Posts with the tag bailout

Fed's Actions are Criminal; Congressmen Who Facilitate Them Should Be Prosecuted

Jason M. Christos — Sun, 27 Sep 2009 12:42:45 EDT

September 25, 2009 (LPAC)—Hearings in the House Financial Services Committee today underlined, for those who are not stupid, that the Federal Reserve, backed by the White House, totally rejects any and all disclosure of its activities to anyone.

What are they hiding?

The criminality and outright treason of the Federal Reserve in threatening a 1923 Germany-style hyperinflationary wipeout of the United States, with its out-of-control printing of money. The Fed has lent, spent, and guaranteed $11.8 trillion in securities bailouts this year, and according to its own Richmond branch bank, now guarantees just about half of all the liabilities in the entire U.S. financial system. While the Fed has the monetary aggregate of the United States growing at 20-21% annual rate, bank credit to the economy is sharply contracting, particularly in August and September, perhaps at a negative 15-20% rate. This intensifying credit crunch simultaneously with skyrocketing money-printing, is a recipe for an early hyperinflationary explosion of the U.S. economy, as illustrated in Lyndon LaRouche's "Triple Curve" diagram.

Most members of "Bailout Barney" Frank's committee avoided the crucial issue, led by Frank himself. The hearing was held on the subject of Rep. Ron Paul's bill to require the Federal Reserve to be completely audited every year by the Government Accountability Office (GAO). The bill is sponsored by 296 Members of the House and could pass tomorrow; it is dreaded by Ben Bernanke and the Fed. Bailout Barney is trying to contain its impact by a deal to incorporate the Paul bill in some form into "financial regulation reform" legislation which Frank and the White House are working on.

While the Congressmen were sparring politely with the Fed's general counsel today, Bloomberg News (which is suing the Fed to try to force disclosure) reported its latest calculation of the $11.8 trillion ongoing total Fed bailout. Despite apparently offering Congress "more transparency," the Fed: refuses to reveal the recipients of these bailout loans, guarantees, and purchases of securities; refuses to reveal the collateral it is buying or accepting for them; refuses to reveal the interest rate it is paying banks (for the first time in its history) to deposit their "excess reserves" at the Fed. These reserves at the Fed have grown from $2 billion to $900 billion in a year! This is some of the money—much of it borrowed from the Fed in the first place—which the banks will not lend into the real economy.

The Federal Reserve has bought nearly half the Treasury Securities issued this year, making it a bigger holder of Treasuries than China or Japan! It has bought 30% or more of the GSE securities issued; is in process of buying up $1.2 trillion "worth" of collapsing mortgage-backed securities, to cite one example; and may have guaranteed half of all the financial liabilities in the whole system. It is preserving and encouraging the cancer of the "non-bank" securitized debt creation, which built the bubbles which blew up from July 2007 on, and it is doing so with hyperinflationary money printing.

"It's 1923 Germany!", Lyndon LaRouche thundered. "Just say so! This indicates we're in a 1923 Germany situation, but actually, it's on a world scale. "Put this out right now," he said. "The right of the Federal Reserve to conceal any of this stuff is junk! That has to be denounced! The Federal Reserve is a private company, under Federal regulation,— it has no right to conceal anything! Particularly at the time the US is being driven into a hyperinflationary explosion, leading to a total collapse. The Fed policy is insane! The Fed has to be brought under strict control, or the United States is going to go down. To support the Fed in this is tantamount to treason. And anyone in the Congress who does that is acting in a manner which is tantamount to treason; and we do mean Barney Frank!

"That's the only way you're going to get at this!", LaRouche went on. "You're not going to get at this by scandalizing it; you're only going to get at this by making threats. And the threat is a form of saying what the consequences are. This is criminal. It is criminally insane. Barney Frank is criminally insane! And he has to be removed, or shut up, or gagged! We have to get rough on this thing. This is a hyperinflationary destruction of the United States, and we cannot allow courtesies or debates on details to obstruct the point! The Federal Reserve is insane and out of control and crooked! These responsibilities lie with the Federal government and with the Federal Treasury. The idea that the Fed can substitute itself independently of the Treasury, in this kind of business is treasonous, it's stupid, it's criminal, it's crooked. And only crooked members of Congress could allow this to happen!

"And that's what we're going to tell the American people out there," he emphasized. "There's a mass strike in process, and with a mass strike in process, if the people know that this is the issue, they're going to react! You bastards have got to understand that there's a new thing going on in this country, and you guys are all subject to impeachment and all other kinds of problems, by the American people, who will not tolerate this kind of crap! You want to take your regime down like the East German regime? You're on the way to doing it. That's what we have to say! You have to have the facts, but you've got to stick to the issue. The issue is: what do we do if they do this! Well, we say we pull them down!

"Use the power we have," LaRouche concluded. "The power we have is, we can bring some of these guys down! And, we're going to bring them down!"

from... http://www.larouchepac.com/node/11893

AIG and Attitude

My Vote Matters — Thu, 24 Sep 2009 14:14:38 EDT

I came across this comment from "White House Economist" off the Dow Jones Newswire today referring to an article in the http://voices.washingtonpost.com/44/2009/09/24/goolsbee_chides_aig_ceo_to_min.html?wprss=44 Washington Post.

I find it objectionable that AIG has a new CEO with anywhere near the attitude he has. I don't care if the guy thinks Washington is clueless about business or esp. running his business. On this front he is more than likely correct. It is very unfortunate we (the American Taxpayer) own 80% of the blasted company. I would prefer we own 0% I don't give a darn if AIG would have imploded. Personally I think it did not implode because of the number of "well connected" wealthy bank running CEO's and "investors" that would have lost a fortune if it did called their "friends" running the Treasury and said, "Bail out AIG or we will loose a fortune". So the American Taxpayer paid to make sure that Goldman Sachs can pay it's employees $700,000 in bonuses each this year.

Besides the fact this is the biggest financial crime ever perpetrated against the American people, mind you done without any approval from our impotent legislators, the guys running the show at AIG should have better taste than say such things in public about the "crazies" in Washington. I mean how many people in the entire Government are qualified to run a sprawling 100 + country "insurance" operation, let alone all the other far flung divisions they own? There are not many people in the world that understand AIG enough to "run" it.

Obviously Hank Greenberg was running an operation with "Enron" financing. It has been reported he was moving money around to skirt the US regulators (Partly allowed because of the arcane and completely outdated insurance regulation in the US which is still state by state and completely out of touch with the fact that the industry is national and international in scope) and pad his accounts to hide the billions of dollars in risk and losses he began to accumulate when they kicked him out over one false reinsurance deal for which was caught.

Hank still gets "answers" when he make calls to Washington and as far as I can tell he is a one man lobbying effort right now to "save" his old company. He has said himself "all of his wealth" is tied up in AIG shares (though he sole enough to pay some bills) and he obviously thinks he can influence "Washington" to loosen up credit terms and allow AIG five years or so to "unwind" loosing positions and rescue the company's balance sheet.

It is not going to happen. AIG should be "gone" as we know it and unfortunately, not unlike the "bad banks" the Chinese created after bailing out their banking industry about a decade ago, the American Taxpayers will NEVER see the $160 billion sunk into the company. This is reality. But the bankers, hedge funds and other "investors" that benefited from the taxpayer bailout "got theirs" and they are living large off what is left of the crumbled institution's lousy contracts.

Shame. Mr. Robert Benmosche should be fired. AIG wound down, sooner rather than later.

10 Worst, 10 Best: Senator Max Baucus

Skye Wallin — Thu, 17 Sep 2009 00:52:13 EDT

For a long time I've wanted to begin a series that takes a careful look at our federal representatives and their actions. As caretakers of the most powerful country in all known history, we ought to know who they are and what they stand for. When I worked in the United States Senate this Summer as legislative intern (more on that another time), I found an article in a 1970s Washington Journal that called out the best and the worst of the U.S. Senate. So today I begin a similar, albeit more timely, piece called: "10 Worst, 10 Best: Your United States Congress Exposed."

And today I begin with Senator Max Baucus, a Democrat from Helena, Montana and Chairman of the Finance Committee. Mr. Baucus earned both his B.A. and law degree at Stanford University, and went on to work for the Securities and Exchange Commission in D.C. Eventually, he returned to his home state, won a seat in the state House of Representatives, and ultimately a seat in the United States House. In 1978, the Montanian won his Senate seat; a seat that has grown stale and dank and saturated in the corrupt puss that seeps from every pore of Max Sieben Baucus.

Such a scathing judgement is undeserved by most, but let us remember that we are dealing with the United States Senate--a body representative of the most powerful interests this country has to offer. Max Baucus, in particular, has received massive campaign donations from the most invasive and influential industries. OpenSecrets.org reveals the top 5 contributors to this Blue Dog's campaigns: Lawyers/Law Firms ($1,608,823), Securities & Investment firms like Goldman Sachs ($1,480,535) Insurance ($1,190,463), Health Professionals ($1,032,276), and Pharmaceuticals/Health Products ($751,605). In total, Baucus has received $2,880,631 from the Health Care Industry and $4,710,818 from Finance, Insurance, and Real Estate sectors!

If those numbers don't bug you, check out where his former staff members work. Jeff Forbes, once Baucus's Chief of Staff, went straight to K Street when he opened a lobby firm for the health industry. David Castagnetti, another ex-chief of staff, went on to work in the insurance industry itself! Several other staff member have gone similar routes, and some (including Forbes and Castagnetti) have met with Baucus in exclusive meetings on Health Care Reform 2009.

These facts would be meaningless if big industry donors wanted nothing in return; but alas, this is the root of corruption. Of course powerful Wall Street bankers and health care hotshots want their interests protected and enhanced! As we have seen in the Bailout and TARP spending--intended to stabilize the economy--the Democrats are just as keen as Republicans in helping big business at the expense of taxpayers. And Max Baucus is in a particularly powerful position as Chairman of the Senate Finance Committee--arguably the most influential of all committees since nearly every bill that involves spending must go through it.

Now let me tell you how fucked up Senator Baucus's health care reform bill is going to be. For one, the man refuses to support the Public Option, which is now the last remaining hope for true, fundamental reform...for the change we can believe in. This corporate Dem will fight any attempt to uproot the perverted and financially idiotic health care system that this country has been victim to for so many years. Instead, cooperatives have been proposed as a substitute for the public option--this is a petty appeasement, and will be destined for failure since co-ops will not have the funding to sustain themselves; eventually they will be used as "proof" that non-private health plans do not--cannot work.

Baucus's bill is being determined by his "Gang of 6" which, besides Montana Max, includes Olympia Snowe (R-Maine), Chuck Grassley (R-Iowa), Mike Enzi (R-Wyoming), Kent Conrad (D-North Dakota), and Jeff Bingaman (D-New Mexico). Seems like a lot of Republicans determining reform they do not even seem to want! Is there not a Democratic majority? In fact, Baucus has shut out certain members of the Finance Committee who do indeed support the public option! And I refuse to believe that the Gang of 6 states are representative of the entire country.

True health care reform is looking more and more unlikely by the hour, and this is largely due to the influential Baucus. How have we allowed this kind of paralyzing corruption to happen? Don't the people of Montana see that this man has little desire to represent their true needs? The needs of the country at large? Must things get bad enough that we must revolt to reform our policies and cut the puppet strings once and for all?

I refuse to believe we have reached that point, but I do know that a voter revolt is needed--that is, people like this can and must lose reelection. If change is on the horizon, it certainly will not come from hacks like Max Baucus--a man perhaps best explained by his response to single-payer advocates (a group of 8 doctors and nurses) demanding to have a seat at the table: "We need more police!"

And so it is official... Max Baucus: you, sir, are my first WORSTCONGRESSPERSON

Congress and budgeting - use the experts

Michelle from Butler, PA — Fri, 31 Jul 2009 11:47:02 EDT

Today irritation: Congress approves military projects and government spending NOT requested by the users of the end product. Presidential helicopters not wanted, planes not needed, unsuccessful projects allowed to continue running over both their budget and time estimates - not by small amounts, but by years and millions of dollars.

My experience with both personal and business budgeting - Being the expert in my field, I create the wish list of expenses, my possible sources of income and reconcile the 2 by removing expenses that cannot be paid for. Congress has taken the wish list of government that was created by experts, added projects Congress wants without regard to the experts' wishes and removed/denied $ for budget items that truly help individuals, and Congress created expenses that have no intrinsic value or result for the American people. Since when did Congress develop knowledge and planning abilities beyond those of the experts we have running our very specialized areas of our government?? Who does Congress represent? Certainly not me or any Americans I know.

The result of Congress wanting these things:

- MY tax dollars are spent on products that when complete will go into some unused equipment storage facility

- MY tax dollars cannot pay for direct help to individual Americans like healthcare and infrastructure

- THEY receive huge lobbyist money for choosing with the side of businesses instead of individuals (it would be cheaper to pay the salaries of those you fear might lose their jobs than to also pay business profit and use materials to create products no one wants!)

-THEY continue to have a job, get paid well, have their healthcare provided and line their pockets with money from businesses

Government support and bailout should be to the individuals of our country. When they are directly given the $ to save their mortgage, pay for their healthcare and put their lives in the best order possible, then businesses will receive that money through normal operational channels, as they should. Businesses and government should always be at the mercy of the desires and needs of individual Americans - let people speak their mind with their money, how they spend it, save it, and get the best return for it in both services and goods.

Obama, please be stronger and believe in your ability to fight through the confrontation to disallow these unethical and immoral practices that have moved individual Americans to the back burner so that businesses, politicians, and the wealthy can reap many benefits at the expense of the true fiber of America - individual people who work hard, have a generous heart within their community, struggle to make financial ends meet, experience constant stress about their jobs and the ability of their families to survive, and foresee a future as gloomy as today. REAL CHANGE PLEASE!!!!!

National Unemployment and the Economic Status

"Voice for Humanity" — Thu, 23 Jul 2009 07:43:19 EDT

By Padmini Arhant

The ravenous economy has absorbed about $3.7 trillion dollars via bailouts and stimulus plans, (please refer to individual stimulus package topics for breakdown) yet the nation’s jobless rate rising like a tidal wave rather than settling along the shores. Several arguments mounting regarding the precarious job situation across the nation with some fifteen states like California, Michigan, Indiana, Ohio and others experiencing double digit in job losses accumulated over a period of time.

Not surprisingly, criticisms with an ominous prediction such as a possible return of the ‘Great Depression’ from various political and economic factions pouring against the current administration’s level of action and apparent inaction in averting the precipitous decline of the job market...

Please check out the related topics Economic Bailouts on an Unprecedented Scale, Bush Bailout Packages and Obama Bailout Packages with more on the way.

Further riveting details and visuals @http://www.padminiarhant.com

Thank you.

Padmini Arhant

Pulse of the Economy

"Voice for Humanity" — Thu, 11 Jun 2009 13:15:30 EDT

By Padmini Arhant

With a finger on the pulse of the economy, the recent reports on employment, housing, financial and stock market post stimulus funding worth $787 billion approved by Congress in February 2009, has drawn both praise and criticism from different quarters. The praise is always welcome and encouraging for any administration and the Obama administration is no exception to the rule, particularly when they are relentlessly engaged in stabilizing the economy as the top priority.

Whereas, the criticism targeted at the President is no revelation considering the partisan Washington atmosphere. The results thus far, indicate the current national unemployment rate at 9.2% against 8% in the pre-approval stimulus package forecast. Further, the reports reveal the economy shed 1.6 million jobs with the White House claiming 150,000 jobs saved since...

More @http://www.padminiarhant.com

Thank you.

Padmini Arhant

Bipartisan Objections to a Bad Bailouts

Jason M. Christos — Sun, 07 Jun 2009 02:59:57 EDT

Bipartisan Objections to a Bad Bailouts posted by John Nichols on 06/03/2009 @ 5:38pm

Thirty-six members of the U.S. House -- Democrats and Republicans, liberals and conservatives -- recently wrote to President Obama asking him to stop the White House Auto Task Force from taking actions that are harmful to American autoworkers, auto dealers and the states and communities impacted by plant and dealership closings.

Congressman Dennis Kucinich, D-Ohio, organized the effort with Ohio Republican Steven LaTourette in response to the administration's approach to the Chrysler bankruptcy and bailout.

http://www.thenation.com/blogs/thebeat/440720/bipartisan_objections_to_a_bad_gm_deal

Save the auto industry

Howard Livingston — Mon, 18 May 2009 20:05:27 EDT

Here's my inspiration on how to save the American auto industry:

When Henry Ford produced his first car, there was a need to produce cars all day everyday. But now there is no need for new cars every year so why not produce cars every three years and allow for some real research and development and the dealships can stay active maintaining the vehicles they sell for three years.

      A. Include in the sale price (or discount) the price of 3 years of oil changes
      B. Include in the sale price free tire rotations for the 3 year period
      C. Guarantee a trade-in regardless to the condition of the vehicle at time of trade-in
      D. Make arrangements with recylcing plants to recycle the trade-in.

Ban vehicles older than 5 years unless they are classics in modern day running condition (emissions, fuel, etc.). A lot of the nestalgia is that the car is inexpensive, not endearing.

OBAMAS PIGGY BANK NEW BALL GAME

Freeman Sims — Fri, 24 Apr 2009 17:31:00 EDT

GIVE OBAMA WHAT HE WANSTMAKE SURE THAT HE GETS THIS PAGE.PASS IT ON. TRY TO PUT OUT A PRESS RELEASE TO YOUR LOCAL NEWS AND TV STATIONS.MY PHONE 503-438-6305 PUT IT ON WWW.YOUTUBE.COM By: freeman43 Portland : OR : USA | about 1 month ago 2 0 Views: 43 APRIL 24 2009 2:15 PM PST MY PHONE 503-438-6305 Hello! My name is Freeman Sims. You are welcome to copy and use these articles. I do not own any of these Videos. I only own the Text and my Personal Photos. *** To make it Short, All of the Obama Volunteers, have Time on their Hands. They have Nothing to Do! These websites , http://www.obamaspiggybank.org and Http://www.obamaspiggybank.com Have been Registered Thru The IRS and The State of Oregon, To Accept Donations for President Barrack Obama to use to Replenish his Stimulus Package. Simple put, 300 Million USA Citizens Donate 1 Penny a Day. That amounts to $ 3Million a Day IN Obama’s piggy bank. You Can bet your bottom Dollar that, YES WE CAN. YES WE WILL. The Web Site is predicated up op on OUR Need to Wipe Out The National Debt. I have a Mile Long List of Analysis and ways to Refine the Campaign Program. The Mission is to, Totally Eliminate the national debt; by Christmas 2009; and to Provide Mr. Obama A SURPLUS OF 10 TRILLION DOLLARS, BY THE END OF HIS FIRST term. MY WEB SITES www.newballgame.org and www.obamaspiggybank.org ARE NOT UP YET. THEY ARE JUST SITTING ON GODADDY.COM , BECAUSE I AM ADUMMY AT BUILDING WEB SITES. IN THE MEAN-TIME I HAVE SET UP TWO ( 2 ) DONATION BANK ACCOUNTS. THEY ARE NON PROFIT WEBSITES AND BANK DONATION SITES. REGISTERED THRU THE OREGON STATE ATTORNEY GENERAN AND THE INTERNAL REVENUE.DID THIS ON FEB 25 2009 THEY ARE HOT, AND LIVE. I HAVE TESTED THE SITES, AND THEY DO ACCEPT MONEY.GO TO ANY BRANCH OFFICE IN THE COUNTRY AND DONATE. YOU CAN GO TO YOUR OWN BANK AND SEND FUNDS TO www.bankofamerica.com and www.wellsfargo.com MAKE A NOTATION = GAVE TO www.newballgame.org or www.obamaspiggybank.org DONATE ON LINE using youe account, or USE www.paypal.com DONATE HERE www.bankofamerica.com and www.wellsfargo.com *** NOTE *** ALWAYS PUT ON THE PAID-TO LINE , THE LAST 4 OF YOUR SOCIAL SECURITY NUMBER. WHY? ** BECAUSE WHEN WE PAY OFF THE NATIONAL DEBT, YOU WILL RECEIVE A TREASURY NOTE;THAT PAYS QUARTERLY.DIVIDENDS.*** STOP FUNDING YOUR IRA RETIREMENT ACCOUNTS.PEOPLE HAVE LOST BILLION WITH IRA RETIREMENT ACCOUNTS. SET UP AN AUTOMATIC PAYROLL DEDUCTION PLAN, AND DONATE TO www.newballgame.org or www.obamaspiggybank.org *** THEASURY NOTES CAN ONLY BE OWNED BY INDIVIDUALS.THEY ARE BACKED 100% BY THE FEDERAL RESERVE AND THE USA TREASURY DEPARTMENT. PAY YOUR SELF FIRST. ALL OF THE MONEY GOES TO PRESIDENT OBAMA. HE IS THE ONE THAT WILL HELP YOU SET UP YOUR TREASURY NOTE ACCOUNTS. HE WILL HAVE TO GET (ASAP), A VERY LARGE STAFF; TO HANDLE YOUR OVERWHELMING RESPONSES. YES WE CAN. PASS THIS ON. TWEETER IT, ETC. MOST OF ALL TRY TO PUT THIS PAGE IN TO *** A PRESS RELEASE IN YOUR LOCAL AND NATIONAL NEWS, AND TV. I HAVE BEEN WORKING ON THIS CAMPAIGN FOR MORE THAN A YEAR. MR. OBAMA DOES NOT READ HIS E-MAIL. *** CORRECTION, THE OBAMA FAIMLY DID VISIT MY WEBSITE; www.obamasprivateporkbarrel.org LAST MAY. NOTHING CAME OF IT.Yes We Can. Yes We Will. How?? 1 cent at a time. Don’t tell me all the stuff about 10 years, using Pennies. I did the Math. There are a Kazillion ways to (skin the cat) Raise the Funds. Buy Stocks. They will be back Stronger than ever, by August2009I shall give you a Line by Line Analysis Later. Just Believe in The Audacity of Hope. It worked Before, and it Will Work Again. I am a WWII baby. I have been HERE before, fireside chats and all. We did it before and we can do it again.FDR took us form Zero to The Atomic Bomb. We will Hit the After Burner by mid July, so hold on to your Seat. You and The WORLD are in for a good old American Ingenuity RIDE.Simple as that.Now! Enjoy Yourself, by staying on this Page; until You Get It. Give Obama what he Wants, 1 cent at a time 300 million citizens, Donate 1 Penny a DayAmounts to 3 Million Dollars a Day.That is 21 Million a Week. 84 Million Dollars a Month. It adds up to 1 Billion and 800 Million a month.Or, give $5 per Person, per Month, which adds up to 1 Billion 500 Million Dollars a Month. *** Book Mark this page.5 dollars a month, per person adds up to 18 Billion a Year.Let the states have a Fund raising Contest. 1 Cent a day, doubled each day; amounts to the Surprisingamount of 10 million, 600 hundred thousand at the end of 31 days.That adds up to 530 million dollars. There are 2 major Cities inEach state, so we now have 1 billion and 60 million dollars perContest. How about if we have a contest for each of the 4 seasonsOf the year? That is 4 billion and 240 million dollars.We are trying to Replenish President Barrack Obama’s STIMULIS Package. We are Donating Money to Obama’s Piggy Bank. This means that we are Donating to ourselves.A Rising Tide lifts All Ships. We are workinf as fast as we can, to Hit the ground Running. www.obamaspiggybank.org is set up to receive theDonations, as is www.1centx2.com and www.newballgame.org For those who always type in . com , we have also registered Domains of www.1centx2.com + www.1pennyx2.com andwww.obamaspiggybank.com and www.obamaspiggybank.mobi Currently We have set up Donation accounts at Bank of America andWells Fargo Banks. We are also trying to bring US Bank, aboard.Not too shabby, for pitching Pennies! Hummmmm.http://www.youtube.com/watch?v=cM1p0SQ1c7A http://www.youtube.com/watch?v=QZhu8SaodPw&feature=related

My blog is at http://mark.baland.net/blog .

markbaland — Sat, 18 Apr 2009 17:51:31 EDT

My blog is at http://mark.baland.net/blog .

