Wednesday, March 18, 2009
Political Contributions = BIG AIG $$$$$$ REWARDS
Obama was voted in to "change" Washington. The only change appears to be the party, now Democrats, that get "pay" to "play". AIG "invested" $100,000.+ in Senator Dodd, Senate Banking Chair, and $100,000.+ in Obama, now President. What AIG bought for these contributions was the AIG "loophole" Senator Dodd inserted in the massive, 1100+ page, American Recovery/Stimulus Act, Pub. Law 111-5, a loophole that has cost U.S. taxpayers $165,000,000. million in AIG bonuses to date and likely much more in the future. What a return for the AIG $200,000.00 investment !!, $165 million in less then 1 year !!! Political investments continue to pay off BIG, VERY BIG, by comparison to the paltry return hard working, main-street, Americans can get on bank CD's. The thing that has changed in Washington is BIGGER BONUSES for those who make significant campaign contributions. This is just the start, there are lots of "loopholes" in the 1100+ pages of Pub.Law 111-5, that will cost taxpayers many, many more billions and bankrupt future generations of citizens.
Tuesday, March 10, 2009
THE TEMPORARY WORKER
The U.S. is writing a new chapter in the book of employment. The global financial crisis created by unregulated private U.S. financial sector interests is raising havoc not only with the lifestyles of hundreds of millions around the world, but on what has been traditionally thought of as employment. Gone forever are the days when a U.S. worker could expect to be employed by a private company for ten (10), fifteen (15) years or longer. Retirement from a single employer ( except for government jobs ) has become virtually extinct. The U.S. and parts of the world that follow the U.S. model are now embarking on the path of the " TEMPORARY WORKER ".
The " temporary worker " bodes well for U.S. companies and foreign firms that follow U.S. models, in that "retirement " no longer presents a "cost" to the company. Federal, State and Local Governments will survive as the refuge for employee "retirement". This shift will be reflected in the increasing "cost" of government that translates directly into increased taxes on the population in general.
Taxes and the increased "cost" of government reduce, and do not contribute to real GDP. Employment by governmental entities, is not productive nor market employment, because taxes are not optional. Market forces, and choice, play no part in government employment. And, unlike other enlightened countries, the U.S. has an open border, open employment policy: if you get to the U.S., you can be employed. This new era, ushered in by the current recession (depression) provides the foundation for the new "temporary worker" status for all U.S. private sector workers. It includes employment created by American Recovery Act deficit spending as the employment by private firms contracted for "stimulus" programs only lasts as long as Washington continues to dole out money. Such employment is "temporary" and will not create a climate for real jobs in the private sector. All one has to do is look at the data complied by good old "Uncle Sam" over the past 10 years. The fastest growing sector in the U.S. is government related jobs, i.e., the U.S. has become the land of BIG GOVERNMENT.
The new "temporary worker" will have little job security, and therefore, will live, as many U.S. workers now do, on a pay-check-to-pay check basis. Banking and credit institutions will have to adjust lending practices accordingly. The idea if home ownership and a 20 or 30 year mortgage predicated on a steady income stream, will likely fall by the way side except for the wealthiest 1% to 2% of the population. In short, the U.S. will retreat to lifestyles and expectations reminiscent of 1910. Although this is not the aim of the Obama administration and U.S. congress, will become the reality as a consequent of their misguided actions. The surviving private sector will continue to struggle to underwrite the increasing cost of Big Government, and will fill diminished ranks of workers from the increased pool of "temporary workers" though-out the world decreasing the hourly value and wage of every worker, and significantly reducing the employment of U.S. citizens.
Don't tear up, nostalgia aside, HELLO ....TEMPORARY WORKERS !
The " temporary worker " bodes well for U.S. companies and foreign firms that follow U.S. models, in that "retirement " no longer presents a "cost" to the company. Federal, State and Local Governments will survive as the refuge for employee "retirement". This shift will be reflected in the increasing "cost" of government that translates directly into increased taxes on the population in general.
Taxes and the increased "cost" of government reduce, and do not contribute to real GDP. Employment by governmental entities, is not productive nor market employment, because taxes are not optional. Market forces, and choice, play no part in government employment. And, unlike other enlightened countries, the U.S. has an open border, open employment policy: if you get to the U.S., you can be employed. This new era, ushered in by the current recession (depression) provides the foundation for the new "temporary worker" status for all U.S. private sector workers. It includes employment created by American Recovery Act deficit spending as the employment by private firms contracted for "stimulus" programs only lasts as long as Washington continues to dole out money. Such employment is "temporary" and will not create a climate for real jobs in the private sector. All one has to do is look at the data complied by good old "Uncle Sam" over the past 10 years. The fastest growing sector in the U.S. is government related jobs, i.e., the U.S. has become the land of BIG GOVERNMENT.
The new "temporary worker" will have little job security, and therefore, will live, as many U.S. workers now do, on a pay-check-to-pay check basis. Banking and credit institutions will have to adjust lending practices accordingly. The idea if home ownership and a 20 or 30 year mortgage predicated on a steady income stream, will likely fall by the way side except for the wealthiest 1% to 2% of the population. In short, the U.S. will retreat to lifestyles and expectations reminiscent of 1910. Although this is not the aim of the Obama administration and U.S. congress, will become the reality as a consequent of their misguided actions. The surviving private sector will continue to struggle to underwrite the increasing cost of Big Government, and will fill diminished ranks of workers from the increased pool of "temporary workers" though-out the world decreasing the hourly value and wage of every worker, and significantly reducing the employment of U.S. citizens.
Don't tear up, nostalgia aside, HELLO ....TEMPORARY WORKERS !
Monday, March 9, 2009
TO BIG TO FAIL
Washington has overlooked and continues to ignore the part the failure to enforce U.S. Anti-Trust laws [ 15 U.S.C. 1 et.seq. ] has played in the economic collapse ( current recession/depression ) of the U.S. and the collateral damage it has caused to the world community. As far back as 1890 [ Sherman Act ] it was recognized that a company or corporation could grow to a point of suffocating free markets. Since the 1960's Washington has been a rudderless ship when it comes to preventing acquisitions and mergers that tend to create monopolies that stifle free markets; and, this failure has lead to the creation of the " TO BIG TO FAIL " now U.S. Government/Taxpayer bail out of the likes of AIG, Wall-Street, Big Banks and G.M. U.S. politics and ideological differences prevented the U.S. from vigorously enforcing Anti-Trust laws long on the books. Main-street U.S.A. and the average Joe & Jane of other nations have paid the price of U.S. Government lethargy.
