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"The current administration will leave the nation with its largest deficit in history"
This and other efforts of the “Bush Legacy Project” to rehabilitate the last administration’s job creation image and defend its tax cuts ignore the stark reality that the Bush administration’s tax policies fostered the weakest jobs and income growth in more than six decades, and ignored alarming labor market trends in minority communities. This record of anemic job creation was accompanied by sluggish business investment and weak gross domestic product growth that characterized the period after the Bush tax cuts of 2001 and 2003 went into effect.
The Administration and congressional Republicans predicted that the President's tax cut plan would turn the economy around. Those predictions proved false - instead of a quick economic turnaround, the country still has fewer jobs than it did when the recession began three and a half years ago. This is the longest period of job losses since the Great Depression.
Originally posted by Raud
I don't call on every American man, woman and child to blindly embrace the "new" administraion. In fact, I want them to be awake and always observe their government with a healthy dose of critisism. Your country and its leaders are there to serve you and protect your liberties. Not the other way around (which it has been like many times over in history, not only in the USA).
Originally posted by genius/idoit
Take a look at Sal Alinsky's rules for radicals before you worship obama blindly it should give you a sense of what he is trying to achieve.
Originally posted by Common Good
Want some cheese with that wine?
Im sorry, but you proved nothing to me that suggests that Obama
has not been a major factor in the chaos that we are seeing today.
I thought that he ran for office on "turning the economy around"?
I thought that he said that his first priority was the economy?
Its been 10 months... so...where are we at? Further down the rabbit hole.
Grab a calculator and do the math yourself.
The economy might not have been the greatest when Bush left, but Obama surely has not contributed anything good to the situation, he has only made it worse.
But lets just blame Bush, its much easier that way, we dont want our God Obama to have a bad image.
Of mergers and acquisitions each costing $1 million or more, there were just 10 in 1970; in 1980, there were 94; in 1986, there were 346. A third of such deals in the 1980's were hostile. The 1980's also saw a wave of giant leveraged buyouts. Mergers, acquisitions and L.B.O.'s, which had accounted for less than 5 percent of the profits of Wall Street brokerage houses in 1978, ballooned into an estimated 50 percent of profits by 1988... THROUGH ALL THIS, THE HISTORIC RELATIONSHIP between product and paper has been turned upside down. Investment bankers no longer think of themselves as working for the corporations with which they do business. These days, corporations seem to exist for the investment bankers.... In fact, investment banks are replacing the publicly held industrial corporations as the largest and most powerful economic institutions in America.... THERE ARE SIGNS THAT A VICIOUS spiral has begun, as each corporate player seeks to improve its standard of living at the expense of another's.
Corporate raiders transfer to themselves, and other shareholders, part of the income of employees by forcing the latter to agree to lower wages. January 29, 1989 www.nytimes.com... New York Times
Fractional Reserve Banking
Let's see how the fractional reserve process works, in the absence of a central bank. I set up a Rothbard Bank, and invest $1,000 of cash (whether gold or government paper does not matter here). Then I "lend out" $10,000 to someone, either for consumer spending or to invest in his business. How can I "lend out" far more than I have? Ahh, that's the magic of the "fraction" in the fractional reserve. I simply open up a checking account of $10,000 which I am happy to lend to Mr. Jones. Why does Jones borrow from me? Well, for one thing, I can charge a lower rate of interest than savers would. I don't have to save up the money myself, but simply can counterfeit it out of thin air. www.lewrockwell.com...
I am amazed that the US government, in the midst of the worst financial crises ever, is content for short-selling to drive down the asset prices that the government is trying to support....The bald fact is that the combination of ignorance, negligence, and ideology that permitted the crisis to happen still prevails and is blocking any remedy. Either the people in power in Washington and the financial community are total dimwits or they are manipulating an opportunity to redistribute wealth from taxpayers, equity owners and pension funds to the financial sector. Paul Craig Roberts was Assistant Secretary of the Treasury www.countercurrents.org...
