Tag Archives: Cultural Corruption & Moral Decay

The Financial Crisis Revisited: The Bad Economic Slide is About to Begin Again

 

 

 

Are you ready for another perilous slide into banking and real estate hell?  Well there’s an ever growing concern about America’s banking industry again and once again the real estate sector both commercial and residential is about to voyage to the bottom of the toilet.  We’ve had a brief but welcomed respite from failing banks and sharply devaluing real estate but the road ahead is not looking good.  We’ve had a terror-free summer in terms of our banks failing but more and more Americans are wake up to the possibility that we have a committed Marxist in the White House in President Barak Husain Obama. 

As conditions deteriorate in the financial world again, perhaps spurred on by insane government spending, the transition to a socialist or communist economy, and the realization that our government has become our enemy: our political crisis means that there will be nobody home to deal with the next economic crisis.  Clearly the Obama administration is thrilled each and every time something fails because the ensuing crisis becomes an excuse to clamp down on the reins of power even harder.  It would seem that Obama doesn’t care about a finical crisis rearing its ugly head again because the worse such a crisis becomes…. the more dependant we become on the government.  If more banks fail and real estate tanks again Obama will blame it on Bush and create more massive and costly government intervention that won’t solve our problems but will make his hold on power unbreakable.

It’s much harder now to infer the state of the economy from the performance of the stock market because the crazy government intervention in the free market has distorted market reality beyond reason.  This much government interference in the economy means that the stock market is about as predictive of economic conditions as a weather forecaster trying to tell you what it’ll be like outside three months from today.  Nevertheless, I find it fascinating that the finance and mortgage giants like Fannie Mae are leading the current negative trend in today’s stock market news.

I guess the more things change the more they stay the same.

Consider this story from Bloomberg (and look for the economic crisis part II that most analysts say will be coming our way in the fall!)

 

Banks Lead Decline in U.S. Stocks on Concern Over More Losses

 

By Lynn Thomasson

the Standard & Poor’s 500 Index since June, as concern banks will post more losses overshadowed manufacturing and housing data that topped estimates.

Wells Fargo & Co., the San Francisco-based bank that received $25 billion in government bailout funds, slid the most in two weeks. Bank of America Corp., American Express Co. and Citigroup Inc. declined more than 3 percent to lead the Dow Jones Industrial Average lower. American International Group Inc. tumbled 16 percent and MetLife Inc. plummeted 5.5 percent after analysts said the insurers’ shares have risen too far, too fast. Europe’s benchmark index retreated 1.8 percent.

The S&P 500 lost 1.8 percent to 1,002.32 at 2:07 p.m. in New York, its steepest intraday decline since Aug. 17. The Dow industrials fell 157.12 points, or 1.7 percent, to 9,339.16.

“The future for the banks is not as muddy as it was two quarters ago, but it’s still not clear,” said Don Wordell, the Orlando, Florida-based manager of the RidgeWorth Mid-Cap Value Equity Fund that has outperformed 94 percent of rivals in the past five years. “The market can’t sustain these huge moves.”

Financial companies have led the S&P 500’s 48 percent rally since March 9, gaining 126 percent. September is historically the worst month for U.S. stocks, with the benchmark index losing 1.3 percent on average since 1928, according to data compiled by Bloomberg.

Economy

U.S. stocks fell even after the Institute for Supply Management said manufacturing expanded in August for the first time in 19 months and the National Association of Realtors said contracts to buy pending homes increased more than forecast in July. The gauge of factories climbed to 52.9 in August, the ISM said today, topping the average economist estimate of 50.5.

Valuations for U.S. stocks look “marginally stretched” compared with other developed markets, Credit Suisse Group AG said in a research report. Strategist Andrew Garthwaite cut his recommended allocation of American equities and predicted they will underperform when the Institute for Supply Management’s manufacturing index is above 50 and rising.

The surge in the S&P 500 made the index valued at about 19 times the profits of its companies as of the end of last week, the most expensive level since June 2004.

The benchmark index for U.S. stock options headed for its highest close since July 10. The VIX, as the Chicago Board Options Exchange Volatility Index is known, increased 9.7 percent to 28.54. The gauge, which measures the cost of using options as insurance against declines in the S&P 500, reached a record of 80.86 in November. The index is sill above the average over its 19-year history of 20.

Wells Fargo Slides

Wells Fargo dropped 3.2 percent to $26.65. Trading in the options market showed speculators were betting Wells Fargo shares will extend their decline. Trading of bearish Wells Fargo put options, which give the right to sell the stock, climbed to 162,000 contracts, triple the four-week average. More than four puts traded for each call option, which give the right to buy.

The most-active contracts were October $24 puts, which rose 67 percent to $1.25 and accounted for a quarter of today’s put trading. The shares haven’t closed below $24, or 13 percent less than yesterday’s closing price, since July 24.

