Deception and Collusion? It IS the Corruptocrats in Washington

 

A Lesson in history: The economic meltdown.

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From: September 2008

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Congressional hearings in 2004.

A video of the investigation into Fannie Mae and Freddie Mae bookkeeping

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“LOAN Affirmative Action”…………”A higher risk and a higher default rate than others on the portfolio” at  03:00 to 3:15 minutes

03:50 to 07:30 Obama’s involvement

ASTONISHING VIDEO EVIDENCE FOUND!!! the Clinton administration admitting their policy of “BANK AFFIRMATIVE ACTION”. Secretary Cuomo admits they forced banks to make BAD LOANS. Video also shows Obama’s tie to all this.

Obama is seen discussing his legal and community organizing career. See how it ties in to ACORN and the Clinton administration enforcement of the Community Reinvestment Act.

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

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ADD a Blank Check issued to Fannie Mae and Freddie Mac by the Obama Administration during CHRISTMAS Break of Congress in 2009. Endless credit for a failing housing structure.

December 2009

Blank-Check Bailout for Fannie and Freddie Means Taxpayers Get a Lump of Coal from Obama

Posted by Daniel J. Mitchell

Even though politicians already have flushed $400 billion down the rathole, the Obama Administration has announced that it will now give unlimited amounts of our money to prop up Fannie Mae and Freddie Mac, the two government-created mortgage companies. While President Obama should be castigated for this decision, let’s not forget that this latest boondoggle is only possible because President Bush did not do the right thing and liquidate Fannie and Freddie when they collapsed last year.

 

Treasury Secretary Timothy Geithner: No Action On Fannie Mae & Freddie Mac Until Next Year

 

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ADD in the Bush invasion of Iraq; taking eye off of Afghanistan.  Granted Saddam Hussein was a despicable dictator, but invading under auspices of WMD (never confirmed) was a distraction and another economic burden for the United States.

 

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Obama, Chavez Are Both Nationalizing Private Companies, Venezuelan Political Analyst Says

 
Tuesday, July 28, 2009
By Edwin Mora

Washington (CNSNews.com) — Venezuelan President Hugo Chavez is taking over private companies in order to deal with the economic crisis that has affected both his country and the United States, and the Obama administration is trying to do roughly the same thing, Venezuelan political analyst Dr. Luis Vicente León told CNSNews.com Monday.
 
“I don’t like to make comparisons (between the U.S. and Venezuela) because you can only compare concepts,” León, a noted political analyst and pollster in Venezuela said in Spanish. “But conceptually, one can say that in order to solve the crisis, President Obama has had to overtake private companies.” 
 
He added: “Chavez is using the thesis that he is going to solve the crisis (by taking over) private companies.”
 
Although both countries utilize different rhetoric, ultimately the “concept” behind the state meddling with the private sector in order to deal with the economy is the same in both countries, according to León.
 
“You can say the institutions function differently–the (U.S.) government does not want to permanently own those companies and wants to return them to the private sector–but, in the end, the concept of the state’s participation is the same,” he told CNSNews.com
 
“In other words, it is the state getting involved with the private sector,” León added.

More………

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Congressional term limits

 

Rep. Pete Stark (D-CA) Outrageous Remarks on House Floor in 2007

AND At a townhall meeting June 29, 2010

Bonded Term Limits for Congress

Congress getting money from lobbyists

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The Vat Tax

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From Politico:

As Washington reels from the news of 10.2 percent unemployment, the Center for Responsive Politics is out with a new report describing the wealth of members of Congress.

Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall.

CRP says California Republican Rep. Darrell Issa is the richest lawmaker on Capitol Hill, with a net worth estimated at about $251 million. Next in line: Rep. Jane Harman (D-Calif.), worth about $244.7 million; Sen. Herb Kohl (D-Wis.), worth about $214.5 million; Sen. Mark Warner (D-Va.), worth about $209.7 million; and Sen. John Kerry (D-Mass.), worth about $208.8 million.

All told, at least seven lawmakers have net worths greater than $100 million, according to the Center’s 2008 figures.

Herb Kohl is third on the list.

Of the top five richest lawmakers, four are Democrats.

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Millionaires in Congress; yet YOU think they worry about the “citizens” of America.

Government SPENDING is OUT OF CONTROL.

It ISN”T all Bush’s/Republicans fault; Democrats have claims to faults for economic collapse.

STOP SPENDING and funding government defunct programs!

The only employment sector that has grown is the FEDERAL JOB SECTOR.

TERM LIMITS for Congress.

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NOT RACIST.

NOT VIOLENT.

JUST NO LONGER SILENT.

Obama: The Economy Is Improving. How Does Obama explain this? Seven U.S. banks closed by regulators; failures at 140

 

In news Friday, December 18, 2009, of course at the end of a market day, news comes from MarketWatch that SEVEN U.S. Banks were closed by Regulators bringing failure total to 140.

