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

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

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

Published on Apr 29, 2017

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

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

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Stockman: Market Will Not Be Pretty Under Trump

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

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

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

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

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

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

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

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

David Stockman Market In Text 2

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

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

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

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

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

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

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

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

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

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

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

Thanks for reading,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

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

David Stockman

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

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

Early life and education

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

Political career

Stockman’s Congressional portrait

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

Congress

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

Office of Management and Budget

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

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

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

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

Fiscal legacy

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

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

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

Business career

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

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

Collins & Aikman Corp.

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

Criminal and civil charges

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

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

Web site

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

Personal life

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

Quotes

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

Bibliography

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

References

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

External links

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

1977–1981
Succeeded by
Mark Siljander
Political offices
Preceded by
Jim McIntyre
Director of the Office of Management and Budget
1981–1985
Succeeded by
Jim Miller
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Biden/Warren Democratic Ticket? — World Stock Markets Crash! — Trump Breaks New Ceiling in Polls — Trump A Leader — Political Elitist Establishment Panic — American People Want To Make America Great Again — Vidoes

Posted on September 5, 2015. Filed under: American History, Babies, Banking, Blogroll, Business, Communications, Congress, Constitution, Corruption, Culture, Documentary, Economics, Education, Elections, Employment, Energy, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, government spending, Health Care, history, Illegal, Immigration, Inflation, Investments, Law, Legal, liberty, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, Money, National Security Agency (NSA), Newspapers, Obamacare, People, Philosophy, Photos, Politics, Press, Radio, Radio, Raves, Regulations, Spying, Strategy, Talk Radio, Taxation, Taxes, Television, Terrorism, Unemployment, Video, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , |

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Pronk Pops Show 520: August 24, 2015 

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Story 1: Biden/Warren Democratic Ticket? — World Stock Markets Crash! — Trump Breaks New Ceiling in Polls — Trump A Leader — Political Elitist Establishment Panic — American People Want To Make America Great Again — Vidoes

Rudyard Kipling “If” Poem animation

(‘Brother Square-Toes’—Rewards and Fairies)

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 impostors 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 worn-out 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 breathe 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!
Monday, August 24
Race/Topic   (Click to Sort) Poll Results Spread
President Obama Job Approval Gallup Approve 45, Disapprove 51 Disapprove +6
President Obama Job Approval Rasmussen Reports Approve 45, Disapprove 54 Disapprove +9
Direction of Country Rasmussen Reports Right Direction 27, Wrong Track 66 Wrong Track +39
Friday, August 21

2016 Republican Presidential Nomination

Polling Data

Poll Date Trump Bush Carson Walker Rubio Cruz Fiorina Paul Kasich Huckabee Christie Perry Santorum Jindal Graham Spread
RCP Average 8/9 – 8/16 22.0 10.7 9.7 7.7 7.3 7.3 6.3 4.3 4.3 4.3 3.3 1.3 1.0 0.7 0.3 Trump +11.3
CNN/ORC 8/13 – 8/16 24 13 9 8 8 5 5 6 5 4 3 2 1 0 0 Trump +11
FOX News 8/11 – 8/13 25 9 12 6 4 10 5 3 4 6 3 1 1 1 0 Trump +13
Rasmussen 8/9 – 8/10 17 10 8 9 10 7 9 4 4 3 4 1 1 1 1 Trump +7

All 2016 Republican Presidential Nomination Polling Data

Peter Schiff Economic Collapse Headed for U S in 2015

Will Wall Street’s rough week prove an overdue correction?

Keiser Report: $32 trillion in pointless trading (E799)

Gordon Chang on the China Problem

Gordon Chang – A Lot Of People Are Losing Substantial Amounts In China – 20 Aug 15 | Gazunda

Keiser Report: Planet Ponzi dwarfing world’s economy (E795)

Keiser Report: China Mainland MSM Myths (E704)

Is China’s Economy On The Verge Of Collapse?

Alex Jones & Max Keiser – American Economic Crisis! Dollar Collapse Imminent!

Why China is Panicking About the Stock Market Crash | China Uncensored

China Reality Check: Has the Hard Landing in China Already Started?

