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Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts
Friday, April 9, 2010
Where Has All the Money Gone?
Dylan Ratigan gives an excellent explanation:
Copyright @ 1998-2010
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Copyright @ 1998-2010
All Rights Reserved
Saturday, November 21, 2009
The Great American Mortgage Scam
Protect Your Home
As foreclosures reach record numbers and the poor are blamed for the sub-prime mortgage fiasco, the real culprit, the mortgage companies and banks escape. Thousands of Americans have been scammed on their mortgages by a very clever securitization technique employed by lenders. Have you been scammed? Here's an easy way to find out:
The easiest way to determine if your "note" was converted to a negotiable instrument by your Lender and sold or traded is to examine your Note and your Deed of Trust. First, your note will have a date approximately at least one week BEFORE you actually sign it.
In the old days, your Note would say, "For value received..."
If you have a Note that the Lender wanted to convert to a negotiable instrument and make 10X the amount of the Note for themselves, your note will start out:
"In return for a loan that I have received, I promise to pay ..."
Of course you have not received an electronic transfer to your account, nor a cashier's check, nor any form of payment at all. The LENDER has completed step one of the fraud. They got you to say you already have a loan when you do not.
Step 2 is to get you to say that you own the home free and clear and can deed it to anyone you want. Of course you don't (or do you?)
Check out Page 3 of your Deed of Trust. Under Borrowers Covenants, if it says: "The borrower covenants that he/she/they are "lawfully seized of the estate."
There it is. You have told the Lender:
1) That you have already received a loan, and
2) That you own your home free and clear of encumbrances.
Based on that, the Lender slaps an allonge on the back and deposits it in their own bank, which considers it just like a cashiers check or pay order and this fractional banking technique will allow the Lender to create 10X the amount of your note. In a common scam transaction, a 1st mortgage of $324K, once sold or traded, earned the Lender $3.24 million, less $400K to pay the seller and commission. Nice payday!
The Lender has been PAID IN FULL for just your signature on the Note.
In the old days, your Note would say, "For value received..."
If you have a Note that the Lender wanted to convert to a negotiable instrument and make 10X the amount of the Note for themselves, your note will start out:
"In return for a loan that I have received, I promise to pay ..."
Of course you have not received an electronic transfer to your account, nor a cashier's check, nor any form of payment at all. The LENDER has completed step one of the fraud. They got you to say you already have a loan when you do not.
Step 2 is to get you to say that you own the home free and clear and can deed it to anyone you want. Of course you don't (or do you?)
Check out Page 3 of your Deed of Trust. Under Borrowers Covenants, if it says: "The borrower covenants that he/she/they are "lawfully seized of the estate."
There it is. You have told the Lender:
1) That you have already received a loan, and
2) That you own your home free and clear of encumbrances.
Based on that, the Lender slaps an allonge on the back and deposits it in their own bank, which considers it just like a cashiers check or pay order and this fractional banking technique will allow the Lender to create 10X the amount of your note. In a common scam transaction, a 1st mortgage of $324K, once sold or traded, earned the Lender $3.24 million, less $400K to pay the seller and commission. Nice payday!
The Lender has been PAID IN FULL for just your signature on the Note.
Of course they ignore the RELEASE section of the Deed of Trust which says that once PAID IN FULL they must then reconvey the property to the Borrower and release the lien. Instead it is "reconveyed" to the Lender who has already been paid in full (10X). He then sits back and gets paid again over 30 years by YOU, the generous fool that gave him the property in the first place.
NICE SCAM.
NICE SCAM.
