The Federal Reserve Opposes More Congressional Oversight and Audit Proposed By Senator Rand Paul — Audit The Fed and Then End The Fed — Videos

Posted on February 8, 2015. Filed under: American History, Banking, Blogroll, Business, College, Economics, Education, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government, government spending, history, History of Economic Thought, Homes, Illegal, Immigration, Inflation, Investments, Law, Legal, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, People, Philosophy, Photos, Politics, Press, Raves, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Story 1: The Federal Reserve Opposes More Congressional Oversight and Audit Proposed By Senator Rand Paul — Audit The Fed and Then End The Fed — Videos

rand Paul

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Rand Paul – Audit the Fed!

Major Move! House Passes Bill to Audit Federal Reserve!

Senator Vitter (R-LA) asks Janet Yellen about Audit the Fed (S.209)

Rand Paul on Janet Yellen, Transparency At The Fed, And Nsa Spying Bloomberg

Rand Paul: ‘Audit the Fed’ – CNBC 5/22/2013

Audit the Fed. by Ron Paul. Harry Reid gets slammed –

Fed fires back at Rand Paul

The Federal Reserve is lashing out at Sen. Rand Paul’s plan to give Congress more oversight over the central bank, a proposal that could gain traction in the new Republican-led Congress.

The Kentucky Republican reintroduced his “Audit the Fed” legislation last month with 30 co-sponsors, including other potential 2016 GOP hopefuls, Sens. Ted Cruz (Texas) and Marco Rubio (Fla.).

The proposal — once championed by his father, former Rep. Ron Paul (R-Texas) —would subject the central bank to an audit by the Government Accountability Office (GAO).

Regional bank presidents from around the country are decrying the plan, which they argue could damage the economy.

“Who in their right mind would ask the Congress of the United States — who can’t cobble together a fiscal policy — to assume control of monetary policy?” Richard Fisher, president of the Federal Reserve Bank of Dallas, said during an interview with The Hill.

Fed Chairwoman Janet Yellen has already vowed to fight the legislation, and President Obama would likely veto it.

Still, Fed watchers note that Paul has become emboldened by the new Republican majority in Congress. And he possesses an ever louder national microphone, as he moves closer to a 2016 presidential run.

Together, those factors could elevate the issue in the coming months, a prospect that has spurred strong words from bank officials.

Philadelphia Fed President Charles Plosser told The Hill that financial auditing “already exists” for the Fed, and warned that Paul’s plan would empower Congress “to audit and question monetary policy decisions in real time.”

“This runs the risk of monetary policy decisions being based on short-term political considerations instead of the longer-term health of the economy,” Plosser said.

Paul pushed back against the criticism, saying Fed officials “will say and do anything to keep their business hidden from the American people.”

For Paul, the legislation allows him to burnish his Republican-libertarian credentials.

And he appears to want to make it part of his early presidential campaigning. On Friday, Paul will hold an Audit the Fed rally in Des Moines, Iowa, as part of a weekend trip to the early presidential caucus state.

The issue could give Paul an opening to tap into the public’s mistrust of the government, more than six years after the federal bailouts that followed the 2008 economic crisis.

“This secretive government-run bureaucracy promotes policies that have impacted the lives of all Americans,” Paul said. “Citizens have the right to know why the Fed’s policies have resulted in a stagnant economy and record numbers of people dropping out of the workforce.”

Fisher said lawmakers are looking to shift blame, having proven “unable to get together with their own colleagues on a working fiscal policy or construct a regulatory regime that incentivizes investment and job creation.”

“So they simply find it convenient to create a boogeyman out of an entity that does its job efficiently — the Federal Reserve,” Fisher said. “To some outsiders the Fed appears to be some kind of combination of Hogwarts, the Death Star, and Ebenezer Scrooge — especially to those who don’t take the time to read the copious amounts of reports and speeches and explanations we emit.”

The twelve presidents of the Fed’s regional banks are well connected, their boards of directors stacked with influential business leaders. They are likely to intensify their opposition to Paul’s proposal.

On Wednesday, Cleveland Fed President Loretta Mester criticized the legislation as “misguided” during public remarks in Columbus, Ohio.

“They really are about allowing political considerations to influence monetary policy decisions,” Mester said in her speech. “This would be a tremendous mistake, because it would ultimately lead to poorer economic performance.”

Yellen, who met with Senate Democrats last week on Capitol Hill, is scheduled to testify before Congress later this month. The appearance will be her first since Republicans seized control of the Senate, and she will likely face questions on the legislation.

Senate Banking Committee Chairman Richard Shelby (R-Ala.), whose panel has jurisdiction on the bill, has also said he is interested in holding hearings on the issue.

http://thehill.com/policy/finance/231822-fed-fires-back

Rand Paul Slams Federal Reserve’s Secrecy, Reintroduces Bill to ‘Audit the Fed’

Sen. Rand Paul is reviving his push to audit the Federal Reserve.

The Kentucky Republican and presumptive 2016 presidential candidate said he wants to bring several of the Fed’s monetary activities under congressional oversight.

In a statement released Monday, Paul said it was time to end the secrecy behind the Fed. He believes an audit is the best way to do it.

“[An] audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington.” Paul said.
He slammed the Fed’s current operating practices, saying it works “under a cloak of secrecy and it has gone on for too long.”

Paul concluded that “the American people have a right to know what the Federal Reserve is doing with our nation’s money supply.”

>>> Much More to Friedman Than Rule-Based Monetary Policy

Calls for a Fed audit increased after the 2008 financial crisis. The ensuing collapse in the housing market and financial industry sparked an ongoing effort to bring more sunlight to the agency.

Norbert Michel, a research fellow in financial regulations at The Heritage Foundation, told The Daily Signal he agreed with the senator.

“There is no justification for secrecy,” Michel said. “They should have a full policy audit and the Federal Open Market Committee’s full transcript, not just the minutes, should be released.”

Although the main goal of Paul’s legislation is to have a full audit of the Fed, completed within six months, there are several other reforms he’d like to implement. They include eliminating restrictions on the Government Accountability Office’s ability to conduct oversight and giving Congress oversight of Fed policies like quantitative easing.

>>> House Republicans Attempt to Lift ‘Veil of Secrecy’ From Federal Reserve

The bill has already gained popularity in the Republican caucus with 30 co-sponsors, including Sens. Ted Cruz, R-Texas, and Marco Rubio, R-Fla., potential presidential rivals in 2016.

“The Fed has expanded its balance sheet fivefold, yet economic growth is still tepid, businesses are sitting on cash, and median income and household wealth are depressed,” Cruz noted in a statement.

Cruz also slammed the Fed for its secrecy.

“Enough is enough,” Cruz said. “The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on. This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term.”

http://dailysignal.com/2015/01/29/rand-paul-slams-federal-reserves-secrecy-reintroduces-bill-audit-fed/

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

Posted on May 15, 2012. Filed under: American History, Blogroll, Business, Communications, Computers, Culture, Economics, Education, Employment, Federal Government, government spending, history, Inflation, Investments, Law, liberty, Life, Links, media, People, Philosophy, Politics, Regulations, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , |

 

JPMorgan Chase CEO Jamie Dimon with Fareed Zakaria

Whalen: Too Much Regulation Caused JP Morgan $2 Billion Loss

“…May 17 (Bloomberg Law) — Last week JP Morgan Chase acknowledged a trading loss of at least $2 billion, fueling calls by some observers for more regulation of financial institutions. Chris Whalen, a Senior Managing Director at Tangent Capital Partner, tells Bloomberg Law’s Lee Pacchia that it was actually too much regulation that led to the loss. Jeff Madrick, a Senior Fellow at the Roosevelt Institute, maintains instead that regulators need to clamp down on financial institutions if the dangers of such losses are to be minimized….”

Could JP Morgan Losses Have Been Prevented?

JPMorgan Says Farewell to a Top Executive Amid Fallout

PRESS Pass: JPMorgan Chase CEO Jamie Dimon

http://video.msnbc.msn.com/meet-the-press/47400688#47400688

Sens. Levin, Corker Debate Implementing Financial Regulation

Should Jamie Dimon’s J.P. Morgan Duties Be Broken Up?

J.P. Morgan Moves to Protect Dimon

CBS Evening News with … : Three JPMorgan Chase executives resign

Inside Story Americas – Can US banks be trusted to self-regulate?

 

JP Morgan’s $2 Billion Trading Loss: Potential Impact

Jamie Dimon’s pivot from bravado to humility – Rough Cuts

After JPMorgan’s Huge Loss, Is More Regulation Needed?

Keiser Report: Countdown to Armageddon (Pt 1)

Keiser Report: Countdown to Armageddon (Pt 2)

$2 Billion Dollar ‘Mistake’ By JP Morgan CEO Jamie Dimon

Gerald Celente calls out Jamie “two-bit” Dimon and his Financial Crime Syndicate

Bloomberg Rewind (5/10) JPMorgan’s Trading Loss

http://www.bloomberg.com/video/92515511/

JPMorgan Unit’s London Staff May Risk Dismissal

http://www.bloomberg.com/video/92563143/

JPMorgan Trading Loss Own Words

http://www.bloomberg.com/video/92481695/

JP Morgan’s $2 Billion Trading Loss: Potential Impact

JAMIE DIMON WRITTEN UP AND ISSUED A CORRECTIVE & DISCIPLINARY ACTION OVER $2B TRADING

    J.P. Morgan’s $2B Trading Loss: Too Big to Manage?

“We Screwed Up”: JP Morgan CEO Jamie Dimon To Fox Business Network

Hedge Funds Profit as J.P. Morgan Sees Losses

JPMorgan Chase Acknowledges $2B Trading Loss 

P Morgan’s “Unicorn Hedge” Fairy Tale Harpoons the London Whale!

Financial Checkup: JP Morgan Loses 2 Billion

What should happen now to JPMorgan Chase’s CEO?

Bank of America’s Scarff on JPMorgan’s Trading Loss Implications

‘London Whale’ Rattles Debt Market

In recent weeks, hedge funds and other investors have been puzzled by unusual movements in some credit markets, and have been buzzing about the identity of a deep-pocketed trader dubbed “the London whale.” That trader, according to people familiar with the matter, is a low-profile, French-born J.P. Morgan Chase & Co. employee named Bruno Michel Iksil. Mr. Iksil has taken large positions for the bank in insurance-like products called credit-default swaps. Lately, partly in reaction to market movements possibly resulting from Mr. Iksil’s trades, some hedge funds and others have made heavy opposing bets, according to people close to the matter.

The “London Whale” Swamps JPMorgan

Raw Footage of Peter Wallison Interview from The Bubble

The Bubble is a feature length documentary that ask those who predicted the greatest recession since the Great Depression, why did it happen and what are we facing? The documentary is an adaptation of Tom Woods’ New York Times bestseller Meltdown. Filmmaker Jimmy Morrison is releasing each interview in full for free every month until the film’s release.

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

A Big Think Interview With Peter Wallison

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

Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet

The economic consequences of JPMorgan Chase & Co.’s $2 billion losses

Investment trading losses exceeding $2 billion at J.P. Morgan Chase & Co resulted in employees losing their jobs and a failing stock price. Will it lead to more banking regulations and bailouts?

On May 10 J.P. Morgan’s  Chief Executive, Jamie Dimon, disclosed losses on a derivatives trade of more than $2 billion at the London office of the bank.  These investments were supposed to hedge the risk of the bank’s other assets including the bank’s entire loan portfolio. These hedging investments actually lead not to less investment risk but significant investment losses that were disclosed by the bank before the investment position or trade was reversed.

The entire investment staff at the bank’s London office, which was responsible for the trading losses, may be at risk of losing their jobs, according to Bloomberg. The bank’s losses have led to the retirement, resignation, termination and reassignment of employees at the bank. Chief Investment Officer, Ina Drew, who was responsible for $360 billion in investments retired on May 14. However, the bank continues to employs Bruno Iksil, the investment trader, known as the London Whale, who used derivatives to bet on credit default swap indices. This trade was responsible for the bank’s losses. Dimon characterized the trade as “flawed, complex, poorly reviewed, poorly executed and poorly monitored.”

Since the end of the first quarter, the bank’ stock price has declined more than $10 per share to about $36. JPMorgan Chase & Co., the largest U.S. bank, is considered to be one of the better managed U.S. banks as evidenced by the growth in profits and shareholder equity under the Dimon’s leadership. Last year the bank earned $19 billion in profits and had shareholders common equity of $184 billion. Even if the trading losses were to double or triple, the bank’s profits would more than cover these trading losses.

The Volker rule was mandated as part of the Dodd Frank Act and is named after former chairman of the Federal Reserve, Paul Volker. The rule is in the process of being finalized and would prohibit commercial banks from engaging in proprietary trading, where the bank invests or bets its own money. However, investment portfolio hedging is exempted under the Volker rule. Therefore, even if the Volker rule was operative, it would not have prevented the bank’s trading losses.

Existing government bank regulation failed to prevent the bank’s losses. There is no reason to believe more government bank regulation would stop future investment losses. Government intervention into the economy in the form of bank regulation has repeatedly failed to prevent bank insolvencies that may lead to financial crises.

The topic is important because the vast majority of Americans do not want the federal government bailing out banks that are “too big to fail”. This was confirmed by Rasmussen Reports on May 16 in a report titled, “71% Say Government Should Let Big Troubled Banks Fail.”

