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Paul Volcker Gives A Lesson In Common Sense; Leaves Bartiromo Hanging
The former Fed Chairman continues to be a lone voice of sanity in an administration gripped by propaganda on preferred TV networks (denial), fingerpointing at the old administration (anger), flag@whitehouse.gov (fear), just no acceptance yet. Funny, but the lie detector test went off the charts when Paul said that there's "no problem between" him and the Obama-ites. At least the man has a sense of humor: "Everyobody ought to be worried about the deficit. It's a big deficit. The time will come to deal with it...when?....chuckle...it all depends on the economy." Or, as it is better known to Ben Bernanke, the stock market. So once the inevitable plunge occurs, add one more question to the ever increasing line-up in the Obama Q&A, so far deftly delayed courtesy of a 50% Dow Jones rally (cause nobody in D.C. knows about the S&P yet).
Also, for the full unwind of how Mr. Volcker bails on a poor Maria (who certianly needs the extra time to focus on her exclusive newsletter) see the additional 20 seconds of the clip not shared by CNBC (for good reason) courtesy of Business Insider.
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Why would Volcker want to be alligned with this administration? Its not like its possible to put rates at 20% again to save the dollar....
Unfortunately, I have to say that Volcker is not exactly innocent himself.
In a drought of leadership we require a rainstorm.
In a famine of trust we expect a bounty.
Volcker sold his soul joining team Obama . My thoughts on his CNBC talk was he's a 110% union card carrying Obama kool aid drinker
Really? this is your answer?
Maybe he thought "Hey, I can be a part of the solution. I know this stuff inside and out. Certainly better than anyone else they have." OR maybe he was a bit more cynical "I gotta get in there and throttle back these numbnuts before they blow up the world."
Either way, he is looking for a solution . . . which is more than you are contributing. You are either part of the problem or part of the solution.
Either way keep up with the ad hominems and non-sequitors because the smart kids need another Pallin-type to smack around.
If you want to support a good politicial cause, it always helps to support what the looters oppose. Case in point:
http://www.housingwire.com/2009/11/02/mba-urges-congress-to-rethink-10-r...
The mortgage origination industry is going nuts over the proposal that they would have to retain credit risk in any mortgage they originate (including Fannie/Freddie mortgages).
IMHO, mandatory risk retention is the ONLY regulation we need to prevent another housing bubble from forming. If we kill the pure originate-to-sell model, our economy will be so much better off.
Imagine how many of today's 3.5% down FHA mortgages would be originated if WFC, JPM, et al had to keep 10% of the credit risk. I can tell you, not many.
Right on. Actually it is the ONLY way mortgages must be allowed to be originated. Period.
amen and second the thoughts of ghost and gg.
there must be skin in the game on behalf of ALL parties.
Seriously, if banks (or "lenders" more broadly) had to retain a piece of credit risk in every loan they extended, and were not allowed to hedge it away (which is also a provision in the legislation), we wouldn't need a lot of other regulations.
i can tell you from firsthand knowledge, not a lot of mortage lenders give a fuck about the underwriting guidelines of FHA/Fannie/Freddie, as long as DU or whatever approves it, and you follow their rules, you sell it non-recourse and who gives a shit if the borrower can repay the loan?
same went for private-label MBS - if some sucker would buy it, waive it in. even the residual could be sold, in a lot of cases, the large the resid the better.
it is a piss-poor way to run a financial system.
It is unlikely this moral hazard will ever be eliminated as long as we have a lender of last resort.
+1...I was going to say about the same thing. As long as we've got a paper money printer in control, any regulations designed to prevent bubbles, etc, are mere bandaids that will eventually fail once the backstopped players figure out how to game the rules.
+1...you are absolutely correct.
Good looks Ghost. I believe that it works in a similar way in the Canadian mortage 'industry'...hence Canada's banks are much healthier now.
