American History–Panic of 1893–Videos

Posted on July 13, 2012. Filed under: American History, Blogroll, College, Communications, Economics, Employment, Federal Government, government spending, history, Inflation, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Raves, Regulations, Taxes, Technology, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , |

Murray Rothbard on Economic Recessions

The Panic of 1893 with Lawrence Reed

William Jennings Bryan’s Cross of Gold Speech 

Background Articles and Videos

American Monarchy

The Wizard of Oz and the 1896 Presidential Election

Excerpt from NPR program on the hypothesis that the book, The Wizard of Oz, was based on the 1896 presidential election and the controversy over gold vs. silver as a monetary standard.  It might be noted that the hypothesis is still a matter of controversy.

Murray Rothbard vs  Nationalization pt2 

Anarchism and Terrorism in the 1890s | by Jeff Riggenbach

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President Obama Is The Reason Your Gasoline Prices Are Going Up!–American People Favor Drilling For Oil and Gas!–Drill Baby Drill–Videos

Posted on April 25, 2011. Filed under: Blogroll, Communications, Crime, Economics, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Language, Law, liberty, Life, Links, media, Natural Gas, Oil, People, Philosophy, Politics, Rants, Raves, Resources, Science, Taxes, Technology, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , |

 

END FED: Oil Prices Rise Due To

 1) Oil Comanies Can’t Drill

2) Fed Money Printing

 3) Wars & Instability

 

Obama Wants Gas Prices to Hit European Levels

 

Energy Problems are Obama Delivering on Campaign Promise

 

EPA Blocks Oil Drilling in Alaska – 4/25/2011

 

Obama New Task Force Will Examine Gas Prices

 

 

Bernard Whitman on Fox News Applauds Obama’s Decision to Investigate Oil Price Gouging, 4.22.11  

 

 

Playing the oil prices money game

 

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

 

Michael Greenberger Talks Speculation In Commodity Markets

 

 

Mike Masters on Regulating Commodities Speculation

 

 

 

Glenn Beck: The Federal Reserve Is Looting America… Oil Isn’t Rising, The Dollar Is Dropping

 

END FED Inflation Created By Gov Buying Bonds; QE2 ‘Wealth Effect’; Companies Game System; QE3

 

Peter Schiff on CNBC Fast Money 4/25/11: Unstoppable Silver

 

Peter Schiff On Silver and Inflation Lock In Your Food At Today’s Price Try It For Free Below!

 

 

CNN/Opinion Research Corporation: “69 percent of Americans favor increased offshore drilling”

WASHINGTON – Earlier today, a new CNN/Opinion Research Corporation poll was released, further underscoring the fact that an overwhelmingly clear majority of Americans support the responsible development of homegrown oil and natural gas offshore. According to the poll, “69 percent of Americans favor increased offshore drilling.” According to CNN’s polling director, Keating Holland, “Although support for increased drilling in U.S. waters is highest among Republicans, a majority of Democrats also favor it.”

Barry Russell, president and CEO of the Independent Petroleum Association of America (IPAA), issued this statement regarding these findings:

“America’s independent oil and natural gas producers play a leading role in responsibly producing the homegrown energy resources critical to meet the nation’s growing demands. In fact, according to a recent report, independents drill 95 percent of America’s onshore and offshore wells. Equally clear, as confirmed by this new survey, is the American people’s support for the responsible development of job-creating offshore energy exploration and production.

“Our economy is struggling, and many remain out of work along the Gulf Coast as a result of misguided Washington policies that continue to discourage access to reliable oil and natural gas supplies offshore. And with gas prices on the rise, hampering our economic recovering and stretching family budgets to the brink, the Obama Administration and leaders in Congress must act boldly and swiftly to streamline access to taxpayer-owned oil and natural gas resources offshore. Shirking this critical responsibly will only further weaken our nation’s energy security. The American people have spoken clearly. Inaction is not an option.”

http://www.ipaa.org/news/press_releases/2011/2011-04-19_139.php

 

Obama Wants US to Help Brazil Develop Oil Reserves

 

Obama’s $2B Payback to Soros: Drill in Brazil

 

Glenn Beck: Is Obama a George Soros Puppet?

 

 

Glenn Beck-Soros Petrobras & Obama giving 2 billion to him

 

Vitter Criticizes Obama’s Support for Brazil Oil Exploration 

 

 

Gulf Oil Industry in Recovery

 

Year After Oil Spill, Obama Energy Policy Endangers Economy

 

Vitter Fights Moratorium as Gulf Coast Economy Struggles to Recover from Drilling Shutdown (WWL-TV)

 

 

 

Federal Judge Martin Feldman Rules Against Obama Oil Drilling Ban !!!

 

 

Myron Ebell on the Offshore Drilling Moratorium

Interior Secretary Ken Salazar seeks to reimpose drilling moratorium

 

Pence Discusses Need to End Offshore Drilling Moratorium

 

Drilling Moratorium May Imperil Louisiana’s Oil Industry

 

Obama Lifts Ban on Offshore Drilling 

Obama Lift’s Moratorium on Offshore Drilling Part 1 – 4-01-2010 Democracy NOW!

