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Posts Tagged ‘stimulus’

What Obama said in 2008 (to get elected):

As a presidential candidate in 2008, Obama promised to end the Bush tax cuts for the top earners, arguing that it’s necessary to cut the federal deficit and has a minimal stimulative effect on the economy. (Source)

What Obama did December, 2010:

December 06, 2010: President Obama has agreed to extend tax cuts for the rich in a deal with a total cost estimated by the NY Times at $900 billion over the next two years. (Source1, Source2)

What Obama says now:

I will fight to end tax cuts for rich in 2012. (Source)

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Well, do they?

Arguing with the forces that appear to be, legitimizes them. They are illegitimate and have no real basis for existence as they are. They are parasitical entities. They are ticks. (Source)

PhD economist Michael Hudson says that the financial “parasites” are “sucking as much money out” as they can before “jumping ship”. . . The problem with parasites is not merely that they siphon off the food and nourishment of their host, crippling its reproductive power, but that they take over the host’s brain as well. The parasite tricks the host into thinking that it is feeding itself. (Source)

Sacculina Carcini parasite

Saculina Carcini is an extraordinary creature, a barnacle that degenerates practically into a plant. It starts life as a free-swimming larva that invades a crab then changes into a microscopic slug, which plunges into the crab’s underside and sprouts “roots” that draw in nutrients from the crab’s blood.

The crab’s immune system cannot fight off Sacculina. but continues living with the parasite filling its entire body and begins to change into a new sort of creature. One that exists to serve the parasite. Externally it appears the same, but internally it is merely a puppet controlled by the intruder. (Source)

See any parallels?

But one cannot defend the actions of Team Obama on taking office. Law, policy and politics all pointed in one direction: turn the systemically dangerous banks over to the Federal Deposit Insurance Corporation. Insure the depositors, replace the management, fire the lobbyists, audit the books, prosecute the frauds, and restructure and downsize the institutions. The financial system would have been cleaned up. And the big bankers would have been beaten as a political force.

Team Obama did none of these things. Instead they announced “stress tests,” plainly designed so as to obscure the banks’ true condition. They pressured the Federal Accounting Standards Board to permit the banks to ignore the market value of their toxic assets. Management stayed in place. They prosecuted no one. The Fed cut the cost of funds to zero. The President justified all this by repeating, many times, that the goal of policy was “to get credit flowing again.”

The banks threw a party. Reported profits soared, as did bonuses. With free funds, the banks could make money with no risk, by lending back to the Treasury. (Source)

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Hey, you, middle class people. Get back to sleep.

In the first 19 months of the Obama administration, the federal debt “held by the public” increased by $2.5260 trillion. (Source)

This works out to $22,158 of new federal debt added for each and every US household. How is that calculated?  Lets do the math:

  • $2,526,000,000,000 / 114,000,000 US households = $22,158 per US household

When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.

“Debt held by the public,” includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself.

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Christina Romer, chairman of President Obama’s Council of Economic Advisers, has resigned her position. (Source)

"I quit" . . . Christina Romer, Chair, Obama's Council of Economic Advisers

Why did she quit? Maybe she feels like a failure?

Romer had predicted that Obama’s stimulus package (which she advocated strongly) would keep the unemployment rate below 8 percent or less; it is now 9.5 percent.

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Here’s what she shared at her final speech:

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At a lunch at the National Press Club on Wednesday Romer gave a farewell speech with four points, each more unnerving than the last:

  • She had no idea how bad the economic collapse would be.
  • She still doesn’t understand exactly why it was so bad.
  • The response to the collapse was inadequate.
  • And she doesn’t have much of an idea about how to fix things.

The speech included scary descriptions and warnings:

  • “Terrible recession. . . .
  • Incredibly searing. . . .
  • Dramatically below trend. . . .
  • Suffering terribly. . . .
  • Risk of making high unemployment permanent. . . .
  • Economic nightmare.”

(Source)

Lots of luck guys . . .

According to Romer, “What we would all love to find – the inexpensive magic bullet to our economic troubles – the truth is it almost surely doesn’t exist.”

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US politicians caught in multiple acts of  blatantly illegal voting fraud:

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These are elected politicians . . .  and not one has been prosecuted. Why?

Today, give me liberty or give me death no longer rings true, the typical American is content to put up with any outrage because he’s so ideologically stripped as to no longer have any idea he should be outraged. Harboring a completely materialistic view of politics that equates material comfort with freedom, he’ll bear any assault on liberty with timid submission so long as the hi-def cable stays on. (Source)

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Woooooo Hoooooo!

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Les Leopold, Posted: January 27, 2010 09:06 AM

http://www.huffingtonpost.com/les-leopold/why-are-we-donating-2000_b_438301.html?source=patrick.net

Wall Street is awarding itself $150 billion in bonus money…..and it comes from us!

That’s $500 for every man, women and child in the country — $2,000 for a family of four. (Maybe we should try deducting it from our income taxes as a charitable donation.)

Had we not bailed out the financial sector, there would be no bonus pool this year. Zip, zero, ziltch.

