Peter Orszag, OMB Director, let sick die to save health care

Budget Director On $3.6 Trillion Plan

From Fast Money show on 2-26-09

http://www.cnbc.com/id/29412840

Listen from 1:45 to 2:15 of this clip.

The sentiment is, The biggest health care cost is treating people within the last 6 months of their life. America does not get the increase in longevity versus the amount of money spent.

This are the people who want to take over my health care.

For the group of people who think it is OK for infanticide, I guess euthanasia is the next logic step.

Sick and Tired of Government

There are so many items going on in New York State and all of America today related to Government which just make me absolutely sick. There are so many things I can’t keep up with them all. It is a full time job to keep the lunatics at bay.

Patterson wanting to tax everything up to breathing, which is next since it is all that is left and CO2 is now a pollutant and pollutants must be taxed.

The Obama debt multiplier, ignore any fiscal responsibility, tax success, subsidize failure American Ponzi scheme which will finish off any sense of personal responsibility and personal liberty.

The only hope I have left is that they are overreaching so far that the backlash will be so great it will destroy liberalism for generations to come. The alternative is America’s indentured servitude for a minority of Americas the next few millennium to fund the nanny state and the majority of people who do not want to work. Ponzi scheme’s do not last forever, just need to not be the last one in.

Remember this Reagan quote, that is more true today than ever

The nine most terrifying words in the English language are, ‘I’m from the government and I’m here to help.’

Market drops again as the Federal Government Grows more Socialist

The problem with the economy today is that the government is to heavily involved.

This is not an Anti-Democrat concept, it is an anti-big central government, reduction of capitalism and personnel liberty issue.

Bush was a failure when it comes to financial policies his entire 2 terms as I stated previously: Why republicans lost in 2006 and 2008 and George W Bush, The 1st American Socialist President.

Here is a very timely editorial at IDB, Is It Any Wonder The Market Continues To Sink?.

Last Oct. 13, in trying to explain why the market had sold off 30% in six weeks, we acknowledged that the freeze-up of the financial system was a big concern. But we cited three other factors as well:

• The imminent election of “the most anti-capitalist politician ever nominated by a major party.”

• The possibility of “a filibuster-proof Congress led by politicians who are almost as liberal.”

• A “media establishment dedicated to the implementation of a liberal agenda, and the smothering of dissent wherever it arises.”

No wonder, we said then, that panic had set in.

Today, as the market continues to sell off and we plumb 12-year lows, we wish we had a different explanation.
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Someone needs to stop saying that everything is a crisis and then go off with a little information and make bad decisions. I want a president who will make rational decisions in times of crisis and not appear overwhelmed. Americans are in deep trouble as spending continues to dramatically outpace any economic growth.

Money managers can see this, you can’t spend trillions of dollars more than exist and expect everything to be OK in the long run.

Today’s drop I think is directly related to the comments about cutting the deficit in half by 2013 that came out today. The market looks at this and says why does the progress on deficit reduction always occur after the current president is no longer on office or at the beginning of the second term. The press announcements are wrong and shows how stupid the present administration and media thinks Americans are.

By the president’s account, the administration inherited a $1.3 trillion deficit for the current fiscal year from the Bush administration – that’s the figure Obama says he’ll cut in half – and the stimulus law, coupled with rescue efforts for ailing automakers, the financial industry and beleaguered homeowners will raise this year’s red ink to $1.5 trillion.

He is saying that it is going to take 4 years to get to a $650 billion dollar debt. If that is a linear decrease for the annual debt, the total debt will be increase by [1.3 Tril – 1/4 650 bil + 1.3-1/2 of 650bil +1.3 trill – 3/4 of $650 billion + 650 billion] = (1.13 Tril + 0.975 Tril + 0.813 tril + 0.650 Tril)= $3.65 trillion more will be added to the national debt during the Obama Administration. That is adding >33% of the current national debt after 232 years. Just think of that America is going to be 35.6% more in debt in 2013 than when George W Bush left office. This is why the financial geniuses on Wall street are saying business will not have profits or anything of value in the foreseeable future.

Oh for the days of the responsible Bush administration financial policies, those where the days of efficient, inexpensive federal government (sarcasm intended) when the debt only went up by $1.54 trillion dollars in 6 years. Obama will have that passed before the mid-term elections in 2010. Wow, that is change which will result in everyone being prosperous.

CNBC Squawk Box Rant from last week

This is something that has been posted all over the web but it is so good I needed to post it here.

