David Stockman — Right On The Money, Economy, Trump and The Warfare and Welfare State — You Have Been Warned — Videos

Posted on April 30, 2017. Filed under: American History, Banking, Blogroll, Books, British History, Business, Communications, Congress, conservatives, Constitution, Corruption, Crisis, Cult, Culture, Economics, Education, Elections, Employment, European History, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Islam, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Middle East, Monetary Policy, Money, Money, Non-Fiction, People, Philosophy, Photos, Politics, Rants, Raves, Raymond Thomas Pronk, Speech, Strategy, Talk Radio, Tax Policy, Taxation, Taxes, Video, Wahhabism, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , |

Image result for david stockman books

Image result for david stockman books

Image result for david stockman books
Image result for david stockman booksImage result for david stockman booksImage result for david stockman booksImage result for david stockman books

Image result for cartoons about david stockman

World’s Greatest Memory and Trump’s La la Land | David Stockman’s Warning

Published on Apr 29, 2017

You can also check out the following:

David Stockman’s Warning
Jim Sinclair
James Turk
Web bot
Silver News
Gold
Bix Weir
RoadToRoota
Road To Roota
Kyle Bass
Realist News
Greg Mannarino
Rob Kirby
Reluctant Preppers
The Next Newss
Info Wars
Maneco64
Mike Maloney
Gold Silver
Eric Sprott
Jim Rickards
David Morgan
Peter Schiff
Max Keiser
Robert Kiyosaki
SilverDoctors
Finance and Liberty
Nomi Prins
Jim Willie
Clif High
Martin Armstrong
Ron Paul
Pastor Williams
Bill Holter
Bo Polny
Jim Sinclair
James Turk
Clif High

Stockman on Trump’s Tax Plan: ‘Borrowing Money Is Not the Way to Prosperity’

David Stockman: National debt is ticking time bomb

David Stockman: Trump doesn’t know anything about tax policy

David Stockman: We’re wasting money on defense

David Stockman on Trump’s wall: I think it’s a stupid idea

David Stockman: Economy is on the edge of ruin

David Stockman: We’ll have a fiscal bloodbath, not fiscal stimulus

David Stockman Trumps Efforts To Drain The Swamp

David Stockman – Trump Will Create A Debt Crisis Like Never Before – 28 Feb 17 | Gazunda

David Stockman – Global Deflation As A Result Of Massive Over-investment – 9 Feb 16 | Gazunda

David Stockman Speaks on Shakeup Expected At The White House. #TheWhiteHouse

David Stockman: We are at peak debt headed for a recession

David Stockman on Trump’s infrastructure spending

RTD News: “A 20 Trillion Ticking Time Bomb…” – David Stockman

David Stockman: We have a massive bubble in the market

David Stockman -Trump Can’t Stop Market Crash Predicts Reagan’s Budget Director

Stockman: U.S. election is Brexit on steroids

[74] David Stockman | One Big Fat Ugly Bubble

David Stockman: Lester Holt was in the tank for Hillary Clinton

Stockman: Janet Yellen is a clueless economist

David Stockman: What the Fed and the Feds Have Done to Us, and How to Reverse It

David Stockman-We Are Nearing the End

[youtube-https://www.youtube.com/watch?v=5exbO-Ros2Q]

David Stockman: Why a Trump Presidency Is Very Possible

What Trump Should Do – With David Stockman

David Stockman Bubbles, Economic Collapse Coming 1

Robert Kiyosaki David Stockman discuss the biggest financial crisis in US history present,future

David Stockman: The US Is Fiscally, Morally, Intellectually Bankrupt

RTD News: “There Will Be No Rescue Out Of Washington This Time” – David Stockman

David Stockman – Conversations with Casey

How Crony Capitalism Corrupts the Free Market | David Stockman

The Forgotten Cause of Sound Money | David Stockman

Stockman: Market Will Not Be Pretty Under Trump

[Ed. Note: To see exactly what this former Reagan insider has to say about Trump and specifically what he believes must be done to drain the swamp, David Stockman is sending out a copy of his book Trumped! A Nation on the Brink of Ruin… And How to Bring It Back out to any American willing to listen. To learn how to get your free copy CLICK HERE.]

As bonds break a three day win streak and the U.S market hitting new record highs with a trifecta of records, CNBC was roaring about what to expect going forward. The Daily Reckoning contributor David Stockman joined Courtney Reagan to discuss what to expect going forward.

After the CNBC host positioned the critiques offered by David Stockman of the Trump administration she asked whether that would continue given the state of the market. Stockman did not mix words beginning the conversation with, “What’s going on today is complete insanity. The market is apparently pricing in a huge Trump stimulus package, when if you just look at the real world out there the only thing that is going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S history.

How much more evidence do these so called traders need? Trump is lost in Twitter-land and he is out of control. He is turning out to be a complete jackass in the Oval Office. Co-President Bannon is off the deep end on terrorism, travel bans, Mexican walls, immigrant bashing and protectionism.”

David Stockman is a former Reagan Administration official who was the Office of Management and Budget Director. He also served as a two-term Congressman from the great state of Michigan. His latest book, Trumped! A Nation on the Brink of Ruin… And How to Bring It Back is out now. It offers his insight and exclusive analysis on exactly what the newly elected president must do in order to succeed in the White House. To get your own FREE copy, CLICK HERE to learn how.

“[They are] having nothing to do with the economic agenda and Trump has got an empty economic bench. He’s got no Secretary of the Treasury, no Office of Management and Budget, no Council of Economic Advisor Chairman. By this time, when I was there with the Reagan Administration, the plan was ready to go and he was going to Congress within a couple of days into February. We have a debt ceiling freight train coming down the road which will hit March 15 and then the cash will start running out and the system will be on edge. All of the continuing resolutions expire in April.”

“They are going to spend the year trying to repeal and replace Obamacare and it will be a fiasco. Nothing is going to happen this year. I don’t even think they can pass the budget resolution. There is going to be no tax action this year. If there is any bill next year it is going to be deficit neutral. Which means it is not going to add $15 to earnings like these crazy people expect.”

“Why would you be trading in this market, with this kind of chaos emerging everywhere at twenty six times trailing earnings? That’s where we are. It is completely crazy and it is only a question of how many more days or weeks that this kind of fantasy land can last.”

David Stockman Market In Text 2

Courtney Reagan then pressed back asking, “At what point do you give in and admit that [Trump] is atypical but maybe he could get things done? I mean, look at all of the CEO’s that Trump has met with.” The former Reagan insider remarked that, “CEO’s come and go with every president. They came in with Reagan, they tell a president what they want to hear. These guys are just selling the song and dance about how many jobs they’re going to create in the next five years. They have no clue.”

“If we have a recession in the next five years, which surely we will, because recessions have not been outlawed and we haven’t had one for ten years. None of this stuff is going to happen. This is meaningless. What is meaningful is that Trump is out of control. This tweeting and getting off track on all of this terrorism stuff. This is a sign that there is going to be no governing coalition and that all of this fiscal stimulus expected by Wall Street is a complete fantasy. It can’t happen.”

Rickards’ Reaction: A Model For Predicting Financial Collapse

Jim Rickards’ reveals the only model you need to safe guard your wealth from the next financial crisis. In this 5-part exclusive framework a former Wall Street and intelligence community insider breaks down his analysis into a model to warm of impending financial collapse. The model is designed to offer the easiest and fastest way to apply hard facts, science and good sound analysis. Sign up for the Daily Reckoning e-letter today and receive your FREE report.

We will NOT share your email address

When CNBC then turned over the camera to a day trader who asked about the positive sentiment that exists within the market regarding Trump and his plan to deregulate Stockman stayed true to message. “Trump is just putting out press releases and the guise of Executive Orders. All of this stuff is going to get litigated, it goes through a rulemaking process, that takes years. So the relief on regulation will be important, but it way down the road and it won’t be that impactful.”

“The second thing, is we’re at 92 months in this expansion already. It is running out of gas. You can’t expect it to run forever. That is seemingly what is priced in by the market.”

“The third thing is, we have a giant debt and deficit problem. The debt ceiling is coming back into play it will be 20 trillion when it freezes in on March 15th. I’ll tell you this, people aren’t paying attention to the fact that Trump will never get a debt ceiling increase through the Congress without a government shutdown. When that happens it is, “bar the doors” because nobody is expecting it. We need to look at the facts, not the hopes.”

As the CNBC affirmed, it is not clear that the market is just going to drop tomorrow and history will repeat itself, Stockman repositioned. “The market it clearly factoring in a big Trump stimulus and I think anybody down there would admit if it doesn’t happen, if we get zero tax cuts, if we get a fiscal bloodbath in the Washington I am describing – the market is not going to stay where it is today at these absurd multiples of earnings.”

“This is all based on the idea that there is going to be a surge of economic growth and that profits are going to come back from about $89 a share by basis, where they were during the last twelve months, to a potential $110 or $130. My argument is there is not going to be any economic rebound. There is not going to be any profit surge. Therefore the market will be repricing dramatically downward once it is clear.”

Another CNBC analysis asked why – with the positive trends in jobless claims, manufacturing increasing, interest rates at near record lows – would the market not close out the year near record levels? “The market is assuming that profits are going to rebound. That we are not going to have any market dislocation and that nobody is going to be pushing back on Trump. It is hard to understand how people watching the day-to-day action down there could believe that.”

“Everybody is pushing back on Trump, he can’t even get his cabinet approved. He’s going to be bogged down in a Supreme Court fight, he’s going to be bogged down in a fight over a ridiculous travel ban. The idea that there is not going to be pushback is naive. What there is going to be is a train wreck. It is already clear that the people in the White House have no idea what they’re doing and it is only a matter of time before this honeymoon goodwill evaporates and the politicians get down to doing what they do best. Which is to undermine and obstruct anything that might be positive.”

When finally asked whether there is anything positive that would make him turn bullish in the near future he responded affirmably, “No, because Trump is inheriting thirty years of a disaster created by his predecessors. We have to take this $20 trillion of debt seriously. There is $10 trillion more built in under current policy, and that is without a dime of Trump tax cuts, infrastructure or stimulus. There is going to be a tremendous fiscal crisis in the years ahead which will prevent any of the kind of action that the “stimulus junkies” are looking for.

To catch the full interview with David Stockman on CNBC click here. If you would like to claim your own free copy of David Stockman’s bestseller Trumped! Click here to learn how.

Thanks for reading,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

https://dailyreckoning.com/stockman-market-under-trump/

David Stockman

From Wikipedia, the free encyclopedia
David Stockman
David Stockman by Gage Skidmore.jpg
Director of the Office of Management and Budget
In office
January 21, 1981 – August 1, 1985
President Ronald Reagan
Preceded by Jim McIntyre
Succeeded by Jim Miller
Member of the U.S. House of Representatives
from Michigan‘s 4th district
In office
January 3, 1977 – January 21, 1981
Preceded by Edward Hutchinson
Succeeded by Mark Siljander
Personal details
Born David Alan Stockman
November 10, 1946 (age 70)
Fort Hood, Texas, U.S.
Political party Republican
Spouse(s) Jennifer Blei (1983–present)[1]
Education Michigan State University (BA)
Harvard University
Website Official website

David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

Early life and education

Stockman was born in Fort Hood, Texas, the son of Allen Stockman, a fruit farmer, and Carol (née Bartz).[2] He is of German descent, and his family’s surname was originally “Stockmann”.[3] He was raised in a conservative family, and his maternal grandfather, William Bartz, was a Republican county treasurer for 30 years.[4][5] Stockman was educated at public schools in Stevensville, Michigan. He graduated from Lakeshore High School in 1964[6] and received a B.A. in History from Michigan State University in 1968. He was a graduate student at Harvard University, 1968–1970 studying theology

Political career

Stockman’s Congressional portrait

He served as special assistant to United States Representative and 1980 U.S. presidential candidate John Anderson of Illinois, 1970–1972, and was executive director, United States House of Representatives Republican Conference, 1972–1975.

Congress

Stockman was elected to the United States House of Representatives for the 95th Congress and was reelected in two subsequent elections, serving from January 3, 1977, until his resignation January 21, 1981, to accept appointment as Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Office of Management and Budget

Stockman was one of the most controversial OMB directors ever appointed, also known as the “Father of Reaganomics.” He resigned in August 1985. Committed to the doctrine of supply-side economics, he assisted in the passing of the “Reagan Budget” (the Gramm-Latta Budget), which Stockman hoped would curtail the “welfare state“. He thus gained a reputation as a tough negotiator with House Speaker Tip O’Neill‘s Democratic-controlled House of Representatives and Majority Leader Howard Baker‘s Republican-controlled Senate. During this period, Stockman became well known to the public during the contentious political wrangling concerning the role of the federal government in American society.

Stockman’s influence within the Reagan Administration was weakened after the Atlantic Monthly magazine published the infamous 18,246 word article, “The Education of David Stockman”,[7] in its December 1981 issue, based on lengthy interviews Stockman gave to reporter William Greider.

Stockman was quoted as referring to Reagan’s tax act in these terms: “I mean, Kemp-Roth [Reagan’s 1981 tax cut] was always a Trojan horse to bring down the top rate…. It’s kind of hard to sell ‘trickle down.’ So the supply-side formula was the only way to get a tax policy that was really ‘trickle down.’ Supply-side is ‘trickle-down’ theory.”[7] Of the budget process during his first year on the job, Stockman was quoted as saying, “None of us really understands what’s going on with all these numbers,” which was used as the subtitle of the article.[7]

After “being taken to the woodshed by the president” because of his candor with Greider, Stockman became concerned with the projected trend of increasingly large federal deficits and the rapidly expanding national debt. On 1 August 1985, he resigned from OMB and later wrote a memoir of his experience in the Reagan Administration titled The Triumph of Politics: Why the Reagan Revolution Failed in which he specifically criticized the failure of congressional Republicans to endorse a reduction of government spending to offset large tax decreases to avoid the creation of large deficits and an increasing national debt.

Fiscal legacy

President Jimmy Carter’s last fiscal year budget ended with a $79.0 billion budget deficit (and a national debt of $907,701,000,000 [8] as of September 30, 1980), ending during the period of David Stockman’s and Ronald Reagan’s first year in office, on October 1, 1981.[9] The gross federal national debt had just increased to $1.0 trillion during October 1981 ($998 billion on 30 September 1981, up from $907.7 billion during the last full fiscal year of the Carter administration[8]).

By 30 September 1985, four and a half years into the Reagan administration and shortly after Stockman’s resignation from the OMB during August 1985, the gross federal debt was $1.8 trillion.[8] Stockman’s OMB work within the administration during 1981 until August 1985 was dedicated to negotiating with the Senate and House about the next fiscal year’s budget, executed later during the autumn of 1985, which resulted in the national debt becoming $2.1 trillion at fiscal year end 30 September 1986.[8] Reaganomics had just begun.

In 1981, Stockman received the Samuel S. Beard Award for Greatest Public Service by an Individual 35 Years or Under, an award given out annually by Jefferson Awards.[10]

Business career

After leaving government, Stockman joined the Wall St. investment bank Salomon Brothers and later became a partner of the New York–based private equity company, the Blackstone Group.[11]:125–127 His record was mixed at Blackstone, with some very good investments, such as American Axle, but also failures, including Haynes International and Republic Technologies.[11]:144–147 During 1999, after Blackstone CEO Stephen A. Schwarzman curtailed Stockman’s role in managing the investments he had developed,[11]:146 Stockman resigned from Blackstone to start his own private equity fund company, Heartland Industrial Partners, L.P., based in Greenwich, Connecticut.[12]

On the strength of his investment record at Blackstone, Stockman and his partners raised $1.3 billion of equity from institutional and other investors. With Stockman’s guidance, Heartland used a contrarian investment strategy, buying controlling interests in companies operating in sectors of the U.S. economy that were attracting the least amount of new equity: auto parts and textiles. With the help of about $9 billion in Wall Street debt financing, Heartland completed more than 20 transactions in less than 2 years to create four portfolio companies: Springs Industries, Metaldyne, Collins & Aikman, and TriMas. Several major investments performed very poorly, however. Collins & Aikman filed for bankruptcy during 2005 and when Heartland sold Metaldyne to Asahi Tec Corp. during 2006, Heartland lost most of the $340 million of equity it had invested in the business.[13]

Collins & Aikman Corp.

During August 2003, Stockman became CEO of Collins & Aikman Corporation, a Detroit-based manufacturer of automotive interior components. He was ousted from that job days before Collins & Aikman filed for bankruptcy under Chapter 11 on May 17, 2005.

Criminal and civil charges

On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in “a scheme… to defraud [Collins & Aikman]’s investors, banks and creditors by manipulating C&A’s reported revenues and earnings.” The United States Securities and Exchange Commission also brought civil charges against Stockman related to actions that he performed while CEO of Collins & Aikman.[14] Stockman suffered a personal financial loss, over $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide.

Stockman said in a statement posted on his law firm’s website that the company’s end was the consequence of an industry decline, not due to fraud.[15] On January 9, 2009, the US Attorney’s Office announced that it did not intend to prosecute Stockman for this case.[16]

Web site

In March 2014 Stockman launched a web based daily periodical, David Stockman’s Contra Corner featuring both his own articles and those from leading contrarian thinkers on geopolitics, economics, and finance.

Personal life

Stockman lives in the Upper East Side of Manhattan in New York City.[12] He is married to Jennifer Blei Stockman and is the father of two children, Rachel and Victoria. Jennifer Blei Stockman is a chairwoman emerita of the Republican Majority for Choice,[17] and President of the Solomon R. Guggenheim Foundation Board of Trustees.[18] In 2013, Stockman signed an amicus brief to the Supreme Court in favor of same-sex marriage.[19]

Quotes

  • “[Social Security] has to be means-tested. And Medicare needs to be means-tested […] Let the Bush tax cuts expire. Let the capital gains go back to the same rate as ordinary income.”[20]
  • “The Republican Party has totally abdicated its job in our democracy, which is to act as the guardian of fiscal discipline and responsibility. They’re on an anti-tax jihad — one that benefits the prosperous classes.”[21]
  • “I invest in anything that Bernanke can’t destroy, including gold, canned beans, bottled water and flashlight batteries.”[22]
  • “Ninety-two percent of the wealth is owned by five percent of the people.” (Bloomberg TV 2013)
  • “[T]he Republican Party was hijacked by modern imperialists during the Reagan era. As a consequence, the conservative party cannot perform its natural function as watchdog of the public purse because it is constantly seeking legislative action to provision a vast war machine of invasion and occupation.” [23]

Bibliography

  • The Reagan Economic Plan, 1981
  • The Triumph of Politics: Why the Reagan Revolution Failed, Harper & Row, 1986, ISBN 9780060155605
  • The Great Deformation: The Corruption of Capitalism in America, PublicAffairs, 2013, ISBN 9781586489120
  • Trumped!: A Nation on the Brink of Ruin, and How to Bring it Back, 2016

References

  1. Jump up^ “LOSING THE BATTLES AND WINNING THE WAR”. Lexington Herald-Leader. April 7, 1985.
  2. Jump up^ Hunter, Marjorie (December 12, 1980). “Office of Management and Budget David Alan Stockman; Strong Support From Kemp Chosen by House Republicans Views on Economy”. The New York Times.
  3. Jump up^ “News65”. 19 June 1998.
  4. Jump up^ “The Tuscaloosa News – Google News Archive Search”.
  5. Jump up^ “The Montreal Gazette – Google News Archive Search”.
  6. Jump up^ Heibutzki, Ralph (2012-06-04). “Stockman Surprise Speaker at Lakeshore’s Graduation”. The Herald-Palladium. Retrieved 2012-06-04.
  7. ^ Jump up to:a b c William Greider (December 1981). “The Education of David Stockman”. The Atlantic Online.
  8. ^ Jump up to:a b c d Treasury Department’s Historical Debt Outstanding – Annual 1950 – 1999
  9. Jump up^ Office of Management and Budget Historical Tablessee Table 1.1 (Excel Spreadsheet)
  10. Jump up^ “Jefferson Awards”. Jefferson Awards.
  11. ^ Jump up to:a b c David Carey & John E. Morris (2001). King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone. Crown.
  12. ^ Jump up to:a b “Collins & Aikman seeks to emerge from bankruptcy,” Bloomberg News article by Jeff Bennett, published in the newspaper The Advocate of Stamford and (identical version, perhaps with changes by the local editor in the common business section for both newspapers) in the Greenwich Time on September 5, 2006, page A7, The Advocate
  13. Jump up^ David Carey and Lou Whiteman, “PE firms find buyer for Metaldyne,” The Deal, Sept. 1, 2006.
  14. Jump up^ Levin, Doris (29 March 2007). “Stockman Outsmarts Self in Detroit”. Bloomberg. Retrieved 19 September 2014.
  15. Jump up^ “Ex-Collins Chief David Stockman Charged With Fraud (Update10)”. Bloomberg. March 26, 2007. Retrieved 2010-08-02.
  16. Jump up^ “Fraud charges dropped against ex-Reagan aide David Stockman”. Chicago Tribune. 10 January 2009. Retrieved 19 September 2014.
  17. Jump up^ About Us Republican Majority for Choice
  18. Jump up^ Trustees, Solomon R. Guggenheim Foundation
  19. Jump up^ [1]
  20. Jump up^ “Why David Stockman Isn’t buying it”. CBS News. March 2, 2012.
  21. Jump up^ Dickinson, Tim (Nov 9, 2011). “How the GOP Became the Party of the Rich”. Rolling Stone. Retrieved 2011-11-10.
  22. Jump up^ David Stockman: I Invest In Anything Bernanke Can’t Destroy, John Carney, CNBC, October 6, 2010
  23. Jump up^ Stockman, David (2013). The Great Deformation — the corruption of capitalism in America. PublicAffairs. p. 688. ISBN 978-1586489120.

