Weekly News Wrap-Up 11.2.12
By Greg Hunter’s USAWatchdog.com
Hurricane Sandy couldn’t have come at a worse time. The U.S. economy appears to be contracting, and the fourth quarter holiday shopping season in the most populated area of the country has been interrupted. Now, folks are more worried about pumping sewage laced water out of their towns than buying a new Apple iPod. Money is going to be diverted to buy generators and paint, not electronics and clothing. New York and New Jersey are two of the most indebted states in the union. They have a combined $600 billion in debt. There is no wonder why both Governor Christy and Governor Cuomo are asking the Federal government to pick up 100% of the tab of rebuilding the infrastructure. There will be many who will find out homeowners policies are not covering flood damage. The cost has been estimated to be around $50 billion. Hurricane Katrina cost more than $100 billion, and it is far less populated than the Northeast coast. My sources say when all is said and done, the tab will exceed $200 billion. This is a giant drag on the fourth quarter in a very weak economy. There will be winners and losers in the retail sector. Expect some of the losers to go bankrupt.
Meanwhile, the U.S. is going to hit the $16.39 trillion debt ceiling. More money printing will be needed to rebuild. The only question I have is what straw will finally break the back of the U.S. dollar and bond market. Once again, the debt ceiling will be raised, but will the ratings agencies cut U.S. debt again? We will see.
Finally, the Libya 9/11/12 attack is not going away. There are charges of a White House cover-up. Reports and emails are being uncovered that say the Obama administration knew there was a serious problem with al-Qaeda and did nothing. There are charges that help was repeatedly requested, only to be denied. Who gave the stand-down order? There are reports that there was a live video feed into our national security centers, and they stood by and let four Americans die, including a U.S. Ambassador. I saw a billboard posted on the internet recently that said the words “Obama” and “Coward.” We will not have all the answers before Election Day, but the truth will come out and I suspect it will be very ugly.
Join Greg Hunter as he gives his analysis of these stories and more in the weekly news Wrap-Up.
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Bay of Pigs, Obama didn’t take the bait?
I don’t think so Bob. Saving them would not have sparked a wider war. They just had one in Libya. They could hve broken it up with one C-130 Gunship.
Greg
Once you engage, it can spin out of control. Think about how Black Hawk down would be used by the GOP. The whole thing was a well planed trap. They said it went on for many hours, they were dragging it out for some reason.
Just smells like a neocon trap.
How about the storm taking out the neocon strong hold New York. Now we hear Bank America an Wells Fargo will get a better deal. I don’t understand that stuff much. All I know, 911 was a inside job and the Bankers will be taken down.
MSM never reports anything to cause trouble for Obama,it must be the CIA and Pentagon war plan. The neocon’s are going down and the Bankers who help them.
I think Obama was a CIA plant from the beginning. Smile and Chief, who could keep the sheep from turning on each other as the war drag out.
We should see many strange bed fellows after the election. Peace
Bob D,
I have to admit you do make a good point, but one C-130 gunship could cut the terrorists in half from a mile away. (really, no kidding) It may have been enough to break up the attack or at least dely it’s progress. It has been reported it could have gotten there in 2 hours. It would have been a lot better than doing nothing, and that’s exactly what the White House did. Your point is well taken.
Greg
“Hurricane Sandy couldn’t have come at a worse time.”
Actually, Sandy couldn’t have come at a better time. The masses have been in a deep slumber for far too long. To busy being busy doing absolutely nothing worthwhile with their worthless lives. This is Nature’s Alarm clock; “Boys and Girls, time to wake up. There’s a Real World out here that you’ll need to start dealing with. Socialism doesn’t work. Capitalism has been ransacked by greed. Do you want to pay me now or pay me later? You might want to pay me now ’cause it’s gonna’ really hurt when I have force feed you with Reality in the not so distant future. So, START TAKING RESPONSIBILITY FOR YOUR ACTIONS OR ELSE! Start GIVING rather than Taking, you selfish bastards!”
Love the conviction and passion European American.
Greg
$50 billion in damage, why not let the FED pay for it, they print $80 or more billion every month out of thin air, just chump change for our central bank! The winners of this will be our esteemed price gouging “don’t tread on me” big shot countrymen.
These type of disasters plainly shows the states of our union are not prepared to protect their citizens in what is known to happen again and again. Out here on the Western Front the “big one” awaits for a large shaking up and not one county or state is buying a can of span or building any shelters in outlying safe areas. Here is the mindset, just wait till it happens then the good governors patsy up to the President and get the money to rebuild; real forward thinkers our leaders are. Frankly, a country is really only as good as its leaders, we are in grave danger.
Thank you for your truthful report daily, which I look forward to each day!
Thank you Cathy for your support.
Greg
I was just talking to a social worker who is well educated (both bachelor and graduate degree’s) and she said (without hesitation) that Bernanke isn’t printing (seemed to have no clue what printing actually meant)
According to her, the country is in debt because of the two wars. If this is where a well educated American voter is in terms of understanding what’s happening in the economy, then there’s no hope for the 99%.
