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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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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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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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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POLITICS: contempt for America’s newspapers

Wednesday, April 1, 2009

http://ncc-1776.org/tle2009/tle512-20090329-02.html

No Bailout for America’s Newspapers!
by L. Neil Smith

From the page: “I have never had anything but contempt for America’s “greatest” newspapers.”

# – # – #

I agree. The “liberal” media has a political agenda that is at odds with the American spirit. They have driven us to where we are: “political correctness”, an “entitlement mentality”, a psuedo “drug war”, and a huge gooferment.

From the page: “I have never had anything but contempt for America’s “greatest” newspapers.” I agree. The “liberal” media has a political agenda that is at odds with the American spirit. They have driven us to where we are: “political correctness”, an “entitlement mentality”, a psuedo “drug war”, and a huge gooferment.

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RANT: A failure of leadership — O on GM!

Monday, March 30, 2009

from The Wall Street Journal

*** begin quote ***

President Barack Obama blamed leadership failures in Washington, D.C., and Detroit as a key factor in the auto industry’s decline, as he called on General Motors and Chrysler to come up with better restructuring plans.

In prepared remarks Monday, Obama said, “The pain being felt in places that rely on our auto industry is not the fault of our workers… And it is not the fault of all the families and communities that supported manufacturing plants throughout the generations… Rather, it is a failure of leadership.”

The remarks came as Obama moved to impose hard-nosed, sweeping restructuring measures on GM and Chrysler, including the ouster of GM’s Wagoner.

*** end quote ***

So the money that was put into GM for the American Taxpayer went down a rathole.

And, Obama is going to run GM?

Levine on ABC has a great rant I’m going to try and find it.

Isn’t anyone upset that Obama is now running GM? Doesn’t it remind anyone of Hitler’s fascism? And, what bout the budget and spending. You youngsters are being robbed blind. And, who do they think is going to buy all this debt? It’s trillions and trillions of dollars. We’ll be in debt forever!

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