Weathiest Members Of Congress
John Kerrey (D) $900 Million
Herb Kohl (D) $315 Million
Jay Rockefeller (D) $275 Million
Nancey Pelosi (D) $268 Million
Moving fast......The Clintons amassed nearly $169 million in the past 10 years of "public service".
Working for the Clintons isn't bad either.....
But the entry that really sent my Democratic strategist friend ballistic was the one for Rep. Rosa DeLauro, the Connecticut Democrat. La Rosa--tied for #48 on the Richest list--gets the lion's share of her wealth from her husband--Clintonista pollster and campaign strategist Stan Greenberg. Says Roll Call, "DeLauro's primary asset is a 67-percent stake in Greenberg Quinlan Rosner Research Inc., a Washington-based firm run by her husband, Democratic pollster Stan Greenberg. Her share in the company nets the Representative $5 million to $25 million. She has a partial stake in two other polling/consulting firms. The first is Greenberg Research, of which she and her husband own 100 percent, and Sun Surveys, in which she owns a 60 percent stake. Neither of these is as lucrative as Greenberg Quinlan Rosner, however."
My bud the political warhorse snorted, "Hell, she first ran for Congress she didn't have a dime--I was one of her biggest contributors. And Stan Greenberg, who worked for me back when he was starting out, used to have holes in his socks!" Noting that Congressional wealth is usually closer to the higher than to the lower estimates on the disclosure forms, my dour Democrat gasped, "That means they're making around $50 million! These people shouldn't be running Democratic campaigns!"
So, if you want to know why the national Democrats seem, in this campaign, to have a tin ear where touching the hearts and minds of the working stiffs is concerned, think about this: the three partners in the Democracy Corps--Greenberg, James Carville, and Kerry's chief message-shaper Bob Shrum--are all multimillionaires. And yet their counsel--proferred in an endless series of free Democracy Corps memos distributed to the party elite well before and during the presidential primaries, whose content (or lack of it) they helped shape--is taken as gospel by Democratic liberals feverish for victory. Well, as the old Texas populist Maury Maverick Jr. used to say, "a liberal is a power junkie without the power."
Originally posted by crimvelvet
Politicians are owned by the bankers and corporations, we are the sheep they are intent on shearing
No, you do the math. Are you or have you been living in paradise city for the last 9 years? Money doesn't make themselves you know.
Let's take a look at it and see how they create money ... everything I'm going to tell you is absolutely 100% technically accurate. The other thing I want to warn you about is don't try and make sense out of this because it can't be done; this does not make sense and you'll blow a fuse trying to make it make sense. Just remember that it is a scam and if you keep that fact in mind then you'll have no trouble comprehending what's going on.
Here's how it works. It starts with the government side of the partnership, it starts in Congress which is spending money like crazy. It spends far more money than it takes in. It is spending way beyond its income. How can it do that? Basically this is what happens. Let's say Congress needs an extra billion dollars today so it goes to the treasury and says "we want a billion dollars" and the treasury official says "you guys have got to be kidding, we don't have any money here, you spent it all a long time ago, everything that we've taken in taxes you fellows have spent by March." Congress says "we thought that was true but we thought we'd stop by just in case somebody sent some more in." They get together and they go down the street and they get the idea that we'll borrow the money. So they stop at the printing office and they don't print money at the printing office, they print certificates and they're very fancy things with borders on the edge with an eagle across the top and a seal at the bottom and it says "US Government Bond" or "Note" or "Bill" depending on the length of the maturity of it. If you hold it up to the light it really says "IOU" because that's what it is. They print these things up and it looks very impressive and then they offer them to the private sector; they're hoping that people will come up and loan money to the federal government and a lot of people do and are anxious to lend money to their government. Why? Because they've been told by their investment advisors that that's the most sound investment that you can make. Why? We've all heard that these loans are backed by the full faith and credit of the US government. They're not quite sure what that means but it sure sounds good. I'd like to explain for you who are in doubt what that means. The full faith and credit of the US government means that the government solemnly promises to pay back that loan plus interest if it has to take everything you and I have in the form of taxes in order to do it, it's going to do it. It will take everything we have if necessary to hold its pledge. People don't realize that they're putting themselves on the line, they're going to get their own money back minus a substantial handling fee.
