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White House: Talk About Anything But Our Record

Posted by Michael J. Fell on August 7, 2012 at 6:12pm

4063553467?profile=originalEver since the 2009 GM bailout by “progressive” big government ended the pensions of 20,000 retirees at Delphi auto parts manufacturing, the White House and the Department of Treasury have laid the blame on the steps of the Pension Benefit Guaranty Corporation.

Internal government emails have been obtained that show the U.S. Treasury Department, run by Timothy Geithner, was behind those termininations.  All 20,000 of the pensions seem to have been ended strictly for the reason that those retirees did not belong to labor unions.

http://dailycaller.com/2012/08/07/emails-geithner-treasury-drove-cutoff-of-non-union-delphi-workers-pensions/

Perhaps the National Labor Relations Board was too busy preparing to harass another private sector company planning to hire non-union workers to get involved.

Meanwhile, Attorney General Eric Holder has yet to file any criminal charges against top Wall Street bankers 4063553511?profile=originalwith connections inside the Department of Justice or who had made political donations to the 2008 presidential campaign of the current White House occupant.

Over the years, both the Oval Office and Holder have talked tough, aggressively attacking big fat cat bankers, blaming their reckless speculation for the 2008 financial collapse.  The Government Accountability Institute has found that Holder still has not “filed a single criminal charge against any top executive of an elite financial institution.”

http://dailycaller.com/2012/08/07/report-cronyism-political-donations-likely-behind-obama-holder-failure-to-charge-any-bankers-after-2008-financial-meltdown/

All talk no action.  Sound tough for the union organized OWS crowd, but do nothing to upset potential campaign donors.  The heck with credibility, the “progressive” Party Pravda will run interference for the re-election campaign.

Overseas, Iran has vowed it will not allow Assad to fall in Syria.

"Iran will never allow the resistance axis – of which Syria is an essential pillar – to break," said Saeed Jalili, Iran's Supreme National Security Council secretary.  The "axis of resistance" includes Iran, Syria, Hezbollah and Hamas, all of which are anti-Western and openly hostile towards Israel and the United States.

Assad reassured Jalili by saying: "The Syrian people and their government are determined to purge the country of terrorists and to fight the terrorists without respite.”

If Assad is overthrown, Iran will lose influence over Syria and a crucial link to Hezbollah.

http://www.telegraph.co.uk/news/worldnews/middleeast/syria/9459321/Syria-Iran-vows-it-will-not-allow-Assad-to-fall.html

4063553483?profile=originalCould it be that Muslim Brotherhood influence over the White House has surreptitiously led to policies that support the creation of a regional Caliphate?  What other way is there to logically explain policies that support rebellions to overthrow some Middle Eastern dictators, but not support rebellions hostile to the Iranian regime or its allies?

With so much baggage for the White House to carry through the campaign, their “Priorities” are to have their “progressive” allies run misleading ads that attempt to tie Mitt Romney to death.

Priorities USA Action, a super PAC supporting the Oval Office is running a new ad that blames Mitt Romney for a family losing health insurance which contributed to a woman dying from cancer.

It apparently makes no difference to the “progressive” super PAC that Romney left Bain Capital years before the GST Steel bankruptcy in 2001.  In addition, the cancer casualty Ranae Soptic died in 2006, long after the GST plant had been closed.

http://www.washingtonpost.com/blogs/the-fix/post/priorities-ad-ties-mitt-romney-to-cancer-death/2012/08/07/d723d8c0-e084-11e1-8fc5-a7dcf1fc161d_blog.html

In another move to distract attention away from the dismal economic performance of the White House, the Oval Office occupier was overheard whispering to a top fundraiser that GOP presidential challenger Mitt Romney wants to name Gen. David Petraeus as his choice for Vice President.

http://drudgereport.com/flashgp.htm

The White House was more than happy to clutter the news cycle by dismissing the Drudge Report.  Anything to keep the pathetic economic record of the White House out of the headlines will suffice.4063553498?profile=original

Press Secretary Jay Carney reminded reporters to “be mindful of your sources” when asked about the Petraeus rumor.  “I can say with absolute confidence, such an assertion has never been uttered by the president.  And again be mindful of your sources” said Carney.

http://washingtonexaminer.com/white-house-disses-drudge-report-be-mindful-of-your-sources/article/2504233

And so it goes for the most open, transparent White House in American history.  They are more than happy to talk about anything but their own record.

http://mjfellright.wordpress.com/2012/08/07/white-house-talk-about-anything-but-our-record/

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Rajjpuut's Folly: Hypocritical Bernanke and FED attack German Bank

Posted by Bob VanDeHey on May 9, 2011 at 11:08am


 

