We knew what would happen, that’s why we were so opposed to bailing them out in the first place.
I wonder if all those pension fund holders feel raped a second time now?
Eric Bolling of “Follow The Money” appearing on ‘America Live’, 11.18.2010 to explain how the American taxpayer is taking yet another loss in order to protect crony capitalism, the unions, and foreign investors.
Jesse Ventura’s ‘Conspiracy Theory’ takes on the theory that international bankers are draining American of all it’s wealth. This may sound completely farfetched until you listen to Catherine Austin Fitts on ‘The Looting Of America’. The truth about the financial pillaging by the ‘pirate class’ is finally getting out about the trillions that have been sucked out of our economy and our pockets. The banksters own the government; get used to the realization.
Keep this in mind; how many bankers have been arrested, prosecuted and convicted of the mortgage fraud scandal that caused the meltdown in the housing industry and near economic collapse of America? Why isn’t Bernanke being impeached for stating under oath in June 2009 that the Federal Reserve would not monetize the debt, and they just did it again? I know you folks can do the math.
The march for monetary accountability and transparency at the Federal Reserve (and hopefully abolition of this despicable private banking mafia) continues as Dr. Ron Paul will again push for an audit. Ben Bernanke and the Fed just printed $600 Billion of fiat currency out of thin air in his latest round of QE, even though Ben stated under oath back in June 2009 that they would not monetize the debt. This constitutes a hidden tax on all Americans (worse for the working poor) as this pushes commodity prices higher and food and energy prices go through the roof.
(Reuters) – Republican Representative Ron Paul on Thursday said he will push to examine the Federal Reserve’s monetary policy decisions if he takes control of the congressional subcommittee that oversees the central bank as expected in January.
“I think they’re way too independent. They just shouldn’t have this power,” Paul, a longtime Fed critic, said in an interview with Reuters. “Up until recently it has been modest but now it’s totally out of control.”
Paul is currently the top Republican on the House of Representatives subcommittee that oversees domestic monetary policy, and is likely to head the panel when Republicans take control of the chamber in January.
That could create a giant headache for the Fed, which earlier this year fended off an effort headed by Paul to open up its internal deliberations on interest rates and monetary easing to congressional scrutiny.
Paul, who has written a book called “End the Fed,” has been a fierce critic of the central bank’s efforts to boost the economy through monetary policy.
“It’s an outrage, what is happening, and the Congress more or less has not said much about it,” he said.
Paul said his subcommittee would also push to examine the country’s gold reserves and highlight the views of economists who believe that economic downturns are caused by bad monetary policy, not the vagaries of the free market.
Global organizations like the International Monetary Fund also will come under scrutiny, he said.
“Eventually we’re going to have monetary reform. I do not believe the dollar can be the reserve standard of the world,” said Paul, who has called for returning the United States to a currency backed by gold or silver.
Many economists say that the Fed’s decisive actions during the 2008 financial crisis prevented the deep recession that followed from turning into a depression. But grassroots outrage over the bank bailouts and other Fed actions helped propel many Republican candidates to victory in Tuesday’s congressional elections — including Paul’s son, Rand Paul, who will represent Kentucky in the Senate.
“With a lot of new members coming and the problems getting worse rather better, there’s going to be a lot more people who are going to be looking for answers,” Paul said.
If you missed this quote from Market Ticker about QE and your money being poured into the big banks because of bad paper the first time around…
Now they’re at it again. First, Ben Bernanke imposed, without a vote, a tax on the American People of over $1 trillion through his original “QE ” game. This went immediately into commodity and stock prices worldwide but was in fact a tax on you, and on every productive business. This is the reason that unemployment remains at close to 10%. By now we should be well on our way to recovery. The government blew $600 billion on stimulus programs. They got nothing for it because of QE, which took it all back out, plus more through the tax – a tax that went directly into the bankers pockets. This unlawfully-imposed tax was used to cover the banks’ insolvencies, along with the blatant extortion practiced by Rep. Kanjorski on FASB (who, incidentally, lost his seat Tuesday.) But the banks did not clear their balance sheets – they are, in fact, still insolvent. Instead, they literally took the money and paid it in bonuses.
