Big Bad Bureaucratic Bust: Government Intervention in Housing Caused Financial Crisis and Economic Recession–Progressive Government Failure!

Posted on June 2, 2009. Filed under: Blogroll, Books, Communications, Economics, Employment, Energy, Homes, Immigration, Investments, Law, liberty, Life, Links, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Talk Radio, Technology, Video | Tags: , , , , , , , , , , , , , , , , |

 

loan_application

“The worst evils which mankind has ever had to endure were inflicted by bad governments.” 

~Ludwig von Mises 

 

“Who can seriously doubt that the power which a millionaire, who may be my employer, has over me is very much less than that which the smallest bureaucrat possesses who wields the coercive power of the state and on whose discretion it depends how I am allowed to live and work?” 

~Friedrich August von Hayek

 

“Hell hath no fury like a bureaucrat scorned.”

 

~Milton Friedman

  

Two people that I read and listen to are economist Thomas Sowell and investment portfolio manager Peter Schiff.

Both share my own classical liberalism philosophy and interest in economics as articulated in the writings of Ludwig von Mises, Friedrich A. Hayek, and Milton Friedman.

For background information I recommend viewing the videos from the late Bill Seidman, Marshall Black interviewed by Bill Moyers and several professors at the Wharton School of the University of Pennsylvania. 

Economist Dr. Thomas Sowell on the financial crisis

 

Glenn Beck & Thomas Sowell, Housing Boom and Bust 06 01 09

 

The Housing Boom & Bust

 

Thomas Sowell – Obama’s Vision

 

Thomas Sowell 1 of 8 People Late House Payment or in Foreclosure

 

Peter Schiff’s Predictions (2002-2009)

“…This is a set of clips of Peter Schiff from 2002 – 2009. Peter Schiff has been the dominant voice for the American people during this financial crisis. Going up against corporate shills in the media, his predictions have come true about the economy. You should listen to this man. …”

 

Why the Meltdown Should Have Surprised No One

 

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 1 of 8

 

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 2 of 8

 

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 3 of 8

 

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 4 of 8

 

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 5 of 8

 

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 6 of 8

 

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 7 of 8

 

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 8 of 8

 

Peter Schiff On The USA Financial Market Crisis–June 2, 2009

 

“Liberalism and capitalism address themselves to the cool, well-balanced mind. They proceed by strict logic, eliminating any appeal to the emotions. Socialism, on the contrary, works on the emotions, tries to violate logical considerations by rousing a sense of personal interest and to stifle the voice of reason by awakening primitive instincts.”

~Ludwig von Mises

“To act on the belief that we possess the knowledge and the power which enable us to shape the processes of society entirely to our liking, knowledge which in fact we do not possess, is likely to make us do much harm.”

~Friedrich August von Hayek 

“Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government.”

~Milton Friedman

red_houses_green_house

 

Background Articles and Videos

Thomas Sowell

“…Thomas Sowell (born June 30, 1930), is an American economist, social commentator, and author of dozens of books. He often writes from an economically laissez-faire perspective. He is currently a senior fellow of the Hoover Institution at Stanford University. In 1990, he won the Francis Boyer Award, presented by the American Enterprise Institute. In 2002 he was awarded the National Humanities Medal for prolific scholarship melding history, economics, and political science. …”

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

Thomas Sowell and a Conflict of Visions


 

Thomas Sowell – Bureaucracy

 

Thomas Sowell – The Vision of the Anointed

 

Peter Schiff

“…Peter David Schiff (born March 23, 1963)[1] is an American economic commentator, author and licensed stock broker who currently serves as president of Euro Pacific Capital Inc., a fully accredited brokerage firm based in Darien, Connecticut.[2]

Schiff is best known for his bearish views on the United States economy and for having predicted the economic crisis of 2008.[3] He has risen to media prominence following the publication of his book Crash Proof: How to Profit From the Coming Economic Collapse, published in 2007.

Aside from his writings, Schiff maintains a significant media presence, often appearing on American financial news programs on networks such as CNBC, CNN, CNN International, Fox News, Bloomberg TV and Fox Business. Schiff also hosts a live Internet/shortwave radio show called “Wall Street Unspun, which is available in podcast format.”[4]

Schiff is a supporter of the Austrian School of Economics and the Ludwig von Mises Institute[5], and was an economic adviser for Ron Paul’s campaign in the 2008 Republican Party primaries, through which Schiff also expressed support for sound money, limited government, and free market capitalism. …”

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

Bill Seidman

“…Lewis William Seidman (April, 29, 1921 – May 13, 2009)[1] was an American economist, financial commentator, and former head of the FDIC.

Born in Grand Rapids, Michigan. His wife was Sally Seidman; they had six children.

Seidman received his undergraduate education at Dartmouth College, his law degree from Harvard University, and his MBA from the University of Michigan’s Ross School of Business. Seidman began working in United States government as an economic adviser to President Gerald Ford from 1974 to 1976, and later in a related capacity to President Ronald Reagan from 1982-1984. In 1985, he became the chairman of the Federal Deposit Insurance Corporation and served until 1991, working extensively during the American savings and loan crisis to restore solvency to the failing savings and loan sector of American banking. He was the first chairman of the related agency, the Resolution Trust Corporation, which was created specifically to address issues arising from the savings and loan crisis, from 1989 until his retirement from active government in 1991.

He worked as a chief financial commentator for the CNBC network, as well as an occasional speaker at various financial conferences worldwide. Seidman also joined SecondMarket, Inc. in December 2008 and served as a senior advisor to the firm.[2] In 2005, he debated former Vice-President Al Gore on economic matters at The Asian Banker Summit in Singapore March 15-17, 2005.[3][4] He spoke at four events in Asia from 2005-2007.[5]

The FDIC office complex in Arlington, VA is named for Seidman.

Seidman was one of the principal founders of Grand Valley State University, helping galvanize local support for the establishment of a public four-year university in West Michigan. [6]

In 1978, Seidman also founded The Washington Campus [7], an executive education organization which began as a consortium of U.S. business schools dedicated to educating business leaders on the public policy process.

Seidman died of natural causes in Albuquerque, New Mexico at the age of 88. …”

http://en.wikipedia.org/wiki/L._William_Seidman

 

 Economic Crisis: Causes & Cures (2 of 7)

 

Economic Crisis: Causes & Cures (3 of 7)

 

Economic Crisis: Causes & Cures (4 of 7)

 

Economic Crisis: Causes & Cures (5 of 7)

 

Economic Crisis: Causes & Cures (6 of 7)

 

Economic Crisis: Causes & Cures (7 of 7)

Moyers 1 of 3: Sharing the Blame for the Economic Crisis?