Greenspan, Bernanke
Exacerbate Meltdown Problems
 
 
The leaders of the United States Federal Reserve banking system have trotted out the enormous chutzpah required to actually sue the leading German bank for doing a tiny part of what our Federal Reserve allowed and even encouraged here in this country. Putting the matter into the simplest terms, the Fed would like Deutsche Bank to repay a few Billion dollars because they claim that the FED lost money when DB didn’t pay enough attention to whether people receiving home loans in Germany actually had jobs or not.
 We say “chutzpah” (what the British call “cheek”) in describing our Fed Banking because meanwhile, here in the United States the Fed completely ignored for over thirty years far worse banking practices which nearly brought about the complete collapse of the American financial system and that today threatens to give the country stagflation and eventually run-away inflation.  Fed Chief Alan “Don’t-you-dare-tie-me-to-the-meltdown” Greenspan even went so far as to lead the cheerleading for the tricky straw that broke the camel’s back: unregulated derivative investment. To be specific, the Federal Reserve under Alan Greenspan and Ben Bernanke has for years given a wink and a nod to and ignored the impact of . . . .
A)   The Jimmy Carter 1977 Community Reinvestment Act (CRA ’77) and five expansions of it (four by Clinton; one by Bush, Sr.) between 1992 and 1998 that created the sub-prime lending crisis by forcing banks and mortgage companies to knowingly make very ill-advised home loans.
B)   The activities of ACORN in browbeating and shaking down mortgage lenders and banks to accelerate the evils of CRA ’77 and the sub-prime lending crisis.
C)   The shift in mortgage banking from 1975 when one in every four hundred-four loans was “suspect” (administered at 3% down payment or less); to 1985 when one in every one hundred-ninety-six such loans was suspect; to 1995 when one in just seven loans was suspect; to 2005 when worse than one in three such loans (34%) was highly suspect, granted often without any down payment at all.
D) The final Clinton steroid version expansion of CRA legislation in 1998 which made it easier for ACORN to get unqualified loan-seekers into $450,000 homes in 1999 than it had been to get such people into $110,000 to $120,000 homes a decade earlier.
E)   The final ACORN assault on the nation’s home mortgage industry by abusing the CRA laws to get houses for people . . . .
1)     Without jobs
2)    Without good credit ratings
3)    Without rental histories
4)    With only food stamps to list as “income”
5)    Enrolled in other welfare programs
       6)    and even for Illegal aliens 
 
 
F. Fed Chief Alan Greenspan heartily approved the onslaught of derivative investments saying they “held the key to eliminating financial downturns in the future.” Of course, it was derivatives of lumped-together junk mortgages that proved to be the final nail in the financial melt-down coffin which collapsed so many large financial institutes . . . you’re a great man, Alan, a truly great man.
G.    Once retired from his post as Fed Chief, Greenspan worked as a special consultant to . . . wait for it . . . Deutsche Bank . . . that’s right . . . .
H.     In a speech in February, 2004, Greenspan suggested that more home-seekers should take out ARMs (Adjustable Rate Mortgages) after he’d deliberately held the nation’s interest rates artificially low for a decade . . . in effect, sabotaging the individual lenders almost as much as the CRA laws were sabotaging the nation
I.           According to Wikipedia,  in referring to the part Greenspan played in allowing the financial-meltdown, Matt Taibbi called Greenspan a vain "classic con man" and a undistinguished economist who, through political savvy, "flattered and bullshitted his way up the Matterhorn of American power and then, once he got to the top, feverishly jacked himself off to the attention of Wall Street for 20 consecutive years." Taibbi said Greenspan had "established himself as an infallible oracle, and a lot of it had to do with his ability to seduce key media figures, sometimes literally." Taibbi reported a Wall Street term called the "Greenspan put" which "meant that every time the banks blew up a speculative bubble, they could go back to the Fed and borrow money at zero or one or two percent, and then start the game all over", thereby making it "almost impossible" for the banks to lose money. The chapter Taibbi dedicated to Greenspan in his book Griftopia bore the title The Biggest A__hole in the Universe.
J.  Even now as the nation seeks to fight its way back to prosperity, present Fed Chief Ben Bernanke is inflating the currency and denying at every juncture that he’s doing so. The rising price of gas and food is 95% Bumbling Ben’s fault and only 5% due to other extraneous factors.
In fairness to Greenspan it must be said that for the first ten years of CRA ’77 legislation he was not the Fed Chief, Paul Volcker was. In fairness to Volcker, none-zero-nada-zip-not one of the five CRA ’77 expansions to come was law when Volcker was in office . . . and ACORN in those days was largely confined to Clinton’s Arkansas (It began life in 1977, as the “Arkansas Community Organizations for Reform Now”) so the percent of suspect loans in the entire country only doubled in the first decade vs. multiplying by 28-fold under Greenspan. Greenspan never once notified the nation of the immense danger from this cancerous assault upon the nation’s mortgage system or reminded progressive lawmakers of the harm they were doing. Ronald Reagan deserves huge censure for putting a man of such monumental incompetence into such a power seat.
Credit Default Swaps and other derivatives were praised on several occasions by Greenspan as valuable instruments that would make severe financial downturns impossible. In March, 1999, he said, “ . . . I am quite confident that market participants will continue to increase their reliance on derivatives to unbundle risks and thereby enhance the process of wealth creation.” In another speech he opined that “derivatives have increased the standard of living globally.” How could such an idiot get any job in the financial industry? Just about any asinine investment works in a wide-open bull market; the key to understanding dangers is to see what happens in a severe downturn when everybody wants to sell and get out all at once.
The ultimate Greenspan lunacy was uttered in 2004 when he summed up the value of derivatives for protecting the financial markets: “Not only have individual financial institutions become less vulnerable to shocks from underlying risk factors, but also the financial system as a whole has become more resilient.”
So now our FED has the ironic gall to criticize and bring suit against a German bank for a sin perhaps 1/10,000 the size of our own failings which brought the entire world to the brink of financial cataclysm. Good job, Bernanke, good job.
 
