POLITICAL: Why do I suspect that the taxpayer will be paying

Tuesday, August 2, 2011

http://www.impactlab.net/2011/08/01/banks-turning-to-bulldozing-foreclosed-homes/

August 1st, 2011 at 12:23 pm
Banks turn to bulldozing foreclosed homes
in: Business, Economy, Latest Trend

*** begin quote ***

Increasingly, it appears banks are turning to demolition teams instead of realtors to rid them of their least valuable repossessed homes. Last month, Bank of America announced plans to demolish 100 foreclosed homes in the Cleveland area. The land is then going to be donated back to the local government authorities. BofA says the recent donations in Cleveland are part of a larger plan to rid itself of its least saleable properties, many of which, according to a company spokesperson, are worth less than $10,000. BofA has already donated 100 homes in Detroit and 150 in Chicago, and may add as many as nine more cities by the end of the year.

*** end quote ***

Wow, what an interesting concept!

They get a write off for the donation. And, they don’t have to pay property taxes.

Argh!

Ouch!

What a waste of capital housing stock.

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POLITICAL: NO more bailouts … … for ANYONE!

Friday, January 28, 2011

Tuesday, January 18, 2011

Honorable Republican Representatives,

On behalf of roughly 45 million Americans who voted for you in the November 2nd Elections,

On behalf of the more than 10 million Tea Party Supporters and Sympathizers among them…whose votes gave you victory,

For the purposes of federal government and state government fiscal responsibility, solvency, and financial common sense,

We request that all 242 Republican Members of the U.S. House of Representatives pledge to actively oppose and vote against all federal government bailouts for state governments or local governments.

No Funding bailouts for state or local governments.

No Loans for state or local governments.

No Loan Guarantees for state or local governments.

No cash. No loans. No loan guarantees. No co-signing.

Not for California. Not for Massachusetts. Not for Illinois. Not for New York. Not for any state or local government.

They must live within their own means. They must reduce and remove fat and non-essential spending from their budgets. They must seek and find ways to accomplish their essential duties – with lower overhead and less money.

Just like private sector businesses.

You must not enable them to continue their reckless and irresponsible spending.

You must not enable state and local governments to postpone the day of financial reckoning.

They have behaved like spending junkies, like money drunks. Now they face detox. Some are begging for ‘just one more’ drink, ‘just one last dose’ of narcotics. Tomorrow they’ll get clean and sober…

That’s the addiction talking. Ignore it.

Once state and local officials realize that you will not bail them out, they will solve their own spending problems.

Once they come to terms with economic reality, they will seek and find cheaper, better, smarter ways to do their government’s essential tasks.

They will become more responsible and accountable stewards of government.

Because almost all of you 242 Republican Members of the U.S. House of Representatives ran campaigns promising to roll back federal overspending, to exercise fiscal restraint, and to end federal bailouts, we ask you to notify state governments and local governments that you will vote against bailing them out.

Together, your 242 Republican U.S. House votes against bailing out state and local governments give you a “Veto.”

Promising to exercise this Republican “Veto” – and using it, if the Senate or White House demands bailouts for state or local governments – will show Tea Party supporters, fiscal conservatives, libertarians, and independents that you keep your campaign pledges.

This may create momentum for your proposed federal spending cuts.

It may create momentum for 2012 Republican candidates for the U.S. House and Senate who promise to substantially cut federal government spending, borrowing, and taxing.

Perhaps even a like-minded Republican candidate for President.

It starts with you. Now.

Will you make this pledge?

We eagerly await hearing about and publicizing your No Bailouts Pledge. It will be a beacon of hope during these crucial months of budget negotiations.