 

Moyers 2 of 3: Sharing the Blame for the Economic Crisis?

 

Moyers 3 of 3: Sharing the Blame for the Economic Crisis?

 

 

The Liars’ Poker: Economists Explain Why Hints of the Economic Crisis Eluded Them

Martin Feldstein’s Plan (part 1)

Martin Feldstein’s Plan (part 2)

Deconstructing the Subprime Crisis

 

Jeremy Siegel on the Resilience of American Finance

 

Franklin Allen on Lessons from the Subprime Crisis

 

Joseph Gyourko on Fannie, Freddie, and the Housing Bust

 

Richard Herring on What’s Next for Investment Banks

 

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

 

Wall Streets Day of Reckoning: Turmoil in the Global Market

 

Franklin Allen on Past Crises

 

Richard Herring on Mortgage-backed Securities

 

Susan Wachter on Securitizations and Deregulation

 

Todd Sinai on Home Values

 

Richard Marston on Risk Credit Crisis

 

Marshall Blume on the Evolving Marketplace

 

Wharton Faculty Teach-In October 21, 2008

  

 

Uncommon Knowledge: The Great Depression with Amity Shlaes

 

The End

Michael Lewis

“…That’s when Eisman finally got it. Here he’d been making these side bets with Goldman Sachs and Deutsche Bank on the fate of the BBB tranche without fully understanding why those firms were so eager to make the bets. Now he saw. There weren’t enough Americans with shitty credit taking out loans to satisfy investors’ appetite for the end product. The firms used Eisman’s bet to synthesize more of them. Here, then, was the difference between fantasy finance and fantasy football: When a fantasy player drafts Peyton Manning, he doesn’t create a second Peyton Manning to inflate the league’s stats. But when Eisman bought a credit-default swap, he enabled Deutsche Bank to create another bond identical in every respect but one to the original. The only difference was that there was no actual homebuyer or borrower. The only assets backing the bonds were the side bets Eisman and others made with firms like Goldman Sachs. Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, there was no mortgage at all. “They weren’t satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn’t afford,” Eisman says. “They were creating them out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans. But that’s when I realized they needed us to keep the machine running. I was like, This is allowed?” …”

http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom

 

 

Jim Rogers: They’re Printing So Much Money That Stocks Will Go To 30,000

Monetary Policy By Federal Reserve Will Cause “Double Digit” Inflation

Related Posts on Pronk Palisades

Thomas Sowell and Conflict of Visions–Videos 

Liberal Fascism–Jonah Goldberg–Videos

Friedrich Hayek–Videos

Milton Friedman–Videos

Ludwig von Mises–Videos

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

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

Amity Shlaes–Videos

Thomas E. Woods, Jr.–Videos

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

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

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

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

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

 

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

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

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

Bailed Out Bank Trillion Dollar Derivative Exposure

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

Federal Government Extortion Of Sound Banks–You Decide?–Take This TARP and Shove It!

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

White House Memo: Carbon Dioxide Is Not A Pollutant and A Cap And Trade Program (Carbon Dioxide Tax) Serious Economic Impact –The Smoking Gun Video!

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

Save Your Job and Life–Abolish The Environmental Protection Agency!

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE–Videos

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

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

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

Barack Obama’s Socialist Green Commissar Carol Browner

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

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

National Center for Policy Analysis–A Global Warming Primer

Global Warming is The Greatest Hoax, Scam and Disinformation Campaign in History

Global Warming Videos

Global Warming Books

Global Warming Sites

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Facing Fundamental Facts

Let Them Eat Cake Act: American Elites Killing and Starving The American People

The Heidelberg Appeal: Beware of False Gods and Prophets

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

Posted on September 27, 2008. Filed under: Blogroll, Economics, Investments, Life, Links, People, Politics, Quotations, Rants, Raves, Regulations, Resources, Taxes, Video | Tags: , , , , , , , , , , , , , , , , |

 The dirty little secret is out.

Obama bombed bailout meeting!

In the meeting with President Bush and Secretary Paulson, the Congressional Democrats deferred to Senator Barack Obama to be their spokesman and to lead his party in the bailout meeting with President Bush and Senate and House Republican Party leaders.

Apparently someone highup in the Treasury Department leaked the Congressional Republican Party proposal to higher ups in Goldman Sachs who in turn leaked the proposal to the Obama campaign. Treasury Secretary Paulson was former Chairman of Goldman Sachs and is a Republican.

Obama led off by criticizing the Republican Party proposal and asking for Treasury Secretary Paulson for his comments.

The result was the meeting blew up as Republicans felt betrayed and responded accordingly.

The purpose of the meeting was to negotiate a proposal acceptable to both political parties.

Congressional offices of both parties have been flooded with phone calls and e-mails against the Treasury bailout/rescue plan by about 95 opposed for every 100 calls/e-mails.

The House Republicans are by a wide margin opposed the Paulson Treasury bailout proposal.

The Congressional Republicans want in part repeal of the Sarbanes-Oxley law, especially the mark-to-market requirements, the elimination of the capital gains tax, and the reduction of corporate tax rate to 20% to provide a stimulus to investment in the economy and to compensate investors for the losses resulting from incompetent oversight and regulation of Fannie Mae, Freddie Mac, and investment bankers highly leverage positions in derivative mortage backed securites. 

Senator Obama’s performance was neither professional nor inspiring–just incompetent.

Once again Senator Obama without a teleprompter and his legends of advisors proves to be just a reader and not a leader.

Both Democrats and Republicans left the meeting unimpressed by Senator Obama’s ability to lead a negotiating meeting.

The Democrats are trying to blame Senator McCain for throwing the Obama bomb and injecting politics into the meeting.

Senator McCain observed the explosive meeting and played no part in the carnage despite attempts and lies by Senators Reid, Dodd and Schumer to blame everything on Senator McCain in press conferences.

Any Republican that votes for the Treasury Secretary Paulson’s currently proposed bailout bill will be defeated in November. Take it to your bank.

If the Democratic Party expects to obtain significant Republican support on a bailout bill–dream on.

Republicans should demand that President Bush ask for Treasury Paulson’s resignation for proposing a bill that the overwhelming majority of Republicans and conservatives oppose as well as failing to explore other alternative courses of action and scenarios. Request the FBI investigate who leaked to Goldman Sachs the House Republican position on the bailout proposal to determine if any laws were broken. 

