Tag Archive | "economy"

Obama Economic Advisor Limits ‘White Male Construction Workers From Economic Stimulus Benefit

Tags: , , , , , ,


Layoff notices don’t care what color your skin is, but the Obama Administration sure does. See what this revealing video shows about where your hard earned tax dollars will be going. Why does the Obama administration discriminate against anybody? Why are they discriminating against hard working white male construction workers?

See what Charlie Rangel and Robert Reich say about where your tax dollars should go… and why they -should- discriminate against white construction workers…

This is one compelling video that should get everyone stirred up — regardless of race.

Obama for Beginners

Tags: , , , , , ,


Not sure why we posted this in the Humor category, it’s quite sad actually…

Hotair.com: The global-poverty initiative may come a surprise even for people who have paid attention to the race.  Accuracy in Media covered it in February, when Democrats tried to move it out of committee:

A nice-sounding bill called the ”Global Poverty Act,” sponsored by Democratic presidential candidate and Senator Barack Obama, is up for a Senate vote on Thursday and could result in the imposition of a global tax on the United States. The bill, which has the support of many liberal religious groups, makes levels of U.S. foreign aid spending subservient to the dictates of the United Nations.

Senator Joe Biden, chairman of the Senate Foreign Relations Committee, has not endorsed either Senator Barack Obama or Hillary Clinton in the presidential race. But on Thursday, February 14, he is trying to rush Obama’s ”Global Poverty Act” (S.2433) through his committee. The legislation would commit the U.S. to spending 0.7 percent of gross national product on foreign aid, which amounts to a phenomenal 13-year total of $845 billion over and above what the U.S. already spends.

The bill, which is item number four on the committee’s business meeting agenda, passed the House by a voice vote last year because most members didn’t realize what was in it. Congressional sponsors have been careful not to calculate the amount of foreign aid spending that it would require. According to the website of the Senate Foreign Relations Committee, no hearings have been held on the Obama bill in that body.

That’s the origin of the $845 billion figure. We spend about $3 trillion a year already on the entire federal budget, and that will add another $70 billion of funding for other governments on our already-bloated government. Most Americans figure we spend too much as it is — and that’s on ourselves.

401(k) Plans and Private Pensions Seized Under Obama?

Tags: , , , , , , ,


Sounds like Socialism will be on the rise if Obama becomes President of the United States.   Will Obama and the Dems in congress allow the seizure of 401(k) plans and private pension funds in the name of ”protecting workers’ retirement accounts”?

It appears that some Democrats on the Hill might try to kill 401(k) plans.

From usnews.com :

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created ” guaranteed retirement accounts” for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, said that since ” the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”

A few respectful observations:

1) McDermott is right when he says the savings rate isn’t going up. But the savings rate doesn’t include gains to money you invest in the stock market. It ignores the buildup of net worth. (If you bought a share of XYZ Corp. in January at $100, for instance, and its value doubled by December, the savings rate measure would still value that investment at $100. In short, the savings rate is a phony number.)

2) So based partly on the above faulty logic, the $4.5 trillion, as of the start of the year, invested in 401(k) plans doesn’t count as savings.

3) Ghilarducci would have workers abandon the stock market right at the bottom of the market. A stupid idea, according to Warren Buffett: I don’t like to opine on the stock market, and again I emphasize that I have no idea what the market will do in the short term. Nevertheless, I’ll follow the lead of a restaurant that opened in an empty bank building and then advertised: ‘Put your mouth where your money was.’ Today my money and my mouth both say equities.

4) Ghilarducci would offer a lousy 3 percent return. The long-run return of the stock market, adjusted for inflation, is more like 7 percent. Look at it this way: Ten thousand dollars growing at 3 percent a year for 40 years leaves you with roughly $22,000. But $10,000 growing at 7 percent a year for 40 years leaves you with $150,000. That is a high price to pay for what Ghilarducci describes as the removal of a source of financial anxiety and…fruitless discussions with brokers and financial sales agents, who are also desperate for more fees and are often wrong about markets.” Please, I’ll take a bit of worry for an additional $128,000.

5) What effect would this plan have on an already battered stock market? Well, I would imagine it would send it even lower, sticking a shiv into the portfolios of everyone who didn’t jump aboard. But I am sure the Chinese would love to jump in and buy all our cheap stocks to fund the retirement of their citizens.