Ebahtau

Gabshay from Saratoga, IN — Thu, 16 Apr 2009 04:52:35 EDT

Oanajrb cnjaj aanha new virus threat taran buie fidelity metavante final four schedule you were meant for me lyrics april cheryse hoarding disorder nick.compenguins jet fuel in baby formula sanjay jha wife shane mcconkey tracks of my tears adam british painting michelle obama watch fast and furious 4 april fools pranks on parents rubytuesday.com watch fast and the furious 4 online for wonderburg pistachios costco ch2m hill what happened to kutner on house april fools word search duane jarvis dominoes bailout watch fast furious 4 online safety.live.com poteet strawberry festival motown songs costco pistachios recall hilarious april fools day pranks motorized bar stool pistachio pudding recall azalea festival tuskegee experiment texas motorspeedway marvin gaye death the fast and the furious 4 online conflicker removal tools autopilot gmail chevy puma virus april 1 marcus luttrell powerplate holly starr university of kentucky press conference nude gal gadot conflicker remove rc-135 surveillance aircraft cleavagefield calipari news conference cooper river bridge run conflicker virus is gay salvia the groom of the stool giant worm computer effect adam lambert track of my tears metavante corporation keeneland racetrack fox.comkutner metavante matthew and laura eaton zero1 mobile remove conflicker worm conflicker test conflicker worm lady starlight michelle moyer motorized bar stools andy hallett from angel reggie theus rhino recall american idol march 31 how did er end oakland police funeral dearastrology.com easter games that i can play right now american idol march 31st higgs excitation cleavagefield cast conflicker worm removal tool sea worm britain avg conflicker shugo chara 77 gmail autopilot remove conflicker kentucky news conference pet tax 50 laptop www.comcast.netwebmail halter top day april fool pranks april st virus len berman ellen calipari 12 rounds trailer print and prosper.com gal gadot nude giant sea worms dominos bailout benelli vinci reviews

Uanehaya

Unknown user — Wed, 15 Apr 2009 17:48:29 EDT

Najsycak

giant angel fish giant sea slug going nowwhere the tears are googlestreet.com grace hightower great elephantbird greek independence traditional food greys hitower de niro guild for civony guitar chords for the song mad world by guy who plays kutner on house hallee hirsh hallee hirsh nude harold hill farm harpoon road race boston higg excitation higgs excitation higgs ecitation higgs excitaion higgs excitation science higgs excitation wiki higgs excitation wikipedia higgs excitations higgs exication higgs exicitation higgs exictation higgs exitation higgs exitation wikipedia hike and camp in poconos hk 416 house cast leaving house death kal penn hwy house episodes simple explanation house kalpen modi house kutner house kutner obituary house kutner what happened house m.d. cast kal penn house md controversy house md kal penn leaving house what happened to kutner housekutnerquit housesimple explanation how big do malipoo get how long until boiled eggs begin to smel how many votes adam lambert how old is megan calipari how tall is adam lambert how to get cents on civony how to get free cents on civony how to get game coins in ciboney how to get game coins on civony.com httpcivony httpmetavante.fest.huble.namegomip.h httpwww.google.com.au httpwww.google.com httpwww.google.commclientms-tmobil httpwww.ixquick.comdometasearch.pl httpwww.scroogle.orgcgi-binnbbw.cgi httpwww.viewmymessage.com2 hugh laurie on kutner i love you man quotes ia adam lambert gay idol top 8 performances video illinois april official results specia inurlname html irene mojica radio personality is civony a free game itunes donnie darko soundtrack itunes gary jules mad world jack elway jaden james from true life jello pistachio pudding recall 2009 jesse kiser john and sherry klove john katehis josh nochimson bio jules mad world piano justin gimelstob corina morariu 2009 kal pen mehta joins obamas team kal penn death kal penn earnings kal penn kumar did he die kal penn leaves house youtube kal penn leaving house m.d. kal penn leaving show business keeland race track keeneland keeneland race track keeneland race track seating map kings dominion americana knbr am knbr listen now knbr sf giants live knbr website down kristen stewart mary stewart masterson kristen stewart nuda

Yabseah

Unknown user — Tue, 14 Apr 2009 20:20:41 EDT

Agyyajza adam lambert "mad world" brandon maluff auburn al familiar faces going nowhere gal gadot nude gisele harabo nude good sam finance center review 2009 good sam finance center reviews good sam finance center reviews 2009 higgs excitation jake meyers and boonville megan calipari special agent oso and toys the search is over streaming tommy lynn sells mad world lyrics what is the author tr adam lambert tears for fears marie moore casselberry 2009 unc one shining moment 680 am san francisco giants streaming ab circle abandoned storage units auctions nj adam bad world idol adam lambert - mad world mp3 downloa adam lambert - mad world latest reviews adam lambert - mad world mp3 adam lambert artists praise mad world adam lambert bisexual adam lambert black or blue video adam lambert california adam lambert costume adam lambert icon adam lambert its a mad wrld adam lambert mad dog adam lambert mad world free mp3 adam lambert mad world judged by tears f adam lambert mad world lyrics adam lambert mad world mp3 adam lambert mad world review adam lambert mad world thread adam lambert offical site adam lambert r.e.m. adam lambert rem adam lambert rem performance adam lambert review mad world adam lambert review mad world recap adam lambert reviews mad world adam lambert singing tears for fears adam lambert singing tears for fears son adam lambert singing tears for fears vid adam lambert singing tears for fears vi adam lambert site adam lambert tattoos adam lambert tears for fear song adam lambert tears for fears song adam lambert tears mad adam lambert top 8 adam lambert tracks of my tears audio adam lambert wicked adam lambert wicked cast adam lamberts live performance video la adam lamberts tears for fears 80s hit adam lambert-iamerican dol adam lambert-mad world free mp3 adam lambert-mad world.mp3 download free adam performing tear for fears adventureland soundtrack adventureland soundtrack adventureland ticket florida orlando air play for mad world adam lambert alan lambert mad world alaska earthquake april 8 alaska earthquake monitoring alex amd simon vancamp of housewives of alex and simon van kempen alex van kempen all around me are familiar faces ... dai all around me are familiar faces lyrics all around me are familiar faces worn ou all around me are familiar faces worn o all around me are familiar faces worn-o all around me off your faces one more sp all arownd me are familiar faces worn ou amalia tabata amalia tabata pereira amanda lee nude photos amazing amie american idol - lambert sang on tuesday american idol 2009 april 7 video american idol adam mad dog american idol april 7 american idol april 7 2009 video adam lambert mad world

Wall Street Parties while Real People literally Cry themselves to Death.

Jason M. Christos — Mon, 06 Apr 2009 13:15:05 EDT

Wall Street Parties while Real People literally Cry themselves to Death.
Posted by RevolutionaryJason on 04/06/09 12:10 PM
Last updated 04/06/09 12:12 PM
addthis_pub = 'CampaignForLiberty';
[Older: Notes to people who want to help educate and inform our political "enemies"]

Wall Street Parties while Real People literally Cry themselves to Death.
by Jason M. Christos from http://docs.google.com/Doc?id=dgpmp8mq_105gd4g9xgp

Last night a program aired on T.V. that made me want to cry. I saw real peoples faces crying because they are going to die, due to clinics closing. Imideatley I ask myself why is wall street partying with the Obama Plan money while these people cry themselves to death literally. I want to help, I want to start a quick non-profit. And accept donations for these people via paypal. Anybody who is with me contact me. These are REAL PEOPLE DYING IN OUR COUNTRY while wall street throws BAILOUT parties! We CAN'T depend on the government! we must act now and let these people know that they are loved. I will update as soon as possible as soon as I start a private non-profit for their benefit. Contact me if you want to help (314) 827-2189

Here is a link to the program. http://www.cbsnews.com/stories/2009/04/03/60minutes/main4917055.shtml

I think after you look these real people in thier eyes you will lose faith in the Obama Plan and Government in general. This is the responsibility of WE THE PEOPLE.

If you were angry about the AIG bonuses you better cover your ears for this next one.

Jason M. Christos — Sat, 04 Apr 2009 10:59:38 EDT

Video interview: Kucinich outraged over $3.7 billion in bonuses paid by Merrill Lynch Today at 12:27am

Kucinich focuses attention on bailouts given to big banks.

WATCH VIDEO HERE http://kucinich.us/index.php?option=com_content&task=view&id=2780&Itemid=1

The big 3 auto bailout

Brian — Tue, 31 Mar 2009 07:41:49 EDT

To send a meesage to the big 3 with the ouster of Rick Wagner is a start, but it will take more than that to change the culture at the heart of our auto industry problem.

Foriegn Invesments Firms on Wall Street Are destroying our economy

Muckle — Mon, 30 Mar 2009 17:25:49 EDT

This video is a must see. I was willing to sacrifice my home just to help others save their own and the ones giving me the most fight was our courts. Please watch attached video and follow link to other parts

http://www.youtube.com/watch?v=A2jErlKYLt4

Incredible Idea For AIG Bonuses

Leo — Wed, 25 Mar 2009 13:47:22 EDT

Perhaps instead of being taxed at large- the AIG bonuses could be diverted to a fund from which these charities and social services may draw?

It sure would help.

AIG The biggest heist in History

Duane Kuehn — Tue, 24 Mar 2009 03:55:32 EDT

Hi All,

Greetings and Salutation!

     I watched the movie version of “Chicago” the other night. Today, I think about this AIG fiasco and remember Richard Gere’s well done rendition of “Razzle Dazzle ’em” in that movie. The sly lawyer as he diverts attention from what is fact to what is emotion. In the instance of this AIG fiasco, diverting attention to bonuses paid executives and away from the truth.

     Any really, really, good swindle or scam uses that “Razzle Dazzle ‘em” rule. One must have a focus of attention somewhere other than upon the fraud itself. The shenanigans at AIG bring to mind a movie called “Paper Moon”.

     Destiny teams a little girl and a middle-aged man up as con artists. The man pays for some items in a story with a large bill. Behind him in line, the little girl pays for something with a small bill. When the girl sees her change, she balks, claiming that she had given the clerk the larger bill. Her distressed cry that the larger bill is a birthday gift with a birthday inscription on it, inciting emotions. Found in the cash drawer is a larger bill with the inscription the girl claims. The girl “earns” the larger bill via her deception.

     AIG is much the same con, right down to the little girl taking the fraud into a simpler swindle. A couple of more obvious short-changing maneuvers to increase her take or maybe just to show off her flair for the con game. In the AIG situation, these would be bonuses unnecessary yet still, bonuses useful in diverting attention toward facts to attention toward emotions.

     It can be a bit more complicated but the primary things that occurred up to and including the bailouts is the same.

     There are many faucets to this fraud. However, the base fraud is a matter of giving a small bill and pretending it is the large bill. The deregulation of laws, which had created borders betwixt Wall Street, the Banks, and the Insurance companies, that allowed great fraud to be committed.

     Long ago and far away, something called “buying on margin” came to be. This entailed a situation whereby a person could post X dollars of collateral and the stock market company would give an equal amount of credit. Thereby, one could have $100.00 in collateral and buy $200.00 in stock. This is termed “leveraging” and was fine when regulations were in place.

     The advent of such things as “options” for “hedging” will greatly increase this leveraging situation to create a “win-win” situation for the smart investor (or better said, “Sly” investor). The stock market always somewhat of a gamble, one could now “bet” that a stock would fall in value and make the big bucks. Even if one did not actually own the actual shares of that stock, one could control hundreds of thousands of dollars in stock with only a few hundreds of marginal dollars.

     Marginal dollars are the big bill that the little girl did not really give the store clerk; it never existed. However, the real big bill, which the store clerk gave back to the little girl, did exist. In effect, it was money used to “bail out” the clerk and the store due to emotional circumstances.

     One day it hit the news that a company called “Lehman Brothers” had taken the big dive and the world would collapse unless the government did not step in to help. The sky was falling, as it were. The big cats including the FED knew that Lehman would collapse if someone did not purchase it (and revise the books) or the FED did not step in with help. The stack of cards to build the house was going to come down.

     The FED knew long before Lehman Brothers failed that it would happen. Instead of bracing (or bailing out) Lehman Brothers, the Fed let Lehman Brothers fail. The auspice incongruously put out that Lehman would fall by itself and create only a pothole on Wall Street. This is incongruent because anyone familiar with the system would know that Lehman would take others with it.

    Lehman failed and AIG became responsible for the billions in insurance it sold against such a failure. The government fooled to step in with billions and no oversight. The insurance that AIG had sold and could not cover, billions in insurance to protect investors that they not lose their investment AND not lose the monies that did not exist; stocks and options bought on MARGIN. What a quandary, what a great fraud is the scam perpetrated on an unsuspecting people.

     AIG had insured billions of dollars that did not exist. Until the FED marched in and turned those dollars into real cash, the clerk handing the poor little child her take and her bonus for her short change game. The executives earned those bonuses because they pulled the biggest heist in history. In addition, they are taking the people’s eye off the proverbial ball and probably giving AIG plenty of time for a probable shredding enterprise.

     Find the insured and one will find the trail of fraud or one can play with the millions in bonuses and ignore the billions in fraud.

Loveya,

Duane Kuehn

CUT ME A CHECK

Concerned Citizen — Mon, 23 Mar 2009 11:28:44 EDT

In recent news, Geithner is proposing to use gov't bail out money in addition to private investors, insurance co, and pension funds to clean up the banks bad books so that the banks can go back to lending to families. Why doesn't the gov't lend to families?
In short, they are going to give More money to the banks. Is this not what they keep doing with AIG, who recently reported yet another loss and is suing the gov't (or is it the IRS). Anyway, how is this different from the last solution other than now they are going to take the money also from PENSION FUNDS, insurance companies and private investors that will ASSUMABLY be able to share in a profit. And should they be investing with these pension funds? If investors and insurance companies want to assume risk, fine, but stay away from the pensions. Too many have already lost out on their 401K's and will have to work well into their 80's.
If your credit score is below 640, you have no real collateral and your job just put you on a voluntary furlough or laid you off, do you really think the banks are going to make you a loan? Well, they won't.

The last time the banks received money they were supposed to lend the money out. What they did was save the money or purchased up smaller banks and took on their asset problems. They did not lend to families.
If you have good credit, collateral, and a stable source of income, then now is the time to get that loan based on the low interest rates and rock bottom prices. But if you do not have all three of these things going for you, it's time to band together and ask Uncle Sam to CUT ME A CHECK. Receive a low interest loan directly from the government. Then begin making payments 1 year after receiving the loan or sooner. (1 year no interest, then begin paying at a low interest). By doing this some people will try to pay early to save on interest and others may wait until that one year. Make stipulations for giving out the money. Then let the consumer go and pay off high interest credit card debt, bank loans, mortgage loans, business investment, etc. so that the banks can get the money to get these bad assets off their books, department stores get paid, finance companies get paid, and CONSUMER credit scores can increase. Then the economy can truly be stimulated.

AIG The biggest heist in history

Duane Kuehn — Mon, 23 Mar 2009 04:01:54 EDT

Hi All,

Greetings and Salutation!

Loveya,

Duane Kuehn

National Economic Recovery Proposal-NERP

Lamar from Rice Lake, WI — Mon, 23 Mar 2009 00:55:48 EDT

Recovery, bailout, stimulus,alternative

In 2009, we sent a rough draft of a proposal called NERP-which stands for National Economic Recovery Proposal to the White House, Federal Reserve and office and others for their opinions, consideration and response that outlines a new and dynamic approach towards solving our country’s financial crisis.

The proposal-(NERP) calls for the United States government “borrowing” the sum (then $265 trillion) now roughly $400 trillion dollars-against the annual / federal $2 trillion dollar revenue / budget for the purpose of redistributing it-(loan) amongst the public, private and governmental sectors-in the forms of non repayable “economic assistance” for recovery, reparations, infrastructure, reorganization and departmentalization. Efforts intended to bring about stability, self reliance, equality and recompense--in social, cultural and economic areas--within our nation’s public, private and governmental sectors.

Roughly these monies would be utilized in the following manner:

$1 trillion dollars in non-repayable / economic assistance to 370,100 small, medium and large / corporate firms. $206 trillion dollars in non-repayable / economic assistance and reparations to more than 170 million minority and non-minority / working, unemployed, young, adult, elderly and or retired Americans.
Allocating $18 trillion dollars for education; targeting approximately 97,000 elementary and secondary / public schools for operations, employment, learning and developmental space / expansion.
$18 trillion dollars for improving healthcare-including new / social services and programs; including the construction of 1,500 / new / medical campuses nationwide.
$10 trillion dollars for disaster / relief to victims since 2005.
$10 trillion dollars for natural / environmental conservation; research and development into recycling and energy alternatives.
$27 trillion in federal operations, departmentalization, reorganization and restructuring efforts. And
$47.7 trillion in preliminary and post developmental NERP operations; including governmental transition and oversight.
$62.3 trillion for miscellaneous purpose in connection with, and in lieu of, any unforeseen events, occurrences and or activities as result of, or in connection to, the actions arisen from the NERP proposal / initiative.

An earlier version of NERP was posted to this website-( ) that estimated the US recovery at $265 trillion dollars. The proposal is far from complete; but will be posted in its entirety once we have completed it. For now, we would like to hear your comments.

Geithner Must Go

Unknown user — Sat, 21 Mar 2009 18:24:01 EDT

The continued revelations of Secretary Geithner's involvement with the structuring of AIG bonus caps makes it clear that he is too close to the institutions that he's charged with reforming, and that he still cleaves to the institutional thinking that he's charged with CHANGING. (There's that word again!)

Geithner must go and President Obama must appoint a Treasury Secretary willing to let zombie banks fail, willing to wrest control of bailed-out institutions from their incompetent, self-serving management, and willing to prosecute said former management wherever possible. I suggest the dogged Eliot Spitzer for the job.

----

Many words have already been written on this subject by better informed people than I. I would suggest reading Glenn Greenwald on the subject if you need further information about Geithner's compromised position.

http://www.salon.com/opinion/greenwald/2009/03/21/anger/index.html

Eliot Spitzer has asked the right questions regarding the AIG debacle

Perry — Thu, 19 Mar 2009 05:31:09 EDT

- Questions that the administration must help provide answers for:
"What was the precise conversation among Bernanke, Geithner, Paulson, and Blankfein that preceded the initial $80 billion grant?

Was it already known who the counterparties were and what the exposure was for each of the counterparties?
What did Goldman, and all the other counterparties, know about AIG's financial condition at the time they executed the swaps or other contracts? Had they done adequate due diligence to see whether they were buying real protection? And why shouldn't they bear a percentage of the risk of failure of their own counterparty?
What is the deeper relationship between Goldman and AIG? Didn't they almost merge a few years ago but did not because Goldman couldn't get its arms around the black box that is AIG? If that is true, why should Goldman get bailed out? After all, they should have known as well as anybody that a big part of AIG's business model was not to pay on insurance it had issued.
Why weren't the counterparties immediately and fully disclosed?
Failure to answer these questions will feed the populist rage that is metastasizing very quickly. It will raise basic questions about the competence of those who are supposedly guiding this economic policy."

Taxing the Greedy Class

Fred & Annick from Weaverville, NC — Wed, 18 Mar 2009 13:10:40 EDT

Congress can do something about those AIG and Merrill Lynch bonuses, while at the same time raising some of the funds we badly need for President Obama's public works, education and health programs. It's quite simple and long overdue: introduce a new 100% tax bracket on all annual income exceeding $1,000,000.

We have a minimum wage; we need a maximum permitted income. Let's tax the greedy class. Surely no one should need more than $1,000,000 a year in income to lead a good life. If they do, they are the ones who should now be forced to sacrifice to help those less fortunate than themselves.

Not like the Great Depression....

StopTheInsanity — Tue, 17 Mar 2009 11:39:36 EDT

Geithner & Bernanke need to read these articles. I don't pass them on as a way to bash their efforts or criticize them. I feel the points made in these articles are worth evaluating:

Ben Bernanke Is Still Stuck in the 1930s

Posted Mar 16, 2009 03:47pmEDT

by John Carney

Amid growing concern about a populist backlash against banks and Wall Street, Fed Chairman Ben Bernanke appeared on “60 Minutes” over the weekend to explain recent financial rescue efforts.

When asked about whether letting Lehman Brothers collapse last year was the right move, Bernanke replied: "There were many people who said, 'Let 'em fail.' You know, 'It's not a problem. The markets will take care of it.' And I think I knew better than that. And Lehman proved that you cannot let a large internationally active firm fail in the middle of a financial crisis. Now was it a mistake? It wasn't a mistake for the following reason: we didn't have the option, we didn't have the tools. All the Federal Reserve can do is make loans against collateral," Bernanke said. In other words, it wasn't my fault.

From The Business Insider, March 16, 2009:

Today's crisis isn't a replay of the problem in the 1930s, but last night's 60 minutes interview with Ben Bernanke made it clear that our central bankers don't understand the distinction. Bernanke's academic career was spent studying the policy responses to the Great Depression. His analysis suggests that the Fed made two errors:

· Central banks allowed the money supply contract sharply. "Price fell. Deflation. So monetary policy was, in fact, very contractionary. Very tight– during that period," he said last night.

· They permitted bank failures. "And then the second mistake they made was they let the banks fail. They didn’t make any strong effort to prevent the failure of thousands of banks."

The first point, about money supply, is a rather orthodox position that was popularized by the University of Chicago's Milton Friedman and Anna Schwartz in their book "A Monetary History of the United States." They argued that in the 1930s, the country and the Federal Reserve were faced with a liquidity crisis in the banking sector. As banks failed, depositors panicked and bank runs began. This led to a cycle of bank failures.

"If the borrowers hadn't withdrawn cash, they [the banks] would have been in good shape. But the Fed just sat by and did nothing, so bank after bank failed. And that only motivated depositors to withdraw funds from banks that were not in distress," Schwartz explained in an interview with the Wall Street Journal several months ago.

Notice that there is a subtle--but extremely important--difference between Schwartz's analysis and Bernanke's. In Schwartz's view, healthy banks were failing due to a liquidity crisis. This could have been prevented by adding more liquidity. For Bernanke, even the failure of unhealthy banks should have been prevented. This is a serious departure from the historical precedent.

Bernanke's approach is premised on the idea that there will be a crisis if you don't rescue a failing firm. But there's no evidence for that. In fact, Bernanke's approach probably makes the problem worse. If bank runs were caused by an inability of depositors to distinguish between healthy and unhealthy firms, Bernanke's approach is actually creating this same confusion.

"The market knows when a firm isn't sound," Schwarts told William Cohan in a separate interview. "And if the Fed didn't behave as if every failing firm is too big to fail, then it would permit the exit of firms that weren't really viable and the market would recognise this as a just decision. It's not the job of the Fed to be intervening to help such firms. People are knowledgeable. They knew that there were troubles with Lehman."

"If they're going to go into the business of rescuing every failing firm," Schwartz said, "we won't have a capitalist system . . . People are responsible for the decisions they make. If they've made wrong decisions, lost money and don't have the funds to operate, well, it's time to leave the market. And that's what the Fed's responsibility is, not to shore up firms that have no reason to continue."

Way back in October we described this approach as fighting the last depression while ushering in the next one. Unfortunately and depressingly, it seems that Bernanke is immune to evidence or argument on this subject.

Fighting The Last Depression While Ushering In The Next One

John Carney

Oct. 16, 2008, 1:52 PM

So why isn't the bailout working? They say generals are always fighting the last war. Now Ben Bernanke, who was a financial historian before he became a World Saver, may be fighting the last depression. Unfortunately, our current economic crisis is not like the one we faced in the 1930s. It's almost its photographic negative. Policies designed to avert the last depression may actually be prolonging this crisis.

In the Great Depression, banks that were otherwise solvent, if not entirely healthy, were being brought down by panic driven bank runs and a lack of liquidity. That truly was a liquidity crisis. The Federal Reserve had it within its power to support the banks by adding liquidity but it refused to do so. Since then an academic consensus has developed around the theory that it would have been better for the Fed to take an active role in preventing the crash of solvent financial institutions.

Our problem is very different. As we've seen from the wreckage of Lehman Brothers, Bear Stearns and Merrill Lynch, many of our financial institutions are insolvent. They aren't healthy victims of bank runs. They are ailing institutions barely kept alive by frantic rounds of capital raising. The lessons of the Great Depression simply don't apply here. In fact, we're probably making things worse. Allowing insolvent institutions to fail and requiring worthless and worth less assets to be fully written down would provide transparency to the market. Instead, we're dedicated to the post-Lehman proposition of "Never Again." The various programs of our government continue to obscure asset pricing and conceal insolvency. This means that you can't trust the market to tell you which firms are failing.

Twisting the arms of bankers to lend to institutions that may be insolvent is a recipe for deepening the crisis. We've just been through a period of malinvestment--we spent too much borrowed money on junk. Borrowing more to spend on junk only digs us in deeper.

Bank lending won't get going again until trust in the markets can be restored. Fighting a Great Depression era problem probably won't help. More transparency, which means more write-downs and failures, is probably necessary if we're going to get through this. Unfortunately, we're still sailing in the opposite direction.

Right-thinking among righteous anger

Douglas from South Gate, CA — Mon, 16 Mar 2009 14:40:24 EDT

After reading about the dangers of righteous anger in the current economic crisis ...

http://www.nytimes.com/2009/03/16/us/politics/16assess.html?_r=1&th&emc=th

... I asked myself a few questions.

If the economy is to recover, do we need to put the banking and financial system on a new, sound footing? Absolutely. No economy can function without a functioning financial sector.

Since the taxpayers have invested hundreds of billions of dollars in AIG and other financial companies because they are "too big to fail" -- that is, they'd take the rest of us down with them -- doesn't that entitle the taxpayers to some say in how that money is spent? And entitle the taxpayers to some rewards, down the road, for covering the risks? Of course.

And if the companies couldn't survive without the taxpayers' assistance -- like the 80% share of AIG the U.S. Treasury has bought -- shouldn't the shots be called by the U.S. government, not executives giving themselves hundreds of millions of dollars in bonuses for their "performance" (Lord, forgive us our ungodly thoughts)?

Whether you call it "nationalization" or "rationalization" or any other "zation" in the nation, we need to just do what we need to do and 1) not let ideology ("Never nationalize") trump common sense ("We the people are already paying the price, because nobody else could"), and 2) not cut off our nose to spite our face (Don't let our entire financial system collapse just to punish a limited number of individuals).

In the short term, stop the bleeding before it's too late (and enough already with these insane, obscene bonuses!). And in the long term, never again let so much money and power accumulate in so few hands, in any sector of our economy. We're all too important to fail.

Bailing out America

George from Rochester, NY — Mon, 16 Mar 2009 01:53:24 EDT

I have a question about the ecomomic crisis we’re in. If most of the “toxic” debt stems from defaults on sub-prime mortgages, and if the problems with AIG stem from insuring those bad loans, why not buy up the loans? Why buy a failing company and back the insurance on bad investments (some of which were reportedly leveraged at 35:1, presumably many times over) when we could simply buy out the bad loans?

I’m not talking about bailing out people versus companies, I’m simply talking about paying the smaller bill to garner the same effect. Once the economy (and housing prices) were stabilized, the government could offer the houses for sale with preference being given to previous homeowners – should they prove financially able to make the purchase.

In many places, it sounds like this kind of “bailout” might be too late, with foreclosure rates leaving entire communities decimated. At least this type of expenditure would be an investment in real property in the United States, instead of spending money chasing insurance payouts on bad debt without addressing the core issue – the over-valuation of real property in markets that saw rapid growth in the last decade and a long-overdue market correction.

