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I Told You So! Of Course Washington will Steal Your Retirement Benefits
The Daily Bell ^ | 12-6-2012 | Ron Holland

Posted on 12/22/2012 6:21:04 AM PST by Renfield

Today the twin fake memes of a "Fiscal Cliff" and "Austerity" are combining to create a contrived excuse to tax and steal far more of your wealth and income, including your retirement benefits. The press is filled with articles and editorials like one recently at CNBC entitled "Amid Tax Talks, a cry of 'Save My 401(k)'."

Many retirement, offshore and political experts including Jeff Berwick, Larry Grossman and others are now warning how government revenue needs and austerity measures by the Obama Administration today threaten the private retirement system and benefits of millions of successful Americans. Back on January 28, 2010 I wrote a report entitled "The Coming Obama Retirement Trap Has Started," published at LewRockwell.com, republished in its entirety below, for your review.....

(Excerpt) Read more at thedailybell.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: 401k; confiscation; investments; ira; retirement; stealing401k; stealingiras

1 posted on 12/22/2012 6:21:13 AM PST by Renfield
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To: Renfield
They've been talking about regulating and looting 401(k) accounts since before that rule was published.

It's hardly news that we have establishment paid commenters peddling stories about how to steal middle class savings ~ it's always been that way. The Warren Buffetts of this world don't want more competition ~ they just want it ALL.

Tell you what, we have a second amendment, talk about that ~ put the fear of God into these pukes. Did you know what caliber it takes to push holes in a Fat Cat Democrat? Ain't as much as they think!

2 posted on 12/22/2012 6:27:12 AM PST by muawiyah
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To: Renfield

Face it folks; no politician in either party thinks we can ever balance the budget again. If they did they would not be engaged in bitter battles about how to shave a mere $200 Billion off a deficit that totals $1002 Billion. What about the fiscal cliff which both sides fear like it was Armageddon? It only reduces the red ink by $464 Billion leaving a hole of more than half a Trillion dollars. If cutting spending and increasing revenues enough to reduce the deficit to $538 Billion will crash the economy and send us all to financial ruin how in the hell can we ever get it to zero?


3 posted on 12/22/2012 6:28:09 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: csmusaret

———no politician in either party thinks we can ever balance the budget again———

In their hearts and private conversations they know that salvation lies in further devaluation and inflation. That is their only course.

All else is but a fig leaf to cover the objectionable reality


4 posted on 12/22/2012 6:31:40 AM PST by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
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To: Renfield
You think confiscating your life savings is impossible under the U.S. Constitution? LOL

We've now seen what happens when half the population, coupled with Vote Fraud, can do to "out-vote" the REAL Americans who are responsible and self-determinate....we will see wealth-redistribution taken to its ultimate goal, to make "fairness" apply so the inner-city tribal parasites, illegals, etc. are going to share your earnings AND savings, so "income inequality" is rectified.

5 posted on 12/22/2012 6:33:32 AM PST by traditional1 (Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: muawiyah

Such drek would have to pass The House and it won’t. Obama cannot do this by Executive Order. We are OK for now. Such a move is slanted against older white males with brains. Same as the gun grabbing efforts are. Many Donkey constituencies would love to see white males disarmed. Assault weapons will be very useful for any states who try to break way from DC and ally with Canadian Provinces. States such as Montana, Idaho, Dakotas. Seems far fetched now but anything can happen with 10-20 years. All depends how crazy the reditributionist feeding frenzy gets in DC

North Dakota has major oil and gas. What do they need Washington DC for? What do they need the EPA and other trough feeder idiots bothering them for?


6 posted on 12/22/2012 6:36:35 AM PST by dennisw (The first principle is to find out who you are then you can achieve anything)
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To: bert

I will bet good money they all own gold.


7 posted on 12/22/2012 6:38:10 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: muawiyah

Just finished reading Unintended Consequences. If you haven’t read it yet, suggest you do. Even in this Fantasy it pointed out how History has shown there are no White Knights that will ride to the rescue. Any group of more than two will very likely have an alphabet agent or snitch.

