Weekly News Wrap-Up 2/15/13
By Greg Hunter’s USAWatchdog.com
The big story this week was the State of the Union address by the President and the rebuttals. Please note “rebuttals” plural. Everyone knows Senator Marco Rubio, but not much coverage was given to Senator Rand Paul from Kentucky. I thought President Obama and Senator Rubio did a fine job of presenting their points and vision. (I do not care about the stupid controversy over Rubio picking up a bottle of water.) I thought the most important points made in the State of the Union address were given by Senator Paul, but most people didn’t hear or see what he had to say because of the near blackout by the mainstream media (MSM.) Senator Paul called for a balanced budget amendment to get the U.S. fiscal house in order. He noted we are borrowing $50,000 per second.
The Republicans are blocking Chuck Hagel’s confirmation for Secretary of Defense. They want more information on Benghazi where four citizens were murdered by terrorists. In the end, the Secretary of Defense will do what the President says no matter who is in charge over there, but before there is a confirmation, there will likely be more information disclosed about that terror attack.
The automatic cuts in social programs and defense spending called “sequestration” are edging closer to the March 1st date. Some say this will be a disaster, but others say the cuts are a drop in the bucket of government spending. Democrats want more taxes. Republicans want the spending cuts now because they already caved in on $600 billion in new taxes. This is setting up to be a one-two punch on the economy. First the sequestration, then the debt ceiling will expire in mid-May. I see both sides digging in their heels and not solving the problem. This could really upset the financial markets.
A senior Iranian commander was assassinated in Syria. This is yet another escalation in the two year old Syrian civil war that has claimed the lives of more than 60,000.
North Korea has test fired another nuclear weapon. Some liken them to a four year old wanting attention and assistance from the world. I say a four year old with a nuclear weapon is a very dangerous situation. Lots of folks are worried about this wild card state.
You want to know why the car industry is making a big comeback. Sub-prime car loans are back with a vengeance. Two local car dealers were advertising 0% down car loans and were touting that you could get a car loan even if you had a bankruptcy or other money problems. 45% of new car loans are sub-prime. I hear another bubble blowing.
Join Greg Hunter as he gives his analysis of the news in the Weekly News Wrap-Up.