Memo to the Fed and its Media Tool Hilsenrath: We’re Not Here to Enrich Your Corporate Cronies

June 5, 2015
Memo to the Fed: you are the enemy of the middle class, capitalism and the nation.

The Federal Reserve is appalled that we’re not spending enough to further inflate the value of its corporate and banking cronies. In the Fed’s eyes, your reason for being is to channel whatever income you have to the Fed’s private-sector cronies–banks and corporations.

If you’re being “stingy” and actually conserving some of your income for savings and investment, you are Public Enemy #1 to the Fed. Your financial security is nothing compared to the need of banks and corporations to earn even more obscene profits. According to the Fed, all our problems stem from not funneling enough money to the Fed’s private-sector cronies.

Fed media tool Jon Hilsenrath recently gave voice to the Fed’s obsessive concern for its cronies’ profits, and received a rebuke from the middle class he chastised as “stingy.” Hilsenrath Confused Midde-Class “Responded Strongly” To “Offensive” Question Why It Isn’t Spending.

Memo to the Fed and its media tool Hilsenrath: we’re not here to further enrich your already obscenely rich banker and corporate cronies by buying overpriced goods and services we don’t need. Our job is not to spend every cent we earn on interest to banks and mostly-garbage corporate goods and services. Our job is to limit the amount we squander on interest and needless spending. Our job is to build the financial security of our families by saving capital and prudently investing it in assets we control (as opposed to letting Wall Street control our assets parked in equity and bond funds).

Your zero-interest rate policy (ZIRP) has gutted our ability to build capital safely. For that alone, you are an enemy of the middle class. Let’s say we wanted to buy a real asset that we control, for example, a rental house, rather than gamble our retirement funds on Wall Street’s Scam du Jour (stock buybacks funded by debt, to name the latest and greatest scam).

Thanks to your policies of ZIRP and unlimited liquidity for financiers, we’ve been outbid by the Wall Street/private-equity crowd–your cronies and pals. They pay almost nothing for their money and they don’t need a down payment, while we’re paying 4.5% on mortgages and need 30% down payment for a non-owner occupied home. Who wins that bidding process? Those with 100% financing at near-zero rates.

Here’s a short list of stuff we don’t need to buy:

1. New house: overpriced. Debt-serfdom for a wafer-board/sawdust-and-glue mansion? Pay your banker buddies $250,000 in interest to buy a $300,000 house? Hope the bursting of the real estate bubble doesn’t wipe out whatever equity we might have? No thanks.

2. New vehicle: overpriced. We can buy a good used car and a can of “new car smell” for half the price, or abandon car ownership entirely if we live in a city with peer-to-peer transport services. We can bicycle or ride a motorscooter.

3. Anything paid with credit cards.

4. Any processed food.

5. A subscription to the Wall Street Journal and other financial-media cheerleaders for you, your banker buddies and Corporate America.

How Wall Street Devoured Corporate America: Thirty years ago, the financial sector claimed around a tenth of U.S. corporate profits. Today, it’s almost 30 percent

Here’s how your cronies have fared since you started your low-interest rate/free money for financiers policies circa 2001: corporate profits have soared:

Now look at median household income adjusted for inflation: down 4%–inflation which we know is skewed to under-weight the big ticket items such as healthcare and college education that are skyrocketing in cost:

And here’s how the middle class has fared since the Federal Reserve made boosting Wall Street and the too big to fail banks its primary goal, circa 1982: the bottom 90% have treaded water for decades, the top 9% did well and the top 1% reaped fabulous gains as a result of your policies.

If you’re wondering why we’re not spending, look at our incomes (going nowhere), earnings on savings (essentially zero) and the future you’ve created: ever-widening income disparity, ever-greater financial insecurity, ever-higher risks for those forced to gamble in your rigged casino, and a political/financial system firmly in the hands of your ever-wealthier cronies.

Capital–which includes savings–is the foundation of capitalism. If you attack savings as the scourge limiting corporate profits, you are attacking capitalism and upward mobility. The Fed is not supporting capitalism; rather, the Fed’s raison d’etre is crony-capitalism, in which insiders and financiers get essentially free money from the Fed in unlimited quantities that they then use to buy up all the productive assets.

Everyone else–the bottom 99.5%–is relegated to consumer: you are not supposed to accumulate productive capital, you are supposed to spend every penny you earn on interest paid to banks and buying goods and services that further boost corporate profits.

This inversion of capitalism is not just destructive to the nation–it is evil. Funneling trillions of dollars in free money for financiers while chiding Americans for not going deeper into debt is evil.

Memo to the Fed: you are the enemy of capitalism, the middle class and the nation.