By John Letzing, MarketWatch

SAN FRANCISCO (MarketWatch) — Seven U.S. banks were closed by regulators on Friday, bring the total this year to 140 as the effects of the credit crisis continued to be felt across the country.

What’s more, the Federal Deposit Insurance Corp. established temporary institutions to help close two of the failed banks.

Atlanta-based RockBridge Commercial Bank became the 25th Georgia-based bank to fail this year. The FDIC was unable to find another institution to take over the failed bank, and so will mail checks to retail depositors for insured funds.

RockBridge Commercial Bank had roughly $294 million in assets and $291.7 million in deposits as of Sept. 30. Its failure will cost the federal deposit-insurance fund $124.2 million, the regulator said.

Panama City, Fla.-based Peoples First Community Bank became the 14th to fail in that state in 2009. Peoples First Community Bank had $1.7 billion in deposits as of Sept. 30, and Gulfport, Miss.-based Hancock Bank has agreed to assume those deposits.

Peoples First Community Bank’s failure will cost the deposit-insurance fund $556.7 million, according to the FDIC.

New Baltimore, Mich.-based Citizens State Bank’s failure will cost the deposit-insurance fund $76.6 million, with the FDIC creating the Deposit Insurance National Bank of New Baltimore to protect depositors of Citizens State Bank.

The new bank will remain open for 45 days to allow depositors to access insured deposits and open an account elsewhere, the agency said. Columbus, Ohio-based Huntington National Bank will operate the DINB under contract with the FDIC.

An FDIC spokesman said the agency has created such bridge banks “several times this year and in previous years.”

Irondale, Ala.-based New South Federal Savings Bank also was closed by regulators Friday. The bank had $1.2 billion in deposits as of Sept. 30, which will be assumed by Plano, Texas-based Beal Bank, the FDIC added.

New South Federal Savings Bank’s failure will cost the deposit-insurance fund $212.3 million.

Springfield, Ill.-based Independent Bankers’ Bank was closed, with $511.5 million in deposits as of Sept. 30.

The FDIC said it created the Independent Bankers’ Bank Bridge Bank to allow client banks of Independent Bankers’ Bank “to maintain their correspondent banking relationship with the least amount of disruption.”

Independent Bankers’ Bank’s failure will cost the deposit-insurance fund $68.4 million.

Two Southern California banks were closed Friday, the 16th and 17th such failures in the Golden State as a whole.

First Federal Bank of California in Santa Monica was taken over by regulators. OneWest Bank of Pasadena will assume all of its deposits and take over First Federal’s 39 branches, the FDIC said.

OneWest Bank agreed to purchase all of the $6.1 billion in First Federal Bank assets and did not pay the FDIC a premium for the $4.5 billion in total deposits; the hit to the deposit-insurance fund will be $146 million.

Separately, La Jolla, Calif.-based Imperial Capital Bank was closed. It had $2.8 billion in deposits as of Sept. 30, the FDIC said, and its failure will cost the deposit-insurance fund $619.2 million. City National Bank of Los Angeles is assuming all of the deposits in the “least costly” resolution, according to the agency.

http://www.marketwatch.com/story/seven-us-banks-closed-2009-failures-at-140-2009-12-18

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End note:

The MSM’s reponse to this?……….-crickets-………..-crickets-………..-crickets-…….

Obama: Economy getting better.

Larry Summers: The Recession has ended.

FOR WHOM?

A Man-Made Financial Disaster: The Duping of America

 

November 16, 2009

Alan Caruba wrote over a month ago a piece that Americans should revisit before the Healthcrimes bill comes up for a vote.

From Our Writers:         You will recall that, shortly before the end of the 2008 political campaign, the White House announced a threat to the entire financial system and called on Congress to enact emergency spending powers . The Emergency Economic Stabilization Act of 2008 was enacted on October 3, 2008.

        Just eighteen days earlier an event occurred that slid under the radar screen of virtually the entire mainstream media.  On Thursday, September 15, 2008, at approximately 11 a.m., the Federal Reserve noticed a tremendous draw down of money market accounts in the nation, amounting to $550 billion dollars.  It occurred within an hour or two.  The money was removed electronically.

        It has never been made public which accounts were affected, nor where the withdrawn funds were sent.  If we knew those facts, we would know who launched an attack on the United States that has been more devastating than any in our history.

        Had the Federal Reserve not closed down the accounts involved it is estimated that by 2 p.m., $5.5 trillion would have been withdrawn and the entire economy of the nation would have collapsed.  It would have been followed within a day with the collapse of the world’s economy.

        What followed was the sub-prime mortgage loan debacle that can be traced to the government’s intervention into the housing loan marketplace via Fannie Mae and Freddie Mac.  They ended up owning fifty percent of all the loans.

        Americans were using home ownership as a credit card and government policies were mandating the issuance of bad loans in the name of “social justice.”  Home ownership became “a right,” not an aspiration.

