Combs Spouts Off

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Debate drunkblog

Posted by Richard on September 22, 2011

While you and I and most of the American viewing public were watching J.J. Abrams' latest (not bad; not up to the hype, but not bad), the Republican presidential candidates had another "debate." Do I have to remind you that the best way to find out what happened is to read Vodkapundit's drunkblogging of the event?

It looks like Gary Johnson had the best line of the night — maybe the best line of the year: 

7:44PM Johnson: My neighbor’s dogs have created more shovel-ready jobs than this administration.

UPDATE: Credit where credit is due: Johnson borrowed that line from Rush Limbaugh. 

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The Bernanke crash

Posted by Richard on September 22, 2011

Ronald Reagan famously said that the most frightening words in the English language are "I'm from the government and I'm here to help." Yesterday, Ben Bernanke declared "I'm from the Federal Reserve and I'm here to help." The S&P 500 has dropped over 6% since. I think we may have reached the point where investors react with panic whenever the government threatens yet again to "fix" things.

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Full Tilt Poker vs. Social Security

Posted by Richard on September 20, 2011

The Justice Department has accused the executives of Full Tilt Poker, an online poker site, of operating a Ponzi scheme that defrauded poker players out of $300 million (emphasis added):

In the motion to amend the complaint, the government alleges Full Tilt executives misrepresented to the website's players that the money the company was supposed to be holding in player accounts was safely held when it was actually being used for other purposes, including payments to owners.

Rick Perry was roundly criticized, even by some of his fellow Republicans, when he recently described Social Security as a Ponzi scheme. So let's compare and contrast Full Tilt Poker and Social Security, shall we?

 Full Tilt Poker  Social Security
Executives assured customers that the money being held for them was safe. Politicians assured citizens that the money being held for their retirement was in a "trust fund" or "lockbox."
Executives used the money from new customers to pay off the old and for other purposes, including enriching themselves. 

Politicians used the money from young workers to pay off the old and for other purposes, including rewarding their favored special interests and buying votes and support. 

Executives cheated willing customers whom they had persuaded to trust them.  Politicians used the police power of the state to force everyone (except a few favored special interests) to pay into the system.

So as you can see, Social Security isn't a Ponzi scheme like Full Tilt Poker. A Ponzi scheme only fleeces willing participants.

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Dr. Doom educates Congress

Posted by Richard on September 20, 2011

Peter Schiff (a.k.a. Dr. Doom), who predicted the sub-prime mortgage crisis and the collapse of the housing bubble and auto industry, has wrapped up his testimony before the House Subcommittee on Government Reform and Stimulus Oversight. I strongly urge you to watch this 22-minute video of some of the highlights of his testimony last week. If you’re familiar with Austrian economics or Frederic Bastiat, some of what he says may ring a bell.


[YouTube link]

Schiff is the CEO of Euro Pacific Capital and the son of famed tax protestor Irwin Schiff. He has a blog* and an internet radio show, and is a frequent guest on cable news shows. I really like this Schiff quote, which channels Bastiat:

You can always see the jobs that government creates. What you don’t see are the jobs that they destroy.

Ryan Swift has a nice post about Schiff’s testimony, along with a couple of alternative video excerpts of his testimony (there’s a fair amount of overlap with the video above, which I found at Zero Hedge).

There’s a compelling 5-minute reason.tv interview with Schiff here.

* This post originally linked to an unofficial blog that’s not Peter Schiff’s. Thanks to Anthony Nelson of SchiffGold.com, I’ve corrected the link so that it points to Peter Schiff’s actual blog.

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TLAPD!

Posted by Richard on September 19, 2011

Well, shiver me timbers, it's Talk Like a Pirate Day! Hit that link and sing along with "Drunken Sailor." Then pour yourself some grog and spend some time exploring the rest of the site.

Q: Why don't pirates like the U.S. Constitution?
A: They preferred the Arrr-ticles of Confederation.