External links

United States House of Representatives
Preceded by
Edward Hutchinson
Member of the U.S. House of Representatives
from Michigan’s 4th congressional district

1977–1981
Succeeded by
Mark Siljander
Political offices
Preceded by
Jim McIntyre
Director of the Office of Management and Budget
1981–1985
Succeeded by
Jim Miller
Read Full Post | Make a Comment ( None so far )

Financial Services Committee hearing on Madoff and SIPC — Videos

Posted on November 19, 2013. Filed under: Blogroll, Business, Communications, Computers, Computers, Economics, Education, government, government spending, IRS, Law, liberty, Life, Links, Literacy, media, People, Philosophy, Politics, Raves, Regulations, Taxes, Technology, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , |

SIPC Member logo

Financial Services Committee hearing on Madoff December 9, 2009 Part 1

Financial Services Committee hearing on Madoff December 9, 2009 Part 2

Financial Services Committee hearing on Madoff December 9, 2009 Part 3

Financial Services Committee hearing on Madoff December 9, 2009 Part 4

Financial Services Committee hearing on Madoff December 9, 2009 Part 5

Financial Services Committee hearing on Madoff December 9, 2009 Part 6

Financial Services Committee hearing on Madoff December 9, 2009 Part 7

Financial Services Committee hearing on Madoff December 9, 2009 Part 8

Financial Services Committee hearing on Madoff December 9, 2009 Part 9

Financial Services Committee hearing on Madoff December 9, 2009 Part 10

Financial Services Committee hearing on Madoff December 9, 2009 Part 11

Financial Services Committee hearing on Madoff December 9, 2009 Part 12

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

Inside the Madoff Scandal — Videos

Posted on November 19, 2013. Filed under: Blogroll, Books, Communications, Crime, Diasters, Economics, Federal Government, Fraud, government, government spending, IRS, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Religion, Securities and Exchange Commission, Security, Taxes, Technology, Video, Wealth, Wisdom, Writing | Tags: , , , , , , , , , , |

Inside the Madoff Scandal: Chapter One

Inside the Madoff Scandal: Chapter Two

Related Posts On Pronk Palisades

Harry Markopolos — No One Would Listen: A True Financial Thriller — Videos

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

Faber and Schiff on Investments in 2013–Bullish On Gold–Bearish On Bonds–Prices Rising–Inflation–Videos

Posted on January 11, 2013. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Energy, Federal Government, Federal Government Budget, government, government spending, history, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, Monetary Policy, Money, Natural Gas, Oil, People, Philosophy, Politics, Raves, Resources, Security, Tax Policy, Video, Wealth, Wisdom | Tags: , , , , |

Peter Schiff Interviews Marc Faber On What Will Happen in 2013 – CNBC 1_10_2013

Peter Schiff 2013 – The CPI is nothing but Government Propaganda!

Inflation Propaganda Exposed

he CPI is no longer a tool to accurately measure inflation, but an instrument of propaganda the government uses to hide accelerating inflation from the public and financial markets. Modest CPI increases over the past several years do not reflect an absence of inflation, but a design flaw in the index that fails to fully capture the magnitude of price increases. Central bankers drawing economic conclusions regarding inflation and monetary policy based on this highly flawed data point are making a major policy error.

Note: Prices for the twenty items in our basket rose 44.3% during a ten-year period despite an official rise in the CPI of just 27.5% during the same time frame. But that is using official government numbers to evidence those price increases. However, judging by the inaccuracy of government numbers on other items, such as newspapers and health insurance, the actual rate of increase of the prices of the goods in our basket was likely much higher than what the government claimed!

Peter Schiff 2013 – Big Government is very expensive, if you want it you have to pay for it

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

Niall Ferguson–The Ascent of Money: A Financial History of The World–Videos

Posted on October 28, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, European History, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Regulations, Video, Wealth | Tags: , , , , , , , , |

The Ascent of Money: A Financial History of The World

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

James Rickards–Currency Wars: The Making of The Next Global Crisis–Videos

Posted on October 2, 2012. Filed under: American History, Art, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, history, Inflation, Investments, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Raves, Resources, Security, Strategy, Tax Policy, Technology, Unemployment, Video, Wisdom | Tags: , , , |

James Rickards ‘The US is the Greatest Currency Manipulator in the World’ 

Currency Wars – James Rickards

James Rickards – Currency Wars 1/5 

James Rickards – Currency Wars 2/5

James Rickards – Currency Wars 3/5

James Rickards – Currency Wars 4/5

James Rickards – Currency Wars 5/5

Background Articles and Videos

James Rickards – Economics And National Security 1/8

James Rickards – Economics And National Security 2/8

James Rickards – Economics And National Security 3/8

James Rickards – Economics And National Security 4/8

James Rickards – Economics And National Security 5/8

James Rickards – Economics And National Security 6/8

James Rickards – Economics And National Security 7/8

James Rickards – Economics And National Security 8/8

James Rickards on the Fed’s European Bailout and a Global Central Bank (11/30/11) 

Jim Rickards on Currency Wars, Real Wars and Gold Wars (11/17/11) 

The Treasury and the Fed are Robbing Savers – James Rickards

John Mauldin and Jim Rickards discuss the Looming Debt Crisis and the Fiscal Abyss!

Keiser Report: World Flash Clash Center (E343) 

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

Obama Official Surrogate Newark Mayor Cory Booker Tells It Like It Is–Bain Capital Good For Americans–The Left Goes Nuts!–Videos

Posted on May 22, 2012. Filed under: American History, Blogroll, Business, Communications, Economics, Education, Employment, government, government spending, High School, history, Investments, Law, liberty, Life, Links, media, People, Philosophy, Politics, Public Sector, Raves, Unemployment, Unions, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

OBAMA: ROMNEY A ‘VAMPIRE’ 

Mayor Booker – Bain Capital, private equity good – nauseating 

Cory Booker Backtracks on Romney Support 

Cory Booker Backs Off Criticizing Obama Campaign Bain Attacks

“As the Obama campaign doubles down on the use of Bain Capital to question Mitt Romney’s economic philosophy, Newark Mayor Cory Booker is backing off his criticism of a line of attack he called “nauseating.” During an appearance Sunday on “Meet The Press,” Booker, an Obama supporter and rising star, seemed to equate the Obama campaign’s Bain strategy with the scuttled plans of a GOP “super PAC” to raise Obama’s past ties to Jeremiah Wright, a retired Chicago pastor whose controversial speeches became a campaign issue in 2008…”.* The Young Turks host Cenk Uygur breaks it down.

Big Bain Backfire

“…President Obama’s attacks on free enterprise have triggered a backlash among many—even among those in his own party. In just the past few days, everyone from former advisors to his own surrogates have criticized the Obama campaign’s attack on free enterprise. With no record to run on, it is no surprise that the Obama campaign has resorted to misleading attacks that have been disavowed by its own supporters. …”

Axelrod: Mayor Booker Was “Wrong” To Criticize Obama Attack On Romney 

Matthews On Obama Booking Booker: “I’m Appalled By This Of Course! HEAR ME!!”

Cory Booker Caught in Balancing Act Over Obama’s Bain Ad Comments

Corporatist Dem. Cory Booker Defends Mitt Romney’s Bain Capital 

Papantonio: Booker Has No Courage For A Fight 

Obama Campaign Does Damage Control After Dems Question Anti-Bain Strategy

“…The Obama campaign is in full damage-control mode one day after Newark Mayor Cory Booker publicly derided Democrats’ assault on presumptive GOP nominee Mitt Romney over his record at Bain Capital.

Chief Obama strategist David Axelrod today publicly rebuked Booker, a popular and high-profile surrogate for the campaign, saying he was “just wrong.”

“I love Cory Booker. He’s a great mayor. If I were, if my house was on fire, I’d hope he were my next door neighbor,” Axelrod said on MSNBC, referring to Booker’s rescue of a neighbor last month.

“I agree with what he said later. I think this was a legitimate area for discussion,” Axelrod said of Booker’s subsequent comments clarifying the issue. …”

“…Booker is not the only Democrat to question the aggressive, negative portrayal of Romney’s work in private equity.  Former Tennessee Rep. Harold Ford Jr. said today he agreed with “the substance” of Booker’s comments and “would not have backed out.”

“I agree with him, private equity is not a bad thing. Matter of fact, private equity is a good thing in many, many instances,” the Democrat said in a separate appearance on MSNBC earlier in the day.

Former Obama administration economic adviser Steven Rattner made similar comments last week, calling a new Obama campaign TV ad attacking Romney’s role in the bankruptcy of a Bain-owned steel company “unfair.”

“Bain Capital’s responsibility was not to create 100,000 jobs or some other number. It was to create profits for its investors,” Rattner said.  ”‘It did it superbly well, acting within the rules, acting very responsibly. … This is part of capitalism, this is part of life. I don’t think there’s anything Bain Capital did that they need to be embarrassed about.”

Republicans have been gleeful with the apparent divide among Democrats over the portrayal of Romney’s Bain days.  The Romney campaign produced a web video – “Big Bain Backfire” – highlighting the comments, while the Republican National Committee purchased ads on Twitter to play up the Booker flap. …”

http://abcnews.go.com/blogs/politics/2012/05/obama-campaign-does-damage-control-after-dems-question-anti-bain-strategy/

Background Articles and Videos

Cory Booker Fire Rescue

Cory Booker on “Stand Your Ground” 

Glenn Beck analyzes Obama’s new Bain Capital-related anti-Romney ad (5/15/12 show)

State of the Union:      Obama Ad Bashes Bain Capital 

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

Jamie Dimon–Videos

Posted on May 19, 2012. Filed under: Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Technology, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , |

Jamie Dimon Reacts to $2 Billion Trading Loss

Charlie Rose – Jamie Dimon 

Jamie Dimon Discusses the State of the Economy 

Jamie Dimon on Ben Bernanke 

Jamie Dimon Questions Ben Bernanke on New Bank Rules

GLOBAL AFFAIRS AND THE GLOBAL ECONOMY

IBM THINK Forum | A Conversation on Leading in Times of Deep Structural Change

A conversation with Jamie Dimon, Chairman and Chief Executive Officer, JP Morgan Chase & Co.; Dr. Victor K. Fung, Li & Fung Limited; Jim McNerney, Chairman, President and Chief Executive Officer, The Boeing Company; Moderated by Dr. Fareed Zakaria, CNN Host, Fareed Zakaria GPS, Editor-at-Large, TIME, Columnist, The Washington Post, and Author

Jamie Dimon of Chase speaks in Seattle on Nov. 2, 2011

The Jamie Dimon Interview With Shaili Chopra At Davos

The Jamie Dimon Interview with Shaili Chopra Part 2

Jamie Dimon:  Address to HBS MBA Class of 2009, Class Day June 21, 2009

Background Articles and Videos

THE TRUTH ABOUT JAMIE DIMON PART 1 – BAILED OUT CEO CONTINUES POOR DECISION MAKING

Jamie Dimon’s Letter: The Highlights

“…The CEO of the nation’s largest bank has written a 38-page letter to shareholders this year, laying out his company’s positions on everything from the sentiment toward banks to how he values J.P. Morgan shares.

“…JPM Stock: Dimon doesn’t normally talk about share prices. But as Buffett did while laying out Berkshire’s share repurchase plans, Dimon attempts to explain how he thinks about the value of JPM stock: “Our tangible book value per share is a good, very conservative measure of shareholder value…If you like our businesses, buying back stock at tangible book value is a very good deal. So you can assume that we are a buyer in size around tangible book value….Currently, above $45 a share, we plan to continue to buy back the amount of stock that we issue every year for employee compensation – we think this is just good discipline. As for the excess capital, we will either find good investments to make or simply use it to more quickly achieve our new Basel III targets. Rest assured, the Board will continuously reevaluate our capital plans and make changes as appropriate but will authorize a buyback of stock only when we think it is a great deal for you, our shareholders.”

Mortgage problems keeping J.P. Morgan from $24 billion in profits — “The main reason for the difference between what we are earning and what we should be earning continues to be high costs and losses in mortgage and mortgage-related issues. While these losses are increasingly less severe, they will still persist at elevated levels for a while longer.”

Mortgage crisis is brutal – “I suspect that the mortgage crisis will be the worst financial catastrophe of our lifetime. What the world experienced was almost a collective brain freeze…We need to write a letter to the next generation that says, ‘Never forget: 80% loan to value and verify appropriate income.’”

But housing is improving — “Housing is getting better – there, I said it … However, if one looks at the leading indicators, all signs are flashing green – the turn is coming if it is not here already. We don’t want to be blindly optimistic, but the facts are the facts… More jobs, more households, more Americans, good value – it’s just a matter of time” …”

http://blogs.wsj.com/deals/2012/04/04/jamie-dimons-letter-the-highlights/

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 )

Rising Gasoline Prices Due To Excessive Speculation In Oil Futures Contracts–Political Issue in 2012 Elections–American People Are Being Screwed At The Gas Pump & Grocery Store–Videos

Posted on May 2, 2012. Filed under: Agriculture, American History, Blogroll, Business, College, Communications, Economics, Education, Employment, Farming, Federal Government, Fiscal Policy, Food, government, government spending, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, People, Philosophy, Politics, Raves, Resources, Taxes, Unemployment, Video, War, Weather, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24

Gas Prices Explained 

Quantitative Easing Explained

Senator Blumenthal on Curbing Excessive Oil Speculation

Senator Blumenthal calls for action against excessive oil speculation that inflates gas prices

Cantwell: ‘Shenanigans’ in Oil Market Reminiscent of Enron ‘Nightmare’ in Pacific NW

How Uncertainty, Speculation Factor Into Gas Prices 

Banksters & Speculation Behind High Food-Oil Prices

Under Questioning by Cantwell, Exxon CEO Estimates Oil Should Cost $60-70 Per Barrel

On May 12, 2011, when questioned by U.S. Senator Maria Cantwell (D-WA) at a Senate Finance Committee hearing, Exxon Mobil Chairman and Chief Executive Officer Rex Tillerson said that oil should cost between $60 and $70 per barrel, if the price of oil were based on supply and demand fundamentals. Oil was trading at $98 per barrel on Thursday morning, after inexplicitly plunging 5.5 percent yesterday.

Michael Greenberger on “commodity prices and volatility”

Regulations on Speculation Weak, But Better Than Nothing

Speculation and Watered Down Regulation

Secret Exemptions Allowed Speculators to Distort Futures Markets

CFTC Commissioner: “A Hair Trigger Away from Economic Calamity” 

Will CFTC Limit Excessive Speculation?

Stossel: Oil Speculation

The Price Of Oil

CHHS Director explains derivatives regulation on C-SPAN – 5/15/09

Michael Greenberger Talks Speculation In Commodity Markets

Oil speculation and oil prices 

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

Hearing on Energy Price Manipulation – Greenberger Testimony 

Background Articles and Videos

Lecture 2: Course outline, futures markets history and market mechanics

Lecture 3: Futures contracts

Lecture 4: Options contracts and market history 

Lecture 5: Reading futures contract price quote tables

Lecture 15: A further review of technical analysis

Lecture 16: Introduction to hedging with futures 

Lecture 17: Hedging continued

Lecture 18: Hedging risk vs. return, diversification and options on futures

Lecture 19: Options on futures continued, with examples 

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

The American People’s Solution To Economic Stagnation: Increase National Debt Ceiling By $2,000 Billion To $16,300 Billion In Exchange For Passage of A Balanced Budget Amendment And The FairTax Bills And Repealing The Income Tax 16th Amendment To U.S. Constitution–A Balanced, Fair And Transparent Approach To Creating Jobs and Growing A Peace and Prosperity Economy–Videos

Posted on July 18, 2011. Filed under: Banking, Blogroll, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Investments, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Talk Radio, Taxes, Technology, Unemployment, Unions, Video, War, Wealth | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Pronk Pops Show 37:July 20, 2011

Pronk Pops Show 36:July 13, 2011

Pronk Pops Show 35:July 6, 2011

Pronk Pops Show 34:June 29, 2011

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Stop Spending Our Future – The Crisis

 

The Story of Spending

 

Smoke and Mirrors on Spending Cuts

 

 

Spending Restraint, Part I: Lessons from Ronald Reagan and Bill Clinton

 

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

 

The National Debt Road Trip

 

How To Balance the Obama Budget

 

It’s Simple to Balance The Budget Without Higher Taxes

 

National Debt- How Much Is A Billion Dollars? Dave Walker  

 

Obama: I’m Willing to Compromise

 

We Cannot Bind a Future Congress

 

GOP: We Need a Balanced Budget Amendment

 

Obama: We don’t need a balanced budget amendment

 

A Balanced Budget Amendment: The Path to Fiscal Sanity

 

The Time is NOW – Balanced Budget Amendment

 

Senator Lee Introduces Cut, Cap, Balance Act as a Sensible Solution for Raising the Debt Ceiling

 

Our Troubling Tax System

 

 

Barack Obama will raise Capital Gains Taxes…even if it means less tax revenue!!

 

Ron Paul & Judge Napolitano on FOX News 03/10/11

 

 

The FairTax: It’s Time

 

Lugar Cosponsors the FairTax

 

Herman Cain on Taxes

 

Flat Tax vs. National Sales Tax

 

Ron Paul – THE FAIRTAX REVOLUTION

 

Mike Huckabee – What is the “Fair Tax?”  

