Thursday, May 21, 2009
Tuesday, May 19, 2009
Thursday, May 14, 2009
Why do we trust the government with our money when they thieve the money WE pay that won't benefit us in any way? This is why I'm a free market capitalist. Socialism is theft.
Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update1)
By Roger Runningen and Hans Nichols
May 14 (Bloomberg) -- President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”
Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”
The president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare and said he was confident that the House and Senate would pass health-care overhaul bills by August.
“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.
Obama also prodded Congress to pass restrictions on credit- card issuers, saying consumers need “strong and reliable” protection from unfair practices and hidden fees.
“It’s time for reform that’s built on transparency, accountability, and mutual responsibility, values fundamental to the new foundation we seek to build for our economy,” the president said.
Obama called on Congress to pass a credit-card bill he can sign into law by May 25 that would clamp down on what he says are sudden rate increases, unfair penalties and hidden fees. He wants the measure to protect consumers, strengthen monitoring and impose penalties for credit-card company violations.
The U.S. House of Representatives passed the credit-card bill last month after adding a provision requiring banks to apply consumers’ payments to balances with the highest interest rates first. The bill also imposes limits on card interest rates and fees.
The Senate is debating its version today. It also would require credit-card companies to give 45 days’ notice before increasing an interest rate. It would prohibit retroactive rate increases on existing balances unless a consumer was 60 days late with a payment.
‘Complicit’ in Debt
The president said Americans have been hooked on their credit cards and share some of the blame for the current system.
“We have been complicit in these problems,” he said. “We have to change how we operate. These practices have only grown worse in the midst of this recession.”
The House and Senate will have to iron out any differences and vote again on a final, compromise version before sending it to Obama for his signature.
The American Bankers Association, which represents card issuers, has warned lawmakers and the Obama administration against taking punitive action or setting requirements that are too stringent. Doing so, the lobby group says, would limit consumer credit and worsen a credit crunch.
Obama said that restrictions “shouldn’t diminish consumers’ access to credit.”
Uncollectible credit-card debt rose to 8.82 percent in February, the most in the 20 years that Moody’s Investors Service Inc. has kept records. Lawmakers have said they’re under increasing pressure from constituents to respond to rising interest rates and abrupt changes to consumers’ accounts.
Meetings With Industry
Obama held a White House meeting last month with executives from the credit-card industry, including representatives from Bank of America Corp. and American Express Co. Afterward, he told reporters that credit-card issuers should be prohibited from imposing “unfair” rate increases on consumers and should offer the public credit terms that are easier to understand.
“The days of any time, any increase, anything goes -- rate hike, late fees -- that must end,” Obama said today at Rio Rancho High School. We’re going to require clarity and transparency from now on.”
He also said the steps he has taken to stimulate the economy and start the debate on overhauling the health-care system are beginning to take effect.
“We’ve got a long way to go before we put this recession behind us,” Obama said. “But we do know that the gears of our economy, our economic engine, are slowly beginning to turn.”
Taking questions from the audience, Obama repeated his stance that he wants legislation to overhaul the health-care system finished before the end of the year, saying it is vital to the economy.
Health-care costs are driving up the nation’s debt and burdening entitlement programs such as Medicare, the government- run insurance program for those 65 and older and the disabled.
The programs’ trustees reported May 13 that the Social Security trust fund will run out of assets in 2037, four years sooner than forecast, and Medicare’s hospital fund will run dry by 2017, two years earlier than predicted a year ago.
To contact the reporters on this story: Roger Runningen in Albuquerque at firstname.lastname@example.org; Hans Nichols in Washington at =1871 or email@example.com
Last Updated: May 14, 2009 14:28 EDT
Here's the latest on the supply of derivative payouts (through interests and "principle" paid on ARM loans). An economic recovery doesn't work too well without job creation, see current account deficit. Asia points out that a healthy surplus from global trade does rob the US of it's GDP (see multiplier effect) and benefits their economy quite well.
U.S. Foreclosure Filings Hit Record for Second Month (Update1) - Bloomberg.com
Foreclosure filings in the U.S. rose to a record for the second consecutive month in April as banks increased efforts to seize homes from delinquent borrowers.
It's time for Obama to duke it out with the WTO and demand they not defend China's trade war against the U.S.
If Obama is indeed the world citizen that he claims to be, this should be his main priority.
And this is how Geithner proposes that the derivatives be regulated. Instead of repealing the Commodities Futures Modernization Act and enabling the SEC to regulate it (since they're called out anyways when they can't regulate it), Geithner is putting the same people in charge that allowed the fraudulent derivatives to be sold in the first place.