The Beatles-Money

“Much of the social history of the Western world over the past three decades has involved replacing what worked with what sounded good. In area after area – crime, education, housing, race relations – the situation has gotten worse after the bright new theories were put into operation. The amazing thing is that this history of failure and disaster has neither discouraged the social engineers nor discredited them. …” 

~Thomas Sowell

Is Reality Optional?, 1993 

Background Articles and Videos

Michael Bloomberg – Origins of the Economic Crisis

Who’s responsible for the Freddie/Fannie mess?

Timeline shows Bush, McCain warning Dems of financial mess

Burning Down The House: What Caused Our Economic Crisis?

Did Someone Say Amnesty?
By W. James Antle III

“…Once again, House Republicans may be the key. Rumors circulated Thursday that only 45 to 50 of them are committed to voting for the bailout in its current form. The Democratic leadership is said to want 100 or so GOP votes in the lower chamber for cover if they are going to support the deal without pushing it further to the left. The conservative Republican Study Committee released a letter publicly opposing Treasury Secretary Hank Paulson’s plan. Sen. Jim DeMint of South Carolina, an RSC alumni, has been muddying the waters in the Senate.

This debate does have a Tom Tancredo, however — a damn-the-torpedoes high-profile hardliner. Ron Paul has been all over television and had a commentary up at CNN’s website opposing even the concept of a bailout with the zeal of Tancredo’s opposition to amnesty. A devotee of Austrian economics, Dr. No prescribes tough medicine for what ails the economy: the liquidation of all bad investments in the name of risking recession now to prevent a credit-fueled calamity later. Paul would let the market get rid of the “misallocation of resources into sectors in which there is insufficient demand.”

Such a radical fix wasn’t always so outside of the conservative mainstream. Ronald Reagan accommodated Paul Volcker’s tight monetary policy even at the expense of the 1982 recession. Unemployment zoomed to 10.8 percent but prosperity returned after the Reagan-Volcker policy mix licked stagflation. But Republicans who haven’t forgotten this also remember how many members of their party were thrown out of office in the November 1982 elections.

Which brings us to the final advantage bailout proponents have over those seeking an immigration compromise: there is a much greater sense of urgency surrounding the economy as well as a popular expectation that the government must Do Something about it. Politicians are reluctant to stand pat while retirement portfolios vanish and mortgage foreclosures rise. Even if the long-term consequences of their actions are uncertain, they are fairly confident the short-term electoral consequences of inaction will be bad.

Opponents can still try to rally a skeptical public against the impending bailout as a costly giveaway that won’t actually solve the underlying problem, an amnesty for the financially reckless. It’s worked before.

http://www.spectator.org/dsp_article.asp?art_id=13950

 

Kill the bailout: Call your GOP representative; Update: the deal details trickle out; No deal tonight; Paulson and the Dems bawl

 

“…Make the call: 202-224-3121.

Hope, however slim, lives:

Confident but not yet celebrating, congressional leaders agreed Thursday on a multibillion-dollar bailout plan for Wall Street aimed at staving off a national economic catastrophe. President Bush brought the two men fighting to succeed him to a historic White House huddle on how to sell a deal to lawmakers who were still resisting.

Private talks on Capitol Hill ended at midday with the announcement that an agreement in principle had been reached on a $700 billion financial rescue package that the Bush administration wants. Few details were immediately available.

There were signs that the conservative-leaning House Republican Caucus was not on board. Both of Congress’ Republican leaders, Rep. John Boehner and Sen. Mitch McConnell, issued statements saying there was not yet an agreement. …” 

http://michellemalkin.com/2008/09/25/kill-the-bailout-call-your-gop-representative/

 

Henry Paulson

“…AKA Henry Merrit Paulson, Jr.

Born: 28-Mar1946
Birthplace: Palm Beach, FL

Gender: Male
Religion: Christian Science
Race or Ethnicity: White
Sexual orientation: Straight
Occupation: Business, Government
Party Affiliation: Republican

Nationality: United States
Executive summary: US Secretary of the Treasury

http://www.nndb.com/people/788/000117437/

 

Henry Paulson

Henry Merritt “Hank” Paulson Jr. (born March 28, 1946) is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs. …”

“…Leader of U.S. government economic bailout efforts of 2008

Paulson was the designated leader of the Bush administration’s efforts in 2008 to federalize the cost of bad loans made by financial institutions.

Through unprecedented intervention by the U.S. Treasury, Paulson led government efforts to avoid a severe economic slowdown. He pushed through the conservatorship of government agency mortgage giants Fannie Mae and Freddie Mac. Working with Federal Reserve Chairman Ben Bernanke, he influenced the decision to create a credit facility (bridge loan & warrants) of US$85 billion to American International Group so it would avoid filing bankruptcy.

In late September of 2008, Paulson, along with Ben Bernanke and Christopher Cox, led the effort to help financial firms by agreeing to use US$700 billion dollars to purchase bad debt they had incurred.[27] Discussing his decision to take action, Paulson said: “It just happened dramatically. There was only one way that we could reassure the markets and deal with a very significant and broad-based freezing of the credit market. There was no political calculus. It was overwhelmingly obvious.”[28]

On September 19, 2008, Paulson called for the U.S. government to spend hundreds of billions of dollars more to rescue financial firms from nonperforming mortgages that threaten the stability of those firms.[29] Due to his leadership and public appearances on this issue, the press labeled these measures the “Paulson financial rescue plan” or simply the Paulson Plan.[30]

 

Conflict of interest

There has been some criticism of Paulson, with suggestions that Paulson’s plan may potentially have some conflicts of interest. This since Paulson is the former CEO of Goldman Sachs, a firm that may benefit from the plan. [31][32] Unlike the previous bailouts and managed liquidations of Goldman competitors Bear Stearns, Merrill Lynch and Lehman Bros. and those of AIG, Freddie Mac and Fannie Mae, in which shareholder value was largely wiped out, Goldman’s stock would likely rise under the Paulson plan, benefiting his former partners, because it would take distressed assets off of their balance sheet. [33]

The proposed bill would give him unprecedented powers over the economic and financial life of the U.S.. Section 8 of Paulson’s plan states: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”[34]

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

 

Sarbanes-Oxley Act

“The Sarbanes-Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted 2002-07-30), also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOX or Sarbox; is a United States federal law enacted on July 30, 2002 in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of the affected companies collapsed, shook public confidence in the nation’s securities markets. Named after sponsors Senator Paul Sarbanes (D-MD) and Representative Michael G. Oxley (R-OH), the Act was approved by the House by a vote of 334-90 and by the Senate 99-0. President George W. Bush signed it into law, stating it included “the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt.”[1]

