Saturday, June 26, 2010
Lawmakers guide Dodd-Frank bill for Wall Street reform into homestretch
On Friday, 6/25/201, at 5:00 am in the morning, the U.S. Senate passed a 2000 page ‘Economic Reform Bill’. According to outgoing Senator Christopher Dodd; “We’ll have to wait until it is implemented to see how it will work.” The lawmakers are touting that this bill will give the government the ability to prevent corporations from getting to the point that they are ‘too big to fail’. Admittedly, there are humongous private entities whose conglomerations of businesses do not make for good bed partners, but does this bill address that issue? Does this bill do anything except add another ‘huge’ layer of bureaucracy to an already heavily regulated sector? Does this bill make it more likely that small and middle sector private businesses and private citizens will be able to secure the capital to take a risk, create a business and thus create jobs? If the real goal was to break up large nationalized entities who should not be merged, why not re-enact the Glass-Spiegel Act?
Politically the past 18 month have been a mixture of overwhelming the system and the voters to, in my opinion, pass as much of the ‘Progressive’ (Socialist/Communist/Democrat/Green/Union) agenda that they can before they are swept from office. By growing the public sector jobs at lightening speed, they create a voter who is likely to keep them in power, to push the ‘Progressive’ agenda down the road and complete the destruction of the ‘Free Markets’. The Founders created the greatest country in the history of civilization, by insuring that elitists could not prevent the average private citizen from achieving greatness. For the sake of a promised safety net, they will enslave themselves, their children and their future generations, from any chance of taking a risk to chase their dream and the incentives the ability to do so, creates.
It is this citizen’s determination that any political candidate who wants my vote must have passion and integrity. They must have the moral fortitude to turn back the past year of political assault and a systematic plan to return the United States, Washington State, Whatcom County and Bellingham, back to the Constitution and our Rule of Law.
Yours in Truth ;-) Shelly
(BTW, did anyone else notice that during President Obama's public speech to tout this bill, he was more excitedly animated than I've seen him in months? Must be a big feather in the Progressive movement's cap if they pull this one off. Another FYI, Massachusetts newest Senator Scott Brown, gave the Senate the votes they needed to pass this bill. That is why you must do your homework and elect candidates with the moral integrity and passion to stand up for the Constitution, not the elites.)
By David Cho, Jia Lynn Yang and Brady Dennis
Washington Post Staff Writers
Saturday, June 26, 2010; A01
Nearly two years after tremors on Wall Street se
t off a historic economic downturn, congressional leaders greenlighted a bill early Friday that would leave the financial industry largely intact but facing a more powerful network of regulators who could impose limits on risky activities.
The final bill took shape after a 20-hour marathon negotiation between House and Senate leaders seeking to reconcile their separate versions. The legislation puts a lot of faith in the watchful eye of regulators to prevent another financial crisis. New agencies would police consumer lending, the invention of financial products and the trading of exotic securities known as derivatives. Bank supervisors would have the power to seize large, troubled financial firms whose collapse could threaten the entire system. The bill calls for banks to hold more money in reserve to weather economic storms but leaves the details to regulators.
But with a few exceptions, the measure avoids dictating to Wall Street what it can and cannot do. The bill does not break up big banks or ban the trading of derivatives. Nor does it significantly streamline the confusing array of financial regulators in Washington.
The House and Senate are set to vote on the legislation next week, and administration officials said President Obama could sign it into law before July 4.
The action capped a surprisingly good week for Wall Street. On Thursday, Democrats failed to pass a separate bill that would have raised taxes on some of the country's wealthiest financiers. On Friday, stocks of financial firms jumped when trading opened in New York. Many analysts said the markets breathed a collective sigh of relief that the regulatory reform talks were over and that the results could have been much worse for the financial industry.
One firm that is likely to face more oversight is Goldman Sachs, which has become emblematic of the excesses of Wall Street. Regulators would more carefully track the firm's riskiest activities. In the coming year, a regulatory council could force the bank to shed its sizable hedge funds and private-equity activities. It also could be banned from making financial trades for its own profit instead of for clients, shaving roughly 10 percent from the firm's revenue. But after those changes, Goldman Sachs and a few other financial titans will still dominate the financial system, the analysts said.
To read the full story click here.
Politically the past 18 month have been a mixture of overwhelming the system and the voters to, in my opinion, pass as much of the ‘Progressive’ (Socialist/Communist/Democrat/Green/Union) agenda that they can before they are swept from office. By growing the public sector jobs at lightening speed, they create a voter who is likely to keep them in power, to push the ‘Progressive’ agenda down the road and complete the destruction of the ‘Free Markets’. The Founders created the greatest country in the history of civilization, by insuring that elitists could not prevent the average private citizen from achieving greatness. For the sake of a promised safety net, they will enslave themselves, their children and their future generations, from any chance of taking a risk to chase their dream and the incentives the ability to do so, creates.
It is this citizen’s determination that any political candidate who wants my vote must have passion and integrity. They must have the moral fortitude to turn back the past year of political assault and a systematic plan to return the United States, Washington State, Whatcom County and Bellingham, back to the Constitution and our Rule of Law.
Yours in Truth ;-) Shelly
(BTW, did anyone else notice that during President Obama's public speech to tout this bill, he was more excitedly animated than I've seen him in months? Must be a big feather in the Progressive movement's cap if they pull this one off. Another FYI, Massachusetts newest Senator Scott Brown, gave the Senate the votes they needed to pass this bill. That is why you must do your homework and elect candidates with the moral integrity and passion to stand up for the Constitution, not the elites.)