Had Washington enforced anti-trust laws long on the books [ Sherman Act 1890;Clayton Act 1914 ] AIG, Goldman Sachs, Bank of America, CityBank etc. would never have grown to the size that would imperil the U.S. "TO BIG TO FAIL" taxpayer bail-out would never have come into play. Fingers continue to point to the U.S. housing bubble, and sub-prime mortgage collapse as the cause of the current economic crisis. These were indeed factors and the probable trigger for the current crisis. However, had the U.S. anti-trust laws been vigorously enforced mega-banks (Bank of America ) and mega insurance and financial institutions (AIG, Goldman Sachs, etc. ) would never have achieved the size and dominance to significantly impact the U.S. and world economies. Size does matter, bigger is not better; by containing the size of institutions, not only is competition enhanced, but the failure of a single institution will not cause market collapse.
There is entirely too much outside political influence in Washington ( lobbyists, PAC's, etc. ) for the U.S. to function except at a remedial level, far below what is required to effectively be a leader in today's world.
Had Washington enforced anti-trust laws long on the books [ Sherman Act 1890;Clayton Act 1914 ] AIG, Goldman Sachs, Bank of America, CityBank etc. would never have grown to the size that would imperil the U.S. "TO BIG TO FAIL" taxpayer bail-out would never have come into play. Fingers continue to point to the U.S. housing bubble, and sub-prime mortgage collapse as the cause of the current economic crisis. These were indeed factors and the probable trigger for the current crisis. However, had the U.S. anti-trust laws been vigorously enforced mega-banks (Bank of America ) and mega insurance and financial institutions (AIG, Goldman Sachs, etc. ) would never have achieved the size and dominance to significantly impact the U.S. and world economies. Size does matter, bigger is not better; by containing the size of institutions, not only is competition enhanced, but the failure of a single institution will not cause market collapse.
There is entirely too much outside political influence in Washington ( lobbyists, PAC's, etc. ) for the U.S. to function except at a remedial level, far below what is required to effectively be a leader in today's world.
Tuesday, February 17, 2009
United States the Pied Piper of Financial Doom
by http://socrates911.blogspot.com
The world is aware that the United States suffered a depression in the 1930's which resulted in a number of Congressional regulatory acts [ Glass-Steagall Act of 1933 included ], complimenting existing Anti-Trust laws, and designed to prevent a future financial collapse in the U.S.A.
Full implementation of these regulatory acts occurred after WWII, and provided a basis of stability for U.S. banks and financial institutions. As banks, financial institutions and corporations gained political influence over Washington, the regulators became, under political pressure from both Democrats and Republicans, lax in the enforcement of these 1890-1936 laws. Beginning with the Reagan administration, there was increased pressure to " deregulate ". Laws that allowed the U.S. to become the Pied Piper of the world, financial world in particular, were increasingly modified or repealed during the ensuing years 1960-2005. The U.S. enjoyed economic prosperity previously unknown in the world, enticing foreign governments, banks, financial institutions and investors to " buy in " and finance the "AMERICAN DREAM " by purchasing financial contrivances dreamed-up by Wall Street, and continuing to buy U.S. Government, Treasury issues.
The lesson learned, follow the U.S. Pied Piper and you will be doomed.
Unless and until the U.S. re-enacts bank and financial regulatory legislation created in the 1930's and strictly enforces the Sherman and Clayton Anti-Trust Acts preventing mergers, the U.S., regardless of any "stimulus" Washington conjures up, will not be able to pull itself out of the depression it now faces. The rest of the world and particularly the remaining members of the G8 ( minus the U.S. = G7 ) need to develop compacts independent of the U.S. The U.S. is no longer the leader and has little to offer other nations except to buy U.S. debt so that the U.S. can purse its narcissistic interests and military objectives.
What the U.S. needs to do, but does not have the Congressional will to do, is to “man-up” to the fact that it alone has lead fellow G8 nations and other less fortunate nations, to the brink of financial collapse. The U.S. needs to co-ordinate its Anti-Trust laws, bank, financial and insurance regulations and regulatory agencies with those of other G8 nations. Agree on central bank borrowing rates that are within 1/2 % of rates established by other G8 Central banks, agree on a universal retail interest cap at 12% simple interest, and restrict the sale, assignment, transfer of stock and financial instruments, including commodity contracts, requiring, among other things, that stocks, bonds, warrants and the like must be held for a period of not less then 13 months. One of the main, but little discussed components, of the global financial mess the U.S. has created, was and is market volatility. Mechanisms to stabilize global financial markets will be necessary before there can be any true recovery. The U.S. “stimulus” is inward looking, and makes no provision for new and required stability and regulatory mechanisms; the caveat to the rest of the G8 club, and other nations, is to look else ware for leadership.
The world is aware that the United States suffered a depression in the 1930's which resulted in a number of Congressional regulatory acts [ Glass-Steagall Act of 1933 included ], complimenting existing Anti-Trust laws, and designed to prevent a future financial collapse in the U.S.A.
Full implementation of these regulatory acts occurred after WWII, and provided a basis of stability for U.S. banks and financial institutions. As banks, financial institutions and corporations gained political influence over Washington, the regulators became, under political pressure from both Democrats and Republicans, lax in the enforcement of these 1890-1936 laws. Beginning with the Reagan administration, there was increased pressure to " deregulate ". Laws that allowed the U.S. to become the Pied Piper of the world, financial world in particular, were increasingly modified or repealed during the ensuing years 1960-2005. The U.S. enjoyed economic prosperity previously unknown in the world, enticing foreign governments, banks, financial institutions and investors to " buy in " and finance the "AMERICAN DREAM " by purchasing financial contrivances dreamed-up by Wall Street, and continuing to buy U.S. Government, Treasury issues.
The lesson learned, follow the U.S. Pied Piper and you will be doomed.
Unless and until the U.S. re-enacts bank and financial regulatory legislation created in the 1930's and strictly enforces the Sherman and Clayton Anti-Trust Acts preventing mergers, the U.S., regardless of any "stimulus" Washington conjures up, will not be able to pull itself out of the depression it now faces. The rest of the world and particularly the remaining members of the G8 ( minus the U.S. = G7 ) need to develop compacts independent of the U.S. The U.S. is no longer the leader and has little to offer other nations except to buy U.S. debt so that the U.S. can purse its narcissistic interests and military objectives.
What the U.S. needs to do, but does not have the Congressional will to do, is to “man-up” to the fact that it alone has lead fellow G8 nations and other less fortunate nations, to the brink of financial collapse. The U.S. needs to co-ordinate its Anti-Trust laws, bank, financial and insurance regulations and regulatory agencies with those of other G8 nations. Agree on central bank borrowing rates that are within 1/2 % of rates established by other G8 Central banks, agree on a universal retail interest cap at 12% simple interest, and restrict the sale, assignment, transfer of stock and financial instruments, including commodity contracts, requiring, among other things, that stocks, bonds, warrants and the like must be held for a period of not less then 13 months. One of the main, but little discussed components, of the global financial mess the U.S. has created, was and is market volatility. Mechanisms to stabilize global financial markets will be necessary before there can be any true recovery. The U.S. “stimulus” is inward looking, and makes no provision for new and required stability and regulatory mechanisms; the caveat to the rest of the G8 club, and other nations, is to look else ware for leadership.
