Self-Driving Technology Proves Fatal With Tesla Crash — No Consistent Sustainable Profits Ever — High Stock Prices Promoted By Wall Street Investment Bankers– Tesla Is Speculation Not An Investment — Drivers and Investors or Buyers Beware! — Videos

Posted on July 2, 2016. Filed under: American History, Articles, Autos, Blogroll, Business, Climate, Culture, Economics, Education, Energy, Entertainment, Environment, Faith, Freedom, Friends, government spending, history, Inflation, Internal Revenue Service (IRS), Investments, Law, liberty, Life, Links, media, Natural Gas, Natural Gas, Newspapers, Nuclear Power, Oil, Oil, People, Philosophy, Photos, Politics, Press, Radio, Rants, Raves, Raymond Thomas Pronk, Resources, Reviews, Television, Transportation, Unemployment, Video, Wealth, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , , , , , , , |

 

Tesla Driver Killed In Crash with Autopilot System Driving

Tesla Autopilot death highlights autonomous risks

Tesla Crash Could Hurt Sentiment On Driverless Cars

Tesla’s Autopilot System Is Creepy And Wonderful

A Real-Time Commute on Autopilot

Tesla Model S – Official Walkthrough HD

2014 Tesla Model S vs 2014 Mercedes-Benz S550! – Head 2 Head Ep. 54

Why A Tesla Acquisition Of SolarCity Makes Sense – All stock deal valued at $2.8 billion

How a Tesla SolarCity buy would impact investors

Tesla – Solar City Deal. How will this Impact Investors?

Tesla’s Solar City Bail-In

Scum and Scummer. Let’s take a look at Goldman Sachs (GS) and Tesla (TSLA) (May 18, 2016)

Investment banks struggle, Tesla’s mass-market model | FirstFT

Tesla Tumbles on Goldman Skepticism

Is Tesla Getting a Boost from Goldman Sachs?

Tesla Wants to Buy SolarCity for $2.9B. Does a Deal Make Sense?

Tesla’s Solar City acquisition conference call w/ Elon Musk [Full]

Elon Musk Explains Tesla Acquisition of SolarCity | Partial

Tesla and Solar City Merger – How To Profit With Powur And The Potential Tesla Solar City Merger

Tesla Cars: A Loss Leader for Innovation?

Tesla: No Profit Until 2020?

Tesla’s Earnings Miss the Mark: What Happened?

Elon Musk says Profits from Tesla are mostly re-invested

Tesla motor hacked!

Why Tesla’s Stock Is Heading to $200: James

Jim Chanos: Tesla Is an Overpriced Car Company

Elon Musk defends Tesla for not being profitable (2012.11.13)

Tesla Motors Model S: Part 33 of Many! Problems Resolved

Tesla Motors Model S: Part 17 of Many! ISSUES! PROBLEMS!

Tesla Motors Model S: BATTERY FAILURE!!! TESLARATI.com

Tesla Motors Model S — Dead 12v Battery — What to do to get back up and running (Roadside Service)

How the Tesla Model S is Made | Tesla Motors Part 1 (WIRED)

[yotuube=https://www.youtube.com/watch?v=8_lfxPI5ObM]

How Tesla Builds Electric Cars | Tesla Motors Part 2 (WIRED)

Electric Car Quality Tests | Tesla Motors Part 3 (WIRED)

Fatal Telsa crash shows limits of self-driving technology

 DEE-ANN DURBIN

The U.S. government is investigating the first reported death of a driver whose car was in self-driving mode when he crashed. Joshua D. Brown, 40, died May 7 when his Tesla Model S, which was operating on “autopilot,” failed to activate its brakes and hit a truck in Florida.

The crash raises questions about autonomous and semi-autonomous cars, their capabilities and their limits. Here are answers to some of those questions:

___

Q: ARE THERE SELF-DRIVING CARS ON U.S. STREETS RIGHT NOW?

A: Yes, but in limited numbers. Various companies, including Google, Ford and Uber, have test fleets of autonomous cars running in specific areas, including Mountain View, California, and Austin, Texas. Right now, those vehicles always have a steering wheel, brakes and a driver ready to take over in case of a problem, but prototype cars without steering wheels are also being developed.

___

Q: HOW DO THEY WORK?

A: A network of cameras, radars and lasers feeds information to the car’s computers, helping to fill in the gaps in the GPS system, which knows how to get the car from point to point. Cameras let the car see what’s around it, while radar senses things in the dark or in inclement weather. Lasers constantly scan the road and give a three-dimensional picture of what’s going on.

___

Q: ARE THERE LAWS ALLOWING SELF-DRIVING CARS?

A: Right now, it’s a patchwork. Eight states — including Nevada, Michigan, Florida and Tennessee — and Washington D.C. have laws allowing autonomous vehicles. Other states have legislation in the works. Later this summer, the federal government is expected to release guidelines for the safe deployment of autonomous vehicles.

___

Q: WHAT ARE THE BENEFITS OF SELF-DRIVING CARS?

A: Self-driving cars have the potential to save lives by anticipating accidents before they happen. Intel CEO Brian Krzanich said Friday that 90 percent of car accidents are caused by human error, and distracted or drowsy driving accounts for some 13 percent of those crashes. The accidents cost about $870 billion a year globally.

___

Q: CAN I BUY A SELF-DRIVING CAR?

A: No. A few automakers offer cars and SUVs with semi-autonomous modes that can perform some functions without help from the driver, including maintaining a set speed, braking, changing lanes and even parallel parking. Semi-autonomous features can be found on high-end vehicles from Tesla, Mercedes-Benz, Infiniti and Volvo. Some lower-priced models have them, too. Toyota, for example, plans to make automatic emergency braking standard on its vehicles by 2017, ahead of a self-imposed deadline of 2022 that most automakers have agreed to.

___

Q: WHEN WILL COMPLETELY SELF-DRIVING CARS BE AVAILABLE TO CONSUMERS?

A: That’s not yet clear. Volvo plans a large-scale test of driverless cars in Sweden next year. Google wants to make cars available to the public around the end of 2019. BMW, Intel and Israel’s Mobileye have teamed up to roll out the cars by 2021.

IHS Automotive, a consulting firm, predicts that the U.S. will see the earliest deployment of autonomous vehicles, with several thousand on the road by 2020. That number will rise to 4.5 million vehicles by 2035, IHS says. But even if the vehicles are on the road, they might not be in your garage. The earliest self-driving cars might be on-demand taxis, employee shuttles or other shared vehicles.

___

Q: WHAT ARE THE TECHNICAL CHALLENGES TO GETTING AUTONOMOUS CARS ON THE ROAD?

A: Driverless cars need detailed maps to follow, and companies are still mapping roads. They also can have trouble staying within lanes in heavy rain or snow. And, as the Tesla crash showed, there will always be scenarios that driverless cars can’t foresee or navigate correctly. Brown’s car didn’t see an oncoming tractor-trailer because it was white against a brightly lit sky. Tesla CEO Elon Musk said the car’s radar is also designed to tune out what looks like overhead signs to prevent false braking.

___

Q: HOW COULD THE TESLA AUTOPILOT NOT SEE SOMETHING AS LARGE AS A TRACTOR-TRAILER?

A: Raj Rajkumar, a computer engineering professor at Carnegie Mellon University who leads its autonomous vehicle research, said computers can’t be programmed to handle every situation. But Tesla may need to adjust its radar, he said.

