Thanks, Obama…U.S. taxpayers on the hook for $23.7 trillion in TARP bail out money…

July 26, 2010

July 20 (Bloomberg) — U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.

The Treasury’s $700 billion bank-investment program represents a fraction of all federal support to resuscitate the U.S. financial system, including $6.8 trillion in aid offered by the Federal Reserve, Barofsky said in a report released today.

“TARP has evolved into a program of unprecedented scope, scale and complexity,” Barofsky said in testimony prepared for a hearing tomorrow before the House Committee on Oversight and Government Reform.

Barofsky’s estimates include $2.3 trillion in programs offered by the Federal Deposit Insurance Corp., $7.4 trillion in TARP and other aid from the Treasury and $7.2 trillion in federal money for Fannie Mae, Freddie Mac, credit unions, Veterans Affairs and other federal programs.

Barofsky offered criticism in a separate quarterly report of Treasury’s implementation of TARP, saying the department has “repeatedly failed to adopt recommendations” needed to provide transparency and fulfill the administration’s goal to implement TARP “with the highest degree of accountability.”

As a result, taxpayers don’t know how TARP recipients are using the money or the value of the investments, he said in the report.

‘Falling Short’

“This administration promised an ‘unprecedented level’ of accountability and oversight, but as this report reveals, they are falling far short of that promise,” Representative Darrell Issa of California, the top Republican on the oversight committee, said in a statement. “The American people deserve to know how their tax dollars are being spent.”

The Treasury has spent $441 billion of TARP funds so far and has allocated $202.1 billion more for other spending, according to Barofsky. In the nine months since Congress authorized TARP, Treasury has created 12 programs involving funds that may reach almost $3 trillion, he said.

Treasury Secretary Timothy Geithner should press banks for more information on how they use the more than $200 billion the government has pumped into U.S. financial institutions, Barofsky said in a separate report.

The inspector general surveyed 360 banks that have received TARP capital, including Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. The responses, which the inspector general said it didn’t verify independently, showed that 83 percent of banks used TARP money for lending, while 43 percent used funds to add to their capital cushion and 31 percent made new investments.

Barofsky said the TARP inspector general’s office has 35 ongoing criminal and civil investigations that include suspected accounting, securities and mortgage fraud; insider trading; and tax investigations related to the abuse of TARP programs.

From: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aY0tX8UysIaM

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Britain’s health care system (which Obamacare is based on) begins rationing basic health services; system is collapsing under its own weight…

July 26, 2010

Here’s a picture of what’s soon to come for America, under Obamacare…

 — Spencer

 NHS bosses have drawn up secret plans for sweeping cuts to services, with restrictions on the most basic treatments for the sick and injured.

By Laura Donnelly, Health Correspondent

Published: 9:19PM BST 24 Jul 2010

Some of the most common operations — including hip replacements and cataract surgery — will be rationed as part of attempts to save billions of pounds, despite government promises that front-line services would be protected.

Patients’ groups have described the measures as “astonishingly brutal”.

An investigation by The Sunday Telegraph has uncovered widespread cuts planned across the NHS, many of which have already been agreed by senior health service officials. They include:

* Restrictions on some of the most basic and common operations, including hip and knee replacements, cataract surgery and orthodontic procedures.

* Plans to cut hundreds of thousands of pounds from budgets for the terminally ill, with dying cancer patients to be told to manage their own symptoms if their condition worsens at evenings or weekends.

* The closure of nursing homes for the elderly.

* A reduction in acute hospital beds, including those for the mentally ill, with targets to discourage GPs from sending patients to hospitals and reduce the number of people using accident and emergency departments.

* Tighter rationing of NHS funding for IVF treatment, and for surgery for obesity.

* Thousands of job losses at NHS hospitals, including 500 staff to go at a trust where cancer patients recently suffered delays in diagnosis and treatment because of staff shortages.

* Cost-cutting programmes in paediatric and maternity services, care of the elderly and services that provide respite breaks to long-term carers.