Small government is beautiful,
Carla Howell & Michael Cloud

# # # # # posted 2011-01-27 19:29

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RANT: Bailouts are welfare and theft is just theft

Monday, July 19, 2010

http://irisheagle.blogspot.com/2010/07/mortgage-bail-out-recipients-should-be.html

Saturday, July 10, 2010
Mortgage bail-out recipients should be publicly named

*** begin quote ***

I also have sympathy for those who find themselves out of work and can’t afford their mortgage, but again I would like any help that we taxpayers are to provide …

*** end quote ***

Welfare is welfare. Theft is theft. And, there’s a “moral hazard” in this.

When the Gooferment takes over, “We, The Taxpayers” don’t get to decide who gets our charity and who doesn’t. Who’s worthwhile and who’s a bum! And, from thence all sorts of bad things come.

It’s welfare. Just more welfare. That enables bad behavior. Bad behavior on the part of the recipient, every one who knows about it, the politicians, and the bureaucrats. The recipient is not “encouraged” to make better decisions. Every one, who knows about it, takes on more risks “knowing” that “We, The Taxpayer” will chip in to our hard luck story. The politicians get to claim that they “care” — easy to care sending OPM Other People’s Money — while having favors, contracts, and jobs to dispense. And, last but not least, the bureaucrats can have high paying jobs with pensions while doing “good for the downtrodden”. Argh!

It’s welfare. It’s theft. And, it encourages future bad behaviors that we can only imagine.

To misquote the iconic Nike commercial, and to quote the stupid anti–drug one, “Just Say No”.

No Taxpayer-funded bailouts of any kind. Ever. No matter how sad the tale.

If the politicians want to pass the collection basket after putting in a few quid of their own, I’m happy to contribute. Just don’t rob me and expect me to be happy that the thief is doing good with my few scarce pennies.

Argh!

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RANT: Good after bad

Thursday, December 31, 2009

Govt gives GMAC $3.8B in new aid, boosts stake

*** begin quote ***

WASHINGTON (AP) – The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit. The fresh infusion is on top of $12.5 billion in taxpayer money…

*** end quote ***

How dumb!

Time to cut the taxpayer’s losses.

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POLITICS: Increase savings and decrease spending at home

Saturday, October 3, 2009

http://www.lewrockwell.com/schiff/schiff49.1.html

The Price of Pretense in Pittsburgh by Peter Schiff

*** begin quote ***

Noting that a return to pre-crisis economics is impossible, the president assured the world that his administration will pursue policies to increase savings and decrease spending at home and challenged his Chinese counterparts to enact measures with the opposite effect in their own country.

While this is roughly what needs to happen, President Obama is actually doing everything in his power to prevent it. In point of fact, every policy move undertaken by his administration has exacerbated the very imbalances he supposedly wants to curtail. To so seamlessly profess one goal while simultaneously undermining it is an impressive piece of political theater. Unfortunately, this particular drama is likely to have an unhappy ending – and the ticket price will be staggering.

*** end quote ***

Upon reflection, when these very ugly chickens come home to roost, as also forecast by Reverend Wright, will there be any way to escape it?

It would seem that getting out of debt and getting very small in terms of exposures would be a good strategy.

Tactically, shift assets to durables, stockpile, and think defensively.

Argh!

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CORRUPTION: Shills for the gooferment shilling the party line

Tuesday, September 22, 2009

http://www.ncc-1776.org/tle2009/tle537-20090920-05.html

That Sinking GM Feeling
by Jim Davidson
Special to The Libertarian Enterprise

*** begin quote ***

Later he lies again, “So we’re putting our money where our mouth is.” No, you bastard, you stinking lackey of big government, you filthy thief, you aren’t. GM tried putting their money where their mouth is, and they lost. They went under. So now they are putting our money where their mouth is. He isn’t a nice old man, he’s an evil old liar.

*** end quote ***

Absolutely correct.

This gooferment stooge ADMITTED he know nothing about cars. Didn’t do much for AT&T either. Guess he contributed big and get his reward.

Special place in eternity for all of them!