AIG fell the most in the S&P 500, sliding 16 percent to $38.23. The insurer bailed out by the U.S. government was cut to “underperform” from “market perform” at Sanford C. Bernstein & Co., which said the government may reduce its support for the firm once AIG is no longer deemed a risk to the financial system. AIG surged 245 percent last month.

‘Dose of Reality’

Fannie Mae and Freddie Mac, the mortgage-finance companies under federal control, both tumbled more than 13 percent.

“Given the run that we’ve seen, where people could clearly care less about the fundamentals of the companies that were bid up, any dose of reality has to have a very chilling effect,” said Brad Golding, the New York-based managing director at Christofferson Robb & Co., which oversees $1.5 billion. “The financials have run so far, so much that they’ve gotten to levels that cannot be sustained in a choppy economy.”

MetLife dropped 5.5 percent to $35.68. The biggest U.S. life insurer was downgraded at Raymond James Financial Inc., after the company tripled in six months of New York trading.

Bank of America lost 4.5 percent to $16.80. American Express declined 3.8 percent to $32.54. Citigroup slumped 6.2 percent to $4.69.

Paul Tudor Jones’s Tudor Investment Corp., Clarium Capital Management LLC and Horseman Capital Management Ltd. are among funds betting that Goldman Sachs Group Inc. and Morgan Stanley got it wrong in declaring the start of an economic recovery. The firms oversee a combined $15 billion in so-called macro funds, which seek to profit from economic trends by trading stocks, bonds, currencies and commodities.

 

Obama Advances Baby Boom Criminals: Liberal Terrorism is Excusable if it’s for a Politically Correct Cause

 

 

This must be Obama’s idea of how to show respect for rule of law.  So as I understand it; the Green Czar is a former terrorist Dirt-Bag, serving in an unconstitutional role, designed to circumvent congressional approval and the constitution.  The Cabinet is approved by the Senate but Czars are created with an imperial wave of the Obama arm. Here is a man who would do anything for his liberal masters, by any means necessary, because the liberal cause is clearly his whole world.  You know, like Hitler appointing Nazi fanatics to corrupt and use the machinery of government to advance his sickening fascist agenda.  I wonder if Janet Napolitano (the director of Homeland Security) would put Van Jones on a potential terrorist list like they do Christians, Veterans and Legal gun owners.

Read the following Article and see if you can understand why Obama wants ex Weather Underground Thugs shaping and implementing policy for the United States Government……..  What does the bible say, “You shall know them by their fruits”?  Maybe Obama missed that day when that verse was preached during his twenty years in Jeremiah Wright’s church.


 


Obama’s ‘green jobs czar’ worked with terror founder
Van Jones served on board of activist group where ex-Weatherman serves as top director


Posted: August 13, 2009
12:20 am Eastern

By Aaron Klein
© 2009 WorldNetDaily

JERUSALEM – Van Jones, the man appointed as “green jobs czar” to the White House, previously served on the board of an environmental activist group at which a founder of the Weather Underground terrorist organization is a top director.

WND previously reported Jones was as an admitted radical communist and black nationalist leader.

He was appointed to serve as the special adviser for green jobs, enterprise and innovation at the White House Council on Environmental Quality. According to the White House blog, Jones’ duties include helping to craft job-generating climate policy and to ensure equal opportunity in the administration’s energy proposals.

Jones, formerly a self-described “rowdy black nationalist,” boasted in a 2005 interview with the left-leaning East Bay Express that his environmental activism was a means to fight for racial and class “justice.”

Jones was president and founder of Green For All, a nonprofit organization that advocates for building a so-called inclusive green economy.

Until recently, Jones was a longtime member of the board of Apollo Alliance, a coalition of labor, business, environmental and community leaders that claims on its website to be “working to catalyze a clean energy revolution that will put millions of Americans to work in a new generation of high-quality, green-collar jobs.”

Although influential, Apollo has only 14 state affiliates nationwide. Its New York office is directed by Jeff Jones, a top founding member of the Weather Underground radical organization.

Jeff Jones’ bio on the Apollo website boasts the activist campaigned to remove PCBs from the Hudson River, clean up toxic pollution in inner-city and rural neighborhoods, and reverse global warming.

The bio states that from 1995-2005, Jeff Jones served as the communications director of Environmental Advocates of New York. Previously, he was a reporter covering state politics and policy for a variety of news organizations.

Not mentioned is that Jeff Jones was a leading anti-war activist and terrorist group founder who spent time on the run from law enforcement agencies while his group carried out a series of bombings of U.S. government buildings.

Jeff Jones joined the Students for a Democratic Society, or SDS, from which the Weathermen splintered in the fall of 1965. Two years later, he became the SDS’s New York City regional director, a position in which he participated in nearly all of the group’s major protests until 1969, including the 1968 Columbia University protests and the violent riots that same year at the Democratic National Convention.

