Peter Wallison–Dissent from the Majority Report of the Financial Crisis Inquiry Commission —Videos

Posted on May 16, 2012. Filed under: American History, Blogroll, Business, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Homes, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, People, Philosophy, Politics, Raves, Resources, Talk Radio, Tax Policy, Taxes, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , |

Dissent from the Majority Report of the Financial Crisis Inquiry Commission

http://www.aei.org/files/2011/01/26/Wallisondissent.pdf

Peter Wallison’s Dissent from the Majority Report of the Financial Crisis Inquiry Commission 

Peter Wallison: the Financial Crisis and Regulatory Reform 

Wallison Says Government Caused The Financial Crisis

A Big Think Interview With Peter Wallison

Background Articles and Videos

Wallison Predicted Bailout 9 years ago

Raw Footage of Peter Wallison Interview from The Bubble 

Wallison Says New Fannie & Freddie Bill Will Make Things Worse

Minarik-Wallison Sovereign Debt Crisis

Peter J. Wallison

Arthur F. Burns Fellow in Financial Policy Studies

Research Areas:

  • Corporate governance
  • Accounting policy
  • Causes of the financial crisis
  • Regulation of mutual funds
  • Regulation of banking, securities, and insurance
  • Campaign finance
  • Financial markets
  • Financial services
  • GSEs (Fannie Mae and Freddie Mac)
  • Housing policy
                    Peter J. Wallison, a codirector of AEI’s program on financial policy studies, researches banking, insurance, and securities regulation. As general counsel of the U.S. Treasury Department, he had a significant role in the development of the Reagan administration’s proposals for the deregulation of the financial services industry. He also served as White House counsel to President Ronald Reagan and is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency (Westview Press, 2002). His other books include Competitive Equity: A Better Way to Organize Mutual Funds (2007); Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (2004); The GAAP Gap: Corporate Disclosure in the Internet Age (2000); and Optional Federal Chartering and Regulation of Insurance Companies(2000). He also writes for AEI’s Financial Services Outlook series.
Read Peter Wallison’s Dissent from the Majority Report of the Financial Crisis Inquiry Commission

Experience

  • Cochair, Financial Reform Task Force, 2009
  • Member, Financial Crisis Inquiry Commission, 2009
  • Member, Shadow Financial Regulatory Committee, 1991-2009
  • Member, Advisory Committee on Improvements to Financial Reporting, U.S. Securities and Exchange Commission, 2007-2008
  • Partner, Gibson, Dunn, & Crutcher, 1987-98, 1985-86
  • Counsel to President Ronald Reagan, 1986-87
  • General Counsel, U.S. Treasury Department, 1981-85
  • Partner, Roger & Wells, 1977-81
  • Special Assistant to Governor Nelson A. Rockefeller; Counsel during Rockefeller’s Vice Presidency, 1972-76

Education

LL.B., Harvard Law School
B.A., Harvard College

http://www.aei.org/scholar/peter-j-wallison/

Related Posts On Pronk Palisades

JPMorgan Chase & Co., Jaime Dimon, The Volker Rule and Too Big To Fail–Videos

Read Full Post | Make a Comment ( None so far )

Ron Paul: People Are Sick & Tired of Big Government –Videos

Posted on December 10, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Wealth, Wisdom | Tags: , , , , , , |

Ron Paul: People Are Sick & Tired of Big Government

Ron Paul is America’s leading voice for limited, constitutional government, low taxes, free markets, sound money, and a pro-America foreign policy.

For more information visit the following websites:
http://www.RonPaul.com

 http://Store.RonPaul.com

 http://www.RonPaul2012.com

http://www.house.gov/paul

http://www.DailyPaul.com

http://www.RonPaulForums.com

 http://www.RonPaulFlix.com

Newt Gingrich: Serial Hypocrisy

Rand Paul – Tea Party Would Be Crazy To Vote Newt Gingrich

SA@TAC – Newt Gingrich is Not a Conservative

Read Full Post | Make a Comment ( None so far )

The Big Swap: Federal Reserve Bails Out European Banks–American People Pay By Higher Prices-Inflation–Videos

Posted on December 1, 2011. Filed under: Banking, Blogroll, Business, College, Communications, Economics, Education, Federal Government, Fiscal Policy, Foreign Policy, government spending, Homes, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Strategy, Talk Radio, Taxes, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , |

James Rickards the Latest on the IMF and the Fed

James Rickards on the IMF becoming a Central Bank and the Fed becoming a Hedge Fund

Angell Says Fed Not Pushing ECB to Lower Interest Rates

US to bail out Europe because Germans refuse to

US banks downgraded

Eurozone debt vs US debt

Is The US Bailing Out Europe ?

Soaring Markets Reveal Clues About Big Banks’ Levels of Trust, Comfort

Background Articles and Videos

Has the Fed saved Europe? – MoneyWeek Investment Tutorial

Central bank liquidity swap

“…Central bank liquidity swap is a type of currency swap used by a country’s central bank to provide liquidity of its currency to another country’s central bank. [1][2]

On December 12, 2007, the Federal Open Market Committee (FOMC) announced that it had authorized temporary reciprocal currency arrangements (central bank liquidity swap lines) with the European Central Bank and the Swiss National Bank to help provide liquidity in U.S. dollars to overseas markets.[3] Subsequently, the FOMC authorized liquidity swap lines with additional central banks. The swap lines are designed to improve liquidity conditions in U.S. and foreign financial markets by providing foreign central banks with the capacity to deliver U.S. dollar funding to institutions in their jurisdictions during times of market stress.[4]

As of April 2009[update], swap lines were authorized with the following institutions: the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Canada, Danmarks Nationalbank, the Bank of England, the European Central Bank, the Bank of Japan, the Bank of Korea, the Banco de Mexico, the Reserve Bank of New Zealand, Norges Bank, the Monetary Authority of Singapore, Sveriges Riksbank, and the Swiss National Bank. The FOMC authorized these liquidity swap lines through October 30, 2009.

The Federal Reserve operates swap lines under the authority of Section 14 of the Federal Reserve Act and in compliance with authorizations, policies, and procedures established by the FOMC.

Description

These swaps involve two transactions. When a foreign central bank draws on its swap line with the Federal Reserve, the foreign central bank sells a specified amount of its currency to the Federal Reserve in exchange for dollars at the prevailing market exchange rate. The Federal Reserve holds the foreign currency in an account at the foreign central bank. The dollars that the Federal Reserve provides are deposited in an account that the foreign central bank maintains at the Federal Reserve Bank of New York. At the same time, the Federal Reserve and the foreign central bank enter into a binding agreement for a second transaction that obligates the foreign central bank to buy back its currency on a specified future date at the same exchange rate. The second transaction unwinds the first. At the conclusion of the second transaction, the foreign central bank pays interest, at a market-based rate, to the Federal Reserve.

When the foreign central bank lends the dollars it obtained by drawing on its swap line to institutions in its jurisdiction, the dollars are transferred from the foreign central bank’s account at the Federal Reserve to the account of the bank that the borrowing institution uses to clear its dollar transactions. The foreign central bank remains obligated to return the dollars to the Federal Reserve under the terms of the agreement, and the Federal Reserve is not a counterparty to the loan extended by the foreign central bank. The foreign central bank bears the credit risk associated with the loans it makes to institutions in its jurisdiction.

Revenue and cost impacts

The foreign currency that the Federal Reserve acquires is an asset on the Federal Reserve’s balance sheet. In tables 1, 9, and 10 of the H.4.1 statistical release, the dollar value of amounts that the foreign central banks have drawn but not yet repaid is reported in the line “Central bank liquidity swaps.”[5] Because the swap will be unwound at the same exchange rate that was used in the initial draw, the dollar value of the asset is not affected by changes in the market exchange rate. The dollar funds deposited in the accounts that foreign central banks maintain at the Federal Reserve Bank of New York are a Federal Reserve liability. In principle, draws would initially appear in tables 1, 9, and 10 in the line “foreign and official” deposits. However, the foreign central banks generally lend the dollars shortly after drawing on the swap line. At that point, the funds shift to the line “deposits of depository institutions.”

When a foreign central bank draws on its swap line to fund its dollar tender operations, it pays interest to the Federal Reserve in an amount equal to the interest the foreign central bank earns on its tender operations. The Federal Reserve holds the foreign currency that it acquires in the swap transaction at the foreign central bank (rather than lending it or investing it in private markets) and does not pay interest. The structure of the arrangement serves to avoid domestic currency reserve management difficulties for foreign central banks that could arise if the Federal Reserve actively invested the foreign currency holdings in the marketplace.[4]

The Federal Reserve Board issues a weekly release that includes information on the aggregate value of swap drawings outstanding. With the onset of the Global financial crisis of 2008–2009 and the collapse of Lehman Brothers on September 15, 2008, the balance grew rapidly. As of April 2009[update] the balance was $293,533 million.[5] Central bank liquidity swaps have maturities ranging from overnight to three months. Table 2 of the H.4.1 statistical release reports the remaining maturity of outstanding central bank liquidity swaps.[5] …”

http://en.wikipedia.org/wiki/Central_bank_liquidity_swap

 

What Are Fed Swap Lines and What Do They Do?

By Phil Izzo

“…The Federal Reserve moved in coordinated action with foreign central banks this morning in order to provide a pressure-release valve for funding markets without exposing the U.S. central bank to much risk.

The Fed announced an expansion of its program that supplies dollars to overseas markets at a cheaper rate. Basically, the Fed lends dollars to foreign central banks in return for their local currency for a specific period. Since the Fed isn’t lending to banks directly, the risk is essentially nonexistent, and it also isn’t exposed to changes in currency rates since the exchange rate is set for the duration of the swap.

The liquidity swap arrangements have a history of use when there are tensions in funding markets. They were used following the terrorist attacks of September 11, 2001and were revived in 2007 and used extensively during the financial crisis, especially after the collapse of Lehman Brothers when credit markets dried up. As market conditions improved, they were shut down in February 2010, but revived in May 2010 as sovereign debt problems began to emerge in Europe. (The Fed has a useful Q&A you can find here, and New York Fed research noted the success of the lines during the financial crisis) …”

http://blogs.wsj.com/economics/2011/11/30/what-are-fed-swap-lines-and-what-do-they-do/

 

 

 

 

Read Full Post | Make a Comment ( None so far )

Ron Paul On Laura Ingraham Show: Newt Gingrich Is A Flip Flopper, Hypocrite and Not A Conservative–Just Like Mitt Romney–Videos

Posted on December 1, 2011. Filed under: Banking, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Macroeconomics, Microeconomics, Monetary Policy, Money | Tags: , , , , , , , , |

The Laura Ingraham Show – Ron Paul: Newt Gingrich is not a conservative

Newt Gingrich: Serial Hypocrisy

Fears of the Founders – The Promise of Ron Paul

Michael Savage Exposes Newt Gingrich as Global Warming Sell Out, Calls him Pillsbury Doughboy

The Real Romney?

Ron Paul Ad – Consistent

Ron Paul Ad – Plan

Ron Paul – “The one who can beat Obama”

Related Posts On Pronk Palisades

Ross Perot And The American Dream–Vote Your Conscience–Vote For Ron Paul–Videos

Ron Paul’s Address At 29th Cato Institute’s Monetary Conference And Remarks At Thanksgiving Family Forum–The Reason Ron Paul Will Be Elected President–Video

Read Full Post | Make a Comment ( None so far )

Ron Paul’s Address At 29th Cato Institute’s Monetary Conference And Remarks At Thanksgiving Family Forum–The Reason Ron Paul Will Be Elected President–Video

Posted on November 29, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Public Sector, Rants, Raves, Regulations, Resources, Security, Strategy, Taxes, Technology, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

Ron Paul- full speech at the CATO Institute

Congressman Ron Paul delivered a speech for the National Association of Home Builders at the 29th Annual Cato Monetary Conference yesterday. The key topics were the US monetary policy and the Federal Reserve.

Ron Paul Highlights at the Thanksgiving Family Forum (Family Leader Debate)

Ron Paul Explains the Economic Crisis

Ron Paul Tied for 1st in Iowa

First note that unlike President Barack Obama, Congressman Ron Paul is not reading from a telepromter.

Only a individual who truly understands what he is talking about can deliver such a address.

Second, Paul focuses on the key issue, the American people must decide what the functions of federal government should be.

Listen to the speech and learn.

Then support and vote for Ron Paul.

Background Articles and Videos

Ron Paul  – “The one who can beat Obama” 

Ron Paul Ad TRUST

Ron Paul Ad – Plan

Ron Paul Ad – Consistent

Ron Paul Ad – Life

Ron Paul Ad – Secure

Ron Paul Conviction Ad

Read Full Post | Make a Comment ( None so far )

Ending The Crimes of Centuries–Ideas Whose Time Have Come–Constitutional Republics and Market Capitalism–Videos

Posted on April 20, 2011. Filed under: American History, Banking, Blogroll, Books, Business, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Regulations, Strategy, Taxes, Technology, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

“Nothing else in the world…not all the armies…is so powerful as an idea whose time has come.”

~Victor Hugo

An Idea Whose Time Has Come – G. Edward Griffin – Freedom Force International

 

The Capitalist Conspiracy – G Edward Griffin

 

G. Edward Griffin – Creature from Jekyll Island [Part 1]

 

G. Edward Griffin – Creature from Jekyll Island [Part 2]

 

G. Edward Griffin – Creature from Jekyll Island [Part 3]

 

G. Edward Griffin – Creature from Jekyll Island [Part 4]

 

G. Edward Griffin – Creature from Jekyll Island [Part 5] 

 

 

 The Movie: Federal Reserve (Part 1 of 5)

The Movie: Federal Reserve (Part 2 of 5)

 

The Movie: Federal Reserve (Part 3 of 5)

 

The Movie: Federal Reserve (Part 4 of 5)

 

The Movie: Federal Reserve (Part 5 of 5)

 

 

Greenspan Denies Blame for Crisis, Admits ‘flaw’

 

alan greenspan defends himself

 

Let Greenspan Tell You What Fed is!

 

THE GREAT CON JOB – DYLAN RATIGAN – 1 (APRIL 8 2010)

 

THE GREAT CON JOB – DYLAN RATIGAN – 2 (APRIL 8 2010)

 

Glenn Beck-04/19/11-A

 

Glenn Beck-04/19/11-B

Background Articles and Videos

G. Edward Griffin- On Individualism v Collectivism #1

 

 

G. Edward Griffin- On Individualism v Collectivism #2

 

Ed Griffin Collectivism

 

Milton Friedman – Collectivism

 

Milton Friedman – The Proper Role of Government

Ayn Rand – Reason vs Force

 

 

Read Full Post | Make a Comment ( None so far )

The Lie That Failed–Ben Bernanke and The Federal Reserve Monetization Of Treasury Debt With Quantitative Easing–Robbing The American People–Videos

Posted on December 6, 2010. Filed under: Banking, Blogroll, Culture, Demographics, Economics, Education, Federal Government, Fiscal Policy, government, Investments, Language, Law, liberty, Life, Links, Monetary Policy, Money, People, Philosophy, Politics, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , |

Fed Chairman Bernanke On The Economy

60 minutes Ben Bernenke Interview December 5 2010

Quantitative Easing Only Tool Left for Fed

Quantitative Easing Explained

Quantitative Easing — How Does it Work in the Real World?

Quantitative Easing, the Fed, Finance, and Inflation — QE

Quantitative Easing Bernanke — History & Objectives of QE

Quantitative Easing (QE) 2010 — 2011 Why is the Fed printing money?

Quantitative Easing Explained — Who Gets Fed’s Printed Money?

QE2: Quantitative Easing Investing & Stock Market Consequences

Kroszner Interview on Bernanke’s CBS Appearance – Video – Bloomberg.flv

 

Jim Rogers on QE2 – ‘It has never worked’

 

Federal Reserve Debt Monetization Explained.

 

“Looks Like Magic” – Ron Paul on the Fed’s Money Machine

 

Peter Schiff : Dollar not mighty any more

 

CNBC: Fed’s Big Gamble–What Could Go Wrong?

 

Peter Schiff Proves He Is A Baboon By Claiming QE2 A Government Conspiracy To Support Treasuries

 

Peter Schiff : It’s Scary How Clueless Bernanke Is!

 

The FED’s magic with money

 

FED Was Liquefying The World

 

Peter Schiff : Dollar not mighty any more

 

Fed Bank Documents Revealed

 

Background Articles and Videos

Introduction to Monetary Policy

The Chairman Part 1

 

The Chairman Part 2

 

 

 

 

FED using foreign banks to monetize debt behind closed doors

 

Reply to Quantitative Easing Explained

 

Black Friday, the Federal Reserve, & The Global House Of Cards

Money supply

 

“…Empirical measures

Money is used as a medium of exchange, in final settlement of a debt, and as a ready store of value. Its different functions are associated with different empirical measures of the money supply. There is no single “correct” measure of the money supply: instead, there are several measures, classified along a spectrum or continuum between narrow and broad monetary aggregates. Narrow measures include only the most liquid assets, the ones most easily used to spend (currency, checkable deposits). Broader measures add less liquid types of assets (certificates of deposit, etc.)

This continuum corresponds to the way that different types of money are more or less controlled by monetary policy. Narrow measures include those more directly affected and controlled by monetary policy, whereas broader measures are less closely related to monetary-policy actions.[6] It is a matter of perennial debate as to whether narrower or broader versions of the money supply have a more predictable link to nominal GDP.

The different types of money are typically classified as “M”s. The “M”s usually range from M0 (narrowest) to M3 (broadest) but which “M”s are actually used depends on the country’s central bank. The typical layout for each of the “M”s is as follows:

Type of money M0 MB M1 M2 M3 MZM
Notes and coins (currency) in circulation (outside Federal Reserve Banks, and the vaults of depository institutions) V[8] V V V V V
Notes and coins (currency) in bank vaults V[8] V
Federal Reserve Bank credit (minimum reserves and excess reserves) V
traveler’s checks of non-bank issuers V V V V
demand deposits V V V V
other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. V[9] V V V
savings deposits V V V
time deposits less than $100,000 and money-market deposit accounts for individuals V V
large time deposits, institutional money market funds, short-term repurchase and other larger liquid assets[10] V
all money market funds V
  • M0: In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.[11]
  • MB: is referred to as the monetary base or total currency.[8] This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply.[12]
  • M1: Bank reserves are not included in M1.
  • M2: represents money and “close substitutes” for money.[13] M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions. M2 is a key economic indicator used to forecast inflation.[14]
  • M3: Since 2006, M3 is no longer tracked by the US central bank.[15] However, there are still estimates produced by various private institutions. (M2 +large deposits and other large, long-term deposits)
  • MZM: Money with zero maturity. It measures the supply of financial assets redeemable at par on demand.

The ratio of a pair of these measures, most often M2/M0, is called an (actual, empirical) money multiplier.Fractional-reserve banking

Main article: Fractional-reserve banking

The different forms of money in government money supply statistics arise from the practice of fractional-reserve banking. Whenever a bank gives out a loan in a fractional-reserve banking system, a new sum of money is created. This new type of money is what makes up the non-M0 components in the M1-M3 statistics. In short, there are two types of money in a fractional-reserve banking system[16][17]:

  1. central bank money (physical currency, government money)
  2. commercial bank money (money created through loans) – sometimes referred to as private money, or checkbook money[18]

In the money supply statistics, central bank money is MB while the commercial bank money is divided up into the M1-M3 components. Generally, the types of commercial bank money that tend to be valued at lower amounts are classified in the narrow category of M1 while the types of commercial bank money that tend to exist in larger amounts are categorized in M2 and M3, with M3 having the largest.

Reserves are deposits that banks have received but have not loaned out. In the USA, the Federal Reserve regulates the percentage that banks must keep in their reserves before they can make new loans. This percentage is called the minimum reserve requirement. This means that if a person makes a deposit for $1000.00 and the bank reserve mandated by the FED is 10% then the bank must increase its reserves by $100.00 and is able to loan the remaining $900.00. The maximum amount of money the banking system can legally generate with each dollar of reserves is called the (theoretical) money multiplier, and, following the formula for the sum of an infinite convergent geometric series, can be calculated as the reciprocal of the minimum reserve. For example, with a reserve of 20%, the money multiplier would be 5, as 20% divided into 100% makes 5.

Example

Note: The examples apply when read in sequential order.

M0

  • Laura has ten US $100 bills, representing $1000 in the M0 supply for the United States. (MB = $1000, M0 = $1000, M1 = $1000, M2 = $1000)
  • Laura burns one of her $100 bills. The US M0, and her personal net worth, just decreased by $100. (MB = $900, M0 = $900, M1 = $900, M2 = $900)

M1

  • Laura takes the remaining nine bills and deposits them in her checking account at her bank. (MB = $900, M0 = 0, M1 = $900, M2 = $900)
  • The bank then calculates its reserve using the minimum reserve percentage given by the Fed and loans the extra money. If the minimum reserve is 10%, this means $90 will remain in the bank’s reserve. The remaining $810 can only be used by the bank as credit, by lending money, but until that happens it will be part of the banks excess reserves.
  • The M1 money supply increased by $810 when the loan is made. M1 the money has been created. ( MB = $900 M0 = 0, M1 = $1710, M2 = $1710)
  • Laura writes a check for $400, check number 7771. The total M1 money supply didn’t change, it includes the $400 check and the $500 left in her account. (MB = $900, M0 = 0, M1 = $1710, M2 = $1710)
  • Laura’s check number 7771 is accidentally destroyed in the laundry. M1 and her checking account do not change, because the check is never cashed. (MB = $900, M0 = 0, M1 = $1710, M2 = $1710)
  • Laura writes check number 7772 for $100 to her friend Alice, and Alice deposits it into her checking account. MB does not change, it still has $900 in it, Alice’s $100 and Laura’s $800. (MB = $900, M0 = 0, M1 = $1710, M2 = $1710)
  • The bank lends Mandy the $810 credit that it has created. Mandy deposits the money in a checking account at another bank. The other bank must keep $81 as a reserve and has $729 available for loans. This creates a promise-to-pay money from a previous promise-to-pay, thus the M1 money supply is now inflated by $729. (MB = $900, M0 = 0, M1 = $2439, M2 = $2439)
  • Mandy’s bank now lends the money to someone else who deposits it on a checking account on yet another bank, who again stores 10% as reserve and has 90% available for loans. This process repeats itself at the next bank and at the next bank and so on, until the money in the reserves backs up an M1 money supply of $9000, which is 10 times the M0 money. (MB = $900, M0 = 0, M1 = $9000, M2 = $9000)

M2

  • Laura writes check number 7774 for $1000 and brings it to the bank to start a Money Market account (these do not have a credit-creating charter), M1 goes down by $1000, but M2 stays the same. This is because M2 includes the Money Market account in addition to all money counted in M1.

Foreign Exchange

  • Laura writes check number 7776 for $200 and brings it downtown to a foreign exchange bank teller at Credit Suisse to convert it to British Pounds. On this particular day, the exchange rate is exactly USD $2.00 = GBP £1.00. The bank Credit Suisse takes her $200 check, and gives her two £50 notes (and charges her a dollar for the service fee). Meanwhile, at the Credit Suisse branch office in Hong Kong, a customer named Huang has £100 and wants $200, and the bank does that trade (charging him an extra £.50 for the service fee). US M0 still has the $900, although Huang now has $200 of it. The £50 notes Laura walks off with are part of Britain’s M0 money supply that came from Huang.
  • The next day, Credit Suisse finds they have an excess of GB Pounds and a shortage of US Dollars, determined by adding up all the branch offices’ supplies. They sell some of their GBP on the open FX market with Deutsche Bank, which has the opposite problem. The exchange rate stays the same.
  • The day after, both Credit Suisse and Deutsche Bank find they have too many GBP and not enough USD, along with other traders. Then, To move their inventories, they have to sell GBP at USD $1.999, that is, 1/10 cent less than $2 per pound, and the exchange rate shifts. None of these banks has the power to increase or decrease the British M0 or the American M0; they are independent systems.

The Federal Reserve previously published data on three monetary aggregates, but on 10 November 2005 announced that as of 23 March 2006, it would cease publication of M3.[15] Since the Spring of 2006, the Federal Reserve only publishes data on two of these aggregates. The first, M1, is made up of types of money commonly used for payment, basically currency (M0) and checking account balances. The second, M2, includes M1 plus balances that generally are similar to transaction accounts and that, for the most part, can be converted fairly readily to M1 with little or no loss of principal. The M2 measure is thought to be held primarily by households. As mentioned, the third aggregate, M3 is no longer published. Prior to this discontinuation, M3 had included M2 plus certain accounts that are held by entities other than individuals and are issued by banks and thrift institutions to augment M2-type balances in meeting credit demands; it had also included balances in money market mutual funds held by institutional investors. The aggregates have had different roles in monetary policy as their reliability as guides has changed. The following details their principal components[19]:

  • M0: The total of all physical currency, plus accounts at the central bank that can be exchanged for physical currency.
  • M1: The total of all physical currency part of bank reserves + the amount in demand accounts (“checking” or “current” accounts).
  • M2: M1 + most savings accounts, money market accounts, retail money market mutual funds,and small denomination time deposits (certificates of deposit of under $100,000).
  • M3: M2 + all other CDs (large time deposits, institutional money market mutual fund balances), deposits of eurodollars and repurchase agreements.

When the Federal Reserve announced in 2005 that they would cease publishing M3 statistics in March 2006, they explained that M3 did not convey any additional information about economic activity compared to M2, and thus, “has not played a role in the monetary policy process for many years.” Therefore, the costs to collect M3 data outweighed the benefits the data provided.[15] Some politicians have spoken out against the Federal Reserve’s decision to cease publishing M3 statistics and have urged the U.S. Congress to take steps requiring the Federal Reserve to do so. Libertarian congressman Ron Paul (R-TX) claimed that “M3 is the best description of how quickly the Fed is creating new money and credit. Common sense tells us that a government central bank creating new money out of thin air depreciates the value of each dollar in circulation.”[20] Some of the data used to calculate M3 are still collected and published on a regular basis.[15] Current alternate sources of M3 data are available from the private sector.[21] However, some would argue[citation needed] that since the Federal Reserve has even less control over the fluctuations of M3 than over those of M2, it is unclear why this number is relevant to monetary policy.

As of 4 November 2009 the Federal Reserve reported that the U.S. dollar monetary base is $1,999,897,000,000. This is an increase of 142% in 2 years.[22] The monetary base is only one component of money supply, however. M2, the broadest measure of money supply, has increased from approximately $7.41 trillion to $8.36 trillion from November 2007 to October 2009, the latest month-data available. This is a 2-year increase in U.S. M2 of approximately 12.9%.[23] …”

http://en.wikipedia.org/wiki/Money_supply

 

 

Related Posts On Pronk Palisades

Ron Paul Blasts Federal Reserve For Being “Out of Control” and Bailing Out U.S. and Foreign Banks–Videos

Food Prices Rising–Videos

The Crisis of Credit Visualized–Videos

The Collapse of The U.S. Dollar From Federal Government Deficit Spending And Monetization Of Debt–Videos

Bubble Bernanke–Videos

Quantitative Easing 2–The Shot Heard Around The World–The Coming Currency Wars!

Milton Friedman On The Federal Reserve’s Printing Money Or Quantitative Easing Monetary Policy To Increase Inflation and Reduce Unemployment–Absolutely Not!

The Day The Dollar Crashes–What’s Next? What’s Next? What’s Next?–Videos

Federal Reserve’s Nonconventional Monetary Policy of Quantitative Easing–Printing Money and The Coming Inflation–Videos

Paul Craig Roberts On The Federal Reserve’s Quantitative Easing (QE2) Monetary Policy And The Impotence of Elections–Videos

Why We Are In So Much Debt–Videos

Federal Reserve Monetizes U.S. Government Treasury Debt By Printing Money–Quantitative Easing (QE2)–Devalues U.S Currency–Banks Steal American People’s Purchasing Power!

The Obama Depression Deepens–Federal Reserve Executes–QE II Plan–”Operation Pawnshop”–$2,500 Billion In Quantitative Easing–Money Printing–Will It Be Enough?

The Ruling Establishment’s Robbery Of The American People–Deflation–Inflation–Hyperinflation–Bust–Bailout–Boom–Bubble–The Fall Of The American Republic–The Rise of One World Government and Currency–Videos

The American People Paid Off The Bets (Credit Default Swaps) Of Wall Street Investment Banks–Videos

The Massive Fraud In Mortgages Continues–Crooks and Corrupt Politicians In Charge–Videos

Quantitative Easing–Videos

Deflation, Inflation and Uncertainty–Videos

The Trillion Dollar Bet–Videos

U.S. Labor Force Participation Rate Normally Between 66%-67.5% Hits New Twenty-Five Year Low of 64.5%!

October, 2010 U.S. Unemployment Rates–9.6% (U3) and 17.0% (U-6) With 14,843,000 and 26,163,00 Americans Respectively Seeking Work–Higher Than Great Depression!

Obama Depression: 20 Months Of Unemployment Over 8% For Official U-3 Rate and Over 15% For Total U-6 Rate–Over 26 Million Americans Looking For A Full Time Job and 41.8 Million On Food Stamps!–Followed By 36 More Months Of Over 8% Official Unemployment U-3 Rate and 15% Total Unemployment U-6 Rate!

The Ascent of Money–Videos

Niall Ferguson–”The Ascent of Money–Videos

G. Edward Griffin- On Individualism vs. Collectivism–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

Heritage Foundation 2010 Budget Charts–Federal Spending

Heritage Foundation 2010 Budget Charts–Federal Revenue

Heritage Foundation 2010 Budget Charts–Federal Debt and Deficits

Heritage Foundation 2010 Budget Charts–Federal Entitlements

Read Full Post | Make a Comment ( None so far )

Time to Prohibit Government Employees From Forming Unions Starts With TSA–Videos

Posted on November 23, 2010. Filed under: Banking, Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Technology, Transportation, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , |

Glenn Beck-11/23/10-A

 

Glenn Beck-11/23/10-B

 

Glenn Beck-11/23/10-C

Read Full Post | Make a Comment ( None so far )

The Over The Counter Derivatives Time Bomb: The Arrogance of The Banking, Financial and Political Elites That Exploded Into The Bush Obama Depression–25 Million Unemployed Americans Pay The Price–Videos

Posted on August 2, 2010. Filed under: Agriculture, Blogroll, Climate, Communications, Economics, Federal Government, Fiscal Policy, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics | Tags: , , , , , , , , , |

“The issue today is the same as it has been throughout all history, whether man shall be allowed to govern himself or be ruled by a small elite.”

~Thomas Jefferson

Will Credit Defaul Swaps Worsen Our Financial Problems? Pt1 MiCasaMiDinero

Will Credit Defaul Swaps Worsen Our Financial Problems? Pt2 MiCasaMiDinero

Credit Default Swaps

 

Credit Default Swaps explained clearly in five minutes

Credit default swap (CDS)

FRONTLINE: The Warning – PART 1

FRONTLINE: The Warning – PART 2

FRONTLINE: The Warning – PART 3

FRONTLINE: The Warning – PART 4

FRONTLINE: The Warning – PART 5

FRONTLINE: The Warning – PART 6

FRONTLINE: The Warning – PART 7

Federal Reserve – Intentionally Causing Economic Crisis!