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MONEY: Dollar is in big trouble

Saturday, August 22, 2009

http://www.lewrockwell.com/lilley/floy10.1.html

Sound Money: The Impossible Dream?
by Floy Lilley

*** begin quote ***

Debt: The US must borrow 46 cents for every dollar spent this year. Outstanding public debt as of 18 August is $11,704,322,903, 918. An estimated population of the United States is 307,209,243, so each citizen’s share of this debt is $38,127. The debt-to-GDP ratio is 82%. This debt will grow by a trillion dollars a year. The debt has to be rolled over every four years. That’s $240 billion a month to be skimmed off capital markets. The four largest budget items are wars, social security, Medicare/Medicaid, and interest on the debt.

*** end quote ***

How does the Republic get out of the mess that the congresscritters have created?

Inflation? Repudiation? What Chapter applies to the nation?

It’s clear we can’t meet our commitments. So what, or rather who, gets thrown under the bus?

Clearly the Chinese, and any one holding our debt. Senior citizens, pensioners, the sick and elderly.

Social security goes broke. What does that look like?

Argh!

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SOCIALISM: “Cash for Clunkers”; bad strategy, bad tactically

Tuesday, August 4, 2009

http://apnews.myway.com/article/20090801/D99Q3N5G1.html

Popularity, Web snafus nearly broke ‘clunkers’
Aug 1, 8:56 AM (ET)
By DAN STRUMPF

*** begin quote ***

Far more drivers signed up for the “cash for clunkers” program than anyone thought, overwhelming showrooms, blowing through the initial $1 billion set aside by Congress and leaving dealers panicked over when or if the government would make good on the hefty rebates.

*** end quote ***

Sure steal from the taxpayer to give money to car dealers?

No wonder the program is a success.

Like a bank robber giving out free samples.

And, there folks want to run health care?

It’s like everyone had gone nuts. Financial restraint, fiscal discipline, out the window. It’s like a Frat Party on the taxpayer’s dime.

One website pointed out that (1) these are future sales brought forward. (2) the “clunkers” are the cars that poor people would have bought used.

So like Basat said, (paraphrasing) we can’t see the hidden costs.

Politicians and bureaucrats are stupid. And, I ain’t buying them a beer. And, for sure, I’m not drinking with them!

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RANT: Sheepke are suckers

Monday, August 3, 2009

http://channel-surfing.blogspot.com/2009/07/forget-tea-parties-wherere-pitchforks.html

*** begin quote ***

We will continue to need significant public spending to get us out of this mess

*** end quote ***

SORRY, buzzz, incorrect thinking.

The gooferment can’t get us out of this mess, that THEY put us into. (Sweetheart deals for their pals on Wall Street. See CRA, Freddie, Fannie, FED, FTC, etc, etc! Oiled by “contributions” to Dodd, Barney, and others.)

The gooferment has completely corrupted our concept of money. The stuff they are printing ain’t “money”. It’s toilet paper. And, just look at the value of the dollar over time or in international trade and you can see the result.

They will get us out of this mess by inflating the currency. It’s the only tool they have. Screw the savers, those on fixed income, and anyone holding “dollars”. Inflation rewards their friends and gives them more “money” to spend.

In actuality, the only way to get out of this mess is to do the hard work. Cut the gooferment down to a size we can afford (about 25% of what it is now). Free individuals and small biz from regulations desinged to protect the “players” (i.e., those supposedly regualted). Cut taxes.

But they won’t do that. The politicians, the congress crtiters, and the bureaucrats like things just the way they are.

Sheeple are suckers!

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RANT: Bush43 / Obama44 did the samething

Tuesday, July 7, 2009

http://apnews.myway.com/article/20090704/D997DI2G1.html

Venezuela assumes control of Spanish-owned bank

Jul 4, 12:22 AM (ET)

By FABIOLA SANCHEZ

*** begin quote ***

(AP) Venezuela’s Finance Minister Ali Rodriguez Araque, left, shakes hands with former president of…

*** begin quote ***

CARACAS, Venezuela (AP) – President Hugo Chavez’s government assumed control of Venezuela’s third-largest bank on Friday – making the state the largest player in the nation’s banking system.