Now that the banks are once again running out of money Ben Bernanke is at it again. He has announced another $600 billion in illegal taxation on America, and intends to give it again to the bankers. A good part of it already showed up in oil and other commodities. The rest of it will. It is guaranteed. The “benefit” will go overseas. The tax will fall on you.
THIS IS THE LARGEST TAX EVER IMPOSED ON THE AMERICAN PEOPLE IN THE HISTORY OF THE NATION. IT IS MORE THAN FOURTEEN TIMES THE BUSH TAX CUTS “ON THE RICH” THAT EVERYONE IS DEBATING. GOLDMAN SACHS BELIEVES THAT BERNANKE WILL IMPOSE A TOTAL TAX THROUGH QUANTITATIVE EASING OF MORE THAN FOUR TRILLION DOLLARS OVER THE NEXT TWO YEARS, OR MORE THAN FIFTY SEVEN TIMES THE BUSH TAX CUTS.
And the story I just ran across from Economic Policy Journal:
Yesterday, Federal Reserve Chairman Ben Bernanke delivered a speech before the the Annual Meeting of the Rhode Island Public Expenditure Council in Providence, Rhode Island. In the speech, he warned about the current state of the government finances. His conclusion, the situation is dire and “unsustainable”.
It is remarkable that mainstream media has given this speech no coverage. I repeat, the central banker of the United States says in his own words:
Let me return to the issue of longer-term fiscal sustainability. As I have discussed, projections by the CBO and others show future budget deficits and debts rising indefinitely, and at increasing rates. To be sure, projections are to some degree only hypothetical exercises. Almost by definition, unsustainable trajectories of deficits and debts will never actually transpire, because creditors would never be willing to lend to a country in which the fiscal debt relative to the national income is rising without limit. Herbert Stein, a wise economist, once said, “If something cannot go on forever, it will stop.”9One way or the other, fiscal adjustments sufficient to stabilize the federal budget will certainly occur at some point. The only real question is whether these adjustments will take place through a careful and deliberative process that weighs priorities and gives people plenty of time to adjust to changes in government programs or tax policies, or whether the needed fiscal adjustments will be a rapid and painful response to a looming or actual fiscal crisis.
This is as close as you are ever going to see a central banker admit that his country’s financial situation is so dire that it could breakup at any time.
THIS is why the Federal Reserve needs to be audited and then abolished. There are sound money principles that can replace the private banking mafia; hopefully before it’s too late.In the meantime, stock up on the basicsas prices are already going up, up, up…
My readers know that I consider Barney Frank to be one of the top public enemies of the republic because of his almost 3 decade track record of progressivism in the US House. I believe that Barney needs to be fully investigated, charged and convicted when it comes to what he knew and when he knew it in regards to banking, housing, and regulation. (The other two PEs being Bernanke and Geithner.)
All of that being said, along comes a marine named Sean Bielat who has the economic credentials (Wharton) that Barney lacks, and who is giving B-Boy the political fight of his life.
Frank, a Democrat who began October with more than $1 million in his campaign account compared with Bielat’s $364,000, said he’s taking money out of his own pocket to fight anticipated spending by outside groups.
Those ‘outside groups’ being the silent majority of everyday Americans that are fueling all the constitutional candidates campaigns. You. Me.
I am hoping you will see what I see in this interview with Sean Hannity (10.26.2010), and hit the ‘ByeByeBarney‘ banner at the bottom of this article to donate to Sean’s real, bonafide chance to fire ‘Fannie and Freddie are sound’ Barney Frank. Without traitors like Barney Frank and Chris Dodd inside congress protecting them, Ron Paul might actually get that audit of the Fed and the abolition of the private banking cartel mafia.
People think that the Federal Reserve System was created by the government as a means of controlling and regulating the banks, but in reality, the Federal Reserve System was created by the banks as a means of controlling and regulating the government and that’s the reality of today. – G. Edward Griffin
A reader sent me an article that looked at the discussion surrounding the tax cuts Americans have received as part of the Porkulus bill and how the GOP and FoxNews have been able to make a majority of Americans believe there has not been any tax cuts from the Obama Regime.
