"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks
to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people
of all property until their children wake-up homeless on the continent their fathers conquered."
Thomas Jefferson, 1802
The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and
controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance
Cicero,55 BC
SO MANY CAN NEVER RELATE TO THE TRUE HISTORY OF THE SITUATION !!!
The Washington Post babbled again today about Obama inheriting a huge deficit from Bush. Amazingly enough, a lot of people swallow this nonsense. So once more, a short civics lesson.
Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democratic Party.
Furthermore, the Democrats controlled the budget process for FY 2008 and FY 2009 as well as FY 2010 and FY 2011.
In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.
For FY 2009 though, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the FY 2009 budgets.
And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete FY 2009. Let's remember what the deficits looked like during that period: (below)
If the Democrats inherited any deficit, it was the FY 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.
If Obama inherited anything, he inherited it from himself.
in a nutshell, what Obama is saying is I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th.
It's official: The Left is out of ideas
With a little over a year to go until the next national election cycle is complete, it has become apparent that from an economic standpoint,
the SS Liberal has officially run out of steam. Hull weighted down with the barnacles of false promises and rudder crippled by the reckless mismanagement
of a spendthrift captain from Chicago, she sits there floundering in a sea of unemployment and malaise not experienced since Jimmy Carter was at the helm.
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The Moral Basis for Economic Liberty
So long as economic liberty—and its requisite institutions of private property,
free exchange, capital accumulation, and contract enforcement—is not backed by a generally held
set of norms by which it can be defended, it cannot be sustained over the long term. Into the
moral vacuum left by capitalism’s defenders rush notions hostile to economic liberty, notions
drawn largely from the values and vocabularies of interventionism and socialism.
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Going broke by going green
President Obama’s healthcare program came under intense scrutiny in 2010.
As we enter 2011, we need to open our eyes to what is really going on behind his green
energy propaganda, as well. To some, it may not seem as desperate an issue as healthcare,
but it will grow to become just as devastating to those citizens among us who are poor,
because access to affordable energy affects everything we do.
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The Madness of Obamanomics
What actually drives economic recovery and growth is increased production, which results from increased incentives
to produce, and reduced costs burdening production. That involves reduced tax rates, which allow producers to keep a higher
percentage of what they produce. It also involves reduced regulatory costs and reduced costs of government spending. This is
what the more modern supply-side economics adopted by President Reagan was all about. But Obama refuses to consider any of
this because it involves reducing rather than expanding the power of government, and he is rigidly opposed to that ideologically.
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John Witherspoon: “End the Fed”
John Witherspoon’s Essay on Money (1786) and his warnings to Congress on financial issues serve as a fitting rebuke to the plague current
throughout American history (continuing strongly today) of inflation and manipulation of currency. The review of these materials, therefore, serves us
well in the interest of history and of current events. But in order fully to appreciate their place and meaning, we ought first to understand their total
context. Pursuing that context leads us into a world that—though over two and a quarter centuries removed—strangely mirrors our own. There we find our
very policies, politicians, parties and problems represented as if viewing a play scripted for political and economic tragedy and rehearsed time and again
throughout the generations.
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Hoover, FDR and Clinton Tax Increases: A Brief Historical Lesson
The obvious reason to prevent a tax hike by extending current tax rates is that doing so will prevent further economic harm
to an already flat economy. How do we know that tax increases will cause economic harm? Three examples: 1932, 1937 and 1993.
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Obamanomics leaving world nervous
When I was growing up, China's Communist leaders would attack the United States as "capitalist running dogs." How the world has changed: Chinese leaders now publicly
fret about America's reliance on "outmoded central planning."
Talk about being called ugly by a frog.
The Chinese official specifically was referring to the Federal Reserve's decision to pump $600 billion of extra liquidity into the economy. But instead of being called "QE2," this new bout
of quantitative easing should be called the "Titanic."
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Krugman: Death Panels, VAT Will Fix Debt Crisis
Economist and New York Times columnist Paul Krugman says the only way the U.S. will get its debt crisis under control is by the use of "death panels" and a national sales tax.
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President Obama's Comments About American Prosperity Are No Joke
President Obama has now attacked "Americans for Prosperity" by name more than a dozen times, nearly every time comparing our name to “Americans for
Apple Pie” or “Moms for Motherhood.” The transcripts have the word “laughter” inserted after the comparison, although crowds have been nearly silent while Obama himself laughs awkwardly
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Fan & Fred & Chris & Barney?
In the 1969 movie Bob & Carol & Ted & Alice we were treated to liberal-minded baby boomers exploring their feelings and sexual limitations. Fast forward 40 years and little has changed. Only now the liberals refuse to pull away the bedsheets because they don't want anyone to see the terrible cost of 30 years of clueless experimentation.
When President Obama signed the financial reform bill recently, Chris Dodd and Barney Frank were right by his side, but not a word was said about Fannie Mae and Freddie Mac. Read full article
Morning Bell: An Admission of Failure
When President Obama sold his $862 billion economic stimulus to the American people, he promised that, if enacted,
it would prevent unemployment from ever rising above 8%. With unemployment currently at 9.5%, the American people are now well aware
that the President’s stimulus has been a complete failure. But Friday’s report was the first time this Administration was forced to
admit just how long Americans will have to suffer for their failed economic policies. According to Friday’s report,
the Obama administration now projects that unemployment will average 9% throughout all of next year and 8.1% throughout 2012.