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This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
Thursday, September 24, 2009
Michael Moore Exposes Capitalism
Enjoy the trailer from Michael Moore's new movie, CAPITALISM, A LOVE STORY, a blockbuster examination of capitalism and how it serves the wealthy. As usual, Moore attacks a painful subject with humor, sarcasm and above all, TRUTH. Here is the trailer:
Copyright @ 1998-2009
All Rights Reserved
This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
Copyright @ 1998-2009
All Rights Reserved
This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
Tuesday, May 26, 2009
Affordable French Air-Car Coming to America
The Air Car
French writer Jules Verne predicted in his book of 1860, “Paris in the 21st Century”, that the transportation system would be using compressed air. MDI has finally developed a way to make this prediction work. Zero Pollution Motors will manufacture and sell the compressed air vehicle in the US. It is estimated that the car will cost between $15,000 and $20,000.
Nice call, GM!
HOW IT WORKS
So, while GM was destroying a technology that could have helped the world in the interest of "greed", France was developing the World's Cleanest Car. To drive the world's cleanest car is no longer wishful thinking. The Compressed Air Vehicle is the first affordable and accessible clean car. It brings us our dream: to drive pollution-free and free of fuel dependency.
At Lower Speeds: Since the Compressed Air Vehicle is running exclusively on compressed air, it emit only air -- zero pollution. The air expelled from the tailpipe is actually cleaner than the air used to fill the tank. This is because before compression, the air is run through carbon filters to eliminate dirt, dust, humidity, and other urban air impurities that could hamper the engine's performance.
At Higher Speeds: At speeds over 35 mph, the CAV uses small amounts of fuel - either gasoline, propane, ethanol or bio-fuels to heat air inside a heating chamber as it enters the engine. This process produces emissions of only 0.141 lbs of CO2 per mile. That is up to 4 times less than the average vehicle and more than two times less than the cleanest vehicle available today. (Toyota Prius '07 emissions: 0.34 lbs of CO2 per mile. source: www.hybridcard.com.
Check out the car here: THE FRENCH AIR CAR.
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Monday, May 25, 2009
Schwarzenegger to Terminate Welfare in Callifornia
GOVERNOR PLANS TO COMPLETELY ELIMINATE WELFARE FOR FAMILIES
Gov. Arnold Schwarzenegger is proposing to completely eliminate the state’s welfare program for families, medical insurance for low-income children and Cal Grants cash assistance to college and university students.
The proposals to sharply scale back the assistance that California provides to its neediest residents came in testimony by the administration this afternoon at a joint legislative budget committee hearing. It followed comments by the governor earlier today that he would be withdrawing a proposal to help balance the budget with billions of dollars of borrowing and replacing it with program reductions.
The proposals would completely reshape the state’s social service network, transforming California from one of the country’s most generous states to one of the most tightfisted. The proposals are intended to help close a budget deficit estimated at $21.3 billion.
source: LA TIMES
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Saturday, April 25, 2009
Obama Calls for Passage of PAYGO Legislation
Staying Ahead of the Game
In his weekly radio address, President Barack Obama called for a return to fiscal discipline, and outlined a four-step approach to reining in spending and eliminating waste.
“It’s time to fundamentally change the way that we do business in Washington," said Obama. "To help build a new foundation for the 21st century, we need to reform our government so that it is more efficient, more transparent, and more creative. That will demand new thinking and a new sense of responsibility for every dollar that is spent.”
Obama, who held his first full cabinet meeting this week, said that he used the meeting to send "a clear message: cut what doesn't work."
He added that "we will continue going through the budget line by line, and we’ll identify more than 100 programs that will be cut or eliminated.” He did specify any of the programs, or say how much those cuts might save.
The president called on Congress to pass PAYGO legislation, saying that "we need to adhere to the basic principle that new tax or entitlement policies should be paid for… so that government acts the same way any responsible family does in setting its budget."
His plan also includes establishing a system for federal employees to submit ideas for cost cutting and a private sector forum on reforming government.
“We cannot sustain deficits that mortgage our children’s future, nor tolerate wasteful inefficiency. Government has a responsibility to spend the peoples’ money wisely, and to serve the people effectively,” he said. “I will work every single day that I am President to live up to that responsibility, and to transform our government so that is held to a higher standard of performance on behalf of the American people.”
