Barb’s Blog » Entries tagged with "bailout"
Bailouts Predicted by the New York Times in 1999
Jimmy Carter signed the Community Reinvestment Act in 1977. This required financial institutions to make loans to lower-income individuals in the communities they served. Non-compliance with this Act would prevent a bank or savings and loan from being able to expand within the states it was currently in and beyond. It’s interesting to note when the current housing and financial crisis, the above statement is often ignored. Even the New York Times in 1999 predicted a possible bailout, here is an excerpt from that paper: In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin … Read entire article »
Filed under: News Items
To the Victors Go the Spoils
This is the only way to explain how an organization under investigation, indited for voter fraud, can receive bailout money and stimulus money. Obama owes them. ACORN employees across the country have been indicted for voter fraud and, by its own admission, the group has submitted at least 400,000 questionable voter documents, according to a New York Times report dated October 24, 2008. Now, two whistle blowers, Anita MonCrief and Marcel Reed, who used to work for ACORN, have testified under oath before the House Judiciary Committee that the organization took money to intimidate capitalist organizations like the Carlyle Group and H&R Block and worked closely with the Obama presidential campaign to get voters to the polls. It is here where the story begins to rise to the next level. According to Ms. … Read entire article »
Filed under: News Items
Smokescreens
According to Chuck Norris, the outcry regarding AIG is a newstory that is keeping us from the REAL story, a smokescreen if you will. First, while people blow a cork over AIG corruptions, far larger amounts of money are being funneled to European financial groups without a peep of protest. AIG employee bonuses are chump change in comparison. Where is the roughly $170 billion AIG received from taxpayers going? Some of the biggest beneficiaries of the bailouts are European financial affiliates of AIG. While AIG’s bailout money was distributed to American companies Goldman Sachs ($13 billion), Merrill Lynch ($7 billion) and Bank of America ($5 billion), European partners were making out like bandits, too. The banks include Societe Generale of France ($12 billion), the Deutsche Bank of Germany ($12 billion), Barclays of Britain … Read entire article »
Filed under: News Items
Proof – Government IS the Problem
Northern Trust, a Chicago based bank, a bank that received $1.6 billion in bailout money, was caught by TMZ, recently spending a fortune hosting a series of lavish parties and concerts to go along with a Golf Tournament. We’re told Northern Trust paid millions to sponsor the PGA event which ended Sunday, but what happened off the golf course is even more shocking. Northern Trust flew hundreds of clients and employees to L.A. and put many of them up at some of the fanciest and priciest hotels in the city. We’re told more than a hundred people were put up at the Beverly Wilshire in Bev Hills, and another hundred stayed at the Loews Santa Monica Beach Hotel. Still more stayed at the Ritz Carlton in Marina Del Rey and others at … Read entire article »
Filed under: News Items
Crony Capitalism
This was in my inbox from Newt: There’s a term that’s commonly applied to the economic systems of some Asian and Latin American countries. It’s “crony capitalism.” Crony capitalism is when government controls significant parts of the economy. Under this kind of bureaucratic micromanagement, politicians – not the free market – call the shots. And that means that the decisions that control the economy are of necessity political decisions, not economic ones. Crony … Read entire article »
Filed under: General
Wooden Arrows
“Government is not the solution to our problem; government is the problem.” ~ Ronald Reagan Congress continues to live up to its 10% approval rating and passed the Senate version of the bailout bill last night. The bill that started out as only 3 pages long (It’s now the length of a novel) has some interesting items attached to it: New Tax earmarks in Bailout bill. - Film and Television Productions (Sec. 502) - Wooden Arrows designed for use by children (Sec. 503) - 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504) Tax earmark “extenders” in the bailout bill. - Virgin Island and Puerto Rican Rum (Section 308) - American Samoa (Sec. 309) - Mine Rescue Teams (Sec. 310) - Mine Safety Equipment (Sec. 311) - Domestic Production Activities in Puerto Rico (Sec. 312) - … Read entire article »
Filed under: News Items
Creative Economy Recovery Plan
This was forwarded to me and if it works or not, we’ll likely never know! The Birk Economic Recovery Plan I’m against the $85,000,000,000.00 bailout of AIG. Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend. To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+. Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.. So divide 200 million adults 18+ into $85 billion that equals $425,000.00. My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend. Of course, it would NOT be tax free. So let’s assume a tax rate of 30%. Every individual 18+ has to pay $127,500.00 in … Read entire article »
Filed under: General
Stewards and Managers
I was watching Neil Cavuto today and he had a guest on his show named Larry Winget. Neil was asking Larry about the Federal Rescue of Wall Street. Larry was quick to remind him it was not a rescue, it was definately a bailout, and that it was irresponsible to reward bad behavior, which is exactly what we’re doing by rushing to put money into something where no one goes punished or investigated. He also expressed concern over the rush of this bill. Later, Cavuto interviewed Ted Nugent. Ted Nugent had stronger words about this bailout, “Uncle Sam is a pig and I wouldn’t trust congress-Fedzilla- to take care of my animals.” Later in the show, Ben Stein declared whether we bailout now or later, he called for drastic legal prosecution for those at fault. All men … Read entire article »
Filed under: News Items
Bailout – Solution or Bandaid
Just when it looks more complicated than I can grasp, a voice of reason arrives to my inbox. I just couldn’t get my hands on what was right – for our government to bailout this Wall Street crisis before it gets to Main street or do we just let it go? Newt Gingrich seems to be a reasonable voice in this. This is what arrived to my inbox: One of the first things he suggests is … Read entire article »
Filed under: General
Bailout
Bush urged lawmakers in Washington on Monday to act quickly on the bailout bill and to resist the temptation to add provisions that, he said, “would undermine the effectiveness of the plan.” But it is becoming clear that Democrats have their own ideas about what should be in the plan, who should be helped and who should not. Senate Democrats on Monday put forward their version of the rescue plan, including a bold addition aimed at helping homeowners at risk of foreclosure. How can we put any trust in the people voting for this bailout when they themselves invested in what they’re bailing out? Pelosi, in her most recent financial disclosure form, reported that her husband owned between $250,000 and $500,000 of stock in AIG, which ceded majority control to the U.S. government this week … Read entire article »
Filed under: News Items
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