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Connect the Dots :: Questions Raised About Senator Reid’s Connection to Bundy Ranch Dispute

Written by  Warren Mass

The standoff between Nevada rancher Cliven Bundy and the federal Bureau of Land Management (BLM) deescalated on April 12, when the bureau announced that it will stop its operation to confiscate Bundy’s cattle.

But another aspect to this ongoing story is jumping: The blogosphere is alive with allegations that Senator Harry Reid (pictured), and his son, Rory, have motivations of their own for wanting Bundy’s cattle off the disputed lands.

Though the major media announced that a “deal” had been reached between Bundy and the BLM, Bundy explained what transpired differently in an interview with KLAS TV in Las Vegas: “There is no deal here. The citizens of America and Clark County went and took their cattle. There was no negotiations. They took these cattle. They are in possession of these cattle and I expect them to come home soon.”

The BLM stated in its statement released on April 12: “Based on information about conditions on the ground, and in consultation with law enforcement, we have made a decision to conclude the cattle gather because of our serious concern about the safety of employees and members of the public.”

The BLM’s language made apparent that the bureau still regarded its actions “to remove illegal cattle from federal land consistent with court orders” as being legally justified:

This is a matter of fairness and equity, and we remain disappointed that Cliven Bundy continues to not comply with the same laws that 16,000 public lands ranchers do every year. After 20 years and multiple court orders to remove the trespass cattle, Mr. Bundy owes the American taxpayers in excess of $1 million. The BLM will continue to work to resolve the matter administratively and judicially.

As William F. Jasper noted in his April 11 article about the standoff, however, there was more to the federal action to remove Bundy’s cattle from “public lands” (where they are, allegedly, damaging the “fragile” habitat of the protected desert tortoise) than has been widely reported:

According to Bundy, whose family has been ranching in the area since the 1800s, the BLM’s armed invasion and occupation of Nevada has nothing to do with protecting the tortoise and everything to do with running him off the land, as it has already done to all of the other ranchers in Clark County.

As for the BLM’s assertion that its actions “to remove illegal cattle” are legally justified, among the many points that Joe Wolverton II made in his April 12 article charging that the seizure of Bundy’s cattle was unconstitutional was this citation from Section 1 of the Nevada constitution, titled “Inalienable Rights”:

All men are by Nature free and equal and have certain inalienable rights among which are those of enjoying and defending life and liberty; Acquiring, Possessing and Protecting property and pursuing and obtaining safety and happiness.

Wolverton observed: “Despite the Nevada constitution’s capitulation to supreme federal authority (authority, remember, that does not exist in the Constitution) … it could be argued [that the above-quoted language from Section 1] supersedes the other article’s cession of state and popular sovereignty.”

That which is unconstitutional, therefore, cannot properly be called legal.

As the tension between Bundy and the BLM ratchets down, a number of conservative bloggers and pundits have raised questions about another angle in this case: Does the BLM want Bundy’s cattle off the land his family has worked for over 140 years in order to free up the land for the construction of solar panel power stations?

That question was prompted, in part, by since-deleted information previously posted on the BLM website, information retrieved from Google’s cache.

The text of a BLM document retrieved from Google’s cache and posted by Liberty News Online contains the following chronology of events:

• “In 1993, some of the terms of Mr. Bundy’s grazing permit for the Bunkerville allotment were modified to protect the desert tortoise.”

• “In 1998, the United States filed a civil complaint against Mr. Bundy for his continued trespass grazing in the Bunkerville Allotment.”

• “In 1999, the Las Vegas Field Office Resource Management Plan designated the Bunkerville allotment as ‘Closed to Grazing’ to protect desert tortoise habitat.”

• “In March 2011, BLM counted 903 cattle from a helicopter spread out over approximately 90 miles in northeast Clark County within the Gold Butte area … 41 percent had either brands or earmarks registered to Cliven Bundy.”

• “In May 2012, the United States filed a Complaint seeking declaratory and injunctive relief for Cliven Bundy’s trespass grazing within the Gold Butte area outside the Bunkerville Allotment.”

A PDF of the BLM’s document, “Regional Mitigation strategy for the Dry Lake Solar energy Zone: Technical Note 444,” produced by the BLM in March, can be found online.

Technical Note 444 states that the “’Regional Mitigation Strategy for the Dry Lake Solar Energy Zone’ recommends a strategy for compensating for certain unavoidable impacts that are expected from the development of the Dry Lake Solar Energy Zone (SEZ) in southern Nevada.”

Technical Note 444 states: “The resource values found in the Gold Butte ACEC are threatened by: unauthorized activities, including off-road vehicle use, illegal dumping, and trespass livestock grazing ; wildfire; and weed infestation.” (Emphasis added.)

