So when you hear that all this new spending, which will indeed raise the deficit, won’t raise your taxes by a single “dime”, you can believe it if you wish. But that doesn’t mean it is true. And it certainly doesn’t mean Democrats can keep that promise. Because if they do, they’re simply kicking the same can down the road that Republicans have for years (and no, I’m not advocating massive tax increases, I’m just providing a little reality check to counter the nonsense the politicians continue to spout). The alternative to the tax rates above is to cut spending – drastically. If you see that on the horizon you’re the only one because Congress just raised the debt ceiling – again.
Where this means anything to me, is this. Not only would they have to raise taxes on the very wealthy. They would have to raise on people who are middle class and poor as well. So, as many Conservative Bloggers have pointed out in the past; when a Nation engages in statism and enacts those sort of policies —- everyone pays. From the very wealthy, to the extremely poor. You also pay with the loss of your liberty; what which is something that the statist socialist liberal Democrats find to be a quaint idea, that needs to be modernized.
I have said it a thousand times on this blog. Pumping excessive currency into the money supply results in a devalued currency.
Well, this is the fall out from our President pumping currency into the money supply. Now those who trade oil want to stop using the dollar as their currency.
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China’s former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. “Bilateral quarrels and clashes are unavoidable,” he told the Asia and Africa Review. “We cannot lower vigilance against hostility in the Middle East over energy interests and security.”
Ron Paul, of whom I have some disagreements on Foreign policy, has said since he was running for President and even prior to that; that what we are doing to our Economy is the moral equivalent of economic Jones-town massacre mass suicide —- and it turns out that the man was and still is absolutely correct.
Of course, the oil traders are denying that this is taking place; but of course! The last thing that they want is a mass panic by market investors!
The world’s oil producers will continue using the U.S. dollar as the currency for buying and selling crude, high-ranking oil and finance officials in the Gulf said on Tuesday, denying a report in a British newspaper.
Earlier, The Independent reported that Gulf Arab states, as well as China, Russia, Japan and France, are in secret talks to end the use of the U.S. dollar to trade oil, causing the American currency to fall in overseas trading Tuesday.
Qatar’s oil minister, Kuwait’s finance minister and sources in the United Arab Emirates and Saudi central banks all denied the report.
The Independent report is “absolutely incorrect” and there has been “absolutely nothing” of that nature discussed between Saudi Arabia, the world’s biggest oil exporter, and other countries, Saudi Central Bank Governor Muhammad al-Jasser told reporters in Istanbul.
We did not discuss this at all,” Russia’s deputy finance minister Dmitry Pankin said on the sidelines of International Monetary Fund meeting.
The newspaper report said, “Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.”
Lew Rockwell‘s Reaction to the story was not entirely surprising at all:
Though conservatives call this important story “Arabs Plot to Drop the Dollar,” it’s simply self-defense. Or are other peoples just supposed to be kicked in the teeth by the Fed and like it? China, Russia, Japan, France, and Gulf Arab states seek to substitute for the dollar in oil transactions a basket of currencies including the yen, the yuan, the euro, and gold. Heroic. I’d like to use that myself.In fact, why isn’t the Fed’s crazed monetary expansion called a plot to harm others and regular Americans, to the benefit of the US state and its bankster and corporate allies? And if it does indicate another step in “The Demise of the Dollar,” all the fault is in Washington, DC–as usual.
UPDATE From Ryan Cowles:
In light of this, see Ron Paul’s 2006 article on Dollar Hegemony
Oh well, I’m good. It takes me 3 minutes to drive to work in traffic. If they go off the dollar in the Scotch industry though, I’m taking up arms.
Heh. In my case, if they go off the dollar in steaks or in coffee; it’s on baby. You can ream my butt for Gas… Hell, I usually just put in five or so bucks to get me around town. Considering the fact, that I drive a piece of crap clunker. But we start fiddling around with my caffeine jolt, or my monthly or so splurge on a good steak; there will be war.
But wait a second this cant happen, don’t they know that Barack Obama is our president, they love him.
Yeah, They love him alright; with that knife behind their backs. If ol’ Big “O” thinks because he’s black and got a funny middle name, is going to stop the Arab Nations from royally screwing America. The President has another thing coming. The Arab nations have hated us; for taking their resources for decades, that goes back to before the President; and myself for that matter, were even born. So, the socialist liberals cannot scream BOOOOSH on this one. This even predates him too.