 

Obama Lift’s Moratorium on Offshore Drilling Part 2 – 4-01-2010 Democracy NOW!

 

 Obama Says NO Drilling In ANWR As It Could Be A Problem

 

Gov. Palin on Drilling in the ANWR

 

Shell Arctic Exploration Program: The Next Chapter in Alaska’s Oil and Gas History

 

Background Articles and Videos 

 

Oil Price History and Analysis

http://www.wtrg.com/prices.htm

 

Obama doesn’t believe in offshore drilling

 

Barack Obama on Offshore Oil Drilling

 

Related Posts On Pronk Palisades

 

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

 

 

 

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Ron Paul Moves To End The Federal Reserve On January 20, 2010 in Congress–Videos

Posted on January 20, 2010. Filed under: Blogroll, Communications, Economics, government spending, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Video, Wisdom | Tags: , , , , , , , , |

Ron Paul 1/20/2010 Moves To End The Federal Reserve

Ron Paul Gold and Silver – Free Competition in Currency Act HR 4248

 

Background Articles and Videos

 

Money, Banking and the Federal Reserve

End the Fed

 

12/14/09 Ron Paul: The Fed’s Money Monopoly

Ron Paul on Glenn Beck “Powerful Elite will have a World Currency…People really have to Wake Up!”

 

Ron Paul – Rick’s List CNN 01/20/10

The Bankers’ Cartel

Mises Daily: Monday, August 03, 2009 by

[The Case Against the Fed • By Murray N. Rothbard • Ludwig von Mises Institute, 1994 • 158 pages

“…Murray Rothbard begins this outstanding book by calling attention to a paradox. The Federal Reserve System enjoys virtual immunity from congressional investigation. The few who propose to subject the Fed to even minimal scrutiny, such as Henry Gonzales of Texas, at once find a consensus arrayed against them (pp. 1ff.). They threaten the stability of the market, since – it is alleged – only the Fed’s independence blocks the onset of uncontrollable inflation.

Here lies the paradox. Inflation results from the infusion of new money into the economy, and it is the Fed that is responsible for its creation. “The culprit solely responsible for inflation, the Federal Reserve, is continually engaged in raising a hue-and-cry about ‘inflation’ for which virtually everyone else in society seems to be responsible” (p. 11). How did this odd situation come about?

As one would expect from a top-flight economist, Rothbard responds by tracing the problem to its roots. He briefly and clearly explains how money originated in a barter economy. Some commodities are much easier to market than others, and “[o]nce any particular commodity starts to be used as a medium, this very process has a spiraling or snowballing effect” (p. 13).

Soon, one or two commodities emerge into general use as a medium of exchange. And this, precisely, is money. Gold and silver have almost always been the commodities that win the competition for marketability. “Accordingly, every modern currency unit originated as a unit of weight of gold or silver” (p. 17).

Why has Rothbard gone to such pains to describe a historical process that seems very remote from the Fed? By beginning with a simple case, he can elucidate the basic mechanism that underlies the Fed’s operation. To explain a complex event by starting with a simple method and gradually complicating it is a basic procedure of modern science. Galileo termed this “resoluto-compositive” method, and Descartes described it at length. Once one grasps how money has emerged, the key to understanding the mysteries of the Fed lies at hand. ..”

 http://mises.org/daily/3597

What Has Government Done to Our Money? 

by Murray N. Rothbard  

Copyright 1980 by The Ludwig von Mises Institute 

 

 

 

 

http://mises.org/money.asp

 

A Review of “End the Fed” by Ron Paul

Written by Charles Scaliger

   “…Now, with Congressman Paul’s bill H.R.1207 calling for a congressional audit of the Federal Reserve gaining traction in the House with more than 284 cosponsors, Ben Bernanke is beginning to feel real political heat. For the first time in the Fed’s nearly century-long history, large numbers of Americans and not a few political leaders, led by Ron Paul, are waking up to the realities of central banking and the Fed’s role in causing the value of the dollar to depreciate and the economy to oscillate between boom and bust.

But why take so drastic a measure as to end the Fed, after so long? Is it not better, as so many of Paul’s detractors have argued, to merely reform the institution? No, declares Paul, since the Fed, with its power to destroy the dollar and fund the operations of government by other means than up-front taxation, is, like all modern central banks, a fundamentally dishonest and immoral institution. The Founding Fathers understood very well the evils of paper money, and while granting Congress the authority in the Constitution to “coin [not print!] money,” forbade the states from making “anything but gold and silver coin a tender in payment of debts.” Entries in the journals of the Continental Congress observed that “paper currency … is multiplied beyond the rules of good policy. No truth being more evident, than that where the quantity of money … exceeds what is useful as a medium of commerce, its comparative value must be proportionately reduced.”