Stop Spending Our Future – The Crisis

The markets worked.

The Federal government should never bailout businesses, firms and individuals who lose money on their investments.

Once firms and individuals clearly understand that the Federal Government and the American people will not bailout investment manager incompetence, their attitude and behavor towards risks will change.

Until then the bailouts will continue and is now institutionalize.

Government intervention and regulation of markets only leads to even more government intervention and regulation of markets for humans cannot replicate the pricing and discovery functions of markets.

The bailouts are still continuing as evidenced by those given to Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac should be forced into receivership, yet it is still operating and getting bailed out.

The price of failure is liquidation.

Read Full Post | Make a Comment ( None so far )

Glenn Beck–The Obama Con and Crimes Continue–American Citizen Tax Money Bailing Out Greece–Time To Throw The Progressive Radical Socialist Democrats Out Of Office!

Posted on May 11, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, history, Immigration, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Science, Security, Talk Radio, Taxes, Technology, Transportation, Video | Tags: , , , , , |

Glenn Beck-05/11/10-A

Glenn Beck-05/11/10-B

Glenn Beck-05/11/10-C

Glenn Beck-05/11/10-D

Background Articles and Videos

 

 

Related Posts On Pronk Palisades

The Coming Massive Failure of Progressive/Liberal Democrat State and Local Government Debt Obligations–No Federal Bailouts By American Taxpayers!

Voters Beware: The Radical Rules of Saul Alinsky and Leftist Democrats

Glenn Beck On Crime Inc., The Crime of The Century, and Crushing Capitalism and Consumer Sovereignty!–

Glenn Beck On The Rule of Law Or The Rule of Few By Racketeer Influenced and Corrupt Organizations

Glenn Beck Exposes The Crime of The Century By The Progressive Radical Socialist Democratic Party–The Global Warming Investment Fraud, Political Scam and Science Scandal–Extorting and Robbing The American People–Racketeer Influenced and Corrupt Organizations (RICO) Case!

These Boots Are Meant To Walk All Over You–Obama and Progressive Radical Socialist Salazar and Gibbs On Federal Government Boot On The Neck/Throat of British Petroleum/BP and American People!

What Kind of Socialist Is Barack Obama? Progressive Radical Socialist–Not Neo-Socialist–With Narcissistic Personality Disorder!

Obama’s Enemies List: Glenn Beck Exposes The Progressive Radical Socialist Attack On American People and Freedom Of Speech–Not Racist, Not Violent, Not Silent Anymore!

Fox News Scares Narcissist Obama–Mirror Mirror Mirror On The Wall Who Is The Fairest Of Them All–Sarah Palin–Obama Attacks Mirror!

Fox’s Glenn Beck Installs Hotline to Narcissist Obama–Beck Continues To Be Obama’s Narcissistic Supplier!

Glenn Beck’s Documentary On The Collectivists: Marxists, Socialists, Progressives, Communists, Fascists, National Socialists–Progressive Radical Socialists of The Democratic and Republican Parties!

Bailouts

Jeffrey Miron–Obamaomics–Videos

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

Banking And The Federal Reserve System

Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

Cap and Trade

Roy Spencer–The Great Global Warming Blunder: How Mother Nature Fooled the World’s Top Climate Scientists –Videos

Jeffrey Miron–Obamaomics–Videos

William A. Sprigg, PhD., an IPCC climate scientist, On “Climategate”–Videos

Richard Lindzen, Roy Spencer, and Fred Singer On The Climate and Global Warming Alarmists and Junk Science Computer Models –Videos

Global Warming Is Caused By Man: The Arrogance of Man–The Wrath Of Mother Nature–

Al Gore Global Warming Hot Head Says The Artic Ice Cap Will Disappear In 5-10-15 Years–Volcanoe Gate–Eruptions Melt Ice and Increase Carbon Dioxide!–Videos

Climategate–A Political Scam, Investment Fraud, and Science Scandal of The Century Exposed–The Progressive Radical Socialist’s Big Lie And Con That Man Is The Cause Of Global Warming Was In Fact Nothing More Than Politicians, Investment Bankers, and Government Scientists Creating Climate Crisis!–

Glenn Beck, John Bolton, and Lord Christopher Monckton On Copenhagen 2009 Treaty, Climate Change and World Government–Videos

Lord Christopher Monckton–Climate Change–Treaty–Videos

“We Can Reverse Climate Change”–President Barack Obama–Liar or Fool–Or Both–You Be The Judge!

Time To Sound The Alarm: Call Your Representative and Senators–Cap and Trade Bill to be Voted in U.S. House on Friday–Kill The Cap and Trade Energy Tax Today! UPDATED

Green Government Gestapo Goons: Global Warming Police Force Invades Your Home And Living in Your Home May Be A Crime!

White House Memo: Carbon Dioxide Is Not A Pollutant and A Cap And Trade Program (Carbon Dioxide Tax) Serious Economic Impact –The Smoking Gun Video!

Save Your Job and Life–Abolish The Environmental Protection Agency!

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE–Videos

Facing Fundamental Facts

Let Them Eat Cake Act: American Elites Killing and Starving The American People

Clinton’s Cap and Trade Tax on The American People for Consuming Electricity and Driving Cars, SUVs and Trucks!

The Heidelberg Appeal: Beware of False Gods and Prophets

Saving The World: The Importance of Getting The Priorities Right

Collectivism: Socialism, Communism, Progressivism and Fascism

The Battle For The World Economy–Videos

Walter Block–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

G. William Domhoff: Who Runs America–Videos

Jonah Goldberg–Liberal Fascism–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

G. Edward Griffin- On Individualism vs. Collectivism–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

Mark Levin–Liberty and Tyranny: A Conservative Manifesto–Videos

Jeffrey Miron–Obamaomics–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Today’s Progressives–Obama’s Radical Socialist Democratic Party

The Racist Test for Judge Sonya Sotomayor and President Obama–Racism Unmasked!

Calling and Raising The Stakes for Race Card Players–Obama and Sotomayor

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeter

The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence, Spending, Deficits, Debts, Taxes And Regulations!

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

Progressives

Progressive Radical Socialist Health Care Plan Written In Prison By Convicted Felon Richard Creamer!

Obamanomics–New Deal Progressive Radical Socialist Interventionism

Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

The Obama Depression: Lessons Learned–Deja Vu!

Lord Christopher Monckton–Climate Change–Treaty–Videos

Progressive Radical Socialist Canned Criticism of American People: Danger, Profits, and Wrong Thinking

The Battle For The World Economy–Videos

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Obama’s Civilian National Security Force–Youth Corp Wave–Friendly Fascism Faces–Cons–Crooks–Communists–Communities–Corps!

Obama’s Hidden Agenda and Covert Cadre of Marxists, Communists, Progressives, Radicals, Socialists–Far Left Democrats Destroying Capitalism and The American Republic

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

The Bloody History of Communism–Videos

Obama Youth–Civilian National Security Force–National Socialism–Hitler Youth–Brownshirts– Redux?–Collectivism!

American Progressive Liberal Fascism–The Wave of The Future Or Back To Past Mistakes?

Today’s Progressives–Obama’s Radical Socialist Democratic Party

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

The Progressive Radical Socialist Family Tree–ACORN & AmeriCorps–Time To Chop It Down

It Is Official–America On The Obama Road To Fascism–Thomas Sowell!

President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Yaron Brook–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

David Gordon–Five Best Books on the Current Crisis–Video

David Gordon–The Confused Literature of Globalization–Videos

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

Robert Higgs–The Great Depression and the Current Recession–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Liberal Fascism–Jonah Goldberg–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Murray Rothbard–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Murray Rothbard– What Has Government Done to Our Money?–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Woods–Lectures On Liberty–Videos

Tom Woods On Personal Rights and Property Ownership

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Read Full Post | Make a Comment ( None so far )

American People To Congress and Senate–No More Bailouts–Videos

Posted on May 7, 2010. Filed under: Blogroll, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Talk Radio, Taxes, Uncategorized, Video, Wisdom | Tags: , , , , , , , |

 
“…Socialist governments traditionally do make a financial mess. They [socialists] always run out of other people’s money. It’s quite a characteristic of them.”

~Margaret Thatcher

 

Peter Schiff – Greece 

 Evolution’s Jenkins Sees Greece `Most Likely’ Defaulting: Video

 

Greece welcomes bailout bill with unrest and riots

Fox News Special Report: U.S. Taxpayer Bailout of Greece?

Greg Palast Tells How The IMF Set-Up Iceland Greece on Alex Jones Tv 1of 2

 

Greg Palast Tells How The IMF Set-Up Iceland & Greece on Alex Jones Tv 2/2

Kudlow Report: Outrage Over Greece Bailout with U.S. Taxpayer Dollars

Will the U.S. suffer Greeces financial fate?

 

Neil Cavuto on Greeces Concessions for EU, IMF Aid

 

Greece meets with IMF

http://www.youtube.com/watch?v=E7YwoSbiza0

 

Is Goldman responsible for Greek crisis?

Greece finished; USA to follow: Gerald Celente

The Aemrican people do not want any more bailoout of companies, local governments, states, and foreign companies and countries.

Not one dime of taxpayers money through the International Monetary Fund or IMF should be used to bailout countries such as Greece or foreign banks.

Not one dime of taxpayers money should bailout a state such as California.

Any politician who votes for a bailout will be targeted for defeat when they are up for relection.

Background Articles and Videos

The World Bank (WB) & The International Monetary Fund (IMF)

Inside Story – World Bank – 31 May 07 – Part 1

 

 Inside Story – World Bank – 31 May 07 – Part 2

International Monetary Fund 

“…The International Monetary Fund (IMF) is the international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rate and the balance of payments.

It is an organization formed with a stated objective of stabilizing international exchange rates and facilitating development through the enforcement of liberalising economic policies [3] [4] on other countries as a condition for loans, restructuring or aid.[5] It also offers highly leveraged loans, mainly to poorer countries. Its headquarters are in Washington, D.C., United States. …”

Table showing the top 20 member countries in terms of voting power (2,220,817 votes in total):[21]

IMF member country↓ Quota: millions of SDRs↓ Quota: percentage of total↓ Governor↓ Alternate Governor↓ Votes: number↓ Votes: percentage of total↓
United States United States 37149.3 17.09 Timothy F. Geithner Ben Bernanke 371743 16.74
Japan Japan 13312.8 6.12 Naoto Kan Masaaki Shirakawa 133378 6.01
Germany Germany 13008.2 5.98 Axel A. Weber Wolfgang Schäuble 130332 5.87
United Kingdom United Kingdom 10738.5 4.94 Alistair Darling Mervyn King 107635 4.85
France France 10738.5 4.94 Christine Lagarde Christian Noyer 107635 4.85
People's Republic of China China 8090.1 3.72 Zhou Xiaochuan Hu Xiaolian 81151 3.66
Italy Italy 7055.5 3.24 Giulio Tremonti Mario Draghi 70805 3.19
Saudi Arabia Saudi Arabia 6985.5 3.21 Ibrahim A. Al-Assaf Hamad Al-Sayari 70105 3.16
Canada Canada 6369.2 2.93 Jim Flaherty Mark Carney 63942 2.88
Russia Russia 5945.4 2.73 Aleksei Kudrin Sergey Ignatyev 59704 2.69
Netherlands Netherlands 5162.4 2.37 Nout Wellink L.B.J. van Geest 51874 2.34
Belgium Belgium 4605.2 2.12 Guy Quaden Jean-Pierre Arnoldi 46302 2.08
India India 4158.2 1.91 Pranab Mukherjee Duvvuri Subbarao 41832 1.88
Switzerland Switzerland 3458.5 1.59 Jean-Pierre Roth Hans-Rudolf Merz 34835 1.57
Australia Australia 3236.4 1.49 Wayne Swan Ken Henry 32614 1.47
Mexico Mexico 3152.8 1.45 Agustín Carstens Guillermo Ortiz 31778 1.43
Spain Spain 3048.9 1.40 Elena Salgado Miguel Fernández Ordóñez 30739 1.38
Brazil Brazil 3036.1 1.40 Guido Mantega Henrique Meirelles 30611 1.38
South Korea South Korea 2927.3 1.35 Okyu Kwon Seong Tae Lee 29523 1.33
Venezuela Venezuela 2659.1 1.22 Gastón Parra Luzardo Rodrigo Cabeza Morales 26841 1.21
remaining 166 countries 62593.8 28.79 respective respective 667438 30.05

http://en.wikipedia.org/wiki/International_Monetary_Fund

World Bank

“…World Bank is a term used to describe an international financial institution that provides leveraged loans[2] to developing countries for capital programs. The World Bank has a stated goal of reducing poverty.

The World Bank differs from the World Bank Group, in that the World Bank comprises only two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), whereas the latter incorporates these two in addition to three more:[3] International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID). …”

http://en.wikipedia.org/wiki/World_Bank

Related Posts On Pronk Palisades

Bailouts

Jeffrey Miron–Obamaomics–Videos

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

Banking And The Federal Reserve System

Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

Budget of United States Government

Heritage Foundation 2010 Budget Charts–Federal Spending

Heritage Foundation 2010 Budget Charts–Federal Revenue 

Heritage Foundation 2010 Budget Charts–Federal Debt and Deficits

Heritage Foundation 2010 Budget Charts–Federal Entitlements

 

 

Read Full Post | Make a Comment ( None so far )

Barack Obama’s Big Con and Extortion Racket–High Crimes: Financial System Reform Actually Stealing Trillions From American People By Taxing Them Through Their Banks!

Posted on April 23, 2010. Filed under: Blogroll, Books, Comedy, Communications, Crime, Culture, Economics, Education, Entertainment, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Music, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Reviews, Security, Strategy, Talk Radio, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , |

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”

~Nikolai Lenin (1870 – 1924)

Peter Schiff on Fox Business Network 4/23/10: Financial Reform

 

Financial Reform Fight

 Financial Reform Must Not Lead to More Taxpayer-Funded Bailouts

financial reform – Ron Paul 4/19/10 

Congressional Panel Probes Financial Crisis

FT’s Stovin-Bradford on Proposed Bank Tax for Bailouts: Video

How Obama’s Financial Regulation Plan Will Hurt Main Street

Obama to Wall Street: Don’t Fight Financial Reform

Obama v. Wall Street?

 

The Obamnation came to Cooper Union ( to ‘Save’ the Nation)….

President Obama Tells Wall Street to Back Reform

 

Obama Looks to Work With Wall Street


 

The progressive radical socialists of both the Democratic and Republican parties favored the bailout of banks and other financial institutions first under President George W. Bush and then under President Barack Obama.

The vast majority of the American people opposed the bailouts but the political class of both parties said we know what is best and ignored the will of the American people.

While there were many individuals, governments, and institutions responsible for the financial crisis of 2008 that continues even today, the two main enablers and primary cause for this financial meltdown and mess is the Federal Reserve System and Fannie Mae and Freddie Mac.

Dr Yaron Brook of the Ayn Rand Center for Individual Rights on Glenn Beck show June 18 2009

Who is Responsible? (Meltdown): Fannie Mae – Freddie Mac – Wall Street – Bill Clinton – George Bush?

 

Senator Bunning: Crisis Caused by the Federal Reserve [2]

Jim Rogers Speaks the Truth about Fannie Mae and Freddie Mac

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam

Explosive Video, Fannie Mae CEO calling Obama and the Dems the “Family” and “Conscience” of Fannie

Economic Crisis: Causes & Cures (4 of 7)

What is interesting is that these financial  institutions are or were perceived as  quasi government institutions.

The Federal Reserve by dramatically reducing interest rates to near zero fueled the real estate bubble or rapidly rising housing prices, until the bubble burst.

The Federal Reserve or Fed provided the money or credit that enabled the banks to loan money for real estate mortgage loans for housing as well as commercial real estate.

President Obama never mentions that it was government intervention by the Federal Reserve that recklessly expanded the money supply and credit resulting in very low interest rate loans or mortgages loans  for real estate to people who would not normally qualify for the loan.

Fannie Mae and Freddie Mac purchased these  mortgages from the banks for the packaging that enabled banks to make  poor credit risk mortgage loans and then turn around and sell them to either Fannie Mae and Freddie Mac.

President Obama is a con artist that loves to tell the big lie of no new taxes to the American people as he taxes them by  first taxing their local bank or financial institution who then collects or pays for the tax by charging  their customers higher fees.

Obama Pledges to Not Raise Middle Class Taxes

These taxes on local community banks and financial institutions will be used to bailout larger failed banks who need a bailout.

While the tax is indirect and hidden, the result is the same, the American people are paying more  for banking services.

This is a hidden  tax for any one that uses a local bank.

These taxes will fund future bailouts of large banks and other financial institutions who are just “too big to fail.”

It is not the function of the Federal government to bailout failed businesses  by taxing the American people through  their local banks.

Bailouts, subsidies, wage and price controls, and government regulation are subverting the American free enterprise market capitalism system.

The current financial crisis is primarily due to massive government intervention in the housing and mortgage loan markets by both Democrats and Republicans.

The solution is not more regulation, bailouts, subsidies and taxes.

The solution is smaller and limited government.

Government is too big to fail and yet it repeatedly fails.

The time is now for the political class to pay  a high price for their mismanagement or more precisely government intervention into competitive markets.

Vote them out of office.

Failed institutions should be either sold in FDIC receivership or go  through bankruptcy court for final resolution of the business.

The Federal Government should get out of the banking and loan business.

The financial regulation reform bill should be defeated for it institutionalize theft by the Federal Government and more and bigger bailouts in the future.

The initial $50 billion fund for bailouts will grow into trillions of dollars.

President Obama is conning and selling out the American people as he pays-off his campaign contributors namely the executives of big banks and financial institutions that contributed to his Presidential campaign in 2008.

This is the progressive radical socialist Democratic Party using the Federal Government to stick up the American people at their local bank.

Time to blow the whistle on the crime of the century.

Let the too big to fail commercial, investment and mortgage banks–fail!

This is market regulation–you make high risk  investments and lose–the American people will not bail you out.

One or two “too big to fail”–failures, and these financial institutions will suddenly get free market religion.

No more subsidies and bailouts.

Ban bailouts, end the Fed, liquidate  Fannie Mae and Freddie Mac, stop subsidies,  and replace federal Government regulation with market regulation. 

Vote for a big bailout bill–a tax increase– and we the people will vote you out of office in the next three elections.

You can take it to the bank.

“As Willie Sutton the bank robber said when asked why he robbed banks, ‘because that’s where the money is’.”

~Attributed To Willie Sutton, Bank Robber

“”Why did I rob banks? Because I enjoyed it. I loved it. I was more alive when I was inside a bank, robbing it, than at any other time in my life. I enjoyed everything about it so much that one or two weeks later I’d be out looking for the next job. But to me the money was the chips, that’s all.”

~Bill Sutton, Bank Robber

http://www.banking.com/aba/profile_0397.htm

 

Background Articles and Videos

Fannie Mae and Freddie Mac not included in financial reform legislation
Rick Moran

“…Congress is considering legislation that would reform the entire financial system of the United States – except the now government controlled mortgage companies Fannie Mae, Ginnie Mae, and Freddie Mac.

The purpose of this legislation is to prevent another financial meltdown. If so, why no new oversight for Fannie and Freddie? This Investors Business Daily editorial explains:

The panic of 2008 drove all private-sector investors from the secondary mortgage market. At present, only Fannie, Freddie and Ginnie Mae issue mortgage-backed securities. Thus far in 2010, Fannie has issued $91.5 billion in MBS, Freddie $65.7 billion and Ginnie $23.9 billion.
“The administration and the majority party never saw or admitted that the GSEs played any role in the cause of the financial crisis,” said Rep. Scott Garrett, R-N.J. “If you don’t see it as a cause, you don’t see a need to fix it.”

Key Democrats insist that the GSEs are not being overlooked.

“This is a favorite talking point of the right wing, that you can’t have reform without Fannie and Freddie,” said a spokesman for Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. “But they have not yet made a policy case why GSE reform needs to be part of regulatory reform.”

Frank has said he wants to abolish Fannie and Freddie in their current form. His committee is holding hearings on government’s future role in the housing market.

At a March hearing, Treasury Secretary Tim Geithner suggested that GSEs needed reform, but that there was a strong case for “some form of guarantee by the government to help facilitate a stable housing finance market.” No concrete plan was forthcoming, he said. …”

http://www.americanthinker.com/blog/2010/04/fannie_mae_and_freddie_mac_not.html

The bank robber, THE QUOTE, and the final irony

“…In his second book, Sutton tells, with pride, of how the medical profession adopted “Sutton’s Law”–the idea of looking for the obvious, before going further afield, when diagnosing. The “law” was coined by a medical professor who recalled that Sutton, when asked by a reporter why he robbed banks, had answered with his famous line.

Except it never happened that way. As he describes in the book, Sutton:

“The irony of using a bank robber’s maxim as an instrument for teaching medicine is compounded, I will now confess, by the fact that I never said it. The credit belongs to some enterprising reporter who apparently felt a need to fill out his copy…

“If anybody had asked me, I’d have probably said it. That’s what almost anybody would say. …it couldn’t be more obvious.

“Or could it?

“Why did I rob banks? Because I enjoyed it. I loved it. I was more alive when I was inside a bank, robbing it, than at any other time in my life. I enjoyed everything about it so much that one or two weeks later I’d be out looking for the next job. But to me the money was the chips, that’s all.”

Yet, by appropriating the quote sufficiently for a title for his second book, Sutton started a chain reaction that continues to this day. This is not the first time the truth was pointed out. Yet the myth persists.

Ironically, for the man who could bust out of high-security prisons, escape from a fiction has proven not only impossible, but self-inflicted as well. The day Where the Money Was took its name, Willie Sutton was handcuffed to a lie for eternity. …”

http://www.banking.com/aba/profile_0397.htm

Related Posts On Pronk Palisades

Bailouts and Deficit Spending

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

Collectivism: Socialism, Communism, Progressivism and Fascism

The Battle For The World Economy–Videos

Walter Block–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

G. William Domhoff: Who Runs America–Videos

Jonah Goldberg–Liberal Fascism–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

G. Edward Griffin- On Individualism vs. Collectivism–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

Mark Levin–Liberty and Tyranny: A Conservative Manifesto–Videos

Jeffrey Miron–Obamaomics–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Today’s Progressives–Obama’s Radical Socialist Democratic Party

The Racist Test for Judge Sonya Sotomayor and President Obama–Racism Unmasked!

Calling and Raising The Stakes for Race Card Players–Obama and Sotomayor

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeter

The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence, Spending, Deficits, Debts, Taxes And Regulations!

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

Progressives

Progressive Radical Socialist Health Care Plan Written In Prison By Convicted Felon Richard Creamer!

Obamanomics–New Deal Progressive Radical Socialist Interventionism

Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

The Obama Depression: Lessons Learned–Deja Vu!

Lord Christopher Monckton–Climate Change–Treaty–Videos

Progressive Radical Socialist Canned Criticism of American People: Danger, Profits, and Wrong Thinking

The Battle For The World Economy–Videos

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Obama’s Civilian National Security Force–Youth Corp Wave–Friendly Fascism Faces–Cons–Crooks–Communists–Communities–Corps!

Obama’s Hidden Agenda and Covert Cadre of Marxists, Communists, Progressives, Radicals, Socialists–Far Left Democrats Destroying Capitalism and The American Republic

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

The Bloody History of Communism–Videos

Obama Youth–Civilian National Security Force–National Socialism–Hitler Youth–Brownshirts– Redux?–Collectivism!

American Progressive Liberal Fascism–The Wave of The Future Or Back To Past Mistakes?

Today’s Progressives–Obama’s Radical Socialist Democratic Party

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

The Progressive Radical Socialist Family Tree–ACORN & AmeriCorps–Time To Chop It Down

It Is Official–America On The Obama Road To Fascism–Thomas Sowell!

President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Yaron Brook–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

David Gordon–Five Best Books on the Current Crisis–Video

David Gordon–The Confused Literature of Globalization–Videos

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

Robert Higgs–The Great Depression and the Current Recession–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Liberal Fascism–Jonah Goldberg–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Murray Rothbard–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Murray Rothbard– What Has Government Done to Our Money?–Videos

Peter Schiff–Videos

Schiff, Forbes and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Woods–Lectures On Liberty–Videos

Tom Woods On Personal Rights and Property Ownership

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Investors

Peter Thiel–Videos

Peter Schiff–Videos

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeteer

Banking And The Federal Reserve System

Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

Read Full Post | Make a Comment ( None so far )

No Bailouts For Greece Or California–Videos

Posted on March 24, 2010. Filed under: Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Homes, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , |

3/19/10 Jim Rogers on Bloomberg

 

Greece Gives EU 1 Week Deadline for Aid

Greece Considers Asking IMF For Help

Kraemer Sees IMF Taking Assistant Role in Greece Aid: Video

Bill O’Reilly: California Is Bankrupt

Glenn Beck Discusses Barney Frank’s California Bailout Idea

Ron Paul USA is Bankrupt Our Credit Will Get Cut Off,We Will Be Done

Tim Geithner Agrees With Ron Paul- Austrian’s where right

Peter Schiff & Steven Keen on Dateline(Australia) – Part 1 of 2

Peter Schiff & Steven Keen on Dateline(Australia) – Part 2 of 2

Peter Schiff explains how bad government monetary policy could lead to the end of the dollar.

Related Posts On Pronk Palisades

Bailouts and Deficit Spending

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

 

 

Read Full Post | Make a Comment ( None so far )

Secretary of The Treasury Timothy Geithner Faces Criminal Chargers: Goldman Sachs Got 100 Cents On The Dollar From AIG From Government Bailout Funds–American Taxpayers Paid The Bill!

Posted on January 29, 2010. Filed under: Blogroll, Communications, Economics, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , , |

“The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.”

~Thomas Jefferson

 

Treas. Sec Geithner Faces Poss. Criminal Charges

NY Fed `Very Sensitive’ on AIG, Company E-Mail Says

SEC protecting AIG secrets

Shadow relationship between Goldman Sachs and AIG

Kaptur CHEWS Up Tiny Tim GOLDMAN And Spits Him Out

 

Treasury Secretary Tim Geithner and Rep. John Mica discuss government assistance of AIG

Ron Paul on Fox Business Geithner and AIG

Jim Rogers about Tim Geithner testiomony

We Call For Tim Geithner’s Resignation

Background Articles and Vidoes

Glenn Beck Show – January 29, 2010 – Pt 1 of 7

 

Glenn Beck Show – January 29, 2010 – Pt 2 of 7

Glenn Beck Show – January 29, 2010 – Pt 3 of 7

 

Glenn Beck Show – January 29, 2010 – Pt 4 of 7

Glenn Beck Show – January 29, 2010 – Pt 5 of 7

Glenn Beck Show – January 29, 2010 – Pt 6 of 7

Glenn Beck Show – January 29, 2010 – Pt 7 of 7

AIG and Goldman Sachs were bailouted for the simple reason the executives of these firms  gave campaign contributions to candidate Barack Obama.

AIG–Follow The Money Trail–Bailing Out Business Buddies–Corrupt Crony Radical Socialism

Neither AIG nor Goldman Sachs should have received one dollar of bailout money from the American people.

AIG and Goldman Sachs should have negotiated a settlement without any Federal Government intervention into these transactions.

The political class in Washington, both Republicans and Democrats are corrupt.

The progressive radical socialists of both political  parties are responsible for the Bush Obama Depression.

Time for a new political party.

Limbaugh, Levin, Hannity and Bennett are wrong.

The Republican Party at the national level  is run by progressives for progressives no matter what they say or call themselves.

Glenn Beck is right about both political parties.

Do not waste time or money trying to  recapture the Republican Party from progressive Republicans.

Start a new conservative/libertarian party now.

Democrats, Republican, Independents, and Libertarians are looking for a new political home.

Time to build a new political party.

The last time this happened Abraham Lincoln was elected President as a Republican.

Related Posts On Pronk Palisades

Bailouts

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

 

Banking And The Federal Reserve System

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos 

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

Collectivism: Socialism, Communism, Progressivism and Fascism

The Battle For The World Economy–Videos

Walter Block–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

G. William Domhoff: Who Runs America–Videos

Jonah Goldberg–Liberal Fascism–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

G. Edward Griffin- On Individualism vs. Collectivism–Videos

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Today’s Progressives–Obama’s Radical Socialist Democratic Party

The Racist Test for Judge Sonya Sotomayor and President Obama–Racism Unmasked!

Calling and Raising The Stakes for Race Card Players–Obama and Sotomayor

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeter 

The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence, Spending, Deficits, Debts, Taxes And Regulations!

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

Progressives

Progressive Radical Socialist Health Care Plan Written In Prison By Convicted Felon Richard Creamer!

Obamanomics–New Deal Progressive Radical Socialist Interventionism

Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

The Obama Depression: Lessons Learned–Deja Vu!

Lord Christopher Monckton–Climate Change–Treaty–Videos

Progressive Radical Socialist Canned Criticism of American People: Danger, Profits, and Wrong Thinking

The Battle For The World Economy–Videos

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Obama’s Civilian National Security Force–Youth Corp Wave–Friendly Fascism Faces–Cons–Crooks–Communists–Communities–Corps!

Obama’s Hidden Agenda and Covert Cadre of Marxists, Communists, Progressives, Radicals, Socialists–Far Left Democrats Destroying Capitalism and The American Republic

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

The Bloody History of Communism–Videos

Obama Youth–Civilian National Security Force–National Socialism–Hitler Youth–Brownshirts– Redux?–Collectivism!

American Progressive Liberal Fascism–The Wave of The Future Or Back To Past Mistakes?

Today’s Progressives–Obama’s Radical Socialist Democratic Party

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

The Progressive Radical Socialist Family Tree–ACORN & AmeriCorps–Time To Chop It Down

It Is Official–America On The Obama Road To Fascism–Thomas Sowell!

President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs 

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Yaron Brook–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

David Gordon–Five Best Books on the Current Crisis–Video

David Gordon–The Confused Literature of Globalization–Videos

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Liberal Fascism–Jonah Goldberg–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Murray Rothbard–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Woods–Lectures On Liberty–Videos

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

 

Read Full Post | Make a Comment ( None so far )

Time Man Of The Year–Money Cartel Chairman Of Federal Reserve System Ben Bernanke–Time Ignores Tea Party Americans–Buy Gold and Cancel Your Subscriptions!

Posted on December 16, 2009. Filed under: Blogroll, Communications, Economics, Homes, Investments, Law, liberty, Life, Links, Monetary Policy, People, Politics, Rants, Raves, Regulations, Video, Wisdom | Tags: , , , , , , , , , , , , , , |

 

~Ludwig von Mises

“The development of a profession of economists is an offshoot of interventionism. The professional economist is the specialist who is instrumental in designing various measures of government interference with business. He is an expert in the field of economic legislation, which today invariably aims at hindering the operation of the market economy.”

Human Action, pages 865 and 869. 

“A sound monetary policy is one of the foremost means to thwart the insidious schemes of communism.”

Economic Freedom and Interventionism, page 106.

