Economy – Flushing down the toilet

Started surfing a little at lunch time today and I think we are watching the collapse of America state by state as to much government spending runs themselves out of money and finally some are taking a stance over to much government.

California about to implode and Kansas not able to pay its bills as the Dow drops 3+% again today.

As the stock market looks to the future it sees nothing but failure and losses. Since Obama was elected the Dow has gone down over 2000 points. If the market felt there was hope in the next year or two the market would be flat to rising despite the reports of what has occurred in the past.

As Obama’s reverend stated, America’s Chickens have come home to roost. We are reaping the rewards of government excesses of the last 50-70 years as the bills are coming due. People and businesses have followed the government’s example, living above one’s means for the last 20+ years.

Evolution it reality, even for humans, the heard needs to be thinned, the weak do not survive and are taken by the predators. The correction is inevitable and necessary for survival of the species. Evolution and nature are cruel. It is the reality of life.

US Government spending will bankrupt the world

The US federal government is in the process of bankrupting the world as accounting practices that the federal government does not allow private companies to use are used to hide the real government debt. This cuts across party lines and the end of liberty and personnel freedom in the world.

The total economic of the world based on the ponzi scheme known as government spending is close (if not already beyond) the tipping point. Paper currency will be virtually worthless since the governments that print them have no possible way to back their value.

Government spending is the problem and drastic government spending cuts (real cuts not decreasing the rate of increase) of 50 to 90+% in some cases are required.

Federal obligations exceed world GDP, Does $65.5 trillion terrify anyone yet?

As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.

The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the “2008 Financial Report of the United States Government” as released by the U.S. Department of Treasury
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“The federal government is bankrupt,” Williams told WND. “In a post-Enron world, if the federal government were a corporation such as General Motors, the president and senior Treasury officers would be in federal penitentiary.”

Assuming 330 million Americans, 65.6 trillion debt is equal to $198,484 per American. This is on top of any state, local or personnel debt.

If you want to really understand the what the future holds and the consequences read the A Citizen’s Guide published by the treasury department.
It would be nice if government would live by this motto in the report.

Using the government accounting methods that if any private business used, the CEO, CFO and board of directors would be in jail, here are some tables from the report on future predictions.

These projects do not take into account the money spent since Oct 1, 2008. TARP and the new stimulus plan are on top of this staggering debt.

Americans need to hold our employees the elected government officials responsible. New blood is needed.

About face on Hillary’s replacement

I figured Kennedy was a shoe in, I have no idea who Gillibrand is but based on what I have read it is about as good a pick as a conservative could get in New York.
I guess Governor Patterson wanted to piss off lots of NYC liberals with his pick for Hillary’s replacement. Including the liberal Republican Mayor Bloomberg.

I will not vote for Paterson in 2010 due to his tax and spend policies and his misleading talk of budget cuts without cutting anything only decreasing the proposed increase but that is a different topic for another time.

Gillibrand to replace Clinton in U.S. Senate

Gillibrand is said to be a “Blue dog” democrat, fiscally conservative, pro gun rights, against illegal immigration. She sounds to be much more conservative than lots of Republican Senators in the US senate today. John McCain to name one.

Analysts: Paterson may pay price for Senate pick

ALBANY — Gov. David Paterson comes out of the process of picking a new U.S. senator politically damaged, at least in the short run, analysts said Friday.

“If as an unelected governor you can figure out a way to offend the Kennedys, the Cuomos and President Obama all with one act, then you’ve got a problem,” said Marist College pollster Lee Miringoff.

Paterson waited too long to make his pick, in the view of some analysts, giving time for more prospective candidates to make their pitches and ensuring a line of disappointed aspirants.

“Earlier would have been better,” said political consultant Hank Sheinkopf. “Make a decision, get it out of the way.”

For his part, Paterson, who will face voters next year, said Friday that his only regret was that he had been too public in discussing his “wrestling” with the decision.

Before picking Gillibrand, Paterson kept delaying a decision, saying he wanted to wait until Hillary Rodham Clinton stepped down — which she waited to do until confirmed by the Senate to be secretary of state.

He didn’t formally notify Gillibrand the job was hers until 2 a.m. Friday.

Paterson ended up distributing questionnaires to more than a dozen candidates — and then refused to make public what questions he had asked. Nor did he release the list of candidates under consideration.

The state Republican chairman, Joseph Mondello of Long Island, said Paterson’s “secret, closed-door process” resulted in the selection of “an unqualified political novice to represent New York at a critical time.”

“The process was a mess,” said Bruce Altschuler, a political science professor at the State University College at Oswego. “… You couldn’t tell whether (Paterson) was just being cagey or confused.”

“It was bad politics and bad press relations,” Sheinkopf added. “He’s had the longest honeymoon of any New York governor, but now that’s over.”

But Miringoff said Paterson could easily make up ground, if Gillibrand is successful.

