Idiot In Charge Award: Nancy Pelosi

Please remember that the IICA goes to people who exhibit “sheer ‘slap Americans in the face’ stupidity” instead of unbelievable escapades like The Fed losing $9 Trillion dollars.

Today’s IICA goes to Nancy Pelosi for comments made at a Florida senior center while she was trying to rename the “public option” to “competitive option”; probably on the advice of some focus group that really did not understand how dense this lobotomized walking meat suit actually is.

Here are the money quotes from Breitbart:

“You’ll hear everyone say, ‘There’s got to be a better name for this,'” Pelosi said. “When people think of the public option, public is being misrepresented, that this is being paid for with their public dollars.”

So the public option is not being paid for by American Taxpayers and Small Business?  All monies that flow from the government come from the taxpayer, or in our case, The Federal Reserve that just cannot stop printing money which we have to pay interest on.  How does that work again? Yes, that’s right; we pay interest to a private banking cartel who prints our money and loans it to us, all with the blessing of Congress.  (And people wonder why there is an IICA.)

Pelosi said that was a misconception and that any taxpayer money used to start up the public option would be repaid. She also said such an option would ultimately drive down government health care costs.

Any taxpayer money used to start up the public option would be repaid?  Kinda like the T.A.R.P. money which has not been, and the amounts that have are already being eyed by Barney for Main Street TARP?  Does that not mean that our hard earned money is going bye-bye, never to be seen again.

Like I said, lobotomized walking meat suit surrounded by more lobotomized walking meat suits.  Had a recent look at the Debt Clock lately? I have the link on speed dial.

On another note, I wonder how much of this is going to ACORN?

HR 3766 Main Street TARP Act of 2009 (Barney Frank)

HR 3766 IH

111th CONGRESS

1st Session

H. R. 3766

To use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and affordable rental housing.

IN THE HOUSE OF REPRESENTATIVES

October 8, 2009

Mr. FRANK of Massachusetts (for himself, Ms. WATERS, Mr. KANJORSKI, Ms. VELAZQUEZ, Mr. CARDOZA, Mr. FATTAH, and Mr. CUMMINGS) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and affordable rental housing.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Main Street TARP Act of 2009’.

SEC. 2. HOUSING TRUST FUND.

(a) Use of TARP Funds- Using the authority available under sections 101(a) and 115(a) of division A of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a), 5225(a)), the Secretary of the Treasury shall transfer to the Secretary of Housing and Urban Development $1,000,000,000, and the Secretary of Housing and Urban Development shall credit such amount to the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568) for use in accordance with such section.

(b) Tenant Rent Contribution- Subparagraph (A) of section 1338(c)(7) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568(c)(7)(A)) is amended by inserting before the semicolon the following: ‘; and except that all rental housing dwelling units shall be subject to legally binding commitments that ensure that the contribution toward rent by a family residing in a dwelling unit shall not exceed 30 percent of the adjusted income of such family’.

SEC. 3. EMERGENCY MORTGAGE RELIEF.

(a) Use of TARP Funds- Using the authority available under sections 101(a) and 115(a) of division A of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a), 5225(a)), the Secretary of the Treasury shall transfer to the Secretary of Housing and Urban Development $2,000,000,000, and the Secretary of Housing and Urban Development shall credit such amount to the Emergency Homeowners’ Relief Fund, which such Secretary shall establish pursuant to section 107 of the Emergency Housing Act of 1975 (12 U.S.C. 2706), as such Act is amended by this section, for use for emergency mortgage assistance in accordance with title I of such Act.

(b) Reauthorization of Emergency Mortgage Relief Program- Title I of the Emergency Housing Act of 1975 is amended–

(1) in section 103 (12 U.S.C. 2702)–

(A) in paragraph (2)–

(i) by striking ‘have indicated’ and all that follows through ‘regulation of the holder’ and insert ‘have certified’;

(ii) by striking ‘(such as the volume of delinquent loans in its portfolio)’; and

(iii) by striking ‘, except that such statement’ and all that follows through ‘purposes of this title’; and

(B) in paragraph (4), by inserting ‘or medical conditions’ after ‘adverse economic conditions’;

(2) in section 104 (12 U.S.C. 2703)–

(A) in subsection (b), by striking ‘the lesser of $250 per month or’; and

(B) in subsection (d), by inserting before the period at the end the following: ‘, except that such interest rate may exceed such maximum rate but only as necessary to comply with rules under a program operated by a State that otherwise complies with program rules under this title’;

(3) in section 105 (12 U.S.C. 2704)–

(A) by striking subsection (b);

(B) in subsection (e)–

(i) by inserting ‘and emergency mortgage relief payments made under section 106’ after ‘insured under this section’; and

(ii) by striking ‘$1,500,000,000 at any one time’ and inserting ‘$2,000,000,000’;