I oppose government intervention in the economy including government banking regulation. The market regulates business far better than government bank regulators. JPMorgan Chase & Co.’s poor management of investment risk resulted in losses and a falling stock price. The bank’s employees paid a price by losing their jobs and the bank’s shareholders paid a price by a significant decline in the bank’s stock price. This is exactly how free market capitalism works. The federal government should not “socialize losses” by bailing out insolvent financial institution that are “too big to fail” with taxpayer money. An insolvent financial institution should be liquated with their assets sold to other successful business firms.

Ludwig von Mises said it best: “Big business depends entirely on the patronage of those who buy its products: the biggest enterprises lose its power and its influence when it loses its customers.”

Background Articles and Videos

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

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

How will JPMorgan’s $2B loss affect banking rules?

By DANIEL WAGNER | Associated Press

“…The $2 billion trading loss at JPMorgan Chase has renewed calls for stricter oversight of Wall Street banks. Two years after Congress passed an overhaul of financial rules, many of those changes have yet to be finalized.

JPMorgan’s misstep gives advocates of stronger regulation an opening to argue that regulators should toughen their approach.

The Obama administration has argued that it went as hard on banks as possible without further upsetting global finance. Now Democratic lawmakers and administration officials say JPMorgan case proves that more change is needed.

Still, many in the industry warn against reading too much into one trading loss. They say losing money is an inevitable part of taking risk, as banks must.

Some fear that after JPMorgan’s announcement, regulators will greet industry concerns with more skepticism as they flesh out key parts of the overhaul law.

THE VOLCKER RULE

This provision restricts banks’ ability to trade for their own profit, a practice known as proprietary trading. It is named for former Federal Reserve Chairman Paul Volcker.

— Battle lines: Banks say it disrupts two of their core functions: Creating markets for customers who want to buy financial products and managing their own risk to prevent major losses.

They say proprietary trading was not a cause of the 2008 financial crisis and the rule is a means of political revenge on an unpopular industry. Advocates of stronger regulation argue that the rule would have prevented JPMorgan’s loss. They say the trades were made to boost bank profits, not to protect against market-wide risk.

— State of play: A draft of the rule satisfied neither side. It includes exceptions for hedging against risk and for market-making, but banks say they the exceptions are too narrow and difficult to enforce. It’s nearly impossible to tell whether a bank bought or sold something for itself or for customers.

— JPMorgan effect: Attitudes about the Volcker rule are likely to shift as a result of JPMorgan’s disclosure, experts say. Even if JPMorgan’s trades truly were a failed attempt to protect against risk, the resulting loss strengthens the argument that regulators should err on the side of scrutinizing trades. …”

http://news.yahoo.com/jpmorgans-2b-loss-affect-banking-rules-064405501–finance.html

Dissent from the Majority Report of the Financial Crisis Inquiry Commission
Peter J. Wallison | AEI Online
January 26, 2011

“…Read the dissent in full as an Adobe Acrobat PDF.

The question I have been most frequently asked about the Financial Crisis Inquiry Commission (the “FCIC” or the “Commission”) is why Congress bothered to authorize it at all. Without waiting for the Commission’s insights into the causes of the financial crisis, Congress passed and President Obama signed the Dodd-Frank Act (DFA), far-reaching and highly consequential regulatory legislation. Congress and the President acted without seeking to understand the true causes of the wrenching events of 2008, perhaps following the precept of the President’s chief of staff: “Never let a good crisis go to waste.” Although the FCIC’s work was not the full investigation to which the American people were entitled, it has served a useful purpose by focusing attention again on the financial crisis and whether–with some distance from it–we can draw a more accurate assessment than the media did with what is often called the “first draft of history.”

To avoid the next financial crisis, we must understand what caused the one from which we are now slowly emerging, and take action to avoid the same mistakes in the future. If there is doubt that these lessons are important, consider the ongoing efforts to amend the Community Reinvestment Act of 1977 (CRA). Late in the last session of the 111th Congress, a group of Democratic Congress members introduced H.R. 6334. This bill, which was lauded by House Financial Services Committee Chairman Barney Frank as his “top priority” in the lame duck session of that Congress, would have extended the CRA to all “U.S. nonbank financial companies,” and thus would apply to even more of the national economy the same government social policy mandates responsible for the mortgage meltdown and the financial crisis. Fortunately, the bill was not acted upon. Because of the recent election, it is unlikely that supporters of H.R. 6334 will have the power to adopt similar legislation in the next Congress, but in the future, other lawmakers with views similar to Barney Frank’s may seek to mandate similar requirements. At that time, the only real bulwark against the government’s use of private entities for social policy purposes will be a full understanding of how these policies were connected to the financial crisis of 2008. …”

JPMorgan case is complicated

Robert J. Samuelson 

“…The trading loss at JPMorgan is good for the system — though not for JPMorgan — because it reminds people that risk is unavoidable and because it may identify specific practices that, if they became widespread, could spawn a broader crisis. The time for genuine worry is when everyone agrees that the outlook is bright and risks are few. This suggests the wishful thinking that often precedes financial “bubbles.” Government regulation often follows a perverse cycle: too loose when the economy is strong; too rigid when it’s weak.

We don’t yet know all the details of JPMorgan’s loss. How did trades initially intended to hedge risk — to reduce it — end up having the opposite effect? Until we can answer that, the wider implications for government regulation, including the Volcker Rule, remain unsettled.

But we ought to avoid simple morality tales of avaricious bankers versus virtuous regulators. The real world is more complicated. The global financial system’s complexities and interconnections have grown. Some of these can be restrained; few can be repealed. Bankers and regulators are hostage to a rapidly changing, poorly understood system.

One lesson is obvious: Banks and other major financial institutions need ample capital. The dangers lie not in what we know — but in what we don’t.”

http://www.dispatch.com/content/stories/editorials/2012/05/16/jpmorgan-case-is-complicated.html

By Dawn Kopecki – May 14, 2012 9:41 AM CT

http://www.bloomberg.com/news/2012-05-13/jpmorgan-executives-said-to-depart-this-week-after-trading-loss.htmlhttp://www.bloomberg.com/news/2012-05-13/jpmorgan-executives-said-to-depart-this-week-after-trading-loss.html

JP Morgan Biography Federal Reserve Act History

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Cheap Money and Rampant Speculation Drive Skyrocketing Oil Prices–Videos

Posted on January 18, 2011. Filed under: Agriculture, Banking, Blogroll, Communications, Crime, Economics, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Technology, Video, Wealth, Wisdom | Tags: , , , , , , , |

  

Hearing on Energy Speculation, Gas Prices: Masters Testimony

 

Hearing on Energy Speculation & Gas Prices: Stupak Questions

 

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CFTC Crackdown On Commodity Speculation – Bloomberg

 

 

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Peter Schiff – Warren Buffett is Dead Wrong

 

Commodity Prices Reach a Two-Year High

 

Cantwell and McCain Hold A Press Conference

 

Oil Price Manipulation 1

 

Oil Price Manipulation 2

 

Oil Price Manipulation 3

 

Oil Price Manipulation 4

 

Oil Price Manipulation 5

 

Oil Price Manipulation 6

 

Oil Price Manipulation 7

 

Oil Price Manipulation 8

 

Oil Price Manipulation 9

 

Oil Price Manipulation 10

Oil Price Manipulation 11

 

Oil Price Manipulation 12

 

Oil Price Manipulation 13

 

Oil Price Manipulation 14

 

Blame High Gas Prices on Laziness and Greed

Just as the U.S. economy seems about to recover, oil speculators are again ratcheting up gas prices. Don’t let them get away with it, says Ed Wallace

“…Of course the oil pundits—whether industry analysts, commentators, lobbyists, or executives—validate the high price of oil. They usually do, saying as always that either gasoline supplies or crude oil on hand is in short supply, hence the increased prices. But that hasn’t been true. Gasoline inventories on Dec. 17 were 217 million barrels, slightly more than gasoline inventories in the last week of February 2009—when the price of crude neared $33 a barrel in the wake of the previous fall’s financial meltdown.

Likewise on Dec. 17, oil inventories in the U.S. stood at 340.6 million barrels. That’s only 10 million barrels less than we had in the last week of February 2009—again, when oil had fallen back to $33.

Fact is, we have more oil on hand today (13 million barrels) and just three million barrels of gasoline less than we did at the end of January 1999, a period when gasoline prices were down near the $1 mark. As for strong economic growth dictating higher oil and gas prices, it should be noted that our GDP grew 5.4 percent in late 1998—and growth would improve to 7.1 percent at the start of 1999. Yet gasoline was a buck a gallon. …”

“…Yes, it’s 2008 redux: Energy prices are rising in the face of four-year weakened U.S. demand and high inventories worldwide.

At this rate, it won’t take long until skyrocketing oil and gasoline prices drag the current economic recovery to a halt. Worse, if oil and gasoline prices go up for consumers and business in 2011 by a substantial amount, reducing the unemployment numbers may not be possible. …”

“…After all, speculators who never intend to take delivery of one drop of oil continue to plow more cheap capital into those contracts, thereby distorting the real discovery price.

After five years of this costly behavior, it has become clear that they’re not going to change if they don’t have to. The government could fix this problem quickly by severely reducing the amount of leverage or borrowing permitted to purchase commodity contracts and by raising interest rates. But neither move seems likely. …”

http://www.businessweek.com/lifestyle/content/dec2010/bw20101230_850060.htm 

Background Articles and Videos

 

FRONTLINE: THE WARNING – Part 1

 

FRONTLINE: THE WARNING – Part 2

 

 

FRONTLINE: THE WARNING – Part 3

 

FRONTLINE: THE WARNING – Part 4

 

FRONTLINE The Warning PART 7

Petrodollar, Petrodollar warfare 1

 

Petrodollar, Petrodollar warfare 2

 

Petrodollar, Petrodollar warfare3

 

 

Michael Greenberger Talks Speculation In Commodity Markets

Derivatives Warning – Michael Greenberger interview

Mike Masters on Regulating Commodities Speculation

 

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

 

The Biz Flog — Blaming Oil Speculators for High Gas Prices

The Oil Speculator

Hedge Funds’ Black Gold – Why the oil price is so high PART1

 

Hedge Funds’ Black Gold – Why the oil price is so high PART2

 

Cost of carry model to price forwards & futures

 

Contango & backwardation in commodity forward markets

 

List of the Primary Government Securities Dealers Reporting to the Government Securities Dealers Statistics Unit of the Federal Reserve Bank of New York

BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. Incorporated
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
UBS Securities LLC.

http://www.ny.frb.org/markets/pridealers_current.html

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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

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

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The Boom & Bust Years–Videos

Posted on October 25, 2010. Filed under: Blogroll, College, Communications, Economics, Education, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , |

The Boom & Bust Years P1

 

The Boom & Bust Years P2

 

The Boom & Bust Years P3

 

The Boom & Bust Years P4

 

The Boom & Bust Years P5

 

The Boom & Bust Years P6

 

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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

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

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

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

~Thomas Jefferson

Will Credit Defaul Swaps Worsen Our Financial Problems? Pt1 MiCasaMiDinero

Will Credit Defaul Swaps Worsen Our Financial Problems? Pt2 MiCasaMiDinero

Credit Default Swaps

 

Credit Default Swaps explained clearly in five minutes

Credit default swap (CDS)

FRONTLINE: The Warning – PART 1

FRONTLINE: The Warning – PART 2

FRONTLINE: The Warning – PART 3

FRONTLINE: The Warning – PART 4

FRONTLINE: The Warning – PART 5

FRONTLINE: The Warning – PART 6

FRONTLINE: The Warning – PART 7

Federal Reserve – Intentionally Causing Economic Crisis!

Stop Spending Our Future – The Crisis

The markets worked.

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

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

Until then the bailouts will continue and is now institutionalize.

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

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

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

The price of failure is liquidation.

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

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

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

~Margaret Thatcher

 

Peter Schiff – Greece 

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

 

Greece welcomes bailout bill with unrest and riots

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

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

 

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

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

Will the U.S. suffer Greeces financial fate?

 

Neil Cavuto on Greeces Concessions for EU, IMF Aid

 

Greece meets with IMF

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

 

Is Goldman responsible for Greek crisis?

Greece finished; USA to follow: Gerald Celente

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

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

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

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

Background Articles and Videos

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

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

 

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

International Monetary Fund 

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

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

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

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

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

World Bank

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

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

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

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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

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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?

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Banking And The Federal Reserve System

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Budget of United States Government

Heritage Foundation 2010 Budget Charts–Federal Spending

Heritage Foundation 2010 Budget Charts–Federal Revenue 

Heritage Foundation 2010 Budget Charts–Federal Debt and Deficits

Heritage Foundation 2010 Budget Charts–Federal Entitlements

 

 

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World Economic Forum–Davos Annual Meeting 2010–Videos

Posted on February 15, 2010. Filed under: Blogroll, Climate, Communications, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Science, Security, Strategy, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , |

World Business Davos 2010: A New Dynamic – 29/01/10

Davos Annual Meeting 2010 – Opening Plenary Nicolas Sarkozy

Davos Annual Meeting 2010 – The US Economic Outlook

Davos Annual Meeting 2010 – Global Economic Outlook

Davos Annual Meeting 2010 – Global Industry Outlook: Finance, Services and Media

Davos Annual Meeting 2010 – Global Industry Outlook: Heavy Industries

Davos Annual Meeting 2010 – Global Energy Outlook

Davos Annual Meeting 2010 – Technology for Society

Davos Annual Meeting 2010 – Global Industry Outlook: Health, Consumers, Tech and Travel

Davos Annual Meeting 2010 – Rethinking Market Capitalism

Davos Annual Meeting 2010 – Rethinking How to Feed the World

Davos Annual Meeting 2010 – Redesigning Financial Regulation

  Davos Annual Meeting 2010 – The US Legislative Agenda: A Global Perspective

 

  

Davos Open Forum 2010 – After the Financial Crisis: Consequences and Lessons Learned

Davos Annual Meeting 2010 – What Is the “New Normal” for Global Growth?