I would like to think someone in the Obama administration would be concerned, but honest reflection leads only to the conclusion that the lowering of U.S. international power will be music to Obama’s ears. He never misses an opportunity to lecture the world about the evils of domination by any one country, by which he means the United States.
A fiddler who is not oblivious to the fire, by any means.
So true, I mean, I have followed politics with some sort of interest since I started voting when I was 18 and I never, ever heard a President apologize for America, Ever. In another time period, President Obama would have been impeached for treason for saying something like that in another Country. But in this day of socialistic rule; nothing happens at all.
I guess time will tell on this one; if it happens, the results will be devastating to our economy. Let us home, for the sake of America, that this is nothing more than poorly sourced rumor story.
Does President Obama have a secret plan to raise taxes on middle-class Americans — and,well, pretty much everybody else — with a European-style, value-added tax? Actually, it’s not such a big secret. Connect the dots:
1) The joint statement from the just-concluded G20 Summit in Pittsburgh called for balanced global growth — which means Americans must spend less and save more and reduce its budget deficit.
2) That same weekend, John Podesta, co-chairman of Obama’s presidential transition team and an outside White House adviser, tells a Bloomberg reporter that a value-added tax is “more plausible today” than ever, adding that “there’s going to have to be revenue in this budget.” A VAT is a kind of consumption tax.
3) Yesterday, the Center for American Progress, the liberal think tank with close White House ties, holds a conference on the rising national debt. While speaker after speaker — Paul Krugman, Roger Altman, CAP President Podesta (again), Laura Tyson — admits entitlement spending must be reduced, they also agree that taxes must be raised. Altman suggests $400 billion in new tax revenue is needed almost immediately to calm financial market fears, and a VAT would be a great way of doing it. That’s $400 billion a year, by the way, not over ten years.
4) Also, yesterday was the first meeting of President Obama’s tax reform panel led by former Federal Reserve Chairman Paul Volcker. In a two-part interview with Charlie Rose airing yesterday and today, Volcker says that if Washington can’t get spending under control, either a VAT or a carbon tax would be effective revenue raisers. “Those are two big ones,” he says.
5) As they used to say in the Soviet Union, “It’s no coincidence.” This is also the conclusion of one Washington insider with ties to the White House economic team: “Does this all add up to a trial balloon? Of course, it’s a trial balloon. And I expect the administration will propose major tax reform, including a VAT.”
Terrific. First Obama wants to shove healthcare down our throats and then he wants to tax the living hell out of us; to pay for it. Fantastic. 🙄
Somewhere, John McCain is smiling. Because he warned America, that if they elected Obama to be President; that this would be the result. Did America listen? Of course not. Because of mean ol’ Bush; people wanted change. While I can understand the desire for change. But did America want this sort of change? Of course not. However, elections have consequences; and this is one of them.
Realistically however, I doubt that the White House would be able to get something of this nature. It just does not seem feasible. The reason being that Congress knows that they are on borrowed time. The midterms are coming; and I highly doubt that anyone in Congress would be that crazy to try and pass anything of this nature. Heck, there already is great infighting over the “Public Option” in that healthcare bill. So, this would even lead to more that.
So, while it would not hurt to be vigil for something of this nature. I highly doubt that the Democrats are going to attempt to do something this hair-brained.
Okay, I will be the first to admit it; I do NOT agree with Ron Paul on Foreign Policy.
But he sure makes a hell of a great deal of sense; when it comes to economic policy.
Here he is on Bloomberg TV:
While I personally believe some of his followers are a bit goofy. The man himself, is another story.
…and let me give this fair warning. First idiot that comes in here and leaves a stupid comment about me being a damn Neo-Conservative will get sent to the damn twit filter so fast, it will make your head swim. 😡
Let’s face it: most Americans live in a world of false security. This is somewhat understandable, given the fact that the majority of the U.S. population was born after 1945. Few remember the dangers and hardships of World War II; fewer still remember the Great Depression. Few Americans know what it’s like to not have some sort of “supercenter” nearby with shelves stocked with every kind of food imaginable, twenty-four hours a day. Few know what life was like before there were restaurants of all sizes and types on virtually every street corner in America. And only a handful remembers when most roads were unpaved, or when sports were truly a pastime and not a megabuck obsession.