Monday, February 9, 2009
PERSPECTIVE IS LACKING IN THE OBAMA "STIMULUS"
President Obama does not need to tell main-street U.S.A. that the U.S. is experiencing HARD TIMES and that their immediate future is bleak. The average U.S. citizen is living the nightmare. Everyone understands that something needs to be done; accordingly, citizens look to Washington for answers. But lets look the data that President Obama is presenting: an $800 billion, now $900 billion, and, with interest carry, over $1.3 to $1.6 trillion "stimulus" on top of the $700 billion passed TARP program of 2008, added to the $126 billion 2008, AIG bail-out.
Some perspective is needed: it took George Bush 8 years to run up the U.S. National debt to $1.2 trillion dollars. President Obama has been in office for 21 days and proposes that we MORE THEN DOUBLE the national debt. So, rhetoric aside, what does this mean. It means, among other things, that the U.S. dollar, your and my savings, Social Security and other benefits have been devalued, i.e., it will take more dollars to buy the same food, fuel, medical and health services then it did in 2008.
President Obama, and Congress will not pin-point the number of private sector jobs that will actually be created by DOUBLING the national debt. Rhetoric should not be confused with actual private sector job creation. Government jobs, because they are directly taxpayer funded, actually add to the national debt, and do not contribute to the economic growth of the U.S. We are headed to 15% nationwide unemployment; Obama pontificates that the "stimulus" will create 4 million jobs. If we take a slim $800 billion as the proposed "stimulus" package base figure, and assuming that 4 million jobs will be created, that means that it will take $200,000.00 for each job created. Wouldn't be much simpler to pay each unemployed head of household $50,000.00 to pay off their debts and bills ? That would amount a treasury expenditure of a mere $ 200 billion and it actually help troubled homeowners, plus save the taxpayers over $600 billion. Another thought, would be to suspend the payment of Federal Income taxes for everyone making under $250,000.00 a year, for one (1) year, a tax holiday ? No treasury expenditure required; yet talk about "stimulus ".
We all know Washington is not composed of the best, brightest or even those with common sense. That is why the Obama/Pelosi "stimulus" consists of over 650 pages, of loop holes, so persons and business other then the average main-street U.S. citizen (we are the one's suffering) and those with political influence can get the "big" pay-off. The "stimulus" bill proposed by the Obama/Pelosi team is nothing more then a ruse, to direct taxpayer funds to privileged persons, corporations, States and Cities with the right political connections, just as the TARP bail-out of the Bush administration was designed to benefit those on Wall-Street and in the banking community who pushed the U.S. economy off-the-cliff. In short, it is Washington doing business as usual.
Some perspective is needed: it took George Bush 8 years to run up the U.S. National debt to $1.2 trillion dollars. President Obama has been in office for 21 days and proposes that we MORE THEN DOUBLE the national debt. So, rhetoric aside, what does this mean. It means, among other things, that the U.S. dollar, your and my savings, Social Security and other benefits have been devalued, i.e., it will take more dollars to buy the same food, fuel, medical and health services then it did in 2008.
President Obama, and Congress will not pin-point the number of private sector jobs that will actually be created by DOUBLING the national debt. Rhetoric should not be confused with actual private sector job creation. Government jobs, because they are directly taxpayer funded, actually add to the national debt, and do not contribute to the economic growth of the U.S. We are headed to 15% nationwide unemployment; Obama pontificates that the "stimulus" will create 4 million jobs. If we take a slim $800 billion as the proposed "stimulus" package base figure, and assuming that 4 million jobs will be created, that means that it will take $200,000.00 for each job created. Wouldn't be much simpler to pay each unemployed head of household $50,000.00 to pay off their debts and bills ? That would amount a treasury expenditure of a mere $ 200 billion and it actually help troubled homeowners, plus save the taxpayers over $600 billion. Another thought, would be to suspend the payment of Federal Income taxes for everyone making under $250,000.00 a year, for one (1) year, a tax holiday ? No treasury expenditure required; yet talk about "stimulus ".
We all know Washington is not composed of the best, brightest or even those with common sense. That is why the Obama/Pelosi "stimulus" consists of over 650 pages, of loop holes, so persons and business other then the average main-street U.S. citizen (we are the one's suffering) and those with political influence can get the "big" pay-off. The "stimulus" bill proposed by the Obama/Pelosi team is nothing more then a ruse, to direct taxpayer funds to privileged persons, corporations, States and Cities with the right political connections, just as the TARP bail-out of the Bush administration was designed to benefit those on Wall-Street and in the banking community who pushed the U.S. economy off-the-cliff. In short, it is Washington doing business as usual.
Wednesday, February 4, 2009
TO THE POINT 6 page STIMULUS - 650+ page HR #1 is GARBAGE
SHORT TITLE - [ DRAFT ] RECOVERY & MODERNIZATION ACT
1.0- PREAMBLE: The Constitution of the United State of America provides that citizens and voters of the United States shall govern and rule by an through duly elected representatives. Article I, Section 8, Subsections 1- 6, and subsection 18, vest Congress with the power and duty to control the money, credit and commerce of the United States, this power was intentionally with-held from the Executive Branch and President of the United States.
2.0- PURPOSE - Emergency: Congress and the citizenry of the United States have been confronted with an unprecedented financial crisis, affecting the value of the dollar, the stability of domestic and world markets, and adversely impacting the public, health, safety and welfare of the United States and its citizenry. These circumstances are declared an Emergency requiring Congress to immediately act to protect and preserve the health, safety and welfare of the citizens of the United States; and to so do, requires the re-structure Federal agencies and the regulation of banks, financial and credit institutions, and related markets; accordingly, any and all laws that are inconsistent with the purpose and/or provisions of the Act, including but not limited to Public Law 110-343 and P.L. 106-554 are, by this declaration, hereby expressly revoked, terminated, amended and/or modified, as may be required, so as not to be contrary to and/or inconsistent herewith.
2.1 - EFFECTIVE DATE: This Act shall be and immediately become law, in effect, on the day and date of the signature of the President, or any veto over- ride by Congress.