        Throughout the 1990s, as communities revalued homes, increasing their alleged worth in order to impose higher property taxes, it was only a matter of time before a financial collapse became a reality.  Virtually every state was spending beyond its means and increasing property taxes was the preferred choice to make up the difference.

        That collapse, however, was initiated by unknown persons at precisely the time that Americans were preparing to select a new president.  That was not a coincidence.  

        In the October edition of “Budget & Tax News,” a publication of The Heartland Institute, a non-profit, free market think tank, there was an article by Sandra Fabry, the government affairs manager for Americans for Tax Reform and executive director of the Center for Fiscal accountability, a project of the organization.

        The article was titled “61% of National Income Goes to Government.”

        “Americans this year had to toil until August 12 to pay for federal, state, and local governments, according to the annual Cost of Government Day report by the Americans for Tax Reform Foundation and Center for Fiscal Accountability.”

        “In 2009, the government will consume a whopping 61.34 percent of national income.”

        The redistribution of income has reached a point in which 30.36 percent of the money that Americans earn is consumed by federal spending.  State governments take their percentage as well, in income, sales, and other forms of taxation.

        It means that Americans worked for 111 days of the year just to pay for the costs of the federal government–and federal spending has reached a record 28.5 percent of GDP.

        With the passage by the House of the government’s attempted takeover of the nation’s healthcare system and the up-coming cap-and-trade bill, a massive tax on energy use, there is no telling how many more government spending programs, huge redistribution schemes, Americans will be obliged to pay for.

        The Obama administration swiftly embarked on an unprecedented spending spree, “bailing out” General Motors and Chrysler, in effect owning AIG, the insurance giant, and giving funds to various banks to “stimulate” loans, i.e. credit, that Americans and their business enterprises depend upon to function.

        Peter Schiff, CEO of Euro-Pacific Capital, has long argued that the problems of the American economy were created by excess credit and debt, and that a massive infusion of credit and debt into the economy only exacerbates the problem.  He is right.

        The “stimulus” has not worked and the billions still unspent by the program should be returned to the American treasury.  Taxes should be cut in order to allow Americans to save or spend their own money.  Contracts with civil service and teacher’s union should be renegotiated.  A vast regulatory revision to remove obstacles to economic growth should be implemented.

        Meanwhile the government’s “official” figures say 10.2 million Americans are out of work, but the actually figure is estimated to be closer to 17 million or more.  Nothing is being done to facilitate hiring with tax credits and reduced taxation of small businesses, nor are the highest corporate taxes in the world being reduced to encourage domestic investment and growth.

        And our present difficulties began on September 15, 2008 in a calculated attack that got Barack Obama elected and was immediately followed by all the subsequent efforts to grow the federal government ever larger to make more Americans dependent upon it.  The Obama administration has increased the national debt more than all previous presidencies combined.

            There is a determined effort under way to undermine the free market capitalist system that made America the greatest economic and military power in the world.  Both the White House and the Democrat-controlled Congress are parties to it, but the identities of those who launched that September attack remain hidden.

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End note:

Emboldened and italicized words mine for focal points.

Odds are that George Soros had at least a finger in the debacle.

Fannie Mae/Freddie Mac, Frank Raines, the Community Reinvestment Act are part of it.

Goldman Sachs a bailed out firm; Henry Paulson, held the CEO position at Goldman Sachs prior to becoming George Bush’s Treasury Secretary. Obama has ties to several members with ties to Goldman Sachs.

Was there collusion to cause the economic collapse?

WHY hasn’t the SEC, the FBI and the U.S. Attorney General launched an investigation into this?

Follow the money……..

 

READ my recent blog about Obama’s LOVEFEST with Wallstreet FAT CATS:

http://romanticpoet.wordpress.com/2009/12/16/the-two-faces-of-obama-lovefest-with-wall-street-fat-cats/

Does Washington, D.C. = Crooks and Liars?

YOU DECIDE.

 

 

 

A Message To Patriots From Obama: “Don’t Do A Lot Of Talking” Really?

 

In a speech given for Sen. Craig Deeds of Virginia, Obama spoke these words:

“But I don’t want the folks that created the mess — I don’t want the folks who created the mess to do a lot of talking. I want them just to get out of the way so we can clean up the mess.”

Really? 

Does he NOT remember that Fannie Mae and Freddie Mac were the epicenter of the “quake of economic collapse?”

Watch this video in its entirety! 

 

 

The “mess” as Obama calls it was initiated by the MORTGAGE crisis caused by Fannie Mae and Freddie Mac AND supported by DEMOCRATS!

 

Then this article today, just made my eyes explode!

Report: U.S. Considers Remaking Fannie Mae, Freddie Mac

The Obama administration is considering an overhaul of mortgage giants Fannie Mae and Freddie Mac that would strip billions in bad loans and create a new home-loan organization, according to the Washington Post.

