Hennessy's View

Domine, non sum dignus

If Donald Trump Scares You, You Should See a Depression

Guest post by Lee Presser. America’s fiscal year is October 1 to September 30. With two month left in FY16, the U.S. Treasury has already paid creditors $380,925,428,211.67 in interest costs. (That’s $381 Billion) https://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm The average interest rate was just over 2%. https://www.treasurydirect.gov/govt/rates/pd/avg/2016/2016_07.htm  It is expected that the last two month’s of this fiscal year, interest costs will increase another $45 to $66 Billion. The total FY16 interest cost may be between $426 and $447 Billion. Read more →

Chili Palmer

The greatest mob movie of all time was Get Shorty. (Please, don’t argue.) The whole movie revolved around this exchange: Ronnie Wingate: Excuse me bro’, but who the fuck are you? Chili Palmer: I’m the one tellin’ you how it is… Last Sunday, Greece was Chili Palmer. A few days later, Angela Merkel is. Funny how things change. You probably heard that Greece’s Prime Minister called for a referendum on the troika’s terms. Read more →

You’ll Never Guess Who’s About to Become Obama’s Biggest Nightmare

In 2008, we heard all about the youth movement for Obama. We heard that the enormous Millennial Generation, born between 1982 and 2001, would destroy the GOP and everything America once stood for–like jobs, family, faith, and hard work. And when Obama won, many believed the tales of the Obama Youth. But many were wrong. Voters under 30 have had it with vague promises and glittering bullshit from that punk from Chicago. Read more →

NYT Describes Mayhem of “Taxmageddon”, And It Will Scare You Sick

What the hell’s going on at NYT? First, they do a piece on Andrew Breitbart. Then they warn the world that Taxmageddon will crush the world in 2013, beginning with the USA. Here’s how Business Insider summarized the David Leohardt article: Basically, with no changes to current law, taxes will rise for everyone, and after tax, inflation-adjusted income for the average American will drop to 1998 levels. Read more: https://www. Read more →

This David Stockman Quote Should Scare the Hell Out of Everyone

Is the US economy about to collapse worse the Greece’s? Some, like Paul Krugman, say that it’s okay for governments to print unlimited money. Others, who have actually managed businesses, say otherwise. **David Stockman is among the latter. He was Reagan’s budget director for a few years. He became a media sensation because of his command of numbers. ** He left the White House early, fretting over federal debt. But debt in the 1980s was as a piggy bank to Wells Fargo. Read more →

What Scrooge Teaches Millennials

_This is the fourth in a series. If you haven’t, please read part 1_, _part 2, and _part 3_. _ Because so many school systems have driven great English literature out of students’ hands and minds, it’s possible that some kids never read Charles Dickens’s A Christmas Carol. If you’ve never read this classic, please do so now. You need it. Back? Good. Fascinating stuff, isn’t it? And so much more accessible than David Copperfield, which was my introduction to Dickens. Read more →

Why Tea Party?

A college student asked me a question: Why join the Tea Party? He was wondering why anyone would want to associate with people who behaved reprehensibly at two earlier Republican debates. Here’s how I replied: Johnny, Sorry that I’m just getting to this. I get a lot of email, and sometimes I miss things. I organized the tea party in St. Louis in 2009. I did so because I’ve seen that governments accumulate power until they crush liberty and freedom. Read more →

At Last, Obama’s Ready to Borrow More Money from China

The headline on July 15 was knee-slapping funny: Obama says he’s “ready to move**” on debt ceiling. ** Really? The man who dug a deeper debt hole in two years than anyone else did in 8—or 15—is willing to borrow more? Say it ain’t so. For those who believe Obama’s some sort of deficit hawk, let’s take a quick stroll down memory. Obama wanted to increase the debt limit by $2. Read more →

What’s Your FICA Score?

Your FICO score is a number between 380 and 820 (or something like that) that banks use to determine your credit worthiness. The higher your FICO score, the better. But that’s not what I’m talking about here. I’m talking about your FICA score. Your FICA score is the minimum payment on your federal loan. You didn’t know you had a federal loan? You do. If you’re 18 years old, you owe the federal government about $46,000. Read more →

Money Problems? Borrow Your Kids’ Social Security Numbers

Why not? Kids have a clean slate when it comes to credit scores. Sure, they don’t have a long history, but you can help with that. And you can buy that 56-inch 3D LED TV you’ve been craving. In a few months, you might even be able to buy a new car—on your kid’s credit. **Best of all, you really don’t need to pay it off. Let your kids pay that loan. Read more →