Category — National Debt

The election of 2006, how the Democrats changed the country. The links will take you to the data for verification.

Part 1

A little over one year ago:

1. Consumer confidence stood at a 2 1/2 year high
2. Regular gasoline sold for $2.19 a gallon
3. The unemployment rate was 4.5%

Since voting in a Democratically controlled Congress in 2006 we haveseen:

1. Consumer confidence plummet
2. The cost of regular gasoline soar to over $3.50 a gallon
3. Unemployment is up to 5% (a 10% increase)
4. American households have seen $2.3 trillion in equity value evaporate (stock and mutual fund losses)
5. Americans have seen their home equity drop by $1.2 trillion dollars
6. 1% of American homes are in foreclosure

America voted for “change” in 2006, and we got it!
Remember, it’s Congress that makes the law…not the President. He has to work with what’s handed him. Of course sometimes they are hand in glove with Congress.

Quote of the Day: “My friends, we live in the greatest nation in the history of the world. I hope you’ll join with me as we try to change it.” - Barrack Obama

Part 2

Taxes.

Whether Democrat or a Republican you will find these statistics enlightening and amazing.

Taxes under Clinton 1999 Taxes under Bush 2008

Single making 30K-tax $8,400 Single making 30K-tax $4,500
Single making 50K-tax $14,000 Single making 50K-tax $12,500
Single making 75K-tax $23,250 Single making 75K-tax $18,750
Married making 60K-tax $16,800 Married making 60K-tax $9,000
Married making 75K-tax $21,000 Married making 75K-tax $18,750
Married making 125K-tax $38,750 Married making 125K-tax $31,250

Both democrat candidates will return to the higher tax rates. It is amazing how many people who fall into the categories above think Bush is screwing them and Bill Clinton was the greatest President ever.
If Obama or Hillary are elected, they both say they will repeal the Bush tax cuts and a good portion of the people who fall into the categories above can’t wait for it to happen.

Part 3

You think the war in Iraq is costing us too much?

I have been hammered with propaganda that it’s the “Iraq War” and the “War on Terror” that is bankrupting us. RIDICULOUS!

$11 billion to $22 billion is spent on welfare to illegal aliens each year by state governments.
$2.2 billion dollars a year is spent on food assistance programs such as food stamps, WIC, and free school lunches for illegal aliens.
$2.5 billion dollars a year is spent on Medicaid for illegal aliens.
$12 billion dollars a year spent on primary and secondary school education for children here illegally and they cannot speak a word of English!
$17 billion dollars a year is spent for education for the American-born children of illegal aliens, known as anchor babies.
$3 Million dollars a DAY is spent to incarcerate illegal aliens. 30% percent of all Federal Prison inmates are illegal aliens.
$90 billion dollars a year is spent on illegal aliens for Welfare & social services by the American taxpayers.
$200 billion dollars a year in suppressed American wages caused by illegal aliens.
Illegal aliens in the United States have a crime rate that’s two and a half times that of white non-illegal aliens. In particular, their children, are going to make a huge additional crime problem in the US.
During the year of 2005 there were 4 to 10 MILLION illegal aliens that crossed our Southern Border also, as many as 19,500 illegal aliens from Terrorist Countries. Millions of pounds of drugs, cocaine, meth, heroin and marijuana, crossed into the U. S from the Southern border.
In 2006 illegal aliens sent home $45 BILLION in remittances back to their countries of origin.
“The Dark Side of Illegal Immigration: Nearly One Million Sex Crimes is Committed By Illegal Immigrants In The United States”

The total cost is a whopping $338.3 BILLION DOLLARS A YEAR!!
The total cost of mass deportation would be between $206 and $230 billion or an average cost of between $41 and $46 billion annually over a five year period.”

Are we voters that stupid? I guess so.

Four score and 14 annum has passed since the passage of the Glass-Owen law. This piece of legislation rushed through a holiday absent Congress; President Wilson affixed his signature one hour later. We live with the results today.

Junk-Grade Fed?

What caught our eye in the markets last week was the verdict by Grant’s Interest Rate Observer that, by its lights, the Federal Reserve Bank of New York was no longer a “presumptive triple-A” credit but rather one of “mid-grade junk” quality. [snip]

Grant’s was reacting to the sudden appearance on the Federal Reserve’s balance sheet of $60 billion in lending under the new Term Auction Facility. The New York Fed’s share of that $60 billion is no less than $44.9 billion. The TAF is a credit facility. Its purpose is to lend to banks under stress in the sub-prime credit crisis. The banks front collateral against which the Fed advances money. “The rub,” Grant’s writes, “is the quality of the collateral.” It quotes a Financial Times interview with one financial strategist, Christopher Wood, as saying that banks “are increasingly giving the Fed the garbage collateral nobody else wants.” [snip]

The overleveraged commercial real estate market of the late ‘80’s through the leveraging of the dot com extravaganza to this housing problem is a text book example of “Better Investing Through Leveraging.” These is another name for leveraging; it’s called margin, google that and the Great Depression.