Unfortunately, Congressman Paul notes with rare cynicism, “the two weakest arguments for any issue on the House floor are moral and constitutional.” The immorality of the Fed should be evident to everyone, since “the moral principles that would guarantee sound money, and our not needing a central bank to manage it, are honesty, which would reject fraud, and keeping one’s word. Contracts [meaning monetary contracts, whose integrity depends on a sound dollar] should be protected, not undermined by government.”

Nor does Paul mince words about his congressional colleagues: “Members of Congress, when they knowingly endorse this system of fraud because of the benefits they receive, commit an immoral act. Financing spending in an irresponsible manner, through Fed action or future debt burdens, provides immediate political benefits to politicians.”

But all of this would come to an end if the people themselves held their political leadership to a higher moral standard. Americans have become accustomed to a government that promises them security and benefits instead of merely protecting their freedoms and enforcing their contracts. End the Fed is a plea to Americans to educate themselves about money and free-market economics — and then demand an end to the system that has systematically devalued the dollar and held ordinary Americans in thrall for several generations. If we do not soon abolish the Federal Reserve and return to sound money, we will likely experience national insolvency and an end to our dwindling political liberties. End the Fed is, simply put, a must-read for every American who can spell his name. …”

http://www.thenewamerican.com/index.php/reviews/books/1860-%20a-review-of-end-the-fed-by-ron-paul

 

Related Posts On Pronk Palisades

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–Videos

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

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

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

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

Rothbard On Keynes–Videos

Peter Schiff–Videos

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

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

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

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

Tom Woods–Lectures On Liberty–Videos

Tom Wright On The FairTax–Videos

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

Investors

Peter Thiel–Videos

Peter Schiff–Videos

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

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

 

Banking And The Federal Reserve System

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

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

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

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos 

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

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

Posted on October 28, 2009. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, government spending, Health Care, Immigration, Investments, Law, liberty, Life, Links, Medicine, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Technology, Video, Wisdom | Tags: , , , , , , , , |

us_currency

 

US Debt Clock

http://www.usdebtclock.org/ 

  

  

 

 The Pew Research Center for the People & the Press

Reasons for America’s Success

“…Although many Americans are distrustful of government, wary of the news media and disinterested in politics, they resoundingly endorse the economic and democratic systems on which the nation is grounded. When looking back on the accomplishments of the 20th century, overwhelming majorities agree that the Constitution (85%), free elections (84%), and the free enterprise system (81%) are major reasons for the success that the U.S. has enjoyed during the past 100 years. The public may be frustrated by how the system operates, but they like the design. …”

http://people-press.org/report/?pageid=282

 

 

 

Glenn Beck-10-28-09-A

Glenn Beck-10-28-09-B

Glenn Beck-10-28-09-C

Glenn Beck-10-28-09-D

Glenn Beck-10-28-09-E

The political elites should pay attention to what the American people believe is responsible for America’s success.

Politicians and political parties can and will be replaced when they propose plans and programs that undermine the US Constitution, free elections and free enterprise.

The progressive radical socialists will be defeated and eliminated should they attempt to overthrow these institutions and ignore the will of the American people.

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

~Ludwig von Mises

Background Articles and Videos

Author Jonah Goldberg on Glenn Beck 2/20 – Liberal Fascism

Free Enterprise, the Economy and Monetary Policy

“…Free enterprise is the freedom of individuals and businesses to operate and compete with a minimum of government interference or regulation. It enables individuals and businesses to create, produce, transform, develop, innovate and compete in the marketplace. As they are able and willing, enterprising people produce goods and services for profit, offer their labor for wages and own the resources needed to produce and sell goods and services. In this system, no one forces people to be creative, productive or enterprising. Instead, they pursue what they believe to be best for them. By producing the goods and services that society values most highly, a free enterprise system results in the greatest efficiency, or lowest costs, of any economic system. It is the system most compatible with individual freedom and political democracy.

 What Is Free Enterprise?

Free enterprise means men and women have the opportunity to own economic resources, such as land, minerals, manufacturing plants and computers, and to use those tools to create goods and services for sale.

What prompts people to take the financial and emotional risk of starting a business? The main motivator is the potential to earn a profit. People also go into business for personal reasons, such as the desire for independence and the drive to be creative.

Others have no intention of starting a business. If they choose, they can offer their labor, another economic resource, for wages and salaries. The key to free enterprise is that all these people, whether they start a business of their own or work for someone else, do so voluntarily. By allowing people to pursue their own interests, a free enterprise system can produce phenomenal results. Running shoes, walking shoes, mint toothpaste, gel toothpaste, skim milk, chocolate milk, cellular phones and BlackBerrys are just a few of the millions of products created as a result of economic freedom. …”

http://www.dallasfed.org/educate/everyday/ev5.html

Fed & Treasury total money supply

All major Fed operations (plus custodials), showing the running total of all Fed & Treasury controlled money creation or destruction actions.