The legislation establishes new or enhanced standards for all U.S. public company boards, management, and public accounting firms. It does not apply to privately held companies. The Act contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law. Debate continues over the perceived benefits and costs of SOX. Supporters contend that the legislation was necessary and has played a useful role in restoring public confidence in the nation’s capital markets by, among other things, strengthening corporate accounting controls. Opponents of the bill claim that it has reduced America’s international competitive edge against foreign financial service providers, claiming that SOX has introduced an overly complex and regulatory environment into U.S. financial markets.[2]

The Act establishes a new quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, which is charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. The Act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure. …””

http://en.wikipedia.org/wiki/Sarbanes-Oxley_Act

 

Mark-to-Market

” accounting and finance, mark to market is the act of assigning a value to a position held in a financial instrument based on the current market price for that instrument or similar instruments. For example, the final value of a futures contract that expires in 9 months will not be known until it expires. If it is marked to market, for accounting purposes it is assigned the value that it would fetch in the open market currently. …”

http://en.wikipedia.org/wiki/Mark-to-market

 

All’s fair

Sep 18th 2008
From The Economist print edition

The crisis and fair-value accounting

“…SO CONTROVERSIAL has accounting become that even John McCain, a man not known for his interest in balance sheets, has an opinion. The Republican candidate for the American presidency thinks that “fair value” rules may be “exacerbating the credit crunch”. His voice is part of a chorus of criticism against mark-to-market accounting, which forces banks to value assets at the estimated price they would fetch if sold now, rather than at historic cost. Some fear that accounting dogma has caused a cycle of falling asset prices and forced sales that endangers financial stability. The fate of Lehman Brothers and American International Group will have strengthened their conviction.

In response America’s Financial Accounting Standards Board (FASB), and the London-based International Accounting Standards Board (IASB) have not budged an inch. So, for example, banks will have to mark their securities to the prices Lehman receives as it is liquidated. The two accounting bodies already act cheek by jowl, and America will probably soon adopt international rules. Are they guilty of obstinately pursuing an abstract goal that is causing mayhem in financial markets? …”

“…Yet not all criticism of fair value can be so easily dismissed. The credit crunch has raised three genuinely awkward questions. The first of these concerns “procyclicality”. Bankers say that in a downturn fair-value accounting forces them all to recognise losses at the same time, impairing their capital and triggering firesales of assets, which in turn drives prices and valuations down even more. Under traditional accounting, losses hit the books far more slowly. Some admire Spain’s system, which requires banks to make extra provision for losses in good times, so that when loans turn sour their profits and thus capital fall by less. …” 

http://www.economist.com/finance/displaystory.cfm?story_id=12274096

 

September 25, 2008: “Bailouts and Uncertainty” featuring Arnold Kling (Podcast)

http://www.cato.org/dailypodcast/podcast-archive.php?podcast_id=741

This’s WHY Democrats Wanted to Get Rid Of John McCain—Bailout Plan and ACORN


 

 

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

Coulter on “Bailout Plan”

 

 

Hannity Colmes Newt Gingrich Oppose This BailOut CALL Capitol Now 1-202-224-3121

 

The Bailout: the Mood on Main and Wall Streets

Obama/Bailout: “We have to act..Jobs..Homes..at Risk” $700B

 

Obama After White House Meeting

Barack Obama & Friends Caused U.S. Economic Crisis

 

Senator Reid Slams McCain for Derailing Bailout Negotiations

Sen. Schumer Calls John McCain Odd

 

President Bush Addresses Nation on Economic Crisis

 

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

 

Paulson:’We Had No Choice’

 

Charlie Rose – HENRY PAULSON, JR

 

Senator Jim Bunning Comments on Federal Bailout

 

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

 

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

 

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

 

Wall Street “Socialism”, the new moral hazard

 

Charlie Rose – Fannie Mae & Freddie Mac

 

Bill Moyers Housing Market Meltdown 1 of 2

 

Bill Moyers Housing Market Meltdown 2 of 2

Deconstructing the Subprime Crisis

 

Richard Herring on Mortgage-backed Securities

 

Joseph Gyourko on Fannie, Freddie, and the Housing Bust

 

Franklin Allen on Past Crises

 

Franklin Allen on Lessons from the Subprime Crisis

 

Jeremy Siegel on the Resilience of American Finance

 

Susan Wachter on Securitizations and Deregulation

 

“NO BAILOUT” “YOU BROKE IT YOU BUY IT” Wall Street Protest

 


 

The Bailout and the USA economy

The Bailout continued

LOL

Red State Update: Bailout

 

Red State Update: Washington Fights Over Bailout Plan

 

Democrats responsible for Economic Disaster…

 

Solution to Our Economic Problems…
  

 

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McCain: Cut–Drill–Victory vs. Obama: Increase–Talk–End

The Unsinkable Sarah Palin for The American People vs. Condescending Charlie Gibson for The American Elites

Slugger McCain Hits a Grand Slam Homerun: Selects Alaskian Governor Sarah Palin as Vice-President Running Mate!

The American People: Start Drilling and Control The Border. When? Now!

The Movement Conservatives Will Rock You Obama!

Comrade Barack Obama–Arrogant Elitist Socialist–US Job Destroyer and Economy Wrecker

Obama: Pump Up Your Tires–Main Stream Media: Pumps Up Obama

Identity Politics: Blacks, Lesbians, Gays, Bisexuals and Transsexuals for Obama?

Barack Obama: The First Previable Puppet Presidential Candidate!

Barack Obama–A Reader Not A Leader!

Barack Obama: A Watermelon Man–Green on The Outside–Red on The Inside

Barack Obama–Damaged Goods–Birds of A Feather Flock Together

The Issue of The United States 2008 Presidential Election–Criminal Alien Removal (CAR) and A Border Security Fence (BSF)

Clear, Hold, Build– Strategy for Victory In Iraq–Now Ready for Prime Time in America– Operation Criminal Alien Removal (CAR)!

Appeasers and Oath Breakers All: Bush, Clinton, Bush, McCain, Clinton, Obama…Who is next?

Why immigration will be the number 1 political issue in the 2008 Presidential Election! — Gum Balls

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

Presidential Election 2008: American Elites Vs. American People

Alan Keyes on Immigration

US Immigration Videos   

Unconstrained Obama vs. Constrained McCain: A Conflict of Vision

Clinton’s Cap and Trade Tax on The American People for Consuming Electricity and Driving Cars, SUVs and Trucks!