 

Time Magazine Names Bernanke ‘Person of the Year’

Bernanke: Time Person of the Year

http://www.youtube.com/watch?v=53yy0F4WjoU

 

Bernanke named TIME’s Person of the Year

 

Ron Paul reacts to Ben Bernanke being named TIME ‘Person of the Year’

Ben Bernanke: TIME Magazine Person of The Year

Glenn Beck Show – December 16, 2009 – Pt 1 of 8

Glenn Beck Show – December 16, 2009 – Pt 2 of 8

 

Glenn Beck Show – December 16, 2009 – Pt 3 of 8

Glenn Beck Show – December 16, 2009 – Pt 4 of 8

The Man of The Year, Fed Chairman Ben Bernanke was and  continues to be responsible for massive government intervention into the economy by an expansionary monetary policy that resulted in the housing and commercial real estate  bubbles and is now  prolonging the recession/depression and by 2012 will  lead to a significant decline in the purchasing power of the dollar with double digit  inflation. 

The Federal Reserve is creating another bubble with its expansionary credit monetary policy–a double bubble and an inflationary depression. 

The Dollar Bubble

The Peter Principle at work.

Glenn Beck is right.

The American people should have been selected as people of the year.

There are over 25,000,000 Americans seeking full time employment, more than double the number of unemployed Americans during the worse year of the Great Depression 1933.

The arrogance of the political class in Washington D.C. and their allies in big media knows no bounds.

While there is plenty of blame to go around as to the causes of this recession, the single entity that deserves a big piece of the blame is the Federal Reserve System under both Alan Greenspan and Ben Bernanke.

The Fed’s easy credit expansionary monetary policy fueled the housing and commercial real estate bubble.

The Fed’s lax regulation of large depositary institution that made imprudent investments in mortgage backed securities compounded this failure of government.

Both the Congress and Executive Branch did not stop the reckless investment policies of Fannie Mae and Freddie Mac.

The American people are suffering as a direct result of the failure of government intervention in the economy. Government intervention begets more government intervention to correct the mistakes of government meddling into the market place.

This government intervention is only made worse by more bailouts, stimulus spending and political payoffs to the friends and supporters of both political parties.

The bill for this failure of Federal Government intervention policies is being sent to the American people and their children, grandchildren, and great grandchildren. The interest on this deficit spending that results in more Government debt  is simply staggering.

The American people are mad as hell and are not going to put up with this gross, irresponsible and criminal behavior of the political elites of both political parties.

We are Fed Up!

Time Names Bernanke “Person of the Year” & Man Loses It in BofA Parking Lot!

There well be a day of reckoning.

Time to throw the bums out.

Broom them all.

Tea Party Interviews Bureaucrash Independence Day July 4 2009

~Ludwig von Mises

“The interests of the capitalists are scarcely ever represented in monetary policy.”

 The Theory of Money and Credit, page 414.

“Socialism and interventionism. Both have in common the goal of subordinating the individual unconditionally to the state.”

Omnipotent Government, page 44

9/12 Taxpayer Tea Party March on Washington, DC

POLICE ESTIMATE 1.2 MILLION PEOPLE MARCH ON 9/12 WASHINGTON DC TEA PARTY PROTEST OBAMA – CONGRESS


 

Background Articles and Videos

How TIME Picks Person of the Year

 

For Bernanke, Time’s Man of the Year: Honor or Curse?

By Michael Corkery

“…Federal Reserve Chairman Ben Bernanke is Time magazine’s Person of the Year – an annual rite dating back to 1927. Time has dubbed Bernanke the “overlord” of the global economy, who coolly steered the world away from economic disaster.

The first draft of history has generally been kind to Bernanke, who is expected to coast to a second term. But history has not always been kind to previous winners of the Time award. With unemployment at 10% and business lending dormant, Bernanke knows that the final chapters of the financial crisis are still being written.

Here are some People of the Year whose fortunes have changed not long after winning the award:

1939 and 1942: Stalin, the Soviet ruler was so influential he won the award twice. His efforts to bring together the far flung cultures and geographies of the Soviet Union through fear, intimidation and murder, were undone by his successors. …”

http://blogs.wsj.com/deals/2009/12/16/for-bernanke-times-man-of-the-year-honor-or-curse/

Glenn Beck Show – December 16, 2009 – Pt 5 of 8

Glenn Beck Show – December 16, 2009 – Pt 6 of 8

Glenn Beck Show – December 16, 2009 – Pt 7 of 8

Glenn Beck Show – December 16, 2009 – Pt 8 of 8

Related Posts On Pronk Palisades

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

David Gordon–Five Best Books on the Current Crisis–Video

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Federal Reserve System

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Richard Fisher–Inflation and Debt: The Interaction of Fiscal and Monetary Policy –Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos 

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

 

Ludwig von Mises Institute

Our Enemy, Inflation–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Murray Rothbard–Videos

Thomas E. Woods, Jr.–Videos

Read Full Post | Make a Comment ( 1 so far )

American People Want Stimulus Package Canceled And Oppose Bailouts To State Governments!

Posted on December 10, 2009. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Energy, Fiscal Policy, government spending, Health Care, history, Immigration, Investments, Law, liberty, Life, Links, People, Philosophy, Politics, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , |

 

 

“Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other.” 

~Ludwig von Mises, Planned Chaos, pagew 20-21 

 

“We shall not grow wiser before we learn that much that we have done was very foolish. “

~Friedrich A. Hayek

 

Rasmussen Reports

51% Say Cancel Stimulus Spending to Create Jobs – November 20, 2009

http://www.rasmussenreports.com/public_content/most_recent_videos2/2009_11/51_say_cancel_stimulus_spending_to_create_jobs

 

U.S Gov’t isn’t letting free market work

Ron Paul: Obama Stimulus Package Will Turn Recession Into Depression

Why You’ve Never Heard of the Great Depression of 1920

Thomas Woods Explains What We Are Seeing, Perfectly!

 

Is Capitalism the Cause or the Solution to the Financial Crisis?

Obama Aims for Job Growth

12-8-2009 – Pence: Using Bailout Funds as a Slush Fund Violates the Law

Boehner on Bloomberg: Dems’ TARP Slush Fund “The Worst Idea I’ve Ever Heard”

Geithner Extends $700 Billion TARP Until October 2010

http://www.youtube.com/watch?v=qT_4JMHUwxY

 

Most Americans Oppose Second Stimulus and Using Bailout Funds for States

“…56% of Americans oppose the passage of another economic stimulus package this year. While House Speaker Nancy Pelosi and other congressional Democrats are hoping to spend more to combat unemployment, just 33% favor another stimulus plan.

Thirty-six percent (36%) of voters believe the first stimulus plan passed in February has helped the U.S. economy, but 34% say it has hurt the economy.

Most Americans (53%) believe the U.S. economy will be helped more by decisions made by business leaders to help their own businesses grow rather than by decisions made by government officials. Just 29% say decisions made by government officials to help the economy grow will do more.

By a 59% to 24% margin, voters believe that an increase in government spending will hurt the economy.

Voters hold these views at a time when they don’t expect the economy to turn around soon. Looking ahead to a year from now, 67% expect unemployment will be the same or higher than it is today. But, 76% still prefer a free market economy over a government-managed approach. …”

http://www.rasmussenreports.com/public_content/business/economic_stimulus_package/december_2009/most_americans_oppose_second_stimulus_and_using_bailout_funds_for_states

 

Hayek on Socialism 

 

“An essential point in the social philosophy of interventionism is the existence of an inexhaustible fund which can be squeezed forever. The whole system of interventionism collapses when this fountain is drained off: The Santa Claus principle liquidates itself.”

~Ludwig von Mises, Human Action, pages 854 and 858

 

 http://economix.blogs.nytimes.com/2009/01/15/stimulus-pie-chart/

Background Articles and Videos

 

Stimulus Spending by State

Loading…
State Education HUD Health Crime Fighting Job Training Arts Food and
Farming
Social Security AmeriCorps
Alabama $1,248,352,725 $191,502,564 $295,959,286 $53,669,103 $44,671,658 $312,800 $25,930,424 $242,760,000 $399,131
Alaska $195,894,802 $54,235,524 $80,090,438 $11,702,858 $14,567,976 $290,000 $775,293 $18,100,000 $285,391
Arizona $1,774,584,253 $153,343,807 $535,065,557 $72,671,476 $52,917,917 $322,900 $28,064,410 $249,710,000 $1,066,370
Arkansas $775,890,317 $88,095,552 $188,705,268 $25,484,937 $47,093,075 $302,100 $16,184,067 $152,640,000 $775,967
California $9,333,470,165 $1,093,904,754 $4,288,871,282 $254,083,739 $561,655,105 $502,400 $71,346,014 $1,293,340,000 $9,621,502
Colorado $1,156,964,386 $107,232,313 $260,641,326 $52,753,341 $40,855,631 $314,100 $24,941,139 $161,450,000 $1,346,904
Connecticut $815,714,467 $145,793,260 $453,526,649 $36,171,644 $41,991,759 $306,100 $3,151,500 $151,450,000 $325,090
Delaware $220,852,082 $22,915,189 $90,278,018 $19,092,281 $7,805,170 $290,400 $1,099,514 $40,290,000 $3,355,141
District of Columbia $180,993,723 $94,583,572 $129,468,747 $25,713,699 $39,616,016 $290,000 $1,040,229 $21,150,000 $238,283
Florida $4,341,596,587 $385,273,679 $1,290,704,650 $230,461,171 $168,427,589 $393,700 $24,826,845 $915,520,000 $2,461,472
Georgia $2,530,720,888 $267,385,720 $644,712,353 $66,279,769 $116,635,837 $342,000 $20,506,811 $344,700,000 $3,400,263
Hawaii $290,038,640 $52,649,563 $137,263,871 $13,076,083 $8,729,951 $292,900 $1,219,931 $54,780,000 $1,288,274
Idaho $389,683,161 $23,385,725 $90,844,279 $14,155,379 $13,600,585 $294,200 $10,307,772 $62,010,000 $786,000
Illinois $3,361,300,848 $539,760,897 $932,331,597 $94,825,114 $196,222,161 $361,600 $20,278,264 $506,120,000 $2,716,690
Indiana $1,621,225,907 $176,963,706 $431,545,732 $40,680,826 $88,800,120 $323,000 $33,601,556 $278,220,000 $609,468
Iowa $777,289,879 $76,479,685 $194,321,780 $22,275,721 $25,111,225 $303,000 $4,621,397 $139,800,000 $1,482,831
Kansas $715,097,804 $64,757,402 $160,727,423 $35,292,197 $20,087,985 $301,700 $8,866,397 $115,190,000 $630,931
Kentucky $1,120,717,630 $144,636,385 $368,398,717 $27,817,599 $62,283,880 $310,500 $31,325,411 $224,270,000 $809,555
Louisiana $1,239,455,179 $176,455,798 $412,880,749 $60,231,360 $46,482,851 $310,800 $11,158,326 $199,630,000 $1,354,092
Maine $323,282,843 $47,054,157 $156,447,250 $11,906,290 $15,968,945 $293,100 $19,659,069 $71,920,000 $323,045
Maryland $1,339,287,616 $161,605,867 $446,147,523 $75,250,916 $53,190,827 $318,600 $4,850,539 $206,230,000 $2,414,485
Massachusetts $1,590,549,737 $344,957,719 $901,379,624 $70,790,381 $76,977,949 $323,600 $11,267,819 $287,240,000 $5,807,287
Michigan $2,716,940,014 $259,812,168 $986,814,920 $114,850,216 $247,844,602 $345,100 $83,606,652 $467,180,000 $3,154,146
Minnesota $1,236,771,411 $135,764,753 $541,986,737 $33,633,192 $60,005,288 $316,200 $32,331,803 $210,690,000 $1,407,639
Mississippi $872,570,118 $98,336,375 $241,691,674 $32,503,809 $50,035,653 $302,600 $10,077,872 $145,690,000 $729,839
Missouri $1,479,632,393 $159,545,026 $475,902,235 $45,705,774 $80,156,716 $320,200 $57,500,439 $276,540,000 $1,198,560
Montana $254,310,284 $35,154,203 $70,133,396 $7,122,333 $9,989,526 $291,000 $8,764,935 $44,890,000 $697,932
Nebraska $456,177,143 $46,436,993 $100,394,810 $15,612,851 $11,560,572 $295,800 $4,871,159 $73,360,000 $472,174
Nevada $570,940,356 $49,377,500 $138,842,834 $40,177,433 $29,482,510 $300,500 $4,038,955 $94,760,000 $329,555
New Hampshire $306,647,569 $33,525,099 $76,114,801 $18,112,074 $9,745,645 $293,100 $13,295,046 $57,930,000 $973,798
New Jersey $2,070,966,562 $311,985,218 $657,032,081 $84,615,817 $79,799,997 $336,900 $23,283,906 $357,140,000 $1,095,626
New Mexico $567,606,871 $49,819,383 $183,892,530 $32,006,499 $19,671,108 $297,000 $48,570,422 $86,810,000 $513,381
New York $5,328,974,826 $1,228,378,444 $3,569,992,555 $124,360,005 $206,239,030 $399,900 $35,257,469 $842,340,000 $10,228,463
North Carolina $2,246,988,652 $208,766,433 $727,781,753 $62,922,762 $135,500,079 $339,100 $17,085,552 $411,810,000 $891,387
North Dakota $186,753,028 $23,334,677 $42,645,886 $6,974,671 $8,974,788 $290,000 $15,011,350 $28,810,000 N/A
Ohio $2,963,993,848 $416,798,532 $1,016,202,812 $70,710,996 $174,615,874 $353,400 $20,687,479 $526,770,000 $1,679,610
Oklahoma $961,421,574 $119,410,877 $307,034,376 $29,849,457 $26,860,563 $306,800 $41,487,607 $169,240,000 $431,133
Oregon $900,463,193 $82,629,092 $283,154,540 $25,892,446 $53,782,278 $307,600 $21,360,920 $167,780,000 $773,075
Pennsylvania $3,083,613,982 $528,090,371 $1,200,027,430 $81,414,963 $137,898,594 $359,200 $89,269,153 $641,960,000 $3,508,749
Rhode Island $283,736,180 $79,089,379 $159,960,983 $11,793,289 $20,930,707 $291,500 $1,190,986 $51,040,000 $1,251,306
South Carolina $1,148,331,981 $117,173,836 $293,808,813 $65,935,816 $84,676,100 $311,500 $16,653,478 $214,260,000 $303,841
South Dakota $227,574,763 $30,194,984 $44,669,046 $7,021,180 $9,134,100 $290,000 $13,444,974 $36,750,000 $76,528
Tennessee $1,563,249,712 $188,804,358 $505,171,184 $87,234,527 $84,128,470 $321,800 $27,263,073 $295,480,000 $1,023,980
Texas $6,580,534,065 $517,101,969 $1,557,989,950 $168,865,887 $222,997,546 $427,300 $63,144,216 $832,590,000 $3,016,729
US Territories $1,757,894,557 $335,066,505 $237,672,901 $45,421,874 $107,288,956 $433,700 $247,555,876 $181,120,000 $764,572
Utah $732,245,546 $35,715,152 $125,194,050 $19,837,226 $19,186,584 $301,000 $13,746,114 $73,440,000 $911,548
Vermont $166,759,797 $17,835,086 $82,279,127 $6,980,715 $8,391,368 $290,000 $5,804,379 $30,270,000 $273,695
Virginia $1,828,637,873 $170,719,443 $409,982,289 $45,891,343 $76,930,515 $331,100 $23,319,348 $304,190,000 $525,808
Washington $1,509,491,094 $168,599,677 $603,350,340 $42,434,450 $71,964,290 $323,700 $9,868,402 $261,130,000 $3,462,343
West Virginia $472,626,116 $58,867,850 $169,214,619 $15,981,593 $19,985,473 $296,000 $81,813,721 $112,040,000 $323,616
Wisconsin $1,365,617,388 $139,811,097 $378,259,680 $34,633,547 $57,803,146 $318,500 $21,244,761 $252,000,000 $3,949,303
Wyoming $154,285,290 $13,082,684 $34,523,058 $7,038,880 $7,002,682 $290,000 $650,583 $20,970,000 $51,484

http://online.wsj.com/public/resources/documents/info-STIMULUS0903.html

That Billion Dollar Stimulus Package is Criminal

By Alicia Colon

“…Socialism is almost always promoted as an ideal by those who have never lived in dire poverty. They have a romantic idea of the poor that has no basis in reality. People may have been created equal but the success of their pursuit of happiness is only determined by their individual efforts.

 

I grew up in the slums of Spanish Harlem in the 1950’s and watched the advent of socialist programs destroy families by making an absent father an eligibility requirement. Those like my mother (and like Michael Steele’s mother in Maryland), who refused to enter that trap made it possible for us to leave the barrios and the ghettos. Those who fell for the demagoguery of political scam artists remain crippled there expecting cradle-to-grave government care.

 

That billion dollar bill was not designed to stimulate the economy. It was intended to destroy it and those who voted for it in Congress are either criminal conspirators or just plain dumb. In either case, they need to be voted out of office.  …”

http://www.americanthinker.com/2009/08/that_billion_dollar_stimulus_p.html

 

Elizabeth Warren not sure the White House “gets it”

The American people deserve some answers: Where are the jobs

Chambliss on the Stimulus Package

Related Posts On Pronk Palisades

 Irresponsible Government Intervention Results In Huge and Continuing Government Failures–Shut Down Government Interventions–No More Bailouts!

Bailouts

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

 

Fiscal Policy

The Great Depression and the Current Recession–Robert Higgs–Videos

The Obama Depression: Lessons Learned–Deja Vu!

Rose Colored Glasses:The Economy Is Recovering–Where Are The Jobs? When Will Inflation Hit? 2012–Election Year!

The Battle For The World Economy–Videos

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

The Big Economic Picture–Some Perspectives–Videos

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

A New Political Party In The United States? American Citizens Alliance Party–ACAP On Government Spending, Taxes, Debt, and Regulations!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously!

Barlett Boo Boos–Boortz Blasts Back

President Doom and Panic Obama’s Big Lie: More Government Spending Works and Tax Cuts Do Not Work

 

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

David Gordon–Five Best Books on the Current Crisis–Video

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas E. Woods, Jr.–Videos

 

Read Full Post | Make a Comment ( None so far )

Job Creating Businesses and CIT–Videos

Posted on July 18, 2009. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, government spending, Investments, Law, Links, Monetary Policy, People, Politics, Quotations, Rants, Raves, Regulations, Taxes, Video | Tags: , , , , , , , |

Boehner: We Need Policies that Create New Jobs, Not Destroy Them


 

Small Business Will Be Hit Hard With The Cap And Trade Bill That Passed The House

 

Cap-and-Trade’s Cost to Small Business

CIT Bankruptcy

 

TARP-Funded CIT Faces $2B Bankruptcy Woes

CIT Bankruptcy


 

Aid Package For CIT Group?

 

In-Depth Look – What’s in Store for CIT Group? – Bloomberg

 

Inside Look – The Bankruptcy Process – Bloomberg

 

CIT Prepares For Bankruptcy – Bloomberg

 

In-Depth Look – Is CIT Group “Too Big to Fail”? – Bloomberg

 

Background Articles and Videos

 

Small Business Press Conference: Create Jobs, Lower Taxes

Rep Buchanan Fox Business

CIT Rescue Talks Collapse

Impact on Small Firms Feared if Lender Fails; Stress Test Finds Need for $4 Billion

“…U.S. officials ultimately decided CIT’s problems were too severe to be solved by any of the plans under review, said a Treasury spokeswoman. Government officials didn’t want to pump more money into the company because it didn’t seem to have a viable business plan, she said.

Whatever the eventual outcome, Treasury officials believe they will have lost their entire $2.3 billion investment in CIT, made last year under TARP, the spokeswoman said. That would be the first acknowledged loss of public money injected into financial companies.

The fate of CIT has posed a dilemma for the Obama administration and a test for its stance on bailouts. CIT is much smaller than other firms that received exceptional government assistance, such as Citigroup Inc. and American International Group Inc. Many Washington officials felt it was the type of company that should be allowed to fail. …”

http://online.wsj.com/article/SB124768727832747201.html

 

CIT Bankruptcy Will Prolong, Deepen the Recession

By Keith Gerard

“…In its factoring business, CIT processed $8.3 billion in the first quarter of 2009, but the volume is down 21 percent from the same quarter a year earlier. Its dwindling business has led some to argue that the company is already among the walking dead. Bankruptcy, they say, could only help it by letting it reorganize.

But that would also leave tens of thousands of small businesses in the lurch. They would become creditors because CIT is holding their invoices as collateral for lines of credit. According to some estimates, a CIT bankruptcy could trigger a cascade of as many as 300,000 small business bankruptcies.

The situation led to a recent run on CIT that, in part, contributed to its liquidity crisis. Small businesses scrambled to draw down their credit lines ahead of a feared bankruptcy, pulling out more than $750 million this week alone, according to The Wall Street Journal.

If CIT fails, it’s unlikely to upset the financial system like the collapse of Citigroup or insurer American International Group. But there is no question that it will prolong and deepen the recession — just what we don’t need at a time when there is some hope that the economic downturn is slowing. …”

http://www.allbusiness.com/company-activities-management/financial-performance/12393969-1.html

 

Retailers Fear Impact of a CIT Bankruptcy

Many Could Face Disruption in Flow Of Merchandise

By Ylan Q. Mui and David Cho

“…The potential bankruptcy of lending firm CIT Group threatens to disrupt the flow of merchandise between retailers and their vendors just as they are gearing up for the crucial holiday season.

Three prominent retail trade groups sent letters to financial regulators this week warning that the failure of CIT would rip a hole in the industry supply chain. Dunkin’ Donuts said the ability of its franchisors to open new stores or expand operations could be affected. And New York bankruptcy lawyer Jerry Reisman said he received more than two dozen calls from panicked stores and apparel manufacturers, some of which said they may not have the money to pay their employees today.

“They are unbelievably concerned right now,” Reisman said. “What we may have here is a total disruption in small business.”

CIT plays an important behind-the-scenes role in the retail industry. When stores place orders for merchandise, they typically have two to three months to pay for the goods. Suppliers hand those IOUs over to lenders such as CIT — a process known as factoring — which in turn provide suppliers with cash upfront to make their merchandise. If that system were to be disrupted, industry experts said, the result could be barren store shelves and a ruined Christmas. …”

http://www.washingtonpost.com/wp-dyn/content/article/2009/07/16/AR2009071603654.html

 

 

DEALWATCH: CIT Rescue Merits Hard Study

By Donna Childs 
A DOW JONES NEWSWIRES COLUMN

“…CIT Group, Inc. (CIT), one of the largest lenders to US small businesses, is clearly in a distressed state. But a successful rescue requires a deep understanding of how commercial finance contracts work.

This is particularly pertinent to our regulators who, seemingly, have yet to grasp the gravity of the situation.

CIT is seeking assistance from the federal government on the grounds that its survival is key to financing the nation’s small businesses, which have been going through a credit drought. But small businesses are also creditors to CIT, so CIT’s failure represents a greater systemic threat than CIT’s management can admit. 

The consequences of CIT’s failure involves more than disruption of credit lines. It is a key player in factoring – the sale of accounts receivable. Typically, CIT advances 0 – 100% of the sums due against invoices. The remainder is an unsecured credit balance due to the small business from CIT.

Consider a small business that factors a $100,000 invoice payable net thirty days against which CIT advances 80%. The small business benefits from receiving $80,000 for near-immediate use. However, should CIT fail, the small business is an unsecured creditor with a claim of $20,000 against CIT. In affect, the small business has repo’d its collateral to a lender that may go out of business. ..”

http://www.youtube.com/watch?v=mBUgdmIXDyw&feature=related

 

Related Posts On Pronk Palisades

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

Read Full Post | Make a Comment ( 12 so far )

Celebrate Independence Day By Rallying Your Family, Friends and Community At An Ice Tea Party!

Posted on July 3, 2009. Filed under: Blogroll, Communications, Culture, Economics, Education, Employment, Energy, Foreign Policy, Health Care, Homes, Immigration, Investments, Law, liberty, Life, Links, Medicine, Music, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Security, Taxes, Video | Tags: , , , , , , , , , , , , , , , |

Join the Second American Revolution

we_the_people

The Meaning of Independence Day

In less than twenty-four hours over 50 million American Citizens will be gathering at local, state and national tea parties in over 1400 cities and towns across America to celebrate Independence Day and to protest the out-of-control massive government bailouts, stimulus spending, deficits and new and higher taxes proposed in the form of a cap and trade energy tax.

All Americans, especially those that are currently unemployed, are invited to attend an Ice Tea Party this Saturday to Celebrate Independence Day!

 

tea_parties

AFA Registered TEA Parties on July 4 now in 1479 Cities!

 

“The America’s Independence Day Tea Party Movement is a nationwide demonstration forum for any and all groups and individuals dissatisfied with the current governance of the United States, regardless of ideology, partisan identity, or political affiliation. On July 4th, 2009, we are asking Americans everywhere to re-declare our inalienable rights to Life, Liberty, and the Pursuit of Happiness.” 

 

Tea Party Movement

 

Find An Indpendence Day Tea Party Nearest You

http://www.teapartyday.com/Locations.aspx

http://www.reteaparty.com/teaparties/

 

The American People Celebrate Independence Day–Saturday, July 4, 2009–By Marching in 1000 Cities and Towns and Attending Ice Tea Parties To Freeze Federal Government Spending, Taxes and Deficits–30 Million Expected Nationally–1 Million In Washington D.C.! 

 

 Tea Party, Fourth of July, Washington DC

http://teapartywdc.ning.com/events/tea-party-fourth-of-july

http://teapartywdc.ning.com/

 

St Louis Independence Day Tea Party Promo

 

Independence Day Tea Party, Lansing, Michigan, 2009

 

Tea Party Patriots Invite Janeane Garofalo for America’s Tea Party on July 4, 2009!

 

 Dallas Tea party on the 4th July invites Janeane Garofalo


 

 

Katrina Pierson – Dallas Tea Party – April 15, 2009

 

Independence Day Tea Party July 4th, 2009 @ White River State Park

 

The American people want a wise and frugal limited government with responsible spending, balanced  budgets, and lower taxes and not unconstrained state socialism in the form of Socialized Medicine.

The American people do not want the invasion of their homes and businesses by a green government gestapo telling them they are using too much energy and must pay even more taxes for their electrical, heating and gasoline bills to save the planet from global warming. 

 

Stop The Spending and Deficits

US Federal Government Deficits

federal_spending

 

Stop Spending Our Future – The Crisis

 

defcits

The time has come to send a clear and concise communication from the American people to the political class and elites in Washington D. C.. We The People will vote out of office those elected civil servants who blatantly and arrogantly disregard the will of the people and their oaths of office to faithfully defend and protect the Constitution of the United States of America.

Stop The High Unemployment of American Citzens and Stop Illegal Immigration

There are now between 15,000,000 to 25,000,000 American citizens looking for a full time job.

Yet both Democrats and Republicans persist in breaking their oaths of office by selective enforcement of the nation’s laws and ignoring the vast majority of American citizens who oppose illegal immigration, Open Borders, amnesty and driver licenses for aliens living and working here illegally.

There are currently between 20,000,000 to 30,000,000 illegal aliens living in the United States of which 15,000,000 to 20,000,000 are working at jobs American citizens did only a decade ago.

The number of Americans unemployed could be rapidly reduced if   the Federal Government would simply enforce current immigration laws.

This means using E-Verify to quickly and accurately determine who can work in the US legally.

CNN Lou Dobbs on E-Verify

Lou Dobbs – E-Verify & Border Fence may be canceled

Then those employees who cannot work here legally must either leave on their accord or face removal  and deportation.

The removal of illegal aliens from their place of employment, deportation of illegal aliens back to their country of origin and huge fines for businesses that took advantage of illegal immigration is required now.

No more delays and evasions.

Either our elected Representatives and Senators do their jobs by reading and discussing legislation and enforce the Constitution and laws of the United States or face the extreme displeasure of the American people with termination of their employment by vote or impeachment.

Yet while tens of millions of American citizens suffer the economic hardships of unemployment including the loss of their homes, the Federal Government does little or nothing in enforcing this nation’s immigration laws.

Living The American Dream

Stop The Cap and Trade Carbon Dioxide Energy Tax

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE: PETER HUBER

 

Myth: The World is Running Out of Oil

Stop  Complicated and Unfair Federal Taxes

Everybody agrees the current Federal income tax system is too complicated for any human being to understand.

Yet year after year the special interest groups and their  lobbyists and friends in Congress fight any attempt to simplfy and reform the US tax system.

The FairTax is a broad based national consumption sales tax that would replace Federal Income, payroll, alternative minimum, capital gains, gift and estate taxes.

While tens of million of Americans support the FairTax, the political class and elites of both political parties vigorously oppose it.

 

The FairTax: It’s Time

  

FAIRTAX AD

Wake up.

Extend a helping hand.

Meet with your friends and neighbors at a local Tea Party.

Talk, walk and act on the above concerns and issues.

The more American Citizens who turn-out for the Independence Day Tea Parties–the more the political class and elites in Washington D.C. and in state capitols will pay attention.

The time has come for all good men and woman of America to come to the aid of their country.

The American people through hard work and effort built and defended this country.

Join the Second American Revolution and become part of history in the making.

The whole world is watching.

Three cheers for all those individuals who took the time and made the effort making the Tea Parties possible and for the thousands of speakers sharing their concerns and thoughts over the direction and effectiveness of the Government.

Thank you.

Let us not forget our many friends on talk radio and on the Internet blogs and web sites that extended a helping hand and spread the alarm about the corruption and irresponsibility pervading our political class, elites and instituions.

Finally a big thank you to our nation’s defenders–the men and women of the Armed Forces.

We salute you.

Mission Accomplished!

Well Done.

The long countdown to launch grows shorter and shorter–all cities are ready to go with less than twenty hours and counting…get ready for the  relaunch of the Second American Revolution: 

Liberty Launch Countdown to The Celebration of Independence Day–Saturday, July 4, 2009–Ice Tea Party Time To Freeze Government Expenditures, Deficits, Debts and Taxes–Expect 30 Million Nationally in 1,000 Cities and Towns and 1 Million in Washington D.C.!

 

fireworkd.jpt

 

Background Articles and Videos

Independence Day: America turns 233

By Michelle Malkin  •  July 4, 2009

american_flag

Photo credit: (U.S. Navy photo by Mass Communication Specialist 2nd Class Patrick W. Mullen III/Released)

“…How are you celebrating America’s 233 years of freedom? Do this first: Thank all our troops on the front lines and all our veterans who have served and sacrificed for that freedom. The photo above was taken in May in the Helmand province of Afghanistan, where U.S. Marines are continuing Operation Khanjar.

I’ll be counting my blessings along with thousands of others at the Dallas Tea Party at Southfork Ranch later today. Come on down if you are anywhere near the area. The Christian Science Monitor’s Patrick Jonsson has a good recap and overview of Tea Party gatherings across the country. Tea Party Patriots organizers write:

Independence Day is upon us, and the Tea Party Patriots have over 600 events planned all across the nation! From events expecting thousands of people, like Tulare, California, and Dallas, Texas, to small town parades across the nation, the Tea Party Patriots will be out in force celebrating the birth of the greatest nation on earth.