If my thinking is correct in this, and this regulation will prevent another bubble from forming, at least in this sector, then that will necessarily burst all the bubbles that this and the previous bubbles is built upon. Take away the ability to blow bubbles and the rascal ends up with gum all over his face.
ghostfaceinvestah- You, sir, are absolutely right. Have some skin in the game. In fact, mortgage brokers are the center-piece of the scams and funny-business. They can book their damn profits as the loan repays. The mortgage broker bastards are the fastest moving group on the planet....bookit and run.
with a purple dressed .....
i think the word he was looking for is either bimbo or a moron ... :D
slut?
airhead?
skank?
beeotch?
friend of Beaker?
yeah, he had to bit his tongue.
hussy
The Sophia Loren lookalike of CNBS...
Jim Rogers looked at her after he had explained the fed as irrelevant... What the fu*k is your major malfunction?
Never ever say anything disrespecful of Sophia!
They look nothing alike and the Sophia was never a whore to business or anybody.
telling quote by Mr. Volcker in that second clip:
"look, they are thinking hard, I'm sure, about an exit strategy..."
thinking hard I'm sure??? You mean you don't know? That means he's either not in the room for those conversations (bcuz they don't want to hear what he has to say) or those conversations aren't taking place.
I'm not sure which is worse.
(P.S. tnx for the easy captcha!)
He would know regardless, because he would ask and someone would tell him.
Those talks are not taking place. Or they did, for one afternoon, and the outlook was so bleak they gave it up.
There is no way out that doesn't involve self-immolation.
Paul, at Larry's urging, is spending time across the street at Farragut Square feeding the homeless pigeons. Larry is also hoping all those concrete barriers will confuse the old guy and he won't be able to find his way back across to the White House servant entrance.
Volker has been marginalized. They brought him in to give the admin credibility, and now they have shelved him. He should resign if he has any honor.
Mr. Volcker:
Please step aside from this administration that has shunned your wisdom and speak your thoughts freely, without obstruction and political pressure, and tell Americans directly what YOU think.
History will remember you fondly if you break from the cabal and speak your mind. For the sake of generations to come, please consider doing this and going out in style like a true American patriot.
maybe they have something on him...
I genuinely doubt that.
It is more likely that he thought he had a chance to work within the system at the onset when Obama fawned all over him. Now, reality has set in and I suspect Volcker is weighing his options.
it'd be awesome if he saw the light and joined forces with Ron Paul. Oh well, I can dream.
Precisely.
its true people here in DC have no clue about the S&P
I mean they don't even know what an index really even is, but they know the big round numbers of the dow
It's easy to see why the Obamanians aren't listening to Volker. He acts weak, like an old geeser whose time has long-since passed. I doubt he's thought seriously about giving advice with impassioned conviction since the mid 80s.
i'd think twice about selling an old geeser like volcker short.
Maybe, but Obama won't think twice. Volker's history in his administration.
you are likely correct about Volcker in the Obama admin.
That said, I still think Volcker is the smartest guy in the room (the truth hurts, does it not mr. diet coke man)
Fuck you you fucking worthless piece of shit fucked up motherfucker ya fucking fuck...
When you have them buy the balls, their hearts and minds will follow. I just love that fucking fuck Charles fucked up non fucking operator Colson!
Love Rahm
:-)
I see your point, Brother
but rahm...YOU weren't in the room at the time. please forgive me for omitting that fact.
You fucking fucked up motherfucking fuck. I am fucking ALWAYS funking in the fucking room, ya fuck. Better fucking remember that ya fucking fuck because I am the fuckingest most powerful fucking fucker COS that there fucked uptest ever fucking was. Fucking got it ya fucked fuck ya?
- Rahm
:-)
lol
reminded me of Blue Velvet:
http://www.youtube.com/watch?v=zEHesuSxLmQ
Those are some serious Rahmifuckations there.
Come on man! Tell us how you really feel..