Modern living within the world’s only “superpower” has created a giant unsuspecting, soft, lackadaisical, and lethargic society. We expect the government to keep our streets safe, our roads paved, our stores stocked, our jobs secure, and our enemies at bay. However, in the desire to make government the panacea for all our problems, we have sold not only our independence, but also our virtue.
Where the federal government was contracted (via the U.S. Constitution) to accept limited power for the overall good of both states and people, it has become a monster of gargantuan proportions, claiming authority over virtually every liberty and right known to man. And in the process, it decided it didn’t need God, either.
It is no hyperbole to say that the U.S. federal government has been on a “Ban God” bandwagon for the past 50 years. Whether it kicks prayer and Bible reading out of school, bars military chaplains from praying in Jesus’ name, burns Bibles in Iraq, removes state supreme court chief justices from their positions for posting the Ten Commandments, or threatens high school principals with jail for asking the blessing, the federal government has invoked the judgment of Heaven upon our country as surely as did Old Testament Israel.
Although the comfortable, sports-crazed, TV addicts probably aren’t paying attention, this country is on the verge of an implosion like you cannot believe. For anyone who cares to notice, the signs are everywhere.
First of all, Israel and Iran are on the verge of war. And right now, I’m not concentrating on the “why” or “who’s right or wrong” of the equation. I’m simply telling you, war between Israel and Iran could break out at any time. And when it does, the chances that it will not become nuclear and not become global are miniscule. Yes, I am saying it: the prospects for nuclear war have never been greater. The CBS-canceled TV show, JERICHO, could become a reality in these United States in the very near future. (I strongly urge readers to purchase both seasons of JERICHO and watch them, because this could be our future.)
Secondly, America is on the verge of total financial collapse. By the end of this year, America’s budget deficit will stand at around $2 trillion. The debt gap is many trillions more than that. But the nail in the coffin for America’s fiscal health will be the decision by China to dump the U.S. dollar. Ladies and gentlemen, this will be the death knell for our financial stability (and a painful lesson in sowing and reaping).
It is estimated that China owns around one-third of all U.S. debt. If and when China dumps the U.S. dollar, there would be nothing left to stabilize it, and Weimar Republic/Zimbabwe-style inflation will ensue. America will be thrust into financial chaos. (If one doubts that China is planning to dump the dollar, consider that China is currently purchasing and stockpiling gold at an unprecedented level. This is why gold has suddenly surged to over $1,000 per ounce and why it will continue to rise.)
Third, the paranoia regarding the Swine Flu being demonstrated by both government and media spokesmen begs a giant push for some type of “government solution.” If they keep hyping this “pandemic,” mass hysteria and fear (created by the government and its lackeys in the media) will result. This would, no doubt, necessitate some form of forced vaccination, quarantine (maybe this is what all those internment camps will be used for), and martial law.
Exactly how and when all of the above will actually materialize is yet to be seen. There is no doubt in my mind, however, that within the next few months, the world that we know today is going to vanish. And most Americans are totally unprepared for what’s coming.
If you are able to get out of debt, do it. If you need to scale down your lifestyle in order to be better prepared for difficult days, do it. If you don’t have guns and ammo, buy them. If you have not prepared some sort of preserved food pantry, do it. If you don’t have some kind of survival plan in place for you and your family, get one. If you are not physically fit, get in shape. If you are able to move to a more secure, out-of-harm’s-way location, do it. (During any kind of financial or societal meltdown, urban areas will quickly turn into war zones. Can anyone say, “New Orleans after Hurricane Katrina”?) In other words, get your nose out of the boob tube, get your bottom off the easy chair, and get busy.
Am I worried or discouraged? Absolutely not! (But I am preparing.) The potential good that may result from all of the above is that perhaps God will protect and raise up a remnant of people who would be willing to rebuild a place where Natural Law is respected, constitutional government is revered, and where a ubiquitous, loathsome, overbearing federal government is far, far away. You know, like America’s Founding Fathers did 233 years ago.
In the meantime, get ready. It’s going to be a rocky road.
There has been quite a bit of discussion about this story in the Blogosphere already. Most of it has focused on the way that the White House handled the situation; which I will admit was less than professional. But the thing that I want to focus on, is why this is even happening.