Geithner Urges Electronic OTC Derivatives Trading (Update1) - Bloomberg.com
<"http://www.bloomberg.com/apps/news?pid=20601087&sid=alaMtgFAIQoc&refer=home">"Treasury Secretary Timothy Geithner proposed requiring increased transparency in the over-the- counter derivatives market by making prices available on centralized computer platforms."
"The need for transparency in the over-the-counter derivatives market was stressed by Theo Lubke, a senior vice president at the Federal Reserve Bank of New York, last month at a derivatives industry conference in Beijing."
"Lubke, who was appointed in 2007 to oversee OTC derivatives by Geithner when he was president of the New York Fed, said the credit swap prices now available are not sufficient, according to a transcript of his comments."
"“ISDA welcomes the recognition of industry measures to safeguard smooth functioning of privately negotiated derivatives,” Robert Pickel, chief executive officer of ISDA, said in an e-mailed statement. "
"Congressional concerns about oversight of the derivatives market have led some to block President Barack Obama’s nominee to head the Commodity Futures Trading Commission, Gary Gensler. Gensler was involved in legislation that exempted these markets from oversight, a law that will be amended if these proposals are accepted. "
"Harkin, whose committee oversees the CFTC, introduced legislation earlier this year that would require all over-the- counter derivatives contracts be traded on regulated exchanges. "
Did they just figure this all out? The derivatives we're referring to are Credit Defaults in the forms of CLOs and CMOs and they've been trading without being backed by bonds for a few years now. They didn't miss anything, they ignored it.
And here's more evidence that our government is tying strings onto the banks with these bailouts. Mind you, banks like Wells Fargo did not need a bailout.
Bankers Told by Paulson to Accept U.S. Aid or Be ‘Vulnerable’ - Bloomberg.com
Former Treasury Secretary [bn:PRSN=1] Henry Paulson  said nine U.S. banks would have to accept $125 billion in government investments or be forced to by regulators, according to a memo prepared for a meeting with the lenders’ chief executive officers in October.
Wednesday, May 13, 2009
AIG was barely scolded by our Congress after they blew these parties that exceed $40,000 taxpayer dollars. Congress scolded these criminals after awarding themselves multibillion dollar bonuses.
Only AIG LOST $61.7 billion in the 4th quarter 2008 while they were receiving a $180 billion dollar bailout. THAT'S HORRIBLE!!!
Please allow me to reiterate on how horrible Liddy is with taxpayer money by comparing them to NASA and the World Wide Web funding. (I apologize if my numbers are far from accurate, I think the figures I have still illustrate a rather strong point).
-NASA received a lot of critism for it's expenditures. We receive an infinite amount of wealth through satellite programs (made possible through NASA); including cable, internet, weather forecasting, global warming monitoring, advantages to studying alternative wind power...
All this typically costs the US taxpayers less than $40 billion each year.
-Al Gore passed the NETWORKING AND INFORMATION TECHNOLOGY RESEARCH AND DEVELOPMENT ACT in 1991. Billions were thrown at the Internet sector and the result was a $300 billion dollar industry.
"In 1998, the Internet economy generated more than $300 billion in U.S. revenue and 1.2 million jobs. "
Somewhere in the Mercury News (Sillicon Valley) was quoted that the tech sector returned $200 billion/year.
***For under $85 billion taxpayer dollars, both NASA and the IT sector created jobs and returned an amount of wealth exponentially higher than the origional investment. Edward Liddy gets $180 billion taxpayer dollars and LOSES $65 billion in the last 2 quarters. ***
I wonder if the government worker pensions even amounted to $180 billion dollars. It might have been cheaper to use taxpayer money to recover those, instead of using AIG to hold the pensions since they're wasting our money. Can't we just get those pensions back and imprison Liddy? The apathy of Congress is mind numbing.
Ed Liddy was hand selected from the CEO Special Olympics.
No offense to the special olympics. But he took $180 billion to lose $65 billion (total 4th quarter 2008 and 1st quarter 2009).
In the normal world as America understands it, the shareholders would have prosecuted this insurance company the same way they prosecuted Enron after that former scandal. AIG should have been imprisoned for fraud. Ed Liddy is a criminal.
He is not being imprisoned because his institution AIG holds hostage government pensions. I wonder if Congress has their pensions held at this institution as well.
In this video, Kucinich grills Liddy about the pensions owed to government employees in Ohio. Both Kusinich and Kapture, both Democrats make me happy to have lived in Ohio at one time. It's not everyday when someone admits that they're happy to be from Ohio.