 

fs1

http://www.nowandfutures.com/key_stats.html

The Money Supply

Money Supply Measures
The Federal Reserve publishes weekly and monthly data on two money supply measures M1 and M2. The money supply data, which the Fed reports at 4:30 p.m. every Thursday, appear in some Friday newspapers, and they are available online as well. The Fed publishes measures of large time deposits on a quarterly basis in the Flow of Funds Accounts statistical release.

The money supply measures reflect the different degrees of liquidity—or spendability—that different types of money have. The narrowest measure, M1, is restricted to the most liquid forms of money; it consists of currency in the hands of the public; travelers checks; demand deposits, and other deposits against which checks can be written. M2 includes M1, plus savings accounts, time deposits of under $100,000, and balances in retail money market mutual funds.

The chart below shows the relative sizes of the two monetary aggregates. In April 2008, M1 was approximately $1.4 trillion, more than half of which consisted of currency. While as much as two-thirds of U.S. currency in circulation may be held outside the United States, all currency held by the public is included in the money supply because it can be spent on goods and services in the U.S. economy. M2 was approximately $7.7 trillion and largely consisted of savings deposits.

The Money Supply

http://www.ny.frb.org/aboutthefed/fedpoint/fed49.html

Money Supply

“…In economics, money supply or money stock, is the total amount of money available in an economy at a particular point in time.[1] There are several ways to define “money”, but standard measures usually include currency in circulation and demand deposits.[2][3]

Money supply data are recorded and published, usually by the government or the central bank of the country. Public and private-sector analysts have long monitored changes in money supply because of its possible effects on the price level, inflation and the business cycle.[4]

That relation between money and prices is historically associated with the quantity theory of money. There is strong empirical evidence of a direct relation between long-term price inflation and money-supply growth. These underlie the current reliance on monetary policy as a means of controlling inflation.[5][6] This causal chain is however contentious, with heterodox economists arguing that the money supply is endogenous and that the sources of inflation must be found in the distributional structure of the economy.[7]

Money is used in final settlement of a debt and as a ready store of value. Its different functions are associated with different empirical measures of the money supply. Since most modern economic systems are regulated by governments through monetary policy, the supply of money is broken down into types of money based on how much of an effect monetary policy can have on each. Narrow measures include those more directly affected by monetary policy, whereas broader measures are less closely related to monetary-policy actions.[6] Each measure can be classified by placing it along a spectrum between narrow and broad monetary aggregates. The different types of money are typically classified as Ms. The number of Ms usually range from M0 (narrowest) to M3 (broadest) but which Ms are actually used depends on the system. The typical layout for each of the Ms is as follows:

  • M0: Notes and coins (currency) in circulation and in bank vaults.[8] In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.[9]
  • MB: Equals M0 + reserves which commercial banks hold in their accounts with the central bank (minimum reserves and excess reserves). MB is referred to as the monetary base or total currency.[10] This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply. [11]
  • M1: M1 includes funds that are readily accessible for spending. M1 consists of: (1) currency outside Federal Reserve Banks, and the vaults of depository institutions; (2) traveler’s checks of nonbank issuers; (3) demand deposits; and (4) other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. [12] Bank reserves are not included in M1.
  • M2: Equals M1 + savings deposits, time deposits less than $100,000 and money market deposit accounts for individuals. M2 represents money and “close substitutes” for money.[13] M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions. M2 is a key economic indicator used to forecast inflation.[14]
  • M3: Equals M2 + large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets.[15] M3 is no longer published or revealed to the public by the US central bank.[16] However, it is estimated by the web site Shadow Government Statistics. [17]
  • MZM: Money with zero maturity. This measure equals M2 plus all money market funds, minus time deposits. It measures the supply of financial assets redeemable at par on demand.

Fractional-reserve banking

Main article: Fractional-reserve banking

The different forms of money in government money supply statistics arise from the practice of fractional-reserve banking. Whenever a bank gives out a loan in a fractional-reserve banking system, a new sum of money is created. This new type of money is what makes up the non-M0 components in the M1-M3 statistics. In short, there are two types of money in a fractional-reserve banking system[18][19]:

  1. central bank money (physical currency, government money)
  2. commercial bank money (money created through loans) – sometimes referred to as private money, or checkbook money[20]

In the money supply statistics, central bank money is M0 while the commercial bank money is divided up into the M1-M3 components. Generally, the types of commercial bank money that tend to be valued at lower amounts are classified in the narrow category of M1 while the types of commercial bank money that tend to exist in larger amounts are categorized in M2 and M3, with M3 having the largest.

Reserves are deposits that banks have received but have not loaned out. In the USA, the Federal Reserve regulates the percentage that banks must keep in their reserves before they can make new loans. This percentage is called the minimum reserve. This means that if a person makes a deposit for $1000.00 and the bank reserve mandated by the FED is 10% then the bank must increase its reserves by $100.00 and is able to loan the remaining $900.00. The amount of money the banking system generates with each dollar of reserves is called the money multiplier, and is calculated as the reciprocal of the minimum reserve. For a reserve of 10% the money multiplier, followed by the infinite geometric series formula, is the reciprocal of 10%, which is 10. …”

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

Peter Schiff Vlog-Market Sell Off,-Homebuyer Tax Credit-Inflation & Rents

10/27/2009 Peter Schiff On Fast Money: Dollar Rally Only Temporary?