Rick Santelli and the “Rant of the Year”

Long live capitalism, down with socialism and government bailouts. Not a party thing, What is good for America.

Eminent domain and publicity seeking politicians destroy private lives

There has been a project that the politicians in the Rochester, NY area have been pushing for 5 years now. As part of this project it was announced multiple private properties would be taken using eminent domain laws. 5 years ago, the building which were occupied and had rent paying tenants, now the tenants have all left and the owners of the building owe property taxes that they can’t pay due to the loss of tenants. The owners wanted to sell but nobody would buy the buildings at market prices knowing that the government was going to take them eventually.

Here is the full article
Pittsford couple desperate for payday from vacant RenSquare properties

Edwin Cohen has been a member of Rochester’s downtown real estate scene for about five decades, planning a retirement around his investments.
Now in failing health, Cohen finds his retirement dreams on hold.
His last four investment properties are at East Main Street and North Clinton Avenue and slated to be condemned to make way for Renaissance Square.
Cohen, 82, would be a willing seller, but the project’s delays since it was announced with great fanfare in early 2004 have prompted his tenants to leave, drying up income from the buildings.
He and his wife, Phyllis, are now struggling to get by, waiting for a payday that has thus far eluded them.
Now, that payday will yield far less than originally hoped.
The loss of rental income from the buildings has caused Cohen to fall behind in his taxes. The county sold its liens on the properties to American Tax Funding Services, an action the county took knowingly, said County Attorney Daniel DeLaus. The city worked out a payment agreement for back taxes with Cohen, but he has not fulfilled it, and the city is preparing to sell its liens on the properties to the same company at the end of the month, said City Treasurer Charles Benincasa.
The back taxes, more than $322,366, must be paid back once the buildings are purchased for Renaissance Square.
A price for the buildings hasn’t been agreed on between project planners and Cohen, but the couple’s lawyer said he would press to make sure they are compensated for the building’s value before the project was announced. American Tax Funding Services is not interested in owning property, and tax liens do not prevent the owners from selling and can be paid at closing, said Vice President Tadgh Macaulay.
Edwin Cohen’s parcels — at 170-172 E. Main St., 186 E. Main St., 190-194 E. Main St. and 9-17 N. Clinton — are now assessed at $675,000, according to city records. American Tax Funding is owed about $15,366 in unpaid taxes and the city is owed more than $307,000.
……………..

The reason this project has taken so long is that the local government announced the wish for this project long before any money at any level of government had been allocated. Then the local officials looked to the federal government for funding, since the local politicians will actually never try to pay for something with local money, the money always has to come for the federal government. This is a major problem with America today, local governments are dependent on the federal government for funding of local projects. What value will a new local bus terminal and local community college campus have on the nation as a whole.

This project and every other project around the country like it should be 100% funded by the local government and not the federal government. If the local leaders think it is that necessary for the betterment of the local way of life then let’s pay for it ourselves.

The problem with the project is most of the local people think it will be a colossal waste of money, just like our local fast ferry project was a few years ago.

Any fan of “The Simpson” TV show will know this reference, the local fast ferry was our version of the Springfield monorail.

Thanks to the heavy hand of government two people’s live have been pretty much been destroyed. I am sure similar scenarios are playing out all across America. This is a shame and why people mistrust government.

The Foreclosure Rescue Plan – 1/3rd OK

Based on this “A Detailed Look At The Foreclosure Rescue Plan” analysis of the Obama foreclosure rescue plan there is 1/3rd with which I can agree as long it is not limited to only those who have lost jobs.

Category #1: Underwater Mortgage Refinance

The Plan: Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) will refinance mortgages that fit a certain description, with the ultimate intent of making mortgage payments for the average American family more affordable.

The Good: This part shouldn’t actually cost taxpayers any money, since it merely involves rewriting the rules as they were. Those home owners eligible for refinancing – those who still have a prayer of meeting their monthly dues – will still owe the same amount they did before, just under a different policy that makes it easier for them to pay what they owe. This of course frees them up to spend money on other purchases, which helps revive the economy.

The Bad: Critics of the plan such as the Wall Street Journal warn that refinancing won’t do much good in the end, since it “assumes the inability to refinance/falling housing prices are the reason for homeowner ABC having trouble with their mortgage, as opposed to them having bought a house they couldn’t afford in the first place.”

Conclusion: For those homeowners who acted perfectly responsibly but lost their jobs due to factors outside their control, this could be a welcome boon. The problem is that changing their rates won’t change the fact that they do still need to pay them. So in the long run, it might result in absolutely no change. And for those people who did take on mortgages such as ARMs that were way out of their ability to pay in the first place, at best it just reinforces that they can make stupid decisions without facing the consequences, and at worst it leaves them with absolutely no change… since they’re still going to have to pay those bills somehow or another.