The point of this article is to show how TPTB still have the moos discussing tax cuts instead of the underlying hidden tax that has been occurring since the inception of the Federal Reserve System in 1913. A discussion about tax cuts or extending the Bush tax cuts is ridiculous when we have a private banking cartel in place that controls 100% of the money in the system, will collect $396 Billion in interest this year, and is on track to charge us $1 Trillion dollars in interest on our own money in 2011. The END OF THE FED absolutely has to happen; no ifs, ands, or buts; or this country will not survive hosting a parasite of The Fed’s size.
After further prodding — including a reminder that a provision of the stimulus bill had cut taxes for 95 percent of working families by changing withholding rates — Mr. Paratore’s memory was jogged.
In a troubling sign for Democrats as they head into the midterm elections, their signature tax cut of the past two years, which decreased income taxes by up to $400 a year for individuals and $800 for married couples, has gone largely unnoticed.
The first is that during Obama’s first two years taxes have in fact gone up. The stimulus tax cuts are only one of many changes to the tax code. Americans for Tax Reform reports that the 111th Congress enacted $352 billion in net tax hikes. Although most of those taxes are obscure and will not take effect as immediately as the stimulus tax cuts have, there can’t be any doubt that they have shaped the public’s understanding of the tax outlook. After all, cigarette smokers and tanning salon patrons — who will suffer large targeted tax increases — number in the millions.
$6.99 (2008), On sale 10.13.2010 for $12.99 (Monster's Local Grocery Store)
This report is adapted from two earlier articles by G. Edward Griffin appearing in the April 13, 1987 and February 29, 1988 issues of THE NEW AMERICAN. Mr. Griffin, a journalist and film producer, is the author of The Creature From Jekyll Island: A Second Look at the Federal Reserve.
It is a sobering thought that the federal government could operate – even at its current level of spending – without collecting any taxes whatsoever. All it has to do is create new money through the Federal Reserve System, a process called monetizing the debt. As a matter of fact, much of the money it now spends is obtained that way. The politicians who authorize that process know that this is not true debt, because no one in Washington really expects to repay it. It is merely a means of raising money to run the government without increasing taxes. Actually, the inflation that results from monetizing debt is just as much a tax as any other, but, because it is hidden and so few Americans understand how it works, it is far easier to collect than a tax that is out in the open.
Glenn has a complex show today starting with Nancy’s misinformation campaign about foreign donations to affect the outcome of elections. He then spends time explaining the relationship between ‘Spooky Dude’ Soros, the Tides Foundation, Drummond Pike, and the Huffington Post’s new investigative division being run by the Tides Foundation. For those that want to know what’s up with Drummond Pike and Tides, please check out ‘Houston, We Have A Problem: Let’s Start With Tides‘ from AUGUST 30, 2009. I did, of course, include the Muckety Map and pages of research on Drummond and his associated groups.
Part 2, The left boycotting Beck for two years, the new campaign against the Chamber of Commerce and the American people. The tea party is against the bailouts, and Nancy’s comments about how the republicans destroyed the economy. Glenn covers the Community Reinvestment Act started by Carter and beefed up by Clinton and Dems that provided mortgages to people that could not pay them.
Massachusetts woke up earlier this year and reclaimed “The Kennedy” seat for the people when they voted for Scott Brown. Now they have an even better choice in Sean Bielat to retire one of the main reasons for the financial collapse which started with the housing bubble created by the Dems’ Community Reinvestment Act in 1977 and continued with the House Financial Services oversight by 30 year career politician, Barney Frank. Mr. Frank, by the way, has absolutely no private sector or business experience at all; none, nada, zip. How does a guy that knows nothing about how a business actually survives and thrives, become the chairman of one of the most influential, (if not the most influential), committees in Congress? How?
I don’t think that Fannie and Freddie are financially insolvent. I don’t think they need large bailouts. – Barney Frank, 2008
and my personal favorite:
I doubt that Treasury will write a check to Fannie and Freddie – 2008
Not only has the Treasury written $148 billion in checks, but on December 25th, 2009 (Merry Christmas!), the Treasury lifted the $400 billion dollar cap for these two mortgage giants allowing them unlimited funding. The worst case scenario for the bailout of Fannie and Freddie is $1 TRILLION.