Q: Who is the pirates' favorite poet?
A: Walt Whitman ("Avast similitude interlocks all…")

I'll stop now. 🙂

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Pass this bill instead

Posted by Richard on September 15, 2011

When the President addressed Congress a week ago and exhorted them 17 or 18 times to "Pass this bill!" there was no bill to pass. No actual written legislation. Nothing at all on paper, only talking points on his teleprompter. After that was pointed out, staffers hastily drafted a bill, and the President has been waving the 150-page document ever since as he endlessly repeats "Pass this bill!"

The title of that belatedly drafted bill is the "American Jobs Act of 2011." But here's the funny thing: A dozen or two times a day, the Prez calls on the House (where it must originate) to pass that bill — now, not later! — and exhorts his followers to call their congresscritters and tell them to pass that bill. But no Democrat ever introduced the bill. The Prez keeps urging the House to pass a bill they can't pass. 

Yesterday, Republican Rep. Louie Gohmert (TX-1) decided to rectify that situation. He introduced his own bill, only two pages long, named the "American Jobs Act of 2011." It changes the corporate tax rate (and alternative minimum tax) to 0%. 

Brilliant. I love it. Call or email your congresscritters and urge them to pass Rep. Gohmert's "American Jobs Act of 2011" (H.R. 2911). It would create far, far more jobs than the President's amalgam of recycled tax increases, tax incentives for favored groups/behaviors, and "stimulus" spending. 

Warner Todd Huston thinks either Obama is incredibly incompetent or cynical and duplicitous: 

If Obama were an effective president Rep. Gohmert would never have been able to appropriate Obama’s bill name for his own. If Obama was effective he’d have crafted his jobs bill, delivered his speech that night, and lined up at least one Democrat, if not the whole Democrat Party, to introduce his bill the very next morning after the speech.

But Obama did no such thing. Not only was there no bill when he delivered the speech, even this many days after the speech the bill has never been introduced in the House of Representatives where such bills might begin the legislative process.

Of course, it is also possible that President Obama never intended to submit any bill named the “American Jobs Act of 2011″ in the first place. It is possible he never wanted such a bill debated for real because all he was doing was using it as a political ploy for his reelection campaign.

Whichever is the case, the best defense is a good offense, and Rep. Gohmert has mounted a marvelous offense. Let's help him out by talking up his "American Jobs Act of 2011" (H.R. 2911) as a sensible alternative to the President's as-yet unintroduced, as-yet unnamed "Son of Stimulus" bill. Contact Congress!

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Shocker in New York, landslide in Nevada

Posted by Richard on September 15, 2011

If Scott Brown's stunning upset in Massachusetts foreshadowed the Democrats' drubbing in November 2010, does Bob Turner's shocking victory over David Weprin in New York portend even more trouble for Dems in 2012? Maybe. I sure hope so.

Dems and their media shills have been whistling past the graveyard today, claiming Turner's 8-point victory in a district that's 3-1 Democratic is no big deal (Erick Erickson has a funny post illustrating their claims). But the polls right before Tuesday's special election told a different story. CBS News reported today:

Weprin, a 56-year-old Orthodox Jew and member of a prominent Queens political family, initially seemed a good fit for the largely white, working-class district, which is nearly 40 percent Jewish.

But voter frustration with Obama put Weprin in the unlikely spot of playing defense.

While Obama won the district by 11 points in 2008 against Republican John McCain, a Siena Poll released Friday found just 43 percent of likely voters approved of the president's job performance, while 54 percent said they disapproved. Among independents, just 29 percent said they approved of Obama's job performance.

PPP's poll was even more informative: 

Turner's winning in a heavily Democratic district for two reasons: a huge lead with independents and a large amount of crossover support.  He's ahead by 32 points at 58-26 with voters unaffiliated with either major party.  And he's winning 29% of the Democratic vote, holding Weprin under 60% with voters of his own party, while losing just 10% of Republican partisans.

If Turner wins on Tuesday it will be largely due to the incredible unpopularity of Barack Obama dragging his party down in the district.  Obama won 55% there in 2008 but now has a staggeringly bad 31% approval rating, with 56% of voters disapproving of him.  It's a given that Republicans don't like him but more shocking are his 16% approval rating with independents and the fact that he's below 50% even with Democrats at 46% approving and 38% disapproving. Obama trails Mitt Romney 46-42 in a hypothetical match up in the district and leads Rick Perry only 44-43.