 

Fair Tax Panel with Grover Norquist on FOX Business

 

Ron Paul Opposes Raising Debt Limit

 

Bachmann Stands Strong Against Raising Debt Ceiling

 

 

 

Milton Friedman on Libertarianism (Part 4 of 4)

 

How To Amend The U.S. Constitution

 

How To Amend the U.S. Constitution

 

Cut, Cap & Balance! Senators Paul, Lee and Vitter want a Constitutional Amendment

 

Cut, Cap and Balance…A Great Way To Keep Our Debt From Overtaking Our Future

 

Ron Paul Ad – Conviction Not Compromise

 

Ron Paul Will Beat Obama In 2012

 

 

 

I agree with Ron Paul and Michele Bachmann that the National Debt ceiling should not be increased.

I support and have signed the cut, cap, and balance pledge.

Only if both the balanced budget amendment and FairTax bills are passed with a provision  repealing the income tax 16th Amendment would I support the raising of the National Debt ceiling by an amount not exceeding $2,000 billion.

This would require the Democratic Party in both the House of Representatives and Senate to vote for this and the President signing these bills.

Barring this, the President needs to start informing nonessential government employees that their jobs have been terminated.

The priorities for Federal Government outlays should be as follows:

1. Interest on the national debt

2. Social Security

3. Medicare and Medicaid

5. Department of Treasury

6. Department of Justice

7. Department of State

8. Department of Defense (60% of total budget outlays)  with salaries of military personnel on active duty paid first.

The above is about 65% of total government expenditures or outlays.

The Federal government should start selling all of its real estate asset and gold  to make up any shortfall in tax revenues.

The remaining Federal Departments need to be closed and only operations that are absolutely essential should continue operating.

It should take a minimum of two to five years to have the necessary 38 states ratify the Balanced Budget Amendment and an Amendment repealing the income tax 16th Amendment to the Consitution to the United States.

Until these amendments are ratified the U.S. Federal Government budget should be balanced and the income tax replaced by the consumption tax–The FairTax.

The Budget for Fiscal Year 2012 should not exceed $3,000 billion not the proposed $3,500 billion Republican budget which has a deficit of nearly $1,000 billion.

Congress should balance the budget starting in Fiscal Year 2013 at $ 3,000 billion or less.

Time for the House of Representatives to call President Obama’s bluff.

The American people want Federal Government spending to be drastically cut and all U.S. Federal Government budgets balanced starting no later than Fiscal year 2013.

The American people want all Federal Government  taxes to be replaced with a national retail consumption sales tax on all new goods and services–the FairTax.

The FairTax should go into operation on January 1, 2013 at the latest and would replace all Federal Government taxes including income, payroll, gift and estate taxes. 

The time has come to call the President’s bluff. 

If the Democrats vote against this, then the American people will blame them for shutting down the Federal Government.

 

 

Background Articles and Videos

 

Legendary investor Jim Rogers- “Ron Paul is the only politician that has a clue”

 

 

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

 

Summary of Outlays, Revenues (Receipts), Deficits, Surpluses Fiscal Years 1980-2010(Nominal Dollars in Millions)
Fiscal Year Outlays Revenues (Receipts) Deficits (-), Surpluses
1980 590,941 517,112 -73,830
1981 678,241 599,272 -78,968
1982 745,743 617,766 127,977
1983 808,364 600,562 -207,802
1984 851,805 666,488 -185,367
1985 946,344 734,037 -212,308
1986 990,382 769,155 -221,277
1987 1,004,017 854,288 -149,730
1988 1,064,417 854,288 -155,178
1989 1,143,744 991,105 -152,639
1990 1,252,994 1,031,958 -221,036
1991 1,324,226 1,054,988 -269,238
1992 1,381,529 1,091,208 -290,321
1993 1,409,386 1,154,335 -255,051
1994 1,461,753 1,258,566 203,186
1995 1,515,742 1,351,790 -163,392
1996 1,560,484 1,453,053 -107,431
1997 1,601,116 1,579,232 -21,884
1998 1,652,458 1,721,728 69,270
1999 1,701,842 1,827,452 125,610
2000 1,788,950 2,025,191 236,241
2001 1,862,846 1,991,082 128,236
2002 2,010,894 1,853,136 157,758
2003 2,159,899 1,782,314 -377,585
2004 2,292,841 1,880,114 -412,727
2005 2,471,957 2,153,611 -318,346
2006 2,655,050 2,406,869 -248,181
2007 2,728,686 2,567,985 -160,701
2008 2,982,544 2,523,991 -458,553
2009 3,517,677 2,104,989 -1,412,688
2010 3,456,213 2,162,724 -1,293,489

 

 

FINANCIAL MANAGEMENT SERVICE
                                                  STAR – TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  06/11

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   135,293                311,656                176,363
     NOVEMBER                                                             133,563                253,850                120,287
     DECEMBER                                                               218,919                310,329                 91,410
     JANUARY                                                                205,239                247,873                 42,634
     FEBRUARY                                                             107,520                328,429                220,909
     MARCH                                                                     153,358                218,745                 65,387
     APRIL                                                                       245,260                327,950                 82,689
     MAY                                                                          146,794                282,721                135,927
     JUNE                                                                         251,048                319,470                 68,422
     JULY                                                                         155,546                320,588                165,043
     AUGUST                                                                   163,998                254,524                 90,526
     SEPTEMBER                                                          245,207                279,813                 34,607

       YEAR-TO-DATE                                             2,161,746              3,455,949           1,294,204

   CURRENT YEAR

     OCTOBER                                                                145,951                286,384                140,432
     NOVEMBER                                                          148,970                299,364                150,394
     DECEMBER                                                           236,875                315,009                 78,134
     JANUARY                                                            226,550                276,346                 49,796
     FEBRUARY                                                          110,656                333,163                222,507
     MARCH                                                                 150,894                339,047                188,153
     APRIL                                                                    289,543                329,929                 40,387
     MAY                                                                       174,936                232,577                 57,641
     JUNE                                                                      249,658                292,738                 43,080

       YEAR-TO-DATE                                           1,734,033              2,704,557           970,524

http://www.fms.treas.gov/mts/mts0611.txt

 

U.S. Federal Government Budget Receipts and Outlays
Totals Include On-Budget and Off-Budget Amounts
From Coolidge To Obama, In Billions of Dollars

  Total Budget   Percent of G.D.P.
President Fiscal
Year
Receipts Outlays Surplus orDeficits G.D.P. Receipts Outlays Surplus orDeficit
Calvin Coolidge 1930 4.1 3.3 0.7 97.4 4.2 3.4 .8
Herbert Hoover 1931 3.1 3.6 -0.5 83.9 3.7 4.3 -0.6
  1932 1.9 4.7 -2.7 67.6 2.8 6.9 -4.9
  1933 2.0 4.6 -2.6 57.6 3.5 8.0 -4.5
F.D.Roosevelt 1934 3.0 6.5 -3.6 61.2 4.8 10.7 -5.9
  1935 3.6 6.4 -2.8 69.6 5.2 9.2 -4.0
  1936 3.9 8.2 -4.3 78.5 5.0 10.5 -5.5
  1937 5.4 7.6 -2.2 87.8 6.1 8.6 -2.5
  1938 6.8 6.8 -0.1 89.0 7.6 7.7 -0.1
  1939 6.3 9.1 -2.8 89.1 7.1 10.3 -3.2
  1940 6.5 9.5 -2.9 96.8 6.8 9.8 -3.0
  1941 8.7 13.7 -4.9 114.1 7.6 12.0 -4.3
  1942 14.6 35.1 -20.5 144.3 10.1 24.3 -14.2
  1943 24.0 78.6 -54.6 180.3 13.3 43.6 -30.3
  1944 43.7 91.3 -47.6 209.2 20.9 43.6 -22.7
  1945 45.2 92.7 -47.6 221.4 20.4 41.9 -21.5
  1946 39.3 55.2 -15.9 222.6 17.7 24.8 -7.2
Harry S.Truman 1947 38.5 34.5 4.0 233.2 16.5 14.8 1.7
  1948 41.6 29.8 11.8 256.6 16.2 6.9 4.6
  1949 39.4 38.8 0.6 271.3 14.5 14.3 0.2
  1950 39.4 38.8 0.6 273.1 14.4 15.6 -1.1
  1951 51.6 45.5 6.1 320.2 16.1 14.2 1.9
  1952 66.2 67.7 -1.5 348.7 19.0 19.4 -0.3
  1953 60.7 70.9 -6.5 372.5 18.7 20.4 -1.7
D.D.Eisenhower 1954 69.7 70.9 -1.2 377.0 18.5 18.8 -0.3
  1955 65.5 68.4 -3.07 395.9 16.5 17.3 -.8
  1956 74.6 70.6 3.9 427.0 17.5 16.5 0.9
  1957 80.0 76.6 3.4 450.9 17.7 17.0 0.8
  1958 79.6 82.4 -2.8 460.0 17.3 17.9 -0.6
  1959 79.2 92.1 -12.8 490.2 16.2 18.8 -2.6
  1960 92.5 92.2 0.3 518.9 17.8 17.8 0.1
  1961 94.4 97.7 -3.3 529.9 17.8 18.4 -1.3
John F.Kennedy 1962 99.7 106.8 -4.8 567.8 17.6 18.8 -1.3
  1963 106.6 111.3 -4.8 599.2 17.8 18.4 -0.6
Lyndon B.Johnson 1964 112.6 118.5 -5.9 641.5 17.6 18.5 -0.9
  1965 116.8 118.2 -1.4 687.5 17.0 17.2 -0.2
  1966 130.8 134.5 -3.7 755.8 17.3 17.8 -0.5
  1967 148.8 157.5 -8.6 810.0 18.4 19.4 -1.1
  1968 153.0 178.1 -25.2 868.4 17.6 20.5 -2.9
  1969 186.9 183.6 3.2 948.1 19.7 19.4 -0.3
Richard N.Nixon 1970 192.8 195.6 -2.8 1,012.7 19.0 19.3 -0.3
  1971 187.1 210.2 -23.0 1,080.0 17.3 19.5 -2.1
  1972 207.3 230.7 -23.4 1,176.5 17.6 19.6 -2.0
  1973 230.8 245.7 -14.9 1,310.6 17.6 18.7 -1.1
  1974 263.2 269.4 -6.1 1,438.5 18.3 18.7 -0.4
Gerald R.Ford 1975 279.1 332.3 -53.2 1,560.2 17.9 21.3 -3.4
  1976 298.1 371.8 -73.7 1,738.16 17.1 21.4 -4.2
  TQ 81.2 96.0 -14.7 459.4 17.7 20.0 -3.2
  1977 355.6 409.2 -53.7 1,973.5 18.0 20.7 -2.7
Jimmy Carter 1978 399.6 458.7 -59.2 2,217.5 18.0 20.7 -2.7
  1979 463.3 504.0 -40.7 2,501.4 18.5 20.1 -1.6
  1980 517.1 590.9 -73.8 2,724.2 19.0 21.7 -2.7
  1981 599.3 678.2 -79.0 3,057.0 19.6 22.2 -2.6
Ronald Reagan 1982 617.8 745.7 -128.0 3,223.7 19.2 23.1 -4.0
  1983 600.6 808.4 -207.8 3,440.7 17.5 23.5 -6.0
  1984 666.4 851.8 -185.4 3,844.4 17.3 22.2 -4.8
  1985 734.0 946.3 -212.3 4,146.3 17.7 22.8 -5.1
Ronald Reagan 1986 769.2 990.4 -212.2 4,403.9 17.5 22.5 -4.9
  1987 854.3 1,004.0 -149.7 4,651.4 18.4 21.6 -3.2
  1988 909.2 1,064.4 -155.2 5,008.5 18.2 21.3 -3.0
  1989 991.1 1,143.7 -152.6 5,399.5 18.4 21.2 -4.9
George H.W.Bush 1990 1,032.0 1,253.0 -221.0 5,734.5 18.0 21.9 -3.9
  1991 1,055.0 1,324.2 -269.2 5,930.5 17.8 22.3 -4.5
  1992 1,091.2 1,381.5 -290.3 6,242.0 17.5 22.1 -4.7
  1993 1,154.3 1,409.4 -255.1 6,587.3 17.5 21.4 -3.9
William J. Clinton 1994 1,258.6 1,461.8 -203.2 6,976.6 2.8 6.9 -4.9
  1995 1,351.8 1,515.8 -164.0 7,341.1 18.4 20.6 -2.2
  1996 1,453.1 1,560.5 -107.4 7,718.3 18.8 20.2 -1.4
  1997 1,579.2 1,601.1 -21.9 8,211.7 19.2 19.5 -0.3
William J. Clinton 1998 1,721.7 1,652.5 69.3 67.6 19.9 19.1 0.8
  1999 1,827.5 1,701.8 125.6 9,208.4 19.8 18.5 1.4
  2000 2,025.2 1,789.0 236.2 9,821.0 20.6 18.2 2.4
  2001 1,991.1 1,862.9 128.2 10,225.3 19.5 18.2 1.3
George W.Bush 2002 1,853.1 2,010.9 -157.8 10,543.9 17.6 19.1 -1.5
  2003 1,782.3 2,159.9 -377.6 10,979.8 16.2 19.7 -3.4
  2004 1,880.1 2,292.9 -412.7 11,685.6 16.1 19.6 -3.5
  2005 2,153.6 2,472.0 -318.3 12,445.7 17.3 19.9 -2.6
George W.Bush 2006 2,406.0 2,655.1 -248.2 13,224.9 18.2 20.1 -1.9
  2007 2,568.0 2,728.7 -160.7 13,896.0 18.5 19.6 -1.2
  2008 2,524.0 2,982.6 -458.6 14,439.0 17.5 20.7 -3.2
  2009 2,105.0 3,517.7 -1,412.7 14,237.2 14.8 24.7 -9.9
Barack H.Obama 2010 2,165.1 3,720.7 -1,555.6 14,623.9 14.8 25.4 -10.6
estimates 2011 2,567.2 3,833.9 -1,266.7 15,299.0 16.8 25.1 -8.3
estimates 2012 2,926.4 3,754.9 -828.5 16,203.3 18.1 23.2 -5.1

Prior to fiscal year 1977 the Federal fiscal years began on July 1 and ended on June 30. For example, John F. Kennedy assumed office on January 20, 1961, but the FY 1961 budget was prepared by the Eisenhower Administration.

In calendar year 1976 the July-September period was a separate accounting period (known as the transition quarter or TQ) to bridge the period required to shift to the new fiscal year.

The Fiscal Year begins on October 1 of the previous year. For example, Fiscal Year 2012 begins on October 1, 2011. For this reason, budget years appear to not correspond with a president’s administration. For example, Barack H. Obama took office in January 2009, but the FY 2009 budget was prepared by the Bush Administration.

http://www.presidency.ucsb.edu/data/budget.php

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

Gretchen Morgenson & Joshua Rosner–Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led To Economic Armageddon–Videos

Posted on July 7, 2011. Filed under: American History, Blogroll, Books, Business, Communications, Federal Government, government, government spending, history, Homes, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Resources, Taxes, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , |

 

 

Charlie Rose – Gretchen Morgenson 06/03/11

 

Gretchen Morgenson & Joshua Rosner on Democracy Now! on the Causes of the Financial Crisis. 1 of 2

 

Gretchen Morgenson & Joshua Rosner on Democracy Now! on the Causes of the Financial Crisis. 2 of 2

 

BookTV: Gretchen Morgenson and Joshua Rosner, “Reckless Endangerment”

 

Rush on ‘Reckless Endangerment’

 

 

Background Articles and Videos

Gretchen C. Morgenson

“…Gretchen C. Morgenson (born January 2, 1956 in State College, Pennsylvania) is a Pulitzer Prize-winning journalist who writes the Market Watch column for the Sunday “Money & Business” section of the New York Times.[1][2]

Morgenson graduated in 1976 from Saint Olaf College in Northfield, Minnesota with a B.A. degree in English and history. She went to work as an assistant editor with Vogue magazine, eventually becoming a writer and financial columnist. In 1981 she co-authored the book The Woman’s Guide to the Stock Market and that same year joined the Wall Street stockbrokerage, Dean Witter Reynolds where she remained until January 1984. She returned to writing on financial matters at Money magazine and in late 1986 accepted an offer from Forbes magazine to work as an editor and an investigative business writer. In mid 1993, she left Forbes magazine to become the executive editor at Worth magazine but in September 1995 took on the job of press secretary for the Presidential election campaign of Steve Forbes following which she was appointed assistant managing editor at Forbes magazine.

She is married, has a son and lives in New York City.

In May 1998 Gretchen Morgenson became the assistant business and financial editor at the New York Times. She has written about the conflicts of interests between financial analysts and their employers who generate income money from the companies that the analysts assess.

Beginning in 2005, Morgenson has been focusing on executive compensation packages being paid by American companies that she asserts has reached levels far in excess of what can be justified to shareholders.

In 2006, Morgenson broke a story about a Wall Street analyst (Matthew Murray) who was fired shortly after he reported emails to Congress concerning potential violations of SEC regulation AC by the investment bank (Rodman & Renshaw) that he worked for at the time. The emails allegedly documented that the investment bank wouldn’t let the analyst lower his rating, or have his name removed from coverage, of an investment banking client. A subsequent article by Morgenson highlighted a letter she obtained from the Senate Finance Committee in which Senator Grassley stated that the investment bank’s Chairman (General Wesley Clark) had acknowledged to his staff that the analyst had been fired from the investment bank as a result of reporting the emails to Congress.[3]

In 2009, The Nation called her “The Most Important Financial Journalist of Her Generation”.[4] She has appeared on Bill Moyers Journal,[5] and Charlie Rose.[6] …”

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

 

“…Overview 

The New York Times’s Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders

In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times,exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.

Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.

Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.

Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read. …”

http://www.barnesandnoble.com/w/reckless-endangerment-gretchen-morgenson/1101105111

 

Gretchen Morgenson on Dialogue

 

Charlie Rose – Gretchen Morgenson and Allan Sloan

 

6/30/2007-Prt 1 Gretchen Morgenson Interviewed by Bill Moyer

 

 

6/30/2007-Prt 2 Gretchen Morgenson Interviewed by Bill Moyer

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

A Conversation With George Soros – MIT–Videos

Posted on February 25, 2011. Filed under: Blogroll, Business, Communications, Cult, Demographics, Economics, Education, Employment, Energy, Foreign Policy, government, Investments, Language, liberty, Life, Links, media, Medicine, People, Politics, Rants, Raves, Regulations, Security, Taxes, Technology, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , |

Nov. 03, 2008 – 1 of 9 – A Conversation With George Soros – MIT

 

 

Nov. 03, 2008 – 2 of 9 – A Conversation With George Soros – MIT

 

 

Nov. 03, 2008 – 3 of 9 – A Conversation With George Soros – MIT

 

 

 

Nov. 03, 2008 – 4 of 9 – A Conversation With George Soros – MIT

 

 

 

Nov. 03, 2008 – 5 of 9 – A Conversation With George Soros – MIT

 

 

 

Nov. 03, 2008 – 6 of 9 – A Conversation With George Soros – MIT

 

 

 

Nov. 03, 2008 – 7 of 9 – A Conversation With George Soros – MIT

 

 

 

Nov. 03, 2008 – 8 of 9 – A Conversation With George Soros – MIT

 

 

 

Nov. 03, 2008 – 9 of 9 – A Conversation With George Soros – MIT

 

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

Peter Schiff 2011 Investment Picks–Videos

Posted on December 18, 2010. Filed under: Blogroll, Communications, Economics, Education, Investments, Law, liberty, Life, Links, media, People, Philosophy, Politics, Psychology, Raves, Strategy, War, Wealth, Wisdom | Tags: , , , |

 TOP THREE 2011 PREDICTIONS [DEC 2010]

 

Fast Money’s Tim Seymour Body Slams Peter Schiff While The Chinese Throw Pie On Schiff’s Face

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

The Crisis of Credit Visualized–Videos

Posted on November 22, 2010. Filed under: Banking, Blogroll, Business, Communications, Crime, Demographics, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Homes, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, Music, People, Philosophy, Politics, Rants, Raves, Regulations, Taxes, Video, Wisdom | Tags: , , , , , , , , |

The Crisis of Credit Visualized – Part 1

The Crisis of Credit Visualized – Part 2

Related Posts On Pronk Palisades

The Boom & Bust Years–Videos

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

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

Richard Ebeling–America’s New Road to Serfdom and the Continuing Relevance of Austrian Economics –Videos

Milton Friedman–Videos

Milton Friedman–Capitalism and Freedom–Videos

Milton Friedman On Business–Videos

Milton Friedman On Education–Videos

Milton Friedman On Monetary Policy–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Milton Friedman–Economic Myths–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

Friedrich A. Hayek–Interviews–Videos

Inside the Hayek Equation: An Interview with Friedrich von Hayek–Video

An Interview with 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

Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

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

Israel Kirzner–On Entrepreneurship–Vidoes

Paul Krugman–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

Liberal Fascism–Jonah Goldberg–Videos

Dan Mitchell–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–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

Paul Craig Roberts–How The Economy Was Lost–The War Of The Worlds–Videos

Paul Craig Roberts–Peak Jobs–Videos

Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos

Murray Rothbard–Videos

Murray Rothbard–A History of Money and Banking in The United States–Videos

Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos

Murray Rothbard–The Case Against The Fed–Videos

Murray N. Rothbard–Introduction to Economics: A Private Seminar–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

Econ Talk With Thomas Sowell–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Calamity of Anti-Capitalism: A Brief American History–Video

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

Tom Woods–Lectures On Liberty–Videos

Thomas E. Woods–The Market Economy–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 )

Quantitative Easing–Videos

Posted on October 23, 2010. Filed under: Blogroll, Business, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Technology, Video, Wisdom | Tags: , , , , , , , |

Peter Schiff: “US in process of collapsing”

 

Peter Schiff – It’s Scary How Clueless Bernanke Is

http://ciovaccocapital.com/videos/qe/index.html

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

 

Davies Sees Fed Quantitative Easing Spurring U.S. Growth: Video

 

Background Articles and Videos

Quantitative Easing – How It Works

 

Marc Faber Sees Fed Introducing `Massive’ Quantitative Easing

 

Rick Santelli Rips Tim Geithner and Quantitative Easing

 

Quantitative Easing Only Tool Left for Fed

 

Roger E. A. Farmer: Quantitative Easing

 

Peter Schiff: Deflation vs. Inflation Argument on FSN

United States Treasury security

“…A United States Treasury security is government debt issued by the United States Department of the Treasury through the Bureau of the Public Debt. Treasury securities are the debt financing instruments of the United States Federal government, and they are often referred to simply as Treasuries. There are four types of marketable treasury securities: Treasury bills, Treasury notes, Treasury bonds, and Treasury Inflation Protected Securities (TIPS). There are several types of non-marketable treasury securities including State and Local Government Series (SLGS), Government Account Series debt issued to government-managed trust funds, and savings bonds. All of the marketable Treasury securities are very liquid and are heavily traded on the secondary market. The non-marketable securities (such as savings bonds) are issued to subscribers and cannot be transferred through market sales.

The U.S. government knew that the costs of World War I would be great, and the question of how to pay for the war was a matter of intense debate. The resulting decision was to pay for the war with a balance between higher taxes (see the War Tax Act) and government debt. Traditionally, the government borrowed from other countries, but there were no other countries from which to borrow in 1917: U.S. citizens would have to fully finance the war through both higher taxes and purchases of war bonds.[1]

The Treasury raised funding throughout the war by floating $21.5 billion in ‘Liberty bonds.’ These bonds were sold at subscription where officials created coupon price and then sold it at Par value. At this price, subscriptions could be filled in as little as one day, but usually remained open for several weeks, depending on demand for the bond.[1]

After the war, the Liberty Bonds were reaching maturity, but the Treasury was unable to pay each down fully with only limited budget surpluses. The resolution to this problem was to refinance the debt with variable short and medium-term maturities. Again the Treasury issued debt through fixed-price subscription, where both the coupon and the price of the debt were dictated by the treasury.[1]

The problems with debt issuance became apparent in the late-1920’s. The system suffered from chronic oversubscription, where interest rates were so attractive that there were more purchasers of debt than supplied by the government. This indicated that the government was paying too much for debt. As government debt was undervalued, debt purchasers could buy from the government and immediately sell to another market participant at a higher price.[1]

In 1929, the U.S. Treasury shifted from the fixed-price subscription system to a system of auctioning where ‘Treasury Bills’ would be sold to the highest bidder. Securities were then issued on a pro rata system where securities would be allocated to the highest bidder until their demand was full. If more treasuries were supplied by the government, they would then be allocated to the next highest bidder. This system allowed the market to set the price rather than the government. On December 10, 1929, the Treasury issued its first auction. The result was the issuing of $224 million three-month bills. The highest bid was at 99.310 with the lowest bid accepted at 99.152.[1]

Foreign countries later started to buy U.S. debt as an investment of their surplus U.S. Dollars. There is fear that foreign countries hold so many bonds that if they stopped buying them, the U.S. economy would collapse; however, the reality is that more bonds are transferred in a single day by the Treasury than are held by any single sovereign state.[2] The perception of this dependence furthers belief that the U.S. and China economies are so tightly linked that both fear the consequences of a potential slow down in China’s purchase of those bonds. In her visit to China, U.S. State Secretary Hillary Clinton called on authorities in Beijing to continue buying U.S. Treasuries, saying it would help jumpstart the flagging U.S. economy and stimulate imports of Chinese goods.[3]

As the economic recession continues, more doubts arise over the real value of U.S. treasury securities. Though carefully worded, Chinese premier Wen Jia Bao’s warning about possible devaluation of Chinese held U.S. bonds was taken very seriously by Washington:

“Of course we are concerned about the safety of our assets. To be honest, I’m a little bit worried” … “I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets.”[4] – Chinese premier, Wen Jiabao, said at a news conference after the closing of China’s 2009 legislative session.

However, it is important to note that such comments, while critical, were very likely indicative of Chinese “gesturing” ahead of the April 1st G-20 Economic Summit. As of April 2009, the U.S. dollar had rallied YTD against all other major world currencies. On March 18, 2009, the Federal Reserve used quantitative easing “to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months.”[5] …”

“…

Directly issued by the United States Government

Treasury bill

Treasury bills (or T-Bills) mature in one year or less. Like zero-coupon bonds, they do not pay interest prior to maturity; instead they are sold at a discount of the par value to create a positive yield to maturity. Many regard Treasury bills as the least risky investment available to U.S. investors.

Regular weekly T-Bills are commonly issued with maturity dates of 28 days (or 4 weeks, about a month), 91 days (or 13 weeks, about 3 months), 182 days (or 26 weeks, about 6 months), and 364 days (or 52 weeks, about 1 year). Treasury bills are sold by single price auctions held weekly. Offering amounts for 13-week and 26-week bills are announced each Thursday for auction, usually at 11:30 a.m., on the following Monday and settlement, or issuance, on Thursday. Offering amounts for 4-week bills are announced on Monday for auction the next day, Tuesday, usually at 11:30 a.m., and issuance on Thursday. Offering amounts for 52-week bills are announced every fourth Thursday for auction the next Tuesday, usually at 11:30 am, and issuance on Thursday. Purchase orders at TreasuryDirect must be entered before 11:00 on the Monday of the auction. The minimum purchase, effective April 7, 2008, is $100. (This amount formerly had been $1,000.) Mature T-bills are also redeemed on each Thursday. Banks and financial institutions, especially primary dealers, are the largest purchasers of T-bills.

Like other securities, individual issues of T-bills are identified with a unique CUSIP number. The 13-week bill issued three months after a 26-week bill is considered a re-opening of the 26-week bill and is given the same CUSIP number. The 4-week bill issued two months after that and maturing on the same day is also considered a re-opening of the 26-week bill and shares the same CUSIP number. For example, the 26-week bill issued on March 22, 2007, and maturing on September 20, 2007, has the same CUSIP number (912795A27) as the 13-week bill issued on June 21, 2007, and maturing on September 20, 2007, and as the 4-week bill issued on August 23, 2007 that matures on September 20, 2007.

During periods when Treasury cash balances are particularly low, the Treasury may sell cash management bills (or CMBs). These are sold at a discount and by auction just like weekly Treasury bills. They differ in that they are irregular in amount, term (often less than 21 days), and day of the week for auction, issuance, and maturity. When CMBs mature on the same day as a regular weekly bill, usually Thursday, they are said to be on-cycle. The CMB is considered another reopening of the bill and has the same CUSIP. When CMBs mature on any other day, they are off-cycle and have a different CUSIP number.

Treasury bills are quoted for purchase and sale in the secondary market on an annualized discount percentage, or basis.

With the advent of TreasuryDirect, individuals can now purchase T-Bills online and have funds withdrawn from and deposited directly to their personal bank account and earn higher interest rates on their savings.

General calculation for the discount yield for Treasury bills is

\text{Discount Yield} (%) = \frac{\text{Face Value} - \text{Purchase Price}}{\text{Face Value}} \times \frac{\text{360}}{\text{Days Till Maturity}} \times 100%

[edit] Treasury note

This is the modern usage of “Treasury Note” in the U.S., for the earlier meanings see Treasury Note (disambiguation).

Treasury notes (or T-Notes) mature in one to ten years. They have a coupon payment every six months, and are commonly issued with maturities dates between 1 to 10 years, with denominations of $1,000. In the basic transaction, one buys a “$1,000” T-Note for say, $950, collects interest over 10 years of say, 3% per year, which comes to $30 yearly, and at the end of the 10 years cashes it in for $1000. So, $950 over the course of 10 years becomes $1300.

T-Notes and T-Bonds are quoted on the secondary market at percentage of par in thirty-seconds of a point (n/32 of a point, where n = 1,2,3,…). Thus, for example, a quote of 95:07 on a note indicates that it is trading at a discount: $952.19 (i.e., 95 + 7/32%) for a $1,000 bond. (Several different notations may be used for bond price quotes. The example of 95 and 7/32 points may be written as 95:07, or 95-07, or 95’07, or decimalized as 95.21875.) Other notation includes a +, which indicates 1/64 points and a third digit may be specified to represent 1/256 points. Examples include 95:07+ which equates to (95 + 7/32 + 1/64) and 95:073 which equates to (95 + 7/32 + 3/256). Notation such as 95:073+ is unusual and not typically used.

The 10-year Treasury note has become the security most frequently quoted when discussing the performance of the U.S. government bond market and is used to convey the market’s take on longer-term macroeconomic expectations.

Treasury bond

“U.S. Bonds” redirects here. You may be looking for the singer Gary U.S. Bonds.

Treasury bonds (T-Bonds, or the long bond) have the longest maturity, from twenty years to thirty years. They have a coupon payment every six months like T-Notes, and are commonly issued with maturity of thirty years. The secondary market is highly liquid, so the yield on the most recent T-Bond offering was commonly used as a proxy for long-term interest rates in general.[citation needed] This role has largely been taken over by the 10-year note, as the size and frequency of long-term bond issues declined significantly in the 1990s and early 2000s.

The U.S. Federal government suspended issuing the well-known 30-year Treasury bonds (often called long-bonds) for a four and a half year period starting October 31, 2001 and concluding February 2006.[6] As the U.S. government used its budget surpluses to pay down the Federal debt in the late 1990s,[7] the 10-year Treasury note began to replace the 30-year Treasury bond as the general, most-followed metric of the U.S. bond market. However, because of demand from pension funds and large, long-term institutional investors, along with a need to diversify the Treasury’s liabilities – and also because the flatter yield curve meant that the opportunity cost of selling long-dated debt had dropped – the 30-year Treasury bond was re-introduced in February 2006 and is now issued quarterly.[8] This brought the U.S. in line with Japan and European governments issuing longer-dated maturities amid growing global demand from pension funds.[citation needed]

TIPS

Treasury Inflation-Protected Securities (or TIPS) are the inflation-indexed bonds issued by the U.S. Treasury. The principal is adjusted to the Consumer Price Index, the commonly used measure of inflation. The coupon rate is constant, but generates a different amount of interest when multiplied by the inflation-adjusted principal, thus protecting the holder against inflation. TIPS are currently offered in 5-year, 10-year and 30-year maturities.[9]

Top Foreign holders of U.S. Treasuries

As of January 2010:

Holder Total
China $889.0 billion
Japan $765.4 billion
Oil Exporters $218.4 billion
United Kingdom $206.0 billion
Brazil $169.1 billion
Source: the United States Treasury.[10] …”

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

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES
(in billions of dollars)
HOLDINGS 1/ AT END OF PERIOD

http://www.ustreas.gov/tic/mfh.txt

United States public debt

Year Gross Debt in Billions undeflated[10] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[11] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (2 Sept) 13,442.1 92.1 (2nd Q) 8,933.2 61.2 (2nd Q)
2010 (est.) 14,456.3 98.1 9,881.9 67.1
2011 (est.) 15,673.9 101.0 10,873.1 70.1
2012 (est.) 16,565.7 100.6 11,468.4 69.6
2013 (est.) 17,440.2 99.7 12,027.1 68.7
2014 (est.) 18,350.0 99.8 12,594.8 68.5

Note: 2010-2014 are projections

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

Related Posts On Pronk Palisades

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

 

 

 

 

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

Warren Buffett–Videos

Posted on October 22, 2010. Filed under: Blogroll, Communications, Economics, Fiscal Policy, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Taxes, Video, Wisdom | Tags: , |

“Part of making good decisions in business is recognizing the poor decisions you’ve made and why they were poor. I’ve made lots of mistakes. I’m going to make more. It’s the name of the game. You don’t want to expect perfection in yourself. You want to strive to do your best. It’s too demanding to expect perfection in yourself.”

The World’s Greatest Money Maker: Warren Buffett – BBC Documentary – 1 of 6

 

The World’s Greatest Money Maker: Warren Buffett – BBC Documentary – 2 of 6

 

The World’s Greatest Money Maker: Warren Buffett – BBC Documentary -3 of 6

 

The World’s Greatest Money Maker: Warren Buffett – BBC Documentary 4 of 6

 

The World’s Greatest Money Maker: Warren Buffett – BBC Documentary – 5 of 6

 

The World’s Greatest Money Maker: Warren Buffett – BBC Documentary – 6 of 6

 

Warren Buffet on Economic Recovery

 

Warren Buffett Interview on How to Read Stocks

 

Warren Buffett- Value Investing 101

 

Warren Buffett on Teaching Kids Finance

 

Warren Buffett MBA Talk – Part 1

 

Warren Buffett MBA Talk – Part 2

 

Warren Buffett MBA Talk – Part 3

 

Warren Buffett MBA Talk – Part 4

 

Warren Buffett MBA Talk – Part 5

 

Warren Buffett MBA Talk – Part 6

 

Warren Buffett MBA Talk – Part 7 

Warren Buffett MBA Talk – Part 8

 

Warren Buffett MBA Talk – Part 9

 

Warren Buffett MBA Talk – Part 10

 

Evan Davis talks to Warren Buffett (Part-1)

 

Evan Davis talks to Warren Buffett (Part-2)

 

Warren Buffett on Credit Crisis & GE Investment

 

Warren Buffett on Solution to Toxic Assets

 

Warren Buffett on Bank Regulation

 

Warren Buffett on Great Recession & BNSF Acquisition

 

Warren Buffett Agrees: Burlington Was an Inflation Play

 

Bill Gates e Buffet p1 THE RICHEST PEOPLE OF THE WORLD

 

 

Bill Gates e Buffet p2 THE RICHEST PEOPLE OF THE WORLD

 

Bill Gates e Buffet p3 THE RICHEST PEOPLE OF THE WORLD

 

Bill Gates e Buffet p4 THE RICHEST PEOPLE OF THE WORLD

 

Bill Gates e Buffet p5 THE RICHEST PEOPLE OF THE WORLD

 

Bill Gates e Buffet p6 THE RICHEST PEOPLE OF THE WORLD

 

Bill Gates e Buffet p7 THE RICHEST PEOPLE OF THE WORLD

 

Bill Gates e Buffet p8 THE RICHEST PEOPLE OF THE WORLD

 

 

Bill Gates talking about Warren Buffett

 

 

Warren Buffett and Bill Gates on Their Relationship and Market Opportunities

 

Warren Buffett

“…Warren Edward Buffett (pronounced /ˈbʌfɨt/; born August 30, 1930) is an American investor, industrialist and philanthropist. He is widely regarded as one of the most successful investors in the world. Often called the “legendary investor Warren Buffett”,[4][5] he is the primary shareholder, chairman and CEO of Berkshire Hathaway.[6] He is consistently ranked among the world’s wealthiest people, he was ranked as the world’s second wealthiest person in 2009[7] and is currently the third wealthiest person in the world as of 2010.[8]

Buffett is called the “Oracle of Omaha”[9] or the “Sage of Omaha”[10] and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth.[11] Buffett is also a notable philanthropist, having pledged to give away 99 percent[12] of his fortune to philanthropic causes, primarily via the Gates Foundation. He also serves as a member of the board of trustees at Grinnell College.[13]

…”

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

“But if you’ve got the principles, if you know what makes a good business, if you know what makes a good manager, if you know what makes a good product, and you learn that in one business, there is some transference to other businesses. As you go along, you learn what things you’re not going to understand. Knowing what to leave out is just as important as knowing what to focus on. Somebody said how to beat Bobby Fischer; you play him any game except chess. And so I don’t play Bobby Fischer at chess.”

 

 

Read Full Post | Make a Comment ( 3 so far )

The Trillion Dollar Bet–Videos

Posted on October 22, 2010. Filed under: Blogroll, College, Communications, Economics, Education, Fiscal Policy, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Rants, Raves, Regulations, Security, Strategy, Taxes, Video, Wisdom | Tags: , , , , , , , , , |

The Trillion Dollar Bet 1

The Trillion Dollar Bet 2

The Trillion Dollar Bet 3

The Trillion Dollar Bet 4

The Trillion Dollar Bet 5

Warren Buffett MBA Talk – Part 2

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

Jim Rogers Awarded The Schlarbaum Prize 2010–Videos

Posted on October 21, 2010. Filed under: Blogroll, Books, College, Communications, Economics, Education, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Raves, Taxes, Technology, Video, Wisdom | Tags: , , , , , |

Jim Rogers: Schlarbaum Prize 2010

“…The Schlarbaum Prize for the lifetime defense of liberty in 2010 goes to James Beeland Rogers. Jim Rogers has been a constant media presence for many years, accurately predicted the current boom-bust. He uses every opportunity to explain his economic rationale by his investment outlook, which is solidly rooted Misesian theory, not only of business cycles but of the costs of the welfare-warfare state.

In his commentary and investment outlook, he illustrates the way in which sound economics can serve as a critical intellectual infrastructure for understanding and interpreting economic events.

He has been guest professor at the Columbia University Graduate School of Business and is author of several important books on finance and investing. He was raised in Demopolis, Alabama, graduated from Yale and Oxford, co-founded the Quantum Fund in 1970, holds three world records for motorcycle travel (as noted by Guinness), and founded Rogers International Commodity Index in 1998.

The Schlarbaum Prize will be awarded at the Mises Institute Supporters Summit in Auburn, Alabama, October 8-9, 2010. The prize carries with it a $10,000 cash award. The prize has been given since 1999. …”

http://blog.mises.org/11649/jim-rogers-schlarbaum-prize-2010/

How I See the World Today | Jim Rogers

 

How I See the World Today: Question and Answer Period | Jim Rogers

 

 

Congratulations Jim.