Tesla would not comment directly on the radar and computer programs, but the company issued a statement saying that it continually advances its software by analyzing hundreds of millions of miles of driving data. The National Highway Traffic Safety Administration is looking at the design and performance of Tesla’s system as part of its investigation.

https://www.yahoo.com/news/fatal-telsa-crash-shows-limits-185423753.html

Tesla has plenty of customers, but still no profit

Tesla is a hot mess—there is no path to profitability

Michael Pento, president of Pento Portfolio Strategies

Tuesday, 3 May 2016 | 1:55 PM ET

Tesla shares got a little pop in after-hours trading Wednesday after the electric car maker delivered an earnings report in line with expectations and an optimistic outlook.

But I think the stock’s run is already over.

The primary reason? Profitability.

Elon Musk

Getty Images
Elon Musk

Tesla stock soared for a few months starting in February following news that pre-orders for the electric-car maker’s Model 3, with a price tag of $35,000, were approaching 400,000 units.

But, as well-known short seller Jim Chanos so perfectly put it in an interview with CNBC: “We have all kinds of questions on the profitability of the business.”

First, the Model 3. This was Tesla’s play for an “affordable” electric car but it appears to be affordable for everyone EXCEPT Tesla.

Tesla loses more than $4,000 on each of its high-end Model S electric sedans; and that model’s cost is between $70 and $108k. With margins like that, one has to assume a $35k Model 3 can’t be the answer to solving Tesla’s red ink.

Tesla’s income statement reveals the company is hemorrhaging cash at a robust clip. Furthermore, according to TheStreet Ratings, they have a net profit margin of -26.38 percent and a quick ratio of 0.49, which means they have 49 cents in available cash to pay every $1 of current liabilities.

Worse than its lousy earnings and cash flow, Tesla is grossly overvalued compared to its peers. Tesla’s market cap is more than $30 billion, compared to Fiat Chrysler at around $10 billion and Ferrari at around $8 billion. Being valued at 3x more than FCAU — an established and profitable company — looks especially absurd when considering FCAU produces annual sales of over $130 billion, while Tesla produces revenue of only $4 billion.

Furthermore, Tesla’s market cap is nearly two-thirds of General Motors‘ market cap. This is despite the fact that General Motors has a history of selling 10 million cars at a profit each year and Tesla sold less than 100,000 cars last year at a loss. They would have to sell 6.6 million cars this year to justify its current valuation. With less than 400,000 cars on pre-order that doesn’t appear likely anytime soon.

In a February interview with CNBC’s Squawk Box, Former GM executive Bob Lutz noted that, “[TSLA] costs have always been higher than their revenue…They always have to get more capital. Then they burn through it.”

First, he pointed out that, on the back of falling oil prices, demand for electric vehicles (EVs) is slowing. Second, there is growing competition that will cut into Tesla’s margins as prices for EVs fall. Tesla has a lot of competition over the next few years. The industry is already awaiting the Apple car with bated breath that is set to launch in four years. And GM’s Chevy Bolt is similarly priced with a similar range and is set to come out this year. And then we have the Nissan Leaf expected to more competitive in the coming months and years. And add to that first generation vehicles like the BMW i3.

And in China, they have the EV Company LeEco, which recently unveiled its very first electric car that includes self-driving and self-parking capability using voice commands via a mobile app. Besides LeEco, there is another Chinese EV auto maker that sold more electric cars last year than Tesla, Nissan or GM, it’s called BYD Co. and is now targeting the U.S. market.

Lutz believes that competition from industry heavyweights like these could “kill” Tesla in the future.

“The major OEMs like GM, Ford, Toyota, Volkswagen, etc … they have to build electric cars, a certain number, in order to satisfy the requirements in about half of the states. Those have to be jammed into the marketplace, otherwise they can no longer sell SUVs and full-size pickups and the stuff that they really make money on. So that is going to generically depress the prices of electric vehicles,” Lutz warned.

Lutz also explained that companies such as General Motors will not be making any money on their “Tesla killer.” They are making these vehicles to appease Washington.

“The majors are going to accept the losses on the electric vehicles as a necessary cost of doing business in order to sell the big gasoline stuff that people really want. Well, Tesla does not have that option,” Lutz said.

But Musk has a strategy for driving down the cost of his electric car that hinges on achieving economies of scale, bringing down the production cost of the battery pack by 30 percent. This hinges on the success of their future Nevada home called the “Gigafactory.”

The Gigafactory is a one-stop shopping in battery-pack production. The company currently buys battery packs through a deal with Panasonicand has partnered with Panasonic in this venture. Production volume at the Gigafactory is anticipated to be the equivalent of over 30 gigawatt-hours per year; this would mean the Gigafactory would produce more storage than all the lithium battery factories in the world combined. The $5 billion dollar plant is as big as the Pentagon Tesla, and Tesla is hoping to produce 500,000 lithium ion batteries annually.

Musk recently laid out his Energy-branded battery ambition in rock star glory. At the event spectacle, Musk declared that his batteries would someday render the world’s energy grid obsolete. “We are talking about trying to change the fundamental energy infrastructure of the world,” he said.

Musk envisions his affordable, clean energy will one day power the remote villages of underdeveloped countries as well as allowing the average homeowner in industrial nations to go off the grid.

But before you sever your ties with your electrical company, it’s worth noting that not everyone thinks Musk’s plans are achievable – at least not in the time frame he envisions.

Panasonic, the supplier of the lithium-ion cells that form the foundation of Tesla’s batteries, and partner on the company’s forthcoming battery factory — calls Musk’s claims a lot of hyperbole.

“We are at the very beginning in energy storage in general,” said Phil Hermann, chief energy engineer at Panasonic Eco Solutions. “Most of the projects currently going on are either demo projects or learning experiences for the utilities. There is very little direct commercial stuff going on. Elon Musk is out there saying you can do things now that the rest of us are hearing and going, ‘really?’ We wish we could, but it’s not really possible yet.”

And far from the grand stage with little fanfare buried in their November 10Q Tesla also sought to tamper investor’s expectations: “Given the size and complexity of this undertaking, the cost of building and operating the Gigafactory could exceed our current expectations, we may have difficulty signing up additional partners, and the Gigafactory may take longer to bring online than we anticipate.”

With a company saddled with debt and cash-strapped, who is going to shoulder the burden of a delay in the Gigafactory realizing its full potential? That would be shareholders through stock dilution or the American tax payer – but most likely a combination of both. There are those who believe that Musk’s real genius is in following government subsidies.

Tesla’s model relies strongly on a “green” administration. According to the Los Angeles Times, all of Musk’s ventures: Tesla Motors, SolarCityand Space Exploration Technologies, known as SpaceX, together have benefited from an estimated $4.9 billion in government support. The figure underscores a common theme running through his emerging empire: a public-private financing model underpinning long-shot start-ups.

The promise is that the Tesla stockholders and the tax subsidizing public will greatly benefit from major pollution reductions as electric cars break through as viable alternative and gain access to mass-market production.

And frankly, I’m not convinced that electric cars are even good for the environment. First, it’s important to note that at this time, these cars don’t power themselves — they are plugged into an outlet in your garage that connects to an electric power plant. Second, there are a lot of environmental questions about the lithium battery itself. In a 2012 study titled “Science for Environment Policy” published by the European Union, a comparison was made of the lithium ion batteries to other types of batteries available such as; lead-acid, nickel-cadmium, nickel-metal-hydride and sodium Sulphur. They concluded that the lithium ion batteries have the largest impact on metal depletion, making recycling more complicated.

