Archive for March, 2010

US Treasury Plans to Sell Citigroup Stake in 2010

Monday, March 29th, 2010

The US Treasury Department plans to sell the government’s 27 percent stake in Citigroup this year in what could become the biggest profit for the bank bailout program.

By Michael J. Moore and Rebecca Christie
Bloomberg Business Week

The U.S. Treasury Department plans to sell the government’s 27 percent stake in Citigroup Inc. this year in what could become the biggest profit for the bank bailout program.

The Treasury will dispose of its 7.7 billion common shares of New York-based Citigroup over the course of 2010 using a “pre-arranged written trading plan,” the agency said today in a statement. The Treasury’s stake had a market value of $33.2 billion as of last week’s closing price, for a paper profit of $8.2 billion.

The sale would bring Citigroup a step closer to exiting the government’s Troubled Asset Relief Program and the Treasury nearer to President Barack Obama’s goal of recovering “every single dime” of taxpayer money. Citigroup, ranked third by assets among U.S. lenders, took a $45 billion infusion from the $700 billion bank rescue fund in late 2008 as waning confidence in the lender almost triggered a deposit run.

“This is clearly a positive development for both the company and for the government and taxpayers,” said Richard Staite, a London-based analyst at Atlantic Equities LLP. “It’s a good thing for both Citigroup and the bank sector for them to be able to show that the government investments through TARP did generate profits for the taxpayer.”

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Savings, Not Stimulus, Key to Economic Recovery

Friday, March 26th, 2010

Despite the stimulus package’s dismal performance—unemployment remains close to 10 percent—the Obama administration is orchestrating a media blitz touting its supposed benefits in the hopes that enough support can be garnered to pass a “son of stimulus” jobs bill.

By Antonius Patrick
American Free Press

A little over a year has now elapsed since the much-criticized “stimulus package” was enacted into law. Despite the legislation’s dismal performance—unemployment remains close to 10 percent—the Obama administration is orchestrating a media blitz touting its supposed benefits in the hopes that enough support can be garnered to pass a “son of stimulus” jobs bill.

As they have demonstrated since the start of the financial crisis and ensuing recession/depression, Democrats and a number of Republicans, most recently newly elected Scott Brown of Massachusetts, have displayed a fundamental lack of understanding on the subject of employment. In only the third vote of what may be a very short career, Brown voted with 55 Democrats and four other Republicans for the newest jobs measure.

In a statement explaining his vote, the senator believed that the measure was “not perfect,” but would “put people back to work.” Although new to the ways of Washington, Brown appears to have quickly mastered how to nuance a sellout: “I hope my vote today is a strong step toward restoring bipartisanship in Washington, D.C.”

At one time, most people understood that the creation of employment by the government can only come at the expense of the private sector. The state can create jobs, but it can only do so by levying or raising taxes, printing money or issuing debt. Such actions usually retard employment, the exact opposite of what governments say they hope to achieve.

Government-created jobs are not tied to consumer demand, but instead are “politically mandated.” In the private sector, the creation of employment is directly linked to those industries and services that consumers patronize. Businesses that satisfy consumers expand and grow.

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Surviving a Nuclear or Dirty Bomb Blast

Friday, March 26th, 2010

The risk of an attack which would devastate our country is greater than ever while the bureaucrats acknowledge they have virtually no obligation to protect the citizens.

Dirty Bomb Survival

Dear Patriot,

If you think there is even a remote chance a dirty bomb has slipped through our porous borders… reading this important letter may be the most important thing you ever do.

Here’s why:

While President Obama is currently calling for 708 billion dollars in defense spending, there isn’t one red cent budgeted for the kind of civil defense programs that could keep Americans alive in the event of what many experts say is an imminent attack. This is not only disgraceful but extremely dangerous.
Ironically, the news of President Obama’s plan to expand our global military presence came within 24 hours of CIA director Panetta announcing that an al Qaeda attack in this country was a 100% certainty within the next six months.

“The New York Post has offered compelling evidence that this man, Adnan Shukrijumah is al Qaeda’s dirty bomb operational leader in the U.S. Intelligence experts believe he is planning simultaneous nuclear attacks on several U.S. cities. FBI consultant Paul Williams also claims Shukrijumah has 180 pounds of nuclear material. Last seen in Florida, Adnan Shukrijumah is wanted by the FBI and has a 5 million dollar bounty on his head.”

Further, former CIA agent Rolf Mowatt-Larson recently details in a special report for Harvard’s Kennedy School that al Qaeda operatives are desperate to launch a nuclear attack of spectacular proportions designed to change the world as we know it forever.

“The risk of an attack which would devastate our country is greater than ever while the bureaucrats acknowledge they have virtually no obligation to protect the citizens.”

That may come as a shock to you if you’ve always thought the military and the police are here to protect you, but the sad reality is that the military is caught up in an unwinnable tar pit in the Middle East and even good cops here at home find the politically correct landscape almost impossible to work in.

Before you jump to the conclusion that I’m some hippie anarchist, when was the last time you heard of the police actually preventing a crime? Isn’t it true that the police almost always show up after the fact? (They can’t be everywhere … right?) They’re there to gather evidence and track down the bad guy… and if they’re lucky enough to find him and convict him and some liberal judge doesn’t get in the way, he might go to jail.

According to FBI statistics, only a little more than half of all crimes are ‘cleared’ by police, meaning a person is arrested, charged and convicted. In fact, during one ten-year period, only 13% of aggravated assaults led to a criminal going to jail!