Gov. David A. Paterson defiantly vowed to run for election next year despite the White House‘s urging that he withdraw from the New York governor’s race.
Appearing tired and agitated at a parade in Harlem on Sunday, the governor told a crowd of reporters that he would not abandon his campaign to seek a full term.
“I have said time and time again that I am running for governor next year,” he said at the 40th annual African-American Day Parade.
Mr. Paterson would not characterize what he was told by the White House, saying that he would not “discuss confidential conversations.”
“I’m not talking about any specific conversations,” he said. “As I said, I am running for office.”
President Obama had sent a request to Mr. Paterson that he withdraw from the New York governor’s race, fearing that Mr. Paterson cannot recover from his dismal political standing, according to two senior administration officials and a New York Democratic operative with direct knowledge of the situation.
The decision to ask Mr. Paterson to step aside was proposed by political advisers to Mr. Obama, but approved by the president himself, one of the administration officials said.
“Is there concern about the situation in New York? Absolutely,” the second administration official said Saturday evening. “Has that concern been conveyed to the governor? Yes.”
The administration officials and the Democratic operative spoke on condition of anonymity because the discussions with the governor were intended to be confidential.
First off the confidentiality part got blown out of the water, and the President’s communication went public. I believe that part was totally intentional. It basically was done to send a message to Governor; one of “Hey, you idiot! Get out of the race, because you are going to lose!” That is pretty much a given.
My question is this; why all of the sudden are Democrats or more specifically the President of the United States asking the Governor of New York to drop out of an election race? I have an idea, and part of my explaining that reason is in this video, please watch it: (H/T HotAir)
Is it clear to you now? Well, in case it is not. I will explain. We Conservatives have taken control of the conversation. When I say “we”, I mean, the Conservative media, like Glenn Beck, who’s really an Independent; Bill O’Reilly, Who is a traditionalist and the rest of the talk radio world. Plus, you have the Conservative Blogosphere who were the forerunners in this fight. We were criticizing the President and polices from day one! The old media finally caught to us, oh, around three months later! This is why I had the screaming fit at Jim Hoft for linking to that site! We have seized the ship and taken the wheel away from the socialist media; we cannot afford to screw it up!
We have the Democrats running scared; and when I say “We”, I mean everyone that is involved in this operation, the Conservative media, like Fox News and all of the little media guys, The Conservative Blogosphere; who have been on this President’s butt since the day he botched up the oath of office. The rest of America; after watching the stimulus basically flop and the economy not recover, after watching the Government bailout the big two (and not the big three; Ford did not take any money…) and assume control of these companies, and after those employees, like my Father, watched their Dental and Optical benefits disappear, after working 31 hard years for that Company. —– Those people are starting to pay attention to the situation and are wondering, “Hey, what on earth is going on here??” and let’s not even get into that whole Healthcare debacle! —- They were promised change, and so far, they have gotten nothing. Nothing but trillions of dollars of debt, that their grandchildren and great-grand children will paying for, for the rest of their lives.
The sad part about all this is that the Democrats have about used every trick in the book to stop this movement; and have failed horribly. First, it was the tactic of the Bush Administration; of calling everyone that is opposed to Obama’s polices as being Anti-American. Then they trotted out the fear card, saying that we who were against Obama were stirring up violent tendencies among the people. Now they have trotted out their last refuge and that is the race card. In fact, the Democrats have used that race card, so much in fact that now even the Associated Press is basically saying, “Um, Guys? You are overplaying that defense.” Even African-Americans are even starting cringe. The sad part is, that is all they have, and now as you can see, they are on the run.
So, what happens now? Do we quit? Oh, heaven’s no. We keep fighting; Bloggers keep writing, Fox News and the media guys keep reporting, keep being critical of the President. It never ends, until the battle is over in 2012, and even then; whomever is elected, we criticize them too. That is what a Constitutional Republic with a free press does, and we Blogging folk, we are the independent, non-corporate media. The sixth estate, if you will. We keep the Murdoch, the G.E. and the turner empires honest. If they fall down on the job, we call them on it. That goes for Fox News, MSNBC, CNN, ABC, NBC, CBS, or whomever else is not doing their jobs properly.
We are in the battle of our lives, for our Country, for our freedoms. We must not quit, we must not grow faint. We must carry on.