10/28/09 Jim Rogers on Bloomberg (Part 1/3)

10/28/09 Jim Rogers on Bloomberg (Part 2/3)

10/28/09 Jim Rogers on Bloomberg (Part 3/3)

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Federal Reserve System

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

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

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos 

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

Monetary Economic Policy

The Battle Between Keynes and Monetarism in the UK–Videos

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

The Big Economic Picture–Some Perspectives–Videos

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

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

Thomas E. Woods, Jr.–Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

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

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

Posted on February 10, 2009. Filed under: Blogroll, Books, Economics, Education, Employment, Homes, Investments, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Video | Tags: , , , , , , , , , |

 
LOL

Bird and Fortune – Subprime Crisis

 

Bailout Prize Patrol

THE TARP SONG “I Want Some Tarp” by Bill Zucker

 

UPDATE

More and more Federal government interventions and more and more bailouts–this is national socialism/fascism–not capitalism!

The cost to the American people will be unemployment rates of between 15% to 20% within two years and inflation rates of between 25% to 50% within four years.

Let the markets work!

Do not do business with any bank or business that needs or takes a bailout or capital from the Federal government.

 Always remember it was the Federal government insisting that banks make mortage loans to people they would not normally lend to that started this mess in the first place.

 

(Part 1/2) Treasury Secretary Timothy Geithner Announces Economic Recovery Plan

 

(Part 2/2) Treasury Secretary Timothy Geithner Announces Economic Recovery Plan

 

Inside Look – Financial Stability Plan – Bloomberg

 

Reaction to Geithner Speech – Bloomberg

 

Inside Look – Geithner’s Financial Rescue Plan – Bloomberg

 

LET THEM FAIL ! NO BAILOUT ON MY BEHALF JIM ROGERS

 

Thomas Sowell – Obama’s Vision

 

Thomas Sowell – The Vision of the Anointed

 

Ron Paul on Socialism, Inflationism and the Death of the Dollar

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 1

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 2

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 3

 

Why Nazism Was Socialism and Why Socialism Is Totalitarian 4


 

First, some background information as to how did we get into this financial crisis in the first place:

Deconstructing the Subprime Crisis

 

subprime derivatives

 

Second, what lessons can we learn from the financial crisis:

Franklin Allen on Lessons from the Subprime Crisis

 

Third,the investment banks got greedy,arrogant, and stupid:

Jeremy Siegel on the Resilience of American Finance


 

Fourth, how do we get out of this massive failures of both the  Federal government and securities market?

Please note which foreign country bought significant amounts of agency or Fannie Mae and Freddie Mac securites–Communist China!

 

Wall Streets Day of Reckoning: Turmoil in the Global Market

 

Wharton Faculty Teach-In October 21, 2008

 

Finally, here comes the mother of all bailouts to recapitalize the financial institutions:

 

 

Obama: More Bank Failures Likely

The rush to getting the so-called stimulus bill through Congress with or without any Republican support was noticed by many commentors. 

Why?

Hang on to your wallets and watch the dollar depreciate some more.

The Treasury Secretary, Tim Geithner,  will be asking for between 2 to 3 trillion dollars for creation of either (1)  a “bad bank” to aggregate all those toxic investments or troubled assets to get them isolated from all US financial institutions so that lending can be rebooted or started again or more likely or (2) recapitalize the financial institution by investing money in exchange for preferred stock and warrants to be repaid sometime in the next five to ten years.

 

Creating A ” Bad Bank”?; Cleaning Up Toxic Assets – Bloomberg

 

Soros Says Bad Bank Plan Won’t Solve Lending Woes

 

Bad Bank Loses Favor – Bloomberg

 

Jim Lacamp on CNBC’s Kudlow & Co Feb 5, 2009 Part 1

 

Bernanke on Fed’s Future: More capital injections & guarantees – setup “”bad banks”


 

I agree with Eric, if a “bad bank” is what Secretary Geithner is going to recommend to Congress, just say no way pal.

Nobody is going to agree as the valuation or price for a troubled toxic asset.

Once was enough on the job training or OTJ for a Treasury Secretary.

Jim Rogers was right, why does anybody listen to Geithner?

 

Shame on you Glenn Beck – Telling the Truth about Timmy Geithner

 

Tax Cheat

 

Geithner Is Sworn in As Treasury Secretary

 

Who were some of the biggest campaign contributors to President Obama and the Democratic Party?

Follow the money–the executives and employees of the bailedout financial institutions.

No surprise there–the Chicago Way–pay for play.

Getting it right is more important than doing it fast.

