And So I Go: Yesterday, Today and Tomorrow

Archive for the ‘Politics 2011’ Category

How many times must the fact that lowering taxes  and allowing people to decide how and where to spend their money actually  grows the economy?   Here is another country that has come thru the current mess the world is in by lowering taxes.  Will we never learn!!?  BB

MUST-READ: Incredible evidence the U.S. and Europe are making a horrible mistake
Wednesday, May 09, 2012
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From Carpe Diem:

From the U.K. Spectator’s report on the amazing success of supply-side economics in Sweden and finance minister Anders Borg, the man behind it:

“When Europe’s finance ministers meet for a group photo, it’s easy to spot the rebel — Anders Borg has a ponytail and earring. What actually marks him out, though, is how he responded to the crash. While most countries in Europe borrowed massively, Borg did not. Since becoming Sweden’s finance minister, his mission has been to pare back government. His ‘stimulus’ was a permanent tax cut. To critics, this was fiscal lunacy. Borg, on the other hand, thought lunacy meant repeating the economics of the 1970s and expecting a different result.

Three years on, it’s pretty clear who was right. “Look at Spain, Portugal, or the UK, whose governments were arguing for large temporary stimulus,” he says. “Well, we can see that very little of the stimulus went to the economy. But they are stuck with the debt.” Tax-cutting Sweden, by contrast, had the fastest growth in Europe last year, when it also celebrated the abolition of its deficit. The recovery started just in time for the 2010 Swedish election, in which the Conservatives were re-elected for the first time in history.

All this has taken Borg from curiosity to celebrity. The Financial Times recently declared him the most effective finance minister in Europe.

“Everybody was told ‘stimulus, stimulus, stimulus’,” he says — referring to the EU, IMF, and the alphabet soup of agencies urging a global, debt-fueled spending splurge. Borg, an economist, couldn’t work out how this would help. “It was surprising that Europe, given what we experienced in the 1970s and ’80s with structural unemployment, believed that short-term Keynesianism could solve the problem.” Non-economists, he says, “might have a tendency to fall for those kinds of messages.”

He continued to cut taxes and cut welfare-spending to pay for it. He even cut property taxes for the rich to lure entrepreneurs back to Sweden. The last bit was the most unpopular, but for Borg, economic recovery starts with…
Read full article…

More on taxes and the economy:

Doug Casey: What you must know about taxes now

Awesome video shows why the U.S. debt crisis is not what it seems

The simple reason higher tax rates can’t solve America’s debt crisis



This is from a friend and fellow blogger.  Read it and then pass it on to everyone on your email contacts list and paste it on your own blog.  You will never see this anywhere where the general public will see it nor will you ever hear it from the main stream media.  BB

We need to do more than just “think about it”. We need to tell everyone we can (especially those who voted for Obama in 2008) that we can’t afford another four years of  the national disaster we’ve suffered through these last few years. Our situation will only get WORSE, not better if we do not elect a new president next November.


Pretty good summary

Subject : Something to think about.


The day the Democrats took over was not January 22nd 2009, it was actually January 3rd 2007, the day the Democrats took over the House of Representatives and the Senate, at the very start of the 110th Congress.

The Democratic Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.

For those who are listening to the liberals propagating the fallacy that everything is “Bush’s Fault”, think about this :
January 3rd, 2007, the day the Democrats took over the Senate and the Congress :
The DOW Jones closed at 12,621.77
The GDP for the previous quarter was 3.5%
The Unemployment rate was 4.6%
George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION!

Remember that day…
January 3rd, 2007 was the day that
Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.
The economic meltdown that happened 15 months later was in what part of the economy?
THANK YOU DEMOCRATS (especially Barney) for taking us from 13,000 DOW, 3.5 GDP and 4.6% Unemployment…to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac FIASCOES!
(BTW : Bush asked Congress 17 TIMES to stop Fannie & Freddie -starting in 2001 because it was financially risky for the US economy). Barney blocked it and called it a “Chicken Little Philosophy” (and the sky did fall!)
And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? OBAMA
And who fought against reform of Fannie and Freddie?
OBAMA and the Democrat Congress, especially

So when someone tries to blame Bush…
Bush may have been in the car but the Democrats were in charge of the gas pedal and steering wheel they were driving the economy into the ditch.
Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democratic Party.
Furthermore, the Democrats controlled the budget process for 2008 & 2009 as well as 2010 & 2011.

In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.

For 2009 though, Nancy Pelosi & Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budget.

And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete 2009. Let’s remember what the deficits looked like during that period :
If the Democrats inherited any deficit, it was the 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.

If Obama inherited anything, he inherited it from himself.
In a nutshell, what Obama is saying is “I inherited a deficit that I voted for, And then I voted to expand that deficit four-fold since January 20th.”
There is no way this will be widely publicized, unless each of us sends it on!