Davos Annual Meeting 2010 – Skills Creation: The Future of Employment

Note audio cut from first eleven minutes.

Audio begins at 11:08

Davos Annual Meeting 2010 – Business Leadership for the 21st Century

Davos Annual Meeting 2010 – Dodging the Double Dip?

Davos Annual Meeting 2010 – The New Growth Narrative

Background Articles and Videos

World Economic Forum

“…The World Economic Forum (WEF) is a Geneva-based non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss the most pressing issues facing the world, including health and the environment. Beside meetings, the WEF produces a series of research reports and engages its members in sector specific initiatives.[1] WEF also organizes the “Annual Meeting of the New Champions” in China and a series of regional meetings throughout the year. In 2008 those regional meetings included meetings on Europe and Central Asia, East Asia, the Russia CEO Roundtable, Africa, the Middle East, and the World Economic Forum on Latin America. In 2008 it launched the “Summit on the Global Agenda” in Dubai. 

The WEF was founded in 1971 by Klaus Martin Schwab, a German-born business professor at the University of Geneva.[2] Originally named the European Management Forum, it changed its name to the World Economic Forum in 1987 and sought to broaden its vision further to include providing a platform for resolving international conflicts. 

In the summer of 1971 Schwab invited 444 executives from Western European firms to the first European Management Symposium held in the Davos Congress Centre under the patronage of the European Commission and European industrial associations, where Schwab sought to introduce European firms to US management practices. He then founded the WEF as a non-profit organization based in Geneva and drew European business leaders to Davos for their annual meetings each January.[3] 

Schwab developed the “stakeholder” management approach which based corporate success on managers taking account of all interests: not merely shareholders, clients and customers, but employees and the communities within which the firm is situated, including governments.[4] Events in 1973 including the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-Israeli War saw the annual meeting expand its focus from management to economic and social issues, and political leaders were invited for the first time to Davos in January 1974.[5] 

 

As the years went by, political leaders began to use Davos as a neutral platform to resolve their differences. The Davos Declaration was signed in 1988 by Greece and Turkey, helping them turn back from the brink of war. In 1992 South African President F. W. de Klerk met with Nelson Mandela and Chief Mangosuthu Buthelezi at the Annual Meeting, their first joint appearance outside South Africa. At the 1994 Annual Meeting, Israeli Foreign Minister Shimon Peres and PLO Chairman Yasser Arafat reached a draft agreement on Gaza and Jericho.[6] In 2008 Bill Gates gave a keynote speech on Creative Capitalism, a form of capitalism that works both to generate profits and solve the world’s inequities, using market forces to better address the needs of the poor.[7][8] …” 

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

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Climategate–Scientific Scandal of The Century–Data Rape–Garbage In Garbage Out–Computer Climate Model Money Madness

Posted on December 7, 2009. Filed under: Blogroll, Climate, Communications, Economics, Education, Employment, Fiscal Policy, government spending, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Science, Taxes, Video, Wisdom | Tags: , , , , , , , , , , , |

“The president’s decision to attend the international climate conference in Copenhagen needs to be reconsidered in light of the unfolding Climategate scandal. The leaked e-mails involved in Climategate expose the unscientific behavior of leading climate scientists who deliberately destroyed records to block information requests, manipulated data to “hide the decline” in global temperatures, and conspired to silence the critics of man-made global warming. I support Senator James Inhofe’s call for a full investigation into this scandal. Because it involves many of the same personalities and entities behind the Copenhagen conference, Climategate calls into question many of the proposals being pushed there, including anything that would lead to a cap and tax plan.” 

“Policy decisions require real science and real solutions, not junk science and doomsday scare tactics pushed by an environmental priesthood that capitalizes on the public’s worry and makes them feel that owning an SUV is a “sin” against the planet. In his inaugural address, President Obama declared his intention to “restore science to its rightful place.” Boycotting Copenhagen while this scandal is thoroughly investigated would send a strong message that the United States government will not be a party to fraudulent scientific practices. Saying no to Copenhagen and cap and tax are first steps in “restoring science to its rightful place.” 

~Sarah Palin

<h4 style=”text-align:centerBill O’Reilly – Climate Feud: Sarah Palin vs Al Gore</h4>

<h4 style="text-align:centerLord Monckton: Global Warming big scientific fad

<h4 style=”text-align:centerRush Limbaugh Dec 08 2009 Morning Update</h4>

Glenn Beck Show – December 7, 2009 – Pt 5 of 8

Glenn Beck Show – December 7, 2009 – Pt 6 of 8

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

Climate Gate: FOX News Admits “Man Made” Global Warming is a Scam

ABC News This Week – Copenhagen and Climategate

Global warming and the Carbon Tax Scam,Fraud

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

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE: PHILIP STOTT

Sen. Inhofe To Investigate ClimateGate

Lou Dobbs: ‘Who The Hell Does The President Think He Is?’

Cooler Heads with Dr Richard Lindzen on Cap and Trade pt 1 of 6

Cooler Heads with Dr Richard Lindzen on Cap and Trade pt 2 of 6

Cooler Heads with Dr Richard Lindzen on Cap and Trade pt 3 of 6

Cooler Heads with Dr Richard Lindzen on Cap and Trade pt 4 of 6

Cooler Heads with Dr Richard Lindzen on Cap and Trade pt 5 of 6

 

Cooler Heads with Dr Richard Lindzen on Cap and Trade pt 6 of 6

Climategate Claims First Victims! Key Global Warming Legislation Voted DOWN in Australia!


 

Fred Singer on Climategate 
 

ClimateGate debate in BBC

Glenn Beck ClimateGate1 the global warming hoax

Glenn Beck ClimateGate 2 the global warming hoax

Glenn Beck Climategate 3

Glenn Beck Climategate 4

  

Glenn Beck Climategate 5

The hockey stick is wrong and result of bad science.

Dr. Michael Coffman – hockey stick curve refuted

The Man-made Global Warming Hoax (Part 6)

Dr Roy Spencer on Global Warming Part 1 of 6

Dr Roy Spencer on Global Warming Part 2 of 6

Dr Roy Spencer on Global Warming Part 3 of 6

Dr Roy Spencer on Global Warming Part 4 of 6

Dr Roy Spencer on Global Warming Part 5 of 6

Dr Roy Spencer on Global Warming Part 6 of 6

 

MARK LEVIN pure, unadultarated, hilarious “climate” nonsense


 

Lord Monckton 1 of 5 Global Warming Climategate Fraud, Criminal Investigations

Lord Monckton 2 of 5 Global Warming Climategate Fraud, Criminal Investigations

Lord Monckton 3 of 5 Global Warming Climategate Fraud, Criminal Investigations

Lord Monckton 4 of 5 Global Warming Climategate Fraud, Criminal Investigations

Lord Monckton 5 of 5 Global Warming Climategate Fraud, Criminal Investigations

Climategate’s “Harry Read Me” File is a Must Read!

“…What absolute bunk! From the very beginning of the global warming story we’ve seen example after example which confirms how the UN climate panel process has been corrupted. The hacked emails simply confirm what we have known all along. This isn’t about science, it’s about money and power. 

What we are likely to find is that the mess at CRU-East Anglia is also replicated at the other big Warmer data factories since their conclusions are all very similar. The only way to be sure is to have an open and transparent investigation of ALL the major data centers doing this work in the United States, Great Britain and elsewhere. 

There is absolutely no reason to proceed with any further world plans to address global warming with this kind of doubt, corruption and incompetence on such full display! …” 

http://www.floppingaces.net/2009/11/30/climategates-harry-read-me-file-is-a-must-read/ 

LOL

Global Warming is a SCAM, Officially… (Climate-Gate)

Jon Stewart Talks Climategate

Background Articles and Videos 

Climategate goes uber-viral, Gore flees leaving evil henchmen to defend crumbling citadel

By James Delingpole 

“… Climategate is now huge. Way, way bigger than the Mainstream Media (MSM) is admitting it is – as Richard North demonstrates in this fascinating analysis. Using what he calls a Tiger Woods Index (TWI), he compares the amount of interest being shown by internet users (as shown by the number of general web pages on Google) and compares it with the number of news reports recorded. The ratio indicates what people are really interested in, as opposed to what the MSM thinks they ought to be interested in.

North explains:

Tiger Woods delivered 22,500,000 web and 46,025 news pages, giving ratio of 489. That is the “Tiger Woods Index” (TWI) against which I chose to measure a raft of other issues.

Here are the rankings:

1. Climategate: 28,400,000 – 2,930 = 9693
2. Afghanistan: 143,000,000 – 154,145 = 928
3. Obama: 202,000,000 – 252,583 = 800
4. Tiger Woods: 22,500,000 – 46,025 = 489
5. Gordon Brown: 12,300,000 – 37,021 = 332
6. Climate change: 22,200,000 – 68,419 = 324
7. Sally Bercow: 25,000 – 86 = 290
8. David Cameron: 545,000 – 4837 = 113
9. Meredith Kercher: 261,000 – 3,471 = 75
10. Chilcot Inquiry: 125,000 – 4,350 = 29

http://blogs.telegraph.co.uk/news/jamesdelingpole/100018847/climategate-goes-uber-viral-gore-flees-leaving-evil-henchmen-to-defend-crumbling-citadel/

The climate-change travesty

By George Will

“…Barack Obama, understanding the histrionics required in climate-change debates, promises that U.S. emissions in 2050 will be 83 percent below 2005 levels. If so, 2050 emissions will equal those in 1910, when there were 92 million Americans. But there will be 420 million Americans in 2050, so Obama’s promise means that per capita emissions then will be about what they were in 1875. That. Will. Not. Happen.

Disclosure of e-mails and documents from the Climate Research Unit (CRU) in Britain — a collaborator with the U.N.’s Intergovernmental Panel on Climate Change — reveals some scientists’ willingness to suppress or massage data and rig the peer-review process and the publication of scholarly work. The CRU materials also reveal paranoia on the part of scientists who believe that in trying to engineer “consensus” and alarm about warming, they are a brave and embattled minority. Actually, never in peacetime history has the government-media-academic complex been in such sustained propagandistic lockstep about any subject. …”

“…The travesty is the intellectual arrogance of the authors of climate-change models partially based on the problematic practice of reconstructing long-term prior climate changes. On such models we are supposed to wager trillions of dollars — and substantially diminished freedom.

Some climate scientists compound their delusions of intellectual adequacy with messiah complexes. They seem to suppose themselves a small clerisy entrusted with the most urgent truth ever discovered. On it, and hence on them, the planet’s fate depends. So some of them consider it virtuous to embroider facts, exaggerate certitudes, suppress inconvenient data, and manipulate the peer-review process to suppress scholarly dissent and, above all, to declare that the debate is over.

Consider the sociology of science, the push and pull of interests, incentives, appetites and passions. Governments’ attempts to manipulate Earth’s temperature now comprise one of the world’s largest industries. Tens of billions of dollars are being dispensed, as by the U.S. Energy Department, which has suddenly become, in effect, a huge venture capital operation, speculating in green technologies. Political, commercial, academic and journalistic prestige and advancement can be contingent on not disrupting the (postulated) consensus that is propelling the gigantic and fabulously lucrative industry of combating global warming. …”

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/04/AR2009120403073.html

CO2 is a trace gas

“…Think of the atmosphere as 100 cases of 24 one-litre bottles of water — 2,400 litres in all.

According to the global warming theory, rising levels of human-produced carbon dioxide are trapping more of the sun’s reflected heat in the atmosphere and dangerously warming the planet.

But 99 of our cases would be nitrogen (78%) and oxygen (21%), neither of which are greenhouse gases. Only one case — just 24 bottles out of 2,400 — would contain greenhouse gases.

Of the bottles in the greenhouse gas case, 23 would be water vapour.

Water vapour is the most abundant greenhouse gas, yet scientists will admit they understand very little about its impact on global warming. (It may actually help cool the planet: As the earth heats up, water vapour may form into more clouds and reflect solar radiation before it reaches the surface. Maybe. We don’t know.)

The very last bottle in that very last case would be carbon dioxide, one bottle out of 2,400.

Carbon dioxide makes up just 0.04% of the entire atmosphere, and most of that — at least 95% — is naturally occurring (decaying plants, forest fires, volcanoes, releases from the oceans).

At most, 5% of the carbon dioxide in the air comes from human sources such as power plants, cars, oilsands, etc.

So in our single bottle of carbon dioxide, just 50 ml is man-made carbon dioxide. Out of our model atmosphere of 2,400 litres of water, just about a shot glassful is carbon dioxide put their by humans
————-
Text originally from National Post.

Unstoppable Solar Cycles

Professor Fred Singer on Climate Change Pt 1

Professor Fred Singer on Climate Change Pt 2

The Climategate Scandal. (Part 3)

The Climategate Scandal. (Part 4)

Richard Lindzen, Ph.D. Lecture Deconstructs Global Warming Hysteria 

Pres. Obama UN Climate Change

Who is behind the IPCC movement?

The IPCC Assessment Report Process

Global Warming – Vulnerability to the IPCC Message

 

Related Posts On Pronk Palisades 

Global Warming/Climate Change

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

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

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

 

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Are You POed?–Pelosi Obama–Clueless Crisis Creators Cry Crisis Crisis Crisis–Gloom, Doom and Then Boom Boom Boom–When: After 2010 Elections–How Convenient!