2.1. 01 -Expenditure Pre-Approval Required : The payment, expenditure and
/or disbursement of any funds, credits, monies, sums and/or amounts by the Secretary of the Treasury as authorized by Public Law 110-343 are hereby expressly terminated, and any further or future payments, expenditures and/or disbursements of U.S. Treasury funds, credits, monies, sums or amounts per Public Law 110-343 shall, on a case by case draw basis, require the prior written approval of any expenditure in excess of twenty-five million dollars, from a Special Joint Senate-House sub-committee composed of four (4) members ( 2 Democrats/2 Republicans). The Secretary of Treasury shall, on a case by case specific dollar amount request basis , present to said Special Joint Senate-House sub- committee details, terms and conditions, specific uses and purposes for the loan of Treasury funds to specific identified corporations and/or entities, together with a GAO assessment as to likely hood of repayment by the debtor entity or entities.
FURTHER, no draw against Treasury /Taxpayer funds duly appropriated by Congress, shall be authorized without the case-by-case pre-approval by said Special Joint Senate-House sub-committee as provided herein. This pre- approval provision shall not apply to States and/or public entitles with regard to appropriations for Public infrastructure projects.
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3.1 - Existing APR and Sub-Prime Mortgages: It shall be unlawful for any bank, company, entity or person, for a period of 3 years from the date of this Act, to charge or collect any interest on such indebtedness that exceeds the original rate charged to the U.S. citizen home borrower; further, after three years, the maximum adjusted interest that may be lawfully charged on such home, provided the original U.S. citizen debtor actually uses and occupies the home as his or her sole residence, shall be limited to 6% simple interest, and the overall term of the loan shall be limited to 20 years; the full amount of which home loan shall become due and payable on the sale, transfer, rental, lease, or vacating of the home as the sole and only residence of the original U.S. citizen debtor.
3.1.01 - Freddie Mac and Fannie Mae: Mortgages, Deeds of Trust or other security instruments held by, or for the benefit of Freddie Mac and Fannie May, on individual homes used and occupied as the sole and only residence of U.S. citizens within the United States, when in default, but before foreclosure, abandonment or surrender by the citizen debtor occupant, shall be entitled to consideration for enrollment in a "Rent to Own" re-negotiation of the original debt incurred for the purchase of said Home.
(a) - Basic Structure of Rent to Own: Rent to Own is an option for qualified
U.S. citizens who are in default and faced with foreclosure ( requiring them and family to move out of their only home and residence) of properties in which Freddie Mac and/or Fannie Mae have an interest. Prior to foreclosure
Freddie Mac and/or Fannie Mae shall review the financial positions of U.S. citizen debtors in default to determine a realistic monthly payment, to be denominated "rent", considering the current market rate for comparable
rental properties and the citizen debtors ability to pay; in the event appropriate terms that will allow the citizen debtor and family to remain in the subject home ( which shall be occupied as the citizens debtors only residence ) can be achieved, then the subject citizen debtor shall execute a Warranty, Grant Deed other Deed fully re-conveying title to the home residence to Freddie Mac and/or Fannie Mae, and Freddie or Fannie then shall extend to the citizen a three (3) year Rental Agreement with option to re-purchase said home, at a price equal to the outstanding balance of the original loan on said residence.
3.2 - Federal Usury : It is hereby unlawful for any institution, bank, credit card company or affiliates, person or entity to charge more then 12% simple interest for any consumer loan or extension of consumer credit to any person in the U.S., and/or to impose fees that exceed the 12% limitation. and any amounts that exceed such limitation shall be void. Violations of this sub-section are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth in 18 U.S.C. & Pub.Lw.98-473, together with any civil penalties and/or causes of action that may be applicable under the state laws where the debtor resides.
3.3 - Stock & Commodities Markets: It shall be unlawful to trade, barter, sell, pledge or hypothecate stock or stock certificates in or within the United States, or in any company, corporation, entity, or person doing business in or with the United States, that are held for a period of less than 13 months; FURTHER, it shall be unlawful for any company, corporation, entity, or person doing business in or with the United States that is not the end user to trade, barter, sell, assign, or pledge commodities or contracts.
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3.3.1- Violations: The RICO ACT, 18 U.S.C. #1951-1968 is amended to include Section 3.1, 3.2, & 3.3 hereof as a definition of racketeering subjecting any violator, to the penalties provisions of 18 U.S.C. and/or all property and assets, obtained or suspected to be obtained by or related to any violation of section 3.1, 3.2 AND 3.3 of this act shall be fully subject to the Civil Forfeiture Provisions of the Comprehensive Crime Control Act of 1982, Pub.L. 98-473, as amended. Further, the standard of proof shall be based on the preponderance of evidence and court decisions, laws or provisions to the contrary are hereby declared null and void and of no force effect whatsoever.
4.0 - EXTENSION OF MONEY AND/OR CREDIT OF THE UNITED STATES OR U.S. TREASURY: NO MONEY,CREDIT OR GUARANTEE OF THE UNITED STATES OR U.S. TREASURY SHALL BE EXTENDED TO ANY PRIVATE BANK, FINANCIAL INSTITUTION, COMPANY, ENTITY OR PERSON EXCEPT AS FOLLOWS:
4.1- Security Required: No loan, extension of credit, or guarantee of the United States shall be extended to any bank, financial institution, company, entity or person except on the basis of a dollar-for-dollar security for the same in the form tangible personal or real property located within the United States having a real mark to market value, minus 15%, equal to the base amount of the loan, credit or guarantee extended by the U.S. Treasury. The cost of any such loan, credit or guarantee of the United States, shall include the full costs of administration of any such loan, credit extension or guarantee.
4.1.01 - Other Terms of Loan, Extension of Credit or Guarantee: The maximum period of any loan, credit or guarantee of the United States shall be limited to an cumulative total of no more then five (5 ) calendar years. Any and all banks, financial institutions, companies, entities or persons qualifying for and extended any loan, credit or guarantee of the United States, shall file tax annual tax returns and render accounting on calendar year ( January 1 to December 31 ) basis. Accrual accounting or reporting shall be unlawful and is hereby defined as " racketeering " subject to the provisions and penalties and civil forfeiture as provided by 18 U.S.C. #1951-1968 & Pub.Lw. 98-473;
further, any and all loans, extensions of credit and/or guarantees of the United States extended to any qualified bank, financial institution, company, entity or person, shall bear interest at not less then 1.5% above the Federal Reserve bank rate, and such interest shall be paid to the U.S. Treasury on a monthly basis during the period of the loan, extension of credit or guarantee Any default on the monthly payment of interest to the US. Treasury, or default on the repayment of the principle shall result in the automatic forfeiture, by confession of judgment, off all security for the loan, extension of credit or guarantee.
a) Compensation Limitations: During the period of any loan, extension of credit or guarantee of the U.S., every Board of Directors member of any borrower shall serve without pay, compensation or per diem, and the highest executive salary paid shall not exceed the U.S. Government Service, GS 15 amount. Violation of this sub-section is hereby declared and defined as " racketeering " subject to the provisions and penalties and civil forfeiture as provided by 18 U.S.C. #1951-1968 & P.L. 98-473.
