On The Economy
By Rabble Rouser Reverend Amy on October 12, 2008 at 1:51 PM in ACORN, Barack Obama, Christopher Dodd, Economy, Harry Reid, Nancy Pelosi, Thomas Jefferson
There have been some complaints that not enough is being written on the Economy, and that there is too much focus on Obama’s shady past. True enough, the stock market hasn’t been looking too good this past week. Or the week before that. Or even the week before that one.
But plenty of folks have been writing about it, including Larry Johnson (here, here, here, here, here, here, here, and more) as well as NoQuarter writers Eastan McNeal (here, here, and here) and SusanUnPC).
Plenty of politicians have been laying blame at each others’ feet about it rather than take any responsibility for their own parts in this debacle (I’m talking to YOU, Barney, Barack, Chris, Harry, Nancy, Joe … All of you folks who have benefited so much from Fannie Mae and Freddie Mac … I’m talking to you, Chris and Barack.).
And many of us have written about ACORN and its pressure on banks to make these sub-prime mortgage loans to people who couldn’t re-pay them. So, yeah, I think we’ve written about it a fair amount. Perhaps what we’ve written is not what some people want to HEAR, but the truth can be a difficult mistress. …
You know, someone else wrote about all of this. I reckon we should have paid more attention:
I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
And:
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.
Thomas Jefferson
I’m with him on this. And, there you have it.
(Release: November 13)
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This is a link about the Acorn voter fraud investigatino going on in Chicago with ties to the O campaign. I know it’s off point on your post on the economy (sorry), but I was hoping you guys could find out more about this. Please read.
http://community.marketwatch.com/groups/us-politics/topics/clintons-file-rico-suit-against
I’m giving for the first time to NQ USA.
I havn’t given in the past because I really didn’t think of the need you might have. Thanks for all the good strong messages NQ puts out to help this country and to make clear what a horrible choice Barack Obama will be for this country.
I think it is clear that McCain has the answers, the ethics, the integrity and honesty to be the President and pull this economic powerful country back from the brink. He can ans will do that. Obama does not even know where to begin or know how to begin or even wants to begin. He will have to do something of course but not knowning what to do will bog us all down in a quicksand of Democratic do nothing, none of us can afford.
McCain/Palin are the answer to so many needs America has at this critical time.
Speaking of things economic, I don’t know if I am losing my grip, or what — but the US dollar appears to be strongly up in comparison with the UK pound and the Canadian dollar, as compared with a couple of weeks ago. Since currency exchange rates are another barometer of the perceived health of an economy, what’s up with this? I thought we were in the middle of the greatest economic downturn ever?
Economy, and Sub-Prime explained:
http://dealbreaker.com/2008/02/stick_figures_explain_cdos_and.php
My good buddy, TexasBuckeye, sent this to me. It explains it perfectly!
Food for thought for elected officials.
**********
from: date:__________
to: Representative/Senator ________________
Subject: Monetary Policy
Dear ________________
In the interest of our posterity, I pray that you have the integrity and courage to honor your oath of office and will expose and honestly address the underlying issue behind our planned economic ‘crisis.’
FACT – An 11/1/82 Dept. of Treasury letter states “the actual creation of money always involves the extension of credit by private commercial banks.” i.e. we have no money in America; only debt as medium of exchange! A Treasury letter dated 1/6/83 says “money to pay the interest on borrowed money comes from the same source other money comes from.” i.e., the interest must also be borrowed. By definition, money is to be a ’storehouse of value‘. A debt fails this test as it loses purchasing power over time.
FACT – The result of this ungodly, unconstitutional, and mathematically unsustainable monetary policy is that Americans now owe about $50 trillion in public and private debt and $45 trillion in unfunded obligations. The ‘money’ supply to service these obligations is about $6.1 trillion.
From the above facts, I suggest the following are logical conclusions.
1. Under our unconstitutional and ungodly monetary policy, there is no way to pay our debts as the sum of them cannot be made to equal their sum plus the average rate of interest on them times time.
2. Under our present monetary policy, it’s a mathematical certainty the owners of the Federal Reserve System (FED), a privately owned, deceitfully named banking system, must eventually hold title to all real wealth of their choice, a mortgage on the remainder and a claim on all future production. We have been witness to the consolidation of our real wealth for many years.
3. We will continue to see financial crisis after crisis unless and until our monetary policy is honestly and responsibly acted on.
4. We urgently need an Economic Recovery Program having four key caveats; a non interest bearing medium of exchange; a redistribution of the tremendous concentration of wealth brought about by our present unconstitutional system of ‘money’ creation to the producers of the wealth; some existing debts expunged and others restructured; and the American System of Economic Independence resurrected.
For more information on this and other acts thought to inspire thirty Republican governors to allege “Federal action has exceeded the clear bounds of its jurisdiction under the Constitution and thus violated rights guaranteed the people,” see http://www.thecnc.org/Documents/Unconstitutional.htm
Please let me know if you will act on this issue and if so, how. If I can be of help, let me know.