The Sunday Telegraph found the details of hundreds of cuts buried in obscure appendices to lengthy policy and strategy documents published by trusts. In most cases, local communities appear to be unaware of the plans.

Dr Peter Carter, the head of the Royal College of Nursing, said he was “incredibly worried” about the disclosures.

He urged Andrew Lansley, the Health Secretary, to “get a grip” on the reality of what was going on in the NHS.

The Government has promised to protect the overall budget of the NHS, which will continue to receive above-inflation increases, but said the service must make “efficiency savings” of up to £20 billion by 2014, which would be diverted back to the front line.

Mr Lansley said last month: “This protection for the NHS is protection for patients – to ensure that the sick do not pay for the debt crisis.”

Dr Carter said: “Andrew Lansley keeps saying that the Government will protect the front line from cuts – but the reality appears to be quite the opposite. We are seeing trusts making job cuts even when they have already admitted to being short staffed.

‘‘The statements he makes may be well intentioned – but we would implore him to get a grip on the reality, because these kinds of cuts are incredibly worrying.”

Katherine Murphy, of the Patients Association, said the cuts were “astonishingly brutal” and expressed particular concern at moves to ration operations such as hip and knee operations.

“These are not unusual procedures, this is a really blatant attempt to save money by leaving people in pain,” she said.

“Looking at these kinds of cuts, which trusts have drawn up in such secrecy, it particularly worries me how far they disadvantage the elderly and the vulnerable.

‘‘We cannot return to the days of people waiting in pain for years for a hip operation or having to pay for operations privately.”

She added that it was “incredibly cruel” to draw up savings plans based on denying care to the dying.

From:  http://www.telegraph.co.uk/health/7908742/Axe-falls-on-NHS-services.html


Majority of Americans Now Say Obama Does Not Deserve Re-Election in 2012

July 21, 2010

A year after President Barack Obama’s political honeymoon ended, his job approval rating has dropped to a negative 44 – 48 percent, his worst net score ever, and American voters say by a narrow 39 – 36 percent margin that they would vote for an unnamed Republican rather than President Obama in 2012, according to a Quinnipiac University poll released today.

This compares to a 48 – 43 percent approval for Obama in a May 26 national poll by the independent Quinnipiac (KWIN-uh-pe-ack) University and a 57 – 33 percent approval last July, just before the political firestorm created by opposition to his health care plan galvanized political opponents and turned independent voters against him.

In this latest survey of more than 2,000 voters, independent voters disapprove of Obama 52 – 38 percent and say 37 – 27 percent they would vote for a Republican contender in 2012.

American voters also say 48 – 40 percent Obama does not deserve reelection in 2012.

From:  http://www.quinnipiac.edu/x1295.xml?ReleaseID=1478


Obama Administration Sneaks In Direct Taxpayer Funding of Abortion Through New High-Risk Insurance Pools

July 14, 2010

(CNSNews.com) – If you want proof that President Obama’s Executive Order on taxpayer-funded abortion was a sham, look no further than Pennsylvania, says House Republican Leader John Boehner (Ohio).

Boehner and other Republicans point to reports that the Health and Human Services Department is giving Pennsylvania $160 million to set up a new high-risk insurance pool that will cover any abortion that is legal in the state.

“The fact that the high-risk pool insurance program in Pennsylvania will use federal taxpayer dollars to fund abortions is unconscionable,” Boehner said in a statement on Tuesday.

“Just last month at the White House, I asked President Obama to provide the American people with a progress report on the implementation of his Executive Order, which purports to ban taxpayer-funding of abortions. Unfortunately, the President provided no information, and the American people are still waiting for answers.”

President Obama pledged that under his health care plan “no federal dollars will be used to fund abortions, and federal conscience laws will remain in place.” 

In a May 13 letter to Health and Human Services Secretary Kathleen Sebelius, Boehner asked if her department has provided guidance to the states on how to implement the president’s Executive Order on abortion funding. Boehner also asked Sebelius if the new federal high-risk pools would exclude abortion coverage.

He says his questions remain unanswered.