End The Fed!

Related Posts On Pronk Palisades

Jim Rogers–Videos

Jim Rogers: Secretary of the Treasury Tim Geithner and Federal Reserve System Chairman Ben Bernanke Are Incompetent–Tim and Ben Exit Strategy aka Thelma & Louise Ending The Fed!

Collectivism: Socialism, Communism, Progressivism and Fascism

Progressivism America’s Cancer–Videos

The Battle For The World Economy–Videos

Walter Block–Videos

Walter Block–Free Trade–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

Hunter Lewis–Where Keynes Went Wrong–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

Hunter Lewis–Where Keynes Went Wrong–Videos

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

Richard Ebeling–America’s New Road to Serfdom and the Continuing Relevance of Austrian Economics –Videos

Milton Friedman–Videos

Milton Friedman–Capitalism and Freedom–Videos

Milton Friedman On Business–Videos

Milton Friedman On Education–Videos

Milton Friedman On Monetary Policy–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Milton Friedman–Economic Myths–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

Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

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

Israel Kirzner–On Entrepreneurship–Vidoes

Paul Krugman–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

Liberal Fascism–Jonah Goldberg–Videos

Dan Mitchell–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–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

Paul Craig Roberts–How The Economy Was Lost–The War Of The Worlds–Videos

Paul Craig Roberts–Peak Jobs–Videos

Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos

Murray Rothbard–Videos

Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos

Murray N. Rothbard–Introduction to Economics: A Private Seminar–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

Econ Talk With Thomas Sowell–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

Thomas E. Woods–The Market Economy–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 )

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

Posted on October 20, 2010. Filed under: Blogroll, Communications, Economics, Energy, Federal Government, government, government spending, history, Investments, Language, Law, liberty, Life, Links, People, Philosophy, Politics, Rants, Raves, Regulations, Resources, Security, Technology, Video, Wisdom | Tags: , , , , , , , , , |

Derivatives Warning – Michael Greenberger interview

 

Credit Default Swaps

 

Greenspan Admits Philisophical Error in “The Warning”

 

Late 90s fight to regulate derivatives (clip from BBC’s “The Love of Money: The Age of Risk”)

 

Financial Derivatives: What are They? – Housing Bubble Collapse – Unregulated Insurance

 

Derivatives: the most crucial aspect of financial regulatory reform

 

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

 

Goldman Sachs-Robbing and Thieving The American Sucker-AGAIN

The Young Turks: Fraud Exposed At Goldman Sachs

 

Background Articles and Videos

The Fall of Lehman Brothers P1

The Fall of Lehman Brothers P2

The Fall of Lehman Brothers P3

The Fall of Lehman Brothers P4

The Fall of Lehman Brothers P5

The Fall of Lehman Brothers P6

Credit Default Swap

“…A credit default swap (CDS) is a swap contract and agreement in which the protection buyer of the CDS makes a series of payments (often referred to as the CDS “fee” or “spread”) to the protection seller and, in exchange, receives a payoff if a credit instrument (typically a bond or loan) experiences a credit event.

In its simplest form, a credit default swap is a bilateral contract between the buyer and seller of protection. The CDS will refer to a “reference entity” or “reference obligor”, usually a corporation or government. The reference entity is not a party to the contract. The protection buyer makes quarterly premium payments—the “spread”—to the protection seller. If the reference entity defaults, the protection seller pays the buyer the par value of the bond in exchange for physical delivery of the bond, although settlement may also be by cash or auction.[1][2] A default is referred to as a “credit event” and include such events as failure to pay, restructuring and bankruptcy.[2] Most CDSs are in the $10–$20 million range with maturities between one and 10 years.[3]

A holder of a bond may “buy protection” to hedge its risk of default. In this way, a CDS is similar to credit insurance, although CDS are not similar to or subject to regulations governing casualty or life insurance. Also, investors can buy and sell protection without owning any debt of the reference entity. These “naked credit default swaps” allow traders to speculate on debt issues and the creditworthiness of reference entities. Credit default swaps can be used to create synthetic long and short positions in the reference entity.[4] Naked CDS constitute most of the market in CDS.[5][6] In addition, credit default swaps can also be used in capital structure arbitrage.

Credit default swaps have existed since the early 1990s, but the market increased tremendously starting in 2003. By the end of 2007, the outstanding amount was $62.2 trillion, falling to $38.6 trillion by the end of 2008.[7]

Most CDSs are documented using standard forms promulgated by the International Swaps and Derivatives Association (ISDA), although some are tailored to meet specific needs. Credit default swaps have many variations.[2] In addition to the basic, single-name swaps, there are basket default swaps (BDS), index CDS, funded CDS (also called a credit linked notes), as well as loan only credit default swaps (LCDS). In addition to corporations or governments, the reference entity can include a special purpose vehicle issuing asset backed securities.[8]

Credit default swaps are not traded on an exchange and there is no required reporting of transactions to a government agency.[9] During the 2007-2010 financial crisis the lack of transparency became a concern to regulators, as was the trillion dollar size of the market, which could pose a systemic risk to the economy.[2][4][10] In March 2010, the DTCC Trade Information Warehouse (see Sources of Market Data) announced it would voluntarily give regulators greater access to its credit default swaps database.[11]

…”

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

Center for Health and Homeland Security (CHHS) Director on NBC Nightly News – 3/17/09

Center for Health and Homeland Security (CHHS) Director on CBS Evening News – 3/26/09

 

Center for Health and Homeland Security (CHHS) Director Michael Greenberger on ’60 Minutes’ – Part 1

 

Michael Greenberger Talks Speculation In Commodity Markets

 

Center for Health and Homeland Security (CHHS) Director Michael Greenberger on ’60 Minutes’ – Part 2

Credit Default Swaps 2

 

Related Posts On Pronk Palisades

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

Warning, Warning, Stock Market Crash Alert: Hindenburg Omen Signals A Stock Market Crash–Videos

Posted on August 26, 2010. Filed under: Blogroll, Communications, Investments, Language, Law, liberty, Life, Links, People, Philosophy, Politics, Raves, Video, War, Wisdom | Tags: , , , , , , |

http://www.bing.com/images/search?q=photo+hindenberg+crash&go=&form=QBIL&qs=n&sk=#focal=cb11905c50e054b953584788cad2a69d&furl=http%3A%2F%2Flc.totfarm.com%2Fpics%2Fpic_7274.jpg

Hindenburg Explodes 1937 Vintage Silent News Reel

1937 THE HINDENBURG – NEW OUTSTANDING COLOR FOOTAGE!!!

Beck: The Hindenburg Omen

Hindenburg Omen

Hindenburg

Financial Predictions Scarier than the Hindenburg Omen

Those who work in Wall Street or follow technical investment analysis are all abuzz over the Hindenburg Omen being triggered or called on Thursday, August 12, 2010 and subsequently confirmed on August 20, 2010.

The Hindenburg Omen is a technical analysis pattern that signals not just a stock market decline but a stock market crash within forty days of the appearance of the Hindenburg Omen pattern.

The Hindenburg Omen is named after the Hindenburg crash of May 6, 1937 where Germany’s  Zeppelin airship the Hindenburg exploded and was destroyed as it was attempting to land in Lakehurst, New Jersey.

The creator of the Hindenburg Omen was a blind mathematician named Jim Miekka who came up with idea in 1995 as an indicator to predict major stock market movements using the New York Stock Exchange 52-week new Highs and Lows and moving average statistics.

In order for the Hindenburg Omen to be called the following criteria or requirements must be met:

  1. The daily number of New York Stock Exchange (NYSE) new 52 Week High and the daily number of new 52 Week Lows both be greater than 2.2 percent of total NYSE issues traded that day.
  2. The New York Stock Exchange (NYSE) 10 Week moving average is rising.
  3. The new 52 Week Highs cannot be more than twice the new 52 Week Lows.
  4. The McClellan Oscillator is negative on that same day.

92 companies listed on the NYSE or 2.9% of all companies hit a new 52-week high and 81 companies or 2.6% hit a new 52-week low on August 12, 2010 and the McClellan Oscillator was indeed negative on the same day.

The McClellan Oscillator is a market breadth indicator that measures the extent to which the stock market is overbought or oversold by the amount of money entering or leaving the market.

A number above zero indicates the market is bullish or stock prices are increasing and a number below zero indicates the market is bearish or stock prices are decreasing.

Does that mean there will definitely be a stock market crash of 15% or more in September 2010.

No it does not for the Hindenburg Omen has been wrong before.

What it does mean is the probability of a stock market crash is quite high due to an extreme divergence of investor opinion with a large number of companies experiencing either high or low stock prices.

When this happens it is very unlikely that their will a movement upwards in stock market prices.

If your investment portfolio or retirement plan is in equities or stocks, you can probably expect stock market prices to decline of at least 5% or more.

If you were counting on a significant increase in your retirement plan’s investment performance so you could retire, better put your plans on hold for the time being.

In a period of investment stock market uncertainty as well as economic uncertainty, cash or better yet  gold is king.

Should the Hindenburg Omen again prove correct and the stock market significantly decline, this will definitely impact the elections like it did in 2008 when the Hindenburg Omen called the stock market crashed.

Also, keep in mind that the stock market performance is generally a  leading indicator of what in the future will happen in the economy.

Looks like the Bush Obama Depression will last at least two more years.

The the official unemployment rate will most likely exceed 9% as measured by the Bureau of Labor Statistics U-3 unemployment statistical series and the total unemployment unemployment rate exceed 14% as measured by U-6 unemployment statistical series for another two years.

This means that more than 25 million Americans will be looking for full-time employment.

If you are graduating from high school or college finding a job will take considerably longer than in the past.

http://www.sxc.hu/photo/551783/?forcedownload=1

Background Articles and Videos

Doom. Doom! DOOM!!!

“…Here are the official Hindenburg Omen criteria that were met last week:

  • That the daily number of NYSE new 52 Week Highs and the daily number of new 52 Week Lows must both be greater than 2.2 percent of total NYSE issues traded that day.
  • That the smaller of these numbers is greater than or equal to 69 (68.772 is 2.2% of 3126). This is not a rule but more like a checksum. This condition is a function of the 2.2% of the total issues.
  • That the NYSE 10 Week moving average is rising.
  • That the McClellan Oscillator is negative on that same day.
  • That new 52 Week Highs cannot be more than twice the new 52 Week Lows (however it is fine for new 52 Week Lows to be more than double new 52 Week Highs). This condition is absolutely mandatory.

http://reason.com/blog/2010/08/15/doom-doom-doom

Hindenburg Omen

“..The Hindenburg Omen is a technical analysis pattern that is said to portend a stock market crash. It is named after the Hindenburg disaster of May 6, 1937, during which the German zeppelin Hindenburg was destroyed.

History

The Omen is largely based on Norman G. Fosback’s High Low Logic Index (HLLI).[1] The value of the HLLI is the lesser of the NYSE new highs or new lows divided by the number of NYSE issues traded, smoothed by an appropriate exponential moving average. The Omen itself is said to have originated with Jim Miekka[2], and the name was suggested by the late Kennedy Gammage.

Mechanics

The Hindenburg Omen is a combination of technical factors that attempt to measure the health of the NYSE, and by extension, the stock market as a whole. The goal of the indicator is to signal increased probability of a stock market crash.

The rationale is that under “normal conditions” either a substantial number of stocks may set new annual highs or annual lows, but not both at the same time. As a healthy market possesses a degree of uniformity, whether up or down, the simultaneous presence of many new highs and lows may signal trouble.

Criteria

These criteria are calculated daily using Wall Street Journal figures for consistency. (Other exchanges may be used as well.) Some have been recalibrated by Miekka to reduce statistical noise and make the indicator a more reliable predictor of a future decline.

  1. The daily number of NYSE new 52 week highs and the daily number of new 52 week lows are both greater than or equal to 2.8 percent (typically, 84) of the sum of NYSE issues that advance or decline that day (typically, around 3000)[3]. An older version of the indicator used a threshold of 2.5 percent of total issues traded (approximately 80 of 3200 in today’s market).
  2. The NYSE index is greater in value than it was 50 trading days ago. Originally, this was expressed as a rising 10 week moving average, but the new rule is more relevant to the daily data used to look at new highs and lows.
  3. The McClellan Oscillator is negative on the same day.
  4. New 52 week highs cannot be more than twice the new 52 week lows (though new 52 week lows may be more than double new highs).

The traditional definition requires each condition to occur on the same day. Once the signal has occurred, it is valid for 30 days, and any additional signals given during the 30-day period should be ignored. During the 30 days, the signal is activated whenever the McClellan Oscillator is negative, but deactivated whenever it is positive.[4]

…”

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

The Past Performance of the Hindenburg Omen Stock Market Crash Signals 1985 – 2005

“…How has this signal performed over the past 21 years, since 1985? The traditional definition of a Hindenburg Omen is that the daily number of NYSE New 52 Week Highs and the Daily number of New 52 Week Lows must both be so high as to have the lesser of the two be greater than 2.2 percent of total NYSE issues traded that day. However, this is just condition number one. The traditional definition had two more filters: That the NYSE 10 Week Moving Average is also Rising (condition # 2), and that the McClellan Oscillator is negative on that same day (condition # 3). These measures are calculated each evening using Wall Street Journal figures for consistency. Critics have taken this definition and pointed rightly to several failed Omens (although the correlation was still quite good).

But if we add two more filters, the correlation to subsequent severe stock market declines is remarkable. Condition # 4 requires that New 52 Week NYSE Highs cannot be more than twice New 52 Week Lows, however it is okay for New 52 Week Lows to be more than double New 52 Week Highs. Our research found that there were two incidences where the first three conditions existed, but New Highs were more than double New Lows, and no market decline resulted. There were no instances noted where if 52 Week Highs were more than double New Lows, while the first three conditions were met, that a severe decline followed. So condition # 4 becomes a critical defining component. The fifth condition we found important for high correlation is that for a confirmed Hindenburg Omen, in other words for it to be “official,” there must be more than one signal within a 36 day period, i.e., there must be a cluster of Hindenburg Omens (defined as two or more) to substantially increase the probability of a coming stock market plunge. Our research noted seven instances over the past 21 years where – using the first four conditions – there was just one isolated Hindenburg Omen signal over a thirty-six day period. In six of the seven instances, no sharp declines followed. In only one instance did a sharp subsequent sell-off occur based upon a non-cluster single Omen, but in that case it was incredibly close to having a cluster of two Omens as the previous day’s McClellan Oscillator just missed being negative. We included this instance in our data below. …”

http://www.safehaven.com/article/3880/the-past-performance-of-the-hindenburg-omen-stock-market-crash-signals-1985-2005


http://www.onlinetradingconcepts.com/TechnicalAnalysis/McClellanOscillator.html

McClellan Oscillator

“…The McClellan Oscillator is a market breadth indicator used by financial analysts of the New York Stock Exchange to evaluate the rate of money entering or leaving the market and interpretively indicate overbought or oversold conditions of the market.[1]

History

Developed by Sherman and Marian McClellan in 1969, the Oscillator is computed using the exponential moving average (EMA) of the daily ordinal difference of advancing issues (stocks which gained in value) from declining issues (stocks which fell in value) over 39 trading day and 19 trading day periods.

How it works

The simplified formula for determining the Oscillator is:

Oscillator = (19 day EMA of Advances minus Declines) − (39 day EMA of Advances minus Declines)

The McClellan Summation Index (MSI) is calculated by adding each day’s McClellan Oscillator to the previous day’s Summation Index.

By using the Summation Index of the Mcclellan Oscillator, you can judge the markets overall bullishness or bearishness.

MSI properties

  • above zero it is considered to be bullish (positive growth)
  • below zero it is considered to be bearish (negative growth)

The Summation Index is oversold at -1000 to -1250 or overbought at 1000 to 1250. [1]

The number of stocks in a stock market determine the dynamic range of the MSI. For the NZSX (one of the smallest exchanges in the English speaking world) the MSI would probably range between (-50 … +50), the 19 and 39 constants (used for the US exchanges) would have to be revised. For the NZSX a MSI moving average mechanism might be needed to smooth out the perturbations of such a small number of traded stocks. …”

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

We Get An Official Confirmed Hindenburg Omen On August 20th, 2010

“…A reader asked: “Would you be willing to test or comment on the 8/14 Wall Street Journal article ‘Hindenberg Omen Flashes’?” The Hindenburg Omen is a complex technical signal that, including confirmation via clusters of signals, consists of simultaneous satisfaction of five rules for NYSE stocks. Different informal sources indicate some variation in the rules among practitioners. For the sake of consistency in rule application, we consider the “confirmed” Hindenburg Omens cited by Robert McHugh in his 8/21/10 article entitled “We Get An Official Confirmed Hindenburg Omen On August 20th, 2010″. This article states that, after Hindenburg Omens, “plunges can occur as soon as the next day, or as far into the future as four months.” Using the dates of the Hindenburg Omens reported in these articles and weekly closing levels of the S&P 500 Index during 1/3/86 through 8/13/10, we find that:

We make the following adjustments to the dates of confirmed Hindenburg Omens as listed in the cited article:

  • Exclude one of the duplicate listings for 6/20/02.
  • Replace the out-of-order listing of 2/22/98 with the date of 12/23/98 in the associated footnote (which would be in order).

Note that the maximum drawdown listed in the cited article after the Hindenburg Omen date of 6/6/08 falls outside the specified four-month horizon for omen effectiveness. In general, the post-omen maximum drawdowns appear to derive from intraday data for the Dow Jones Industrial Average over intervals ranging from one day to 276 days. Four of the omen dates have four-month horizons that overlap with four-month horizons of other omen dates.

 

http://www.cxoadvisory.com/technical-trading/hindenburg-omens/

Related Posts On Pronk Palisades

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

Bilderberg Group–Videos

Posted on May 8, 2010. Filed under: Blogroll, Books, Communications, Computers, Crime, Cult, Culture, Demographics, Economics, Education, Employment, Energy, Entertainment, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Immigration, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Taxes, Technology, Uncategorized, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

“…Synopsis

Delving into a world once shrouded in complete mystery and impenetrable security, this investigative report provides a fascinating account of the annual meetings of the world’s most powerful people—the Bilderberg Group. Since its inception in 1954 at the Bilderberg Hotel in the small Dutch town of Oosterbeek, the Bilderberg Group has been comprised of European prime ministers, American presidents, and the wealthiest CEOs of the world, all coming together to discuss the economic and political future of humanity. The working press has never been allowed to attend, nor have statements ever been released on the attendees’ conclusions or discussions, which have ramifications on the citizens of the world. Using methods that resemble the spy tactics of the Cold War—and in several instances putting his own life on the line—the author did what no one else has managed to achieve: he learned what was being said behind the closed doors of the opulent hotels and has made it available to the public. This second edition includes an entirely new chapter and updated information on topics such as an earlier attempt to break up Canada and the portents of a North American union. ”

http://search.barnesandnoble.com/True-Story-of-the-Bilderberg-Group/Daniel-Estulin/e/9780977795345 

Who Is Bilderburg And What Are They Up To ?

Icon Jim Tucker Reveals New Location for Bilderberg 2010 Meeting on The Alex Jones Show 1/2

Icon Jim Tucker Reveals New Location for Bilderberg 2010 Meeting on The Alex Jones Show 2/2

Bilderberg Group

Daniel Estulin on Bilderberg 2009

 

Bilderberg is meeting in Athens, Greece Right Now!!