Posted on February 22, 2009. Filed under: Blogroll, Economics, Employment, Investments, Law, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Strategy, Taxes, Video | Tags: , , , , , , , , , , , , , , , , |

pelosei_obama

The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.

~H.L. Mencken

Nancy Pelosi, Barney Frank, and Democrats are Clueless on Freddie Mac Fannie Mae and the financial credit crisis.

How The Democrats Caused The Financial Crisis: Starring Bill Clinton’s HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter

Encouragement from Obama? None!

President Obama Addresses Economic Crisis

Pres. Obama’s First Press Conference

Obama: This is a “Full-Blown Crisis”

“Show Us Hope, Barack !” : BILL CLINTON | Crisis Economy? | Interview GOOD MORNING AMERICA

Scenario Planning : Thinking The Unthinkable–More Doom, Gloom and Revolution

War Room: 2014 Financial Meltdown – Banks Nationalized – Unemployment 25% – DOW 2,800

War Room: 2014 Financial Meltdown – Banks Nationalized – Unemployment 25% – DOW 2,800 Pt.2

Glenn Beck- Who will lead the New World Order?

Glenn Beck Predicts What the ‘New World Powers’ Might Look Like Following Massive Global Upheaval

ELITE Pushing for WW3 and Accelerating NWO ENDGAME at Warp Speed

War Room: WWIII Glenn Beck and Panel Discuss the scenario that will create, The New World Order

WW News: Glenn Beck Lays Out The ‘Road To World War III’

Peter Schiff on CNBC 18th Feb 2009 1 of 2

Peter Schiff on Kudlow 02-18-09 (2/2)

Jim Rogers: Abolish The IMF & World Bank

Tom Woods on Glenn Beck “Meltdown” 02/09/2009

Rudyard Kipling’s Poem ”If” Read By Federer & Nadal

Typography: IF Rudyard Kipling

If you can keep your head when all about you Are losing theirs and blaming it on you; If you can trust yourself when all men doubt you, But make allowance for their doubting too; . . . If you can meet with Triumph and Disaster And treat those two impostors just the same . . . Yours is the Earth and everything that’s in it.” – “If you can keep your head when all about you Are losing theirs and blaming it on you; If you can trust yourself when all men doubt you, But make allowance for their doubting too; . . . If you can meet with Triumph and Disaster And treat those two impostors just the same . . . Yours is the Earth and everything that’s in it.’);”

~Rudyard Kipling

For the next 6-12 months the Democrats will be blaming the high unemployment rates of between 10% and 12% with over 15-18 million unemployed on the Bush Administration.

Then starting in 2010 the Democratic message will gradually change to one that the so-called stimulus package is working and they will take credit for any good news regarding the economy and the stock market, just in time for the 2010 elections.

The majority of the economic impact of the stimulus bill will be in 2011-2012 when the economy should be growing again, no thanks to the stimulus bill.

Unfortunately by then inflation will be exceeding 10% as the Federal Reserve decreases the money supply and raises interest rates to prevent rising inflation.

In economics and politics timing is everything and  lags happen.

If the timing is off, this can very easily result in a repeat of the Carter years with stagflation, little growth in the  economy, high unemployment  and  inflation rates.

The 2012 election will be a repeat of 1980.

Who will be the Ronald Reagan of 2o12–Former Speaker of the House–Newt Gingrich.

His running mate–Mitt Romney or Sarah Palin.

What concerns me and many others is that the so-called stimulus package was designed for political impact during the six to twelve months before the election of 2010 and not for immediate economic impact in the next six to twelve months.

President Obama and the Democratic Party are intentionally trying to scare people instead of doing something that would improve the economic situation.

The result will be millions and million of unemployed Americans with rising inflation rates two years out. This will hurt the poor and those on fixed income.

Should the misery index, the sum of  the unemployment rate and the inflation rate, rise above 15% both the Democrats and Obama will lose  in the 2010 and 2012 elections.

Misery index – era by U.S president

Index = Unemployment rate + Inflation rate
Rank President Time Period Index Average Low High
5 Harry Truman 1948–1952 7.87 Dec 1952 = 3.45 Jan 1948 = 13.63
1 Dwight D. Eisenhower 1953–1960 6.26 Jul 1953 = 2.97 Apr 1958 = 10.98
3 John F. Kennedy 1961–1962 7.27 Jul 1962 = 6.40 Jul 1961 = 8.38
2 Lyndon B. Johnson 1963–1968 6.78 Nov 1965 = 5.70 Jul 1968 = 8.19
7 Richard Nixon 1969–1973 9.98 Jan 1968 = 7.80 Dec 1973 = 13.61
10 Gerald Ford 1974–1976 15.93 Dec 1976 = 12.66 Jan 1975 = 19.90
11 Jimmy Carter 1977–1980 16.27 Apr 1978 = 12.60 Jun 1980 = 21.98
9 Ronald Reagan 1981–1988 12.19 Dec 1986 = 7.70 Sep 1981 = 19.33
8 George H. W. Bush 1989–1992 10.68 Sep 1989 = 9.64 Nov 1990 = 12.47
4 Bill Clinton 1993–2000 7.80 Apr 1998 = 5.74 Jan 1993 = 10.56
6 George W. Bush 2001 – 2008 8.10 Oct 2006 = 5.71 Aug 2008 = 11.47

The American people will rightfully feel betrayed by the political class or elites of both parties.

Ignore  the  crisis creators with their cries of crisis, they may know what they are doing politically, but economically they are destroying  jobs and wealth for the next two years.

For that they justily deserve to pay a very high price; they should be voted out of office.

What is very disturbing is President Obama is out and out lying about the economic situation and the so-called stimulus package and he knows it.

The President is being called out on his lies, but he does not give a damn and just repeats the lies.

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

The American elites of both politically parties could care less that million of americans are unemployed and losing their homes.

If they truly cared they would shut down the open borders, deport all illegal aliens, cut tax rates now,  cut government spending, and pass the Fair Tax just for starters.

Neither political party has the will, courage or wisdom to do the above.

The public interest be damned.

Both are playing politics as usual.

The choice in 2010 and 2012 will be one of the lesser of two evils, welfare socialism or national socialism, not much difference between the two.

When was the last time Federal spending was actually cut and Departments eliminated?

Instead each day we hear of a new “commissar” or “czar” for energy, cars, etc.

Who is to blame?

Look in the mirror.

Then join the second American Revolution.

March on Washington on Saturday, July 4, 2009:

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

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

Baby Boomers and Politicians

Buffalo Springfield – For What It’s Worth (Monterey 1967)

Background Articles and Videos

Scenario Planning
“Scenario planning [or scenario thinking or scenario analysis] is a strategic planning method that some organizations use to make flexible long-term plans. It is in large part an adaptation and generalization of classic methods used by military intelligence.

The original method was that a group of analysts would generate simulation games for policy makers. The games combine known facts about the future, such as demographics, geography, military, political, industrial information, and mineral reserves, with plausible alternative social, technical, economic, environmental, educational, political and aesthetic (STEEEPA) trends which are key driving forces.

In business applications, the emphasis on gaming the behavior of opponents was reduced (shifting more toward a game against nature). At Royal Dutch/Shell for example, scenario planning was viewed as changing mindsets about the exogenous part of the world, prior to formulating specific strategies.

Scenario planning shines especially if it includes systems thinking, which recognizes that many factors may combine in complex ways to create sometime surprising futures (due to non-linear feedback loops). The method also allows the inclusion of factors that are difficult to formalize, such as novel insights about the future, deep shifts in values, unprecedented regulations or inventions. Systems thinking used in conjunction with scenario planning leads to plausible scenario story lines because the causal relationship between factors can be demonstrated. In these cases when scenario planning is integrated with a systems thinking approach to scenario development, it is sometimes referred to as structural dynamics. …”

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

US Unemployment Rates 1950-2005

US Unemployment Rates 1950-2005

Employment Situation Summary

Technical information:
  Household data:    (202) 691-6378    USDL 09-0117
            http://www.bls.gov/cps/

  Establishment data:(202) 691-6555    Transmission of material in this release
            http://www.bls.gov/ces/    is embargoed until 8:30 A.M. (EST),
  Media contact:     (202) 691-5902    Friday, February 6, 2009.

                  THE EMPLOYMENT SITUATION:  JANUARY 2009

   Nonfarm payroll employment fell sharply in January (-598,000) and the unem-
ployment rate rose from 7.2 to 7.6 percent, the Bureau of Labor Statistics of
the U.S. Department of Labor reported today.  Payroll employment has declined
by 3.6 million since the start of the recession in December 2007; about one-
half of this decline occurred in the past 3 months.  In January, job losses
were large and widespread across nearly all major industry sectors.

Unemployment (Household Survey Data)

   Both the number of unemployed persons (11.6 million) and the unemployment
rate (7.6 percent) rose in January.  Over the past 12 months, the number of un-
employed persons has increased by 4.1 million and the unemployment rate has
risen by 2.7 percentage points.  (See table A-1.)

   The unemployment rate continued to trend upward in January for adult men
(7.6 percent), adult women (6.2 percent), whites (6.9 percent), blacks (12.6
percent), and Hispanics (9.7 percent).  The jobless rate for teenagers was un-
changed at 20.8 percent.  The unemployment rate for Asians was 6.2 percent in
January, not seasonally adjusted.  (See tables A-1, A-2, and A-3.)

   Among the unemployed, the number of job losers and persons who completed
temporary jobs increased to 7.0 million in January.  This measure has grown
by 3.2 million during the last 12 months.  (See table A-8.)

   The number of long-term unemployed (those jobless for 27 weeks or more)
was little changed at 2.6 million in January.  Over the past 12 months, the
number of long-term unemployed was up by 1.3 million.  The number of persons
unemployed less than 5 weeks rose to 3.7 million in January.  (See table A-9.)

Total Employment and the Labor Force (Household Survey Data)

   The civilian labor force participation rate, at 65.5 percent in January, has
edged down in recent months.  The employment-population ratio declined by 0.5
percentage point to 60.5 percent over the month, and by 2.4 percentage points
over the year.  (See table A-1.)

   The number of persons who worked part time for economic reasons (sometimes
referred to as involuntary part-time workers) was essentially unchanged in
January at 7.8 million; however, this measure was up by 3.1 million over the
past 12 months.  Included in this category are persons who would like to work
full time but were working part time because their hours had been cut back or
because they were unable to find full-time jobs.  (See table A-5.)
http://www.bls.gov/news.release/empsit.nr0.htm

Misery Index

“…The misery index is an economic indicator, created by economist Arthur Okun, and found by adding the unemployment rate to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation create economic and social costs for a country.[1] It is often incorrectly attributed to Chicago economist Robert Barro in the 1970s, due to the Barro Misery Index that additionally includes GDP and the bank rate.[2]

During the Presidential campaign of 1976, Democratic candidate Jimmy Carter made frequent references to the Misery Index, which by the summer of 1976 was at 13.57%. Carter stated that no man responsible for giving a country a misery index that high had a right to even ask to be President. Carter won the 1976 election. However, by 1980, when President Carter was running for re-election against Ronald Reagan, the Misery Index had reached an all-time high of 21.98%. Carter lost the election to Reagan.

http://en.wikipedia.org/wiki/Misery_index_(economics)

Tea Party U.S.A.: The movement grows

By Michelle Malkin

“…Seattle on Monday. Denver on Tuesday. Mesa AZ on Wednesday. Overland Park, Kansas today. What a week, huh? We got the anti-stimulus, anti-entitlement protest ball rolling — and now the movement, spurred further by CNBC host Rick Santelli’s call for a “Chicago Tea Party,” is really taking off.

David Hogberg at Investor’s Business Daily has a nice piece out today spotlighting the growing taxpayer revolt the rest of the MSM won’t cover. He interviewed our registered commenters Liberty Belle Keli Carender, who spearheaded the Seattle anti-pork protest, and HuskerGirl Amanda Grosserode, who organized today’s anti-stimulus demonstration against Democrat Rep. Dennis Moore in Overland Park, KS.

I’m happy to report on several new protest events now on the docket. …”

http://michellemalkin.com/2009/02/21/tea-party-usa-the-movement-grows/

Rudyard Kipling

If

If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or, being lied about, don’t deal in lies,
Or, being hated, don’t give way to hating,
And yet don’t look too good, nor talk too wise;

If you can dream – and not make dreams your master;
If you can think – and not make thoughts your aim;
If you can meet with triumph and disaster
And treat those two imposters just the same;
If you can bear to hear the truth you’ve spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build ’em up with wornout tools;

If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: “Hold on”;

If you can talk with crowds and keep your virtue,
Or walk with kings – nor lose the common touch;
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds’ worth of distance run –
Yours is the Earth and everything that’s in it,
And – which is more – you’ll be a Man my son!

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

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

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Pattern Recognition: The Template Is Hitler’s Rise To Power Using National Socialism

Censorship Commissar for AM and Internet Talk Radio–Henry Waxman–The Face of Progressive Liberal Fascism!

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

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

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

Boycott Bailedout Businesses and Banks

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

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

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

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

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

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

Forget

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

Paulson Lied–Economy Died or Bailout Bolshevik Bureaucrats Corrupt Capitalism Credit China

Posted on November 13, 2008. Filed under: Blogroll, Economics, Employment, Investments, Life, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Security, Strategy, Taxes, Video | Tags: , , , , , , , , , , |

red_socialism

 obama_redistributor

http://thepeoplescube.com/red/viewtopic.php?t=2504

 

 

It seems that Wall Street genius and multi-millionaire, Treasury Secretary Henry Paulson, is admitting that the US Treasury will be following my and other people’s advice and not buying “troubled assets” and instead will be making loans to banks that need a temporary infusion of capital.