I don't sell Volker short. The man's an admitted Bilderberger, after all.
http://www.youtube.com/wearechangeboston
That's exactly why they will continue to make all the same mistakes. They should learn to speak softer and listen harder, they might actually learn something.
As long as the American people believe these bastards are making mistakes, we will continue to gives these mother fuckers another chance, or at least the benefit of the doubt. These are not mistakes, they are the deliberate acts of criminals.
first Chignos the generic term is Obamatons not Obamanians unless you're referring to the contingent of his global supporters that reside in the Bahamas much like his supporters in Germany are knows as Obamans, in the UK as Obamish ... Obamastinians, Obamese, etc
As for you remarks that Volker was a geeser - anything I have read about him suggests that fly fishing is his passion.
Notwithstanding that, many who correctly castigate Summers, Geithner, Bernanke and Rubin, incorrectly lionize Volcker. It should be remembered that he is a child of the federal reserve system and cashed in that experience for a stint as chair of investment bank James D. Wolfensohn. Of course his resume includes the usual Trilateral, Bilderberg etc affiliations.
It is obvious why the Obamainians are not listening to him - at 6'7" he would be formidable on the White House basketball court - Rumor has it that the POTUS prefers advisors of a smaller stature such as Timmay who comes in at a tad under 5'2"
What part of "I gotta go make a speech" does this purple dressed " bimbo or moron" not understand ????
WTF Maria has an "exclusive" newsletter
I can only imagine the content....."this is where you 2 can buy hideous plus size suits like Hilary and I wear".
Why don't you criticize Bartiromo and Hilary Clinton for their dishonest shilling, instead of their looks. It's not as if most people have anything to brag about in terms of looks or physical fitness. Most are overweight or obese, except on the internet where everyone is tall and beautiful, and knows how to trade, like Josh Brolin or whatever.
From Charlie Rose (in 2008):
Josh Brolin: The kind of trading that I do know which is a very specific type of trading.
Charlie Rose: Which is?
Josh Brolin: Which is Pull Backs, that is what I do. I find a momentum stock, I wait until it pulls back a little bit, and then it hits a support, I get it then, it will go back and test where it started to go down which is called resistance, and I nab that percent, that percent and a half, and if you do that enough then you got, you know, fifty percent, sixty percent, seventy percent.
We’re fifty-eight percent this year in the worst market of all time.
Charlie Rose: You’re fifty-eight percent up this year?
…
Josh Brolin: Yes…It is a good thing, fifty-eight percent.
Charlie Rose: It’s extraordinary.
Josh Brolin: It’s very good but we’re extremely disciplined.
Charlie Rose: Now are you managing only your own money or are you beginning to.
Josh Brolin: We’re beginning to get into hedge funds… We’re just about to manage a forty million dollar hedge fund.
Brolin's investment group: http://www.lagovent.com/
(I'm not endorsing Brolin or ANY hollywood type as an investment advisor)
Volker brought up the dress. It is ugly. Hillary would wear that in the pantsuit version.
Would you be surprised that Larry Kudlow complimented her on it?
Ouch!I bet that left a mark!
Also...how true.And where does Hillary go to find those hideous outfits?
Just you wait and see MsCreant's dog. He detests the smell of stupidity.. :-)
Besides, Maria only does sit downs or close ins... Hillary has to do full stand up shots. I am willing to wager, along with Lizzy, I think, that they both have "sturdy leg syndrome'.
Actually, if you remember, Maria ran out to throw a first pitch at a Yankees game. Hillazilla would have killed for hips like that. I would have just liked to have seen Hillary actually have to run!
http://www.wsjr.cnbc.com/highlight-mariapitch.html
:-)
Maria (EA)is testing the ground for her up coming career change to female magazine columnist....
She knows the writing on the wall, as Ms Drury will be taking her place when comcast takes the rains...
Her "Money Honey" column will go down well in the "cougar demo range" mags .....:-)
Great point, lizzy36.