When the new Treasury Secretary comes to Congress to report on TARP and then asks for another 2-3 trillion  ($2,000,000,000,000–$3,000,000,000,000) for additional authority to purchase toxic or troubled assets or recapitalize the financial institutions in trouble, the American People are going to go ballistic.

 

Inside Look – Banks Urge Quick Release of TARP 2 – Bloomberg

 

“Dr. Doom,” Nouriel Roubini about banking nationalisation and moral hazard

 

Jim Rogers: The fundamentals of Commodoties are IMPROVING!

 

It is abundantly clear that the American elites of both political parties are not telling the American people what is really going on or the scope of the problem.

What the American political class does not understand is the American People are very mad and about to revolt.

The American people will stop calling and e-mailing their Representative, Senators, and President.

Instead the American people will start marching.

So what will the Treasury Secretary recommend.

Yes, you got it, back to Treasury Secretary Paulson’s second plan to recapitalize the banks.

Again, how much is this going to cost the American people for providing a capital infusion now to be paid back latter, say in five to ten years, if not sooner.

Stay tuned.

 

 

Background Articles and Videos

 

New Bank Bailout Could Cost $2 Trillion

By DEBORAH SOLOMON, DAVID ENRICH and JON HILSENRATH

“Government officials seeking to revamp the U.S. financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health, according to people familiar with the matter.

President Barack Obama’s new administration is wrestling with how to stem the continuing loss of confidence in the financial system, as it divides up the remaining $350 billion from the $700 billion Troubled Asset Relief Program launched last fall. The potential size of rescue efforts being discussed suggests the administration may need to ask Congress for more funds. Some of the remaining $350 billion of TARP funds has already been earmarked for other efforts, including aid to auto makers and to homeowners facing foreclosure.

The administration, which could announce its plans within days, hasn’t yet made a determination on the final shape of its new proposal, and the exact details could change. Among the issues officials are wrestling with: How to fix damaged financial institutions without ending up owning them.

The aim is to encourage banks to begin lending again and investors to put private capital back into financial institutions. The administration is expected to take a series of steps, including relieving banks of bad loans and distressed securities. The so-called “bad bank” that would buy these assets could be seeded with $100 billion to $200 billion from the TARP funds, with the rest of the money — as much as $1 trillion to $2 trillion — raised by selling government-backed debt or borrowing from the Federal Reserve. …”

 

http://online.wsj.com/article/SB123319689681827391.html?mod=todays_us_page_one

 

Roubini Predicts U.S. Losses May Reach $3.6 Trillion (Update1)

“…U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is “effectively insolvent,” said New York University Professor Nouriel Roubini, who predicted last year’s economic crisis.

“I’ve found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.”

Losses and writedowns at financial companies worldwide have risen to more than $1 trillion since the U.S. subprime mortgage market collapsed in 2007, according to data compiled by Bloomberg.

President Barack Obama will have to use as much as $1 trillion of public funds to shore up the capitalization of the banking sector, following the $350 billion injection by the Bush administration, Roubini told Bloomberg News. Congress last year approved a $700 billion rescue fund, of which half remains to be disbursed. …”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aS0yBnMR3USk

 

Participants in Government Investment Plan

“In unveiling its bank-share purchase program, the Treasury Department required nine of the nation’s largest financial-services companies to sell a total of $125 billion in preferred stock to the government, and said an additional $125 billion in stock could be bought from other firms on a voluntary basis. Below, see a list of participating companies. Click the headers of the columns to sort by company, state and amount.
Last updated: 02/04/2009
  …”

http://online.wsj.com/public/resources/documents/st_BANKMONEY_20081027.html

 

Good news: TARP II coming soon

posted at 12:35 pm on January 20, 2009 by Allahpundit

“…No, not the stimulus. Another monster bailout on top of the stimulus. If the timeline here is right, Team Barry could be asking for it by mid-February, which would mean the $700 billion in TARP I lasted … five months.

Ever get the feeling like we’re just buying time?

[P]ersons close to the situation in Congress told Politico that the deteriorating economic situation leaves little breathing room. Bank losses are up and auto sales down. A top Hill staffer predicted Obama could be forced to seek more money even before the President’s Day recess in mid-February.

If so, this would be a nightmare political scenario for the incoming administration, which has focused on using the next month to muscle through its economic recovery plan…

But Obama gets one honeymoon as a new president, and waiting is not without risks. Financial newspapers reflect a growing concern that the government must do more to buy up the bad investments that hang over financial markets; with more bad earnings reports due this week, there is sense that this is a crisis that can’t be avoided…

“Congress isn’t going to step up and say, ‘Hey, can we give away another $700 billion?’” said an aide to a second Democratic House member. “But there’s a growing sense among people who are really watching this closely, I think, that it is entirely possible, six months from now, maybe even less, the administration is going to come back and say, ‘We need more; we need … more of the same.’”

http://hotair.com/archives/2009/01/20/good-news-tarp-ii-coming-soon/

 

Inside Look: A Severe Global Economic Contraction

Recession & Recovery

Jim Rogers Investment banks all gonna go to…

 