“It’s time to fundamentally change the way that we do business in Washington," said Obama. "To help build a new foundation for the 21st century, we need to reform our government so that it is more efficient, more transparent, and more creative. That will demand new thinking and a new sense of responsibility for every dollar that is spent.”
Obama, who held his first full cabinet meeting this week, said that he used the meeting to send "a clear message: cut what doesn't work."
He added that "we will continue going through the budget line by line, and we’ll identify more than 100 programs that will be cut or eliminated.” He did specify any of the programs, or say how much those cuts might save.
The president called on Congress to pass PAYGO legislation, saying that "we need to adhere to the basic principle that new tax or entitlement policies should be paid for… so that government acts the same way any responsible family does in setting its budget."
His plan also includes establishing a system for federal employees to submit ideas for cost cutting and a private sector forum on reforming government.
“We cannot sustain deficits that mortgage our children’s future, nor tolerate wasteful inefficiency. Government has a responsibility to spend the peoples’ money wisely, and to serve the people effectively,” he said. “I will work every single day that I am President to live up to that responsibility, and to transform our government so that is held to a higher standard of performance on behalf of the American people.”
SOURCE: Politico
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Saturday, April 18, 2009
Obama to Cut Spending Programs to Stop "Unsustainable Course"
Barack Obama pledges to get America on the "Pay as You Go" system to prevent the unsustainable course toward financial disaster that may result from the spending he has been forced to initiate in order to stimulate the economy and get it back on its feet. He will be announcing the elimination of dozens of government programs that are non-essential or wasteful. Rather than rely upon the rants and raves of alienated Republicans, here are the words of our President:
US President Barack Obama, faced with mushrooming budget deficits, announced he will convene his first full cabinet meeting Monday and ask his secretaries for specific plans to cut spending.
He also added to his administration two new officials, Jeffrey Zients and Aneesh Chopra, whose task will be to streamline processes, cut costs and make the government more efficient.
"And this Monday, at my first, full cabinet meeting, I will ask all of my department and agency heads for specific proposals for cutting their budgets," Obama said in his weekly radio address Saturday.
The announcements came after the non-partisan Congressional Budget Office (CBO) forecast last month the budget deficit could hit 1.845 trillion dollars for the whole year based on Obama's 3.5-trillion-dollar budget plan approved by Congress early this month.
The CBO said its budget deficit estimate for fiscal 2009, which ends on September 30, would be four times the 2008 record shortfall and amount to 13.1 percent of the country's total economic output.
The Obama budget forecasts a 1.750 trillion dollar deficit in fiscal 2009, but foresees that figure falling to 1.171 trillion dollars in 2010.
The plan sees the deficit soaring to the largest percentage of gross domestic product since World War II, but the president touted a string of cost savings designed to lay new foundations for the US economy.
In his address, Obama said that the future of America will depend not only on building a more efficient economy, controlling health care costs and improving the education system, but also on "restoring a sense of responsibility and accountability" to the US federal budget.
"Without significant change to steer away from ever-expanding deficits and debt, we are on an unsustainable course," he stressed.
Obama said that in the coming weeks, he will be announcing the elimination of dozens of government programs shown to be wasteful or ineffective -- and vowed to be tough.
"In this effort, there will be no sacred cows, and no pet projects," he promised. "All across America, families are making hard choices, and it's time their government did the same."
The president said the process of finding ways to cut government spending had already begun, with his aides scouring the budget line by line for programs that do not work and can be replaced with more efficient ones.
He noted that they are focusing on ending tax breaks for companies that ship jobs overseas, ending fraud and abuse in the Medicare program that serves the elderly, and reforming the health care system to cut costs for families and businesses.
According to Obama, his administration is also looking for ways to strengthen protections for government employees who step forward to report wasteful spending and wants to reinstate the pay-as-you-go rule that mandates that any new spending program must be offset by cuts elsewhere.
Obama praised Homeland Security Secretary Janet Napolitano for ending contracts to create new seals and logos for her department that would have cost the treasury three million dollars as well as Defense Secretary Robert Gates for finding ways to eliminate hundreds of billions of dollars in spending.