Musk may be a genius and a visionary but the truth is that Tesla has an unproven business model and a stock that is massively overpriced. Even if some year in the distant future there exists the charging infrastructure and pricing available to make electric vehicles conducive to supplant the internal combustion engine, Tesla faces an onslaught of competition that will most likely drive its profit margins further into the red for years to come.

So, as far as I’m concerned, the stock is not a buy — no matter what earnings say. The math just doesn’t add up.

Commentary by Michael Pento, the president and founder of Pento Portfolio Strategies and author of the book “The Coming Bond Market Collapse.” His weekly podcast is “The Mid-week Reality Check.”

Disclosure: Neither Michael Pento nor the firm own any positions in Tesla stock. However, several Pento clients own puts on Tesla.

http://www.cnbc.com/2016/05/03/tesla-stock-is-not-a-buy-no-matter-what-earnings-say-commentary.html

 

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Gas Prices Soar–President’s Popularity Plummets–Stop Wall Street Excessive Speculation Now!

Posted on March 13, 2012. Filed under: American History, Blogroll, Business, Communications, Crime, Economics, Education, Employment, Energy, Enivornment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Natural Gas, People, Philosophy, Politics, Rants, Raves, Regulations, Tax Policy, Taxes, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

Courtney calls on CFTC to issue rules limiting the role of oil speculators

The Price Of Oil

‘We’ll see $5 at the pump in 2012’ – Oil Tycoon

Oil Cartel and speculators readying to push up oil prices

Facts About What is Driving High Gas Prices

CHHS Director discusses excessive speculation in oil markets

Oil Speculation

Gas prices in Dallas hit $3.80 per gallon and nationally averaged $3.95 per gallon.

When President Obama was sworn in in January 2009, gas prices were around $1.90.

In just over three years, gas prices have more than doubled and increased by over $2 per gallon.

In a CBS poll, 4 out of 5 Americans or 80 percent now believe they are not better off than they were when Obama took office.

President Obama’s job approval has now hit a new time low of 41 percent.

What has Obama done to lower gas price–next to nothing.

Obama lobbied against the Keystone XL pipeline that would have created nearly 100,000 jobs and supplied over 400,000 barrels of oil per day.

Obama faces backlash over Keystone pipeline

Barack Obama rejects Keystone XL oil pipeline from Canada

Obama refused to lift the ban or moratorium on deep water oil exploration and drilling in the Gulf coast.

Voices from the Gulf

Bill Cassidy Address Obama’s Moratorium on Deep Water Drilling

Obama is destroying jobs not creating them.

Obama refused to lease land in ANWR in Alaska for oil exploration and drilling.

ANWR Drilling

Truth About ANWR

Myth: The World is Running Out of Oil (Peak Oil)

Obama’s deficit spending will add over $5 trillion to the national debt in just four years.

The value of the U.S. dollar has declined in value making the cost of all imports including crude oil, significantly more expensive.

Ron Paul ∞ Silver Price of Gas 10¢ a Gallon vs Fiat Dollar Lunatics Run the World Your a Slave !

The single most important thing to do to reduce gas prices is to reduce, if not eliminate excessive speculation in the futures contract commodities market.

Obama and both the Democratic and Republican parties have failed to stop this excessive speculation by hedge funds and investment banks such as Goldman Sachs and Morgan Stanley.

Goldman Sachs Shares Fall After Greg Smith Resignation and Op-Ed

Can You Feel Sorry for Goldman?

The Real TRUTH Behind The OIL PRICES

CHHS Director on CNBC’s “Goldman Sachs: Power and Peril”

Goldman Sachs speculators take $1 for every gallon of gasoline you buy

Secret Exemptions Allowed Speculators to Distort Futures Markets

Will CFTC Limit Excessive Speculation?

Weekly recap: What is behind rising gas prices?

Sen. Rand Paul Questions Energy Sec. Chu

Why?

The executives of these financial institutions are a major source of campaign contributions to both political parties.

As gas prices rise and unemployment remains above 8 percent, the chances of Barack Obama being re-elected become slim and none.

A Mere 80% Say They’re Not Better Off Than Four Years Ago

In today’s CBS News poll:

Compared to four years ago, is your family’s financial situation better today, worse today, or about the same?

The survey finds 20 percent say better today, 37 percent say worse today, and 43 percent say “about the same.”

Adjusted for Inflation, Gas Prices Look Even Worse

:…While the peak in the summer of 2008 was $4.27, the March 12 average of $3.83 surpasses everything else before it – from the beginning of the chart in 1920 (when only a small fraction of Americans owned cars!) and through the Great Depression and through the 1973 oil crisis and through the late 1970s and 1980s, the Persian Gulf War, and after 9/11. Note that every other spike in prices tends to coincide with economic hard times.In other words, adjusted for inflation, today’s gas prices – in March! — are worse than during every preceding gas pricespike, except the peak of summer in 2008. So what will the peak price be this summer?In March 2008, the national average was $3.20 per gallon. By June it was $4.08.The usually great Phil Klein says, “gas prices are highly volatile and it’s often hard to differentiate short-term fluctuations from long-term trends.” True enough, but there are a couple of factors driving up the price that aren’t likely to be alleviated between now and November: global demand, tensions with Iran, a weak dollar, industry fears that the administration is eager to impose new costs upon them, regulatory obstacles to expanding refinery capacity, etc. Then throw in the traditional increase in demand as summer approaches (which will slide as autumn arrives), and we’ll be enduring, at the very least, a long hot summer of high gas prices, even if autumn isn’t quite so bad. …”

http://www.nationalreview.com/campaign-spot/293313/adjusted-inflation-gas-prices-look-even-worse

Flashback – Obama on Gas Prices

Related Posts On Pronk Pops

Pronk Pops Show 65, March 9, 2012: Segment 2: Barack Obama Out of Silver Bullets In Reducing Gas Prices–Target Excessive Speculation In Crude Oil Future Contracts–The Silver Bullets–Overall Volume Limits, Individual Position Limits and Higher Margin Requirements–A Belt Load of Silver Bullets–Any Questions Mr. President?–Videos

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What Qualifies Ben Bernanke For Chairman Federal Reserve? Good Question Ask Goldman Sachs!

Posted on November 15, 2010. Filed under: Banking, Blogroll, Communications, Economics, Employment, Fiscal Policy, government, government spending, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Rants, Raves, Security, Talk Radio, Technology, Video, Wisdom | Tags: , , , , , |

Quantitative Easing Explained

 

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

 

Pronk Pops Commentary 1:  November 11, 2010

Stop The Federal Reserve Quantitative Easy or Money Printing

http://pronkpops.podomatic.com/player/web/2010-11-11T15_47_07-08_00

 

Letter To Bernanke: Stop QE2

 

Jim Rogers 11/10/10: Bernanke is a Disaster!

 

Phelps Says 7%-7.5% Unemployment `New Normal’ for U.S.

 

Calomiris Says Fed’s QE2 Is `Unnecessary and Dangerous’

 

Bove Opposes QE2, Supports Cutting U.S. Deficit and Debt

 

Background Articles and Videos

 

Meltup

 

Ron Paul & Rand Paul on Freedom Watch with Judge Napolitano 11/13/10

Palin: Inflation is Coming

 

The following is the text of an open letter to Federal Reserve Chairman Ben Bernanke signed by several economists, along with investors and political strategists, most of them close to Republicans:

We believe the Federal Reserve’s large-scale asset purchase plan (so-called “quantitative easing”) should be reconsidered and discontinued.  We do not believe such a plan is necessary or advisable under current circumstances.  The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve the Fed’s objective of promoting employment.