 
Ya’all live long, strong and ornery,
Rajjpuut
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Rajjpuut's Folly: Chinese Economic Hegemony Locksteps onto the World Stage

Posted by Bob VanDeHey on April 26, 2011 at 4:28am


 

 
 
“PAX Americana” to Go
the Way of the Greenback??
 
 
            The American progressive-left may have its fondest wish coming true according to a recent projection of the International Monetary Fund (IMF) predicting that the Red Chinese economy will surpass America’s sometime in 2016, just five years from now. Under an evaluation system known as PPP or Purchasing Power Parities, the IMF compared economies in “real terms” and their comparison shows the Chinese economy expanding to $19 TRillion by 2016 from its present $11.2 TRillion (while the American Economy rises from $15.2 TRillion to $18.8 TRillion) so that China overtakes America’s share of the world economy as it slips down to 17.7% while China’s cut of the pie climbs to 18% and rising. For perspective, ten years ago the American economy was ten times the size of China’s.
 
            Is this latest IMF projection accurate? There are three good reasons to doubt its veracity in Rajjpuut’s not-so-humble opinion:   
 
1)    The dominant influence of the scoundrel George Soros upon the activities and emphases of the IMF . . . .
2)   The overt proclivity of China to fudge and adulterate the figures when it comes to their money which has been artificially propped up rather than allowed to float free against other currencies. 
3)    It’s unprecedented in history for an already large and booming economy to undergo a 70% productivity increase within a five-year period.
 
Speaking to the first issue, multi-billionaire Soros has been seeking to destroy the American Dollar for roughly seven years now and the so-called “great philanthropist” (a.k.a. “The Man Who Broke the Bank of England” and “The International Man of MISERY”) who has made his fortune destroying currencies in Europe, Eurasia and Southeast Asia has had all fifty-two of his progressive American foundations funding the rise of his favorite Marxist, Barack Obama, for the last five years . . . his man “on the inside.” In other words the puppet Obama has no interest in becoming a real boy when those strings feel so good. 
 
On the second issue . . . anyone could take any figures whatsoever from the Chinese and work them any way they wanted and you’d be no closer to the truth than a snowball is to a glacier. And the third figure seems like it’s come from smoke and mirrors and wishful thinking . . . all of which doesn’t say it’s impossible, only that it’s highly unlikely.
 
For the sake of argument let’s be ultra-conservative and conced that the semi-slave economy in China has the U.S.A by the short hairs because something pretty rotten is going on in Washington, D.C. and whatever that something is . . .  it’s weighing down the American economy so heavily that the IMF figures are 100% accurate . . . it does not take a crystal ball or tea leaves to understand that 100% of Obama’s economic policies have failed on the side of dollar-destruction rather than shoring up the American economy . . . and since Rajjpuut’s antipathy for our Neo-Marxist president is so very high . . . your blog-writer might be allowing his feelings to color the situation. However, given all the available facts, it seems unfortunately that the IMF report if not at least very close to accurate is certainly leaning in the proper direction    . . . which makes it, potentially “a blessing in disguise” or what any sensible patriot would call an “immediate fire alarm” for our so-called “leaders” in Washington, particularly Obama, Geithner, Bernanke, and Harry Reid.
 
            Unless immediate and significant spending cuts; a balanced-budget amendment; an elimination of about 20% of the government’s activities; and business-friendly environment are created within the next year, the IMF projection is likely to come true within ten or twelve years in any case and then . . . the world will become a very different place. Consider the historical precedents: the United States first eased ahead of Great Britain economically about 1890. Both the United States and Germany were economically more powerful about 1914 when the First World War sprang up. Even before the end of World War II, in mid-1945, when the Labour Party ousted Winston Churchill and began instituting its progressive and highly-inflationary “reforms” the British Pound Sterling (which had been the World’s Reserve Currency (WRC) for roughly 220 years) shifted into deeply-troubled waters. By 1950 the American Dollar had become the new WRC.
 
            While the Imperial British had some gross failings (as our own colonial experience reminds us) the world with Britain as the greatest military and economic power was a relatively benign place. As long as the Brits got their cut from their own colonies, anything short of the Mau-Mau Rebellion was not going to provoke too much agitation from the London powers-that-be. This situation was continued with the rise of America and the American Dollar . . . except for mistakes borne of ignorance (all too common, unfortunately) the Yanks ran a pretty orderly shop. With America as the world’s dominant economic and military power, generally speaking, things were downright friendly. Consider this almost three-hundred year period of Anglo-Saxon hegemony . . . and most particularly the last 60-odd years of PAX Americana (a generally peaceful time all around a planet dominated by the United States).
 