“Millions of Americans care deeply about this aspect of the new law and its implementation, and no progress report is complete without detailed information about it,” Boehner wrote to Sebelius.

The conservative Family Research Council says the $160 million in taxpayer funds for Pennsylvania is the first known instance of direct federal funding of abortions through the new high-risk insurance pools.

The abortion funding for pool participants validates the arguments pro-life groups made throughout the health care debate – that taxpayer dollars will fund abortions, said Tom McClusky, senior vice president of the Family Research Council’s political action arm.

“For our efforts to remove the bill’s abortion funding, we were called ‘deceivers’ by President Obama and ‘liars’ by his allies. Now we know who the true deceivers and liars really are,’ McClusky said.

From:  http://www.cnsnews.com/news/article/69384

 Wednesday, July 14, 2010

By Susan Jones, Senior Editor, www.CNSNews.com


Latest Poll: Americans Have Lost Faith in Barack Obama…

July 13, 2010

The latest Washington Post/ABC News poll is a major blow to the White House just four months before crucial mid-terms in November. According to the poll, “nearly six in ten voters say they lack faith in the president to make the right decisions for the country”, and two thirds “say they are disillusioned with or angry about the way the federal government is working.” A staggering 58 per cent of Americans say they do not have confidence in the president’s decision-making, with just 42 per cent saying they do.

The unpopularity of the president is hurting his party’s prospects in Congress, and prompting many voters to seek a greater balance of power in Washington. By a margin of 56 per cent to 41 per cent, “those most likely to vote in the midterms prefer the GOP over continued Democrat rule”, which could spell disaster for Democrats in the House of Representatives, with significant losses in the Senate as well.

…A significant majority of the American people have now lost faith in President Obama and his big spending message, and are nervous about the towering mountains of borrowing and debt that threaten to sink the US economy. The Obama White House is facing a major crisis in public confidence, and as this latest poll shows, the outlook for this November looks even worse.

From:  http://blogs.telegraph.co.uk/news/nilegardiner/100047106/americans-have-lost-faith-in-barack-obama/


Michelle Obama turns to race-baiting; tells NAACP “Tea Party members are racists who are trying to turn back progress”…

July 13, 2010

You can see how it’s going to go now, in the run up to the November elections. 

The Tea Party will be termed “racist” and the Tea Party hierarchy will be put on the defensive by the liberal media and race-baiting organizations such as the NAACP who will repeatedly — ad nauseum — call on the Tea Party to “repudiate racist elements” in the movement. 

This is the tactic they’ve decided to use in order to brand the Tea Party movement and its limited government ideals as “racist.”  Of course, it is in complete denial of the fact that the Tea Party movement and its limited government ideals are in no small part being led and/or supported by conservative black patriots such as author and publisher William Owens, singer Lloyd Marcus, Kevin Jackson of The Black Sphere, Congressional candidate Allen West and numerous others.

But truth and reality have no hold on liberals.  They know they’re losing the battle for the minds of Americans — Democrat and Republican alike — to plain old common sense.  And therefore out of desperation they have to portray the Tea Party limited government ideal as a racist ideal, and the movement itself as being beset with racists.   

When the NAACP comes out and seriously condemns SEIU anti-white racism and Black Panther anti-white racism, then maybe I’ll listen to what they have to say.  Meanwhile, they, and Michelle O., can take their race-baiting act somewhere else.  It won’t fly here.  

— Spencer

Michelle Obama turns to race-baiting; tells NAACP “Tea Party members are racist and trying to turn back progress”…

http://abcnews.go.com/Politics/naacp-tea-party-civil-rights-group-considers-resolution/story?id=11144640

First Lady Michelle Obama brought renewed energy to the NAACP today, delivering the keynote speech at the annual convention one day before the nation’s largest civil rights group is expected to condemn what it calls racist elements in the Tea Party movement.

The nation’s largest and oldest civil rights organization will vote on the resolution Tuesday during its annual convention in Kansas City, Mo. In addition to jobs and the economy, anti-Tea Party activism has been a large focus of the gathering, a charge that conservative leaders say is driven solely by a political agenda.