(C) by redesignating subsections (c), (d), and (e) as subsections (b), (c), and (d), respectively; and

(D) by adding at the end the following new subsection:

‘(e) The Secretary shall establish underwriting guidelines or procedures to allocate amounts made available for loans and advances insured under this section and for emergency relief payments made under section 106 based on the likelihood that a mortgagor will be able to resume mortgage payments, pursuant to the requirement under section 103(5).’;

(4) in section 107–

(A) by striking ‘(a)’; and

(B) by striking subsection (b);

(5) in section 108 (12 U.S.C. 2707), by adding at the end the following new subsection:

‘(d) The Secretary may allow funds to be administered by a State through an existing program that complies with program rules under this title.’;

(6) in section 109 (12 U.S.C. 2708)–

(A) in the section heading, by striking ‘AUTHORIZATION AND’;

(B) by striking subsection (a);

(C) by striking ‘(b)’; and

(D) by striking ‘1977’ and inserting ‘2011’;

(7) by striking sections 110, 111, and 113 (12 U.S.C. 2709, 2710, 2712); and

(8) by redesignating section 112 (12 U.S.C. 2711) as section 110.

SEC. 4. REDUCING TARP AUTHORIZATION LIMIT TO OFFSET COSTS.

Paragraph (3) of section 115(a) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225) is amended by striking ‘$1,259,000,000’ and inserting ‘2,259,000,000’.

Barney on CNN; OMFG!

How Does The White House Keep The Ponzi Scheme Going? (UPDATED)

Have you looked at the US Debt Clock?  Go to the bottom and look at the $105 Trillion in unfunded liabilities and then read on.

From WorldNetDaily and Jerome Corsi’s Red Alert:

It’s official! U.S. government is bankrupt
‘It’s only a matter of time before the public realizes it’

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the 2008 Financial Report of the United States Government released by the U.S. Department of Treasury, Jerome Corsi’s Red Alert reports.

The difference between the $455 billion “official” budget deficit numbers and the $5.1 trillion budget deficit based on data reported in the 2008 financial report is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.

The calculations in the 2008 financial report are calculated on a GAAP basis (“Generally Accepted Accounting Practices”) that includes year-for-year changes in the net present value of unfunded liabilities in social insurance programs such as Social Security and Medicare. Under cash accounting, the government makes no provision for future Social Security and Medicare benefits in the year in which those benefits accrue.

Economist John Williams, who publishes the website Shadow Government Statistics, told Corsi, “As bad as 2008 was, the $455 billion budget deficit on a cash basis and the $5.1 trillion federal budget deficit on a GAAP accounting basis does reflect any significant money reflected to the financial bailout or Troubled Asset Relief Program, or TARP, which was approved after the close of the fiscal year.”

He continued, “For 2009, the Congressional Budget Office estimated the fiscal year 2009 budget deficit as being $1.2 trillion on a cash basis, and that was before taking into consideration the full costs of the war in Iraq and Afghanistan, before the cost of the Obama nearly $800 billion economic stimulus plan, or the cost of the second $350 billion tranche in TARP funds, as well as all current bailouts being contemplated by the U.S. Treasury and Federal Reserve.”

Williams told Corsi the federal government’s deficit is hemorrhaging at a pace that threatens the viability of the financial system. He said the 2009 budget deficit will clearly exceed $2 trillion on a cash basis and the full amount must be funded by Treasury borrowing. He noted that it’s not likely to happen without the Federal Reserve acting as lender of last resort by buying Treasury debt and monetizing the debt.

Corsi explained, “‘Monetizing the debt’ is a term used to signify that the U.S. Treasury will ultimately be required to print cash to meet Treasury debt obligations, acting in this capacity only because the Treasury cannot sell the huge amount of debt elsewhere, possibly not even to the Federal Reserve.”

So far, the Treasury has been largely dependent upon foreign buyers, principally China and Japan and other major holders of U.S. dollar foreign exchange reserves, including Middle East oil-producing nations purchasing U.S. debt through their financial agents in London.

“The appetite of foreign buyers to purchase continued trillions of U.S. debt has become more questionable as the world has witnessed the rapid deterioration of the U.S. fiscal condition in the current financial crisis,” Williams noted.

Corsi wrote, “The sad reality is that the U.S. Treasury has not reserved any funds to cover the future Social Security and Medicare obligations we are incurring today.”

Williams said there are no funds held in reserve today for Social Security and Medicare obligations each year. He said it’s only a matter of time until the public realizes that the government is truly bankrupt.

Corsi wrote that if President Obama adds universal health care to list of entitlement payments the federal government is obligated to pay, the negative net worth of the United States government will only get worse.

Calculations from the 2008 Financial Report of the United States Government show that the GAAP negative net worth of the federal government has increased to $59.3 trillion, while the total federal obligations under GAAP accounting now total $65.5 trillion.