By David Cho, Jia Lynn Yang and Brady Dennis
Washington Post Staff Writers
Saturday, June 26, 2010; A01
Nearly two years after tremors on Wall Street se
t off a historic economic downturn, congressional leaders greenlighted a bill early Friday that would leave the financial industry largely intact but facing a more powerful network of regulators who could impose limits on risky activities.The final bill took shape after a 20-hour marathon negotiation between House and Senate leaders seeking to reconcile their separate versions. The legislation puts a lot of faith in the watchful eye of regulators to prevent another financial crisis. New agencies would police consumer lending, the invention of financial products and the trading of exotic securities known as derivatives. Bank supervisors would have the power to seize large, troubled financial firms whose collapse could threaten the entire system. The bill calls for banks to hold more money in reserve to weather economic storms but leaves the details to regulators.
But with a few exceptions, the measure avoids dictating to Wall Street what it can and cannot do. The bill does not break up big banks or ban the trading of derivatives. Nor does it significantly streamline the confusing array of financial regulators in Washington.
The House and Senate are set to vote on the legislation next week, and administration officials said President Obama could sign it into law before July 4.
The action capped a surprisingly good week for Wall Street. On Thursday, Democrats failed to pass a separate bill that would have raised taxes on some of the country's wealthiest financiers. On Friday, stocks of financial firms jumped when trading opened in New York. Many analysts said the markets breathed a collective sigh of relief that the regulatory reform talks were over and that the results could have been much worse for the financial industry.
One firm that is likely to face more oversight is Goldman Sachs, which has become emblematic of the excesses of Wall Street. Regulators would more carefully track the firm's riskiest activities. In the coming year, a regulatory council could force the bank to shed its sizable hedge funds and private-equity activities. It also could be banned from making financial trades for its own profit instead of for clients, shaving roughly 10 percent from the firm's revenue. But after those changes, Goldman Sachs and a few other financial titans will still dominate the financial system, the analysts said.
To read the full story click here.
LiveJournal Tags: Economy,Deficit,Politics,Progressives,Free Markets,Capitalism,Founding Fathers,Private Citizen
Friday, June 25, 2010
In 2010, Conservatives Still Outnumber Moderates, Liberals
June 25, 2010
Last year's increase in conservatism among independents is holding
by Lydia SaadPRINCETON, NJ -- Conservatives have maintained their leading position among U.S. ideological groups in the first half of 2010. Gallup finds 42% of Americans describing themselves as either very conservative or conservative. This is up slightly from the 40% seen for all of 2009 and contrasts with the 20% calling themselves liberal or very liberal.
Read the full story by clicking here.
Wednesday, June 23, 2010
Buoying Bureaucracy
This is the big ‘Elephant’ or ‘Jack Ass’ in the room that the Main Stream Media is not giving adequate coverage to . Pay attention because this, in conjunction with HCR, destroyed private business sector and all of the bailouts…is a biggie!
Yours in Truth ;-) Shelly
http://www.investors.com/NewsAndAnalysis/Article/537285/201006141903/Buoying-Bureaucracy.aspx
Posted 06/14/2010 07:03 PM ET
'Stimulus': The president has sent a letter to congressional Democrats asking for a $50 billion bailout for "teachers, police and firefighters," all to support economic recovery. When is this shell game going to end?
Calling it an "emergency," President Obama urged lawmakers to approve the new chunk of cash as quickly as possible. Inaction will surely lead to layoffs that would slow the recovery. But even Democrats aren't buying it. House Majority Leader Steny Hoyer, no doubt thinking of November, rather accurately noted that his chamber has a bad case of "spending fatigue."
Fact is, Congress already shoveled out $787 billion in federal stimulus spending supposedly to "save" the jobs of all these teachers, police officers, firefighters and, more to the point, bureaucrats and regulators who've bloated the public payrolls and driven cities and states to insolvency.
Hot Air blogger Ed Morrissey observes that the president is essentially saying, "We need to save the same jobs again with $50 billion more in state bailouts." Given these were the jobs "created or saved" with the first stimulus, the word for this is "unsustainable."
Just look at the figures: The Department of Education, which supposedly serves teachers and their bureaucrats, has been slated for $86 billion of stimulus grants, loans and contracts and has since blown $43 billion, according to data compiled by ProPublica.
The Department of Justice, which supposedly serves the police bureaucracy, gets $4 billion, and has so far spent almost $2 billion. The Department of Health and Human Services (read: welfare bureaucracy) was set for $87 billion and has flushed away $66 billion.
Now the president wants more for the same profligate city and state governments without any credible plan for cutting the fat. The White House seems to think government spending fuels economic recovery. This has the look of more patronage for cronies in the public employee unions ahead of elections in November.
We've got news for the president: The private sector creates the jobs that are going to fuel a recovery. But business has gotten nothing but abuse from the Obama administration, instead seeing taxes raised, markets shut off and resources for investment dwindle.
Every borrowed penny spent by government reduces some share of capital that can be used more productively by the private sector. Only after some value is created can business then contribute to the tax base. But with government spending before the capital can even form, all we have are public employee unions with their hands out until the U.S. becomes Greece. As Keynes said, anything that can't go on, won't.
Yours in Truth ;-) Shelly
http://www.investors.com/NewsAndAnalysis/Article/537285/201006141903/Buoying-Bureaucracy.aspx
Posted 06/14/2010 07:03 PM ET
'Stimulus': The president has sent a letter to congressional Democrats asking for a $50 billion bailout for "teachers, police and firefighters," all to support economic recovery. When is this shell game going to end?