In 1969, Jeff Jones founded the Weathermen with terrorists Bill Ayers and Mark Rudd when the three signed an infamous statement calling for a revolution against the American government inside and outside the country to fight and defeat what the group called U.S. imperialism. President Obama came under fire for his longtime, extensive association with Ayers.

Jeff Jones was a main leader and orchestrator of what became known as the Days of Rage, a series of violent riots in Chicago organized by the Weathermen. The culmination of the riots came when he gave a signal for rowdy protestors to target a hotel that was the home of a local judge presiding over a trial of anti-war activists.

Jeff Jones went underground after he failed to appear for a March 1970 court date to face charges of “crossing state lines to foment a riot and conspiring to do so.” He moved to San Francisco with Ayers’ wife, Bernardine Dorhn. That year, at least one bombing claimed by the Weathermen went off in Jones’ locale at the Presidio Army base.

Jones’ Weathermen would take credit for multiple bombings of U.S. government buildings, including attacks against the U.S. Capitol March 1, 1971; the Pentagon May 19, 1972, and a 1975 bombing of the State Department building.

Jeff Jones did not return WND phone and e-mail requests for comment.

White House adviser Van Jones, meanwhile, is not impartial to radical activism.

He was a founder and leader of the communist revolutionary organization Standing Together to Organize a Revolutionary Movement, or STORM. The organization had its roots in a grouping of black people organizing to protest the first Gulf War. STORM was formally founded in 1994, becoming one of the most influential and active radical groups in the San Francisco Bay area.

STORM worked with known communist leaders. It led the charge in black protests against various issues, including a local attempt to pass Proposition 21, a ballot initiative that sought to increase the penalties for violent crimes and require more juvenile offenders to be tried as adults.

The leftist blog Machete 48 identifies STORM’s influences as “third-worldist Marxism (and an often vulgar Maoism).”

Speaking to the East Bay Express, Van Jones said he first became radicalized in the wake of the 1992 Rodney King riots, during which time he was arrested.

“I was a rowdy nationalist on April 28th, and then the verdicts came down on April 29th,” he said. “By August, I was a communist.”

“I met all these young radical people of color – I mean really radical: communists and anarchists. And it was, like, ‘This is what I need to be a part of.’ I spent the next 10 years of my life working with a lot of those people I met in jail, trying to be a revolutionary,” he said.

Trevor Loudon, a communist researcher and administrator of the New Zeal blog, identified several Bay Area communists who worked with STORM, including Elizabeth Martinez, who helped advise Jones’ Ella Baker Human Rights Center, which Jones founded to advocate civil justice. Jones and Martinez also attended a “Challenging White Supremacy” workshop together.

Martinez was a long time Maoist who went on to join the Communist Party USA breakaway organization Committees of Correspondence for Democracy and Socialism, or CCDS, in the early 1990s, according to Loudon. Martinez still serves on the CCDS council and is also a board member of the Movement for a Democratic Society, where she sits alongside former Weathermen radicals Ayers and Dorhn.

One of STORM’s newsletters featured a tribute to Amilcar Cabral, the late Marxist revolutionary leader of Guinea-Bissau and the Cape Verde Islands.

The tribute is noteworthy because Jones reportedly named his son after Cabral and reportedly concludes every e-mail with a quote from the communist leader.

STORM eventually fell apart amid bickering among its leaders.

Van Jones then moved on to environmentalism. He used his Ella Baker Center to advocate “inclusive” environmentalism and launch a Green-Collar Jobs Campaign, which led to the nation’s first Green Jobs Corps in Oakland, Calif.

At the Clinton Global Initiative in 2007, Jones announced the establishment of Green For All, an activist organization which in 2008 held a national green conference in which most attendees were black. Jones also released a book, “The Green Collar Economy,” which debuted at No.12 on the New York Times’ bestseller list – the first environmental book written by an African American to make the list.

His appointment as a White House environmental adviser was announced March 10.

 

The Suicide of the American Government: How the Global Banking Elite made our Elected Representatives Commit Suicide on Command

 The power crazed socialists of the Democrat Party have the reins of power and they’re bent on ending capitalism and inaugurate a new warm and fuzzy fascism that will cement the takeover of the United States by an elite financial oligarchy by ideological means. They’re going to turn us into a morose, weak, European state even if it kills us——– and it is killing us. The Obama worshiping fanatics will cry about compassion, green policies, tolerance and “evolving ethical standards” and my personal favorite, “social justice”, while the bankers solidify their power behind the scenes and pull the politicians strings with campaign contributions.

For decades the banking elites have, through corporate and philanthropic front organizations, corrupted and manipulated higher education and science until it routinely spits out “study’s” that support whatever the elites want us to believe. The crazed partisan media has been as corrupted as higher education and they routinely spout the elitist agenda, usually preceded by the phrase, “Science Says” to give legitimacy and cover to our invisible masters. On collage campuses across the nation they worry about global warming and saving the planet; they use bogus science to justify a social policy that sounds sophisticated and utopian but in reality is simply the global bankers repossessing the wealth and power of America. The professors scream “global warming” and the media screams “we’re all going to die” and the Government enacts Cap and Trade, and refuses to develop existing energy recourses for our own good and guess what??????? We’re dead.

