This article was written by Barbara Cohen of the Tycoon Report
Hail Bernanke: Those in Foreclosure Salute You!
This week, we saw Ben Bernanke "re-anointed" for another four years.
President Barack "Change" Obama, in his heartfelt speech, thanked Bernanke for his "bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall," for bringing "our economy back from the brink" and for building a "new foundation for growth and prosperity."
Hail Bernanke!
But let's take a good look at Bernanke's report card for just the past year and see whether his actions truly merit another four years at the helm.
1. Acknowledged unemployment -- 9.4%.
This does not take into consideration the millions who are underemployed and would like to be full-time employees, or those who simply cannot find work and have fallen off the unemployment rosters even though they've still searching for a job.
In April, the real unemployment number was roughly 15%, but now exceeds 20%.
2. I came. I saw. I foreclosed.
Here are some startling housing facts from the FDIC Web page:
One out of every 200 homes will be foreclosed upon.
Every three months, 250,000 new families enter foreclosure.
One child in every classroom is at risk of losing his or her home.
A slower real estate market translates into lower home values. Homeowners with adjustable-rate mortgages find that, as their mortgage rate adjusts higher, their home value is lower and therefore refinancing is no longer an option.
Six out of 10 homeowners wished they had understood the terms of their mortgage better.
A new category of home sales arose called "short sales," where the sale price of the home is far less than the mortgage needed to be created.
3. The national median existing-home price -- $178,400 in July 2009.
The value of the average home is down 15.1 percent from July 2008. Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, representing a 9.4-month supply at the current sales pace.
4. National debt cap will need to rise.
Congress will raise the legal limit later this year, according to Treasury officials. The cap the government can borrow from public or foreign creditors is limited by law to $12.1 trillion.
Treasury officials are already expecting to borrow an additional $892 billion through the end of 2009, driving the overall debt past the cap sometime in the fourth quarter.
As of Aug. 29, 2009, at 3 p.m. GMT, the outstanding debt now stands at $11,732,133,791,514.90.
5. $700 billion in 'TARP' money awarded to banks. Carpe Diem or, in this case, Carpe TARP!
Officials overseeing the bailout charged the Treasury with dereliction of duty for failure to ensure taxpayer dollars are properly spent. Many of the 364 banks that received TARP funds co-mingled the money with existing funds and had no proper accountability
Now, 18 banks who received funds didn't make dividend payments due on preferred shares from the Capital Purchase Program.
Number of bank failures so far this year -- 84. This includes another three on Friday, Aug. 29 in Maryland, Minnesota and California.
Disposable personal spending decreased by $4.6 billion in July alone.
Real Gross Domestic Product, the output of goods and services produced by labor and property located in the United States, decreased at an annual rate of 1.0 percent in the second quarter. It was forecast to rise 0.2%.
Even those willing to drink Obama's Kool-Aid can't give Bernanke anything but low grades. These actions can hardly be called "bold action and out-of-the-box thinking," let alone build a "new foundation for growth and prosperity
Monday, August 31, 2009
Thursday, August 27, 2009
3,900 Stimulus Checks Went to Prison Inmates
A mistake or democrats loking for voters?
The federal government sent about 3,900 economic stimulus payments of $250 each this spring to people who were in no position to use the money to help stimulate the economy: prison inmates.
The federal government sent about 3,900 economic stimulus payments of $250 each this spring to people who were in no position to use the money to help stimulate the economy: prison inmates.
Wednesday, August 12, 2009
What Obama said.......hmmmm!
He actually stated, “If you think about it, UPS and FedEx are doing just fine. It’s the Post Office that’s always having problems.”
Does the inner Obama actually favor private health-care and this statement was a Freudian slip?
I am of the belief that Obama is heavily under the influence of extremely wealthy people who are hell bent on destroying our country, people like George Soros, movements like moveon.org etc.
Join or be a wimp and sit on the side line and complain. Folks, we need to get involved here, our voices need to be heard.
Thanks for reading and as always, notify friends and family about this blog and spread the word to save our country.
Does the inner Obama actually favor private health-care and this statement was a Freudian slip?
I am of the belief that Obama is heavily under the influence of extremely wealthy people who are hell bent on destroying our country, people like George Soros, movements like moveon.org etc.
Join or be a wimp and sit on the side line and complain. Folks, we need to get involved here, our voices need to be heard.
Thanks for reading and as always, notify friends and family about this blog and spread the word to save our country.
Did you know this?
Government insurance is what’s in trouble today.
