Tag Archives: Financial Services

Cordray Nomination Jeopardizes Constitutional Checks and Balances

If nothing else, Barack Obama is really proving to be a man of his word, because that is exactly what he did. He used recess appointment powers to install Cordray as head the Consumer Financial Protection Bureau. One small problem: the “recess appointment” was made when the Senate was still in session.

Senate Minority Leader Mitch McConnell (R- KY) said that “Although the Senate is not in recess, President Obama, in an unprecedented move, has arrogantly circumvented the American people.” Continue reading

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It’s Wrong to Steal…Even When the Government Does It Using Asset Forfeiture

New York businessman James Lieto was an innocent bystander in a fraud investigation last year. Federal agents seized $392,000 of his cash anyway. An armored-car firm hired by Mr. Lieto to carry money for his check-cashing company got ensnared in the FBI probe. Agents seized about $19 million—including Mr. Lieto’s money—from vaults belonging to the armored-car firm’s parent company. He is one among thousands of Americans in recent decades who have had a jarring introduction to the federal system of asset seizure. Some 400 federal statutes—a near-doubling, by one count, since the 1990s—empower the government to take assets from convicted criminals as well as people never charged with a crime. …The forfeiture system has opponents across the political spectrum, including representatives of groups such as the American Civil Liberties Union on the left and the Heritage Foundation on the right. They argue it represents a widening threat to innocent people. “We are paying assistant U.S. attorneys to carry out the theft of property from often the most defenseless citizens,” given that people sometimes have limited resources to fight a seizure after their assets are taken, says David Smith, a former Justice Department forfeiture official and now a forfeiture lawyer in Alexandria, Va. Continue reading

Posted in Amendment Rights, America's Freedoms, America's National Security, Cloward and Piven Strategy, Constitution, Consumer Issues, Corruption in Government, Current Elections, Deficit, Economic Security, Economic Terrorism, Elections Politics, Energy and Oil, Excessive Government Spending, Foreign Policy, Freedom Justice and Liberty, Fuel Prices, Government, Government Regulations, Jobs, Liberals Big Spending and Taxes, Manufactured Crisis, Media Corruption, Middle East Affairs, National Debt, National Security, New Media News, Politically Intentioned Crisis, Politics, Poll Numbers, Radical Liberal Progressive Left, Recovery, Redistribution of Wealth, Smaller Government, TEA Taxed Enough Already, The Economy, Unemployment, Winning Elections | Tagged , , , , , , , , , , , , ,

Stagflation Will Follow Fed’s Inflation

As trouble spread to China; over 100 Chinese activists were rounded up, confined to their homes, or went missing over the week-end according to the Hong Kong-based Centre for Human Rights and Democracy. The word “jasmine” is now blocked on Chinese web-sites and error messages now appear warning the user to refrain from postings with “political, sensitive … or other inappropriate content”. Mass text messaging services are unavailable in Beijing and other cities with protest activity, due to “technical issues” according to China Mobile customer service representatives. Continue reading

Posted in America's Freedoms, Cloward and Piven Strategy, Congress, Corruption, Corruption in Government, Current Elections, Deficit, Economic Security, Elections Politics, Energy and Oil, EPA Regulations, Excessive Government Spending, Foreign Policy, Fuel Prices, Government, Government Regulations, House of Representatives, International Monetary News, Jobs, Liberals Big Spending and Taxes, Media Corruption, National Debt, National Security, New Media News, Politics, Progressives pushing for Marxism/Socialism, Public Sector (Government), Radical Liberal Progressive Left, Recovery, Reject Socialism, Senate, Smaller Government, TEA Taxed Enough Already, The Economy, Unemployment, Unfunded Union Pensions, UNION Corruption, UNIONS ACORN and SEIU | Tagged , , , , , , , , , , , , , , ,

The Case for Social Security Personal Accounts

Last but not least, it is important to understand that personal retirement accounts are not a free lunch. Social Security is a pay-as-you-go system, so if we let younger workers shift their payroll taxes to individual accounts, that means the money won’t be there to pay benefits to current retirees. Fulfilling the government’s promise to those retirees, as well as to older workers who wouldn’t have time to benefit from the new system, will require a lot of money over the next couple of decades, probably more than $5 trillion. Continue reading

Posted in Agency Regulation, America's Freedoms, America's National Security, Cloward and Piven Strategy, Congress, Corruption in Government, Current Elections, Deficit, Economic Security, Elections Politics, Foreign Policy, Government, House of Representatives, International Monetary News, Liberals Big Spending and Taxes, Media Corruption, National Debt, National Security, New Media News, Progressives pushing for Marxism/Socialism, Reject Socialism, Senate, The Economy | Tagged , , , , , , , , , , , , , , , , , , , , , | 1 Comment

Top 10 Failures of Obamanomics

6. Financial Regulation
The recently passed financial regulation legislation did nothing to reform Fannie Mae and Freddie Mac, the two mortgage giants that helped trigger the financial crisis. It did, however, guarantee future bailouts of large companies that fail, forcing taxpayers to foot the bill for private companies’ mismanagement. In the end, government control of America’s financial system will help London, Tokyo, Frankfurt, Shanghai and other foreign financial centers while killing jobs and reducing economic activity in the United States. Predictably, four out of five Americans believe the legislation will not help avoid another crisis, a Bloomberg poll found. Continue reading

Posted in America's Freedoms, Cloward and Piven Strategy, Constitution, Corruption in Government, Elections Politics, Excessive Government Spending, Government, Government Regulations, Healthcare, Jobs, Liberals Big Spending and Taxes, New Media News, Politics, Poll Numbers, Radical Liberal Progressive Left, The Economy, Undermining Constitution, UNIONS ACORN and SEIU | Tagged , , , , , , , , , , , , , , , , , , , , , , | 5 Comments

Selling Obama’s Spending Plans: Just Pay Separate Processing and Handling

The true federal debt (including unfunded obligations) would, according to many experts, including the President of the Dallas Federal Reserve Bank, exceed $107 trillion, if one, integrated balance sheet were used — not the $13.0 trillion currently stated as “debt”. The result is that the total federal and non-federal government debt (if unfunded liabilities are included) is an estimated $112+ trillion, or SEVEN TIMES higher than the total $15 trillion currently disclosed to taxpayers. Continue reading

Posted in America's Freedoms, Corruption in Government, Elections Politics, Government Regulations, Healthcare, Jobs, Media Corruption, TEA Taxed Enough Already, The Economy, UNIONS ACORN and SEIU | Tagged , , , , , , , , , , , , , , , , , , , ,

ShoreBank Fiasco Reveals Rift on the Left

The Treasury is backing away from ShoreBank because of the mounting political and financial cost of supporting it. Schakowsky and other Illinois politicians are determined to save ShoreBank because of what might be revealed in an audit if it were allowed to fail. This is the classic pattern of failed hegemonic political movements, left or right: they fall apart not over differences of principle, but over the rapidly dwindling spoils of power. Continue reading

Posted in Corruption in Government, Elections Politics, Financial Markets, Government, New Media News, The Economy | Tagged , , , , , , , , , , , , , , , , , , , , ,