I would rather see the Federal government own 80% of foreclosed properties than 80% of AIG. This would address the problem that many have expressed over helping individuals with their mortgages. The millions of Americans who have faithfully paid their mortgages for years have every right to wonder why someone who didn’t budget well should get a handout. I find it hard to believe, though, that those same individuals would prefer to see their tax dollars (and their children’s tax dollars) spent on bonuses paid to AIG executives and insurance payouts to foreign banks.

Omnibus Spending

"Voice for Humanity" — Thu, 05 Mar 2009 05:47:36 EST

March 5, 2009

It has been the topic of the day and rightfully so. The American taxpayers’ wallet is drained for various bailouts from financial institutions to auto industry and others waiting in line for their respective turn.

Is it the present administration’s fault that the nation is dependent on borrowings and charity?

The response varies as it depends on the network and the guests appearing on the programs to discuss economy, finance and stock market.

Those nostalgic about the previous administration claim that it is entirely the current administration’s fault.

For some reason their calculation of the incumbent administration in office since swearing in i.e. January 20, 2009 up until now works out to three months, unless they have a custom made calendar that converts every year into leap year with some months extending beyond thirty one days and somehow only the Democratic administrations are privileged to such magical occurrence.

To shed light on the relevant topic of spending bill $410 billion approved by the Senate and awaiting the President’s signature, there appears to be some legitimate concerns regarding the infamous “earmarks” or “pork barrel” issue that always finds its way into every legislative bill.

According to news media, 40% of GOP members and 60% of Democrats are responsible for the estimated 8,570 earmarks worth $7.7billion . The following article supports it.

March 4, 2009

Senate votes to keep earmarks in bill – By David Espo, Associated Press – Thank you.

“The Senate voted overwhelmingly to preserve thousands of earmarks in a $410 billion spending bill Tuesday, brushing aside Senator John McCain’s claim that President Barack Obama and Congress are merely conducting business as usual in a time of economic hardship.

McCain’s attempt to strip out an estimated 8,500 earmarks failed on a vote of 63-32.

The Arizona’s senator’s proposal also would have cut roughly $32 billion from the measure and kept spending a last year’s levels in several federal agencies.

Last year’s Republican presidential candidate said both he and Obama pledged during the campaign to “stop business as usual in Washington,” and he quoted the president as having said he would go line by line to make sure money was spent wisely.

The White House has said Obama intends to sign the legislation, casting it as leftover business from 2008. Spokesman Robert Gibbs pledged Monday that the White House will issue new guidelines covering earmarks for future bills.

McCain’s proposal drew the support of 30 Republicans and two Democrats, and the outcome reflected the enduring value of earmarks to lawmakers. While polls routinely show these pet projects to be unpopular, local governments and constituents often covet them.

The maneuvering came on legislation to assure continued funding for several federal agencies past March 6. At $410 billion, the bill represents an 8 percent increase over last year’s spending levels, more than double the rate of inflation.

Republicans made two other attempts during the day to reduce spending in the bill, but failed both times.

Sen. Dan Inouye, D-Hawaii, chairman of the Senate Appropriations Committee, said McCain’s call to hold spending level with a year ago “doesn’t account for inflation.”

As an example, he said some programs would have to be cut if federal workers were to receive a pay raise.

The House passed the legislation last week, and Democratic leaders are working to clear it without changes so the president can sign it by Friday.

While Republican opposition in the House focused more on the bill’s overall spending, McCain and allies turned the Senate spotlight squarely on earmarks.

“How does anyone justify some of these earmarks:

$1.7 million for pig odor research in Iowa;

$2 million ‘for the promotion of astronomy’ in Hawaii;

$6.6 million for termite research in New Orleans;

$2.1 million for the Center for Grape Genetics in New York,” he said.

He also noted the legislation includes 14 earmarks requested by lawmakers for projects sought by PMA Group, a lobbying company at the center of a federal corruption investigation. Sen. Tom Coburn, R-Okla, said he would seek to have them removed.

Taxpayers for Common Sense estimates the legislation contains 8,570 disclosed earmarks worth $7.7 billion. House Democrats declined to provide an estimate of the number of pet projects in the bill, and put their cost at $3.8 billion.”

———————————————————————————–

Analysis:

It is evident from the article and news media discussions that this particular bill primarily aimed at stimulating the economy has some of its priorities mixed up. As stated earlier in my article “Economic Recovery Plan” earmarks or estimates for pet projects is a contentious issue with notable reasons for objection by some lawmakers.

This is no longer a partisan issue as both parties have participants in varying percentages responsible for wasteful spending. On the one hand, we have economic turmoil with American families receiving pink slips instead of paychecks and children literally dependent on charity for survival.

There are worse situations like in the golden state of California, northern Californian school district is forcing K-12 students in public schools to stay home on Friday, making it a four-day week due to again “messed up priorities” by the State legislators. The victims in the merciless fund slashing are none other than the educators and students.

Qualified teachers’ job contracts are terminated because of severe cuts in essential programs like education. The head of this state living up to the reputation of the title “Terminator” leaving students seeking help from parents, peer group, neighbors, and strangers/aliens on the cyber space or even outer space.

Do the pet projects’ sponsors have any idea how desperate the situation is for those struggling to make ends meet particularly with a fear mongering of the “socialism” concept by the capitalist panderers denying the failure of capitalism in the absence of regulatory process?

What does this mean to parents dealing with job insecurity and lack of support to take care of the children on the day, they should be in school?

Hoping the children will be protected by guardian angels while they are at work and risking visits from a social worker on accounts of child neglect and possible abuse.

Those who lack the support of extended family relying on hired help in this perilous economy have to choose between the safety of their children and the tight family budget, since borrowing is out of question with indefinite freezing of the credit market to families and small businesses.

One might assume the federal aid to states should address these problems. Even though the federal aid has been approved for this purpose, whatever benefits allocated for education and relief to families in the federal stimulus package is siphoned off by the state budget targeting the same programs.

The state legislators had to emerge victorious in the long fought battle to balance the budget using people at the bottom of the socio-economic scale as the sacrificial lambs.

Obviously, on the other hand both state and federal lawmakers favoring the pet projects vigorously debate in the House and the Senate floor to defend their own jobs as pet projects is an insurance for re-election in their constituency.

If surplus funds are the reasons for earmarks, why not allocate those funds to the deserving entity i.e. the taxpayers in the economy. It would make sense for taxpayers to use their own money to spend on their dependents’ education, health care and housing payments.

It is conclusive that earmarks like the ones highlighted in the articles should have never been inserted in the first place, and now regardless of whose business is being taken care of i.e. whether previous or present administration, the burden is squarely on the taxpayers with the passing of this bill loaded with unnecessary and meaningless pet projects.

American taxpayers were promised on the campaign trail about the elimination of earmarks by both parties and now is the time to honor that commitment without any reservation.

In the real world, students can enroll in the best educational institutions only upon excellent academic achievement, similarly secure dream jobs (during the glorious days) and stick with it purely on competence.

Unfortunately, the entities to whom the criteria should apply i.e. Washington and Wall Street are exempt from performance based hiring or firing despite their successful duo disastrous mismanagement of the world’s economic power, the U.S. economy.

Taxpayers as voters have the power to promote and implement the agenda in 2010 to realize the campaign slogan “Change is effective when it happens from the bottom up and not from the top bottom.”

Thank you.

Padmini Arhant

"Astronomics"

Charles — Thu, 05 Mar 2009 00:53:41 EST

Astronomics$!

"No term exists to describe the current spiraling fiscal situation..."

The phenomenon of a 789 billion dollar stimulus package has quite simply exceeded the necessary vocabulary to be in any way adequately understood and encompassed.

So I hope you'll forgive this writer coining the term "Astronomics$."

No, it hadn't yet existed in modern parlance, but I, like most Americans, am dwarfed by the idea of it all, with its unparalleled price tag.

It's way out there, out in the Milky Way somewhere. And were it not from a great distance mentally, we couldn't possibly conceive of it at all.

I sat, stunned, with my mother watching the news, as CEO Vikram Pandit of Citigroup - which in the form of CitiMortgage owns the lien on my home - testified before testy Senators. They gnawed at him as if they were the old lady in the familiar Wendy's hamburger commercial in search of the patty of beef on the proverbial bun. So, "Where's the beef?"

And there's a beef all right, carnivorous in its intensity, angrily pervasive in this country of ours. Folks are hungry for help, but, politically and psychologically, and where their wallet is concerned, they're looking at accumulating lint. If they are nourished at all, it is with sarcasm, because they're all fed up!

And this sandwich, however, comes in the huge form of a sum hitherto unheard and even not thought of.

A stimulus package. It boggles the mind of any who try to wrap themselves around it.

It actually approaches a zillion dollars! Frankly, I'm surprised the spell-check let that one by me. But, apparently the word does legitimately exist.

If you, like I, am used to rounding cents upward to dollars in your checkbook in the best of times when the budget allows, then you cannot fathom this ridiculously high amount of money.

My research took me to multiple sites, all with the information below a matter of public record.

Just take a look of the summation below to see how the Treasury has thus far disseminated our tax, and as yet unearned, dollars:

TARP AID - Participants in Troubled Assets Relief Program

How Treasury has spend/committed the $350 Billion so far.
1)$168 billion in varying amounts to 116 banks
2)Committed another $82 billion to capitalize more banks
3)Bought $40 billion in preferred shares of American International Group (AIG, Fortune 500) so the troubled insurer could pay off an earlier loan from the Federal Reserve
4)Committed $20 billion to back any losses that the Federal Reserve Bank of New York might incur in a new program to lend money to owners of securities backed by credit card debt, student loans, auto loans and small business loans
5)Committed to invest $20 billion in Citigroup on top of $25 billion the bank had already received
6)Committed $5 billion as a loan loss backstop to Citigroup
7)Agreed to loan $13.4 billion to GM and Chrysler to get them through the next few months.
8)Invested $5 billion in GMAC
9)BofA to Get $20B More From TARP, Plus Backstop on $118B

Below, see a list of participating companies.
Last updated: 1/16/2009 using Treasury announcements.
Click the headers of the columns to sort by company, state and amount.

Date Announced*

Company

Headquarters

Capital, in millions

Status**

10/28/2008

Citigroup Inc***

New York

$25,000

Completed

10/28/2008

J.P. Morgan Chase & Co

New York

$25,000

Completed

10/28/2008

Wells Fargo & Co

California

$25,000

Completed

10/28/2008

Bank of America Corp

North Carolina

$15,000

Completed

1/9/2009

Bank of America Corporation**

North Carolina

$10,000

Completed

10/28/2008

Goldman Sachs Group Inc

New York

$10,000

Completed

10/28/2008

Morgan Stanley

New York

$10,000

Completed

That boils down to just six mega-banks when the vrous names are combined: Citigroup, Morgan Chase, Wells Fargo, Bank of America, Goldman Sachs Group, and Morgan Stanley.

They've already gotten our money once, and are looking for more. Bucks we haven't yet earned, and yet have still invested in them.

In the first round of payouts, executives blatantly thumbed their noses at the American public, taking ridiculously high bonuses - many millions of dollars apiece. But none of this so far has caused them to loosen their grip on loan resources for John and Sally Q. Public.

Now it remains to be seen if the current astronomically high amount of investment infusion will produce the desired results: more jobs, a revived economy, and the salvation of American home owners in danger of foreclosure.

One Corporate bank CEO told Barney Frank's congressional committee that his bank had so far saved 60,000 debtors from foreclosure.

But thousands of homes have already been lost.

My dear old bungalow house is among those remaining, badly in need of repairs and a lower interest rate should I wish to survive.

My credit? I recently sent for a "free" credit report, but it didn't include sufficient detail to completely review my status and rating, so I ended up purchasing the reports in their entirety from Experian, Transunion, and Equifax.

Turns out I haven't incurred any registered reports of late payments, because my bills have always been paid within 90 days.

But as to the status of my credit, I have watched as my open to buy was downgraded by the ever cautious and conservative American Express, and then upgraded by Discover and Chase. It has been a teeter-tottering experience, if not a mad merry-go-round,

Still, from day to day and week to week, the figures of my credit worthiness on charge cards have varied wildly between $10,000 to $30,000.

In a conversation with a Wells Fargo customer service representative, I was told that I should refinance my bill payer mortgage loan with them, and that they were "the most solvent bank in the country."

I responded to this pomposity by saying, "fine, send me the application in the mail, and I'll take a look at it." But the information has yet to appear.

It's the same old story. Major banks have yet to put their money where their mouths are.

I've grown all too weary of just scraping along. The irony of it all was brought home, as I was completing this article, by comedian Bill Maher this evening on the Larry King show. He offered the same analogy as I have in my past writings: "The foxes," in effect the Republicans, "have been in charge of the chicken coop too long!" He went on to observe that the disparity between the very few wealthy two percent of Americans and the increasing debt of the middle and lower classes has worsened the situation. He spoke of stagflation, but also observed that the living wages of American workers have hardly changed at all in the past thirty years. But the continued to charge on their cards, and buy homes with ever more inflated property values.

Now the boom, or balloon seems to have burst.

Today, adding the most historical of ironies to our national and world situation, is the two hundredth anniversary of the births of both Abraham Lincoln and Charles Darwin. When one considers the politically divided United States and the status of a world torn by war, famine, and disease, it isn't at all a very secure situation. Survival sis not something for which mankind has ever been able to purchase a guarantee.

One wonders in this crisis what such a president as Abraham Lincoln would do. President Obama has been stumping the country for his policies, speaking to the common people, just as Lincoln once was the first to do - drawing crowds numbering in the tens of thousands, city by city traveling by train..

Lincoln has come to be seen in refreshed, detailed, and more balanced terms these days, with the observations of historians on two National Public Broadcasting shows which on February 11, 2009 cast new light on the great emancipator.

It turns out that he was a white supremacist, and that he had, according to latest research, mostly had economic factors in mind in issuing the Emancipation Proclamation.

Lincoln's personality is now in retrospect thought to have been flawed by deep depression and the common white prejudices of his day. But he was a person who struggled against poverty early in life. He remarked that his early years could be summed up in one phrase: "The short and simple annals of the poor."

Could today's CEOs survive on even a hundred times the per diem expense of 75 cents, as did Lincoln and his 300 pound, lawyer partner when making the rounds of Illinois circuit courts?

I doubt it.

Atop his horse, Old Tom, Lincoln rode through prairie grasses that grew as high as his head all about him.

A brilliant litigator, he urged townspeople to, if at all possible, avoid the expenses of the legal system.

Still, he had to earn a living, and took cases both for an escaped slave and later for a Kentucky slave owner in the affirmative.

He never truly new financial prosperity, despite rising to the highest executive office in the land. He felt fortunate enough just to manage, and had difficulty keeping his wife, southern belle Mary Todd, happy.

But he successfully traversed troubled times, determined to keep the American Union intact. That also reminds me of the sea of growing debt we are now attempting to navigate.

Having a temper just like you and I, he even became involved in a sword duel which was narrowly averted by the two people who acted as seconds negotiating a settlement. Well, if he were around now, I firmly feel he'd be angry as hell, and cursing. Yes, Lincoln did curse, and also visited a prostitute, as well as indulging in "blacky" jokes.

Struggling as a young lawyer, when he finally won a big Illinois Supreme Court case, he had to sue merely to recover his fee.

Would he be chasing an economic ambulance these days? Perhaps. Or maybe he would be among the senators or their aids who are peppering Bankers and corporations with questions as to how they are using and misusing public stimulus and TARP funds.

He agonized over the Civil War and its consequent cost in human lives.

We are now at war upon fronts in both Iraq and Afghanistan. And surely the most major cause of our national debt has been the horrendous military expenditures, as well as corporate greed by civil contracts acquired support without benefit of bidding and oversight. That has left former Vice President Cheney and his Halliburton far more wealthy than before.

Nothing is free. Everything innately in this life has its cost, whether in money, in patience, in labor, or in stress.

Which brings us back to the present day stress of bail outs and their price tags.

In our times adults responsible in the economic crisis have come to resemble children in a war of words.

Recall how, as kids we would try to outdo our playmates?

"You have a million of them? Well, I've got a billion!: Then the retort would be "a trillon" and following that a ba-zillion" and a "ga-zillion!" So went all the lofty taunts.

If money were humor, one could do a Jimmy Durante impersonation: "I've got a million of 'em, folks - a million of 'em!"

But it's greenbacks were talking about here.

Not jokes. Not astronomy either.

Yet we've had to put the subject of fiscal peril in terms that can only be viewed at such a great distance as to be cosmic in astrological euphemisms. And financial slavery has taken on the face of debt, rather than color.

Even the traditional national pass-time, baseball has been tainted. The Yankees will soon be playing in a stadium which replaces the "house that Ruth built," and its new name: Citibank! This sponsorship will benefit the team annually with its top heavy all-star payroll, to the tune of twenty billion dollars a year.

So one cannot help but draw the inevitable conclusion that poverty, with its attendant long term debt, is an equal opportunity mortgage banker - a present day Shylock - fixing the books, and embezzling the tax dollar. It's now a racetrack full of economically careless drivers. Just an accident, looking for a place to happen, it may soon resemble a veritable multi-vehicle auto accident resulting from veering around, and finally disastrously crashing. Or perhaps this has already occurred in terms beyond our wildest nightmares - and we are only just starting to realize it!

We've substituted dollar signs for stars in the process. Or are they planets - all of them red as Mars like the ink with which accounts note, penny by penny, our burgeoning budget?!

So, to quote the song from "My Fair Lady," "Are the stars out tonight? I don't care if it's cloudy or bright, 'cause I've only got eyes for you."

Unfortunately, it's not a love affair at all - if it ever was one - and it seems as though in point of fact our bankers only have unashamed lies for you.

They're at the top of the world, or out in the firmament, and they're looking down on us now.

But we've reached an impasse, and can no longer hold them in such high, starry eyed respect.

Maybe educators will one day thank them for introducing a new area of study. After all, they've introduced us to a possible whole area of research to be taught soon in our schools and colleges: "Astronomics$!."

Can Bailout rescue the world economy from recession?

Unknown user — Wed, 25 Feb 2009 21:00:30 EST

At the beginning of 2008, the world economy seemed to heading towards recession. Economists alarmed about its peeping face. But the world leaders upon whom the responsibility of advancing the world economy towards forward was entrusted, did not admit it at that time. They felt comfortable not to pay any heed to the fact and tried to make the world understand that the world economy was on a proper track and was behaving appropriately. Not late, the recession had appeared with all its terrible dentate appearance. The economy across the world was gradually being gripped under deep recession. World leaders had become puzzled, perplexed, bewildered and all together confused to combat the recession that gradually was spreading its evil curtain all over the world. The leaders were then holding a series of meeting in groups in Washington, Lima, Paris, London, Delhi and in many other places to take some uniform measures so as to get rid of the abyss of recession.

Meanwhile, Development economists were recalculating their growth forecasts. They were afraid, that most of the developed countries even would not be able to sustain their positive growth rate. The U.S. economy might undergo negative growth rate. China, Japan, India, Pakistan, South Korea and some other developing countries might have been able to maintain their growth rate up but that too is far below the target. For the last several years, China and India were feeling much comforts with their double digit growth rate, but now they are rescheduling their growth target. China apprehends to achieve less than 7.5% might be at 7% and India from its 7.9% growth rate last year to less than 7% growth rate in the current year. Growth rate in some others Asian countries like South Korea, Pakistan and Taiwan also seems to move downwards. All together this gleams to an alarming situation for the whole world.

The big companies of most of the countries are trying to safeguard their interest by cutting jobs in huge number. In the U.S.A. meanwhile 3.6 million of people have lost their jobs. In January only in a single month in U.S.A., some 598000 people have lost their jobs. Unemployment rate in US is now 7.6%. The Bank of America some days before announced to cut thirty five thousand jobs in the next three years. The big Car Manufacturing Companies in the U.S.A. have cut about one hundred thousand jobs by this time. Some car manufacturing companies are at the verse of announcing lay-off. Sony one of the largest electronic goods producing companies in Japan has incurred losses of 199 million US dollars last year. Large scale heavy industry producing machinery goods seeing bleak days ahead with their huge investment and a large fleet of employees. Factories producing consumer’s goods also see clouds over their business sky on the backdrop of falling demand as the consumption level of the people has enormously gone down due to job cut and spreading of unemployment. It is apprehended that by the end of this year some 51 million people will loose their jobs world-wide. And thus the recession steps in gripping the world economy.

Of course, to tackle the situation the U.S. Government had spontaneously tried to put its pioneering efforts last year by launching a stimulus package of $700 billion Bail out plan to meet the liquidity crisis of the large banks and save them from bankruptcy. Under the coverage of the Bail out plan, provision was also made to help other big manufacturing companies by advancing fund. France, U.K., Belgium, Japan, India, China, Korea, Australia and some other countries have meanwhile come up with their Bail out plan following the U.S. initiatives. But it not a panacea to recover their economies suffering from the disease of recession. It is just a temporary and partial measure and at the same time it is controversial. During the Bush Administration, the U.S. Senate-upper house of the Congress did not approve such a proposal of providing fund to three big car maker companies in U.S.A though it was backed by the former U.S. president himself. The reason was obvious that the taxpayers’ money should not be given to the big companies which are at the verge of bankruptcy due to their mismanagement and mishandling of affairs. Now banks are requested to advance fund to the companies. But the banks are not willing to do so though the bank rate has been reduced to zero. However, after the assumption of President Barack Obama administration in U.S.A. a second dose of about $787 billion Bail out plan is under way.

The Bail out plan is a paradoxical approach. In stead of giving money to the hard hit middle and lower middle class people it is advocated to give to the large companies and organizations with the expectation of no jobs cutting. But the irony is this that hundreds and thousands of people in the mean time have lost their jobs. Many are scared even to loose. In the U.S.A. rate of unemployment figure now stands at about 8%, highest since 1992.

Now the question arises what measures and steps should be taken up to bring the world economy out of recession and place it on the proper track. The simple answer is to pull up the consumption level of the people at any means i.e. to increase and only to increase the market demand. Now again a question arises how it can be achieved? The following measures can be considered to this end;

1. Not a single organization should cut any more jobs. The mills and factory owners should take more responsibility to help the employees thereby the people of the nation in time of such a crisis. They are to share the impact of the crisis.

2. Payment of all kinds of bills may be kept suspended for the hard hit people.

3. Measures of tax cut may be adopted. But administration should be efficient and honest enough to ensure that the beneficiaries are actually getting the benefit.

4. Students’ tuition fees can be waived or suspended for the time being.

5. Premium of health care insurance can be waived or suspended for a certain period

6. Payment of installment for housing or mortgage can also be suspended for a considerable period of time.

7. Special Credit Card facilities can be introduced for buying goods and services with the provision of repaying its dues after a considerable period of time.

8. Banks should be asked to lend money at a generous hand with no hard conditions.

9. Money under Bail-out plan can be utilized for the mentioned above measures.

10. Owners of the firms and factories producing consumer’s goods may be advised to reduce their production level to a certain quantity with out any jobs cut.

11. The surplus consumer’s goods, which can not be marketed on consideration of existing demand level in markets, should be purchased by the Government and make a buffer stock. The Government can donate these goods to the International Refugee Camps all over the world and also to the calamities shaken and hunger driven poor countries as the U.S. did it before under PL-480. This may create additional demand for goods with out hampering the existing effective market demand. (money under the Bail out plan should be utilized to this end.)

12. The big companies producing investment goods or the machinery can sell their goods on deferred payment system to the potential entrepreneurs home and abroad.

13. To help the car producing companies, Government can buy the cars replacing the old ones at their disposal and donate to the International Organizations for humanitarian work.(Bail out plan can also work under this head.)

14. Government expenditure should have to be increased on different heads like construction of public buildings including hospitals, schools, colleges, universities, clubs, libraries; houses, roads, bridges, culverts etc. at different places with the aim of wide participation of people all over the country.

15. Alternative source of energy generation specially the “Green Energy” generation package advocated by the U.S. President Barack Obama should be launched giving much attention on environment protection.

16. Utmost importance should have to be given on establishing small industries as they generate more jobs and can easily cope up with the changing conditions of the markets. Much attention should to be given on their proper organization and efficient management as with out “proper organization and efficient management” it is quite hard to achieve the expected goals.

17. Activities of stock exchange should closely be monitored so as to prevent any abnormal or artificial behaviors or malpractices. Banking activities should also be monitored and controlled with strong hand by the Central Bank, if necessary.

If the measures, put forwarded above to recover the economy from the grip of recession now the world faces, are widely and honestly adopted with wisdom and enthusiasm, it is hopped that the economy is sure to recover from the recession within a short span of time.

# -Jahangir Azim

February 14, 2009

Help Autoworkers But Watch the Bosses!

Ned Hamson — Mon, 23 Feb 2009 14:20:30 EST

Keeping autoplants going will not work unless the current top leaders of GM and the International UAW feel as though they are being watched by use and all of their own wokers and members.

Leaders on both sides seem to be clueless about the need for GM to focus on making cars and trucks twice as good as the competition if they want to get back the customers they've thrown away and gain new customers.

Blaming workers, work rules, finance structure, retirees, contracts is all smoke for the fact that their combined leaders don't seem to have what it takes to compete - even though their workers still have the brains, talent and drive to make the best cars and trucks in the world.

However, if they (the leaders) do not feel the pressure to produce 24/7, they will just spend their time and our money figuring out how to blame someone other than themselves.

Let up and they will figure they can still get away with selling us out. GM has 19 factories or so in China - bring them home! If US workers can produce quality products for Toyota, Honda, Nissan and Mazda here, they can certainly do it again for GM. Make "green," fast, and nasty Camaros and Firebirds for the 2000s and you'll be back. Find everyone to blame but yourselves and we'll be asking for your resignation - pronto!

Homeowner Stability Initiative - Rules

z0rr0 — Fri, 20 Feb 2009 18:24:29 EST

I really would like to see two rules implemented in the Administration's Homeowner Stability Initiative procedures, in addition to payments lowered to 31% of income.

First, no tax deductions for interest on bailed out mortgages. That would make the rest of us cover the sin twice.