Bottom line: If you believe in the long-run dynamism of the American economy, then you have to believe in the stock market. Listen to superinvestor Buffett, not the prof from the New School.

[tags]socialism, communisim,pension plans, 401k, retirement, obama, economy, stock market[/tags]

Uncle Jay Explains the News – Oct 9th, 2008

Tags: , ,


Our economy is saved! Think of the economy as a Damsel in Distress, and the government as a Handsome Prince on a Mighty Horse. Now, for a clue about how the government will handle this crisis, look directly underneath the horse. Uncle Jay explains it all, and of course includes O.J. Simpson.

McCain says Obama policies will deepen recession

Tags: , , , ,


Lagging in the polls, Republican presidential candidate John McCain unleashed a blistering attack Monday on his Democratic rival, saying the race comes down to a simple question: “Country first or Obama first?”

In his first public appearance since Friday night’s debate, McCain said Democrat Barack Obama advocates tax-and-spend policies that “will deepen our recession,” and voted against funding for equipment needed by troops in Iraq and Afghanistan.

“That is not putting the men and women of our military first,” he said.

McCain stressed his own record of opposing Republicans on key issues, and said, “When it comes time to reach across the aisle and work with members of both parties to get things done for the American people – my opponent can’t name a single occasion in which he fought against his party’s leadership to get something done for the country. That is not putting the interests of the country first.”

The speech was McCain’s first outside Washington since he announced abruptly last week he was suspending his campaign to concentrate on helping Congress agree on a bailout for the troubled financial industry. He drew heated criticism from Democrats who accused him of nearly derailing negotiations that were headed for success, and even some Republicans conceded privately he appeared impetuous and had not helped his own cause.

Recent polls also suggest Obama has regained a lead he held in the race before the Republican National Convention, where McCain’s choice of Palin energized conservatives and led to a short-term surge in his poll ratings.

Bailout deal breaks down; Bernanke back to Capitol

Tags: , ,


Urgent efforts to lash together a $700 billion rescue plan for the national economy broke apart Thursday night, hours after key lawmakers had declared they had reached a deal.Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke sped to Capitol Hill to try to revive or rework the proposal that the administration says must be quickly approved by Congress to stave off economic disaster.
Congressional leaders were to meet with the economic chiefs into the night.

Obama: In town, working out

Obama, headphones, baseball hat, hitting the gym. Spotted working out this a.m. at the Washington Sports Club, near Adams Morgan/Kalorama, from 7:30a – 8:20a.

Stay tuned for more gym/Obama news…

McCain Suspends Campaign; Working on Economy w/o Obama

Tags: , ,


Country First

MCCAIN: America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.

Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns.This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward.I have also spoken with members of Congress to hear their perspective.

It has become clear that no consensus has developed to support the Administration’ proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.

Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.

I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.

We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved.I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debate until we have taken action to address this crisis.

I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.

Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.

Joe Biden: It’s Patriotic to Steal

Tags: , , ,


With recent heightened emphasis on the U.S. economic woes, Republicans are finding new ammunition in comments by Democratic vice presidential candidate Joe Biden that raising tax rates on wealthier Americans is a matter of patriotism.

“We want to take money and put it back in the pocket of middle class people,” Biden said today during an appearance on Good Morning America . “Anyone making over $250,000…” the host began to question, “Is going to pay more,” Biden interjected. “You got it. It’s time to be patriotic, Kate. It’s time to jump in, it’s time to be part of the deal, it’s time to help get America out of the rut.”

The comments, certain to sure to excite the fiscal wing of the GOP, were circulated this morning by the Republican National Committee.

It’s not the first time Biden has made the connection between higher taxes and patriotism. At a campaign appearance in Sarasota, Fla., earlier this month , Biden was asked by a supporter what she should tell her wealthy friends concerned about the Democratic presidential ticket’s tax increase for those making more than $250,000.

“It’s time to be patriotic, that’s what you say to them,” he replied. He received a rousing standing ovation, suggesting Democrats are more supportive of the notion.

Bloomberg warns of possible ‘next wave’ crisis

Tags: , ,


The billionaire mayor spoke before an audience at Georgetown University, telling them it’s not clear who is going to continue buying U.S. debt as financial firms try to cope with a crisis of confidence on Wall Street.