Neither of them voted for the bailout; it's nice to not have to question their intentions, agendas, competancy, sanity or integrity through this entire mess so I can defend his anger. After all of the stunts that AIG pulled since the unethical bailouts, it comes as no suprise that nobody trusts Liddy with their pensions. The amount of money that Liddy got from his bonus would have paid off pensions for many people.
I judge harshly the Congressmen who voted for the bailouts. Remember when Obama was "outraged" at the AIG bonuses? It was all a big dog and pony show.
Sunday, May 3, 2009
Obama Represents the interests of a particular Israel hating tycoon. When nothing makes sense, FOLLOW THE MONEY!
In the last few years, the world seems to have flipped upside down. The economy is in the krapper and the media and political infatuation with Obama only makes Kim Jung Ill look shy.
There are a few things that are obvious yet need to be noted.
1. The purpose of today's media is not to report the news (that would require a degree of objectivity which does not exist in today's news sources). The purpose of the media is to shape public opinion.
A perfect example. Rasmussen polls cite that 1/4 Americans personally know a Tea Party protestor.
However, most Americans don't know of one individual who was affected by this swine flu.
Rasmussen polls also cite the disconnect between the political elite and the American people ont he bailouts. Again follow the money, our Congress was lobbied well to rob the taxpayers for their welfare. Congress is a joke. Republicans, libertarians and democrats; they're are all the same.
This is the media hype, again Rasmussen polls cite a different perception by the American people (more evidence that the media is not representing us accurately).
Rasmussen polls also cite that 53% of Americans believe that the next POTUS will be a Republican.
Note the recent talking heads like Arianna Huffington and Paul Krugman are blaming capitalism for the woes of this country. Not one of them can defend this with any sort of rationale or logic.
"Monday, April 27, 2009 -Seventy-seven percent (77%) of U.S. voters say that they prefer a free market economy over a government-managed economy. That’s up seven points since December."
The good news is that Americans can see this for themselves.
This also applies to the neocons, whom I will call collectivist anarchists. Abortions and gay marraige are not the problems of our country. No the minorities did not cause the subprime crisis when 72% of ARM borrowers were caucasians. These are red herrings.
The republican party is shrinking due to this. They're not becoming liberals, they're becoming independants. I also believe that libertarians are closeted synchophants (explained in this article) but i still don't blame people for moving in that direction politically.
2. Astroturf is a heavily financed movement under the guise of a grassroots movement.
Obama's initial campaign was origionally a grassroots movement. But these grassroots movements in time reveal heavy funding, with strings attached of course. There was little opinion against Iraq until money backed it. There was little opinion against Israel until money backed it.
The effects of the current "liberal" takeover of our political environment could be summed up by a post I found that was written 4 years ago during Kerry's campaign.
“By the time this election year ends, George Soros will have contributed more than $13 million to the independent political groups known as 527's. (The term is shorthand for the section of the tax code that makes them legal.) For this reason, Republicans insist that the 74-year-old Soros, who may become the largest single political contributor in history, has resolved to buy the Democratic Party…''If you're a 32-year-old state legislator and you're a conservative, you get to go through all these philosophical trainings,'' Rosenberg said. ''You get all these organizations that are trying to put you through their leadership institutes. You get all these groups sending you their materials. 'Now, you're a 32-year-old Democratic state legislator,and what you do is you learn how to check boxes,'' he continued. ''You learn how to become pro-choice. You learn how to become pro-labor. You learn how to become pro-trial lawyer. You learn how to become pro-environment. And you end up, in that process, with no broad philosophical basis. You end up with no ideas about national security. You end up with no ideas about American history and political theory. You end up, frankly, with no ideas about macroeconomics and economic policy, other than that it's scary.''”
The Onion is a spoof, they articulated the reality of the Obama campaign.
Personally I've always found love for politicians awfully strange. I've found obsession with rock stars strange too. They're just public figures, doctors and good teachers are much more beneficial to society that politicians are. People are in love with power and motivated by money. Which is why the Obama campaign struck me wierd. Where was this money coming from?
It's like, "Yay! We no longer have a WASP in the White House". He gives these 40 minute speeches, but what makes him a "great President"?
SOROS IS THE MAN BEHIND THE CURTAIN
Soros hates Israel and he hates Dubya. Which is great, but why drag the entire country through the mud for his own agenda? These tycoons, they think the world has to revolve around him. All he needs is a bunch of liberal non-profits, also labeled as 527's (as a tax structure) eating out of his pockets so he can move on with his agendas.