Page 3 of 6/// DRAFT/ RECOVERY & MODERNIZATION
4.1.02 - Qualified Security: Qualified security for any loan, credit extension or guarantee of the United States extended to any bank, financial institution, company, entity or person, shall be all tangible, physical assets, personal and/or real property located or situated in the United States in which any CEO, CFO, President, Executive Vice President, and any Board of Directors member serving any bank, financial institution, company, entity or person seeking a loan, money, credit or guarantee from the United States, between the years 2002- 2008, has any interest in; AND/OR, the stock, warrants, options, bonds, real and personal property of said banks, financial institutions, companies, entities and/or persons. When socks and/or warrants are pledged and encumbered as a qualified security, the Treasury Department shall prepare and hold properly executed subordinated convertible debentures for controlling voting and ownership rights to and in said stock, warrants, options of such entities extended money, credit or guarantees of the United States.
5.0 - Federal Deposit Insurance Corporation [F.D.I.C. ] Coverage Increases: Existing laws, rules and/or regulations providing qualified banks and institutions with F.D.I.C. insurance coverage are hereby amended, by this reference, and coverage is increased to $250,000.00 per individual, per account, per bank or institution, and increased to $500,000.00 on retirement , IRA and/or Roth accounts.
The Secretary of Treasury and head of the F.D.I.C. are hereby directed to immediately extend coverage to all qualified institutions for individual and personal account coverage in and to the foregoing limits, and modify rules and regulations as necessary to provided for the same, and the premiums paid to the F.D.I.C. by qualified institutions for F.D.I.C. accounts shall accordingly be raised. Further, the Secretary of Treasury and the F.D.I.C. are hereby directed to modify, amend or enact such other rules and regulations as may necessary to implement account coverage increases consistent with this Act.
6.0 - Unemployment Compensation Extension - 12 months : Existing laws, rules and /or regulations providing of unemployment compensation, by this reference, are hereby modified to extend existing compensation to qualified U.S. citizens for an additional twelve ( 12 ) twelve consecutive months; and to extend equal compensation to U.S. citizens who become unemployed subsequent to the passage of this act, and who are otherwise qualified to receive unemployment compensation.
6.1 - U.S. Citizens receiving unemployment compensation shall also be eligible to receive food stamps and Medicare concurrent with their receipt of unemployment compensation
7.0 - Infrastructure Renewal & Improvement: Within 30 days after this act becomes law, States may submit specific proposals, including a list of contractors, construction
Page 4 of 6//// DRAFT/ RECOVERY & MODERNIZATION
blueprints, and costs for repairs and/or improvements to the Federal Interstate Highway system within said State. Priority shall be given to Federal Interstate Highway project within the limits of appropriations provided in this act for infrastructure renewal. All submittals under this section shall be made to the Secretary of Treasury.
7.1 - Other Public Works Projects: within 180 days after this act becomes law, and subject to the availability of unused appropriations, Cities, Towns and other public entities may submit specific proposals, including a list of contractors, construction blueprints, and costs for repairs and/or improvements to public works within said City, Town or public entity.
7.2 - Public Safety - within 30 days after this act becomes law States, Cities, Towns and other public agencies, subject to the availability of unused appropriations, may submit specific proposals including costs and numbers of police, firefighters and emergency responders that will be provided.
8.0 - Alternative Energy: It is hereby mandated that the U.S. shall become energy
independent by 2019. Energy independence means, for the purposes of this act,
that the U.S. shall import from foreign sources, no more then 15% of its energy, and/or fuels needs. In order to achieve energy independence Congress directs and authorizes
the Secretary of Treasury to receive proposals for U.S. engineered, designed and built projects, facilities and products to attain energy independence; further, the Secretary of Treasury is directed to modify and amend the Tax Code, rules and regulations
to provided for, among others that may be appropriate, to following tax credits.
8.1 - Dollar-for- Dollars federal tax credits shall be provided to each individual
and business for costs of the conversion of gasoline and diesel powered vehicles to compressed natural gas ( CNG ), hydrogen, electric power and for the instillation of machinery and equipment to provide natural gas ( CNG ), hydrogen, electric power for vehicles along the Federal Interstate Highway system, and public highways and roadways within the United States.
8.2 - Public Utilities : Regulated Public Utilities within the U.S. shall be given a 75% federal tax credit for the construction, retro-fitting, and or conversion of electric power generation facilities to solar, wind, clean coal; and the same 75% federal tax credits shall be available to any U.S. business and/or U.S. citizen that coverts to existing facilities, including but not limited to residential, farm, businesses, to use solar, wind, or alternative bio-mass fuel, for power.
9.0 - Citizen Tax Relief : U.S. citizens residing within the United States shall be immediately entitled to the following tax relief for the tax years 2008, 2009, 2010,2011, 2012:
9.1 - The Alternative Minimum Tax and rules and regulations related thereto
are hereby abolished. Further, individuals who's gross adjusted income exceeds $250,000.00 per year shall pay 20% tax on all income exceeding $250,000.00;
9.2 - Losses: Individuals and businesses commencing with tax year 2008, shall be entitled to write off up to $250,000.00 per year for losses, against income, and carry unused losses forward to tax years 2009-2012;
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9.3 - Education Tax Credits: Individual U.S. Citizens shall be entitled to take year 2008-2012 a $2000.00 per year per individual or dependent, tax credit against income for tuition paid to a U.S. accredited school, technical institution, college or university, this credit shall apply to primary, K-12, accredited schools, as well as accredited extended learning institutions.
10.0 - APPROPRIATIONS: The following appropriations of treasury funds are hereby authorized and approved to fund the provisions of this act as hereby provided.
10.1 - General Appropriation of $_____________________ as a drawing
account for the express purposes provided for in this act.
10.1.01 - Limitations:
(a) Lending to private institutions, including U.S. banks, financial services,
and corporations maximum consolidated limited to $______________;
(b) Unemployment Compensation & Medicare Coverage for unemployed
$______________;
(c) Infrastructure Renewal and Improvement................$______________;
(d) Alternative Energy ..................................................$______________;
11.0 - CONFLICTS OF INTEREST : It is hereby enacted and declared unlawful for any individual and/or person who is an official of or employed by the U.S. Government and/or any agency or sub-division, or agency sub-contractor, to have any financial or other interest, direct or indirect, of any kind and or nature whatsoever, in any company, corporation, financial institution, or entity that is granted a loan, extension of credit or guarantee of or from the U.S. Treasury, or Government.
