You knew it wouldn't be that easy..... Aug. 27 (Bloomberg) -- The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot. "Harm the companies" eh? You mean reveal that they are and have been insolvent, and The Fed has been engaged in covering them up? “What has the Fed got to hide?” said Senator Bernie Sanders, a Vermont independent who sponsored a bill to require the Fed to submit to an audit by the Government Accountability Office. “The time has come for the Fed to stop stonewalling and hand this information over to the public,” he said in an e-mail. The Fed is hiding the insolvency of banks. They, along with their handmaidens in Congress (which is where you work Mr. Sanders) even went further and twisted the arm of FASB to legalize intentional accounting distortions that I argue amount to fraud. The
A doctors' group and an organization that advocates for the interest of the inner-city poor have joined forced to sue the Obama administration, charging that its abortive effort to collect criticisms made by those opposed to President Obama's plan to change the U.S. health care system infringed on their First Amendment rights. In a complaint filed Thursday in U.S. District Court, the Association of American Physicians and Surgeons and the Coalition for Urban Renewal and Education said the White House had attempted to "unlawfully" collect information on protected political speech when it asked Obamacare supporters to report any negative comments about the proposal to a U.S. government email address, email@example.com.
Today, on my site I received a comment that jolted my awareness and gave me great pause for thought and contemplation; I believe I have always had the gift of knowing when an individual is sincere - and Obama was by far from my first choice, and most of you know that I favored Kucinich and after him, Ron Paul, who had never in his life voted against our constitution. One phrase entered my mind, “Together we Stand, Divided we fall,” and that is what is occurring in our nation. We are being divided and fighting amongst one another, and while we're busy shouting accusations at the so-called opposition, our economy is being plundered and our nation is being conquered by the combined forces of Democrats and Republicans who are working together for corporate America - not “We the People.” This is the comment I received, and I ask all of you to give it some thought. “Endgame” and the FEMA Internment Camps are real - we all know that. In the last Presidential election, we saw huge amoun
Comment mine - it sure does they privatized the profits and then socialized the losses! In the build-up to the global crisis of 2008, tiny Iceland was a canary in the mine, a leading indicator of wider vulnerabilities. Now, amid growing optimism about global recovery, Iceland may again be a leading indicator of trouble ahead. In the space of a few days last October Iceland’s whole banking system collapsed and was taken into public ownership, including the three banks which went from nowhere in 2002 to rank among the world’s 300 biggest by 2007. These three now make it into a less glorious league – Moody’s list of the 11 biggest financial bankruptcies in history. The country’s average income fell from 160 per cent of the US’s in 2007 to 80 per cent this year. First, the freeze on mortgage repayments is due to end in November. The fifth of mortgages that are in yen or Swiss francs face a doubling of payments. Krona mortgages also face big increases in payments because they are t
Back in 2003, when a Barack Obama presidency was little more than a gleam in George Soros's eye, Jim Powell published a book which was disturbingly prescient. Titled FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression, it outlined how Franklin Roosevelt's big spending policies hindered, rather than helped, the United States in recovering from the Great Depression. Obama apparently was too busy in 2003 -- maybe listening to his spiritual advisor Jermemiah Wright ranting "God damn America," or helping his good friend and mentor Tony Rezko raise money for Obama's U.S. Senate campaign, or voting 'present' in the Illinois state senate -- to read Powell's book, because he has embarked on a path to replicate FDR's failures. Obama's reckless spending has already sent the federal deficit mushrooming, like some economic radioactive cloud, in just his first year, and evidence mounts that Obama's economic policies are
It's Barack Obama's economy now. For the seven months since his inauguration, Mr. Obama and his economic team have pushed the blame for everything bad onto former President George W. Bush and taken credit for everything good. The gaping hole in the federal budget for the next decade? Team Obama blames Mr. Bush's tax cuts, the Medicare prescription-drug benefit he signed and the recession he bequeathed. The encouraging signs that the economy and banks are stabilizing? Team Obama credits its captain's fiscal stimulus and Treasury Secretary Timothy Geithner's stress tests and the bank capital-raising that ensued. That argument worked for a while. Mr. Obama did inherit a collapsing economy, a near-paralyzed financial system and an unsustainable fiscal policy, plus wars in Iraq and Afghanistan. He did quickly push through a $787 billion stimulus. Despite its unpopularity and time-release design -- only a quarter of the money will be out the door by the end of Se