Medicare is in the hole by about $40 trillion on a discounted present-value basis over the next 40 or 50 years. And if we’re going to equate government care to government mail, according to Steve Hayes of the Weekly Standard, the U.S. Postal Service is going bankrupt with a $7 billion net loss this year. With 633,000 career employees, the Post Office won’t be able to make $5.4 billion in retiree health-benefit payments. How many of these federal employees will populate the new government-backed insurance plan if it passes?
Medicare is in the hole by about $40 trillion on a discounted present-value basis over the next 40 or 50 years. And if we’re going to equate government care to government mail, according to Steve Hayes of the Weekly Standard, the U.S. Postal Service is going bankrupt with a $7 billion net loss this year. With 633,000 career employees, the Post Office won’t be able to make $5.4 billion in retiree health-benefit payments. How many of these federal employees will populate the new government-backed insurance plan if it passes?
World leaders creating tyranny...BELIEVE IT!!!
'Incompetent' Leaders Pose Threat to Recovery: 'Black Swan'
Published: Wednesday, 12 Aug 2009 | 9:36 AM ET Text Size By: CNBC.com
Incompetent policymakers are to blame for a financial crisis that will continue until substantial changes are made, author Nassim Taleb, known as the "Black Swan," told CNBC.
Photo by: YechezkelZilber
Nassim Taleb
--------------------------------------------------------------------------------
Taleb, principal at Universa Investments and coiner of the "Black Swan" term to explain drastic, unpredictable events, said in a live interview that choking debt, continued high unemployment and a system that rewards bad behavior will hamstring an economic recovery.
"It is a matter of risk and responsibility, and I think the risks that were there before, these problems are still there," he said. "We still have a very high level of debt, we still have leadership that's literally incompetent ..."
"They did not see the problem, the don't look at the core of problem. There's an elephant in the room and they did not identify it."
Taleb said policymakers need to begin converting debt into equity but instead are continuing the programs that created the financial crisis.
"I don't think that structural changes have been addressed," he said. "It doesn't look like they're fully aware of the problem, or they're overlooking it because they don't want to take hard medicine."
With Bernanke's term running out, Taleb said Obama would be making a mistake by reappointing the Fed chairman.
"Bernanke belongs to a school of economics that is not in synch with the complex system," he said. "By having Bernanke there you're rewarding failure."
Taleb has earned a reputation as a market bear and sage following the publication of his 2007 book, "The Black Swan," that in part warned that banks were susceptible to failures beyond what models could predict—hence, a "black swan" type of rarity. The collapse of the financial system happened shortly thereafter.
He said he doesn't consider himself a pessimist, but is worried about a system that provides tax breaks to failing businesses and rewards, through the "Cash for Clunkers" program, people who bought gas-guzzling vehicles and don't want them anymore.
"It's not pessimism. I'm warning against a lack of understanding of the disease," Taleb said. "Now sometimes you see patients doing very well and they have cancer. Long-term, I'm not comfortable treating a patient for his headaches when he has lung cancer."
Published: Wednesday, 12 Aug 2009 | 9:36 AM ET Text Size By: CNBC.com
Incompetent policymakers are to blame for a financial crisis that will continue until substantial changes are made, author Nassim Taleb, known as the "Black Swan," told CNBC.
Photo by: YechezkelZilber
Nassim Taleb
--------------------------------------------------------------------------------
Taleb, principal at Universa Investments and coiner of the "Black Swan" term to explain drastic, unpredictable events, said in a live interview that choking debt, continued high unemployment and a system that rewards bad behavior will hamstring an economic recovery.
"It is a matter of risk and responsibility, and I think the risks that were there before, these problems are still there," he said. "We still have a very high level of debt, we still have leadership that's literally incompetent ..."
"They did not see the problem, the don't look at the core of problem. There's an elephant in the room and they did not identify it."
Taleb said policymakers need to begin converting debt into equity but instead are continuing the programs that created the financial crisis.
"I don't think that structural changes have been addressed," he said. "It doesn't look like they're fully aware of the problem, or they're overlooking it because they don't want to take hard medicine."
With Bernanke's term running out, Taleb said Obama would be making a mistake by reappointing the Fed chairman.
"Bernanke belongs to a school of economics that is not in synch with the complex system," he said. "By having Bernanke there you're rewarding failure."
Taleb has earned a reputation as a market bear and sage following the publication of his 2007 book, "The Black Swan," that in part warned that banks were susceptible to failures beyond what models could predict—hence, a "black swan" type of rarity. The collapse of the financial system happened shortly thereafter.
He said he doesn't consider himself a pessimist, but is worried about a system that provides tax breaks to failing businesses and rewards, through the "Cash for Clunkers" program, people who bought gas-guzzling vehicles and don't want them anymore.