Calling it an "emergency," President Obama urged lawmakers to approve the new chunk of cash as quickly as possible. Inaction will surely lead to layoffs that would slow the recovery. But even Democrats aren't buying it. House Majority Leader Steny Hoyer, no doubt thinking of November, rather accurately noted that his chamber has a bad case of "spending fatigue."
Fact is, Congress already shoveled out $787 billion in federal stimulus spending supposedly to "save" the jobs of all these teachers, police officers, firefighters and, more to the point, bureaucrats and regulators who've bloated the public payrolls and driven cities and states to insolvency.
Hot Air blogger Ed Morrissey observes that the president is essentially saying, "We need to save the same jobs again with $50 billion more in state bailouts." Given these were the jobs "created or saved" with the first stimulus, the word for this is "unsustainable."
Just look at the figures: The Department of Education, which supposedly serves teachers and their bureaucrats, has been slated for $86 billion of stimulus grants, loans and contracts and has since blown $43 billion, according to data compiled by ProPublica.
The Department of Justice, which supposedly serves the police bureaucracy, gets $4 billion, and has so far spent almost $2 billion. The Department of Health and Human Services (read: welfare bureaucracy) was set for $87 billion and has flushed away $66 billion.
Now the president wants more for the same profligate city and state governments without any credible plan for cutting the fat. The White House seems to think government spending fuels economic recovery. This has the look of more patronage for cronies in the public employee unions ahead of elections in November.
We've got news for the president: The private sector creates the jobs that are going to fuel a recovery. But business has gotten nothing but abuse from the Obama administration, instead seeing taxes raised, markets shut off and resources for investment dwindle.
Every borrowed penny spent by government reduces some share of capital that can be used more productively by the private sector. Only after some value is created can business then contribute to the tax base. But with government spending before the capital can even form, all we have are public employee unions with their hands out until the U.S. becomes Greece. As Keynes said, anything that can't go on, won't.
Tuesday, June 22, 2010
David Plouffe: 'Stand with President Obama as he takes on the big oil companies'
This could very well turn out to be the “Summer of Discontent” for many U.S. Citizen’s. The economy is sluggish (if not asleep), the Constitution is under constant assault from the people who swear to uphold and defend her, the Federal Government refuses to spend a dime to protect our borders, but spends paper money on “I Want Free Things” that does nothing to fix any of the previously mentioned items. Well as you know I could type till the cows come home at night with all of the tacky things that Politicians do to stay in office. The following is a direct copy/paste from OFA (Organizing for America; or BarackObama.com), the fundraising arm of the Obama Agenda and they are using the oil disaster in the Gulf as a fundraising motivator. Look it over and take it at face value for what it really is…and I will take the time this weekend to go online and find my ‘favorite’ Fiscal, Constitution loving Conservative, to contribute to. Maybe I’ll even donate to the local Tea Party (http://www.bhamteaparty.org/) to help them re-educate the populace about the Constitution and why it must be protected from Elitists in government.
Have a great weekend.
Yours in Truth ;-) Shelly
By Erica Sagrans - Jun 22, 2010 6:25:53 PM ET
Comments | Mail to a Friend | Report to Admin
David Plouffe just sent the following message to supporters, asking them to stand with the President and help OFA ramp up our clean-energy campaign:
Have a great weekend.
Yours in Truth ;-) Shelly
By Erica Sagrans - Jun 22, 2010 6:25:53 PM ET
Comments | Mail to a Friend | Report to Admin
David Plouffe just sent the following message to supporters, asking them to stand with the President and help OFA ramp up our clean-energy campaign:
The President laid out his vision for a clean-energy future last week. Once again, the pundits were quick to say that it can't be done.
Yes, the oil industry will try to stop us. They'll smear our efforts with every attack they can dream up. They'll run ads against the members of Congress standing with us -- and go even more negative as elections near. That's the way it's always been done.
But we don't settle for what people in Washington believe is possible. This movement has never let conventional wisdom dictate our strategy. With your help, we simply organize from the ground up.
We've set a big goal of getting to $1 million raised by the end of this week for our clean-energy campaign.
Can you donate $5 or more today?
LiveJournal Tags: Orgainzing for America,Politics,Obama Administration,Contributions,Conservatives,Tea Party
Monday, June 21, 2010
Breaking News: Chief of Staff Rahm Emanuel Quitting White House
“Interesting!” One should ask themselves how much Rahm Emanuel’s recent trip to Israel has to do with his resignation.
Yours in Truth ;-) Shelly
Breaking News: Chief of Staff Rahm Emanuel Quitting White House
2010 June 20
by Paul Cooper
tags: breaking news, chief of staff, quitting, rahm emanual
Washington Insiders have told the London Telegraph that Emanuel can’t take it anymore. He’s leaving his position in 6-8 months according to the New York Daily News. Supposedly many in the White House are ready to get rid of the man known for working Chicago-style politics. The Telegraph quotes a leading Democrat who spoke anonymously on the issue:
Emanuel may be the canary in the coal mind. His exit could be the first of many.