Sincerely,
http://www.chiefexecutive.net/ME2/dirmod.asp?sid=&nm=&type=Publishing&mod=Publications%3A%3AArticle&mid=8F3A7027421841978F18BE895F87F791&tier=4&id=D49EB4E0273F4A45A3BACDD3CDD1F6F0
Chief Execs prefer McCain.
I know CEO’s are in the dog house right now, but this is view by the business community should scare a lot of Americans concerned about keeping their jobs in an Obama socialist state.
http://pajamasmedia.com/blog/obamazebo-reveals-the-candidates-flawed-judgement/
OK…Had to link this only because of the title word which made me crack up…lol
Yep…Everybody wants to take Capitalism down…Cause it’s the New and Hip way to be…
LOL–The Gazebo to Nowhere!!!
YEAH…lol…Obamazebo…chuckle…is my new favorite word…I think I’ll put it on a T-shirt…
Larry Sinclair’s website is back up, as I am told are others that the Obama thugs hacked into yesterday.
Sinclair was the canary in the coal mine. He was one of the first people I know of to apparently get attacked severely and viciously by the Obots. Since then others have suffered the same fate. People should have done more to protect his right to free speech. This is not Kenya who just expelled Corsi, yet.
The bad democrats helped cause this economic crisis. Obama and crew are the ones who want to always bring up the economy. It helps them and it also serves as a subterfuge.
This is written by a conservative but it is rather interesting:
Barack Obama and the Strategy of Manufactured Crisis
http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html
Check out the flow chart.
Congress has ordered George Soros to appear before the Committee on Oversight and Government Reform on October 16 to investigate what he knows about the financial crisis.
http://www.discoverthenetworks.org/groupProfile.asp?grpid=6967
http://oversight.house.gov/documents/20081002120615.pdf
This is off topic but thought it was interesting.
Biden ties to Iran:
Biden’s Ties to Pro-Iran Groups Questioned
http://www.iranpressnews.com/english/source/045318.html
http://savagepolitics.com/
Savage politcs is having a great Teevee type day…check it out…and after you do there is Hot Dogs and Beer being served in the Obamazebo…Bruce is playin and lil’ Matty Damon is givin a lecture on dinosaurs and why they should be allowed to vote…
One thing I’m not hearing anything about are the REFINANCING of homes and how the refi is involved in the current financial melt down.
The link in SnarlingCur explains the mess — but so far no mention of the refi.
Not so long ago we were getting calls almost daily asking us if we wanted to take advantage of the low mortgage rates to refinance — and we got tons of mail offering us loans — pre-approved loans.
Also, we’d see mortgage lending offices (hole in the wall/store front) in small towns throughout the San Juan Island and all other rural areas of Washington. This year these store front mortgage offices are gone.
Many people we know decided to refi their homes and they bought boats or other luxury items. New cars were everywhere — which I tend to notice since I drive a very old, but still runs, car. But then our home is paid for and so are the cars.
It would seem that there is lots of blame to go around — Dems and Republicans — the store front mortgage industry — and consumers who wanted everything now. It was like consumers were in a manic rush to get everything — with the money that was locked up in their homes.
Obama is a symptom of this financial mess — he must have everything now — without WORKING for what he wants.
The last time I checked, an overwhelming majority of American citizens weren’t corporate executive officers, nor were they a part of the upper 10% of the population that now owns over 71% of the nation’s total wealth.
The bottom 60% of the population now owns less than 4% of the nation’s total wealth. These are people who may not see the possible consequences of an Obama presidency in such an unfavorable light.
I fear a McCain presidency because I don’t believe the nation can survive another 4 years of Reaganomics.
We’ve got to grow up, throw out our illusions, and recognize some fundamental economic realities. One of those realities is that a government–like an individual or a household–cannot live indefinitely on credit, borrowing half-a-trillion dollars a year while simultaneously giving enormous tax cuts to people who already own a vastly disproportionate share of the nation’s wealth.
This is precisely what John McCain proposes to do–at a moment when the disasterous consequences of such irresponsible, totally illogical economic policies are becoming glaringly apparent.
Reaganomics are at the point of death. If we attempt to sustain the patient on life-support, the economy and the nation may expire too.
i can’t wait until obama does for the poor folks of america what he did for the poor folks in chicago. yeah; zero. except tell them that they were victims and nothing was their fault.
WTF? Are you dreaming? McCain is not Bush is not Reagan anymore than Obama is Jack Kennedy (Jack hated Fidel-Obama loves Fidel Castro.) Where prey tell are you getting your info? Oh, I see, you are just making it up. Listen up now. That’s what Governor Palin is best at. Cleaning up corruption and balancing the budget. You really didn’t think she was picked to pose because she’s a beuty queen of a woman now did you? One thing you are missing here is that Obama, Pelosi, Alice Germond, Dodd, Reid, Franks, Paulson and a whole host of others from fannie & freddie are going to be indicted for voter fraud and they are the responsible party for the collapse of our economy. Before Dems took over we were sailing along just fine. We had this minor problem that needed addressing but now it’s too late and has grown into a devasting problem. It doesn’t affect Oprah though. She’s still wiggling her fat arse around and having $28,000/plate fund raisers for Fraudbama. The rich will benefit from the collapse of the economy. They’ll buy up everything in sight at pennies on the dollar and wait for the market to return. All this at the expense of the ‘little people’ who get to foot the bill as they take less and less of their paycheck home.