In her speech, the first lady focused on the issue of childhood obesity and her “Let’s Move” initiative, but outside of her remarks, anti-Tea Party activism has been a key focus of the gathering, which conservative leaders say is driven solely by a political agenda.

Tea Party members have used “racial epithets,” have verbally abused black members of Congress and threatened them, and protestors have engaged in “explicitly racist behavior” and “displayed signs and posters intended to degrade people of color generally and President Barack Obama specifically,” according to the proposed resolution.

“We’re deeply concerned about elements that are trying to move the country back, trying to reverse progress that we’ve made,” NAACP spokeswoman Leila McDowell told ABC News. “We are asking that the law-abiding members of the Tea Party repudiate those racist elements, that they recognize the historic and present racist elements that are within the Tea Party movement.”

The National Association for the Advancement of Colored People, in coordination with 170 other groups, including labor unions, is planning a protest march in Washington, D.C., Oct. 10 as the next step in building momentum against the Tea Party.

The “One Nation” march is designed as an antithesis to the Tea Party, and it’s about “pulling America together and back to work,” McDowell said.

Supporters of the Tea Party movement have frequently faced charges of racism.

The most notable case is that of Kentucky  GOP Senate hopeful Rand Paul , who came under fire in May for criticizing the 1964 Civil Rights Act. Paul said he supports the act and opposes discrimination, but added that the government doesn’t have a right to tell private restaurant owners who they can and cannot serve.

“If we want to harbor in on private businesses and their policies, then you have to have the discussion about, ‘Do you want to abridge the First Amendment as well,'” Paul said on MSNBC’s  Rachel Maddow show. “If you decide that restaurants are publicly owned and not privately owned, then do you say that you should have the right to bring your gun into the restaurant, even though the owner of the restaurant says, well, no, we don’t want to have guns in here.”

In March, Tea Party protesters opposing the health care bill were alleged to have shouted racial slurs at black House members in the halls of Congress, a charge that Tea Party supporters say has not been proven. Liberal blogs have also seized on signs that have appeared in Tea Party protests, comparing President Obama to a monkey.

Tea Party leaders say the charges are misguided and are being fertilized by the left for the sole purpose of gaining political ground.

 The Rev. C.L. Bryant, a former president of NAACP’s Garland, Texas, chapter who is now a leading Tea Party activist said the idea that the Tea Party is racist or is trying to instigate a racist climate is “simply a lie.”

 “I have seen posters … where every president from Reagan to Obama has been called a fascist,” Bryant, who serves as a contributor to FreedomWorks, which organizes Tea Party groups, told ABC News. “Why is it that just because we have a black president, we are hyper-sensitive to posters at rallies?”

The NAACP wants to “create a climate where they can say that those on the right are in fact racist and those on the left are their saviors,” he added. “This is very much what the liberal agenda is about.”

Dale Robertson , a Tea Party activist who runs TeaParty.org and has himself been at the center of a race-related controversy, said the NAACP is merely pandering to the Democratic party.

 “I find that the NAACP should be standing against the new Black Panther and their stance and yet instead of doing the right thing, they’re doing the wrong thing by attacking people who feel government should be held accountable,” Robertson said.


Why Obama truly is the great jobs killer…

July 6, 2010

 

It’s time to call Obama what he is: The Great Jobs Killer. With his massive spending and tax hikes — rewarding big government and big unions, while punishing taxpayers and business owners — Obama has killed jobs, he has killed motivation to create new jobs, he has killed the motivation to invest in new businesses, or expand old ones. With all this killing, Obama should be given the top spot on the FBI’s Most Wanted List.

by Wayne Allen Root

Las Vegas Review Journal

As former President Ronald Reagan might have said, “Obama, there you go again.”

The current occupant of the White House claims to know how to create jobs. He claims jobs have been created.

But so far the score is Great Obama Depression 2.2 million lost jobs, Obama 0 — a blowout.

Obama is as hopeless, helpless, clueless and bankrupt of good ideas as the manager of the Chicago Cubs in late September. This “community organizer” knows as much about private-sector jobs as Pamela Anderson knows about nuclear physics.