Yours in Truth ;-) Shelly
Breaking News: Chief of Staff Rahm Emanuel Quitting White House
2010 June 20
by Paul Cooper
tags: breaking news, chief of staff, quitting, rahm emanual
- Rahmbo Says Goodbye
Washington Insiders have told the London Telegraph that Emanuel can’t take it anymore. He’s leaving his position in 6-8 months according to the New York Daily News. Supposedly many in the White House are ready to get rid of the man known for working Chicago-style politics. The Telegraph quotes a leading Democrat who spoke anonymously on the issue:
“Nobody thinks it’s working but they can’t get rid of him – that would look awful. He needs the right sort of job to go but the consensus is he’ll go.” – Democrat Anonymous InsiderThe White House has yet to comment on the issue, but Emanuel has complained in the past of the heavy work load and some believe he wants to be Mayor of Chicago. Emmanuel told 60 Minutes last March:
“It’s seven days a week, constant. And even at night, you’re never really calm sleeping. No matter how exhausted, you’re not calm. You’re never kinda off.” – Rahm EmanuelMany have complained that Emanuel’s style is just too rough. He is expected to quit shortly after the midterms. It won’t be any surprise to see multiple Obama staff leave at that time – especially if November gives Obama’s party a crushing defeat.
Emanuel may be the canary in the coal mind. His exit could be the first of many.
Sunday Talk Shows All Start With BP Hayward's Yachting, Ignore Obama's Golfing
I definitely noticed that the MSM was making a lot of hay out of BP’s Hayward out on a yachting excursion, while totally ignoring the fact that POTUS was out on the links ‘again’. Yes, I know it was ‘Fathers Day’ and he was probably taking the moment to do what he does best, but come on! With the livelihoods of so many U.S. Citizen’s hanging on the brink of total demise, what more rights does POTUS have to a day on the greens, than BP execs have to relax on the great blue seas? Just my opinion, what say you?
Yours in Truth ;-) Shelly
Sun, 06/20/2010 - 21:51 ET
As NewsBusters previously reported, America's media on Saturday had a collective hissy fit over BP CEO Tony Hayward having the nerve to participate in a yacht race on his day off.
At the same time, no such outrage was expressed concerning President Obama and Vice President Biden going golfing.
This double standard continued Sunday as the three broadcast network political talk shows all began with Hayward's yacht outing while ignoring the President's R&R on the links.
What follows are videos and transcripts of the opening segments of ABC's "This Week," CBS's "Face the Nation," and NBC's "Meet the Press":
Nice going, folks.
Of course, no one is defending Hayward's poor public relations move here.
Instead, if media are going to spend so much time on his yacht outing making the case that it shows how detached he is from his company's crisis, the same MUST be said of a President that is golfing as millions of gallons of oil slam into HIS nation's coast.
Without similar scorn, our press are just once again demonstrating their infamous double standard -- not that we're at all surprised.
—Noel Sheppard is the Associate Editor of NewsBusters. Follow him at Facebook and Twitter.
Read more: http://newsbusters.org/blogs/noel-sheppard/2010/06/20/sunday-talk-shows-all-start-bp-haywards-yachting-ignore-obamas-golfing#ixzz0rT9MAgMK
Yours in Truth ;-) Shelly
Sunday Talk Shows All Start With BP Hayward's Yachting, Ignore Obama's Golfing
By Noel Sheppard (Bio | Archive)Sun, 06/20/2010 - 21:51 ET
As NewsBusters previously reported, America's media on Saturday had a collective hissy fit over BP CEO Tony Hayward having the nerve to participate in a yacht race on his day off. At the same time, no such outrage was expressed concerning President Obama and Vice President Biden going golfing.
This double standard continued Sunday as the three broadcast network political talk shows all began with Hayward's yacht outing while ignoring the President's R&R on the links.
What follows are videos and transcripts of the opening segments of ABC's "This Week," CBS's "Face the Nation," and NBC's "Meet the Press":
JAKE TAPPER, HOST: Hello, and happy Father's Day. Joining me this morning, the president's chief of staff, Rahm Emanuel. Mr. Emanuel, happy Father's Day.That's what hockey fans call a hat trick!
RAHM EMANUEL, WHITE HOUSE CHIEF OF STAFF: Thanks, Jake.
TAPPER: Before we start the questions, I'm interested in your reactions to photographs from Saturday's BP CEO Tony Hayward at a yacht race off the Isle of Wight in the clean waters off southern England. What goes through your mind when you see those pictures?
BOB SCHIEFFER: Today on FACE THE NATION, the wind is pushing the oil to the Panhandle of Florida now. How much worse can it get? And while the oil keeps on gushing, Tony Hayward, the CEO of BP, took a break and went yachting in cleaner waters off the coast of England. Is it time for him to go? Is the twenty billion dollars BP has put in escrow enough to meet the damage claims? Just two of many questions for Alabama Senator Richard Shelby, who toured the region yesterday; Florida Senator Bill Nelson; Congressman Joseph Cao of Louisiana and Senator Barbara Boxer, chair of the Senate Environment Committee. I'll have a final word today on the high price of gas. But first, Day 62 of the Disaster in the Gulf.
ANNOUNCER: FACE THE NATION with CBS News chief Washington correspondent Bob
Schieffer. And now from CBS News in Washington, Bob Schieffer.
BOB SCHIEFFER: And, good morning, again. Senator Shelby is joining us today from Mobile. Senator Boxer is in San Francisco. Congressman Cao in New Orleans and Senator Nelson is with us here in the studio. Welcome to you all. Well, Senator Shelby, you were all over the Gulf Coast region yesterday. Did you run into any yacht racing down there?