Unlike Scott Brown, whom Tea Party groups supported largely for strategic reasons, Turner didn't campaign as a moderate centrist. He made the campaign a referendum on Obamanomics, Obamacare, taxes, and spending. (Yes, Israel was an issue, but not as much as some claim. Weprin has a solid, life-long pro-Israel record and he repeatedly criticized the President on that issue.) Democrats and their media shills portrayed Turner as a "Tea Party extremist," and cited his positions on the issues as proof: 

Mr. Turner, citing his background in business, said that the federal government needed to cut spending by 35 percent, and suggested eliminating the Agriculture and Education Departments and curtailing the Environmental Protection Agency.

“We have a government that is out of control,” Mr. Turner said, stressing that the cuts should be made without increasing taxes. “It’s not only possible, it’s absolutely necessary,” he added.

Mr. Weprin, on the other hand, used the Tea Party name as a pejorative and tried to affix it to Mr. Turner as often as possible. He proposed raising taxes on wealthy Americans and corporations, and defended the place of the federal government in regulating the environment.

Unlike the ruling class Republicans, Turner didn't seem to be ashamed of his "extremism," retorting "If I suggest a 30% cut in spending when we're overspending by 40%, does that seem extreme?" Not to me, Bob. And apparently not even to New Yorkers. 

Meanwhile, across the country in Nevada's District 2, Republican Mark Amodei beat Democrat Kate Marshall, which was not a big surprise. But his margin of 22 points was. And Politico's Molly Ball thinks the outcome in one county of that district is even more significant than the huge upset in New York's District 9: 

When Democrats lost Tuesday’s Nevada special election, they didn’t just lose a long-shot House race. They also got creamed in one of the most crucial swing counties in the nation.

Washoe County, the Northern Nevada county that contains Reno, is the No. 1 bellwether in a top Western swing state. It was crucial to Harry Reid’s 2010 reelection, to Barack Obama’s 2008 election and to the countless governors, senators and presidents who have competed in the Silver State before them. And on Tuesday, Republican Mark Amodei won it by 10 points.

Bush carried the county 51-47% in 2004. Obama won it by 12 points in 2008. And a 5-point lead there was critical in Harry Reid's 2010 re-election.

Of Tuesday’s two House elections, it’s the surprise GOP win in New York that’s getting the most attention – an unexpected rout in a seat not held by a Republican since the 1920s. But it is the Nevada race that could hold more ominous signs for Democrats.

It is almost universally true that as goes Washoe, so goes Nevada – and as goes Nevada, so goes the nation. The state has voted for the winner of every presidential race but one since 1912, giving it a stronger claim to bellwether status than Missouri.

How bad do things look for the Dems? The Hill's Cameron Joseph reported:

A Democratic strategist said Obama has become such a problem for down-ticket Democrats that he was wary of encouraging candidates to run next year. “I’m warning my clients — ‘Don’t run in 2012.’ I don’t want to see good candidates lose by 12 to 15 points because of the president,” said the strategist. 

The question for Democrats is, to quote a former governor, "How's that hopey-changey thing working out for you?"

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Never forget

Posted by Richard on September 11, 2011

Ten years ago this morning, we watched in horror as people jumped a thousand feet to their deaths because it was better than the alternative. Later that day, we learned that the heroic passengers of United Flight 93, knowing the fate that awaited them, had fought and died to prevent their plane from crashing into the White House or Capitol. In the ensuing days, we learned the details of that brave struggle, and "Let's roll!" became a phrase that brought goosebumps to me whenever I heard it. 

We must not  forget the events of September 11, 2001. We must keep the images fresh in our memories. It's necessary, I believe, if we're to retain the resolve we need to understand, oppose, and defeat the ongoing Islamofascist effort to destroy our way of life, of which the attacks of 9/11 were a part. 

We must not forget that there is a large, powerful, well-financed international movement dedicated to destroying Western Civilization.