It’s time to call Obama what he is: The Great Jobs Killer. With his massive spending and tax hikes — rewarding big government and big unions, while punishing taxpayers and business owners — Obama has killed jobs, he has killed motivation to create new jobs, he has killed the motivation to invest in new businesses, or expand old ones. With all this killing, Obama should be given the top spot on the FBI’s Most Wanted List.

Meanwhile, he has kept the union workers of GM and Chrysler employed (with taxpayer money). He has made sure that most government employee union members got their annual raises for sleeping on the job (with taxpayer money). He made sure that his voters got handouts mislabeled as “tax cuts” even though they never paid taxes (with taxpayer money). And he made sure that major campaign contributors collected billions off government stimulus (with taxpayer money).

As far as the taxpayers — the people who actually take risks with our own money to create small businesses and jobs and pay most of the taxes — we require protection under the Endangered Species Act.

You won’t find proof of the damage Obama is doing on Wall Street, but rather on Main Street. My friends are all part of the economic engine of America: Small business. Small business creates 75 percent of new jobs (and a majority of all jobs). I called one friend who was a wealthy restaurant owner. He says business is off by 60 percent. He’s drowning in debt. He won’t last much longer. His wealth is gone.

I called another friend in the business of home improvement. He says business is off 90 percent from two years ago. My contractor just filed personal bankruptcy. She won’t be building any more homes. The hair salon where I’ve had my hair cut for years closed earlier this year. Bankrupt. But here’s the clincher — ESPN Zone just closed all their restaurants across the country. If they can’t make it selling cheap food and overpriced beer with 100 big screens blaring every sporting event on the planet to a sports-crazed society, we are all in deep, deep trouble.

I’ve polled all my friends who own small businesses — many of them in the Internet and high-tech fields. They all agree that in this new Obama world of high business taxes, income taxes, payroll taxes, capital gains taxes, and workers compensation taxes, the key to success is to avoid employees. The only way to survive as a business owner today is by keeping the payroll very low and by hiring only independent contractors or part-time employees provided by temp agencies.

The days of jobs in the private sector with big salaries, full benefits, and pensions are over. We’ve all seen where those kinds of jobs get you as a business owner — in Bankruptcy Court or surviving on government welfare like GM and Chrysler. Or in the case of government itself — completely insolvent, but surviving by ripping off taxpayers and fraudulently running printing presses at the Fed all day and night to print money by the trillions.

Unfortunately, small businesses don’t have the power to impose taxes or print money. So unlike government, we’ll just have to cut employees and run lean and mean.

It has now become clear that, outside of the burgeoning field of Census takers, there will be no major increase in new jobs for years to come. Outside government, Obama has created a wasteland of economic ruin and depression that looks much like the landscape of Mel Gibson’s first movie “Mad Max.” Without a printing press in Obama’s world, you’re just plain out of luck.

The days of believing the Obama propaganda about a jobs recovery are over. The trillion-dollar corporate handouts (neatly named “stimulus”) may have kept big business in the money for the past 18 months, and artificially propped up the stock market, but small business is the real canary in the coal mine.

My small business-owning friends aren’t creating one job. Not one. They are shedding jobs. They are learning to do more with fewer employees. They are creating high-tech businesses that don’t need employees. And many business owners are making plans to leave the country. In a high-tech world where businesses can be run from anywhere, Obama has a problem. His one-trick pony — raise taxes, raise taxes, raising taxes — is chasing away the business owners he desperately needs to pay his bills.

So who is going to pay Obama’s taxes? Not his voters. They want government to pay them. Who is going to create Obama’s jobs? Not his voters — they’ve never created a job in their lives.

So what is Obama going to do? Maybe he can get Pamela Anderson on the line.

Wayne Allyn Root, a former vice presidential nominee for the Libertarian Party, writes from Henderson. His column appears every other week.

From:  http://www.lvrj.com/opinion/barack-obama–the-great-jobs-killer-97758294.html