The above-referenced BLM “Technical Note 444” specifically mentions the Gold Butte Area of Critical Environmental Concern (ACEC) 76 times. While the document expresses many environmental concerns, including “trespass livestock grazing,” it is important to keep in mind that the title of the document reveals the BLM’s ultimate objective, which is to create a “solar energy zone.”

One of the references listed in Technical Note 444 is “Final Programmatic Environmental Impact Statement (PEIS) for Solar Energy Development in Six Southwestern States. FES 12- 24, DOE/EIS-0403,” published jointly by the Bureau of Land Management (BLM) and the U.S. Department of Energy (DOE). The PEIS, notes TN 444, “assessed the impact of utility-scale solar energy development on public lands in the six southwestern states of Arizona, California, Colorado, Nevada, New Mexico, and Utah.”

The BLM and the DOE’s joint venture is — stated concerns about tortoises aside — about the generation of solar energy.

An article published by The New American in September 20012 noted that Rory Reid, the eldest son of Senate Majority Leader Harry Reid (D-Nev.), is the chief representative for ENN Energy Group, a Chinese firm planning to build a $5-billion solar plant on public land in Laughlin, Nevada.

The plan generated a great deal of controversy because Clark County officials voted to sell ENN the public land for $4.5 million, a figure far below its $38.6-million appraised value.

It is important to recognize that the land on which Bundy grazes his cattle is not the same land that ENN sought near Laughlin, which is over 200 miles away. However, the Bundy grazing land is within the BLM’s Dry Lake Solar Energy Zone, an area the BLM and DOW also want to use for “utility-scale solar energy development,” whether constructed by ENN or someone else. As blogger and candidate for the U.S. House of Representatives from California’s 8th District Rodney Lee Conover recently wrote:

As part of the plan for the Dry Lake solar zone, any solar developers are expected to pay into a fund to “mitigate” the Gold Butte area. However, the “mitigation” activities can’t take place with cattle grazing in the area. If the mitigation doesn’t take place, no money for the BLM.

Conover’s assertions are supported by the BLM’s document entitled “Cattle Trespass Impacts,” which states that grazing by Bundy’s cattle “impacts” solar development, more specifically the construction of “utility-scale solar power generation facilities” on “public lands.”

“Non-Governmental Organizations have expressed concern that the regional mitigation strategy for the Dry Lake Solar Energy Zone utilizes Gold Butte as the location for offsite mitigation for impacts from solar development, and that those restoration activities are not durable with the presence of trespass cattle,” an article by Kit Daniels posted by Infowars quoted the document.

Motivations are not always easy to prove, but in this case, Senator Reid’s hand has shown up more than once. The BLM’s principal deputy director, Neil Kornze, previously served as Senator Reid’s senior policy advisor. And we have noted Rory Reid’s role as the chief representative for China’s ENN Energy Group, which has sought to develop solar energy in Nevada. Whether these suspicions are proof of wrongful or illegal acts remains to be seen.

However, one thing is evident from what has transpired in Nevada: The federal government has reneged on a long-standing arrangement made by a rancher in good faith by which he and his family have earned a living for generations. In so doing, they have run roughshod over the rights of a U.S. citizen and have employed constitutionally dubious means to do so. If justice prevails, some judge with respect for the Constitution may follow the example of Chief Judge Robert C. Jones of the Federal District Court of Nevada. Last year — in the case of U.S. v. Hage — Jones issued an impassioned preliminary bench ruling in which he charged federal officials of the U.S. Forest Service (USFS) and the Bureau of Land Management (BLM) with an ongoing series of illegal actions against Nevada rancher E. Wayne Hage. Jones described the bureaucrats’ actions as “abhorrent” and a literal, criminal conspiracy.

Which is a pretty apt description of the BLM’s recent actions against Cliven Bundy.

Related articles:

Last Man Standing: Nevada Ranch Family in Fedgov Face-off

Bundy’s Case: Feds Do Not Own the Land Where His Cattle Graze

BLM’s Seizure of Nevada Rancher’s Land Rights Unconstitutional

Harry Reid Bolsters Son’s Interests in Chinese Solar Plant Deal

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Fear, Everywhere, Fear

By Alan Caruba

If my emails and the headlines I am reading indicate anything, there is widespread fear among Americans that something terrible has occurred with the reelection of President Obama. Not all Americans, though. Those who voted for Obama appear to remain oblivious despite the threat of a “fiscal cliff” or the new taxes in Obamacare that will kick in on January 2nd.