 

 

Monopoly Men Part 4

 

 Monopoly Men Part 5

 

YouTube- Conspiracy Theory Jesse Ventura Bilderberg Group 1 of 4

 

YouTube- Conspiracy Theory Jesse Ventura Bilderberg Group 2 of 4

 

YouTube- Conspiracy Theory Jesse Ventura Bilderberg Group 3 of 4

 

YouTube- Conspiracy Theory Jesse Ventura Bilderberg Group 4 of 4

 

Bilderberg exposed – Part 1/6

 

Bilderberg exposed – Part 2/6

 

Bilderberg exposed – Part 3/6

 

Bilderberg exposed – Part 4/6

 

Bilderberg exposed – Part 5/6

 

Bilderberg exposed – Part 6/6

 

 

Background Articles and Videos

Daniel Estulin on Bilderberg 2009

Alex Jones – Jim Tucker:Bilderberg 2009 Pt1

 

Alex Jones – Jim Tucker:Bilderberg 2009 Pt2

Jim Tucker on Bilderberg 2009

Brzezinski on CFR, Bilderberg, and Trilateral Commission

 

 

Investigative Author, Daniel Estulin Exposes Bilderberg Group Plans

International best-selling investigative author Daniel Estulin has received from his sources the 73-page Bilderberg Group meeting wrap-up for participants.

“…— International best-selling investigative author Daniel Estulin has received from his sources the 73-page Bilderberg Group meeting wrap-up for participants. In the report no one is identified by name, only as an American or European, or by a description of the speaker’s position, i.e. member of the IMF. There appears to be some disagreement about who was in attendance at this year’s secretive conclave held at a 5-star resort in Greece. According to sources in Greece and the Bilderberg Netherlands “office,” US Treasury Secretary Timothy Geithner and US General David Petraeus were at this year’s gathering. Both men have denied this, according to a conversation held with a Washington, DC reporter, who stated that Mr. Geithner was attending a private function and General Petraeus was at Central Command.

Using a purported participant list, a “smear” campaign has seemingly been launched against Estulin. On a French “left-wing” website (www.bellaciao.org/fr/), and then posted in English on a populist forum in the US (http://forum.prisonplanet.com), it is claimed that Estulin was a known participant in this year’s conference. “Hardly,” said Estulin, who laughed at the prospect, saying that the Group has tried many things to keep him from reporting on its activities, but had never asked him to attend. Estulin did his reporting this year from Spain, knowing from years of coverage that the location in Greece physically precluded any photographing of the participants. His book on the shadowy clique, ”The True Story of the Bilderberg Group” broke through the barrier that the Group even existed with help from numerous photographs exposing the elite that were taken by Estulin from 600-800 meters. The book has been translated into 48 languages and sold millions of copies worldwide. Estulin’s reportage of the annual meetings has led to many correct predictions of world events, including the timing of the 2003 Iraqi War, the rise and fall of oil prices, as well as the current economic calamity and housing mess. …”

http://www.prweb.com/releases/Bilderberg_Group_Meeting/Daniel_Estulin/prweb2453144.htm

Bilderberger Group

“… The Bilderberg Group, Bilderberg conference, or Bilderberg Club is an annual, unofficial, invitation-only conference of around 130 guests, most of whom are people of influence in the fields of politics, banking, business, the military and media. Each conference is closed to the public and the press.

Origin

The original conference was held at the Hotel de Bilderberg, near Arnhem in The Netherlands, from 29 May to 31 May 1954. It was initiated by several people, including Józef Retinger, concerned about the growth of anti-Americanism in Western Europe, who proposed an international conference at which leaders from European countries and the United States would be brought together with the aim of promoting atlanticism – better understanding between the cultures of the United States and Western Europe in order to foster cooperation on political, economic, and defense issues.[1] Retinger approached Prince Bernhard of the Netherlands, who agreed to promote the idea, together with Belgian Prime Minister Paul Van Zeeland, and the head of Unilever at that time, Dutchman Paul Rijkens. Bernhard in turn contacted Walter Bedell Smith, then head of the CIA, who asked Eisenhower adviser Charles Douglas Jackson to deal with the suggestion.[2] The guest list was to be drawn up by inviting two attendees from each nation, one of each to represent conservative and liberal points of view.[1] Fifty delegates from 11 countries in Western Europe attended the first conference along with 11 Americans.[3]

The success of the meeting led the organizers to arrange an annual conference. A permanent Steering Committee was established, with Retinger appointed as permanent secretary. As well as organizing the conference, the steering committee also maintained a register of attendee names and contact details, with the aim of creating an informal network of individuals who could call upon one another in a private capacity.[citation needed] Conferences were held in France, Germany, and Denmark over the following three years. In 1957, the first US conference was held in St. Simons, Georgia, with $30,000 from the Ford Foundation. The foundation supplied further funding for the 1959 and 1963 conferences.[2]

Organizational structure

Meetings are organized by a steering committee with two members from each of around eighteen nations.[4] Official posts, in addition to a chairman, include an Honorary Secretary General.[5] There is no such category in the group’s rules as a “member of the group”. The only category that exists is “member of the Steering Committee”.[6] In addition to the committee, there also exists a separate advisory group, though membership overlaps.[7]

Dutch economist Ernst van der Beugel took over as permanent secretary in 1960, upon Retinger’s death. Prince Bernhard continued to serve as the meeting’s chairman until 1976, the year of his involvement in the Lockheed affair. The position of Honorary American Secretary General has been held successively by Joseph E. Johnson of the Carnegie Endowment, William Bundy of Princeton, Theodore L. Eliot, Jr., former U.S. Ambassador to Afghanistan, and Casimir A. Yost of Georgetown’s Institute for the Study of Diplomacy.[8]

A 2008 press release from the American Friends of Bilderberg stated that “Bilderberg’s only activity is its annual Conference. At the meetings, no resolutions are proposed, no votes taken, and no policy statements issued” and noted that the names of attendees were available to the press.[9] The Bilderberg group unofficial headquarters is the University of Leiden in the Netherlands.[10]

According to the American Friends of Bilderberg, the 2008 agenda dealt “mainly with a nuclear free world, cyber terrorism, Africa, Russia, finance, protectionism, US-EU relations, Afghanistan and Pakistan, Islam and Iran”.[9]

Chairmen

Prince Bernhard of the Netherlands (1954–1975)[11]
Alec Douglas-Home (1977–1980)[11]
Walter Scheel[3]
Eric Roll (1986–1989)[12]
Lord Carrington (1990–1998)[3]
Étienne Davignon[4]
Conspiracy theories
Because of its secrecy and refusal to issue news releases, the group is frequently accused of secretive and nefarious plots. Critics include the John Birch Society, a producerist advocacy group in the United States,[21] Canadian writer Daniel Estulin, British writer David Icke, American writer Jim Tucker, politician Jesse Ventura and radio host Alex Jones. The Bilderberg Group was the topic of a 2009 episode of the TruTV series Conspiracy Theory with Jesse Ventura.[22]

Bilderberg founding member and, for 30 years, a steering committee member, Denis Healey has said:[23]

To say we were striving for a one-world government is exaggerated, but not wholly unfair. Those of us in Bilderberg felt we couldn’t go on forever fighting one another for nothing and killing people and rendering millions homeless. So we felt that a single community throughout the world would be a good thing.
In 2005 the then chairman Etienne Davignon discussed these accusations with the BBC.

It is unavoidable and it doesn’t matter. There will always be people who believe in conspiracies but things happen in a much more incoherent fashion…When people say this is a secret government of the world I say that if we were a secret government of the world we should be bloody ashamed of ourselves.[24]
G. William Domhoff, a research professor in psychology and sociology who studies theories of power, sees the role of social clubs such as Bilderberg as being nothing more than a means to create social cohesion within a power elite. He adds that those understandings of the clubs such as the Bilderberg fit with the perceptions of the members of the elite. In a 2004 interview with New Internationalist magazine, Domhoff warns progressives against getting distracted by conspiracy theories which demonize and scapegoat such clubs. He argues that the opponents of progressivism are corporate elite, the Republican Party, and conservative Democrats. It is the same people more or less, but it puts them in their most important roles, as capitalists and political leaders, which are visible.[25]

 Origins of conspiracy theories

Before the 2001 meeting, a report in the Guardian stated:

…the press have never been allowed access and all discussions are under Chatham House rules (no quoting). Not surprisingly, such ground rules, while attracting publicity-shy financiers, have also fuelled the fantasies of conspiracy theorists.[26]
Jonathan Duffy, writing in BBC News Online Magazine states:

No reporters are invited in and while confidential minutes of meetings are taken, names are not noted… In the void created by such aloofness, an extraordinary conspiracy theory has grown up around the group that alleges the fate of the world is largely decided by Bilderberg.[27]
Investigative journalist Chip Berlet, notes the existence of Bilderberger conspiracy theories as early as 1964 in the writings of conservative political activist Phyllis Schlafly. In Berlet’s 1994 report Right Woos Left, published by Political Research Associates, he writes:

The views on intractable godless communism expressed by Schwarz were central themes in three other bestselling books which were used to mobilize support for the 1964 Barry Goldwater campaign. The best known was Phyllis Schlafly’s A Choice, Not an Echo, which suggested a conspiracy theory in which the Republican Party was secretly controlled by elitist intellectuals dominated by members of the Bilderberger group, whose policies would pave the way for global communist conquest.[28]

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

 

Related Posts On Pronk Palisades

Carroll Quigley Interview–Videos

Eugenics–Rockefeller–United Nations–Population Control–Holdren–Abortions/Sterilization–Browner–Cap and Trade–Obama–Compulsory Socialized Medicine–Euthanasia–Transhuman–Brave New World!–Videos

In Lies We Trust–Videos

John Holdren–Science Czar–Videos

John Holdren: Global Warming: What Do We Know and Should Do–Videos 

Barack Obama’s Socialist Green Commissar Carol Browner

Crazy Corrupt Climate Cult Czarina Carol’s Crystal Clear Criminal Communication–Coverup!

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

Green Jobs Czar and Communist Commissar Van Jones: Redistributing The Wealth=Black and Red Race Reparations=Social Justice?

Apollo Alliance and Obama’s Green Czar Van Jones: Greens on The Outside–Reds On The Inside–Big Greens, Big Unions, Big Foundations, Big Business, Big Bucks, Big Taxes–Videos

Mark Lloyd, FCC Diversity Czar, and Cass Sustein, Regulatory Czar: Progressive Radical Socialist Silencing of Free Speech On Internet Blogs and Talk Radio

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

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

Obama: First We Kill The Babies, Then We Kill The Elderly, Then We Kill The Veterans–Your Life, Your Choices–Your Time Is Up!

Cloward Piven Strategy–The Crisis Strategy Of Barack Obama

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

Obama–Ayers–Chicago Annenberg Challenge–ACORN–Radical Socialists–Terrorist Bombers–Videos

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

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

President Barack Obama Puppet of Trilateral Commission?–Videos

Soros Funded and Obama’s Manufactured Hate Generator–The Southern Poverty Law Center–Disinformation Propaganda Campaign

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

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

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

T. J. Rogers–Free-Market In Energy–No Subsidies!: Stop The Cap and Trade CO2 Energy Tax–”CO2 is not a pollutant and it is not a poison”–”CO2 is absolutely essential for life on earth.”–William Happer

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

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

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

Barack Obama’s Socialist Green Commissar Carol Browner

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

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

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

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

Gore Grilled & Gingrich Gouged–American People Oppose Massive Carbon Cap and Trade Tax Increase–Videos

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

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?

Republican Health Care Reform: The Patients’ Choice Act

Medical Doctor and Senator Tom Coburn On Health Care–Videos

The Senate Doctors Show–Videos

Obama’s Waterloo– Government Compulsory Single Payer Socialized Medicine!–Videos

President Obama’s Plan of Massive Deficit Spending Is Destroying The US Economy–The American People Say Stop Socialism BS Now!

The Bum’s Rush of The American People: The Totally Irresponsible Democratic Party Health Care Bill and Obama’s Big Lie Exposed

Chairman Obama’s Progressive Radical Socialist Health Care Bill Kills Individual Private Health Care Insurance–Join The Second American Revolution!

The Obama Big Lie and Inconvenient Truth About Health Care–The Public Option Trojan Horse–Leads To A Single Payor Goverment Monopoly of Health Care and The Bankruptcy of USA!

The Obama Public Option Poison Pill For A Government Health Care Monopoly–Single Payer System–Betting Your Life and Paying Though The Nose

Government Bureaucracy: Organizational Chart of The House Democrats’ Health Plan

Dr. Robert W. Christensen–Videos

John Stossel–Sick In America–Videos

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

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]

Related Posts On Pronk Palisades

Global Warming/Climate Change

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

Professor Fred Singer–On Climate Change–Videos

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

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–The 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!

John Holdren–Science Czar–Videos

John Holdren: Global Warming: What Do We Know and Should Do–Videos

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!

Facing Fundamental Facts

Gore Grilled & Gingrich Gouged–American People Oppose Massive Carbon Cap and Trade Tax Increase–Videos

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

The Heidelberg Appeal: Beware of False Gods and Prophets

Cap and Trade

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

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

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

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

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!

The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence!

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

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

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

G. Edward Griffin–Crash Course on Money–Videos

Posted on January 24, 2010. Filed under: Babies, Blogroll, Communications, Demographics, Economics, Education, Employment, Fiscal Policy, government spending, Health Care, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Video | Tags: , , , , , , |

Crash Course on Money / Presented by G. Edward Griffin / 1 of 29

Crash Course on Money / Presented by G. Edward Griffin / 2 of 29

Crash Course on Money / Presented by G. Edward Griffin / 3 of 29

Crash Course on Money / Presented by G. Edward Griffin / 4 of 29

Crash Course on Money / Presented by G. Edward Griffin / 5 of 29

Crash Course on Money / Presented by G. Edward Griffin / 6 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 7 of 29

Crash Course on Money / Presented by G. Edward Griffin / 8 of 29

Crash Course on Money / Presented by G. Edward Griffin / 9 of 29

Crash Course on Money / Presented by G. Edward Griffin / 10 of 29

Crash Course on Money / Presented by G. Edward Griffin / 11 of 29

Crash Course on Money / Presented by G. Edward Griffin / 12 of 29

Crash Course on Money / Presented by G. Edward Griffin / 13 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 14 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 15 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 16 of 29

Crash Course on Money / Presented by G. Edward Griffin / 17 of 29

 

 

Crash Course on Money / Presented by G. Edward Griffin / 18 of 29

Crash Course on Money / Presented by G. Edward Griffin / 19 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 20 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 21 of 29

Crash Course on Money / Presented by G. Edward Griffin / 22 of 29

Crash Course on Money / Presented by G. Edward Griffin / 23 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 24 of 29

Crash Course on Money / Presented by G. Edward Griffin / 25 of 29

Crash Course on Money / Presented by G. Edward Griffin / 26 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 27 of 29

 

Crash Course on Money / Presented by G. Edward Griffin / 28 of 29

Crash Course on Money / Presented by G. Edward Griffin / 29 of 29

Related Posts On Pronk Palisades

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

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 Puppeter

 

Banking And The Federal Reserve System

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 )

The Latest From Peter Schiff–Videos

Posted on January 4, 2010. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, government spending, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Raves, Resources, Video, Wisdom | Tags: , , |

Peter Schiff P1

Peter Schiff P2

Peter Schiff P3

Peter Schiff P4

Peter Schiff P5

Background Articles and Videos

 

12/28/2009 Peter Schiff On The Glenn Beck Show: Will Gov’t Get Out Of The Way In 2010?

 

 

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

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

Tom Wright On The FairTax–Videos

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

Investors

Peter Schiff–Videos

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

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

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

Can The American People Afford Three More Years Of The Progressive Radical Socialist Democratic Party Led By President Obama? Absolutely Not–Throw The Bums Out Next November!

Posted on December 14, 2009. Filed under: Blogroll, Climate, Communications, Economics, Education, Employment, Energy, Fiscal Policy, government spending, Health Care, Immigration, Investments, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Raves, Resources, Reviews, Security, Strategy, Taxes, Technology, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , |

“Capitalism means free enterprise, sovereignty of the consumers in economic matters, and sovereignty of the voters in political matters. Socialism means full government control of every sphere of the individuals life and the unrestricted supremacy of the government in its capacity as central board of production management.”

~Ludwig von Mises

President Obama Job Approval

Polling Data

Poll Date Sample Approve Disapprove Spread
RCP Average 12/1 – 12/13 48.4 45.4 +3.0
USA Today/Gallup 12/11 – 12/13 1025 A 49 46 +3
Rasmussen Reports 12/11 – 12/13 1500 LV 44 55 -11
Gallup 12/11 – 12/13 1547 A 48 42 +6
FOX News 12/8 – 12/9 900 RV 50 44 +6
CBS News/NY Times 12/4 – 12/8 1031 A 50 39 +11
Bloomberg 12/3 – 12/7 1000 A 54 41 +13
Marist 12/2 – 12/7 858 RV 46 44 +2
Ipsos/McClatchy 12/3 – 12/6 1120 A 49 49 Tie
Quinnipiac 12/1 – 12/6 2313 RV 46 44 +2
CNN/Opinion Research 12/2 – 12/3 1041 A 48 50 -2

See All President Obama Job Approval Polling Data

http://www.realclearpolitics.com/epolls/other/president_obama_job_approval-1044.html#polls

FoxNews Opinion Dynamics Poll on Obama (FoxNews Dec 13 2009)

 

Unemployment’s Bottom Line

Neil Cavuto’s Common Sense – Fat Cat Bankers And Obama’s B+


 

Ron Paul “Let’s End the Fed” Speech (This Speech will be famous) 2/25/2009

Arguing with Idiots

 

Glenn Beck-12-11-09-A

 

Glenn Beck-12-11-09-B

 

Glenn Beck-12-11-09-C

 

Glenn Beck-12-11-09-D

 

Glenn Beck-12-11-09-F

 

Economic Collapse: Peter Schiff explains Obama’s false Chinese policy

 

Barack Obama on 60 Minutes

 

The Progressive Radical Socialists led by President Obama are destroying jobs, wrecking the economy and killing the American dream.

There are currently over 25,000,000 Americans seeking full time employment.

The official unemployment rate (U-3) is expected to exceed 10% throughout 2010.

The real unemployment rate (U-6) already exceeds 17% and in not expected to fall below  17% until 2011 at the earliest.

So what are the political “elites” in Washington D. C. proposing to do about job creation?

The Progressive Radical Socialists are trying to massively increase your taxes, increase government spending. deficits and the national debt and erode the purchasing power of the US dollar.

Vote out of office any Democrat or Republican representative or Senator that votes for the  new Health Care and Cap and Trade Energy tax bills and comprehensive immigration reform.

Abolish both the Environmental Protection Agency (EPA) and the Federal Reserve System.

The Federal Reserve and Congress caused the problem of a housing bubble by massive government intervention in expanding credit for housing mortgages and failing to regulate the investment activities of commercial, investment and mortgage bankers.

Shut them down now, before it is too late.

The political elites of both parties are fast becoming tyrants in their disregard of what is in the best interest of the American people.

The political elites only concern are how to control your lives and how  to stay in power or office.

The political elites  could care less that their proposed health care and energy tax bills would put several million more Americans out of work.

Throw these corrupt bums out of office in November 2010, 2012, and 2014.

When in doubt–throw them out.

LOL

the Government is Incompetent…

The Poll Numbers Slip Sliding Away

“There is simply no other choice than this: either to abstain from interference in the free play of the market, or to delegate the entire management of production and distribution to the government. Either capitalism or socialism: there exists no middle way.”

~Ludwig von Mises

Background Articles and Videos

Daily Presidential Tracking Poll

December 14, 2009

“…The Rasmussen Reports daily Presidential Tracking Poll for Monday shows that 24% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as President. Forty-two percent (42%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -18.