If someone is current on their mortgage payments, wants to refinance the value of their house and they had >20% equity at the time of purchase but the current market has declined so that the new mortgage being requested is within 5% of the current value. If the new mortgage results in a payment which is less than the current payment this is a good thing for the responsible person who is paying their mortgage.

Category #2 – new rules, it depends on the rule changes if this is good or bad, so far to vague to draw any conclusions.

Category #3 – these are the loans which are a major reason for the start of this economic slowdown. I feel bad for these people but sometimes the best thing that can happen is hitting rock bottom in one’s life because it can’t get worse. Sometimes starting over is much better than trying to salvage a lost cause, knowing when to stop throwing good money after bad money is a key.

Where is the help for those who made wise choices?

Everything coming out of Washington for the last 24 months has been directed to help those who have not made smart decisions. reward failure, punish success.

People overpaid for houses and took out mortgages they never had a chance of paying back. These people can be rescued for biting off more than they can chew, living above their means.

I feel sorry for the few who may have been taken advantage of by mortgage brokers but where in the constitution is it stated the there is a right to a mortgage for a house to live. It must be there since the federal government is doing it, but I just can’t find it in my copy.

The sad part about America today is that the question as to if the federal government has the power to do something as granted by the constitution is never asked. The US constitution is a nice document that is totally ignored by the elected officials, it means what every they want it to mean at a certain point in time and if the circumstances change then their idea of the constitutions meaning changes.

My question is why do the 95+% of Americans who are paying their mortgage on time have to pay taxes to cover the mortgages of those who are in over their head.

This is what foreclosure and bankruptcy court are for, if you can’t pay your bills why should you get to keep anything. More than 50% of the people who had their mortgages redone last year are in foreclosure within 6 months of the government forced loan redo. If these same people are going to have their mortgages redone again due to their being behind in their payments what is the incentive for them to ever pay their mortgage.

Since the federal government is going to redo these people’s mortgages, if they do not pay their property taxes to the local government will the federal government pay their taxes for them as well since you do not want the local government to kick these people out of their house.

What is the end game? When does a return to personnel responsibility occur? Where does the insanity of rewarding bad behavior and punishing personal responsibility end?

Why do liberals believe in evolution for all animals on the planet except for humans? Are humans not supposed to evolve, are humans not supposed to be part of nature and be controlled by evolution, adapt or be cast aside? Why do the ends justify the means? Isn’t it more important to be try and be moral while archive good results. Are short term good results worth being morally bankrupt?

Obama should listen to JFK

Saw this on townhall.com

Democrat Icon JFK chooses Tax Cuts during a Recession, Barack Obama should watch this video

“The worst deficit comes from a recession and if we can take the proper actions at the proper time, this can be the most important step we can take to prevent another recession. That is the right time for a tax cut. A creative tax cut, creating more jobs and income and eventually more revenue. Across the board top to bottom in both corporate and personal income taxes. The billions of dollars it will place in the hands of the consumers and our businessmen will have both immediate and permanent benefits to our economy. Every dollar released from taxation will help create a new job and new salary. These new jobs and new salaries and other new jobs and salaries. And more customers and more growth for an expanding American economy.”

Enough said, those who do not know history will repeat it.

Not sure if we are in 1929 or 1977 but either one means the next 5 or more years are going to be rough on the American people.

Government intervention = failure

A couple of quotes in this article just make me chuckle and really wonder if the elected officials really understand anything.

Dow slips nearly 300 points

……………
“The administration is great at floating the rumors, but we need concrete plans to back that up,” said Ryan Larson, head equity trader at Voyageur Asset Management. “Without any further concreted details, the market’s really left to wonder. And in this environment, they wonder the worst-case scenario.”
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There is also fear among investors that more banks across Europe will require capital injections from governments. In Britain, the focus has been on Lloyds Banking, which has been hobbled buy its forced merger with the stricken mortgage lender HBOS. Lloyds was off 3.2 percent Tuesday, having shed 8.1 percent Monday and 32.5 percent Friday………….

The politicians of the world, think they no better than anyone else what is best since the majority of them could not excel at anything but speaking a lot and never saying anything.

Just saw a sign in the background of a TV show that reminds me of the fell-good, do what I say not what I do, I am not responsible for my own actions society that exists today.

When all is said and done, more is said than done.

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.