Earlier this month, Gates proposed halting production of F-22 fighter jets, canceling a new presidential helicopter and delaying ship building plans.
Copyright @ 1998-2009
All Rights Reserved
Visit msnbc.com for Breaking News, World News, and News about the Economy
US President Barack Obama, faced with mushrooming budget deficits, announced he will convene his first full cabinet meeting Monday and ask his secretaries for specific plans to cut spending.
He also added to his administration two new officials, Jeffrey Zients and Aneesh Chopra, whose task will be to streamline processes, cut costs and make the government more efficient.
"And this Monday, at my first, full cabinet meeting, I will ask all of my department and agency heads for specific proposals for cutting their budgets," Obama said in his weekly radio address Saturday.
The announcements came after the non-partisan Congressional Budget Office (CBO) forecast last month the budget deficit could hit 1.845 trillion dollars for the whole year based on Obama's 3.5-trillion-dollar budget plan approved by Congress early this month.
The CBO said its budget deficit estimate for fiscal 2009, which ends on September 30, would be four times the 2008 record shortfall and amount to 13.1 percent of the country's total economic output.
The Obama budget forecasts a 1.750 trillion dollar deficit in fiscal 2009, but foresees that figure falling to 1.171 trillion dollars in 2010.
The plan sees the deficit soaring to the largest percentage of gross domestic product since World War II, but the president touted a string of cost savings designed to lay new foundations for the US economy.
In his address, Obama said that the future of America will depend not only on building a more efficient economy, controlling health care costs and improving the education system, but also on "restoring a sense of responsibility and accountability" to the US federal budget.
"Without significant change to steer away from ever-expanding deficits and debt, we are on an unsustainable course," he stressed.
Obama said that in the coming weeks, he will be announcing the elimination of dozens of government programs shown to be wasteful or ineffective -- and vowed to be tough.
"In this effort, there will be no sacred cows, and no pet projects," he promised. "All across America, families are making hard choices, and it's time their government did the same."
The president said the process of finding ways to cut government spending had already begun, with his aides scouring the budget line by line for programs that do not work and can be replaced with more efficient ones.
He noted that they are focusing on ending tax breaks for companies that ship jobs overseas, ending fraud and abuse in the Medicare program that serves the elderly, and reforming the health care system to cut costs for families and businesses.
According to Obama, his administration is also looking for ways to strengthen protections for government employees who step forward to report wasteful spending and wants to reinstate the pay-as-you-go rule that mandates that any new spending program must be offset by cuts elsewhere.
Obama praised Homeland Security Secretary Janet Napolitano for ending contracts to create new seals and logos for her department that would have cost the treasury three million dollars as well as Defense Secretary Robert Gates for finding ways to eliminate hundreds of billions of dollars in spending.
Earlier this month, Gates proposed halting production of F-22 fighter jets, canceling a new presidential helicopter and delaying ship building plans.
SOURCE: RAW STORY
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Friday, April 17, 2009
Bailed-out AIG Bails Out on Vets
Bailout Beneficiary Bails
Watch the full story tonight on 20/20 at 10p.m. E.T.
In a joint investigation with 20/20, ProPublica and the Los Angeles Times analyzed some 30,000 claims filed by people working for American defense contractors overseas, covered by AIG under a federally-mandated program. Almost half – 43 percent – of the most serious cases were challenged by AIG, the analysis found, particularly those where claims were made for treatment of post traumatic stress disorder.
CLICK TO READ THE WHOLE STORY ON ABC NEWS
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Friday, April 3, 2009
Kucinich Exposes HUGE Bailout Scandal
HUGE FRAUD BY BANK OF AMERICA AND MERRILL LYNCH
Dennis Kucinich exposes huge taxpayer bailout fraud by Bank of America and Merrill Lynch, dwarfing the AIG scandal. Merrill Lynch gave out over $3 BILLION in bonuses to high level executives BEFORE receiving their bailout funds and knowing they were going to receive those taxpayer funds. Kucinich calls this "theft from the American taxpayers". The money paid out in bonuses is 22X more money than the AIG bailout.