The truth of the matter is that neither the military nor the police really have the power to stop the insidious activities of terrorists. And the more strained our troops are overseas, the less able they are to secure our borders.

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How to Argue with Progressives & Neocons About the Constitution & Win Every Time

Friday, March 26th, 2010

As America plunges into the worst financial crisis in its history, liberals in Washington strut gleefully into Soviet style wealth distribution.

The Founders Plan

Dear Friend,

If you’ve ever wanted to argue with loony leftists, dim-witted Democrats, and liberal whack jobs about the Constitution – on radio shows, at work, at home, or even in online forums – and win every single time… then this will be the most exciting letter you’ve ever read!

Here’s why:

What I have to tell you involves the scandal that arrogant atheists have been force-feeding the American public through government schools and the liberal media for the last fifty years.

It’s a cover up that — if you are like most Patriotic Americans I know — has you livid. This “far-left” campaign of disinformation has robbed us of our true Christian heritage and threatens to enslave our children and our grandchildren.

The upshot of all this is that we have been sold down the river by hucksters who hate this country and it’s time for every God-fearing American to get serious about reclaiming America. I hope you are as outraged as I am, because I want to hand you the ultimate weapon for turning the tables on all socialist snake oil peddlers.

I want you to fight this treachery with a new program designed to help any red-blooded American wage an all-out war in the battle for truth. This is powerful information liberals hope you never, ever get your hands on. Because once it’s in your possession, you’ll be unstoppable in any argument about our country’s Christian history and especially the lynchpin to restore the republic… the Constitution.

Its high time real Patriots learn to strike back at the dark side with devastating arguments like these…

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Fact Sheet: The Truth About the Health Care Bill

Friday, March 26th, 2010

The Fire Dog Lake health care team has taken a detailed look at the bill, and have come up with 18 often stated myths about this health care reform bill.

By Jane Hamsher
FDL Action

Real health care reform is the thing we’ve fought for from the start. It is desperately needed. But this bill falls short on many levels, and hurts many people more than it helps.

A middle class family of four making $66,370 will be forced to pay $5,243 per year for insurance. After basic necessities, this leaves them with $8,307 in discretionary income — out of which they would have to cover clothing, credit card and other debt, child care and education costs, in addition to $5,882 in annual out-of-pocket medical expenses for which families will be responsible. Many families who are already struggling to get by would be better off saving the $5,243 in insurance costs and paying their medical expenses directly, rather than being forced to by coverage they can’t afford the co-pays on.

In addition, there is already a booming movement across the country to challenge the mandate. Thirty-three states already have bills moving through their houses, and the Idaho governor was the first to sign it into law yesterday. In Virginia it passed through both a Democratic House and Senate, and the governor will sign it soon. It will be on the ballot in Arizona in 2010, and is headed in that direction for many more. Republican senators like Dick Lugar are already asking their state attorney generals to challenge it. There are two GOP think tanks actively helping states in their efforts, and there is a booming messaging infrastructure that covers it beat-by-beat.

Whether Steny Hoyer believes the legality of the bill will prevail in court or not is moot, it could easily become the “gay marriage” of 2010, with one key difference: there will be no one on the other side passionately opposing it. The GOP is preparing to use it as a massive turn-out vehicle, and it not only threatens representatives in states like Florida, Colorado and Ohio where these challenges will likely be on the ballot — it threatens gubernatorial and down-ticket races as well. Artur Davis, running for governor of Alabama, is already being put on the spot about it.

While details are limited, there is apparently a “Plan B” alternative that the White House was considering, which would evidently expand existing programs — Medicaid and SCHIP. It would cover half the people at a quarter of the price, but it would not force an unbearable financial burden to those who are already struggling to get by. Because it creates no new infrastructure for the purpose of funneling money to private insurance companies, there is no need for Bart Stupak’s or Ben Nelson’s language dealing with abortion — which satisfies the concerns of pro-life members of Congress, as well as women who are looking at the biggest blow to women’s reproductive rights in 35 years with the passage of this bill. Both programs are already covered under existing law, the Hyde amendment.

But perhaps most profoundly, the bill does not mandate that people pay 8% of their annual income to private insurance companies or face a penalty of up to 2% — which the IRS would collect. As Marcy Wheeler noted in an important post entitled “Health Care on the Road to NeoFeudalism,” we stand on the precipice of doing something truly radical in our government, by demanding that Americans pay almost as much money to private insurance companies as they do in federal taxes:

When this passes, it will become clear that Congress is no longer the sovereign of this nation. Rather, the corporations dictating the laws will be.

I understand the temptation to offer 30 million people health care. What I don’t understand is the nonchalance with which we’re about to fundamentally shift the relationships of governance in doing so.

We started down a dangerous road with Wall Street banks in the early 90s, allowing them to flood our political system with money and write our laws so that taxpayers would subsidize their profits, assume their losses and remove themselves from the necessity of competition. By funneling so much money into the companies who created the very problems we are now attempting to address, we further empower them to hijack our legislative process and put more than just our health care system at risk. We risk our entire system of government.

Congress may be too far down the road with this bill to change course and save themselves — and us. But before Democrats cast this vote, which could endanger not only their Congressional majority but their ability to “fix” things later on, they should consider the first rule of patient safety: first, do no harm.

Click For A PDF Of Health Care Reform Fact Sheet

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