That’s a one point improvement from yesterday when Obama’s Approval Index rating fell to the lowest level yet recorded. Prior to the past three days, the Approval Index had never fallen below -15 during Obama’s time in office (see trends).

As the health care plan struggles in the Senate, public opposition remains stable. Fifty-six percent (56% ) oppose the plan working its way through Congress while just 40% favor it. In Nevada, the health care bill is causing problems for Senate Majority Leader Harry Reid’s bid for re-election.

The Presidential Approval Index is calculated by subtracting the number who Strongly Disapprove from the number who Strongly Approve. It is updated daily at 9:30 a.m. Eastern …”

http://www.rasmussenreports.com/public_content/politics/obama_administration/daily_presidential_tracking_poll

Health Care Reform

40% Support Health Care Plan, 56% Oppose It

“…Fifty-six percent (56%) of U.S. voters now oppose the health care plan proposed by President Obama and congressional Democrats. That’s the highest level of opposition found – reached three times before – in six months of polling.

The latest Rasmussen Reports national telephone survey finds that just 40% of voters favor the health care plan.

Perhaps more significantly, 46% now Strongly Oppose the plan, compared to 19% who Strongly Favor it. …”

http://www.rasmussenreports.com/public_content/politics/current_events/healthcare/september_2009/health_care_reform

Why the Meltdown Should Have Surprised No One

 

Steele: ‘Let’s reduce the unemployment tax’

Jim Rogers America is Collapsing Part 1 of 5

 

Jim Rogers America is Collapsing Part 2 of 5

Jim Rogers America is Collapsing Part 3 of 5

Jim Rogers America is Collapsing Part 4 of 5

Jim Rogers America is Collapsing Part 5 of 5

Related Posts On Pronk Palisades

Jim Rogers: Secretary of the Treasury Tim Geithner and Federal Reserve System Chairman Ben Bernanke Are Incompetent–Tim and Ben Exit Strategy aka Thelma & Louise Ending The Fed!

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

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

 

Cloward Piven

Cloward Piven Strategy–The Crisis Strategy Of Barack Obama

President Obama’s Cloward-Piven Strategy of Controlled Crisis Creation Crippling Capitalism–Coup D-Etat On America 

 

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!

Ben Bernanke

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

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!

  

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 

 

Monetary Economic Policy

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

The Battle Between Keynes and Monetarism in the UK–Videos

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

The Big Economic Picture–Some Perspectives–Videos

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

The Monetarization of The Debt and Quantitative Easing: The Federal Reserve is printing $1,000,000,000,000!–Run-Away Inflation Coming Soon!

Thomas E. Woods, Jr.–Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

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

 

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

 

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 

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

George Soros On Reflexivity And Fallibility–Videos

Posted on November 21, 2009. Filed under: Blogroll, Communications, Computers, Economics, Fiscal Policy, Foreign Policy, government spending, Investments, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Raves, Resources, Science, Video, Wisdom | Tags: , , , , |

REFLEXIVITY AND FALLIBILITY – Part 01/13

REFLEXIVITY AND FALLIBILITY – Part 02/13

REFLEXIVITY AND FALLIBILITY – Part 03/13

REFLEXIVITY AND FALLIBILITY – Part 04/13

REFLEXIVITY AND FALLIBILITY – Part 05/13

REFLEXIVITY AND FALLIBILITY – Part 06/13

REFLEXIVITY AND FALLIBILITY – Part 07/13

REFLEXIVITY AND FALLIBILITY – Part 08/13

REFLEXIVITY AND FALLIBILITY – Part 09/13

REFLEXIVITY AND FALLIBILITY – Part 10/13

REFLEXIVITY AND FALLIBILITY – Part 11/13

REFLEXIVITY AND FALLIBILITY – Part 12/13

REFLEXIVITY AND FALLIBILITY – Part 13/13

 

Related Posts On Pronk Palisades

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

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

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

Madoff Hustle–Videos

Posted on November 13, 2009. Filed under: Crime, Culture, Education, Investments, Law, liberty, Life, Links, People, Quotations, Rants, Raves, Regulations, Security, Technology, Video, Wisdom | Tags: , , , , , |

“Do the Hustle” (The Dance)

Madoff Hustle 1 of 6 – BBC This World Documentary 

 

Madoff Hustle 2 of 6 – BBC This World Documentary

 

Madoff Hustle 3 of 6 – BBC This World Documentary

 

Madoff Hustle 4 of 6 – BBC This World Documentary

 

Madoff Hustle 5 of 6 – BBC This World Documentary

 

Madoff Hustle 6 of 6 – BBC This World Documentary

Burn Baby Burn

The Trammps – Disco Inferno Lyrics

Burn baby burn! Burn baby burn! Burn baby burn! Burn baby burn!
Burnin’!

To mass fires, yes! One hundred stories high
People gettin’ loose y’all gettin’ down on the roof – Do you hear?
(the folks are flaming)Folks were screamin’ – out of control
It was so entertainin’ – when the boogie started to explode
I heard somebody say

Burn baby burn! – Disco inferno!
Burn baby burn! – Burn that mama down
Burn baby burn! – Disco inferno!
Burn baby burn! – Burn that mama down
Burnin’!

Satisfaction (uhu hu hu) came in the chain reaction
(burnin’) I couldn’t get enough, (till I had to self-destroy)so I had to
self destruct, (uhu hu hu)
The heat was on (burnin’), rising to the top, huh!
Everybody’s goin’ strong (uhu hu hu)
And that is when my spark got hot
I heard somebody say

Burn baby burn! – Disco inferno!
Burn baby burn! – Burn that mama down, yoh!
Burn baby burn! – Disco inferno!
Burn baby burn! – Burn that mama down
Burnin’!

Up above my head I hear music in the air – I hear music!
That makes me know there’s (somebody)a promise somewhere

Satisfaction came in a chain reaction – Do you hear?
I couldn’t get enough, so I had to self destruct,
The heat was on, rising to the top
Everybody’s goin’ strong
That is when my spark got hot
I heard somebody say

Burn baby burn! – Disco inferno! (Aah yeah!)
Burn baby burn! – Burn that mama down
Burn baby burn! – Disco inferno, yeah!
Burn baby burn! – Burn that mama down x2 Burnin’!

Background Articles and Videos

Do The Hustle

Your Money: the Ponzi Scheme Explained

Warning Signs of Ponzi Schemes and Pyramid Schemes

 

Oversight Failures

Bernard Madoff on 20/20 Part 1

 

Bernard Madoff on 20/20 Part 2

 

Bernard Madoff on 20/20 Part 3

 

Madoff Victims Paid $530M So Far

Losses Amounted to $21.2B over 2,300 Clients, Trustee Irving Picard Said

“…Bernard Madoff’s victims have so far received $530 million in compensation – a record for a securities industry group providing the money, but only a fraction of what they lost in the disgraced financier’s epic swindle.

The total being paid by the Securities Investors Protection Corp., also known as the SIPC, was announced Wednesday during a telephone briefing about the ongoing liquidation of the jailed money manager’s assets and the processing of thousands of claims from burned investors.

Stephen Harbeck, president of the SIPC, said the $530 million exceeded the combined amount from 321 previous brokerage liquidations since 1970. SIPC is authorized by Congress to guarantee brokerage accounts for a maximum $500,000.

On the same call, court-appointed trustee Irving Picard said he had identified $21.2 billion losses in about 2,300 customer accounts. He also said he had approved $4.4 billion in claims, and located about $1.5 billion in assets that will help cover a portion of them. …”

http://www.cbsnews.com/stories/2009/10/28/business/main5436209.shtml?tag=contentMain;contentBody

Saturday Night Fever – First 20 minute’s Part 1

Saturday Night Fever – First 20 minute’s Part 2

Do the Hustle

“Thriller” (original upload)

Related Posts On Pronk Palisades

Bernie Madoff–Videos

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

Bernie Madoff–Videos

Posted on July 5, 2009. Filed under: Blogroll, Crime, Cult, Economics, Investments, Law, Life, Links, Politics, Quotations, Rants, Raves, Regulations, Security, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , |

 

bernie_madoff

madoff_zip_codes_impact

Bernie Madoff – The one who made off with peoples money does 150 year sentence

Disgraced Madoff Jailed For 150 Years

 

Bernie Madoff Sentenced To 150 Years In Federal Prison 

 

Roundtable Discussion – Ponzi Mastermind Madoff Jailed – Bloomberg

 

Brian Ross ABC News: Bernie Madoff Investigation part 1

 

Brian Ross ABC News: Bernie Madoff Investigation part 2

 

Brian Ross ABC News: Bernie Madoff investigation part 3

The Man Who Knew

The Man Who Figured Out Madoff’s Scheme Part Pt 1

 

The Man Who Figured Out Madoff’s Scheme Part Pt 2

The Madoff Money Trail – Bloomberg

Bernie Madoff on the modern stock market

 

Madoff Victims On Guilty Plea

 

$50B Scam Victims Speak
 

 

Bernard Madoff $50bn Ponzi Scheme – How Did He Do It?

 

Inside Story – The Madoff Scandal – Dec 17 – Part 1

 

Inside Story – The Madoff Scandal – Dec 17 – Part 2

 

Spotlight on Madoff: The Palm Beach Story

 

$50 Billion Wall Street Scam

BernardMadoff
 

Background Articles and Videos

JUNE 30, 2009

‘Evil’ Madoff Gets 150 Years in Epic Fraud

Victims Cheer Tough Sentence; Judge Slams Financier for Stonewalling Investigators; True Size of Losses Still a Mystery

“… Bernard Madoff, the self-confessed author of the biggest financial swindle in history, was sentenced to the maximum 150 years behind bars for what his judge called an “extraordinarily evil” fraud that shook the nation’s faith in its financial and legal systems and took “a staggering toll” on rich and poor alike.

The landmark sentence, one of the stiffest ever given for a white-collar crime, came just six months after Mr. Madoff, a pioneer on Wall Street, allegedly told his sons that his entire business was a massive Ponzi scheme. The penalty sparked a burst of applause in a courtroom packed with victims of the fraud. …”

http://online.wsj.com/article/SB124604151653862301.html 

 

Bernard Madoff

“…Bernard LawrenceBernieMadoff (pronounced /ˈmeɪdɒf/; born April 29, 1938) is an American former financier and convicted felon. Madoff, who served as a non-executive chairman of the NASDAQ stock exchange, pled guilty to an 11-count criminal complaint, admitting to defrauding thousands of investors of billions of dollars and was convicted of operating a Ponzi scheme that has been called the largest investor fraud ever committed by a single person.[3][4] Federal prosecutors estimated client losses, which included fabricated gains, of almost $65 billion.[5] On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.[6][7] As there is no parole in the federal correctional system, it was tantamount to a life sentence.

Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest on December 11, 2008.[8][9] The firm was one of the top market maker businesses on Wall Street,[10] which bypassed “specialist” firms, by directly executing orders over the counter from retail brokers.[11]

He was said to have confessed to his sons first on December 10, 2008, that the asset management arm of his firm was a giant Ponzi scheme—as he put it, “one big lie.” [12] They then passed this information to authorities.[13][14] The following day, Federal Bureau of Investigation agents arrested Madoff and charged him with one count of securities fraud. The SEC conducted several investigations into Madoff’s business practices since 1999, which critics contend were incompetently handled.[10]

…”
http://en.wikipedia.org/wiki/Bernie_Madoff

 

Ponzi Scheme

“…A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors rather than from any actual profit earned. The Ponzi scheme usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors in order to keep the scheme going.

The system is destined to collapse because the earnings, if any, are less than the payments. Usually, the scheme is interrupted by legal authorities before it collapses because a Ponzi scheme is suspected or because the promoter is selling unregistered securities. As more investors become involved, the likelihood of the scheme coming to the attention of authorities increases.

The scheme is named after Charles Ponzi,[1] who became notorious for using the technique after emigrating from Italy to the United States in 1903. Ponzi did not invent the scheme (Charles Dickens’ 1857 novel Little Dorrit described such a scheme decades before Ponzi was born, for example), but his operation took in so much money that it was the first to become known throughout the United States. His original scheme was in theory based on arbitraging international reply coupons for postage stamps, but soon diverted investors’ money to support payments to earlier investors and Ponzi’s person wealth.

…”

“…Pay-as-you-go social insurance: Detractors of the Social Security program in the United States often draw parallels between it and a Ponzi scheme, because people who make payments receive benefits later from payments made by others.[3] Conservative economist Walter Williams adds, “Social Security is unsustainable because it is not meeting the first order condition of a Ponzi scheme, namely expanding the pool of suckers.”[4] However, as the Social Security Administration points out, “There is no unsustainable progression driving the mechanism of a pay-as-you-go pension system,” and “as long as the amount of money coming in the front end of the pipe maintains a rough balance with the money being paid out, the system can continue forever.”[1] See also Social Security debate (United States)#Criticism of Social Security as a Ponzi Scheme.

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

 

“…Charles Ponzi’s Scheme

In the 1920s, whenever a generous person wanted to send a piece of mail overseas, he or she would probably also buy an international reply coupon. This was handy for the recipient because it was a voucher that paid for the postage required to reply back to the sender. Because this was a relatively common system at the time, no one questioned Charles Ponzi (an Italian immigrant to the United States) when he found an intriguing investment opportunity in the process.

Ponzi’s investment idea was plausible: He could buy reply coupons in a different country where they were cheaper, and then sell them in the United States where they were worth more [source: Trex]. The difference was profit that he could share with his investors. He sucked his investors in by promising 50 percent returns in 45 to 90 days [source: Valentine].

The hitch? When he tried to carry through on his business idea, it didn’t work out as well in practice as it did in theory. The mechanics of conducting business overseas, transporting the coupons and exchanging them for cash caused delays and extra costs that prevented him from paying investors as quickly as he’d promised. Nevertheless, he kept the bad news to himself. Every day, new, excited investors who heard about the idea wanted in and handed over their savings. Ponzi decided to take the money, but not run. He kept up the ruse by paying off his initial investors with some of the new money that was pouring in and pocketed some for himself. Because his early investors were making money, no one was complaining.

He wasn’t clever enough, though. The whole thing fell apart after a few months of Ponzi living lavishly on the millions he had made. People starting wondering how he was buying and selling what must’ve been 160 million reply coupons out of the 27,000 that existed in the world [source: Trex]. Eventually, authorities busted him.

Charles Ponzi wasn’t the first to implement such a scam. However, he stood out from the rest of the petty crooks because of the amount of money he raked in — which totaled millions of dollars — and number of people he swindled. …”

http://money.howstuffworks.com/ponzi-scheme1.htm

 

PonziScheme

“… Does Ponzi Scheme Mean?
A fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors. This scam actually yields the promised returns to earlier investors, as long as there are more new investors. These schemes usually collapse on themselves when the new investments stop.
Investopedia Says
Investopedia explains Ponzi Scheme
The Ponzi scam is named after Charles Ponzi, a clerk in Boston who first orchestrated such a scheme in 1919. 

A Ponzi scheme is similar to a pyramid scheme in that both are based on using new investors’ funds to pay the earlier backers. One difference between the two schemes is that the Ponzi mastermind gathers all relevant funds from new investors and then distributes them. Pyramid schemes, on the other hand, allow each investor to directly benefit depending on how many new investors are recruited. In this case, the person on the top of the pyramid does not at any point have access to all the money in the system. 

For both schemes, however, eventually there isn’t enough money to go around and the schemes unravel. …”

 

“Hello, Madoff!”

For more than two decades, Bernard Madoff’s secretary sat just outside his office. She knew his clients and his feeders, his moods, habits, and indiscretions. She saw both sides of his wife, Ruth. Until December 11, 2008, she trusted him as a generous, caring boss. Now, in an exclusive collaboration with Mark Seal, Eleanor Squillari describes the madness surrounding Madoff’s arrest—meticulously planned, she believes, by him—her role in helping the feds, and the mysteries of the 17th floor, two levels down, where his massive Ponzi scheme was perpetrated.

By Mark Seal and Eleanor Squillari June 2009

 

“…Who was Bernie trying to protect? Quite a few people had to have been involved in the Ponzi scheme. The scam was too massive and went on too long for one person to manage it. How did he do it? Did Bernie manipulate the whole thing through the ignorance of most of his staff and the intelligence of a few?

On the day of Bernie’s arrest, I remembered a recent thank-you note an investor had sent him: “At a time when so much seems to be falling apart and so many people hurt, it is simply amazing to see how your discipline, instincts, your talents have kept it all together. It is truly an astonishing performance, and we are very grateful for it.”

Performance. The perfect word. As the calls from now destitute investors mushroomed, I felt sick, manipulated, and abused by the boss I had so long admired. I got up from my desk, went into the bathroom, and threw up.

This Office Is Now a Crime Scene

The days following Bernie’s arrest were surreal. Most of the employees showed up for work, but not Bernie, Ruth, Mark, or Andy. I never saw them again. Peter and Shana came in, but she left later on that week. Peter stayed on, trying to help, but he was visibly overwhelmed. One day a co-worker and I looked into his office and saw him sitting at his desk with his head in his hands, sobbing. “Now I hate Bernie,” said the co-worker, who had lost her life savings. A couple of days later, the F.B.I. asked Peter to leave and escorted him out of the building.

Amid all the confusion I spotted Noel Levine, a thin gentleman in his 80s who owns a real-estate company called Troon Management and who shared office space with us. He had just lost double-digit millions to Bernie and was walking around in a daze. I thought back a few years, to the time when Levine’s secretary had been caught embezzling $6 million of his money. She was sent to prison, and I asked Bernie what he thought about it. “You know, Noel has to take some responsibility for this,” he said. “He should have been keeping an eye on his personal finances. That’s why I’ve always had Ruth watching the books. Nothing gets by Ruth.” I was surprised when he added, “Well, you know what happens is, it starts out with you taking a little bit, maybe a few hundred, a few thousand. You get comfortable with that, and before you know it, it snowballs into something big.”

I think that may have been the way it happened with Bernie. …”

http://www.vanityfair.com/politics/features/2009/06/madoff200906?currentPage=1

 

Social Security Ponzi Scheme 

 

Milton Friedman

 

Milton Friedman – Greed

 

Psychopathy

“…Psychopathy (pronounced /saɪˈkɒpəθi/[1][2]) is a psychological construct that describes chronic immoral and antisocial behavior.[3][4] The term is often used interchangeably with sociopathy.[5] In the ICD-10 diagnosis criteria, the terms antisocial/dissocial personality disorder are used.