11.1 - Violations: Violations of this section 11.0, of this Act are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth at 18 U.S.C. #1957-1969 and Pub.Lw. 98-473.
12.0 - ENFORCEMENT/CONCURRENT JURISDICTION: All State Courts of General Jurisdiction as well as U.S. District Courts, shall have concurrent jurisdiction relating to the enforcement of any provision of this Act; any violation or alleged violation of this act shall be prosecuted within the United States. State Courts shall have no authority to review the validity of any part, provision or portion of this Act. The authority of Federal District and Appellate Courts to review the validity of this Act or any part, provision or portion of this Act is hereby expressly revoked pursuant to the Powers of Congress, provided by Article 1, Section 8, sub-section 9, of the U.S. Constitution.
13.0 - SAVINGS CLAUSE: The provisions of this Act are separate and severable; should any part or provision of this Act be adjudicated unconstitutional by the full 9 judge panel of the U.S. Supreme Court, then the rest and remainder shall remain in full force and effect.
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1.0- PREAMBLE: The Constitution of the United State of America provides that citizens and voters of the United States shall govern and rule by an through duly elected representatives. Article I, Section 8, Subsections 1- 6, and subsection 18, vest Congress with the power and duty to control the money, credit and commerce of the United States, this power was intentionally with-held from the Executive Branch and President of the United States.
2.0- PURPOSE - Emergency: Congress and the citizenry of the United States have been confronted with an unprecedented financial crisis, affecting the value of the dollar, the stability of domestic and world markets, and adversely impacting the public, health, safety and welfare of the United States and its citizenry. These circumstances are declared an Emergency requiring Congress to immediately act to protect and preserve the health, safety and welfare of the citizens of the United States; and to so do, requires the re-structure Federal agencies and the regulation of banks, financial and credit institutions, and related markets; accordingly, any and all laws that are inconsistent with the purpose and/or provisions of the Act, including but not limited to Public Law 110-343 and P.L. 106-554 are, by this declaration, hereby expressly revoked, terminated, amended and/or modified, as may be required, so as not to be contrary to and/or inconsistent herewith.
2.1 - EFFECTIVE DATE: This Act shall be and immediately become law, in effect, on the day and date of the signature of the President, or any veto over- ride by Congress.
2.1. 01 -Expenditure Pre-Approval Required : The payment, expenditure and
/or disbursement of any funds, credits, monies, sums and/or amounts by the Secretary of the Treasury as authorized by Public Law 110-343 are hereby expressly terminated, and any further or future payments, expenditures and/or disbursements of U.S. Treasury funds, credits, monies, sums or amounts per Public Law 110-343 shall, on a case by case draw basis, require the prior written approval of any expenditure in excess of twenty-five million dollars, from a Special Joint Senate-House sub-committee composed of four (4) members ( 2 Democrats/2 Republicans). The Secretary of Treasury shall, on a case by case specific dollar amount request basis , present to said Special Joint Senate-House sub- committee details, terms and conditions, specific uses and purposes for the loan of Treasury funds to specific identified corporations and/or entities, together with a GAO assessment as to likely hood of repayment by the debtor entity or entities.
FURTHER, no draw against Treasury /Taxpayer funds duly appropriated by Congress, shall be authorized without the case-by-case pre-approval by said Special Joint Senate-House sub-committee as provided herein. This pre- approval provision shall not apply to States and/or public entitles with regard to appropriations for Public infrastructure projects.
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3.1 - Existing APR and Sub-Prime Mortgages: It shall be unlawful for any bank, company, entity or person, for a period of 3 years from the date of this Act, to charge or collect any interest on such indebtedness that exceeds the original rate charged to the U.S. citizen home borrower; further, after three years, the maximum adjusted interest that may be lawfully charged on such home, provided the original U.S. citizen debtor actually uses and occupies the home as his or her sole residence, shall be limited to 6% simple interest, and the overall term of the loan shall be limited to 20 years; the full amount of which home loan shall become due and payable on the sale, transfer, rental, lease, or vacating of the home as the sole and only residence of the original U.S. citizen debtor.
3.1.01 - Freddie Mac and Fannie Mae: Mortgages, Deeds of Trust or other security instruments held by, or for the benefit of Freddie Mac and Fannie May, on individual homes used and occupied as the sole and only residence of U.S. citizens within the United States, when in default, but before foreclosure, abandonment or surrender by the citizen debtor occupant, shall be entitled to consideration for enrollment in a "Rent to Own" re-negotiation of the original debt incurred for the purchase of said Home.
(a) - Basic Structure of Rent to Own: Rent to Own is an option for qualified
U.S. citizens who are in default and faced with foreclosure ( requiring them and family to move out of their only home and residence) of properties in which Freddie Mac and/or Fannie Mae have an interest. Prior to foreclosure
Freddie Mac and/or Fannie Mae shall review the financial positions of U.S. citizen debtors in default to determine a realistic monthly payment, to be denominated "rent", considering the current market rate for comparable
rental properties and the citizen debtors ability to pay; in the event appropriate terms that will allow the citizen debtor and family to remain in the subject home ( which shall be occupied as the citizens debtors only residence ) can be achieved, then the subject citizen debtor shall execute a Warranty, Grant Deed other Deed fully re-conveying title to the home residence to Freddie Mac and/or Fannie Mae, and Freddie or Fannie then shall extend to the citizen a three (3) year Rental Agreement with option to re-purchase said home, at a price equal to the outstanding balance of the original loan on said residence.
3.2 - Federal Usury : It is hereby unlawful for any institution, bank, credit card company or affiliates, person or entity to charge more then 12% simple interest for any consumer loan or extension of consumer credit to any person in the U.S., and/or to impose fees that exceed the 12% limitation. and any amounts that exceed such limitation shall be void. Violations of this sub-section are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth in 18 U.S.C. & Pub.Lw.98-473, together with any civil penalties and/or causes of action that may be applicable under the state laws where the debtor resides.
3.3 - Stock & Commodities Markets: It shall be unlawful to trade, barter, sell, pledge or hypothecate stock or stock certificates in or within the United States, or in any company, corporation, entity, or person doing business in or with the United States, that are held for a period of less than 13 months; FURTHER, it shall be unlawful for any company, corporation, entity, or person doing business in or with the United States that is not the end user to trade, barter, sell, assign, or pledge commodities or contracts.
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3.3.1- Violations: The RICO ACT, 18 U.S.C. #1951-1968 is amended to include Section 3.1, 3.2, & 3.3 hereof as a definition of racketeering subjecting any violator, to the penalties provisions of 18 U.S.C. and/or all property and assets, obtained or suspected to be obtained by or related to any violation of section 3.1, 3.2 AND 3.3 of this act shall be fully subject to the Civil Forfeiture Provisions of the Comprehensive Crime Control Act of 1982, Pub.L. 98-473, as amended. Further, the standard of proof shall be based on the preponderance of evidence and court decisions, laws or provisions to the contrary are hereby declared null and void and of no force effect whatsoever.