From Ketchikan, Alaska, to Fishkill, New York; from Chattanooga, Tennessee to Sioux Falls, South Dakota; from Bay Saint Louis, Mississippi to Kihei, Hawaii, and hundreds of other locations spanning every great state of this nation, we will be out in force at Fourth of July parades, tea parties, and fireworks displays. From the country fair, to mega celebrations in the cities, the Tea Party Patriots will be present. …”

http://michellemalkin.com/2009/07/04/independence-day-america-turns-233/

1776: A letter from husband to wife

By Michelle Malkin  •  July 3, 2009

“…On this day 233 years ago, John Adams wrote to his wife Abigail on the declaration of independence of the United States of America:

I am apt to believe that it will be celebrated, by succeeding Generations, as the great anniversary Festival. It ought to be commemorated, as the Day of Deliverance by solemn Acts of Devotion to God Almighty. It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and Illuminations from one End of this Continent to the other from this Time forward forever more.

You will think me transported with Enthusiasm but I am not. — I am well aware of the Toil and Blood and Treasure, that it will cost Us to maintain this Declaration, and support and defend these States. — Yet through all the Gloom I can see the Rays of ravishing Light and Glory. I can see that the End is more than worth all the Means. And that Posterity will tryumph in that Days Transaction, even altho We should rue it, which I trust in God We shall not. …”

http://michellemalkin.com/2009/07/03/1776a-letter-from-husband-to-wife/

Related Posts On Pronk Palisades 

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution

Time To Sound The Alarm: Call Your Representative and Senators–Cap and Trade Bill to be Voted in U.S. House on Friday–Kill The Cap and Trade Energy Tax Today! UPDATED

Living The American Dream and Defending The American Dream

US Federal Government Fails Stress Test–Insolvent: Time Has Arrived For Downsizing–Departments and Subsidies To Be Eliminated!

Independents Lead The The Second American Revolution Surge–Independence Day–Saturday July 4, 2009 In Washington D.C.–Tea Party Time–On To Washington–Dare You To Move!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Lock and Load: The Radical Socialists–Are Going After Your Guns!

Read Full Post | Make a Comment ( 2 so far )

GE–General Electric Plugged Puppet President Pinocchio–P3–Time To Unplug Jeff Immelt and GE!

Posted on April 28, 2009. Filed under: Blogroll, Climate, Economics, Employment, Energy, Investments, People, Politics, Quotations, Raves, Science, Strategy, Technology, Video | Tags: , , , , , , , , , , , , , , , |

windmill_farm

Obama’s Watergate?: GE Using CNBC, MSNBC to Promote Cap-and-Trade – OReilly

 

Glenn Beck & Bill O’Reilly: GE, NBC & MSNBC in Corruption Racket with Barack Obama Admin?

 

Glenn Beck: GE [NBC News/MSNBC/CNBC/Gov’t Contracts] Merges With The Obama Administration

 

GE [NBC/MSNBC/CNBC] CEO Joins Obama’s Team

 

GE Shareholder Meeting: Investors of Tanking Co. Outraged over NBC, MSNBC Bias

 


 

 

General Electric used both NBC and MSNBC to promote the candidacy of now President Barack Obama.

The usual description was that NBC and MSNBC were in the tank for Obama.

Both NBC and MSNBC continue to promote both President Obama and the radical socialist Democratic Party by denigrating their opponents in both political parties. 

The most recent example was the Tea Parties across the nation organized by individuals in protest of the bailouts, stimulus package, skyrocketing deficits and the proposed new cap and trade carbon dioxide tax.

Rachel Maddow On The Tea Parties–She Slammed Them With An Offensive Label–”Tea Bagging”–Throw Tasteless Double Entrendre Maddow Off The Air!

Why? Jeff Immelt and General Electric wanted President Obama to get behind the cap and trade carbon dioxide tax so that their company would benefit from government contracts for alternative energy from wind turbines.

President Obama fully supports the proposed cap and trade carbon dioxide tax.

Cap and Trade Carbon Dioxide Tax: Gore’s and Obama’s Revenge on The American People–Let Them Freeze and Sweat!

 

The Cap and Trade Carbon Dioxide Tax–The Radical Socialist Goal–Turning Your Lights Out!

 

The reason given for this new carbon dioxide emissions tax is that by limiting carbon dioxide emmissions, man can stop global warming.

This is the government funded junk science of computer climate models promoted by Al Gore and the United Nations’ Intergovernmental Panel on Climate Change (IPCC).

http://www.ipcc.ch/

Unfortunately for Al Gore and the IPCC the observed evidence does not support the theory that man’s carbon dioxide emissions is the cause of global warming.

 

Professor Fred Singer on Climate Change pt 1

 

Professor Fred Singer on Climate Change pt 2

 

The exact opposite is true. Naturally rising temperatures cause a rise in carbon emissions over time.

Man is not the primary or even secondary cause or driver of global warming.

The many natural causes of global warming include sun activity variabliity, cosmic rays, clouds, watervapor, volcanic erruptions, just to name a few.

In order to justify the cap and trade carbon dioxide tax the radical socialist Democratic Party need to convice the American people that humans are responsible for global warming or climate change and not natural causes.

The majority of the American people believe that man is not causing global warming.

Also the majority of the American people do not support a new tax on energy — the cap and trade carbon dioxide emissions tax.

The American people do not want to pay more for electricity, heating oil and gasoline.

The Americdan people do not want to pay more for all the goods and services that need electricity and gasoline to be produced.

The American people do not want to pay more for everything they purchase as a direct result of huge bailouts and deficits leading to rising general prices or inflation.

The nationwide Tea Parties and End The Fed rallies were organized at the grassroots level by individuals exercising their rights of free speech and assembly.

The American people attending these events are tired of being betrayed by elites of both political parties, Democrats and Republicans.

The American people want the unconstitutional bailouts to stop, a balanced budget, no new taxes and the past tax cuts made permanent.

The American people do not want their children and grandchildren to be burdened with the massive growth in the national debt by skyrocketing deficits.

President Obama promised change.

Instead he conned the American people.

The executives and directors of General Electric and the financial institutions on Wall Street  such as  J.P. Morgan Chase, Citigroup, and Goldman Sachs provided candidate Obama with huge campaign contributions in exchange for his support of massive government bailouts of these same financial institutions and government contracts and subsidies for electricity produced by “so-called” alternative energy, namely wind and solar power to be funded by the new cap and trade carbon dioxide emissions tax.

Since General Electric owns both NBC and MSNBC with Microsoft, Jeff Immelt and General Electric made sure that both candidate and President Obama received positive coverage while his opponents were either ignored or received negative coverage.

This situation is called pay for play.

The company supporters of Obama paid campaign contributions from their company’s executives, directors, and employees in exchange for government bailouts, expenditures,  subsidies, contracts, and policies that would directly benefit their companies.

Who pays the bill?

The American people in higher taxes, higher prices for goods and services, lower purchasing power of their dollars, and lower values of their investments and retirement plans

Barack Obama and his pay and play pals are part and parcel of the Crime of the Century–criminals–robbing the American people–by using the Federal Government Treasury and the Federal Reserve–to facilitate the crime.

Do not purchase any goods or services produced by companies and banks that accept bailouts.

I will no longer be purchasing cars or trucks produced by General Motors or goods and services produced by General Electric.

As far as I am concerned they should change their names to Government Motors and Government Electric.

Both brands have lost their luster by forgetting who brought them their success in the past–the American people.

Damn shame.

General Electric forgot to dance with the one that brought you.

 

Shania Twain – Dance With The One That Brought You

http://www.youtube.com/watch?v=LygEyxKoLzs 

 

Join the Second American Revolution

 

we_the_people

 

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Millions of Rightwing Extremists To March On Washington D.C. Fair–Celebrating Independence Day Tea Parties and Chanting “Extremism in the defense of liberty is no vice!” 

 

Please Spread The Message of Liberty

liberty_bell1

 “Proclaim liberty throughout the land to all its inhabitants.”

 Let Freedom Ring 

 

Jeff Immelt

http://www.youtube.com/watch?v=oN_iSHcbyYI

 

Charlie Rose – An Hour with Jeffrey Immelt, Chairman &…

 

Profile of General Electric

 

We are GE

 

The Passive Safety Features of the General Electric ESBWR

 

GE General Electric commercial – Wind Energy

 

General Electric, Power of Wind

 

Jeff Immelt on Troubles at NBC

 

Jeff Immelt on the Impact of Private Equity

 

Jeff Immelt on YouTube

 

GE’s Immelt and CNBC’s Cramer discuss GE and the Future (part 1)

 

GE’s Immelt and CNBC’s Cramer discuss GE and the Future (part 2)

 

GE’s Immelt and CNBC’s Cramer discuss GE and the Future (part 3)

 

GE’s Immelt and CNBC’s Cramer discuss GE and the Future (part 4)

 

 

Background Articles and Videos

Obama’s hidden bailout of General Electric

By: Timothy P. Carney
Examiner Columnist

“…While many companies hire lobbyists to win earmarks, General Electric’s unmatched lobbying force has secured a tax increase — or its equivalent — in President Barack Obama’s budget.

Labeled “climate revenues” and totaling $646 billion over eight years, this line item in Obama’s budget has inspired confidence in GE Chief Executive Officer Jeff Immelt. As Immelt put it in a letter this week, he believes that the Obama administration will be a profitable “financier” and “key partner.” …”

 

“…This isn’t altruism or public relations. GE has started a joint venture called Greenhouse Gas Services, which invests in — and hopes to manage the trade in — greenhouse gas credits. But these investments and this trading floor are of basically no use and nearly no value without government restrictions on greenhouse gases.

Hence the lobbying, buttressed by generous campaign contributions: Employees and executives gave $1.35 million to politicians in the past election while GE’s political action committee shelled out $1.55 million. About 64 percent of this $2.9 million went to Democrats, with Obama easily the top recipient of GE money.

Obama’s budget includes the payoff, promising to start a multibillion-dollar greenhouse gas industry by 2012. In a letter this week, GE’S Immelt told shareholders that current events present an “opportunity of a lifetime,” because “capitalism will be ‘reset.’ ”

Immelt wrote: “The interaction between government and business will change forever. In a reset economy, the government will be a regulator; and also an industry policy champion, a financier, and a key partner.”

In short, GE plans to get rich by being one of the government’s closest partners — which it has always been, thanks to its unmatched lobbying efforts.

The environmentalist at this point might respond, “Well, good for GE. if they can get rich while helping the planet, more power to them.” But this ignores important issues. First, restraining greenhouse gas emissions will cost Americans dearly. Gas, electricity and heating prices will all go up. The prices of manufactured and shipped goods will go up. A Clemson University report on similar cap-and-trade proposals forecast a 1 percent decline in he U.S. gross domestic product by 2015 if they were implemented. …”

http://www.washingtonexaminer.com/politics/Obamas-hidden-bailout-of-General-Electric_03_04-40686707.html

 

United States Climate Action Partnership

“…United States Climate Action Partnership (USCAP) is a group of businesses and leading environmental organizations that have come together to call on the federal government to quickly enact strong national legislation to require significant reductions of greenhouse gas emissions. USCAP has issued a landmark set of principles and recommendations to underscore the urgent need for a policy framework on climate change. More >  …”

http://www.us-cap.org/

 

GE’s Immelt backs Obama

In any event, Immelt’s rosy outlook may not be shared by his fellow CEOs.

Most CEOs surveyed by the Business Roundtable said they see no prospect of a recovery in the next six months. I wonder if Immelt will be able to last that long. …”  

 

 

 

 

Immelt Says GE Is Braced for a Storm

By PAUL GLADER 

 

 

 

“… General Electric Co. Chief Executive Jeffrey Immelt said the company is preparing for a once-in-a-generation “reset” as it tries to weather what he called the worst recession in 80 years.  

Speaking at GE’s annual meeting Wednesday, Mr. Immelt outlined planned changes at the conglomerate, and tried to appease investors disheartened by the company’s recent performance

The meeting came after a rough year for GE, largely because of growing losses inside its finance unit, which had been providing roughly half of the Fairfield, Conn., firm’s profits. GE shares are down 63% in the past year, though they gained 0.9% to close at $11.80 in 4 p.m. trading Wednesday.

Many of the roughly 600 attending shareholders were upset about GE’s plan to cut its dividend by 68% for the second half of the year, to 10 cents per quarter. The dividend cut, announced earlier this year, is the company’s first since the Great Depression.

Chief Financial Officer Keith Sherin said the dividend cut “was the toughest decision we have ever wrestled with. We had lots of debates with the board. In the end, the decision to protect the franchise was the right decision.” …”

http://online.wsj.com/article/SB124041058612643737.html

 

Jeffrey R. Immelt

CEO/Chairman of the Board/Director

General Electric Company (GE)

http://www.portfolio.com/resources/executive-profiles/Jeffrey-R-Immelt-17359 

 

By Michelle Malkin  

Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw, and also received hundreds of thousands of dollars in speaking fees from major financial institutions.

A financial disclosure form released by the White House Friday afternoon shows that Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers. He also received significant income from Harvard University and from investments, the form shows.

In total, Mr. Summers made a total of about 40 speaking appearances to financial sector firms and other places, with fees totaling about $2.77 million. Fees ranged from $10,000 for a Yale University speech to $135,000 for an appearance paid for by Goldman Sachs & Co…

David Axelrod, the president’s top political advisor, reported in his form that he will get $3 million over the next five years from the sale of his two media consulting firms, ASK Public Strategies, LLC and AKP&D Message and Media. In addition, Mr. Axelrod took a salary of $896,776 last year from AKP&D and reported $651,914 in partnership income from the two companies.

In total, Mr. Axelrod reported assets valued between $6.9 million and $9.5 million. Mr. Axelrod’s clients were mostly political campaigns, including those of Rep. Patrick Kennedy, New York Attorney General Andrew Cuomo, and Chicago Mayor Richard M. Daley. He also reported receiving money from large corporations such as AT&T Inc., Comcast Corp. and the nuclear energy company Exelon Corp…

…”

Related Posts On Pronk Palisades

Voters Beware: The Radical Rules of Saul Alinsky and Leftist Democrats

Barack Obama America’s Puppet President Pinocchio –The Transparent Lies–Ears and Nose Are Growing?

Cap and Trade Carbon Dioxide Tax: Gore’s and Obama’s Revenge on The American People–Let Them Freeze and Sweat!

The Cap and Trade Carbon Dioxide Tax–The Radical Socialist Goal–Turning Your Lights Out!

George Soros: Barack Obama’s Money Man and Agenda Puppeter

President Barack Obama Puppet of Trilateral Commission?–Videos

Where Did Obama Get His Foreign Campaign Contributions From? Any Questions

President-Elect Obama–Bought and Paid For–Will He Stay Bought?

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now! 

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE–Videos

Barack Obama’s Socialist Green Commissar Carol Browner

Let Them Eat Cake Act: American Elites Killing and Starving The American People

ANWR: Pristine–Pristine–Pristine–Desolute–Desolute–Desolute–Drill–Drill–Drill– McCain/Romney: Drill Here. Drill Now. Pay Less!

McCain: Cut–Drill–Victory vs. Obama: Increase–Talk–End

2008 Presidential Choice: Leader or Diletant–McCain or Obama

Al Gore 2.0 and The Coming Renewable Energy Ice Age–The Big Chill

National Center for Policy Analysis–A Global Warming Primer

Global Warming is The Greatest Hoax, Scam and Disinformation Campaign in History

Global Warming Videos

Global Warming Books

Global Warming Sites

Al Gore: Agent of Influence or Useful Idiot of Disinformation

Al Gore: Agent of Influence and Planetary Propeller Head!

Al Gore’s Little White Lie: Man-Made Global Warming Causing Polar Bears To Drown

Al Gore’s Big Whopper–Sea Levels Rise By 2100: Gore 20 Feet vs IPCC 2 Feet?

Clinton’s Cap and Trade Tax on The American People for Consuming Electricity and Driving Cars, SUVs and Trucks!

Facing Fundamental Facts

Presidential Election 2008: American Elites Vs. American People

Let Them Eat Cake Act: American Elites Killing and Starving The American People

The Heidelberg Appeal: Beware of False Gods and Prophets

Going Deep–Cool–Deep Ocean Water (DOW)–Ocean Power!

Saving The World: The Importance of Getting The Priorities Right

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution  

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Millions of Rightwing Extremists To March On Washington D.C. Fair–Celebrating Independence Day Tea Parties and Chanting “Extremism in the defense of liberty is no vice!”

The Empty Suit or Hollow Man–Barrack Obama–An Legend In His Own Mind

Cap and Trade Carbon Dioxide Tax: Gore’s and Obama’s Revenge on The American People–Let Them Freeze and Sweat!

President Obama Delays E-Verify–Shame On You Mr. President!

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

US Immigration Videos

Alan Keyes on Immigration

Why immigration will be the number 1 political issue in the 2008 Presidential Election! — Gum Balls

One Big Awful Mistake America (OBAMA): Veterans Will Now Lead The Fight To Defeat Radical Socialism!

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing! 

Read Full Post | Make a Comment ( 20 so far )

Glenn Beck: 1 Live American Captain + 3 Dead Pirate Terrorist Vs. DailyKos TV and O’Reilly: 0

Posted on April 14, 2009. Filed under: Blogroll, Politics, Rants, Raves, Security, Talk Radio, Video, War | Tags: , , , , , , , , |

 “In war there is no substitute for victory.”

~Douglas MacArthur

 

No wonder Bill O’Reilly is losing out in the ratings to Glenn Beck! 

Bill Oreilly takes a stab at Glenn Beck

 

I will give Bill the benefit of the doubt.

Anyone who goes after Barney Frank over his role in the subprime crisis and Fannie Mae and Freddie bailout is fine by me.

Bill O’Reilly vs Barney Frank

 

Looks like O’Reilly followed Frank’s investment advice and lost some money.

Bill should have been watching Beck’s show:

Peter Schiff on Glenn Beck Freddie Fannie Bailout! Barr 08!

 

Glenn Beck illustrate the Printing of the Big Government

 

Glenn Beck does his homework and reads books to get up to speed–he works harder and it shows.

Prediction: Beck will be number 1 in the ratings within two years.

You betcha.

Glenn Beck ratings skyrocket, Olbermann up, Maddow down, has anyone seen CNN?

“…The biggest news in cable news this week is the remarkable rise of Glenn Beck at Fox.

His Friday night special drew huge numbers and leapfrogged his show above long-time #2 Sean Hannity. What was CNN thinking when the let this guy get away? …”

 ratings

 

http://www.ihatethemedia.com/glenn-beck-ratings-skyrocket-olbermann-up-maddow-down 

Competition makes everyone better!

 

“Don’t look back, somebody might be gaining on you.”

~Satchell Paige

 

 

Background Articles and Videos

A tribute to our Navy SEAL snipers

By Michelle Malkin  

“…Captain Richard Phillips paid tribute to the Navy and the SEAL snipers who shot and killed three pirates during rescue operations today.

Here’s a video clip from a recent documentary on Navy SEAL snipers. God bless ‘em: …”

http://michellemalkin.com/2009/04/12/a-tribute-to-our-navy-seal-snipers/

 

Will Glenn Beck overtake O’Reilly?

 

 

 

 

 

 

 

“…So Glenn Beck leaves Headline News – and is now sending shockwaves throughout Cable News.   Now drawing over 2,000,000 viewers and has only been on Fox since January.

So let’s see who the winners and losers are – of this turn of events:

Winner: FOX News
Loser: Headline News
Loser: The other cable news channels
Loser: Bill O’Reilly? …”

http://talkradioinsiders.com/page/will-glenn-beck-overtake-oreilly/

 

Glenn Beck says he’s no Rush Limbaugh, but the ratings say he may be Bill O’Reilly

glenn_beck 

 

“…Glenn Beck kicked butt in the ratings last week. After being on television for years, he’s an overnight success.

His Fox News program soared in the ratings, passing perennial second place Sean Hannity and nearly catching long-time leader Bill O’Reilly. All three Fox hosts left the other cable news shows far, far behind. …”

http://www.ihatethemedia.com/glenn-beck-rush-limbaugh-bill-o-reilly-ratings

 

Related Posts On Pronk Palisades

Navy Seals Lead The Way–Threes Shots Three Killed Pirate Terrorists

Hang ‘Em High–Hoist The Colours–YO HO BO–A Pirate’s Life For Me

Barney Frank–Hang Him High–Just Kidding–Put Barney Frank In Jail for 30 Years For Malfeasance–Fair Enough!

Bailed Out Bank Trillion Dollar Derivative Exposure

Unemployment Over 13 Million and Rising: The Failure of Government Intervention Economics–20 Million Americans Looking For Full Time Job

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

The Three Amigos: Jim Rogers, Yaron Brook, and Ron Paul To President Obama–You Are Wrong Economically and Morally!

 

Read Full Post | Make a Comment ( None so far )

AIG–Follow The Money Trail–Bailing Out Business Buddies–Corrupt Crony Radical Socialism

Posted on March 25, 2009. Filed under: Blogroll, Economics, Employment, Investments, Law, Links, Politics, Quotations, Rants, Raves, Regulations, Taxes, Video | Tags: , , , , , , , , , , , , , , |

 AIG Bonuses

A Big Distraction From Political Money Laudering and The Federal Reserve Monetarization of Debt!

 political_corruption

  

money-laundering

Glenn Beck – Congress Abusing their Authority & Showing Favortism to Fannie Mae

 

Kudlow: Geithner Gone After AIG Bonusgate? — 3.17.09

 

  

Levin on Obama’s AIG Campaign Donations 3-19-09

 

Levin on Barney Frank

 

Mark Levin On AIG Bonuses And Liberal Hypocrisy Part 1 Of 4

 

Mark Levin On AIG Bonuses And Liberal Hypocrisy Part 2 Of 4

 

Mark Levin On AIG Bonuses And Liberal Hypocrisy Part 3 Of 4

 

Mark Levin On AIG Bonuses And Liberal Hypocrisy Part 4 Of 4

 

The Democratic Party and President Obama are bailing out their major campaign contributors on Wall Street and Main Street including the executives of Goldman Sachs, Citigroup, JP Morgan Chase, Bank of America, Wachovia and AIG just to name a few.

Top Contributors

“…This table lists the top donors to this candidate (Obama) in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.

University of California $1,385,675

Goldman Sachs $980,945

Microsoft Corp $806,299

Harvard University $793,460

Google Inc $790,564

 Citigroup Inc $657,268

 JPMorgan Chase & Co $650,758

Stanford University $580,904

Sidley Austin LLP $574,938

Time Warner $547,951

National Amusements Inc $541,251

 WilmerHale $524,292

 UBS AG $522,019

IBM Corp $518,557

Skadden, Arps et al $510,274

Columbia University $503,566

 Morgan Stanley $490,873

US Government $479,956

General Electric $479,454

Latham & Watkins $467,311 …”

 http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638

Matching the companies that have received Troubled Asset Relief Program or TARP money with the executives of the companies that contributed to both the Obama and Democratic Party and the amounts results in many matches. Instead of forcing failing companies or banks to go into bankruptcy, liquidation or be bought  by a successful company, the political class is bailing out their financial friends–corrupt crony capitalism–no–corrupt radical socialism.

The good banks are telling the Federal Government take your money back and leave us alone.

Many banks were forced to take the TARP money even thought they did not need nor want the money!

 

TCF Bank Gives Back TARP Money

   

The politicians are hypocrites and corrupt to the core.

Hang the politicians high for all to see!

Forget about the bonuses, focus on who AIG in turn sent to the bailout money to meet AIG’s contracts with them and the amounts:

  • Goldman Sachs:                                         $   12,900,000,000 or $12.9 billion
  • Merril Lynch:                                             $    6,800,000,000 or $6.8 billion
  • Bank of America:                                        $    5,200,000,000 or $5,2 billion
  • Citi Group:                                                $    2,300,000,000 or $2.3 billion
  •  Wachovia                                                $    1,500,000,000 or $ 1.5 billion
  • Société Générale of France            nearly  $   12,000,000,000 or $12 billion
  • Deutsche Bank of Germany            nearly  $   12,000,000,000 or $12 billion
  • Barclays of Britain                                   $     8,500,000,000 or $8.5 billion
  • UBS of Switzerland                                  $     5,000,000,000 or $5 billion

Glenn Beck exposes huge ACORN cover-up – the leftists are distracting you, folks…

youtube=http://www.youtube.com/watch?v=UfRkhD85BBI&hl=en&fs=1]

 

Obama’s Marxist Magic Mess–Big Bad Bonuses–Radical Socialist Sleight of Hand

Then focus on the what the political elites really do not want you to understand and care about: 

The Monetarization of The Debt and Quantitative Easing: The Federal Reserve is printing $1,000,000,000,000!–Run-Away Inflation Coming Soon!

The Federal Reserve by significantly increasing the money supply runs the real risk of causing a significant increase in the general price level or inflation–a tax increase–that reduces the purchasing power of your money holdings.

LOL

 

Obama: It took us a couple of days because I like to know what I’m talking about before I speak

The Puppet President Pinocchio’s  nose and ears just grew another inch:

 

Barack Obama America’s Puppet President Pinocchio –The Transparent Lies–Ears and Nose Are Growing?

 

Background Articles and Videos

 

Follow the Bailout Cash

By Michael Isikoff and Dina Fine Maron  

“…While a few big firms, such as Wells Fargo and JP Morgan Chase, have curtailed their campaign giving, others are quietly doling out cash to select members of Congress, particularly those who serve on committees that oversee TARP. In recent filings with the Federal Election Commission, the political action committee for Bank of America (which got $15 billion in bailout money) sent out $24,500 in the first two months of 2009, including $1,500 to House Majority Leader Steny Hoyer and another $15,000 to members of the House and Senate banking panels. Citigroup ($25 billion) dished out $29,620, including $2,500 to House GOPWhip Eric Cantor, who also got $10,000 from UBS which, while not a TARP recipient, got $5 billion in bailout funds as an AIG “counterparty.” “This certainly appears to be a case of TARP funds being recycled into campaign contributions,” says Brett Kappell, a D.C. lawyer who tracks donations. (A spokesman for Cantor did not respond to requests for comment. A spokeswoman for Hoyer said it’s his “policy to accept legal contributions.”) …”

http://www.newsweek.com/id/190363  

 

Critics Got Donations From Insurer

Obama and Dodd Raised Money From the Firm for Presidential Campaigns

“…When Mr. Dodd was raising funds from AIG, his donor list included some executives from the company’s financial-products division that created the instruments that brought billions of dollars in losses to the company and led to its collapse.

A few weeks before Mr. Dodd formally announced that he was running for the Democratic nomination, 33 employees of AIG’s financial-products division each contributed $2,100 to his presidential account, or $69,300 total, according to Federal Election Commission records.

In March 2007, Mr. Dodd’s campaign paid $250 to the financial-products unit in Wilton, Conn., for a “room rental fee.” Such itemizations typically are associated with fund-raising events.

AIG has run one of the largest political-influence operations in Washington in the past decade. The company has spent $72.6 million to lobby Congress and the administration since 1998, making it one of the top lobbying spenders among corporations, according to public records.

In October, after it received government funding to stay afloat, AIG said it would stop lobbying Congress and the Obama administration. Campaign donations dried up at the same time.

AIG has made $9.3 million in donations since 1989, placing it among the top 100 sources of campaign donations during that period, according to the Center for Responsive Politics. In addition, FEC records show that the company has hosted dozens of fund-raising events for lawmakers. …”

http://online.wsj.com/article/SB123742426774379307.html

 

Did Campaign Cash Influence Bailout? Banks Get 258,000 Percent Return from Investments in D.C. Pols.

“…His anger seems real enough. But the stench of hypocrisy reeks up the room every time he forgets to mention the hundreds of thousands of dollars he received in 2008 as campaign donations from these same banks, their management and employees—currently now under receivership of the U.S. taxpayer.

But Sen. Dodd is not alone. He and the biggest names in American politics, including President Barack Obama, are quickly becoming poster children for “moral hazard” and pay-to-play politics. Slap-dash legislation with little or no oversight, by the Bush Administration, rubber-stamped by top Democratic politicians, seems to have made problems worse, not better. Banks are hoarding bailout money, and its not getting down to consumers.

Dodd’s Senate committee—arguably one of the most powerful–created and oversees the Troubled Asset Relief Program (TARP)—the $700 billion dollar bailout of financial institutions—caught up in the sub-mortgage meltdown.

From all indications and reports, TARP has been universally acclaimed a failure-in-progress and bad news reports have angered large cross sections of America. Dodd and his committee seem powerless to reign in the titans of American finance and industry—despite widespread capital infusions from Congress. Unemployment is moving towards double digits and banks haven’t begun to unfreeze consumer credit, although a moratorium on mortgage foreclosures was set in place.

But the Senior Senator from Connecticut who said he personally turned a four-page draft into 80-plus pages of legislation that was passed, has crossed an ethical line. While he was crafting legislation to rescue his friends, Dodd “received $854,200 from the T.A.R.P. companies in the 2008 election cycle, including money to his presidential campaign” according to a recent Center for Responsive Politics (CRP) report. …”

 

“…According to the C.R.P. report, Sen. Chris Dodd received $854,200 from various financial groups, including $570,294 from commercial banks in the 07-08’ election cycle.

-Speaker of House Nancy Pelosi received a paltry $15,600 from JPMorgan/Chase, $11,000 from both Citigroup and Goldman Sachs.

-Sen. Majority Leader Harry Reid received $71,500 in from JPMorgan/Chase and $47,350 from Citigroup.

-Alabama Sen. Dick Shelby who sits on the Senate Banking Committee got $91,200 from his top contributor; Citigroup, and $66,500 from JP Morgan/Chase.

-Senior Illinois Sen. Dick Durbin got $46,575 from Citigroup and $19,500 from Goldman Sachs.

-New York Sen. Chuck Schumer raked in $80,800 from Citigroup, $58,000 from Goldman Sachs, $57,000 from Morgan Stanley, $53,750 from Lehman, $50,250 from Merrill Lynch, $47,800 from JP Morgan Chase—raised over $1 million from Securities and Investment firms.

-Sen. Minority Leader Republican John Boehner got $14,300 from Morgan Stanley and $12,000 from Goldman Sachs.