China’s economic growth rate fell to 7.4% in 2014, and many believe the official figure is actually more generous than the reality. Most forecasts expect growth to come in well under 7.0% in 2015. What are we to make of these trends? Are we at the beginning of a hard landing where the long history of structural inefficiencies are finally and inescapably being revealed and the possibilities of a financial crisis more ever looming? Or are we in a gradual shift toward a “new normal” of healthier and still relatively robust growth as a result of foresighted policy adjustments? Or is something else going on altogether? Anne Stevenson-Yang, co-founder of J Capital Research, is a veteran analyst of the China’s economy and economic policy process. She travels widely in China in order to compare official data with actual behavior and performance. Bob Davis of the Wall Street Journal is a leading expert on macroeconomic policy and recently completed an extended posting in Beijing, where he wrote regularly about China’s economy.

Why 99% of trading is pointless

Published: Aug 1, 2015

An astonishing $32 trillion in securities changes hands every year with no net positive impact for investors, charges Vanguard Group Founder John Bogle.

Meanwhile, corporate finance — the reason Wall Street exists — is just a tiny slice of the total business. The nation’s big investment banks probably could work for less than a week and take the rest of the year off with no real effect on the economy.

“The job of finance is to provide capital to companies. We do it to the tune of $250 billion a year in IPOs and secondary offerings,” Bogle told Time in an interview.
“What else do we do? We encourage investors to trade about $32 trillion a year. So the way I calculate it, 99% of what we do in this industry is people trading with one another, with a gain only to the middleman. It’s a waste of resources.”

Rent seekers

It’s a lot of money, $32 trillion. Nearly double the entire U.S. economy moving from one pocket to another, with a toll-taker in the middle. Most people refer to them as “stock brokers,” but let’s call them what they are — toll-takers and rent-seekers.

Rent-seeking as an occupation is as old as the hills. In exchange for working to build up credentials and relative fluency in the arcane rules of an industry, one gets to stand back from actual work and just collect money.

Ostensibly, the job of a financial adviser is to provide advice. Do you actually get that from your broker? It is worth anything?

Research shows, over and over, that stock brokers can’t do much of anything demonstrably valuable. They don’t know which stocks will go up or down and when. They don’t know which asset classes will outperform this year or next.

Nobody knows. That’s the point. If you’re among that small cadre of extremely high-level traders who can throw loads of cash at a short-term fluke, fantastic. If you have a mind for numbers like Warren Buffett that allows you to buy companies on the cheap and hold them forever, excellent.

If you’re a normal retirement investor trying to get from A to B and retire on time, well, you have a really big problem to face: The toll-taker wants your money.

Dead weight

So he needs you to trade — a lot. Because that’s how stock brokers make money. Not by doling out retirement advice, but by ensuring that your account is active and churning commissions on behalf of them and their employers.

What’s a highway with no traffic on it? If you’re a toll-taker, it’s a money loser. So Wall Street’s rent-seekers need traffic in the form of regular trading. An account that sits invested for months at a time with no trades is dead weight to them.

Nevertheless, as Bogle maintains, doing nothing is the key. “Don’t do something, just stand there!” he has often said.

A portfolio indexing approach to investing codifies Bogle’s time-tested and effective way of investing for retirement — without lining the pockets of toll-taking stock brokers along the way.

http://www.marketwatch.com/story/why-99-of-trading-is-pointless-john-bogle-2015-07-30?link=sfmw_fb

Trump widens lead over U.S. Republican presidential field: Reuters poll

Reuters

Republican Donald Trump is pulling away from the pack in the race for the party’s U.S. presidential nomination, widening his lead over his closest rivals in the past week, a Reuters/Ipsos poll showed on Friday.

Republican voters show no signs they are growing weary of the brash real estate mogul, who has dominated political headlines and the 17-strong Republican presidential field with his tough talk about immigration and insults directed at his political rivals. The candidates are vying to be nominated to represent their party in the November 2016 general election.

Nearly 32 percent of Republicans surveyed online said they backed Trump, up from 24 percent a week earlier, the opinion poll found. Trump had nearly double the support of his closest competitor, former Florida Governor Jeb Bush, who got 16 percent. Retired neurosurgeon Ben Carson was third at 8 percent.

Even when Trump was pitted directly in the poll against just his top two competitors, 44 percent backed him. Bush won about 29 percent of respondents, and Carson 25 percent.