We subscribe to your statement in the Washington Post on November 4 that “the Federal Reserve cannot solve all the economy’s problems on its own.”  In this case, we think improvements in tax, spending and regulatory policies must take precedence in a national growth program, not further monetary stimulus.

We disagree with the view that inflation needs to be pushed higher, and worry that another round of asset purchases, with interest rates still near zero over a year into the recovery, will distort financial markets and greatly complicate future Fed efforts to normalize monetary policy.

The Fed’s purchase program has also met broad opposition from other central banks and we share their concerns that quantitative easing by the Fed is neither warranted nor helpful in addressing either U.S. or global economic problems.

Cliff Asness
AQR Capital

Michael J. Boskin
Stanford University
Former Chairman, President’s Council of Economic Advisors (George H.W. Bush Administration)

Richard X. Bove
Rochdale Securities

Charles W. Calomiris
Columbia University Graduate School of Business

Jim Chanos
Kynikos Associates

John F. Cogan
Stanford University
Former Associate Director, U.S. Office of Management and Budget (Reagan Administration)

Niall Ferguson
Harvard University
Author, The Ascent of Money: A Financial History of the World

Nicole Gelinas
Manhattan Institute & e21
Author, After the Fall: Saving Capitalism from Wall Street—and Washington

James Grant
Grant’s Interest Rate Observer

Kevin A. Hassett
American Enterprise Institute
Former Senior Economist, Board of Governors of the Federal Reserve

Roger Hertog
The Hertog Foundation

Gregory Hess
Claremont McKenna College

Douglas Holtz-Eakin
Former Director, Congressional Budget Office

Seth Klarman
Baupost Group

William Kristol
Editor, The Weekly Standard

David Malpass
GroPac
Former Deputy Assistant Treasury Secretary (Reagan Administration)

Ronald I. McKinnon
Stanford University

Dan Senor
Council on Foreign Relations
Co-Author, Start-Up Nation: The Story of Israel’s Economic Miracle

Amity Shlaes
Council on Foreign Relations
Author, The Forgotten Man: A New History of the Great Depression

Paul E. Singer
Elliott Associates

John B. Taylor
Stanford University
Former Undersecretary of Treasury for International Affairs (George W. Bush Administration)

Peter J. Wallison
American Enterprise Institute
Former Treasury and White House Counsel (Reagan Administration)

Geoffrey Wood
Cass Business School at City University London

A spokeswoman for the Fed responded:

“As the Chairman has said, the Federal Reserve has Congressionally-mandated objectives to help promote both increased employment and price stability. In light of persistently weak job creation and declining inflation, the Federal Open Market Committee’s recent actions reflect those mandates.  The Federal Reserve will regularly review its program in light of incoming information and is prepared to make adjustments as necessary.  The Federal Reserve is committed to both parts of its dual mandate and will take all measures to keep inflation low and stable as well as promote growth in employment.  In particular, the Fed has made all necessary preparations and is confident that it has the tools to unwind these policies at the appropriate time. The Chairman has also noted that the Federal Reserve does not believe it can solve the economy’s problems on its own.  That will take time and the combined efforts of many parties, including the central bank, Congress, the administration, regulators, and the private sector.”

http://blogs.wsj.com/economics/2010/11/15/open-letter-to-ben-bernanke/

 

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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

 

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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

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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

 

 

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Glenn Beck On Corruption, Cap & Trade, Gore, Global Warming, Global Government, Goldman Sachs, Greed, and Government Interventionism

Posted on April 26, 2010. Filed under: Blogroll, Communications, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Taxes, Video | Tags: , , , , , , , , , , , , , |

Glenn Beck-04-26-10-A

Glenn Beck-04-26-10-B

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Glenn Beck-04-26-10-D

Congratulations to Glenn Beck for finally connecting the many dots of the massive investment fraud, government corruption and the subversion of science involving climate change and global warming.

Follow the money to catch a crook, spy and corrupt politician.

Unfortunately, not all the dots were connected.

I suspected several years ago that a foreign government was behind the global warming scare with the purpose to wreck or at the very least damage the United States economy that relies upon coal to produce cheap electricity, oil for transportation and natural gas for heating.

The two major suspects were China and Russia, or both.

Also countries  use a network of agents of influence around the world to accomplish this such as Al Gore, Maurice Strong and Barack Obama to implement their plans.

The videos below show the Chinese, Maurice Strong, United Nations, and the Rockefeller and Rothchild connections that were not mentioned in Glenn Beck’s story.

The progressive radical socialists in both the Democratic and Republican parties were pushing the cap and trade energy tax and alternative green energy.

The progressive radical socialists should be voted out of office to stop this corrupt political scam, investment fraud, and science scandal.

Beck needs to follow up this report with several others, only some of the dots have been connected, certainly not all of them, and not the most important ones.

Beck is getting very warm.

Always follow the money.

Then ask who benefits the most.

Background Articles and Videos

Maurice Strong–Videos 

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!

Conspiracy Theory Jesse Ventura – Global Warming – Part 1/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 2/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 3/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 4/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 5/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 6/6 [EPISODE 3]

Founder of Chicago Climate Exchange Richard Sandor at Emory’s Goizueta Business School

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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!

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KGB Defector Yuri Bezmenov: Soviet Subversion of the Free World Press–Videos

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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

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Conspiracy Theory Jesse Ventura – Global Warming–Videos

Posted on April 26, 2010. Filed under: Blogroll, Climate, Communications, Culture, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Talk Radio, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , |

Conspiracy Theory Jesse Ventura – Global Warming – Part 1/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 2/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 3/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 4/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 5/6 [EPISODE 3]

Conspiracy Theory Jesse Ventura – Global Warming – Part 6/6 [EPISODE 3]

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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

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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.

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

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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

 

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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

Posted on June 25, 2009. Filed under: Blogroll, Climate, Communications, Economics, Employment, Energy, Homes, Investments, Law, liberty, Life, Links, People, Politics, Rants, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , |

bell

 

“Americans should know that those Members who vote for this climate bill are voting for what is likely to be the biggest tax in American history.

Even Democrats can’t repeal that reality.”

~The Wall Street Journal

http://online.wsj.com/article/SB124588837560750781.html 

 

Dingell: Cap-and-trade a big tax

UPDATED

Sean Hannity Talks with Dick Morris about Barack Obama’s Cap-and-Trade Bill

Glenn Beck: Cap ‘n’ Trade Part 1 of 2

Glenn Beck: Cap ‘n’ Trade Part 2

The Ice Age Cometh Experts Warn of Global Cooling

Peter Schiff – Cap and Trade Bill Is A Giant Tax on Productivity

Voting for this bill is treason and we know who the traitors are–the progressive radical socialist Democratic Party led by President Barack Obama.

The cap and trade bill is a massive  tax increase that will wreck the US economy, destroy jobs and kill the American dream.

The American people that called the Glenn Beck talk radio show were right when they called the Representatives who voted for this cap and trade energy tax –traitors.

By July 4, the number of unemployed Americans will exceed 15,000,000 with an unemployment rate exceeding 10% for July.

More Americans are now unemployed than in the worse year of The Great Depression, 1933 , when 13,000,000 Americans were unemployed.

FDR Warns of Fifth Column 1940/5/27

Cap and Trade Bill Explained by Obama – Creates clean energy and new green jobs

No sale Mr. President.