These where the same people—our legislators and leadership who were charged with giving a blank check of $700 billion to companies who were funding their re-election campaigns. Can you spell conflict of interest? By rights lawmakers, including all Presidential campaigns–should return any money received from employees and management of these failed corporations they are legally responsible to regulate. …”

http://www.kctribune.com/article.cfm?articleID=18675

 

AIG Gives $644,000 in ‘Campaign Bonuses’ to U.S. Senators and Representatives According to The O’Leary Report

“…As President Barack Obama and Senator Chris Dodd (D-CT) continue to point fingers over which one of them is to blame for the stimulus bill’s “Dodd Amendment,” which specifically excludes bonuses from caps on executive pay, one thing is clear: both Obama and Dodd profited from AIG campaign “bonuses” and an overwhelming majority of Americans want them to give this money back.
According to a breaking poll conducted by The O’Leary Report and Zogby International, 73 percent of Americans think any members of Congress who received campaign contributions from AIG over the last two years should return the money.
This might go double for President Obama and Senator Dodd, who were by far the largest recipients of AIG campaign cash in the last election cycle. According to the Center for Responsive Politics, Obama received $104,332 from AIG and Dodd raked in $103,900. Obama and Dodd far outpaced the rest of Congress, as the next largest beneficiary received about $45,000 less than each of them. All told, AIG gave a total of $644,218 to federal candidates over the last election cycle. …”

http://www.smartmoney.com/news/pr/?story=PR-20090325-000143-0546

Cronyism

“…Cronyism is partiality to long-standing friends, especially by appointing them to positions of authority, regardless of their qualifications. Hence, cronyism is contrary in practice and principle to meritocracy. Cronyism exists when the appointer and the beneficiary are in social contact; often, the appointer is inadequate to hold his or her own job or position of authority, and for this reason the appointer appoints individuals who will not try to weaken him or her, or express views contrary to those of the appointer. Politically, “cronyism” is derogatorily used. The word “crony” first appeared in 18th century London, believed by many to be derived from the Greek word χρόνιος (chronios), meaning “long-term”, however, crony appears in the 1811 edition of Grose’s Vulgar Tongue with a decidedly non-collegiate definition, placing it firmly in the cant of the underworld.[1] A less likely source is the Irish Language term Comh-Roghna (pron. ko-ronə), which translates to “close pals”, or mutual friends.

Governments are particularly susceptible to accusations of cronyism, as they spend public money. Many democratic governments are encouraged to practice administrative transparency in accounting and contracting, however, there often is no clear delineation of when an appointment to government office is “cronyism”. It is not unusual for a politician to surround him- or herself with highly-qualified subordinates, and to develop social, business, or political friendships leading to the appointment to office of friends, likewise in granting government contracts. In fact, the counsel of such friends is why the officeholder successfully obtained his or her powerful position — therefore, cronyism usually is easier to perceive than to demonstrate and prove.

In the private sector, cronyism exists in organizations, often termed ‘the old boys club’ or ‘the golden circle’, again the boundary between cronyism and ‘networking’ is difficult to delineate.

Moreover, cronyism describes relationships existing among mutual acquaintances private organizations where business, business information, and social interaction are exchanged among influential personnel. This is termed crony capitalism, and is an ethical breach of the principles of the market economy; in advanced societies, crony capitalism is a breach of market regulations, e.g. the Enron fraud is an extreme example of crony capitalism.

Given crony capitalism’s nature, these dishonest business practices are frequently (yet not exclusively) found in societies with ineffective legal systems. Resultantly, there is an impetus upon the legislative branch of a government to ensure enforcement of the legal code capable of addressing and redressing private party manipulation of the economy by the involved businessmen and their government cronies.

The economic and social costs of cronyism are paid by society. In the form of reduced business opportunity for the majority of the population, reduced competition in the market place, inflated consumer goods prices, decreased economic performance, inefficient business investment cycles, reduced motivation in affected organizations, and the diminution of economically productive activity. A practical cost of cronyism is manifest in the bad workmanship of public and private community projects. Cronyism is self-generating, cronyism then begets a culture of cronyism. This can only be apprehended by a comprehensive, effective, and enforced legal code, and empowered government agencies who can effect prosecutions in the courts.

All appointments that are suspected of being cronyism are controversial. The appointed party may choose to either suppress disquiet or ignore it, depending upon the society’s level of freedom of expression and individual personal liberty.

Some instances of cronyism are readily transparent. As to others, it is only in hindsight that the qualifications of the alleged “crony” must be evaluated. …”

http://en.wikipedia.org/wiki/Croneyism 

 

Bundlers

Bundlers are people with friends in high places who, after bumping against personal contribution limits, turn to those friends, associates, and, well, anyone who’s willing to give, and deliver the checks to the candidate in one big “bundle.”

Even though these donors direct more money to the candidates than anyone else, disclosure can be spotty, with Obama and McCain posting bundlers by ranges, indicated in this chart with the “max” and “min” columns, and with the top ranges being simply “$500,000 or more.” Together, 540 elites have directed at least $207,200,000 to McCain, and 561 have gathered at least $63,200,000 for Obama.

Top Industries of Obama Bundlers
Sector Min. Raised # of Bundlers
Lawyers/Law Firms $12,600,000 97
Securities & Investment $8,250,000 61
TV/Movies/Music $3,200,000 20
Business Services $2,400,000 19
Real Estate $2,050,000 20

The “08 Contribs” column indidates the total amount the bundler, their spouse and dependent children have given to all federal candidates, parties and PACs this election cycle.

 

http://www.opensecrets.org/pres08/bundlers.php?id=N00009638

 

Tracking the $700 Billion Bailout

By MATTHEW ERICSON, ELAINE HE and AMY SCHOENFELD

“…Hundreds of banks and a handful of insurers and automakers have applied for funds from the Treasury Department as part of the $700 billion Troubled Asset Relief Program. The Treasury Department has transferred capital to the majority of these companies. …” 

http://projects.nytimes.com/creditcrisis/recipients/table

 

The Center for Responsive Politics

http://www.opensecrets.org/index.php

 

Putting on a great show: Kabuki in the House; Update: 328-93, 90 percent bonus tax passes

By Michelle Malkin  

“…Scroll for updates…

If you haven’t been watching the AIG bonus debate in the House, you really should tune in.

Barney Frank is shrieking. Jumping up and down over parliamentary procedure. Blaming Bush, Bush, Bush, and then attacking GOP for “partisan attacks.”

John Boehner just finished statement: “Are you kidding me? This is joke. Vote no.”

Very effective: Almost all House GOP members have text of Dodd/Treasury/Obama AIG bonus protection clause on paper or in poster board home.

Frank has no response but to blubber.

Hensarling: “What we have here is a legislative cover-up. The Democrats could have prevented this. All of sudden, the [bonus protection] appeared and it has no parents…Here’s a newsflash: No more federal money, AIG, until bonsues are repaid. What happened to the most open, honest Congress in the history of America?” …”

http://michellemalkin.com/2009/03/19/putting-on-a-great-show-kabuki-in-the-house/

 

First, they came for AIG bonuses

By Michelle Malkin

“…The House is set to vote today on the retroactive, confiscatory 90 percent tax on bailout-funded bonuses. Lawmakers say the tax will apply to Fannie/Freddie bonuses. But who knows what the hell will end up in this Chicken Little measure:

The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.

“We figured that the local and state governments would take care of the other 10 percent,” said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.

Rangel said the bill would apply to mortgage giants Fannie Mae and Freddie Mac, among others, while excluding community banks and other smaller companies that have received less bailout money…The top two members of the Senate Finance Committee on Tuesday announced a bill that would impose a 35 percent excise tax on the companies paying the bonuses and a 35 percent excise tax on the employees receiving them. The taxes would apply to all companies receiving government bailout money, but they are clearly geared toward AIG.

The NYPost rightly warns that such politically expedient power grabs are courting catastrophe: …”

http://michellemalkin.com/2009/03/19/first-they-came-for-aig-bonuses/

 

The Senate shows a little sense; confiscatory Republicans show no shame

By Michelle Malkin  

“…Cooler heads have prevailed in the U.S. Senate and in this particular case, it is a good thing.

The Senate took its role as a deliberative body seriously and has buried the demagogic, backside-covering corporate bonus tax bill passed last week by the House. They’ve kicked the can down the road.

The Hill reports:

President Obama and Senate Democrats have buried a bill passed last week by the House that would have heavily taxed executive bonuses at bailed-out firms.

Despite the public outcry over $165 million in bonuses awarded at troubled insurer AIG, Senate Majority Leader Harry Reid (D-Nev.) showed little inclination Monday to bring the explosive issue to the floor this week or next. Instead, Reid is likely to delay action on executive compensation until late April, after the Senate returns from a two-week recess starting April 4…

…Senate Republican Whip Jon Kyl (Ariz.) said there is very little chance the Senate will act this week to recoup bonuses passed out at AIG and other corporations receiving bailout funds.

I still have seen very little questioning of the 85 Grabby Hands House Republicans, led by minority whip Eric Cantor, who went along with this abomination. How can they be trusted not to lose their heads when the next Kabuki outrage comes along? How can they be counted on to resist
the next confiscatory scheme down the road — say, this one? …”

http://michellemalkin.com/2009/03/24/the-senate-shows-a-little-sense-confiscatory-republicans-show-no-shame/

 

Related Posts On Pronk Palisades

Creature from Jekyll Island: The Federal Reserve System–Videos

Obama’s Marxist Magic Mess–Big Bad Bonuses–Radical Socialist Sleight of Hand

One Big Awful Mistake America (OBAMA): Veterans Will Now Lead The Fight To Defeat Radical Socialism!

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

Radical Welfare Socialism Assaults Free Enterprise Capitalism–The “Silent” Majority Responds!

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution 

President Obama Is Driving The American People Down The Highway to Socialism and Serfdom–Stop The Bus!

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Pattern Recognition: The Template Is Hitler’s Rise To Power Using National Socialism

Censorship Commissar for AM and Internet Talk Radio–Henry Waxman–The Face of Progressive Liberal Fascism!

President Obama’s–Recovery Accountability and Transparency Board–RAT Board–King Rat’s Chicago Corruption–The Fix is In The Stimulus Bill!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

 

 

Read Full Post | Make a Comment ( 2 so far )

Mark-To-Market Accounting Rules Driving Banks To Bailouts–Change The Rules–Fed Chair Bernanke Explains!–Videos

Posted on March 23, 2009. Filed under: Blogroll, Economics, Investments, Regulations, Video | Tags: , , , , , , , , , , , , |

Peter Schiff Vlog Report 02 Apr 2009

FASB Relaxes Mark-to-Market Rules

 

CNBC’s Mark Haines On Job Loss & Mark-To-Market (HQ)

 

Dissenting View on FASB Mark to Market

 

Today in Washington – Mark-to-Market Hearing – Bloomberg

 

Future of Banking: Credit Crunch, Marking to Market impact. Sub-Prime Crisis – What next after global market chaos and share price collapse? Suspension of Mark to Market Rule.

 

 

Kudlow-McTeer on Mark-to-Market 

 

Mark-to-Market Acounting – Steve Forbes

 

Newt Ginrich: How to dramatically improve the Market Crisis.

 

Bailout Fraud EXPOSED!! Legalizing Book Cooking!!

 

FASB Eases Mark-to-Market Rules

By KARA SCANNELL

“…U.S. accounting rule makers made it easier for banks to limit losses, but in an unexpected move they bowed to critics and backtracked on one proposal that would have let companies ignore market prices in some cases.

The vote by the Financial Accounting Standards Board followed a debate in which members of Congress pushed for steps to help banks weighed down by troubled assets, while some investor groups warned that the plans would allow executives to cover up losses. The rules change spurred Thursday’s stock-market rally.

For the most part, the board ratified proposals it had put out for comment two weeks earlier, including changes that would lessen the need for banks to take an earnings hit when assets run into trouble. Financial stocks led the market up in the morning on the expectation that the rules would be approved, but faded and ended roughly on a par with the broader market. …” 

http://online.wsj.com/article/SB123867739560682309.html

 Everybody favors a mark-to-market accounting rule when there is an active market for a security or investment.

The problem with the  mark-to-market accounting standard is there are times when there is not an active market or even no market for a security or investment for a period of time.

How do you value a security or investment when this is the case?

How does  a bank or financial institution mark-to-market when an active market does not exist and there are only a few or no buyers for a security?

I favor changing the accounting rules or standards regarding the mark-to market rule to-reflect that there is actually no market for some assets when you are in a financial crisis.

When there is no market for a security or asset in your investment portfolio, a bank may be forced to raise capital to reflect the fact that one or more assets on their balance sheet has fallen significantly in value when it tries to apply the mark-to-market rule.

When a bank plans to hold an investment to maturity, then it makes no sense to force a bank to mark-to-market an asset that the bank does not intend to sell at liquidation prices or fire-sale prices.

Rumors are flying that the Treasury and the Federal Reserve in conjunction with the Financial Accounting Standards Board will stop forcing companies to mark-to-market those investments they intend to hold to maturity and are/or are receiving a money or income stream from.

Nine minutes into the video below Fed Chairman Ben Bernake speaks to the issue and gives some hints
as to what is going on:

Bernanke Speaks on Economy (Part 2) – Bloomberg

 

Fair Value Accounting: Hero or Villain?

Bernanke 2: Capitalism broadly construed has been enormous success, Mark-To-Market

 

Alfred M. King, Vice Chairman, Marshall & Stevens, Inc

 

Responding to pressure applied by lawmakers on Capitol Hill, the Financial Accounting Standards Board on Thursday voted unanimously to give auditors more flexibility in valuing illiquid mortgage assets that may have long-term value.

The new guidance, which is expected to boost bank operating profits when they report first quarter results later this month, alters so called mark-to-market rules, which have required banks and other corporations to assign a value to an asset, such as mortgage securities, credit-card debt or student-loan investments, based on the current market price for either the security or a similar asset.
Banks have complained that they have viable assets with strong cash flows that can’t be sold because there is no market for them.
Seeking to resolve this situation, FASB’s new guidance allows banks and their auditors to use “significant judgment” when valuing the illiquid assets such as mortgage securities.  …”

http://www.marketwatch.com/news/story/FASB-approves-more-mark-market/story.aspx?guid=%7B33F70684-4207-4EDD-B7C3-1B82B7A7F6B6%7D

Fmarket flexibility ASB approves more mark-to-Panel passes measure unanimously; measure could boost bank profit

By Ronald D. Orol, MarketWatch
“…Responding to pressure applied by lawmakers on Capitol Hill, the Financial Accounting Standards Board on Thursday voted unanimously to give auditors more flexibility in valuing illiquid mortgage assets that may have long-term value.

The new guidance, which is expected to boost bank operating profits when they report first quarter results later this month, alters so called mark-to-market rules, which have required banks and other corporations to assign a value to an asset, such as mortgage securities, credit-card debt or student-loan investments, based on the current market price for either the security or a similar asset.
Banks have complained that they have viable assets with strong cash flows that can’t be sold because there is no market for them.
Seeking to resolve this situation, FASB’s new guidance allows banks and their auditors to use “significant judgment” when valuing the illiquid assets such as mortgage securities. …”
 

Mark to market

Robert Herz, chairman of the Financial Accounting Standards Board (FASB), noted that he has been a long-time advocate of mark-to-market, or fair value, accounting, but that the approach works a lot better with markets that give off strong and clear price signals. …”

 

Mark-to-Market Debate: The Banking System

 

Mark-to-Market Debate: Bank write-down

 

Brian Westbury on “Mark to Market”

 

Special Report Mark To Market

http://www.youtube.com/watch?v=GL5s1Q7OxlY

 

Mark-to-Market Accounting

Warren Buffet on Mark-to-Market

 

Why did the political elites wait so long to address this issue?

This should have been done in September 2008 if not much earlier.

A recessions was needed to guarantee the election of candidate Obama.

Economists should not be intimated by accountants.

Presidents should not be intimated by either economists or accountants.

Get on with it people and show some leadership.

Delay is hurting tens of millions of people around the world that are currently unemployed.

Stop all the nonsense about bonuses for AIG people.

Congress and the President are looking more and more like dilitents and incompetents.

A worldwide recessions largely caused by an accounting rule.

Unbelievable! 

 

Background Articles and Videos

FASB Eases Mark-to-Market Rules

Bernanke Speaks on Economy (Part 1) – Bloomberg

US FASB says to discuss mark-to-market Monday

 

FASB/ (UPDATE 1):UPDATE 1-US FASB says to discuss mark-to-market Monday

“…The Financial Accounting Standards Board, which sets U.S. accounting rules, will discuss mark-to-market accounting guidance at its board meeting Monday, according to its website.

The board says it will discuss “additional application guidance” that would clarify how mark to market is used in illiquid markets, according to the website.

U.S. lawmakers told FASB Chairman Robert Herz on Thursday to deliver new guidance on mark-to-market accounting within three weeks, or face legislation changing the rule that has forced banks to write down billions of dollars in assets. …”

http://www.forbes.com/feeds/reuters/2009/03/13/2009-03-13T224940Z_01_N13459943_RTRIDST_0_FASB-UPDATE-1.html

Ed Yingling on CNBC

 

FASB to discuss mark-to-market accounting rule changes on Monday

March 14, 2009 by Bank REO

“…U.S. lawmakers told FASB Chairman Robert Herz on Thursday to deliver new guidance on mark-to-market accounting within three weeks, or face legislation changing the rule that has forced banks to write down billions of dollars in assets.

The rules, also known as fair value accounting, were aimed at giving investors an accurate view of financial companies’ books, but some banks and investors have blamed the rules for accelerating the financial crisis.

The board also said it will discuss “how best to present” other-than-temporary impairments, which affect how companies write down assets that have suddenly declined in value.

The American Bankers Association has urged FASB and U.S. regulators to look at clarifying impairment rules.

The U.S. Securities and Exchange Commission and FASB oppose suspension or elimination of the rule, saying that such a move would hurt the quality and transparency of financial reporting and further diminish investor confidence in the capital markets.

Last year, the SEC and FASB released guidance saying the financial industry did not need to mark down values of hard-to-value assets to fire-sale prices, saying the “fair value” of these assets should reflect orderly transactions.

However, in the past few months, FASB has been criticized for the “pro-cyclical” effects of mark-to-market accounting, which some claim led to a downward spiral where bank assets valued at market prices had to be written down, causing markets to freeze up and leading to more write-downs.

FASB had said last month that it had started two projects to further improve fair value accounting in illiquid markets and that it hoped to complete the work by the end of the second quarter. FASB also said it has plans to work with the London-based International Accounting Standards Board on a broad review of impairment rules. …”

 

“…CPA’s continued to struggle with asset valuation. What is fair? What is conservative? Enter Enron. Inside accountants at Enron recognized correctly that valuing assets at cost was often invalid, so they started playing fast and loose with asset values, using something called mark-to-model. A sharp CPA could design a believable computer model that could make the value come out wherever his boss wanted it to be. He could also convince outside auditors and regulators of the soundness of his model.  Embarrassed that they had been caught looking the other way, FASB (Financial Accounting Standards Board) passed rule 157 that requires assets to be marked to market. Asset valuation based on the optimism of its owner was replaced with the skepticism of a risk-averse buyer. Sounds nice and conservative.

 

Enter the law of unintended consequences.

 

Suspending the mark-to-market rule would allow banks and accountants to revalue their assets based on more sound criteria than the euphoria or panic that pervades the floor of the New York Stock Exchange minute-by-minute. Sub-prime mortgages will likely have much higher values if considered in a longer-term perspective — such as hold-to-maturity. I believe that the vast majority of mortgages will perform in the long term.

 

Presto. Up goes assets; up goes capital; banks can make loans again. Cash infusions may still be required, but this will buy us enough time to seriously examine what steps need to be taken to get runaways like Fannie and Freddie under control, how to renegotiate rates with distressed borrowers who really can handle a mortgage, and how to keep this from happening again. Can this be done? If we can approve 700 billion, surely we can do this and keep our money.”

http://www.bankreorealestate.com/policy-news/fasb-to-discuss-mark-to-market-accounting-rule-changes-on-monday.html

 

The Trillion-Dollar Question: Are the Bookkeepers At It Again?

By Jim H. Ainsworth

 “…Why should America attempt an expensive, controversial, and possibly ineffective bailout strategy for the current financial crisis when a virtually costless and simpler change could solve much of the problem?

We accountants don’t like publicity. Fortunately, we don’t get much. Most of the public remembers Enron, but fewer remember Arthur-Andersen, the big accounting firm that went down with them. Questionable accounting was a big part of the reason for Enron’s failure. I think accountants may be behind the scenes again in the current financial crisis. Are there any of us bean counters in those meetings? If there are, my bet is that they are sitting on their hands and keeping their mouths shut even though they might know about a much better (and cheaper) solution. Accountants, after all, don’t talk much; and they don’t like to admit errors.

 

Pouring 700 billion of our money into failing financial institutions seems akin to throwing spaghetti against the wall. Keep throwing until something sticks. They tell us that credit will dry up if we don’t inject cash. No credit would be disastrous for the economy, but they have not explained well enough why the banks have failed so suddenly and drastically that emergency room surgery is required. Knowing why would help us poor taxpayers feel better about how the problem should be solved. Ever wonder how many other bank failures are out there waiting behind the curtain to take their bows? Are we going to throw even more money at them too?

 

Should we consider a solution that requires no money, or at least a lot less? Here’s one. Have the SEC suspend the accounting rule called mark-to-market. By a relatively simple accounting adjustment, troubled banks’ assets and capital could be increased and credit kept available. Accounting purists, cover your ears. Eyes glaze and minds wander when I say balance sheet, so let’s use the acronym BS, a more appropriate description. BS’s have two sides: assets on the left, liabilities and capital on the right. Banks are required to maintain certain levels of capital (the difference between assets and liabilities) in order to make loans. When assets shrink, capital shrinks. When the ratio of capital to assets drops to a certain level, (think ten-to-one), banks are not allowed to make loans. And if it drops too low, they can be classified as insolvent. This can happen overnight, and it did.

http://www.americanthinker.com/2008/09/the_trilliondollar_question_ar.html 

Mark-to-market accounting

“Mark-to-market or fair value accounting refers to the accounting standards of assigning a value to a position held in a financial instrument based on the current fair market price for the instrument or similar instruments. Fair value accounting has been a part of US Generally Accepted Accounting Principles (GAAP) since the early 1990s. The use of fair value measurements has increased steadily over the past decade, primarily in response to investor demand for relevant and timely financial statements that will aid in making better informed decisions. …”

History and development

The practice of mark to market as an accounting device first developed among traders on futures exchanges in the 20th century. It was not until the 1980s that the practice spread to big banks and corporations far from the traditional exchange trading pits, and beginning in the 1990s, mark-to-market accounting began to give rise to scandals.

To understand the original practice, consider that a futures trader, when taking a position, deposits money with the exchange, called a “margin”. This is intended to protect the exchange against loss. At the end of every trading day, the contract is marked to its present market value. If the trader is on the winning side of a deal, his contract has increased in value that day, and the exchange pays this profit into his account. On the other hand, if the market price of his contract has declined, the exchange charges his account that holds the deposited margin. If the balance of this accounts falls below the deposit required to maintain the position, the trader must immediately pay additional margin into the account to maintain his position. As an example, the Chicago Mercantile Exchange, taking the process one step further, marks positions to market twice a day, at 10:00 am and 2:00 pm.[1]

Over-the-counter (OTC) derivatives on the other hand are formula-based financial contracts between buyers and sellers, and are not traded on exchanges, so their market prices are not established by any active, regulated market trading. Market values are, therefore, not objectively determined or readily available (purchasers of derivative contracts are customarily furnished computer programs which compute market values based upon data input from the active markets and the provided formulae). During their early development, OTC derivatives such as interest rate swaps were not marked to market frequently. Deals were monitored on a quarterly or annual basis, when gains or losses would be acknowledged or payments exchanged.

As the practice of marking to market caught on in corporations and banks, some of them seem to have discovered that this was a tempting way to commit accounting fraud, especially when the market price could not be objectively determined (because there was no real day-to-day market available or the asset value was derived from other traded commodities, such as crude oil futures), so assets were being ‘marked to model’ in a hypothetical or synthetic manner using estimated valuations derived from financial modeling, and sometimes marked in a manipulative way to achieve spurious valuations. See Enron and the Enron scandal.

Internal Revenue Code Section 475 contains the mark to market accounting method rule for taxation. Section 475 provides that qualified securities dealers that elect mark to market treatment shall recognize gain or loss as if the property were sold for its fair market value on the last business day of the year, and any gain or loss shall be taken into account in that year. The section also provides that dealers in commodities can elect mark to market treatment for any commodity (or their derivatives) which is actively traded (i.e., for which there is an established financial market that provides a reasonable basis to determine fair market value by disseminating price quotes from broker/dealers or actual prices from recent transactions). …”

http://en.wikipedia.org/wiki/Mark-to-market

 

FASB Chairman Robert H. Herz Testifies on Mark-to-Market Accounting

“…Addressing misconceptions that mark to market is a broadly applied rule, Herz explained that so called “mark to market” accounting generally only applies to trading accounts and derivatives that don’t qualify as hedges. Additionally, Herz clarified that the use of fair value for measurement depends on both the nature of a financial asset and its intended use by an institution. Herz added that current financial reporting in the U.S. and elsewhere across the world included the use of both fair value and historical cost.

In response to the current challenging market conditions and feedback from a wide array of investors and constituents—including the SEC—the FASB recently announced projects intended to improve the application guidance used to determine fair values as well as improving disclosures in financial reports. (http://www.fasb.org/news/nr021809.shtml). Earlier in the crisis, the FASB and SEC jointly issued new guidance on the application of fair value in illiquid markets. (http://www.fasb.org/news/2008-FairValue.pdf).

“The fact that fair value measures have been difficult to determine for some illiquid instruments is not a cause of current problems but rather a symptom of the many problems that have contributed to the global crisis—including lax and fraudulent lending, excess leverage, the creation of complex and risky investments through securitization and derivatives, the global distribution of such investments across rapidly growing unregulated and opaque markets lacking a proper infrastructure for clearing mechanisms and price discovery, faulty ratings, and the absence of appropriate risk management and valuation processes at many financial institutions,” Herz said.

http://www.fasb.org/news/nr031209.shtml

 

Mark-to-Market: The Bogeyman of the 1930s Is Back

By Mark Sunshine

“I wonder how many people realize that FDR got rid of mark-to-market accounting in 1938 after it virtually destroyed the banking sector. According to Brian Wesbury and Robert Stein, mark-to-market accounting was the law of the land for most of the Great Depression until it was outlawed by FDR in 1938. Wesbury and Stein report that the rationale for mark-to-market accounting in the 1930s seems similar to today’s argument for the rule: the need for greater price transparency based upon the efficient markets hypothesis in the banking sector.

FDR rejected the arguments of the efficient markets crowd because he thought that mark-to-market accounting contributed to the Great Depression. For approximately 70 years after FDR’s decision, banks operated without mark-to-market accounting and the economy didn’t have the threat of another depression. Years later Milton Friedman wrote that mark-to-market accounting was responsible for the avoidable failure of many banks in the 1930s. Maybe it is just coincidence, but immediately after mark-to-market accounting was restored in 2007 the banking sector started into a death spiral. Unfortunately, even though history seems to be repeating itself, few people are trying to learn from the past. Even so, today’s Congressional hearings on mark-to-market accounting are hopefully the first step towards stopping this terrible man-made economic disaster. …”

 http://seekingalpha.com/article/125914-mark-to-market-the-bogeyman-of-the-1930s-is-back

 

Gibbs on Geithner: “Uhhhh….uhhhh…uhhh”

By Michelle Malkin  

Mark-to-Market Rules – Worsening the Credit Crisis?

“Despite the fact that the majority of MBS owned by banks are not in default, the fair market value for them is very low.  Why?  The market is illiquid, no one is buying them.  The spread between the bid and the ask is too large—and mark-to-market values assets based on the bid.

Normally, it would be fair for banks to value securities at the price they are fetching on the open market.  But these aren’t normal times, and most Banks argue that the value of the securities they are holding is actually much higher than their current market value.  Meanwhile, the value of bank balance sheets are plummeting—forcing them to write-down losses and seek outside funds to maintain required capital ratios. European regulators suspended mark-to-market accounting in early October, 2008.

Proponents of mark-to-market accounting argue that the rule helps prevent banks from understating the gravity of their situations.  Investors and creditors have the right to know the true value of publicly-traded companies.  Says Dane Mott, Analyst with JPMorgan Chase:  “Blaming fair-value accounting for the credit crisis is a lot like going to a doctor for a diagnosis and then blaming him for telling you that you are sick.”

This is a great analogy, but to what extent should you believe the doctor?  In the current situation it could be said that using mark-to-market accounting on mortgage backed securities is like the doctor telling you that you have brain cancer when in fact you are just suffering from stress-related headaches. I am keen to hear your views! …”

 

http://michellemalkin.com/2009/03/20/gibbs-on-geithner-uhhhhuhhhhuhhh/

 

The David Copperfield School of Economic Recovery

By Michelle Malkin  

“…The Federal Reserve performed another empty magic trick yesterday to the tune of $1 trillion.

While the Kabuki Theater of AIG outrage played out in Washington, the Fed was pulling its David Copperfield School of Economic Recovery routine. They’ll be printing up a trillion buck and “pumping it into the U.S. economy”…by buying up bonds and mortgage securities…sold and backed by the government. Voila:

The Federal Reserve sharply stepped up its efforts to bolster the economy on Wednesday, announcing that it would pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities.

Having already reduced the key interest rate it controls nearly to zero, the central bank has increasingly turned to alternatives like buying securities as a way of getting more dollars into the economy, a tactic that amounts to creating vast new sums of money out of thin air. But the moves on Wednesday were its biggest yet, almost doubling all of the Fed’s measures in the last year.

The action makes the Fed a buyer of long-term government bonds rather than the short-term debt that it typically buys and sells to help control the money supply.

The illusion melts: …”

http://michellemalkin.com/2009/03/19/the-david-copperfield-school-of-economic-recovery/

The David Copperfield School of Economic Recovery, Pt. II

By Michelle Malkin  

Now what?

Last week, the Obama administration brought us a $1 trillion Federal Reserve magic trick hatched by the David Copperfield School of Economic Recovery — printing up a trillion bucks and “pumping it into the U.S. economy”…by buying up bonds and mortgage securities…sold and backed by the government.

Today, hapless, truth-challenged tax cheat Treasury Secretary Tim Geithner officially unveils another $1 trillion magic trick. Instead of letting failed banks fail, we’ll have another desperately massive and massively desperate attempt to prop them up through a “public private partnership investment program.” Eager to get the still-unfolding Bonus-gate behind them (see “Geithner Aides Worked With AIG for Months on Bonuses” and “AIG paid over $218 million in bonus payments”), Team Obama leaked details of the plan over the weekend. World stock markets were up this morning, full of audaciously blind hope.

Geithner ’s WSJ op-ed this morning lays out some of the details he failed to deliver when he first unveiled his non-plan plan a month ago: …”

http://michellemalkin.com/2009/03/23/the-david-copperfield-school-of-economic-recovery-pt-ii/

 

Mark-to-Market Debate: Mark to Market Accounting Definitions

 

Mark-to-Market Debate: Difference between Mark to Market accounting and Fair Value Accounting

 

Mark-to-Market Debate: Fair Value Defined

 

Mark-to-Market Debate: Volatile Markets

 

Mark-to-Market Debate: Models in Accounting

 

Mark-to-Market Debate: What is OTTI?

 

Mark-to-Market Debate: Better than Mark-to-Market?

 

 

ENRON Created Mark To Market Book Cooking!

 

Mark to market

 

Related Posts On Pronk Palisades

Geithner’s Government Gamble–Vampire Vulture Ventures–Heads The Vermin Win–Tails The American People Lose!

Creature from Jekyll Island: The Federal Reserve System–Videos

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

Read Full Post | Make a Comment ( 4 so far )

Obama’s Marxist Magic Mess–Big Bad Bonuses–Radical Socialist Sleight of Hand

Posted on March 19, 2009. Filed under: Blogroll, Economics, Employment, Investments, Links, Music, Politics, Quotations, Rants, Raves, Regulations, Taxes, Technology, Video | Tags: , , , , , , |

“Interventionism cannot be considered as an economic system destined to stay. It is a method for the transformation of capitalism into socialism by a series of successive steps.”

