“This site is dedicated to preying on peoples vanity, ignorance, or loneliness, gaining their trust and betraying them without remorse.”

Tuesday, September 28, 2010

Uncle Sam suffers COPD -"Balloon too big."

Job Loss Looms as Part of Stimulus Act Expires
By MICHAEL COOPER
Published: September 25, 2010

Tens of thousands of people will lose their jobs within weeks unless Congress extends one of the more effective job-creating programs in the $787 billion stimulus act: a $1 billion New Deal-style program that directly paid the salaries of unemployed people so they could get jobs in government, at nonprofit organizations and at many small businesses.


135 comments:

  1. Slow out of the gate this morning?







    I can wait.

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  2. Free money for workers is like the free money for cars and houses, it appeals to the universal dream of something for nothing but the only thing it stimulates is more debt. We are in the middle of the biggest transfer of "wealth" from the future that we have ever seen.

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  3. Let me tell you how it will be;
    There's one for you, nineteen for me.

    Should five per cent appear too small,
    Be thankful I don't take it all.

    (if you drive a car,) - I’ll tax the street;
    (if you try to sit,) - I’ll tax your seat;
    (if you get too cold, ;) - I’ll tax the heat;
    (if you take a walk, ) - I'll tax your feet.

    Don't ask me what I want it for, (ah-ah, mister Obama)
    If you don't want to pay some more. (ah-ah, mister Obama)

    Now my advice for those who die,
    Declare the pennies on your eyes.
    'Cause I’m the taxman,
    Yeah, I’m the taxman.

    And you're working for no one but me.

    Taxman!

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  4. Does anyone else see the irony of our African American President putting a "Tan" tax on tanning salons? LOL

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  5. Uncle Sam suffers COPD -"Balloon too big."




    hee hee Good One!!!

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  6. I really don't find a slow suffocating death very amusing whether it be a human being or the government. It is not a very good compassion.

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  7. But the metaphor works nicely given how big the bubble/balloon was and the frantic efforts to reflate it.

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  8. "It is not a very good compassion."

    Nor a very good English.




    Sorry. Couldn't help myself.

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  9. I can understand why Beazer doesn't beeline for the CTL industry - sort of (too much retooling/retraining - hard to structure a mortgage for a futures gasoline contract) but I wish somebody would explain to me why a 2-yr payroll tax holiday wouldn't work so to speak.

    Serious question.

    (sort of)

    That's a good a meatball.

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  10. I would guess that a payroll tax holiday would put one heck of a big hole into the revenues for the gov. (how big I'd be interested to know) and at its end their would be a hue and cry to continue it. I have been puzzled, and dismayed, at the frantic attempts to reflate the credit bubble by propping up the banks (kinda understand that) but hoping that folk borrowing more would be helpful and useful strikes me as problematic. In general putting money into the 'peoples' hands instead of 'banks' would be much more stimulative I would think. Do you think that the 'people' could hire powerful enough Lobbyiests to actually get it done?

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  11. You're gonna make me talk to myself all day.

    And you're gonna enjoy it.

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  12. This fucking computer corrects some of the spelling as it goes and some it doesn't. And then it spells it to what it wants it to be. I can't stand it.

    Did I tell you the time I sent a Facebook friend a happy birthday wish in Italian using the translator and when I asked her how I did she good except for one of the words translated to semen.

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  13. "You're gonna make me talk to myself all day."



    Bob does it.

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  14. I will say this:

    Describing God as a "sick fuck" and "evil genius" is actually funny.

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  15. The ever fascinating Charles @ BC speculates that the $1.8 to 2 trillion dollars being held in corporate cash reserves is the amount the banks need to replenish their capital reserve requirements to downsize from the 2008 levels of 30-40:1 back to 12:1.

    Doesn't take a rocket scientist let alone an unemployed blogger to conclude that throwing money is problematic, but throwing it at no defined let alone defensible target is close to hysterical.