Jim Rogers on the Asian Financial Forum pt 1/2 Jan 21 2009

 

Jim Rogers on the Asian Financial Forum pt 2/2 Jan 21 2009

 

Jim Rogers Britain is Bankrupt (21.01.09)

 

Peter Schiff on CNBC Kudlow – 1:20:09 Part 1

 

Obama – The New Face of Western Imperialism [1 of 2]

Obama – The New Face of Western Imperialism [2 of 2]
 

 http://www.treas.gov/press/releases/reports/0010508105_a_report.pdf

 

Timoth Geithner

Timothy Franz Geithner [pronounced /ˈgaɪtnər/] (born August 18, 1961) is the 75th and current United States Secretary of the Treasury, serving under U.S. President Barack Obama. He was previously the president of the Federal Reserve Bank of New York and a tax chiseler.

Geithner will be directing the nation’s economic recovery from the worst financial crisis in three generations, a task that could define the first two years of Obama’s term. Specific duties include directing how $350 billion of already existing Wall Street bailout money is to be spent, then making the case to the United States Congress and the public if more is needed. In addition, Congress is working on an $825-billion economic recovery package that dedicates about two-thirds to new government spending and the rest to tax cuts. Geithner will be playing a big role in disbursing that money.[2]

Geithner’s nomination came under fire due to his failure to pay over $30,000 in taxes in the past. Geithner was able to receive Senate confirmation but he remains under deep criticism for not following the rules of the agency he now oversees.[3]

http://en.wikipedia.org/wiki/Timothy_F._Geithner 

 

Jim Rogers, Jr.

“James Beeland Rogers, Jr. (born October 19, 1942) is an American investor and financial commentator. He is co-founder, along with George Soros, of the Quantum Fund, and is a college professor, author, world traveler, economic commentator, and creator of the Rogers International Commodities Index (RICI).

Rogers, whose full name is James Beeland Rogers, Jr. was born in Wetumpka, Alabama. Rogers grew up in Demopolis, getting started in business at the age of five, picking up bottles at baseball games. He got his first job on Wall Street, at Dominick & Dominick, after graduating with a bachelor’s degree from Yale University in 1964. Rogers then acquired a second BA degree from Balliol College, Oxford University in 1966. After Oxford, Rogers returned to the U.S. and enlisted in the army for a few years.

In 1970, Rogers joined Arnhold & S. Bleichroeder, where he met George Soros. That same year, Rogers and Soros founded the Quantum Fund. During the following 10 years the portfolio gained 4200% while the S&P advanced about 47%.[1] It was one of the first truly international funds.

In 1980, Rogers decided to “retire”, and traveled on motorcycle through China. Since then, he has been a guest professor of finance at the Columbia University Graduate School of Business.

In 1989 and 1990, Rogers was the moderator of WCBS’ The Dreyfus Roundtable and FNN’s The Profit Motive with Jim Rogers. From 1990 to 1992, he traveled through China again, as well as around the world, on motorcycle, over 100,000 miles (160,000 km) across six continents, which was picked up in the Guinness Book of World Records. He tells of his adventures and worldwide investments in Investment Biker.

In 1998, Rogers founded the Rogers International Commodity Index. In 2007, the index and its 3 sub-indices were linked to exchange-traded notes under the banner ELEMENTS. The notes track the total return of the indices as an accessible way to invest. …”

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

 

Pay to Play

“Pay to Play, sometimes pay for play, is a phrase which has been used for a variety of situations in which money is exchanged for services or the privilege to engage (play) in certain activities. Some uses refer to illicit activities, such as the exchange of money for influence in politics, while others can be normal, even expected, practices. An example of the latter is the concept of No Pay No Play in auto insurance law: an uninsured driver is not permitted to recover money for property damage or bodily injury damages caused by an auto accident, even if the uninsured driver is not at fault, because the lack of pay into the system results in the revocation of the uninsured driver’s right to play when compensation is collected.

In politics, pay to play refers to a system, akin to payola in the music industry, by which one pays (or must pay) money in order to become a player. The common denominator of all forms of pay to play is that one must pay to “get in the game,” with the sports analogy frequently arising.[1]

Typically, the payer (an individual, business, or organization) makes campaign contributions to public officials, party officials, or parties themselves, and receives political or pecuniary benefit such as no-bid government contracts, influence over legislation,[2][3] political appointments or nominations,[4][5] special access[6] or other favors. The contributions, less frequently, may be to nonprofit or institutional entities,[7] or may take the form of some benefit to a third party, such as a family member of a governmental official.[8]

The phrase, almost always used in criticism, also refers to the increasing cost of elections and the “price of admission” to even run[9] and the concern “that one candidate can far outspend his opponents, essentially buying the election.”[10]

