Well, it’s Thursday and there has not been any economic news of note to report this week.

Raw steel production was down 1.0 percent from the week before.
SBQ base prices will rise $40.00 per ton on September 1, 2014. That was announced by Gerdau and Nucor on Monday, Republic followed yesterday.

This is interesting:

The Justice Department and Bank of America are close to a landmark “deal” in which the bank will pay $16 to $17 BILLION (that’s with a “B”) to resolve allegations of mortgage-related misconduct in the run-up to the financial crisis.”

Wall Street Journal

The bank has already shoveled out roughly $60 BILLION in mortgage settlements to various public and private parties, far more than any other bank. Now the feds are coming back to further punish Bank of America for its foolish acquisitions. But at the time the bank made these deals, the regulators were celebrating. Bank of America finished repaying its $45 billion in TARP loans in 2009. But we wonder if its shareholders will ever stop paying Washington for the deals Washington wanted-and even demanded-during the crisis.”

Wall Street Journal editorial 8/8/14

Raging Violence

Nigeria, Iraq, Sudan….Christians being murdered, threatened, chased from their homes
France, Iran, Gaza, United States….anti-Semitism rages

Who is advancing such misplaced rage and hatred? It appears to be Islamic fundamentalists throughout the world. This is absurd. Our president speaks no words against this. The world speaks no words against this. Moderate Muslims speak no words against this. In the view of these radical Muslims everyone who is not Muslim is an infidel. Infidels are to die if they do not accept Mohammed. If this is allowed to continue we will all be in the Crusades again fighting the Islamic fundamentalist enemy. If you think ISIS, if left to proliferate, will not attack the west and our United States, you are sorely mistaken. They have said they are going to hang their flag in the White House.

The US commenced targeted air strikes in Iraq as conditions continue to spiral out of control. The military assets of the “Islamic State” or “ISIS” or “ISIL” are the targets. Hopefully there are many militant deaths as well. The US should have bombed the crap out of them as they made their initial foray from Syria into Iraq months ago.

Eliminate Them

A 3 day cease fire has ended in Gaza and the rockets have begun firing into Israel again. Israel has responded in kind. If I were Israel, I would finish the job and disarm Gaza, seek out and destroy all cross border tunnels. How else do you deal with Hamas? It’s a damned if you do, damned if you don’t situation. Hamas does not want peace. Eliminate them.

Friday afternoon: ISIS takes hundreds of Yazidi women captive in Irbil, northern Iraq, these folks are a religious minority. ISIS has been burning 1800 year old churches, beheading children and generally terrorizing the population. The Islamic State doesn’t want peace either. Eliminate them.


Fast & Furious-providing weapons to criminals leading to a loss of American life. No one held accountable. The president was unaware.
The loss of 4 American lives at our embassy in Benghazi, Libya. No one held accountable. The president was unaware.
The IRS targeting conservative political groups for tax-exempt status. No one held accountable. The president was unaware.
The National Security Administration eavesdropping on the phone calls of American citizens. No one held accountable. The president was unaware.
The software program created for the Affordable Healthcare Act, at a cost of $1 billion (thus far) and 3 ½ years to “perfect”, has been unusable to the American people. No one held accountable. The president was unaware.
Spying on our Allies, specifically Angela Merkel of Germany. No one held accountable. The president was unaware. (Although these things go on knowingly between countries all the time, the fact that our president denies knowledge of this is just another sign of his incompetence as the leader of the most powerful country on the planet).
“If you like your current insurance plan you can keep it. Period” Barack Obama
“If you like your doctor, you can keep him. Period” Barack Obama

Have a great weekend and….

Hug your children and grandchildren, tell them you love them.
Buy American made products whenever you can.
Hire a Veteran: they are patriots, honest, hard working, disciplined, loyal…. and …. They need and deserve our support.

God Bless America