On September 11, 2001, barbarians with box cutters — primitive 7th-century savages who could never build a World Trade Center or a 747, but whose insane ideology is dedicated to making the building of such things impossible — murdered 2,996 innocent people and changed Lower Manhattan from this: 

Lady Liberty watching over the twin towers before 9/11

to this:

1st tower falls

Fleeing as the tower falls

Fleeing through the choking dust

Falling to his death

 

Some people have forgotten now
It was many years ago
And peaceful here at home since then
So just let the memory go
But I close my eyes and see it still
Like it was yesterday — Oh no!
People jumping from a hundred-story building!
I can still see those Americans
Jumping from a hundred-story building …

© 2009 Richard G. Combs. All rights reserved.


 

Never forget.

Flag still stands

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Dreadful dust

Posted by Richard on September 11, 2011

For the last five years, as September 11 approached, I've reread Gerard Van der Leun's Of a Fire in a Field. It's mostly about the film United 93 and the heroes of that flight, and it's a beautifully written essay that I urge you to read (or reread) in its entirety.

But there's one passage about being in New York in the days after 9/11 that, after many repetitions, still tears me up inside like it did the first time I read it. 

Inside the wire under the hole in the sky was, in time, a growing hole in the ground as the rubble was cleared away and, after many months, the last fire was put out. Often at first, but with slowly diminishing frequency, all the work to clear out the rubble and the wreckage would come to a halt.

The machinery would be shut down and it would become quiet. Across the site, tools would be laid down and the workers would straighten up and stand still. Then, from somewhere in the pile or the pit, a group of men would emerge carrying a stretcher covered with an American flag and holding, if they were fortunate, a body. If they were not so fortunate the flag covering over the stretcher would be lumpy, holding only portions of a body from which, across the river on the Jersey shore, a forensic lab would try to make an identification and then pass on to the victim's survivors something that they could bury.

I'm not sure anymore about the final count, but I am pretty sure that most families, in the end, got nothing. Their loved ones had all gone into the smoke and the dust that covered the end of the island and blew, mostly, across the river into Brooklyn where I lived. What happened to most of the three thousand killed by the animals on that day? It is simple and ghastly. We breathed them until the rains came and washed clean what would never be clean again.

As I read that, my body tenses, it feels like there's a weight on my chest, and I find it hard to breathe, as if I too were inhaling that dreadful dust. 

It's a difficult experience. But I repeat it each year, sometimes two or three times. It never gets any easier, and it shouldn't. I think it's important to remember these things.

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More shovel-ready spending

Posted by Richard on September 9, 2011

I got home just a bit ago from a wonderful Stock Show sponsors dinner, which beat the heck out of watching the President's jobs infomercial. On the way back, I heard the bottom-line on the radio: another $450 billion for all the stuff that he spent $800 billion on already — infrastructure, teachers, high-speed trains — only to enventually admit that "those shovel-ready jobs weren't so shovel-ready." But this time, it'll work. Really!

Vodkapundit's drunk-blogging of the event provided more detail, and certainly more entertainment than the actual speech. Obama promised that all those new shovels-full of spending would be paid for. Stephen summarized how: 

4:23PM It will be paid for by future, unspecified spending cuts, that the GOP congress will have to come up with.

4:24PM And it will be paid for by tax increases “on the wealthiest Americans.”

So he's going to create jobs with more of the same profligate spending that has utterly failed to create jobs, and he's going to pay for it by penalizing the people who could, if unshackled, really create jobs.

And those unspecified spending cuts that the House Republicans are expected to come up with? I'll bet dollars to doughnuts that, during the election campaign, the Dems will berate the Republicans endlessly over every dime of those spending cuts, trotting out the geezers eating dog food, the children with no shoes, the lepers who can't afford their medicine, etc., etc., etc. 

Aw, to hell with politics. There's a football game on. 

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Clarence Thomas may just save this nation

Posted by Richard on August 30, 2011

Instapundit linked to this Walter Russell Mead post the other day, and I almost missed it. It is not to be missed. In it, Meade writes about leftist Jeffrey Toobin's revisionist take on Clarence Thomas in The New Yorker (emphasis added):

… Toobin argues that the only Black man in public life that liberals could safely mock and despise may be on the point of bringing the Blue Empire down.