Second, if and when a bailed out property gets sold for more than the mortgage principal, the "profit" gets taxed at 100%, until the incentives are paid back. Those incentives, of a thousand dollars here and there, are our tax dollars! They need to be paid back to the Treasury, not end up as "somebody's slick move".

The implementation rules must contain assurances that the $75 billion gets paid back by those who got bailed out, not by our children.

Mr. Geithner has several months for developing the implementation rules. The money comes out of TARP, which means he can do pretty much whatever he wants. Such rules should not be a problem for him, and it would be very reassuring, and FAIR, for those of us with the "responsible gene".

Las Vegas stripped by deep recession.

sadashivan — Thu, 19 Feb 2009 22:20:08 EST

Las Vegas stripped by deep recession. Don’t believe it….! It so happened that I had to visit Las Vegas for Home furnishing trade fair (related to my business) in World Market Center. When landed the land of Las Vegas I realized the affect of recession. Empty roads and empty heavy discounted hotel rooms represented the declaration of heavy recession, confirmed by the hotel receptionist and the taxi driver. The present deserted Las Vegas looked like an age old desert land.

Is GM Playing Both Ends Against the Middle?

Tom Awtry — Thu, 19 Feb 2009 22:04:21 EST

Perhaps another way of saying it: “Do you really trust a car salesperson?”

GM needs, again, more money to keep the doors open and auto workers coming to work; It has made some progress with its creditors and the UAW, but neither of those negotiations is final, so some of what GM can do to cut costs and improve its balance sheet will have to be taken on faith.

Also, as quoted from TIME’s Online Newswire service, in an article entitled: “GM Bailout: Billions to Put People Out of Work.”

GM claims the amount of money it will need for the year at $16.6 billion. That will not guarantee the largest car company in the U.S. will get to break-even. If auto sales in America keep falling, GM may need more capital this year, and it will almost certainly need more again in 2010.

Now with this known and understood; the government is faced with several complex and painful decisions.

Analysts believe that GM going into Chapter 11 would put hundreds of thousands of Americans at the car company and its suppliers out of jobs. To counter that, the Congress and Administration may have to keep GM on life support indefinitely. The alternative is too awful.

The part of the GM request for money that is very clear is that, in exchange for $16.6 billion, the company will fire 47,000 people. It may be the only example in U.S. history where the government will pay to put tens of thousands of its own citizens out on the street. Most of these people have probably been paying taxes to the IRS for years.

The perversion of the government stepping in to run an industry to save the broader economy is that it must live with the consequences of its own actions, which in this case involves investing capital into a restructuring that increases the burden on social services, causes great suffering, and is a lesson to private enterprise that failure can, in some cases, be rewarded.

The Administration knows that it has to save GM as part of steadying the economy, but it has put itself into a policy position where killing some jobs is the excuse for saving others.

Now here’s where the meaning of the word “Trust” comes in; suppose we the taxpayers along with a “little” administrative help from our legislative branch of government lend GM the $16.6 B-bucks (this could mean the dismissal of 50,000 auto workers too), and after the aforementioned has been completed, GM would then declare itself “Bankrupt” any way.

"Many people took out loans they were never going to be able to afford!

Jake from San Jose, CA — Thu, 19 Feb 2009 13:52:53 EST

"Many people took out loans they were never going to be able to afford,
never! That means somebody knew from day one they were never going to
be able to pay back the loans." The bankers approved these loans and used the money to pay themselves bonuses and payed our government representatives to look the other way…that’s where we are…any suggestions for getting us out of the mess are welcome…but if you just want to play the blame game…where does that get us?

Read what was spammed on the comments section of my blog:

The people that bend the rules GET PAID!

You too can bend the rules by printing out fake paystubs w-2 w2 1099 forms using
http://www.PROOFOFEMPLOYMENT.com

Buy a home, car or get a huge irs tax refund just for being you! Do what you have to do to get yours! EVERYONE ELSE DID!!

http://www.FAKEPAYCHECKSTUBS.com

Print out Fake Employment and Fake Income, Wages, 1099, w2, w-2, using your home computer printer!

Oy vey!!

Homeowner Stability Initiative - BULL

z0rr0 — Wed, 18 Feb 2009 14:38:01 EST

There is no constitutional right to homeownership! If you borrowed above your means, you've got no right to stability of ownership! The fact that the value of a house dropped below your purchase price is not relevant unless you want to sell - and if you can't afford to sell, then stay put - that is stability!

If you want rules for dealing with this mess, and keep 4 million families from being thrown out on the street (who, by the way, are not all hopelessly helpless to start with), here is a suggestion to Mr. Geithner:

Make the banks take their houses back (let them foreclose) and make them rent to the occupants (for minimum of 1 year, or pick your time frame)!

Then the dumb bankers will have their "fair market equity" and the dumb buyers will have a roof over their heads at "fair market rates"

I do not want my children to pay for all these gifts!

From the Bottom up - Grassroots TARP

Bernard from Las Vegas, NM — Mon, 16 Feb 2009 23:57:35 EST

You hear it once in a while in a comment, under once breath, in frustration or at an Obama event the other day: “Send the check to my mailbox!” It is not an option that is seriously being discussed - yet. But why not?? When former treasury secretary Hank Paulson came running to congress last fall with his 3-page bank bailout plan in hand, Congressman Kucinich, for a brief moment, shone a bright spotlight on the obvious lunacy:

The Republican Rape of America

Eric from Covina, CA — Sun, 15 Feb 2009 04:14:22 EST

BENEATH THE SPIN • ERIC L. WATTREE

The Republican Rape of America

The Republican leadership and their corporate cronies have systematically brutalized and raped America. Now they're insisting that we give them a bonus instead of treating our wounds. Those are literally the facts, but why are so many Americans blind to the assault? In short, we've been brainwashed.

The Republican Party has demonstrated repeatedly that they are lousy at governance but there are none better when it comes to marketing their philosophy-and they should be, because they have but one philosophy-to divide and conquer. It would be inaccurate to call them racist, however, because they don't care any more about poor and middle class White people than they do minorities, but neither do they have any qualms about using racism and division to advance their interests.

Faulty Local Proposals may still doom US economy, re: Stimulus

Tomahs Frejnofes — Fri, 13 Feb 2009 13:02:14 EST

At least in Erie County NY, the powers that be put together a list of 100 proposed projects, that are far in excess of what is needed in dollar amount, projects promote very few jobs in the short term, and almost none for the long term. With very few proposed road and bridge work. Promoting more urban sprawl with little regard for existing buildings or domiciles.

One proposal I know is way over bloated even though I know it well and believe work is required but not to the amount Erie County has proposed to its constituants. For example: http://www.erie.gov/exec/pdfs/stimulus_project.pdf

1)--$3.75 Million-- for
"Chestnut Ridge Park- Heritage Area Restoration: 100 Stone Steps, Bridges(1), Stone Picnic Structures (75), Stone Restroom Facilities (16), Stone and Wood Pump Houses (6); Gateway Improvements: Main Entrance, NewtonRd. Entrance; Maintenance/Storage Yard Reconfiguration: Design, Initial buffer/landscaping; Casino Reuse Feasibility Study; Casino Restoration; Playground Facility Upgrade"

2)--$750,000-- for
"Chestnut Ridge Park Casino:
The historic Chestnut Ridge Casino roof
stucture is severely leaking, causing damage to the building interior, the windows are in poor repair, and the heating system is old and can no longer be repaired"3)--$250,000-- for
"Chestnut Ridge Park Toboggan Towers: Repairs to remediate structural damage and lead paint hazzards, and re-open both towers."

Plus a share of another $25.4 million for amenity upgrades and roads for all parks.

In addition to Double dipping for the Casino proposals which is actualy a park setting main event type building made of stone which is pretty cool but not thats its not worth it, its the fact that someone will pocket probably more than 50% of the sum proposed for these projects to this one park I know so well.

I am sure I can refine the stats better, I am sure I can find more inconsistancies in thier ways or proposals.

But
I warned before on 9/11,
I warned again in before the economic crisis hit
and I have warned on events on varying subjects

Still nobody listens and I don't get paid.

So listen if you care, don't if you won't; but someone has to keep the local politicians in check.

Morality may have one the White House, but it has not beaten back greed and corruption elsewhere.

Thank You for allowing me to at least vent my frustrations with an outlet to someone in power that seems to give a f*&@.

Andre Chernogorec Jr., Tomahs Frejnofes

and PS
Under the 2006 Presidential Budget proposal, you have a lot more autority than you may even know. ;)

Monetary Interest The Only Cause of Economic Downfall

Abu Eesa from Orlando, FL — Thu, 12 Feb 2009 01:35:26 EST

Dear President Obama,
Thank you for having a heart and looking out for your people. I wanted to talk to you about the only effective way of helping our economy being better than what it ever was. Whats destroying our economy is the interest based banks. See when ever there is interest in anything God doesnt bless the money, and he doesnt bless those who give interest, those who take interest, those who write the contracts of interest and those who are the witnesses to the interest contracts, because God has forbid us to do anything connected with interest, what I am saying is in all of Gods Books. And God goes to war with those who are involved in interest in all forms. You can try all you want to fix this economy, but it will never be fixed unless you totally remove interest in everything connected in this society.

As is generally known in history those nations that were involved in interest were destroyed. So President Barrack Obama, the one who calls for change, the only way to change the direction of this economy is to make the giving and the taking of monetary interest illegal in the United States of America and in dealings with other countries. The interest money only goes one direction, and it does not go back to the people.

So who is in loss in those who deal in interest; the one supporting paying the interest, he is the loser paying and paying interest till death, and the one taking it is also the looser cause he is destroying the one who he is taking interest money from. The more they pay interest the more the economy will be in loss, and the one who takes the interest money will be in loss because he is destroying this world and hoarding wealth and not using it to benefit himself or anyone else. So giving the banks who caused this economic distress will only support them to do more oppression and distress to the people and the economy and the one way direction to eating up the worlds resources, because now to make more money for anyone, they have to have someone else in that chain making more money and if the money is going to the banks then it will go there and not come back around, as the interest based banks are not in the circle of life but the circle of destruction and so is anything connected with interest. Its going to do nothing but slaughter the economy in another half till its demise.

So Mr. President I have been meaning to share these facts with you and have been wanting to meet you even before you were president, God wills we will meet and speak one day and break some bread and drink some tea. Take Care. Your Effective Sincere Underground Chief Economic Advisor. Zaid, Orlando, FL

P.S. There is no other way to solve the economic decline except for being Righteous, Obedient & Sincerely worship the One and Only True God who has no partners. And stopping all forms of Interest is from being Obedient to Him. If you dont think its going to work well try it for a month and see how well the economy does. We all know in all the books of God it prohibits interest severely. Why? Cause God knows more than us of the evils of dealing with interest and its down slope of the economy. Interest is loaning to the poor and then robbing them of their future by taking money that they will never be able to pay back, not even after death as is the constructed design of interest, if not in a longer period of time.

One who doesnt understand the concept of interest is going to be fooled in the glitter and gold of new things, and is going to want to be a consumer, though he doesnt know its consequences he is going to jump into it though not doing research of his own personal decline and false investment. You cant ever be investing by buying a house or car on interest. Cause the resale value wont include the interest. And the one buying it next would then succumb to paying interest on that same house. So the bank just took 700,000 more of a 150,000 dollar home loan from the first one that loaned money of the bank, and then he sold it and the bank is going to make another 700 grand and either one is going to win, if they were to sell the house again as you see the money only went one way and even after the one who has a house loan, he comes to own the house he will never be happy of its profit cause he spent his whole life trying to buy the house and probably even died before he owned the house, paying it of by working like an animal.

The word bank today is another word for the 'House of Extortion'. Its another way to fool the people to think that Extortion doesnt exist. Yes it does. If banks remove interest all together, and rather do their own investing, contracting, buying and selling all without interest, then the money will go back around to the people. But all banks are doing is to mis-educate you about interest and screw you, and make you think this is the only way and 'We have no choice so we must deal in interest'. All those who have dealt in interest well its over with, they are too destroyed to get out of it, and there fore reflects on the Economy piece by piece until the banks have brainwashed everyone and the more the banks have economical overcome and destroyed each individual the more it refects of the economy as a whole.

Take these words of knowledge and wisdom as your reflection on to how to solve the economy and think deeply about what is interest actually doing to us and its detrimental ills, and why God prohibited this interest whether you give it or take it or write the contract or be of the witnesses of it, for all are cursed by God and God is at war with those who deal in interest and God is the Most Wise and All Knowledgeable to whom we return to for Guidance in all of our Affairs and Matters. Thanks for reading and understanding. Abu Eesa

Bailout Idea!!!

Miz Clark — Wed, 11 Feb 2009 20:02:27 EST

Our economy is a mess, and taxpayers are being expected to foot the bill. I have no problem paying may fair share, business or personal, but how do we know they won’t squander those funds too?

I don’t know about you, but I’m thouroughly disgusted with how things are turning out. Companies like Enron, WorldCom and others have been allowed to walk away from the havoc, some have not even got a slap on the wrist.

Why can’t the government require these individuals to payback all the money above their regular income? I don’t advocate taking from the rich and giving to the poor, but as a business owner I don’t get a bonus if the company is in financial trouble.

Idea for Economic and Energy Recovery!

Mark D — Mon, 09 Feb 2009 22:49:44 EST

So I have come across an idea that Barack Obama REALLY needs to hear about. If you agree, please spread the word to him and to all of your friends and colleagues!

The idea is: Solar Roadways. An idea that is finding its way in the world thanks to Scott Brusaw in Idaho. It involves creating a system of interconnected solar panels that also serve as roads. At first glance it sounds a little crazy, but ultimately, if you extend the lifetimes of our roads and combine our power generation AND transportation infrastructure, this actually becomes cost competitive with current roads and a completely renewable source of energy.

Think about it. And check out the website at http://www.solarroadways.com . You can also see a video of the project on YouTube: http://www.youtube.com/watch?v=J3PeSm6_hTE

President Obama vs. Banks

Pawel from Rolling Meadows, IL — Mon, 09 Feb 2009 18:53:57 EST

I'm not really sure if anyone will read this - but let's giev a try...

USA vs. Banks

The Stimulus Package went trough the Senat.

Use some of the money to lend DIRECTLY to the businesses so they wont ‘choke’ financially and keep people at work.

Why Mr. President wont instruct the federal banks /which branches exists in every state of USA/ ,and start lending directly to the businesses (at least businesses) ,under same conditions like commercial banks do /borrow from fed. bank/????

USA Gov. would make the credit flow again - and make some profit at the same time as well.

I’m not saying to close commercial banks and let Gov. take it over- just create an impulse to those opposing lending.

Why beg fat cats from the banks - if they waste tax payers money on their bonuses and Las Vegas trips?

Why is it so important to feed them?

Currently commercial banks borrows from the federal banks for almost zero % .

example: 200 000 USD home loan cost the bank only 10% of their share- the rest is being borrowed from the federal bank under the primary borrower promissory note.

The bank has always a choice :

a) use max 80% deposits to lend money -and rest 20% borrow from the feds.

b) Use only 10% of own funds and the rest borrow for close to nothing from the Federal bank.

p.s.

For those accusing me of socialism - I have a word- WAKE UP!- Socialism is here and started when the first 350 billion dollars went into the private banks …..

JOBS:

1.Creating New Jobs:

a) Businesses would be eligible to short and long terms loans - to keep the production./with the same commercial FED. loans rate /

Loans direct from the Federal Bank.

b) Any Business owner who hires at least 10 new US workers for at least 1 year would be eligible for the Federal Business Loan cost cut to the same rate as commercial banks are borrowing money for from Fed. Bank.

b)Any business owner who hires each new US worker for at least 1 year would be eligible to reduction of the Federal Bank Loan equal to 6 months average unemployment benefits per each new employee hired
./or to the tax cut equal to 6 months average unemployment benefits /

All the above is DUABLE.

\Cost- Same as paying unemployment benefits for 6 months for each unemployed worker.

God Bless!

Pawel

The Economic Crisis

Melly — Sat, 07 Feb 2009 21:38:32 EST

I am saddened, as I am sure you are, about this economic crisis. But what I am the most sad about is what has transpired in the past to bring us to this point. I can't imagine the type of people that helped create the policies and political culture that has allowed this country to be plundered to such an extent. I don't know how some people live with themselves, but they have no problem or conscience as evidenced by the blatant show of bonus' and vacations that we hear about everyday from those that received BILLIONS of taxpayer dollars.

Money that was to help the economy is in the pocket of con artists. We were conned and the con artists are laughing at America. And what really worries me are the Democrats that helped sell America and Congress to get the bailout passed. What can we do as united Americans to absolutely change this situation? These companies need to be censured, ostracized, and punished.

I am asking every American to write their Senators and Congressmen and let them know that the game is over. American has pulled together and spoken as one voice that we are not going to take it anymore.

"Qualify THIS!!!" a word about loan modification

readyset — Sat, 07 Feb 2009 12:21:17 EST

First of all - if you haven't learned already - DO NOT respond to anyone who contacts you about loan modification. They are seedy poor-intentioned opportunists. If you are looking for some help, contact your mortgage company or lender directly, and ask for their "hardship" or loan modification department. Your lender will not charge you exhorbitant fees to modify your loan. The other guys will try to charge anywhere between $1200 and several thousands.

Now, if you are like many, your earnings have likely reduced since the time you acquired your loan, and in most cases, your adjustable rate mortgage (ARM) has ratcheted up to an unbearable, unspeakable amount. Know that your lender will likely not modify your loan terms unless you are currently employed. So, if you aren't, go get a job at McDs or WalMart and while you are hunting for the big job to replace your old one, submit your loan mod request.

The best bet, of course, is to refinance your home entirely. Selling it in this market is a terrible idea, for most, with the exception of a select few. However, if you were insightful enough, or divinely lucky enough to keep your job, or even better, increase your earnings throughout this economic meltdown, you will very likely be turned down for a loan modification.

Further, if you always paid your mortgage first, utilities second, and kept food in the fridge (as we were taught to prioritize our needs v wants), and either neglected to pay or made "slow pays" to credit card companies (unsecured debt) - your credit is shot. Furthermore, you will not qualify for a loan modification (because you paid your mortgage bill, and your income is the same, or higher than before).

When faced with the choice to sleep in a warm bed and eat a full meal or pay high interest to a greedy credit card company, well, the choice is obvious. However, the consequence for keeping your kids fed and stationary (in a home) instead of keeping up with credit card payments is that you will have to live in that very home, at twice the price, and will have to endure the bad credit you "earn."

So, essentially, the home you tried so hard to keep becomes a jail cell - and like being convicted, it feels like you have to pay your soul every day, for the rest of your life. The only way for you to get out of it is to increase your credit score. But to do that, you need the extra money that is now being diverted to increased loan interest from your ARM.

While plans are in the works to help out people who paid their credit cards, but NOT their mortgages, defaulted on their loans, were foreclosed, and now renting - I see no help for those of us who did the opposite. They get help getting into a new home, with their "foreclosure" being looked at less harshly, because the nation has laid blame on the industry, not the individual. (I, too, don't blame the individual - just want to point out that they are looked at more favorably)

The rest of us are being penalized for penny pinching and keeping our homes. Bad credit = can't refinance. Paying mortgage + finding/keeping work + maintaining/increasing income = can't qualify for loan modification. If you look at the numbers, although I made more money last year than ever before, my take-home is less than it ever has been, and close to zero, after you count my "adjusted" mortgage payment and add in only the sustaining expenses. I don't have enough to pay full amounts on credit cards - and am often running a negative balance sheet - then there's the late fees...... ughh. No matter what, though, I always pay the mortgage before it becomes 30-days late.

Where's the bailout for me? According to my lender, I don't " Qualify" for a loan modification because my gross income is measured directly against my monthly payment. No consideration for the fact that I have four dependants. No consideration that our medical costs are higher than the average family because one of my children is disabled. No appreciation or "good faith" is offered to me for the fact that I always, ALWAYS paid them.

I want to see someone "stimulate" my lender into rewarding me and everyone else like me who are being forced to live BELOW our means, unable to save for education, retirement, and other pursuits of happiness simply because THEY were allowed to sell me an unscrupulous product.

Till then, I'll be brown bagging it, telling my kids they have to wear an extra sweatshirt to bed at night to keep the energy bill down, cancelling all enriching family trips in lieu of "camp nights" in the backyard, living inside a home in need of costly repairs - Even though I am making more money than I ever have before.

Mr. President, would you please consider a solution that accounts for all of us, rewards those whoh paid their mortgages, and provides consequences to greedy lenders? Well, I suppose I should be thankful I have a home, right? Thank you, lenders.

Senate Debate on Economic Recovery Plan

"Voice for Humanity" — Sat, 07 Feb 2009 10:25:16 EST

The Senate is engaged in vigorous debate over the economic stimulus package from President Barack Obama.

It appears there is massive confusion in the determination of priorities on this bill. The honorable Senators are concerned about the effectiveness of this bill given the magnitude and the urgency to address serious challenges facing our nation.

Individual viewpoints during debate are healthy and sometimes serve the purpose to remain objective.

However, in this particular process overindulgence could lead to distraction and become counter-productive.

After viewing the Senate discussion of the bill, it is apparent that Senators are yet to configure the policies and programs to achieve the pertinent goals.

For instance, there is mix up between creating jobs and dealing with foreclosures. In order to target the specifics of the current economic recession, let us breakdown the various components in requirement of stimulus and revival.

The consensus is to have a stimulus plan that yields the desired result of averting further economic meltdown by setting the pace for recovery.

As stated earlier in the economic recovery plan posted on February 3, 2009 the culminating factors of the economic crises are;

Housing market, Job market and Stock market.

Housing market - It is important that foreclosures are dealt with effectively and refinancing opportunities made available to homeowners in dire state.

Current plan has $15,000 in tax credits for new homebuyers in an effort to improve the housing prices through home sales. Unless and until the existing homeowners rescued from losing homes through foreclosures and others with affordable mortgage payments to adjust the deficiency in home value, any measures in this sector will be futile.

At the same time, an amendment to the debated stimulus bill to handle foreclosures saving approximately 1.5 million families from this crisis is a repetitive exercise as claimed by those Senators in opposition to this amendment.

The reason being, as articulated by the Senators against the amendment, The Troubled Assets Relief Program (TARP) worth $700 billion was committed for this purpose along with bailout of financial institutions.

Accordingly, $50 billion was allocated towards foreclosures and restructuring of mortgage programs.

Therefore, it is imperative to derive that $50 billion from the previous TARP fund and apply towards the revival of housing market crisis. It is quite possible that $50 billion will not be adequate to provide instant relief but action recommended than inaction.

More reason to verify the exact distribution of the previous TARP fund i.e. $700 billion bailout and redirect any unused portion towards challenges such as housing market and consumer spending.

————————————————————————————————-

Objectives of the Stimulus/Recovery Plan:

The primary focus of the current stimulus package must be job creation, aid consumer spending and investments with safe returns.

Job creation: President Barack Obama’s proposal aims for creation of 3 million jobs through various avenues such as –

Direct investments in public works projects i.e. repair and reconstruction of infrastructure across the nation.

Tax incentives and financial assistance to small businesses and corporations with limited resources.

Minimize payroll tax to curb mass layoffs.

Restore manufacturing jobs with necessary financial assistance and modified tax structure.

Consumer spending: The stimulus package offers relief to consumers with tax credit of $500 for individuals and $1000 for couples. It is essential for consumers to utilize the credits towards consumption of goods and services rather than reducing personal debts as again that would be beneficial to the financial institutions, the major contributor of the economic recession.

It is worth remembering that the Bush administration experimented with this stimulus strategy last summer, i.e. 2008 with $300 rebate per child and a cap on annual income of the family. Obviously, the trial and error method did not payoff due to neglect of other crisis like housing, stock and financial markets.

The lesson learned is to treat housing, job, financial and stock market crisis individually and isolate them from one another even though they comprise the entire cause of the economic recession.

Other ways to trigger consumer spending is to ease the burden on families with energy costs i.e. heating homes around this time of the year is significantly high and reduction of surcharges and taxes on the energy bill will provide relief to population in the worst affected regions of the country.

Consumers represented across the social and economic spectrum in a society range from youth population to families, senior citizens and self-employed individuals…

Any tax benefits and financial assistance should be inclusive of all potential consumers to obtain maximum gains.

Investments with safe returns: All investments must produce optimum returns, secured with viable collaterals and subject to rigorous oversight. Most importantly, the investment must generate jobs and/or income for taxpayers as well as create opportunities to tackle other issues like health care, energy and education.

—————————————————————————————————————–

Partisan Politics vs. National Interest

It is common knowledge that the two major political parties have unique positions on fiscal policies.

The Republican Party is vehemently opposed to tax increases to reaffirm the political platform of the party, while scouring for wasteful spending.

Fiscal responsibility is necessary for a nation saddled with alarming deficit. Nevertheless, desperate times call for desperate measures. Now is the moment to rescue the nation with prudent investments and techniques to revitalize growth in all sectors.

During elimination of costs proven liabilities, diligence is required from legislators to distinguish investments from wasteful spending. Funding National Endowment for Arts is a worthy cause as it promotes creative and Performing arts besides employment opportunities for a significant population who are ultimately taxpayers in the economy.

Sometimes, political debates overshadow the ambition to resolve major national crises.

The Democratic Party must be committed towards immediate mission to revive the economy and therefore abstain from elaborate spending spree on frivolous projects that form the basis for unnecessary political debates.

Compromise on both sides by finding common ground to restore consumer and investor confidence is vital for economic recovery.

With mass layoffs, collapse of housing, financial and manufacturing sectors… partisan politics is symbolic of Washington and it is time to get past conventional ways to demonstrate that representatives in the House and Senate care for their constituents, the real victims of the economic catastrophe.

Conciliatory effort and collective action from all sides is what required to helping our nation survive the worst economic period in recent times.

The Senators can confirm their willingness to work together for national interest by approving the President’s recovery plan.

