Mr. Carney said that White House Counsel Kathy Ruemmler learned on April 24 that a Treasury Department inspector general was finalizing a report about the IRS improperly scrutinizing organizations with words such as "tea party" and "patriot" in their titles, in their applications for tax-exempt status.
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It previously had been reported that Ms. Ruemmler and members of her staff had advance word of the report's findings, but this was the first time the date was narrowed down to that day, and the first time it was disclosed that she had informed other White House staff outside the counsel's office.
Mr. Carney also said that Ms. Ruemmler made clear at the time that the president shouldn't be informed of the investigation.
"It was her view, and others shared this view, that there was not a need in a situation like this, with an ongoing investigation or audit, that the president should be notified," Mr. Carney said.
Mr. Carney repeated that there was no attempt by the White House to influence the course of the investigation.
The inspector general's report, released May 14, found that the IRS had inappropriately targeted tea party groups applying for tax-exempt statues.
Brendan Buck, spokesman for House Speaker John Boehner (R., Ohio), said: "The White House's story continues to evolve every day, but it's clear they want Americans to see the president as in the dark on what his administration is up to."
Mr. Obama said last week he learned about the controversy at the same time as the public, on May 10, when an IRS official revealed it to a conference of lawyers. The president's statement drew criticism, focusing attention on his management style and whether he has kept himself sufficiently informed about the agencies under his authority.
“You’ve grown up hearing voices…warn that tyranny is always lurking just around the corner. You should reject these voices…Because what they suggest is that we can’t be trusted.”
–President Barack Obama, May 6, 2013
If you are alluding to mistakes W. made making BO's transgressions ok, BO has been using this excuse for every failure for the past 4.5 years. Excepting his most capable command of Seal Team 6. By BO's own admission, he doesn't have any idea what is going on with his own subordinates.
But we do get the government that represents the majority. In this case, don't know, don't care.
The economy will continue to grow for another 3-5 quarters. Then a brief stall, followed by renewed growth in 15, 16. At the point that we see unemployment around 6%, inflation will rear it's head, which will be around 2017. So you have a wait. After that, we'll have steadily increasing interest rates over the next 10 years or so. The Fed won't be able to retract the $ injected into the system. At the point that oil rapidly increases in dollar denominated price, then you will see PM pricing take off.
So I wouldn't hold my breath, waiting for a near term spike. Suspect prices will remain at this level for a while. Buy physical in large lots, be patient. Or buy real estate, rental property. Either way, you will have to be patient, absent a political scare (like Iran or NK doing something stupid).
skari, did the same, but did sell a little Ag on the way up at 38.60 (went into the 40s), now need to quit waiting and buy again.
boymart, in a major metro area with 2 or more larger dealers, you can find spot plus $1 for 100 or 200 oz purchases. I suspect in smaller towns, not the case. Anyone tried larger on-line purcahses? BTW, if you are buying in 1-10 oz quantities for long-term, suggest you save your money until you can do a larger increment; the difference in markup is a killer.
Some production is hedged "would have thought miners lay off some price risk with short positions" by selling contracts in the futures market.
Gold and silver production only mines will look at their cost basis for production, adjust accordingly if these prices stay down for any length of time. Including idleling production.
Copper, lead, zinc production where silver is a significant byproduct will continue, unless those commodities also experience the above.
That said, the momentum players are bailing. The long-term investor who knows what is happening with fiat currencies will stand fast, even at $1200 Au and $22 Ag. My last purchase of each was $450 and $12 in 1999/2000 (but I did sell some Ag bullion at $38 cause I thought it was time to take some profit). At these prices, it's compelling to add to Ag positions with the ongoing race to the bottom by the major reserve currencies.
Nothing has changed the outlook of the cyclical bull market. Until we get another Reagan/Volker scenario, where the leadership in DC seeks to protect purchasing power of accumulated savings, vs. monetize the debt.
You only need to look at the price of gold in yen over the last 90 days to understand what the future looks like when the dust finally settles.
andre, why would GS have an interest in taking a position that would show that "there is no inflation."? Most of the GS executive contributions in 2012 went to Romney, not Obama; they were upset with his bashing of them. So what is your thought process for them to be looking to artificially suppress CPI numbers, if they weren't in Obama's back pocket?
Also, why would GS take a position contrary to the ultimate direction of the market, unless you think there's is a very short term trading position? Anyone with an uncovered short in PM markets, for any period of time, risks taking a serious hit. GS has some incredibly bright folks.
Just curious if you had insight or just a theory.
I cleaned up my message board by putting the "sillies" on ignore. The spammers take a little longer with their multiple ids. Insect copies and pastes prior posts, so its a waste of time to read 'em.
Anyone have a good site to go to for REE prices? Curious how to directly monitor the market, not as easy to do as precious metals. Seems like the best way to stay informed on future earnings...
market, you are a funny guy. $4 an ounce?! Need to add a zero to that number, which is where it will be in less than 12 months.
Spoken like a true long! Keep the faith, it still could go to $1000 a share. Just need more enthusiasm...
Looking at the longer term (10 year) chart of silver and gold prices, it's a good correlation to how much new paper currency the Treasury has been printing. Even my wife can see where this is going.
Which makes me wonder how much longer PM pricing is going to linger at this level. Reagan/Volker broke the back of inflation through tight monetary policy, giving American savers a break. Our current Fed and DC leadership are taking the exact opposite track, buying most of short term debt and with the apparent aim to monetize our deficit . Inflation is running well above the government official rate, so I can't find anything to suggest that the short crowd is anything but correct and hoping for a quick spike down with short term profit.
tchen389, explain the specific trade that you would make on both the long and short side. Buy stock/calls, buy puts/short stock?
true still less than half of the $38. another cited CINF, which also peaked in 2006, ultimately falling to less than half it's share value, now almost recovered. Like CINF, STFC is moving into new states and new markets, gaining rate while gaining market share. This is a cyclical market, regional carriers have mixed results, but all are in an up cycle. I would pose that STFC has greater potential for gain than many others that have already realized a significant move up.
Really cleans up the board posts if you put the trash on ignore. You can always reopen an individual post if you miss the CAPS and repitition.