For every green job created building solar panels and wind turbines at General Electric and unleashing Green Government Gestapo Goons about five are destroyed or eliminated throughout the economy.

Ask your employer what his business will do if its electrical, heating oil and gasoline bills are raised 50% and the prices of the products and services he uses  to sell his own business ‘s goods and services are also raised any where between 10% to 20%.

The answer will be  to cut the payroll and you may be the one losing your job.

For many the answer will be to relocate to another country where both energy and labor are cheaper–can you say China and India.

Energy is required by all businesses and organizations and  usually accounts for between 5% to 30% of the cost of doing business.

When you mess with this key resource input’s pricing structure  you better know what you are doing.

The progressive radical socialist Democrats  are either clueless, stupid and wreckless  or want to deliberately destroy the US economy and hurt the American people.

Glenn Beck on Waxman-Markey Bill, from 06/29/09 Part 1

Glenn Beck on Waxman-Markey Bill, from 06/29/09 Part 2 

I call them traitors for passing this legislation that they did not even read.

The progressive radical socialist Democrats could care less what you want as long as they have power and can stay in office.

The progressive radical socialist Democrats have no shame , no integrity and no common sense.

 

Benedict Arnold Obama

This bill is largely based on government funded junk science of computer climate models that have been  shown to be inaccurate and faulty when compared with empirical observations of what is actually happening.

The science in this area is very far from being a settled–far from it.

For voting for this legislation the Representatives and their staffs deserved to be fired for being cavalier, irresponsible, incompetent, ignorant, and reckless.

President Obama, the serial liar, still does not get it,  the American people do not believe or trust him.

Remember the Obama Big Promise or Big Lie–95% of working American people will have a tax cut:

 

Obama: families making $97,000 are “upper class” and should pay more taxes


 

Well Mr. President as the Russian proverb says “A fish rots from the head.”

We know your change stinks to high hell and back.

Your are a liar Mr. President.

The American people know it. 

The American People Respond

Obama Wants to Bankrupt YOU…

Obama Sucks…

Castaways- Liar Liar

Time for a big brooming of all the garbage in the House, Senate, and Whitehouse and their staffs, Bob nailed it–throw the bums out.

The progressive radical socialist Democratic Party–FDR’s  fifth columnists– are now proud owners of the Obama Depression–the worse in terms of number of unemployed Americans in the history of the United States.

Expect unemployment rates to hit 13% by the end of the year with over 20,000,000 unemployed!

Inflation will hit by early 2011.

Brother can you spare ten bucks for a gallon of gas or a gallon of milk for my children? 

The American people  will be going after these traitors and fifth columnists next Saturday, July 4, 2009–Independence Day! 

 

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.! 

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

 

The Cap and Trade bill, otherwise known as the Waxman-Markey bill, “climate change” bill or H.R. 2454,  will likely come to a vote on Friday in the House of Representatives. 

The official name of the bill is American Clean Energy and Security Act of 2009 (ACES)!

http://energycommerce.house.gov/index.php?option=com_content&task=view&id=1560

Cap and Trade the Breakdown

Obama: My Plan Makes Electricity Rates Skyrocket

Shock VIDEO Unearthed Obama says he will bankrupt coal industry

Scalise: ‘We’re Setting Up A Global Warming Gestapo!’

The progressive radical socialist Democratic Party are trying to push through a huge energy tax called Cap and Trade– to save the planet.

No mention is made by President Obama and the progressive radical socialist Democratic Party of the millions of jobs that will be lost as a direct result of these hidden taxes on energy, goods and service and millions of businesses fleeing to other countries to avoid these taxes and regulations in search of cheaper labor and energy.

Stop The Cap and Trade Carbon Dioxide Energy Tax

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

Senator James Inhofe,Cap And Trade Will Increase The Worlds CO2 And Make China Richer


 

This massive tax increase is based on US government and United Nations funded junk science of computer climate models.

These climate computer models have proven to be wrong in their projections that man-made carbon dioxide emissions are the cause of global warming. 

The majority of the scientists say global warming and climate change are natural and unstoppable.

Global Warming: Doomsday Called Off – 5/5

Unstoppable Solar Cycles

Unfortunately for Al Gore and the United National Intergovernmental Panel on Climate Change, 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

 

CO2 is a trace gas

Now is  the time to call your Senators and Representative and tell him to defeat the Cap and Trade Energy Tax—H.R. 2454 or the Waxman-Markey bill–American Clean Energy and Security Act of 2009 (ACES)!

If you are a consumer of goods and services, manufacturer, car or truck driver, farmer, rancher, coal, oil and natural gas producer and other working and productive American, you need to call and e-mail your Representative and Senators .

The cap and trade bill or American Clean Energy and Security Act of 2009 (ACES)  is a massive tax increase, economy wrecker and job destroyer.

There are over 15,000,000 American citizens now unemployed in the United States–more than the worse year of The Great Depression when 13 million were unemployed in 1933.

This bill if passed will add millions more.

Your job may be the next to be eliminated.

Please call to stop this insanity!

Wake up and make the call!

American citizens are the boss.

the_boss_phone

Call your House Representative, Senators, and President and tell them you plan to vote out of office any politician that votes in favor of the Cap and Trade Energy Tax bill–American Clean Energy and Security Act of 2009 (ACES)!

Senate switchboard: 202-224-3121

http://www.senate.gov/general/contact_information/senators_cfm.cfm

House switchboard: 202-225-3121

White House switchboard: 202-456-1414

Politics Contact Congress

http://www.cbn.com/CBNnews/politics/contact_congress.aspx

Rollcall

Tips On Telephoning Your Elected Representatives

 To find your senators’ and representative’s phone numbers, you may use our searchable online congressional directory or call the U.S. Capitol Switchboard at (202)224-3121 and ask for your senators’ and/or representative’s office.

Remember that telephone calls are usually taken by a staff member, not the member of Congress. Ask to speak with the aide who handles the issue about which you wish to comment.

After identifying yourself, tell the aide you would like to leave a brief message, such as: “Please tell Senator/Representative (Name) that I support/oppose (S.___/H.R.___).”

http://www.congress.org/congressorg/issues/basics/

Please pass this message on by e-mailing  to a friend.

“The hit to GDP is the real threat in this bill. The whole point of cap-and-trade is to hike the price of electricity and gas so that Americans will use less.

These higher prices will show up not just in electricity bills or at the gas station but in every manufactured good, from food to cars.

Consumers will cut back on spending, which in turn will cut back on production, which results in fewer jobs created or higher unemployment.

Some companies will instead move their operations overseas, with the same result.”

~The Wall Street Journal

http://online.wsj.com/article/SB124588837560750781.html 

 

Background Articles and Videos

Tea Party Watch: Protesting the cap-and-tax cramdown

By Michelle Malkin  

captax
Photoshop: Leo Alberti

“…It’s not just what’s in the bill. It’s the way they rammed it through the House.

Just like the porkulus: Under-handed, transparency-defying, and stuffed with earmark payoffs and bribes concocted in middle-of-the night, backroom deals.

Taxpayers are mad again. And they’re not going to sit still.

Impromptu flash protests are taking place today at state capitols and federal buildings across the country.

In Chicago:

If you are anywhere near Chicago’s Federal Plaza this afternoon, where the Tax Day Tea Party took place, then be there at 1:00pm for a cap-and-trade protest. Federal Plaza is at 230 S. Dearborn.

In Orlando. And in Canton, Ohio.

In Upland, Calif.: noon at the corner of Foothill/Euclid.