“Finally, my brethren, be strong in the Lord, and in the power of his might. Put on the whole armour of God, that ye may be able to stand against the wiles of the devil. For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. Wherefore take unto you the whole armour of God, that ye may be able to withstand in the evil day, and having done all, to stand. Stand therefore, having your loins girt about with truth, and having on the breastplate of righteousness; And your feet shod with the preparation of the gospel of peace; Above all, taking the shield of faith, wherewith ye shall be able to quench all the fiery darts of the wicked. And take the helmet of salvation, and the sword of the Spirit, which is the word of God:” (Ephesians 6:10-17 King James Version of the Bible)
You may wish to know this because, if ever you had an irrational desire to charter one, now would be the time. This time last year, an Aframax tanker capable of carrying 80,000 tons of cargo would cost £31,000 a day ($50,000). Now it is about £3,400 ($5,500)
This is why the chilliest financial winds anywhere in the City of London are to be found blowing through its 400-plus shipping brokers.
Between them, they manage about half of the world’s chartering business. The bonuses are long gone. The last to feel the tail of the economic whiplash, they – and their insurers and lawyers – await a wave of redundancies and business failures in the next six months. Commerce is contracting, fleets rust away – yet new ship-builds ordered years ago are still coming on stream.
Just 12 months ago these financiers and brokers were enjoying fat bonuses as they traded cargo space. But nobody wants the space any more, and those that still need to ship goods across the world are demanding vast reductions in price.
Do not tell these men and women about green shoots of recovery. As Briton Tim Huxley, one of Asia’s leading ship brokers, says, if the world is really pulling itself out of recession, then all these idle ships should be back on the move.
‘This is the time of year when everyone is doing all the Christmas stu ff,’ he points out.
‘A couple of years ago those ships would have been steaming back and forth, going at full speed. But now you’ve got something like 12 per cent of the world’s container ships doing nothing.’
Aframaxes are oil bearers. But the slump is industry-wide. The cost of sending a 40ft steel container of merchandise from China to the UK has fallen from £850 plus fuel charges last year to £180 this year. The cost of chartering an entire bulk freighter suitable for carrying raw materials has plunged even further, from close to £185,000 ($300,000) last summer to an incredible £6,100 ($10,000) earlier this year.
Business for bulk carriers has picked up slightly in recent months, largely because of China’s rediscovered appetite for raw materials such as iron ore, says Huxley. But this is a small part of international trade, and the prospects for the container ships remain bleak.
Some experts believe the ratio of container ships sitting idle could rise to 25 per cent within two years in an extraordinary downturn that shipping giant Maersk has called a ‘crisis of historic dimensions’. Last month the company reported its first half-year loss in its 105-year history.
Martin Stopford, managing director of Clarksons, London’s biggest ship broker, says container shipping has been hit particularly hard: ‘In 2006 and 2007 trade was growing at 11 per cent. In 2008 it slowed down by 4.7 per cent. This year we think it might go down by as much as eight per cent. If it costs £7,000 a day to put the ship to sea and if you only get £6,000 a day, than you have got a decision to make.
No matter what your politics is; this is truly bad. Living proof that were are in a globalist economy, and when America hurts; the World hurts too. Of course, the American Presidential Administration that caused all this, is long gone. The Clinton Administration. If the Clinton Administration had not used it’s housing commissioner to pressure Freddie Mac and Fannie Mae to produce those high risk, Adjustable rate Mortgages; which ended up being traded as credit swaps on the market; none of this would have ever happened. But it did, and the balloon economy was created, and the World went with it. When the Balloon popped; the rest of the world came down with it.
It is truly sad thing to behold. But there were warnings and they went unheeded. So, now we have this. There are no easy solutions. But it will rebound, it just takes time.
Predictably, Dan blames Obama. Sorry Dan, that is just plain dumb; Much of this was caused by Clinton and his stupid housing policy. It predates Bush and Obama. So, let’s get off the stupid? Okay? 🙄
That is correct, we are now the terrorists; that is according to the far left African-American wing of the Democratic Party.