We have a Secretary of the Treasury, Timothy, Geithner, calling for an end to debt ceilings, apparently believing that America can continue to borrow money to pay for the interest on its escalating debt, now pegged at $16 trillion and growing daily. The U.S. borrows $4 billion a day. Anyone with a credit card knows that their payments increase as they struggle to deal with their personal debt. Eventually they either declare bankruptcy or turn to companies that negotiate a payment to release them.

If America was to default on its debt, the dollar, already in free fall, would be worth nothing. We would be bartering shiny beads and anything else to buy food and other necessaries. We would become Zimbabwe where you need a million of their dollars to buy a loaf of bread.

Writing recently on her Fox Business blog, Gerri Willis spelled out the huge rise in taxes Americans are facing. “All told, next year, total taxes will go to almost 50% for the middle class; the very group that the president says he wants to protect. That means 50 cents out of every dollar earned has to go to the government. Half of everything will go to an entity that didn’t earn that money, and shouldn’t be entitled to all that dough.”

What kind of madness is it that the Teamsters union would impose such senseless rules that it would weaken Hostess to the point of bankruptcy, preferring to let the company die rather than to protect the jobs of 18,500 bakers? Other unions are engaged in attacks on a weakened economy. What kind of nation is it that its government employees are lobbying Congress to not only increase their pay, but to exempt them from the impact of the spending cuts scheduled to kick in?

There is a full-scale attack on the privacy Americans have taken for granted, protected by the fourth Amendment that says “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated…”

On November 14th, the Heritage Foundation asked “Do you trust the government with your computer?” The government has had “13 breaches and failures of its own cybersecurity just in the last six months.” Even so, “the President and his allies in the Senate are pushing forward to regulate America’s cyber-doings, without any clues about how much this will cost or how it will work.”

“It has become the norm with this President—if Congress fails to accomplish his objectives, he goes around it with executive orders and federal regulations. He’s doing it again. Congress did not pass the Cybersecurity Act of 2012 before the election, so the President has issued a draft of an executive order to put much of that legislation in place without lawmakers voting.”

This is the very essence of tyranny and the President has had four years to perfect it. Are conservative think tanks the only ones paying any attention? It would appear so.

A new proposed law in the Senate would strip Americans of any privacy as they communicate with one another by email. A vote for the law would allow warrantless access to American’s email and is scheduled for a vote shortly. It would allow 22 federal agencies as well as state and local law enforcement to access one’s emails with nothing more than a subpoena. This is totally unconstitutional.

Already $16 trillion in debt, the government is looking for ways to take over the $3 trillion that is held in private retirement plans such as 401(k) plans and IRA’s. A recent hearing by the Treasury and Labor Departments addressed the nationalization of the nation’s pension system. The director of the National Senior’s Council, Robert Crone, warns “It is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”

As we move closer to an Electoral College vote confirming Obama’s reelection, whistleblowers are coming forth in Ohio, Florida and elsewhere to reveal that significant voter fraud was a contributing factor, but it receives little or no media coverage. One must ask how 99% of votes in Philadelphia districts went to Obama and ask why nothing is being done to investigate this and other offenses such as the 141.1% of the vote recorded in Florida’s St. Lucie County. That is statistically impossible, but it robbed Rep. Allen West (R) of his seat in Congress.

This isn’t government. It is gangsterism. It is “the Chicago way.”

The monster Homeland Security Agency just graduated its first class of FEMA Corps, kids aged 18-24, recruited from the President’s Americorps volunteers, that will become a full time, paid standing army. Fears of FEMA camps abound and in the aftermath of Hurricane Sandy, people seeking shelter and food were herded into one that resembled a concentration camp of the Nazi regime and told not to use various means of communication to contact the media or outside community. They went from hurricane victims to prisoners of the government.

In so many ways, the freedoms protected by the U.S. Constitution are in danger of disappearing along with the separation of powers it requires.

Little wonder that citizen’s petitions from a growing number of states are called for secession. Or that governors are refusing to set up the Obamacare exchanges required by a law that has taken control of twenty percent of the nation’s economy; their budgets held hostage to Medicaid.

On an individual level, people who have jobs are fearful of losing them. College graduates are fearful of the huge debt they carry for the loans they received. People wonder if they can afford to get married. Married couples fear the cost of having another child. Homeowners fear not being able to pay their mortgages. Seniors fear that their savings won’t last as they live longer.

There is ample reason to fear not only the collapse of the nation’s economy, but the loss of liberty in America.

© Alan Caruba, 2012

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Obama’s need for lies, propaganda, and derision

By Jim Mullen

Barack Obama is the most anti-traditional, anti-business, and anti-capitalist President in American history. His every speech and press release begin by stridently repeating every loser’s refrain, “It’s not my fault,” quickly followed by incessant rants of class warfare. It’s evident to even the most disinterested observer that Barack Obama does not like this country and its Constitution.