            For example, can you imagine Adolf Hitler in charge of an Empire against which Mohandas K. Gandhi is agitating for Indian Independence? Khrushchev ever giving the Panama Canal back to Panamanians? The Spanish Empire that preceded the Brits facing down Martin Luther King’s demonstrations; the rise of Nelson Mandela’s government amidst a minority government of a different race in South Africa under China’s rule?
 
            How much charitable good has the United States dropped upon the world’s people via its Navy and Air Force? How beneficial has our model of free markets and democratic-republicanism been for the emerging countries of the world as the age of colonialism slips behind us? How much forthright protection has the U.S. military provided against rogue states during the last three score years? Ah, but it appears the “king is dying, long live the new Chinese king.”
 
How much different will the world be under dominance of a Communist Chinese government that forces sterilization; forces abortion; limits the number of children; fires upon demonstrators in Tiananmen Square; and is among the leaders in human rights violations performed upon its own citizens? Statism; communism, collectivism and fascism have killed nearly 204 million people in the last 75 years (since Spain’s Civil War in 1936) even though those totalitarian cultures never rose to the absolutely dominant level that Britain and the United States have. The implication is easily made that chaos will be the result if and when China becomes the “Mu Gai PanKock of the Walk.” It’s supposed that the hard left in this country will rejoice as one of their own takes center stage but the song (sung to the tune of Smoke Gets in Your Eyes) might become:
 
 
We’ve cried cap’lists should
Be removed for good
Barack, of course, agreed
And he took the lead . . . .
 
 
Now----
There’s a firing squad
Busy in the yard
We just smile and say
As our lovely friends die
Marx, he, told us lies ------
 
 
Ya’all live long, strong and ornery,
Rajjpuut
 
 

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Rajjpuut's Folly: Are You Prepared for the Dollar's Collapse?

Posted by Bob VanDeHey on November 8, 2010 at 9:30pm

As Ben Bernanke Deliberately Collapses

the American Dollar, George Soros Chortles

For lack of a better name, call it the OJCP, "Obama Jobs Creation^^ Program": your money is deliberately being made worth less or worthless to spur jobs creation. The plan is that foreigners will want to get rid of dollars and buy American goods, thus creating jobs. Foreign goods will become too expensive for Americans who will decide to buy American goods instead, presto, again more jobs created here. Doesn't that sound wonderful? The chief architect of all this with Mr. Obama is Fed Chairman Ben Bernanke who is also initiating something called "quantitative easing."

The reserve currency of the entire world for lo’ these many years has been the American dollar. Within the last couple years George “The Puppet Master” Soros (the world’s 35th richest man and its single greatest megalomaniacal communist who already has thrice profited fantastically by bringing about the collapse of some nation’s currency) told the world press that a controlled devaluation of the American dollar was necessary for the good of the world community. The interview was not widely covered in this country, but his comment sent ripples throughout the world especially among those foreign governments who hold U.S. dollars. The legendary Mr. Soros who bankrolls a good ten non-profit groups involved in getting the United States into the shark-filled Cap and Trade waters, by the way, is advocating Cap and Trade** legislation as a way out of our present crisis.

Within the last 18 months, both Treasury Secretary Timothy Geithner and Federal Reserve Bank Chief Ben Bernanke swore that America would never devaluate the dollar, would never resort to inflation as a way to deal with our incredible debt, would never sabotage the American people and those who hold debt instruments from the American treasury . . . . Yep, they lied. The terms “Q1” and “Q2” are now becoming familiar to Americans who do other things than watch sitcoms and “reality” shows on TV. “Quantitative easing” has taken place in both of the last two fiscal quarters.

The Quantitative Easing which Mr. Bernanke is taking us through is a polite way to say that the government is deliberately making toilet paper of your savings, pension funds, etc. That’s what the government is doing. Rajjpuut first mentioned the German Weimar Republic back in a blog in early 2004. The astute Mr. Glen Beck of the Fox News cable network has this very month said that America is now heading for a “Weimar Moment.” The Weimar Republic was the government forced upon Germany when they lost World War I. The infamous Treaty of Versailles also forced upon Germany an impossible set of reparations payments. In order to deal with the demands from the victorious French, the Germans had to inflate their currency. The Deutsch Mark which was worth 25 cents (four DM to the dollar) in 1917 deteriorated so rapidly that in November, 1923; it took 26 Billion Deutsch Marks to equal a dollar. You may also remember November, 1923, as the time when Adolf Hitler led a group of dissatisfied individuals in the so-called Beer Hall Putsch (coup d’état) trying to usurp the government of Bavaria. The resulting trial for treason made Hitler a household name across Germany. Such are the benefits of state-sponsored inflation . . . .

In October of 2008 at the height of the financial crisis, Mr. Bernanke took it upon himself (there are virtually no limits to the power of a Federal Reserve chief’s to inflict intended or unintended pain) to begin printing up money. When he was done he’d printed up 14 times as many new bills as there were dollars previously in circulation so in total: 15 times as much money was circulating as before. In effect, the potential effect on the dollar was that the 20o9 dollar was worth 6.7 cents worth of 2008 money . . . NICE!