Maria is nothing more than an over-inflated cheerleader (see my post at the bottom of page). That woman hasn't had a bad thing to say about stocks since '94. On up days, she talks about how they're still headed higher. On down days, she talks about how they're still headed higher.
The only thing hard-hitting about her is when she hits the free buffet after the show...
Tyler....If THAT is the LONE voice of sanity in this administration, then its apple sauce and cookie time.
Shuffle stage left.....maybe the ONLY part of Obama's administration that is truly shovel ready
You funny.
That was the lone voice of sanity trying very hard to not make the POTUS look like an idiot.
I want you to stop and think about what happens to the country (forget the markets) if someone who bailed out the economy the last time it blew up came out and said that it's not happening this time because the POTUS is an idiot.
Just think about it.
Jeezuz. The problem with people now days is they have no sense for nuance. Play everything like it were a first-person shooter.
cougar
We have a nation full of people trying not to make the POTUS look like an idiot. Every good mind that should be working on the problems is spending too much time instead making the sure the POTUS does not look like an idiot. Its not nuance its nuisance and the first major trend that has to change is dancing around this President as he grows into a job is not prepared to do. Obama is too young and inexperienced and Volker is too old and impotent. Think Yoda on Namenda.
Emperor's new clothes.
I can't believe you got passed the math question.
gmrpeabody, that's funnier than hell! Easily, best line of the day!
I will never think of the term "shovel ready" in the same way again. As the population ages, your take on it may become more widespread.
The only person who gives a crap about Maria Bartiromo is Joey Ramone: http://www.youtube.com/watch?v=Donx4hxGN3M
"Or, as it is better known to Ben Bernanke, the stock market."
ROTFL!
GG - That and the 'shrooms comment last night.. Classics
he's so old he's new.
This gem of an interview shows that Volcker still knows how to handle inflation.
(And by inflation, I mean Maria Bartiromo's over-inflated, puffed-up ASS! The "Money Honey" has officially become the "Perma-Gunt C&nt")
http://www.timothysykes.com/wp-content/uploads/2008/05/maria_bartiromo.jpg
Will the real (huge) Maria Bartiromo please stand up...
Wow. The picture is not flattering but, like her arm is fuzzy, maybe some of the girth is motion? She may appear larger than she is.
Equal tiiiime abuuuuse.
Now Volker, he is big and wrinkly and old. His clothes are awfuuuul, like someone's grandpa.
Hmmm. Plays a little different. But then again, we know Fartiromo is a shill ho, we are merely worried that Volker might be one.
All together now...
The higher the mountain,
The higher the grass,
The bigger the ho
The bigger the ass...
Volcker wants us all to stop spending so much too:
http://www.reuters.com/article/GCA-Economy/idUSTRE5A15R920091102
I give Maria props for those questions. It's a shame that Volker is the ugly duckling in the barnyard.
I saw a 'tell' in this. On the CNBC clip he says about a meeting with the President, "We talked about this this morning. We agreed that we had to create more jobs and one area was to develop out exports".
The best way to stimulate exports (and jobs) is to let the dollar ratchet down another 15%. I know that is an unpopular view, but I think they are going to try to do it anyway.
Again Excellent catch Bruce. Agreed. I have to wonder what else other emerging market nations will resort to once they realize that they are getting washed under besides the start off 2% in Brazil and the weak attempts at intervention from Asia.
Forwarded the great ZH article on the US adding to the IMF SDR shortly after the G-20 (i.e. a clear devaluation attempt) to an acquaintance who is far more knowledgeable in the less visible ways of the world.
His take on it was that it most likely was done after discussion at the G-20, and with their advance knowledge. If this is right, most of these folks are on board with a $ devaluation. If it's going to happen, might as well make it orderly, and try to either have some control over it, or at least the pretense of control.
Maria is a victim of inflation. Leave the facts take the cannoli...
