Newswire 11/19/2010

[The Liberty Insight Newswire is an aggregation of what we consider to be important financial and political news and commentary from across the web.]

Today’s stories include a Democrat who has been battling government regulations, “terrifying” cotton prices, and a prediction that California will default on its debt. Come inside to see the stories.

Strangling Innovation and Job Creation with Red Tape
Washington Post, Nov. 19,2010

Commentary by a Democratic small business owner who realizes that regulations and tax complexity favor large, entrenched corporations who can game the system at the expense of smaller competitors.

Dollar to Become World’s `Weakest Currency,’ Drop to 75 Yen JP Morgan Says
Bloomberg News, Nov. 17, 2010

“The U.S. has the world’s largest current-account deficit but keeps interest rates at virtually zero,” Sasaki said at a forum in Tokyo yesterday. “The dollar can’t avoid the status as the weakest currency.”

4 Critical Reasons Why You Should Care About the Budget Deficit
CBS Money Watch, Nov. 17, 2010

Check out that chart showing the estimated budget vs. revenue moving forward; particularly the interest on the debt. My hunch is that things will happen quicker and more dramatically than the chart suggests.

California Will Default On Its Debt, Says Chris Whalen
Yahoo Finance, Nov. 16, 2010

California’s serious budget problems means they will need to default on their bonds or get bailed out by the federal government. Chris Whalen thinks Americans are fed up with bailouts which means California bond holders will take a serious haircut.

Gap, Wal-Mart Clothing Costs Rise on ‘Terrifying’ Cotton Prices
Bloomberg News, Nov. 15,2010

“American consumers better get used to rising prices on the shelves of Wal-Mart and other retailers,” said Jessica Lo, Shanghai-based managing director at China Market Research Group. “China’s manufacturers are getting squeezed not only by rising cotton costs but also soaring real estate and labor costs.”

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