The regulations just keep growing and confiscations will begin soon.

If the SHTF, how many here are willing to shoot a 10 year old girl knocking on their door, begging for food and shelter? Yet that little girl could very likely be a spy for a gang.

We now live in a country where we have to consider how we might try to cope with the above situation.

WE have allowed America to die.

Merry Christmas!


8 posted on 12/22/2012 6:38:58 AM PST by Gadsden1st
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To: Renfield
This article is quite dated. The government has already stolen $13T form the Social Security fund. Obama took billions to prop up his obamacare scam. Federal employees retirements are unfunded so there is a multi trillion cliff there. Now they want to take the 401K funds.

I read the book “Animal Farm” written in 1947 which is a good satire of obama.

9 posted on 12/22/2012 6:41:01 AM PST by mountainlion (Live well for those that did not make it back.)
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To: Renfield

As the author says, it is just a matter of time before the G comes knocking for any assets they can get their hands on. First step though will be to relieve the potential threats as much as they can so they will take out the firearms first. The most recent event is giving them the imperator to do that for “the good” of the country. With four years to work his magic, his excellency knows he is in the drivers seat now.


10 posted on 12/22/2012 6:46:09 AM PST by Mouton (108th MI Group.....68-71)
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To: Gadsden1st

>>We now live in a country where we have to consider how we might try to cope with the above situation.

We need to face facts: at some point in the near future, we’re all going to have to scrape off that veneer of civilization that we’ve had for our entire lives, and learn to embrace the barbarian that is hidden underneath. Obama and his fellow travellers are counting on us staying civilized while the third world hordes swarm out of the inner cities and invade through our porous borders. And don’t count on guns as your only weapon. Learn to use a knife (a real knife and not some 4” utility blade). If you’ve never killed anything, go hunting—preferably boar hunting.


11 posted on 12/22/2012 7:00:24 AM PST by Bryanw92 (Sic semper tyrannis)
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To: Mouton
<> Roman generals, while riding in triumph, had a slave riding in the chariot, whispering: "Remember you are nothing but a man." Of course, 0bambi THINKS he is much more.
12 posted on 12/22/2012 7:02:35 AM PST by NTHockey (Rules of engagement #1: Take no prisoners)
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To: Gadsden1st; muawiyah
WE have allowed America to die.

Don’t sugar coat it; most of us have been active participants.

The majority of us went to government schools, went to federally subsidized colleges, maybe received government PELL grants, government backed mortgages.

I doubt there are many people in the country today that are not in some way dipping in to that great government feeding trough.

I will admit that I am reluctantly one of the many hogs at that trough.

13 posted on 12/22/2012 7:16:33 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: Renfield

I’ve pulled everything out of savings and spent it! I have no intention of investing at these low rates of return with the threat of inflation or government confiscatory policies!


14 posted on 12/22/2012 7:19:11 AM PST by cpa4you (CPA4YOU)
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To: Renfield

I’ve pulled everything out of savings and spent it! I have no intention of investing at these low rates of return with the threat of inflation or government confiscatory policies!


15 posted on 12/22/2012 7:19:46 AM PST by cpa4you (CPA4YOU)
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To: traditional1
Half?

What country issues the money you have in your wallet ~ read it some day.

When's the last time you paid for a meal in a restaurant with gold flour ~

Did you ever stop to think that a mere 350 years ago 1/3 of the population were underage, 1/3 were overage, and 1/3 did all the reproducing, with 1/2 of them engaged in work inside the home and the other 1/2 of them engaged in work outside the home.

That means the human norm was for 1/6 of the population to do all the work that might be part of the cash economy.

So, we're up to 1/2 ~ or 3 times as much and you are kvetching?

BTW, Romney made a mistake ~ he criticized the electorate. Walter Mondale (that's Romney backwards) did something similar ~ he promised to raise everybody's taxes.