The mayor is scheduled to meet Thursday morning with Treasury Secretary Hank Paulson and Securities and Exchange Commission Chairman Chris Cox.

Before becoming mayor, Bloomberg made a fortune by launching a financial information company that bears his name, and he has more credibility than most politicians on economic matters.

Bloomberg said he was concerned that the credit crisis in the United States may scare off foreign investors that, until now, have been willing to buy debt that the U.S. uses to maintain a deficit.

“It’s not clear who’s going to be buying our debt,” said Bloomberg. “It may very well be that the next wave is going to come back and bite us.”

The mayor, a Democrat-turned-Republican-turned independent, regularly criticizes both parties, the Congress, and the White House for what he says is their lack of foresight. He said the current economic crisis is the latest example of the same problem.

“We have on both sides of the aisle, on both ends of Pennsylvania Avenue, thrown caution to the wind. We pay lip service to responsibility,” he said, as he sat onstage in an armchair, fielding questions from Georgetown President Jack DeGioia.

Bloomberg had originally planned to give a speech about the economy, but amid the fast-moving events on Wall Street, he scrapped the speech and went with a question-and-answer session instead.

“The systemic problem is we’ve all gotten into a situation where we want it now, there’s no pain … We keep saying we want to have it, we don’t want to pay for it. You can’t go on forever not addressing the key issues in this country,” like health care and immigration, he said.

Asked about government regulation of the U.S. economy, he said that while some complain it is excessive, the United States has a competitive advantage because in many other countries “you would think that most (corporate financial statements) are just made up.”

In fact, just last year the mayor and New York Senator Charles Schumer issued a lengthy report decrying what they saw as overreaching and overly demanding regulation of business.

Back then, Bloomberg and Schumer wrote that enforcement of a 2002 law toughening business reporting requirements “produced far heavier costs than expected (and) has only aggravated the situation,” putting the U.S. at a competitive disadvantage with other financial centers like London.

Fast forward to 2008 — and the meltdown of confidence in U.S. financial markets — and Bloomberg had many nice things to say about regulation, including the Depression-era Glass-Steagall Act that separated commercial and investment banking, and was scrapped in 1999. As the modern financial sector has struggled, many Wall Street watchers have suggested resuscitating the old law.

Bloomberg did, though, continue to argue for a reordering of the current regulatory thicket.

“The real world has changed,” he said, and old government agencies no longer are equipped to monitor companies that offer a combination of services, like insurance and investments and banking.

“All of these industries, the participants all do the same thing so there’s a mishmash and there’s too many places for things to slip through the cracks. I don’t know that the regulators are asleep at the switch. The structure is not suitable for the real world.”

It’s 3AM and the Economy is Calling

Tags:


Obama’s Boom Economy: Record Bank in Beverly Hills, $28,500 a Plate!

Tags: , ,


Who’s economy is Obma in?

Yesterday Barack Obama declared how we are in “the most serious financial crisis since the Great Depression.”   But today he’s hosting a dinner in Beverly Hills — costing the attendees $28,500 dollars per plate!

The nation’s financials may be in a spiral, but cash is flowing into the Obama campaign faster than Marvin Hamlisch can play “Niagara”!

Hundreds of high rollers, including some of the biggest executives in film, television and music, will munch gourmet chow and hang out with the candidate.

Streisand will then sing at the five-star Beverly Wilshire, no doubt reviving the Depression-era standard “Happy Days Are Here Again” with new urgency.

Obama is set to break a single-day fundraising record of $9 million.

Tuesday’s events in Tinseltown come after Obama racked up a record-breaking $66 million dollars in fundraising last month, beating his previous high mark of $55 million last winter.

“The fundamentals of our economy are strong, but these are still very, very difficult times,” rival McCain said, sunny-side up.  

“Sen. McCain, what economy are you talking about?” smiled Obama.

Burning Down The House: What Caused Our Economic Crisis

Tags: , , , , , , , ,


This video is an insightful look into the causes of our current economic crisis, which has its roots in policy developed 13 years ago.  It’s a little fast, so try and keep up!

[tags]crisis,economy,election,senate,mortgage,economic crisis,freddie mac,fannie mae,congress[/tags]

Explaining the Economic Simulus

Tags: , ,