The problems we face today exist because the people who work for a living are outnumbered by those who vote for a living.”

I wondered why the Federal Reserve would order banks to take a “stress test”  that would determine how well they were able  to withstand  a sudden and severe drop in the stock market unless they were anticipating such a drop.  Guess my wondering is in good company a contributor to Big Government blog had the same wonder but he put his into perspective as to what this would do to the country.  Interesting post.  I might advise you all to buckle up and hang on out there.   At least that is what I am doing! BB

Fed Warns Unemployment May Double Great Depression

by Chriss W. Street

I warned last week that a recession and higher unemployment were about to hit the U.S. economy. On Tuesday, the Bureau of Economic Analysis cut their estimate of growth in the third quarter ending September from 2.5% to 2%. Then on Wednesday, the Federal Reserve rocked financial markets by forcing America’s 31 largest U.S. banks to “stress test” balance sheets to determine their capability to withstand an 8% drop in the economy; which would cause home prices to plunge by 21%, and unemployment rate to jump to 13%.

I illuminated in my report that U.S. Bureau of Labor Statistics has been under-counting unemployment by at least 2%. For a nation reporting 154.4 million workers; this means the 13.9 million reportedly unemployed should actually be 17 million. Given only 12.8 million were unemployed at the 1933 peak of the Great Depression, when the undercounting and the Fed’s stress test are added the total is 23.2 million unemployed; almost double the Great Depression.

(The only reason we are not seeing bread lines and homeless people flooding the streets is that now we have the federal government handing out up to 99 weeks of unemployment benefits as well as 47+ million people on food stamps.  during the Great Depression these programs were not available..  Which certainly proves the statement I have been making for decades that the next depression would make the so-called “Great” one look like a Sunday picnic.     Of course the  unemployed as well as the employed and their great grandchildren are on the hook for all the money that is being borrowed to pay for these benefits!  Which brings me to the second difference between now and then:  big business was on the hook and were the ones going into deep debt and bankrupt rather than the people via our government, but during these intervening years Congress has undertaken to protect business  and even banking by taking on the risk of doing business in America while not enforcing the rules that business “help” pay for these protective programs.  One of the most egregious business protecting programs that Uncle Sam has taken from business is the promise to pay retirement benefits if a business is unable to do so.  Companies are suppose to pay into a trust fund for these programs but they don’t and no one is watching the store to see that they do!  Companies do not even have to go bankrupt in order for the government to step up to the plate with our wallets open!  BB)

Formerly bullish top bank analyst Dick Bove in an Bloomberg interview commented on the Fed:

“By taking these draconian views of what could happen in the market, if they in fact force the banks to defense themselves against the outlook that they’ve put up, they’ll cause a recession,”

Consistent with my prediction that the booming production of capital goods would fall hard next year after the expiration of the 100% “bonus depreciation” tax credit; the bad news parade picked up steam this week with reports that U.S. durable goods orders fell 0.7 percent last month and initial jobless claims came in higher than Wall Street analyst’s predictions.

On the always dismal European front, interest rates on German “Bund” Treasury Bonds exceeded the interest rates on U.S. Treasury bonds for the first time as traders feared the financial turmoil of Portugal, Italy, Greece, and Spain (aka the “PIGS”) is causing a financial contagion that may implode solvency of German banks. Peter Cecchini, head of investment strategy at Cantor Fitzgerald in New York reporting on effects of the European financial crisis for the rest of the world: “Evidence is slowly mounting that containment is a pipe dream,”

In the delightful Middle East, the Aircraft Carrier George H.W. Bush left its traditional theater of operations watching Iran and the Persian Gulf, and moved to the closest point to Syria in preparation for implementing a “no-fly-zone” by American, European, and Arab League forces. CBS also just reported: “The U.S. Embassy in Damascus urged its citizens in Syria to depart “immediately,” and Turkey’s foreign ministry urged Turkish citizens on pilgrimages to “return home from Saudi Arabia to avoid traveling through Syria.”

During the month of November the equity shares of the 31 banks the Fed directed to begin their stress test have now fallen 13%; with Goldman Sachs and Bank of America trading at their lowest prices since the lows of the Great Recession in March of 2009. If the economy heads for a sharp recession and unemployment leaps, there will be hell to pay for politicians in November’s election.