I am at a lost to understand the worshipfication of this man by people who are critical of the corrupt status-quo. He is an embodiment of the ruling political class and if he had any sense of honor or independence he would have walked out years ago. That type of character statement was last seen when Cyrus Vance quit the Carter administration over thirty years ago. Volcker does nothing more here than provide cover for a criminal regime.
Well, yes.
That was his role from the beginning... From him, will come no policy impact, no influence, no reason to be there, no hope....no change...
I'm seeing double...
And talking to yourself.
Agreed, I have no love for Volcker. this is the man who started "bank bailout mania" by pushing for the bailout of Continental Illinois, when some of the regulators wanted to let it go down.
Yeah, they bought him off I guess but why would he want to go down with them ?
He should just sit back and be the central banking God that he is.
Colin Powell quit the Bush Administration
yes volker is old and passed his prim but i credit him with waking a lot of us up
his speech in the spring of 05 slapped me awake and caused me to get out of the stock market (probably too early) but, a year before the october melt down
heres somexcerpts from volkers speech at stanfor that woke many of us up
ht calculated risk
Volker seems like a shy guy, he probably doesnt know what to do with himself at this point. He is in the administration, he is trapped, he is fucked and I think he knows it. I feel bad for him.
Who in the hell would stick around as an "advisor" if no one ever took your advice. He is wasting his time. The guy is used as wallpaper behind Obama. He is a chump.
Reworking housing to comply with cap & tax will take an army of inspectors, and cost the homeowner plenty
Subject: : Thinking about selling your house? A Look at H.R. 2454 (Cap & Trade)
Here's another one of those wonderful pieces of legislation being enacted by our wonderful legislators in Washington.
Thought you may find this of interest! Better start voting NO and calling anyone and everyone to get this thrown out!!!
This is unbelievable!
Wow! home owners take note & tell your friends and relatives who are home owners!! Beginning 1 year after enactment of the Act, you won't be able to sell your home unless you retrofit it to comply with the energy and water efficiency standards of this Act.
H.R. 2454, the "Cap & Trade" bill passed by the House of Representatives, if also passed by the Senate, will be the largest tax increase any of us has ever experienced. But wait. This awful bill (that no one in Congress has actually read) has many more surprises in it.
Probably the worst one is this: A year from now you won't be able to sell your house.
Yes, you read that right. The caveat is (there always is a caveat) that if you have enough money to make required major upgrades to your home, then you can sell it. But, if not, then forget it. Even pre-fabricated homes ("mobile homes") are included.
In effect, this bill prevents you from selling your home without the permission of the EPA administrator.
To get this permission, you will have to have the energy efficiency of your home measured. Then the government will tell you what your new energy efficiency requirement is and you will be forced to make modifications to your home under the retrofit provisions of this Act to comply with the new energy and water efficiency requirements. Then you will have to get your home measured again and get a license (called a "label" in the Act) that must be posted on your property to show what your efficiency rating is; sort of like the Energy Star efficiency rating label on your refrigerator or air conditioner. If you don't get a high enough rating, you can't sell. And, the EPA administrator is authorized to raise the standards every year, even above the automatic energy efficiency increases built into the Act.
The EPA administrator, appointed by the President, will run the Cap & Trade program (AKA the "American Clean Energy and Security Act of 2009") and is authorized to make any future changes to the regulations and standards he alone determines to be in the government's best interest. Requirements are set low initially so the bill will pass Congress; then the Administrator can set much tougher new standards every year. The Act itself contains annual required increases in energy efficiency for private and commercial residences and buildings. However, the EPA administrator can set higher standards at any time.