*** end quote ***

And this is different than what Bush43 / Obama44 did?

Chavez = bad communist dictator!

Bush43 / Obama44 = “good guys”.

Why because they are “ours”?

Argh!

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GOVEROTRAGEOUS: No Justice in the Government’s Courts

Sunday, July 5, 2009

*** begin quote ***

A federal judge approved the sale of G.M.’s assets to a new government-run company, removing a major hurdle to the auto maker’s plan to exit bankruptcy.

http://online.wsj.com#mod=djemalertNEWS

*** end quote ***

As a GM bodholder getting screwed, why would I expect justice from the government’s court? THe government seized my propoerty violating the rule of law. And, the government’s court approved the government’s plan in violation of the government’s law.

Tyranny!

But not a surprise.

Who protects the serfs from the “King”?

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MONEY: ALLYBANK; corpse of GMAC

Thursday, July 2, 2009

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MONEY: Banks aren’t safe

Friday, June 26, 2009

http://mises.org/story/3507

Dead Banks Walking
Mises Daily
by Doug French
Posted on 6/11/2009 12:00:00 AM

*** begin quote ***

On the other hand, if a legitimate banking system were in place, it would be based upon honoring property rights. Customers making a deposit in a bank expect the bank to guard, protect, and return their money — at a moment’s notice in the case of demand deposits. After all, that person has not traded a present good for a future good. The depositors believe the bank is warehousing the money for them and that it is available to them at any time. This deposit is not a loan — there is no fixed term, which would be required in the case of a loan — and availability hasn’t transferred.

However, we don’t have legitimate deposit banking but a fractionalized banking system that combines deposit banking with loan banking. Those that sympathize with fractionalized banking will contend that time certificate of deposit accounts are in essence loans from depositors, entitling the bankers to use the funds at their discretion for the term of the CD — just as long as the banker has the money ready when the CD matures. But if the money is lent secured by illiquid assets such as real estate, the banker is clearly not counting on those loans to satisfy expiring CDs and must count on attracting new CD money to pay off the old.

“There is no incentive for bank depositors to go to the trouble of determining a bank’s soundness if the government is going to guarantee deposits.”

Bankers, pressured to earn returns for shareholders and protected from bank runs by FDIC insurance, have over time lent not only more of their deposits but advanced the money for riskier projects. James Grant in a recent Grant’s Interest Rate Observer reminisced about National City Bank, which back in 1954 had only lent out 41 percent of its deposits, with less than one percent of the portfolio being real-estate loans.

By the end of last year, the total loan-to-deposit ratio for all US banks and thrifts was 87 percent, and 60 percent of all loans were classified as real-estate secured.

*** end quote ***

Bottom line: Don’t invest in any bank stock.

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NEWJERSEY: Take advice aimed at California. Now!

Wednesday, June 24, 2009

http://roomfordebate.blogs.nytimes.com/2009/06/21/california-bailout-reckless-or-inevitable/

June 21, 2009, 9:13 pm
California Bailout, Impossible or Inevitable?
By The Editors

*** begin quote ***

The Obama administration has told California not to expect a federal bailout. So how should the state deal with its $24.3 billion shortfall? Can it save itself? Or is it likely that the taxpayers of Iowa and Utah will end up picking up the tab of the state that represents an eighth of the nation’s economy? We asked Ron Paul and others for their views on what has to happen next.

*** end quote ***

Don’t Reward Exorbitance
Ron Paul, a United States representative from Texas and a medical doctor, is the founder of Campaign for Liberty. He ran for president in 2008 and is the author of “The Revolution: A Manifesto” and “End the Fed.”