It’s a little-noted irony that the Federal Reserve, the supposed conscience of the American banking system, is itself an exceedingly highly leveraged institution. At the latest weekly tallying up, $881 billion in assets rested on just $38.5 billion in capital, As for the New York branch office, $312 billion in assets (including those $44.9 billion in TAF credits) were balanced on a little less than $10 billion in capital. The scant showing of capital was of no especial concern when the Fed owned nothing but Treasury securities. But now that it’s in the business of lending against what may well be mongrel mortgages, that extreme leverage introduces real risks. (emphasis added) As Grant’s points out, it’s not so farfetched to imagine the Fed itself needing a bailout one of these days. We wonder how a headline on the order of “Fed insolvency fears” would play in the already skittish world currency markets.

Rename those so-called assets collateral and view the Fed’s position. They cover between 3% and 4% of outstanding LOANS.

[snip]…It carries slightly more than $4 billion of gold on its balance sheet at the early 1970s price of $42.22 an ounce. At today’s prices, that works out to more than $90 billion. On that basis, as the editor of Grants, James Grant, sketched it for us, “the hometown central bank would be in the clover, credit-wise.” He goes on to say that “the Fed is unlikely to acknowledge the great bull market in gold bullion for the obvious reason that it, itself, is largely the author of it.” Or, to put it another way, if the salvation of the Fed is all the gold it has in its basement, what does that tell us about the monetary system on which the rest of the world is relying?

Now do you understand why gold is selling for close to $1000.00 a troy ounce? Two fiscal gurus named Hillary and Barack are going to spend our way out of this mess while raising taxes. Com’ere, I’ll show you how to make fast money in the Three Card Monte game.

Zimbabwe won’t have anything over us.
Ever hold a $10,000,000 dollar bill? One of those will get you a dollar meal, if you hurry up and buy it.

Zimbabwe bank issues $10million bill - but it won’t even buy you a hamburger in Harare

[snip] The central bank of the southern African country has a issued a 10million Zimbabwe dollar note. The move increases the denomination of the nation’s highest bank note more than tenfold. [snip]

U.S. stock futures point to major decline on re-open

LONDON (MarketWatch) — If futures contracts traded on a day when U.S. stocks weren’t even due to open are anything near accurate, then markets will be in for a major decline on Tuesday, with concerns about bond insurers and the health of financial institutions dragging markets lower.

[snip] The rescue plan presented by President Bush last week in a bid to help the U.S. avoid recession also wasn’t well-received by markets.

“Ambivalence over Bush’s rescue plan for the U.S. economy was the trigger of this rout,” said Martin Slaney, head of derivatives at GFT Global Markets. [snip]

Black Monday as biggest FTSE crash since 9/11 wipes off nearly £60bn in shares

[snip] It is also the worst start to the year for the stock market since records began in 1936. “I smell the acrid stench of fear and uncertainty,” said markets commentator David Buik of BGC Partners. European markets also tumbled.

The fall in the Footsie came after figures revealed a record government borrowing deficit for December of £7.8billion. [snip]

FTSE fall wipes £77bn off shares

THE London stockmarket was in freefall today plumetting 5.5 per cent - the biggest fall since 9/11 terror attacks. [snip]

[snip]The fall came as Asian markets tumbled overnight following losses for the Dow Jones Industrial Average on Friday, when investors were left unimpressed by the US Government’s tax-relief plans to spur on the economy.

Investors dumped shares because they were skeptical that an economic stimulus plan President Bush announced Friday would shore up the economy that has been battered by problems in its housing and credit markets. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.

They get to do this again tomorrow

Pessimism Over US Stimulus Plan

“People are certainly nervous about a potential recession in the U.S. spilling over to the rest of the world,” said David Cohen, Director of Asian Economic Forecasting at Action Economics in Singapore.

“Maybe there’s still some wariness about politicians are able to come up with a compromise and act sufficiently quickly” on a stimulus package, Cohen said. “I think the impact would be marginal anyway.”

Spurting through this economic cadaver is the fear of overextended sponging by regimes of the various countries. Every dime spent is for personal edifices, social engineering and/or for vote buying.

Liberals/communists/Fascists/Progressives see this as a way to destroy this and other anti-socialist countries. Debase the currency and you have old Rome. Why the so-called conservatives do this, I cannot explain.

The stock markets are telling us they are drowning and a drowning person will grab a turd to stay afloat. What does the White House, complicit with Congress do? Of course, they tossed in the entire sewage treatment plant.

We cannot meet the expense of our extravagances now. Bush et al endorse a bailout using $145 billion more. ($145,000,000,000.00) Matters only get worse with this fiscal help.

You want to blame someone. Don’t look around the country for a target; look at YOUR Rep. and two Senators. Don’t you dare look somewhere else. Democrats voted for the porking of the budget. Republicans voted the same excessively large sums for themselves. Congress sets the banking laws, which tell the banks how much is kept in reserves for write-offs. Banks were racist if loans were not made to sub-prime borrowers (financial redlining). The borrowers could barely pay back the loans before the rates went up. Toss in speculators, sprinkle liberally with greed and prices went up beyond reasonable value.

Learn a new word:Deflation.

This is a McNasty since years go by before values rise up to where they once were.

Another Keating Five Show

I can understand Prog/Donk moonbats keeping this insanity going; they do not like our system. Why do the rest of you keep putting these same criminals back in their seats.Yes, criminals, this behavior rises to the level of malfeasance of office. They are stealing from the future to buy votes now.

It is coming close to the time to put a spark in the flashpan. Before they strip away the 2^nd Amendment and make all chattels to Washington.