And of course with all this happening our Congress men and women in their appointed  Super Committee made up of the greatest brains (?????)  in Congress failed to agree to taking  3 cents out of every dollar the government spends for the next ten years!  There seems to be a movement of saner heads in Congress to bring the President’s appointed deficit Reduction Committee’s  (known as the Simpson-Bowles Committee) recommendations to a vote.  I expect this to happen in the Republican controlled House of Representatives and to pass.  but Democrat Senator Harry Reid will not allow it to come to the floor for a vote in the democratically controlled Senate.  There are i believe now a total of 48 bills  that were passed in the House that are sitting on the shelf in the Senate!  BB

Just a few things from The Hill news service you might have missed:


Senate Democrats offer formula aimed at adjusting seniors’ benefits

— Congressional conservatives target welfare overhaul

— House Dems urge regulators to rethink Volcker Rule

— Cotton producers defend farm bill changes

Watchdog halts dozens of mortgage-modification scams

— Prices drop for the first time since June

Corporate execs say tax holiday can’t wait

— Top House Democrat demands explanation of penalties for late foreclosures

— Report: Top committee members rake it in from interested industry

Builders’ outlook less gloomy on the housing market

— Mortgage applications fell 10 percent last week

One especially egregious practice We the people should somehow stop.  I don’t know how we can stop the “buying” of congressmen and women but I do know the practice leads to a whole lot of bad behavior on the part of these Congressmen, high costs to the tax payers and the ultimate destruction of a nation.  A commenter on this blog stated her desire to see all money taken out of elections and campaigns.  I told her I very much agreed with her but human beings being the greedy pigs we are I had no idea how to do it.  Oh, and that is greedy and HIGHLY INVENTIVE pigs!


This is and interesting and disheartening report:

Report: Top committee members rake it in from interested industry

By Bernie Becker – 11/16/11 10:48 AM ET

Does taking over the top spot on a House committee lead to a financial windfall for lawmakers? A new report suggests it does.

Citizens for Responsibility and Ethics in Washington (CREW), looking at 10 separate House panels, found that the top Republican and Democrat had seen their fundraising totals from the industries they oversee grow at a steep rate between the 1998 election cycle and the 2010 cycle.

In all, CREW found, these chairmen and ranking members saw their industry contributions jump almost sixfold while their fundraising in general rose 230 percent.

The good-government group, which used data from the Center for Responsive Politics, suggested that its findings essentially show that industries are legally bribing top lawmakers.

“Congress would be a lot more transparent if it just put a for sale sign on the front of the Capitol,” Melanie Sloan, CREW’s executive director, said in a statement.

CREW found, among other things, that financial industry donations to Rep. Spencer Bachus (R-Ala.), the House Financial Services chairman, rose by 620 percent between 1998 and 2010 – more than two and a half times the jump in his total contributions.

Rep. Collin Peterson of Minnesota, the ranking Democrat on the Agriculture panel, saw a similar increase — a 711 percent jump in donations from agriculture groups, compared to a 274 percent upswing overall.

Reps. Barney Frank (D-Mass.), the ranking member at Financial Services, and Fred Upton (R-Mich.), the chairman at the Energy and Commerce Committee, also saw significant increases in industry donations.
CREW also said that their research found that committee leaders were sometimes more likely to vote in an industry’s favor than colleagues from the same party.

But the group’s findings were also not across-the-board.

Peterson, for instance, voted 7 out of 10 times with industries regulated by the Agriculture Committee in 2007 and 2008, the same exact percentage as the average Democrat.

Rep. Henry Waxman (D-Calif.), now the ranking member at Energy and Commerce, also got more than 10 times as much from related industries in 2010 than he did in 1998. But Waxman’s overall fundraising grew by a factor of 11.

And Rep. Edward Markey of Massachusetts, now the top Democrat at Natural Resources, saw his industry contributions jump by more than 2,500 percent in the dozen years examined.

Still, the $47,400 Markey received from industry groups in the 2010 cycle amounted to just over 3 percent of his total contributions. The Massachusetts Democrat had brought in $1,800 from those groups in 1998.

Comments (1)

Money has always been a huge part of our federal campaign system, and it’s one reason that this country is one of the most innovative and financially successful in the world. The problem is that some groups, such as the anti-American US Chamber of Commerce, seek to make campaign contributions on behalf of foreign corporations. That’s a practice that Congress needs to crack down on.BY New Englander on 11/16/2011 at 11:29
And if you haven’t already heard or guessed, Lobbyist in Washington are literally following members of the Super Committee to bed trying to throw money at them.  BB


You may want to check out these stories from Patriots  Action Network.  BB

Check out the news across the country and world!

Window Sign from Occupy OaklandWindow Sign from Occupy Oakland

Occupy Hits Oakland Hard! Oakland is Burning!  (Union thugs take over Oakland OWS movement.  “Burn Baby Burn” the cry of the  ’60’s is with us again.  The difference this time is that now the thugs have the backing of the Democrats in congress and certainly the President and White House staff.  BB)

The Debt Clock Explodes! $203 BILLION increase in ONE Month!