He derides Republicans about what he calls their trickle-down economics. Truth is he has the only trickle-down economic plan. He seizes money from job-creators, the successful, and the producers in America, and then filters the money through a monstrous federal government. The little remaining money subsequently filters down, and Obama redistributes it to his handpicked voting blocs of Democrats and “Obama-crony Capitalists.” While he preaches against the fat cats of Wall Street, Obama set records for accepting campaign money from those on Wall Street willing to play by his Marxist rules.

This President’s economic policies led the nation into a financial quagmire that stunted national growth beyond anything seen since the Great Depression. Over 23 million people are looking for work with over a million fewer people working today than when Obama took office. Welfare and disability rolls soared to record levels in the last four years, and government is increasingly institutionalizing the once proud American populace. One thing he is accomplishing with great proficiency – gaining Marxist control over industry and the American people.

Entrepreneurs who were dreamers of the possible built this nation, not dreamers of more government control, higher taxes, and massive regulations. They knew that self-sacrifice, hard work, determination, and the free American spirit were the constitutionally guaranteed keys to unlock the door of success.

The free-enterprise system so hated by Barack Obama, fed more of the world’s people, provided greater opportunities for all Americans, and helped them achieve their dreams of prosperity more than any other system on earth. Obama is tearing down everything that built this country because he knows that economic and personal freedoms are the antithesis to Marxism. Amazingly, we have a President of the United States who believes the entire system is evil, and that he is ordained to oversee its destruction.

Gasoline prices under Obama have more than doubled, placing an incredible extra financial burden on low and middleclass Americans; not to mention stifled job creation. The increase is, in large part, the result of his fanatical refusal to issue new drilling permits and by rejecting the Canadian pipeline.

Obama’s entire energy policy consists of killing carbon-based energy and sticking taxpayers with a multi-billion dollar solar energy swindle. This radical’s idea is to increase the cost of oil, coal, and gas to a point where his almost comical solar energy con job is competitive. Another four years of his war on coal, and his refusal to allow new oil exploration will in his words, make energy prices “skyrocket” even more.

The national debt and the deficit exploded during his abysmal days in the Oval Office. Just paying the interest on the debt will be an insurmountable burden on the nation’s youth. When interest rates rise, as they assuredly will, the burden will double or triple. Paying interest on the debt will very soon be the single largest item in the federal budget.

Obama in his first term ignored Congress and created his own laws by executive decree. He steadfastly refused to enforce the laws of the land but had no compunction about instituting lawsuits against American states and their people for simply defending themselves by enforcing the law.

Barren of any solutions to real problems facing this country, and primed for attacking his critics, Obama’s tactics always involve using Saul Alinsky’s rules for radicals. His favorite is Rule 5: “Ridicule is man’s most potent weapon.” Stinging from the first presidential debate humiliation, Obama struck back like all cowards by attacking the conqueror with his brave mouth. Now, when addressing his left-wing supporters, mocking and ridiculing Mitt Romney are his ideas of bravery, policy, and debating skill. Since he had no other defense for his record, in the next two debates he simply saved time by sneering, deriding, and ridiculing Romney in front of the world. The President’s desperate, self-indulgent displays are typical Obama arrogance, this time on display for the world to see.

In every debate, left without his Teleprompter, brazen attacks and lying are his only defense of the extreme, leftist policies that left America in this state of devastation. The more that Obama and liberal Democrats stray from reality and facts, the greater the need for lies, propaganda and derision.

One must believe the country is fed up with the childlike antics and unimaginable, spontaneously-combustible rants of Joe Biden. The longer he’s in office the more he becomes unhinged. The cartoonish vice President represents the other half of a presidency that is so predictably unstable as to threaten the personal liberty and fortunes of the American people at home and abroad. In the end, this economically anemic duo of Obama and Biden jeopardize the existence of the United States as a free and independent Republic.

Americans have heard enough excuses, blame, class warfare, and race baiting. They’ve seen enough welfare, unemployment, food stamps, social justice, and income redistribution. They’ve seen all they care to of catering to the slugs of society using taxpayers’ money to buy votes.

On the domestic front, Obama will continue his victimization of the American people and our country’s condition will deteriorate further with four more years of leftist rule. Liberal judge appointments to all federal courts and the Supreme Court will help transform this country into something unrecognizable by the Founders. Obama will consider a win in November as justification to implement more of his radical agenda and create additional presidential laws like legitimizing the remaining tens-of-millions of illegal aliens.

