Global Economy Bursting?

[Randolph Kinney]

ILLEGAL ALIENS BANKRUPTING CALIFORNIA'S MEDICAID; OBAMA APPROVES CUTS

http://www.thecypresstimes.com/arti...ALIFORNIAS_MEDICAID_OBAMA_APPROVES_CUTS/52311

With hundreds of thousands of illegal aliens being covered by Medicaid in California, causing the government health care system to face bankruptcy, the President Barack Obama approved hundreds of millions of dollars in cuts to California’s Medicaid program that the state needs in order to tackle its dismal financial situation.

California's liberal Governor, Jerry Brown, in July had urged the Obama White House to give him the authorization to drastically reduce Medicaid payments to providers by up to 10 percent, claiming it would save the $623 million this year and next.

"Brown's plan is simple: Citizens will have to suffer with fewer Medicaid benefits in order to continue covering the enormous illegal alien population," notes political analyst Mike Baker.

One critic claims that besides redistributing wealth, the governor's move all but wiped away the value of being a US citizen with this plan.

In addition to the $623 million cut to provider payments, Governor Brown wants the authority to require Medicaid beneficiaries to make $5 co-payments for physician visits and $50 co-payments for emergency room visits (measures that would save $511 million) and limit most beneficiaries to seven doctors’ visits per year (which would save $41 million), according to The Hill.

 

[Restrain]

Greece to have a referrendum on whether to accept EU requirements. Rejection will most likely lead to default. Finland is calling the vote a referrendum on EU membership. DOW off almost 4% (295 points) in early trading.

http://www.cnbc.com/id/45116280

 

[Austin]

Back around 1966, when I was in college we got a new professor who was Greek. Not Greek American, he was from Greece. He was a very friendly guy and I remember his tales of being in the Greek navy and his experiences on NATO drills.
No alchol is allowed on any US navy ship and dicipline is stiff. The Greeks had all the wine on board ship they could drink and when they went to sea it was more of a Med cruise excursion than a training exercise. Even the captian of the ship was in on the fun. Then one day they went on an exercise and they put an American naval officer on the bridge and he jerked a knot in their arse. He would not put up with their crap. That is all you need to know about the Greek situation and why it is a situation. This professor was the same way in class, just one of the guys joining in the fun and frolics. If you ever get a chance to go to a Greek wedding, don't miss the opportunity because it is a real hoot. We had one in town about a year ago. Afther the wedding they all went to a restuarant. One of the guest had a pistol in his pocket and when he reached for his wallet the pistol went off and shot a hole in the floor. I think they had a movie a few years ago about a Greek wedding.

 

[Randolph Kinney]

Bay Area voters face slew of tax, bond measures


http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/01/MN831LMRGL.DTL

From Vallejo to Campbell, cash-strapped jurisdictions across the Bay Area will ask voters on Nov. 8 to rescue them from the financial abyss by passing bonds and tax measures.

In all, 24 cities, towns and school and special districts are turning to the voters for bailouts.

"Is it good public policy? No. But it's survival," said Fred Diaz. "Cities have no choice because the state's not doing its job. The whole system is dysfunctional."

Since the economic implosion of 2008, cities have seen their revenue plunge and employee retirement and health costs skyrocket. The result has been a slew of shuttered senior centers and swimming pools, weekly City Hall closures, dwindling police departments and, in extreme cases like Vallejo's, bankruptcy.

California? The new Greece of north American.

 

[Workbox]

Greece to have a referrendum on whether to accept EU requirements. Rejection will most likely lead to default. Finland is calling the vote a referrendum on EU membership. DOW off almost 4% (295 points) in early trading.

http://www.cnbc.com/id/45116280

It is stalling right now and since it has hit a support area and the stochastic are still up-trending on IWM at +/- 65%, there could be one more shot to the upside and then come down again. I took my profits this morning and waiting for a rally. I could be wrong and if I am, I will short again.

But if we do rally, I will wait for a short signal and this time stay put. Good Luck to all. Cheers.

 

[Terrel L. Shields]

The problem isn't Greece. It is the problem that once Greece goes, Portugal is very likely next and if they are next, then Italy, Ireland, and Spain will almost certainly follow and no one knows how you are going to "swallow" Italy or Spain's defaults...

Watch the bankruptcy of this MF Global trader bunch that John Corzine is heading, too...to see how crooked Wall Street remains. Johnny boy may walk with $100 million and they comingled trading funds with client funds and cannot account for either... in clear violation of Frank Dodd and bank rules already in place.

IF John john don't do the perp walk there is zero justice in America and the Tea Party and Occupy Wall St. ought join hands & march on Washington. The crimes have got to stop or we degenerate into class warfare at its worst.

 

[NORTON]

It is stalling right now and since it has hit a support area and the stochastic are still up-trending on IWM at +/- 65%, there could be one more shot to the upside and then come down again. I took my profits this morning and waiting for a rally. I could be wrong and if I am, I will short again.

But if we do rally, I will wait for a short signal and this time stay put. Good Luck to all. Cheers.

you called it....keep that crystal ball plugged in....small bounce then falling again.

 

[Randolph Kinney]

IF John john don't do the perp walk there is zero justice in America and the Tea Party and Occupy Wall St. ought join hands & march on Washington. The crimes have got to stop or we degenerate into class warfare at its worst.

Amen. Because sentence against a bad work has not been executed speedily, that is why the heart of the sons of men has become fully set in them to do bad.

 

[Big ole Boy]

alpha economics

... little talk of smaller government ...... austerity measures ......

... Ocuppiers and Teaparty people ... one group wants big government the other one does not .....

... Catholocism at its very root ........ aches for bigger and bigger government .......

.... but it seems universalism ....... may have to be achieved without materialism intertwined ......

... time for a new church ......

..... how about Apostle Herman Cain?

.... or Apostle Glenn Beck ?

.... alpha males ....

.... maybe Isreal will attack Iran during the EU implosion .....

 

[Randolph Kinney]

Just reading about what the crisis is really all about in the EU countries. It is manifest by debt however, the real issue is about labor. The more indebted countries are being called upon to cut spending and raise taxes, which impacts on labor. Foreign dictates to the likes of Greece and soon to be Italy are raising the spectre of revolution. Governments must choose to either throw their countries into a deep recession with austerity programs to satisfy a treaty obligation or be overthrown by the populist revolution.