Wall Street, and no one else, crashed the economy through its fantasy finance extravaganza. Wall Street went begging for subprime debt in order to create and market their new financial securities, the most profitable activity in their history. As a result of their securitization casino, which leveraged bet upon bet, the housing market turned into a bubble and finally burst. Wall Street had miscalculated, big time.

We gave the Wall Street banks gigantic loans and enormous guarantees on their toxic assets. We gave them TARP. It all totaled to more than $12 trillion, with most of it still in play, even after the TARP repayments. (See Nomi Prins’s excellent accounting..)

Yep, that's it

Wall Street was saved from bankruptcy, including Goldman Sachs which now cavalierly insists that it didn’t really need the bailout money (yet it took $12.9 billion of taxpayer support via AIG, and tossed it into its bonus pool.) Wall Streeters actually think they’ve earned the $150 billion in bonuses through their own cleverness. Think again. It’s nothing more than taxpayer welfare.

Les Leopold is the author of The Looting of America: How Wall Street’s Game of Fantasy Finance destroyed our Jobs, Pensions and Prosperity, and What We Can Do About It Chelsea Green Publishing, June 2009.

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Because I Said So: Henry Paulson justifies the Wall Street bailouts by explaining that letting Goldman Sachs AIG fail would have caused “complete collapse of our financial system, and unemployment easily could have risen to the 25% level.” Instead of just 17.3% and rising.  His proof – he thought so.  He believed.  Has anybody ever challenged these hysterical fears, or do the peasantry just gather up $2,000 per family, send it to the Banksters and say thanks? (Source)

lightningbolt: We aren’t donating anything. The American people were overwhelmingly against the bailout. The money is being STOLEN!!! Our government is aiding these criminals in this theft! Both Bush and Obama are complicit and guilty in this crime.

So Much for the Sovereignty of Our Nation: Sorry, but Joe Taxpayer is not responsible for the inability of AIG to write insurance that it could not cover losses on. Fact is, the United States of America had no one in power to stop the Fed. The Fed did what it wanted to do. No one was a there to protect the taxpayer. America abdicated sovereignty. The country was actually too weak to fight the banks.

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People are calling Congressional Legislation introduced by Barney Frank, which will pre-approve $4 Trillion for the next free cash give away, “the US Economic Suicide Bomb“:

Barney Frank, "Trust me, my friends need a few trillion dollars a lot more than you do."

– Read the Bloomberg news article here: Bankers Get $4 Trillion Gift From Barney Frank

– Read the 1279 pages of the legislation here: HR 4173

– Read a preliminary analysis here: Congressional Legislation Introduced By Barney Frank Pre-Approves $4 Trillion For Next Crisis

Here is a sampling of online comments about it:

– $4 Trillion works out to about $40,000 from every US household. This US dollar economic suicide bomb is so far beyond all-things-rational… and makes me double-check my supply of tinfoil.

– Current efforts to stave off the financial crisis are doomed to fail and are preparing for the next rescue. A very bad collapse is coming…..it’s just a matter of when. I suspect Frankie is preparing for a bank run.

– There can only be one reason for a sum of money this large, as the Fed only liquidates paper for banks and to some extent for the government. Frank is preparing for a run on the banks. The FDIC is broke. The Fed will buy as many good assets as they can buy and let the rest collapse.

– $4 trillion in liquidity in a year will add 8000 points to the Dow. I guess when you are headed over a cliff you might as well floor it and see what happens.  (Jump the Grand Canyon Dukes of Hazard style.)

– “The bill is 1,279 pages long.” I have a hard time believing Barney wrote that legislation. I bet it was handed to him already typed up, spell checked, and placed in a nice glossy 3 ring binder by a friend of a friend.

– When I was a kid corruption like this was described as only happening in places like Mexico. We are Argentina on steriods.

– Our country isn’t doomed just the way of life we have lived before.

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Of course Obama may do the opposite but Obama says:

We Can’t Continue to Waste Tax Dollars Like ‘Monopoly Money’

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One TRILLION dollars… (Source)

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What does that look like? I mean, these various numbers are tossed around like so many doggie treats, so I thought I’d take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like.
We’ll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to make friends wherever they go.

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image0011

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A packet of one hundred $100 bills is less than 1/2″ thick and contains $10,000. Fits in your pocket easily and is more than enough for week or two of shamefully decadent fun.
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Believe it or not, this next little pile is $1 million dollars (100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.
image0033
While a measly $1 million looked a little unimpressive, $100 million is a little more respectable. It fits neatly on a standard pallet…
image0044
And $1 BILLION dollars… now we’re really getting somewhere…
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Next we’ll look at ONE TRILLION dollars. This is that number we’ve been hearing about so much. What is a trillion dollars? Well, it’s a million million. It’s a thousand billion. It’s a one followed by 12 zeros.
You ready for this?
It’s pretty surprising.
Go ahead…
Scroll down…
Ladies and gentlemen… I give you $1 trillion dollars
image0066(And notice those pallets are double stacked.) Hey, that’s me standing at the lower left hand corner, thinking this must be my stimulus package…
So the next time you hear someone toss around the phrase “trillion dollars”… that’s what they’re talking about.

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