While the direct exchange of campaign contributions for contracts is the most visible form of Pay to Play, the greater concern is the central role of money in politics, and its skewing both the composition and the policies of government.[11][12] Thus, those who can pay the price of admission, such as to a $1000/plate dinner or $25,000 “breakout session,” gain access to power and/or its spoils, to the exclusion of those who cannot or will not pay: “giving certain people advantages that other[s] don’t have because they donated to your campaign.”[13] Good-government advocates consider this an outrage because “political fundraising should have no relationship to policy recommendations.”[14] Citizens for Responsible Ethics in Washington called the “Pay-to-Play Congress” one of the top 10 scandals of 2008.[15]

Incumbent candidates and their political organizations[16] are typically the greatest beneficiaries of Pay-to-Play. Both the Democratic and Republican parties have been criticized for the practice. Many seeking to ban or restrict the practice characterize pay-to-play as legalized corruption. …”

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

 

Webster Tarpley

“Webster Griffin Tarpley is an author, journalist, lecturer, and critic of US foreign and domestic policy. Tarpley maintains that the events of 9/11 were engineered by a rogue network of the military industrial complex and the CIA. His writings and speeches describe a model of false flag terror operations by a rogue network in the military/intelligence sector working with moles in the private sector and in corporate media, and locates such contemporary false flag operations in a historical context stretching back in the English speaking world to at least the “gunpowder plot” in England in 1605. …”

“In January 2008, Tarpley became one of the first critics to assert that Barack Obama is actually managed by right-wing powerbrokers. Tarpley claimed that a shift in power had taken place in the ruling class, with the Zbigniew Brzezinski faction and its presidential candidate Obama ascendant over the lame-duck neocons. The targets of US imperialism would now be Russia, China and its ally Pakistan, instead of Iraq, Iran and Syria. He developed these themes in his two books on Obama.

Tarpley is also a tough critic of free market, particularly the Austrian School and Chicago School economics [12]. …”

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

 

Elizabeth Warren

Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School, where she teaches contract law, bankruptcy, and commercial law. Warren graduated from the University of Houston with a B.S. in 1970 and received her J.D from Rutgers Law—Newark in 1976.

Warren is a member of the FDIC’s Committee on Economic Inclusion. She is the former Vice-President of the American Law Institute and a member of the American Academy of Arts and Sciences. She served as the Chief Adviser to the National Bankruptcy Review Commission. Warren is a popular teacher, winning awards from her students at Harvard, the University of Pennsylvania, the University of Michigan, and the University of Houston Law Center.

Warren has testified several times before House and the Senate committees on financial issues. The National Law Journal has repeatedly named Professor Warren as one of the Fifty Most Influential Women Attorneys in America, and she has been recognized for her work by SmartMoney magazine, Money magazine, and Law Dragon. …”

 

“On November 14, 2008 Ms. Warren was appointed by United States Senate Majority Leader Harry Reid to chair the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act.[5] The reports of the Panel are available at http://cop.senate.gov. …”

 

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

 

Jim Rogers – Super-inflation to come worldwide 

 

 Jim Rogers Britain Can’t afford it (23.01.09) 1/2

 

 

Jim Rogers Britain Can’t afford it (23.01.09) 2/2

 

Marc Faber “U S will default on debt or enter hyperinflation” 02-05-09

 

$78 Billion Financial (TARP) Bailout Scandal: Taxpayers Shortchanged on Asset Purchases

 

Elizabeth Warren Introduces COP’s Valuation Report

In this video, Chairperson Elizabeth Warren introduces COP’s third oversight report: Valuing Treasury’s Acquisitions. This report features a deal-by-deal analysis of the value Treasury received in exchange for the taxpayer dollars it spent on the ten largest TARP transactions.

 

Obama and Democrats are Responsible: Fannie Mae/Freddie Mac

 

The Democrats and Obama caused the financial crisis of 08 by supporting Fannie Mae and Freddie Mac and covering up their bad books.

 

Obama and Fannie Mae

 

 

Spendulus Alert: $50 billion for “mandatory mortgage modifications”

By Michelle Malkin 

“I uploaded the entire Sellout Substitute Amendment championed by the Turncoat Caucus this weekend. Did you read through to the very end of the 778-page legislative text? Did your Senator? If you did, then you saw this: ….

 

“…Yes, you read that correctly. $50 billion more of your money made available to tax cheat/bailout failout architect Treasury Secretary Tim Geithner to force banks to do loan modifications with homeowners deep under water on their mortgages. That’s in addition to the $20 billion already allocated by the House last month for the same purposes.

Banks have been engaged in these “mo mod” programs over the past year. The Democrats want to accelerate the pace and use the power of government to essentially provide a blanket amnesty for borrowers and lenders who made bad financial decisions. Yes, I know there are many responsible borrowers out there having trouble negotiating loan modifications. I’ve heard from some of you. But this $50 billion giveaway to the banks — the brainchild of unscrupulous borrower Chris Dodd – is exactly the wrong way to go.  …”

http://michellemalkin.com/2009/02/09/spendulus-alert-50-billion-for-mandatory-mortgage-modifications/ 

 

 

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

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

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

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

Boycott Bailedout Businesses and Banks

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

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

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

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

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

 

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