of the New York Times on Tuesday to declare -- sarcastically -- that his life was finally getting better now that the Obama administration has extended Bush-era Tax Cuts for two years. "There is a God! It passed! The Bush Tax Cuts have been extended two years for the upper bracketeers, of which I am a proud member, thank you very much ... This is a life changer," David wrote in a missive headlined "Thanks for the Tax Cut!" Forbes Magazine ...

9/11 Christmas Widow Wants Congress to Finish Zadroga (Updated)
Magda Ryan wants Congress to think about her last Christmas while they ponder whether to head home and celebrate this year, or stay to pass the 9/11 health bill. Because a year ago Dec. 25 is the day she lost her husband, city Firefighter Jim Ryan, to Cancer that his doctors blamed on the poisons he breathed at Ground Zero, first trying to save people, then hauling the dead from the horrifying wreckage. “I’m anxious. I'm concerned about how my kids are going to feel on that day,&...

Terror Plot Aimed at Food in Hotels
(FOXNews.com) - The group behind last year’s failed Christmas Day bombing and the recent attempt to send two explosives-laden packages to the United States may be looking to attack U.S. food supplies, FOXNews.com reported Tuesday. A source with knowledge of the situation said authorities obtained information "a while ago" indicating a possible plot by associates of al Qaeda in the Arabian Peninsula (AQAP) to target food at hotels and restaurants inside the US, perhaps slipping harmful agen...

U.S. official: Al Qaeda in Yemen bigger threat than in Pakistan
John Brennan, the U.S. Deputy National Security Adviser, says al Qaeda threat in Yemen growing. Washington (CNN) -- The administration's top Counterterrorism adviser said Friday that the al Qaeda group based in Yemen poses a greater threat to Americans than Osama bin Laden's group based in Pakistan. John Brennan, assistant to the president for Homeland Security and counterterrorism, said the Yemen-based group, al Qaeda in the Arabian Peninsula, is "increasingly active" in reaching out ...

AQAP Looking To Attack U.S. Food Supply?
John Brennan speaks in Washington, Dec. 17 The group behind last year’s failed Christmas Day bombing and the recent attempt to send two explosives-laden packages to the United States wants to attack U.S. food supplies, but U.S. authorities don't believe the group has the capability to do so, Fox News has learned. A source with knowledge of the situation said authorities obtained information “a while ago” indicating a possible plot by associates of Al Qaeda in the Arabian Penins...

Jim DeMint and the war on Christmas vacation
South Carolina GOP Sen. Jim DeMint repeated today his claim that "millions of Americans" are "outraged" that Congress would dare work on major Legislation, namely New START, this close to Christmas. He previously called it "sacrilegious." "Don't tell me about Christmas. I understand Christmas," Vice President Joe Biden responded in a Dec. 16 interview. "There's 10 days between now and Christmas. I hope I don't get in the way of your Christmas shopp...

'The war on Christmas vacation'
Josh Rogin interviews Jim DeMint: JR: Sen. DeMint, exactly how long before Christmas Day is the period during which the American People don't want Congress to work on major Legislation, in your view? JD: It has nothing to do with us n...

Beach Patrol: Winter Getaways
Latest News! Flaunting her famous 22-in. waist, the star goes for a solo stroll while vacationing in Hawaii with husband Brian Austin Green (not pictured)....

Megan Fox Marries Brian Austin Green in Hawaii
It took two Engagements, but Megan Fox and Brian Austin Green finally made it legal. Reports the couple were married at the Four Seasons Hotel resort last weekend while vacationing on the big island of Hawaii were confirmed to PEOPLE early Tuesday. "Yes they are married," a rep for Fox says. Fox, 24, and Green, 36, who met in 2004, initially got engaged in November 2006, only to call it off in February 2009. At the time, a source said the decision was "mutual." PHOTOS: Surprise! We're Married...

What "Really" Causes Bankruptcy
A lot of what your friend says about Bankruptcy clients having taken on risks they couldn't handle is true. However, I DO feel sorry for most of my clients who have taken on too much risk, because almost always, they did it without realizing that was what they were doing. Nobody wants to be taking lessons in financial management from Bankruptcy filers, but the fact that someone made poor financial decisions doesn't really speak to whether one should "feel sorry" for them. For the record, I have ...

Greece Plans to Lower Employer Pension Contribution 25% by 2013
Source: Bloomberg Greece plans to reduce employer Pension contributions from next year to help reduce Tax Evasion and remove an obstacle to employment, said Louka Katseli, employment and social-security minister. The state will cut Pension contributions 25 percent in stages by 2013, Katseli said at a conference in Athens yesterday. To qualify for the reduction, a company must have no debts outstanding to any of Greece’s social-security funds. It must also sign up to an electronic system that wi...