In the summer of 2010 when it became difficult to sell American debt instruments because foreign governments were reluctant to risk buying up dollar instruments without a much higher interest rate, the federal government in the form of Mr. Bernanke’s Federal Reserve Bank began printing again and bought up some of the Treasury instruments that were on sale, about one-third of them. This is called “monetizing debt” something you’ll recall from the top of this blog that Timothy Geithner and Ben Bernanke promised would never happen. That didn’t seem to have cured the problems so now Ben’s busy again with the printing presses and monetizing more debt a.k.a. quantitative easing . . . Q1 earlier; Q2 now. Back when Q1 was going on you might recall, Rajjpuut telling Americans to buy gold or silver because paper dollars were becoming worth less and eventually might prove worthless. Now Rajjpuut says that Americans should buy things of value like gold or silver, etc. because “worthless” is the watchword for the dollar. Of course, in ignorance the stock market investors believe Q2 is a good idea and the stock market is shooting up . . . dance while you can, boys, the bill’s coming due. Aren’t you glad “they” are looking out for us in Washington?

Here is the straight skinny and Rajjpuut crosses his heart while typing this: The crisis in the world’s finances comes down to one thing and one thing only . . . a crisis in the American dollar. The U.S. National Debt is almost $14 TRillion. Unfunded liabilities (owed by the country to the citizens) amounts to roughly $110 TRillion. We are by far the greatest debtor nation the world has ever known. While scarfing down junk food and watching American Idol a few other simple facts have escaped the good citizens . . . .

ITEM: Americans are not aware that the U.S. (private controlled central bank) Federal Reserve Bank, creates money out of thin air, is the primary cause of inflation in America, abets the politicians in their horrendous spending, and abets the creation of financial bubbles in the stock market and real estate.

ITEM: The American mainstream media (MSM) are largely “controlled” by their allegiance to the progressive elements in the Democratic and Republican parties. The MSM which did not report on Climategate when it happened one year ago, has also kept the American people ignorant of the coming crisis. Call it “mind control,” if you choose. Just five or six major corporations run the largest of the media outlets. When it comes to the broadcast media: Disney owns ABC, CBS is owned by Viacom, GE owns NBC all of whom are in bed with the progressive agenda in Washington and have a vested interest in keeping Americans entertained, dumb and happy rather than informed about the truth behind Cap and Trade and the value of their dollars.

ITEM: Not only have ultra-progressive George Soros’ words and activities gone unreported, but the IMF (International Monetary Fund) and World Bank, both have already said the dollar will be devalued. However, this has never been reported in the US media.

ITEM: President Clinton’s former economic adviser Robert Reich recently told Canadians that the U.S. dollar will collapse. Again, NOT reported.

ITEM: Collapse or “devaluation” of the dollar means a decline in the dollar’s purchasing power and a huge decline in Americans’ living standard. No one wants to hold a currency declining in value so they must demand higher prices for their goods and services and can use the dollars they receive to bid up the cost of whatever they buy from America in order to get rid of the dollars they hold as quickly as p0ssible.

Item: Today, Barack Obama made several monetary deals with India. Overtly we were told it was “a natural union between the world’s two most populous democracies.” In reality, Obama seeing that China is becoming reluctant to buy dollars was looking for a trade-partner who would be more or less forced by the agreement to keep the dollar respectfully in its hallowed place as a “reserve currency” . . . thus he hopes easing some of the pain the decline will bring to Americans by sharing that turmoil with India.

Item: The world will flee to gold, silver and other precious metals; to the Swiss Franc; and even to the recently despised Euro. Commodities of all kinds can be expected to rise in price FAST.

Ultimately what can we expect? For one thing the rest of the world understands our own crisis far more than our own leaders have informed us about it. So . . . expect a run to get out of the dollar . . . call it “hot potato economics.” People are going to be eager to discard the almighty buck and to buy whatever they can with it, rather than being the last one holding it. Of course that will happen among highly aware foreigners like the Chinese government, or the governments of Russsia, Brazil, Japan and India(?) long before the man in the street in America figures it all out. So expect a brief boom in America. And expect prices of our American products especially foodstuffs to go through the roof . . . so besides gold or silver, it might be nice to have a supply of canned and packaged and non-perishable food on hand while prices are comparatively cheap . . . as a result of these sad truths, expect huge amounts of unrest in the inner cities; expect huge amounts of problems for senior citizens and others living on fixed incomes. Expect George Soros to chortle all the way to the bank . . . .

Ya’all live long, strong and ornery,

Rajjpuut
^^Barack’s OJCP based upon devaluing the dollar is an immensely poor idea for three reasons:

#1 Inflation is tricky and can become devastating runaway inflation and even hyper-inflation destroying a civilization.

#2 When a currency as important as the dollar starts to devalue, no other country wants to import our joblessness, so you can expect demoralizing “currency wars” where dozens of nations seek to devalue their currencies and save jobs. Japan and China have received much criticism for devaluing their currencies but their money is NOT the world’s reserve currency . . . . world chaos would ensue if serious dollar deflation was allowed.