These guys can't get elected because they don't know how to run for office.

16 posted on 12/22/2012 7:29:42 AM PST by muawiyah
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To: csmusaret
>>no politician in either party thinks we can ever balance the budget again.<<

Right? I'm of the opinion, let us accelerate the crash.

The quicker it breaks, the faster we can begin to fix this country in earnest.

Our leadership has manipulated us time and again. Monumental fiscal mismanagement, national security breach by allowing our borders to remain wide open, circumventing the constitution over and over.

These people we elected are supposed to be the best and the brightest, yet they carry on as to be completely impotent and obtuse in running this country.

Either they truly are clueless and dumb as an earth biscuit, or they have an agenda and are running this country into ruin for the sole purpose of fundamentally changing this nation and grasping for total power over the people.

I submit to y'all, this is intentional.

Now, how do we respond? If calling, writing, voting, emailing, campaigning has gained us nothing but the same ol march to a loss of liberty, socialism and some sort of totalitarian police state...what are we to do? Where do we turn and to who do we look for to help lead us out of this nonsense?

If this is not an oligarchy, then I'm just whistling Dixie.

Our founding fathers new this would happen again. Evil, power thirsty men making a play for the public wealth and to again lord over the masses while living a life of pomp and circumstance.

Are we a free people? Seriously, are we still free?

17 posted on 12/22/2012 7:31:32 AM PST by servantboy777
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To: muawiyah
Your whole cloth argument that "1/3 worked inside the home" and "1/3 worked outside the home" sucks.

Today, 1/2 the population lives off the other half, half of those have never held a REAL job, and have 3 generations of parasitic/welfare/taxpayer-funded lifestyles (now, including Illegals who aren't even U.S. Citizens).

The Taxpayer today is FUNDING the welfare state, is taxed and indirectly-taxed to an extent NEVER BEFORE EXISTING in the USA.

18 posted on 12/22/2012 7:35:21 AM PST by traditional1 (Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: servantboy777

John MacKay, the first coach of the Tampa Bay Buccaneers, when asked what he thought of his team’s execution, replied “I’m in favor of it”. I have similar thoughts about our Congress.


19 posted on 12/22/2012 7:36:07 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: traditional1
you really need to take a look at what was normal through the ages. Starting with the hunter/gatherers ~ our immediate ancestors if not yours ~ you had the hunters ~ roughly all the males from 13 on up except for the injured or elderly. Then, you had a far higher brithrate with women popping a new kid every 3 to 5 years ~ and that right there gave you a good 1/3 of the population, maybe 40% even, too young to effectively participate.

It all works out and I only went back 350 years.

The portion of the family ~ the bedrock foundation of human governance and existence ~ engaged in the cash economy, or bringing in meat and beans, was rarely as great as 1/3 of the total population, and then due to pregnancy and nursing, the 1/6 constituting young females, was out of commission 1/3 of the time anyway!

So, if the part of the normal population which is part of the cash economy (and no, coupon clippers are not part of that economy), is up to 1/2, we have reached satori in real time ~ hossanah ~

20 posted on 12/22/2012 7:43:55 AM PST by muawiyah
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To: Gadsden1st

I’m taking that little girl in and giving her food and shelter.


21 posted on 12/22/2012 7:47:45 AM PST by onona (Yes, I am a Raiders fan.)
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To: csmusaret
I’m just really done with the two party thing. Just done!

If we keep fishing from the same ol pond, were gonna keep catching the same ol big mouth bass.

What we are doing, ain’t workin. Even the Tea Party has appeared to sputter.

22 posted on 12/22/2012 7:49:10 AM PST by servantboy777
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To: servantboy777

I agree. If we had a strong Conservative Party the Republicans would be forced to form a coalition with us in order to do anything. If there are actually any Blue Dog Dems left, they could join the CP against the GOP and Dems on selected issues. I would prefer a public hanging of all 535 of them and a stern warning to their replacements, but I don’t foresee that happening....Yet.