Facing Fundamental Facts

Presidential Election 2008: American Elites Vs. American People

Let Them Eat Cake Act: American Elites Killing and Starving The American People

Saving The World: The Importance of Getting The Priorities Right

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

Posted on September 18, 2008. Filed under: Blogroll, Economics, Links, People, Politics, Rants, Raves, Resources, Taxes, Video, War | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

George Soros

George Soros

 UPDATED June 22, 2010

Drillgate–Crime Inc. aka Barack Obama and The Progressive Radical Socialist Gang Shakedown The American People–Shakedown–Breakdown–Takedown–You’re Busted!

George Soros is one of Barack Obama’s primary financial backers and agenda puppeter.

Senator Obama and George Soros

Senator Obama and George Soros

Much of Barack Obama’s socialist agenda and ideas for the United States comes directly from Soros and in turn through his network of leftist funded organizations. This includes the funding of organizations that advocate abortion, open borders, amnesty for illegal aliens, a cap and trade tax, to prevent man-made global warming, huge cuts in defense spending, increasing the minimum wage and the world poverty tax just to name a few.

Soros likes to be considered a “stateless stateman”.

In fact he is more accurately described as the Godfather of World Socialism.

Too bad Soros has not apparently read or understood the works of Friedrick Hayek, Karl Popper’s good friend and author of the Open Society and Its Enemies for which Soros’ Open Society Institute (OSI) is named.

http://www.soros.org/

http://www.soros.org/about/overview

I find Soros ideas interesting but his dismissal of capitalism as market fundamentalism both revealing and mistaken.

Milton Friedman was right, the road to hell is paved with good intentions.  

Rumors on talk radio are that Soros and his financial currency trader group are planning an October surprise such as either a run on the U.S dollar or bidding up of oil future contract prices.

If this happens and they are successful, U.S. gasoline prices would significantly increase above $4 a gallon as the US dollar declines in value and the cost of oil increases.

This is turn would throw the economy into a recession or at less increased fear of a recession in 2009.

The theory is this would help Obama.

I think not.

Such a move would backfire for the simple reason, it is the Democratic Party that is stopping oil and gas exploration off the U.S. coasts and in ANWR.

Furthermore, the Democratic Party is largely responsible through Federal government intervention in the mortage markets insisting on home loans for people that would not normally qualify.

This resulted in the financial collapse of both Fannie Mae and Freddie Mac and the need for its bailout and the collapse or buyout of a number of mortage bankers, investment banks, and broker dealers.

One of Senator’s Obama’s financial and housing advisor just so happens to be Franklin Raines, the man who collected over $90 million in compensation for mismanaging Fannie Mae (see videos below on Fannie Mae, Raines, and the bailout).

I think there will be two October surprises that will appear in the last week of the campaign.

Just in case a Soros instigated surprise materializes, you better fill up your gas tank in the last week on October.

Make sure you have enough gas in your vehicle’s gas tank to get to the place you vote.

If you want a recession and socialism vote Obama.

If you want a job and capitalism vote McCain. 

Only you can prevent socialism in America.

 UPDATED June 22, 2010

The Obama payoff for the George Soros contributations and support exposed by Glenn Beck and Fox News!

Drillgate–Crime Inc. aka Barack Obama and The Progressive Radical Socialist Gang Shakedown The American People–Shakedown–Breakdown–Takedown–You’re Busted!

Soros on the Economy

Davos Annual Meeting 2008 – CNBC Debate: Who is in charge?

Davos Annual Meeting 2009 – World Economic Brainstorming

George Soros and Acorn in the 2008 Elections

Background Articles and Videos

 

Leadership Speaker Series: George Soros (Part 1 of 2)

“…CPL director David Gergen interviews George Soros, Chairman of Soros Fund Management and the Open Society Institute. …”

 

Leadership Speaker Series: George Soros (Part 2 of 2)

“..CPL director David Gergen interviews George Soros, Chairman of Soros Fund Management and the Open Society Institute. …”

 

Neil Cavuto’s interview of George Soros Part 1


 

Neil Cavuto’s interview of George Soros Part 2


 

Charlie Rose – George Soros / Arianna Huffington

“…Segment 1: Billionaire philanthropist George Soros talks about his new book, The Age of Fallibility.

Segment 2: We conclude with Arianna Huffington, editor of the blog The Huffington Post. Her new… ”

George Soros

George Soros (pronounced /ˈsɔroʊs/ or /ˈsɔrəs/,[2] Hungarian IPA[ˈʃoroʃ]) (born August 12, 1930, in Budapest, Hungary, as György Schwartz) is a Hungarian-born American financial speculator, stock investor, philanthropist, and political activist.[3]

Currently, he is the chairman of Soros Fund Management and the Open Society Institute and is also a former member of the Board of Directors of the Council on Foreign Relations. …”

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

George Soros Web Site

http://www.georgesoros.com/

George Soros says more banks will go under; speaks of a “meltdown” and the 1930s
By Newsnight interviews George Soros
Sep 17, 2008, 08:33

“…Soros: “Well I’m afraid we are not through it at all. In some ways we are heading into the storm rather than coming out of it. And right at this minute we are at the very precarious moment because the bankruptcy of Lehman Brothers has thrown the financial markets into turmoil.” 

Newsnight: What do you think will happen? More banks go under?

Soros: Well, certainly more banks but maybe not the size of Lehman. But right now an even larger company, American International which is an insurance company is under pressure and a rescue is being prepared and the question is whether it will be successfully put together.

Newsnight: So was it right then to step in? Do you think AIG should be rescued? Do you think Lehman should have been rescued?

Soros: Whether Lehman should have been rescued depends on whether the financial system survives it or not. If the financial system survives it, then it was the right thing to do to let them go bust. If there is a meltdown, then it wasn’t because one thing is clear that you musn’t allow the financial system to collapse as it did in the 1930s. They’ve been reluctant to put taxpayers money at risk but if necessary, I’m sure they will do it.

http://axisoflogic.com/artman/publish/article_28248.shtml

GUIDE TO THE GEORGE SOROS NETWORK

“George Soros is one of the most powerful men on earth. A New York hedge fund manager, he has amassed a personal fortune estimated at about $7.2 billion. His management company controls billions more in investor assets. Since 1979, his foundation network — whose flagship is the Open Society Institute (OSI) — has dispensed an estimated $5 billion to a multitude of organizations whose objectives are consistent with those of Soros. (The President of OSI and the Soros Foundation Network is Aryeh Neier, who, as Director of the socialist League for Industrial Democracy, personally created the radical group Students for a Democratic Society in 1959.) With assets of $859 million as of 2005, OSI alone donates scores of millions of dollars annually to these various groups, whose major agendas can be summarized as follows:  