    I happen to agree with the general tenor of your post. If it is true that resurgent consumerism is the only way out of this recession ( I question that) then government money should be targeted directly at the people, bypassing the institutional infrastructure that allegedly influences spending behavior. Psychologically it has a distinctively leftish ideological flair.

    And no I don't. Explains why the BC boys are hunkering down in their bunkers.

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  16. Well, Melody, you've chosen to be absorbed by the great mothership Apple and you shall now exist as it dictates.

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  17. "Bob does it."

    Bob does everything.

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  18. No Ash I just have to change the settings.

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  19. Now I will be aware of my incorrect spellings before I publish.

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  20. I think, for most of us in business, there is a lack of demand in the market and thus no incentive to borrow to expand. On the consumer side they've borrowed big time so why would they want (or be able) to borrow more? Flooding the banks with cash so they can lend has not produced the desired results.

    All in all I'm not confident that all this financial engineering is going to work out well in the end. You squeeze one bulge and another pops out. Damn squishy balloon!

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  21. And Trish can correct the grammar as she sees fit. She doesn't always agree with Apple.

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  22. Bob is looking for something.

    Sounds suspiciously like a lost youth.

    I could be projecting.

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  23. As in, Bob is a lost youth?

    Or as in, Bob is searching for his lost youth?

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  24. Or, Bob is searching for a lost youth.

    As in, a young person who is lost.

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  25. I was only half facetious suggesting that Beazer start building CTL plants.

    A little over five years and $14 billion USD later, the Chinese have seven of them.

    I'm boring myself with much of this and will stop, but the lending sits in stasis due to very poor health care reform (complicated, expensive and plain goofy), threatening environmental initiatives, and the lingering burden of housing collapse.

    The Dems get full credit for 2 out of 3. The professional politicians get credit for 2008.

    I repeat, I can understand why the BC Boys are in hunker down mode. The 21st century was supposed to be a glorious millennium of technological breakthrough and life-enhancing innovation (especially medical).

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  26. Before I go get the tool box, Melody you must lay back a little, let her attack, attack, attack, you must dodge and rope a dope, then, wham, when you see the opening, hit her on the flanks, left, right or both, you will wear her down during the day.

    ----

    'bob' only does one thing, but does it five times, reverberatingly.

    May he get his by a truck.

    ----

    What a nice sleep I had.

    ---


    Trish!!! You must eat at least one of those smiley faces.

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  27. As in bob is searching for a youth he never had.

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  28. "Trish!!! You must eat at least one of those smiley faces."

    I'll leave it to you to pick which.

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  29. Or, I'll leave it to you which to pick.

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  30. The tool box is to carry the alcohol, tobacco and firearms. That's how one captures one's lost youth, with alcohol, tobacco and firearms. Most of which I wouldn't want to relive.

    Every young male should have a pickup and tool box.

    ---

    And that shower felt great, I'm good to go.

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  31. I'll which to pick when I get back.

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  32. Now, now, have a little humility, Miss Faulty Memory.

    Crow tastes a little like pigeon, which tastes a little like dove, it's not so bad.

    leaving...

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  36. Hell, he's not even up, I could have slept till noon.
    ----



    You must eat the nasty one at

    Tue Sep 28, 02:55:00 AM EDT

    and eat it raw

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  37. "You must eat the nasty one at..."

    Yeah, I'm not even gonna look.

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  38. Damn, Blogger keeps eating my posts.

    The last one's been up three times.


    .

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  39. Well we're not exactly off to a flying start here this morning. They said they'd keep it till noon.

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  40. Same here, I was going to compliment you on your horoscope, which is definitely not up to your usual standards. A lowering of tone, a lack of tension, a drift toward fellahenism. It's the beginning of the decline of the west.

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  41. The last part is the money shot, it's got the merchadising, and it keeps dropping off.

    What can I do?

    .