“The essence of the interventionist policy is to take from one group to give to another. It is confiscation and distribution.”

“An essential point in the social philosophy of interventionism is the existence of an inexhaustible fund which can be squeezed forever. The whole system of interventionism collapses when this fountain is drained off: The Santa Claus principle liquidates itself.”

 

 

~Ludwig von Mises

Why Are Dems Outraged Over AIG Bonuses When They Benefit Too?

 

ABC Panel Discusses AIG Bonuses

 

Glenn Beck – “Congress Using AIG as a Distraction”

 

Glenn Beck on the AIG Government Scam

 

Jim Rogers: Let AIG Go Bankrupt or USA Finished

 

Jim Rogers : Must Let Banks Fail

 

CNBC’s Rick Santelli on AIG Bonuses “No Big Deal”

 

Penn and Teller Explain Sleight of Hand

 

Both President Obama and the Democrats in the House and Senate are going on and on about all those big bad bonuses totaling $165 million that AIG gave its employess.

 

 

The Democratic Party’s radical socialists wanted the bailouts in the first place so they could nationalize or socialize the banking industry that is in financial crisis or trouble over their investments in mortage backed securities and related derivative securities.

I was and remain opposed to any government intervention into the financial markets by providing capital in the form of a loan to prevent a business going into bankruptcy or liquidation.

The bonuses are a contract between the company, AIG, and its employees.

If there had been no bailout of AIG, AIG would be in bankruptcy or liquidation and the the employees’ contracts would have been set aside.

Once the Federal Government bailedout AIG and the funds were now available for bonsues–the contracts were honored and paid.

The Democrats led by Senator Dodd actually put language in the bill that permitted the payment of bonuses by AIG!

 

Sen. Christopher Dodd says he was responsible for the AGI bonus loophole

 

Carl Cameron Reports Sen. Chris Dodd saved AIG Bonuses

 

liberal Hypocrisy- chris dodd The Liar On AIG Bonuses

 
 

Then the Democrats rushed the bills through Congress without even reading their own words!

Congress should be forced to return their own paychecks for not doing their own jobs.

The arrogant and clueless Democrats wanted the bailouts for their friends and campaign contributors on Wall Street.

Obama Fundraising

 

Obama Ranks Second In Freddie/Fannie Contributions

AIG executives who received the bonuses also gave Senator Dodd campaign contributions totaling over $100,000.

“…Dodd’s state of Connecticut is home to a large division of AIG, which has given the former Democratic presidential candidate more money than to any other lawmaker. Dodd received more than $101,000 in campaign donations from AIG employees in 2008 and $223,000 since 2003, according to OpenSecrets.org. …”

http://www.sfexaminer.com/local/Dodd-silent-on-language-in-stimulus-that-allows-AIG-bonuses_03_18-41404342.html

 

Blame the Democrats for this mess and its continuation.

Bailouts beget more bailouts.

Government intervention leads to more government intervention.

Ban Bailouts.

No amount of hand waving and feigned outrage over $165 million in bonuses will distract the American people from the reality that the Democrats want anywhere from $3 trillion ($3,000,000,000,000) to $4 trillion ($4,000,000,000) for the Federal Government to purchase so-called “troubled-asset” or invest additional money in failing companies.

Forget about the bonuses, focus on who AIG in turn sent to the bailout money to meet AIG’s contracts with them and the amounts:

  • Goldman Sachs:                                         $   12,900,000,000 or $12.9 billion
  • Merril Lynch:                                             $    6,800,000,000 or $6.8 billion
  • Bank of America:                                        $    5,200,000,000 or $5,2 billion
  • Citi Group:                                                $    2,300,000,000 or $2.3 billion
  •  Wachovia                                                $    1,500,000,000 or $ 1.5 billion
  • Société Générale of France            nearly  $   12,000,000,000 or $12 billion
  • Deutsche Bank of Germany            nearly  $   12,000,000,000 or $12 billion
  • Barclays of Britain                                   $     8,500,000,000 or $8.5 billion
  • UBS of Switzerland                                  $     5,000,000,000 or $5 billion

The reason AIG was “too big to fail” is that if it were not bailouted, many other financial institutions in the United States and abroad would also be signficantly impacted.

Why is United States bailingout foreign banks, the American people would like to know?

Did executives of Goldman Sachs, Merril Lynch, Bank of America, Citi Group, Wachovia, and AIG make signigicant campaign contributions to the Democratic Party and its candidates including Senator Dodd and President Obama?

You bet they did!

Who was responsible for the irresponsible mortage loans in the first place?

The Democratic Party including the Congressional Black Causus and the Congressional Progressive Causus!

 

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

 

 

Obama & the Congressional Black Caucus are responsible for the financial melt-down

 

The very people that are now complaining  about $166 million in bonuses  paid by AIG to their employees are also the very same people that bear a large share of the blame for causing the financial crisis in real estate mortage loans and related securites!

Keep your eyes on ball and not the the radical socialist sleight of hand.

Forget about the bonuses.

Stop all the bailouts now.

Boycott any company or bank that accepts bailout money. 

Cut Senator and Congress pay in half for financial incompetence.

Better yet fire the greedy, arrogant, stupid bastards!

 LOL

It’s not AIG. It’s the GOV…

A Special Message from Barack Obama’s Teleprompter

 

Incompetent obama’s Teleprompter Crutch- The one Seeks Dialogue With taliban


 

Tarp Song “I Want Some Tarp” by Bill Zucker ” Stimulus and tarp 2 song

 
 

Bailout Figures

Current Bailout Amount: $11,623,630,000,000

“…TARP and the bailouts of Bear Stearns and Citigroup are just the tip of the iceberg. So far, our government committed more than $11.6 TRILLION to funding failed companies (that’s over $60,000 per family in America!), and has spent $3.8 trillion of that in just a few months. (Mouse over the circles below to see the details.)
Yeah, it’s really that bad.

What’s worse? It’s not making a difference. The line for bailouts is growing, and includes the telecom industry, airlines, as well as city and state governments.
We’ve got to do something.

Obama talks a tough game about bailouts, but his own stimulus package and his bank bailout proposal hand BILLIONS more of our dollars to failed companies. …”the gent to DO WHAT’S RIGHT: Stop the bailouts!

http://www.right.org/bailout/main

 

Right.org: Bailout Prize Patrol


 

The American people are oganizing Tea Parties across the United States to protest the One Big Awful Mistake America (OBAMA)!

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution  

 

Huge amounts of AIG bailout went to Goldman Sachs

“Goldman Sachs (GS) seems to do everything right, even in the midst of disaster. It turns out AIG (AIG) paid it large sums of money from funds provided by the government.

According to The Wall Street Journal, Goldman got about $6 billion in the last four months of 2008. “The government’s rescue of AIG helped prevent its counterparties from incurring immediate losses on mortgage-backed securities and other assets they had insured through AIG,” the paper writes

Is it right that Goldman got the money? Almost certainly “yes”

The main reason the the government bailed out AIG was that it did not want to see dozens of financial firms that did business with the large insurer take billions of dollars in losses.

That might have put the global financial system in some jeopardy. Goldman had paid AIG to insure and hedge some of its positions. If AIG collapsed, Goldman and many other firms could have been driven to take write-offs and probably seek new capital. …”

http://www.dailyfinance.com/2009/03/07/huge-amounts-of-aig-bailout-went-to-goldman-sachs/

 

A.I.G. Lists Banks It Paid With U.S. Bailout Funds

A.I.G. also named the 20 largest states, starting with California, that stood to lose billions last fall because A.I.G. was holding money they had raised with bond sales.

In total, A.I.G. named nearly 80 companies and municipalities that benefited most from the Fed rescue, though many more that received smaller payments were left out.

The list, long sought by lawmakers, was released a day after the disclosure that A.I.G. was paying out hundreds of millions of dollars in bonuses to executives at the A.I.G. division where the company’s crisis originated. That drew anger from Democratic and Republican lawmakers alike on Sunday and left the Obama administration scrambling to distance itself from A.I.G. …”

http://www.nytimes.com/2009/03/16/business/16rescue.html

 

 

The Kabuki Theater of AIG Outrage

By Michelle Malkin

“…My syndicated column today looks at the award-winning performances of Washington hypocrites outraged by the AIG entitlement beast they nurtured through four massive bailout infusions. For added comic relief, be sure to read through the entire transcript of Robert Gibbs’ press briefing yesterday. (It’s been sanitized. Just add 25 “ums” during every exchange on AIG and you will ensure accuracy.) This morning, AIG president Edward Liddy will take the hot-seat during a congressional hearing so that his enablers can wag their fingers at him while letting themselves off the hook again. One observer expects “outright talk of nationalization.” The House Financial Services subcommittee hearing begins at 10am Eastern.

As that flogging ritual takes place, hark! Tiny Tim Geithner hears the distant sounds of yonder bus wheels thumping.

On with the show… …”

http://michellemalkin.com/2009/03/18/the-kabuki-theater-of-aig-outrage/

 

Chris Dodd confesses: Yes, I slipped in the AIG bonus protection…’cuz Treasury made me

By Michelle Malkin  

Fall, fall on your sword, ye Purveyor of Hypocritical Indignation.

Via CNN, unscrupulous borrower and No. 1 AIG benefactor Chris Dodd admits that yes, yes, he did support AIG bonus protections before he was against them: …”

http://michellemalkin.com/2009/03/18/chris-dodd-confesses-yes-i-slipped-in-the-aig-bonus-protection/

 

How AIG — read: you and I — are bailing out the world

By Michelle Malkin  

“…Bob Owens keeps his eye on the ball and breaks it down:

Barack Obama’s lack of leadership in a down economy has now hit crisis proportions, as his claimed inability to block millions of dollars in bonuses for executives of bailout recipient AIG has caused even his supporters to turn on him.

But while the ire of Congress and the media focus are on the $165 million that AIG paid out in bonuses to their executives, the president is hoping you won’t notice the $100 billion in taxpayer bailout dollars that AIG paid out to other banks, including $58 billion to foreign banks and $36 billion given to French and German banks alone.

The Obama administration is allowing AIG to bail out the rest of the world with your tax dollars.

So by all means, the president is happy to have you railing at “evil” but relatively small potatoes AIG executive bonuses, as it points your outrage away from his own far more costly executive abuses.

And of course, the re-distributor-in-chief hopes you won’t notice where much of the rest of the AIG bailout cash is being spent.

While $58 billion of your tax dollars — or more accurately, your children’s tax dollars — are being used to pay foreign banks, a substantial portion of that money ($43.5 billion) is being used to pay American banks, including Goldman Sachs, Merill Lynch, Bank of America, Citigroup, Wachovia, Morgan Stanley, AIG International, and JP Morgan. …”

http://michellemalkin.com/2009/03/17/how-aig-read-you-and-i-are-bailing-out-the-world/ 

 

Troubled Asset Relief Program

“…TARP” redirects here. For other uses, see Tarp.

The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions in order to strengthen its financial sector. It is the largest component of the government’s measures in 2008 to address the subprime mortgage crisis.

TARP allows the United States Department of the Treasury to purchase or insure up to $700 billion of “troubled” assets. “Troubled assets” are defined as “(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.” [1]

In short, this allows the Treasury to purchase nonliquid, difficult-to-value assets from banks and other financial institutions. The targeted assets can be collateralized debt obligations, which were sold in a booming market until 2007 when they were hit by widespread foreclosures on the underlying loans. TARP is intended to improve the liquidity of these assets by purchasing them using secondary market mechanisms, thus allowing participating institutions to stabilize their balance sheets and avoid further losses.

TARP does not allow banks to recoup losses already incurred on troubled assets, but officials hope that once trading of these assets resumes, their prices will stabilize and ultimately increase in value, resulting in gains to both participating banks and the Treasury itself. The concept of future gains from troubled assets comes from opinion in the financial industry that these assets are oversold, as only a small percentage of all mortgages are in default, while the relative fall in prices represents losses from a much higher default rate.

The Act requires financial institutions selling assets to TARP to issue equity warrants (a type of security that entitles its holder to purchase shares in the company issuing the security for a specific price), or equity or senior debt securities (for non-publicly listed companies) to the Treasury. In the case of warrants, the Treasury will only receive warrants for non-voting shares, or will agree not to vote the stock. This measure is designed to protect taxpayers by giving the Treasury the possibility of profiting through its new ownership stakes in these institutions. Ideally, if the financial institutions benefit from government assistance and recover their former strength, the government will also be able to profit from their recovery.[2]

Another important goal of TARP is to encourage banks to resume lending again at levels seen before the crisis, both to each other and to consumers and businesses. If TARP can stabilize bank capital ratios, it should theoretically allow them to increase lending instead of hoarding cash to cushion against future, unforeseen losses from troubled assets. Increased lending equates to ‘loosening’ of credit, which the government hopes will restore order to the financial markets and improve investor confidence in financial institutions and the markets. As banks gain increased lending confidence, the interbank lending interest rates (the rates at which the banks lend to each other on a short term basis) should decrease, further facilitating lending.[2]

The TARP will operate as a “revolving purchase facility.” The Treasury will have a set spending limit, $250 billion at the start of the program, with which it will purchase the assets and then either sell them or hold the assets and collect the ‘coupons’. The money received from sales and coupons will go back into the pool, facilitating the purchase of more assets. The initial $250 billion can be increased to $350 billion upon the President’s certification to Congress that such an increase is necessary.[3] The remaining $350 billion may be released to the Treasury upon a written report to Congress from the Treasury with details of its plan for the money. Congress then has 15 days to vote to disapprove the increase before the money will be automatically released.[2]. The first $350 billion was released on October 3, 2008, and Congress voted to approve the release of the second $350 billion on January 15, 2009. One way that TARP money is being spend is to support the “Making Homes Affordable” plan that is being implemented as of March 4, 2009, using TARP money by the Department of Treasury. Because “at risk” mortgages are defined as “troubled assets” under TARP, the Treasury has the power to implement the “Making Homes Affordable” plan. Generally, the Plan will provide refinancing for mortgages held by Fannie Mae or Freddie Mac. Privately held mortgages will be eligible for other incentives, including a favorable loan modification for five years.[4]

The authority of the United States Department of the Treasury to establish and manage TARP under a newly created Office of Financial Stability became law October 3, 2008, the result of an initial proposal that ultimately was passed by Congress as H.R. 1424, enacting the Emergency Economic Stabilization Act of 2008 and several other acts.[5][6]

 …”

http://en.wikipedia.org/wiki/TARP

Our Mission at AIG: Repairs, and Repayment

By Edward M. Liddy

“The government rescue of American International Group (AIG) and other financial firms has produced a palpable wave of anger on the part of Americans and a rising public demand for accountability from corporate and government leaders.

The anger is understandable, and I share it. I have been fortunate in more than three decades in business to see firsthand the wealth creation that well-managed American companies bring to their employees and their communities. I have seen the good side of capitalism. But over the past six months, since agreeing to take the reins of AIG and reviewing how it was run in prior years, I have also seen instances of the bad side of capitalism.

Mistakes were made at AIG, and on a scale that few could have imagined possible. The most egregious of those began in 1987, when the company strayed from its core insurance competencies to launch a credit-default-swaps portfolio, which eventually became subject to massive collateral calls that created a liquidity crisis for AIG. Its missteps have exacted a high price, not only for the company and its employees but for the American taxpayer, the federal government’s finances and the global economy. These missteps brought AIG to the brink of collapse and to the government for help. …”

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/17/AR2009031703019.html

 

Tim Geithner interviewed by Rose pt 1 of 6

 

Tim Geithner interviewed by Rose pt 2 of 6

 

Tim Geithner interviewed by Rose pt 3 of 6

 

Tim Geithner interviewed by Rose pt 4 of 6

 

Tim Geithner interviewed by Rose pt 5 of 6

 

Tim Geithner interviewed by Rose pt 6 of 6

 

Related Posts On Pronk Palisades

One Big Awful Mistake America (OBAMA): Veterans Will Now Lead The Fight To Defeat Radical Socialism!

Radical Welfare Socialism Assaults Free Enterprise Capitalism–The “Silent” Majority Responds!

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution 

President Obama Is Driving The American People Down The Highway to Socialism and Serfdom–Stop The Bus!

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Pattern Recognition: The Template Is Hitler’s Rise To Power Using National Socialism

Censorship Commissar for AM and Internet Talk Radio–Henry Waxman–The Face of Progressive Liberal Fascism!

President Obama’s–Recovery Accountability and Transparency Board–RAT Board–King Rat’s Chicago Corruption–The Fix is In The Stimulus Bill!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

Read Full Post | Make a Comment ( 4 so far )

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution

Posted on February 28, 2009. Filed under: Blogroll, Communications, Economics, Education, Employment, Energy, Immigration, Investments, Law, Links, People, Politics, Rants, Raves, Regulations, Resources, Security, Strategy, Taxes, Technology, Video | Tags: , , , , , , , , , , , , , , , |

UPDATE

 

Liberty Launch Countdown to The Celebration of Indpendence Day–Saturday, July 4, 2009–Ice Tea Party Time To Freeze Government Expenditures, Deficits, Debts and Taxes–Expect 30 Million Nationally in 1,000 Cities and Towns and 1 Million in Washington D.C.!

Please Help Spread The Message of Liberty

I am OFF to Washington Fair Tea Party July 4, 2009

Celebrate Passage of 6 Month Tax Holiday and FairTax!

 

“When people lack jobs, opportunity, and ownership of property they have little or no stake in their communities.”

~Jack Kemp

 

 

I.O.U.S.A.

Tea Parties are spreading nationwide  protesting the fiscally irresponsible Federal and state government spending and huge increases in Federal budget deficits and the national debt including:

  1. Bailouts of banks and businesses totalling over $3 trillion or $3,000,000,000,000.
  2. Stimulus spending totalling over  $800 billion or $800,000,000,000
  3. Mortgage loan bailouts totalling over $275 billion or $275,000,000,000
  4. Over 9,000 earmarks  or special projects spending totalling over $7.7 billion or $7,700,000,000.
  5. A new Universal Health Care proposal the would cost over $634 billion  or $634,000,000,000 over a ten year period.
  6. A new cap and trade carbon tax on energy use that would tax the use of electricity, heating oil, gasoline and in turn raise the prices of all goods and service.
  7. Higher taxes on the top 2% of all taxpayers that already pay over 50% of all Federal Income Taxes collected.
  8. The above taxes on businesses would result in more job losses, higher unemployment rates and a prolonged and deeper recession.
  9. The first proposed budget of President Obama has a projected deficit of over $1.75 trillion or $1,750,000,000 the single largest deficit since World War II.
  10. The first proposed budget of President Obama is for $3.6 trillion or $3,600,000,000,000 and represents an increase from 21% to 28% of Gross Domestic Product !

The United States is broke yet our political class keeps on spending and piling debt upon debt and digging the American people into a financial hole for generations to come:

I.O.U.S.A. Bonus Reel: A $53 Trillion Federal Financial Hole

The political elites are bankrupting the country and passing the bill to the American family.

The political elites have for years spent the Social Security surplus on more government spending, but in nine years the Social Security surpluses will become deficits requiring either a cut in Social Security benefits or significantly higher Social Security taxes:

I.O.U.S.A. Bonus Reel: Social Security+Medicare Projections

I.O.U.S.A. Bonus Reel: Deficits and Social Security

Your own families are being attacked by the political elites of both political parties.

Irresponsible Federal and State government spending and programs will only take more and more of your hard-earned money out of your wallet and give it to the political friends of the political class–the redistribution of wealth–in a word socialism.

Looks like backdoor black reparations to many and the repeal of welfare reform and class warfare straight out of Karl Marx.

The Radical Socialists think they know how to spend your money better than you do.

The Radical Socialists in Congress and the Whitehouse aim to make you dependent on the government.

The Radical Socialists want to restrict your liberties including freedom of speech and the freedom to choose life, cars, homes, schools, colleges, jobs, health care insurance plans, retirement plans, guns, and even your favorite talk-show host.

The Radical Socialists want to wreck the US economy and destroy jobs by engaging in fiscally irresponsible behaviour.

The Radical Socialists have already damaged if not ruined our schools, bankrupt Social Security and Medicare, and now threatens your and your families lives by instituting socialized medicine or universal health care.

The Radical Socialists objective is destroy America’s free enterprise capitalist system and replace it with cradle to grave welfare socialism.

These economic policies failed in the 1930s in the United States, failed in Great Britain in the 1960s and 1970s and failed in Japan in the 1990s and in Great Britain today.

The Radical Socialists will also fail in the United States today as well.

The Second American Revolution has begin.

The blog posts of the internet are firing the first posts viewed around the world.

The time has come for the American people–the silent majority–to defend their families, homes, businesses, employers, jobs, wealth,  and freedoms from the Radical Socialists.

The Radical Socialists have pulled off their masks and revealed themselves.

Massive voter remorse will set in when those who voted for the Radical Socialists become unemployed and those with paychecks find out that tax cuts were lies as their food, gasoline and electrical bills significantly increase.

Starting in 2011 rising inflation rates will further errode the purchasing power of your paychecks.

The hardest hit will be the poor and those on a fixed income.

The Radical Socialists are  intentionally destroying the economy and creating a crisis by their irresponsible government spending.

The sooner the American people start resisting the Radical Socialists, the sooner the economy will recover and  economic growth and prosperity will return to America.

The aim of Operation Family Freedom (OFF) is to meet in Washington D.C. on July 4, 2009 and assembly peacefully at various Tea Party Celebrations of Liberty with the aim to pressure Congress and the President to pass both a six-month tax holiday and the FairTax:

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

A six-month tax holiday will restore business and consumer confidence to start spending their incomes and bounce the US economy out of the recession.

The FairTax will encourage saving, investment and business formation and growth in the United States economy.

Both will mean a rapid and sustained increase in job creation and employment and a higher US gross domestic product.

Time to turn OFF all the bailouts, deficit spending, earmarks, rising taxes and a national debt that burdens future generations.

 

” The issue today is the same as it has been throughout all history, whether man shall be allowed to govern himself or be ruled by a small elite.”

~Thomas Jefferson

 

The Second American Revolution

 

The FairTax: It’s Time

 

“The only thing necessary for evil to triumph is for good men to do nothing.”

~Edmund Burke

Background Articles and Videos

 

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

 

Jim Rogers : We Don’t Have a Plan

For Tax Year 2006

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$388,806

39.89

Top 5%

$153,542

60.14

Top 10%

$108,904

70.79

Top 25%

$64,702

86.27

Top 50%

$31,987

97.01

Bottom 50%

<$31,987

2.99

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

http://www.ntu.org/main/page.php?PageID=6

The 2003 tax cut was the second in three years, and although tax rates are lower, the federal income tax still remains highly progressive. The average tax rate in 2006 ranges from 3.0 percent of income for the bottom half of tax returns to 22.8 percent for the top 1 percent.

 
Summary of Federal Individual Income Tax Data, 2006
(Updated July 2008)

Table 1

 

Number of Returns with Positive AGI

AGI ($ millions)

Income Taxes Paid ($ millions)

Group’s Share of Total AGI

Group’s Share of Income Taxes

Income Split Point

Average Tax Rate

All Taxpayers

135,719,160

$8,122,040

$1,023,739

100%

100%

12.60%

Top 1%

1,357,192

$1,791,886

$408,369

22.06%

39.89%

> $388,806

22.79%

Top 2-5%

5,428,766

$1,185,828

$207,311

14.60%

20.25%

 

17.48%

Top 5%

6,785,958

$2,977,714

$615,680

36.66%

60.14%

> $153,542

20.68%

Top 6-10%

6,785,958

$865,430

$109,060

10.66%

10.65%

 

12.60%

Top 10%

13,571,916

$3,843,144

$724,740

47.32%

70.79%

> $108,904

18.86%

Top 11-25%

20,357,874

$1,692,686

$158,413

20.84%

15.47%

 

9.36%

Top 25%

33,929,790

$5,535,830

$883,153

68.16%

86.27%

> $64,702

15.95%

Top 26-50%

33,929,790

$1,569,769

$110,023

19.33%

10.75%

 

7.01%

Top 50%

67,859,580

$7,105,599

$993,176

87.49%

97.01%

> $31,987

13.98%

Bottom 50%

67,859,580

$1,016,441

$30,563

12.51%

2.99%

< $31,987

3.01%

Source: Internal Revenue Service, http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html (“Individual Income Tax Returns with Positive Adjusted Gross Income (AGI) Returns Classified by Tax Percentile – Early Release”)

http://www.taxfoundation.org/news/show/250.htm

 

Glenn Beck Shorts 03-31-09 Tax Day Tea Parties April 15th

 

TEXAS “Tax Day” TEA PARTY Events – CAPITALIST MARCH ON WASHINGTON

 

Share it: The Tea Party Google map

By Michelle Malkin  

FreedomWorks has put together a terrific map with info on all the Tax Day Tea Party events. Spread the word and click to find all the location/time/date info you need. Go to the Tax Day Tea Party website for all the latest. Pretty amazing, don’t you think:

http://michellemalkin.com/2009/04/01/share-it-the-tea-party-google-map/

 

Tea Party update: Revolution is brewing

By Michelle Malkin  

“…Eric Odom reports that there are now 115 cities signed up for the April 15 nationwide Tax Day Tea Party protest. Wow. If you haven’t signed up, want to start your own, and are looking to meet up and organize with other tax revolters, go to Tax Day Tea Party’s website here.

Here’s a quick how-to guide.

  1. dontgo has opened up a Tax Day Tea Party store. Buy some swag, share with friends, spread the word.

Stay tuned to the Fresh Tea blog, where you can meet organizers from across the country. Check in with TCOT Report and Smart Girl Politics for more grass-roots organizing.

(On a parallel track, fellow Fox News colleague Glenn Beck has spearheaded “We Surround Them” parties scheduled across the country today. I’m hearing from lots of first-time activists who have found overlapping networks. The same principles that unite the “We Surround Them” effort also are in sync with the tax revolters. Synergy is good. We need every body and mind in motion we can get.)

In the meantime, other local Tea Party events keep rolling on.

  • Reader Stan e-mails photos from Columbia, MO’s protest today: …” 

 http://michellemalkin.com/2009/03/12/tea-party-update-revolution-is-brewing/ 

 

Tea Party progress report

By Michelle Malkin  

 

Just 15 days until the Tax Day Tea Party protest! 300 cities and counting.

Your places for all the latest planning developments, as always:

Tax Day Tea Party

TCOT Report

DontGoMovement

Smart Girl Politics

Check out the full list of TDTP sponsors and supporting organizations here.

Get some Tax Day Tea Party gear here. (Just ordered the iTeaParty t-shirt.)

And track #teaparty tweeters here.

 

http://michellemalkin.com/2009/03/30/tea-party-progress-report/

 

No duh! White House “worried about bailout backlash”

By Michelle Malkin  

“…With a few notable exceptions, the national media has ignored the tax revolt movement against the porkulus package, omni-pork spending bill, and bottomless bailouts that began in Seattle on President’s Day; continued in Denver on the day of the Generational Theft Act signing; spread to Mesa AZ during President Obama’s massive mortgage entitlement push; spurred protest in Overland Park KS; and evolved into the Tea Party movement across the country.

But local politicians and local newspapers/TV are definitely on notice. Thousands of folks converging in places like St. Louis (1,500), Greenville (2,000), Fullerton (est. 15,000), and Cincinnati (5,000) are getting harder to ignore.

And now, it seems, word is getting around in Washington. The White House, the NYTimes (which has mocked the tax revolters) tells us, is worried about a populist backlash against bailout-mania. Naw. Really? You don’t say: …”

http://michellemalkin.com/2009/03/16/no-duh-white-house-worried-about-bailout-backlash/

 

Huge: Thousands converge for Cincinnati Tea Party; Update: 5k strong

By Michelle Malkin  

“…The Cincinnati Tea Party organizers told us it was going to be big. And it was. Organizer J. Binik-Thomas e-mails this evening that 5,000 folks turned out for the protest and more than 1,600 people signed a petition to ask local governments to reject porkulus funding.

Check out photos at Instapundit, including this aerial:

What are you doing? Go to Tax Day Tea Party and get moving!

Eric Cranley live-tweeted. A sample:

A friend of mine brought his 5 year old son, holding a sign saying, “Even a 5 year old knows socialism is stealing” #teaparty
about 3 hours ago from TwitterBerry

Good sign: “Tar. Feathers. Washington. Now.” #teaparty
about 3 hours ago from TwitterBerry

“My recommendation is that people look no further than the halls of Congress to find the stench of pork” #teaparty

Unlike the Los Angeles Times, the Cincinnati Enquirer actually covered the tax revolters without trashing them: …”

http://michellemalkin.com/2009/03/15/huge-thousands-converge-for-cincinnati-tea-party/

Tea Party on: Taxpayer revolts in Green Bay, Lafayette, Olathe, and Harrisburg; Plus: Live from Fullerton CA… “Recall the Taxinator!;” Arnie videotapes/DVDs smashes/shredded

By Michelle Malkin

“…The tax-paying rebels are not going away.

In Green Bay, Wisconsin, today an estimated 500 protesters gathered for a Tea Party at Titletown Brewing. Reader David has more at Pork Revolution:

…”

http://michellemalkin.com/2009/03/07/tea-party-on-taxpayer-revolts-in-green-bay-lafayette-olathe-and-harrisburg/

Tea Party USA Watch: Party planning continues; Sen. DeMint: “People have to show that they’re not going to take it anymore”

By Michelle Malkin  •  February 25, 2009 02:32 PM

 

(Photoshop credit: Leo Alberti)

Lots of folks are only now hearing about the nationwide Tea Party events on Friday and beyond — as well as the pig roasts and anti-stimulus protests that paved the way for revolts across the country.

A reminder of the main resources for activists looking to join:

The New American Tea Party page from “a coalition of citizens and organizations concerned about the recent trend of fiscal recklessness in government…dedicated to the Washington, D.C. effort specifically sponsored by the American Spectator, the Heartland Institute, Americans for Tax Reform, the National Taxpayers Union, Americans for Prosperity, and the Young Conservatives Coalition” is here.

The #TCOT has a site here and #dontgo has a list of links to official Facebook Event (and some non-Facebook) pages for each confirmed Chicago Tea Party.

PJTV’s clearinghouse for protests is here.

On Twitter, search “#teaparty” for the most up-to-date organizational info.

Glenn Reynolds has links to protest info in Nashville, Houston, D.C., St. Louis, San Diego, Atlanta, Orlando, Kansas City, and Cleveland. Glenn also has a related poll.

http://michellemalkin.com/2009/02/25/tea-party-usa-watch-party-planning-continues/

State officials ban tea from Tea Party

By Michelle Malkin

“…Via Snapped Shot and STACLU comes news that Iowa state officials have banned the use of tea by Tea Party protesters holding an event tomorrow in Cedar Rapids.

The tea violates environmental standards because it will discolor the water:

A Cedar Rapids group will do a symbolic tea dumping into the Cedar River on Saturday because state officials won’t let them use the real thing.

An anti-tax group wanted to pitch in real tea like the Bostonian revolutionaries opposed to England’s tea taxes.