In fact, Toobin suggests, Clarence Thomas may be the Frodo Baggins of the right; his lonely and obscure struggle has led him to the point from which he may be able to overthrow the entire edifice of the modern progressive state.

Writes Toobin:

In several of the most important areas of constitutional law, Thomas has emerged as an intellectual leader of the Supreme Court. Since the arrival of Chief Justice John G. Roberts, Jr., in 2005, and Justice Samuel A. Alito, Jr., in 2006, the Court has moved to the right when it comes to the free-speech rights of corporations, the rights of gun owners, and, potentially, the powers of the federal government; in each of these areas, the majority has followed where Thomas has been leading for a decade or more. Rarely has a Supreme Court Justice enjoyed such broad or significant vindication.

 …

There are few articles of faith as firmly fixed in the liberal canon as the belief that Clarence Thomas is, to put it as bluntly as many liberals do, a dunce and a worm.  …

At most liberals have long seen Thomas as the Sancho Panza to Justice Antonin Scalia’s Don Quixote, Tonto to his Lone Ranger.  No, says Toobin: the intellectual influence runs the other way.  Thomas is the consistently clear and purposeful theorist that history will remember as an intellectual pioneer; Scalia the less clear-minded colleague who is gradually following in Thomas’ tracks.

If Toobin’s revionist take is correct, (and I defer to his knowledge of the direction of modern constitutional thought) it means that liberal America has spent a generation mocking a Black man as an ignorant fool, even as constitutional scholars stand in growing amazement at the intellectual audacity, philosophical coherence and historical reflection embedded in his judicial work.

Toobin is less interested in exploring why liberal America has been so blind for so long to the force of Clarence Thomas’ intellect than in understanding just what Thomas has achieved in his lonely trek across the wastes of Mordor.  And what he finds is that Thomas has been pioneering the techniques and the ideas that could not only lead to the court rejecting all or part of President Obama’s health legislation; the ideas and strategies Thomas has developed could conceivably topple the constitutionality of the post New Deal state.

It is, in the words of Shakespeare, "a consummation devoutly to be wished." I've been a huge admirer of Justice Thomas for many years, and for those of us who've read many of his opinions, this new-found respect for his intellect and arguments is not surprising, but long overdue. That it comes from Toobin, who is opposed to his core to everything for which Thomas stands, makes it that much more delightful.

My joy at reading Mead's post is tempered by the sober certainty that Toobin's essay will serve its no-doubt-intended purpose of motivating his fellow members of the ruling political class — from leftists like Toobin to so-called conservatives like David Brooks — to redouble their efforts to marginalize, discredit, and vilify Thomas. But anyone who's read his autobiography (and you really, really should) knows he won't be intimidated, dissuaded, or deterred. 

Read. The. Whole. Thing.

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Glen Campbell

Posted by Richard on August 24, 2011

Glen Campbell has Alzheimer's. And that makes me very sad. I, like millions of other ordinary people, always liked Campbell's music, although critics were never kind to him. Which is ironic, since he was one of the top interpreters (along with the 5th Dimension) of the songs of Jimmy Webb, whom the same critics generally consider one of the best songwriters of his generation (and rightly so).

Here's a live performance of his first great Jimmy Webb song, "Wichita Lineman": 


[YouTube link]

Campbell is also a much under-appreciated guitarist. Check out the fine picking starting about 1:15 on this live performance of my favorite Glen Campbell song, "Gentle On My Mind" (a John Hartford song): 


[YouTube link]

And here are Glen Campbell and Jimmy Webb together performing a slow, hauntingly beautiful version of Webb's "Galveston":


[YouTube link]

I hope you like those. If so, check out Campbell's farewell album, "Ghost On the Canvas," when it's released August 30th. It sounds like it's going to be pretty wonderful. 

UPDATE: Speaking of fine picking, here's a video I watched after posting this — Campbell playing "William Tell Overture": 


[YouTube link]

Wow.