4.0 - EXTENSION OF MONEY AND/OR CREDIT OF THE UNITED STATES OR U.S. TREASURY: NO MONEY,CREDIT OR GUARANTEE OF THE UNITED STATES OR U.S. TREASURY SHALL BE EXTENDED TO ANY PRIVATE BANK, FINANCIAL INSTITUTION, COMPANY, ENTITY OR PERSON EXCEPT AS FOLLOWS:
4.1- Security Required: No loan, extension of credit, or guarantee of the United States shall be extended to any bank, financial institution, company, entity or person except on the basis of a dollar-for-dollar security for the same in the form tangible personal or real property located within the United States having a real mark to market value, minus 15%, equal to the base amount of the loan, credit or guarantee extended by the U.S. Treasury. The cost of any such loan, credit or guarantee of the United States, shall include the full costs of administration of any such loan, credit extension or guarantee.
4.1.01 - Other Terms of Loan, Extension of Credit or Guarantee: The maximum period of any loan, credit or guarantee of the United States shall be limited to an cumulative total of no more then five (5 ) calendar years. Any and all banks, financial institutions, companies, entities or persons qualifying for and extended any loan, credit or guarantee of the United States, shall file tax annual tax returns and render accounting on calendar year ( January 1 to December 31 ) basis. Accrual accounting or reporting shall be unlawful and is hereby defined as " racketeering " subject to the provisions and penalties and civil forfeiture as provided by 18 U.S.C. #1951-1968 & Pub.Lw. 98-473;
further, any and all loans, extensions of credit and/or guarantees of the United States extended to any qualified bank, financial institution, company, entity or person, shall bear interest at not less then 1.5% above the Federal Reserve bank rate, and such interest shall be paid to the U.S. Treasury on a monthly basis during the period of the loan, extension of credit or guarantee Any default on the monthly payment of interest to the US. Treasury, or default on the repayment of the principle shall result in the automatic forfeiture, by confession of judgment, off all security for the loan, extension of credit or guarantee.
a) Compensation Limitations: During the period of any loan, extension of credit or guarantee of the U.S., every Board of Directors member of any borrower shall serve without pay, compensation or per diem, and the highest executive salary paid shall not exceed the U.S. Government Service, GS 15 amount. Violation of this sub-section is hereby declared and defined as " racketeering " subject to the provisions and penalties and civil forfeiture as provided by 18 U.S.C. #1951-1968 & P.L. 98-473.
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4.1.02 - Qualified Security: Qualified security for any loan, credit extension or guarantee of the United States extended to any bank, financial institution, company, entity or person, shall be all tangible, physical assets, personal and/or real property located or situated in the United States in which any CEO, CFO, President, Executive Vice President, and any Board of Directors member serving any bank, financial institution, company, entity or person seeking a loan, money, credit or guarantee from the United States, between the years 2002- 2008, has any interest in; AND/OR, the stock, warrants, options, bonds, real and personal property of said banks, financial institutions, companies, entities and/or persons. When socks and/or warrants are pledged and encumbered as a qualified security, the Treasury Department shall prepare and hold properly executed subordinated convertible debentures for controlling voting and ownership rights to and in said stock, warrants, options of such entities extended money, credit or guarantees of the United States.
5.0 - Federal Deposit Insurance Corporation [F.D.I.C. ] Coverage Increases: Existing laws, rules and/or regulations providing qualified banks and institutions with F.D.I.C. insurance coverage are hereby amended, by this reference, and coverage is increased to $250,000.00 per individual, per account, per bank or institution, and increased to $500,000.00 on retirement , IRA and/or Roth accounts.
The Secretary of Treasury and head of the F.D.I.C. are hereby directed to immediately extend coverage to all qualified institutions for individual and personal account coverage in and to the foregoing limits, and modify rules and regulations as necessary to provided for the same, and the premiums paid to the F.D.I.C. by qualified institutions for F.D.I.C. accounts shall accordingly be raised. Further, the Secretary of Treasury and the F.D.I.C. are hereby directed to modify, amend or enact such other rules and regulations as may necessary to implement account coverage increases consistent with this Act.
6.0 - Unemployment Compensation Extension - 12 months : Existing laws, rules and /or regulations providing of unemployment compensation, by this reference, are hereby modified to extend existing compensation to qualified U.S. citizens for an additional twelve ( 12 ) twelve consecutive months; and to extend equal compensation to U.S. citizens who become unemployed subsequent to the passage of this act, and who are otherwise qualified to receive unemployment compensation.
6.1 - U.S. Citizens receiving unemployment compensation shall also be eligible to receive food stamps and Medicare concurrent with their receipt of unemployment compensation
7.0 - Infrastructure Renewal & Improvement: Within 30 days after this act becomes law, States may submit specific proposals, including a list of contractors, construction
Page 4 of 6//// DRAFT/ RECOVERY & MODERNIZATION
blueprints, and costs for repairs and/or improvements to the Federal Interstate Highway system within said State. Priority shall be given to Federal Interstate Highway project within the limits of appropriations provided in this act for infrastructure renewal. All submittals under this section shall be made to the Secretary of Treasury.
7.1 - Other Public Works Projects: within 180 days after this act becomes law, and subject to the availability of unused appropriations, Cities, Towns and other public entities may submit specific proposals, including a list of contractors, construction blueprints, and costs for repairs and/or improvements to public works within said City, Town or public entity.
7.2 - Public Safety - within 30 days after this act becomes law States, Cities, Towns and other public agencies, subject to the availability of unused appropriations, may submit specific proposals including costs and numbers of police, firefighters and emergency responders that will be provided.
8.0 - Alternative Energy: It is hereby mandated that the U.S. shall become energy
independent by 2019. Energy independence means, for the purposes of this act,
that the U.S. shall import from foreign sources, no more then 15% of its energy, and/or fuels needs. In order to achieve energy independence Congress directs and authorizes
the Secretary of Treasury to receive proposals for U.S. engineered, designed and built projects, facilities and products to attain energy independence; further, the Secretary of Treasury is directed to modify and amend the Tax Code, rules and regulations
to provided for, among others that may be appropriate, to following tax credits.
8.1 - Dollar-for- Dollars federal tax credits shall be provided to each individual
and business for costs of the conversion of gasoline and diesel powered vehicles to compressed natural gas ( CNG ), hydrogen, electric power and for the instillation of machinery and equipment to provide natural gas ( CNG ), hydrogen, electric power for vehicles along the Federal Interstate Highway system, and public highways and roadways within the United States.