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  42. Funniest thing I ever read here at the Bar (and I paraphrase):

    "Didn't I tell you guys I'm askerd of clowns?"







    And, yeah, I'm going to nap.

    Yeah. Not yea.

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  44. I will say this:

    Describing God as a "sick fuck" and "evil genius" is actually funny.



    Straight out of some of the more pessimistic gnostics, back in their day.

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  45. That was ok.

    Should have been Paris Hilton though.

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  46. The last part is the money shot, it's got the merchadising, and it keeps dropping off.

    What can I do?


    Get an honest job, like all honorable men.

    I'd suggest the gopher position on a harvest crew.

    I'd hire you, if I were still in the business.

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  47. Quirk, clean out that plugged separator on the 403.

    And grease the 6602.

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  48. Go clip them thistles over by the creek bank, put the heads in a sack.

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  49. Get under and change that hot dirty oil on the '60 F600.

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  50. Blow out the dirty radiators on all the rigs with the air compressor.

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  51. Get your hand outta your ass and no more drinking on the job.

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  52. A payroll tax holiday, arguable on the financial and economic merits (but not definitively), would be an (attention-grabbing) act of gravitas, providing huge psychological boost to people and markets.

    Buying time for the mechanical fixes to work.

    Nothing wrong with that.

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  53. Naw, you best stick with horoscopes, long as you can, more I think on it.

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  54. Do away with the capital gains tax. Free up the assets.

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  55. There's a fight metaphor in there somewhere.

    Do away with the little sub-text subterfuge sucker punches and hit straight, direct, and hard.

    But that's just not done in polite society.

    Beyond the pale.

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  56. The bigger the party, the bigger the hangover; and the 80's, 90's, and 00's were a Hell of a party.

    When we saw the "chaperones" (bankers) getting drunk we should'a split.

    Unfortunately, we'd already gotten drunk, our damned selves.

    Shit happens.

    It's gonna take more than a couple of Bayers, and a nap to recover from this one.

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  57. When we saw the "chaperones" (bankers) getting drunk we should'a split.

    Basically, but bankers hold their liquor really well.

    They hid the financial tsunami through the securities ratings agencies. Had the regulatory agencies performed, securitization would have been slowed if not crippled and the damage would have been contained.

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  58. I am squarely in the Blame the Bankers corner. No question.

    The narrative will have to be adjusted to distribute the blame because somebody's gotta pay for it. That somebody will be the Middle Class or what's left of it.

    Obama will use the populist rhetoric to enforce Goolsbee's agenda and we don't know for sure what that is yet but just look at the screaming over the Bush tax cuts and tell me that the Middle Class is not going to bear the brunt of this burden.

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  59. I can't believe the heads of those ratings agencies haven't been found hanging from lightposts.

    That was what caught me completely by surprise.

    I still can't wrap my head around it.

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  60. Q-Who pays the ratings agencies to do their thing?
    A-The folk who get their stuff rated.

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  61. The lack of accountability makes me very discouraged. The source of my "adult world" comments BTW. Some of the shenanigans barely rise above the level of kid stuff. If only it weren't so serious. That's the cognitive disconnect.

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  62. Copied, verbatim from Commentor, Starship Trooper, at The Oil Drum:

    Rockman:

    The 1974-1975 and 1979-1982 (a double-dip) recessions are the closest approximations of an oil price shock with other factors thrown in. Some would argue the 1990-1992 recession might also fit part of this model as well (Iraq invades Kuwait).

    By recovery, that could mean the period from when jobs first started to fall to the point they recovered to the same number in the workforce as when the job losses began. In that sense, the person you heard on NPR is correct. Between 1960 and 1975 there were 3 notable recessionary periods. All recovered to the same number of jobs (but not necessarily to the same unemployment percentage in less than 24 months.