Click on Kucinich to see Video
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Friday, March 13, 2009
Media and GOP Team Up to Con the Public
CRY ME A RIVER
But do you know what tax rate the wealthiest Americans paid on the top portion of their earnings at the end of Ronald Reagan's first term? 50%.
Under Richard Nixon? 70%. Under Dwight Eisenhower? 91%!
Shocking, right?
And for all the whining about rolling back Bush's irresponsible tax cuts, the truth is that Obama's plan cuts taxes for 95% of working Americans who are struggling to make ends meet. Further, it closes huge tax loopholes for oil companies, hedge funds and corporations that ship jobs overseas so that we can invest in the priorities that will get our economy back on track.
Set the Record Straight
Republicans are distorting the facts, and we need to set the record straight: Obama's budget asks far less of the rich than President Reagan or Nixon did.
Pass this chart on to your friends, so everyone knows the facts.
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Saturday, March 7, 2009
Kucinich Proposes Government Takeover of Federal Reserve
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."by: Woodrow Wilson - (1856-1924) 28th US President Date: 1916
Source: Attributed. In reference to signing the Federal Reserve Act in 1913. Probably a compilation of two quotes from his book The New Freedom, 1916. No source found for "I am a most unhappy man. I have unwittingly ruined my country."
On June 4 1963, a little known attempt was made to strip the Federal Reserve Bank of its power to loan money to the government at interest. On that day, President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency without going through the Federal Reserve. JFK's order gave the Treasury the power "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This meant that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation. In all, Kennedy brought nearly $4.3 billion in U.S. notes into circulation. The ramifications of this bill are enormous to this day.
With the stroke of a pen, Mr. Kennedy was on his way to putting the Federal Reserve Bank of New York out of business. If enough of these silver certificates were to come into circulation they would have eliminated the demand for Federal Reserve notes. This is because the silver certificates are backed by silver and the Federal Reserve notes are not backed by anything. Executive Order 11110 could have prevented the national debt from reaching its current level, because it would have given the government the ability to repay its debt without going to the Federal Reserve and being charged interest in order to create the new money. Executive Order 11110 gave the U.S. the ability to create its own money backed by silver. It also was a major factor in his assassination.
Just five months later, JFK was assassinated and no more silver certificates were issued. Our investigation fails to show any evidence that the Executive Order was ever repealed by any U.S. President and is still valid. Why then has no president utilized it? It may be that Mr. Kucinich's attempt to get this bill through Congress may be unnecessary. Obama may already have the power.
With the stroke of a pen, Mr. Kennedy was on his way to putting the Federal Reserve Bank of New York out of business. If enough of these silver certificates were to come into circulation they would have eliminated the demand for Federal Reserve notes. This is because the silver certificates are backed by silver and the Federal Reserve notes are not backed by anything. Executive Order 11110 could have prevented the national debt from reaching its current level, because it would have given the government the ability to repay its debt without going to the Federal Reserve and being charged interest in order to create the new money. Executive Order 11110 gave the U.S. the ability to create its own money backed by silver. It also was a major factor in his assassination.
Just five months later, JFK was assassinated and no more silver certificates were issued. Our investigation fails to show any evidence that the Executive Order was ever repealed by any U.S. President and is still valid. Why then has no president utilized it? It may be that Mr. Kucinich's attempt to get this bill through Congress may be unnecessary. Obama may already have the power.
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Tuesday, March 3, 2009
Stimulus "Tea Party" Steeped in Deceit
Republican Tea Party Not Like the Original
Now we have a new rallying point -- a Tea Party. What are the facts? CNBC's Rick Santelli's call for a "tea party" in Chicago next summer was quickly picked up by a website called ChicagoTeaParty.com and spread from there to the Drudge Report. However, the ChicagoTeaParty.com domain is not new. It was registered last summer by the producer of a right-wing radio show in Chicago and, the writers allege, is one of several tied to the anti-tax group FreedomWorks, which is among the sponsors of the current protests.