UPDATE2: I'm still checking out Glen Campbell videos on YouTube, and I found this one, and just I have to share it. "MacArthur Park" was certainly Jimmy Webb's most complex and enigmatic composition. Actor Richard Harris did the classic performance back in 1968. But here's a 2002 Glen Campbell live version that blew my socks off. Check out his guitar work:


[YouTube link]

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“Not part of the deal”

Posted by Richard on August 9, 2011

Jimmy Kimmel, commenting on Monday's precipitous stock market plunge:

For years, we've been told that our kids and grandkids would have to pay for our out-of-control spending. Now we're being told that we have to pay for it?? That was not part of the deal!

There's a lot of painful truth in that joke. In response to concerns about the long-run consequences of his economic policy recommendations, Lord Keynes famously sneered, "In the long run, we are all dead." The long run has arrived. And we're not dead yet.

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The baseline budgeting scam

Posted by Richard on August 5, 2011

A new CNN/Gallup poll shows most Americans disapprove of the debt ceiling deal, and CNN claims it's because of the process. Nonsense. It's the substance. An earlier CNN poll found that 2/3 of Americans favored the much tougher Cut, Cap and Balance Act, including a majority of every single demographic surveyed, even liberals.

Most Americans recognize a failure to honestly address the spending and debt crisis when they see it. If they knew just how the baseline budgeting scam works, they'd be even more disgusted by this sham "debt control" deal, which will increase the federal debt by at least $7 trillion (that's $7,000 billion) in the next 10 years. And that's assuming some pretty rosy projections for economic growth. 

Baseline budgeting proponents began with a seemingly reasonable suggestion: "Instead of starting each budgeting process from scratch [zero-based budgeting], why don't we use the previous budget as our starting point and make adjustments from there?" Then they added, "Of course, we'll need to adjust the previous budget numbers to account for inflation, population growth, increased demand for services, and a big fat dollop of 'What the heck, we can get away with it!' to create the baseline for next year." And they've been getting away with it for years.

The result of this process is that the starting point for each new federal budget — the baseline, which by bipartisan ruling class consensus represents "no spending increase" — is about 7-8% higher than the previous year's spending. Fiscal year 2011 spending is going to be about $3,800 billion. So, under baseline budgeting, if FY 2012 spending increases only to $4,066 billion, that's no increase at all! "Look how fiscally responsible we are! We held spending to the current level!" 

Of course, a 7% annual increase means the budget will double in 10 years to about $7,600 billion. But the baseline budgeters call that a 10-year spending freeze!

So let's put this "historic" Congressional compromise into perspective. They've agreed to $900 billion in "cuts" over 10 years, and their bipartisan committee is supposed to come up with $1,500 billion more in "cuts" this fall. If they really do (and Obama, Reid, et al, are already clamoring for the $1,500 billion to be mostly "revenue enhancements," i.e., tax increases), then the 2022 budget will be "cut" from its $7,600 billion baseline to a mere $5,200 billion. 

That's a 37% increase over 2011. They call that a massive cut. The establishment, ruling class Republicans are congratulating themselves for this monumental achievement. They're telling the Tea Party that they've won, that they've "changed the terms of the debate" and "turned things around."

Um, no. They've slowed the rate at which we're approaching the apocalypse. They've bought themselves another year or two (and maybe helped Obama buy another term) before the US turns into Greece. They've once again kicked the can down the road. And a significant proportion of the American people — far more than ever before — recognize this deal as the irresponsible charade that it is.

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Bloodbath on Wall Street

Posted by Richard on August 5, 2011

A few minutes before market close, the Dow is down over 450 points (nearly 4%) and the S&P 500 is down 55 points (over 4.25%). 

With apologies to Instapundit: They told us Tea Party people that if we opposed raising the debt ceiling the stock market would plummet … and they were right!

UPDATE: The Dow closed down 512 points (-4.31%) and the S&P 500 was down 60 (-4.78%). The broader Russell 3000 lost over 5%. And this evening comes news that Asian markets are tumbling.

ABC Nightline's Bill Weir had the line of the day: "President Obama picked a hell of a day to turn 50."

"As ye sow, so shall ye reap." 

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