Why I'm not excited about Herman Cain
As you may have heard, Herman Cain is planning on forming an Exploratory Committee for a presidential run in 2012. I’m not surprised. Cain has always held ambition to hold elected office. He ran for the United States Senate here in Georgia in 2006; losing to now-Senator Johnny Isakson without a runoff. Many don’t realize that this isn’t the first time Cain, who once served as chairman of the Federal Reserve Bank of Kansas City, has discussed a presidential bid. As Matt Lewis ha...

The U.S. and Venezuela--birds of a feather?
In the very earliest days of the Hugo Chavez Communist regime in Venezuela, the dictator made no attempt to hide his intentions.  He took measures to seize private enterprise and private property in order to amass a centralized government authority that had ultimate control over the population.  That program of dismantling the 2 central features of Capitalism continues today.  Chavez has succeeded in getting the Venezuelan General Assembly to grant him sweeping authoritarian power...

63310
The summit of Europe's heads of government is over, yet the continent's problems remain. After intense negotiations in Brussels, tough decisions on the future of the European currency have been postponed again. Horace's sneer "parturient montes, nascetur ridiculus mus" ("mountains will be in labour, and an absurd mouse will be born") comes to mind. What was agreed in Brussels is a collection of technicalities: a vague amendment of the European Treaties to establish a permanent rescue mechanism f...

Incentives Matter: Bank Regulatory Edition
Tyler Cowen explains why he doesn't think we are going to get the banking system that either left or right dream of: one where Bankers and their creditors take a bath when there's a crisis, and the incentives for risk-taking are properly aligned. Read the whole thing, but for me here's the critical paragraph: Let's say a no-bailout policy was credible, as indeed it was in the 19th century (there were no Bailout facilities). What does the equilibrium look like? Is there less long-term Lending to ...

Europe warns of pain for Allied Irish creditors
By Carmel Crimmins DUBLIN | Tue Dec 21, 2010 2:49pm EST DUBLIN (Reuters) - Allied Irish Banks' (ALBK.I) junior bondholders will have to take a big hit in a future restructuring, the European Commission warned on Tuesday as it rubber-stamped billions of Euros in state aid for Irish banks. Brussels' threat triggered a fall in Irish Sovereign Debt, stoking fears the continuing Financial Crisis means more pain, including the spectre of forced discounts for investors, despite an 85 billion euro ($...

A Smarter Bailout Could Have Shortened the Recession
We are, as they say, live: A Smarter Bailout Could Have Shortened the Recession Policy did not respond optimally to our "Balance Sheet recession." Though I didn't talk about this in the column, it's looking like we have a very slow recovery ahead of us, so it's not too late to do something about this and speed the recovery. We won't do anything of course, the current political environment won't allow it, but hopefully we can still learn something and improve polic...

Clarifying The EFSF/EFSM Bond Issuance
The European Commission announced plans to sell bonds to fund the Irish Bailout through the EFSF and EFSM. Each entity will issue EUR3-5 bln in 2011, and will mainly have maturities of 5, 7, and 10 years. More Debt will be issued in 2012. This Debt issuance was expected after the Ireland rescue plan was announced, as it was made clear that the EFSF would never “pre-fund” and instead has to wait until support has been requested, a program has been negotiated with the EC/IMF, and a Mem...

Moody's warns of lowering Portuguese debt rating
Moody's warned on Tuesday it may lower by one or two notches Portugal's A1 rating owing to uncertainty about growth and borrowing prospects, but said it expected Lisbon to be able to pay its Debts. "In Moody's opinion, Portugal's solvency is not in question," Anthony Thomas, Moody's Vice President and lead analyst for Portugal was quoted as saying in a statement. Moody's emphasised its concern over Portugal's growth prospects, which will affect its long-term ability to repay debts, rather than m...

Fed throws euro banks a lifeline
For an outfit whose policies supposedly are plunging the world into unspeakable conflict, the Federal Reserve is doing an awful lot to avoid another meltdown. The Fed said Tuesday it would extend The Dollar swap lines it provides to Central Banks in Europe, Japan and Canada in a bid to avoid a cash crunch like the ones seen to such devastating effect in 2008. Your dollars, our problem? The swap lines, under which the Fed provides foreign central Bankers with essentially unlimited stocks of doll...

Knowledge Is Power
How to take care of a nonstick pan. I haven't been seasoning mine, but I don't use them on high heat, either. If I want to cook something on ultra-high heat, I use stainless steel, though I suppose copper would also work if I had copper frying pans. There's no real point in using high heat with nonstick--you won't develop the fond, and your food will burn. (And maybe emit noxious fumes). The sorts of things that are really best cooked in nonstick, like eggs, are also the sorts of things that are...

One Minute Macro Update
US : Futures firm this AM as the light volume week continues. Europe continues to dominate headlines as yesterday saw some firming of the front end and Fed Rate expectations as the back end sold off – erasing mid day gains. This week and next seem more about quietly positioning for next year rather than actual direction. With the CDS roll behind us, we will get a better idea of short risk activity going into the 1Q11. Europe : Post roll, sovereign spreads are wider as news that China would...