FreedomWorks is the latest incarnation of an organization formerly known as Citizens for a Sound Economy, which was founded in 1984 "to anonymously leverage corporate contributions into debates on public policy." CSE had close ties to Koch Industries and became one of the major recipients of grant money from conservative foundations and major corporations such as Exxon, Philip Morris, and General Motors.
In 2003, CSE's affiliate, the Citizens for a Strong Economy Foundation, split off and renamed itself Americans for Prosperity. (That group is also a sponsor of the current protests.) CSE itself merged the following year with Empower America -- another fake grassroots group created by Republican Party insiders to promote conservative candidates -- and formed FreedomWorks.
Posters at Democratic Underground have found that a number of anti-bailout and anti-stimulus groups are hosted by the dedicated servers of Citizens for a Sound Economy. In addition to cse.org, empoweramerica.org, and freedomworks.com, those servers also host such domains as angryrenter.com (which was registered in March 2008 to oppose bailouts for mortgage holders), destimulus.com, earmarkpledge.com, nowallstreetbailout.com, and usteaparty.com.
FreedomWorks is the latest incarnation of an organization formerly known as Citizens for a Sound Economy, which was founded in 1984 "to anonymously leverage corporate contributions into debates on public policy." CSE had close ties to Koch Industries and became one of the major recipients of grant money from conservative foundations and major corporations such as Exxon, Philip Morris, and General Motors.
In 2003, CSE's affiliate, the Citizens for a Strong Economy Foundation, split off and renamed itself Americans for Prosperity. (That group is also a sponsor of the current protests.) CSE itself merged the following year with Empower America -- another fake grassroots group created by Republican Party insiders to promote conservative candidates -- and formed FreedomWorks.
Posters at Democratic Underground have found that a number of anti-bailout and anti-stimulus groups are hosted by the dedicated servers of Citizens for a Sound Economy. In addition to cse.org, empoweramerica.org, and freedomworks.com, those servers also host such domains as angryrenter.com (which was registered in March 2008 to oppose bailouts for mortgage holders), destimulus.com, earmarkpledge.com, nowallstreetbailout.com, and usteaparty.com.
Nice spontaneous "tea party".
source: RAW STORY
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Monday, March 2, 2009
Ten Important Facts About Obama's Budget
The Buck FINALLY Stops Here
Here are the ten facts about Obama's plan that America must know so the next time they hear a Republican lie they'll know it.
The plan:
1) Makes a $634 billion down payment on fixing health care that will go a long way toward paying for a more efficient, more affordable health care system that covers every single American.
2) Reduces taxes for 95% of working Americans. And if your family makes less than $250,000, your taxes won't go up one dime.
3) Invests more than $100 billion in clean energy technology, creating millions of green jobs that can never be outsourced.
4) Brings our troops home from Iraq on a firm timetable, finally bringing the war to a close—and freeing up almost ten billion dollars a month for domestic priorities.
5) Reverses growing income inequality. The plan lets the Bush tax cuts for the wealthiest Americans expire and focuses on strengthening the middle class.
6) Closes multi-billion-dollar tax loopholes for big oil companies.
7) Increases grants to help families pay for college—the largest increase ever.
8) Halves the deficit by 2013. President Obama inherited a legacy of huge deficits and an economy in shambles, but his plan brings the deficit under control as soon as the economy begins to recover.
9) Dramatically increases funding for the SEC and the CFTC—the agencies that police Wall Street.
10) Tells it straight. For years, budgets have used accounting tricks to hide the real costs of the wars in Iraq and Afghanistan, the Bush tax cuts, and too many other programs. Obama's budget gets rid of the smokescreens and lays out what America's priorities are, what they cost, and how we're going to pay for them.