Now maybe I’m getting cynical at midlife but when academics tells us that global warming is “settled science” and then suppresses and blackballs any scientist who dares present contradictory evidence I tend to think the liberal Scientists are lying. When Liberal Social Scientists tell me that Universal Health Care isn’t a Trojan horse for first legal, then mandatory, Euthanasia, (in spite of it being obviously government rationing of health care,) (Euthanasia) I tend to see the social scientists as liars. When the Government tells me that Universal Health Care is not about free abortions on demand; in spite of the fact that it’s in the legislation: I tend to “believe my lying eyes” rather than the government. Indeed when “Social Science” seems to find it necessary to enshroud the conventions of “political correctness” as American law via “Hate Crimes Legislation” and then suggests that any resistance to their agenda is “domestic terrorism” and “Christian Fanaticism” I tend to think I’m being conned.

Who benefits from the eternal political pie fight described above? The global banking elite, who print our money, spend and distribute it like salt water, and encourage us to become dependent on government in every way. They want us to be dependent on a government that they control, for our own good, as they work their will through unwitting dupes at the highest levels of our political parties. Corrupt Political Parties advance the goals of their super-wealthy masters while selling it as; Cap and Trade, Forced Vaccinations and Social Justice, and Environmentalism. They sell “Universal Health Care” not Abortion, Euthanasia and a new and frightening Eugenics program that replaces natural selection with a faceless committee of banking royalty.

The American Political System is broken and her wealth is being siphoned off to faceless transnational structures that are too big to fail, for our own good, by the people who pay the exorbitant prices to keep electing and reelecting our politicians, pay the salaries of our news media, and endow college chairs and research. The true power structure of our world is a transnational cabal of the super wealthy who wield more power than the present bought and paid for government of Barak Obama. Without the super wealthy elite there is and never would have been a Barak Obama and the coming fall of America from world leadership.

I never really understood the truth of the Bible saying that “the love of money is the root of all evil” but I understand it now. Money is about Power and Power is about Control and Control is about playing god—–Just like Satan wanted to do. Now I think I understand why our Christian Founding Fathers warned us that a Central Bank was “far more dangerous than a Standing Army!”

America is being raped, looted and burned to the ground as we stand in mute shock and stare at our children’s future going up in smoke. At Best we manage a pathetic whimper while our government, with a suicidal apathy at the highest levels, embarks on one obviously suicidal policy after another. The nation-state will die with America and a bizarre and evil transnational fascism of the financial elite will rule behind a facade of “government”. For all intents and purposes the world government predicted by the bible is already here— we just might not call it that. We the people will serve the jokers who are spending the money like salt water in a controlled demolition of the United States of America.

Consider the story below from the Associated Press because this is going to go on and on until the United States is toast.

 Federal deficit higher in July, $1.27T this year Record federal deficit climbs higher, $180.7 billion in July, $1.27 trillion so far this year •

By Martin Crutsinger, AP Economics Writer • On Wednesday August 12, 2009, 3:07 pm EDT WASHINGTON (AP) —

The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year. The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.

The Obama administration is projecting that when the current budget year ends on Sept. 30, the imbalance will total $1.84 trillion, more than four times last year’s record-high. The soaring deficits have raised worries among foreign owners of U.S. Treasury securities including the Chinese, the largest holder of such debt. Massive amounts of government spending to combat the recession and stabilize the U.S. financial system have pushed the deficit higher.

The cost of wars in Iraq and Afghanistan, along with depleted government tax revenues, also are major factors. The July deficit reflected government spending of $332.2 billion, a record amount for any month and up from outlays of $263.3 billion in July 2008. Of that increase, about $25 billion reflected the fact that Aug. 1 was a Saturday this year, requiring many government benefit checks to be sent out earlier and counted as spending in July. Government receipts totaled $151.5 billion, down 5.6 percent from a year ago. It marked the 15th consecutive month that government receipts have been lower than the same month in the prior year, illustrating how deep the recession has cut into tax receipts.

Through the first 10 months of the budget year, receipts total $1.74 trillion, down 16.9 percent from the same period in 2008. Outlays totaled $3 trillion over the past 10 months, up 21.1 percent from the same period in 2008. The resulting deficit of $1.27 trillion compares to an imbalance of $388.6 billion during the year-ago period.