Obama Could Bring DOWN Entire Democrat Ticket!  (We can only hope!  BB)

The U.S. Stands With Israel over Palestinian Statehood.  (“The U.S. pays $80 million a year to UNESCO, or 22 percent of the organization’s overall budget, and the move will scuttle an upcoming $60 million payment.
The U.S. was one of 14 countries to vote against the UNESCO measure to recognize Palestine. 107 member countries voted in favor and 52 abstained.”  Now I wonder how this somehow slipped by the Communist and America haters in the White House?   I would not be surprised if somehow they manage to get the money released to UNESCO anyhow no matter what laws are broken.  BB)

Ohio Ballot Innitiatives 2 and 3:

White House to be subpoenaed for Solyndra Records  (This is grounds for impeachment but don’t hold your breath because no one and nothing can drop or even stop the first Black President of the United States from serving out at least one term.  And of course he will also serve out a second term legally  because voter fraud is already in place and working towards an Obama win in 2012.  And then Obama will serve  as dictator as long as the powers behind him find him useful to their cause of world domination.  BB)

Senate GOP blocks $60 billion Obama-backed infrastructure bill     (Democrats voted with the Republicans to stop this second give away to Obama supporters and friends.  BB)


All eyes on Bernanke: The Federal Reserve will issue its latest statement on Wednesday, and as usual, the markets will pore over every word in an attempt to look deep into the psyche of Fed officials and what they really think about the economy and what to do about it.

After the Federal Open Markets Committee (FOMC) meeting, Federal Reserve Chairman Ben Bernanke will make his next stand before the press after the meeting to relay the Fed’s thinking — his third in what had been a relatively rare occurrence.

He’ll probably field questions on the Fed’s outlook for the economy, and perhaps even some of the political pressure facing it: the Fed decided to do the Twist — nope, not the 1960s-era dance — after receiving a letter from GOP leaders asking them to avoid doing just that.

Bernanke will most likely make a full-throated defense of the Fed’s latest policy move, “Operation Twist,” which has the Fed buying up long bonds and selling off short ones. He’ll mount that defense despite the fact that he will likely continue to face a hard bloc of opposition within the Fed on the strategy. Three FOMC members have dissented from the last two Fed statements, an unusually high amount of division for the typically consensus-minded institution.

Even if the Fed does not make any groundshaking announcements, Bernanke will drive headlines.

(I do not believe the Federal Reserve should be abolished and the management of our money should revert back to Congress given our Congressmen’s miserable history of managing anything.  I do however believe Congress must have much greater control over and oversight over the Federal Reserve.  BB)


Ode to 100 days: The Consumer Financial Protection Bureau (CFPB) will be under the spotlight of the House Financial Services Committee tomorrow, as a subcommittee dives into what the brand new bureau has been up to in its first 100 days. Since beginning work in July, the CFPB has embarked on projects to streamline documents consumers use to get a mortgage or student loans, while continuing to flesh out its infrastructure.

And it’s been done it all without a director, as Obama nominee Richard Cordray remains bogged down in the Senate due to GOP lawmakers demanding changes to the agency. Tomorrow, Raj Date, the president’s special adviser in charge of the bureau and Elizabeth Warren’s successor, will discuss the bureau’s opening days with lawmakers, and likely will face some tough questions from skeptical Republicans.

(Another Dodd-Frank Financial Reform  Bill monstrosities that needs to be shut down!  BB)

Going postal: A possible solution is in the offing for the troubled U.S. Postal Service. On Wednesday, Sens. Joe Lieberman (I-Conn.), Susan Collins (R-Maine), Tom Carper (D-Del.) and Scott Brown (R-Mass.), all higher-ups in the Homeland Security and Government Affairs Committee, are getting together to release a bipartisan bill to, in their words, pull the Postal Service “from the brink of financial failure.”

USPS lost around $10 billion last fiscal year, and the postmaster general has said the agency could run out of money next August or September if nothing is done to change its financial trajectory. But the legislative process on a USPS overhaul likely still has a ways to go, with the bill from the four senators expected to have some significant differences from the measure being pushed by House Republicans.

(The US Post Office is in trouble because of the huge number of overpaid and vastly over benefitted employees.  Stamps are going up again to $.41 per stamp.  No wonder only those given  cheap postage rates like  junk mailers use the postal service!  Time for a big shake up and the dismissing of thousands of postal workers.  Also I really don’t see a need for daily mail anymore since  the  computer has made communication so fast and easy and CHEAP.  BB)

On the hot housing seat: Two witnesses convicted of defrauding the nation’s largest federal public housing construction program will testify during a joint Financial Services subcommittee hearing on Wednesday. The subcommittee will examine whether a lack of internal controls at the Housing and Urban Development Department (HUD) makes the HOME Investment Partnership Program especially vulnerable to fraud.

“HUD’s lack of oversight within the HOME program is extremely troubling,” said Insurance and Housing subcommittee Chairwoman Judy Biggert (R-Ill.).

(HUD  has always been high on fraud and abuse from the very beginning.  HUD should never have been in it’s present form because it is too big and lacking in oversight.  BB)


Iran sanctions: The House Foreign Affairs Committee will mark up a bill to strengthen Iran sanctions laws to compel Iran to abandon its pursuit of nuclear weapons and other threatening activities.