Taxpayers as electorate are viewing the situation with the hope that policy makers will put aside their differences and reject political scores by pledging support to the job creation proposal from President Barack Obama.

Thank you.

Padmini Arhant

Boiler Room Boys Beg Federal Investigation

Team Player — Fri, 06 Feb 2009 17:01:08 EST

Cleaning out "mybarackobama.com" blog, I came across this piece I wrote in October, decided to repost here. Considering Wall Street's Maddoff and others now being exposed, I am taking the President at his word: if compelling evidence comes forth, no one is above the law. Check this out-

There's something about the mortgage crisis that smells of organized crime. Credit swaps, phoney bank appraisals, unregulated new trading products (scams?) that defy comprehension bred like rabbits under a Republican porch, a Bush-McCain trickle-down fantasy. Consider this: Congressional deregulation plus lack of oversight (police) unleashed organized crime. Infiltrating a speculation-driven financial system, experts at the "con-fidence" game, the beauty of this opportunity would wet any criminal agenda. Conclusion: Congressional deregulation and the Bush policy gave all our money to criminals, on a silver platter. Hello...

The opportunity to steal trillions by simply presenting a business card and posting a website, launched hundreds of new mortgage companies, private lenders, and get rich quick infomercials. Bundling the banks and Wall Street with the bill, it seems to me, a real novice, that the entire financial system fit right into the 21st century criminal mind, an emerging global consideration. For example, this past June, I was able to search comparison appraisals specific to my home for the first time. What shocked me the most was learning that the bank appraisal on my 2007 mortgage was $100,000- $150,000 "officially" overvalued. Any criminal conspiracy would not work without bank cooperation, regulatory neglect, and international vulnerabilities.

When Congress returns in November, the best move would be to get both sides together and reach a bi-partisan agreement to fully fund and support the best special investigators, with a mission to untie the twisted shell companies, find the extortionists, co-conspirators, sophisticated, white collar criminals at the helm. A quality, international approach to stop "crime" could also recover the trillions that have been stolen if we are successful. Democrats need to take the lead here, get past the lobbyists and partisan dupes, the naive and uninformed, and identify the economic terrorists playing everyone for suckers.

Boiler Room Boys Beg Investigation By Team Player - Oct 12th, 2008 at 11:45 am EDT Also listed in: 10 groups Comments | Mail to a Friend | Report Objectionable Content Tags: Bush, congress, crime, economy, McCain, oversight, Republicans

To foreclose or not to foreclose - That is the question

Scott — Wed, 04 Feb 2009 22:59:57 EST

The majority of builders and land developers in Brevard County, Florida have either declared bankruptcy or are going out of business. Even Lennar Corporation, one of the top three home builders in the US, has foreclosed on a large number of properties to protect its assets, and is responsible for returning millions of dollars in bad debt to Morgan Stanley Credit Corporation. Now, we the people of the United States of America, are seeing the government protect the assets of Lennar and Morgan Stanley Credit Corporations by providing bail out funding to creditors that are assuming the bad debt and investments by Lennar and Morgan Stanley Credit Corporation. I have not foreclosed on property to save my assets even though I too have lost approximately 40% equity on every home I purchased in 2007. I say let Lennar and Morgan Stanley experience bankruptcy. That's what I would have to experience if it turns out that I too decide that I have made too many poor investments. How does bailing out Lennar and Morgan Stanley Credit Corporations help personal investors like me? Since it is not likely that creditors will loan me money with the overpriced assets I own, should I foreclose on my bad debt too?

BAILOUT

Shelby from Calera, AL — Wed, 04 Feb 2009 11:44:26 EST

Keeping an open dialog with the American public concerning the step by step actions the governemt is taking to control the bailout spending habits will be crucial in driving public opinion, keeping the fires of outrage burnning hot, and inspiring the media to continue to report abuses.

all of these things will put pressure on the President, the Congress and the Senate to make wise and prudent decisions concerning oversight.

My post is intended to promote some sound ideas and to reiterate the expectations the Americans have on how our money is spent and how these businesses plan to pay us back. In addition, the psot will assist in inspiring Americans to insist the executives suffer on the same level as those that they have caused to suffer.

I have bills too.

Dominique from Jackson, MS — Tue, 03 Feb 2009 13:33:24 EST

My thing is, why can't we have a set date and automatic aprroval, just like the 2 automakers, and the banks bailout. Is that too much to ask for!?

Economic Recovery Plan (ERP)

"Voice for Humanity" — Tue, 03 Feb 2009 09:28:25 EST

It is obvious from the headlines and news editorials across the nation that the economy is in deep recession.

San Jose Mercury News January 31, 2009 – Thank you.

GDP plunges at 3.8%, worst slide in quarter century

Autos - Valley car sales hit 15-year low – and 2009 looks worse

Wall Street – Worst January ever as Dow drops 8.8% this month

Washington – bruising battle over stimulus, Obama acts to bolster labor

Mortgage crisis spreading to affluent areas.

Meanwhile – Exxon Mobil sets U.S. record; $45.2 billion annual profit.

World Economic Forum in Davos, Switzerland concludes that the world is dealing with financial crisis with no solutions.

——————————————————————————————————————–

Optimistic View

Despite such gloom and doom, there is light at the end of the tunnel.

A thorough review and analysis of the problems that primarily contributed to the current economic crisis is essential in understanding the fundamental cause of the present economic recession.

Then addressing each issue on priority basis including the failure of various stimulus packages by the previous administration must be an integral part of the remedial measures for the economic recovery.

It is common knowledge that the origin of the current recession stems from various sources,

1. Subprime mortgage crisis contributed to housing market decline.

2. The major components attributing to the decline in housing prices are foreclosures due to default homeowners and delinquencies in mortgage payments.

3. Financial institutions holding high-risk mortgage backed securities sought bailout of their insolvency with taxpayers’ generosity.

4. Banks and other financial institutions decided to stranglehold the credit market leading to liquidity freeze with an adverse effect on consumer based industry represented by small businesses, retail outlets, medium corporations and homeowners alike.

5. Small businesses, Retail industry and medium corporations as the foundations of the economic infrastructure could not survive or sustain growth in the absence of credit facilities blocked by the financial institutions.

6. As stated earlier on numerous occasions, the collapse of small businesses, retail industry and medium corporations have a domino effect on wholesale manufacturers ultimately owned by major corporations in any industry.

7. Hence, the layoffs triggered from the bottom of the economic pyramid spread across the aisle and all the way to the top affecting emerging and viable corporations in many sectors.

8. As a result, the unemployment rate went soaring up to 7.8% with most states reporting double digit in this respect.

9. The credit crunch combined with housing market crisis significantly hurt investor confidence and led to the selling frenzy of stocks and investments by short term and new investors in the stock market. In addition, the current static in the credit market and the general economy has forced average consumers to live off their investments and savings.

10. Despite, capital infusion through bailouts and consistent productivity by all industries, the dismal stock market performance is related to poor earnings from the sluggish consumer spending in the competitive market and globalized economy.

Therefore, Consumer spending is the catalyst for revival of the job sector and corporate growth with desired earnings eventually reflecting in the stock market performance.

———————————————————————————————————————

Primary Cause and Effect

Housing market crisis – Decline in housing prices due to Foreclosures, Delinquency in Mortgage Payments with no refinancing opportunities.

Liquidity freeze or Credit Crunch – Small businesses, Retail industry and Medium Corporations deprived of cash flow by banks and financial institutions declared bankruptcy and subsequently the manufacturing sectors as well as the large Corporations producing mass layoffs.

Inadequate Consumer spending – Because of rising unemployment and scarce financial resources with no access to home equity other than dwindling investments in savings and stock holdings.

Lack of Accountability and Transparency from previous bailouts – Wall Street bailout of $700 billion have not been followed through with Corporate executives rewarding themselves to a tune of $20 billion in extravagant bonuses and perks.

Inaction and dormant role by the Congressional Oversight Committee set up for overseeing the purpose of bailout i.e. activate lending to the deserving and qualified business sectors and homeowners has further exacerbated the credit crunch.

Alarming Deficit - Multi-trillion dollar deficit accumulated by the previous administration from excessive borrowings predominantly from China, Saudi Arabia and Japan precipitously diminished the dollar value in the international market.

GDP plunges because of trade imbalances and culmination of all of the above factors in the domestic front of the frail economy.

Financial Commitments – Funding two major wars in Iraq and Afghanistan exhausted the national treasury and reserves besides overshadowing the onset of economic recession at home.

Wasteful Spending - Some legislators’ penchant for pet projects aka pork barrel spending or earmarks to oblige excessive lobbying from campaign donors led to misappropriation of budget replacing funding for essential services benefiting children, disabled and mentally ill patients, senior citizens, veterans, youth population, retirees and all those at the bottom of the socio economic strata.

Ironically, budget is vigorously debated over matters that are counter-productive while ignoring the myopic view of issues…

Universal health care

Energy efficient programs

Overhauling of educational system particularly public schools, state and community colleges through adequate funding.

Effective environmental policies.

Investments in science and technology to advance research and development in the areas of stem cells, regenerative medicine and Genomics.

Creative Arts and learning with a broad perspective of cultural exchanges between nations.

Space exploration in search of knowledge and facts for humanitarian cause.

Channeling appropriation of funds towards Peace Corps to promote peace and diplomacy for national security as opposed to defense spending and proliferation of nuclear technology.

Veteran Affairs involving care and rehabilitation of combat forces during and post war period as well as extending housing, education and health care for their dependents.

Expansion of Sports and recreational activities for public schools and communities through federal funding to States as a measure to keep health care costs down.

An elaborate version will be presented on what federal and state governments can do for the citizens who are taxpayers, consumers and most importantly electorate in a democracy.

———————————————————————————————————————

Time for Action – Effective Strategies

Since the cause of the economic crises have been identified, it is time to address the problems with effective solutions i.e. strategies.

The nation desperately needs relief from the burgeoning crises:

Housing market crisis – Immediate measures required with a moratorium on foreclosures for two years supplemented with refinancing for default and delinquent mortgagees at the existing market rate or lower to adjust the deficiency in home value.

Liquidity Crisis or Credit Crunch – It is incumbent on the Treasury Secretary Timothy Geithner and the Federal Reserve Chairman Ben Bernanke along with Congress and the Congressional Oversight Committee to hold Wall Street accountable for the $700 billion taxpayers’ funds and demand they facilitate liquidity and honor the commitment to the taxpayers.

Failure to comply with the requirement should have implications such as sale of all those beneficiaries’ assets and financial instruments withheld as collateral during borrowing assuming the previous administration adhered to the regular lending practices particularly a bailout of this magnitude.

Corporations and legislators alike must be held accountable for their actions and inactions to demonstrate that no one is held above the law in the land of republic.

Consumer Spending – President Barack Obama’s economic stimulus package for $819 billion passed by Congress and now the proposed package worth $867 billion for Senate approval deserves attention and action.

As discussed above, consumer spending is vital and instrumental to stimulate economy.

Again, consumers as victims of mass layoffs, debilitating job market, volatile stock market, and declining housing market have nothing to rely upon for income normally used in purchase of goods and services.

The cash strapped economy has evolved into a stagnant quagmire with disastrous consequences. It is imperative to relieve the economy with necessary tools that are contained in President Obama’s stimulus package.

President Barack Obama has unveiled the American Recovery and Reinvestment Act to revive the economy by easing the burden on consumers with debts, failing small businesses as well as Corporations in requirement of capital investment.

President Barack Obama during his weekly radio address acknowledged the urgency to get credit flowing again to families and businesses. The President further promised to help lower mortgage costs and extend loans to small businesses so they can create jobs.

The administration, the president said, would ensure that chief executives “are not draining funds that should be advancing our recovery,” and the assistance to the financial system would be accompanied by “unprecedented transparency, rigorous oversight and clear accountability, so taxpayers know how their money is being spent and whether it is achieving results.”

The President was empathetic towards homeowners, students and small businesses in need of loans but left to fend on their own while Banks have been extended a hand with a bailout.

There is obviously a stark contrast in the objectives between the stimulus package of last year and the current one by President Barack Obama.

According to an article by New York Times on this issue – “The previous administration’s The Troubled Asset Relief Program (TARP) was supposed to be used up to buy the banks’ troubled mortgage-related assets. But, the Bush administration’s Treasury Department shifted gears, using the program instead to shore up the banks by injecting them with capital.

But instead of being inspired to lend more, too many banks hoarded their new capital, critics of the financial industry say.”

President Obama is seriously committed towards alleviating the suffering of ordinary citizens with necessary tax breaks of $500 for individuals and $1000 per family and tax incentives to small businesses including corporations with limited resources.

The Obama administration’s economic stimulus package has specific targets to bolster the economy and welcome sharing of public concerns on issues related to jobs, business, mortgage situation…

Since the commencement of his Presidency, the President has pledged support for the victims of the worst economic crisis. It is apparent from the actions taken within short period of the President assuming office.

The new millennium has brought series of disasters on our nation with the economy hitting rock bottom. There are undeniable challenges ahead and it requires the entire nation to come together in resolving every crisis.

Even though, a new President was elected on the message of hope and change , it is the responsibility of every citizen and particularly the legislators as representatives of their constituents to act immediately in the approval of the proposed stimulus package.

Any procrastination will only lead to further deterioration of the worsening economy. It is not the time for partisan politics as the stakes are high with too many unfortunate events unfolding as time goes by.

The victims are none other than the electorate entrusting power to their legislators for action on normalization of job, stock and housing market.

——————————————————————————————————————–

Summary of Economic Recovery Plan

President Barack Obama’s stimulus package is essential to revive consumer spending, housing market, job market and corporate growth directly influencing stock market performance.

It is important to ensure that pork barrel spending does not find its way in this stimulus package during deliberation by reluctant policymakers.

Economic recovery is inevitable with discipline, determination and drive –

To eliminate or minimize costs proven liabilities.

Strategic planning and monitoring through rigorous oversight.

Implementation of effective policies with guaranteed results.

Targeting problems with efficient programs.

Restoration and preservation of jobs through investments benefiting the workforce.

Reviewing tax structures to create incentives for business sectors dealing with liquidity crisis.

At the same time closing any gaps or loopholes for tax evasions by corporations and legislators.

Relieving homeowners with appropriate measures as suggested above.

Reform of institutions lacking in ethics and moral conduct.

Enforcement of law and order with consequences for non-compliance regardless of hierarchy.

Conscientious effort to reduce deficit by restraining overseas borrowing and commitment towards domestic economic growth within a specified timeframe.

Pursuit of common goals and objectives via collective action is important reflecting every individual’s desire to succeed in all endeavors.

Our nation provided opportunities, prosperity and happiness during economic boom and now it is the moment for all citizens to collaborate and help our newly elected President Barack Obama execute the tasks required for speedy economic recovery.

The fate of our nation is hanging in balance from the monumental crises and legislators in the Senate have an awesome responsibility to move forward and approve the economic stimulus package proposed by President Barack Obama to avert more calamities.

Thank you.

Padmini Arhant

Discernment

James — Mon, 02 Feb 2009 22:27:08 EST

What are we watching today? What an interesting and labyrinthian course the democrats and republicans are now following. A jousting battle wherein the jousting lances are padded so as to prevent much sound from reaching the potential spectators. We, the audience, sit out here, looking at our flat glass screens, and wondering what the hell is going on. The bailout package, as small and weak as it is, had a part of it that would have allowed for people living in homes about to be foreclosed on to hold that process off while they negotiated a better deal. Well, the republicans had that part of the bill pulled out. Of course, we all know why they would do such a thing. The money cannot flow down. It must always flow up. The little guy or gal (or both together) sitting in some gloomy dark house, waiting for the sheriff, gets nothing. The bank executives get yelled at for giving bonus money out to each other at the top (ah, the amount of bonuses paid out so far this year would have exceeded by far the amount which would have been set aside for the foreclosure relief section of that bill) while fear and terror rule the night at the bottom (well, not the absolute bottom, as that is reserved for people who don't even have a house). But you get the idea. At worst, these executives may have to live on their salary alone. I do not see any mass terminations going on there. Do you? Seven thousand from Macys today. Any of the top executive set? Not a one. Not one member of the board of directors, even. But then, in this silent media show of unreality, the republicans come out, late in the day, with their idea of mortgage relief. That would be a special four per cent mortgage. Sounds great, does it not? Let's apply this to the people in foreclosure! Not on your life. That special rate is to be for people refinancing who have good credit, which, of course, you no longer do if you are in foreclosure. You probably don't even have a job, unless it is one of those eight dollar an hour 'barrista' jobs of today. What is really going on? And what about the simple fact that nobody can get a mortgage at all right now. Lots of circulars saying you can, even giving discounts. I know, I get them every day. But go ahead and call that 800 number. You will get to talk to some person in India. They won't laugh at you, but they will apologize for everything and anything at least a hundred recorded times in your minutes on the phone with them.

But the show gets better. Our ex-president, now Citizen Stupid, instead of President Gump, decides that he has the right (I guess he believes that he is not merely a citizen now) to extend immunity in perpetuity for his aides, like Karl Rove. The media kind of chuckled quietly over that, then all decided (the talking heads) that the courts would have to decide that unless Obama wants to allow it. Say what? Our former president has no powers. And the new president can't go giving immunity to former employees of the last president. I mean, he could pardon Rove, but not give him immunity from anything. A president can pardon anybody. A former president has the same power as you or I. That means none, if you haven't noticed. But what is reality (the real world) in our culture anymore? And what is more of this weird phenomenal world which has sprung up with the ever advancing influence of the media? Physics is becoming so distorted that even quantum mechanics will have to be reviewed.

Speaking of the phenomenal world, I got in trouble on Twitter for discussing the results of the Super Bowl before they came in. Oh, not the score. I could not figure that out ahead of time or I would be so wealthy that I would be too busy to write this blog. No, I simply used my logical apparatus and my observation of how sports is now being handled by the media (you decide if it is being controlled or destined). You see, the media has figured out that 'good' games are those wherein the final score is settled only in the last minutes. In all sports. A game is no longer considered a good game it is kind of pre-ordained, by one team being that much better than another. So it was easy to predict what was going to happen, by simply using that assumption and then giving no credit to integrity or honor existing at all, either in sports or media. I predicted that the game would be close, but not close until the last four minutes. Then I went a step further and predicted that the closeness in the last four minutes would be nothing compared to how close it would get in the last minute. Finally, I wrote that the game would only be ultimately decided in the last few seconds. Well, I lost a lot of followers last night. They got mad, even before we got to the last four minutes. I woke up this morning to see if the all the followers who dumped me might have returned when they figured out that my predictions were dead on. No such luck. Since they follow pro sports so intensely, however, I could not very well expect that they would remember something that long anyway.

Discernment is having the ability to observe and understand what one is observing. Do you see what is going on and understand what you are seeing. Be careful, sometimes merely writing about what you do see and understand can get you lynched...or, at the very least, cost you a great portion of your followers on Twitter.

from-the-chateau-dif.blogspot.com

Economic Revolution on COIN AGE - Flaws and Solutions

Richard Thomas Gerber — Mon, 02 Feb 2009 18:34:03 EST

Have we taken into account the flaws in the current system and the solutions on http://coinage.me that some are trying to suppress being brought to the attention of the citizens?

There is no reason the world should be in a recession or depression because the capacity it is an illusion and a farce you are being told. The capacity to produce or consume did not change one iota. The accounting system used to enable the exchange between producers and consumers was corrupted and trillions stolen. The stolen wealth needs be returned to the economic system participants.

The citizens are no longer going to buy into the process of the citizens of the United States going into debt (government doesn't own anything it is just a label, we do) with interest attached then having that given to banks to be loaned back disproportionately (favoring some entities) at a profit to the citizens of the United States. There is no reason on earth that an accounting system should cost trillions of dollars to run, and that is all the banking system is, a left brained accounting.

We do not need thousands of bank buildings to run our monetary accounting system adding to the cost and green house gasses. All we need is a number of data centers for the computer hardware. If we have all the data online and connected we can save trees because there will be no filling out of paper applications and appraisals can be automatically generating after a quick survey of condition and no more bogus loan application fees. We don’t even need Real Estate Agents to handle complex paper work or the Title companies any more, because the entire system will be integrated.

It is my understanding there is an ingenious solution getting ready to be launched that does not require legislation to fix the problem and the citizens can implement by their own accord using the same instruments banks and Wall Street used to create the current mess. However it will have a tangible and real backing, essentially pulling the rug out from underneath the banks and erasing the fictitious profits and wealth created by gambling and control of the monetary system. More on this mass citizen driven conversion with a million dollar cap later.

The people will come to understand four things cutting through the financial jargon and illusions created by those that benefit from it.

Derivatives = Bets
Credit Default Swaps = insurance on bets
Hedge Funds = borrowing of money to gamble with (unregulated and secret also used to manipulate markets)
Taxpayer Bailout = Taxpayers covering the gambling losses for gamblers

Extraction of wealth as a result of gambling (day traders) does not generate value for economic system participants (producers) but rather creates an imbalance and scarcity and concentration of wealth not earned through the creation on genuine value.

It is a form of passive violence committed against the people and should be curtailed as such.

Like any criminal element they need to be locked up so they can do no more harm and the criminal enterprises shut down.

Furthermore the citizens of the United States are due about $200,000 each in tort damages for the mismanagement and corruption of the system. This reward will fix the economic crisis. A prosecutor has expressed interest in seeing how the Bankers and Wall Street could be prosecuted under RICO statute (Racketeer Influenced and Corrupt Organizations Act) the other option is they admit their wrongs and make amends and repair damages of their own accord immediately.

Another alternative is that all interest due is made void and the borrowers must only pay back the principal, and interest paid to date will be applied as payment to the original amount of the principal.

Perhaps the most disturbing thing is that the people making the decisions that got us here usually do not feel the pain of their decisions. Some of the wealthy suggest to the people to practice "thrift" yet do we see the wealthy living thrift? We should eliminate waste with efficiency, but all should live in abundance having the essential economy.

We should recognize that some of the wealthy got that way generating enormous value for others while others played a game of manipulation, created artificial value, to extract their wealth. Some derived their wealth from the death, disease and fear industries while others actually created via the holistic industries. We should remember to make the distinction.

Buy the Banks

Michael from Westlake Village, CA — Sun, 01 Feb 2009 00:08:39 EST

I am a shareholder in many of our country's financial institutions, but I value my citizenship more than all of the stock I own. The bonuses and compensation levels in the financial world today are so excessive and the self-centered culture so entrenched that the only solution is to radically alter the terms of the federal bailout.

It is a flagrant and self-serving lie that these institutions must maintain high compensation levels to keep the "talent" in-house. Their world has changed and the skill sets that they possess, the very skills that got their companies into this debacle in the first place, are not the same skills required to fix the problem. The truth is that these people are far from the best and brightest that our country has to offer; they may be among the luckiest, the best connected, and the highest paid, but they are not the best people we need guiding our nation’s finances at this time. I find it appalling that not only are these companies giving taxpayer money to themselves in the form of excessive compensation, but that they are also using taxpayer money to hire lobbyists and make political donations to ensure that even more taxpayer money flows to them.

We need to accept the fact that the worst is yet to come for us all and start playing hardball now. If the government is going to take money from the folks on Main Street, they had better spend and invest it wisely. Here is what the federal government should do: First, announce that all bailout programs will cease and that we expect many companies to fail. Second, let the ensuing “panic” occur and one-by-one takeover the failing institutions by buying up their assets and liabilities for cents on the dollar and wiping out the shareholders. (Yes, that includes me, too) Third, before the ink dries on the “takeover” documents, announce that the full faith and credit of the United States is behind these liabilities. Forth, wait the years that it will take to recover from this mess and then slowly start to spin-off these companies back to the public markets, earning back in capital gains much of what was originally lost.

This is not nationalizing the financial institutions, this is merely using the strength of the Federal Government, provided to it by its taxpayers, to execute that great capitalistic strategy; buying low and selling high. If taxpayers are bailing out these sinking ships of finance, shouldn’t they reap the benefits when these ships become sea worthy again?

I welcome your thoughtful responses; together we might be able to help navigate through the treacherous seas of 2009.

Open Letter to President Obama

Anant from Middletown, NJ — Sat, 31 Jan 2009 15:00:51 EST

Dear Mr. President:

Ref: Accept Some Deflation─ Caused by Permanent Demand Destruction─ in Your Bailout Plans

I admire your tenacity and the tenacity of your financial management team in their efforts to rescue our financial system from a systemic collapse.

I’m sure the financial rescue plans, as engineered by your financial rescue team, are well thought out and have considered a wide range of possible scenarios and outcomes, including the possibilities of inflation [caused by trillions of bailout dollars pumped into the system] or deflation [from huge permanent demand destruction in products, services and credit].

Deflation caused by permanent demand destruction for products, services and credit is a reality [and not just a possibility] and could impact the outcome of your teams rescue plans. Here’s why some degree of deflation [caused by permanent demand destruction] can be a good thing in your efforts to re-ignite moderate inflation into the financial system. Your financial rescue plans might just work [because of some degree of permanent demand destruction] in solving the current financial crises…

In summary, what your financial rescue team is doing: “Injecting trillions of dollars in the US economy, the Fed is luring the consumers [and speculators with leverage] back to the same old habit [that got us into the current financial mess in the first place] of living beyond our means to borrow and spend.” After spending trillions of dollars, the Fed will eventually succeed and cause inflation and that in turn will force Fed to raise the interest rates at a later date causing another asset class─ the Treasury-Bond─ bubble burst. And the “boom-bust” cycle will repeat itself, perhaps of a much smaller magnitude given the possibility of tighter banking rules, regulations, regulatory oversight, tempered leverage, global risk aversion, and of course the permanent demand destruction.