The bad debts the firms own would be placed in new government-backed financial institutions — so-called bad banks — that would take responsibility for collecting as much of the outstanding balance as possible. What would be left would be two healthy financial companies with a clean slate.

The moves would represent one of the most dramatic reorderings of the badly shattered housing finance system since District-based Fannie Mae was created by Congress to support mortgage lending during the Great Depression. Both Fannie Mae and Freddie Mac, based in McLean, have government charters to buy home loans from banks, which they then repackage and sell to investors. The banks can then use the proceeds to offer more loans to home buyers. [Basically this is HOW the housing mortgage started]

The leviathans became emblematic of the financial crisis when they were effectively nationalized in September amid a market meltdown that revealed much of their holdings to be troubled. The government has since pledged more than $1.5 trillion, including $85 billion in direct aid, to keep the mortgage market working through Fannie Mae and Freddie Mac.

The “bad bank” would be a depository for Fannie Mae’s and Freddie Mac’s toxic assets. Then, the government could create new companies, if it chose to do so, that would attract private investment in support of mortgage finance.

Options for the “good banks” include consolidating the firms into one government agency, leaving mortgage finance to private banks or maintaining a hybrid model.

 Any final decision would come after talks involving the White House, the Treasury, the Department of Housing and Urban Development and the Federal Housing Finance Agency.

Until the future of the firms is worked out, the Obama administration has been using them to carry out its housing recovery program, including restructuring mortgages to avoid foreclosures.

In addition, the Federal Reserve has bought well over $1 trillion worth of mortgage-related securities and debt from Fannie Mae and Freddie Mac. That further helped to lower interest rates on home loans. The government also has pledged up to $400 billion in direct investments in the firms.

 http://www.washingtonpost.com/wp-dyn/content/article/2009/08/05/AR2009080504063_2.html?sid=ST2009080504289

Fannie Mae and Freddie Mac has been a hub of corruption. Now to say we may possibly be dumping BILLIONS into this failing market is literally mind boggling.

The bubble caused by Fannie Mae and Freddie Mac are the reason housing prices skyrocketed and now the “worth” of the house is less than the mortgage owed.

Enough of this “To Big to Fail” cr@p!  Enough!

According to economists: Obama has created more debt in the past 6 MONTHS, than Bush did in the last 4 YEARS.

 

 America is TRILLIONS of $$ in debt, millions of Americans are out of work, Now $3 BILLION for the “clunkers” program (already fraud is surfacing; and this will be a new financial bubble in 6 mos to 1 year….loans to people unable to pay the car loan)

 

Does Obama have Alzheimer’s or dementia of some sort?  Or is he just lying again?

 

Obama’s words again:

“I don’t mind cleaning up after them, but don’t do a lot of talking.”

Does that include Sen. Dodd, Sen. Shumer, Speaker Pelosi, Rep. Maxine Waters, Rep. Barney Frank?……after all they defended Fannie Mae and Freddie Mac against regulation. That includes YOU Mr. President (representing ACORN against Citibank for not giving enough housing loans to low income people).

 

 

And for Obama to say to the Patriots that are beginning to stand up for America:

“but don’t do a lot of talking”……

Did our President tell Americans/Patriots to literally shut up?

YOU DECIDE.

 

 

 

Apollo Alliance Writing Legislation? Stimulus Bill, Cap and Trade Bill, Healthcare Bill? America Needs To Know!

 

UPDATE! 8/4/09 The Apollo Alliance has now ADMITTED that they wrote the Stimulus Bill AND the Cap and Trade Bill. It will only be a matter of time before America learns THEY wrote the Healthcare Bill too!

from:
Apollo Weekly Update, 2/20/09: Clean Energy Breakthrough in Stimulus, Next Steps
By: Keith Schneider
From: Apollo News Service
Date: 2/20/2009

While the clean energy focus of the stimulus was inspired by the Apollo’s vision, the specific content of many of the bill’s provisions was influenced by policy proposals that the Apollo Alliance made last year in The New Apollo Program and the Apollo Economic Recovery Act. “The recovery bill represents the focused work of labor, business, environmental and social justice organizations who developed a clear strategy about where the nation needed to go, and worked together to achieve it,” said Phil Angelides, former California treasurer and chairman of the Apollo Alliance.

As Senator Harry Reid, the Senate Majority Leader, noted in a statement. “We’ve talked about moving forward on these ideas for decades. The Apollo Alliance has been an important factor in helping us develop and execute a strategy that makes great progress on these goals and in motivating the public to support them.”

The APOLLO ALLIANCE consists of a coalition of UNIONS, like SEIU, Social Justice groups the likes of ACORN and at the helm is Van Jones a Communist that is Obama’s “Green Czar” and head of the Green Initiative. So the triad of these groups are writing our Legislation. America, have you had enough yet?