In Atlanta via Barracuda Babes:

Saturday, June 27, 200912:00 noon
State Capitol

Bring signs in Opposition to Cap and Tax
Ideas include: Cap and Tax, Cap and Traitors, Cap and tr8tors, No Taxation without Reading the Bill, Tea Party Patriots Vote

If you are not in metro Atlanta, protest at the Federal Building in your county.

Arizona protest info at Arizona Tea Party.

San Diego: Noon, 880 Front St # 4236

Temecula, CA: Noon, Ynez & Rancho California Road @ Duck Pond

More at Tea Party Patriots.

Don’t forget to let the GOP Cap-and-Tax 8 hear from you. …”

http://michellemalkin.com/2009/06/27/tea-party-watch-protesting-the-cap-and-tax-cramdown/

The 8 cap-and-tax Republicans…and the 44 Democrats who voted no

By Michelle Malkin 

“…Introducing the GOP’s Cap-And-Tax 8…
Photoshop credit: Leo Alberti

I listed them earlier tonight, but am breaking out a separate post to spotlight them again.

The 8 cap-and-tax Republican turncoats again are:

cap_tax_eight_republicans

Bono Mack (CA) (202) 225-5330
Castle (DE) (202) 225-4165
Kirk (IL) (202) 225-4385 (And he’s seriously considering running for Senate!)
Lance (NJ) (202) 225-5361
LoBiondo (NJ) (202) 225-6572
McHugh (NY) (202) 225-4611
Reichert (WA) (202) 225-7761
Smith (NJ) (202) 225-3765 …”

http://michellemalkin.com/2009/06/26/the-8-cap-and-tax-republicans/ 

Melt the phones: Cap-and-tax target list

By Michelle Malkin  

“…The House will vote on the cap-and-tax bill today. Make your voice heard. Phil Kerpen at AFP has compiled a very helpful list, which I’m reprinting in full here. Check AFP site for latest updates and alerts.

Ask ‘em how they can ram through this eco-boondoggle with EPA hide-and-seek games on global warming science going on unchecked:

We need your help to stop the cap-and-trade energy tax!

The time has finally come for a vote on cap-and-trade, H.R. 2454. House Speaker Nancy Pelosi has called a vote just before the 4th of July recess, hoping to use the specter of keeping everyone in DC and ruining their holiday, to force cap-and-trade legislation through.

This is the key target list based on our most recent information. If your Congressman is on an undecided or leaning list below PLEASE click here and enter your zip code to get your representative’s number and talking points on this issue.

If you have new information please let me know at pkerpen at afphq.org.
Republican List (Unlisted are solid no) …”

http://michellemalkin.com/2009/06/26/melt-the-phones-cap-and-tax-target-list/

Cap and tax liveblog: Democrats limit debate, stampede toward national energy tax

By Michelle Malkin 

buffalo

 

 

 

 

STAMPEDE!

“…Scroll for continuous updates…there will be 3 hours of general debate and a grand total of 1 GOP amendment…

9:36am: GOP Rep. Pete Sessions is on the House floor right now blasting Dems, who just moved to limit debate. It’s “unacceptable” and “undemocratic,” says Sessions. Proposals to protect farmers and agriculture won’t be considered. Sessions recounts meetings at 2am, being handed massive, new 300-page amendment. “No one has read this bill.”

“Why are we rushing to do this with a trillion dollar spending plan that will result in killing jobs and make it more difficult for us to come out of recession?”

9:57am: Dem. Rep Castor claims this mad-rush boondoggle will “bolster science.” (Insert bitter laughter). Channels all the previous apocalpytic rhetoric swilled before every bailout: “What if we don’t act!? We can’t afford not to act?!”

Chicken Little with a green coat.

10:02am: GOP Rep. Pence blasts “embarrassingly short” debate on behemoth bill. Says there are reports that there are new trade restriction in the bill, but who knows. No has read the bill. The way the bill is coming to the floor should be disturbing to every American. Last night at 3:00am, House Dems filed 309-page amendment and denied 224 GOP amendments. Three hours, 1 amendment filed. What’s the hurry? What are we hiding – that we can’t afford more time for Americans to examine what’s in the bill? What’s in it? Corporate welfare? Special provisions to placate members? Majority just denied us one additional minute of debate?! This is not Congress! I don’t know what this is…a travesty!

Pence also mentioned that Dems shaved another minute from the GOP’s time.

10:14am: Crikey. Sheila Jackson Lee is babbling about “getting the carbon out of the air.”

10:20am: GOP Rep. Biggert talks about the five amendments that she proposed and Dems rejected. Calls attention to national building codes.

10:22am: Dem Rep. Quigley preaches cult of global warming science. Says there are no contrary studies. Gee, I wonder why: Ask Alan Carlin!

10:24am: GOP Rep. Marsha Blackburn: We are the party of KNOW. We want the people to KNOW what’s in this bill! You go, girl.

10:38am: Philip Kerpen at AFP says Dems. Ortiz and Mollohan are now no votes.

Another prominent fence-sitter: Blue Dog Dem Chair Allen Boyd.

The pay-offs: …”

http://michellemalkin.com/2009/06/26/cap-and-tax-liveblog-democrats-limit-debate-stampede-toward-national-energy-tax/

The Economic Impact of the Waxman-Markey Cap-and-Trade Bill

by Ben Lieberman

“….But direct energy costs are only part of the consumer impact. Nearly everything goes up, since higher energy costs raise production costs. If you look at the total cost of Waxman-Markey, it works out to an average of $2,979 annually from 2012-2035 for a household of four. By 2035 alone, the total cost is over $4,600.

Beyond the cost impact on individuals and households, Waxman-Markey also affects employment, and especially employment in the manufacturing sector. We estimate job losses averaging 1,145,000 at any given time from 2012-2035. And note that those are net job losses, after the much-hyped green jobs are taken into account. Some of the lost jobs will be destroyed entirely, while others will be outsourced to nations like China and India that have repeatedly stated that they’ll never hamper their own economic growth with energy-cost boosting global warming measures like Waxman-Markey.

Since farming is energy intensive, that sector will be particularly hard-hit. Higher gasoline and diesel fuel costs, higher electricity costs, and higher natural gas-derived fertilizer costs all erode farm profits, which are expected to drop by 28 percent in 2012 and average 57 percent lower through 2035. As with American manufacturers, Waxman-Markey also puts American farmers at a global disadvantage, as other food-exporting nations would have no comparable energy-price raising measures in place.

Overall, Waxman-Markey reduces gross domestic product by an average of $393 billion annually between 2012 and 2035, and cumulatively by $9.4 trillion. In other words, the nation will be $9.4 trillion poorer with Waxman-Markey than without it. …”

http://www.heritage.org/Research/EnergyandEnvironment/tst062609a.cfm

Obama Admits Cap & Trade Will Cause Electricity Rates to Skyrocket

Inhofe Explains the High Cost of Cap and Trade on Fox News

Obama Admits Cap & Trade Will Cause Electricity Rates to Skyrocket

Cap-and-Trade: All Cost, No Benefit

By Martin Feldstein

Monday, June 1, 2009

 

“…The Obama administration and congressional Democrats have proposed a major cap-and-trade system aimed at reducing carbon dioxide emissions. Scientists agree that CO2 emissions around the world could lead to rising temperatures with serious long-term environmental consequences. But that is not a reason to enact a U.S. cap-and-trade system until there is a global agreement on CO2 reduction. The proposed legislation would have a trivially small effect on global warming while imposing substantial costs on all American households. And to get political support in key states, the legislation would abandon the auctioning of permits in favor of giving permits to selected corporations. …”

“…The Congressional Budget Office recently estimated that the resulting increases in consumer prices needed to achieve a 15 percent CO2 reduction — slightly less than the Waxman-Markey target — would raise the cost of living of a typical household by $1,600 a year. Some expert studies estimate that the cost to households could be substantially higher. The future cost to the typical household would rise significantly as the government reduces the total allowable amount of CO2.