For this scenario─ preventing deflation in exchange for future boom-bust cycle of much smaller magnitude─ to play-out, permanent demand destruction will play a major role. Without the existence of permanent demand destruction, the trade-off between “preventing deflation” vs. “accepting the boom-bust cycle of much smaller magnitude” will not work. Some degree of Permanent Demand Destruction for products, services and credit, in the near future, is desirable and hopefully will materialize as a reality. Here’s why…

Most economic models and analysis approach the inflationary issues as a two dimensional model like… action and reaction… supply and demand… price and quantity… money supply and interest rates… interest rates and Bond bubble.

Unfortunately it is not that simple and most everyone approaches the “supply and demand” as a two dimensional economic model. The two dimensional approach to economic analysis seemed to have worked fine in the past because, even though the third dimension [permanent demand destruction] existed in the past, its impact was not huge [because of population growth, immigration and rise in living standards from much lower levels] and it was not realized for a long period of time due to slow consumer reaction to changes. And when the impact of this third dimension [demand destruction] was realized, it had arrived slowly and since its impact was not felt immediately… it was, therefore, considered as the result rather than the cause in the economic models. In summary let me explain…

There is a third dimension [demand destruction] that needs to be considered in any economic model in this day and age… the age of instant communications and the Internet. This third dimension is the “permanent demand destruction” from today’s informed consumer… the buyer of products and services who is also motivated [now] with the desire to store money, in one form or the other, for the future. When you enter the permanent demand destruction in to the equation, your argument of money supply… inflation… higher interest rates… Bond bubble burst scenario will not hold in the near future. In my humble opinion, this time it will play-out differently from the conventional wisdom…

Permanent Consumer Demand Destruction for Products and Services:

When you permanently destroy huge demand [by the consumer], the supply side [businesses] make adjustment to their business model by cutting production, cutting CAPX, cutting operating cost and letting employees go. In this scenario when there is less demand from consumers [and businesses] for both cash and credit… the risk of Bond bubble bust is delayed if not mitigated altogether. The argument in favor of consumer driven demand destruction is as follows…

The consumer of today recognizes that the trillions of dollars poured into the US [from all over the world] and that is what supported their credit binge to spend and spend. The [almost] free money pushed the consumers to rush into buying products and services they did not really need, rush into tech stocks, then the rush into real estate, then the rush into commodities, and then rush into U.S. government bonds. Over the years all of these asset classes [except the U.S. Government Bonds for now] have blown-up in the consumers face. Not only that, the financial machinery that funneled trillions of dollars of the free worlds savings [from across the globe] into the US financial system has now blown-up as well and the money velocity has come to a screeching halt. Banks are over leveraged, they don’t trust each others financial health and they are not lending.

Consumers are not borrowing either; they are downsizing and cutting cost…

· Banks are not lending to qualified consumers… but that could change;

· Consumers has little or no equity to borrow against… not going to change anytime soon;

· Days of free money are gone forever… because the savers from all over the world are now wise to the financial shenanigans of American financial wizards and are not looking to send their life savings to America any time soon;

· Consumers are now motivated, by the blow-up of almost all asset classes in their faces, to start saving money for their future commitments and retirement… going from negative savings to almost over 6% now;

· Consumers finally realize that they don’t really need three of everything [homes, cars, jewelry, minks/furs, TVs, cell phones, computers, and electronic gadgets].

· Consumers finally realize that they don’t need to buy a Hummer or new model car every other year;

· Consumer finally realizes the rising cost of energy for driving, heating and cooling… the present drop in cost is temporary we all know;

· Consumer finally realizes that the increasing cost of real estate taxes even though their homes are 40% less in value to-day… taxes always go up and not down;

· Consumers finally realize that they don’t need to re-model every five years and buy new appliances every three years;

· Consumers finally realize eating home can save them thousands of dollars over the course of the year;

· Consumers are loosing jobs left and right in all sectors of our economy… there are no safe heaven… not even in the health and consumer goods;

· Consumers are de-leveraging en-masse and there are no asset classes worth investing [speculating] at this time… and perhaps for a long time.

The studies indicate that by the end of year 2008, there will be over 1 billion Internet users. That means, most all of the educated population of the world, will be globally connected by the Internet. And the boundaries of time and space will disappear. People will gather in public forums of their common interests to network and share information. These people will be the consumers, investors, vendors, partners, friends, enemies, management, or employees of the public companies. In a public forum like this, that allows us to maintain our anonymity, there will be no place to hide for the incompetent or the unscrupulous.

Add to this Internet phenomenon the instant communications afforded by the TV, and its producer’s desire to provoke debates on issues, that in the end, when all is said and done, informs and educates the public at large. What you have is a well informed, wiser and more responsible consumer that is all set to “destroy demand” for the un-necessary, unscrupulous and the irrelevant.

Permanent Businesses Credit Demand Destruction:

Businesses now see this consumer demand destruction as a clear reality and are adjusting their business models accordingly by cutting production, cutting CAPX, cutting operating costs, de-leveraging finances and letting employees go. And as such, eventually, after the initial denial period to accept demand destruction, there will be less demand for cash and credit from these businesses.

On surface it seems that if these businesses could borrow money earlier, like in the August/September time frame, they might have postponed downsizing and waited a little longer before letting employees go. However, that window of opportunity is gone and the reality of wide spread “demand destruction’ has become a reality. The reality of demand destruction is apparent in thousands of employees being laid-off by bellwether companies like Microsoft, Google, JP Morgan and the like.

Granted, that in due time the wealthy consumers and businesses will come back into the credit markets to borrow so they can speculate in products, plants, production, stocks, commodities and real estate. But that time is years away, when there are clear signs of stability and growth in any of the known asset classes for investment.

Permanent Destruction of Collateral Asset Values at the Financial Institutions:

To this witches brew, let’s add the cause of our current credit crises and see what it means for the free supply of money in our financial system. I’m sure you and I both have our own set of facts, analysis and opinions. But the core fact that no one denies is: “the leverage used at financial institutions world-wide and lack of regulatory oversight was the main cause for this global credit crises.”

The regulatory oversight, or lack of it, will be debated and some day there will be rules and regulations in-place to prevent future systemic melt-down and risks. In the meantime, however, either because of banking laws or because of banks own desire to mitigate risks in this financial environment, the banks and financial institutions out there are busy trying desperately to de-leverage. This means banks [and financial institutions] will first try to shore-up their equity/debt ratios before lending out the money received from TARP and other Fed bailouts. There is, by the latest estimates, over $3 trillion dollar in systemic losses in the US alone. The money losses did not change hands… it just vanished in thin air. What are left behind, however, is the un-acceptable levels of leverage, collateral risk and vastly impaired equity/debt ratios at US financial institutions.

In summary, before we see inflation we will first see some degree of deflation due to permanent demand destruction for products, services, and credit. If we are lucky and the trillions of dollars in Fed money do work, in the best case scenario, we may see Stagflation and not reach full-fledged deflation. That is our hope!

Please plan for [and accept] some degree of deflation from permanent demand destruction in your agenda─ to introduce inflation in our financial system─ to fight the specter of full-fledged deflation. Hyper inflation [as the result of trillions of bailout dollars injected by the Fed] in the short term does not seem possible in view of deflationary pressures of permanent demand destruction for products, services and credit. However, any effort to flood the economy with freshly printed money, or borrowed money, will not bring the demand levels to “the way we were” before this financial crises. A flat or moderate growth in GDP, for the next few years, seems to be the most plausible scenario and that’s what your administration should plan for!

Limited amount of bailout funds for our financial institutions is, perhaps, the right thing to do. However, excessive amount of bailout funds will only attract the unscrupulous and not bring the consumer demand [and the GDP] to the levels of recent past. In all probability, these bailout funds will not reach to those intended and only line the pockets of the same greedy, unscrupulous, and self-centered tarts that got us in this financial mess in the first place.

Please, for God sake, don’t entice the consumers and businesses to go back to the old ways of borrow and spend… and live beyond their means. No society or civilization that lives beyond its means has ever survived. History is our witness!

God bless America.

Anant Goel

We need to fix our economy

"Voice for Humanity" — Fri, 30 Jan 2009 20:31:26 EST

President Obama and his administration are trying to address this serious economic crisis at home.

It takes the entire nation to get involved in the rescue operation.

Let us come together and do everything possible to revive the economy.

Please standby for some important guidelines and suggestions for economic recovery on www.padminiarhant.com.

Also, focus on resolving California’s budget crisis will be presented on the website shortly.

Meanwhile, please follow through the request from President Obama’s administration to create awareness and collective effort required to survive the crisis.

Thank you.

Padmini Arhant

———————————————————————————–

Last year, America lost 2.6 million jobs. This week, some of our biggest companies announced plans to cut tens of thousands more.

The economic crisis is deepening, but President Obama and members of Congress have proposed a recovery plan that will put more than 3 million Americans back to work.

You can learn more about how the plan will help your community by organizing an Economic Recovery House Meeting.

Join thousands of people across the country who are coming together to watch a special video about the recovery plan. Invite your friends and neighbors to watch the video with you and have a conversation about your community’s economic situation.

The economic crisis can seem overwhelming and complex, but you can help the people you know connect the recovery plan to their lives and learn more about why it’s so important.

Sign up to host an Economic Recovery House Meeting the weekend of Friday, February 6th.

The President’s plan passed the House of Representatives on Wednesday. But if it’s going to move forward, we need to avoid the usual partisan games.

That’s why supporters are opening their homes to talk with neighbors and friends about how the plan will work — and what it means for their community.

The video will outline the basics of the plan and how it will impact working families. It will also include answers to questions from folks across the country. Invite your friends and family to watch the video, discuss the plan, and help build support for it.

Don’t worry if you’ve never hosted a house meeting before — we’ll make sure you have everything you need to make it a success.

Take the first step right now by signing up to host an Economic Recovery House Meeting:

http://my.barackobama.com/recoveryhost

Time and again, you’ve demonstrated your commitment to change. Now you can help America move in an important new direction.

Please forward this email to your friends and family, and encourage them to get involved as well.

Thank you for your hard work,

Mitch

Mitch Stewart
Director
Organizing for America

Is Rush Limbaugh on Drugs Again, or Simply the World's Biggest Ego Trip?

Eric from Covina, CA — Thu, 29 Jan 2009 15:33:05 EST

BENEATH THE SPIN • ERIC L. WATTREE

Is Rush Limbaugh on Drugs Again, or Simply the World's Biggest Ego Trip?

Ultra Conservative Political shock jock, Rush Limbaugh, seems to have finally slipped off the reservation. It is hard to know whether he's back on drugs, or if the recent election returns have caused him to lose his mind all together.

In his latest bloviation he's challenging President Obama to enter into negotiations with him on an "Obama-Limbaugh Stimulus Plan," which would divide up a trillion dollars earmarked for stimulating the economy, according to the election returns. Limbaugh reasons that since the President has pledged to take a bipartisan approach to governing, in Limbaugh's view, that entails the president controlling only the percentage of the bailout funds that reflects his margin of victory in the election. In other words, since President Obama won the election by 53% of the vote, he should only control 53% of the bailout funds. The remainder of the funds, that percentage that reflects Sen. McCain's percentage of the vote, should be controlled by none other than Rush himself, to be applied to the economy as way he sees fit.

A Miracle for President Obama

mtnwizard — Thu, 29 Jan 2009 11:40:05 EST

This is an open letter to our President with a simple suggestion that will create several billion dollar industries at once and go a long way toward fixing our economy and stimulating growth and excitement. It needs to be forwarded to him ASAP.

http://candidblogger.blogspot.com/2009/01/heres-your-miracle-president-obama.html

Please pass this on. It is too important no to do so.

Bad Bank bad! Good Bank good!

DickMo — Wed, 28 Jan 2009 20:09:19 EST

Today there's talk about the possibility of the government creating a "Bad Bank" to buy up all the toxic debt and thereby restore the financial health of the Wall Street banks so they'll start buying up mortgages again from the local lenders and the local lenders can keep making new loans. That's a bad idea. Let those stupidly-managed big banks fail, and instead start up a government-owned and funded "Good Bank" to buy non-toxic mortgages and other transparent loans directly from the local lenders. Then, when the recession is over, sell the Good Bank to the private sector through an Initial Public Offering (IPO) of stock, after first breaking it into smaller pieces to promote competition.

A better solution than an "aggregator bank"

Anonymous — Tue, 27 Jan 2009 15:52:59 EST

Rather than assume that the government knows better than the rest of us how to price assets, I propose a simple solution that gives all the right incentives to homeowners, the government, and lenders at the same time.

It goes as follows (although it may have been brought up before, I haven't seen it and felt the need to highlight it here):

There are roughly 12 million homes that have outstanding loan principals above what the home has recently assessed for by the state. These are typically the people who will have trouble on their mortgages and are most likely to lead to foreclosures. To stop this, we should allow homeowners the option to have lenders on these homes "cram down" the principal to equal the assessed value, and lower the interest rates to help keep people in their homes rather than to stop making payments because it seems that their home will never be worth what they owe on it. To give a lender incentive to do this, the government should insure and/or guarantee any further losses on these homes so the lender can take their minimal losses now and rest assured that they will not have any further losses on these homes that are under water. The upside should then proceed so that each party--the homeowner, the lender, and the government--all share one third of the profits from the future sale of the home. This gives all three parties incentive to keep the homeowner in this house and to eventually turn a profit on it. The reason I say the government should take this position rather than a company like MBIA, Ambac or the likes, is because obviously the risk and amount of money to do it is too overwhelming for these companies who already in enough trouble.

Radio Show Update

"Voice for Humanity" — Sat, 24 Jan 2009 20:01:25 EST

Schedule Update:

January 24, 2009, Air time - 8.00 - 10.00 P.M(PST)

Category: Current Events

Topic: Wall Street Bailout

Discussion:

What should financial institutions do with taxpayers’ bailout?

Why haven’t the financial institutions invested funds to stimulate economy?

What is public demand from them and the legislators?

——————————————————————————————————————-

January 25, 2009, Air Time 2.00 - 4.00P.M (PST) - (5.00 - 7.00P.M EST)

Topic: Free Palestine

Discussion:

1. How can we help to expedite independent state for Palestinians free of Israeli blockade, occupation and aggression?

2. What should the new administration do to be a trustworthy partner and unbiased peace broker in the Middle East conflict?

3. How can we help Israeli population elect a moderate government in early February favoring peace and diplomacy over military action for their national security and sovereignty?

——————————————————————————————————————

January 30, 2009, 120 minutes 2.00P.M - 4.00P.M - Cancelled due to restrictions on segments at frequent intervals.

Category: Current Events

Topic: Economy and Health Care - Please refer to blog post on www.padminiarhant.com for details and I invite you to post comments.

What should the new administration do for you and the economy?

How do we fix the Health Care system?

———————————————————————————-

Podcast live : http://www.blogtalkradio.com/Padmini-A

Guest Call-in-number: (646) 727 -3778

I invite you all to participate in the public forum and share your concerns, ideas and knowledge.

Your comments and thoughts are welcome in the political discourse.

Let us keep democracy alive and help our new President Barack Obama and Vice President Joe Biden in rebuilding our nation.

Your participation is a huge encouragement and always appreciated - Thank you again.

Look forward to the session.

Thank you.

Padmini Arhant

Radio Show Schedule - Padmini Arhant

"Voice for Humanity" — Thu, 22 Jan 2009 13:51:30 EST

Radio Show Schedule

I will be doing a live radio show for 120 minutes from 2.00P.M to 4.00P.M. (PST) on the following days:

January 23, 2009 Friday from 2.00 - 4.00 P.M (PST) to accommodate listeners from all time zones.

Category: Current Events

Topic: Corporate Bailout

Discussion:

What should financial institutions do with the taxpayers’ bailout?

Why have they not utilized those funds to stimulate economy?

What is public demand from them and the legislators?

———————————————————————

January 30, 2009, 120 minutes 2.00P.M - 4.00P.M

Category: Current Events

Topic: Economy and Health Care

What should the new administration do for you and the economy?

How do we fix the Health Care system?

———————————————————————————-

Podcast live : http://www.blogtalkradio.com/Padmini-A

Guest Call-in-number: (646) 727 -3778

I invite you all to participate in the public forum and share your concerns, ideas and knowledge.

Your comments and thoughts are welcome in the political discourse.

Let us keep democracy alive and help our new President Barack Obama and Vice President Joe Biden in rebuilding our nation.

Look forward to the session.

Thank you.

Padmini Arhant

P.S. My apologies for not being able to schedule a convenient time on January 21, 2009. I am aiming to provide as much time as possible through whatever avenues available in getting us back on our feet.

Your participation is a huge encouragement and always appreciated - Thank you again.

The Bail out of Banks and Mortgage Companies

Rainbowrockie — Wed, 21 Jan 2009 10:31:25 EST

First of all bless you and your family and what you are about to undertake, goodluck and may your foresight be 20/20. I realize it is necessary to help the banks and mortgage companies in order to mend our economy, but i cant help feeling that their greed started the problem to begin with. I have already lost my home but hopefully you can help others keep theirs. Their greed, to me, deserves prosecution, not assistance. I wish there was someway you could prevent them and the credit card companies from scalping the hard working American people. It's not fair that the backbone of this country is the target that most of these bloodsuckers aim for. If not for us they wouldn't have what they have. Please find a way to wipeout the exploitation of the American people. I know that's a tall order, investigate them, question their ethics, and hold them accountable for their wrong doings. Put conditions and limitations on the money you have to give them. Dont enable them to continue the creative financial scams that they practice on non-deserving Americans.

The Mortgage Mess and TARP

Bela In Texas — Sun, 18 Jan 2009 09:11:54 EST

Having just read the statements of Bert Ely, a banking consultant, on BusinessWeek Online, I am appalled we have agreed to give banks more money without even knowing what they intend to do with it.

In the link below, it is clear that bankers are not changing their policy on how then lend--they have no intention of doing so. And the funding they get will be used to "pad their balance sheet" in case things get worse. Then you have someone like Bert Ely who thinks that the problem stems from some homeowners that are "irresponsible". Who is responsible for offering these lending instruments that got homeowners into trouble in the first place? Bankers that are greedy and cannot resist tapping into additional cash when the opportunity presents itself.

The banking industry should be ashamed of the "bait and switch" policies they use. I recall hearing of the "interest only" loan and being appalled that that type of loan could be offered. It was marketed to homeowners who had a hard time buying a house because of down payments. This type of loan is what is leading the "toxic mortgage" crisis, not homeowners that have difficulty making mortgage payments after losing their jobs and having their ARM or "interest only" loan balloon on them.

Banks should be highly regulated--to prevent them from offering such creative financing as "interest only" loans and high rate ARMs. Banks should be held responsible for preventing people who are not good credit risks from getting loans, not laying out the red carpet for them and then kicking them in the face when they cannot make the payments. Giving banks more money at this point is absurd and I for one will do everything I can to make sure they don't get billions more until the mortgage mess is cleaned up.

As for me: In 2006 I bought a 1400 sf. home in Florida near my new job for $270K (at the top of the "bubble"). In Oct 2007, I was laid off. After job hunting for 6 months, I finally found a position in Texas and relocated. During this time, I not only used my savings but had to tap into my 401K to continue making my mortgage payments. After relocating, I put the Florida home on the market starting at $279, then $260, $250, $220....etc. Finally decided to try to rent and received only 1/3 of the mortgage payment (remember the value of my home was supremely overinflated), so continued to dip into my 401K to support myself and my "toxic mortgage".

http://news.yahoo.com/s/bw/20090116/bs_bw/jan2009pi20090115722585

Sacred Cow Tipping - Its All About the Money

Rheanni — Fri, 16 Jan 2009 16:32:14 EST

What does bailout have in common with burnout?

The Wall Street Bailout has raised the ire of a lot of people and for good reason. Our priorities are upside down.The reason why those securities originally went bad is because people were not able to pay their mortgages. To solve the issue in the long term means that people need to have opportunities to take good care of themselves and their families. What makes simple sense is to improve their lot in life, so that they can fulfill their agreement to pay, thus keeping the banks and their securities solvent.

The only thing that has been getting real attention in the media is the money. Today’s Sacred Cow is:

"It’s all about the money."

What about sustaining self-respect and an individual’s ability to take care of themselves? So many people have hit the skids and yet, it’s the bankers we are supposed to help. It’s give, give, give, until there isn’t anything left. And now we’ve even gone way beyond that point.

Obama - Please listen to the people who know what they are talking about!

Pianoman — Mon, 12 Jan 2009 13:32:30 EST

Dear President Obama:

Though I admire your desire to build consensus with the Republicans on the Economic Stimulus Package I believe that you should ultimately take the advice of the people who truly know what they are talking about when it comes to the economy. People like Paul Krugman and Robert Reich know what they are talking about. Not the Republicans.

The Repubs have had 30 years to show that they are right. The stakes are too high and if you go their way and fail, they will still "stab you in back" (politically speaking) the first chance they get.

Pianoman

THE AUTO INDUSTRY, A FEW OF MY PERSONAL EXPERIENCES (INDUSTRIAL GREED):

Alex Karoub — Sun, 11 Jan 2009 21:14:47 EST

Contact: Alex.Karoub@gmail.com

This post is a brief overview of the Automotive Industry which describes some of the fundamental problems that are rarely spoken of. In addition, you will learn of a few of my personal experiences growing up, an environment where I was surrounded by the industry; you will learn of a few perspectives that are shocking and that even only a few within the industry know of. At the end of the post, you will better understand what happened to American Manufacturing and where it stands.

The Auto Industry is at the heart of all of American Manufacturing. It is an industry that laid the groundwork for many other types of industries to follow, deemed at one point in history to be the highest of successes. But now, it sheds light on what can become warning signs for other businesses that mistakenly try to imitate it.

This months hot topic is whether to bailout/rescue the regressing American Auto Industry. The original owners and their successors abandoned that industry long ago. The auto industry was ravaged and plundered by the wealthiest Americans a half century ago and has been in decline ever since. Shortsighted greed from one generation to the next has been the culprit. Since autos were first mass-produced and America monopolized the world, it was only natural that the American percentage/share of the market would eventually be reduced. However, total growth was enormous and total size of the market continues to grow even through today. Therefore, American growth of exports should have continued to grow, but does not significantly due to pillage and poorly planted roots. In simpler terms, we originally owned the entire pie. The pie was split up. Since the entire pie has grown dramatically, our piece should have grown too. However, the Big 4, 3, 2, … have been loosing market dominance and lead since the end of World War Two. Here we are years later in crisis, and the real question remains whether or not to rescue the real victims of the auto industry, the workers. People were not retrained or re-educated; most were never afforded real education's to start. People are now in despair and hopelessness. From my vantage point now living in Colorado for the last two decades, I have seen the high tech industry follow the auto industry, but at a learned and accelerated rate. Other industries are also copying the auto industry and are laying similar foundations also headed for disaster. Going back to a brief history, the misguided roots show how the decay started and why it spread.

Although I did not grow-up during the inception of the Auto Industry, its roots surrounded me. I spoke with a few who were there in the earliest days, and spoke with many who were of the following generation. I absorbed its history by studying it while attending school in Motown (Motor Town), by natural osmosis, and in my earliest career dealing with the car makers.

Growing up as a kid I lived less than a mile from Henry Ford's first moving assembly line factory, with GM’s World Headquarters’ just three miles away, and with Chryslers World Headquarters at the end of our street. The first Ford plant (in Highland Park, a city now surrounded by Detroit) and the first of GM's plants were built on the importation of the next generation of former black slaves and white share crop workers from the south (whites similar to former slaves whose white necks were red from working in the sunny fields, hence the mean spirited term 'Redneck'). The joke that Henry Ford must have laughed at and that went around town was "each worker would get paid enough to buy a Ford" (Of course using infamous 'Ford Credit' which was a primary direct withdrawal from their pay checks.) Henry manipulated a built-in guaranteed customer base and tapped double profits, being profits on the cars and the profitable bonded interest. Those were scams that he copied from sharecropping. The remains of their wages were so low that they had to live in shacks; but after all Henry felt, they came from shacks near the fields in the south. So much bigotry and repeated methods from sharecrop economic slavery. Instead of updating and rebuilding the original plants and without regard for the people who were the workers, the emerging auto giants left to go further to the suburbs.

So, as they moved and grew they imported shipload after shipload of immigrant economic slaves from Poland (to Hamtramck, MI) and more economic slaves from the Middle East (to Dearborn, MI). There were other minorities imported as well, also imported for economic servitude to supporting industries such as mining, iron works, steel fabrication, glass works, textile, …. Astonishing how easily the game of 'divide and conquer' worked upon the variety of minorities; a game of keeping the workers pitted against each other using race and ethnicity; all to hold back the power of the people from truly uniting. WW2 caused the Automakers not only to retool but also to reevaluate their future directions.

Soon, after the victory of WW2, came the Auto Giants grand visions for economically conquering the world via expansion outside the U.S. They quietly boasted that that would leave mainly world headquarters executives, designers, and engineers in the U.S. with the prestigious white-collar jobs. It was felt then (and these are not my bigoted opinions, not from me, yikes) that after all even 'the weaker sex' could do factory labor jobs as seen during WW2 (i.e. Rosie the Riveter). So why not have the 'stupid foreign workers' do the labor outside the U.S. What also gave way to the idea that manufacturing could succeed outside the U.S. was Mexico; since Mexican workers were also imported, but only temporarily during WW2. (By the way, the temporary Mexican workers were never fully paid back as promised during WW2.) A tremendous wave of pride about white-collar jobs became very popular in Detroit and in other automotive communities during the 50's. That vision sat poised on the back burner, but a pre-planted seed was already in place, which was Canada (Windsor) just across the Detroit River.

Canada was a much-desired orchestrated precedence for the automakers; it set the stage for grace given by the government as an easily set up protocol for off-shoring jobs. Soon after, the automakers made a migration south to other states, then further south to Mexico, and finally overseas and on to economic slavery in China.