    The 1979-1980 recession lead to a second dip in August of 1981 that took about 27 months for recovery. The drop in 1990 (July) took 32 months to recover back to same number (no net loss) of jobs. The 2001 recession (jobs began falling in March 2001) took 47 months to recover. President GW Bush was nearly the first President since the Great Depression to have a net job loss in during a term of his Presidency.

    The recession which began in December 2007 showed its first job decrease in January 2008. By the time Bush was out of office, the economy had shed more than 5.8 million jobs and the net job creation during the Bush (II) Presidency was a mere 338,000 over the entire 8 year span. It seems we have bottomed in this recession at a loss of 8.33 million, since this started.

    To put this into perspective, if you summed all the job losses from all the previous recessions and then plotted them on the Total loss versus months after the recession began, the summ of all job losses from all recessions since 1960 is only 8.7 million jobs and that combined loss would have bottomed out at 12 months after the recession began before the combine values began to rise again.

    This recession took 2 years to bottom out in job losses (if it really has) but we can hardly say that there has been any real recovery of job loss. And if the last sluggish recovery is any guide, it took about 4.5 years to recover nearly 8 million jobs from the last recession's bottom to the peak before the crash occurred in early 2008.

    That is well beyond the next Presidential campaign and may well into the 2016 cycle as well, IF there is any recovery at all.

    That should brighten your day.

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  63. Meredith Whitney just produced a report concluding that the next systemic crisis will come from the states which operate under constitutionally mandated balanced budgets. Another round of layoffs versus increased federal deficit. Texas and Virginia are in the best shape due to limited government services and positive demographic trends. Expected time frame sometime in 2011.

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  64. Speaking of States I saw this today:

    "California May Seek $5 Billion From Wall Street, Lockyer Says

    California is lining up a short- term loan of more than $5 billion from a group of Wall Street banks to tide the state over with enough cash after a record- long budget impasse, Treasurer Bill Lockyer said.

    The state may borrow the money from Bank of America Merrill Lynch, JPMorgan Chase & Co., Goldman Sachs Group Inc. and RBC Capital Markets once a budget is enacted and would repay the funds with an estimated $10 billion of notes it will sell in October or November, Lockyer said today in New York. The state can’t issue those notes until a budget is signed.

    California has been operating without a budget since the start of its fiscal year July 1 amid a dispute over how to erase a $19.1 billion deficit. The state is in danger of having to shutter school construction, roadwork and other public-works projects and force private contractors to put as many as 10,000 employees out of work because of the impasse, Lockyer said at a conference of the Securities Industry and Financial Markets Association. "

    http://www.bloomberg.com/news/2010-09-27/california-may-seek-5-billion-from-wall-street-lockyer-says.html

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  65. Received a new iPad from those kind people who pay me. I think I will like!

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  66. $19 Billion is, what, 1% of California's GDP? I have a hard time getting too het up over that.

    Now, the U.S. Budget Deficit at close to 10% of GDP: That's something different.

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  67. I would like it if some kind people would just "pay me." :)

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  68. Of course, I'm stuck in the "Standard Contract;" "No Workee, No Payee."


    Crap, I shoulda negotiated a better deal. :(

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  74. I always love analysis like that, Q. Now, let me give you "my" analysis.

    We Win, They Lose.

    Look at it this way: If we can run into a wall with all the checks and balance we've got in place, just imagine the crack-up that China is going to suffer at some point.

    The Chinese have Two Monstrous problems quickly approaching. 1) Peak Oil, and 2) Socialist Agricultural systems. A Disaster of Biblical proportions in the making.

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  76. Doesn't Much Matter


    One of Washington’s most enduring policy dialectics is alive and well as Democrats and Republicans court midterm-election voters in the face of mystifyingly weak job market and threatening budget deficit.

    Yet, for all of the political noise about the Reagan or Bush tax cuts, or the Clinton or Obama tax hikes, it may be hard to make a convincing case for either approach..

    “I really don’t think you can,” says Dean Baker, co-director of the Center for Economic And Policy Analysis. “It’s really marginal.”