Americans should ask themselves whether this annual tax of $1,600-plus per family is justified by the very small resulting decline in global CO2. Since the U.S. share of global CO2 production is now less than 25 percent (and is projected to decline as China and other developing nations grow), a 15 percent fall in U.S. CO2 output would lower global CO2 output by less than 4 percent. Its impact on global warming would be virtually unnoticeable. The U.S. should wait until there is a global agreement on CO2 that includes China and India before committing to costly reductions in the United States. …”

http://www.washingtonpost.com/wp-dyn/content/article/2009/05/31/AR2009053102077.html

 

Who Pays for Cap and Trade?

Hint: They were promised a tax cut during the Obama campaign.

“…Politicians love cap and trade because they can claim to be taxing “polluters,” not workers. Hardly. Once the government creates a scarce new commodity — in this case the right to emit carbon — and then mandates that businesses buy it, the costs would inevitably be passed on to all consumers in the form of higher prices. Stating the obvious, Peter Orszag — now Mr. Obama’s budget director — told Congress last year that “Those price increases are essential to the success of a cap-and-trade program.”

Hit hardest would be the “95% of working families” Mr. Obama keeps mentioning, usually omitting that his no-new-taxes pledge comes with the caveat “unless you use energy.” Putting a price on carbon is regressive by definition because poor and middle-income households spend more of their paychecks on things like gas to drive to work, groceries or home heating.

The Congressional Budget Office — Mr. Orszag’s former roost — estimates that the price hikes from a 15% cut in emissions would cost the average household in the bottom-income quintile about 3.3% of its after-tax income every year. That’s about $680, not including the costs of reduced employment and output. The three middle quintiles would see their paychecks cut between $880 and $1,500, or 2.9% to 2.7% of income. The rich would pay 1.7%. Cap and trade is the ideal policy for every Beltway analyst who thinks the tax code is too progressive (all five of them).

But the greatest inequities are geographic and would be imposed on the parts of the U.S. that rely most on manufacturing or fossil fuels — particularly coal, which generates most power in the Midwest, Southern and Plains states. It’s no coincidence that the liberals most invested in cap and trade — Barbara Boxer, Henry Waxman, Ed Markey — come from California or the Northeast.

Coal provides more than half of U.S. electricity, and 25 states get more than 50% of their electricity from conventional coal-fired generation. In Ohio, it totals 86%, according to the Energy Information Administration. Ratepayers in Indiana (94%), Missouri (85%), New Mexico (80%), Pennsylvania (56%), West Virginia (98%) and Wyoming (95%) are going to get soaked. …”

 

The Cap and Tax Fiction

Democrats off-loading economics to pass climate change bill.

“…

Even as Democrats have promised that this cap-and-trade legislation won’t pinch wallets, behind the scenes they’ve acknowledged the energy price tsunami that is coming. During the brief few days in which the bill was debated in the House Energy Committee, Republicans offered three amendments: one to suspend the program if gas hit $5 a gallon; one to suspend the program if electricity prices rose 10% over 2009; and one to suspend the program if unemployment rates hit 15%. Democrats defeated all of them.

The reality is that cost estimates for climate legislation are as unreliable as the models predicting climate change. What comes out of the computer is a function of what politicians type in. A better indicator might be what other countries are already experiencing. Britain’s Taxpayer Alliance estimates the average family there is paying nearly $1,300 a year in green taxes for carbon-cutting programs in effect only a few years.

Americans should know that those Members who vote for this climate bill are voting for what is likely to be the biggest tax in American history. Even Democrats can’t repeal that reality.

 Waxman Markey Cap and Trade’s Biggest Losers: Paper, Plastics and Rubber

“…The Waxman-Markey bill would destroy over 33,000 plastics and rubber jobs on average, which would hit a high of over 80,000 fewer jobs by 2035.

waxman-markey-paper-and-plastics

The paper industry fares a little better, but it’s still not good news. It’s like chopping off one foot as opposed to both. Heritage analysis found that with cap and trade there would be 15,000 fewer jobs on average in the paper industry, reaching 36,291 fewer jobs by 2035.

waxman-markey-paper-11

But don’t worry because the architects of the bill built in unemployment insurance; too bad it will only help 1.5% of those losing their jobs from the bill. And Over the 2012-2035 timeline, job losses average over 1.1 million. By 2035, a projected 2.5 million jobs are lost below the baseline (without a cap and trade bill) Do the workers in paper, plastics and rubber like their odds? …”

http://blog.heritage.org/2009/06/25/waxman-markey-cap-and-trade%e2%80%99s-biggest-losers-paper-plastics-and-rubber/

The climate change e-mails EPA doesn’t want you to see

By Michelle Malkin  

“…Another day, another Obama cover-up.

The Competitive Enterprise Institute has obtained internal EPA e-mails that show the agency willfully and recklessly disregarded scientific data that undermined the bureaucracy’s global warming zealotry.
This information is especially relevant as Congress rushes to pass the cap-and-trade nightmare on Friday.

CEI general counsel Sam Kazman has notified the EPA and requested that the internal communications and suppressed study be released to the public and added to the public record. Will another whistleblower be disappeared? Note especially this warning to the dissenting scientist: “The time for such discussion of fundamental issues has passed for this round. The administrator and the administration has decided to move forward on endangerment, and your comments do not help the legal or policy case for this decision… I can only see one impact of your comments given where we are in the process, and that would be a very negative impact on our office.”

Read: …”

http://michellemalkin.com/2009/06/24/the-climate-change-e-mails-epa-doesnt-want-you-to-see/

ManBearPig to the rescue: Gore lobbies for cap-and-tax; Update: Pelosi tells Gore to stay home!

By Michelle Malkin 

“…Al Gore is traveling to Washington today to whip House Democrats on tomorrow’s cap-and-tax bill.

No word on the amount of bogus carbon offsets ManBearPig’s trip to the Hill will cost:

Former Vice President Al Gore will meet with House Democrats Thursday to appeal to reluctant lawmakers to approve the controversial climate change bill on Friday, FOX News has learned.

House Speaker Nancy Pelosi, D-Calif., is rolling the dice with her plan to lug the bill to the House floor without the full confidence that the legislation will pass.

Senior Democratic leaders are whipping and cajoling skeptical lawmakers to side with them to approve the measure that could have significant economic impact on the energy bills of many Americans and even drive up the price of food.

Excelsior!

*** …”

http://michellemalkin.com/2009/06/25/manbearpig-to-the-rescue-gore-lobbies-for-cap-and-tax/

Cap and tax liveblog: Democrats limit debate, stampede toward national energy tax

By Michelle Malkin 

Scroll for continuous updates…there will be 3 hours of general debate and a grand total of 1 GOP amendment…

9:36am: GOP Rep. Pete Sessions is on the House floor right now blasting Dems, who just moved to limit debate. It’s “unacceptable” and “undemocratic,” says Sessions. Proposals to protect farmers and agriculture won’t be considered. Sessions recounts meetings at 2am, being handed massive, new 300-page amendment. “No one has read this bill.”