I am, of course, referring to this absolutely asinine rant here. I would quote that bunch of nonsensical prattle on this blog and respond to it directly; but I am afraid that my emotions would get the best of me and I would say something that I might regret later. Leave it to the idiotic Socialist Liberal Democrats, to turn a fact finding mission, about an admitted Communist, who said everything and I do mean everything; under the damn sun about white people into a “White vs Black” witch hunt; starring of course; Glenn Beck.
The truth is folks, this had nothing to do with “White vs Black” and everything to do with Right vs Wrong. In fact, here is Glenn Back’s Statement about Van Jones’s ouster:
The American people stood up and demanded answers. Instead of providing them, the Administration had Jones resign under cover of darkness. I continue to be amazed by the power of everyday Americans to initiate change in our government through honest questioning, and judging by the other radicals in the administration, I expect that questioning to continue for the foreseeable future.
That is the truth about what really happened people. The Socialist Liberals seem to forget something; and that is that not every person under the Sun voted for Barack Obama. Some that voted for radical extremists like Bob Barr, some that wrote in the name of the crazy extremist Texas Representative Ron Paul, some that actually held their noses and voted for Moderate Republican John McCain and his V.P. Pick Caribou Barbie; er, um, I mean, Sarah Palin.
That my friends is 42% of this Country of ours. Yes, President Obama won fair and square; there is no disputing that. But he won the election for President of the United States of America and NOT President of the Democratic Party; NOT President of extreme socialist wing of the Democratic Party, not President of the Socialist States of America, not the President of the African-American wing of the Democratic Party —- But the United States of America. President Barack Obama is the American people’s President and we, as Americans, have a obligation as United States citizens to hold this President accountable for every last damn decision that he and congress make. The same was true with George W. Bush and the Republican Congress and the same is and will be true with THIS President and this Congress.
We just cannot allow, nor can we afford, to become complacent in our attitude towards politics and Washington D.C. and most importantly about the Obama Administration. That is what the Obama Administration wants; everyone just to tune out and let them handle everything. Let me be the first to say this; as a Independent Conservative writer, and not as a Republican —– that complacency is what got this Country in this mess in the first place. What am I talking about? I am referring to the last nine years in the Country. Back in 2000. There was an election, we elected George W. Bush, then the day after the election, the America said, “Okay, that is over with!” and they proceeded to tune out politics and went back to their normal lives. Then 9/11 happened and everybody paid attention again, and that lasted about a month or so, maybe two or three; but by the time December of 2001 had rolled around the majority of America had moved on or lost interest. Then 2003 rolled around, George W. Bush sort of declared war against a Country that had zero to do with the 9/11 attacks. All because upon intelligence that we now know was horribly bad. Again, everyone paid attention, for a while, maybe for about a month or so. But then, the story got to be old hat and the majority of Americans lost interest. Then came 2006, the Iraq War turned ugly — troops started dying in mass; and the American people got angry and started demanding answers. Changes were made, idiots were fired, and a magical surge happened and everything was fine again, and again the people tuned Washington D.C. and the President out, again.
Then came the 2008 elections, which really started way back in 2007. I know, I blogged about them; daily. The American people started, ever so slowly to pay attention again, weary from the Bush Years, people wanted change. Then in the middle of the horse race in 2008, the economic bubble burst and burst bad it did. This is when everyone and I do mean everyone began to pay attention. What would President Bush do? What would become of our Nation? The American people actually said, “What will become…of me?” Bush did what any beltway Conservative does in time of crisis; he became a Democrat and started trying to prime the pump. He threw money at the Bankers and very quickly left the scene. By this time, the damned world was watching and some, were scratching their heads and wondering; “What on earth are these people doing to our Nation?”
Then the day of reckoning arrived; November 4, 2008. The Nation was in dire need of change and a new President; and the American people did what our Constitution guarantees us —- A right to vote. During the election, Conservatives like myself, raised our objections to the Democratic forerunner and his policies. But, the majority of the American people either were not listening or just simply did not care. They wanted a change in direction and boy did they ever get one!
Six months have passed now and Obama’s mantra of Hope and Change is now soured and the very people that voted for him are not shaking their fists in disgust at this President. His policies are failing, tax cheats have bailed, a Communist has resigned over furor of statements made by him. His own very base is now turning on him.
Where am I going with this? What is my point?