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

Congratulations goes to Paulson for admitting he is human and makes mistakes.

 

Treasury Secretary Paulson’s news conference

 

 

11/12#3 Yoo Paulsen did you mislead Congress?

 

Pt 1 CNBC Panel Discusses Paulson’s Press Conf 11-12-08

 

Pt 2 – CNBC Panel Discussion Paulson Press Conf 11-12-08

 

Unfortunately by admitting that the United States was responsible for the creation of the subprime loan financial crisis, he is creating another problem.

This gives foreign governments such as the Peoples Republic of China, justification for asking for their money back. I suspect that this was one of the primary reason behind the bailout bill:

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

 

URGENT* BAILOUT BILL SELLS US TO CHINA (UPDATED)

 

I believe the American people have been mislead, lied to and not told the real reason behind the urgency of getting the bailout bill pass last month.  The game plan all along was to be able to buy back the “troubled assets” held by foreign governments that are also major holders of US government securitites. The original plan did not make sense to hundreds of economists and financial advisors including me.

Nations, most likely China among serveral others told the US government to either make them whole or they would stop buying and holding US Treasury bills and notes.
 

The Federal government should not be bailing out any business or government entities such as states or cities and never foreign nations and their financial institutions.

In doing so they taking money from other people and businesses that earn income and create wealth and giving it to businesses and government entities that have mismanaged their affairs and are losing money and destroying wealth.

This can occur directly by taxes on businesses or individuals or indirectly by printing money or issueing government debt to finance the bailout.

The latter eventually results in inflation or a general rise in prices.

This depreciates the value of money.

If any auto company is in financial trouble and cannot raise any additional equity capital or loans from banks, it should either seek a buyer for some or all of its assets or file for bankruptcy.

If union members in the auto industry want their jobs they should agree to drastic cuts in both wages, benefits and retirement and pension plans.

Sooner or latter, General Motors, Chrysler, and may be even Ford, will have no alternative but to go into bankruptcy.

One of the first things that will have to happen is the companies will seek to void all union labor contracts and retirees will lose most if not all of their pensions. The price of mismanagement and greed by executives and the leaders of the UAW will finally be paid. The day of reckoning is fast approaching.

Do not expect any sympathy from the American people:

“…Sizable pluralities of Americans are opposed to taxpayer-backed bailouts of the Big Three automakers, with 73% now worried the U.S. government will run out of money with all the demands being made on the federal treasury in the current economic crisis.

Forty-one percent (41%) of adult Americans are Very worried the government will run out of money, according to a new Rasmussen Reports national telephone survey. Only six percent (6%) are not worried at all.

Women are slightly more worried than men, Republicans more than Democrats, whites more than blacks, and younger Americans more than older ones. …”

http://www.rasmussenreports.com/public_content/business/general_business/73_fear_u_s_will_run_out_of_money_if_more_are_bailed_out

The executives and union leaders would ran the auto industry only brought it upon themselves.

The federal government should never bailout any business no matter how big.

Businesses are free to succeed or fail.

Once the government starts bailing out businesses then other businesses in financial trouble just line up and ask for a bailout.

Government intervention in the economy with bailouts to those “too big to fail”, results in a misallocation of scarce resources including capital and labor to business that have mismanaged their business and away from companies that have been successful in creating wealth and jobs.

Those companies that are too big is the problem and bailouts are not the solution.

Troubled companies should try to downsize or fail.

Bailouts are using the law to plunder the American people’s assets.

I call it a stickup and stealing no matter how slick it is done.

Remember it was government intervention in the real estate mortage markets that is the root cause of the problem that resulted in the real estate bubble and current financial crisis.

More government intervention in the economy is only making the problem worse.

Government intervention in banning oil and gas exploration off the US coasts and ANWR impacted the supply of oil and eventually the price of gasoline went up.

The Federal government should stop trying to regulate the supply and demand of energy and deciding what type of vehicles the consumer should purchase.

The consumer should be sovereign as to the goods and services it wants to purchase.

Neither Congress nor the President should interfer with the American’s people freedom of choice.

Every time the federal government intervenes in the economy  the result is government failure resulting in economic recession if not depression.

Government intervention leads to more and more government intervention.

When will American elites learn that socialism is a failure and leads to more and more government coercion?

Just leave us alone and mind your own business.

Ban Bailouts and Stop Inflation Now!

 

sin1

 

Fox: Shep Smith on auto bailout: It’s not capitalism.


 

11-10-08 Ron Paul on Fox Business with Neil Cavuto discussing bailout

 

KILLBILL – TARP Same bailout plan with lipstick on it – Defazio

 

Newt with Greta on fixing the economy without a bailout

 

Lou Dobbs – Henry Paulson All Talk No Action!

 

The Bailout is for China?!?!

 

LOL

Bailout Blues

 

Government BAILOUT…

 

Let Economy fail…

 

Let Wall Street Burn…

CRISIS SUBPIME-THE LAST LAUGH- John Bird and John Fortune

 

Background Artilcles and Videos

Banks HOARDING TAXPAYER’s $$ NOT HELP HOMEOWNERS! Kashkari

 

First Look: Troubled Asset Relief Program (TARP)

 

Kudlow – TARP

 

“We’re Bailing Foreign Banks, Too, With Your $700 Billion”

“We’re Bailing Foreign Banks, Too, With Your $700 Billion”


 

Silly Money: Where did all the money go? (1 of 5)

 

Silly Money: Where did all the money go? (2 of 5)

 

Silly Money: Where did all the money go? (3 of 5)

 

Silly Money: Where did all the money go? (4 of 5)

 

Silly Money: Where did all the money go? (5 of 5)

 

Obama asks Bush to bail out Detroit now

Rick Moran
“…In their meeting yesterday, Barack Obama asked President Bush to allow the auto industry to tap into the $700 billion kitty passed by Congress to bail out the financial industry.

 

“…Obama will base his support for the bail out on the contingency that the auto-industry “go green” and make “cleaner, more energy efficient” vehicles.
That’s fine and dandy but that kind of recapitalization needs an awful lot of bread – a heck of a lot more than any numbers being thrown around so far ($50 billion is the most I’ve seen). You not only have the immediate crisis to deal with but then, on top of that, Obama wants Detroit to completely alter the way they do business.
You are talking about a massive investment in product redesign and retooling auto plants. If the financing were to be in the form of guaranteed loans, we should definitely balk at that kind of short sighted policy. The chances of one or more of the Big Three going under are pretty darn good at this point and if that were to happen, the taxpayer would be stuck holding the bag.
The cascade effect from the financial meltdown is now in full flow and its got to be stopped somewhere before the government gets their grubby paws on most major industries. The auto industry is a good place to start raising holy hell in opposition to a bail out. When an industry makes products that Americans don’t want whose fault is that? I would say everyone from the CEO down the to the workers on the line are to blame and throwing money at these incompetents is the worst thing we can do. …”
http://www.americanthinker.com/blog/2008/11/obama_asks_bush_to_bail_out_de.html

Hank Paulson Naked Emperor

By Michelle Malkin

“….Treasury Secretary Hank Paulson finally confirmed what lonely bailout opponents tried to tell the American public all along: The man doesn’t know what the hell he’s doing.

Paulson held a bazooka to taxpayers’ heads. He groveled on his knees in front of Democratic House Speaker Nancy Pelosi. He lured leaders from both political parties into linking arms in a panicked Chicken Little line dance for the beleaguered mortgage industry. Paulson demanded an unprecedented $700 billion troubled assets relief program for the good of the country. For the health of the housing market. For the survival of the economy. No time for deliberation. No time to review the failures of such interventionist approaches around the world. Now, now, now!

And now? The pulled-out-of-the-posterior “$700 billion” price tag has ballooned into the trillions. The “mortgage industry rescue” has expanded to banks, insurance companies, automakers, credit card companies, and possibly the entire national volume of consumer lending. Oh, and that vaunted “TARP” component, Paulson admitted this week, is nothing but a four-letter-word that rhymes with TRAP.

In September, Paulson offered his lofty pledge: “The ultimate taxpayer protection will be the stability this troubled asset relief program provides to our financial system, even as it will involve a significant investment of taxpayer dollars. I am convinced that this bold approach will cost American families far less than the alternative – a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion.” Two months later, Paulson’s conviction melted faster than microwaved butter. “Our assessment at this time is that this is not the most effective way to use TARP funds,” he sheepishly told the nation Wednesday.

Hey, who died and put Emily “Never mind” Litella in charge of the economy? …”

Senators to Paulson: You lied, TARP died

By Michelle Malkin 

 

 

“…Three GOP Senators have sent Treasury Secretary Hank “Never mind” Paulson a “joint letter of concern.” I’ll have more on this abominable subject in my syndicated column tomorrow.

Joint Letter of Concern to Secretary Paulson After His Announcement to the Change Intent of the Troubled Asset Relief Program

November 13, 2008

Dear Secretary Paulson:

We are writing to express our deep concern over your announcement this morning that the Department of the Treasury will halt all plans to purchase trouble mortgage assets through the Troubled Asset Relief Program (TARP). We are concerned that the program has been fundamentally changed from its original intent and worry that continued changes may erode the structures of accountability put in to protect taxpayers.

When legislation authorizing the TARP was first proposed to members of Congress in mid-September, its primary component was a program to allow the Secretary of the Treasury to purchase “toxic” mortgage assets from financial institutions. The primary reason for this course of action, we were told, was to assist the market in discovering the price of these assets and to return liquidity to the financial markets.

At a hearing of the Senate Banking Committee on September 23, 2008, you made the following comments on the urgent necessity of a troubled asset purchase program:

We have proposed a program to remove troubled assets from the system. This troubled asset relief program has to be properly designed for immediate implementation and be sufficiently large to have maximum impact and restore market confidence. It must also protect the taxpayer to the maximum extent possible, and include provisions that ensure transparency and oversight while also ensuring the program can be implemented quickly and run effectively.

This troubled asset purchase program on its own is the single most effective thing we can do to help homeowners, the American people and stimulate our economy.

Although the legislation was passed on October 3, the program was never implemented and now has been officially abandoned in favor of alternative plans after little more than a month. Such a rapid reversal raises questions about the TARP’s original design as well as the propriety of future plans.

Congress never intended for the TARP to be a blank check that could be spent with unlimited discretion. To ensure proper boundaries are in place to protect the taxpayer, we hope and expect that congressional approval will be sought by the administration before further changes are made.

Sincerely,

U.S. Senator Tom Coburn, M.D., U.S. Senator Richard Burr, U.S. Senator David Vitter

 

Behold: An “auto czar”

By Michelle Malkin  

 

“The Master and Overlord Obama is ready to appoint an Auto Czar.

And the lame-duck George Bush is going along.

God save us from bipartisanship. …”

http://michellemalkin.com/2008/11/12/behold-an-auto-czar/ 

 

Bolshevik

“The Bolsheviks, originally also[1] Bolshevists[2] (Russian: Большевик, Большевист (singular) Russian pronunciation: [bəlʲʂɨˈvʲik], derived from bolshe, “more”) were a faction of the Marxist Russian Social Democratic Labour Party (RSDLP) which split apart from the Menshevik faction[3] at the Second Party Congress in 1903 and ultimately became the Communist Party of the Soviet Union.[4] The Bolsheviks seized power in Russia during the October Revolution phase of the Russian Revolution of 1917, and founded the Soviet Union.

Bolsheviks (or “the Majority”) were an organization of professional revolutionaries under a strict internal hierarchy governed by the principle of democratic centralism and quasi-military discipline, who considered themselves as a vanguard of the revolutionary proletariat. Their beliefs and practices were often referred to as Bolshevism.[5] The party was founded by Vladimir Lenin, who also led it in the October Revolution. …”

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

 

Bankruptcy in the United States

“…The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States.” Congress has exercised this authority several times since 1801, most recently by adopting the Bankruptcy Reform Act of 1978, codified in Title 11 of the United States Code, commonly referred to as the Bankruptcy Code. The Bankruptcy Code has been amended several times since 1978, most recently in 2005 through the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or BAPCPA. Some law relevant to bankruptcy is found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes), tax implications of bankruptcy are found in Title 26 of the United States Code (Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure).

While bankruptcy cases are always filed in United States Bankruptcy Court (units of the United States District Courts) and federal law governs procedure in bankruptcy cases, state laws are often applied when determining property rights. For example, law governing the validity of liens or rules protecting certain property from creditors (known as exemptions), derive from state law. State law therefore plays a major role in many bankruptcy cases and it is often unwise to generalize some bankruptcy issues across state lines. …”

“…Largest Bankruptcy

The largest bankruptcy in U.S. history occurred on September 15, 2008, when Lehman Brothers Holdings Inc. filed for Chapter 11 protection with more than $639,000,000,000 in assets[40], greater the next 15 largest bankruptcies put together.