One thing any American attending any townhall meeting this Congressional-recess break should ask your Congressman/woman:  WHO WROTE THE HEALTHCARE BILL?  WHAT ARE THEIR NAMES? The Apollo Alliance, that is made up of radicals like ACORN, the “green movement” with known Communist Van Jones and the Unions the likes of SEIU, brag THEY wrote the STIMULUS BILL.  Can you honestly answer you know exactly WHO wrote the Healthcare Bill; all 1,000+pages of it and within 6 months of Obama taking office?  Then ask WHO specifically are the community organizations mentioned on pages 469-472? 

http://waysandmeans.house.gov/media/pdf/111/AAHCA09001xml.pdf 

 

 

Did Waxman/Hartley actually write the Cap and Trade bill; or did the Blue-Green Alliance Or the Alliance for Climate Protection?

 

 

 

If Alliances, like the Apollo Alliance, the Blue-Green Alliance, the Alliance for Climate Protection, the Democracy Alliance, et.al are writing our Legislation, WHY do we need you?   See what their response is……

 

Alliances and their web of connections:

 

 The following maps are courtesy of Muckety Maps: http://www.muckety.com

 

 

Map of Apollo Alliance and Alliance for Climate Protection

 

 Note:  Al Gore, Jr.’s name (will make $$ off Cap and Trade), Carol Browner, the Environmental Czar (International Socialist and belongs to the “Sustainable WORLD Society”) and Robert Borosage (a BIG Progressive agent).

 

Democracy Alliance,Tides Foundation and SEIU

 

Note: Democracy Alliance name of George Soros.  Tides Foundation name of Wade Rathke (ACORN founder), Anna Burger, the Secretary Treasurer of SEIU tied to Obama.

 

Obama’s Media support mechanism:

They Work For Us Organizational Map

People related to They Work For Us:

Anna Burger – director

Markos Moulitsas – director

Eli Pariser – director

Chuck Rocha – director

Steve Rosenthal – director

The ONE QUESTION:  Is ANNA BURGER the conduit of information between the White House and all the Alliances?

Anna Burger will be speaking at Netroots Nation Convention between August 13-16 in Pittsburgh.

Building a 21st Century Economy:

Shortly after President Obama took office, he remarked, “We need new rules of the road for the 21st century economy, together with the means and willingness to enforce them.” But in today’s world, economic solutions must include more than just bailouts and regulations.

As our leaders push to solve our country’s financial crisis, how can we maintain confidence in the economy while protecting the interests of the middle class? What are some of the pivotal policy decisions that are being made now, and what will a “21st century economy” look like? And how can we as progressives help for progressive change in areas such as health care and workers’ rights?

On August 15, New Jersey Gov. Jon Corzine, Change to Win Chair Anna Burger and economist Dean Baker will join us in Pittsburgh for a discussion about the economy and how it affects working Americans. The panel will be moderated by Kevin Drum of Mother Jones.

http://www.netrootsnation.org/

 

It Took Obama Only 123 Days To Bankrupt America: It’s The Strawman’s Fault Not His

From: http://www.theobamafile.com/ObamaLatest.htm

AND

American Thinker: http://www.americanthinker.com/blog/2009/05/obama_blames_7_straw_men_for_b.html

 

 

May 23, 2009

Obama Blames 7 Straw Men for Being ‘out of money’

Lee Cary

Unable to blame Bush directly for current and pending budget deficits, President Obama has taken to blaming Straw Men.

On Saturday, May 23, during a C-SPAN interview with Steve Scully, the President had this exchange according to DRUDGE:

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.

 

(Enter Straw Man #1: Failure to nationalize health care sometime after Harry Truman first proposed the idea. In other words, it’s not Obama’s fault that “we are out of money.” It’s not the fault of the new health care system he wants. It’s the fault of those who didn’t pass a health care plan earlier.)

 

So we’ve got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it’s putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

 

(Obama opted to deal with the auto companies by nationalizing two of the “big three.” He could have let bankruptcy court deal with them, pursuant to the free market system. Invisible Straw Man #2 made him do it – The “had to” Straw Man.)

 

(Food stamps represent a small fraction of the deficit spending. This is Straw Man #3.)

 

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don’t reduce long-term health care inflation substantially, we can’t get control of the deficit.

 

(The deficit today is not due to Medicaid and Medicare, or even Social Security, all failed government programs. It is due, in part, to the explosion in entitlements over decades. By shifting the conversation away from the deficits today onto long-range problems, he creates Straw Man #4 and #5 - Medicaid and Medicare.)

 

So, one option is just to do nothing. We say, well, it’s too expensive for us to make some short-term investments in health care. We can’t afford it. We’ve got this big deficit. Let’s just keep the health care system that we’ve got now.

 

(There’s nothing “short term” about Obama’s proposed “investments” in health care.  This is Straw Man #6.)