23 posted on 12/22/2012 7:55:26 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: csmusaret
I remember the sign one fella carried during the huge Tea Party rally on Uncle Sugar's home turf read, “We didn't bring our guns this time.”

It is no wonder, they are now making a play against the 2nd amendment.

Politicians do not respect the average Joe-six-pack. They look at us as ignorant country folk not able to understand the give and take of politics, the gamesmanship of D.C..

Politicians spending hundreds of millions to gain a seat that pays hundreds of thousands....say’z it all.

Oh, says it all. Wouldn't want anyone to think i’z ignert.

24 posted on 12/22/2012 8:03:36 AM PST by servantboy777
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To: Renfield
create a contrived excuse to tax and steal far more of your wealth and income, including your retirement benefits.

They've been doing it for many, many years, through debasement of the currency, and it's only accellerated with these so called "quantitative easings" (creating currency with no additional financial backing!)

But not only is it eating away at your savings, it's stealing from your current earnings as well. Every time you buy something, it's an increased "tax" by the government, in effect raising the cost of everything. For instance, we all know that prices have gone up at the grocery store, but manufacturers try to hide the scale of the price increases by reducing the size of what you're buying. For instance, I'm paying about double for a can of tuna fish of what I paid a year or two ago. But then I notice that the more expensive tuna is in a 5oz can rather than the "half priced" 6oz can. Or a carton of fresh (not from concentrate) OJ, which is about a dollar more for a carton, but rather than 64oz, the carton is now 59oz.

Mark

25 posted on 12/22/2012 8:07:49 AM PST by MarkL (Do I really look like a guy with a plan?)
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To: Renfield; SierraWasp; tubebender; Liz; stephenjohnbanker

Those in charge of the left wing know that Pareto’s rule, 20% of any organization/country produce 80% of the resulst.

So they have put themselves in power to fleece the producing 20% for their gain and to share part of the fleecing with their non producing voters.

“Why should those who produce 20 percent of results receive the same return as those who produce 80 percent? But that is what the Left requires, when you stop to consider things. That’s the inherent fallacy of all collective concepts of government; they violate the Pareto/Juran, 80/20 nature of human activities, They therefore violate human nature, must be compelled by force and always fail. When receiving an objection to the ‘always fail’ accusation, simply request any example with long term success.”

http://constitutionclub.org/2012/09/30/reality-equality-and-pareto-make-trouble/


26 posted on 12/22/2012 8:15:38 AM PST by Grampa Dave (Tagline space for rent to pay for some of my extra taxes the next 4 years!)
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To: csmusaret; All
I would prefer a public hanging of all 535 of them and a stern warning to their replacements...

Post/thread BUMP! Socialists/Totalitarians/UNaccountable bureaucrats ARE useless eaters FORCING us to provide them with a luxurious life. NO pay, NO benefits, NO perks, NO retirement until the debt clock becomes a surplus clock (without raising taxes) and at the time of the surplus..current taxes are reduced dramatically. Perhaps then we can build a monument to selfless men and women as gratitude for righting the republic.

--That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

Alter it.

27 posted on 12/22/2012 8:29:50 AM PST by PGalt
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To: servantboy777; csmusaret
I’m just really done with the two party thing. Just done! If we keep fishing from the same ol pond, were gonna keep catching the same ol big mouth bass.

Ah, the "grass is always greener on the other side of the fence" argument.

What makes you believe that the people who would populate another party would have any more integrity than the ones we have now......after all, they all come from the same pond --- inside the self-centered, selfish population of the United States.

If you think some guy who is a member of the constitution party or ovaltine party is not looking to enrich himself and his friends, you are deluding yourself.

28 posted on 12/22/2012 8:41:38 AM PST by Erik Latranyi (When religions have to beg the gov't for a waiver, we are already under socialism.)
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To: Erik Latranyi

Enriching themselves is not the pressing problem; bankrupting the nation is.