The deficit for all of 2008 was $454.8 billion, the current record holder in dollar terms. President Barack Obama’s economic team sought to reassure the Chinese during high-level talks last month that the administration is committed to reducing the deficits once the current economic and financial crises have been resolved. So far, interest rates have remained low as the Federal Reserve has kept the federal funds rate, a key short-term interest rate at a record low near zero in an effort to jump-start the economy. At the end of a two-day meeting Wednesday, Fed officials repeated their view that the weak economy was likely to “to warrant exceptionally low levels of the federal funds rate for an extended period.” The concern, however, is that rates could begin rising despite the Fed’s efforts if foreigners suddenly lose confidence in the government’s ability to manage its debt burden.

In bond markets, prices fell Wednesday after a fairly weak auction of $23 billion in 10-year Treasury notes. The Treasury Department is auctioning a record $75 billion in debt this week. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.75 percent from 3.70 percent ahead of the auction results and 3.67 percent late Tuesday. Bond prices jumped Tuesday as stocks fell. Investors will track demand because a drop in buyers could force the government to increase its payout. The resulting rise in rates would raise borrowing costs for the government as well as consumers and businesses, and could end up slowing the economy. The total public debt now stands at $11.6 trillion. Interest payments on the debt cost $452 billion last year, the largest federal spending category after Medicare-Medicaid, Social Security and defense.

Will America Fight the Future: A Chilling Article about British Religious and Cultural Capitulation

 

 

 

 

I found this on the Christian Broadcasting Network Site and its chilling indeed.  Obama and his socialist thugs are hot to trot on “Hate Crimes” legislation and America is clearly going the way of the United Kingdom.  This is very troubling and it continues the economic and cultural takeover that’s going on in the United States.  Those of you who thought that religious persecution could never happen here should think long and hard about this article because it’s about to bloom in America. All the groundwork has been laid and now the liberal socialists will really be cracking down on people of faith.

 

Britain’s War on Christianity: America’s Future Fight?

By Dale Hurd

CBN News Sr. Reporter

 

At her coronation, Queen Elizabeth, like British monarchs before her, promised to “maintain the laws of God and the true profession of the gospel.” But today, Britain is at war with the gospel, and with itself.

British Christians who take their faith into the workplace risk being demoted or fired. The government continues to push an aggressive gay rights agenda, while threatening to criminalize Christian speech and practice.

Politician and head of the Christian party, George Hargreaves told CBN News he received a complaint for his billboard advertisement.

“Yesterday I got a letter from the advertising standards authority over complaints saying that my billboard that says Britain is a Christian country is offensive to atheists and other religions and it incites hatred against them. What nonsense,” he said.

Hargreaves said Britain is constituted as a Christian country.

“Daily prayers are said in parliament whether atheists like it or not,” he added. “The queen is head of the Church of England and therefore has to acknowledge God for her sovereignty over the nation. These things are written, not just into our culture and our heritage, but into our constitution.”

At one time, Britain was the missionary base for the entire world, even sending missionaries to the new American colonies. But today, the cases of anti-Christian bigotry and discrimination have risen sharply.

In response, Christian legal centers like Christian Concern for Our Nation have mobilized.

Director Andrea Minichiello-Williams warns that if British Christians don’t step up now, the nation is on a path to eventually criminalize the practice of Christianity in public.

“There’s been a massive move by the secularist lobby to privatize religion,” she said. “You can have faith so long as it doesn’t affect you in the work place. So long as you don’t bring it into the workplace. ‘Just make it private. It can’t be public. It can’t affect what you do in the public square.'”

Christian Kwabena Peat was forced to attend homosexual sensitivity training at work, administered by a lesbian. 

“One of things that she said was, she asked the question, ‘What makes you think that to be heterosexual is natural?’ At which point, I walked out,” Peat said.

Then Peat wrote a letter to the sensitivity trainer, explaining the Bible’s position on homosexuality, and that God loved her and Peat loved her. He was suspended.

“They said that by me telling them about the Word of God, it constituted harassment and intimidation,” Peat said.

Peat was just recently reinstated. But cases like his are repeated over and over. Doctors, Nurses, adoptive parents, deemed unfit because of their Christian beliefs. Christians are told not to speak about God in the workplace or they could be punished for offending homosexuals or Muslims. 

And now the British government wants to pass a new equality bill that would force churches to hire practicing homosexuals or transsexuals.

Christian lawyer Paul Diamond has been very successful in defending discrimination cases against Christians in the courts.

“In the United Kingdom the homosexual agenda is militant,” he said. “The power shift began in about 2000, and they’ve been arresting Christians, jailing Christians for hate crimes, shutting off grants, constant litigation with the government, constant aggression.

Diamond said there is no “live and let live.”

“Your Christian values are wicked and evil, and that’s what they want everybody to believe,” he added.

A BBC program called Bone Kickers, showed a violent Christian beheading a Muslim. Britain’s government TV has also put a Muslim in charge of all of its religious programming.

Islam continues to advance in the UK in large part because the government and media give it almost a protected status, while essentially persecuting its own state religion, Christianity.

Many believe the architect of Britain’s new anti-Christian culture was former Prime Minister Tony Blair, a professed Christian who championed gay rights.