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Rep. Paul Ryan: Obama’s New Budget Will ‘Literally Crash the U.S. Economy’
Rep. Paul Ryan (R-Wis.), the ranking member of the House Budget Committee, told CNSNews.com that the fiscal 2011 budget proposed by President Barack Obama
will “literally crash the U.S. economy” with the additional debt it plans for the federal government.
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Federal Government Was Culprit in Housing and Economic Crisis, Says Congressional Report
Fannie Mae and Freddie Mac were the chief culprits in the housing crisis because they encouraged people who could not afford payments to borrow money, according to a congressional
report released Tuesday.
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American capitalism gone with a whimper
Source: Pravda.RU
It must be said, that like the breaking of a great dam, the American decent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple, excuse me dear reader, I meant people.
True, the situation has been well prepared on and off for the past century, especially the past twenty years. The initial testing grounds was conducted upon our
Holy Russia and a bloody test it was. But we Russians would not just roll over and give up our freedoms and our souls, no matter how much money Wall Street
poured into the fists of the Marxists.
Thomas Jefferson
“"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation,
the banks....will deprive the people of all property until their children wakeup homeless on the continent their fathers conquered....The issuing power should be taken
from the banks and restored to the people, to whom it properly belongs."
Those lessons were taken and used to properly prepare the American populace for the surrender of their freedoms and souls, to the whims of their elites and betters.
First, the population was dumbed down through a politicized and substandard education system based on pop culture, rather then the classics. Americans know more about their favorite TV dramas then the drama in DC that directly affects their lives.
They care more for their "right" to choke down a McDonalds burger or a BurgerKing burger than for their constitutional rights. Then they turn around and lecture us about
our rights and about our "democracy". Pride blind the foolish.
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Plan to audit Fed steamrolls ahead
U.S. Rep. Ron Paul, R-Texas, long has opposed the power held by the Federal Reserve and its ability to manipulate the nation's economy and over the years has
launched proposals to get rid of the quasi-governmental agency, without significant support.
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Obama Wants to Control the Banks
There's a reason he refuses to accept repayment of TARP money.
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?
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OBAMA, GM: YOU BREAK IT, YOU OWN IT
GM, now renamed Government Motors, has a new CEO: President Barack Obama.
By replacing the head of the company and demanding a restructuring of its board in return for further TARP aid, Obama has taken upon himself the responsibility for the future of the company.
As Gen. Colin Powell said when Bush was considering invading Iraq and toppling the Saddam Hussein government there: "If you break it, you own it." Now it is Obama's company.
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Obama Pushes Keynesian Policies While Economy Spirals
A free market economist and university professor says President Obama, his advisors, and his Democratic supporters in Washington are being heavily influenced by the failed
ideas of late British economist John Maynard Keynes, who advocated government spending as a stimulus for economic activity
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Confidence...Where?
As Queen Pelosi declares that White House and Congressional policies are instilling confidence in the Amercian public, unemployment raises, foreclosures continue and banks continue to fail. One has to wonder just exactly who she is talking about.
The linked story below reveals just how out of touch she and the majority of our elected officials are with the people who they work for. It's goes way beyond rational thinking when trying to figure out how they think. There is no doubt that most of them have college degrees, as a large portion of them are lawyers, but their common sense seems to be lacking.
I've long been of the thought that they don't really represent the constituents that send them to Washington. But with the recent chain of events I'm absolutely sure of it. They care
only about their power and staying in office. Well, I think they've over reached. The attached article, while mind boggeling, really should not be surprising given the person they picked to occupy the Oval Office.
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Bank Crisis in Terms I Can Understand
The financial crisis explained in simple terms...
Heidi is the proprietor of a bar in Berlin . In order to increase sales, she decides to allow her loyal customers - most of whom are unemployed alcoholics - to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans). Word gets around and as a result increasing numbers of customers flood into Heidi's bar.
Facts Don't Lie
Taking advantage of her customers' freedom from immediate payment constraints, Heidi increases her prices for wine and beer, the most-consumed beverages. Her sales volume increases massively. A young and dynamic customer service consultant at the local bank recognizes these customer debts as valuable future assets and increases Heidi's borrowing limit. He sees no reason for undue concern since he has the debts of the alcoholics as collateral.
At the bank's corporate headquarters, expert bankers transform these customer assets into DRINKBONDS, ALKBONDS and PUKEBONDS. These securities are then traded on markets worldwide. No one really understands what these abbreviations mean and how the securities are guaranteed. Nevertheless, as their prices continuously climb, the securities become top-selling items.
One day, although the prices are still climbing, a risk manager (subsequently of course fired due his negativity) of the bank decides that slowly the time has come to demand payment of the debts incurred by the drinkers at Heidi's bar.
However they cannot pay back the debts.
Heidi cannot fulfill her loan obligations and claims bankruptcy. DRINKBOND and ALKBOND drop in price by 95 %. PUKEBOND performs better, stabilizing in price after dropping by 80%.
The suppliers of Heidi's bar, having granted her generous payment due dates and having invested in the securities are faced with a new situation. Her wine supplier claims bankruptcy, her beer supplier is taken over by a competitor. The bank is saved by the Government following dramatic round-the-clock consultations by leaders from the governing political parties. The funds required for this purpose are obtained by a tax levied on the non-drinkers.
Finally an explanation I understand...
Federal obligations exceed world GDP
As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true
deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.
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