The next 15 largest corporate bankruptcies are as follows[41]:

Company Bankruptcy Date Total Assets Pre-Bankruptcy
Lehman Brothers Holdings, Inc. 9/15/2008 $639,000,000,000 (approximate)
Worldcom, Inc. 7/21/2002 $103,914,000,000
Enron Corp. 12/2/2001 $63,392,000,000
Conseco, Inc. 12/18/2002 $61,392,000,000
Texaco, Inc. 4/12/1987 $35,892,000,000
Financial Corp. of America 9/9/1988 $33,864,000,000
Refco Inc. 10/17/2005 $33,333,172,000
Washington Mutual[42] 9/26/2008 $32,900,000,000
Global Crossing Ltd. 1/28/2002 $30,185,000,000
Pacific Gas and Electric Co. 4/6/2001 $29,770,000,000
UAL Corp. 12/9/2002 $25,197,000,000
Delta Air Lines, Inc. 9/14/2005 $21,801,000,000
Adelphia Communications 6/25/2002 $21,499,000,000
MCorp 3/31/1989 $20,228,000,000
Mirant Corporation 7/14/2003 $19,415,000,000
Delphi Corporation 10/8/2005 $16,593,000,000
First Executive Corp. 5/13/1991 $15,193,000,000

 

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

 

Troubled Assets Relief Program

The authority of the United States Department of the Treasury to establish and manage a Troubled Assets Relief Program (TARP) managed by a newly created Office of Financial Stability became law October 3, 2008, the result of an initial proposal that ultimately was passed by Congress as H.R. 1424, enacting the Emergency Economic Stabilization Act of 2008 and several other acts.[1][2] The law which created the fund authorized the Treasury to draw up to $250 billion for immediate use, then requires the President to certify that an additional $100 billion in funds are needed; a final $350 billion are subject to Congressional approval.[3] As of November 12, 2008, $290 billion of the first $350 billion allotment funding TARP has been allocated: $250 billion for bank equity infusions, and $40 billion for an equity infusion into insurer American International Group.[4] …”

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

 

Consumer sovereignty

Consumer sovereignty is a term which is used in economics to refer to the rule or sovereignty of purchasers in markets as to production of goods. The term can be used as either a norm (as to what consumers should be permitted) or a description (as to what consumers are permitted).

In unrestricted markets, those with income or wealth are able to use their purchasing power to motivate producers as what to produce (and how much). Customers do not necessarily have to buy and, if dissatisfied, can take their business elsewhere, while the profit-seeking sellers find that they can make the greatest profit by trying to provide the best possible products for the price (or the lowest possible price for a given product). In the language of cliché, “he who pays the piper calls the tune.”

To most neoclassical economists, complete consumer sovereignty is an ideal rather than a reality because of the existence — or even the ubiquity — of market failure. Some economists of the Chicago school and the Austrian school see consumer sovereignty as a reality in a free market economy without interference from government or other non-market institutions, or anti-market institutions such as monopolies or cartels. That is, alleged market failures are seen as being a result of non-market forces.

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

 

Related Posts On Pronk Palisades 

 

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

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

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

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

The American People Want A Full Meal Buffett Deal–Not A Bailout!

Stop The Bailout: The American Elites’ Bum Rush of The American People–No Sale!

Obama Bombs Bailout Meeting–Whitehouse Still Standing–McCain Saved By House Republicans

Obama–ACORN–CRA–Congress–Democratic Party–Fannie Mae–Freddie Mac–Bailout–Socialism– Just Say No!

ACORN–Association of Community Organizations for Reform Now–Obama’s Red Shirts 

Thomas Sowell and Conflict of Visions–Videos

Unconstrained Obama vs. Constrained McCain: A Conflict of Visions

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

Bailing Out Bomber Banks–Shariah Islamic Banking and Financial Jihad in the United States

Posted on November 11, 2008. Filed under: Blogroll, Economics, Education, Investments, Life, Links, People, Politics, Quotations, Rants, Raves, Regulations, Religion, Resources, Security, Strategy, Talk Radio, Taxes, Video, War | Tags: , , , , , , , , , , , , , , , , , , |

The Capitalists will sell us the rope with which we will hang them.

 
~Vladimir Ilyich Lenin 

 

“…The ruling to kill the Americans and their allies–civilians and military–is an individual duty for every Muslim who can do it in any country in which it is possible to do it, in order to liberate the al-Aqsa Mosque and the holy mosque from their grip, and in order for their armies to move out of all the lands of Islam, defeated and unable to threaten any Muslim. This is in accordance with the words of Almighty God, “and fight the pagans all together as they fight you all together,” and “fight them until there is no more tumult or oppression, and there prevail justice and faith in God.”  …”

~Osama Bin Laden Jihad

 

Shariah Financing-Wall Street-selling our souls for $$$

 

Dr. Rachel Ehrenfeld Explains Sharia Banking (Arutz 7 Video)

 

Frank Gaffney, Coalition to Stop Shariah

 

Wafa Sultan on Sharia

 

I was listening to a local talk radio show when I heard Joy Brighton explaining Shariah Islamic banking and its connection to  jihad terrorism to the show’s host.

At first I thought this was a joke as did the talk show host.

I could not believe what I was hearing.

Watch and listen to the above videos. 

As far as I am concerned any US financial institution that is being bailed out by the Federal government should be banned from offering Shariah Islamic banking and finance products and services.

In my opionion no US financial institution operating either in the US or abroad should be permitted to offer these products and services as well.

Why?

The products and services are financing jihid  terrorism against US citizens.

 

Obsession – Islamic Jihad coming to America 

 

Just say no to Shariah Islamic Banking coming to America in a neighborhood near you.

Call your own financial institution and bank and ask if they offer Shariah products and services.

Then decide where you are going to keep your money and investments.

 

Background Articles and Videos

By Chelsea Schilling
© 2008 WorldNetDaily

 

“…The Treasury Department has announced it will teach “Islamic finance” to U.S. banking regulatory agencies, Congress and other parts of the executive branch today in Washington, D.C. – but critics say it is opening a door to American funding of Islamic extremism.

‘Islamic Finance 101’

According to its announcement, the “Islamic Finance 101” forum is “designed to help inform the policy community about Islamic financial services, which are an increasingly important part of the global financial industry.”

The Treasury Department has collaborated with Harvard University’s Islamic Finance Project to coordinate the event. The department says it expects about 100 people will attend the seminar. …”

 

“…Tenets of Shariah

In his essay, “Islamic Finance or Financing Islamism,” Alex Alexiev outlined the following tenets of Shariah taken from “The Reliance of the Traveler: The Classic Manual of Sacred Law”:

  • A woman is eligible for only half of the inheritance of a man
  • A virgin may be married against her will by her father or grandfather
  • A woman may not leave the house without her husband’s permission
  • A Muslim man may marry four women, including Christians and Jews; a Muslim woman can only marry a Muslim
  • Beating an insubordinate wife is permissible
  • Female sexual mutilation is obligatory
  • Adultery [or the perception of adultery] is punished by death by stoning
  • Offensive, military jihad against non-Muslims is a religious obligation
  • Apostasy from Islam is punishable by death without trial
  • Lying to infidels in time of jihad is permissible  …”

 http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=80003 

 

First ever U.S Islamic Banking Subsidiary

 

Islamic Banking and Finance-Sharjah Islamic Bank

 

Jihad with money

 

Shariah Banking Explained

 

Islamic banking

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment of fees for the renting of money (Interest|Usury|Riba) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community. …”

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

 

Jihad Economics and Islamic Banking

“…Shari’a finance is a new weapon in the arsenal of what might be termed fifth-generation warfare (5GW).2 The perpetrators include both states and organizations, advancing a global totalitarian ideology disguised as a religion. The end goal is to impose that ideology worldwide, making the Islamic “nation,” or ummah, supreme.3 

Shari’a is the crucial source and ultimate authority dictating the actions of practicing individuals and radical Muslim states and movements alike. Failing to understand the political use of shari’a hampers the U.S. ability to mount effective policies, plans, and strategies to successfully counter this fast-growing totalitarian threat. …”
 
“…Shari’a is the set of Islamic laws established by Muslim jurists, based on the Qur’an and deeds of the prophet Muhammad, as recorded beginning more than 1,200 years ago. Its end goal, for all time, is establishing a world ruled entirely by Islam and the harsh shari’a laws. These laws govern every aspect of daily life and prohibit individual, political, and religious freedoms.  

http://www.rightsidenews.com/200807271543/homeland-security/jihad-economics-and-islamic-banking.html

 

Fatāwā of Osama bin Laden

“…Osama bin Laden wrote what is referred to as a fatwa in August 1996[1], and was one of several signatories of another and shorter fatwa in February 1998[2]. Both documents appeared initially in the Arabic-language London newspaper Al-Quds Al-Arabi[1][2]. At the time, bin Laden was not a wanted man in any country except his native Saudi Arabia, and was not yet known as the leader of the international terrorist organisation al-Qaeda. Therefore these fatwas, or fatawa, received relatively little attention until after the August 1998 United States embassy bombings, for which bin Laden is indicted[3]. The indictment mentions the first fatwa, and claims that Khalid al-Fawwaz, of bin Laden’s Advice and Reformation Committee in London, participated in its communication to the press.

Bin Laden’s 1996 fatwa is entitled “Declaration of War against the Americans Occupying the Land of the Two Holy Places”. This document is sometimes called the Ladenese epistle, a term derived from bin Laden’s surname. It is a long piece, and complains of American activities in numerous countries. …”

http://en.wikipedia.org/wiki/Fat%C4%81w%C4%81_of_Osama_bin_Laden

 

Osama Bin Laden’s Jihad

and text of Fatwahs and Declaration of War

“…On that basis, and in compliance with God’s order, we issue the following fatwa to all Muslims

The ruling to kill the Americans and their allies–civilians and military–is an individual duty for every Muslim who can do it in any country in which it is possible to do it, in order to liberate the al-Aqsa Mosque and the holy mosque from their grip, and in order for their armies to move out of all the lands of Islam, defeated and unable to threaten any Muslim. This is in accordance with the words of Almighty God, “and fight the pagans all together as they fight you all together,” and “fight them until there is no more tumult or oppression, and there prevail justice and faith in God.”  …”

http://www.mideastweb.org/osamabinladen1.htm

YOUR GOVERNMENT AT WORK
U.S. Treasury teaches ‘Islamic Finance 101’
Advisers, scholars to promote controversial Shariah funding

 

Jihad Comes to Wall Street
“Sharia finance” does exactly what it promises, financing the spread of sharia — and terror.

By Alex Alexiev

“…The legitimization of sharia in the West and its gradual imposition in Muslim communities and beyond is a key objective of sharia finance, and there is no doubt it has already made huge strides. Indeed, the precedent of legal sharia-finance transactions was used by the hapless archbishop of Canterbury to buttress his argument that introducing sharia in the United Kingdom was unavoidable.

Given the reality of malignant Islamism now spreading into our own capital markets to the loud cheers of the same Wall Street masters of the universe who gave us sub-prime mortgage securitization, Americans have a right to ask: Where are the U.S. Treasury Department and the SEC, whose job it is to protect our markets? Given the outright fraudulent misrepresentation of the potential liabilities of sharia-finance funds under existing regulations, they should get involved soon.”

http://article.nationalreview.com/?q=ZjBhMTM5MTlmN2YzNzE0MmFkOTg2OGYxNWM2MGNiNTQ=&w=MQ==

 

 

Banks move into Islamic finance
 
By irene Hall
 
Sharm al-Shikh
 
The dramatic growth of Islamic banking and finance appeared to have been confirmed during the recent World Economic Forum in Sharm al-Sheikh in Egypt.

 

One of Germany’s biggest banks, Deutsche Bank, announced a joint venture with Ithmaar Bank of Bahrain and Abraaj Capital of Dubai to launch a $2bn (£1bn) Sharia-compliant financial fund.
The banks say the fund is designed to boost education initiatives and investment in media and energy companies, and infrastructure in the Middle East.

 

More and more conventional international banks, such as Citibank, HSBC and UBS, are converting some of their services to interest-free Islamic finance models.

 

Estimates of the value of Islamic banking internationally range from $200bn to $500bn.
Some financial analysts are concerned that the increase in Islamic banking opens Western financial institutions to influence informed by a conservative Islamic agenda. …”

 

 

 

 

 

Sharia LAW Creeping into the US- Wake up America!!!!

 

http://forums.hannity.com/showthread.php?t=1143491

 

Financial Jihad 

Rising oil prices and the West’s dependency on Middle East oil, combined with willful blindness and political correctness, provide a surge of petrodollars, making financial and economic jihad so much easier to carry out. Moreover, according to shari’a, Muslims hold all property in trust for Allah.4 Therefore, under the shari’a, all current and historic Muslim acquisitions everywhere, including the United States

, belong to the ummah, in trust for Allah.

 

Funding the jihad, i.e., financial jihad, or Al Jihad bi-al-Mal, is mandated by many verses in the Qur’an, such as chapter 61, verses 10.11: “you . . . should strive for the cause of Allah with your wealth and your lives,” and chapter 49, verse 15: “The [true] believers are only those who . . . strive with their wealth and their lives for the cause of Allah.” This has been reiterated throughout Islamic history and in recent times. “Financial Jihad [is] . . . more important . . . than self-sacrificing,” according to Saudi and Muslim Brotherhood (MB) spiritual leader Hamud bin Uqla al-Shuaibi.6

 

Qatar-based Muslim Brotherhood spiritual leader Yusuf al-Qaradawi, one of the most prominent Sunni scholars in the world today, reiterated the legal justification for “financial jihad [Al-Jihad bi-al-Mal]” in a lecture he gave on 4 May 2002 in the United Arab Emirates (UAE). According to him, “collecting money for the mujahideen (jihad fighters . . . ) was not a donation or a gift but a duty necessitated by the sacrifices they made for the Muslim nation.” 7 …”

 

 

FINANCIAL JIHAD:

WHAT AMERICANS NEED TO KNOW

By Christopher Holton

Vice President

Center for Security Policy

“….Fighting Back Against Shariah

 

 

“…The Center for Security Policy is taking the national lead in exposing the risks of

Shariah-Compliant Finance, with briefings to agency officials at Treasury, SEC,

Congress, Dept. of Homeland Security and various state District Attorney offices.