In international policies, Obama’s plans are to place the United States under the autonomy of NATO and the American-hating United Nations, by using the banner of national security. Both organizations exist only because of the billions of dollars forcefully extracted from American taxpayers, and the sacrifices of our young people in the military. A military compelled to serve under another flag, not the American flag under which they agreed to serve. All of this while he guts defense spending, leaving the country open to attacks by bullies around the globe.

The saintly aura fashioned by the media around Barack Obama is gone. The only glow emanating from this White House is the reek of ugly, Chicago-style, corrupt politics and failed Marxist-socialist policies. Americans discover that after his first presidential stint, they’re left with a bitter, hate-filled President who dictates with lies, cover-ups, misinformation, and disinformation after promises of the most transparent administration in history.

Jim Mullen

http://freedomforusnow.com

Follow https://twitter.com/freedomforusnow

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No, Obama does not have a jobs plan

By: David Harsanyi
10/24/2012 09:05 PM

Fear not, Barack Obama has an economic plan for America, and it’s all in a glossy brochure, called “The New Economic Patriotism: A Plan for Jobs & Middle-Class Security” — an antidote, we’re told, to the vagueness of Mitt Romney’s agenda.

This is what the president, according to a campaign official, believes will ensure that “every voter knows what a second term of an Obama presidency would mean for middle-class Americans.” So, in other words, a shiny substance-free pamphlet is a metaphor for the Obama presidency — because these 11 pages of fluff make Romney’s tax proposal look like an annotated edition of the Talmud.

Even if we accepted that this is a “jobs plan” at all — and one would have to stretch the imagination — there are perhaps two items even tangentially connected to the issue at hand. Members of the middle class will be pleased to learn that their children’s future will feature marginally smaller class sizes and work as a midlevel functionary in a green-energy factory. According to the president, the best way to grow the middle class outward (whatever that means) is to strive for more menial labor work in an unproductive manufacturing sector. Forward.

Obama supported cap-and-trade legislation, the sole purpose of which is to make fossil fuel more expensive, so let’s dismiss his contention that the administration would concern itself with expanding oil and gas work in a second term. Let’s focus instead on the green energy sector, which cannot sustain itself today — just look at the slew of clean-energy bankruptcies we’ve involuntarily invested in — or in the future. As The New York Times recently reported, “stimulus money is almost all gone, leaving many of these projects without a government benefactor and making them orphans in a competitive marketplace dominated by the deep-pocketed fossil fuel industries.” (Deep-pocketed industries will remain deep-pocketed if they continue to offer Americans things we value — you know, like energy.)

Another foundational element of Obama’s wholly unserious proposal is hiring more teachers — even though this isn’t a function of the federal government to begin with and even though, according to Lindsey Burke of The Heritage Foundation, since 1970 the number of students in public schools has increased by 8 percent while the number of teachers has increased 60 percent and even though hiring more teachers would, at best, have a marginal impact on economic growth.

But we love teachers. Check the brochure.

Another component featured in the Obama plan is tax cuts for small business with a side order of fairness. This would impel the wealthiest among us to chip in just a little itty bit more to bring down the deficit. Here we are faced with two problems:

If you believe that Obama would use the extra $80 billion in revenue extracted from the rich to reduce the deficit, I have an 11-page glossy jobs pamphlet for you. And Obama’s tax on the rich would hit more than 1 million small businesses, according to the Internal Revenue Service, which would make his tepid supply-side policy item — the kind of policy he regularly mocks, incidentally — useless.

Still, according to a Bloomberg survey of selected economists, under Obama’s plan, “13,000 jobs would be created in 2013, bringing the total to 288,000 over two years.” That’s hundreds of billion in spending — deficit spending — aimed at creating a few unsustainable jobs without the benefit of any real private-sector growth.

Do the math, as they say.

Source

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Wrecking a Nation: Oil, Dependency, and Redistribution

Monday, 28 March 2011 01:00

Written by  Ralph R. Reiland

Here’s how the economic and political system of a nation is destroyed.

Every price increase of just a dime per gallon of gasoline at the pump extracts approximately $5 billion from the pockets of U.S. consumers over the course of a year.

On top of killing family budgets, with a dollar per gallon jump at the pumps picking our pockets of $50 billion per year, there is on the macro level an inverse relationship between the price of oil and the overall health of the economy — oil price hikes deliver less job growth, less demand for labor, more unemployment, more poverty, more inequality, more inflation, lower real income increases, and smaller advances in the standard of living.

Additionally, higher oil prices directly cause greater amounts of U.S. capital to be exported, both to pay the higher prices and to pay for the growing levels of imported oil.

In 1985, the U.S. imported 25 percent of its oil usage. Today, it’s 61 percent. And still we are placing restrictions on increases in domestic production, both for oil and other sources of energy.