Today we see the results of the destructive path the industry has taken. Layoffs, instead of being temporary situations reserved for pauses during new model changeovers, eventually became the mark of permanent labor plant closures. Obvious abandonment of people soon became the name of the automakers game. Along the swathed trail are - Highland Park, Detroit, Pontiac, Flint, Marquette, Gary Indiana, Pittsburgh, Toledo, Cleveland, …, which became known in the early 80’s as 'The Rust Bowl’. Sort of a rape, pillage, and burn mentality, which continues to today.

Amazing how well the reasoning of "that's the way it's always been" persists and grows from one generation to the next. Excuse after excuse gave temporary reasoning to incremental geographic movements for global conquer. Temporary excuses ranged from the need to originally amass large workforces, to the hindrance of union pressures, to American workers are lazy, to 'over' government regulation, to …, all straw obstacles as to why the auto industry needed to move as it did.

No! Greed is not good. We see how those at the top of the industry have each come in, grabbed with their greed, and left. Now today, we see how greed has caused "what once was, no longer is". So in short, now we see the results of greed, poorly planted roots, and disregard, taking its toll on America. Equally, is the toll on the myriad of unrelated businesses, old and new, that have adopted the auto industries infectious habits of having little to no regard for individual people that make up the American workforce. People.

While being raised in the center of Detroit, I experienced many situations involving the Auto Industry; the following although early was not my earliest, and is an actual example.

Around 1963, when I was 11 years old, I remember George Romney visiting our house to exchange political favors. Our 23-room house was a rundown relic of a past era, but it cleaned up well as a phony front for wealth and pretentious power. I remember we kids had to pretend that we were Christian Protestants for the visiting Governor (former Chairman of AMC) who was doing his Christian Mormon tradition of visiting the homes of his new legislators. How ostentatious they both were with fraudulent humility of how they rose from their humble beginnings. But more to the point, I remember Romney sitting at our dinning room table and saying "The Big Four Automakers don't have to worry about giving the Unions what they want, as long as the benefits will not be due for decades. By that time the labor plants will be outside the U.S." That shocked my brother Jimmy and I, as we listened playing in the sunroom just off the dinning room. Later we were once again physically punished (beaten-up), this time for listening to adult talk. Jimmy a year older than I, and intellectually gifted, soon became a Page at the State Capital. The accounts he returned with were shocking as well. Growing up as we did would make your head spin and open your eyes to disgust. We continued living in those surroundings until we grew out of our teens. Then we moved on to make our own adult lives, creating better environments much different from what we were born and raised in.

Recalling back to my teens, I realized back then the Detroit riots were not only about race, but was also about economic oppression. It was the minorities who were oppressed the worst, most especially African-Americans. Bad however you measure it is bad. (For a better understanding of the decline of Detroit and to better understand the riots, take a look at my other post: “DETROIT RIOTS OF 1967, A RECOLLECTION OF THE TRUTH.” You will also better understand how very close we came to seeing a nationwide repeat of the riots in the coming Spring of 2009.)

Unions, workers, man-hours, laborers, …, are not people, they are burdens to be minimized and eliminated. While watching Lee Iacocca being interviewed on Charley Rose last year, I noticed Iacocca admit that he new all the way back during negotiations with the unions, in the early 80’s, that Chrysler would never have to pay off in full on long term commitments to the unions. As Iacocca danced around the issue he said "now the unions will have to face reality". And, as Rose went on to discuss it more, Iacocca was getting more uncomfortable, and eventually managed to change the subject away from discussing past union negotiations. Iacocca was a bit slicker than George Romney was, since Iacocca was on national TV. It made me ashamed that Chrysler World Headquarters was at the end of our street when I was a kid. And, that as a young adult I had so proudly in my early career returned while working for a couple of electronics companies to Chrysler's World Headquarters R&D operations. I thought it an honor to have paid Iacocca's in-house barbershop to cut my hair, even his same barber. Some honor.

Following Chrysler, I moved up to deal with GM, and was puzzled. I listened to upper executives at GM complain that they constantly had to bribe Mexican government officials and border guards for GM plants. I guess they also assumed I already new and accepted that the plants in the late 70's had already begun their exodus to Mexico and other countries. I have always looked at bribery as disgusting and wrong, it was not for me or those who I dealt with, that's among the many good things that a mentor named Jack Bazzy taught me as a young kid. By becoming acquainted with other mentors as an adult, I learned to seek out highly reputable employers and quality knowledgeable friends. I learned how to educate myself, and moved up very high in the scientific and technical industries, all of which I enjoyed.

Although I grew up in Highland Park / Detroit, that was not anywhere near my top focus in choosing Obama. But, it is a simple history for me to recall, amazing how many more details I can give, but the main points have been brought forward. In addition, from being a mutt of sorts myself, to being a self made man, be that what it may, I have no illusions of being great. What I do mean here is that I quickly recognize many of Obama's unique insights, although mine are different but a bit similar in nature. Like many Obama supporters, I have personal experiences on most issues Obama has raised. So, above is just one of many examples that I can personally give.

To better understand manufacturing in America, you can read my other blog:
WHAT SCREWED UP MANUFACTURING FOR AMERICA

Blog members can reply here, anyone is welcome to email me at: Alex.Karoub@gmail.com

A front line view.

Kyle from Fort Lauderdale, FL — Thu, 08 Jan 2009 13:38:31 EST

Just want to voice a certain view I think MUST be noticed and taken action on. Our federal bailout of lending institutions has gone where? There are articles about banks making mortgage loans available, however when my partner purchased his home, with stellar credit + 20% down, we learned the lending is stricter than ever for mortgages. The majority of Americans are simply not interested in purchasing homes to begin with these days. So where is that money going to?

I run a finance consulting firm that specializes in consumer finance, handling nearly 2,500 requests per month for non-mortgage, unsecured finance, both for small businesses and personal use. I have to say that lenders have nearly stopped lending. Home sales have plummeted, credit limits have been slashed (dropping personal credit ratings of qualified, responsible individuals in the process) and lenders have gotten paid for it!

My companies clients, whom have 700+ credit with verifiable income documents and the ability to afford the new debt they request (by the lenders published guidelines!) cannot receive financing to consolidate their high interest credit cards, they can't get working capital lines to keep their employees on payroll through these tough times or expand and hire new employees.

As someone on the front lines every day, whose company has seen approvals for our clients (and company revenues) drop by a staggering 40% in the last quarter I really think something needs to be done about this. My company is not going to receive any bailout funds and the actions of these lenders, who received our tax money to fuel this economy, is going to put my business; and the businesses of hundreds of our clients per month, into a position where we will have to put people out of a job to survive this hard time.

Something has to be done about this. If the fundamentals of our economy are built on small business, as so many like to preach to the camera, we can't allow large enterprise to take our money and use it as kindling to burn us.

All in all we gave our money to those unable to manage their own. We are paying the price for their inability to perform now for the second time.

Dramatic, Informative INVESTIGATIVE Journalism: THE RECKONING!

Lauralyn — Mon, 05 Jan 2009 23:17:24 EST

When I clipped out the Sunday, Dec. 21, front page-above-the-fold story:

"WHITE HOUSE PHILOSOPHY STOKED MORTGAGE BONFIRE"

I had no idea it was part of a SERIES of Pulitzer-caliber investigative reports on various aspects of our current economic crisis under the title:

The Reckoning!

To read the first addictive paragraph and get links to the BONFIRE as well as the entire series, check out my E-Blogger blog:

"Lauralyn Bellamy Said What?" www.lauralynbellamy.blogpost.com

Countdown to Inaguration Day

Ashwin Raj — Sun, 04 Jan 2009 10:55:37 EST

A new kind of politician is asking to hope and believe... a refreshment of words, considering the unprecedented faceoff between an economy complacent with frivolous regulation and a society starved for self-inflicting liberalism. Emerging from a campaign garnished with depravity, naivete and tragic idiocy, here is someone with an apparent determination to pen an audaciously interesting chapter or two in America's history book.

Obama is not eligible to be President

TimeToTellTheTruth.net from Monroe, LA — Fri, 26 Dec 2008 12:07:28 EST

Obama's father was not a U.S. Citizen, therefore Obama is not a "natural born Citizen" as required by the constitution. Congress needs to contest the Electoral Votes and name a President as the 20th Amendment allows. The U.S. Supreme Court should get involved if on January 8, 2009 Congress does not uphold their oath to defend the constitution.

Gays and Childish Whining!

Faith.Hawaii — Fri, 19 Dec 2008 03:37:23 EST

Folks remember 5 years ago when no one spoke out about anything because everyone was so afraid of how our government would react.. Having media fired. No reporters at government press conferences. No questions allowed or you were unpatriotic. You could be arrested no questions asked, phone companies violating your rights???

Now you finally feel your freedoms returning and your general reaction is what... Graciously extending yourself to work along with others. Playing equally and fairly along with others. Offering the world a bit of Grace...

Hell no! You whine and whine and whine about me me me. Hold large marches to feed starving American children? Nope ....it's all about you you you!

How about a large march for equal pay for women first? Or the forty acres and a mule for each African American? Or caring about any of our Native Americans, do you even know the history of Hawaii where President Obama was born?

What about a massive march to tell our government how to Govern us. Say $500,000 to every man women and child in America. A check which when we deposit into our favorite local bank will deduct $90,000 for our part of the National debt and send it to the Government. The Government will insure our monies to $500,000 for 2 years till each person has a chance to decide and determine how to distribute his 410,000. No rules as to how each invests his money. (More than one mortgage, tough. Pissed cause you have no children and your neighbor has ten, tough, you too could of had children. Not enough money to bail out your car company? Tough, talk to your rich employees if they will talk to you. Gamble your money away on Wall Street, (named Wall Street because it is 'the wall' where the slaves were chained to sell...) tough, we once had a chance to be equal... and blew it.) I have heard a number of ordinary folks ask this question of 'the experts', those experts simple ignored the question... I wonder why. It may be a stupid solution... but at least it is some sort of offering.

Does whining and complaining about all you don't have, help you? Is it constructive to try to create the world in your image now? Can you extend to others the freedom you yourself desire?

Can you just hear my prayer that freedom means Freedom for all, everybody gets a wee bit of space. Everybody gets Some Space! A Word! A Prayer?

12/18 10:43 PM Hawaii Time

faith

Big 3 Auto Bailout

TxNerd — Thu, 18 Dec 2008 12:29:00 EST

Perhaps the answer to the auto bailout is for the US Government to buy the physical plants that the auto makers are using to build cars right now. If they can't manage their business and go under then we could retool and use these facilities to speed production of new military vehicles, build windmills, solar power units, build barriers to help secure the flood-prone New Orlean and other coastal areas, build FEM housing, etc. The issue is not losing the auto makers but is insted is about losing vital jobs. If we can't build cars there must be something else we can build in these facilities to keep America productive and moving in the right direction.

We will probably give the auto makers a bailout plan but it should be a one time deal and should come with close government oversight. It should insist that the company and workers make the right decisions to ensure their company and their jobs going forward. We cannot be held hostage by for profit American companies.

$700 BILLION DOLLAR BAILOUT

WEBMASTER — Mon, 15 Dec 2008 13:42:33 EST

Monday, December 15, 2008 10:29am EST / Posted by Dave Rochelson, Change.gov Newsroom

In case you have some questions about how the Treasury Department is spending the $700 billion of taxpayer dollars that Congress authorized, you're not alone.

The Congressional Oversight Panel (COP) is tasked with answering just that question.

Established by the same law that made the $700 billion fund available, COP is chaired by Harvard Law School Professor Elizabeth Warren - a bankruptcy expert who has written extensively about the credit crisis for the blog Credit Slips.

Over at COP's homepage, COP.Senate.gov, she recorded a short video to tell you a little bit about the panel and the work they'll be doing.

In their first monthly report, the panel lays out 10 questions about the use of the economic stabilization funds, including "Is the strategy working?" and "Is the public receiving a fair deal?"

To answer those questions, COP is going to be holding hearings with officials from the Treasury Department, the Federal Reserve, and elsewhere to make sure that your money is being put to good use. But they're asking for your help and your involvement.

Watch the video, read the first monthly COP report, and share your story of how the economic crisis has affected you at COP.Senate.gov.

New Law to Solve Foreclosure Crisis

James from North Las Vegas, NV — Sun, 14 Dec 2008 14:38:42 EST

I started this blog because I bought a home a few years ago in Las Vegas, when the market was hot and now I've lost so much money on my home I can't even sell it if I want to. If I did I'd probably end up with a net loss of over $100,000. It was my first home. I put nothing down, with a 5 year arm. I have good credit, and so far have not missed any payments. However because the economy in Vegas is getting worse, I'm not sure how much longer I can afford to stay in this home. And since it's not appreciating and doesn't look like the value will be coming back anytime soon, it's looking more and more like a lost cause. I know there are many others in Las Vegas that are in the same situation that I am in, so this blog will be a good place to express your anger toward the banking system and government. I believe they both share in the majority of the blame for the foreclosures. I hear talk that the Govt. is working on it and Obama is planning on doing something, but not much action or specifics as of yet. I'm not sure the government really does have a plan. At least doesn't seem like they have any real good ideas yet. So I started this blog so Americans can post their thoughts themselves and discuss some possible solutions. The foreclosure crisis is the root of all our economic problems and what triggered the recession, so we will not only be solving the foreclosure crisis, but also saving the entire country from meltdown.

Bank of America Spends $7 Billion on Chinese Bank, Then Lays Off 30,000 Workers

John Lewis-Dickerson, Atlanta — Sat, 13 Dec 2008 20:54:01 EST

Bank of America Spends $7 Billion on Chinese Bank, Then Lays Off 30,000 Workers

By: Ian Welsh @ firedoglake.com - Saturday December 13, 2008 1:00 pm

Ah, the sweet smell of your TARP money being used to batter the US economy senseless. First Bank of America gets $15 billion of TARP funds, and issues $9 billion worth of bonds guaranteed by the FDIC, then it spends $7 billion to buy a big stake in a Chinese bank.

Now Bank of America announces it's laying off 30,000 to 35,000 workers. Why? In part because it took over Merrill Lynch and wants to "eliminate redundancies". Now, that's entirely rational for Bank of America, as is spending $7 billion to buy up shares in a bank cheap (they got a below market price). But it's not good for the US because that money was meant to be loaned to Americans and because layoffs make the economic situation worse (and those laid of workers will immediately cost the government a ton of money.)

Economic decisions which can be rational for individual companies or people can be very bad if everyone starts doing them. A large part of the government's job at this time is to make sure that as few people are getting laid off as possible, that money loaned to banks is being loaned to businesses and consumers and so on..........

ENTIRE POST - http://firedoglake.com/2008/12/13/bank-of-america-spends-7-billion-on-chinese-bank-then-lays-off-30000-workers/

Bailing out the U.S. Auto Industry – How God keeps making it easy for Barack

Fishcounter — Sat, 13 Dec 2008 20:30:51 EST

I heard Barack Obama’s campaign promise on more than one occasion to build fuel efficient and alternate fuel cars in America, not Japan, not South Korea and to reduce America’s dependency on Foreign Oil. He has just been offered a wonderful opportunity to do just that.

All he has to do is take the $15 billion for the auto bailout and announce that this money is available as grants to any company, including the current big three U.S. automakers, any university or any group of qualified individuals that sends in a proposal to design and build a prototype of a fuel efficient, alternate fuel car or both. These companies, universities or groups of individuals have to be American owned of course.

Once the design and prototype proposals come in, part of the $15 billion should be used to fund the most promising ones. Once the prototypes are built and tested those companies, universities or groups of individuals responsible for the more successful and promising ones should be asked to submit a proposal to set up a pilot production facility in America, using American labor to build 10,000 or so of these vehicles and sell them on the open market.

The most promising of these pilot production proposals should be funded with the remaining part of the $25 billion. After these pilot production vehicles have been built and sold on the open market we should let the market decide which ones continue on from there as the $25 billion will have been spent.

Cheney: It's 'Herbert Hoover' Time (if Government doesnt provide auto industry bailout)

Josh and Kade — Fri, 12 Dec 2008 10:23:01 EST

Senate Republicans’ dramatic revolt against a White House-backed auto industry rescue plan is fraught with political risk.

While the high-stakes gambit places them squarely within the mainstream of anti-bailout public sentiment, at the same time it exposes the party to potentially devastating criticism that its failure to compromise doomed the Big Three automakers and deepened the economic recession.

Republicans argue that their rejection Thursday evening of a $14 billion loan package came in response to the concerns of angry taxpayers who are unwilling to pay for an auto industry bailout on the heels of October’s $700-billion financial bailout package.

"I think it would appear that the people who voted against this are carrying out the will of the voters as expressed through the phone calls to our offices," said Sen. Charles Grassley (R-Iowa).

But that sentiment betrays the deep rifts the issue has revealed within the party, pitting Rust Belt and auto-state senators who joined Democrats in a plea for federal aid against their Southern colleagues who represent states where foreign-owned automakers constitute a significant economic presence. All of this takes place against the backdrop of an intraparty debate over whether the GOP has lost its core value of limited government.

“I’m not even thinking about the politics of it, I’m talking about the substantive part of it, the people who are losing their jobs, the suppliers and the automobile dealers,” said Sen. George Voinovich (R-Ohio), who faces re-election in 2010 and was one of just 10 Republicans who voted to advance the bill Thursday night.

By opposing the automaker bailout, Republicans now find themselves vulnerable to charges that they are insensitive to ailing American auto companies and the millions of workers reliant on the domestic auto industry, a problem compounded by their inability to rally around a clear alternative to the $14 billion package of loans that had been backed by Democrats and the White House.

“Clearly, it’ll be on their heads,” said Sen. Kent Conrad (D-N.D.). “It passed the House, and Democrats in the Senate and the White House are on the same page. They’re the odd person out here. It will be on their shoulders if it doesn’t go forward.”

Republicans furious at the government’s intervention to prop up the economy say the vote against the bailout marks the beginning of the party’s return to its small government roots. But even those members acknowledged the downside risk.

Sen. Jim DeMint (R-S.C.), a fierce critic of the bailout, said the failure of the bill could hurt his auto-state colleagues, but noted, “politically, I think Republicans can show a real difference [with Democrats] here.”
The bigger risk, he said, was pumping more money into companies whose problems were bound to get worse and would likely return to Congress asking for more money.

“I think the public is going to turn on all of us as we go through a deeper recession over the next few months because they are going to see all of this money being thrown at this thing and more and more people realize that the foundations of the recession were based on bad government policy,” DeMint said.
Some strategists say rejection of the package could prove costly to Republicans in the industrial parts of the Midwest.

“The big question is what happens next, if the auto companies are still in business in January or March, whenever it happens to be, [there won’t be] much fallout,” Senate Majority Whip Dick Durbin (D-Ill.) told Politico. “But if something dire occurs, if one of the companies or more face bankruptcy or layoffs and that has a dramatic negative impact on communities, families or the economy, then I think there are some questions to be answered to think whether this might have been enough to keep them in business and help them survive.”

Administration officials have been warning for weeks that failure to pass the bill could lead to an even deeper recession.

That was the message Vice President Dick Cheney brought to a closed-door Senate GOP lunch Wednesday, reportedly warning that it’ll be “Herbert Hoover” time if aid to the industry was rejected, according to a senator familiar with the remarks. A Cheney spokeswoman would neither confirm nor deny the vice president’s remarks.

The White House could still use its authority under the financial bailout law known as the Troubled Assets Relief Program to provide aid to the industry, but the Bush administration has strongly resisted that approach. Meanwhile, Federal Reserve Chairman Ben Bernanke has warned that he could not be relied on as a backstop if additional loans were needed for the first quarter of next year.

That means the White House could take the blame both for spending money and failing to stabilize the auto sector.

Ron Bonjean, a Republican strategist, predicted “neither Republicans nor Democrats are going to get the blame because the White House will use TARP money.”

The Bush administration’s resistance to release the money has put the onus on Congress. But Senate Republicans stayed away from negotiating a bailout, allowing the White House to broker a deal with Democrats, which the House approved Wednesday night with 32 Republicans, mostly from auto-producing states, joining 205 Democrats in voting for the measure.

Minority Leader Mitch McConnell (R-Ky.), who has auto plants in his state, has been torn between the warring factions of his party. He had waited until Thursday to announce his opposition to the bill, then later embraced a proposal by Sen. Bob Corker (R-Tenn.) to beef up the administration bill by setting out specific steps for bondholders and labor to take to slash General Motors’ debt and operating costs by the end of March or see the company go into bankruptcy.

Republicans had hoped to use the Corker proposal to deflect blame that they had no viable alternative.

“If we’re viewed as being proactive and trying to solve this problem with a good solution … I’m not sure they can argue we weren’t trying to fix the problem,” said Sen. John Thune (R-S.D.).

But Republicans failed to rally around the Corker plan until late Thursday, preventing them from properly explaining it to the public. McConnell dispatched Corker to find a bipartisan solution with Democrats, but the talks stretched through the night, and Corker ultimately failed to sell a revised plan to the GOP caucus.

Republicans will now have to convince the public that they sought a middle ground, but ultimately decided to side with the taxpayer.

Otherwise, “they look like they’re in disarray,” said one top GOP strategist, speaking on the condition of anonymity because one of his auto clients backed the $14 billion in loans.

http://news.yahoo.com/s/politico/20081212/pl_politico/16515

[Question: "If privitzation is so great for our country then how come industry like auto is about to be bankrupt?" About to be bankrupt is an indication privitzation is not the answer, government is-

Yeah, yeah Republicans are against big government and more for privitzation. But look guys where has Privitzation gotten, us other then in recession?

I have never been for privitzation in government because i know its all about making the big bucks for share holders and well...citizens are left paying debt if something goes wrong. Privitzation is none other then exploiting US citizens from special interest groups.

LOOK! Republicans....it is time you allow the government to intervene being that your attempt to expolit the rest of us failed, miserably. Time to quit being selfish and start distributing the wealth. This administration isn't about YOU ANYMORE. Time to pack up and be gone.

Democrats know what they are doing and either way you look at it, they will continue to clean up the mess you made for years to come. Should you be happy? NOPE! You should crawl back into your shell and don't come out for at least 4 years. At least this way the Democrats can do their job without interference.

Republicans have shifted this country away from prosperity long enough it is time to get the *uck out of the way so democrats can do their job. Thank you.]

Kade

ARISE Working Class People

Rebecca from Madison, WI — Thu, 11 Dec 2008 21:31:30 EST

Hi my name is Beccie from Madison WI. Thank you for acknowledging that the working class people are suffering. The rich don’t seem to be hurting much, do they? Do they even know why their money has gone? Do they even know how they got their riches? Well, I will tell you it’s the working class people! When these corporate millionaires close their plant doors they put us out of work. Without working class people working you end up with nothing. You can see by the bailouts that the banks are still losing money. Well you close the doors and we don’t get paid, money doesn’t get deposited into the banks. Mortgages don’t get paid, investments don’t get made, and a partridge and a pear tree. The car companies should open the doors to all their plants and convert them to rebuilding our mass transit system. The working class people would be working to solve a growing problem that America is facing. The importation of mass transit vehicles. How about instead of the banks and corporations requesting billions, we the American people demand that they give us billions. They should empty their bank accounts and personal assets if they want to keep their jobs? Most of the working class people view these fat cats as terrorists! Either, the taxpayers give them the money or they will destroy the economics of our country. All of these demands without even the promise of not opening more plants or hiring more workers. Rich people just want to get richer, they don’t see that they are destroying the real basis of their wealth… working class people! Like dealing with greedy little children we should seize all their assets and re-open the closed plants and put people to work making America more self-sufficient and self-reliant.

THESE PEOPLE HAVE TO REALIZED THAT THEY HAVE GOTTEN RICH OFF THE SWEAT OF WORKING CLASS PEOPLE. IT IS TIME FOR THEM TO STOP OR BE STOPPED.

Giving 'til it hurts: Money for nothing, and the crooks go free

John Lewis-Dickerson, Atlanta — Thu, 11 Dec 2008 17:20:13 EST

Giving 'til it hurts: Money for nothing, and the crooks go free

by Alan Bisbort @ smirkingchimp.com | December 11, 2008 - 9:32am
To give is to receive, they say, and I don't doubt it. For example, every time I give money to an organization, I receive a note thanking me for my donation and asking me to give more money, in the convenient pre-stamped envelope. Is there an echo in here? Or is this desperation?

Everywhere you look, people are in need. Among the neediest are the ones who have been "giving" the most to people who say they're needy but are not, if that makes any sense — if anything makes sense about America's economic priorities at present. As New York magazine reports, Dick Fuld, CEO of Lehman Brothers, "earned" $480 million in bonuses in recent years and lives in a 20-room Greenwich (Conn.) mansion, one of his five houses. This even as Lehman went belly up, the largest bankruptcy in history. As our own billions are shoveled to Wall Street sharks like Fuld — who don't even thank us for our donations — we are asked to give still more. That's the crap shoot on which this fragile economy has been based since the 1990s. When the inevitable collapse occurred, despite ample warnings, it was as if no one was responsible, that it was all a big unforeseeable mystery. And THAT is the greatest con of all.......

ENTIRE ARTICLE - http://www.smirkingchimp.com/thread/19149

Republicans Bring Socialism to America

John Lewis-Dickerson, Atlanta — Thu, 11 Dec 2008 00:07:56 EST

Republicans Bring Socialism to America

AP photo / Charles Dharapak

President Bush shakes hands with Treasury Secretary Henry Paulson at the Treasury Department after the House passed the $700-billion financial bailout bill on Oct. 3.

By Robert Scheer @ truthdig.com

Let the record show that it was George W. Bush, the rich Texas Republican, who brought socialism to America, so don’t blame it on that African-American Chicago Democrat community organizer who made it into the White House. The government takeover of the banking and automobile industries not only happened on President Bush’s watch, it was also the deregulatory mania of this president’s family, beginning with his father, which took this country into such starkly unfamiliar territory.