29 posted on 12/22/2012 8:54:21 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: cpa4you
I’ve pulled everything out of savings and spent it!

Probably what we all should be doing. Maybe taking out our savings and hiding the cash somewhere like our grandparents did isn't such a bad idea anymore. Then, of course, install a security system for our homes, get a big dog, and buy a gun!

Unfortunately, the reality today is that many have already had to spend their savings just to survive the high costs of living. What is both disgusting and criminal is that cuts in SS or retirement funds hurt the people who WORKED all their lives and contributed their own money to these funds. Taking from them is outright stealing by our government.

While those who have existed for generations on welfare programs and NEVER WORKED, never see any reductions in their checks from the government, and the politicians aren't daring enough to do so because they are afraid of appearing "heartless" and losing votes. They don't care about hurting the seniors...who, they rationalize, will die out faster than the millions of government dependent welfare recipients who will be around longer and able to keep voting for the power hungry politicians.

I know many seniors who were productive all their lives who now have to survive on meals of cereal or peanut butter sandwiches just so they have enough money for medications, or gasoline, or paying the utilities. Meanwhile, the true "entitlement crowd" who never paid a cent into the system and only take from the government are buying expensive cuts of meat, prepared and frozen meals, bags of junk foods and snacks, sodas, etc. and paying for it all with their EBT cards. They also get part of their rent covered by HUD, and assistance with utility payments. Then, these same people buy drugs, or get their hair and nails done every week, and are able to buy themselves and their kids name brand sneakers and clothes...all paid for from their welfare checks. While seniors are shopping in used clothing stores and wearing sweaters in their homes so they can keep the heat turned down lower to save money.

The government should leave Social Security and Retirement funds alone and cut back what are the true "entitlement" programs. And, the recipients who exist on government assistance throughout generations and their eternal lifetimes should be purged from the list and made to support themselves by getting a job. Or, at least - they should be made to pass drug tests regularly; and then only permitted to shop in discount clothing and food stores, and only allowed to purchase foods that are on Michelle Obama's "eat healthy" list - that would comply with "Mamma" O's dictates, LOL! And it would discourage the continual existence on government checks if long term recipients were not able to live luxuriously but were only able to afford the true necessities.

30 posted on 12/22/2012 9:00:43 AM PST by CitizenM (Obama - The architect of the decline of the U.S.)
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To: csmusaret
Enriching themselves is not the pressing problem; bankrupting the nation is.

Care to enlighten me on the difference as I see both as the same thing.

31 posted on 12/22/2012 9:13:59 AM PST by Erik Latranyi (When religions have to beg the gov't for a waiver, we are already under socialism.)
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To: Renfield

When Democrats rule it’s never a good thing and it takes years to recover.


32 posted on 12/22/2012 9:21:31 AM PST by Vaduz
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To: dennisw
Obama cannot do this by Executive Order.

Why not, exactly? Who will stop him?

33 posted on 12/22/2012 9:31:55 AM PST by Bloody Sam Roberts (Political correctness does not legislate tolerance; it only organizes hatred.)
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To: Erik Latranyi

It is entirely possible to profit from insider knowledge without taking any taxpayer dollars. Taking money from me to give to a man who has not looked for a job in three years does not enrich the politician, but it helps him get re-elected so he can continue to enrich himself in other ways. I would vote to give each Congresscritter a one million dollar bonus for each year the country broke even financially. I don’t give a damn how much they or anyone else MAKES. I care about what they SPEND because they are spending my money.


34 posted on 12/22/2012 9:32:34 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: Pontiac

we all paid back our loans, that’s the difference. nowadays people think that’s optional. i got private academic scholarships. also worked during college and was somehow able to study and work and have some fun.


35 posted on 12/22/2012 10:03:41 AM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: muawiyah

don’t forget many who worked inside the home had small businesses themselves, selling items they made, or selling extra eggs or things like that.