 

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything…

(So here it is: We’re out of money, so let’s go more broke to pay for a new national health care program that we can’t afford because of all the other entitlements we’ve accumulated over the decades. Oh, by the way, let’s continue to grow the payroll of government employees.)

SCULLY: When you see GM though[t  of] as “Government Motors,” you’re reaction?

OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven’t seen since the 1930′s. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries…  

 

(So the billions spend by the federal government to “help” the auto industry – excluding Ford – is not the government’s fault; it was just trying to “help out.” The implied, unspoken Straw Man #7 is the previous administration. Namely, Obama had no option but to throw billions into GM and Chrysler because he inherited the situation from Bush.)

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you’re seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they’re bringing less tax revenue in. And that’s a painful adjustment, what we’re going end up seeing is lot of states making very difficult choices there…

 

(States in financial trouble must cut services by making “difficult choices.” So, where are difficult choices being made by the federal government to cut services?)

 

Don’t blame me, Obama says.  It’s those 7 Straw Men who are responsible.

 

Another take on this same subject:

http://www.americanthinker.com/blog/2009/05/obama_were_out_of_money.html

Obama: ‘We’re out of money’

 By Rick Moran

May 23, 2009

I wish he would have realized that about $11 trillion ago.

[snip]

Scully does a good job of boring in on Obama’s evasions so the interview is well worth the read.

This is a man who hasn’t a clue. Yes, we are in a recession and a financial crisis. So your scare tactics that ratcheted up fear in order to get your stim bill, omnibus spending, and FY 2009 budget passed – a total of more than $5 trillion with interest added – are backfiring and you think you can work your way out of it by spending a trillion more on a health insurance boondoggle?

What planet is this guy from?

Obama Admits his Economic Programs Won’t Work

Hat tip to Beckwith at: http://www.theobamafile.com/ObamaLatest.htm

From Canada Free Press

Bold and italicized words mine for effect.

Obama Admits his Economic Programs Won’t Work

 

 By Sher Zieve  Saturday, May 16, 2009

Supreme Leader Obama—who usually appears on television at least once a day—recently spoke at a high school to a group of his adherents in Rio Rancho, NM.  Now that he and his minions have systematically gutted the US Treasury, Obama may have finally uttered a truth.  Of the now close to $2TRILLION in debt that he has already instituted against We-the-People Obama said: 

“We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”[ My goodness Obama sounds like a Tea Party advocate]

 Now that the economy is just about destroyed, Obama admits the truth of his impotent financial program?  Tragically, as usual, his still-fawning mainstream media backs him and lends their support to his unrelenting march to ruin the USA.  Then, in one of his all too common attempts to deflect negative attention away from himself, Obama said “Most of what is driving us into debt is health care, so we have to drive down costs.”

Huh?  Health care?  Not only does that statement have nothing—whatsoever—to do with Obama’s and his followers’ personal and ongoing attacks against the economy of the USA but, it’s a patent lie.  Observation:  It was also a very poor segue.  The supported facts are actually ‘Most of what is driving us into debt is Barack Hussein Obama’.  However, now Obama has “established” a reason for and a way to take the rest of what’s left of our wealth from us—into perpetuity.  He is going to substantially raise taxes on everyone. And one of the reasons he will give to affect even more taxations (this is in addition to his plan to raise energy prices by a minimum of $3,100/year/family so that we have to go back to cooking-fires) is to establish his “Universal Health Care”—a plan that has proven disastrous for the health and life of normal humans in every country in which it has been implemented.  But, it does give Obama a “reason” to increase taxes on the American people by more trillions-of-dollars.  However, it is another great plan for the corrupt who want to steal even more riches from the now exponentially growing proletariat (in Marxist theory the class of workers, esp. industrial wage earners, who no longer possess capital or property and must sell their labor to survive.) class.  Note:  In Peron’s Argentina, these laborers were known as descamisados or “shirtless ones.”

 

End note:

NOW Obama states, after throwing TRILLIONS of dollars into a “rat hole” that his Economic Programs won’t work? 

The MSM’s are fawning over Obama’s every word.  The Messiah has finally spoken the truth, BUT the fawning MSM’s will not write one word that may interfere with our Narcissistic leader?

It is seems obvious that Soros and the Unions, especially the SEIU under Andy Stern are dictating the terms of Obama’s leadership.

Obama’s Healthcare = Andy Stern and Soros’ healthcare. 

When will this insanity end?

Careful America: China and Brazil are trading under THEIR money standards…..NOT THE US DOLLAR.

You’ve been HOODWINKED America! Smoot-Hawley by Stealth

It is amazing how many MSM’s are mute about anything that pertains to America’s survival.

George Soros’ money has bought off the “Transparency” Obama promised America.

Hat tip to: http://www.discoverthenetworks.org/

 

Source: http://newsrealblog.wordpress.com/

May 15, 2009

Smoot-Hawley by Stealth

 

Looking up from their particular circle of Hell, Senator Reed Smoot (R-Utah) and Representative Willis C. Hawley (R-Oregon) must be laughing.