What a betrayal of free-market capitalism. And who would have thought that it would be the candidates backed by conservative pundits Bill O’Reilly and Rush Limbaugh who made it possible? You actually could trace the destruction of corporate capitalism to the much-ballyhooed “Reagan Revolution” of the movie actor who got his main training for the presidency as a huckster for General Electric, where he honed the message of “getting government off our backs.” The revolution of unfettered corporate capitalism led to an era of unfettered corporate greed, which sowed the seeds of its own destruction........

ENTIRE ARTICLE - http://www.truthdig.com/report/item/20081209_republicans_bring_socialism_to_america/

auto industry and health care

Jonathan — Mon, 08 Dec 2008 18:56:35 EST

Health care is a major part of the expenses of big industry. So a bailout for the auto industry gives an unprecedented opportunity. Let the bailout include single-payer government-run healthcare for the company employees. It could be a trial run for a national health-care program, and it removes a major expense from these struggling companies.

Approach to providing government loans to auto makers

DanH — Sun, 07 Dec 2008 16:02:17 EST

Just wanted to share a letter I sent early last week to my state's Senators, Barbara Boxer and Diane Feinstein, and to all the Democrats on the Senate Banking Committee:

With regard to the Automobile Industry emergency loans, I would like to express two main concerns:

The automakers are so entrenched in leadership with bad judgment and unable to think progressively, they won’t change direction quickly enough to avoid failing anyway, even with very expensive and long term financial help. GM especially displays an unrepentant attitude. For example, during the October hearings, GM Chief Executive Rick Wagoner insisted that they already had a viable business model, and that the only reason they were having trouble was due to the recent financial crisis. This is simply not true as their sales and stock price had been declining at a disturbing rate for more than a year, an indication of the public’s perception of GM as a viable company.
We have a secondary pending crisis evolving as we speak, which is that of carbon dioxide emission and global warming/climate change. This could be the most comprehensive opportunity we will ever have to cause of paradigm shift in the American auto industry’s negligent ways with regard to this issue. According to the preponderance of peer-reviewed scientific evidence, we don’t have the luxury to wait. We must make dramatic efforts now to curtail carbon dioxide emissions, future environmental crises will make our current economic crisis seem like a walk in the park.

Now that fuel prices have dropped to a fraction of what they were during the summer, and if history is any indication of the automakers’ (and the American publics’) shortsighted habits, the auto makers are going to resist moving toward fuel efficient and alternative energy driven vehicles. They will reapply lobby pressure to resist imposition of efficiency and technology regulations. Their ties with big oil will be renewed and we will face far greater crises in the future than the “depression” the auto makers are fear mongering about in the news today if they aren’t bailed out.

Congressional leaders rightly insisted that the automakers must develop a credible restructuring plan that results in a viable industry with quality jobs and economic opportunity for the 21st century while protecting taxpayer investments.

I believe the kind of detail they need to provide in their business plan includes:

the product lines they plan to keep and the product lines they plan to discontinue or scale back, complete with supporting rational for each by model.
a timeline for the increase in estimated average increase in fuel efficiency of their fleet as calculated by a weighted average each year. Weighted average metrics would include estimated car sales by model and miles per gallon by model.
timelines and model specifics for planned plug-in hybrid and electric vehicle product lines
specific cost savings estimates by line item, including elimination of lavish executive pay packages.
documentation of assurances that taxpayers would be reimbursed for any loans and an estimated timeline for such reimbursement.

These loan stipulations should be baked into the loan documentation in the form of loan covenants that can be tracked on a regular (quarterly, annual) basis. Confidentiality of all such information should be ensured, and should be shared only with certain members of Congress and relevant auditors who will oversee administration of any funding disbursed.

Requiring specifics from the auto makers should not be viewed as overkill. Per a recent NPR article, the three companies went through nearly $18 billion in cash reserves during the last quarter, and GM and Chrysler have warned of their imminent collapse. The only reason Ford has a bit more cushion is because they had arranged billions of dollars in financing before the financial crisis took hold, not because of their successful business model.

One more point on a claim the auto makers and others have made recently regarding the auto makers’ bailout that it is unfair to withhold financial help to them when over $700 billion has been pledged or disbursed to the financial institutions of this country. It’s comparing apples to oranges. The financial system is the backbone of all economic sectors. Without the ability for all businesses to borrow money and to do banking, all sectors of the economy would fail. The auto industry is but one sector of our economy. Granted, it is huge in terms of the U.S. manufacturing base, but its collapse would have nowhere near the devastating impact that a collapse of the financial system would have.

At the time the initial funding was infused into the financial sector, banks and lending institutions were failing in a domino effect at an alarming rate, unprecedented since the great depression. Unfortunately, we didn't have time to put together an air-tight loan covenant strategy as outlined above for the auto industry. However, I do believe that we did what we had to do to stop the hemorrhaging that would have opened up much greater problems than we face now.

I want to thank you again for all your efforts and thoughtful consideration in this most challenging and pivotal of crises.

...And We Continue....

Tony — Sun, 07 Dec 2008 04:02:43 EST

..With Our Bilingual Commendation Series "Honor A Quien Honor Merece [Honor To Whom Honor Belongs], and this time we give the Virtual Politics Award For Political Newcomer Of This past Election To:

The Republican VP Nominee: Ms. Sarah Palin

..For injecting energy to the election and for making history for the second time as the second Female VP candidate.

A piece of advice for her political future, Never fear making mistakes in the beggining for If you employ perseverance and consistency, these factors will vindicate you in the long run.

'I'm Changing the School's Name to Chrysler'

public school — Sat, 06 Dec 2008 20:39:44 EST

I am a public school teacher and I am starting a campaign to let the kids and public schools cut to the front of the bailout line—ahead of auto executives and bankers. If you want to join the campaign or help sponsor me to go to Washington, D.C. contact me at jdhagopian@gmail.com

Read my article on the subject at:

http://www.commondreams.org/view/2008/12/05-0

Published on Friday, December 5, 2008 by CommonDreams.org

'I'm Changing the School's Name to Chrysler'

I am going down to Washington, D.C. to ask for a handout.

My industry is falling on hard times and needs at least $34 billion to cover basic operating costs—but I assure you the emergency aid isn't just for me and my associates. The truth is my industry is too big to fail, and if it were to go under it would have disastrous effects for the economy and millions of Americans lives.

No, I am not an automaker executive from one of the Big Three (General Motors, Chrysler, Ford)—I teach social studies to 13-year-olds and the Public Schools are my trade.

And if "letting GM go is a terrible idea"—as General Motors Corp. Chief Executive Rick Wagoner recently warned Congress in his plea for a bailout of his failing company—then letting our schools fail in the wake of free-falling state budgets would be catastrophic.

The vast majority of school funds come from state budgets and already more than half the states have cut spending or used reserves, according to The Center on Budget and Policy Priorities.

The downturn in the housing market has led to a drop in state revenue from sales taxes associated with construction materials and other goods. Economists are now certain that local revenues will drop over the next few years as real estate values decline, generating less in local property taxes for school budgets.

In Seattle, where I teach, there is a projected school budget shortfall for the coming year of at least $24 million—an amount that could grow significantly in the face of the recently announced $5.1 billion Washington State budget deficit. The ailing economy has prompted Seattle schools Superintendent Maria Goodloe-Johnson to propose closing at least 9 schools in the District, the second round of school closures in the past few years. But the bitter reality is that the closing of schools will only save an estimated $3.6 million—nowhere near the tens of millions of dollars we need—and will only serve to create turmoil for the many communities that will loose their neighborhood school.

The argument for letting kids cut to the front of the funding line—ahead of bankers and auto industry executives—is clear: kids are more valuable than Cadillacs.

While spinning rims and glossy chrome on an Escalade embody the image of wealth, America's pupils are far more valuable. Allowing our schools to be de-funded state-by-state would have a catastrophic effect on our economy and our society.

According to Alliance for Excellent Education, a Washington, D.C. based policy and advocacy organization, if the nation's students who dropped out of the class of 2008 had graduated, the US economy would have benefited from an additional $319 billion in income over the course of their lives.

As the Alliance further explains, "In addition to earning higher wages, which results in attendant benefits to local, state, and national economic conditions, high school graduates live longer, are less likely to be teen parents, and are more likely to raise healthier, better-educated children."

"The children are the future" should be clichéd common sense—but with a free market system enslaved to short term balance ledgers, we have seen immediate gain outweigh any planning for tomorrow.

GM, Chrysler and Ford, for example, resisted the pressure to make cars with higher standards on fuel efficiency and continued producing flashy SUVs and pickup trucks that were so profitable in the 1990s.

Now that lack of foresight has thrust American auto manufacturers into crisis, they have warmed up to the idea of a government directed economy—as long as it's directed toward saving their own "backseats."

With the public experiencing "bailout fatigue," corporate America is attempting to repackage its image as some kind of militant student leader taking on the powers that be.

In a virtual Chevy Corvette turns Stokely Carmichael, General Motors declared, "Mobilize Now!" on its website, GMfactsandfiction.com. "Tell your U.S. Senators and Representatives that support for the U.S. auto industry is in America 's best economic interest."

This appeal to mobilize masses has the shrill tone of a teacher yelling at a disinterested class, given that the Big Three just cut back health care benefits for some 2 million employees.

If we can keep the funding for the music program, students across America should be taught the old Tom Paxton song that goes,

"I'm changing my name to Chrysler/I am leaving for that great receiving line/When they hand a million grand out, I'll be standing with my hand out/Yes sir, I'll get mine!"

Jesse D. Hagopian is a teacher in the Seattle Public Schools.

If you are interested in donating to assist Jesse's travel to Washington, D.C., or to help him get a hearing with Congress to make a pitch for a bailout of the schools, you may contact him at: jdhagopian@gmail.com

National Health Care Would Help Rescue the Big 3 Automakers

Bud — Fri, 05 Dec 2008 16:07:08 EST

One of the factors that the Big 3 automakers claim as their handicaps are the large sums of money that they must contribute toward their employees' health insurance policies. American companies must make these health care contributions, while most of their foreign competitors do not.

But if the United States would enact a long-overdue, tax-supported, national health care system, then that health care burden would be lifted from the Big 3 automakers! The people would benefit, and the Big 3 would benefit—even without any federal bailout!

A national health care system in the United States would help every large corporation reduce its employee costs, and that would reduce the need for American companies to move their operations offshore. Industry would remain here in the United States, and employment would increase!

Magnetic generation of power.

Janiece from Saint Louis, MO — Fri, 05 Dec 2008 13:25:46 EST

I am wondering why no one is taking this technology serious and why we aren't hearing about this ready to go technology that would provide 100% clean energy to the world in a very short time. Of course it will render all other methods useless but why not do that. They have failed and why waste any more time on them. This is an answer to the auto industry, pollution and affordable energy for everyone. This one technology could turn this ecomomy around in a heart beat. It's the most simple and efficient way to go and we need to implement it before we start with wind, tidal, solar and the rest because it will render the all obsolite before they are finished. If you pick up on this and turn your back on big oil and nuclear and clean coal that doesn't even exist you will be a world hero and go down in history as the one guy who really changed the world for the better. Please investigate this and make it happen. It's a bold move to diss the big guys and it will turn the world on it's ear but it is for the good of the people.

Bailout Social Security?

Bruce777 — Fri, 05 Dec 2008 12:33:15 EST

Well ... In spite of all the blog not to Bailout, we have bailed out. Now, the car companies want billions. Seems we've opened our wallets and everyone wants a hand out! Stop the Bailout! Make those free-enterprisers pay for their own mistakes and lack of planning. Wells Fargo Bank (not in trouble) was forced to take 25 billion they didn't even need! Let the car companies go into bankruptcy, just like the airlines ... except use a little more common sense on the number of hours an employee has to work (Flight Attendants work 14 to 18 hour days!). The UAW needs to look at the non-union auto makers and lower the $28/hour they demand down to non-union pay. A large majority of the $70 per hour cost that auto companies incur goes to retired auto workers. Let's pay back all the monies we've stolen from Social Security and pay the retired auto workers their due portion from there. Social Security (of course) is not enough to retire on. The 1937-Act was passed to supplement Social Security. Fund and beef up 1937-Act Funds to supplement Social Security. In the meantime, Bankruptcy should force the auto makers to move to making reasonably priced green autos, only. Toyota's Prius is a prime example (just make them good-looking). This Bailout is forcing our government into the Private Sector. Yes, because of Man's greed, government needs regulate. However, with the exception of California's Governor Arnold Swartzenegger, I would guess not many of our legislators have made most of their fortune outside of government.

The Stutz Bearcat...

James — Thu, 04 Dec 2008 20:03:15 EST

I was up North, visiting my parents and generally circulating among the myriads of 'out-back' Northern Wisconsin types in winter. Lots of red plaid. Lots of farmer johns. Lots of talk about what the country is doing and where it is going, in terms that even Floyd R. Turbo could not fully appreciate, or take in. After all, I was about twenty-five miles North of the home and base of the John Birch Society. I mean it. It really is there, outside Appleton, and they have a building with their name on it. I blew a tire on my Volvo. The steel belt went and, since the car is one of those rare weird 'R' models, it takes a special size tire. They ordered it and then put it on the next day. It was the wrong size. They ordered it again, this time getting it right. But it meant that I was up there an extra day. And it meant that I had to spend a lot of time at the automotive place waiting. I did so, hanging about, talking to the other customers and some of the mechanics. The auto repair place is built for this kind of winter gathering, however. They have a fake soda fountain with booths and tables built into one corner, a showplace for an old Chrysler and an ancient motorbike in the other, and a lot of radiant heaters.

So we talked while we all waited. I only discovered on the second day that I was the only customer with a car in there. The rest of the 'guys' were just guys who stopped by to warm up and talk, and drink free coffee. Cop coffee. Really really bad, but with plenty of fake cream and stolen restaurant sugar packages.

It seems that the consensus, from Birch-land up there, is that the auto companies should be on their own. No bailout. No help whatever. Let them go bankrupt. "Let them face the same music we would have to face if we got ourselves into the same predicament." I was quite surprised, as when I looked out into the parking lot it was filled with Chevrolets and Fords (mostly pick-ups) and a few Chryslers too. Not a single Prius graced the lot, and certainly nothing with that strange "H" on its trunk (as in Hyundi). So I asked them what they would do if there just were no more Cadillacs, Oldsmobiles, Pontiacs, Buicks, Fords, or Chrysler products available anymore, or parts either. That question floated around above everyone's head for awhile. Finally, one old-timer decided to say something. "It won't come to that. Those guys who run those companies are smart fellas. As soon as they get rid of the goddamned unions everything will be back to normal. Toyota did it and so can they." But, I didn't give up, even at the idiocy evident in that response. I was having too good a time. So I asked, "It seems that the car companies are only asking for about something less than fifty billion. What about the six trillion we have given to the banks and financial houses over the past two months?

They looked at me over their bad coffees. I was afraid for a moment that I might have stepped over the edge, but no. One of the really old coots, he had last worked for a company called Hudson Sharp thirty years ago, responded into the slurping silence, "you see, that was them banks. Them banks there, well, banks need money and when they have it they can give it out to the rest of us. Without that money they can't help us." As I attempted not to fall from my booth end in shocked amazement, the other coots slowly began to nod in agreement.

The Stutz Bearcat was a luxury car long before most others. It had a motor the size and weight of an old Volkswagen bug. The company stayed in business for about ten years, not selling many cars but charging a heck of a lot for the one's they sold. It was a wonderful old car that was completely useless for the times. It was big, heavy, and very difficult to drive. It had a little round windshield thing and you had to have a butt made of a hundred pounds of cellulitis to be able to ride in it. The Stutz Bearcat did not die out because of any of those things. It died out because Ford built a car that was easy to drive, much more comfortable, more dependable and cheaper by far. I wonder, no matter what we do with the bailout of car companies on the table, whether we are not just marking time until our versions of the Stutz Bearcat go their way all on their own.

Things are not as they seem in middle America. That was my conclusion in listening to those whacked out but appealing men. The average I.Q. worldwide is only a hundred. Yes, a hundred and I am not making that up. Out in the country it is less. I do not know why, but it is there. But they do have a sense of humor. I think they put that wrong size tire on my car as part of the humor. I drove away with one corner cocked up in the air and did not even notice. Only the ABS light coming on caused me to go back. That second day, those old men all kind of looked at me different, with a smiling glint in their eyes. When I left I believe I might have heard the old Hudson Sharp guy whisper to the rest: "...the average I.Q. is only a hundred, you know, and them city slickers..."

Break Up The Big 3 Automobile Companies

Dave R — Thu, 04 Dec 2008 12:25:09 EST

The problem with the American auto companies is that they are too slow to respond. My sources tell me that it takes an American auto company 5 years to develop the smallest innovation. That means a new idea takes 5 years from conception to construction. In contrast, the Japanese take only 8 to 12 months to do the same. Even if by some miracle someone gave the American auto companies the ultimate innovation, it would take them 5 years to receive a dime of profit. If the American auto companies are too large for their own good, we can only hope that some visionary lawmakers provide a way to break them up into smaller independent units. To be independent would mean they would not answer to any auto czar. These smaller units would rise or fall on their own merits. The competition for innovation would be against science. The net result in my opinion would encourage measured risk taking. A creative and nimble company is better than a company that is set in its ways and failing. I have been looking to buy a production electric car for over 30 years. I know I am not alone in my desire to own an electric car. I now drive 2 Toyota hybrids because I am tired of waiting for the big 3 American auto companies. I intend to stay the course until the big 3 innovate their way out of this mess.

Credit card companies UPS RATE 150%

EminemsRevenge — Mon, 01 Dec 2008 22:05:19 EST

J.P. Morgan Chase & Company will soon be raising the minimum payment from 2% to 5%...what are all our "leaders" doing about this???

Currency Power

Blake from Sacramento, CA — Mon, 01 Dec 2008 16:13:20 EST

Article I, Section 8, Clause 5 gives Congress the power "to coin Money [and] regulate the Value thereof."

What are they waiting for?

The Bush/Cheney administration working 24/7 to dump the tax money of hard-working Americans into the leaky coffers of the robber barons.

John Lewis-Dickerson, Atlanta — Sun, 30 Nov 2008 16:42:25 EST

So Much for Letting the Free Market Rule

by Joseph L. Galloway @ mcclatchydc.com

Hear that humming sound? That's the printing presses at the United States Treasury running 24 hours a day, seven days a week, churning out an ocean of green paper to bail out the billionaire bankers, brokers and assorted brigands who are responsible for the economic disaster that's befallen us.

They're busy running off $3.7 trillion in bailout money for those who don't deserve it. It's a Happy Thanksgiving and a Merry Christmas to the very pirates whose greed got us, and them, in all the trouble.

Isn't capitalism grand?

We're daily treated to the spectacle of the fading remnants of a Republican administration working 24/7 to dump the tax money of hard-working Americans into the leaky coffers of the robber barons.......

ENTIRE ARTICLE - http://www.mcclatchydc.com/galloway/v-print/story/56561.html

A Different Cure for Post-Election Withdrawal

Granny Pants — Sun, 30 Nov 2008 16:02:40 EST

After interviewing another post-election withdrawal sufferer, a talk-radio psychologist blurted out her cure for the nation, “Get a life!” Cameras panned to a man playing golf. The TV anchor recommended sufferers take up a hobby. Wrong!

Here is a more comprehensive cure for what ails us:

1. The global economy can no longer be dependent or sustained on American gluttony! We need to return to slow, smart growth focused on sustainability, not speculation. No more get-rich quick schemes. No more corporate welfare bailouts to fiscally irresponsible companies and CEO’s with policies that encourage greed. We need a mandate for a global green economy supporting worldwide innovation and integrity.

2. We must return to a pre Wal-Mart society where quality, not quantity matters. More is NOT better, as we see in expanding waistlines and credit card debt. You say ‘no way’, I say ‘there is no other way’. We must insist on global corporate criteria to ensures the same labor, environmental, and safety standards are maintained, stopping corporate continent hopping for shareholder profits. When trade is encouraged under universal regulations, local economies will thrive without the threat of job loss.

3. We need to connect the final and most important dots to cure America's post-election withdrawal. We don’t need to “Get a life!” We need to call unto our ‘better angels’, replacing our hedonistic society with a more altruistic one. We need to feed our vacant souls and “GET A PASSION!”

Election 2008 taught us that we need passion and meaning in our lives. When we serve a cause higher than ourselves, serving others, not just our own interests, we are inspired, fired up, willing to take action. Isn’t this why the election meant so much to so many? Isn’t this why people who had never voted were suddenly motivated to make a difference, interacting with others! Common ground towards a common good engaged the nation, much like 9/11 or Hurricane Katrina. But we don’t a disaster to engage our better angels.

Each of us can seek out meaningful work, connecting to others in a way that gives us a reason to get up in the morning without drugs or alcohol.

When we reach out to feed our deepest need to be a part of a solution bigger than ourselves, we will find meaning and passion that is more fulfilling and effective than just taking up golf!

Bail out idea to stimulate the economy at the same time.

Jan — Sun, 30 Nov 2008 13:17:46 EST

Can you imagine if, instead of bailing out corporate America, we just divided the bail out money among the tax payers of America. We could give everyone (about 300 million people) 1 or 2 million dollars each. That would make most of the Country debt free! Then imagine how much stimulating all the spending would do to our failing economy! So, rather than give $800 billion to greedy Corporations, bail out the tax payers and let us fix what's ailing this economy! Imagine all the stress relief that would come. Imagine that people could do jobs they loved! Imagine a happy, healthy America. Not to mention everyone could then afford to get their own medical! We could eliminate Social Security, Welfare, Food stamps, Unemployment Insurance. Think of the red tape...now gone. Now that's CHANGE you can take to the bank!

Corporate Turkeys in DC Get Thanksgiving Reprieve

John Lewis-Dickerson, Atlanta — Thu, 27 Nov 2008 15:04:10 EST

Corporate Turkeys in DC Get Thanksgiving Reprieve

by Susan Lenfestey @ commondreams.org

What a wild Thanksgiving we're. . . enjoying. Emotions are soaring and plunging right along side the Dow Jones - one day's peak over Obama's historic election gives way to the next day's valley over the biggest economic crash in 70 years. It's slim comfort to have manifest all the things we've known about the Detroit auto industry. If the Big Three CEO's couldn't figure out that flying to DC in three private jets to beg Congress for a government bail-out wasn't an effective PR strategy, is it any wonder they failed to notice that the foreign auto makers were thumpin' their buttery leather hides with smaller, more efficient cars?

But, as with any behemoth, it's impossible to let the prodigal sons of the auto industry disappear into the gaseous sinkhole they've created, because so many of their employees, suppliers and other small businesses depend on them. This is why smart farmers and foresters tend to vary their crops. If plague or pestilence strike, they don't take down the whole operation.

Bidness leaders, on the other hand, have spent the last eight years writing the rules in Washington so they could do more merging and conglomerating and super-sizin', unfettered by that noisome government they now hope will save them. Ronald Reagan's old thigh-slapper about the scariest words in America -- "I'm from the government, and I'm here to help" -- has been replaced by "I'm from the banking/finance/auto industry, and I'm here to beg." ..............

ENTIRE ARTICLE - http://www.commondreams.org/view/2008/11/27-0

We need help now...in our wallets

Keith from Brooklyn, NY — Wed, 26 Nov 2008 18:27:47 EST

President Elect-Obama and his ecomonic team, should take learn alittle something from the expample set by Rudy Giuliani.

When Giuliani took office, he started with a lot of quality of life changes. At the time they seemed meaningless to a lot of people, but gettting rid of panhandlers and increasing a visible police presence helped everyone believe he was making real and lasting change.

Please take a page from Rudy's book and start with making sure every American feels change where they need it most...in their wallets. The ecomonic bail out, right now is a joke. Companies with their hands out is just sick. Fortune 500 companies telling their vendors, and I swear this is a true statemtent, "the money we owe you for this year, we intend to pay, but the money we have not paid from last year...forget about it...we are not going to talk about it". These are the people you are bailing out.

Business 101, if a business is failing because they have no money coming in to pay their bills, then bailing them out does not change the fact that they have no money coming in to their coffers.The bail out money has already been used to bolster wasteful expenditures and mergers.

Here is my great point. Force all the banks and the newly formed banks and any financial institution that takes bailout money, including foreign enities; to create new Debt Management Departments, that will be required to help current and new customers repair their debt. The new customers will be required to open accounts and the deposit money with the institution and the Debt Management department will consolidate the customers debt and place the customer on a spending plan and provide education that will result in a customer with a higher credit score and lower debt.

What is the upside for the bank? They will consolidate debt at a prearranged rate, sugguest consolidation loans and facilliate payback through the customer's accounts. The bank ends up with good debt customers that are extremely valuable and loyal customers that can now apply for car loans, mortgages, education loans etc.

Financial Bailout - What don't they tell us?

Sam Bright — Wed, 26 Nov 2008 10:30:14 EST

I want to direct you to an important article written by Christopher Whalen on the web site "Seeking Alpha". It is entitled "What Obama Needs to Know About Tim Geithner, the AIG Fiasco and Citigroup" and can be accessed via this link:

http://seekingalpha.com/article/108113-what-obama-needs-to-know-about-tim-geithner-the-aig-fiasco-and-citigroup?source=yahoo

Mr. Whalen sees bankruptcy of the financial institutions currently being bailed out with taxpayer dollars and debt, i.e. Bear Sterns, AIG, Citigroup, etc., as inevitable, so as to finally cleanse the markets of the debt instruments that were created out of thin air, in order to make money for these companies and their associates. We have only to look at the ties between these companies AND between these companies and the people (in government), who are charged with handling the crisis ostensibly for the common good, to see who or what entities are actually being bailed out here. Our money is being used to soften the landing for the big fish and let them escape severe financial trauma. When this is achieved, then the real crisis will be allowed to occur.

All we can do is hope and all I can say is - President-Elect Obama, please keep the faith.

Can Visa save Christmas???

EminemsRevenge — Wed, 26 Nov 2008 07:54:22 EST

Or more importantly, will the greedmiesters be willing to?

A simple three-month moratorium on billing might be all it takes...