#3 Success at devaluation is close akin to success at swallowing thumb tacks and sure to “get you in the end.” Money is a storehouse of value (some call it “frozen work”) so why not attack your brand new car with a sledgehammer? The effect is the same . . . taking something of value and making it worth less or even worthless. Even if the only effect was upon imports and exports, that would be a tragic result. 19% of the U.S. economy is tied up with imports, drop the value of the dollar and 19% of what we buy becomes much more expensive.

In effect, the OJCP Obama Jobs Creation Program is just making us all much poorer. It’s not exactly sawing a lady in half to create jobs by making the country poorer . . . the magic comes from creating jobs by making us all wealthier like Donald Trump and Bill Gates do . . . not only making themselves richer; but making their stockholders richer; and their workers richer; and providing deep value to their customers. That’s the magic of capitalism which Barack so hates. Remove the minimum wage; remove health care and all benefits; make everyone on unemployment work for $5 daily and you’d have full employment in a month . . . and a much poorer nation as well for at least the three years it would take for a booming capitalism to regenerate our prosperity.

Everyone knows the following discussion is the truth . . . think of it as you ponder what you’ve learned already about the evils of devaluing the dollar:

Many have had to settle for lower wages to keep their jobs.

Many have had to settle for lower hours to keep their jobs.

Many have had to settle for part-time work to keep their jobs.

Many on part-time schedules have found themselves ineligible for the benefits they’ve formerly received.

Many have lost their jobs.

Many have lost higher paying jobs and now work elsewhere for less.

Or they've lost higher paying jobs and can only find work that pays less for mandatory unpaid overtime.

Many have had to take two or three jobs to survive working up to 90-100 hours weekly.

Many lost co-pays, deductibles, or seen eligibility times soar on their health insurance.

Many find that employers can longer match their401(k) contributions.

Many older workers have found themselves dispensible.

Many have lost their pensions.

Some workplaces where experienced older workers are valued have instituted two-tier wage systems. New hires get far lower wages and far less benefits.

Wage-freezes attack many workers in the long run as inflation eats into their present constant wage.

What does this mean? It means that anyone can create jobs by making everyone poorer, no struggle at all. The magic comes from capitalism creating not only more jobs, but better and more valuable jobs. The goal isn't just more jobs, Mr. Obama. It's about creating more jobs that pay enough to improve our living standards. Using a dramatically weakened dollar to create more jobs doesn't really help us.

** if we had Cap and Trade laws in effect right now, the immediate effect would be 67% inflation on average and inflation on food, electricity and gasoline and other necessities closer to 100%. Where does that 67% inflation figure come from? Founder and President of the Chicago Climate Exchange Richard Sandor (other influentials involved include Obama, Franklin Raines, Joel Rogers, John Ayers, Valerie Jarret, etc. and the Chicago ShoreBank supported by Hillary and Bill Clinton as well as ten or more progressive foundations financed by George Soros) put the value of Cap and Trade as an industry at $10 TRillion. In good times the real U.S. economy amounts to $15 TRillion. On paper, that means that selling blue-sky nothingness (that’s what Cap and Trade basically does) is “worth” 67% of the real U.S. economy. So in a $25 TRillion economy including Cap and Trade . . . 40% of the economy is literally “nothing” and that 40% is being stolen from the real economy by the crooks running the CCX. Note: Obama said directly in an interview with the San Francisco Chronicle that his energy plan would “bankrupt the coal industry” and “necessarily make electricity prices skyrocket.” So it’s actually far more likely in reality that the whole U.S. economy would amount to $20 TRillion and half of that economy would be Cap and Trade not only running prices up 100% but reducing the standard of living by 33% at least.

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Rajjpuut's Folly: Vote Not “NO!” but “Hell NO!” on Barackbanking

Posted by Bob VanDeHey on April 18, 2010 at 7:34pm
SEC, DTCC and Goldman Sachs Scandals Require “True Financial Reform,”
Not Obama Administration’s Phony Refunding of ACORN-Clones
Conventional stupidity says "the enemy of my enemy is my friend" and explains how the U.S. got in bed with Stalin during World War II. It's always been stupid to act that way and right now, Barack Obama is banking on at least one Republican to vote for his latest monstrosity Barackbanking a so-called "reform" of the financial industry. Relying on backing from uninformed voters emotionally distraught over the financial collapse, Obama is making another power grab with the usual sinister undertones, this time involving ACORN, which most Americans have assumed just up and disappeared.

Once again Barak Obama and his Marxist administration is using public perception of a weakness in the capitalist system to attempt to put more and greater control of the American economy into federal hands and to advance his communist agenda. Case in point: passing this Barackbanking bill will place another 9% of the economy under federal government control . . . and hidden in the 3,100+ page bill are all sorts of sneaky addendums that would effectively make all the defunded ACORN-clone organizations who recently changed their names instantaneously eligible for funding all over again. As usual an awful lot of evil can be hidden behind the sweet-sounding word “reform” but remember, what’s perceived as wonderful for Barak and his yes-men really SUCKS for America. Be a patriot, Mr. Congressman, vote this piece of crap into the nearest toilet.