MR. DAVID GREGORY: This Sunday, disaster in the Gulf with no end in sight and a looming summer of oil. Was this the defining week in the Gulf Coast crisis? The issues: containment of the oil and cleanup, holding BP accountable, the impact on the Obama presidency, the future of offshore drilling, and will Washington think big about finding other sources of energy? This morning, our special discussion. With us, Kenneth Feinberg, the independent administrator of the BP oil spill victim compensation fund; Mississippi's governor, Republican Haley Barbour; Louisiana senator, Democrat Mary Landrieu; the chairman of the House Select Committee on Energy Independence and Global Warming, Democrat Ed Markey of Massachusetts; the former president of the Shell Oil Company, John Hofmeister; and "BBC World News America"'s Katty Kay.
Announcer: From NBC News in Washington, MEET THE PRESS, with David Gregory.
MR. GREGORY: Good morning. After BP's Tony Hayward turned in a poor performance on Capitol Hill this week, he appears to have made matters worse by attending a yacht race over the weekend, drawing yet more criticism from many on the Gulf Coast and beyond who feel that the oil company's chief executive has been sorely out of touch since this disaster began 62 days ago.
Nice going, folks.
Of course, no one is defending Hayward's poor public relations move here.
Instead, if media are going to spend so much time on his yacht outing making the case that it shows how detached he is from his company's crisis, the same MUST be said of a President that is golfing as millions of gallons of oil slam into HIS nation's coast.
Without similar scorn, our press are just once again demonstrating their infamous double standard -- not that we're at all surprised.
—Noel Sheppard is the Associate Editor of NewsBusters. Follow him at Facebook and Twitter.
Read more: http://newsbusters.org/blogs/noel-sheppard/2010/06/20/sunday-talk-shows-all-start-bp-haywards-yachting-ignore-obamas-golfing#ixzz0rT9MAgMK
LiveJournal Tags: Environment,Politics,Gulf of Mexico,Oil Spill,BP Executive Hayward,Obama Administration,Disaster
Sunday, June 20, 2010
The Coming Resignation of Barack Obama
Received this post from a friend and followed it to it’s origination. The policies of the Obama Administration are doing more damage to the citizens of the United States than any other Administration in the past. Without a huge ground swell and change in the Congress and Senate of the Federal Government, the United States will definitely be on the road to fiscal insolvency and a complete dismantling of the Foundations upon which she was built. How much intelligent common sense does it take to understand that the only road out of this mess is to get back (as quickly as possible) to real ‘free market principles’ of ‘creative/destruction’? I for one will be loosing a lot of sleep working towards the change (back to the basics) that is required to salvage the United States of America as a land of opportunity and liberty for all it’s ‘Citizens’.
Yours in Truth ;-) Shelly
Months ago, I predicted in this column that President Obama would so discredit himself in office that he wouldn't even be on the ballot in 2012, let alone have a prayer of being reelected. Like President Johnson in 1968, who had won a much bigger victory four years previously than Obama did in 2008, President Obama will be so politically defunct by 2012 that he won't even try to run for reelection.
I am now ready to predict that President Obama will not even make it that far. I predict that he will resign in discredited disgrace before the fall of 2012. Like my previous prediction, that is based not just on where we are now, but where we are going under his misleadership. Read the full story by clicking here.
Yours in Truth ;-) Shelly
The Coming Resignation of Barack Obama
By Peter Ferrara on 6.2.10 @ 6:09AMMonths ago, I predicted in this column that President Obama would so discredit himself in office that he wouldn't even be on the ballot in 2012, let alone have a prayer of being reelected. Like President Johnson in 1968, who had won a much bigger victory four years previously than Obama did in 2008, President Obama will be so politically defunct by 2012 that he won't even try to run for reelection.
I am now ready to predict that President Obama will not even make it that far. I predict that he will resign in discredited disgrace before the fall of 2012. Like my previous prediction, that is based not just on where we are now, but where we are going under his misleadership. Read the full story by clicking here.
Friday, June 18, 2010
Tax Hikes and the 2011 Economic Collapse
So while those in control of the Washington State Legislature are seriously contemplating a "’Washington State Income Tax’, they ignore the data which shows that even in an economic downturn Washington State Residents are in better shape than those who live in states which do impose a state income tax. If history is any indicator of what this bunch will do, any proposed state income tax will be in addition to the Federal Income Tax with no deduction for income wasted on excess taxation.
Yours in Truth ;-) Shelly
Today's corporate profits reflect an income shift into 2010. These profits will tumble next year, preceded most likely by the stock market.
People can change the volume, the location and the composition of their income, and they can do so in response to changes in government policies.
It shouldn't surprise anyone that the nine states without an income tax are growing far faster and attracting more people than are the nine states with the highest income tax rates. People and businesses change the location of income based on incentives.
John Fund of WSJ's Political Diary breaks down Tuesday's most interesting primary contests. Also, WSJ Columnist Mary Anastasia O'Grady translates the latest economic signals from Washington.
Likewise, who is gobsmacked when they are told that the two wealthiest Americans—Bill Gates and Warren Buffett—hold the bulk of their wealth in the nontaxed form of unrealized capital gains? The composition of wealth also responds to incentives. And it's also simple enough for most people to understand that if the government taxes people who work and pays people not to work, fewer people will work. Incentives matter.
People can also change the timing of when they earn and receive their income in response to government policies. According to a 2004 U.S. Treasury report, "high income taxpayers accelerated the receipt of wages and year-end bonuses from 1993 to 1992—over $15 billion—in order to avoid the effects of the anticipated increase in the top rate from 31% to 39.6%. At the end of 1993, taxpayers shifted wages and bonuses yet again to avoid the increase in Medicare taxes that went into effect beginning 1994."