  • promoting the view that America is institutionally an oppressive nation
  • promoting the election of leftist political candidates throughout the United States
  • opposing virtually all post-9/11 national security measures enacted by U.S. government, particularly the Patriot Act
  • depicting American military actions as unjust, unwarranted, and immoral
  • promoting open borders, mass immigration, and a watering down of current immigration laws
  • promoting a dramatic expansion of social welfare programs funded by ever-escalating taxes
  • promoting social welfare benefits and amnesty for illegal aliens
  • defending suspected anti-American terrorists and their abetters
  • financing the recruitment and training of future activist leaders of the political Left
  • advocating America’s unilateral disarmament and/or a steep reduction in its military spending
  • opposing the death penalty in all circumstances
  • promoting socialized medicine in the United States
  • promoting the tenets of radical environmentalism, whose ultimate goal, as writer Michael Berliner has explained, is “not clean air and clean water, [but] rather … the demolition of technological/industrial civilization”
  • bringing American foreign policy under the control of the United Nations
  • promoting racial and ethnic preferences in academia and the business world alike …”

http://www.discoverthenetworks.org/viewSubCategory.asp?id=589

Organizations Funded Directly by George Soros and his Open Society Institute

“…Organizations that, in recent years, have received direct funding and assistance from George Soros and his Open Society Institute (OSI) include the following. (Comprehensive profiles of each are available in the “Groups” section of DiscoverTheNetworks.org): …”

http://www.discoverthenetworks.org/Articles/Organizations%20Funded%20Directly5.htm

From the great editors at the Investor Business Daily:

The Soros Threat To Democracy

“…George Soros is known for funding groups such as http://MoveOn.org that seek to manipulate public opinion. So why is the billionaire’s backing of what he believes in problematic? In a word: transparency.

How many people, for instance, know that James Hansen, a man billed as a lonely “NASA whistleblower” standing up to the mighty U.S. government, was really funded by Soros’ Open Society Institute, which gave him “legal and media advice”?

That’s right, Hansen was packaged for the media by Soros’ flagship “philanthropy,” by as much as $720,000, most likely under the OSI’s “politicization of science” program.

That may have meant that Hansen had media flacks help him get on the evening news to push his agenda and lawyers pressuring officials to let him spout his supposedly “censored” spiel for weeks in the name of advancing the global warming agenda.

Hansen even succeeded, with public pressure from his nightly news performances, in forcing NASA to change its media policies to his advantage. Had Hansen’s OSI-funding been known, the public might have viewed the whole production differently. The outcome could have been different.

That’s not the only case. Didn’t the mainstream media report that 2006’s vast immigration rallies across the country began as a spontaneous uprising of 2 million angry Mexican-flag waving illegal immigrants demanding U.S. citizenship in Los Angeles, egged on only by a local Spanish-language radio announcer?

Turns out that wasn’t what happened, either. Soros’ OSI had money-muscle there, too, through its $17 million Justice Fund. The fund lists 19 projects in 2006. One was vaguely described involvement in the immigration rallies. Another project funded illegal immigrant activist groups for subsequent court cases.

So what looked like a wildfire grassroots movement really was a manipulation from OSI’s glassy Manhattan offices. The public had no way of knowing until the release of OSI’s 2006 annual report.

Meanwhile, OSI cash backed terrorist-friendly court rulings, too.

Do people know last year’s Supreme Court ruling abolishing special military commissions for terrorists at Guantanamo was a Soros project? OSI gave support to Georgetown lawyers in 2006 to win Hamdan v. Rumsfeld — for the terrorists.

OSI also gave cash to other radicals who pressured the Transportation Security Administration to scrap a program called “Secure Flight,” which matched flight passenger lists with terrorist names. It gave more cash to other left-wing lawyers who persuaded a Texas judge to block cell phone tracking of terrorists.

They trumpeted this as a victory for civil liberties. Feel safer? …”

http://sweetness-light.com/archive/ibd-the-george-soros-threat-to-democracy

IBD Editorials

George Soros & MoveOn.org

In this exclusive series, IBD takes a look at George Soros, MoveOn.org and the impact they’re having on the Democratic Party and American politics.


 

The Soros Threat To Democracy

 

Democracy: George Soros is known for funding groups such as MoveOn.org that seek to manipulate public opinion. So why is the billionaire’s backing of what he believes in problematic? In a word: transparency.


 

George Soros: The Man, The Mind And The Money Behind MoveOn

 

The Left: The smear ad published against Gen. Petraeus has drawn attention to its sponsor, MoveOn.org. But the fingerprints of the group’s chief financial backer, George Soros, were all over it. Who is this man and what is he up to?


 

A Party Bought And Paid For

 

Election 2008: MoveOn.org once crowed that it had bought and owned the Democratic Party. With the Senate now blasting its tactics, that’s an open question. But not, apparently, for Democrats running for president.

http://ibdeditorials.com/series4.aspx

The Evolving Agenda of George Soros’s Democracy Alliance

“…The Democracy Alliance, as we observed in the January 2008 issue of Foundation Watch (”Billionaires for Big Government: What’s Next for George Soros’s Democracy Alliance?”), is slowly maturing and becoming more focused in its objectives.

Could it be that the Democracy Alliance has finally adopted a firm business plan?

Since its founding in 2005, the DA, a liberal donors’ collaborative that aims to create a permanent political infrastructure of nonprofits, think tanks, media outlets, leadership schools, and activist groups–a kind of “vast left-wing conspiracy” to compete with the conservative movement, has focused on fairly well-established pressure groups, watchdogs and think tanks, get-out-the-vote (GOTV) operations, and political action committees (PACs). These bread-and-butter liberal groups have included:

Media Matters for America
Center for American Progress
People for the American Way
New Democratic Network
Progressive Majority
Citizens for Responsibility and Ethics in Washington (CREW)
Center for Progressive Leadership
Association of Community Organizations for Reform Now (ACORN)
EMILY’s List
America Votes
Sierra Club
Center on Budget and Policy …”

“…The Democracy Alliance’s “Letter of Interest” invited applications for the 2009/2010 giving cycle from all nonprofit groups on the left, but expressed special interest in organizations that do the following types of work:

* Building power and capacity in key constituencies: engagement and issue advocacy work with key constituencies, primarily Latinos and young people, as well as African Americans and unmarried women.
* New media and technology: content generators, aggregators and distributors that disseminate and amplify progressive messages.
* Law and legal systems: working to advance and protect progressive values and policies at all levels of the legal system.
* Early stage idea generators: focusing on progressive idea generation and development at the early and middle stages of the idea cycle including journals, academic networks, books, and non-traditional think tanks..
* Content generation: focusing on traditional and new media vehicles that are capable of developing and effectively promoting progressive ideas.
* Civic engagement coordination: achieving greater efficiency and effectiveness in mobilization and participation work through collaboration and coordination and creating economies of scale.
* Civic engagement tools: increasing capacity and availability of data services, including online organizing services for civic engagement groups.
* Election reform: focusing on structural reforms of our democratic process that will increase voter participation among progressive constituencies.
* Youth leadership development: building on the youth development part of the leadership pipeline that includes looking for organizations targeting young people that work at scale.
* Mid-career nonprofit leadership development: building on the mid-career development part of the leadership pipeline that includes looking for organizations working at scale. …”

http://www.canadafreepress.com/index.php/article/4920

George Soros’ Social Agenda for America

Drug Legalization, Euthanasia, Immigrant Entitlements and Feminism

“Summary: The February issue of Foundation Watch examined the philanthropy of the billionaire financier George Soros. It found that Soros-funded groups supported increased government spending and tax increases, and opposed the death penalty and President Bush’s judicial nominees. In this article author Neil Hrab looks at Soros grants in four other policy areas: drug legalization, euthanasia, immigrant entitlements, and feminist organizing. …”

http://www.capitalresearch.org/pubs/pdf/x3770435801.pdf 

Is Global Warming Alarmist James Hansen a Shill for George Soros?

By Jake Gontesky

How many people, for instance, know that James Hansen, a man billed as a lonely “NASA whistleblower” standing up to the mighty U.S. government, was really funded by Soros’ Open Society Institute , which gave him “legal and media advice”?

That’s right, Hansen was packaged for the media by Soros’ flagship “philanthropy,” by as much as $720,000, most likely under the OSI’s “politicization of science” program. 

So he got some big paychecks from Soros – but was there a quid pro quo? The evidence certainly indicates as much:

That may have meant that Hansen had media flacks help him get on the evening news to push his agenda and lawyers pressuring officials to let him spout his supposedly “censored” spiel for weeks in the name of advancing the global warming agenda.

Hansen even succeeded, with public pressure from his nightly news performances, in forcing NASA to change its media policies to his advantage. Had Hansen’s OSI-funding been known, the public might have viewed the whole production differently. The outcome could have been different. 

Did Soros’ funding pay off? You be the judge. Do a quick google search on James Hansen to read any of the thousands of mainstream media stories touting Hansen’s claims of censorship by the Bush administration. This wouldn’t be the first time credibility questions have been raised regarding Hansen and his alarmist claims [see “When does 1,400 Media Interviews = Muzzled” (03/20/07)].

http://newsbusters.org/blogs/jake-gontesky/2007/09/26/global-warming-alarmist-james-hansen-shill-george-soros

Friedrich Hayek

Friedrich August von Hayek, CH (May 8, 1899 – March 23, 1992) was an Austrian-British economist and political philosopher known for his defence of classical liberalism and free-market capitalism against socialist and collectivist thought in the mid-20th century. He is considered to be one of the most important economists and political philosophers of the twentieth century.[1] One of the most influential members of the Austrian School of economics, he also made significant contributions in the fields of jurisprudence and cognitive science. He shared the 1974 Nobel Prize in Economics with ideological rival Gunnar Myrdal “for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena.”[2] He also received the U.S. Presidential Medal of Freedom in 1991.[3] He is considered to be one of the major forces of change from the dominant interventionist and Keynesian policies of the first part of the 20th century back to towards classical liberalism after the 1980s. …”

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

Karl Popper

Sir Karl Raimund Popper (July 28, 1902 – September 17, 1994) was an Austrian and British[1] philosopher and a professor at the London School of Economics. He is counted among the most influential philosophers of science of the 20th century, and also wrote extensively on social and political philosophy. Popper is known for repudiating the classical observationalist/inductivist account of scientific method by advancing empirical falsification instead; for his opposition to the classical justificationist account of knowledge which he replaced with critical rationalism, “the first non justificational philosophy of criticism in the history of philosophy”[2] and for his vigorous defense of liberal democracy and the principles of social criticism which he took to make the flourishing of the “open society” possible. …”

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

Capitalism Doesn’t Work, Mr. Gates?
I just have to smile when billionaires turn cold shoulders to the blessings capitalism bestows.

By Larry Kudlow

“…

The Heritage Foundation/Wall Street Journal 2008 Index of Economic Freedom reveals how free-market economics is spreading like wildfire while state-run socialism is on the decline. And it’s no wonder why. The free-market countries are prospering mightily while the least-free economies are mired in poverty. We’re talking North Korea, Cuba, Zimbabwe, and Iran. Also noteworthy is Venezuela. As the neo-socialist Hugo Chavez attempts to adopt Fidel Castro’s failed economic model, he’s sinking his nation toward Cuba-type poverty.
 

 

Economist Mark Perry, on his Carpe Diem blog site, reports that both the U.S. share of world GDP and its global stock market capitalization are shrinking. But this isn’t a bad thing at all. It doesn’t mean that America is heading downwards. On the contrary, it means that newly freed economies are heading up.
The reality here is that the rising tide of global capitalism is lifting all boats that employ it. Capitalism works. It’s a good thing. It’s the key to unlocking a nation’s prosperity. In fact, free-market capitalism is the greatest anti-poverty program ever devised by man.

 

Another billionaire, George Soros, the Davos partygoer who finances near every left-wing political-action group on both sides of the Atlantic pond, recently wrote in the Financial Times that the era of capitalism is coming to an end. Soros, of course, has been predicting this for at least twenty years — through the greatest world boom in history. And how was it that Soros made his money? Trading currencies in the technologically advanced world financial markets, the very same markets that were spawned by 20th century free-market capitalism.

 

So I just have to smile when billionaires like Bill Gates and George Soros turn cold shoulders to the blessings capitalism bestows. Or when their buddy, Warren Buffett, broadcasts the importance of hiking tax rates on successful earners and investors.
Look fellas, the command-and-control, state-run economics experiment was tried. It was called the Soviet Union. If you hadn’t noticed, it was a miserable failure. …”
 
 
 
 
 
 

 

http://article.nationalreview.com/?q=YzMyNDA1MWQyMWMwOTQ3YTk4NDM1ZDNlZWU0MTlkMWU=  

McCain and Leadership in a Time of Financial Crisis

By Ed Lasky

“…Since Barack Obama seems to have hung up the hope and change mantra for now to adopt the populist demagoguery that has sunk Democratic presidential hopefuls in the past, McCain should practice some jujitsu and turn Obama’s argument against him.
Barack Obama is the hedge-fund candidate in terms of findraising according to the New York Times. He and his fellow Democrats — including New York Senators Schumer and Clinton — are the darlings of Wall Street. Obama has enjoyed outsized donations from hedge fund managers and Wall Streeters.The granddaddy of all hedge fund monsters is George Soros, who was also Barack Obama’s early presidential race sugardaddy. Soros has also been talking down the economy while profiting from the mortgage meltdown. Soros is the chief donor to a wide variety of 527 groups (including MoveOn.Org) that have been working to assure Obama’s election.
Obama raised almost $400,000 dollars from the employees of the now kaput Lehman Brothers-topping all other candidates, though Senators Clinton, Schumer and Dodd did quite nicely
.
      