Both Minichiello-Williams and Diamond offered the same warning to American Christians: that any anti-life or hate crimes legislation that emerges under the Obama administration will erode America’s Christian base. 

“This is all coming to America,” Minichiello-Williams said. “If you liberalize the laws as President Obama has done.”

“Do you know who Obama reminds every British person of? Tony Blair,” Diamond said. “Charming, persuasive, convincing, the appearance of moderation, and then he shoved all the Judeo-Christian values down while saying he was a Christian.”

Diamond said the British know what is going to happen in America.

“We know what’s going to happen to your 40 percent church attendance,” he added. “It’s not going to 40 percent. It’s going to be 20 percent, when the Federal and state government start saying that if you criticize homosexuality, the hate crimes laws will apply to you Christians.”

By some estimates it only took about 10 years for the state to almost completely undermine Britain’s Christian heritage. Barring a sudden move of God, it is likely to take far longer to restore it. 

A Second Stimulus: PT Barnum Was Right Because a Sucker is Born Every Minute

 

 

 

How much snake oil can the Government pour down our meek and un-protesting throats before their economic cure kills the United States of America?  Only 10% of the first stimulus has been spent and the interest on that giant stimulus is about a hundred million dollars a year: and that was supposed to keep America working.  As we had inexorably toward a double digit unemployment rate the powers that be are saying that the first $800 billion package of stimulus wasn’t big enough and that’s why unemployment is still going up.  It’s not that the stimulus was a disaster and didn’t work because government screws up everything it touches it’s that it wasn’t big enough! 

Next week I’m sure the Neo-Socialist Democrats will try to sell us a bridge in Brooklyn if we continue to buy into the looting of tax dollars that Obama calls a “stimulus”.  It begs the question: will the congress take the time to read the second stimulus this time or just rush it through unread because it takes too long to read the list of payouts to ACORN, Goldman Sax, the NEA, All Unions, and all the various groups that make up the client groups of the Neo-Socialist-Democrats.  Perhaps there’s an OSHA rule prohibiting congress from reading the sheer volume of stupidity contained in the last years worth of legislation because the sheer volume of it could dangerously lower the IQ of congress.  (Can it go any lower?)

Consider the article below from Bloomberg as the Obama Government goes evermore off the rails:

Obama Adviser Says U.S. Should Mull Second Stimulus (Update2)

By Shamim Adam

July 7 (Bloomberg) — The U.S. should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was “a bit too small,” said Laura Tyson, an adviser to President Barack Obama.

The current plan “will have a positive effect, but the real economy is a sicker patient,” Tyson said in a speech in Singapore today. The package will have a more pronounced impact in the third and fourth quarters, she added, stressing that she was speaking for herself and not the administration.

Tyson’s comments contrast with remarks made two days ago by Vice President Joe Biden and fellow Obama adviser Austan Goolsbee, who said it was premature to discuss crafting another stimulus because the current measures have yet to fully take effect. The government is facing criticism that the first package was rolled out too slowly and failed to stop unemployment from soaring to the highest in almost 26 years.

Obama said last month that a second package isn’t needed yet, though he expects the jobless rate will exceed 10 percent this year. When Obama signed the first stimulus bill in February, his chief economic advisers forecast it would help hold the rate below 8 percent.

Unemployment increased to 9.5 percent in June, the highest since August 1983. The world’s largest economy has lost about 6.5 million jobs since December 2007.

Worse Than Forecast

“The economy is worse than we forecast on which the stimulus program was based,” Tyson, who is a member of Obama’s Economic Recovery Advisory board, told the Nomura Equity Forum. “We probably have already 2.5 million more job losses than anticipated.”

Republicans, including House Minority Leader John Boehner of Ohio, seized on the latest labor numbers to attack the Obama administration’s handling of the economy.

Even Democrats have bemoaned the pace of the package’s implementation. House Majority Leader Steny Hoyer, a Maryland Democrat, said on “Fox News Sunday” June 5 that congressional Democrats are “disappointed” stimulus funds weren’t distributed faster.

“The money is just really starting to come out in more significant amounts now,” Tyson said. “The stimulus is performing close to expectations but not in timing.”

Package Affordable

Tyson, 62, later told reporters that the U.S. can afford to pay for a second package, even as the fiscal deficit soars. She said the budget shortfall is “likely to be worse” than the equivalent of 12 percent of gross domestic product that the administration forecast for 2009 and the 8 percent to 9 percent it projected for next year.

The professor at the University of California’s Walter A. Haas School of Business downplayed worries from China and other countries with dollar reserves that the U.S. will let inflation soar as the deficit expands.

“The concern is that the U.S. will have to inflate away its debt. I do not think that is a valid concern,” she said. “The Federal Reserve is not going to let the U.S. government inflate away its debt.”

The U.S. needs to communicate its determination to reduce the annual shortfall once the economy recovers, she said.

