Tag Archives: earmarks

Stocks Went Up A Little After Obama Said Buy Stocks But

the increase is what professional investors call a “fool’s rally” and a “bull trap.” The market is still in a downtrend. The most dangerous time to buy is in the “fool’s rallies” that happen repeatedly during a long term bear market.

Warren Buffet, who knows a bit more about stocks than our food stamp president, told us to buy stocks just before the market went down 3,000 points to where we are today, and Buffet like Obama is saying to buy now.

You heard it here: this is time to sell an stocks you have left, dump them and dump Obama.

Obama thinks passing a bill with $8 billion of earmarks is the way to revive the market!

Duh! Is this the same lying welfare leech who promised us no more earmarks?

Liar, liar, market killer!

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Barack Obama Promised No Pork But Will Sign for $7.7 Billion of Pork in Thousands of Earmarks

The federal deficit is projected to widen this year to more than $1.3 trillion, the biggest shortfall since World War II. Two days ago, Obama convened a budget summit where he pledged to cut the deficit in half by the end of his first term.

He forgot to say that most of the decrease came from letting Bush’s tax cuts expire, and from getting out of Iraq, which Bush had already approved.

During his first address to a joint session of Congress last night, Obama said he was proud that the $787 billion economic stimulus plan was enacted “free of earmarks.”

“My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs,” the president said.

The pet projects remain popular with lawmakers on both sides of the aisle.

“Congressionally mandated spending is part of our job — that’s what we do,” Senate Majority Leader Harry Reid, a Nevada Democrat, told reporters yesterday. “We shouldn’t depend on bureaucrats downtown to take care of our individual states.”

According to Bloomberg, the most respectedly accurate news source, the U.S. House plans today to approve a $410 billion spending bill providing $7.7 billion for more than 8,500 special projects, according to Taxpayers for Common Sense, a Washington- based group that tracks earmarks.

Wait? Didn’t our food stamp President just pass $787 billion in spending?

Now the Dems want another $410 billion awash with earmarks and pork?

No wonder the stock market continues to crash. We should all be buying gold, or drugs, or AK-47s for the coming revolution.

Nancy Pelosi Was So Precious At The State of The Union

Did you see Nancy Pelosi jump up in absolute ecstasy when Obama said corporate and bank executives could not just disappear in their private jets?

Did this psychotic bee-yatch actually forget that every weekend she disappears on a 200 seat jumbo jet to commute to her mansion in San Frangayda, and then back again, at a cost to us taxpayers of more than $100,000 each weekend round trip?

Her private government jet costs you and me more than $6,000,000 every year to commute between her Washington DC mansion and her San Frangayda mansion, but the Dems want Sarah Palin to pay back $7,000 for her daughters travel?

For those who are mathematically disadavantaged, Pelosi get $857 for every dollar our lovely Sarah gets!! This is wrong!!

Does the goverenment make Nancy Pelosi pay back the pro rata cost of her friends and family members who get free rides on Nancy’s jumbo jet paid by you and me?

Finally, did you watch Nancy’s facial expressions during the food stamp President’s speech? Nancy Pelosi has psychological problems!

How to Cure the Recession

Absolutely timely report by The Reason Foundation www.reason.org on just why Keynesian economic practices do not work.

As I’ve articulated before, the United States is following the exact same mistakes Japan made throughout the 1990s, now infamously nicknamed “The Lost Decade.”  Housing bubbles, government intervention into the marketplace, and bailouts and stimulus (”shovel ready”) spending plans tried over and over and over again throughout both the 1990s and now the 2000s did nothing to solve the economic malaise Japan found itself in.

At no point did Japan actually consider free market principles, not unlike what we are doing today.

The Japanese government did not take a cue from the mistakes the US had made decades earlier in 1929–mistakes that turned a recession into a full blown depression lasting the entirety of the 1930s and continued on even after Europe began to experience sustained growth prior to the outbreak of WWII.

One of the great take-aways from this report is encapsulated in the following paragraph:

“The fact is that Congress lacks the expertise to run a bank or create viable business plans for any sector of the economy. Furthermore, lawmakers incentives are to serve their constituencies or better their own personal political careers. This potentially puts them directly at odds with the businesses they are trying to manage. The more the government is involved in directing business activity, the less likely those firms will succeed in maintaining long-term growth.”

The report accurately shows how government intervention got us here, but doesn’t quite capture the entire breadth of the adverse impact of public sector policies on the private sector.  If I may, it misses how both President Bush and Senator McCain tried to arrest the problems at Fannie Mae and Freddie Mac in 2002 and again in 2005.  More compelling to note is that the government’s intervention into the free commerce of free people’s in the following sectors are the true cause of the current global recession:

  • Energy production (resulted in tight supplies and record energy costs/prices)
  • Housing (Community Reinvestment Act and subsequent additions resulted in forcing banks and financials to issue toxic loans known as sub-prime mortgages; caused a demand bubble and an aberration in equity/capital; failure to issue loans to sub prime customers resulted in heavy government fines or litigation by “community organizers” such as ACORN)

Financial Institutions (Fannie Mae and Freddie Mac would bundle the toxic loans and sell them off all over the world; FNM/FDM would guarantee toxic loans made by banks and financials, further exacerbating the problem)We are now following in Japan’s footsteps, making the same exact mistakes and the result will be stagflation and low growth/recession for the entirety of the Obama years (hopefully only 4) and beyond unless and until:

  • Those policies that caused the problem to begin with are repealed
  • We start to adopt free market, pro-growth GDP principles and policies that will spur the investment/entrepreneurial class into to ventures, job growth, and wealth creation.

