When a constitutional conservative has been so right for so long on so many issues (the Fed and economy included), how can Americans vote for a candidate from the ‘Barbie Brigade’ (that being Obama, Romney, Pawlenty, Perry, etc…)? All one has to do is watch how silent the globalist owned media becomes when it comes to Ron Paul to realize how freaked out the establishment actually is.
What follows is Ron Paul’s first major campaign ad and it hammers home how badly the republican establishment has treated America over the past few decades with compromises and deals. Enjoy, and then head over to Dr. Paul’s site to find out more about this true American statesman.
Strap in folks, the slow motion train wreck we have been watching since 2006 is picking up speed. The DOW dropped 213 points yesterday in response to Greece and Portugal’s credit rating changes and Goldman Sachs all over the news in front of Congress. The dominoes of teetering governments that Basil, the IMF, the WB, The Fed, and the other usual suspects have been trying to keep upright are now gently rocking. So far, the only person who appears to have their head screwed on straight is Angela Merkel, Germany’s Chancellor.
(Reuters) – Fears that a planned rescue of Greece could stall and extend the financial crisis to other euro zone countries hit European markets on Wednesday as investors worried that Athens may default on its debt.
The Federal Reserve says it could be five to six years before we return to normal growth.
That’s according to Fed officials in the central bank’s latest economic forecast.
They expect unemployment, now 10.2 percent, to remain in a range of 6.8 to 7.5 percent through 2012.
“Business contacts reported that they would be cautious in their hiring and would continue to aggressively seek cost savings,” Fed officials said in minutes from their most recent policy meeting.
Businesses would be able to meet any increases in demand in the near term by raising their employees’ hours and boosting productivity, thus delaying the need to add to their payrolls,” the officials said.
“It is a slow-motion recovery,” Stuart Hoffman, chief economist at PNC Financial Services Group, told The Washington Post.
“It sure doesn’t look like the beginning of a normal, rapid recovery.”
Economist David Rosenberg is even more pessimistic.
We’re in a form of depression,” Rosenberg, chief economist and strategist at Gluskin Sheff Associates, Inc., a Toronto wealth management firm, told CNBC.
“Depressions . . . typically happen after a prolonged period of credit excess morphs into a collapse, and you get asset deflation. We had asset deflation, and we had a contraction in private-sector credit.”
Billionaire George Soros believes a “bloodletting” may be in the offing for leveraged buyout firms (LBOs) and commercial real estate investors amid the worst economy in seven decades.
“In commercial real estate and leveraged buyouts, the bloodletting is yet to come,” Soros said in a speech in Europe, reported by Bloomberg News.
“These factors will continue to weigh on the American economy, and the American consumer will no longer be able to serve as the motor for the world economy.”
(My apologies for the lateness of this post as I have been setting up the new system. Many, Many, Mahalos to the donors who helped make this possible.)
Glenn starts out this program with the statements and reversals by The Fed and Obama about the economy and the fact the government is spending us into oblivion, and leads into Obama’s plan to sign an executive order that “improves transparency” and “to encourage people to play it straight.” Are you laughing you a**es off now? Encouraging people to play it straight coming from the Fraud-In-Chief? I almost fell out of my chair I was laughing so hard!
Monster readers know what I think about The Fed. Is it any wonder that I believe that confirming the president of the New York Federal Reserve Bank, Timothy Geithner, to be the Treasury Secretary will be just one more reason to FIRE CONGRESS?
I was watching C-SPAN this morning and listening to Geithner say that “he should have asked more questions” when he was being audited by the IRS. We are talking about 4 years of unpaid taxes and an IRS audit, and yet, he did not ask every single question that comes to mind; or was it that the questions that occur to you and I just did not occur to him? It really does not matter at this point, Geithner has proven that he is either completely untrustworthy or he is rather stupid; both qualities that NOBODY in OUR government, (remember “We The People”), should be espousing. Think about this question as you read the following excerpts. “Knowing what I know now, and as a Senator of the United States, would I confirm Geithner?”
As president of the New York Federal Reserve Bank, Timothy Geithner often preached that gargantuan financial firms like Citigroup should be held to the highest regulatory standards to make sure they couldn’t take on too much risk.
But when it came to supervising Citigroup in recent years, the record shows that the New York Fed eased the reins as the company blew billions on subprime mortgages and other risky deals that ultimately forced the biggest bank rescue in U.S. history.
Now, the 47-year-old Geithner heads to the Senate in coming days as President-elect Barack Obama’s nominee for Treasury secretary. He’s won accolades for his expertise and work ethic, but there’s been little attention to his record as a Fed watchdog.
Geithner’s tenure at the New York Fed – which bore the major responsibility for supervising Citigroup – covers a tumultuous span in which the sprawling conglomerate spiraled from the country’s biggest banking company to one of its largest welfare cases.
Now under much closer government supervision – after a $52 billion rescue – Citigroup appears headed for dismantling amid a leadership shuffle that included last week’s announced departure of former Treasury Secretary Robert Rubin as senior counselor and director.
Should the New York Fed have seen trouble coming and prevented it? As Citigroup took on risk and its capital deteriorated, what oversight did Geithner exercise? And what contacts, if any, did Geithner have about regulatory matters with Citigroup officials, including Rubin, under whom Geithner worked at Treasury in the 1990s?
Barack Obama is failing his first hard choice as president by pushing hard for Tim Geithner to be confirmed as secretary of the treasury despite Geithner’s serial cheating on his taxes and Geithner’s utter failure in his previous job as head of the New York Fed.
Geithner’s low personal profile and Wall Street’s high comfort level with him will probably guarantee he’ll survive Wednesday’s hearing before the Senate Finance Committee. Who wants to dwell on this little guy when we finally have something big to celebrate? Besides, how important is one appointment? Newsweek thinks it’s pretty important. They just listed Geithner as the 15th most powerful person in the world.
“Tim Geithner, when I nominated him, was rightly lauded by people from both sides of the aisle, from the market, from labor, as somebody who was uniquely qualified.” Obama responded when questioned about Geithner’s taxes. “Is this an embarrassment for him? Yes. He said so himself. But it was an innocent mistake. It has been corrected. He paid the penalties.”
Geithner didn’t make one mistake. He committed multiple transgressions over the course of many years. To call them “an innocent mistake” is as insulting as deducting your kid’s expensive summer camp as a child care expense, which Geithner tried to do. Furthermore, Geithner paid the majority of his missing taxes and penalties only after he was nominated to be secretary of the treasury. His situational ethics are directly at odds with the culture of personal responsibility that Obama has set as his foremost goal.
Is it even possible at this moment in our history to find an honest “money person” who is not locked into The Fed, the NY Banks, and the corrupt government, (see Chris Dodd and Barney Frank), to watch over our economy and get us back on the solid, sound, precious metals backed monetary system that our Founding Fathers enjoined Americans to create and maintain?
Next Topic: I would like to welcome Halliburton’s subsidiary KBR back to the Monster. I have decided to shine the light on these creepy and strange visitors when they show up. I will also let you know what they are looking at if that information is available. Am I breaking internet etiquette rules? You tell me….I just think that Americans should know who is watching; the blade cuts both directions….