(Talk about useless endeavors!   What needs done is what Israel did to Syria when they got too close to going nuclear.  That isn’t likely to happen however with Obama in the WH.  I don’t understand what is holding Israel back this time.  BB)


A bridge to a jobs bill: President Obama will make a push for his $60 billion infrastructure proposal during a speech at Georgetown Waterfront Park — in front of the Key Bridge that links Washington, D.C., and Virginia over the Potomac.

After the speech, the president heads to the G-20 summit in Cannes, France.

(What will the Giver in Chief give away this time??!  there really is not much left of the United States that he hasn’t already given or destroyed.  BB)


Isn’t it grand: Members of the deficit supercommittee on Tuesday said they are still seeking a grand bargain that would go beyond the group’s mandate to find $1.2 trillion in savings.

Sen. Patty Murray (D-Wash.) said that she is continuing to seek a deal that would include spending and entitlement cuts as well as tax revenue, even as the Nov. 23 deadline for the 12-member group looms.

(As I stated the other day, please don’t hold your breath for any kind of solution to the problems we are having.  Not that solutions aren’t out there but the Republican “cut spending” and the Democrats “taxers” just are not likely to move off the33ir stands.  You know of course that I am a firm believer in cutting government spending.  There are so many agencies  (150 the CBO found to be ineffective!) and even whole departments that need to be done away with.  And of course Medicare and Social Security should be means tested.  BB)  

Reid steps back: As the supercommittee contemplates entitlement overhauls, Senate Majority Leader Harry Reid (D-Nev.) appeared to put some distance between himself and the committee’s deliberations.

“I’m not negotiating this deal. They’re doing it,” Reid told reporters.

The statement seemed to conflict with recent statements by aides that Reid was getting more involved to break the debt impasse, Erik Wasson and Russell Berman report.

No need to be moody: The fate of the nation’s AAA credit rating does not hinge solely on the final product of the deficit supercommittee, according to Moody’s Investors Service.

The credit rater said Tuesday that while there is a “significant chance” the panel will fail to reach a deal, the ultimate outcome of its work will not be “decisive” in assessing whether to keep the nation’s credit rating at AAA, The Hill’s Peter Schroeder reports. 

Minibus leaves the Senate: The Senate on Tuesday cleared a $182 billion appropriations “minibus” bill on a bipartisan basis after working through a week that included the first detailed debate in the Senate over fiscal 2012 spending levels, The Hill’s Josiah Ryan reports.

The legislation, passed 69-30, was the first to emerge from the Senate that includes cuts in discretionary spending that conform to the summer’s debt-ceiling deal under which both parties agreed to a cap of $1.043 trillion in discretionary spending for 2012. The measure includes spending for the Departments of Agriculture, Commerce, Justice and Transportation, as well as the Food and Drug Administration (FDA) and federal housing programs for 2012.

(You really don’t need my comments on this one.    I agree with the cuts certainly but why give the most useless and fraud filled departments and agencies more money?  BB)

Nixing fees: Amid a customer backlash, Bank of America is nixing its plans to charge a monthly $5 debit card fee, The Hill’s Vicki Needham reports.

The news follows announcements last week by several other major banks, including Chase and Wells Fargo, that they wouldn’t pursue the fees. Atlanta-based Sun Trust and Regions Bank said Monday they wouldn’t move forward with the fees.

Tackling the taxman: The House is expected to consider, and pass, a bill that would put a five-year moratorium on new taxes levied only on wireless devices like cellphones.

State and local tax collectors have said the measure ties their hands in an era of deep deficits. Still, more than half of the House has signed on to the bill, and it easily cleared the Judiciary Committee over the summer.

Proponents of the bill note that wireless taxes can be fairly steep, with studies finding an average rate of 16.3 percent.


Challenger Job Cuts: A measure of how many jobs cuts are planned by U.S. employers last month.

MBA Mortgage Index: The Mortgage Bankers Association releases its weekly report on mortgage application volume.

ADP Employment Change: The group measures private-sector employment for the last month.



Manufacturing expansion slows in October
— Regulators: ‘Possible deficiencies’ in customer accounts drove MF Global to bankruptcy
Simpson, Bowles to issue dire warning to supercommittee
Hoyer nearly able to block spending riders
— Geithner, Boehner meet to discuss Europe
— AIG pays back nearly $1 billion to Treasury
 Watchdog goes after SEC over personal email use
— Bloomberg: Occupy protesters should blame Congress, not banks, for mortgage crisis  (’bout time  that pansy Bloomberg made a sensible statement.  Only in New York  and California can one find such stupid politicians!  BB)
— Scott Brown, US Chamber continue push for 3 percent repeal  (You know in Europe public works get done on time and made to last because the contractors are held to their bid and put out of business if they don’t perform.  In the united Statews it is a game as to who can under bid a job the best because over runs are always funded and no one is ever held accountable or jailed.  When will we learn?  BB)
— Construction spending rises for the second straight month
Hoyer wins vows from 182 Democrats to oppose policy riders in spending bills  (Great! BB)
— Reid wants to alter House withholding bill  (Why in Hell the people of Nevada reelected Reid is beyond me.  Nevada is one of the most badly hit states by this bad economy and Reid is more that responsible for this bad economy.  Go figure.  BB)

News from “The Hill” that you might have missed and will find interesting.  Obama promises to veto any spending bills that cut into his Obamacare or his Jobs Bill.  I don’t buy this bluff and I hope that Congress won’t either.