The Center has also built a national coalition of groups to begin educating the average

investor about the risks to their investments from financial jihad.

These efforts include an authoritative legal memorandum written on the subject by legal

scholar and experienced litigator David Yerushalmi, who is also leading an intelligence

investigation into the promotion of Shariah in U.S. mosques in his “Mapping Shariah”

program.

The Center has established a web site devoted to stopping Shariah at

http://www.stopshariahnow.org. …”

http://www.stopshariahnow.org/f/FINANCIAL_JIHAD.pdf 

 

 

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The Talk Radio Audiences Revolt Against Fairness Doctrine

Posted on October 25, 2008. Filed under: Blogroll, Communications, Economics, Links, People, Politics, Rants, Regulations, Talk Radio, Video | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

“Do you feel lucky, well do you punk!”

 

Dirty Harry – Clint Eastwood

 

http://www.talkers.com/main/index.php?option=com_content&task=view&id=17&Itemid=34

 

Those Democrat and Republican members of Congress that are seriously considering bringing back the Fairness Doctrine are playing with dynamite.

Over 100 million Americans are listening to talk radio everyday.

Mess with talk radio and you will have a ten million men and women march on Congress.

Unfortunatley, many members of Congress are that arrogant and stupid to try.

Just another example of socialism–“spread the wealth around”.

Go ahead, Make my day!

Sudden Impact – “Go Ahead. Make My Day”


 

Background Articles and Videos

 

Boehner on so-called ‘Fairness Doctrine’ – 6/28/07

 

Fairness Doctrine” — Feinstein Outlawing Talk Radio

 

Debate over the Fairness Doctrine on Fox News Sunday

 

Kucinich Discusses Fairness Doctrine on Lou Dobbs

 

Accuracy in Media – Group Condemns Congressional Hypocrisy

Dem Sen On Fairness Doctrine

 

2008 UP & COMING ” POLITICAL EARTHQUAKE ( FAIRNESS DOCTRINE ) ” / PART 13

 

Rep. Pence: Fairness Doctrine and “Freedom Works”

 

Fairness Doctrine

“The Fairness Doctrine was a policy of the U.S. Federal Communications Commission (FCC) that required the holders of broadcast licenses both to present controversial issues of public importance and to do so in a manner that was (in the FCC’s view) honest, equitable, and balanced. The United States Supreme Court has upheld the Commission’s general right to enforce such a policy where channels are limited, but the courts have generally not considered that the FCC is obliged to do so.[1] The FCC has since withdrawn the Fairness Doctrine, prompting some to urge its reintroduction through either Commission policy or Congressional legislation.[2] …”

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

 

Why the Fairness Doctrine is Anything But Fair

by Adam Thierer

“…If the fairness standard is reinstituted, the result will not be easier access for controversial views. It will instead be self-censorship, as stations seek to avoid requirements that they broadcast specific opposing views. With the wide diversity of views available today in the expanding broadcast system, there is a simple solution for any family seeking an alternative viewpoint or for any lawmaker irritated by a pugnacious talk-show host. Turn the dial.”

http://www.heritage.org/Research/Regulation/EM368.cfm

 

Here it comes: Sen. Bingaman heralds Fairness Doctrine return

By Michelle Malkin

“…N.M. Sen. Jeff Bingaman cheers the return of the Fairness Doctrine as a “higher calling,” via the Jim Villanucci show on KKOB.

Radio Equalizer has the scoop.

Tilling the soil for the Chicago gangland thugs… ”

http://michellemalkin.com/2008/10/22/here-it-comes-sen-bingaman-heralds-fairness-doctrine-return/

 

The history and possible revival of the Fairness Doctrine

by Nat Hentoff

“…The term “Fairness Doctrine” exemplifies what George Orwell called “Newspeak”: it uses language to mask the deleterious effects of its purported meaning. The Fairness Doctrine itself was in effect from 1949 until 1987. It required that radio broadcasts devote a reasonable amount of time to the discussion of controversial issues of public importance, and that the broadcaster do that fairly by offering reasonable opportunity for opposing viewpoints to be heard. If the Federal Communications Commission found a radio station in repeated violation of this Doctrine, it could take away the station’s license — a business form of capital punishment. …”

“…Before the Fairness Doctrine was ended, at least for the time being, in 1987 — Congressman Hinchey could yet prevail if the Democrats retake Congress — Richard Salant, head of CBS News while the Doctrine was flourishing, said to me:

Suppose the English government had told Tom Paine that he could go ahead and publish all he liked — but only if at the back of his pamphlets he also printed the Royal Governor’s views. That command, far from the implementation of free speech, would have been just the opposite. It’s a restriction of speech if, in order to be allowed to express your own views, [the government demands] you also have to present those of someone arguing on the other side.

James Madison did not have the bifurcation of free speech in mind when he submitted his draft of the First Amendment.”

http://www.thepanamanews.com/pn/v_12/issue_04/opinion_07.html

 

Group Led By Clinton’s John Podesta Outlines Assault of Conservative Radio

“…With that in mind, the left-leaning Center for American Progress published a report Thursday detailing how conservatives dominate the talk radio dial, and exactly what needs to be done legislatively for liberals to wrest control over this medium (emphasis added throughout):

  • Restore local and national caps on the ownership of commercial radio stations.
  • Ensure greater local accountability over radio licensing.
  • Require commercial owners who fail to abide by enforceable public interest obligations to pay a fee to support public broadcasting.

Imagine that.

 

For those unfamiliar with the Center, its President and CEO is none other than John Podesta, the former Chief of Staff for President Bill Clinton. And:

  • The Executive Vice President for Management is Sarah Rosen, who was also a member of the Clinton administration.
  • Senior Vice President for Development Debbie Goldberg worked for the Clinton campaign.
  • Senior Vice President and Director David Halperin was a speech writer for President Clinton.
  • Vice President of Communications Jennifer Palmieri was Clinton’s White House Deputy Press Secretary.
  • Senior Vice President for External Affairs Winnie Stachelberg worked at the Office of Management and Budget under Clinton.
  • Vice President of Finance and Operations Brad Kiley worked for the Clinton administration.
  • Ditto Peter Rundlet, Anna Soellner, Debbie Fine, and Michelle Jolin.

In reality, the staff and Senior Fellows listing of this Center reads like a Clinton administration Who’s Who. …”

http://www.newsbusters.org/node/13642

Center for American Progress

“The Center for American Progress is an American liberal political policy research and advocacy organization. Its website describes it as “…a nonpartisan research and educational institute dedicated to promoting a strong, just and free America that ensures opportunity for all.”[1]

Its President and Chief Executive Officer is John Podesta, who served as chief of staff to then U.S. President Bill Clinton. Located in Washington, D.C., the Center for American Progress has a campus outreach group, Campus Progress, and a sister advocacy organization, the Center for American Progress Action Fund. …”

 

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

 

Center for American Progress

http://www.americanprogress.org/

 

Fairness Doctrine Watch: Sen. Stabenow makes new pro-gagging noise

By Michelle Malkin

“…You know grass-roots conservatives on talk radio and in New Media are getting under the Democrats’ skin when they publicly renew their Fairness Doctrine agenda again.See.

Loud Folks, keep cranking it up. …” 

 

Shame, Cubed
Three separate reasons to be appalled, each more disgusting than the last.

By Bill Whittle

“The Drudge Report this morning led off with a link to audio of Barack Obama on WBEZ, A Chicago Public Radio station. And this time, candidate Obama was not eight years old when the bomb went off.

Speaking at a call-in radio show in 2001, you can hear Senator Obama say things that should profoundly shock any American – or at least those who have not taken the time to dig deeply enough into this man’s beliefs and affiliations.

Abandon all Hope, Ye Who Enter Here:

 

Barack Obama, in 2001:

“You know, if you look at the victories and failures of the Civil Rights movement, and its litigation strategy in the court, I think where it succeeded was to vest formal rights in previously dispossessed peoples. So that I would now have the right to vote, I would now be able to sit at a lunch counter and order and as long as I could pay for it, I’d be okay, but the Supreme Court never entered into the issues of re-distribution of wealth, and sort of more basic issues of political and economic justice in this society.

“And uh, to that extent, as radical as I think people tried to characterize the Warren Court, it wasn’t that radical. It didn’t break free from the essential constraints that were placed by the Founding Fathers in the Constitution – at least as it’s been interpreted, and Warren Court interpreted it in the same way, that generally the Constitution is a charter of negative liberties: [it] says what the states can’t do to you, says what the federal government can’t do to you, but it doesn’t say what the federal government or the state government must do on your behalf.

“And that hasn’t shifted, and one of the, I think, the tragedies of the Civil Rights movement was because the Civil Rights movement became so court-focused, uh, I think that there was a tendency to lose track of the political and community organizing and activities on the ground that are able to put together the actual coalitions of power through which you bring about redistributive change. And in some ways we still suffer from that.”

A caller then helpfully asks:

“The gentleman made the point that the Warren Court wasn’t terribly radical. My question is (with economic changes)… my question is, is it too late for that kind of reparative work, economically, and is that the appropriate place for reparative economic work to change place?”

Obama replies:

“You know, I’m not optimistic about bringing about major redistributive change through the courts. The institution just isn’t structured that way. [snip] You start getting into all sorts of separation of powers issues, you know, in terms of the court monitoring or engaging in a process that essentially is administrative and takes a lot of time. You know, the court is just not very good at it, and politically, it’s just very hard to legitimize opinions from the court in that regard.

So I think that, although you can craft theoretical justifications for it, legally, you know, I think any three of us sitting here could come up with a rationale for bringing about economic change through the courts.”

…”

http://article.nationalreview.com/?q=YmFhYzIzMGQ1Y2FlMTA4N2M1N2VmZWUzM2Y4ZmNmYmI=

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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

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Stop The Bailout: The American Elites’ Bum Rush of The American People–No Sale!

Posted on September 25, 2008. Filed under: Blogroll, Economics, Investments, Life, Links, People, Politics, Rants, Raves, Regulations, Resources, Taxes, Video, War | Tags: , , , , , , , , , , , , , , , , , , |

“…deficits don’t matter…”

~Vice-President Dick Cheney

 

President Reagan – Government is the problem

 

President Bush Addresses Nation on Economic Crisis

 

Michael Bloomberg – Origins of the Economic Crisis

 

Milton Friedman: The Purpose of the Federal Reserve

 

Milton Friedman – Greed

 

Milton Friedman – Regulation – The Government Industrial Complex

 

 

The rush by the American elites of both political parties in the Federal Government and Congress to have the American people or taxpayers bailout financial institutions to avoid a financial crisis and in turn an economic recession should be stopped.

The case for the bailout simply has not been made.

Full, complete and fair disclosure of all the risks and rewards of the bailout needs to clearly stated  and analyzed.

Alternatives need to be explored and discussed in depth. This includes both alternative courses of action and alternative scenarios.  One course of action based on one scenario recommended by the Treasury Secretary is not only unacceptable, but dangerous.

Remember it is was government internvention in the mortage market requiring lenders to make loans to people that would normally never qualify that is the root cause of the problem.

The government is the problem and is certainly not the solution. 

The rush to socialism in the form of a massive government intervention in the financial markets should be defeated not encouraged.

Let the discipline of the market place penalize those who were financially irresponsible.

No believer in free enterprise would propose or for that matter even consider President Bush’s bailout or rescue plan.

The same American elites of both political parties that tried to cram down comprehensive immigration reform with amnesty and open borders are now trying to cram down a comprehensive financial bailout of financial institutions.

Only you can prevent socialism in America.

 

Goodbye America, We’ll Miss You!

 

Background Articles and Videos 

Ron Paul and Peter Schiff – America Financial Meltdow

 

Lobbying for a bailout – Lou Dobbs

 

 

CNN McCain bailout fate

 

Senator Jim Bunning Comments on Federal Bailout

 

Hannity Colmes Newt Oppose This BailOut CALL Capitol

 

Shocking!—Democrats Trying to Give Bailout Money to Obama’s Owner ACORN

 

Newt Lays It Out – Part 1 of 3 – Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.

 

Newt Lays It Out – Part 2 of 3 – Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.

 

Newt Lays It Out – Part 3 of 3 – Former Speaker of the House Newt Gingrich says the bailout plan is a disaster.

 

Wall Street “Socialism”, the new moral hazard

 

Charlie Rose – Fannie Mae & Freddie Mac

 

Barack Obama & Friends Caused U.S. Economic Crisis

 

Bill Moyers Housing Market Meltdown 1 of 2

 

Bill Moyers Housing Market Meltdown 2 of 2

 

Ron Paul on the Global Financial Crisis

 

Ron Paul talks about Bernanke’s testimony

 

 

Majority of Americans oppose $700 billion bailout, poll finds

http://www.newsday.com/business/ny-libzreax0925,0,1707264.story 

 

To the Speaker of the House of Representatives and the President pro tempore of the Senate:
 
As economists, we want to express to Congress our great concern for the plan proposed by Treasury Secretary Paulson to deal with the financial crisis. We are well aware of the difficulty of the current financial situation and we agree with the need for bold action to ensure that the financial system continues to function. We see three fatal pitfalls in the currently proposed plan:
 
1) Its fairness. The plan is a subsidy to investors at taxpayers’ expense. Investors who took risks to earn profits must also bear the losses.  Not every business failure carries systemic risk. The government can ensure a well-functioning financial industry, able to make new loans to creditworthy borrowers, without bailing out particular investors and institutions whose choices proved unwise.
 