He is heavily involved with groups such as the Democratic Alliance and The Conservative Message Machine Money Matrix who have provided the left winged non-profits with a lot of cash during the Bush Administration.
Soros is a shady character. He was a Halocaust refugee who came to America and made himself a billionaire. He must have had something up his sleeve because you need money to make money. It's quite impressive for a first generation immigrant to rise to such heights unless you had some spare change to invest.
He seems to have the inside tips, he's not upfront about his insight. He made money off of several disasters, including the crash of the British pound in the 90's and the money he made off of "predicting" the recent subprime collapse. Remember, tycoons such as Soros or Warren Buffett speak in self interest. Self interest is what made them disgustingly wealthy to begin with.
Soros is highly influential and his ideas are destructive to the American economy. He wants socialism. America is bankrupt, we can't afford socialism. Soros knows better.
Most businessmen bribe Congress or take advantage (like cheating) to get ahead in America's markets. They're concerned about the size of their own wallets, not the economy as a whole. We listen to them because we're forced to (due to macroeconomic conditions). Who are they funding, how do they plan on shaping the world and how are we supposed to adjust to their game?
Now watch how the political parties shift around Soro's influence.
Liberals are still blaming Bush for everything. The campaign was over months ago. Anyone who opposes any of Obama's agendas is accused of voting for Bush twice. Or of Racism as Janine Garafalo points out. BTW, Janine Garafalo's father is an oil exec. Janine Garafalo is thereby a closet neocon.
Blaming Bush and scapegoating republicans is the liberal crutch. Financially speaking, this is saying "I want handouts by the Soros administration!". They're also retorting to bullyish tactics by calling right winged partiers "extremists" and smearing bailout demostrators (aka. "Teabaggers"). In no world of rational thinking can any of this be considered true.
The Libertarians are playing their "anti-war" card rather agressively here. Without pure logic, libertarians are playing the liberals' card by using their positions as "anti-Israel" and "anti-war". This has no base in ethics, it's completely self serving. Israel isn't run by saints and Palistine isn't full of them either.
Republicans are still baiting on evangelical beliefs with plenty of sell outs in Congress. They're the chosen enemy to the Obama campaign.
Wikipedia says, "Neocons support using U.S. power, including military force, to bring democracy and human rights to other countries, seeing this as virtuous or even morally obligatory"
This group portrays themselves through evangelical beliefs (which in my own opinion are collectivist-aka. racist); again citing abortions and gay rights to be the downfall of America. This is not a true conservative way of thinking, as such individual liberties should be protected above all else. They're also market anarchists, not laissez faire free market capitalists. Gramm reveals this by authoring the Commodities Futures Modernization Act and Deregulation. On that note, trade with China is not free trade or replica of a "free market" because China (backed by the WTO) enforces trade policies against the U.S.
Laissez Faire means that "your rights begin where mine ends", which obviously requires regulation. LAISSEZ FAIRE FREE MARKET ECONOMICS IS NOT ANARCHY!
Myself, I support a military defense (over UHC) but I don't support banning abortions or gay marraige. Labeling anyone like myself as a RINO is an ad hominem, a fallacy.
I'm one of those people who is strongly convinced that the trade deficit, outsourcing and offshoring led to America's bad economy. Soros claims that the cap and trade thing is going to be a big hit. Again, I call him an insider without insight. Hello! What is a multiplier effect Soros? Dummy will be the only one who will be able to afford the hikes in energy prices when this hostile policy to businesses comes into effect. It's up to him to prop the energy source to make it profitable because the American people are not in a position to do so (with a weakened private sector). Since Soros wants socialism, we should only tax the Quantum Fund for Obama's stimulus with no strings attached. If he (and Bill Gates) thinks that cap and trade is going to a financial success based on science fiction, then they should relieve taxpayers of the burden.
As a republican, I'd rather fix my own party because I'm not a liberal. I've actually made a lot more money just by having a degree and working in the private sector than pandering to any political clauses or "trends".
Liberals make a huge mistake. Judge a man by his actions, not his words.
3. Obama is the race card. The author of this blog is biracial and I have every legitimate base to call it out. My own belief in individual liberties (vs. collective) is enforced consistantly through the biracial existance. Obama knows too well the reality check that I'm referring to.
As per his 100 day mark; Obama received an approval rating from 96% of African Americans
and 85% of Latinos.
Blogger dot com won't allow me to upload the chart.
The only thing they can cite is his skin color. I'm not kidding! I've seen people wearing shirts that say "My President is Black", not "A black president made the US a success".
It's the people, not the politicians or financiers that make America great.