Two other leading donors to the left are Herbert and Marion Sandler, who have worked with Soros to promote left-wing causes. This husband and wife founded Golden West Financial, a savings and loan that was a huge player in the mortgage market. Did they see the writing on the wall when they sold their company to Wachovia for billions of dollars before the mortgage meltdown?
Why do you think Barack Obama, Hillary Clinton, and other leading lights of the Democratic Party castigate oil companies and not hedge fund managers? The paydays of Wall Street players dwarf those of oil companies. Their profit ratios can be astronomical compared to those of oil companies. They can wreck the financial markets that are the lubrication for the rest of the economy.

 

Gloves off: Now, Obama calls for prosecuting GOP donor; Update: AIP responds

By Michelle Malkin 

“…I noted this morning that the Obama campaign’s Chicago-style thug effort to shut down the independent ad on Bill Ayers is part of the larger effort to intimidate conservative donors and curtail the free speech of The One’s critics.

It’s getting uglier, people.

Obama’s lawyer has sent a second letter to the Justice Department calling for the head of Dallas billionare Harold Simmons, who funded the Ayers ad that the Obama campaign doesn’t want the public to see.

Feel the chill:

Obama general counsel Bob Bauer today sent a second, sharper letter to the Justice Department, directly attacking the Dallas billionaire funding a harsh attack ad, Harold Simmons.

“We reiterate our request that the Department of Justice fulfill its commitment to take prompt action to investigate and to prosecute the American issues Project, and we further request that the Department of Justice investigate and prosecute Howard (sic) Simmons for a knowing and willful violation of the individual aggregate contribution limits,” he wrote.

He called the group’s activities “patently illegal.”

Bauer made the case that Simmons’ group [is not] fulfilling its […] nonprofit charter because it hasn’t spent any money on anything other than attacking Obama. Simmons’ spokesman, Christian Pinkston, told me yesterday that plans to, and dismissed the complaints as an effort to lawyer away charges the campaign can’t rebut.

I posted AIP’s rebuttal here yesterday. And as I’ve noted today and will note again: Obama has some nerve whining about campaign finance integrity after getting caught hiding $800,000 in ACORN payments.

What’s going on? Simple: The Left has its George Soros sugar daddy and can’t stand that conservatives have their own committed benefactors. They’ve got a massive non-profit infrastructure funded with taxpayers and operating flagrantly in an illegal, partisan manner (hello, ACORN Watch!). They want the playing field all to themselves. And they are fighting for that turf by any means necessary.

Can they do it?

No, they can’t. Not if you don’t let them. …”

http://michellemalkin.com/2008/08/26/gloves-off-now-obama-calls-for-prosecuting-gop-donor/

 

Charlie Rose: February 23, 2001

“…A conversation with George Soros, the international philanthropist and chairman of Soros Fund Management, about his new book, “Open Society: Reforming Global Capitalism”. Soros discusses… ”


 

Charlie Rose: August 2, 1994

“…First, philanthropist George Soros, founder of the world’s most successful hedge fund, shares some of his ideas for revitalizing America’s inner cities. Then, Hugh Price talks about what he hopes …


 

Authors@Google: George Soros

“…George Soros appears in conversation with Google CEO Eric Schmidt discussing his new book “The Age of Fallibility: Consequence of the War on Terror” as part of the Authors@Google series. … ”

 

Soros Compares President Bush To Nazis

http://www.youtube.com/watch?v=_DuafAqAHrc&feature=related

 

George Soros Part 1

“…George Soros Part 1 Interview on April 8, 2008…”

 

George Soros Part 2

“…George Soros Part 2 Interview on April 8, 2008…”

 

George Soros Part 3

“…George Soros Part 3 Interview on April 8, 2008…”

 

George Soros on Housing Prices June 2006


 

O’Reilly: George Soros is funding Media Matters,John Edwards

 

O’Reilly calls Democratic support group dangerous, evil

“…George Soros, Paul Begala, and David Brock are O’Reilly’s “American Axis of Evil” for planning to spend money against Republican John McCain. Does anyone recall him in this high dudgeon over the Swift Boat ads?…”

 

Liberals & big business falsified Iraq war casualty figures 

Ron Paul on Mortgage Bailout & Financial Armageddon

Jerry Bowyer on Kudlow & Company – March 17th – Segment 1 

Jeremy Siegel on Bear Stearns, the Rate Cuts and Inflation

Deconstructing the Subprime Crisis

Susan Wachter on Securitizations and Deregulation

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

Part 1 – Exposing Fannie Mae and Freddie Mac: Origins

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

Part 2 – Exposing Fannie Mae and Freddie Mac: Origins

Part 3 – Exposing Fannie Mae and Freddie Mac: Origins

Part 4 – Exposing Fannie Mae and Freddie Mac: Origins

Part 5 – Exposing Fannie Mae and Freddie Mac: Origins

Rush On Franklin Raines

Hey Barack, Who’s Franklin Raines

Advice

Jim Johnson

Crisis

Enough Is Enough

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

Comrade Barack Obama–Arrogant Elitist Socialist–US Job Destroyer and Economy Wrecker

The Movement Conservatives Will Rock You Obama!

Obama: Pump Up Your Tires–Main Stream Media: Pumps Up Obama

Identity Politics: Blacks, Lesbians, Gays, Bisexuals and Transsexuals for Obama?

Barack Obama: The First Previable Puppet Presidential Candidate!

Barack Obama–A Reader Not A Leader!

Barack Obama: A Watermelon Man–Green on The Outside–Red on The Inside

Barack Obama–Damaged Goods–Birds of A Feather Flock Together

Clinton’s Cap and Trade Tax on The American People for Consuming Electricity and Driving Cars, SUVs and Trucks!

Facing Fundamental Facts

Presidential Election 2008: American Elites Vs. American People

Let Them Eat Cake Act: American Elites Killing and Starving The American People 

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