A few days back, President Obama, rather than sticking around a couple hours to explain to the American people or to the U.S. Congress why we were going to war in Libya, flew off to Brazil to hand out a permit to allow deep sea oil drilling in the Gulf of Mexico to Brazil’s state-run oil company, Petrobras. Capitalist companies in America need not apply.

This particular foreign deal was an especially snug and nostalgic fit for Obama. Brazilian president Dilma Rousseff is somewhat of a Latin form of Obama’s old Weather Underground chum Bernardine Dohrn.

In earlier days, Rousseff, a former Marxist guerrilla, was charged with running with a gang of redistributionists who accumulated revolutionary capital by way of kidnapping foreign diplomats for ransom.

A top priority for Rousseff today mirrors the “spread the wealth around” objective that Obama stated to Joe the plumber.

Dohrn, just home from a trip to Cuba in 1969 where she hoped to pick up some pointers on how to impose a “classless” society on the United States, displayed her true psychopathic colors in a speech she made to the Weathermen’s “War Council.” Speaking elatedly of the murders by the Charlie Manson gang of actress Sharon Tate, coffee heiress Abigail Folger, and three other people, Dohrn proclaimed, “First they killed those pigs, then they ate dinner in the same room with them, then they even shoved a fork into the victims’ stomachs! Wild!”

That’s the fully hateful Bernardine on public display, seeing herself as a new George Washington, a revolutionary fighter for a new nation. It’s the same role, except this founding mother was in serious need of a super-sized bottle of antipsychotic drugs and a super-tight straight-jacket.

Of all the places for candidate Obama to kick off his political career in 1995 in his first run for the Illinois State Senate, he picked the living room of Bernardine Dohrn and husband Bill Ayers, co-founder of the Weather Underground and, more recently, the national vice president for curriculum studies at the American Educational Research Association.

I’d have kept up my guard when Bernardine sashayed out of the kitchen and began circulating around with the hor dourves and metal forks.

In any case, it’s no surprise that things are coming apart, especially on energy. “If somebody wants to build a coal-fired plant, they can,” pronounced Obama during the presidential campaign. “It’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.”

What’s the end game?  “Suicide Mission Accomplished”?

Ralph R. Reiland is an associate professor of economics at Robert Morris University in Pittsburgh.

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Obama’s real legacy – $10 trillion in new federal debt over just four years

Tuesday, August 28, 2012 by: J. D. Heyes

(NaturalNews) As Election Day nears, Americans certainly have some sobering choices to make. Whoever wins the White House has a monumental fiscal crisis to deal with – one that makes losses incurred during the Great Recession of 2008 look like pocket change.

Either way you cut it, the country has been, and will remain, on a path of unsustainable debt. Federal spending under George W. Bush added some $4 trillion dollars to the country’s already burgeoning national debt, but under President Obama that debt has skyrocketed to a staggering $16-plus trillion, and, if the current administration’s budget projections remain unchanged, Obama will have added an unprecedented, mind-numbing, calculator-busting $10 trillion in federal government debt that your children – and their children and their children – will likely have to pay off.

It’s stunning, really, to sit back and watch the country being spent into oblivion, but that’s what’s happening.

Modest growth + increased debt = insolvency; the question is when

“By the end of this year, the federal debt is expected to be $16.2 trillion, which is $6.2 trillion more than when President Obama first came into office four years ago,” says The Weekly Standard, a conservative publication, in a recent blog which included a graphic projecting record budget growth between now and Fiscal Year 2017, the end of a second Obama term if reelected.

Starting at an estimated $15.2 trillion of debt currently (which is about $5 trillion more than when Bush left office), federal debt is expected to rise to $17.5 trillion by next year, then rise by roughly a trillion dollars a year until 2016, when the federal debt is expected to exceed $20.3 trillion.

This isn’t hyperbole; under the current regime, the country has suffered through four straight years of trillion-dollar deficits, and there is no reason to expect, given its history, that the current administration would change much.

“The Congressional Budget Office also says it expects the economy to continue recovering at only a modest rate the rest of this year, growing at a modest annual rate of 2.25 percent. The slow-moving economy and massive federal deficits are top-flight issues in this year’s presidential and congressional campaigns,” The Associated Press said in parsing a CBO estimate on current budget projections.

“Federal debt will increase to $25.4 trillion by the end of 2022, an increase of $10.6 trillion (72 percent) under the president’s budget policies,” adds the Senate Budget Committee.

Budget? What budget?

Part of the problem is unrestrained spending. As in, Congress has not voted on, and Obama has not signed, an actual budget in more than three years. According to the Standard, it’s been more than 1,212 days since Senate Democrats allowed a budget vote on the floor of their chamber.