From Robert Ringer: None of the criminality of the Obama administration would be possible without the explicit (or, at the very least, implicit) approval of the media. Can you imagine a presidential press conference where, instead of asking Der Fuhrbama about his dogs or his latest beer summit, they asked him questions such as: "You told Joe the Plumber that you believe in spreading the wealth around. Since the Constitution doesn't allow you to do that, from whom did you acquire the moral authority to take people's earnings by force and arbitrarily hand them to others?" "You are on video in 2003 saying that you believe in a single-payer healthcare system. Why are you now telling the American public that you merely want a 'government option' added to our existing system? Were you lying in 2003, or are you lying now?" "How do you reconcile the fact that, within a short space of time, you said that the Medicare system is a perfect example
In re-appointing Bernanke to another four year term as Fed chairman, President Obama completes his embrace of bailouts, easy money and deficits as the defining characteristics of his economic agenda. Bernanke, along with Secretary Geithner (then New York Fed president) were the prime movers behind the bailouts of AIG and Bear Stearns. Rather than “saving capitalism,” these bailouts only spread panic at considerable cost to the taxpayer. As evidenced in his “financial reform” proposal, Obama does not see bailouts as the problem, but instead believes an expanded Fed is the solution to all that is wrong with the financial sector. Bernanke also played a central role as the Fed governor most in favor of easy money in the aftermath of the dot-com bubble — a policy that directly contributed to the housing bubble. And rather than take steps to offset the “global savings glut” forcing down rates, Bernanke used it as a rationale for inaction. Perhaps worse than Bush and Obama’s rewarding o
Among the many claims being made durng the August recess by Democrats from President Obama, Senate Majority Leader Harry Reid, D-NV, and House Speaker Nancy Pelosi, D-CA, to the lowliest back-bencher is that Obamacare absolutely, positively, cannot possibly ever in a million, zillion years provide coverage to illegal immigrants. Just this past weekend during his regular Saturday address - devoted to addressing what he called "false claims about reform" - Obama said he wants "an honest debate" on health care reform, "not one dominated by willful misrepresentations and outright distortions." In what he called the "first myth" being spread by critics of his proposal for a government-run health care system, Obama said they are wrong in claiming illegal immigrants will be covered: "That is not true. Illegal immigrants would not be covered. That idea has not even been on the table." Obama said. Well, Mr. President, that idea must have bee
First off, note Obama's drop-off among young people. Young people were supposed to be a critical component of the new Democratic majority. Granted their approval is still slightly higher than the other groups, but it has far and away been the most volatile, dropping more than any other. This should not come as a huge surprise. Baby Boomers were partial to McGovern in 1972, but swung around to Reagan in the 80s. Young people's political dispositions are still being formed. Yet, Obama's worst poll number here is actually his share among seniors. I'm guessing it relates to the health care debate. The White House should be very concerned, and for one simple reason: seniors vote.
"The fundamental problem is that conflicted ratings have and are causing massive harm to investors and now, unfortunately, to the American taxpayer as well. The current credit crisis might cost taxpayers $23.7 trillion according to the TARP reviewer Neil Barofsky and inflated ratings are universally cited as one of the primary culprits in this collapse of the credit markets." - Sean Egan "Dear SEC - continue abusing the public's increasingly declining patience with your lack of integrity and inability to prosecute those at fault for the current crisis at your own peril." - Tyler Durden Remember when in the days after the Lehman bankruptcy the financial system almost collapsed and the Fed was forced to pump several trillion of dollars into various swap arrangement almost overnight to prevent a so-called cataclysm? A primary culprit for this was the Reserve Fund "breaking the buck" due to its extensive investments in Lehman Brothers, which finall
Hassan Nemazee, chairman of Nemazee Capital Corp. and a fundraiser for President Obama and Hillary Clinton, was arrested on charges that he tricked Citigroup Inc. into lending him as much as $74 million using phony documents. Nemazee got the loan by telling Citibank that he held accounts with hundreds of millions of dollars that could serve as collateral, U.S. Attorney Preet Bharara said today in a statement. He used fake addresses and phone numbers controlled by him to mislead the bank, prosecutors said. The accounts “either never existed or had been closed years before Nemazee submitted the documents referencing those accounts,” Bharara said in the statement. Nemazee, 59, repaid the loan to Citibank yesterday, a day after he was interviewed by FBI agents, prosecutors said. The interview took place at Newark Liberty International Airport as Nemazee was checking in for a flight to Rome.