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  77. From the link above:

    "We couldn't afford those tax cuts back when they were implemented by Bush. We can't afford them now," said David Stockman, Reagan's former budget director, referring to the nation's debt problem.

    Even former Fed Chairman Alan Greenspan, who ardently backed the Bush tax cuts a decade ago, said extending them was unrealistic and unaffordable in the current budget environment.

    Nevertheless, both Democrats and Republicans are pushing for expensive tax cuts at a time of extraordinary government spending and record-high budget deficits on the assumption that it will help an economy suffering from weak demand, which is holding back job creation.

    The Democratic plan to cut taxes on all taxpayers except those in the two-top brackets would cost the government $2.9 trillion in lost tax revenue over a decade; the Republican plan--which applies cuts to all taxpayers—would mean another $700 billion in lost tax revenue.

    “Whichever camp your are in—cutting taxes or raising rates—spending reductions are a necessary thing. While my side says tax reductions will produce robust growth we cant turn a blind eye to the expenditure side." says Pete Sepp. executive VP of the National Taxpayers Union. "It's been proven time and time again under Democrats and Republicans."

    ...................................

    IOW, spending cuts are dead.

    Or a bad joke designed to remind the voters how stupid They think We are.

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  78. Rufus: $19 Billion is, what, 1% of California's GDP? I have a hard time getting too het up over that. Now, the U.S. Budget Deficit at close to 10% of GDP: That's something different.

    What's the big hurry anyway?

    Germany will officially make its final reparation payment for World War One this Sunday.

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  79. She's not that old, Quirk.

    You're ancient, over the hill, and look it too.

    She's still got a few good years left.

    Give her a break.

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  80. The difference between our debt, and Germany's: They paid theirs.

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  81. Check out this site.

    What's up with the Libra 'buiness', Q? Why did you delete it?

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  82. Worst horoscope ever.

    The time sense is first to go, then the lucidity, then the return to childhood.


    Scorpio for today----Your directness will be appreciated by those you speak to. Be aware that several people in your life might need a touch of your polished diplomacy. Listen to a totally different viewpoint. Then reject it.

    tonight: finally some quality time.



    Well, Quirk, I've listened to all you say, and considered it well, and fuck you just the same.

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  83. He called Melody old, that's why.

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  84. He called her ancient, the old baffoon.

    I'm having a five star day, by the way.

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  85. I don't think Any of the tax cuts will be extended. And, I think (God help me) that Dean Baker is right; it's not a "super-biggie." Everybody will posture, but, at the end of the day, the Gov. will "take the money."

    Q's linking "Krugman," and I'm agreeing with Dean Baker. The world Has gone upside-down.

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  86. I don't think Any of the tax cuts will be extended. And, I think (God help me) that Dean Baker is right; it's not a "super-biggie." Everybody will posture, but, at the end of the day, the Gov. will "take the money."

    Q's linking "Krugman," and I'm agreeing with Dean Baker. The world Has gone upside-down.

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  87. What's up with the Libra 'buiness', Q? Why did you delete it?

    Tried getting it up a couple times Whit but Blogger objects.

    I get the last one posted but then Blogger kicks it off.

    Tried re-typing on another separate Word sheet but it keeps dropping off.

    (Besides as you can see I have been getting a lot of negative criticism. No thought that I have been doing it in a drug induced state due to pain. Not that I am complaining or looking for sympathy or anything.)

    .

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  88. It was an Excellent horoscope, Q. I don't think it's "You" that is affected by his Meds.

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  89. Maybe the Proprietors can put it up as a blog post, and get it to stay up?

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  90. I'm just lookin' out for you, Quirk. Tryin' to help you out, but maybe the gods are trying to tell you something.

    No true criticism is negative, Quirk, just an effort to be helpful.

    As a literary man, you know that.

    Recall how I always accept your literary criticisms of myself without complaints, or excuses, and with deep appreciation.