How do you explain to someone like this how the federal reserve works?
NM,
Have them read this site and others. It is a long answer.
Greg
Thanks, Greg. Wish I had found you sooner.
Jim,
Never too late to prepare.
Gre
Greg,
Thanks for providing thoughtful insight into the possible extent of the local and national economic effects of Sandy’s timing when she blasted into an already troubled NY last week. To lighten the mood a little, I’ll offer the following observation..
On the blessing of destruction…
The notion that destruction is an economic stimulus is not new. It was cogently dismissed by Fredrick Bastait way back in 1850 through his parable of a Broken Window provided in his book “That Which is Seen and That which is Not Seen”. It’s an entertaining read at:
http://bastiat.org/en/twisatwins.html#broken_window
Perhaps the absurdity of the fallacy can be made clearer by noting its similarity to an equally absurd assumption that a bank robbery also represents an economic stimulus. Why? Well, simply because some businesses will surely benefit when the thief later goes on a mad shopping spree.
On getting to the truth about the latest Libyan incident, I hope you are right but I’m not quite as optimistic as you are.
Based on recent history, I doubt whether the truth will be revealed before the story is quietly put to bed and forgotten. As occurred in Libya, it was also revealed that there was a stand down ordered during the WTC/ Pentagon attacks on 9/11/2001. Thousands of good people have been trying to get to the bottom of that mess for a decade now but have been met with either silence or slander by government and its media outlets. Sadly, this modus operandi has worked very well and will likely be applied to those seeking the truth about 9/11/2012.
The case is closed…the authorities have spoken. The stand down in Libya was ordered, they say, so as not to put our troops in harms way until the situation was fully and completely assessed. That’s the story and they’re sticking to it come helicopter gunships, armed drones…or whatever.
Thank you Frosty for adding to the content of this post with your link and analysis.
Greg
This Benghazi debacle and the Fast and Furious have again served to establish the inability of this regime to be transparent in the face of more poor policy and decision actions. They are not credible and cannot be trusted, they deserve to lose the POTUS election.
Sandy’s impact will get worse for a while and a cold front moving closer is ominous to say the least. The builders, contractors and all utilities will be super busy, the building supply stores will be doing a volume biz. If you don’t have your ETF’s in line you will miss out on a profit op….God, keep an eye on those folks on the east coast.
The boys from Alabama Power came thru TN befor the storm hit & now there on their way back, seems they were held up in VA to get the go a head to help out where every they were needed, but it seems the big Union boys up there said if not in the Union you will not work! They waited & looked at the forms & packed up & headed back home! Can’t blame them, I would not be forced to join something I did not believe in niether, would any of you? This just shows the power & greed of the Unions these days, any delays from the loss of help to restore power is on the back of these greeded Unions & the people supporting them, what the hell is wrong with humans today, the folks need help, be it union or non union, lives are at stake!
Greg,you are spot on as always! Thanks!
Thank you Mickey.
Greg
Police are there to protect the government not the people.They enforce the will of the powerful. Remember the riots in LA where they watch a man beaten savagely 20ft away and did nothing. We are going to see how the people are really on their own if Obama gets reelected. See you in the re-education camps, comrades.
Thank you George and Mitch for weighing in here!!
Greg
Hurricane Sandy was a drop in the bucket compared to Agnes? http://en.wikipedia.org/wiki/Hurricane_Agnes
1972 at the time was the most expensive/destructive hurricane to date….
The chaos will continue…..
Thanks Greg, Looking forward to Mondays story….
I just want to say thank you Greg. You are the Paul Revere of the 21st century. I hear you.!!! It’s unfortunate not more can. They’re still plugged into the matrix.
I check your website every day for new interviews and of course, your weekly wrap up. I appreciate all your hard work!! Hopefully, some day it will all pay off and we’ll have good, honest investigative reporter like yourself on the nightly news where you SHOULD be! I can dream, right?
Joanna,
You just gave me my pay off with your kind words. Thank you for your support!!!
Greg
when Japan had their quake and wave in 2011 I never heard stories of looting and anger . why is the US different?
These men were expendable assets used to get the job done that the bottom line. Anytime your in a unit like the Airborne,Rangers,SF your told this on the front end and if you can’t handle that you shouldn’t be in those units…it’s a deadly game these people play…yes you could have called in Puff The Magic Dragon and killed many bad guy but the heads in Washington would rather see four dead Americans in flag draped coffins than see Al Jazeera headlines about many innocent Civilian killed as bystanders as the attack was unfolding. That type of headline doesn’t play well in the middle east…
Bob,
The whole thing is very sad. Thank you for the comment.
Greg
I think once the administration wraps up with its win that there’s going to play musical chairs with its departments and Panetta will take the fall, and resign to- you know – spend more time with the family- or something. “Some say” the British embassy also notified the administration and warned that they were about to get hit.