"It's not pessimism. I'm warning against a lack of understanding of the disease," Taleb said. "Now sometimes you see patients doing very well and they have cancer. Long-term, I'm not comfortable treating a patient for his headaches when he has lung cancer."
Monday, August 10, 2009
How your government lies to you
I love it when hypocrites get caught telling lies, don’t you? The look of fear in their eyes when the web of deceit comes tumbling down. I know I shouldn’t, but I do get a bit of pleasure out of the whole thing.
Just last week, the Wall Street Journal highlighted a huge lie.
Believe it or not, it came from our esteemed leaders in Congress. They’re spending like drunken sailors on shore leave. Then they turn around and hand the good taxpayers (you and me) the bill.
Nancy Pelosi and crew just allocated half a billion dollars for new luxury jets for Congress. This comes just months after tarring and feathering CEOs for using private jets to attend Congressional hearings.
Seems kind of two-sided, don’t you think?
Here’s where the lies start… our members of Congress all claim to support fiscal responsibility. But, they sure don’t act like it. The Defense Department says they don’t need these new jets. Since when is spending $550 million on something you don’t need fiscally responsible? I call that a lie.
Just last week, the Wall Street Journal highlighted a huge lie.
Believe it or not, it came from our esteemed leaders in Congress. They’re spending like drunken sailors on shore leave. Then they turn around and hand the good taxpayers (you and me) the bill.
Nancy Pelosi and crew just allocated half a billion dollars for new luxury jets for Congress. This comes just months after tarring and feathering CEOs for using private jets to attend Congressional hearings.
Seems kind of two-sided, don’t you think?
Here’s where the lies start… our members of Congress all claim to support fiscal responsibility. But, they sure don’t act like it. The Defense Department says they don’t need these new jets. Since when is spending $550 million on something you don’t need fiscally responsible? I call that a lie.
Who appointed whom....?
Fellow Americans, did the politicians hire us or did we the people hire them? If you agree that we hired them then what are your doing about it? Join me and become a voice and hold these rectless idiots accountable. Let them know that they work for us.
How the USA lies to us citizens. See if you can find the lie in this statement.
“It is critically important that Congress act before the [debt] limit is reached,” Tim Geithner wrote over the weekend in a letter to lawmakers, “so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations."
Sounds like our Treasury Secretary is finally putting his foot down, insisting that Congress pull back its lavish spending programs and start addressing our incredible $11.6 trillion national debt.
Wait… what’s that? Oh, Geithner’s actually asking for Congress to raise the debt ceiling. If Congress authorizes our government to dig deeper than $12.1 trillion in debt (our current glass ceiling) our partners here and abroad will somehow “remain confident.” How perverse is that?
Save your country and join to become a voice or be a wimp and sit on the side line while you leave nothing of this country to your children.
Sounds like our Treasury Secretary is finally putting his foot down, insisting that Congress pull back its lavish spending programs and start addressing our incredible $11.6 trillion national debt.
Wait… what’s that? Oh, Geithner’s actually asking for Congress to raise the debt ceiling. If Congress authorizes our government to dig deeper than $12.1 trillion in debt (our current glass ceiling) our partners here and abroad will somehow “remain confident.” How perverse is that?
Save your country and join to become a voice or be a wimp and sit on the side line while you leave nothing of this country to your children.
Another bank.......I thought the recession is ending
It’s Monday… time to check in on the annual bank failure tally: Two in Florida and one in Oregon bit the dust over the weekend. That brings the 2009 running total to 72. The three took a $185 million chunk from the FDIC’s war chest. So far this year, the agency has lost over $15 billion from its bank insurance fund.
You had better learn to ride a bicycle, Obama orders....hmm
The U.S. budget deficit rose $181 billion in July, to a record $1.3 trillion, the Congressional Budget Office reported over the weekend. You know the drill by now… tax receipts are plunging while bailout spending is soaring. In budget parlance, revenues in this fiscal year are down 17% while outlays are up 21%.
That’s a $530 billion increase in spending from fiscal 2008.
The CBO still projects the government budget deficit to exceed $1.8 trillion, about four times 2008’s record $455 deficit. More to come tomorrow, when the Treasury unveils official budget numbers.
Folks, the time is now. Join us or sit on the side line like a wimp. Do something for your country, your children and their future.
That’s a $530 billion increase in spending from fiscal 2008.
The CBO still projects the government budget deficit to exceed $1.8 trillion, about four times 2008’s record $455 deficit. More to come tomorrow, when the Treasury unveils official budget numbers.
Folks, the time is now. Join us or sit on the side line like a wimp. Do something for your country, your children and their future.