Veni, vidi veto: The Obama administration on Thursday told House and Senate appropriators that the president will veto any 2012 spending bills that contain provisions blocking top administration priorities like healthcare and financial reforms, The Hill’s Erik Wasson reports.

Revamping its semi-dormant mantra of “winning the future,” the White House also threatened a veto if the final version of spending bills cuts funding too much or fails to fund investments in education, innovation or infrastructure.

Perhaps not surprising: Republicans have latched on to a federal audit, released Thursday, that found that more than $3 billion worth of education credits could have been wrongly handed out by the IRS, our Bernie Becker reports.

“Enough is enough — it’s time for the IRS to start taking proactive measures to stop erroneous payments on the front end,” Rep. Charles Boustany Jr. (R-La.), the chairman of the House Ways and Means Oversight subcommittee, said in a statement.

Movement on the legislation to sell off excess federal property.  I hope this includes getting out of the western states which are largely owned by the government.  There is a lot of natural resources under those federally owned hills that the feds have been giving to private mining companies for mere pennies.  If the property reverts to the states I don’t see this happening.  governments closer to the people work more in sync with the wants and needs of the people.

More moves on bringing  private companies and all their money back from overseas by giving a “holiday” on the far too excessive corporate taxes the United States charges it’s companies.  The companies take their work and money overseas to avoid what are the highest corporation taxes in the world.  The calls to tax the rich and tax the corporations so they rich and corporations do what you and I can not doe: they just leave the country!  How dumb can Americans be??!

More noise about going after the Federal Reserve and Ben Bernanke.  The Federal Reserve should never have been formed in the first place and given so much power over our money and therefore our whole economy and lives.  BB



Sen. Sanders gathers economists for his planned Fed overhaul bill

— Bernanke says no more stimulus

Senate housing bill would sell excess properties to foreign investors

— Good-government groups weigh in on repatriation

— Hensarling can see supercommittee overhauling tax code

— IRS makes 2012 inflation, cost-of-living adjustments

— Plan to shed excess federal properties marches onward

— House Dems to SEC: Make companies come clean on political spending

Higginbottom confirmed as deputy OMB head

— Chamber of Commerce spends $45.8M on lobbying

Existing home sales fell last month, still above 2010 levels

— Initial jobless claims fall slightly

Catch up on what happened this week in DC and things to watch for.  the Republicans in the House are doing what they can to clean up Obamanation thru the Supercommittee because they know nothing they do will get past the democratic Senate.  BB


President Obama and South Korean President Lee Myung-bak will take a victory lap in the Motor City on Friday after passage of a free-trade agreement between the two nations this week with a visit to a General Motors plant.

The Detroit trip comes two days after Congress passed three trade deals, with South Korea, Colombia and Panama.

The Obama administration extracted some changes to the South Korean agreement last year improving access and lowering tariffs for U.S. automakers, a deal supported by House Ways and Means ranking member Sandy Levin (D-Mich.), Ford and the United Auto Workers.

The auto industry is expected to increase its exports to South Korea by 54 percent, or about $194 million, the U.S. International Trade Commission has estimated.

“We know from experience that free-trade agreements lead to doubling and sometimes tripling and quadrupling the amount of trade and investments going into each others [countries],” the South Korean president said Thursday during lunch in Washington. “What’s more important is the fact that FTAs lead to creation of good, decent jobs and it spurs growth and innovation and entrepreneurship.”

Korea is aiming to approve the agreement soon so the pact will go into effect by Jan. 1.

But before they head off to Detroit, Obama and Lee — and scores of others, for that matter — will chow down Thursday night at an official State Dinner.

The evening’s menu is laden with Korean influences (masago rice pearl crispies and rice wine vinaigrette, for instance) and features local ingredients, including some culled from the White House kitchen garden, the White House said.

Two-cents deadline: Congressional committees have until Friday to submit their two cents — or maybe trillion-dollar saving recommendations — to the deficit supercommittee.

Keep a close watch on the the bipartisan recommendations of the House and Senate Agriculture panels, which are expected to suggest serious cuts to farm programs in the interest of warding off even deeper slashing of subsidies.