8.2 - Public Utilities : Regulated Public Utilities within the U.S. shall be given a 75% federal tax credit for the construction, retro-fitting, and or conversion of electric power generation facilities to solar, wind, clean coal; and the same 75% federal tax credits shall be available to any U.S. business and/or U.S. citizen that coverts to existing facilities, including but not limited to residential, farm, businesses, to use solar, wind, or alternative bio-mass fuel, for power.
9.0 - Citizen Tax Relief : U.S. citizens residing within the United States shall be immediately entitled to the following tax relief for the tax years 2008, 2009, 2010,2011, 2012:
9.1 - The Alternative Minimum Tax and rules and regulations related thereto
are hereby abolished. Further, individuals who's gross adjusted income exceeds $250,000.00 per year shall pay 20% tax on all income exceeding $250,000.00;
9.2 - Losses: Individuals and businesses commencing with tax year 2008, shall be entitled to write off up to $250,000.00 per year for losses, against income, and carry unused losses forward to tax years 2009-2012;
Page 5 of 6///// DRAFT/ RECOVERY & MODERNIZATION
9.3 - Education Tax Credits: Individual U.S. Citizens shall be entitled to take year 2008-2012 a $2000.00 per year per individual or dependent, tax credit against income for tuition paid to a U.S. accredited school, technical institution, college or university, this credit shall apply to primary, K-12, accredited schools, as well as accredited extended learning institutions.
10.0 - APPROPRIATIONS: The following appropriations of treasury funds are hereby authorized and approved to fund the provisions of this act as hereby provided.
10.1 - General Appropriation of $_____________________ as a drawing
account for the express purposes provided for in this act.
10.1.01 - Limitations:
(a) Lending to private institutions, including U.S. banks, financial services,
and corporations maximum consolidated limited to $______________;
(b) Unemployment Compensation & Medicare Coverage for unemployed
$______________;
(c) Infrastructure Renewal and Improvement................$______________;
(d) Alternative Energy ..................................................$______________;
11.0 - CONFLICTS OF INTEREST : It is hereby enacted and declared unlawful for any individual and/or person who is an official of or employed by the U.S. Government and/or any agency or sub-division, or agency sub-contractor, to have any financial or other interest, direct or indirect, of any kind and or nature whatsoever, in any company, corporation, financial institution, or entity that is granted a loan, extension of credit or guarantee of or from the U.S. Treasury, or Government.
11.1 - Violations: Violations of this section 11.0, of this Act are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth at 18 U.S.C. #1957-1969 and Pub.Lw. 98-473.
12.0 - ENFORCEMENT/CONCURRENT JURISDICTION: All State Courts of General Jurisdiction as well as U.S. District Courts, shall have concurrent jurisdiction relating to the enforcement of any provision of this Act; any violation or alleged violation of this act shall be prosecuted within the United States. State Courts shall have no authority to review the validity of any part, provision or portion of this Act. The authority of Federal District and Appellate Courts to review the validity of this Act or any part, provision or portion of this Act is hereby expressly revoked pursuant to the Powers of Congress, provided by Article 1, Section 8, sub-section 9, of the U.S. Constitution.
13.0 - SAVINGS CLAUSE: The provisions of this Act are separate and severable; should any part or provision of this Act be adjudicated unconstitutional by the full 9 judge panel of the U.S. Supreme Court, then the rest and remainder shall remain in full force and effect.
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Thursday, January 29, 2009
The Sad Truth About Obama's " American Recovery and Reinvestment Plan"
Many in the U.S and around the world had high hopes that there would be a turn around in the way Washington did business when the Obama administration took over on January 20, 2009.
Unfortunately, Washington machine politics has deep roots that remain and transcend the Presidency. The Obama cabinet and the Obama stimulus package, titled " American Recovery and Reinvestment Plan " are two examples of entrenched Washington politics. The 650+ page bill rammed through the U.S. House Representatives is nothing more then the consolidation of eight years of programs that went nowhere under the Bush Administration. Washington is master of resurrecting old programs, attaching flashy labels, and peddling them to the public as something they are not.
One doubts whether President Obama has, himself, read the 650+ bill the House passed on party lines. Congress, now controlled by Democrats, is no more capable in "getting it right" then when the Bush Administration was at the helm. Both the 110th Congress and the current 111th Congress are throwing massive amounts of borrowed dollars, and HOPING something sticks, to bring the U.S. out of the economic meltdown we all face. Congress hopes to accomplish a turn around without making any structural or systemic modifications to a financial system that has failed. Without modifying the Federal Reserve system in place since 1913; without instituting specific restrictions and regulations on banking, financial services, business consolidations and entering into international compacts with G8 nations and central banks to stabilize currency fluctuations and interest rates, the Obama plan will accomplish little, except to spur inflation and increase the cost of consumer goods and services.
The U.S. burdened by arcane procedures, entrenched ideologies, and politics, have doomed main-street USA to hard, very hard times for the next 4+ years. The Obama/Democratic Washington steam shovel has started to dig the hole much deeper by cranking up the printing presses and doubling the already mega-strophic national debt; soon the U.S. dollar will be at par with third world currencies.
Unfortunately, Washington machine politics has deep roots that remain and transcend the Presidency. The Obama cabinet and the Obama stimulus package, titled " American Recovery and Reinvestment Plan " are two examples of entrenched Washington politics. The 650+ page bill rammed through the U.S. House Representatives is nothing more then the consolidation of eight years of programs that went nowhere under the Bush Administration. Washington is master of resurrecting old programs, attaching flashy labels, and peddling them to the public as something they are not.
One doubts whether President Obama has, himself, read the 650+ bill the House passed on party lines. Congress, now controlled by Democrats, is no more capable in "getting it right" then when the Bush Administration was at the helm. Both the 110th Congress and the current 111th Congress are throwing massive amounts of borrowed dollars, and HOPING something sticks, to bring the U.S. out of the economic meltdown we all face. Congress hopes to accomplish a turn around without making any structural or systemic modifications to a financial system that has failed. Without modifying the Federal Reserve system in place since 1913; without instituting specific restrictions and regulations on banking, financial services, business consolidations and entering into international compacts with G8 nations and central banks to stabilize currency fluctuations and interest rates, the Obama plan will accomplish little, except to spur inflation and increase the cost of consumer goods and services.
The U.S. burdened by arcane procedures, entrenched ideologies, and politics, have doomed main-street USA to hard, very hard times for the next 4+ years. The Obama/Democratic Washington steam shovel has started to dig the hole much deeper by cranking up the printing presses and doubling the already mega-strophic national debt; soon the U.S. dollar will be at par with third world currencies.
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