2) Its ambiguity. Neither the mission of the new agency nor its oversight are clear. If  taxpayers are to buy illiquid and opaque assets from troubled sellers, the terms, occasions, and methods of such purchases must be crystal clear ahead of time and carefully monitored afterwards.
 
3) Its long-term effects.  If the plan is enacted, its effects will be with us for a generation. For all their recent troubles, America’s dynamic and innovative private capital markets have brought the nation unparalleled prosperity.  Fundamentally weakening those markets in order to calm short-run disruptions is desperately short-sighted.
 
For these reasons we ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action, and to wisely determine the future of the financial industry and the U.S. economy for years to come. 
 

Signed (updated at 9/25/2008 8:30AM CT) …”

 

http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm

 

Bailout: Opposition to Bush proposal among GOP lawmakers

“…Alabama Sen. Richard Shelby, the top Republican on the Senate Banking Committee, told NPR this morning that he wouldn’t vote for the proposal as it stands.

“I believe it will be reconfigured,” he says. One of Shelby’s biggest concerns is the lack of specifics about the plan’s overall cost. He says doing “nothing’s always an alternative.”

“I think they might pass something, but I don’t think we should just pass a three-page proposal and give this kind of power, unfettered power, to the secretary of the treasury — and with more to come probably,” Shelby says.

Sen. Jim DeMint, R-S.C., an outspoken critic of the bailout, says he plans to slow down the bill.

“There’s no question we’ve got a big mess here. But I’ll tell you the one sure thing is this mess was caused by the government. They broke it. I don’t trust them to fix it at this point,” he tells Fox News. “I see this as a trillion dollar band-aid that’s designed to get people past the next election, but it is not going to solve our problem. I think it’s going to make it worse by expanding our national debt, lowering the value of our dollar.” …”

http://blogs.usatoday.com/ondeadline/2008/09/bailout-opposit.html

 

Kill the bailout: Newt Gingrich gets on board

By Michelle Malkin 

“I said it yesterday.

Newt Gingrich said it today.

Hans Bader sums it up succinctly: The Bush/Paulson bailout is “Inflationary, Unnecessary, and Unconstitutional.”

Yes, it’s time for ideological purity.

Kill it. …” 

http://michellemalkin.com/2008/09/23/kill-the-bailout-newt-gingrich-gets-on-board/

 

A Political “Solution”: Part II

by Thomas Sowell  

“…But bailing out people who made ill-advised mortgages makes no more sense that bailing out people who lost their life savings in Las Vegas casinos. It makes political sense only to people like Senator Dodd, who are among the reasons for the financial mess in the first place.

People usually stop making ill-advised decisions when they are forced to face the consequences of those decisions, not when politicians come to their rescue and make the taxpayers pay for decisions that the taxpayers had nothing to do with.

The Wall Street Journal, which has for years been sounding the alarm about the riskiness of Fannie Mae and Freddie Mac, recently cited Senator Christopher Dodd along with Senator Charles Schumer and Congressman Barney Frank among those on Capitol Hill who have been “shilling” for these financial institutions, downplaying the risks and opposing attempts to restrict their free-wheeling role in the mortgage market.

As recently as July of this year, Senator Dodd declared Fannie Mae and Freddie “fundamentally strong” and said there is no need for “panicking” about them. But now that the chickens have come home to roost, Senator Dodd wants to be sure to get some goodies from the rescue legislation to pass out to people likely to vote for him. …”

http://townhall.com/Columnists/ThomasSowell/2008/09/24/a_political_solution_part_ii

 

Laugh Line of The Day

By Michelle Malkin 

“…From Bush’s address to the nation tonight, urging taxpayers to fork over a trillion dollars to Treasury Secretary Hank Paulson to distribute to whichever failing banks he chooses, at home or abroad, in order to rescue them from their bottomless pit of toxic debt:

“I’m a strong believer in free enterprise.”  …” 

http://michellemalkin.com/2008/09/24/laugh-line-of-the-day/

 

Why Bailouts Scare Stocks

by Alan Reynolds

“…Owners of common stock are supposed to be last in line during an actual bankruptcy, getting leftover scraps after creditors pick a firm’s assets to the bone. But in anything short of that, patient stockholders stand a decent chance of eventually seeing some recovery in the share price, if and when the firm gets back on its feet.

And in the recent crises, bankruptcy was involved only in the case of Lehman – the one time the feds kept their hands off.

From Treasury Secretary Hank Paulson and Fed chief Ben Bernanke on down, top officials have shown too little confidence in markets and too much confidence in themselves. As a result, anyone who’s still holding stock in a financial firm now faces a big new risk premium – because these companies are now subject to compulsory mergers on unfavorable terms (as with Bear Stearns, where the feds initially tried to force stockholders to take just $2 a share) or quasi-nationalization.

This new risk of forced mergers or a government takeover artificially depresses the stock prices of vulnerable firms. And Standard and Poors incorporates equity prices into its credit ratings – so the risk can also bring a downgraded credit rating. And a credit-rating drop triggers regulations that oblige the company to increase its capital – while simultaneously making it nearly impossible to raise capital.

Heavy-handed federal bailouts started this mutually reinforcing spiral rolling downhill by scaring anyone still holding stock in similar firms. And other regulations make it more likely to end badly. …”

http://www.cato.org/pub_display.php?pub_id=9650 

 

‘Wall Street’ No Longer Exists

by Alan Reynolds

“…Since the 1933 regulatory wall has collapsed as definitively as the Berlin Wall, all the giant financial conglomerates now face oversight and regulation by the Federal Reserve, the Securities and Exchange Commission, the Comptroller of the Currency and the Federal Deposit Insurance Corp. Innocents who seek security in regulation need to recall, however, that not one of those august agencies exhibited timely foresight or concern about the default risk among even prime mortgages in some locations, or about any lack of transparency with respect to bundling mortgages into securities. People do not become wiser, more selfless or more omniscient simply because they work for government agencies.

Wall Street was always a metaphor, of course, but so are words like “bailout” and “toxic” debt. Nationalization of Fannie Mae and Freddie Mac was a bailout for creditors (who received windfall gains), not for stockholders or executives. The federally enforced shotgun marriage between J.P. Morgan and Bear Stearns at the initially ridiculous price of $2 a share was no bailout for Bear. The 11.3% federal loan to AIG, contingent on the potential expropriation of 80% of shareholder value, is no bailout either.

By contrast, what was done to stop a run on the money-market funds is a real bailout which could encourage them to hold risky paper and also make it tougher for commercial banks to attract deposits. The proposal to buy up mortgage-backed securities is a bailout too, though the beneficiaries are not just the tattered remains of Wall Street. The bailout consists of shifting the risk of loss to taxpayers. Actual losses could not reach $700 billion unless the securities were literally worthless, which would mean the value of the underlying real estate fell to zero.

What was “toxic” for investment banks is not equally toxic for the Treasury Department because the government does not even bother to keep a balance sheet, much less abide by mark-to-market accounting rules. A powerful motive for converting investment banks into commercial banks is to get around those onerous balance-sheet rules that required fire-sale pricing of securities that were virtually unmarketable during a panicky scramble for liquidity. Strict adherence to those rules made patience a vice and a “buy and hold” approach impossible. This confirms what many of us have long been saying about the foolishness of letting arbitrary bookkeeping rules dominate economic reality.

Turning Wall Street into a bunch of commercial banks is a solution of sorts to a problem aggravated by foolish mark-to-market regulations, not by the inevitable demise of the 1933 wall between investment banks and commercial banks. Something good may yet come out of all this, because that wall never made much sense in the first place. …”

http://www.cato.org/pub_display.php?pub_id=9660

 

The Financial Bailout (and the New Resolution Trust Corp.) Must Restore the Markets and Protect the Taxpayer

by David C. John

“…The House and Senate must have two objectives when putting together their versions of the financial bailout proposal made by the Treasury and Federal Reserve: They must (1) restore the markets and (2) protect the taxpayers. Congress should act clearly and decisively to address the turmoil in the financial markets and not burden this legislation with other issues, problems, or projects.

These objectives should be resolved in the regular order of business. This legislation must not become a Christmas tree. If it does, it will likely backfire, and the intentions of either or both objectives will fail. Sadly, the Senate’s version is already on the wrong track, and the House’s is likely to follow suit. …”

http://www.heritage.org/Research/Economy/wm2072.cfm

 

No bailout necessary

Earl Thompson 

“…Our country’s leading financial officials (the heads of our Department of Treasury and Federal Reserve Bank) have proposed to bail out an enormous array of overpaid wall street phonies in order to become a foreclosing creditor for 700 billion dollars worth of real estate debt — even though they know nothing whatever about collecting or foreclosing on non-performing real estate debt. They cannot possibly do their traditional jobs, which they have normally done quite respectably, under such an administrative burden. The mess would continue, perhaps even worsen.
All the Fed Chairman has to do is do is spend half that amount of fresh Federal Reserve Notes on U.S. Government Bonds and stop making a fool of himself by begging Congress for a favor that would just create a nightmare for him, and ergo the rest of us. What that simple inflationary monetary shock would do is immediately increase the U.S. price-level by just about 20%. The dollar would sink that much in the world’s money markets and this would (1) stimulate our economy out of its current recessionary threat; (2) raise the value of real estate by 20% and immediately end the wave of current real estate foreclosures; and (3) immediately restore liquidity and financial flexibility to our banks and financial institutions so as to end our current financial woes on the spot. …”

More on the diversity racket and the home loan debacle

By Michelle Malkin  

 

“…Referencing my column yesterday on illegal immigration and the mortgage mess, Hans Bader at Open Market shares his experience. I’ve been getting a lot of e-mails with similar stories. Tip of the iceberg:

When I and my wife, a legal alien, bought our house, the mortgage company told me that if my wife were an illegal alien, rather than legal, we would have qualified for certain loan programs with big banks. But because she was a legal alien waiting for her green-card (which she had recently applied for), we didn’t qualify.

Mark Krikorian, an activist against illegal immigration, argues that “we’re in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people, resulting in what Sailer months ago called the “Diversity Recession” (if this doesn’t work, make that the Diversity Depression). In other words, if poor people in general, or blacks or Hispanics in particular, were less likely to be approved for a mortgage, the only possible reason was racism or classism or whatever. Thus ‘creditworthiness’ was an illegitimate, dead-white-male concept, like middleclassness. Because, after all, isn’t everyone entitled to credit?” …”

A Bailout We Don’t Need

By James K. Galbraith

“…Is this bailout still necessary?

The point of the bailout is to buy assets that are illiquid but not worthless. But regular banks hold assets like that all the time. They’re called “loans.”

With banks, runs occur only when depositors panic, because they fear the loan book is bad. Deposit insurance takes care of that. So why not eliminate the pointless $100,000 cap on federal deposit insurance and go take inventory? If a bank is solvent, money market funds would flow in, eliminating the need to insure those separately. If it isn’t, the FDIC has the bridge bank facility to take care of that.

Next, put half a trillion dollars into the Federal Deposit Insurance Corp. fund — a cosmetic gesture — and as much money into that agency and the FBI as is needed for examiners, auditors and investigators. Keep $200 billion or more in reserve, so the Treasury can recapitalize banks by buying preferred shares if necessary — as Warren Buffett did this week with Goldman Sachs. Review the situation in three months, when Congress comes back. Hedge funds should be left on their own. You can’t save everyone, and those investors aren’t poor. …”

Glenn Beck Explains Fannie & Freddie & Racism & Extortion

 

Kudlow & Company, September 22, 2008

 

Bernie Sanders “You’re a socialist, Larry [Kudlow]” w Allard

 

Dodd and Kyle on the Bailout Package (part 1)

 

Dodd and Kyle on the Bailout Package (part 2)

 

Bernanke Warns Congress of Possible Recession

 

Dick Armey Discusses the Dodd/Frank Bailout Bill

 

Deconstructing the Subprime Crisis

 

Richard Herring on Mortgage-backed Securities

 

Joseph Gyourko on Fannie, Freddie, and the Housing Bust

 

Franklin Allen on Past Crises

 

Franklin Allen on Lessons from the Subprime Crisis

 

Jeremy Siegel on the Resilience of American Finance

 

Susan Wachter on Securitizations and Deregulation

 

See I.O.U.S.A. themovie, visit the YouTube site

 

IOUSA Live – Panel Discusses our Fiscal Crisis

 

Buffett on Fannie / Freddie and Oil

 

Wall Street’s Day of Reckoning: The Fannie & Freddie Bailout

 

Housing Bailout For Deadbeats Gamblers Liars Thieves

 

 

Part 1 – Exposing Fannie Mae and Freddie Mac: Origins

New York Investing meetup organizer Daryl Montgomery discusses the origins of Fannie Mae and Freddie Mac in the first episode of a multi-part series. The New York Investing meetup is an organization of 1800 independent traders and investors that provides unbiased stock market education and analysis. We also have a blog,”The Helicopter Economics Investing Guide” which can be found at:

http://nyinvestingmeetup.blogspot.com

 

Part 2 – Exposing Fannie Mae and Freddie Mac: Origins

 

Part 3 – Exposing Fannie Mae and Freddie Mac: Origins

 

Part 4 – Exposing Fannie Mae and Freddie Mac: Origins

 

Part 5 – Exposing Fannie Mae and Freddie Mac: Origins

 

The Big Lie – The U.S. GDP Figures

 

Ron Paul vs. Ben Bernanke

 

Constitution Rally4Republic

 

LOL

Democrats responsible for Economic Disaster…

 

Solution to Our Economic Problems…

 

We’ve been lied to AGAIN…

 

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