Tuesday, August 4, 2009
Govt secrets and public surprise,hmmmmm!
Folks, c'mon, the govt controlled media are at it again, social engineering: Bill Clinton makes surprise visit to North Korea. Wow! Do you really believe that? For this to be true, fmr. pres. Clinton had to charter a flight and just fly to North Korea or did he fly on a commercial flight and arrive unannounced at the quarters of the little pork belly pres of North Korea? It is a secret visit remember!!!
Wake up, wake up. The govt. knew all along that he was going, he was told to go. Security was arranged and the evil little pork belly pres of North Korea was told that Clinton was coming, while his wife is in Kenya looking for the actual birth certificate, what a crok.
Stop allowing the media to allow this deceit and assault on us citizens folks.
Thanks for reading. Share the news and write your comments. You need to take action and stop being quiet. You owe it t your children.
Wake up, wake up. The govt. knew all along that he was going, he was told to go. Security was arranged and the evil little pork belly pres of North Korea was told that Clinton was coming, while his wife is in Kenya looking for the actual birth certificate, what a crok.
Stop allowing the media to allow this deceit and assault on us citizens folks.
Thanks for reading. Share the news and write your comments. You need to take action and stop being quiet. You owe it t your children.
Saturday, August 1, 2009
For those who want to achieve and for those who want Obama to rule!!!
An economics professor at a local college made a statement that he had
never failed a single student before, but had once failed an entire class..--------------------------------------------
This was brought to my attention by a friend, Tony Labosky.
That class had insisted that Obama's socialism worked and that no one would
be poor and no one would be rich, a great equalizer.
The professor then said, "OK,
we will have an experiment in this class on Obama's plan".
All grades would be averaged and everyone would receive the same grade so
no one would fail and no one would receive an A.
After the first test, the grades were averaged and everyone got a B.
The students who studied hard were upset and the students who studied
little were happy.
As the second test rolled around, the students who studied little had
studied even less and the ones who studied hard decided they wanted a free
ride too so they studied little.
The second test average was a D!
No one was happy.
When the 3rd test rolled around, the average was an F.
The scores never increased as bickering,
blame and name-calling all resulted in hard feelings and no one would study
for the benefit of anyone else.
All failed, to their great surprise, and the professor told them that
socialism would also ultimately fail because when the reward is great, the
effort to succeed is great but when government takes all the reward away, no
one will try or want to succeed.
Could not be any simpler than that.
never failed a single student before, but had once failed an entire class..--------------------------------------------
This was brought to my attention by a friend, Tony Labosky.
That class had insisted that Obama's socialism worked and that no one would
be poor and no one would be rich, a great equalizer.
The professor then said, "OK,
we will have an experiment in this class on Obama's plan".
All grades would be averaged and everyone would receive the same grade so
no one would fail and no one would receive an A.
After the first test, the grades were averaged and everyone got a B.
The students who studied hard were upset and the students who studied
little were happy.
As the second test rolled around, the students who studied little had
studied even less and the ones who studied hard decided they wanted a free
ride too so they studied little.
The second test average was a D!
No one was happy.
When the 3rd test rolled around, the average was an F.
The scores never increased as bickering,
blame and name-calling all resulted in hard feelings and no one would study
for the benefit of anyone else.
All failed, to their great surprise, and the professor told them that
socialism would also ultimately fail because when the reward is great, the
effort to succeed is great but when government takes all the reward away, no
one will try or want to succeed.
Could not be any simpler than that.
Obama vs USA Military....you decide
"Look, it's an all volunteer force," Obama complained. "Nobody made these guys go to war. They had to have known and accepted the risks. Now they whine about bearing the costs of their choice? It doesn't compute.." "I thought these were people who were proud to sacrifice for their country," Obama continued. "I wasn't asking for blood, just money. With the country facing the worst financial crisis in its history, I'd have thought that the patriotic thing to do would be to try to help reduce the nation's deficit. I guess I underestimated the selfishness of some of my fellow Americans."
Folks, fellow Americans, pass this on to your friends, family etc. and join with us to take back our country. This is our community board, our voice. The donation to join is only $35-00. 10% of this gets donated to charity of your choosing. Our books are alway open for audit.
Repower your voice and power up America.All it takes is one idea and then citizens to mobilise.
Folks, fellow Americans, pass this on to your friends, family etc. and join with us to take back our country. This is our community board, our voice. The donation to join is only $35-00. 10% of this gets donated to charity of your choosing. Our books are alway open for audit.
Repower your voice and power up America.All it takes is one idea and then citizens to mobilise.
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