Just remember what happened to auto sales when the cash for clunkers program ended. Or how about new housing sales when the $8,000 tax credit ended? It isn't rocket surgery, as the Ivy League professor said.
On or about Jan. 1, 2011, federal, state and local tax rates are scheduled to rise quite sharply. President George W. Bush's tax cuts expire on that date, meaning that the highest federal personal income tax rate will go 39.6% from 35%, the highest federal dividend tax rate pops up to 39.6% from 15%, the capital gains tax rate to 20% from 15%, and the estate tax rate to 55% from zero. Lots and lots of other changes will also occur as a result of the sunset provision in the Bush tax cuts.
Tax rates have been and will be raised on income earned from off-shore investments. Payroll taxes are already scheduled to rise in 2013 and the Alternative Minimum Tax (AMT) will be digging deeper and deeper into middle-income taxpayers. And there's always the celebrated tax increase on Cadillac health care plans. State and local tax rates are also going up in 2011 as they did in 2010. Tax rate increases next year are everywhere.
![[laffer]](http://sg.wsj.net/public/resources/images/ED-AL636A_laffe_NS_20100606161254.gif)
Now, if people know tax rates will be higher next year than they are this year, what will those people do this year? They will shift production and income out of next year into this year to the extent possible. As a result, income this year has already been inflated above where it otherwise should be and next year, 2011, income will be lower than it otherwise should be.
Also, the prospect of rising prices, higher interest rates and more regulations next year will further entice demand and supply to be shifted from 2011 into 2010. In my view, this shift of income and demand is a major reason that the economy in 2010 has appeared as strong as it has. When we pass the tax boundary of Jan. 1, 2011, my best guess is that the train goes off the tracks and we get our worst nightmare of a severe "double dip" recession.
In 1981, Ronald Reagan—with bipartisan support—began the first phase in a series of tax cuts passed under the Economic Recovery Tax Act (ERTA), whereby the bulk of the tax cuts didn't take effect until Jan. 1, 1983. Reagan's delayed tax cuts were the mirror image of President Barack Obama's delayed tax rate increases. For 1981 and 1982 people deferred so much economic activity that real GDP was basically flat (i.e., no growth), and the unemployment rate rose to well over 10%.
But at the tax boundary of Jan. 1, 1983 the economy took off like a rocket, with average real growth reaching 7.5% in 1983 and 5.5% in 1984. It has always amazed me how tax cuts don't work until they take effect. Mr. Obama's experience with deferred tax rate increases will be the reverse. The economy will collapse in 2011.
Consider corporate profits as a share of GDP. Today, corporate profits as a share of GDP are way too high given the state of the U.S. economy. These high profits reflect the shift in income into 2010 from 2011. These profits will tumble in 2011, preceded most likely by the stock market.
Associated Press
In 2010, without any prepayment penalties, people can cash in their Individual Retirement Accounts (IRAs), Keough deferred income accounts and 401(k) deferred income accounts. After paying their taxes, these deferred income accounts can be rolled into Roth IRAs that provide after-tax income to their owners into the future. Given what's going to happen to tax rates, this conversion seems like a no-brainer.
The result will be a crash in tax receipts once the surge is past. If you thought deficits and unemployment have been bad lately, you ain't seen nothing yet.
Mr. Laffer is the chairman of Laffer Associates and co-author of "Return to Prosperity: How America Can Regain Its Economic Superpower Status" (Threshold, 2010).
Campaign 4 Liberty Petitions Against HR 5175
I received the information below from Campaign 4 Liberty and have passed it on through emails to friends and I am hoping to reach even more private citizens through my web/blog. If you are reading this, please be sure to read all of the article below and if you feel as I do, that this slow whittling away of private rights, property and privacy has to stop. This is one way to achieve that goal. The other is to stay actively involved with what is happening in your community, state and country. Above all else we are called upon by our past heritage and forefathers to protect this precious thing we call ‘Liberty’.
Yours in Truth ;-) Shelly
The "Democracy is Strengthened by Casting Light on Spending in Elections Act" or the DISCLOSE Act, which should be renamed the "Establishment Protection Act", is yet another attack on our free speech and political liberty. This act affects ALL people and organizations. The bill has moved out of committee and currently has 114 Cosponsors. It is on its way to the House floor for a vote.
HR 5175, is written to ensure freedom groups cannot rally their members by forcing them to disclose their membership rosters and donor lists. These mandates apply to individuals and groups which make independent donations or promote their favored candidate outside the realm of the official campaigns, namely Grassroots activism.
HR 5175 Amends the Federal Election Campaign Act of 1971
Title I, Section 103 of the bill defines "contributions" as, “any payments by any person (except a candidate, a candidate's authorized committee, or a political committee of a political party) for ‘coordinated communications’.”
What are "coordinated communications"?
Section 103 clarifies,
Title 2: Subtitle A, Sec. 201 revises the definition of "independent expenditure" in the Federal Election Campaign Act of 1971 to mean,
Title III: Sec. 301 keeps adding more regulations:
This will be an excellent way to build a list and keep track of political opponents for future targeting and harassment. HR 5175 only creates one more list, alongside the other lists the government keeps like the terrorist watch list and the no-fly list.
So, what do we need to do? It's time to rally the troops and TAKE ACTION! Please urge your congressman to vote against HR 5175.
To see this article and the attached petition, click here.
