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Obamas Bad Bargain (the left is becoming unhinged)
The Nation ^ | July 27, 2011 | William Greider

Posted on 08/03/2011 9:54:12 AM PDT by Huskrrrr

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To: Huskrrrr
I think the Joke is on us. The right. The real americans. We are guilty for decades of allowing out of control spending. And we just agreed to raise our debt by more than the entire economic output of Great Britain or 1/3 of the entire Chinese economy. So, where is that money going to come from? Our other credit card. And the fed is going to put QE3 onto the card as well!

We are going down hard.

41 posted on 08/03/2011 12:13:37 PM PDT by blasater1960 (Deut 30, Psalm 111...the Torah and the Law, is attainable past, present and forever.)
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To: sickoflibs
Just so you understand their problem with this bill, libs/progressives want no cuts except in defense, another huge stimulus bill (esp with the economy tanking) and tax increases on ‘the rich’ tp pay for it and they want Obama to fight for these things scorched earth.

Thanks for the recap.

I hesitated to ask what the author might mean by "the crown jewels of democratic reform."

42 posted on 08/03/2011 12:30:13 PM PDT by calcowgirl ("Sapere Aude!" --Immanuel Kant)
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To: calcowgirl
I hesitated to ask what the author might mean by "the crown jewels of democratic reform."

1. Higher taxes

2. Defunding of the military

3. Voting rights for illegals

4. More abortions

5. Dachas for all .

43 posted on 08/03/2011 12:43:59 PM PDT by okie01 (THE MAINSTREAM MEDIA: Ignorance On Parade)
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To: stephenjohnbanker
Does Obama really want a second term? He STOLE so much money that he may be wild to spend some of it.

ANOTHER CLUE: Is Michelle opening up revolving charge accounts at Tiffany's, Bulgari, Alexander McQueen Couture, Rolls Royce Ltd, Town and Country Real Estate, etc, etc, etc?

44 posted on 08/03/2011 12:49:47 PM PDT by Liz ( A taxpayer voting for Obama is like a chicken voting for Col Sanders.)
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To: stephenjohnbanker; CutePuppy; Condor51; ken5050; sickoflibs
THIS JUST IN The New York Times reports: A preliminary prospectus by MFGlobal hedge fund, which ex-NJ Gov Corzine heads, there is a clause that says an extra 1 percent will be paid on five-year notes “upon the departure of Mr. Corzine as our full time chief executive officer due to his appointment to a federal position by the President of the United States and confirmation of that appointment by the U.S. Senate prior to July 1, 2013.” 

There was such a clause in Corzine’s employment contract filed in March but this language is more specific.

It was rumored that if Hillary Clinton had become president Corzine wanted the Treasury job which was held in the Bush administration by Hank Paulson, the G/S insider guy who led the revolt against Corzine at Goldman Sachs. That’s when Corzine spent $185M of his own money to buy a US Senate seat and the Governor's chair.

========================================

ITEM Obama tried like heck to get Corzine reelected---he went to NJ three times---Biden was there twice.

ITEM Obama TV ads for Jon ran relentlessly on pricey NY media.

ITEM The Obama WH micro-managed every aspect of Jon’s campaign, reported the NY times.

ITEM As a final show of support--Obama sent $17.5 BILLION federal stimulus to NJ which disappeared without a trace upon arrival.

ITEM NJ voters threw Corzine out of office anyway. Corzine ended up as CEO of MF Global. MFG stock went up 15% in the pre-trading after-hours announcement.

ITEM Is NJ’s billion dollar pension fund invested in MF Global?

ITEM Is the $17.5 Billion stim invested in MGF?

ITEM Is Corzine going to Treasury to execute a transfer of the $17.6 billion into Obama’s campaign?

45 posted on 08/03/2011 1:16:49 PM PDT by Liz ( A taxpayer voting for Obama is like a chicken voting for Col Sanders.)
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To: calcowgirl
RE :"I hesitated to ask what the author might mean by "the crown jewels of democratic reform."

Food stamps? Medicare and medicaid?

46 posted on 08/03/2011 1:26:22 PM PDT by sickoflibs (If you pay zero Federal income taxes, don't say you are paying your 'fair share')
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To: nascarnation

You mean Mayor Dennis “Burning River” Kucinich?

Anyway, FReepers need to go to the public library and occasionally read The Nation (taxpayer paid for) and wonder what kind of totalitarian control freaks actually subscribe to this statist garbage.

They think Castro, Chavez, and Ortega are failures at bringing socialism and just didn’t try hard enough.

And the classifieds in The Nation will make your hair stand on end.


47 posted on 08/03/2011 1:33:55 PM PDT by elcid1970 ("Deport Muslims. Nuke Mecca. Death to Islam. Freedom for mankind.")
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To: Liz; stephenjohnbanker; sickoflibs
A preliminary prospectus by MFGlobal hedge fund, which ex-NJ Gov Corzine heads, there is a clause that says an extra 1 percent will be paid on five-year notes “upon the departure of Mr. Corzine as our full time chief executive officer due to his appointment to a federal position by the President of the United States and confirmation of that appointment by the U.S. Senate prior to July 1, 2013.”

As weird as this looks it's actually a very reasonable rate of "conditional insurance premium" to entice the people who are concerned about the possibility of Corzine leaving the fund for Obama's post to still invest in the fund. The mechamism / instrument is a little unusual but not that much different from taking a "key man life insurance" policy by companies where their fate depends on one or few "key" persons (such as inventors or executives) essential to survival of the company.

The major difference between the two is that Corzine's "insurance" is conditional so that MFGH won't have to pay the premium upfront. It also means that they consider the possibility remote, but need to offer an incentive to possible investors who are concerned about the rumors of this very specific scenario. Apparently the bankers from Jeffries & Co., who worked on this bond deal, came up with the shrewd structure that allows the firm not having to pay the "insurance premium" unless the condition/event actually happened.

From Wall St. Stunned by Corzine's Obama Covenant - BL, by Tim Catts, Matthew Leising and Christine Harper, 2011 August 02

This is just a variation on the concept of CDS or interest-rate swaps, which is well understood on Wall Street and in financial circles. John Paulson and few others made billions of dollars using CDS betting against mortgage market CDOs / MBS which AIG's London's Financial Products division (mostly) had underwritten.

48 posted on 08/03/2011 4:38:03 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: chris_bdba

Yes!!! Please vote for Markos Moulitsas in the Democratic Primary!

Let’s elect a Communist in 2012!


49 posted on 08/03/2011 7:50:38 PM PDT by o2bfree
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To: CutePuppy; Liz

” John Paulson and few others made billions of dollars using CDS betting against mortgage market CDOs / MBS which AIG’s London’s Financial Products division (mostly) had underwritten. “

A Paper.....................ROTFLOL!


50 posted on 08/03/2011 8:30:53 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: sickoflibs
Carter, Clinton. Same deal. Cut defense spending to cover for the lame, blind and halt, and I might add the perfectly healthy who depend on free checks each month. As well as the huge federal projects such as building construction, and every damn conceivable way to piss money away on totally useless projects that in no way bolster the infrastructure in the reality of things, other then increasing the size of the federal government.
And the Russians and Chinese wait patiently. For the big downfall to come to be in the future.
51 posted on 08/03/2011 8:36:52 PM PDT by Marine_Uncle (Honor must be earned....Duncan Hunter Sr. for POTUS.)
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