Tea, although natural and quite tasty, is considered a pollutant that can’t go into a body of water without a permit, said Mike Wade, a senior environmental specialist at the DNR’s Manchester field office.

“Discoloration is considered a violation,” Wade said.

What would our Founding Fathers say? …”

http://michellemalkin.com/2009/02/27/state-officials-ban-tea-from-tea-party/

Tea Party photo album: Fiscal responsibility is the new counterculture

By Michelle Malkin

 

“…I’ve got tons of photos and e-mails pouring in from Tea Party people across the country. I joked to a Christian Science Monitor reporter covering the events that fiscal responsibility is the new counterculture. More coverage/photos/livestreaming at TCOT Report.

There is, as the old ’60s song goes, something happening here. And what it is, is very clear: A grass-roots revolt against the culture of entitlement. The spendzillas in Washington do not speak for us. …”

http://michellemalkin.com/2009/02/27/fiscal-responsibility-is-the-new-counterculture/

Barack Obama and the Strategy of Manufactured Crisis

By James Simpson

“…America waits with bated breath while Washington struggles to bring the U.S. economy back from the brink of disaster. But many of those same politicians caused the crisis, and if left to their own devices will do so again.

Despite the mass media news blackout, a series of books, talk radio and the blogosphere have managed to expose Barack Obama’s connections to his radical mentors — Weather Underground bombers William Ayers and Bernardine Dohrn, Communist Party member Frank Marshall Davis and others. David Horowitz and his Discover the Networks.org have also contributed a wealth of information and have noted Obama’s radical connections since the beginning.

Yet, no one to my knowledge has yet connected all the dots between Barack Obama and the Radical Left. When seen together, the influences on Obama’s life comprise a who’s who of the radical leftist movement, and it becomes painfully apparent that not only is Obama a willing participant in that movement, he has spent most of his adult life deeply immersed in it.

But even this doesn’t fully describe the extreme nature of this candidate. He can be tied directly to a malevolent overarching strategy that has motivated many, if not all, of the most destructive radical leftist organizations in the United States since the 1960s. …”

President Barack Obama's Radical Socialist Network
President Barack Obama’s Radical Socialist Network

“…As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.

Did they not know this would occur? Were these smart people, led by a Harvard graduate, unaware of the Econ 101 concept of moral hazard that would result from the government making implicit guarantees to underwrite private sector financial risk? They should have known that freeing the high-risk mortgage market of risk, calamity was sure to ensue. I think they did.

Barack Obama, the Cloward-Piven candidate, no matter how he describes himself, has been a radical activist for most of his political career. That activism has been in support of organizations and initiatives that at their heart seek to tear the pillars of this nation asunder in order to replace them with their demented socialist vision. Their influence has spread so far and so wide that despite their blatant culpability in the current financial crisis, they are able to manipulate Capital Hill politicians to cut them into $140 billion of the bailout pie!

God grant those few responsible yet remaining in Washington, DC the strength to prevent this massive fraud from occurring. God grant them the courage to stand up in the face of this Marxist tidal wave.”

http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html

Does Obama Have a Double Standard on Earmarks?

“…On Tuesday evening, when President Barack Obama declared before a joint session of Congress that “we passed the recovery plan free of earmarks,” House Democrats, led by Speaker Nancy Pelosi, popped out of their seats like jackrabbits for a standing ovation. On Wednesday, those same House Democrats, led by Pelosi, passed a budget with, by some counts, nearly 9,000 earmarks, worth an estimated $7.7 billion. …” “…The last eight years, spending got way out of control. The White House couldn’t put a check on Congress and the Congress wouldn’t put a check on the White House, so everyone spent what they wanted and we ended up with trillion-dollar deficits,” says Representative Jim Moran, a Virginia Democrat who nevertheless voted for the package. “We have a responsibility as Democrats to make sure that we don’t do that sort of thing — that when the White House is willing to make tough budgetary choices, that Congress plays a constructive role.” Apparently, that new responsible role doesn’t officially start until fiscal 2010.”

http://www.time.com/time/politics/article/0,8599,1881855,00.html?iid=tsmodule

Obama’s Mortgage Relief Could Bailout 9 Million Homeowners

“…The President Barack Obama administration’s “Homeowner Affordability and Stability Plan” could help as many as 9 million struggling homeowners, but largely those in lower-cost housing areas.

The $275 Billion Plan, with a March 4 rollout, includes a refinancing program for “responsible” borrowers who haven’t missed payments and whose loans are larger than the value of their homes, and a loan modification provision with incentives for lenders to voluntarily modify certain mortgages. …”

http://realtytimes.com/rtpages/20090226_reliefbail.htm

Beware of Cap and Trade Climate Bills

by Ben Lieberman

“…A Costly PropositionThese measures would set a limit, or cap, on carbon dioxide emissions from fossil fuel use. The effect of such a cap would be to impose rationing of coal, oil, and natural gas on the American economy. Each covered utility, oil company, and manufacturing facility would be given allowances based on past emissions or some other formula. Those companies that emit less carbon dioxide than permitted by their allowances could sell the excess to those that do not; this is the trade part of cap and trade. Over time, the cap would be ratcheted down, requiring greater cuts in emissions. …”

“…A Regressive Tax

By limiting the supply of fossil fuels, S. 2191 would raise the cost of energy. For consumers, cap and trade means more expensive gasoline and electricity as well as net job losses in energy-dependent sectors. Senator Lieberman himself concedes costs into the hundreds of billions of dollars. And as the Congressional Budget Office has noted, such energy cost increases act as a regressive tax on the poor.[8]

Lost Jobs

The net job losses from S. 2191 are estimated by Charles River Associates to be 1.2 million to 2.3 million by 2015.[9] Some of these jobs will be lost for good, due to the impact of higher energy costs on economic activity. Others, chiefly in the manufacturing sector, will be sent overseas. In the very likely event that S. 2191 significantly raises domestic manufacturing costs and that developing nations refuse to impose similar restrictions, the American economy could experience a substantial outsourcing of manufacturing jobs to those nations with lower energy costs.

Little Environmental Gain

While the costs of aggressive cap and trade proposals are substantial, the environmental benefits are suspect. This is true even if one fully accepts the claim of man-made global warming. The most ambitious measure to date is the Kyoto Protocol, but even if the U.S. were a party to this treaty and the European nations and other signatories were in full compliance (most are unlikely to meet their targets), the treaty would reduce the Earth’s future temperature by an estimated 0.07 degrees Celsius by 2050–an amount too small even to verify.[10] S. 2191 would at best do only a little more.  …”

http://www.heritage.org/Research/Economy/wm1723.cfm

Obama Proposes $634 Billion Fund For Health Care

Aides Call Money a ‘Down Payment’ Toward Universal-Coverage Efforts

By Ceci Connolly

“President Obama is proposing to begin a vast expansion of the U.S. health-care system by creating a $634 billion reserve fund over the next decade, launching an overhaul that most experts project will ultimately cost at least $1 trillion.

The “reserve fund” in the budget proposal being released today is Obama’s attempt to demonstrate how the country could extend health insurance to millions more Americans and at the same time begin to control escalating medical bills that threaten the solvency of families, businesses and the government.

Obama aims to make a “very substantial down payment” toward universal coverage by trimming tax breaks for the wealthy and squeezing payments to insurers, hospitals, doctors and drug manufacturers, a senior administration official said yesterday.

Embedded in the budget figures are key policy changes that the administration argues would improve the quality of care and bring much-needed efficiency to a health system that costs $2.3 trillion a year.

By first identifying a large pot of money to underwrite health-care reform — before laying out a proposal on who would be covered or how — Obama hopes to draw Congress to the bargaining table to tackle the details of a comprehensive plan. The strategy is largely intended to avoid the mistakes of the Clinton administration, which crafted an extensive proposal in secret for many months before delivering the finished product to lawmakers, who quickly rejected it. …”

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/25/AR2009022502587_pf.html

The Obama Health Care Plan

Obama Budget Pushes Sweeping Change

$3.6 Trillion Plan Would Raise Taxes Sharply on the Affluent, Open Battles on Health, Education; The ‘Trickle Up’ Agenda

“President Barack Obama delivered a $3.6 trillion budget blueprint to Congress Thursday that aims to “break from a troubled past,” with expanded government activism, tax increases on affluent families and businesses, and spending cuts targeted at those he says profited from “an era of profound irresponsibility.”

The budget blueprint for fiscal year 2010 is one of the most ambitious policy prescriptions in decades, a reordering of the federal government to provide national health care, shift the energy economy away from oil and gas, and boost the federal commitment to education. …”

“…The budget’s introduction is likely to herald one of the fiercest political fights Washington has seen in years, waged on multiple fronts. Within minutes, Republicans were lambasting a document they called class warfare, designed to mire the nation in recession for years to come. Business lobbyists were girding for battle even before the budget’s unveiling. Even Democrats are likely to blanch at cuts to agriculture and other programs that have been tried before – and have failed repeatedly.

The budget sets aside an additional $250 billion to complete the president’s effort to rescue the financial markets and stabilize the banking sector. That would come on top of the $700 billion already allocated by Congress. And it is likely to grow. The budget makes clear that the reserve would be used to leverage the purchase of toxic assets weighing down the banking sector’s books, $750 billion in asset purchases overall. That could mean a doubling of the original bailout in the end. …”

http://online.wsj.com/article/SB123564748462081261.html

Editorial: Obama budget is too heavy on taxes, spending

The Detroit News

“…President Barack Obama’s proposed budget outline assumes tax increases don’t affect behavior. They do. It also assumes Congress will end its spending spree. It won’t. If all of the programs in the budget plan become law, tax increases will affect more Americans than the high-income earners targeted in this proposal, and the economy will suffer.

The president’s outline for a 2010 budget, and a blueprint covering the next decade, was released Thursday. The plan sees $3.9 trillion in spending in the current budget year, with a deficit of $1.7 trillion, a shortfall equal to more than 12 percent of the nation’s $14.2 trillion gross domestic product. That kind of deficit as a share of the nation’s total economic output hasn’t occurred since World War II.

And while short-term deficit spending is necessary to jolt the nation out of recession, Obama’s plan advances spending far beyond what’s necessary for stimulus and for the long term. …”

“…Raise the cost of extra effort and risky investments, the kind that make the economy grow, and the result will be less economic activity.

The budget optimistically assumes inflation-adjusted GDP growth rates of 3.2 percent in 2010, 4 percent in 2011 and 4.2 percent in 2012, but the private Blue Chip Consensus forecast for the same years is 2.1 percent, 2.9 percent and 2.9 percent. It’s also worth noting that many of the proposed tax hikes for upper-income families go into effect in 2011, just when the Obama budget foresees a sharp increase in economic growth.

Those higher taxes could very well derail that anticipated rebound.

The Obama budget also expects reductions in spending to help reduce the deficit over the next several years. But is this realistic when the House of Representatives just adopted a $410 billion spending plan for the remainder of this budget year that is generously larded with pork and includes an average increase for domestic agencies of 8 percent? …”

http://detnews.com/apps/pbcs.dll/article?AID=/20090227/OPINION01/902270322

LOL

If You’re a Responsible American. You’re Screwed…

 

Related Posts On Pronk Palisades

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

United States Economic Depressions–The Good, The Bad, and The Ugly–Obama’s Depression–Over 15,000,000 Americans Seek Full Time Job!

The Obama Depression (OD) Starts July 4, 2009–30 Million Americans March To Tea Parties In Washington D.C. and Over 1,000 Cities and Towns Across America!

US Federal Government Fails Stress Test–Insolvent: Time Has Arrived For Downsizing–Departments and Subsidies To Be Eliminated!

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

Living The American Dream and Defending The American Dream

Independents Lead The The Second American Revolution Surge–Independence Day–Saturday July 4, 2009 In Washington D.C.–Tea Party Time–On To Washington–Dare You To Move!

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Lock and Load: The Radical Socialists–Are Going After Your Guns!

Censorship Commissar for AM and Internet Talk Radio–Henry Waxman–The Face of Progressive Liberal Fascism!

President Obama Is Driving The American People Down The Highway to Socialism and Serfdom–Stop The Bus!

Voters Beware: The Radical Rules of Saul Alinsky and Leftist Democrats

Liberal Fascism–Jonah Goldberg–Videos

Pattern Recognition: The Template Is Hitler’s Rise To Power Using National Socialism

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

President Obama’s–Recovery Accountability and Transparency Board–RAT Board–King Rat’s Chicago Corruption–The Fix is In The Stimulus Bill!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously!

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

 

Read Full Post | Make a Comment ( 66 so far )

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Posted on February 27, 2009. Filed under: Blogroll, Economics, Employment, Investments, Law, Links, Music, People, Philosophy, Politics, Quotations, Rants, Raves, Strategy, Talk Radio, Taxes, Video | Tags: , , , , , , , , , , , , , , , |

 

Please Help Spread The Message of Liberty

 

Updated

 

TEXAS “Tax Day” TEA PARTY Events – CAPITALIST MARCH ON WASHINGTON

 

The Second American Revolution

 government

Government

If You Think The Problems We Create Are Bad

Just Wait Until You See Our Solutions 

 

Rick Santelli Is As Mad As Hell | Chicago Tea Party 

 

History of Housing Prices Chart – *SHOCKING* You Need To See This!


 

Glenn Beck Stimulating Rant


 

The FairTax: It’s Time

 

This morning I turned on a local talk radio station and the host was reading a list of Tea Parties in Texas both locally and in other cities protesting the irresponsible stimulus package, bailouts of banks and businesses and new taxes including the cap and trade carbon tax.

The talk show host was also suggesting several other locations that would make good sites such as  local lakes in the area.

Later that day I turned on the radio in my car to another station and the local news also mentioned the Texas Tea Party protests.

The problem with the professional political class or elites of both parties  in Washington D.C. is they are disconnected from the American people.

The American people are mad and outraged about bank nationalization or socialization, bank and business bailouts, so-called stimulus spending bills, ear marks or “special projects” and more taxes such as the cap and trade carbon tax on electricity, heating oil, and gasoline that will result in rising prices for all goods and services.

The American people need to get the Washington D.C. political elites attention.

Why not have a Washington D.C. Fair on July 4, 2009 with multiple tea parties all over the city?

Bring the entire family, friends, and neighbors.

Learn about the First American Revolution.

Watch the movie The Patriot:

The Patriot-John Williams

“A Mel Gibson film,one of my favourate films,and I love the music very much,so,I made this.

The Patriot tells the story of Benjamin Martin (Mel Gibson), a widowed father of seven children, as he tries to keep his family together during the Revolutionary War. He had fought in the French and Indian War, since married and started a family. He has tried to put his actions in that war behind him, but still carries some guilt and regret from those actions. He fears that his past will come back to haunt him.

When war breaks out, his eldest son Gabriel (Heath Ledger) joins the fight against his wishes. Benjamin soon ends up reluctantly joining the fight as well. His successfully leads a militia band against the British until Colonel William Tavington (Jason Isaacs) is ordered to do everything he can to capture or kill Martin and his South Carolina militia. …”

Patriot – Mel Gibson – Best Clip 2/3

 

Patriot – Mel Gibson – Best Clip 1/3

 

Patriot – Mel Gibson – Best Clip 3/3

 

Read the Declaration of Independence and The US Constitution on your way to Washington D.C.

Organize city car conveys to drive to Washington D.C. and join millions of Americans celebrating the second American Revolution at the Washington Fair, Saturday, July 4, 2009

Call your local and national talk-show hosts and invite them to be promoters and speakers at the various Tea Parties at the Washington Fair.

Join the second American Revolution and do some talking and walking at the  Washington Fair on Saturday, July 4, 2009:

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

 

Theme Song for the Washington Fair

 

Simon and Garfunkel – Are you going to Scarborough Fair

 

 

 

Celtic Woman – Scarborough Fair

Are you going to Washington Fair?
Parsley, sage, Rosemary and thyme.
Remember me to one who lives there.
She once was a true love of mine.

Tell her to make me a cambric shirt,
parsley, sage, Rosemary and thyme.
Without any seam or fine nedlework,
and then she’ll be a true love of mine.

Tell her to wash it yonder dry well,
parsley, sage, Rosemary and thyme.
Where water ne’er sprung, nor drop of rain fell,
and then she’ll be a true love of mine.

Tell her to dry it yonder thorn,
parsley, sage, Rosemary and thyme.
Which never bore blossom since Adam was born,
and then she’ll be a true love of mine.

Oh, will you find me an acre of land,
parsley, sage, Rosemary and thyme.
Between the sea foam and the sea sand,
or never be a true love of mine

 

Background Articles and Videos

 

For Tax Year 2006

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$388,806

39.89

Top 5%

$153,542

60.14

Top 10%

$108,904

70.79

Top 25%

$64,702

86.27

Top 50%

$31,987

97.01

Bottom 50%

<$31,987

2.99

Note: AGI is Adjusted Gross Income
Source: Internal Revenue Service

http://www.ntu.org/main/page.php?PageID=6

 

The 2003 tax cut was the second in three years, and although tax rates are lower, the federal income tax still remains highly progressive. The average tax rate in 2006 ranges from 3.0 percent of income for the bottom half of tax returns to 22.8 percent for the top 1 percent.Table 1
Summary of Federal Individual Income Tax Data, 2006
(Updated July 2008)

 

Number of Returns with Positive AGI

AGI ($ millions)

Income Taxes Paid ($ millions)

Group’s Share of Total AGI

Group’s Share of Income Taxes

Income Split Point

Average Tax Rate

All Taxpayers

135,719,160

$8,122,040

$1,023,739

100%

100%

12.60%

Top 1%

1,357,192

$1,791,886

$408,369

22.06%

39.89%

> $388,806

22.79%

Top 2-5%

5,428,766

$1,185,828

$207,311

14.60%

20.25%

 

17.48%

Top 5%

6,785,958

$2,977,714

$615,680

36.66%

60.14%

> $153,542

20.68%

Top 6-10%

6,785,958

$865,430

$109,060

10.66%

10.65%

 

12.60%

Top 10%

13,571,916

$3,843,144

$724,740

47.32%

70.79%

 

> $108,904

18.86%

Top 11-25%

20,357,874

$1,692,686

$158,413

20.84%

15.47%

 

9.36%

Top 25%

33,929,790

$5,535,830

$883,153

68.16%

86.27%

> $64,702

15.95%

Top 26-50%

33,929,790

$1,569,769

$110,023

19.33%

10.75%

 

7.01%

Top 50%

67,859,580

$7,105,599

$993,176

87.49%

97.01%

> $31,987

13.98%

Bottom 50%

67,859,580

$1,016,441

$30,563

12.51%

2.99%

< $31,987

3.01%

Source: Internal Revenue Service, http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html (“Individual Income Tax Returns with Positive Adjusted Gross Income (AGI) Returns Classified by Tax Percentile – Early Release”)

http://www.taxfoundation.org/news/show/250.htm

l

Tea Party USA Watch: Party planning continues; Sen. DeMint: “People have to show that they’re not going to take it anymore”

By Michelle Malkin  •  February 25, 2009 02:32 PM

 


(Photoshop credit: Leo Alberti)

Lots of folks are only now hearing about the nationwide Tea Party events on Friday and beyond — as well as the pig roasts and anti-stimulus protests that paved the way for revolts across the country.

A reminder of the main resources for activists looking to join:

The New American Tea Party page from “a coalition of citizens and organizations concerned about the recent trend of fiscal recklessness in government…dedicated to the Washington, D.C. effort specifically sponsored by the American Spectator, the Heartland Institute, Americans for Tax Reform, the National Taxpayers Union, Americans for Prosperity, and the Young Conservatives Coalition” is here.

The #TCOT has a site here and #dontgo has a list of links to official Facebook Event (and some non-Facebook) pages for each confirmed Chicago Tea Party.

PJTV’s clearinghouse for protests is here.

On Twitter, search “#teaparty” for the most up-to-date organizational info.

Glenn Reynolds has links to protest info in Nashville, Houston, D.C., St. Louis, San Diego, Atlanta, Orlando, Kansas City, and Cleveland. Glenn also has a related poll.

http://michellemalkin.com/2009/02/25/tea-party-usa-watch-party-planning-continues/

 

American Revolution: The Causes

 

American Revolution: The Boston Tea Party

 

The Cowpens Flag

The Cowpens Flag

 

The Patriot Battle–Hold The Line

“The Battle of Cowpens (January 17, 1781) was an decisive victory by American Revolutionary forces under Brigadier General Daniel Morgan, in the Southern campaign of the American Revolutionary War. It was a turning point in the reconquest of South Carolina from the British, and an American tactical masterpiece. It was an awesome victory for the Americans. …”

“Daniel Morgan knew that he should use the unique landscape of Cowpens and the time available before Tarleton’s arrival to his advantage. Furthermore, he knew his men and his opponent, knew how they would react in certain situations, and used this knowledge to his advantage.[27] To begin with, the location of his forces were contrary to any existing military doctrine: he placed his army between the Broad and Pacolet River, thus making escape impossible if the army was routed. His reason for cutting off escape was obvious: to ensure that the untrained militiamen would not, as they had been accustomed to do, turn in flight at the first hint of battle and abandon the regulars. Selecting a hill as the center of his position, he placed his Continental infantry on it, deliberately leaving his flanks exposed to his opponent. Morgan reasoned that Tarleton would attack him head on, and he made his tactical preparations accordingly. He set up three lines of soldiers: one of skirmishers (sharpshooters); one of militia; and a main one. The 150 select skirmishers were from North Carolina (Major McDowell) and Georgia (Major Cunningham). Behind these men were 300 militiamen under the command of Andrew Pickens.

Realizing that poorly-trained militia were unreliable in battle, especially when they were under attack from cavalry, Morgan decided to ask the militia to fire two shots and then retreat, so he could have them re-form under cover of the reserve (cavalry commanded by William Washington and James McCall) behind the third, more experienced line of militia and continentals. The movement of the militia in the second line would mask the third line to the British. The third line, composed of the remainder of the forces (about 550 men) was composed of Continentals from Delaware and Maryland, and militiamen from Georgia and Virginia. Colonel John Eager Howard commanded the Continentals and Colonels Tate and Triplett the militia. The goal of this strategy was to weaken and disorganize Tarleton’s forces (which would be attacking the third line uphill) before attacking and defeating them. Howard’s men would not be unnerved by the militia’s expected move, and unlike the militia they would be able to stand and hold, especially since the first and second lines, Morgan felt, would have inflicted both physical and psychological damage on the advancing British before the third line came into action.

Additionally, by placing his men downhill from the advancing British lines, Morgan exploited the British tendency to fire too high in battle. The downhill position of his forces allowed the British forces to be silhouetted against the morning sunlight, providing easy targets for Patriot troops. With a ravine on their right flank and a creek on their left flank, Morgan’s forces were protected against British flanking maneuvers at the beginning of the battle. Morgan insisted,[28]

“the whole idea is to lead Benny [Tarleton] into a trap so we can beat his cavalry and infantry as they come up those slopes. When they’ve been cut down to size by our fire, we’ll attack them.”

In developing his tactics at Cowpens, as historian John Buchanan wrote, Morgan may have been “the only general in the American Revolution, on either side, to produce a significant original tactical thought.”

http://en.wikipedia.org/wiki/Battle_of_Cowpens

 

Some American history for your children about the American Revolution and the Boston Tea Party

 

Liberty’s Kids- The Boston Tea Party Part 1/7

 

Liberty’s Kids- The Boston Tea Party Part 2/7

 

Liberty’s Kids- The Boston Tea Party Part 3/7

 

Liberty’s Kids- The Boston Tea Party Part 4/7

 

Liberty’s Kids- The Boston Tea Party Part 5/7

 

Liberty’s Kids- The Boston Tea Party Part 6/7

 

Liberty’s Kids- The Boston Tea Party Part 7/7

 

Scarborough Fair

“”Scarborough Fair” was a traditional English fair, and is also a traditional English ballad.

The fair

During the late Middle Ages the seaside town of Scarborough (now a resort) was an important venue for tradesmen from all over England. It was host to a huge 45-day trading event, starting August 15, which was exceptionally long for a fair in those times. Merchants came to it from all areas of England, Europe, Norway, Denmark, the Baltic and the Byzantine Empire. Scarborough Fair originated from a charter granted by King Henry III of England on 22 January 1253. The charter, which gave Scarborough many privileges, stated “The Burgesses and their heirs forever may have a yearly fayre in the Borough, to continue from the Feast of the Assumption of the Blessed Virgin Mary until the Feast of St Michael next following”. (On the modern Roman Catholic calendar, the equivalent dates are August 15 to September 29.) Naturally, such a large occasion attracted a lot more than just tradesmen; they needed to be entertained and fed, therefore large crowds of buyers, sellers and pleasure-seekers attended the fair. Prices were determined by ‘Supply and demand’, with goods often being exchanged through the barter system. Records show that from 1383 Scarborough’s prosperity slumped.

In the early 17th century competition from other towns’ markets and fairs and increasing taxation saw further collapse of the Fair until it eventually became financially untenable. The market was revived again in the 18th century, but due to intense competition Scarborough Fair finally ended in 1788.

The traditional ‘Scarborough Fair’ no longer exists but a number of low-key celebrations take place every September to mark the original event. Scarborough Fair in July 2006 witnessed Medieval Jousting Competitions, hosted by English Heritage in addition to the usual attractions.

The ballad

The song tells the tale of a young man, who tells the listener to ask his former lover to perform for him a series of impossible tasks, such as making him a shirt without a seam and then washing it in a dry well, adding that if she completes these tasks he will take her back. Often the song is sung as a duet, with the woman then giving her lover a series of equally impossible tasks, promising to give him his seamless shirt once he has finished.

As the versions of the ballad known under the title “Scarborough Fair” are usually limited to the exchange of these impossible tasks, many suggestions concerning the plot have been proposed, including the hypothesis that it is a song about the Plague. In fact, “Scarborough Fair” appears to derive from an older (and now obscure) Scottish ballad, The Elfin Knight (Child Ballad #2), which has been traced at least as far back as 1670 and may well be earlier. In this ballad, an elf threatens to abduct a young woman to be his lover unless she can perform an impossible task (“For thou must shape a sark to me / Without any cut or heme, quoth he”); she responds with a list of tasks that he must first perform (“I have an aiker of good ley-land / Which lyeth low by yon sea-strand”).

As the song spread, it was adapted, modified, and rewritten to the point that dozens of versions existed by the end of the 18th century, although only a few are typically sung nowadays. The references to “Scarborough Fair” and the refrain “parsley, sage, rosemary and thyme” date to nineteenth century versions, and the refrain may have been borrowed from the ballad Riddles Wisely Expounded, (Child Ballad #1), which has a similar plot. …”

http://en.wikipedia.org/wiki/Scarborough_Fair

 

No duh! White House “worried about bailout backlash”

By Michelle Malkin  •  March 16, 2009 10:05 AM

“…With a few notable exceptions, the national media has ignored the tax revolt movement against the porkulus package, omni-pork spending bill, and bottomless bailouts that began in Seattle on President’s Day; continued in Denver on the day of the Generational Theft Act signing; spread to Mesa AZ during President Obama’s massive mortgage entitlement push; spurred protest in Overland Park KS; and evolved into the Tea Party movement across the country.

But local politicians and local newspapers/TV are definitely on notice. Thousands of folks converging in places like St. Louis (1,500), Greenville (2,000), Fullerton (est. 15,000), and Cincinnati (5,000) are getting harder to ignore.

And now, it seems, word is getting around in Washington. The White House, the NYTimes (which has mocked the tax revolters) tells us, is worried about a populist backlash against bailout-mania. Naw. Really? You don’t say: …”

http://michellemalkin.com/2009/03/16/no-duh-white-house-worried-about-bailout-backlash/

 

Huge: Thousands converge for Cincinnati Tea Party; Update: 5k strong

By Michelle Malkin  

“…The Cincinnati Tea Party organizers told us it was going to be big. And it was. Organizer J. Binik-Thomas e-mails this evening that 5,000 folks turned out for the protest and more than 1,600 people signed a petition to ask local governments to reject porkulus funding.

Check out photos at Instapundit, including this aerial:

What are you doing? Go to Tax Day Tea Party and get moving!

Eric Cranley live-tweeted. A sample:

A friend of mine brought his 5 year old son, holding a sign saying, “Even a 5 year old knows socialism is stealing” #teaparty
about 3 hours ago from TwitterBerry

Good sign: “Tar. Feathers. Washington. Now.” #teaparty
about 3 hours ago from TwitterBerry

“My recommendation is that people look no further than the halls of Congress to find the stench of pork” #teaparty

Unlike the Los Angeles Times, the Cincinnati Enquirer actually covered the tax revolters without trashing them: …”

http://michellemalkin.com/2009/03/15/huge-thousands-converge-for-cincinnati-tea-party/

 

Related Posts On Pronk Palisades

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Lock and Load: The Radical Socialists–Are Going After Your Guns!

Censorship Commissar for AM and Internet Talk Radio–Henry Waxman–The Face of Progressive Liberal Fascism!

President Obama Is Driving The American People Down The Highway to Socialism and Serfdom–Stop The Bus!

Voters Beware: The Radical Rules of Saul Alinsky and Leftist Democrats

Liberal Fascism–Jonah Goldberg–Videos

Pattern Recognition: The Template Is Hitler’s Rise To Power Using National Socialism

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

President Obama’s–Recovery Accountability and Transparency Board–RAT Board–King Rat’s Chicago Corruption–The Fix is In The Stimulus Bill!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

Read Full Post | Make a Comment ( 90 so far )

Irresponsible Government Intervention Results In Huge and Continuing Government Failures–Shut Down Government Interventions–No More Bailouts!

Posted on February 19, 2009. Filed under: Blogroll, Economics, Employment, Homes, Investments, Links, Politics, Quotations, Rants, Raves, Regulations, Taxes, Technology, Video | Tags: , , , , , , , , , , |

 The essence of the interventionist policy is to take from one group to give to another. It is confiscation and distribution.

Interventionism cannot be considered as an economic system destined to stay. It is a method of transformation of capitalism into socialism by a series of successive steps.

~Ludwig von Mises

government_intervention

  red_socialism

The above cartoon combined with an excellent article by economist Thomas Sowell provides a casebook example of government intervention in the economy leading to more and more government intervention with the result being  a US and world wide recession and financial crisis.

The Radical Socialists led by Renegade President Obama are wrecking the economy and destroying jobs by their continuing plans to bailout the imprudent and irresponsible.

The market would let them fail, because that is how resources are reallocated to those who produce the wealth, income and jobs.

The Federal government wants to continue the bailouts to those who should not be bailed out.

The Fascist Democratic Radicals (FDRs), socialist all, are destroying the United States economy.

The Trouble Asset Recovery Plan (TARP) money was designed to provide sound and quality banks with capital to buy the assets of banks that were failing.

My advice is do not to do business with any bank, business, and organization that accepts government bailout money.

Why?

 The Federal Government gradually controls more and more of that bank, business, and organization once they accept their money.

 

Obama’s Focus On Foreclosures

 

Who caused the problem?

Jim Rogers : Must Let Banks Fail Feb 11 2009

 

2009 will be the year of Total decline for US Jim Rogers

 

Rogers on the Global Market Meltdown

 

Just say no to bailouts and no to businesses, banks, and organizations that accept bailouts.

