Archive for January 2010

Ugly

January 26, 2010

From the Wall Street Journal

The Congressional Budget Office’s new economic and deficit forecast is out today, a week before the White House updates its forecast. Some highlights:

  • CBO expects that the unemployment rate, now 10%, will rise before turning down in the second half of the year, averaging 10% in the last three months of 2010. It sees a very gradual decline in unemployment in 2011 to an average of 9.1% in the fourth quarter of that year.
  • CBO doesn’t expect the jobless rate to reach 5% — the level it deems consistent with the usual rate of job turnover in U.S. labor markets — until 2016.
  • The agency estimates the U.S. economy shrank at by 0.4%, adjusted for inflation, between fourth quarters of 2008 and 2009, and predicted it’ll grow by 2.1% over the four quarters of 2010 and 2.4% over the four quarter of 2011, slower growth than the consensus of private forecasters and public forecasts of Federal Reserve officials.

Here’s how CBO summarizes its economic outlook.

“The deep recession that began two years ago appears to have ended in mid-2009. Economic activity picked up during the second half of last year, with inflation-adjusted GDP and industrial production both showing gains. Still, GDP remains roughly 6½ percent below CBO’s estimate of the output that could be produced if all labor and capital were fully employed (that difference is called the output gap), and the unemployment rate—at 10 percent—is twice what it was two years ago.”

“Economic growth in the next few years will probably be muted in the aftermath of the financial and economic turmoil. Experience in the United States and in other countries suggests that recovery from recessions triggered by financial crises and large declines in asset prices tends to be protracted. Also, although aggressive action on the part of the Federal Reserve and the fiscal stimulus package enacted in early 2009 helped moderate the severity of the recession and shorten its duration, the support coming from those sources is expected to wane. Furthermore, spending by households is likely to be constrained by slow growth of income, lost wealth, and constraints on their ability to borrow, while investment spending will be slowed by the large number of vacant homes and offices.”

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3 out of 4 Believe Stimulus Package Was a Waste

January 25, 2010

Is America starting to wake up? Is the Hopey Changey Jedi mind trick wearing off?

Check out this story from CNN…CLICK HERE

Notice the teleprompter being used in a speech in front of sixth graders. Wow! Our Commander in Chief sure is smart.

Financial Reform

January 21, 2010

President Obama just spoke on the issue of financial reform. I need to see the details and the loopholes, but I liked a lot of what he said.

Many of the reforms proposed are items that I have been ranting about for years. This has nothing to do with the Wall Street special tax which in my opinion is unconstitutional.

He also did not mention the government getting out of the way and stop ordering banks to give loans to people who cannot afford to pay them back.

I will discuss at length on the show this weekend.

Tell us something we don’t know already

January 18, 2010

One of MSNBC’s liberal blowhards’ confirms what we already know about liberals and voting on his radio show…

LISTEN HERE

We Want Our Money Back

January 14, 2010

The king has spoken…

Obama has ordered the nation’s largest banks to pay back $90 billion over the next ten years in lost TARP money from the auto bailouts, GMAC and AIG.

The only major bank that has yet to pay back its TARP funds is Citibank.

Before you start chanting… “Yeah, stick it to them.” or “Grab your torches and pitchforks!” I want you to ask yourself a few questions…

Who do you think is going to end up paying this tax?

Why are we forcing banks that already paid back their portion with interest, to pay off the losses of others?

Do you recall that many banks were forced to take part in TARP even though they didn’t need it?

What about Freddie and Fannie who are still allowed lobby Congress to the tune of millions?

This is classic smoke and mirrors Hugo Chavez stuff. The economy is doing poorly. Unemployment is out of control. The Emperor has no clothes, so the Emperor needs a distraction.

Nobody goes after Wall Street harder then me! This however, is ridiculous; and in my opinion unconstitutional.

Remember the AIG tax from 2008 that magically went away?

Using the tax code to punish is unconscionable. But, don’t forget this is the same socialist idiot that stated during the debates with Hillary that he wanted to raise the capital gains tax, “Due to fairness.”

Congressional Hearings on the Meltdown

January 13, 2010

Here is the latest from the Wall Street Journal. CLICK HERE

The most interesting thing that I heard was from Goldman Sachs CEO Lloyd Blankfein while debating Phil Angelides, when he stated…

“We are not fiduciaries!”

This statement was in response to Angelides pressing him on Goldman’s creation of garbage mortgage backed securities, selling them to customers and then shorting them (betting that they were going to collapse).

Blankfein was right in his testimony. The big firms are nothing more than middle-men and creators of assets to fit a certain demand; the same way drug dealers serve a certain demand. They did not do anything illegal.

However, I do have a problem with these banks/investment firms/masters of the universe managing individual’s retirement accounts. That is where the horrible conflict of interest exists and needs to be eradicated. However, the reality is Washington and Wall Street are sitting in a tree…K-I-S-S-I-N-G! That is not going to change despite any dog and pony show they put on.

Tired of this nonsense…

MOVE YOUR ACCOUNT NOW!

From the Commissioner of the IRS

January 12, 2010

IRS Commissioner Douglas Shulman does not file his own taxes in part because he believes the tax code is complex.

During an interview on C-SPAN’s “Newsmakers” program that aired on Sunday, Shulman said he uses a tax preparer for his own returns.

“I’ve used one for years. I find it convenient. I find the tax code complex so I use a preparer,” Shulman said.

READ HERE

Take the tax code and shoot it into the sun. The head of the IRS cannot even understand it and we have to?

FAIR TAX NOW!


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