The names don’t matter. What matters are the economic policies they subscribe to. Reagan, George H. W. Bush, and George W. Bush all pitched the same economic policies–policies based upon supply-side economics–collectively referred to as Reaganomics.
John McCain’s economic proposals are rooted in the same philosophy and will have the same result: more record federal deficits.
When Ronald Reagan took office, the national debt stood at $700 billion.
We now have a national debt that exceeds $10 trillion.
Want to place the blame? Refer to the chart linked below to compare the result of democratic and republican economic policies:
http://zfacts.com/p/318.html
anybody realize that the only thing Opposuma has to offer is “hope” and notice how things suddenly became “hopeless” to many? I believe he is the root of this evil along w Dodd, Frank, Pelosi, Schumer and many others. They are playing on the fear of people making the market tank worse. But I just don’t believe it’s going to work w the majority-I really don’t.
In 1994 President Bill Clinton tried to impose new regulations on Fannie Mae, and his efforts were thwarted by Barney Frank, serving on the committee that had jurisdiction over Fannie and Freddie Mac.
Had these regulations gone through, we probably would not be in the mess we are in today.
The Assistant Dir. of Product Initiatives for Fannie Mae at that was one Herb Moses. In addition to his position at Fannie Mae, Moses was also the live-in companion of Barney Frank. Yes, Folks, the same Barney Frank who squashed Clinton’s attempt to regulate the mortgage co. Conflict of interest? I’d say yes – Big Time. And Obama wants to lay the blame on McCain? Oh – but I forgot – Barney Frank is one of Obama’s strongest supporters.
Get rid of Barney Frank. They might love him in Massachusetts, but his conflict of interest in this matter has affected all of the other 49 states, and that is a matter of concern to all of us.
YES!!! WHEN WILL HUSSEIGN AND THE CHICAGO THUGS AND FORGEIGN RADICALS AS WELL AS AA POLITCAL MAFIA ACTIVILY SUPOPORTING AND FINACING HIS CAMPAIGN BE BROUGHT TO JUSTICE FOR THE CRIMES THEY HAVE COMMITED DURING THIS CAMPAIGN???
WILL AYERS, LARRY SINCLAIR, FARAKHAN, THESE ARE THE THE REALL PEOPLE BEHIND THE TERROIST HUSSEIGN OBAMA
CALL YOUR CONGREESMAN AND WOMAN AND DEMAND THAT HILLARY BE PLACED IN NOMINATION BEFORE IT IS TOO LATE, OR VOTE FOR MCCAIN IT IS REALLY UP TO US TO SAVE AMERICA…
RISE HILLARY RISE
RISE ONCE AGAIN FOR AMERICA
The candidate of ‘utter deceit had the audacity of mendacity to refer to Wall Street executives as those “who got us into this mess” but he was a gluttonous beast for their lobbying dollars.
Securities & Investment: Money to Congress (Open Secrets)
Top Members (influence and lobbying money)
Candidate Amount
Obama, Barack (D) $10,059,210 Clinton, Hillary (D-NY) $7,355,720
Dodd, Christopher J (D-CT) $2,932,532
Coleman, Norm (R-MN) $626,850
McConnell, Mitch (R-KY) $620,236
Emanuel, Rahm (D-IL) $600,500
Sununu, John E (R-NH) $595,650
Baucus, Max (D-MT) $547,500
Durbin, Dick (D-IL) $515,475
Biden, Joseph R Jr (D-DE) $432,450
Lautenberg, Frank R (D-NJ) $424,233
Shays, Christopher (R-CT) $362,720
Reed, Jack (D-RI) $359,550
Rangel, Charles B (D-NY) $329,850
Hey, you seem to have left out the person who is #3 on the Top 20 List:
McCain, John ( R ) $7,029,893
I’m sure that was just an accidental oversight.
The Top 20 List for 2008 includes 11 Democrats and 9 Republicans.
If you check the lists of All Senators and All Members of the House, you’ll see that the total number of Democratic and Republican recipients is about equal.
http://www.opensecrets.org/industries/summary.php?ind=F07&cycle=2008&recipdetail=M&sortorder=U
This is more than Freddie Mac and Fannie Mae. Those two companies are just symptoms of the attitudes that got us here.
The average american has over 7 thousand just in credit card debt…that has nothing to do with Fannie Mae and Freddie Mac. Trading in unregulated credit swap derivatives, junk bonds, and playing roulette in the stock market instead of investing in something has nothing to do with Fannie and Freddie.
The stock market crash is the beginning of the economic trouble, not the end.
Banks are going to be in further trouble with the credit card debt, not just the mortgage problem.
Maybe what we should be focusing on are the important issues. Like what to call the breakdown of the American economy. Here is a start: http://www.236.com/news/2008/10/10/help_us_brand_this_financial_c_9476.php