*** begin quote ***

Californians know they are overtaxed

*** and ***

Instead of seeking federal aid, California should cut spending, rethink some of its unsustainable public pension programs, tame down the expensive and failed drug war, and repeal regulations that discourage economic growth. According to a 2008 piece by The Independent Institute’s William Shughart, the state owns more than 20,000 buildings and 6.7 million acres of land, a portion of which is “surplus” property that could be sold to private owners.

*** end quote ***

Sounds like advice that New Jersey could use as well!

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POLITICAL: THe new “inside trader”

Monday, June 22, 2009

http://www.suntimes.com/news/1620776,CST-NWS-durbin13.article

Durbin cashed out during big stock collapse
WASHINGTON | Asset sales came after meeting with Fed, Treasury chiefs
June 13, 2009

*** begin quote ***

As U.S. stock markets plummeted last September, the Senate’s No. 2 Democrat, Dick Durbin, sold more than $115,000 worth of stocks and mutual-fund shares and used much of the money to invest in Warren Buffett’s Berkshire Hathaway Inc.

The Illinois senator’s 2008 financial disclosure statement shows he sold mutual-fund shares worth $42,696 on Sept. 19, the day after then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged congressional leaders in a closed meeting to craft legislation to help financially troubled banks.

*** end quote ***

Of course, there was no connection between the meeting and his actions.

The fact that Paulson probably said “I wouldn’t be holding any equities” and Bernake “I’m printing money like there’s no tomorrow”, never entered into his thoughts.

Inside information. Insider trading.

Only applies to non “public servants”.

Yeah, right!

Poor Martha! I’m sure she did less than this fellow. She didn’t create the mess.

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LIBERTY: The Gooferment is in charge!

Tuesday, June 9, 2009

http://www.breitbart.com/article.php?id=D98NEVL80&show_article=1

High court won’t block Chrysler sale
Jun 9 06:27 PM US/Eastern

*** begin quote ***

WASHINGTON (AP) – The Supreme Court has cleared the way for Chrysler’s sale to Fiat, turning down a last-ditch bid by opponents of the deal.

The court said late Tuesday it had rejected a plea to block the sale of most of Chrysler’s assets to the Italian automaker. Chrysler, Fiat and the Obama administration had warned that the high court’s intervention could have scuttled the sale.

A federal appeals court in New York had earlier approved the sale, but gave opponents until Monday afternoon to try to get the Supreme Court to intervene.

*** end quote ***

The bondholders really couldn’t expect “justice” from a gooferment court.

Talk about a stacked deck!

The President’s plan taken before the Government’s Court. And, you expected a different result.

Watch the bond markets now! Nothing is safe from gooferment manipulation.

Now what happens to the Indiana pensioners who just got screwed?

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GOVEROTRAGEOUS: The White House hustled the Chrysler bankruptcy judge?

Tuesday, June 2, 2009

http://apps.detnews.com/apps/blogs/autosblog/index.php?blogid=746

Category: Chrysler bankruptcy
Posted by Manny Lopez (The Detroit News) on Mon, Jun 1, 2009 at 6:19 AM
Carefully orchestrated indeed

*** begin quote ***

The bankruptcy judge hearing the Chrysler case said Friday he wasn’t going to rule on the asset sale until today or Tuesday, but a call from the White House must have prompted him to move faster because he ruled in the wee hours of this morning.

See, the administration wanted to hold up Chrysler as an example of a “quick and speedy” bankruptcy, but Judge Arthur Gonzalez – deciding he needed more time to rule – put a crimp in those plans and left the White House looking at a GM filing today and Chrysler still in. Oops.

Remarkably, Gonzalez got all his work done just in time and filed his opinion after midnight to save the show.

I’m sure we’ll hear today when questioned that the White House had nothing to do with that timing, just as we’ve heard that it is not making management decisions at GM or Chrysler.