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  91. Rufus is drunk again.

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  92. But he's likely to outlive us all.

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  93. I don't think Any of the tax cuts will be extended.

    You could be right Ruf but I disagree.

    Just my opinion but I suspect that either all of them will be extended or all but the ones for over $250,000.

    Won't happen until after the election. Dems don't have the balls to push it. All politics.

    I think it will happen after the election because the GOP doesn't have the balls to deny them to the middle class with it only being two years until 2012. All politics.

    Aren't any of them that are worth a damn.

    .

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  94. I thought it was good. I must have missed the old part.

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  95. She's still got a few good years left.

    I'm sure she will appreciate you standing up for her in this manner.

    Not.

    My "ancient" comment merely referred to her 'old soul'.

    You lack the poetic sense.

    .

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  96. I wouldn't bet a wooden nickel on it, Q. I'm just babbling.

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  97. It's raining out and I'm taking the dog for a walk.

    We'll probably get wet or sick or something.

    .

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  98. My horoscope told me to be direct. How can I argue with my horoscope?

    You are always, always trying to pan your failings off on me.

    And you know damned well souls are not in time, and have no age.

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  99. It's raining out and I'm taking the dog for a walk.

    We'll probably get wet or sick or something.



    Right.

    No thought that I have been doing it in a drug induced state due to pain.

    Well take the walker, and the mutt walk you.

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  100. ha, out there in extreme pain, taking the dog for a walk.

    You bet.

    You never fell off any roof.

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  101. let the mutt walk you

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  102. I think I was a Libra in my past life.

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  104. My horoscope told me to be direct. How can I argue with my horoscope?

    Right.

    How can you fight it?

    I would only mention that the stars also warned you not to get into an argument with your clergyman over predestination, though they ultimately were helpless to stop you.

    I am out of her.

    .

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  105. "...out of here."


    And no BS about it being Fraudian.



    .

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  106. You never fell off any roof.

    No I didn't. It was a ladder.

    Lord, you're proof that when you get older the memory is the second thing to go.


    .

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  107. Did you try as I told you before?

    Paste everything into Notepad, then clip out thirds (from Notepad) and paste into Blogger.

    There shouldn't be any problem.

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  108. How was she, o mister lucidity?

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  109. Whit, why doesn't he just email it to you.

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  110. I feel quite confident that Pajamas Media will be contacting me after my next post goes viral.We ain't talking about no Chinese Philosophy, here.

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  111. Cause the gods would crash the system.









    Has anyone noticed that Drew Carey has lost a lot of weight, and gotten some tooth implants too?

    My wife mentioned this to me.

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  112. And no BS about it being Fraudian.

    I meant Freudian.

    And no BS about that being Freudian either.

    .

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  113. I'll try again after I walk the dog Whit.

    Maybe I will be out of this Bob induced funk at that time.

    .

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  114. He shouldn't have to email it to me, but if he wants to, that's fine by me. Just give us a head's up to check the email which by the way is something we don't often do...

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  115. Your directness will be appreciated by those you speak to. Be aware that several people in your life might need a touch of your polished diplomacy

    This is what I can't stand about horoscopes, they tell you to do one thing, then kinda take it back in the next sentence, leaving one one knows not where.

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  116. Fraud-ian was accurate enough.

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  117. Was anyone else nauseated by Bristol Palin getting a 22 on Dances With Stars last night?

    What do you people do all the time, anyway?

    I've never seen such a miscarriage of justice.

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  118. In anticipation of the call from the big leagues, I've just quit my day job. Gotta be ready to go when the call comes.

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  119. Bristol Palin gets a measly 22 and bob thinks the DoJ should be brought in.

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  120. Measly 22? The norm is about 16.

    Here's All I Can Find On The Travesty Today

    Right at the end. Maybe tomorrow they'll have the whole episode up.

    But you might not want to watch.

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