If you are blessed, as I am, to have grandchildren, you may not realize that they are more than just treasured children of your children, a gift beyond measure. They are also indentured servants who will be paying off your cumulative national debt for a good part of their lives on earth. According to the Congressional Budget Office's (CBO) annual summer budget update, our national debt "which was as low as 33 percent of GDP in 2001, would reach an estimated 54 percent of GDP this year and grow to 68 percent of GDP by 2019." Writing on his blog yesterday, CBO director Douglas Elmendorf, the same fellow who blew the whistle on the Obama administration's faulty estimates of the cost of its health care plans and was rewarded with a friendly visit with the President at the White House, says "the federal budget deficit for 2009 will total $1.6 trillion, which, at 11.2 percent of gross domestic product (GDP), will be the highest since World War II [emphasis added].**Q
The whole idea of a National Day of Service on Sept. 11, whether voluntary or not and regardless of who is promoting the idea, ought to make advocates of limited government jittery. I mean, aren't taxes, by which the productive subsidize the nonproductive, enough? How much more service to the government is needed? Where does it end? It reminds me of something that Michelle Obama, in her unintentional imitation of Evita Peron last year, said. Barack Obama will require you to work. He is going to demand that you…move out of your comfort zones. That you push yourselves to be better. And that you engage. Barack will never allow you to go back to your lives as usual, uninvolved, uninformed. It turns out the First Lady might have meant it. This all reminds me of the Reich Labor Service, a program instituted to help "green" the Third Reich. The members of the Reich Labor Service appeared prominently in the classic Nazi propaganda film, Triumph of the Will, (I had to watch it i
The Obama administration on Tuesday acknowledged that Obamanomics, the dismal science of spending other people's money as fast as possible, honed with ward bosses and union kingpins on Chicago's South Side, has failed. They did so, not in so many words and probably without knowing it, while hammering Americans with a devastating and demoralizing one-two blow -- one a sucker punch, the other below the belt. With the sycophants in the Obama press corps distracted while rubbing elbows with the Obamas and other rich folk on the Vineyard, the O Team threw their sucker punch: officially announcing that the federal budget deficit next year will be nearly 20% more than in their first forecast made just last May, and over the next ten years will be two trillion dollars more than they had predicted. That's two million million dollars more than Obama had forecast. Just 90 days ago. Oops. Even ballpark hunches should be closer than that. Obama's estimate of the te
General Electric has been investing in President Obama and his democratic party since the beginning of the primary season over two years ago. They even pushed their TV networks to be in the tank for the POTUS and the SCHMOTUS (Biden) and their policies. That "tinkle down my leg" news coverage has paid off big for NBC News' parent company. By taking advantage of its ownership of two tiny banks in Utah, GE has been able to issue $80 Billion dollars worth of federally backed loans about one out of every four dollars available in the program. And true to being a friend of the President, General Electric didn't have to go through any of the burdens other participants had to go through like the financial stress test. Nor did they have to worry about any those pesky salary/compensation limits so Jeffrey Immelt and the senior management didn't have to worry about the $14-18,000,000 in compensation they make. But all that is Small potatoes, GE is uniquely positi
Here's AP: Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy... The grim administration projections came on a day of competing economic news. The Congressional Budget Office, which has predicted less economic growth than the White House in the past, was also scheduled to announce revised budget projections on Tuesday. Obama himself may have drowned out the rising deficit news with the announcement Tuesday that he intends to nominate Ben Bernanke to a second term as chairman of the Federal Reserve. The Bernanke news could neutralize any disturbance in the financial markets caused by the high deficit projections.
President Barack Obama
is trying to make positive changes in the United States, but is being
fought at every turn by right-wingers who hate him because he is black,
former Cuban leader Fidel Castro said.
I don't know if you have seen the latest news regarding Union Members and $10 Billion being shuffled in for them in the healthcare bill? I am wondering how this is going to sit with the other Animals in BO's kingdom who will get no COLA increase and will in effect have their standard of living reduced since for some their Medicaire Premium's Part B the cost is rising and Part D for all will also go up. All this taking place while at the same time The Obama administration, citing an economic downturn that has been deeper than it had first thought, raised its estimate of the government's deficit over the next decade to $9 trillion from $7.1 trillion. That of couse does not factor in the interest rate on our Debt or other NEW spending. There is a lesson to be learned from all of this. In Banana Republics and all forms of government that end with an "ism" some animals are MORE equal then others!