36 posted on 12/22/2012 10:06:25 AM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: muawiyah

don’t forget many who worked inside the home had small businesses themselves, selling items they made, or selling extra eggs or things like that.


37 posted on 12/22/2012 10:07:51 AM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: Secret Agent Man
As with hunter gatherer days, employment inside the home was seasonal and depended on whether or not the woman was burdened with pregnancy or a new baby.

I think I covered that. Eggs were a route taken by corn and wheat to the cash markets.

Remember, too, French peasants had over 200 feast days per year and only paid 25% tax to their liege lord.

38 posted on 12/22/2012 10:29:35 AM PST by muawiyah
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To: onona

“I’m taking that little girl in and giving her food and shelter.”

What about her kin, and her “friends”?


39 posted on 12/22/2012 10:53:45 AM PST by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: All
PRNEWSWIRE: 43 trillion dollars lawsuit!
Spire-law ^ | 11/12/12 | Chrisnj / FR Posted by chrisnj
http://spire-law.com/in-the-news/ 43 trillion dollars lawsuit against gov officials and major banks

Major Banks, Governmental Officials and Their Comrade Capitalists Targets of Spire Law Group, LLP’s Racketeering and Money Laundering Lawsuit Seeking Return of $43 Trillion to the United States Treasury

NEW YORK, Oct. 25, 2012 /PRNewswire/ — Spire Law Group, LLP’s national home owners’ lawsuit, pending in the venue where the “Banksters” control their $43 trillion racketeering scheme (New York) – known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion of laundered money by the “Banksters” and their U.S. racketeering partners and joint venturers – now pinpoints the identities of the key racketeering partners of the “Banksters” located in the highest offices of government and acting for their own self-interests. \

In connection with the federal lawsuit now impending in the United States District…… (for more go to the link.) /

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FOURTEEN TRILLION DOLLARS Behind The Real Size of Obama's Wall Street Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout.
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST

The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets.

To get a sense of the size of the real $14 trillion bailout, see our chart at web site. Below, a guide to the pieces of the puzzle:

Treasury Department bailout programs
(Remember that Obama's Treasury Dept was controlled by his then-COS Rahm Emanuel---a savvy, connected G/S lobbyist in the WH)

Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].

Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].

TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.

Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."

GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.

LONG READ---go to web site to read more and checkout the shocking financial charts.

SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout

40 posted on 12/22/2012 1:56:10 PM PST by Liz
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To: All
2008 Candidate Barack Obama told us on the campaign trail: " The problem is, that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents, # 43 added $4 trillion by his lonesome so that now we have over $9 trillion of debt that we are going to have to pay back, $30,000 for every man woman and child. That’s irresponsible. It’s unpatriotic."

REALITY CHECK Obama presided over the biggest political heist in US history. The Obamanations (insiders and politicians) sucked up trillions under the guise of inheriting the "Bush financial crisis."

THIS MADE ME LAUGH OUT LOUD Obama COS Rahm Emanuel "suddenly" discovered he wanted to be Chicago's mayor---the little turn went before the mics and announced his campaign "raised $10 million in just a few weeks." Rahm also controlled the US Treasury as COS.

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In a fair accounting, Pres Obama is responsible (along with the then-Dem Congress) for the $1.3 trillion in deficit spending in 2010 and the estimated $1.6 trillion in 2011. Obama should not get credit for the $149B in TARP (Troubled Asset Relief Program) repayments made in 2010 and 2011 to cover most of the $154B in bank loans that remained unpaid at the end of the 2009 fiscal year—--loans that count against Pres Bush’s 2009 deficit tally.

Treasury says all but $5B of the TARP bank l/oans have been repaid. The portion of repayments for loans issued in 2009 should be deducted from Bush’s deficit tally, not credited to Obama as deficit savings. There is some astounding number crunching here, and a chart of a modern day president’s “average annual deficit spending” ........a frightening conclusion of what happens if Obama has an 8- year term.