This is the change we voted for. President Obama has done his part, now we need to do ours.
Copyright @ 1998-2009
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Monday, February 23, 2009
Obama Speaks Out on Fiscal Responsibility
OBAMA BLASTS BUSH DISHONESTY
President Barack Obama took aim at the “casual dishonesty” of Bush administration budgets Monday, saying he’ll abandon accounting “tricks” used to hide the ballooning deficit and pledging to cut a $1.3 trillion federal shortfall in half during his first term.
“I want to be very clear,” Obama said to open a “fiscal responsibility summit” at the White House. “We cannot and will not sustain deficits like these without end. Contrary to the prevailing wisdom in Washington these past few years, we cannot simply spend as we please and defer the consequences to the next budget, the next administration and the next generation.”
In his brief remarks, Obama returned several times to criticism of past budget practices that clearly was aimed at President George W. Bush’s administration, suggesting the former president and his team weren’t candid with the American people about the scope of the budget difficulties.
At one point, Obama criticized “the casual dishonesty of hiding irresponsible spending with clever accounting tricks, the costly overruns, the fraud and abuse, the endless excuses. This is exactly what the American people rejected when they went to the polls. They sent us here to usher in a new era of responsibility in Washington, to start living within our means again and being straight with them about where their tax dollars are going.”
Obama also made clear that he believe he was inheriting the current budget mess from Bush — even though roughly a quarter of the $1.3 trillion deficit stems directly from Obama’s recently economic stimulus package.
Still, Obama said he would break from several of Bush’s practices in building his own 10-year budget being released Thursday. Obama said he would put the full cost of the Iraq and Afghanistan wars on the budget, and allocate money for natural disasters – two things Bush did not do.
“We do ourselves no favors by hiding the truth about what we spend. In order to address our fiscal crisis, we have to be candid about its scope,” Obama said.
Failure to act quickly and decisively, Obama said, “we risk sinking into another crisis down the road, as . . .our bills come due, confidence in our economy erodes and our children and grandchildren [suffer].”
CLICK TO READ FULL POLITICO ARTICLE
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“I want to be very clear,” Obama said to open a “fiscal responsibility summit” at the White House. “We cannot and will not sustain deficits like these without end. Contrary to the prevailing wisdom in Washington these past few years, we cannot simply spend as we please and defer the consequences to the next budget, the next administration and the next generation.”
In his brief remarks, Obama returned several times to criticism of past budget practices that clearly was aimed at President George W. Bush’s administration, suggesting the former president and his team weren’t candid with the American people about the scope of the budget difficulties.
At one point, Obama criticized “the casual dishonesty of hiding irresponsible spending with clever accounting tricks, the costly overruns, the fraud and abuse, the endless excuses. This is exactly what the American people rejected when they went to the polls. They sent us here to usher in a new era of responsibility in Washington, to start living within our means again and being straight with them about where their tax dollars are going.”
Obama also made clear that he believe he was inheriting the current budget mess from Bush — even though roughly a quarter of the $1.3 trillion deficit stems directly from Obama’s recently economic stimulus package.
Still, Obama said he would break from several of Bush’s practices in building his own 10-year budget being released Thursday. Obama said he would put the full cost of the Iraq and Afghanistan wars on the budget, and allocate money for natural disasters – two things Bush did not do.
“We do ourselves no favors by hiding the truth about what we spend. In order to address our fiscal crisis, we have to be candid about its scope,” Obama said.
Failure to act quickly and decisively, Obama said, “we risk sinking into another crisis down the road, as . . .our bills come due, confidence in our economy erodes and our children and grandchildren [suffer].”
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Tuesday, February 17, 2009
Trump in Bankruptcy Again!
"You're Fired!"
Trump was frustrated that bond holders and their allies on the board rebuffed his offer to buy the company and take it private.
Such a filing would mark the third appearance in bankruptcy court for Trump Entertainment, which most recently emerged from bankruptcy proceedings in 2005.
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