“Why are we rushing to do this with a trillion dollar spending plan that will result in killing jobs and make it more difficult for us to come out of recession?”

9:41am:

http://michellemalkin.com/2009/06/26/cap-and-tax-liveblog-democrats-limit-debate-stampede-toward-national-energy-tax/

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Bailed Out Bank Trillion Dollar Derivative Exposure

Posted on April 11, 2009. Filed under: Blogroll, Economics, Employment, Investments, Law, Links, Politics, Rants, Regulations, Resources, Security, Taxes, Video | Tags: , , , , , , , , , , , , , , , , |

 

red_socialism

“…Over 93.7% ($188 Trillion) of this gross exposure was held by only four bank s, J. P. Morgan Chase, Bank of America, Citibank and Goldman Sachs.  One institution, J. P. Morgan Chase, accounted for $87 Trillion of the total exposure or approximately 140% of Gross World Product. …”

~OCC’s Quarterly Report on Bank Trading and Derivatives Activities: Fourth Quarter 2008

While President Obama is in firing mode, how about asking all his campaign contributors to resign as board members and executives of banks that bet trillions of dollars on mortage derivative securities and are now being bailed out by the American people to cover their massive losses from derivative securities trading.

The loss exposure from these derivative  securities, mainly credit default swaps, is over a trillion dollars!

Time for the Federal Government to stop the bailouts, fire the management of these banks, and close this mess down.

Enough is enough.

Wall Street made billions of dollars on this business and should bear the losses.

The American people and the Federal Government should not bail these greedy, arrogant, stupid bastards out.

If the Federal Govenment continues to bailout these bastards, we know who the bought and paid for corrupt politicians are of both political parties.

The American people will be coming after them soon.

Massive theft of the American people  are high crimes–crimes of the century!

Join the Second American Revolution

 

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Background Articles and Videos

OCC Reports Fourth Quarter Bank Trading Loss

“…The report also noted that:

  • Derivatives contracts are concentrated in a small number of institutions. The largest five banks hold 96 percent of the total notional amount of derivatives, while the largest 25 banks hold nearly 100 percent.
  • Credit default swaps are the dominant product in the credit derivatives market, representing 98 percent of total credit derivatives.
  • The number of commercial banks holding derivatives increased by 33 in the quarter to 1,010.

A copy of the OCC’s Quarterly Report on Bank Trading and Derivatives Activities: Fourth Quarter 2008 is available on the OCC’s Web site at: http://www.occ.gov/ftp/release/2009-34a.pdf.  

http://www.occ.treas.gov/ftp/release/2009-34.htm 

 

How Much Risk is the Treasury Really Assuming from the Financial Institutions?

Posted by John Slater on April 7, 2009

“…Last week the Comptroller of the Currency – Administrator of National Banks issued its quarterly report on Bank Trading and Derivatives Activities – Fourth Quarter 2008.  In reviewing the report, several things become quickly apparent.

1.    Derivatives Trading is a really big business; the notional amount of all derivatives positions at all U. S. commercial banks and trust companies that participate in this business was slightly more than $200 Trillion on December 31, 2008.  That’s more than three times Gross World Product which the CIA estimates to have been a little over $62 Trillion in 2008.

2.    Over 93.7% ($188 Trillion) of this gross exposure was held by only four bank s, J. P. Morgan Chase, Bank of America, Citibank and Goldman Sachs.  One institution, J. P. Morgan Chase, accounted for $87 Trillion of the total exposure or approximately 140% of Gross World Product.

3.    While the bulk of the exposure ($181 Trillion) was in the “traditional” derivatives markets, interest rate and FOREX swaps, almost $16 Trillion was in Credit Default Swaps, up from $1 Trillion in such transactions five years earlier.

4.    What had once been a very profitable business for the major banks, turned decidedly sour in 2008, with net reported trading losses of $836 million for the year as compared with profits of $5.5 Billion in 2007 and $18.8 Billion in 2006.  Drilling down to the details, Credit Default Swaps generated losses for the banks in 2008 of $12.6 Billion, more than offsetting gains for the year in Interest Rate and Foreign Exchange trading. …”

“…The OCC report provides a lengthy explanation as to why the notional amounts dramatically overstate the risk posed to the system by these contracts.  First, the real credit exposure is not the notional amount of the contract, but the amount that the market has moved from the strike price of the swap: i.e. the net amount the counterparty would be obligated to pay to true up the contract based on current market conditions.  This is referred to as the Gross Positive Value (GPV) of the contracts.  Since this GPV is in effect an unsecured claim against another financial institution, it represents a credit risk to the holder of the claims.  At yearend total GPV held by U. S. commercial banks was $7.1 Trillion.  Actual credit exposure was much lower, however, as the holders have the legal right to set off this exposure against certain of their counter exposures to the obligor institutions (Gross Negative Fair Values).

The netted credit exposure was estimated to be only $800 billion.  Added to this was Potential Future Exposure of $782 Billion based upon the amount by which the contracts could move in favor of the obligee banks to generate a Total Credit Exposure of $1.58 Trillion.  For the top five derivatives trading banks (the four above plus the U. S. operations of HSBC) total credit exposure averaged 489% of the institutions’ Risk Based Capital at the end of the fourth quarter.  At one bank, Goldman Sachs, credit exposure was more than 1000% of Risk Based Capital.  To be fair this calculation does not take into account pledged collateral backing a portion of the credit risks, which the OCC estimates as typical averaging 30-40% of the exposure amounts, so actual credit exposure was presumably somewhat lower. …”

http://mergers.com/toughtimes/2009/how-much-risk-is-the-treasury-really-assuming-from-the-financial-institutions/

How Much Risk is the Treasury Really Assuming from the Financial Institutions? (Part 2)

“… Our previous post raised the question of just how much risk is being assumed by the U. S. Treasury with its apparent implied guaranty of the unsecured obligations of the major financial institutions.  We asked whether the $188 Trillion (notional amount) of derivatives transactions on the books of four major banks (J. P. Morgan Chase, Bank of America, Citibank and Goldman Sachs) could potentially pose risks not fully understood by the banks or their regulators. 

In evaluating the potential risks inherent in the derivatives positions of the banks (and more particularly at the risks of the Credit Default Swaps (“CDS”)), it is necessary to look at the one situation where similar risks have been converted to real losses: i.e. AIG Financial Products (AIG FP).   Chris Whalen of Institutional Risk Analytics has done so in depth in a recent article posted here. 

Mr. Whalen paints a picture of financial instruments created for the purpose of enabling financial as well as non-financial companies to falsify their earnings through the issuance of insurance contracts calculated to remove certain assets and liabilities from companies’ books and by doing so to bring them into compliance with regulatory capital requirements or shift earnings and losses between reporting period, with the presumed intent of manipulating the equity prices of the counterparties.  He further asserts that these ostensibly “economic” transactions were converted to blatant fraud through side letters never disclosed to company management, auditors or regulators that absolved the writers of these contracts from responsibility for honoring their commitments.  These activities are further described as the essence of the SEC’s charges against AIG in a Complaint brought against AIG in 2004. …”

http://seekingalpha.com/instablog/274498-john-slater/358-how-much-risk-is-the-treasury-really-assuming-from-the-financial-institutions-part-2

Will Credit Defaul Swaps Worsen Our Financial Problems? Pt1

 

Will Credit Defaul Swaps Worsen Our Financial Problems? Pt2

 

The Real Estate and Credit Meltdown: How Did We Get Here and Where Do We Go?

 

 

 

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