The Scott Murphy Illusion

I just got an email from Scott Murphy who explained how he going to save us all. Unlike most of you, I did not unsubscribe from his newsletter, as one has to try to understand the dangerous.  


The Murphy BS gets boring, so let me provide a few facts,  please feel free to tell everyone you know. In fact, that is an order.


I will soon start a "rat marketing" Internet system to get the word out about Murphy and others. The "media" is a fixed game;  I don't understand why Republicans buy advertising space there, they are feeding the enemy and doing so with a smile. 


Here is how the recent Murphy letter began:

Dear Friend,

I have spent my career, both in the private sector and now as your Representative in Congress, working to build the economy in Upstate New York....   

The letter explains, again, how great he is as a businessman and he will help northern NY, where he spent his career. This is an "Age of Obama" lie.  Such lies are not as subtle as Mr. Clinton's because the left knows the media is a shield, not a sword.

He moved to Glens Falls in 2007.  His "Wiki" recently changed and it no longer mentions that. Click on the date to find an article:

After Murphy’s father passed away in 2006, he and his family moved to Glens Falls, N.Y., so that his wife could be near her family’s dairy farm. Murphy said he attends a 57-person Sunday dinner with Hogan’s family nearly every week.

 WIKI:

Early life and career

The son of a teacher and mail carrier,^[3] Murphy graduated from David H. Hickman High School, Columbia, Missouri in 1988,^[5] and later graduated magna cum laude from Harvard University.

Murphy worked for Bankers Trust [ NYC] for two years in the early 1990s before becoming an entrepreneur. In 1994, he co-founded an interactive media company, Small World Software. [NYC sport's fantasy firm] In 1998 the company, which had grown to 25 employees, was purchased by the internet-consulting company iXL.^[6] He then served as one of the heads of the purchased entity, rebranded "iXL New York". iXL later went bankrupt in 2002 during the end of the dot-com bubble. In 2001 Murphy joined Advantage Capital Partners, a venture capital partnership. [Not Upstate - National Company.  It says he "joined" not that he was a partner.]

He currently serves as President of the Board of Directors of Upstate Venture Association of New York, Inc.^[7] [Not a company - another NGO - pay us and we will consult] He also worked as an aide, Deputy Chief of Staff, and fundraiser for former Governors of Missouri Mel Carnahan and Roger B. Wilson ....

The Past Is Prologue: from  LoHud.com:

Murphy Under Fire For Unpaid Taxes

FEBRUARY

2

The National Republican Congressional Committee is taking aim at newly picked Democratic candidate Scott Murphy in the 20th Congressional race, saying he owes $21,550 in back taxes and penalties in 1997 and 1998 for a company he owned, Small World Software, Inc.

The committee also says that Murphy, who is challenging Assembly Minority Leader James Tedisco for the open seat, has recently changed his biography online. It used to say, “prior to joining Advantage Capital, Mr. Murphy founded three different Internet-related businesses…” one of which was “Baazee.com, the leading online auction site in India that was sold to eBay (Nasdaq: EBAY).”

They said it now states: “Prior to joining Advantage Capital, Mr. Murphy founded two different Internet-related businesses…”

“It may be easy for a Wall Street venture capitalist like Scott Murphy to think he is above paying taxes, but middle-class families don’t have that luxury. Our financial crisis has taught us that corporate CEOs should be held accountable for their actions, and Scott Murphy should be treated no different,” said NRCCspokesman Paul Lindsay.

“Given the limited time he has to introduce himself to voters in upstate New York, it’s time for Murphy to come clean and disclose all of his questionable business dealings.”

Murphy’s campaign couldn’t be reached for comment.

The congressional seat is open after Kirsten Gillibrand was appointed to the Senate. The district runs from Dutchess County to the North Country. 

Once we send him off, he would qualify to work at the Treasury. After all, he is a tax cheat; further, has more business experience, as it is, than Geithner, as Tim admitted this week - I have no experience in the private sector. He did so without a hint that he saw this as a problem.
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Murphy's opponent is Mr. Gibson.  :  Chris Gibson for Congress
Just an honorable retired officer who likes our nation and has seen the underside of the world. You know, old school.  

More on dominoes

You don't have to believe me.

Mr. Roubini things our time will come in two to three years, but I think he is talking about a major crisis. In the meantime, we will bleed without pause.  

Last update: 08:13 PM ET, Apr 28

Roubini Calls Greek Debt `Tip of Iceberg' for Inflation, Defaults

By Vivien Lou Chen and Gabrielle Coppola - Apr 28, 2010

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Nouriel Roubini, chairman of Roubini Global Economics LLC, speaks at the Foreign Policy Association's Global Financial Forum in New York, on Monday. Photographer: Michael Nagle/Bloomberg

 

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April 28 (Bloomberg) -- New York University Professor Nouriel Roubini talks about government deficits. Roubini says rising sovereign debt from the U.S. to Japan and Greece will ultimately lead to higher inflation or government defaults. Roubini speaks at the 2010 Milken Institute Global Conference in Los Angeles. (This is an excerpt of a panel discussion. Source: Bloomberg)

Nouriel Roubini, the New York University professor who predicted the U.S. recession more than a year before its start in December 2007, said rising sovereign debt from the U.S. to Japan and Greece will ultimately lead to higher inflation or government defaults.

“While today markets are worried about Greece, Greece is just the tip of the iceberg, or the canary in the coal mine for a much broader range of fiscal problems,” Roubini, 52, said today during a discussion on financial markets at the Milken Institute Global Conference in Beverly Hills, California. Increasing tax revenue won’t be enough “to save the day.”