Yours in Truth ;-) Shelly
The "Democracy is Strengthened by Casting Light on Spending in Elections Act" or the DISCLOSE Act, which should be renamed the "Establishment Protection Act", is yet another attack on our free speech and political liberty. This act affects ALL people and organizations. The bill has moved out of committee and currently has 114 Cosponsors. It is on its way to the House floor for a vote.
HR 5175, is written to ensure freedom groups cannot rally their members by forcing them to disclose their membership rosters and donor lists. These mandates apply to individuals and groups which make independent donations or promote their favored candidate outside the realm of the official campaigns, namely Grassroots activism.
HR 5175 Amends the Federal Election Campaign Act of 1971
Title I, Section 103 of the bill defines "contributions" as, “any payments by any person (except a candidate, a candidate's authorized committee, or a political committee of a political party) for ‘coordinated communications’.”
What are "coordinated communications"?
Section 103 clarifies,
- “a publicly distributed or disseminated communication referring to a clearly identified candidate for federal office which is made during a specified election period in cooperation, consultation, or concert with, or at the request or suggestion of, a candidate, a candidate's authorized committee, or a political committee of a political party”
- “any communication that republishes, disseminates, or distributes, in whole or in part, any broadcast or any written, graphic, or other form of campaign material prepared by a candidate, a candidate's authorized committee, or their agents”
Title 2: Subtitle A, Sec. 201 revises the definition of "independent expenditure" in the Federal Election Campaign Act of 1971 to mean,
- “an expenditure that, when taken as a whole, expressly advocates the election or defeat of a clearly identified candidate, or is the functional equivalent of express advocacy
- “requires any person making "independent expenditures" exceeding $10,000 must file a report electronically within 24 hours or if you make an "independent expenditure" over $1,000 less than 20 days before an election”
Title III: Sec. 301 keeps adding more regulations:
- Requires organizations to disclose to shareholders, members, or donors information on disbursements for campaign-related activity.
- Requires organizations that maintain an Internet site to post a hyperlink from its homepage to the location on the FEC website containing information required to be reported with respect to public independent expenditures, including disbursements for electioneering communications.
This will be an excellent way to build a list and keep track of political opponents for future targeting and harassment. HR 5175 only creates one more list, alongside the other lists the government keeps like the terrorist watch list and the no-fly list.
So, what do we need to do? It's time to rally the troops and TAKE ACTION! Please urge your congressman to vote against HR 5175.
To see this article and the attached petition, click here.
Sunday, June 13, 2010
Senate Votes Present on Cap & Trade
The Senate has voted to enact a useless form of taxation and regulation upon it's citizenry, called Cap & Trade. Is it any surprise that the Gulf of Mexico has been left to environmental devastation? There is "NO" environmental benefit from Cap & Trade taxation and regulation. It empowers the EPA. It enriches the Federal Government. It enriches all of the players who were involved in the economic crash of 2008. It does nothing for the average citizens of the United States except increase the costs of everything they do in their daily lives, while further jeopardizing their job security.
Yours in Truth ;-) Shelly
On June 10, the Senate voted by a margin of 53-47 not to block the EPA from imposing a cap-and-trade style energy rationing plan. Without Congress having acted, the EPA will now continue imposing a carbon-permitting regime.
As the Examiner points out, this is an intentional abdication of legislative authority:
To read the full story click here.
Yours in Truth ;-) Shelly
On June 10, the Senate voted by a margin of 53-47 not to block the EPA from imposing a cap-and-trade style energy rationing plan. Without Congress having acted, the EPA will now continue imposing a carbon-permitting regime.
As the Examiner points out, this is an intentional abdication of legislative authority:
Fifty three of the Senate’s 59 Democrats gave unelected, overpaid bureaucrats at the U.S. Environmental Protection Agency a green light yesterday to do pretty much whatever they choose in their quixotic crusade against global warming. All 41 Republicans and six brave Democrats voted for Alaska Sen. Lisa Murkowski’s resolution nullifying the EPA’s recent usurpation of authority under the Clean Air Act to regulate the U.S. economy to combat greenhouse gases. Thankfully, this craven surrender of congressional authority isn’t the last word on the issue, assuming that the November elections produce a Senate with enough backbone to reassert the legislature’s rightful power.The last line is critical. While this Congress will not stop the new regulations from the EPA, future Congresses still can. When you consider the candidates running for Congress in your district, and for the Senate from your state, consider where they stand on energy rationing. Did your Senator support the Murkowski resolution? Has your Representative cosponsored the House resolution to block the EPA move? Find out, and remember when you go to the polls
To read the full story click here.
America’s Speaking Out
Be part of the solution, not part of the problem by taking the time to check-out this new tool to connect with Federal Politicians and give them the resources to be representative of the populace.
Isn’t technology great!
Yours in Truth ;-) Shelly
News
Log in
The United States is suffering from a debt crisis that threatens the prosperity of future generations. Our situation requires a commitment to fiscal accountability. For too long Washington has ignored the issue, while Americans have been speaking out. What do you have to say about the need for fiscal restraint in Washington?
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Choose a category that you care about. Within each category you'll find topics on specific issues. Here you can debate ideas that are posted, offer one of your own, or just look around. Can't find the topic you're looking for? Start a new debate under the Open Mic. We want to hear what your priorities are, so Speak Out.