“He’s not taking any guff from anybody,” Dewey Stedman, 70, a Republican from East Wenatchee, Washington, said of the publicity-loving billionaire. “If you don’t have something in your brains, you’re not going to have billions of dollars.”

Trump has driven the debate on the campaign trail with a hard-line immigration plan that calls for the deportation of undocumented immigrants, amendment of the Constitution to end automatic citizenship for all people born in the United States, and construction of a wall along the border with Mexico.

He also has feuded with Bush and other rivals while boasting he could easily beat Democratic front-runner Hillary Clinton.

Trump’s campaign momentum has paid off with bigger crowds on the campaign trail. On Friday night, he moved a planned rally in Mobile, Alabama, to a football stadium seating more than 40,000.

“It is an appeal to people that are just aggravated about what’s going on,” Republican strategist Rich Galen said, adding that Trump is a “novelty act” that voters will tire of.

Friday’s results in the online rolling opinion poll are based on a survey of 501 Republicans and have a credibility interval of plus or minus 5 percent.

Separate results found Clinton leading among Democrats, though support for her dipped below 50 percent to 48.5 percent.

U.S. Senator Bernie Sanders of Vermont came in second in the poll of 625 Democrats, followed by Vice President Joe Biden, who has not entered the race. That survey had a credibility interval of plus or minus 4.5 percent.

http://news.yahoo.com/trump-widens-lead-over-u-republican-presidential-field-224439794.html

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SEIU Stephen Lerner’s Plan to Sabotage American Economy and Stock Market and To Destroy Capitalism–Videos

Posted on March 22, 2011. Filed under: American History, Banking, Blogroll, Communications, Diasters, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Regulations, Resources, Security, Taxes, Union, Unions, Video, Wealth, Wisdom | Tags: , , , , , , , , |

http://www.dollarsandsense.org/archives/2011/0311reuss.html

http://politicalcalculations.blogspot.com/2006/03/union-membership-trends-in-us-private.html

 

UPDATED

Stephen Lerner, former SEIU memeber, plan for strike (Occupy Wall Street): FULL Uncut Version

Glenn Beck-03/22/11-A

Glenn Beck-03/22/11-B

SEIU Planned Destruction of Capitalism

CAUGHT ON TAPE: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan, Crash The Stock Market, And Redistribute Wealth In America

“…Here are the key remarks:

Unions are almost dead. We cannot survive doing what we do but the simple fact of the matter is community organizations are almost dead also. And if you think about what we need to do it may give us some direction which is essentially what the folks that are in charge – the big banks and everything – what they want is stability.

There are actually extraordinary things we could do right now to start to destabilize the folks that are in power and start to rebuild a movement.

For example, 10% of homeowners are underwater right their home they are paying more for it then its worth 10% of those people are in strategic default, meaning they are refusing to pay but they are staying in their home that’s totally spontaneous they figured out it takes a year to kick me out of my home because foreclosure is backed up

If you could double that number you would  you could put banks at the edge of insolvency again.

Students have a trillion dollar debt

We have an entire economy that is built on debt and banks so the question would be what would happen if we organized homeowners in mass to do a mortgage strike if we get half a million people to agree  it would literally cause a new finical crisis for the banks not for us we would be doing quite well  we wouldn’t be paying anything…

We have to think much more creatively. The key thing… What does the other side fear the most – they fear disruption. They fear uncertainty. Every article about Europe says in they rioted in Greece the markets went down

The folks that control this country care about one thing how the stock market goes what the bond market does how the bonuses goes. We have a very simple strategy:

  • How do we bring down the stock market
  • How do we bring down their bonuses
  • How do we interfere with there ability to be rich…

So a bunch of us around the country think who would be a really good company to hate we decided that would be JP Morgan Chase  and so we are going to roll out over the next couple of months what would hopefully be an exciting campaign about JP Morgan Chase that is really about challenge the power of Wall Street.

And so what we are looking at is the first week in May can we get enough people together starting now to really have an week of action in New York I don’t want to give any details because I don’t know if there are any police agents in the room.

The goal would be that we will roll out of New York the first week of May. We will connect three ideas

  • that we are not broke there is plenty of money
  • they have the money  – we need to get it back
  • and that they are using Bloomberg and other people in government as the vehicle to try and  destroy us

And so we need to take on those folks at the same time. And that we will start here we are going to look at a week of civil disobedience – direct action all over the city. Then roll into the JP Morgan shareholder meeting which they moved out of New York because I guess they were afraid because of Columbus.