They must realize that President Obama and congressional Democrats are infinitely clever students of Saul Alinsky (the Chicago Marxist whose blueprint for revolution shaped Obama’s politics), saying one thing in front of the TV cameras and then doing the opposite behind the scenes. Together, the Obama administration and liberal lawmakers have in a sense revived by stealth the disastrous Smoot-Hawley tariff that exacerbated the Great Depression by encouraging other countries to erect trade barriers.

During the election campaign, after some policy fine-tuning and unexpected drama that took the campaign off-message, Obama begrudgingly and conditionally endorsed free trade. Or so it seemed.

His statement came a few months after that bit of intrigue with economic advisor Austan Goolsbee, who now serves Obama in the White House. Goolsbee caused a furor on both sides of the 49th Parallel by telling the Canadian consul general in Chicago that Obama’s anti-free trade rhetoric was just a manifestation of the candidate playing up to his left-wing base. Goolsbee said Obama’s words were “more reflective of political maneuvering than policy,” Fortune reported.

Then, after blasting NAFTA (North American Free Trade Agreement) as “devastating” and “a big mistake,” Obama backtracked. ”Sometimes during campaigns the rhetoric gets overheated and amplified,” he conceded to a Fortune reporter last summer. “Politicians are always guilty of that, and I don’t exempt myself,” he said.

Of course Obama also needed to genuflect before Big Labor and Big Green, so he added the potentially critical proviso that he favors “opening up a dialogue” with trading partners Mexico and Canada ”and figuring out how we can make this work for all people.”

It was enough to get most of his trade policy critics to back off.

And it was all for show.

Now we learn, courtesy of the Washington Post no less, that buried deep in the must-pass-right-now-or-the-Apocalypse-will-come stimulus package from February there was a hidden trade bill.

The stimulus package’s “buy American” provisions applying to funding recipients have been denounced even by the loathsome Toronto Star (known in Canadian conservative circles as the Red Star) as part of “a plague of protectionist measures in the U.S.”

Too bad, Toronto Star. Perhaps you shouldn’t have endorsed Obama. The Star’s November 2, 2008 editorial lauded Obama’s “fairer tax structure [that] helps working families and small business,” and his tax hikes in some areas ”to fund health care, education, infrastructure, green initiatives and the military.”

Meanwhile, protectionism has come to America, and only now have we begun to notice.

Billions To Countries That Don’t Like America? Obama’s Billions For Jihad

From: http://theobamafile.com/ObamaLatest.htm

 

Obama’s Billions For Jihad

Obama’s 2009 Supplemental Appropriations for Iraq, Afghanistan, Pakistan, and Pandemic Flu was revised and “passed by the full committee.”  Not sure what the next step is, but based on the summary, it gives billions of U.S. taxpayer dollars to countries and entities that support Sharia law and/or harbor, hide and support those who want to destroy the U.S. and our allies.

Read the summary from David Obey’s office that was quietly released last week with nary a word from any media.

•  $3.6 billion, matching the request, to expand and improve capabilities of the Afghan security forces

•  $400 million, as requested, to build the counterinsurgency capabilities of the Pakistani security forces

•  Afghanistan: $1.52 billion, $86 million above the request

•  West Bank and Gaza: $665 million in bilateral economic, humanitarian, and security assistance for the West Bank and Gaza

•  Jordan: $250 million, $250 million above the request, including $100 million for economic and $150 million for security assistance

•  Egypt: $360 million, $310 million above the request, including $50 million for economic assistance, $50 million for border security, and $260 million for security assistance

•  Pakistan: $1.9 billion, $591 million above the request

•  Iraq: $968 million, $336 million above the request

•  Oversight: $20 million, $13 million above the request, to expand oversight capacity of the State Department, USAID, and the Special Inspector General for Afghanistan to review programs in Afghanistan, Pakistan and Iraq

•  Lebanon: $74 million

•  International Food Assistance: $500 million, $200 million above the request, for PL 480 international food assistance to alleviate suffering during the global economic crisis

•  Refugee Assistance: $343 million, $50 million above the request, …including humanitarian assistance for Gaza. Funding for the UN Relief and Works Agency programs in the West Bank and Gaza is limited to $119 million (Note: Gaza = Hamas)

•  Disaster Assistance: $200 million to avert famines and provide life-saving assistance during natural disasters and for internally displaced people around the world, including Somalia, Zimbabwe, Ethiopia, the Middle East and South Asia

•  Peacekeeping: $837 million for United Nations peacekeeping operations, including an expanded mission in the Democratic Republic of the Congo and a new mission in Chad and the Central African Republic

•  Department of Justice: $17 million, matching the request, for counter-terrorism activities and to provide training and assistance for the Iraqi criminal justice system

The mainstream media remains silent on this but the International News has now picked up the story — and then there is Obama’s $108 billion IMF bailout scheme in addition to the Supplemental.