*** end quote ***

Please you expect “justice” from a government court when the President is involved?
Don’t make me laugh!
Sheeple!
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MONEY: If You Care About the Uninsured

Friday, May 29, 2009

http://www.reason.com/blog/show/133627.html

If You Care About the Uninsured, Please Drink Budweiser. Or Schlitz. Or Coors. Or Hamm’s. It Doesn’t Really Matter What Beer You Drink, Only That You Drink a Highly Taxed Beer. And If You Really Care About The Uninsured, Why Not Drink a Case of Beer?

Nick Gillespie | May 21, 2009, 7:21am

*** begin quote ***

Is it too late to take it all back, this loose talk about legalizing “vices” and then taxing them?

Some details on a “proposed beer tax” currently working its way through Congress like a kidney stone through Ted Kennedy’s man-parts. It’s all over but the shouting, screaming, and gnashing of teeth:

   Consumers in the United States may have to hand over nearly $2 more for a case of beer to help provide health insurance for all.

   Details of the proposed beer tax are described in a Senate Finance Committee document that will be used to brief lawmakers Wednesday at a closed-door meeting.

   Taxes on wine and hard liquor would also go up. And there might be a new tax on soda and other sugary drinks blamed for contributing to obesity. No taxes on diet drinks, however.

   Beer taxes would go up by 48 cents a six-pack, wine taxes would rise by 49 cents per bottle, and the tax on hard liquor would increase by 40 cents per fifth. Proceeds from the new taxes would help cover an estimated 50 million uninsured Americans.

*** end quote ***

And, of course, there won’t be any discussion of:

(1) Why do beer drinkers have to pay for the “uninsured”?

(2) Who is in the 50M “uninsured”? (Young people, people who could afford insurance, illegal aliens, UAW pensioners)

(3) Why is the government in the health insurance business in the first place?

Argh!

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POLITICAL: CA debt is a Federal problem?

Thursday, May 28, 2009

http://apnews.myway.com/article/20090527/D98EPK2O1.html  

Calif. wants federal government to back its loans
May 27, 3:52 PM (ET)
By JUDY LIN

*** begin quote ***

SACRAMENTO, Calif. (AP) – If AIG was too big to fail, how about the world’s eighth-largest economy?

In a move with only one modern-day precedent, California Gov. Arnold Schwarzenegger and Democratic lawmakers are pressing the Obama administration and members of Congress for federal loan guarantees to help the state out of a desperate, multibillion-dollar jam.

California is not asking for cash, like the tens of billions given to AIG, General Motors or Morgan Stanley. (MS) Instead, the state with the worst credit rating in the nation is asking that Washington act as a sort of co-signer on the state’s borrowing, to be backed up with money from the Troubled Asset Relief Program.

*** end quote ***

No!

The S&L crisis started with Federal guarantees.

And, why should the taxpayers be bailing out CA bond holdrs?

Sorry, that the breaks.

Maybe CA should elect some politicians with fiscal responsibility.

What happens when and if CA goes under?

Has it ever happened before?

Maybe CA should secede? Or the USA from it.

Like voting it off the continent?

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GOVEROTRAGEOUS: Making an Irish company with a U.S. subsidiary

Wednesday, May 6, 2009

http://washingtontimes.com/news/2009/may/05/businesses-pan-obamas-tax-crackdown-plan/

Businesses pan tax crackdown plan
Say proposal to close loopholes will drive jobs out of the country
By Jon Ward (Contact) | Tuesday, May 5, 2009

*** begin quote ***

“Obama’s proposal will shove jobs and capital out of America and into foreign countries,” said Americans for Tax Reform, pointing out that U.S. companies already pay a higher corporate tax rate of 40 percent domestically than in many other countries, and that forcing them to pay this rate on profits they make internationally will drive operations out of the country.

“It’s a relatively simple matter for a U.S. company with an Irish subsidiary to become an Irish company with a U.S. subsidiary,” the anti-tax group said.

*** end quote ***

Politicians think that no one will adapt to their latest hair brained scheme.