American Prosperity; Providing Americans the Opportunities to Succeed
Fiscal Accountability; Restoring Discipline and Respecting Your Hard Earned Dollars
American Values; Protecting Those Things We Hold Dear
National Security; Providing a Safe and Secure Nation
Open Mic; Start Your own Debate, Speak Out
This site was developed as part of an official effort to increase the dialogue between Americans and their Congress. Here, Americans are provided a new platform to share their priorities and ideas for a national policy agenda. As House Republicans, we are committed to our principles of limited, more accountable government; economic freedom; lower taxes; fiscal responsibility; protecting life, American values, and the Constitution; and providing for strong national security. This is an open forum, however, where all Americans are welcome to respectfully offer their opinions, regardless of party affiliation and whether we endorse them or not. It is our hope the active engagement of the American people will produce a robust debate that will aid in the construction of a new American agenda. This website is paid for with official funds of the Office of the House Minority Leader – no political or campaign funds have been used for any portion of the America Speaking Out project
Isn’t technology great!
Yours in Truth ;-) Shelly
News
Log in
The United States is suffering from a debt crisis that threatens the prosperity of future generations. Our situation requires a commitment to fiscal accountability. For too long Washington has ignored the issue, while Americans have been speaking out. What do you have to say about the need for fiscal restraint in Washington?
more help
Hide Help Menu
Select a Category Below
Choose a category that you care about. Within each category you'll find topics on specific issues. Here you can debate ideas that are posted, offer one of your own, or just look around. Can't find the topic you're looking for? Start a new debate under the Open Mic. We want to hear what your priorities are, so Speak Out.American Prosperity; Providing Americans the Opportunities to Succeed
Fiscal Accountability; Restoring Discipline and Respecting Your Hard Earned Dollars
American Values; Protecting Those Things We Hold Dear
National Security; Providing a Safe and Secure Nation
Open Mic; Start Your own Debate, Speak Out
This site was developed as part of an official effort to increase the dialogue between Americans and their Congress. Here, Americans are provided a new platform to share their priorities and ideas for a national policy agenda. As House Republicans, we are committed to our principles of limited, more accountable government; economic freedom; lower taxes; fiscal responsibility; protecting life, American values, and the Constitution; and providing for strong national security. This is an open forum, however, where all Americans are welcome to respectfully offer their opinions, regardless of party affiliation and whether we endorse them or not. It is our hope the active engagement of the American people will produce a robust debate that will aid in the construction of a new American agenda. This website is paid for with official funds of the Office of the House Minority Leader – no political or campaign funds have been used for any portion of the America Speaking Out project
FNS launches “Freedom Watch” with Judge Napolitano
I have been watching ‘The Judge’ for some time now. What is your position is on the legalization of drugs or military spending? Do you believe that they should take precedence over fiscal responsibility and Constitutional obligations? Well, as you might guess from the comments I interject here and there, I do not think that either of these elements would be an issue if we abided by the intents of the ‘United States Constitution’ and ‘The Bill of Rights’.
Yours in Truth ;-) Shelly
Yours in Truth ;-) Shelly
Wednesday, June 9, 2010
Tuesday, June 8, 2010
Red Ink vs Black Gold; “You be the Judge”
I received this email and image from a friend and it provoked these ‘2’ astute comments I wish to share with you.
Yours in Truth ;-) Shelly
“In the general scheme of things, I think the red ink spill is much more serious, even giving the oil spill its full due.”"
“The risk, of course, is that this may suggest that we’re insensitive to the seriousness of the oil spill. Perhaps we should hold it for some later time, when the oil spill is more under control.”
Yours in Truth ;-) Shelly
“In the general scheme of things, I think the red ink spill is much more serious, even giving the oil spill its full due.”"
“The risk, of course, is that this may suggest that we’re insensitive to the seriousness of the oil spill. Perhaps we should hold it for some later time, when the oil spill is more under control.”
Monday, June 7, 2010
Government Is Part of the Problem…So Get Out of the Way”
It does not matter to me whether this cartoon shows POTUS or ‘any’ other Politician, EPA Flunky or Other Government paid Workers…the meaning is the same! If the People were in charge, the oil leak would be fixed and/or the clean up under control.
Yours in Truth ;-0 Shelly
Yours in Truth ;-0 Shelly
LiveJournal Tags: Political Humor,Environment
Friday, June 4, 2010
Cry Freedom; A Message that Rings True Everyday
Received this video by email and just had to share it with you.
Yours in Truth ;-) Shelly
Yours in Truth ;-) Shelly
Tuesday, June 1, 2010
James O'Keefe: Census Enumerator With A Conscience!
Well, after only a few months, James O’Keefe has uncovered another manner in which tax payers hard earned rewards of their labor (know as money) is turned over to be disbursed to lawful entities, performing legitimate work. After watching James latest undercover video of the Census compensation protocols, you might want to contact your local Congressman or Senator.
Yours in Truth ;-0 Shelly
Posted by Jared Law on June 1, 2010 at 6:22pm in Activism/Events
James O'Keefe, the conservative activist who brought us the ACORN undercover videos, and who almost had another coup vs. Senator Mary Landrieu, but was busted for "Entering a Federal Building Under False Pretenses" (IIRC), a misdemeanor. Well, James didn't let that get him down. He simply made another documentary, this time, about the fraud committed by what we must assume is a large percentage of the Census workforce, costing taxpayers untold $Millions of dollars. Now I will admit that I'm certain that many Enumerators are honest, and I even know someone on my street who was working as an Enumerator, and I'm pretty confident SHE wasn't being dishonest, and I would expect ALL 9/12'ers on THIS network to be honest, so I'm not calling anybody on here out. After all, we support/adhere to the 9 Principles & live by the 12 Values as 9.12'ers!
Here's the video clip James posted yesterday:
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