Sect. 202 Building Retrofit Program mandates a national retrofit program to increase the energy efficiency of all existing homes across America . Beginning 1 year after enactment of the Act, you won't be able to sell your home unless you retrofit it to comply with the energy and water efficiency standards of this Act. You had better sell soon, because the standards will be raised each year and will be really hard (i.e., ex$pen$ive) to meet in a few years. Oh, goody! The Act allows the government to give you a grant of several thousand dollars to comply with the retrofit program requirements if you meet certain energy efficiency levels. But, wait, the State can set additional requirements on who qualifies to receive the grants. You should expect requirements such as "can't have an income of more than $50K per year", "home selling price can't be more than $125K", or anything else to target the upper middle class (and that's YOU) and prevent them from qualifying for the grants. Most of us won't get a dime and will have to pay the entire cost of the retrofit out of our own pockets. More transfer of wealth, more "change you can believe in."
Sect. 204 Building Energy Performance Labeling Program establishes a labeling program that for each individual residence will identify the achieved energy efficiency performance for "at least 90 percent of the residential market within 5 years after the date of the enactment of this Act." This means that within 5 years 90% of all residential homes in the U.S. must be measured and labeled. The EPA administrator will get $50M each year to enforce the labeling program. The Secretary of the Department of Energy will get an additional $20M each year to help enforce the labeling program. Some of this money will, of course, be spent on coming up with tougher standards each year. Oh, the label will be like a license for your car. You will be required to post the label in a conspicuous location in your home and will not be allowed to sell your home without having this label. And, just l ike your car license, you will probably be required to get a new label every so often - maybe every year. But, the government estimates the cost of measuring the energy efficiency of your home should only cost about $200 each time. Remember what they said about the auto smog inspections when they first started: that in California it would only cost $15. That was when the program started. Now the cost is about $50 for the inspection and certificate; a 333% increase. Expect the same from the home labeling program.
Sect. 304 Greater Energy Efficiency in Building Codes establishes new energy efficiency guidelines for the National Building Code and mandates at 304(d) that 1 year after enactment of this Act, all state and local jurisdictions must adopt the National Building Code energy efficiency provisions or must obtain a certification from the federal government that their state and/or local codes have been brought into full compliance with the National Building Code energy efficiency standards.
re: Cap and Trade affect on houses.
At 3am the Congressional leaders changed the wording so that these regs ONLY apply to new housing. Then at 8am they voted to pass the multi-1000 page bill that no one actually read. The original bill would have covered all houses.
Naturally, they can change the law at any time.
Naturally, the gov't is being run by complete loonies.
But, for now, existing homes are not subject to these idiot regulations.
H.R. 2454, the "Cap & Trade" bill passed by the House of Representatives, if also passed by the Senate, will be the largest tax increase any of us has ever experienced. The Congressional Budget Office (supposedly non-partisan) estimates that in just a few years the average cost to every family of four will be $6,800 per year. No one is excluded. However, once the lower classes feel the pinch in their wallets, you can be sure these voters get a tax refund (even if they pay no taxes at all) to offset this new cost. Thus, you Mr. and Mrs. Middle Class America will have to pay even more since additional tax dollars will be needed to bail out everyone else.
can sell it. But, if not, then forget it. Even pre-fabricated homes ("mobile homes") are included.But wait. This awful bill (that no one in Congress has actually read) has many more surprises in it.
Probably the worst one is this: A year from now you won't be able to sell your house.
Yes, you read that right. The caveat is (there always is a caveat) that if you have enough money to make required major upgrades to your home, then you
In effect, this bill prevents you from selling your home without the permission of the EPA administrator.
To get this permission, you will have to have the energy efficiency of your home measured. Then the government will tell you what your new energy efficiency requirement is and you will be forced to make modifications to your home under the retrofit provisions of this Act to comply with the new energy and water efficiency requirements. Then you will have to get your home measured again and get a license (called a "label" in the Act) that must be posted on your property to show what your efficiency rating is; sort of like the Energy Star efficiency rating label on your refrigerator or air conditioner. If you don't get a high enough rating, you can't sell. And, the EPA administrator is authorized to raise the standards every year, even above the automatic energy efficiency increases built into the Act.