There is going to be a ten state mobilization to try and shut down that meeting and then looking at bank shareholder meetings around the country and try and create some moments like Madison except where we are on offense instead of defense

Where we have brave and heroic battles challenging the power of the giant corporations. We hope to inspire a much bigger movement about redistributing wealth and power in the country and that labor can’t do itself that community groups can’t do themselves but maybe we can work something new and different that can be brave enough  and daring and nimble enough to do that kind of thing.

Revealed — The Left’s Economic Terrorism Playbook: The Chase Campaign by a Coalition of Unions, Community Groups, Lawmakers and Students to Take Down US Capitalism and Redistribute Wealth & Power

UNCUT TAPE: Former SEIU Official Reveals Secret Plan To Destroy JP Morgan


http://www.theblaze.com/stories/revealed-the-lefts-economic-terrorism-playbook-the-chase-campaign-for-a-coalition-of-unions-community-groups-lawmakers-and-students-to-take-down-us-capitalism-and-redistribute-wealth-power/

Background Articles and Videos

Explaining the Employee Free Choice Act

Wall Street’s “Bizarro World” for CEO Bonuses

SEIU on CNBC: Fire CEO Ken Lewis

(1 of 3) Exposed: How SEIU’s “Corporate Campaign” Used Clinton’s Department of Labor

(2 of 3) Exposed: How SEIU’s “Corporate Campaign” Used Clinton’s Department of Labor

(3 of 3) Exposed: How SEIU’s “Corporate Campaign” Used Clinton’s Department of Labor

SEIU: The Early Years | beginning

SEIU Official Apparently Taped Plotting to Disrupt Wall Street, Crash Stock Market

“…An official formerly with one of the nation’s most prominent unions, SEIU, was apparently caught on tape with a plan to take down JP Morgan Chase, the stock market, and ultimately bridge the gap between the rich and poor.

The voice of what sounds like Stephen Lerner, a former Service Employees International Union (SEIU) official, was caught on tape which were published on The Blaze website. He was speaking at a Pace University forum several days ago. SEIU is the fastest-growing union in the country with 2.2 million members.

The tape, which was published on several sites including YouTube , generated a bit of buzz throughout the Internet, including message boards and on other forums.

“We need to figure out in a much more, through direct action, much more concrete way how we really are trying to disrupt and create uncertainty for capital, for how corporations operate,” the voice said.

He added that there are “extraordinary things” that one could do to “destabilize the folks that are in power and start to rebuild a movement.” One of those things includes taking down the stock market to make way for the lower and middle classes in America. …”

http://www.theepochtimes.com/n2/united-states/seiu-official-apparently-taped-plotting-to-disrupt-wall-street-crash-stock-market-53412.html

Unions see sharp membership declines again

Union membership falls sharply; private sector union ranks at pre-WWII levels

“… The nation’s labor unions saw another steep decline in membership last year, even as the economy showed signs of recovery and job losses slowed.

The Bureau of Labor Statistics reported Friday that unions lost 612,000 members in 2010, dropping the unionized share of the work force to 11.9 percent from 12.3 percent in 2009. That follows a loss of 771,000 workers in 2008, continuing a steady decline from the 1950s when more than a third of workers belonged to unions.

The news comes as union officials are pressing President Barack Obama and other leaders to invest more money in infrastructure projects like repairing highways and bridges to help stimulate the economy and create new jobs. That plea is meeting stiff resistance from Republicans intent on cutting spending sharply to pare back the rising national debt.

Union membership in the private sector fell from 7.2 percent to 6.9 percent, a low point not seen since the infancy of the labor movement in the 1930s. The steepest decline was seen in the construction industry, where unemployment remains around 20 percent.

Public employment unions saw a 1.2 percent decline, mostly from job cuts among state and local government workers. Those unions could see further declines this year, as states eliminate jobs in an effort to make up multibillion-dollar budget deficits.

“In the absence of federal support for state and local governments, public sector cutbacks will continue to depress the overall union membership rate,” said Ben Zipperer, a senior research associate of the Center for Economic and Policy Research. …”

http://finance.yahoo.com/news/Unions-see-sharp-membership-apf-2604944800.html

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