 

What should you do?

Here is one interesting suggestion:

Jim Rogers Obama does not Understand Economics !!!!!!

 

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

 

Upside Down Economics

by Thomas Sowell

“…It was precisely government intervention which turned a thriving industry into a basket case.

An economist specializing in financial markets gave a glimpse of the history of housing markets when he said: “Lending money to American homebuyers had been one of the least risky and most profitable businesses a bank could engage in for nearly a century.” That was what the market was like before the government intervened. Like many government interventions, it began small and later grew. …” “…Under growing pressures from both the Clinton administration and later the George W. Bush administration, banks began to lower their lending standards. Mortgage loans with no down payment, no income verification and other “creative” financial arrangements abounded. Although this was done under pressures begun in the name of the poor and minorities, people who were neither could also get these mortgage loans. With mortgage loans widely available to people with questionable prospects of being able to keep up the payments, it was an open invitation to financial disaster. Those who warned of the dangers had their warnings dismissed. Now, apparently, we need more politicians intervening in more industries, if you believe the politicians and the media. …” http://townhall.com/columnists/ThomasSowell/2009/02/18/upside_down_economics?page=2   

 

 Socialism and interventionism. Both have in common the goal of subordinating the individual unconditionally to the state.

 Every step which leads from capitalism toward planning is necessarily a step near to absolutism and dictatorship.

~Ludwig von Mises, Omnipotent Government, page 44 and 53. 

 

Background Articles and Videos

 

Glenn Beck Socialism to Fascism 

 

The Economic “Stimulus”

by Thomas Sowell

“…In short, it can be years before the money that is supposed to stimulate the economy actually gets into the economy. And nobody knows what the economy will be like when that money finally gets into circulation.

A common problem with government economic policies in general is that it is very hard to predict how long it will be before the policy actually affects the economy. An economic stimulus policy created during a contraction in demand can take effect during an inflationary expansion of demand– and fuel still more inflation.

A trillion dollars or so, created out of thin air by a government that already has a huge deficit, can set off another round of inflation that can take some very painful new policies to bring under control– or can have even more painful effects, if it is not brought under control. The new administration may need that get-out-of-jail-free card.”

http://townhall.com/columnists/ThomasSowell/2009/01/06/the_economic_stimulus?page=2

 

 

Regional Banks Reject TARP Funding

“…When Congress approved $700 billion for TARP, it was supposed to buy troubled mortgage securities from banks. The bill’s language was broad, and former Treasury Secretary Henry Paulson decided in October he would use $250 billion to buy preferred stock in banks to bolster their capital. In late October, Paulson forced the nation’s nine largest banks to accept a total of $125 billion, regardless of their health.[17] This was former Treasury Secretary Henry Paulson’s original vision for the TARP fund, but he switched course and decided to devote $250 billion to direct equity stake investments in banks before waffling again and heading back in the direction of asset purchases.[22] The Treasury has repeatedly said that TARP is not a bailout, and that it expects to eventually make money on the program. A study this month by the Congressional Budget Office found that, of the $247 billion the government had spent through Dec. 31, taxpayers were on the hook for about a quarter, or $64 billion. That amount represents the difference between what the Treasury paid for assets versus their market values. The Office of Management and Budget must submit semiannual reports on the costs of TARP, and the CBO must assess those reports.[1] Buying toxic assets was the original plan for government money until the Treasury shifted gears toward investments. “The first step has to be removing these toxic assets,” Kaufman said. He sees the government buying up bad loans similar to the way the Resolution Trust Corp. bought distressed homes from savings and loans nearly two decades ago. Just as the RTC wound up costing taxpayers less than one-half the original estimates, the public could be on the hook for less than the full $700 billion this time, Kaufman said. Toxic-asset purchases can be tricky when it’s hard to figure out a reasonable, fair price.[11] Parts of the discussion taking place within the government revolve around ways to leverage the remaining money in the TARP. The Fed already plans to use $20 billion from the TARP to set up a $200 billion program to support consumer and small business loans.[18]

…”

“…Until we start recognizing the losses, we’re just engaging in crony capitalism,” said Mason, who is also a banking industry consultant. Executives of banks that get federal support without being force to take adequate writedowns, he adds, are “using Congress as a piggybank.” Treasury Secretary Henry Paulson used much of the first half of TARP to buy preferred shares in banks, using the rationale that banks’ capital shortfalls needed to be filled before they could be depended on to extend loans to expand the economy. Under the plan, big banks such as Citi, JPMorgan Chase ( JPM, Fortune 500 ) and Goldman Sachs ( GS, Fortune 500 ) got billions of dollars in federal funds with few strings attached. Paulson said the plan — which he adopted after regulators in the U.K. launched their own plan to buy banks’ preferred shares — resulted in a more stable financial system.[4] The program, which is similar to the ones that U.S. regulators have extended to Citigroup ( C, Fortune 500 ) and Bank of America ( BAC, Fortune 500 ), aims to “reinforce the stability of the financial system, to increase confidence and capacity to lend, and in turn to support the recovery of the economy,” the U.K. Treasury said in a statement. Offering loan guarantees to a broad array of banks is reportedly among the options being considered by incoming President Barack Obama as he seeks to restore economic growth.[4] …”

“…Instead of using the first payment of $350 billion to purchase troubled assets, as the name Troubled Asset Relief Program suggests, the money has been erratically and arbitrarily distributed in a monstrous act of government intervention and ownership over our financial markets.[25] More than 200 banks have gotten $191 billion in relief from the $700 billion Troubled Asset Relief Program, according to Keefe Bruyette.[22] Two local banks have garnered millions from the controversial $700 billion Trouble Asset Relief Program, often called the banking bailout bill.[19]

Citigroup tops the list with $25 billion in TARP funding, while some smaller community banks have taken around $1 million. J.W. Davis, Carolina First chairman, said his company discussed the TARP program extensively before exchanging equity for money with the federal government. He said a tight credit market makes it difficult to raise capital, and the TARP program was an efficient and low-cost solution.[19] “I am convinced that our bank and many, many others are lending more than we would have if we hadn’t taken the TARP money, says Ken Wilcox, chief executive of SVB Financial, which operates Silicon Valley Bank in Palo Alto. Wilcox says his bank, which caters to startup and publicly held technology companies, was able to raise several billion in new deposits since it took $235 million in TARP funds in early December.[17] We’ve also in the interbank market we have had on average $40 billion or $50 billion out and into bank market, that is also a form of lending. All of this is helped by the TARP so we think it’s a valid question people to ask what are doing with the TARP money and we do say its hard to separate exactly what is TARP money because remember we’re making loans all the time but we are trying to follow the intent and spirit of TARP which is to help the economy of the United States recover and make sure we’re financing people.[27]

…”

 

http://newsfeedresearcher.com/data/articles_b5/banks-buyouts-tarp.html

 

Two local banks get a piece of bailout

“…Critics, however, point to a lack of oversight surrounding the federal program and a shift in direction from the bill’s original intent.

Under the terms of the agreement with the Treasury, South Financial and Mountain First must pay the money back with interest. The banks are charged 5 percent annually for the first five years. After five years, the rate goes up to 9 percent.

“The reason we participated in that was we wanted to provide more services to Western North Carolina,” said Greg Gibson, Mountain First Bank and Trust CEO. “This TARP program offered the best alternative to offer credit to our customers.”

When Congress originally approved the TARP program, Treasurer Secretary Henry Paulson planned to purchase troubled loans from shaky financial institutions. Paulson quickly changed course, and the Treasury has used the money to purchase stock in nearly 300 banks, thrifts and finance companies. Citigroup tops the list with $25 billion in TARP funding, while some smaller community banks have taken around $1 million.

J.W. Davis, Carolina First chairman, said his company discussed the TARP program extensively before exchanging equity for money with the federal government. He said a tight credit market makes it difficult to raise capital, and the TARP program was an efficient and low-cost solution.

“We saw it as an opportunity to pad our capital,” Davis said. “Given the slowdown, we thought padding those ratios was good. We also want to take advantage of things in the marketplace.”

http://www.blueridgenow.com/article/20090119/TOPSTORIES/901180996/1042/NEWS?Title=Two_local_banks_get_a_piece_of_bailout 

 

What Just Happened?

“…And where did the ultimately successful plan come from, anyway?  Ten days ago it appeared that it was UK Prime Minister Gordon Brown’s idea (doubtless crafted for him by Bank of England Governor Mervyn King). True enough, Brown boldly and confidently tackled his banking crisis at its root. A cartoon in the Financial Times depicted leaders of other industrial nations following him along in a cheerful dance. There followed the standard paeans to John Maynard Keyes.

 

But the basic blueprints Brown adopted had been drawn up in Stockholm in late 1992, when central bankers in Sweden, Norway and Finland moved swiftly to rescue their big banks after the collapse of a property bubble. The rescue succeeded, though its aftermath lingered on for four years.

 

What were the channels through which Swedish influence flowed to London and Washington? This is an especially interesting question because of the experience of the early 1930s, when Gustav Cassel argued without success that overly restrictive American monetary policy was making matters worse, and Gunnar Myrdal devised budgetary policies implemented by the new Social Democratic government in 1933 that spared Sweden the worst of the Great Depression.

 

In other words, economists of the Stockholm School implemented successful macroeconomic policies several years before John Maynard Keynes published his General Theory of Employment, Interest and Money, even if they were unable to make the case for what they were doing to the wider world. The Swedes have taken economics very seriously ever since. Would they sit on their hands at a time when the world was threatened with another serious depression? What overtures would they make instead? …” 

http://www.economicprincipals.com/issues/2008.10.26/341.html

 

1/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

2/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

3/3) Tom Woods: Meltdown (Lew Rockwell Show 2/11/09)

 

 

Related Posts On Pronk Palisades

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Frederic Bastiat–The Law–Videos

Friedrich Hayek–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Ludwig von Mises–Videos

Thomas Sowell and Conflict of Visions–Videos 

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

Read Full Post | Make a Comment ( Comments Off on Irresponsible Government Intervention Results In Huge and Continuing Government Failures–Shut Down Government Interventions–No More Bailouts! )

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Posted on February 10, 2009. Filed under: Blogroll, Books, Economics, Education, Employment, Homes, Investments, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Video | Tags: , , , , , , , , , |

 
LOL

Bird and Fortune – Subprime Crisis

 

Bailout Prize Patrol

THE TARP SONG “I Want Some Tarp” by Bill Zucker

 

UPDATE

More and more Federal government interventions and more and more bailouts–this is national socialism/fascism–not capitalism!

The cost to the American people will be unemployment rates of between 15% to 20% within two years and inflation rates of between 25% to 50% within four years.

Let the markets work!

Do not do business with any bank or business that needs or takes a bailout or capital from the Federal government.

 Always remember it was the Federal government insisting that banks make mortage loans to people they would not normally lend to that started this mess in the first place.

 

(Part 1/2) Treasury Secretary Timothy Geithner Announces Economic Recovery Plan

 

(Part 2/2) Treasury Secretary Timothy Geithner Announces Economic Recovery Plan

 

Inside Look – Financial Stability Plan – Bloomberg

 

Reaction to Geithner Speech – Bloomberg

 

Inside Look – Geithner’s Financial Rescue Plan – Bloomberg

 

LET THEM FAIL ! NO BAILOUT ON MY BEHALF JIM ROGERS

 

Thomas Sowell – Obama’s Vision

 

Thomas Sowell – The Vision of the Anointed

 

Ron Paul on Socialism, Inflationism and the Death of the Dollar

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 1

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 2

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 3

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 4


 

First, some background information as to how did we get into this financial crisis in the first place:

Deconstructing the Subprime Crisis

 

subprime derivatives

 

Second, what lessons can we learn from the financial crisis:

Franklin Allen on Lessons from the Subprime Crisis

 

Third,the investment banks got greedy,arrogant, and stupid:

Jeremy Siegel on the Resilience of American Finance


 

Fourth, how do we get out of this massive failures of both the  Federal government and securities market?

Please note which foreign country bought significant amounts of agency or Fannie Mae and Freddie Mac securites–Communist China!

 

Wall Streets Day of Reckoning: Turmoil in the Global Market

 

Wharton Faculty Teach-In October 21, 2008

 

Finally, here comes the mother of all bailouts to recapitalize the financial institutions:

 

 

Obama: More Bank Failures Likely

The rush to getting the so-called stimulus bill through Congress with or without any Republican support was noticed by many commentors. 

Why?

Hang on to your wallets and watch the dollar depreciate some more.

The Treasury Secretary, Tim Geithner,  will be asking for between 2 to 3 trillion dollars for creation of either (1)  a “bad bank” to aggregate all those toxic investments or troubled assets to get them isolated from all US financial institutions so that lending can be rebooted or started again or more likely or (2) recapitalize the financial institution by investing money in exchange for preferred stock and warrants to be repaid sometime in the next five to ten years.

 

Creating A ” Bad Bank”?; Cleaning Up Toxic Assets – Bloomberg

 

Soros Says Bad Bank Plan Won’t Solve Lending Woes

 

Bad Bank Loses Favor – Bloomberg

 

Jim Lacamp on CNBC’s Kudlow & Co Feb 5, 2009 Part 1

 

Bernanke on Fed’s Future: More capital injections & guarantees – setup “”bad banks”


 

I agree with Eric, if a “bad bank” is what Secretary Geithner is going to recommend to Congress, just say no way pal.

Nobody is going to agree as the valuation or price for a troubled toxic asset.

Once was enough on the job training or OTJ for a Treasury Secretary.

Jim Rogers was right, why does anybody listen to Geithner?

 

Shame on you Glenn Beck – Telling the Truth about Timmy Geithner

 

Tax Cheat

 

Geithner Is Sworn in As Treasury Secretary

 

Who were some of the biggest campaign contributors to President Obama and the Democratic Party?

Follow the money–the executives and employees of the bailedout financial institutions.

No surprise there–the Chicago Way–pay for play.

Getting it right is more important than doing it fast.

When the new Treasury Secretary comes to Congress to report on TARP and then asks for another 2-3 trillion  ($2,000,000,000,000–$3,000,000,000,000) for additional authority to purchase toxic or troubled assets or recapitalize the financial institutions in trouble, the American People are going to go ballistic.

 

Inside Look – Banks Urge Quick Release of TARP 2 – Bloomberg

 

“Dr. Doom,” Nouriel Roubini about banking nationalisation and moral hazard

 

Jim Rogers: The fundamentals of Commodoties are IMPROVING!

 

It is abundantly clear that the American elites of both political parties are not telling the American people what is really going on or the scope of the problem.

What the American political class does not understand is the American People are very mad and about to revolt.

The American people will stop calling and e-mailing their Representative, Senators, and President.

Instead the American people will start marching.

So what will the Treasury Secretary recommend.

Yes, you got it, back to Treasury Secretary Paulson’s second plan to recapitalize the banks.

Again, how much is this going to cost the American people for providing a capital infusion now to be paid back latter, say in five to ten years, if not sooner.

Stay tuned.

 

 

Background Articles and Videos

 

New Bank Bailout Could Cost $2 Trillion

By DEBORAH SOLOMON, DAVID ENRICH and JON HILSENRATH

“Government officials seeking to revamp the U.S. financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health, according to people familiar with the matter.

President Barack Obama’s new administration is wrestling with how to stem the continuing loss of confidence in the financial system, as it divides up the remaining $350 billion from the $700 billion Troubled Asset Relief Program launched last fall. The potential size of rescue efforts being discussed suggests the administration may need to ask Congress for more funds. Some of the remaining $350 billion of TARP funds has already been earmarked for other efforts, including aid to auto makers and to homeowners facing foreclosure.

The administration, which could announce its plans within days, hasn’t yet made a determination on the final shape of its new proposal, and the exact details could change. Among the issues officials are wrestling with: How to fix damaged financial institutions without ending up owning them.

The aim is to encourage banks to begin lending again and investors to put private capital back into financial institutions. The administration is expected to take a series of steps, including relieving banks of bad loans and distressed securities. The so-called “bad bank” that would buy these assets could be seeded with $100 billion to $200 billion from the TARP funds, with the rest of the money — as much as $1 trillion to $2 trillion — raised by selling government-backed debt or borrowing from the Federal Reserve. …”

 

http://online.wsj.com/article/SB123319689681827391.html?mod=todays_us_page_one

 

Roubini Predicts U.S. Losses May Reach $3.6 Trillion (Update1)

“…U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is “effectively insolvent,” said New York University Professor Nouriel Roubini, who predicted last year’s economic crisis.

“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.”

Losses and writedowns at financial companies worldwide have risen to more than $1 trillion since the U.S. subprime mortgage market collapsed in 2007, according to data compiled by Bloomberg.

President Barack Obama will have to use as much as $1 trillion of public funds to shore up the capitalization of the banking sector, following the $350 billion injection by the Bush administration, Roubini told Bloomberg News. Congress last year approved a $700 billion rescue fund, of which half remains to be disbursed. …”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aS0yBnMR3USk

 

Participants in Government Investment Plan

“In unveiling its bank-share purchase program, the Treasury Department required nine of the nation’s largest financial-services companies to sell a total of $125 billion in preferred stock to the government, and said an additional $125 billion in stock could be bought from other firms on a voluntary basis. Below, see a list of participating companies. Click the headers of the columns to sort by company, state and amount.
Last updated: 02/04/2009
  …”

http://online.wsj.com/public/resources/documents/st_BANKMONEY_20081027.html

 

Good news: TARP II coming soon

posted at 12:35 pm on January 20, 2009 by Allahpundit

“…No, not the stimulus. Another monster bailout on top of the stimulus. If the timeline here is right, Team Barry could be asking for it by mid-February, which would mean the $700 billion in TARP I lasted … five months.

Ever get the feeling like we’re just buying time?

[P]ersons close to the situation in Congress told Politico that the deteriorating economic situation leaves little breathing room. Bank losses are up and auto sales down. A top Hill staffer predicted Obama could be forced to seek more money even before the President’s Day recess in mid-February.

If so, this would be a nightmare political scenario for the incoming administration, which has focused on using the next month to muscle through its economic recovery plan…

But Obama gets one honeymoon as a new president, and waiting is not without risks. Financial newspapers reflect a growing concern that the government must do more to buy up the bad investments that hang over financial markets; with more bad earnings reports due this week, there is sense that this is a crisis that can’t be avoided…

“Congress isn’t going to step up and say, ‘Hey, can we give away another $700 billion?’” said an aide to a second Democratic House member. “But there’s a growing sense among people who are really watching this closely, I think, that it is entirely possible, six months from now, maybe even less, the administration is going to come back and say, ‘We need more; we need … more of the same.’”

http://hotair.com/archives/2009/01/20/good-news-tarp-ii-coming-soon/

 

Inside Look: A Severe Global Economic Contraction

Recession & Recovery

Jim Rogers Investment banks all gonna go to…

 

Jim Rogers on the Asian Financial Forum pt 1/2 Jan 21 2009

 

Jim Rogers on the Asian Financial Forum pt 2/2 Jan 21 2009

 

Jim Rogers Britain is Bankrupt (21.01.09)

 

Peter Schiff on CNBC Kudlow – 1:20:09 Part 1

 

Obama – The New Face of Western Imperialism [1 of 2]

Obama – The New Face of Western Imperialism [2 of 2]
 

 http://www.treas.gov/press/releases/reports/0010508105_a_report.pdf

 

Timoth Geithner

Timothy Franz Geithner [pronounced /ˈgaɪtnər/] (born August 18, 1961) is the 75th and current United States Secretary of the Treasury, serving under U.S. President Barack Obama. He was previously the president of the Federal Reserve Bank of New York and a tax chiseler.

Geithner will be directing the nation’s economic recovery from the worst financial crisis in three generations, a task that could define the first two years of Obama’s term. Specific duties include directing how $350 billion of already existing Wall Street bailout money is to be spent, then making the case to the United States Congress and the public if more is needed. In addition, Congress is working on an $825-billion economic recovery package that dedicates about two-thirds to new government spending and the rest to tax cuts. Geithner will be playing a big role in disbursing that money.[2]

Geithner’s nomination came under fire due to his failure to pay over $30,000 in taxes in the past. Geithner was able to receive Senate confirmation but he remains under deep criticism for not following the rules of the agency he now oversees.[3]

http://en.wikipedia.org/wiki/Timothy_F._Geithner 

 

Jim Rogers, Jr.

“James Beeland Rogers, Jr. (born October 19, 1942) is an American investor and financial commentator. He is co-founder, along with George Soros, of the Quantum Fund, and is a college professor, author, world traveler, economic commentator, and creator of the Rogers International Commodities Index (RICI).

Rogers, whose full name is James Beeland Rogers, Jr. was born in Wetumpka, Alabama. Rogers grew up in Demopolis, getting started in business at the age of five, picking up bottles at baseball games. He got his first job on Wall Street, at Dominick & Dominick, after graduating with a bachelor’s degree from Yale University in 1964. Rogers then acquired a second BA degree from Balliol College, Oxford University in 1966. After Oxford, Rogers returned to the U.S. and enlisted in the army for a few years.

In 1970, Rogers joined Arnhold & S. Bleichroeder, where he met George Soros. That same year, Rogers and Soros founded the Quantum Fund. During the following 10 years the portfolio gained 4200% while the S&P advanced about 47%.[1] It was one of the first truly international funds.

In 1980, Rogers decided to “retire”, and traveled on motorcycle through China. Since then, he has been a guest professor of finance at the Columbia University Graduate School of Business.

In 1989 and 1990, Rogers was the moderator of WCBS’ The Dreyfus Roundtable and FNN’s The Profit Motive with Jim Rogers. From 1990 to 1992, he traveled through China again, as well as around the world, on motorcycle, over 100,000 miles (160,000 km) across six continents, which was picked up in the Guinness Book of World Records. He tells of his adventures and worldwide investments in Investment Biker.

In 1998, Rogers founded the Rogers International Commodity Index. In 2007, the index and its 3 sub-indices were linked to exchange-traded notes under the banner ELEMENTS. The notes track the total return of the indices as an accessible way to invest. …”

http://en.wikipedia.org/wiki/Jim_Rogers 

 

Pay to Play

“Pay to Play, sometimes pay for play, is a phrase which has been used for a variety of situations in which money is exchanged for services or the privilege to engage (play) in certain activities. Some uses refer to illicit activities, such as the exchange of money for influence in politics, while others can be normal, even expected, practices. An example of the latter is the concept of No Pay No Play in auto insurance law: an uninsured driver is not permitted to recover money for property damage or bodily injury damages caused by an auto accident, even if the uninsured driver is not at fault, because the lack of pay into the system results in the revocation of the uninsured driver’s right to play when compensation is collected.

In politics, pay to play refers to a system, akin to payola in the music industry, by which one pays (or must pay) money in order to become a player. The common denominator of all forms of pay to play is that one must pay to “get in the game,” with the sports analogy frequently arising.[1]

Typically, the payer (an individual, business, or organization) makes campaign contributions to public officials, party officials, or parties themselves, and receives political or pecuniary benefit such as no-bid government contracts, influence over legislation,[2][3] political appointments or nominations,[4][5] special access[6] or other favors. The contributions, less frequently, may be to nonprofit or institutional entities,[7] or may take the form of some benefit to a third party, such as a family member of a governmental official.[8]

The phrase, almost always used in criticism, also refers to the increasing cost of elections and the “price of admission” to even run[9] and the concern “that one candidate can far outspend his opponents, essentially buying the election.”[10]

While the direct exchange of campaign contributions for contracts is the most visible form of Pay to Play, the greater concern is the central role of money in politics, and its skewing both the composition and the policies of government.[11][12] Thus, those who can pay the price of admission, such as to a $1000/plate dinner or $25,000 “breakout session,” gain access to power and/or its spoils, to the exclusion of those who cannot or will not pay: “giving certain people advantages that other[s] don’t have because they donated to your campaign.”[13] Good-government advocates consider this an outrage because “political fundraising should have no relationship to policy recommendations.”[14] Citizens for Responsible Ethics in Washington called the “Pay-to-Play Congress” one of the top 10 scandals of 2008.[15]

Incumbent candidates and their political organizations[16] are typically the greatest beneficiaries of Pay-to-Play. Both the Democratic and Republican parties have been criticized for the practice. Many seeking to ban or restrict the practice characterize pay-to-play as legalized corruption. …”

http://en.wikipedia.org/wiki/Pay_to_Play

 

Webster Tarpley

“Webster Griffin Tarpley is an author, journalist, lecturer, and critic of US foreign and domestic policy. Tarpley maintains that the events of 9/11 were engineered by a rogue network of the military industrial complex and the CIA. His writings and speeches describe a model of false flag terror operations by a rogue network in the military/intelligence sector working with moles in the private sector and in corporate media, and locates such contemporary false flag operations in a historical context stretching back in the English speaking world to at least the “gunpowder plot” in England in 1605. …”

“In January 2008, Tarpley became one of the first critics to assert that Barack Obama is actually managed by right-wing powerbrokers. Tarpley claimed that a shift in power had taken place in the ruling class, with the Zbigniew Brzezinski faction and its presidential candidate Obama ascendant over the lame-duck neocons. The targets of US imperialism would now be Russia, China and its ally Pakistan, instead of Iraq, Iran and Syria. He developed these themes in his two books on Obama.

Tarpley is also a tough critic of free market, particularly the Austrian School and Chicago School economics [12]. …”

http://en.wikipedia.org/wiki/Webster_Tarpley

 

Elizabeth Warren

Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School, where she teaches contract law, bankruptcy, and commercial law. Warren graduated from the University of Houston with a B.S. in 1970 and received her J.D from Rutgers Law—Newark in 1976.

Warren is a member of the FDIC’s Committee on Economic Inclusion. She is the former Vice-President of the American Law Institute and a member of the American Academy of Arts and Sciences. She served as the Chief Adviser to the National Bankruptcy Review Commission. Warren is a popular teacher, winning awards from her students at Harvard, the University of Pennsylvania, the University of Michigan, and the University of Houston Law Center.

Warren has testified several times before House and the Senate committees on financial issues. The National Law Journal has repeatedly named Professor Warren as one of the Fifty Most Influential Women Attorneys in America, and she has been recognized for her work by SmartMoney magazine, Money magazine, and Law Dragon. …”

 

“On November 14, 2008 Ms. Warren was appointed by United States Senate Majority Leader Harry Reid to chair the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act.[5] The reports of the Panel are available at http://cop.senate.gov. …”

 

http://en.wikipedia.org/wiki/Elizabeth_Warren

 

Jim Rogers – Super-inflation to come worldwide 

 

 Jim Rogers Britain Can’t afford it (23.01.09) 1/2

 

 

Jim Rogers Britain Can’t afford it (23.01.09) 2/2

 

Marc Faber “U S will default on debt or enter hyperinflation” 02-05-09

 

$78 Billion Financial (TARP) Bailout Scandal: Taxpayers Shortchanged on Asset Purchases

 

Elizabeth Warren Introduces COP’s Valuation Report

In this video, Chairperson Elizabeth Warren introduces COP’s third oversight report: Valuing Treasury’s Acquisitions. This report features a deal-by-deal analysis of the value Treasury received in exchange for the taxpayer dollars it spent on the ten largest TARP transactions.

 

Obama and Democrats are Responsible: Fannie Mae/Freddie Mac

 

The Democrats and Obama caused the financial crisis of 08 by supporting Fannie Mae and Freddie Mac and covering up their bad books.

 

Obama and Fannie Mae

 

 

Spendulus Alert: $50 billion for “mandatory mortgage modifications”

By Michelle Malkin 

“I uploaded the entire Sellout Substitute Amendment championed by the Turncoat Caucus this weekend. Did you read through to the very end of the 778-page legislative text? Did your Senator? If you did, then you saw this: ….

 

“…Yes, you read that correctly. $50 billion more of your money made available to tax cheat/bailout failout architect Treasury Secretary Tim Geithner to force banks to do loan modifications with homeowners deep under water on their mortgages. That’s in addition to the $20 billion already allocated by the House last month for the same purposes.

Banks have been engaged in these “mo mod” programs over the past year. The Democrats want to accelerate the pace and use the power of government to essentially provide a blanket amnesty for borrowers and lenders who made bad financial decisions. Yes, I know there are many responsible borrowers out there having trouble negotiating loan modifications. I’ve heard from some of you. But this $50 billion giveaway to the banks — the brainchild of unscrupulous borrower Chris Dodd – is exactly the wrong way to go.  …”

http://michellemalkin.com/2009/02/09/spendulus-alert-50-billion-for-mandatory-mortgage-modifications/ 

 

 

Related Posts On Pronk Palisades

 

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

 

Read Full Post | Make a Comment ( 109 so far )

President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs

Posted on February 9, 2009. Filed under: Blogroll, Books, Communications, Cult, Economics, Employment, Investments, People, Politics, Quotations, Rants, Raves, Regulations, Strategy, Taxes, Technology, Video | Tags: , , , , , , , , , , , , , , , , |

“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

~John Maynard Keynes

President Obama’s ignorance of economics and business history is stunning and is only matched by his arrogance in recommending a stimulus package and bailouts that will not work and will within two years lead to inflation rates from 25%-50%. 

President Obama is destined to be a repeat of the Carter years, only much worse.

Any Democrat or Republican that votes for the stimulus package and future bailouts of banks, businesses, and states will rue the day that they failed to listen to those warning them that you do not know what you are doing–wrecking the US economy and destroying  jobs.

If that is the real agenda of the FDRs  they may succeed for a while.

The American people will remember in 2010 and 2012 and will vote out of office all those Democrats and Republicans that voted for this so-called stimulus package and future bailout bills.

The unemployment rate will hit 10% by July 2009.

Employment Situation Summary

“…Both the number of unemployed persons (11.6 million) and the unemployment rate (7.6 percent) rose in January.  Over the past 12 months, the number of un-employed persons has increased by 4.1 million and the unemployment rate has risen by 2.7 percentage points.  (See table A-1.) …”

http://www.bls.gov/news.release/empsit.nr0.htm

With over 14 million American unemployed in July, President Obama and the Congressional FDRs will then own the recession–Depression Obama Arrives–DOA!

The Affirmative Action Radical President (AARP) changes his tune from hope and change to doom and panic in three weeks.

Looks like the stress of the job is already getting to him.

What did you expect from one of the least experienced and qualified President elected in 100 years?

It is the typical policy of après nous le déluge. Lord Keynes, the champion of this policy, says: In the long run we are all dead. But unfortunately nearly all of us outlive the short run. We are destined to spend decades paying for the easy money orgy of a few years.

~Ludwig von Mises

Omnipotent Government, page 252

It was [Keynes’] revival of this underconsumptionist approach [long preached by cranks and radicals] which made his theories so attractive to the Left.

~Friederich A. Hayek

 Collected Works, Vol. 9. p. 249

 

Cargo Cult

 

Big Government Is Not Stimulus: Why Keynes Was Wrong (The Condensed Version)

 

Obama’s So-Called Stimulus: Good For Government, Bad For the Economy
 

 

The Battle Between Keynes and Monetarism in the UK part 1

 

The Battle Between Keynes and Monetarism in the UK part 2

 

Dick Armey and Ron Paul Discuss Obama Stimulus Plans