The EPA administrator, appointed by the President, will run the Cap & Trade program (AKA the "American Clean Energy and Security Act of 2009") and is authorized to make any future changes to the regulations and standards he alone determines to be in the government's best interest. Requirements are set low initially so the bill will pass Congress; then the Administrator can set much tougher new standards every year. The Act itself contains annual required increases in energy efficiency for private and commercial residences and buildings. However, the EPA administrator can set higher standards at any time.
Sect. 202 Building Retrofit Program mandates a national retrofit program to increase the energy efficiency of all existing homes across America . Beginning 1 year after enactment of the Act, you won't be able to sell your home unless you retrofit it to comply with the energy and water efficiency standards of this Act. You had better sell soon, because the standards will be raised each year and will be really hard (i.e., ex$pen$ive) to meet in a few years. Oh, goody! The Act allows the government to give you a grant of several thousand dollars to comply with the retrofit program requirements if you meet certain energy efficiency levels. But, wait, the State can set additional requirements on who qualifies to receive the grants. You should expect requirements such as "can't have an income of more than $50K per year", "home selling price can't be more than $125K", or anything else to target the upper middle class (and that's YOU) and prevent them from qualifying for the grants. Most of us won't get a dime and will have to pay the entire cost of the retrofit out of our own pockets. More transfer of wealth, more "change you can believe in."
Sect. 204 Building Energy Performance Labeling Program establishes a labeling program that for each individual residence will identify the achieved energy efficiency performance for "at least 90 percent of the residential market within 5 years after the date of the enactment of this Act." This means that within 5 years 90% of all residential homes in the U.S. must be measured and labeled. The EPA administrator will get $50M each year to enforce the labeling program. The Secretary of the Department of Energy will get an additional $20M each year to help enforce the labeling program. Some of this money will, of course, be spent on coming up with tougher standards each year. Oh, the label will be like a license for your car. You will be required to post the label in a conspicuous location in your home and will not be allowed to sell your home without having this label. And, just l ike your car license, you will probably be required to get a new label every so often - maybe every year. But, the government estimates the cost of measuring the energy efficiency of your home should only cost about $200 each time. Remember what they said about the auto smog inspections when they first started: that in California it would only cost $15. That was when the program started. Now the cost is about $50 for the inspection and certificate; a 333% increase. Expect the same from the home labeling program.
Sect. 304 Greater Energy Efficiency in Building Codes establishes new energy efficiency guidelines for the National Building Code and mandates at 304(d) that 1 year after enactment of this Act, all state and local jurisdictions must adopt the National Building Code energy efficiency provisions or must obtain a certification from the federal government that their state and/or local codes have been brought into full compliance with the National Building Code energy efficiency standards.
Don't forget the Copenhagen Agreement. That one has a new UN Urbal Planning commission to determine what every homeowner should be allowed to build and where. They could simply not allow that suburban house to be upgraded to this new standard and could in fact insist that it be condemned and torn down. For the good of the environment of course!
There is such a thing called the internet. One of the more popular companies that provide services on the internet is "Google". Google searches for information that other people, companies, governments, etc make available on the internet.
A good way to verify something like a scary chain letter has any validity is to search for the primary information from which it was derived. Luckily, H.R. 2454 is available in many locations. I can confirm that what you regurgitated onto this blog is 100% false.
In the future, a good rule of thumb is that if something looks too good (too bombastic, too outrageous, etc) to be true, it probably is.
However, I would like to REFINANCE YOUR DEBT. I have a business that will negotiate with your creditors to REDUCE YOUR PAYMENT IN HALF. Consolidate all your payments with CrudCred LLC and gain enough disposable income to BUY THE THINGS YOU DESERVE!
Volcker is an unwitting part of the big con. Very similar to Elizabeth Warren. Put somebody with a genuine interest in the American people in a position in the administration and just undercut them.