 

Obama’s $108 billion IMF bailout scheme

By Michelle Malkin  •  May 13, 2009 02:38 PM

I love how this works: Barack Obama pledged $100 billion in foreign aid to help bail out the ailing International Monetary Fund in April. Only after he announced it did he go to Congress and make his case for the money. And yesterday, Obama water-carriers on the Hill cooked up a fuzzy math scheme to make it all work. Voila! $108 billion = 0:

Congressional leaders agreed Tuesday to calculate the cost of a new U.S. contribution to the International Monetary Fund in a relatively inexpensive way, paving the way for possible Congressional approval within weeks.

The Obama administration has pledged a $108 billion contribution to the IMF, as part of a $500 billion global boost to IMF resources. The White House has argued that this is a necessary contribution to global financial stability and would send a signal that there is enough money to help prevent struggling countries from becoming further enmeshed in economic crises. Congressional approval would put pressure on European nations, China, Brazil and others to increase their lending to the IMF.

But the U.S. contribution became entangled in arcane — though politically important — budget math. The White House had argued that the action shouldn’t be characterized as a $108 billion expenditure, which would make it difficult to sell at a time when Congress has recently passed a series of multibillion-dollar spending bills.

The U.S. wouldn’t provide a lump sum, but would essentially make a line of credit available to the IMF, which the fund could draw on when it needed to make loans to other countries. In theory, the U.S. would hope to get the money back. So the White House argued that the budgetary impact should be calculated at zero.

“Would hope to get the money back.” Owww. Getting stomach cramps from laughing so hard.

The WSJ has more on the conjuring here.

http://michellemalkin.com/2009/05/13/obamas-100-billion-imf-bailout-scheme/

 

Whatever happened to the statement by Obama of “We can’t just keep throwing money at the problem?”

 

 

 

Federal Reserve Cannot Account for 9 Trillion Dollars!

 

 

From MoneyNews.com

 

Federal Reserve Cannot Account for $9 Trillion

http://moneynews.newsmax.com/financenews/feds_lost_nine_trillion/2009/05/12/213463.html

Tuesday, May 12, 2009

By: Julie Crawshaw

 

 

The Federal Reserve apparently can’t account for $9 trillion in off-balance sheet transactions.

 

When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed’s expanded balance sheet, the IG didn’t know.

 

Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.

 

“I am shocked to find out that nobody at the Federal Reserve is keeping track of anything,” Grayson says.

 

Grayson asked Coleman if her agency had done any research into the decision not to save Lehman Brothers, which “sent shockwaves through the entire financial system,” Coleman said it had not.

 

“What about the $1 trillion plus expansion of the Federal reserve’s balance sheet since last September?” Grayson asked.

 

“We have different connotations,” Coleman replied. “We’re actually conducting a fairly high-level review of the various lending facilities collectively.”

 

Translation: Nobody at the Fed knows where the money went.

 

Do you know what who got the $1 trillion or more in the Fed’s expansion of its balance, Grayson pressed.

 

“I do not know. We have not looked at this specific area at the particular point on that specific review,” Coleman answer.

 

What about the trillions of off-balance transactions since last September, Grayson asked.

 

Coleman demurred again, saying the IG does not have jurisdiction to audit the Federal Reserve.

 

Grayson pointed out that it was the inspector general’s job to audit such spending and asked again if the office had done any investigation at all.

 

Coleman’s answer: Not enough yet to even respond. “We are in not a position to say if there losses.”

 

Grayson concluded, “I am shocked to find out that nobody at the Federal Reserve, including the inspector general, is keeping track of this.”

 

Meanwhile, Federal Reserve Chairman Ben Bernanke says the bank is working on ways to rein in the massive balance sheet commitments.

 

“A majority of the members who made these projections just recently took 2 percent as being an appropriate number” for inflation, Bernanke said Monday.

 

“Somewhere between 1-1/2 to 2 percent is basically the number that our committee has individually stated is the appropriate medium-term inflation rate.

 

“To achieve that we need to demonstrate that we will be able to exit from the balance sheet position that we currently have, and have been working on this intensively,” Bernanke said in response to questions after a speech to a conference organized by the Federal Reserve Bank of Atlanta, reported by Reuters.

 

 

 

 

End note:

1.  The Federal Reserve has “boosted” balance sheets to atone for the economic “crisis” America is suffering, but does not know WHERE the money went?

2.  Is ANYONE in the Obama Administration knowledgeable about the “missing money”?

3.  Obama wants to monitor banks payment to employees and executives, but does not follow his own “money trail” via Tim Geithner (Geithner used to be part of Federal Reserve)?

4.  Geithner is allowed to stress the banks in America, yet does not utter one word about the missing money at the Federal Reserve?

Does anyone besides me see the utter hypocrisy here?