41 posted on 12/22/2012 2:01:15 PM PST by Liz
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To: All
The Stimulus Bombshell
MyGovCost.org | 1/24/12 | Craig Eyermann
FR Posted Jan 31, 2012 by GSWarrior

Stunning.

That’s really the only word we can use to describe the release of a “sensitive and confidential” 57 page memo, written by then soon-to-be US Treasury Secy Larry Summers in December 2008, about what became President Obama’s signature economic program in the first year of his presidency: the “stimulus package”.

James Pethokoukis has summarized some of the most significant aspects of the memo, which we’ve excerpted below, and which reveals the Obama administration’s thinking behind what became an over 821 billion dollar boondoggle. The bold text represents Pethokoukis’ summary of that thinking, which is directly followed by a supporting quotation from Larry Summers’ memo:

1. The stimulus was about implementing the Obama agenda. The short-run economic imperative was to identify as many campaign promises or high priority items that would spend out quickly and be inherently temporary.... The stimulus package is a key tool for advancing clean energy goals and fulfilling a number of campaign commitments.

2. Team Obama knows these deficits are dangerous (although it/ has offered no long-term plan to deal with them). Closing the gap between what the campaign proposed and the estimates of the campaign offsets would require scaling back proposals by about $100 billion annually or adding new offsets totaling the same. Even this, however, would leave an average deficit over the next decade that would be worse than any post-World War II decade. This would be entirely unsustainable and could cause serious economic problems in the both the short run and the long run.

3. Obamanomics was pricier than advertised. Your campaign proposals add about $100 billion per year to the deficit largely because rescoring indicates that some of your revenue raisers do not raise as much as the campaign assumed and some of your proposals cost more than the campaign assumed.... Treasury estimates that repealing the tax cuts above $250,000 would raise about $40 billion less than the campaign assumed....The health plan is about $10 billion more costly than the campaign estimated and the health savings are about $25 billion lower than the campaign estimated.

4. Even Washington can only spend so much money so fast. Constructing a package of this size, or even in the $500 billion range, is a major challenge. While the most effective stimulus is government investment, it is difficult to identify feasible spending projects on the scale that is needed to stabilize the macroeconomy. Moreover, there is a tension between the need to spend the money quickly and the desire to spend the money wisely. To get the package to the requisite size, and also to address other problems, we recommend combining it with substantial state fiscal relief and tax cuts for individuals and businesses.

5. Liberals can complain about the stimulus having too many tax cuts, but even Team Obama thought more spending was unrealistic.

As noted above, it is not possible to spend out much more than $225 billion in the next two years with high-priority investments and protections for the most vulnerable. This total, however, falls well short of what economists believe is needed for the economy, both in total and especially in 2009. As a result, to achieve our macroeconomic objectives—minimally the 2.5 million job goal—will require other sources of stimulus including state fiscal relief, tax cuts for individuals, or tax cuts for businesses.

6. Team Obama thought a stimulus plan of more than $1 trillion would spook financial markets and send interest rates climbing. To accomplish a more significant reduction in the output gap would require stimulus of well over $1 trillion based on purely mechanical assumptions—which would likely not accomplish the goal because of the impact it would have on markets.

42 posted on 12/22/2012 2:02:15 PM PST by Liz
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To: PLMerite

I’m a leader.

Been one since I was a kid.

If kin and friends show up, I know how to show them how to contribute.

Lord knows I’ll need help, and they’ll follow.


43 posted on 12/22/2012 2:11:59 PM PST by onona (Poke salad ain't all that bad.)
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To: Erik Latranyi

I said I’m done with the two party thing...you added the rest.

I can tell ya though, doing what we are currently doing really amounts to insanity.

If the republican party wants independent conservative support...go back to conservative constitutional principals.