Barney has been the Chairman of the House Financial Services Committee since 2007 which oversees the financial services industry in it’s entirety; housing, banking, investment, securities and insurance. Nobody could be this stupid, and from everything I have seen of Mr. Frank, he is one of the most intelligent people in Congress which bodes darkly for us. A service and conflict record of an employee in the private sector this lacking in judgement would beg for dismissal. Massachusetts now has a choice; may they choose wisely.
May I introduce to my readers the constitutional candidate (with a business background) that is giving Barney the first competition he has felt in more than two decades; Sean Bielat.
I do believe that Sean’s Wharton MBA sheepskin trumps Barney’s Harvard law degree when it comes to fixing the economy, and we all know that ‘it’s the economy stupid!’.
Program Manager, iRobot Corporation. Led $100 million, 100 person business line providing life-saving defense robots used to destroy roadside bombs in Iraq and Afghanistan
Chairman, NATO Industrial Armaments Group. Led an international team studying the potential for use of advanced reconnaissance technology in urban warfare
Management Consultant, Mckinsey & Company
Lieutenant, U.S. Marine Corps (active duty)
Sean and his wife are residents of Brookline, MA and recently had their first child, Theo. They are members of St. Mary of the Assumption Catholic Church in Brookline. Sean currently works as an independent consultant and serves as an officer in the Marine Corps Reserve.
Sean worked his way through college and graduate school, aided by scholarships and the GI Bill. He now holds a Master in Public Policy from the Harvard Kennedy School of Government, a Bachelor of Arts from Georgetown University, and a Master of Business Administration from The Wharton School, University of Pennsylvania. He is a member of the Knights of Columbus, the International Institute for Security Studies, and the Council on Emerging National Security Affairs.
As I have stated in the past, all of these local races have become national referendums on the continued survival of America as a free nation. Scott Brown, Charles Djou, Nikki Haley, John Willoughby, Allen West, Marco Rubio, Dan Benishek, Christine O’Donnell, Sharron Angle, Joe Miller…and the list goes on. Please donate to Sean’s campaign in any way that you can as taking down the great white shark, Barney Frank will do more to demoralize and derail the progressives than any other candidate except for Nancy. Remember, the other sweetheart deal, money man, Chris Dodd, is retiring.
(Editor’s note: This will be one of those very long but very interesting articles full of tidbits of information you need. Please take the time to read the entire article and/or bookmark for later reading and linkage. I am attempting to break this topic of retirement security down into manageable yet related pieces.)
On 10.7.2010, Sen. Tom Harkin held a HELP Committee hearing “to examine retirement security in America”. His full statement from the hearing can be found here. The full video of the hearing can be found here. One of the main witnesses before the committee wasRoss Eisenbrey, Vice President, Economic Policy Institute. His full statement can be found here.
EPI has published and advocated what we feel would be an excellent national supplemental retirement plan, the Guaranteed Retirement Account, which was authored by Prof. Teresa Ghilarducci, Director of the Schwartz Center for Economic Policy Analysis at the New School for Social Research. In a nutshell, the GRA would mandate employer and employee contributions to a federally administered cash balance plan. The combined 5% of payroll contributions would be invested by a Thrift Savings Plan-like entity in the bond and stock markets, with a guaranteed minimum return of 3% beyond inflation. A $600 tax credit would cover the entire 2.5% contribution for workers earning $24,000 or less, and greatly reduce the effective contribution rate for other lower-paid workers. We calculate that at the end of a normal working life, the average worker would accumulate, along with Social Security, enough to assure a 70% replacement rate of pre-retirement income. – Ross Eisenbrey
On Social Security:
The trust fund has more than $2 trillion and will be able to pay 100% of promised benefits for another 27 years. Even then, Social Security will not “go broke” but will be able to pay 78% of promised benefits. So the question isn’t how to “save” the program; it will survive without any change. The problem is how to get more money into the trust fund so full benefits can be paid in perpetuity. The goal is, or ought to be, to preserve full benefits and to maximize the retirement income of the tens of millions of households that depend on Social Security. – Ross Eisenbrey
“For many Americans, the only retirement security they have is Social Security, but that, too, is under siege. There are those that want to privatize the system, cut back benefits and raise the retirement age. They say that everyone should just work longer and that retirement is a ‘luxury.’ Clearly, those people do not swing a hammer for a living. They do not toil in our corn fields or work on our oil rigs. For Americans who work in these physically demanding jobs, working longer simply is not an option. A lifetime of hard work takes its toll, and at some point, a person just cannot do it anymore. – Sen. Tom Harkin on Retirement Security
Would any of this be the case if The Federal Reserve had not devalued our dollar by 96% since its inception in 1913, and given the US Congress a credit card chaining Americans to foreign countries with debt?