While unemployment is worsening, other data have shown the economy is improving. U.S. manufacturing shrank last month at the slowest rate since August, according to the Institute for Supply Management’s factory index, and a measure of pending home sales advanced in May for a fourth month.

Tyson said the U.S. should shift away from its dependence on consumption to grow, and promote expansion through investment and exports. The dollar will need to weaken in the longer term to promote export-led growth, she said.

Sophistry: The Senate Runs Interference for Their Federal Reserve Masters

 

 

 

 

 

Who has the power to make the President and the Congress bow and fetch, while showing the utmost deference, and not so much as ask a single question, in a financial emergency, other than to do, without reflection or hesitation: exactly what they’re told to do?  Who has the sole power to print our money, charge us interest for doing so, while carefully managing inflation so as to loot the value out of our currency via inflation much as a storied vampire turns its victim into the undead?  Who has the power to cut deals with the money masters of foreign nations, many of whom are a de facto shadow government, with far more power than the official government?  What institution on Earth has absolutely no oversight while holding the planetary economy in its unregulated, secretive, dictatorial hands? Is it the Church?  Is it God?  No.

It’s the Nefarious Federal Reserve System. 

They run the show and congress and the president do not question them but spring to obey whenever Benjamin Bernanke issues a terse instruction in hushed but sonorous tones.  Gentle Ben is the chairman of the greatest criminal enterprise in history, his words make stocks rise and fall and his veiled threat to crash the economy if the Congress questions the “autonomy” of the Fed causes US Senators to quail in fear.  We the people have no right to question, in any way, the actions of these gangsters; indeed we must not even think we have the right to know their secrets because they rule the world and we are but hapless drones in their enlightened eyes.  No one is permitted to know the goings on of the money changers in the high temple of the Federal Reserve and no mere man may stand in the way of the descendants of the socially Darwinist Robber Barons of old: the worlds Rothschild’s, Rockefellers et. Al.  The machinations of these High Priests of Money can lift a country from squalor to untold heights and it can fell the last real superpower with a few economic bubbles and deft manipulation of interest rates.  The Central Bankers of the world represent the most insidious transnational powerbase imaginable with a true capability to dominate the world’s governments, in Toto, by their mysterious ways and transnational policies. 

One brave soul in the House of Representatives dared ask the Lordly Federal Reserve to cast aside its secrecy and as the House members warmed to the idea of asking this mighty power for a peak at the books: the Senate has quashed the whole idea in a fit of corruption and cowardice. There is no way the current crop of politicians will say “boo” to the real rulers of this country: the Federal Reserve.  No mere government is to know the true secrets of money and even the thought of questioning this criminal consortium of, mostly foreign bankers, who make up the Fed, must not be long tolerated.  Heaven forbid the people should wake up and call these bunko artists to account for their actions throughout history!

Consider this article from World Net Daily:

Senate torpedoes Fed Reserve audit
But House plan already has majority support


Posted: July 06, 2009
8:54 pm Eastern

© 2009 WorldNetDaily

Members of the U.S. Senate today rejected a proposal for an audit of the Federal Reserve, the private institution that virtually controls U.S. interest rates, money supply and other economic influences.

The Senate vote against the plan from Sen. Jim DeMint, R-S.C., was among a series of voice votes on a number of amendments to a spending bill that provides money for Congress’ own budget.

According to Roll Call, Majority Leader Harry Reid, D-Nev., had wanted the spending bill approved last month, but DeMint had resisted having the spending approved by unanimous consent.

The DeMint plan was to add an amendment to the spending bill that would have provided for an audit of the Fed to include information about its funding facilities, market operations and any agreements with foreign banks and governments, DeMint told senators, according to Reuters.

(Story continues below) 

“The Federal Reserve will create and disburse trillions of dollars in response to our current financial crisis,” DeMint said. “Americans across the nation, regardless of their opinion on the bailout, want to know where the money has gone.

“Allowing the Fed to operate our nation’s monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life,” he said, according to Retuers.

DeMint also has said he supports a bill that now is pending in the U.S. House that would call for such an audit.

WND has reported the plan, sponsored by U.S. Rep. Ron Paul, R-Texas, already has collected co-sponsorship from a majority of the members.

Paul has said shortly after his proposal reached that “crucial benchmark” that the bipartisan support is an indicator of how American is fed up with secrecy.

“I look forward to this issue receiving greater public exposure,” Paul said.

His bill has support from 245 members of the 435-member House already.

Paul long has opposed the power held by the Federal Reserve and its ability to manipulate the nation’s economy. He has launched multiple proposals to get rid of the private banking powerhouse, without significant support.

But in light of the current economic dowturn – the government takeover of the banking industry, the government’s demands for various auto industry bankruptcies, the government’s appointment of a “pay czar” – change apparently is coming.

“To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have,” Paul wrote in a recent Straight Talk commentary. “They have been given the power to create money, by the trillions, and to give it to their friends, under any terms they wish, with little or no meaningful oversight or accountability.”