I hope someone is keeping track of this little “project’s” results.

We should have a zero corporate tax rate. And, everyone would be moving here!

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LIBERTY: Schiff on the Chrysler bankruptcy

Monday, May 4, 2009

Peter Schiff on the Chrysler bankruptcy.

In a seven minute video, he makes some excellent points: turing Chrysler into the Post Office or Amtrak while trying to keep the jobs. Unfortunately, those resource tied up in Chrysler must be freed up. And, the government’s bankruptcy court will be at the end of it all the government’s bankruptcy court.

I agree that we have to stop the government from guarantying things — car warranties is another unwarranted intrusion.

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RANT: Pelosi seeks to divert attention!

Thursday, April 30, 2009

http://www.bloomberg.com/apps/news?pid=20601109&sid=aE68O.jaWO4E&refer=home

Pelosi Wall Street Probe Follows Pecora After Crash (Update1)
By Mark Pittman and Laura Litvan

*** begin quote ***

April 21 (Bloomberg) — Wall Street may be heading for the deepest investigation of its practices since a congressional panel’s probe of abuses following the 1929 stock market crash.

House Speaker Nancy Pelosi plans to push for a comprehensive inquiry, saying that three-quarters of Americans want to know what led to the bankruptcy of Lehman Brothers Holdings Inc. and the collapse of Bear Stearns Cos. and Merrill Lynch & Co. She favors one patterned after Senate Banking Committee hearings led by Ferdinand Pecora starting in 1933, according to her spokesman, Nadeam Elshami.

*** end quote ***

And who investigates Congress?

Because, imho, “their fingerprints” are all over this mess — Dodd, Franks, Pelosi, and Reid!

Bush doesn’t escape clean, but they did block him.

The SEC, FTC, FDIC, and the Justice Department could have “blown the whistle”.

There’s enough blame to go around, but Pelosi is seeking to once again divert attention from her own troubles and that of her fellow congress critters.

Throw them all out!

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MONEY: Obama’s “Bailout Bonds”

Friday, April 10, 2009

http://www.lewrockwell.com/rockwell/bailout-bonds.html

Bailout Bonds?
by Llewellyn H. Rockwell, Jr.

*** begin quote ***

The Obama administration is cajoling investment companies to create bailout bonds. These would be similar to the bonds that wartime presidents created to find sucker-investors for their wars. Americans were browbeaten into buying them as a patriotic duty. So too those who say “yes, we can” to the bailouts will be asked to do their patriotic duty, and buy the debt of loser companies.

It’s all part of the war on depression, which is destined to be as successful as the war on drugs. But, hey, if it is a good investment, why not buy bailout bonds? Well, there’s a problem. The bonds represent credit extended to companies and projects that are proven market failures. Creating these bonds is a way of institutionalizing the principle of buying low and selling lower.

*** end quote ***

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An even MORE important point is who’s going to buy ANY of the US Gooferment debt?

When the pundits say ONE or TWO Trillion Dollar Deficit, (that means they haven’t or can’t tax it to zero), there are really only TWO choices: INFLATION to monetize the debt (A fancy way to say “we’re going to screw everyone who hold dollars”; that’s why the Chinese with their 5T$ are upset. Inflation is a tax on every dollar that currently exists. How many do you have?) —-OR—- BORROW it. (The Treasury issue notes and bonds, basically IOUs, to folk who think they might get their money back with interest.

Who’s going to buy 2T$ worth of debt?

Not the unemployed. Not the “scared money”. Not the Chinese. Not the retirees who have taken a 50% haircut in the market. Not those with 401ks and IRA that have taken the same haircut or worse.

Who else has savings to loan Uncle Sam?

Watch for the interest rates to rise. See bond buyers KNOW their biggest risk is inflation. For those of us who lived thru the Carter Stagflation, we remember the Treasury couldn’t sell 15% tbills because price inflation was running 20%. History WILL repeat itself.