Roubini’s remarks underscore statements by officials such as Dominique Strauss-Kahn, managing director of the International Monetary Fund, that the global economy still faces risks. Credit-rating cuts on Greece, Portugal and Spain in the past two days are spurring investors’ concern that the European deficit crisis is spreading and intensifying pressure on policy makers to widen a bailout package.

“The thing I worry about is the buildup of sovereign debt,” Roubini, who teaches at NYU’s Stern School of Business, told attendees at the Beverly Hilton hotel. If the issue isn’t addressed, nations will either fail to meet obligations or experience higher inflation as officials “monetize” their debts, or print money to tackle the shortfalls.

Michael Milken, founder of the Milken Institute, said the U.S. has the ability to continue selling private and public debt because its markets remain liquid.

“I would say it is individual leadership’s fault if they are not taking advantage of today’s markets,” Milken, the junk- bond billionaire turned philanthropist, said on the panel moderated by Matt Winkler, editor-in-chief of Bloomberg News.

Debt Crisis

The Stoxx Europe 600 Index fell 1.3 percent to 258.24, a six-week low, after Standard & Poor’s downgraded Spain’s debt by one step to AA. The euro traded at $1.3205 at 4:02 p.m. in New York, compared with $1.3175 yesterday, after touching $1.3115, the lowest since April 28, 2009.

Almost $1 trillion of worldwide equity value was erased yesterday on concern that rising public debt will spur defaults, derailing the global economy, data compiled by Bloomberg show. German Chancellor Angela Merkel and the IMF pledged to step up efforts to overcome the Greek fiscal crisis, after bonds and stocks plunged across Europe in the past week.

“The bond vigilantes are walking out in Greece, Spain, Portugal, the U.K. and Iceland,” said Roubini, a former senior economist for the White House Council of Economic Advisers, adviser to the U.S. Treasury Department and IMF consultant.

‘No Willingness’

“Eventually, the fiscal problems of the U.S. will also come to the fore,” he said. “The risk of something serious happening in the U.S. in the next two or three years is going to be significant” because there’s “no willingness in Washington to do anything” unless forced by the bond markets.

Roubini, chairman and co-founder of Roubini Global Economics LLC in New York, said the U.S. probably will need a combination of increased tax revenue and lower government spending, while Europe needs to curb spending.

Both Roubini and Milken supported a carbon tax on gasoline, saying it would reduce American dependence on oil from overseas, shrink the trade deficit and carbon emissions, and help pay down the U.S. budget deficit.

Roubini predicted a bubble in U.S. housing prices during an interview with Bloomberg News in October 2005, months before the market peaked, and said in August 2006 that he expected a “painful” recession.

Education Better Investment

Today, he said the U.S. invested too heavily in housing during the past 20 to 30 years, and that spending on education and technology would be better in the long run.

Milken, 63, is the former high-yield bond chief from Drexel Burnham Lambert Inc. who was indicted on 98 counts of racketeering and securities fraud in 1989, ultimately serving about two years after a plea bargain and sentence reduction. For the past decade, he has focused on philanthropy and running the research institute, which seeks ways to generate capital for people around the world.

To contact the reporters on this story: Vivien Lou Chen in Los Angeles at vchen1@bloomberg.net; Gabrielle Coppola in Los Angeles at gcoppola@bloomberg.net

The dominoes are falling

First, Greece is collapsing, France, Portugal etc to follow, then Germany. The dollar will look strong as it becomes the place to put EU.  That is an illusion


The TIPS, the US inflation protection bonds were moving up this week, according to Bob, this is contrary to the dollar moving up.  Historically, the TIPS should go down. The smart money is moving into them.


Gold and silver are up, but historically they should be down as the US dollar is strong.....but....  


So get that silver or TIPS, now.  Forget timing the market. The first domino is falling. Today's blips will be the floor of tomorrow.


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Washington Post, from Greg:

HI lawmakers vote to limit Obama document requests

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The Associated Press 

Tuesday, April 27, 2010; 11:03 PM

HONOLULU -- Hawaii legislators have passed a measure allowing a state agency to ignore repeated requests from a person or organization for PresidentBarack Obama's birth certificate.

The measure approved Tuesday by the state Legislature would carve an exemption in the state's public records law and allow officials to ignore all kinds of duplicative requests, including those for Obama's birth certificate.

Hawaii Health Director Dr. Chiyome Fukino has issued two statements since 2008 saying she had seen vital records proving Obama is a natural-born American citizen. Obama was born in Honolulu to a Kenyan father and an American mother.

But state officials say they still get between 10 and 20 e-mails each week seeking verification of Obama's birth.

The bill now goes to Gov. Linda Lingle.

The bill is SB2937.

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I like it when Fukino refuses to release information for privacy reasons, then tells you what is on file. Not a good lie. Who knows where the conclusion came from that the vital records prove Obama is a natural born citizen?  The hearsay of a clerk who was not suppose to release any private information?  The newspaper? Facts would be wonderful, no.  So, absent non-hearsay facts, just apply Occam's razor. 


Nonetheless, Hawaii and The Washington Post agree Obama had a Kenyan father.

Slaughterhouse Cases, 83 U.S. 36 (1872): The Court discussed (not an opinion on the subject)  the Citizenship Clause of the Fourteenth Amendment:the phrase 'subject to the jurisdiction thereof' was intended to exclude from its operation children of ministers, consuls, and citizens or subjects of foreign states, born within the United States

 The Supreme Court has not directly ruled on exactly what natural born means. Nonetheless, Mr. Obama's father was a British citizen and returned home after school.  He was the subject of a foreign state and his son was his son - perhaps a dual citizen who was required to renounce his British (Indonesian?) citizenships.  I have no idea why I am in triple space and can't remove it.