The term is used as a definition in law, for example, “psychopathic personality disorder” under the Mental Health Act 1983 of the UK as well as to denote a severe condition often related to antisocial or dissocial personality disorder as defined by the Psychopathy Checklist-Revised (PCL-R).[6] The term “psychopathy” is often confused with psychotic disorders. It is estimated that approximately one percent of the general population are psychopaths.[7][8][9]

The psychopath is defined by a psychological gratification in criminal, sexual, or aggressive impulses and the inability to learn from past mistakes.[10][11][12] Individuals with this disorder gain satisfaction through their antisocial behavior and lack remorse for their actions. This definition has been met with criticism from others stating that these characteristics are present in all human life under a specific set of circumstances, even in the absence of any physical difference in biological brain makeup.[citation needed]

…”

“…In contemporary research, psychopathy has been most frequently operationalized by Dr.Robert D. Hare’s Psychopathy Checklist-Revised (PCL-R). The checklist assesses both interpersonal and affective components as well as lifestyle and antisocial deficits. However, the research results cannot be easily extrapolated to the clinical diagnoses of dissocial personality disorder or antisocial personality disorder. A sample research finding is that between 50 percent and 80 percent of prisoners in England and Wales meet the diagnostic criteria of dissocial personality disorder, but only 15 percent would be predicted to be psychopathic as measured by the PCL-R. Therefore, the findings drawn from psychopathy research have not yet been shown to be relevant as an aid to diagnosis and treatment of dissocial or antisocial personality disorders.[20]

 

Hare’s items

The following findings are for research purposes only, and are not used in clinical diagnosis. These items cover the affective, interpersonal, and behavioral features. Each item is rated on a score from zero to two. The sum total determines the extent of a person’s psychopathy.[6]

Factor1: Aggressive narcissism

  1. Glibness/superficial charm
  2. Grandiose sense of self-worth
  3. Pathological lying
  4. Cunning/manipulative
  5. Lack of remorse or guilt
  6. Emotionally shallow
  7. Callous/lack of empathy
  8. Failure to accept responsibility for own actions …”

“… Symptoms

Common characteristics of those with psychopathy are:

  • Grandiose sense of self-worth
  • Superficial charm
  • Criminal versatility
  • Reckless disregard for the safety of self or others
  • Impulse control problems
  • Irresponsibility
  • Inability to tolerate boredom
  • Pathological narcissism
  • Pathological lying
  • Shallow affect
  • Deceitfulness/manipulativeness
  • Aggressive or violent tendencies, repeated physical fights or assaults on others
  • Lack of empathy
  • Lack of remorse, indifferent to or rationalizes having hurt or mistreated others
  • A sense of extreme entitlement
  • Lack of or diminished levels of anxiety/nervousness and other emotions
  • Promiscuous sexual behavior, sexually deviant lifestyle
  • Poor judgment, failure to learn from experience
  • Lack of personal insight
  • Failure to follow any life plan
  • Abuse of drugs including alcohol
  • Inability to distinguish right from wrong  …”

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

Anti Social Personality Disorder and Bernard Madoff

Posted by Allan N. Schwartz, LCSW, PhD

“… Next is a partial profile of the Anti Social Personality Disorder.

1. If you find this list to be chilling, it should be. Read this profile and attempt to grasp the nature of someone who possesses zero ability to feel guilt or remorse.

2. Glibness and Superficial Charm

3. Manipulative
 
4. They never recognize the rights of others.

5. They appear to be charming, yet are covertly hostile and domineering.

6. Grandiose Sense of Self

7. Feels entitled to certain things as “their right.”

8. Pathological Lying
 
9. Has no problem lying coolly and easily and it is almost impossible for them to be truthful on a consistent basis. 
 
10. A deep seated rage. 

11. The end always justifies the means and they let nothing stand in their way.

12. Shallow Emotions
 
13. When they show what seems to be warmth, joy, love and compassion it is more feigned than experienced and serves an ulterior motive.

14. Callousness and Lack of Empathy

People invested with Mr. Madoff because he won their trust. They came to believe that he had their best interests at heart and that he would do nothing to hurt them. Their trust came to be totally misguided. He has left in his wake, ruined lives. Countless numbers of people who planned to live off of their investments during their retirement are left with nothing, including those who are presently elderly and are suddenly unable to pay their medical bills and are even left homeless. 

This is a partial profile of the anti social personality disordered person. However, it provides a fairly clear idea of who they are. One of the most striking aspects of these persons is their ability to charm others. People like Madoff are able to win friends and advocates because they seem to be so warm and sincere in their behaviors and attitudes. However, this is all facade and, in reality, they are able to cause huge amounts of harm without the least bit of regret.

It is also true that it is nearly impossible to treat such a person with psychotherapy because of their lack of conscience and need to lie and deceive.

Did Mr. Madoff fit all the characteristics listed here? Probably not but he does fit enough of them so that he comes into clear focus.

A friend of mine, discussing the case of Mr. Madoff, asked me if I thought he felt the least bit of sorrow now that he is in prison? I thought about this for a moment or two and concluded that the answer is “No,” he feels no remorse. You see, the temptation is to want to believe that he is sorry for all the pain he caused but, I do not believe that is true. For the rest of us, the answer would be yes but not for Mr. Madoff. This friend of mine, also a mental health professional, pointed out that there is something missing in people like Madoff. He is quite correct about this.  …”

http://www.mentalhelp.net/poc/view_doc.php?type=weblog&wlid=5&id=667&cn=8

psychopath mri – general psychology

Mark Levin compares Obama to Bernie Madoff

 

Glenn Beck: The Ultimate Ponzi Scheme

Bernie Madoff Robbed from the Rich…


 

Ralph Nader on the rise and fall of Madoff – 13 March 2009

 

Michael Savage Bernie Madoff is a Piece of garbage SOB


 

Related Posts On Pronk Palisades

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

Bailed Out Bank Trillion Dollar Derivative Exposure

Thomas E. Woods, Jr.–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!

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

Liberal Fascism–Jonah Goldberg–Videos

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

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

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

 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!

Richard Kuklinski–The Ice Man–Videos

Read Full Post | Make a Comment ( 7 so far )

Jim Rogers–Videos

Posted on February 28, 2009. Filed under: Books, Economics, Education, Employment, Energy, Immigration, Investments, Law, Life, Music, People, Philosophy, Politics, Taxes, Video | Tags: , , , , , , |

Jim Rogers

 

“Historically, there has been a bull market in commodities every 20 or 30 years.”

~Jim Rogers  

 

<span class=”bodyJim Rogers On Current Economic Conditions 5.12.09 Part 1

<span class=”bodyJim Rogers On Current Economic Conditions 5.12.09 Part 2

<span class=”bodyJim Rogers On Current Economic Conditions 5.12.09 Part 3

Let The Incompetent Fail – Jim Rogers

Jim Rogers Says Investors Should Expect More Bottoms pt 1/3 Apr 13 2009

 

Jim Rogers Says Investors Should Expect More Bottoms pt 2/3 Apr 13 2009

 

Jim Rogers Says Investors Should Expect More Bottoms pt 3/3 Apr 13 2009

 

Jim Rogers Expect Civil Unrests in the US (Or Create Your Own) pt 1/4

 

Jim Rogers Expect Civil Unrests in the US (Or Create Your Own) pt 2/4

 

Jim Rogers Expect Civil Unrests in the US (Or Create Your Own) pt 3/4

 

Jim Rogers Expect Civil Unrests in the US (Or Create Your Own) pt 4/4

 

Jim Rogers is the Asian model Viable for the West ? pt 1/2

 

Jim Rogers is the Asian model Viable for the West ? pt 2/2

 

 Jim Rogers Britain could go Bankrupt

 

Jim Rogers on Glenn Beck Program March 4, 2009

 

Jim Rogers on Barack Obama – March 4th 2009

 

Jim Rogers abolish the WB and the IMF 13 Feb 09

 

Best Jim Rogers Video Ever

 

Jim Rogers America is Collapsing pt 1/5

 

Jim Rogers America is Collapsing pt 2/5

 

Jim Rogers America is Collapsing pt 3/5

 

Jim Rogers America is Collapsing pt 4/5

 

Jim Rogers America is Collapsing pt 5/5

 

Jim Rogers : Teach your children Chinese

 

Jim Rogers on GSR Radio pt 1/2 Feb. 24, 2009

 

Jim Rogers on GSR Radio pt 2/2 Feb. 24, 2009

 

Jim Rogers on dutch TV pt 1/2 Feb 12 2009

 

Jim Rogers on dutch TV pt 2/2 Feb 12 2009

 

Jim Rogers the UK is FINISHED

 

Jim Rogers UK will go bankrupt pt 1/2

 

Jim Rogers UK will go bankrupt pt 2/2

 

Jim Rogers has started a Bank Run on UBS Part 1/2

 

Jim Rogers has started a Bank Run on UBS Part 2/2

 

Jim Rogers on Russia Today 09 FEB 2009

 

Jim Rogers in Russia : No Future for the Rubble , I buy only Yen 05 FEB 2009

 

Jim Rogers Russia will continue to disintegrate

 

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 Asian Financial Forum interview 20 Jan 09

 

2009 will be the year of Total decline for US Jim Rogers

 

Jim Rogers The worse recession ever pt 1/2

 

Jim Rogers The worse recession ever pt 2/2

 

jim-rogers_2

 

“The price of a commodity will never go to zero. When you invest in commodities futures, you’re not buying a piece of paper that says you own an intangible piece of company that can go bankrupt.

~Jim Rogers

 

Background Articles and Videos

Jim Rogers

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). …”

“Books

  • Investment Biker: Around the World with Jim Rogers – 1995 (ISBN 1-55850-529-6)
  • Adventure Capitalist: The Ultimate Road Trip – 2003 (ISBN 0375509127)
  • Hot Commodities: How Anyone Can Invest Profitably in the World’s Best Market – 2004 (ISBN 140006337X)
  • A Bull in China: Investing Profitably in the World’s Greatest Market – December 4, 2007 (ISBN 1400066166)
  • A Gift to My Children: A Father’s Lessons For Life And Investing – April 28, 2009 (ISBN 1400067545)  …”

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

 

Related Post on Pronk Palisades

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

 

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

Defeat the Cram Down Bullshit Bailout Bill: Emergency Economic Stabilization Act of 2008

Posted on October 2, 2008. Filed under: Blogroll, Comedy, Economics, Investments, Life, Links, Music, People, Politics, Quotations, Rants, Raves, Regulations, Taxes, Video | Tags: , , , , , , , , , , , , , , |

I am still urging all conservatives and libertarians in Congress, Democrats and Republicans, to defeat the Bailout Bill now known as the Emergency Economic Stabilization Act of 2008. 

 Any Senator or Representative that votes for this should be defeated in November.

The bill is just business as usual.

Instead of focusing on the immediate financial crisis, the American elites in Washington have added a long list of provisions that have absolutely nothing whatsoever to do with the financial crisis.

Our so called “leaders ” in Washington are simply not leveling with the American people, shame on them.

Instead of focusing on what the American people will accept, they simply ignore their constituents–the arrogance of incumbency.

Bailout Bill vs. Rescue Economy American People (REAP) Law

They do so at their peril.

Just say no!

If they have time to lard up the bailout bill with earmarks, then we have the time to place the blame on those who really caused the problem–the defenders and protectors of Fannie Mae and Freddie Mac in Congress.

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

 

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

 

Obama and Democrats are Responsible: Fannie Mae/Freddie Mac

 

Advice

 

Rein

 

Empty Words

 

Time for the FBI to arrest those at Fannie Mae and Freddie Mac that committed fraud and offer some of them deals if they know of any members of Congress that accepted bribes in exchange for their support.

Vote the bastards out of office in Novmember.
 

The American elites of both political parties shafted the American people once again.

Shame on them!

Any Republican or Democrat that voted for this bill will not be getting my vote.

Time for a revolt and a third party.

The Great American Sell-out (More on the BIG BAILOUT plan)

No Bailout for Jobs hit hard by trade deficit (Lou Dobbs)

Lou Dobbs – Lobbyist Using Scare Tactics to push bailout!

Lou Dobbs – Big Bailout Boondoggle

 

LOL

 

Subprime crisis explanation by The Long Johns

 

Let Wall Street Burn…

 

Government BAILOUT….

 

Background Articles and Videos

Senate bailout bill keeps growing

“…To calm voters fearful of bank failures, the $100,000 cap on federal insurance for deposits would also be raised to $250,000—a concession backed by both parties but also aimed at community banks who can be helpful in building small town support for the larger bill.

With each permutation, the bill has steadily grown in size. Treasury’s initial plan was about three pages long. The House version, which failed, stretched to 110. The Senate substitute now runs over 450 pages. And tucked away in the tax provisions is a landmark health care provision demanding that insurance companies provide coverage for mental health treatment—such as hospitalization—on parity with physical illnesses.

Really a bill onto itself, the mental health parity measure has been a bipartisan priority for top lawmakers in both chambers but has stalled because of disagreements again over how to pay for its estimated $3.8 billion five-year cost. In the current climate, that seems to be no longer a stumbling block, and if the Treasury plan becomes law, it will also. …” 

http://news.yahoo.com/s/politico/20081001/pl_politico/14161

 

List of Earmarks, etc…   [Rich Lowry]

…apparently in the bailout bill (based on a list going around). Pretty outrageous. Isn’t this in John McCain’s wheelhouse?

New Tax earmarks in Bailout bill

– Film and Television Productions (Sec. 502)

– Wooden Arrows designed for use by children (Sec. 503)

– 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)      

Tax earmark “extenders” in the bailout bill.

– Virgin Island and Puerto Rican Rum (Section 308)

– American Samoa (Sec. 309)

– Mine Rescue Teams (Sec. 310)

– Mine Safety Equipment (Sec. 311)

– Domestic Production Activities in Puerto Rico (Sec. 312)

– Indian Tribes (Sec. 314, 315)

– Railroads (Sec. 316)

– Auto Racing Tracks (317)

– District of Columbia  (Sec. 322)

– Wool Research (Sec. 325)

http://corner.nationalreview.com/post/?q=M2M5NzllNmNlODkyNmU2NzU5NTgwYmIxMDBkNTVmMzg=

McCain will support earmark-stuffed Senate Crap Sandwich; Obama: Me, too!

By Michelle Malkin
“…McCain has made his battle against earmarks the hallmark of his campaign. He couldn’t stop talking about them for the first half of the last week’s first presidential debate.The Senate bill is stuffed with earmarks to grease its passage. I repeat:

– Film and Television Productions (Sec. 502)

– Wooden Arrows designed for use by children (Sec. 503)

– 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

Tax earmark “extenders” in the bailout bill.

– Virgin Island and Puerto Rican Rum (Section 308)

– American Samoa (Sec. 309)

– Mine Rescue Teams (Sec. 310)

– Mine Safety Equipment (Sec. 311)

– Domestic Production Activities in Puerto Rico (Sec. 312)

– Indian Tribes (Sec. 314, 315)

– Railroads (Sec. 316)

– Auto Racing Tracks (317)

– District of Columbia (Sec. 322)

– Wool Research (Sec. 325)

McCain supports them all.

Business as usual.

No earmark left behind. …”

Why I Oppose the Wall Street Bailout

Dick Armey

“…This week, Congress will vote on the largest federal bailout in history—$700 billion in spending authority to purchase the troubled assets of Wall Street’s major investment houses.  As a free market economist I unequivocally oppose this legislation because it violates the basic working tenets of free market capitalism and individual responsibility.  Equally important to me, it likely violates our Constitution and stands in direct contradiction to the founding principles of our great nation.  

Granting the Treasury broad authority to buy troubled assets from private entities poses a significant threat to taxpayers and fundamentally alters the relationship between the private economy and the federal government.  Despite the sweeping breadth of the proposed bailout, there is virtually nothing in the bill that addresses the underlying problems that created the housing bubble and the oversized and over-leveraged financial services sector that grew with it.  Taxpayers have become Wall Street’s newest financier, with little more than a promise—and a report to Congress on “regulatory modernization”—that Congress will not let this happen again. …”
 
 
 

 

“…Despite the publicly-voiced concerns of many of us – both in and out of government – about Fannie and Freddie, the GSEs’ defenders in Congress turned a blind eye to the inherent weaknesses in the system.  The financial system held together as long as housing prices continued to increase.  As the housing market weakened, it became evident that the value of mortgages underlying the new financial instruments was too low to meet the necessary financial obligations.  As the true market value became evident, the market for these mortgage backed securities (originated by Fannie and Freddie) dried up as investors triggered a flight to safety.  Considering the fact that many of these firms were leveraged by as much as 30-to-1, the retrenchment was severe.The large government intervention that Congress is proposing would create changes whose effects will linger long into the future.  The Treasury plan would fundamentally alter the workings of the market, rewarding poorly run investment firms at the disadvantage of prudent ones, and transferring the burden of risk to the taxpayer.  At the same time, the $700 billion proposal does not offer fundamental reforms required to avoid a repeat of the current problem.  Congress has been reluctant to reform the government sponsored enterprises that lie at the heart of today’s troubled markets, and there is little to suggest their resolve to pass the necessary reforms will increase in the wake of a bailout.

     
 
 

 

In addition to the moral hazard inherent in the proposal, the plan makes it difficult to move resources to more highly valued uses.  Successful firms that may have been in a position to acquire troubled firms would no longer have a market advantage allowing them to do so; instead, entities that were struggling would now be shored up and competing on equal footing with their more efficient competitors. The financial services sector is over-leveraged and too large.  Winding this down will, indeed, impose painful costs.  Congress is seeking to explicitly transfer these costs to taxpayers, who will underwrite a new government plan devised to correct the old government plans.  Taxpayers are being called upon to make a significant sacrifice, with little evidence to suggest that the troubled markets will be settled.  In fact, there is evidence to suggest that the latest intervention will delay the required adjustments in the financial services sector.  The $700 billion intervention is just the largest, latest in a series of failed bailouts with no guarantee that the desired outcome will even be achieved. …” 

 

 

 

 

SUMMARY OF THE “EMERGENCY ECONOMIC STABILIZATION ACT OF 2008”

I. Stabilizing the Economy

The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the

Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets

of financial institutions and making it difficult for working families, small businesses, and other

companies to access credit, which is vital to a strong and stable economy. EESA also establishes

a program that would allow companies to insure their troubled assets.

II. Homeownership Preservation 

EESA requires the Treasury to modify troubled loans – many the result of predatory lending

practices – wherever possible to help American families keep their homes. It also directs other

federal agencies to modify loans that they own or control. Finally, it improves the

HOPE for Homeowners program by expanding eligibility and increasing the tools available to the

III. Taxpayer Protection

Taxpayers should not be expected to pay for Wall Street’s mistakes. The legislation requires

companies that sell some of their bad assets to the government to provide warrants so that

taxpayers will benefit from any future growth these companies may experience as a result of

participation in this program. The legislation also requires the President to submit legislation

that would cover any losses to taxpayers resulting from this program from financial institutions.

IV. No Windfalls for Executives

Executives who made bad decisions should not be allowed to dump their bad assets on the

government, and then walk away with millions of dollars in bonuses. In order to participate in

this program, companies will lose certain tax benefits and, in some cases, must limit executive

pay. In addition, the bill limits “golden parachutes” and requires that unearned bonuses be

returned. 

V. Strong Oversight

Rather than giving the Treasury all the funds at once, the legislation gives the Treasury $250

billion immediately, then requires the President to certify that additional funds are needed ($100

billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the

use of the funds and the progress in addressing the crisis. EESA also establishes an Oversight

Board so that the Treasury cannot act in an arbitrary manner. It also establishes a special

inspector general to protect against waste, fraud and abuse.

 

 EMERGENCY ECONOMIC STABILIZATION ACT OF 2008

Oct 1, 2008 –

EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
Oct. 1, 2008—
The latest version of package legislation which includes the Emergency Economic Stabilization Act can be found here: Click link
For one-page summary of the EESA: Click link
For section-by-section analysis of the EESA: Click link 
 
 
 

Emergency Economic Stabilization Act of 2008

“…OpenCongress Summary:The bailout would allow the government to use up to $700 billion in taxpayer money – $350 billion initially, and the rest with Congress’s approval – to buy troubled assets from struggling financial institutions. It would also establish a program whereby the government would offer insurance to companies for their assets rather than buying them. Additionally, the bill establishes “appropriate standards” for the compensation of executives at companies that sell assets to the government, creates a congressional oversight panel and requires the government take equity stakes in bailed out companies. …”
 
 
 

Emergency Economic Stabilization Act of 2008 

Dick Armey speaks at ALEC Part 1

 

Dick Armey speaks at ALEC Part 2

 

Dick Armey speaks at ALEC Part 3

 

LOL

Read Full Post | Make a Comment ( 8 so far )

« Previous Entries

Liked it here?
Why not try sites on the blogroll...