Gives Obama 2008 pass, but would require papers in 2012 Rep. Trent Franks, R-Ariz., has decided that while President Obama's eligibility to occupy the Oval Office may not be subject to an immediate court challenge, if the president runs for a second term, he should be required to prove he is qualified. As WND reported, Franks told a townhall meeting in Kingman, Ariz., over the weekend he was considering a lawsuit to establish Obama's eligibility. More:
All this goes to show is how completely the people in charge of things in the USA have lost their minds. They seem to think this mass exercise in pretend will resurrect the great march to the WalMarts, to the new car showrooms, and the cul-de-sac model houses, reignite another round of furious sprawl-building, salad-shooter importing, and no-doc liar-lending, not to mention the pawning off of innovative, securitized stinking-carp debt paper onto credulous pension funds in foreign lands where due diligence has never been heard of, renew the leveraged buying-out of zippy-looking businesses by smoothies who have no idea how to run them (and no real intention of doing it, anyway), resuscitate the construction of additional strip malls, new office park "capacity" and Big Box "power centers," restart the trade in granite countertops and home theaters, and pack the turnstiles of Walt Disney world - all this while turning Afghanistan into a neighborhood that Beaver Cleaver
With the formation of this team, the administration indicated that it would more closely monitor, but not abandon, the controversial practice of sending some high-level terror detainees to other countries for questioning.
Well it's not a ACORN, but pretty damn close, the Obama influence is clear with this choice. A top labor union leader, Denis Hughes, has become the chairman of the Federal Reserve Bank of New York’s Board of Directors. The New York Fed’s board comprises nine members, and is set up to reflect banking and community interests. Hughes has been on the board since 2003, but a union leader as New York Fed Chairman? Hughes is president of the 2.5 million member New York State AFL-CIO. According to the New York state AFL-CIO site: As President of the New York State AFL-CIO, Mr. Hughes has made creating a more mobile, active and aggressive statewide labor movement a top priority. He has set a tone for organizing new members into the movement and has led the way in developing proactive legislative and political statewide strategy. Hughes clearly doesn't understand basic supply and demand economics, since he "has been successful in helping to pass historic legislation that
Obama has referenced the biblical commandment against perjury to call opponents of his plan liars because they assert that the takeover would lead to “death panels” curtailing care to the elderly, or to expansive taxpayer funding of abortion.
America is just a few days away from a possible day of reckoning. I again call attention to this day, August 25, when the Federal Deposit Insurance Corporation issues its 2nd Quarter report for 2009 on the state of health of American banks.
Elusive Lucas Smith films alleged Kenyan document A man who had claimed to have a copy of President Obama's Kenyan birth certificate, attempted to sell it on eBay and then disappeared from contact has reappeared, this time with a video of the document he claims proves Obama's foreign birth. Video & more....
Sure Tax Cheat Tim we believe you! ""I don't think the financial system is reverting to past practice, and we won't let that happen," Mr. Geithner said. "The big banks are running with much less leverage now, much more conservative liquidity cushions, there's been a significant shrinking of their balance sheets, getting rid of bad assets and cleaning up. And the weakest parts of the system don't exist anymore." Some banks, including those that received government bailout money, are earning record profits, increasing pay and ramping up risk. Goldman Sachs Group Inc., for instance, recently recorded its most profitable quarter ever and boosted its degree of risk-taking as measured by how much money it could lose in a single day." "The consequence of achieving stability is that people can raise money, can raise equity, can borrow more easily at lower rates, that these markets have liquidity again," Mr. Geithner said. Read
Enzio von Pfeil, CEO of EconomicClock.com told CNBC the Global stock markets could crash in October as the much hoped-for economic recovery fails to materialize he explains in the video below... Could this be the reason our Foreign Embassies are stocking up on cash?
President Obama is the most radical leader in U.S. history. Much of the public is focused on his ambitious plan to nationalize health care. The more they hear about it, the less they like it. Hence, Mr. Obama's poll numbers are dropping like a stone. Yet his environmentalist agenda is just as dangerous. If passed, it will destroy America's free-market system. Like most liberal elitists, Mr. Obama is an incremental socialist. He does not believe in revolutionary change through blood and iron -- as did Soviet dictator Josef Stalin or Cuban despot Fidel Castro. Rather, Mr. Obama champions evolutionary socialism: the state's gradual takeover of key sectors of private industry. He is anti-capitalist and pro-big-government. His cap-and-trade initiative seeks to severely limit carbon-dioxide
[sweet!] One counterprotester, the only one within shouting distance, would only give his first name as he stood alone, wearing a Yankee baseball team shirt, a handgun on his hip, holding a contrary sign.
TEA Party members railed against proposed health care reforms Saturday at a busy intersection in Scottsdale.
They came from all over that morning, thinly crowded on the four corners of Scottsdale and Camelback roads.