“There are many signs that she will be successful,” Miringoff said, pointing to her success in a heavily Republican congressional district.

Regardless, the process “really raises questions about whether the state has focused and coordinated leadership,” said Barbara Bartoletti, a lobbyist for the state League of Women Voters.

What I put in Bold is the key part of the paragraph. Clinton and the Democratic machine setup Paterson. Paterson is 100% correct in how he handled this appointment. Within 2 days of the Senator resigning he appointed a replacement. How much faster could he have made his decision? He legally could not announce a pick before Clinton resigned. Should every Governor for all 50 states be required to announce, here is the person who I will appoint as the replacement in the Senate if one of the current senators resigns or dies? I actually have some empathy for Paterson, he has stood up to the democrat political machine in New York City and New York state by picking an outsider who has the potential to make a difference for people in NY north and west of the Hudson River.

Paterson’s problem is that he picked someone who is not a NYC liberal, the criticism of the process is because the NYC liberals do not like the result. Like most times for democrats, the ends justify the means, toe the party line or you are not welcome and will be ostracized.

NY Governer shows how to use a senate appointment

Illinois Gov Blagojevich needs to learn from NY Gov Paterson.

Do not ask for direct payment, you need to be more subtle.

CAROLINE THE ‘CERTAIN’ PICK FOR DAVE: RIVALS

DESPITE claims that he’s still undecided, Gov. Paterson is “certain” to pick Caroline Kennedy to replace Hillary Rodham Clinton in the US Senate, several unhappy contenders for the job have told friends and associates in recent days.

The contenders based their conclusion on the view that Paterson, after nearly two months of indecision, would “greatly embarrass” and “entirely humiliate” Kennedy, anger her prominent political family and even offend President-elect Barack Obama by picking someone other than President John F. Kennedy’s daughter.
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US Rep. Carolyn Maloney of Manhattan, a would-be Clinton replacement who is backed by several women’s organizations, was the most publicly adamant in saying the fix was in, citing a scenario – first outlined in last week’s Village Voice – under which Paterson, in a deal with Mayor Bloomberg, a Kennedy friend, selects Kennedy in exchange for help for his own election bid next year.
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This is how you play the game and not get indicted, no direct cash, only promises to be called in later.

$825 Billion Stimulus

House Offers $825 Billion Stimulus

From Townhall.com

House Speaker Nancy Pelosi (D-Calif.) described the legislation as a “first step along the way” in what is expected to be an intense, four-week negotiating period with the Senate. Pelosi and Senate Majority Leader Harry M. Reid (D-Nev.) have pledged to deliver the legislation to Obama before Congress departs for a President’s Day recess. Until then, Pelosi predicted “practically no sleep on anyone’s part.”

Rep. David R. Obey (D-Wis.), chairman of the Appropriations Committee, called the bill “the largest effort by any legislative body on the planet” — and he warned it could be followed by another emergency funding measure if the economy worsens. Obey told reporters at a briefing, “This product may undershoot the mark.”
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Senate Democrats have predicted their stimulus wish list could rise to $850 billion, including many provisions not included in the House bill. If a $70 billion fix to the alternative minimum tax is included in the final legislation, as expected, the final version could top $900 billion.

$825 Billion may undershoot the mark, more wish list items are needed

Where is all the talk about a balanced federal budget led to the 1990s prosperity and growth. I never thought I would wish for the Clinton years again but since the entire government was distracted during most of his presidency they did not do much.

I guess the old saying that the “government which governs the least, governs the best” is being proven to be true.

Truth in Media about Subprime failings

A very true editorial on IDB that takes the media bias to task.

The Subprime Lending Bias

Media: If, as they say, it’s journalists who write history’s first draft, then future texts will be riddled with errors about the origins of the subprime disaster, teaching future leaders the wrong lessons.

Read the entire article for a better understanding the media bias towards Republicans and especially Bush. Bush has given up his free market principles if he ever had any but the blatant omission of history by the media is a major part of the reason why American is in such long term trouble.

The big media want to be invited to all the right parties in DC and NYC so they can’t report truth since they would miss out on the parties and the illusion that they have power and are important.

Caroline Kennedy wants to be US senator from NY

Caroline Kennedy made the rounds of upstate NY actively campaigning for the NY Senate seat which Hillary is leave to be secretary of state.

Kennedy Meets with Duffy, Slaughter

She met with the local mayors of upstate NY cities to try and convince New Yorkers that she would work for all of NY not just Manhattan.

Other than endorsing Obama for President she is not qualified to be in any public office.

I guess since the Illinois governor has screwed up letting Obama be a king maker for his seat so he has turned to NY to get a rubber stamp for his agenda.

After the budget announcements this week for NY I guess this is par for the course. Just make NY a total laughing stock of the country by appointing someone who’s qualification is that her father got shot as president, her uncle got shot while running for president and her other uncle is a drunk who killed a woman but never was prosecuted due to who he is.