44 posted on 12/22/2012 4:21:24 PM PST by servantboy777
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To: onona

That approach works with very small numbers and is dependent upon them being cooperative and appreciative. It’s large numbers and bad guys that will do you in.


45 posted on 12/22/2012 5:56:03 PM PST by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: csmusaret
It is entirely possible to profit from insider knowledge without taking any taxpayer dollars.

You are naive.

How do you think congresscritters get that insider knowledge?

By creating rules that make companies hire lobbyists, come before them, make donations and beg for exemptions, assistance, tax breaks, subsidies, etc.

Then, when the congresscritter is out of office, they go to work for the lobbying firms they helped create with the rules they put in place.

Taking money from me to give to a man who has not looked for a job in three years does not enrich the politician, but it helps him get re-elected so he can continue to enrich himself in other ways.

Really?!

I guess that's why McDonald's, Burger King and other large chains are sending millions to politicians so they will allow Food Stamp cards to be used in their restaurants.

No, no enrichment going on there.

I guess that is why the congresscritter's friends get awarded contracts to re-train the unemployed, the congresscritter's friends get subsidies to hire the unemployed and the congresscritter's family gets jobs working for the companies that benefit from gov't programs.

The current system is broken and is all about getting re-elected while enriching friends and family.

It is designed so that even the most pure man gets corrupted or is driven out.

46 posted on 12/23/2012 3:18:44 AM PST by Erik Latranyi (When religions have to beg the gov't for a waiver, we are already under socialism.)
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To: Erik Latranyi

Nothing you have said even addresses , much less refutes, my original point which I will repeat here for your benefit as you apparently didn’t get it the first time....”Enriching themselves is not the pressing problem; bankrupting the nation is.” (Emphasis on pressing)

I don’t think for a minute that there is no corruption in government. I realize that members of Congress are not immune from the personal failings that afflict the rest of human kind. I am aware that many go to Washington with very little wealth and become multi-millionaires on a salary of $174,000 a year. I do think, however that all that pales in comparison to the devasting financial hole congress has put this nation in. Year after year of Trillion dollar plus deficits are a much bigger problem for all of us than some Senator hiring his daughter to fill a staff position or some Representative retiring after 10 years and taking a $ 3 Million campaign chest home with him.


47 posted on 12/23/2012 5:41:30 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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To: csmusaret
”Enriching themselves is not the pressing problem; bankrupting the nation is.” (Emphasis on pressing)

The nation is bankrupt because the men and women who go to Washington keep enriching themselves, their families and friends.

Every dollar spent by Washington is not due to their generosity or need, but due to their self-interest.

Even the most conservative members bring pork back home in the form of contracts, subsidies and grants.

If the program was created in the past, it is looted, layered and manipulated to benefit themselves and their circle.

If you think another party will be able to find 218 pure men for the House and 60 for the Senate, you are dreaming.

There is no turning back. Courts have ruled all this spending is not just constitutional, but required!

48 posted on 12/23/2012 6:17:35 AM PST by Erik Latranyi (When religions have to beg the gov't for a waiver, we are already under socialism.)
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To: Erik Latranyi

Everything you mention is nickels and dimes compared to the dollars we spend on Medicare, Medicaid, DOD, SS disability, and 83 some odd welfare programs. They don’t get fixed because politicians don’t want to risk their re election not because they are too busy lining their pockets. A third, fourth or fith party would give them new competition for their cushy jobs, forcing them to do what is right. When their best chance of re election is to do what is right for the country instead of what is right for their party or themselves change will happen. The staus quo ensures the problems you point out will prevail. Giving voters more than two choices is a step in the right direction. Railing on and on about corruption in politics might make you feel better, but it sure as hell doesn’t fix any problems. I say more political parties will help. We have heard your complaints, let’s hear your plan. If you don’t have one don’t bother me with any more of your pissin n moanin.


49 posted on 12/23/2012 6:47:40 AM PST by csmusaret (I will give Obama credit for one thing- he is living proof that familiarity breeds contempt.)
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