However, just as there is a genuine need for REAL reform in health care delivery, etc which will need to be addressed once Obamacare is repealed, there is truly an immense need for TRUE financial reform once Barackbanking fails and the progressive majorities are history after November. Let Rajpuut mince no words, Congress and the General Accounting Office (GAO) need to throw a noose around Goldman Sachs people, the Securities Exchange Commission (SEC) and (Depository Trust and Clearing Corporation (DTCC) -- two of the most corrupt oversight agencies since Foxes began guarding chicken houses -- and march them right over to the nearest cottonwood tree. Is your head spinning? Let us explain . . . .

Yes, Virginia, ACORN and several years worth of Obama and Obama-clone lawyers did bring on the sub-prime lending crisis by forcing lenders to make terribly ill-advised loans to folks without jobs, folks with credit ratings in the 300’s, folks without IDs and even illegal aliens . . . yes, that’s true. But, second place among those culpable for the present financial mess has to belong to these two (SEC and DTCC) absolutely sneaky organizations. Along with the idiots in Congress in 1977, 1992 and 1998 who passed the ridiculous laws that ACORN was able to exploit against this country in the form of forced-ridiculous mortgages . . . Goldman Sachs and the SEC and DTCC are most guilty for bringing this nation to its knees from late 2007 to the present. Corruption on a major scale is rampant in these three organizations and needs to be shot down and fully punished. Additionally, after rolling heads out the door at the SEC and DTCC, Goldman Sachs needs to be punished to the tune of roughly $100 billion dollars and forever barred from holding any federal position of financial responsibility for the next twenty years.

So, getting down to particulars, what corruption is being talked about here? Well, starting with the DTCC . . . . The DTCC has the easiest clerical job in the oversight industry. All they have to do is see that the straightforward legal requirements are met in the vast majority of cases (say 99% of the time) whenever stocks are bough or sold. In the simplest instance, sell a stock and you must deliver a copy of the stock certificate within the legal timeframe. Buy a stock and you must deliver the money for the stock within the same time period. Simple-pimple. But the DTCC seldom actually does its job, it’s employees are ex-brokerage firm employees in many cases and they just ask their buddies, “John, everything copasetic? And that’s as far as it goes. The SEC, it’s believed only examines the DTCC once every other year. The DTCC, meanwhile is responsible for $1.5 quadrillion (that’s right QUADrillion!) in transactions ever single year and they don’t do their job.

Where this gets dangerous is in the matter of short-selling. You see a company like Bear Stearn or Lehman Brothers or Enron and you know they’re cruising for a bruising. So you sell their stock, except you don’t actually hold their stock, oooops, well you borrow their stock and turn the certificate over to the brokerage firm of the purchaser within the legally prescribed time limit. But wait a minute, because the DTCC never actually does its job, you never actually borrow the stock and never actually give the certificate to the purchaser’s brokerage – this is called “NAKED SHORT-SELLING” and huge amounts of it helped drive Bear-Stearns and Lehman Brothers stock and made it almost impossible for people actually owning the stock to get any value at all for their holdings. So someone wants to short sell, but it’s impossible to find someone to lend them the stock (people don’t like to commit their stock for any time period when financial armageddon approaches, they feel they might well need to sell it in a hurry. But here we have over 30 million illegal short sells that were driving the price down dramatically . . . which is a killer for someone who actually owns the stock. In practice, illegal naked short sales OFTEN go months at a time without delivery of the sold stock certificates.

In the case of the SEC, their corruption lies in knowing there are violations, serious violations, going on and looking the other way. In recent times the SEC corruption covered up the DTCC tendency for incompetence well known at the SEC and routinely overlooked; in 2008, the SEC stepped in to save face for the DTCC at huge cost to the public. Let’s go back to Lehman Bros. for an easy example: SEC records shows that an incredible 32.8 million shares of Lehman Bros. were sold but never delivered to buyers as of last September less than two weeks before the company declared bankruptcy which helped trigger the nearly full-implosion of our financial system. The SEC, which attacked Martha Stewart but not Bernie Madoff you’ll recall even though her actual guilt is still disputable and his had been tracked for years, is seemingly completely impotent and even frightened of doing the job it’s been created to do. In the Lehman Bros. example, the SEC found out that the DTCC was using “phantom stock” in a particular mumbo-jumbo called their “borrowed stock progam” to make up the difference. Only trouble, the DTCC is also NOT borrowing real stock and not delivering real stock to the buyers so the DTCC is actually abetting the illegal short-sales and the SEC knew that and did . . . NOTHING! Got that, all the while the DTCC is stating with a straight-face that NO illegal naked short-selling is going on . . . the SEC is backing them up and say, “NOPE, nobody here but us chickens!”