THE MAIN PLAYERS
The main players in this little drama are Teresa Ghilarducci and her Guaranteed Retirement Accounts paper, the Economic Policy Institute, SEIU, Retirement USA, and the New School of Social Research.
In his opening statement to the committee, Mr. Eisenbrey stated, “EPI is a non-partisan think tank with a long history of analyzing trends in employment, compensation, and income, as well as advocating for policies to ensure shared prosperity.” After you look at the board for EIP, will you wonder as I did if they are truly non-partisan?
(UPDATE: 10.14.2010, Law firms based in the District of Criminals are coming out of the woodwork and reading this post. Everybody wave!!)
Fascism is alive and well in the District of Criminals. Fascism is the only way to describe a federal government so full of themselves that they believe seizing Americans’ 401(k)s is perfectly acceptable; nevermind the immorality or un-Constitutionality of the move. They really do believe that it is their money and they just let us use it.
I found the link to this story on Market-Ticker and one needs to give credit to a master when it is due (which is just about every day with this guy. I am so freakin’ glad Karl is on the internet!)
If there’s a pitchfork moment in this country it had better show up fairly soon, because if this report is accurate you can bet that these clowns are going to find a way to attach this in some obscure section of a 2,000+ page “must pass” bill – another one of those “you have to pass it so you can read it” deals.
I know we are all just waiting and holding our breath for 11.2.2010 in hopes that flipping this congress will actually make some sort of difference in the slow, agonizing, ‘managed decline‘ of the United States under the progressives who by all appearances are throwing everything including the kitchen sink at the economy in an effort to collapse it. This is the part, IMO, that the GOP hasn’t gotten the memo on yet (if their pledge is anything to go by); pitchforks before or after the economy completely tanks.
Here’s the story about Congress seizing 401(k)s, Human Events, 10.8.2010:
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.
(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
“We need a comprehensive solution that addresses interrelated problems. For example, a system that places most of the burden for retirement saving on individuals will always have to wrestle with the problem of pre-retirement loans and withdrawals (simply plugging these leaks will not work, because many workers would stop contributing to the system). A system that relies on tax incentives to promote individual retirement savings will necessarily tend to favor high-income workers who can afford to save more and who benefit the most from these tax breaks. Conversely, a truly universal system would need to shield low-income workers from out-of-pocket costs or wage cuts. EPI has published and advocated what we feel would be an excellent national supplemental retirement plan, the Guaranteed Retirement Account which was authored by Prof. Teresa Ghilarducci, Director of the Schwartz Center for Economic Policy Analysis at the New School for Social Research. “
The EPI is housed on the third floor of the building occupied by the George Soros-funded Center for American Progress, a hard-core leftist group whose flavor of socialist policy has brought you the current blend of elitist socialism and crony capitalism bankrupting the American economy. Which speaks volumes about EPI and the Democrat leadership’s choice of witness.
Brett McMahon, spokesman for the Associated Builders and Contractors (ABC), a trade association, warns this hearing exposed part of a process that may come as early as the November lame duck push to bailout union pensions by attaching the bailout to an across-the-board extension of the current tax rates.
“I am deeply concerned that they will try to attach something like the Casey bill or the Casey bill in and of itself to tax cut extensions bill that is inevitably going to have to be dealt with at some point during the lame duck session,” McMahon told HUMAN EVENTS.
As reported in HUMAN EVENTS the Casey bill from Sen. Bob Casey (D-Penn.) is a new entitlement program that would set up a permanent bailout of the union multi-employer pension plans that are desperately underwater through a new “fifth fund” at the government Pension Benefit Guaranty Corporation (PBGC). Casey’s bill would create a line item on the federal budget through the PBGC to fund these union pension bailouts annually — union pensions that are underwater as a result of mismanagement that pre-dates the 2008 financial upheaval.