He’s even said Congress should “reassert its constitutional authority over monetary policy.”

A companion bill to Paul’s also has been introduced in the Senate and was referred to the Committee on Banking, Housing and Urban Affairs.

The Constitution, Paul said, gives Congress, not the private Federal Reserve, “the authority to coin money and regulate the value of the currency.”

Stunning Fed fraud DVD just $4.95! ‘The Money Masters: How Banks Create the World’s Money’

Paul explained his advocacy for the H.R. 1207 audit in the U.S. House:

“Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar,” the Texas Republican said. “Since 1913 the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy.

“How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation,” he said.

Paul called oversight of the Fed “long overdue.”

You’ve never needed to understand money like you need to understand it now! “Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free” unravels the deception of the Federal Reserve and presents a crystal clear picture of the financial abyss towards which we are heading.

“Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations,” he continued.

“The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight?”

Paul’s bill would also make the Federal Reserve’s funding facilities, including the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility subject to congressional oversight.

 

The Peoples Republic of California Chronicles Episode 2: Big Banking Tells California to Drop Dead with their Worthless IOU’s

 

 

 

 

The Peoples Republic of California has long since spent itself into receivership.  Its latest scam to camouflage its bankrupt, corrupt and hideously bloated condition, has been to issue IOU’s in lieu of paying their bills. Heaven forbid that they should take an ax to spending and simply cut all the liberal social spending that destroyed this once prosperous state.  The money is gone and the goofy “warrants” they want to issue, mature, (Become due for payment in real money) in October.  Well the big mainline banks are looking at this plan, and the unilateral actions of the state to put off all payments until October, and are saying, in unison: We don’t think so California!  There are still small banks and credit unions that plan to continue enabling the spending addicts of Sacramento but with the big boys getting out this Friday one wonders if the small banks will continue to fork over a “fix”. The banks are letting it be known that they want their money and if California doesn’t pay up the banks won’t play ball!  The big spending liberals of California have finally run out of other people’s money (OPM) and the banks are cutting them off!

It’s about time!

California government has clearly failed.  They’ve had ample time to solve this budget disaster and the Legislature and Executive Branch has clearly failed to do their jobs and avoid a condition of massive default.  One can hope that this means the tacit control of the state budget would fall to a bankruptcy judge who will make the necessary cuts, since the banks are cutting them off from mainlining more “credit”, as cutting the budget becomes the last option open to the incompetent liberals. What should have been the first option, cutting spending, became the only option the California government would never, seriously, consider!  If the executive and legislative arms become unable to cut the budget: the courts must step in and make the cuts necessary to survive once the state is in true default.  Once again: the banks are saying no to “warrants” in lieu of cash and without the banks the state will shut down!

Consider this article from the Wall Street Journal now because as off Friday the Big Banks are cutting off the spending addicts of the Golden State:

 

JULY 7, 2009

Big Banks Don’t Want California’s IOUs

 

By RYAN KNUTSON

A group of the biggest U.S. banks said they would stop accepting California’s IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap.

Associated Press

Dorothy Cottrill of the state controller’s office inspects IOUs last week.

The development is the latest twist in California’s struggle to deal with the effects of the recession. After state leaders failed to agree on budget solutions last week, California began issuing IOUs — or “individual registered warrants” — to hundreds of thousands of creditors. State Controller John Chiang said that without IOUs, California would run out of cash by July’s end.

But now, if California continues to issue the IOUs, creditors will be forced to hold on to them until they mature on Oct. 2, or find other banks to honor them. When the IOUs mature, holders will be paid back directly by the state at an annual 3.75% interest rate. Some banks might also work with creditors to come up with an interim solution, such as extending them a line of credit, said Beth Mills, a California Bankers Association spokeswoman.

Meanwhile, on Monday morning, a budget meeting between Gov. Arnold Schwarzenegger and legislative leaders failed to produce a result. Amid the budget deadlock, Fitch Ratings on Monday dropped California’s bond rating to BBB, down from A minus, the latest in a series of ratings downgrades for the state.

The group of banks included Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and J.P. Morgan Chase & Co., among others. The banks had previously committed to accepting state IOUs as payment. California plans to issue more than $3 billion of IOUs in July.

Ms. Mills of the CBA said some banks were concerned that there aren’t processes in place to accept IOUs, and also worried about fraud issues. She noted that not all banks have set a July 10 deadline, and that dozens of credit unions in the state will keep accepting IOUs.

Wells Fargo’s head of community banking, Lisa Stevens, said: “We’re very disappointed, as are many Californians, that California has taken the unfortunate step of issuing IOUs in lieu of payments to some businesses and individuals.”

State officials said they were disappointed by the banks’ decision. Garin Casaleggio, a spokesman for Mr. Chiang, said: “We don’t want anybody to suffer who can’t redeem them when they need cash.”