Plenty of money is loaned to the government but never enough. Congress needs more money than that. They say not to worry. They go further down the street to the Federal Reserve building. The Fed has been waiting for them, that's one of the reasons it was created. By the time they get inside the Federal Reserve building the officer of the Fed is opening his desk drawer. He knows they're going to be there and he's ready and he pulls out his checkbook and he writes a check to the US Treasury for one billion dollars or whatever the amount is that they need. He signs the check and gives it to the treasury official.
We need to stop here for a minute and ask a question. Where did they get a billion dollars to give to the treasury? who put that money into the account at the Federal Reserve System? The amazing answer is there is no money in the account at the Federal Reserve System. In fact, technically, there isn't even an account, there is only a checkbook. That's all. That billion dollars springs into being at precisely the instant the officer signs that check and that is called "monetizing the debt," that's the phrase they throw at you. That means they just wrote a check, a big rubber check. If you and I were to do that we would go to jail but they can do it because Congress wants them to do it. In fact, this is the payoff, this is the benefit to the government side of this partnership, this is how the government gets its instant access to any amount of money at any time without having to go to the taxpayer directly and justify it or ask for it. Otherwise, they would have to come to the taxpayer and say we're going to raise your taxes another $3,000 this year and of course if they did that, they would be voted out of office real fast. They like the Mandrake Mechanism because it's a no questions asked source of money. You may have noticed that it's been many years since Congress has even discussed what anything costs, it's not an issue. It doesn't make any difference what the cost is because regardless of the overrun they know they can go down the street to the Federal Reserve and by law the officer has to write that big check and give it to them and they're off and running.
There in a nutshell is the reason the government likes the Mandrake Mechanism--easy instant access to any amount of money of any kind without the taxpayer being involved directly in the loop. But what about the banking side? This is where it really gets interesting. Let's go back to that billion dollar check. The treasury official deposits the check into the government's checking account and all of a sudden the computers start to click and it shows that the government has a billion dollar deposit meaning that it can now write a billion dollars in checks against that deposit which it starts to do real fast. For the sake of our analysis, let's just follow $100 out of that billion in a check that for some reason they write to the fellow that delivers the mail to our door. The postal worker gets a check for $100 and he looks at this thing and he can't imagine in his wildest dreams that that money didn't exist two days ago anywhere in the universe. It's spendable so he wouldn't even care if you told him. He deposits it now into his personal checking account. Now we're finally out of the Federal Reserve and out of the government's check and we're into the private banking system. We're in finally to that part of the partnership which is involved in the cartel. A $100 deposit has now been made in the local bank and the banker sees that and runs over to the loan window and opens it up and says "attention, everybody, we have money to loan, someone just deposited $100." Everyone is overjoyed at that because that's one of the reasons they come to the bank, they come to borrow money. That's a sign of national health if you're in debt so they're anxious to know that the bank has money to loan, they line up for these loans. They heard the banker and they say $100 that's not very much and he says not to worry we can loan up to $900 based on that $100 deposit. How can that be done? It gets complicated the way they do it and I'll tell you in very simple terms. The Federal Reserve System requires that the banks hold no less than 10% of their deposits in reserve. The bank holds 10% of that $100 in reserve, $10, and it loans this first fellow in line $90. What does he do with it? He wants to spend it so he puts it into his checking account. In fact it probably goes directly into his checking account. Let's assume that they gave it to him and he puts it back, when he puts it back it's a deposit isn't it?
Only a $100 deposit but $900 in loans and that deposit is still there. Where did the $900 come from and the answer is the same--there was no money. This springs into existence precisely at the point at which the loan is made. ... www.bigeye.com...