House Democrats delivered 16 letters to the deficit group on Thursday from committee ranking members focusing on job creation and tax increases. House Appropriations ranking member Norm Dicks (D-Wash.) used his detailed letter to show the damage to discretionary spending that could result if the supercommittee fails to agree on a sensible mix of cuts and taxes.

Technical issues delayed substantive debate on the three-in-one appropriations bill package that was set to come to the Senate floor on Thursday.

Votes on the combined Commerce, Justice, Agriculture and Transportation, Housing bill is not expected until next week.


Mingling of interests: Capping off a week that saw Congress pass three free-trade agreements, Secretary of State Hillary Clinton will deliver an address to the Economic Club of New York on the intersection of economics and foreign policy;

Supercommittee member and House Budget ranking member Chris Van Hollen (D-Md) will join other budget experts at a Newseum media briefing hosted by National Journal; and

OxFam America activists will fight against cuts to foreign aid on Friday by dressing up as members of the congressional supercommittee and protesting outside the east front of the Capitol.

European economic elixir: Treasury Secretary Timothy Geithner head to Paris on Friday for a meeting of G-20 finance ministers, as well as a separate meeting of central bank governors. You may have noticed, but there’s a bit of economic drama in Europe these days, as leaders wrestle a debt crisis that is threatening some of its largest economies. But there is some good news to greet Geithner, as Slovakia finally passed a European Union deal to beef up its rescue fund, after voting it down the first time earlier in the week.

Do a little derivatives dance: The House Financial Services Committee will dive deep into the world of derivatives on Friday, as a subcommittee mulls a number of bills to tweak that market, which is under scrutiny by the Dodd-Frank financial reform law. That hearing comes on the heels of a similar event at the House Agriculture Committee on Wednesday, where lawmakers discussed a slew of bills amending government regulation of the financial tool.

The movement on the three bills could also give the GOP negotiating leverage when riders on the environmental and labor bills step to the forefront.

When that happens, Democrats will no longer be able to say the entire government faces a shutdown if the less controversial bills are already in effect.


Retail sales: The Department of Commerce releases its measure of the total receipts of retail stores. The changes in retail sales are widely followed as the most timely indicator of broad consumer spending patterns.

Michigan sentiment: The Thomson Reuters/University of Michigan group puts out its report on consumer confidence.

Business inventories: The Department of Commerce report includes sales and inventory statistics from all three stages of the manufacturing process (manufacturing, wholesale and retail).

Export-Import prices: The Department of Commerce releases its report tracking trends in exports and imports. The export data is worth watching for indications that a strengthening competitive position at home and/or strengthening economies overseas are boosting U.S. growth.


— Watchdog group wants info from the SEC

— House panel slogs through on postal reform bill

GAO suggests Postal Service did not pay too much into retirement program

— USPS didn’t like the GAO report

— Senate Republicans put together a jobs plan

House Dems want new revenue sources from deficit panel

— Maybe Geithner should fly coach, or maybe business class

— Trade deficit narrows, China figures widening

— House Dems want investigation on bank fee hikes

First-time jobless claims drop slightly

Dear Lord but one can not take one’s eye off of Congress for one day and I have been remiss lately.  Sorry!  You may want to become familiar with some of the recent happening.  senate Democrats are following their leader and doing all they can to stall any activity even to get the economy moving so Obama can blame the Republicans for “doing nothing”.   There is only one thing wrong with this tactic:  THE AMERICAN PUBLIC ARE NOT FOOLS!!   I think perhaps I need to amend this to exclude the fools who are now using a park in Manhattan as a toilet.  The stuff coming out of their mouths very much resembles that coming from their nether regions!  BB

Supercommittee: The deficit supercommittee is running out of time — it is at the halfway point between the first post-Labor Day meetings and the Nov. 23 deadline for a report. Sources say the group is still debating fundamentals such as which budget baseline to use and whether to tackle fundamental tax code reform. With colleagues itching for information, details could start to emerge at party meetings on Wednesday.  (The President called a Deficit Committee that did an excellent job of making suggestions to save our economy, our entitlements and our country.  Obama ignored them and now Congress is totally ignoring them.  BB)

This week other committees will have a chance to weigh in by Friday. Don’t expect any assistance from the House Appropriations or Budget committee, though, aides say — Budget Republicans believe they have already laid out their vision in the House-passed budget. and appropriators see little chance the supercommittee will re-open the debate on discretionary spending, their bailiwick.

So far Senate Finance Republicans have been clear they are looking to make recommendations, and the House Armed Services Committee will submit recommendations. Defense hawks have a lot riding on the supercommittee’s success, since a failure to make $1.2 trillion in deficit cuts by Nov. 23 would result in automatic Defense cuts in 2013 and beyond.