“Article I of the U.S. Constitution requires Congress to pass a federal budget. Despite the clear priority the Constitution gives to maintaining discipline in federal spending, the last time Congress enacted a budget was April 29, 2009,” more than three years ago, noted Mathew Staver, chairman of the Liberty Council.

Here are some more staggering numbers:

• — Under current figures, the U.S. debt-per-person exceeds $50,900; U.S. debt per taxpayer; however, climbs to a staggering $140,000 each
• — The current national debt is slated to surpass $16 trillion before Election Day
• — The country’s Social Security liability is in excess of $15 trillion; the prescription drug liability is more than $20 trillion, and Medicare’s unfunded liability is $83 trillion, for a total unfunded liability of a massive, country-shattering $120.4 trillion – or every dollar in gross domestic product the U.S. will generate for the next eight years. And in case you’re interested, that’s a total debt of more than $1 million per taxpayer.

As Americans, we have some very important fiscal decisions to make when we go to the polls in November.
Sources:

http://www.weeklystandard.com
http://content.usatoday.com
http://www.usdebtclock.org/

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Why Won’t the President Take Questions?

Posted August 14, 2012

MEMO

FROM: RNC Communications Director Sean Spicer @seanspicer

TO: Interested Parties

RE: Why Won’t the President Take Questions?

It’s been almost eight weeks since President Obama last took questions from the White House press corps. Since then, a lot has happened, and the American people are demanding answers on a growing list of issues.

When will President Obama quit ducking and dodging? When will he hold himself accountable?

Here are just some of the questions Americans have for President Obama–and that he has yet to answer:

1) Why did you cut $700 billion from Medicare?

Even as he talks Medicare on the campaign trail, the president has not explained why he robbed Medicare–and the seniors who depend on it–to bankroll Obamacare.

2) Do you condemn the Obama SuperPAC’s desperate and despicable ad campaign?

As a candidate, then-Senator Obama promised to “walk the walk” and denounce independent organizations that ran indefensible ads on his behalf. Yet when the Obama SuperPAC Priorities USA produced an ad attempting to exploit a woman’s death for political gain, he remained silent. He previously gave his blessing to the SuperPAC and allows his cabinet and top staff to fundraise for it, but he lacks the courage to take responsibility for their appalling behavior.

3) How do you explain the July increase in unemployment and slowing GDP growth?

Last month, unemployment increased to 8.3 percent, marking the 42nd straight month of unemployment above 8 percent. We learned in July that GDP growth slowed, meaning the economy is losing steam. Yet the president cannot say why four more years of the same failed policies will turn around this dangerous trend.

4) Why is your plate too full for your own Jobs Council?

President Obama has not convened his Jobs Council in over seven months. The White House says he’s too busy, but he has found time for 130 political fundraisers since the last meeting of what he claimed was not a “show council.” (He has attended more than 200 fundraisers since April 2011.) So much for making jobs a “number one” priority.

5) Did you approve of David Plouffe’s profiting from a sponsor of terrorism?

Right after announcing his return to the Obama White House, David Plouffe accepted a $100,000 speaking gig with a company who had ties to sponsors of terrorism. It hardly seems responsible to give someone a high level security clearance after exhibiting such poor judgment.

6) Can you explain to business owners your “You didn’t build that” comment?

Small businesses are struggling in the Obama economy–especially in the wake of Obamacare. Entrepreneurs and innovators are rightfully outraged that the president would denigrate their hard work and attack them both with his policies and his words.

7) Do you condone your staff using personal email accounts to conduct government business?

We learned recently that former Deputy Chief of Staff Jim Messina used a private account to email lobbyists about “rolling Pelosi” during Obamacare negations. This seems highly hypocritical for the self-proclaimed “most transparent administration in history.”

Why didn’t you stop the restructuring of Solyndra’s loan?

Nearly everybody in the president’s inner circle knew Solyndra was headed for disaster. But the White House and the Administration approved of a loan restructuring plan that put taxpayers on the hook for hundreds of millions more. The president has not explained how he let this happen.

9) Why did you invoke executive privilege on the Fast and Furious scandal?

Americans deserve answers on how this failed operation turned into a tragedy. But the president is hypocritically impeding transparency and accountability.

10) Can you reconcile the conflicting responses to national security leaks?

Keeping America safe and secure is of paramount importance, but the president has yet to see fit to answer the charges, from Dianne Feinstein no less, that sensitive information has been leaked by his administration for political gain.

Surely President Obama can find time to answer ten simple questions. Or is running from his record the official platform of the Obama campaign?

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