Williams explained the federal government is truly bankrupt and argued that in a post-Enron world, if the federal government were a corporation such as General Motors, “the president and senior Treasury officers would be in federal penitentiary.”

Numerous bloggers have been talking about the Cloward Piven strategy to overwhelm the system for well over a  year now.  Go here and here to educate yourself on what is really happening in Amerika.

For those in power that do fly bys of this site; when are you going to issue a timeout?

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UPDATE: Bernanke Weighs In

From Washington Examiner; 10.19.09

Bernanke says US must ‘substantially reduce’ budget deficits

WASHINGTON — Federal Reserve Chairman Ben Bernanke called Monday for the United States to whittle down its record-high budget deficits and for countries like China to get their consumers to spend more.

Bernanke said those moves would help reduce “global imbalances” — uneven trade and investment flows among countries that contributed to the financial crisis.

The Fed chief’s remarks to a Fed conference in Santa Barbara, California, came after the government said Friday that the U.S. budget deficit hit a $1.42 trillion deficit for the 2009 budget year that ended Sept. 30. The previous year’s deficit was $459 billion.

Bernanke’s comments also followed pledges made by leaders of the Group of 20 nations at their summit last month in Pittsburgh to reduce global imbalances, such as Asians savings too much and Americans savings too little. Some improvement has been made in this area, but more progress is needed, he said.

Money from countries with trade surpluses like China has flowed into the United States, a factor thought to have contributed to the low interest rates that helped feed the U.S. housing bubble.

Bernanke said the best way for the United States to increase savings is to steadily reduce the federal budget deficits. He didn’t suggest ways to do so.

Fielding questions after his speech, Bernanke said the United States is in a “difficult fiscal situation” and that Congress and the White House must find ways to boost confidence in the U.S. economy and the dollar. He said he thinks those stakes are “very well understood in Washington.” (emphasis mine)

See Cloward Piven Strategy AGAIN!

Which Is It Harry? $829 Billion or $2 Trillion

I believe I actually read somewhere that the healthcare reform bill is going to cost $3 Trillion, and for the life of me, I cannot remember where I saw that; maybe Cato – I’ll have to track it down again.

Anywhoooooo; a question for Harry Reid; is healthcare going to cost $829 Billion, $2 Trillion, or completely bankrupt our economy as we are currently now at $105 TRILLION in unfunded liabilities without healthcare reform?

He talked about CBO saying that there would be $54 billion saved each year if we put caps on medical malpractice and put some restrictions…tort reform…$54 billion.  Sounds like a lot of money, doesn’t it, Mr. President? The answer is yes.  But remember, were talking about $2 trillion, $54 billion compared to $2 trillion.  You can do the math.  We can all do the math. Its a very small percent.

Baucus Bill: Taxed Coming Or Going Or Both? (UPDATED)

The Titanic Of All Debt Clocks

Michael Cannon of the Cato Institute has stepped up and is explaining the taxation that is coming down the line in the form of the Baucus Bill:

Still curious about the truth?

Despite New Deficit-Cutting Claim, Baucus Bill Is Just Tax-and-Spend

Let’s start with the price tag. According to the report just released by the Congressional Budget Office, the bill will cost roughly $829 billion over the next 10 years. And, significantly, it is even projected to reduce the budget deficit over 10 years by $81 billion. Of course, both those numbers are misleading.

The $829 billion cost is for the next 10 years, 2010-2019, but the most expensive provisions of the bill don’t take effect until July of 2013. The cost over the bill’s first 10 years of actual operation is closer to $1.3 trillion.

In addition, the bill assumes that Congress will implement a 21% reduction in Medicare payments that is already scheduled under current law. The only problem is that Congress has been supposed to make those reductions since 2003 — and never has. There is no reason to believe it will do so this time either.

Most importantly, the bill does not achieve its deficit reduction by controlling spending or reducing health care costs. In fact, by the end of the 10-year budget window, the cost of the program is expected to be growing at 8% per year. But revenue from the bill’s new taxes would be growing between 10% and 15% per year.

In particular, the bill imposes a 40% excise tax on health insurance plans that offer benefits in excess of $8,000 for an individual plan and $21,000 for a family plan. Insurers would almost certainly pass this tax on to consumers via higher premiums. (emphasis mine)

As inflation pushed insurance premiums higher in coming years, more and more middle-class families would find themselves caught up in the tax — providing the government with more revenue.

The overall tax increases in the bill are more than double the amount of deficit reduction. This isn’t a health care efficiency bill or a cost-containment bill. It is a tax-and-spend bill, pure and simple. (emphasis mine)

With all this, the bill still leaves 25 million people uninsured.

Make sure to go over to the Cato Institute and read the whole article.

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UPDATE:

Sen. Charles Grassley’s comments with Neil Cavuto about this bill going left.

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