And, as The Hill’s Healthwatch, E2 Wire and Hillicon Valley reported Tuesday, Energy and Commerce ranking member Henry Waxman (D-Calif.) has gone forward with his recommendations, including that the administration ramp up spectrum sales. House Financial Services is still mulling making its views known, while Senate Banking is unlikely to make a report.

Volcker rule: The Securities and Exchange Commission will follow the lead set by the Federal Reserve and Federal Deposit Insurance Corp. (FDIC) and sign off on proposed rules implementing the Volcker Rule — a major component of the Dodd-Frank financial reform law intended at keeping banks from engaging in potentially risky practices. The Fed and FDIC rolled out a roughly 300-page proposal Tuesday, and the Commodity Futures Trading Commission will soon offer up its own take.   (Dodd-Frank is a diasater of a bill and this Volcker Rule is one of the worst aspects of this legislation.  BB)

Capital in the Capitol: The House Financial Services Committee will spend part of Wednesday discussing a bill offered by House GOP Whip Kevin McCarthy (Calif.) that is intended to make it easier for small businesses to access capital. Currently, companies looking to sell securities to raise cash either have to register with the government or must qualify to be exempted from registration. Companies exempt from registration cannot engage in “general solicitation” of their securities, and can only tap investors they already know. McCarthy wants to scrap that requirement, opening the door for companies to look far and wide for potential investors.  (This is great but like all else coming from the House it is dead on arrival in the Dem. Senate.    Government needs to get its fingers out of the business of businesses! BB)

Prior to that subcommittee hearing, another FinServ panel will discuss the stability of the Federal Home Loan Bank System. Those 12 government-sponsored banks were created by Congress in the 1930s, and exist to help ensure access to housing and community lending.

Fed time: On Wednesday, the Federal Reserve will pull back the curtain on “Operation Twist,” as it releases the details from the meeting that set the new policy. The minutes of the most recent meeting of the Federal Open Market Committee will shine a light on the central bank’s latest bid to boost the economy by buying up long-term bonds while selling shorter securities.

GOP lawmakers explicitly asked the Fed before it announced its decision not to interfere in the economy. However, three committee members dissented from that decision, and tomorrow’s minutes could help flesh out some of those concerns, as well as other Fed thinking.

Budget process reform: The Senate Budget Committee is preparing to recommend budget process changes to the supercommittee, including a switch to two-year budgets. Some members of the committee want also to recommend that the president be required to sign the annual budget resolution (he or she currently only signs the appropriations bills developed according to the budget framework). Members also want to beef up consequences for failure to pass a budget, something the Senate has not done in about 900 days. The committee will hold a hearing on possible changes.

Disaster relief redux: Senate Appropriations will revisit the controversial issue of federal disaster-relief assistance in a hearing featuring Craig Fugate, the Federal Emergency Management Agency administrator. Sen. Mary Landrieu (D-La.), chairwoman of the Appropriations Committee’s Homeland Security subpanel, is pushing for about $5 billion more disaster relief funding for FEMA for 2012 than was approved in the last temporary spending bill. A fight over offsetting disaster relief in that bill almost shut down the government at the beginning of the month.

The GOP is less likely to insist on offsets going forward since the August debt-ceiling deal allows up to $11 billion in extra disaster funding in 2012 without offsets.

More Obama jobs-bashing: The House Transportation Committee will hold a hearing to blast President Obama for calling for a national infrastructure bank. The idea has support from labor unions and the U.S. Chamber of Commerce, but the opposing view will get a full hearing on Wednesday.

Dodd-Frank do-over: The House Agriculture Committee will continue poking and prodding the Dodd-Frank financial reform law Wednesday, specifically the portion that affects commodities and financial derivatives. A number of financial market gurus will be on hand to offer their take as lawmakers debate seven different bills that would make various changes to the Wall Street overhaul.


— Cantor urges White House to weigh in on China currency bill

— Waxman’s draft of supercommittee recommendations includes spectrum auctions

— Waxman urges supercommittee to leave Medicaid and Medicare alone, extend drug rebates

— Chamber to score vote on Obama jobs bill

— Shaheen likely to miss Jobs Act vote

— Levin: Repatriation helps few corporations at expense of many

— Economist Zandi: Recession odds high even with jobs bill

— Obama’s jobs council gives cautious endorsement to Keystone pipeline  (We are now getting a large portion of of imported oil from our northern neighbor Canada.  This may save us from the rape we have suffered at the hands of the Middle Eastern countries.  BUT, why in Hell are we not drilling for and pumping our own oil?  I have screamed for months that the one act by the government to get the economy moving and create millions of jobs is simply to take the  handcuffs (regulations)  off of our oil, natural gas  and coal industries.    These industries offer high paying jobs themselves and the side effects from all this money entering the economy will kick start a whole host of supporting and  supplying and just plain entertainment  businesses.  BB

— Obama jobs council offers up proposals appealing to GOP

— Regulators roll out Volcker Rule regulations



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