Gold and silver. Gold and silver.

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Posted by reinkefj

RANT: We don’t need gooferment “help”

Wednesday, April 8, 2009

http://www.lewrockwell.com/blog/lewrw/archives/026190.html

The End of the “Voucher” Argument
Posted by Thomas DiLorenzo at April 4, 2009 05:09 PM

*** begin quote ***

Proponents of a form of “market socialism” known as “school vouchers” have long ignored the argument that along with government money would come government control of private schools that accept voucher students. This would in turn destroy the private schools, eventually. This argument against vouchers was always unanswerable, but the current antics of the Obammunists should prove once and for all what a hoax it is to call voucher welfare a “libertarian” idea.

*** end quote ***

As a past fan of “vouchers”, I thought they could be useful as a transition mechanism from the Socialistic “School” system we currently have to a Free Market version. Now that we’ve seen the damage the Gooferment can do with its rules (i.e., “mark to market”; “short sale uptick rule”; taxe preferences) and its help (i.e., killing one Lehman but “saving” a competitor AIG; GM; the “bonus” executives).

In short, we just have to close it down! It’s too big, too powerful, and too dangerous.

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Posted by reinkefj

GOVEROTRAGEOUS: The Gooferment refuses to TARP repayment

Tuesday, April 7, 2009

http://online.wsj.com/article/SB123879833094588163.html

   * OPINION
   * APRIL 4, 2009

Obama Wants to Control the Banks
There’s a reason he refuses to accept repayment of TARP money.
  By STUART VARNEY

*** begin quote ***

I must be naive. I really thought the administration would welcome the return of bank bailout money. Some $340 million in TARP cash flowed back this week from four small banks in Louisiana, New York, Indiana and California. This isn’t much when we routinely talk in trillions, but clearly that money has not been wasted or otherwise sunk down Wall Street’s black hole. So why no cheering as the cash comes back?

My answer: The government wants to control the banks, just as it now controls GM and Chrysler, and will surely control the health industry in the not-too-distant future. Keeping them TARP-stuffed is the key to control. And for this intensely political president, mere influence is not enough. The White House wants to tell ‘em what to do. Control. Direct. Command.

It is not for nothing that rage has been turned on those wicked financiers. The banks are at the core of the administration’s thrust: By managing the money, government can steer the whole economy even more firmly down the left fork in the road.

{Extraneous Deleted}

*** end quote ***

It’s all about taking the county socialist. He was rated the 100% liberal senator. He has no other skill than manipulation.

We will never recover from this enormous debt he’s putting on our posterity.

Like Lincoln, Wilson, FDR, Johnson, and Clinton, he’s taking us where we can’t get back from.

The American Experiment has failed.

Where will the new Revolution arise from?

When do the People again take to the barricades to fight for Freedom and Liberty?

Obama made a joke or threat to the Bankers saying “I am the only think between you and the pitchforks.” I’d take care Mister Politician. When the People get out the pitchforks as few of us my come after the Politicians and not the Bankers.

Beware the Devil’s bargain. And, the gooferment is that devil.

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Posted by reinkefj

MONEY: Fiat currency kills the American Dream

Sunday, April 5, 2009

http://www.dailyreckoning.com/dinosaur-economists-and-their-paper-currency/

Dinosaur Economists and their Paper Currency
By The Mogambo Guru

*** begin quote ***

So the question is, “Is all that spending additive?” I mean, do you add 14% plus 7%? If so, then isn’t government spending 21% of Gross Domestic Product enough to kill the economy a dozen times over, which is what happens every other time in all of history when some brain-dead government of some idiotic country full of childishly-trusting morons allows their corrupt government to spend more than it takes in by creating as much fiat currency as it wants?

*** end quote ***

Amazing about the amount of “counterfeit money” the gooferment is going to push out.

Where does it end? Who winds up holding the bag? When does the “barbara streisand” hit the fan?

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Posted by reinkefj

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