My point is this. The American people are actually paying attention to what you do, Mr. President. Do not deceive yourself into believing that you can just do what you damned well please. Your backroom deals with big pharma will come back to haunt you in 2012. Your feeble attempt to fix this economy has essentially failed. You hired a racist-baiting, bigoted, Communist for a “Green Jobs Czar.” The American people, with the assistance of the Conservative Blogosphere; you know those 42% of Americans that did not vote for you. —- have become well informed of you actions sir. We will continue to fight for what we believe in, Mr President.
We are the loyal opposition. We have nothing to apologize for….. and we’re not going any damned where. Mr. President we elected you and we will make sure, that you are doing your job. We cannot ever afford to tune out, nor will we ever do so again.
I posted this, because I happen to agree with Jack’s stance on progressive policy on economics. But because I am “Fair and Balanced”, I will tell you, what others will not about the “Paleo-Conservative” or the “Taft” wing of the Republican Party as it is called by some. If it were left to these guys; such as Jack Hunter and his two hero-like personalities like Pat Buchanan and Ron Paul —- America would have never went to war with Germany, at all. Hitler would have allowed to exterminate the Jews. Something that I am told Pat Buchanan has said that he wished happened, when he was around some friends once; which goes back to the old school catholic hatred of the Jews and their religion. Further more, most people of the Paleo-Conservative strand believe that Abraham Lincoln was a traitor. Not only to the White Man; but also to the South for the way he conducted the Civil War. Which Jack claims was not about race. (Wink Wink) But rather about Centralized Government.
So, while Jack might be correct about his thesis on the economic policy; his association with the bigoted “Old Right” is to be noted and for this, I feel, his credentials are marred.
The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.
Home price declines will have their biggest impact on prime “conforming” loans that meet underwriting and size guidelines of Fannie Mae and Freddie Mac, the bank said in a report. Prime conforming loans make up two-thirds of mortgages, and are typically less risky because of stringent requirements.
“We project the next phase of the housing decline will have a far greater impact on prime borrowers,” Deutsche analysts Karen Weaver and Ying Shen said in the report.
Of prime conforming loans, 41 percent will be “underwater” by the first quarter of 2011, up from 16 percent at the end of the first quarter 2009, it said. Forty-six percent of prime jumbo loans will be larger than their properties’ value, up from 29 percent, it said.
“The impact of this is significant given that these markets have the largest share of the total mortgage market outstanding,” the analysts said. Prime jumbo loans make up 13 percent of the total market.
I wonder what “The One” will do about this? Cash for Refinancing?
Here’s why:
The drop in home prices is fueling a vicious cycle of foreclosures as it eliminates homeowner equity and gives borrowers an incentive to walk away from their mortgages. The more severe the negative equity, the more likely are defaults, since many borrowers believe prices will not recover enough.
Homeowners with the riskiest mortgages taken out during the housing boom have seen the greatest erosion in equity, in part because they were “affordability products” originated at the housing peak, Deutsche said. They include subprime loans, of which 69 percent will be underwater in 2011, up from 50 percent in March, Deutsche said,
Of option adjustable-rate mortgages — which cut payments by allowing principal balances to rise — 89 percent will be underwater in 2011, up from 77 percent, the report said.
Regions suffering the worst negative equity are areas in California, Florida, Arizona, Nevada, Ohio, Michigan, Illinois, Wisconsin, Massachusetts and West Virginia. Las Vegas and parts of Florida and California will see 90 percent or more of their loans underwater by 2011, it added.
“For many, the home has morphed from piggy bank to albatross,” the analysts said.
It is classic; The textbook reason why you DO NOT give home loans to high risk persons. Because they are the first to lose their jobs when the economy takes a dump. This is the invention of the Clinton Administration. But yet, no one on the left wants to blame slick willy. Call it the Clinton bubble, call it a huge screw up by the Democrats. I call it reality. Welcome to the Obama Economy and the Democratic Future, brought to you by Clinton stupidity.
Between them, they manage about half of the world’s chartering business. The bonuses are long gone. The last to feel the tail of the economic whiplash, they – and their insurers and lawyers – await a wave of redundancies and business failures in the next six months. Commerce is contracting, fleets rust away – yet new ship-builds ordered years ago are still coming on stream.
year to £180 this year. The cost of chartering an entire bulk freighter suitable for carrying raw materials has plunged even further, from close to £185,000 ($300,000) last summer to an incredible £6,100 ($10,000) earlier this year.