I have advocated before and continue to do so now.  If we adopt the following policies, the recession will end within 1 quarter of economic activity:

  • Make the Bush Tax Cuts permanent; they expire next year and all of us face the largest tax increase in history in one year’s time
  • Eliminate any and all barriers to trade; pass all pending free trade agreements (FTA).  FTAs open up foreign markets to our exports
  • Eliminate subsidies, they are an interference in the market and are an aberration to price.  US consumers pay more for goods and services thanks to subsidies
  • Eliminate all taxes on small businesses and corporate America.  This will provide more capital to those businesses
  • Change the tax code.  Let us move away from a Karl Marx proposed proportional tax rate to a free-market friendly flat tax; it will spur massive investment, savings, and help create wealth
  • Eliminate Excise and “sin” taxes; they represent a disparate impact on the poor who do not have the disposable income that many of means do. 
  • Eliminate Federal gas taxes.  The states should levy these taxes, not the Fed.  The Fed does nothing to produce oil and gas and they take almost twice the amount in taxation that the producers receive themselves (gas companies earn 9 cents on a gallon of gas; the Fed earns approximately 14 cents and produces nothing!).
  • Eliminate as many government regulations as is possible.  The private sector pays over $1 Trillion in compliance costs every year–now that’s a true stimulus!
  • Eliminate all barriers to energy production; this all started thanks to restrictive supplies to oil/gas.  We are beholden on imports for our energy, which is the largest element of our trade deficit
  • Repeal the Community Reinvestment Act
  • End Fannie Mae and Freddie Mac
  • Cut government spending.  Place a moratorium on all pork barrel spending until such time as the budget is balanced.  While the rest of the country is laying off or firing employees, Congress hasn’t laid off or eliminated not one single position.  The government grows while the private sector contracts.  Unbelievable!
  • Increase interest rates back to a respectable level, 5%.  Loosening the money supply only encourages more ill advised lending, time to tighten it up and bring value back to the dollar.  It may have been the only thing the Fed could do since Congress refused to pass tax cuts, but enough is indeed enough.  At this point low interest rates are counter productive.

Obama, the King of Looting City Governments, Admonishes Mayors Not To Loot His Stimulus Porkfest Or He Will Get Mad

Obama rose to prominence in Illinois after Obama the lawyer would write up the proposals for his crooked friends like Rezko to get hundreds of millions of City of Chicago Taxpayer Dollars to build public housing projects, all of which were substandard.

 Once Obama had proven him selve to Mayor Daley, the most corrupt politician in America, as being capable of looting gadzillions without attracting the FBI,  Obama became Mayor Daley’s darling. It was Mayor Daley’s brother William, Clinton’s Secretary of Commerce, who got Obama the speaking position in the 2004 Democratic convention.

The Daley machine corruption got Obama the Senate seat and then the Presidency.

So this incredible hypocrite passes the $787 billion 100 percent pure pork fest bill and has the “Audacity of Hope” to go on national television with a straight face and tell his fellow Democratic Mayors not to spend his pork as pork?

He thinks we are stupid enough to swallow this.

Obama’s stimulus package is all pork, and he must have fallen all over the floor doubled up with laughter after speaking the comedy that his Democratic supports should not sped his pork bill as if it were pork.

 

Hoo hoo, haa, haa, the joke is on the taxpayer

True Bipartisanship

Rush Limbaugh just suggested that to truly respect bipartisanship, the proposed trillion dollar stimuls package be divided up according to the proportion of Presidential votes received.

Obama would get to allocate 54 perecent  ofht e money.

 

The Republicans would get to spend or reduce taxes for the other 48 percent.

What could be fairer?

Obama’s answer; I won. Obama bipartisaa ship is meeting with the Republicans, letting them talk for an hour, then saying Tough S— I won, and spending it all his way.

Obama Want Us To Save Less, especially for Retirement

Obama was on TV today Oct. 13, 2008 saying he wants us to take $10,000 out of our 401(k) and tax deferred retirement savings tax free to help stimulate the economy.

Simultaneously, he wants stimulus to credit card, car loan and business loan companies to lend us more money.

Duh! Isn’t too much debt and lack of savings what got us into this mess?

Barry, the reason there are tax penalties on early withdrawals from 401(k) and other retirement plans are twofold:

(1)  We are supposed to accumulate our savings long term so the money is there when we retire.The tax penalty on early withdrawal is to prevent people from doing stupid things like stealing from their retirement for current pleasures. There is a concept called Deferred Gratification, but Barry wouldn’t know about it because his entire life has consisted of charities and taxpayers fulfilling his every need everey day of his life. Barry took a four month trip around the world after his sophomore year in college without ever having worked a day in his life. Barry went to Indonesia, Pakistan and Africa with his Two Pakistani Muslim friends who today control his Presidential campaign finance. Where did the money come from for his “Round the Muslim World” sophmore trip, and where does the money actually come from for his current campaign?

(2) All retirement accounts are rstricted to investments which help build the economy. Retirement accounts are either banking deposits, stocks and other instruments which supply capital to build the capitalistic economy. In case you have not noticed Barry, the government is taking a trillion dollars of taxpayer money to increase the capitalization of the same companies that will lose capital when people withdraw $10,000 from their retirement accounts.

So with one hand Barry will take money out of retirement capital investments, while the other hand uses tax payer dollars to inject capital into the companies from which the withdrawals come/

This is economic insanity. But if Barry has never been part of the economy, how can we expect him to know anything? I gues I am unfair to Barry for exposing his insane ignorance of the economy. More here