As for Goldman*** Sachs . . . they must be in bed with every congressman and senator in Washington to operate the way they do and never get even so much as a slap on the wrist. Consider this . . . Rajjpuut offers you a chance on a seeming coin-flip investment and sells you a piece of paper outlining your investment potential and advertisement claiming that you’ve got at least a 60% payout if your investment comes through. Sly Ol’ Rajjpuut hasn’t mentioned that your position in the coin-flip investment is the equivalent of backing a landing on the coin’s edge (say a ten million to one shot). That’s pretty much what Goldman Sachs is accused of knowingly offering their customers in an operation called “the heist” and knowingly setting up for a scam artist while knowingly collecting a huge amount of commissions as the heist proceeded to empty the little guys’ wallet as they knowingly favored that one client (a hedge fund operator) over thousands of investors it misled into thinking they were being offered a can’t miss deal. Meanwhile Goldman Sachs is actually a favored company receiving the contract to do a federal job and receiving huge draw down in the process . . . virtually the only stock brokerage to come out of the recent Wall Street debacle on top was GS. More below, but read about the exact details of “the heist” here:

http://www.startribune.com/nation/91031524.html

Meanwhile, as noted, Goldman really has the “ins” with the Feds. Timothy Geithner’s friend, a Goldman Sachs lobbyist was announced as Geithner’s new aide on the very day he issued a prohibition from hiring lobbyists in the Treasury Dept. President Obama recently announced he intended to install a former GS exec as the head of the Commodity Futures Trading Commission. Without discussion he was approved. GS received $13 Billion in the $170 Billion AIG bailout for ???? It now appears that AIG was apparently secretly used to bail out highly connected banks and financial institutions like GS and UBS. Secretary Paulson’s old firm was GS, of course, and whether with Bush or Obama GS continues to fall into the manure pile and come up smelling rosy. Paulson created a recommendation group about what must be done with AIG and heading it up were GS people. Obama’s administration has collected $5.2 million from a GS hedge fund and been paid several hundreds of thousands of dollars in speaking fees by GS and GS related groups. The Federal Reserve Bank recently allowed GS to convert from an investment bank into a bank holding company usually a situation in which profits are severely restricted. This most recent blowout quarter for GS, however, saw over $2 Billion in profits. Barney Frank’s stop staffer (Frank is chairman of the House Financial Services Committee) cut loose and was immediately hired by GS as their, you guessed it, their top lobbyist. GS is dirty but the feds have no interest in exposing it.

So, is financial reform necessary? You bet. Is Barakbanking true financial reform? Not only “No, but HELL no!” Barackbanking is another attempt to move more and more control over American society into the executive branch of big gov while heavily refunding the ACORN-clones. First, defeat Barackbanking, next defeat Obama’s progressives in November and finally institute true financial reform and string up the SEC, DTCC and Goldman Sachs and their congressional protectors.

Ya’all live long, strong and ornery,

Rajjpuut

** * The SEC on Friday, April 16th filed fraud charges against Goldman Sachs for the ir involvement in the short-selling scam engineered by John Paulson (no known relation to the former Treasury Secretary). Sachs often called “Government Sachs” is, most obviously tied to the repayment at 100 cents on the dollar for contracts whose true market value, given the circumstances AIG was in, was probably no more that twenty cents on the dollar. Amazingly, $13 Billion of the $171 bailout to AIG was “misdirected” into GS hands. This fraudulent use of their fiduciary responibility cost the taxpayers at least $10.4 Billion. Anyway you look at it GS quacks like a mighty corrupt duck. However . . . . given that an SEC lawyer who a dozen years ago advised quashing charges against the R. Allen Stanford ponzi operation which has only now been brought to light . . . given that the lawyer in question is representing Stanford . . . .

. . .Yes, you’re correct, there’s plenty of room for a bit of suspicion here based upon the timing of the SEC charges. The SEC goes for years without remove its figurative thumb from where it usually sits. Now just on the eve of the big push to pass barackbanking, they get all serious on us just as Democrats are trying to get even one Republican to vote for their embarrassingly partisan, corrupt and poorly-conceived financial “reform “ legislation. Could that be a coincidence? Ha? Besides its problems with the corrupt refunding of ACORN-clones, the bill in large part is more of the idiotic “too big to fail” bull-feces that got us two stimulus packages and bailouts that have not helped create jobs. Barackbanking actually would punish firms for being “too big” and definitely encourages government to tell banks how to run their business . . . you’ll remember it was our progressive government’s abetting of ACORN with three ill-conceived mortgage-guarantee laws that allowed them to pressure banks and lending institutions to make abysmal home loans to far less than credit-worthy borrowers (some without jobs; others without ID; virtually all with credit scores under 600; and even to illegal aliens) that was the prime cause of the financial meltdown still socking it to us today . . . and the SEC wouldn’t mind looking good in the news reports after their huge failures with the Madoff, Petters and Stanford scandals. These three cases of massive, long-running ponzi schemes which the SEC didn’t uncover are surely a black-eye for that most incompetent and incompetent bureaucracy . . . but now charges are being laid upon the SEC that they knew of the Stanford ponzi scheme since at least 1997 and did . . . NOTHING! Oh my, bull and bears and nertz, oh my!

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