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Sol Sanders | Follow the money No. 79 -- What Obama Could Do
A version of this column is scheduled to be published Monday, August 15, 201, in The Washington Times -- Chris
Follow the money No. 79 -- What Obama Could Do
By Sol Sanders
The dust has far from settled on the Washington stalemate over setting a new debt limit. As Thomas Sowell pointed out, so logically, were an increase in the debt ceiling only “routine”, held up by pesky Congressional Tea Partiers, as the spenders charged, then what would be the purpose of having a ceiling at all? But while an indecorous debate encapsulated the larger ideological divide, America rapidly moves on, remorselessly, to threatening politico-economic issues cascading in from Europe and Asia as well as at home.
Ironically the current world crisis proved one thing: a continuing overwhelming faith in America’s importance, whether economically or culturally. Proof is “the flight to quality” by investors worldwide into the American Republic’s indebtedness as witness all-time record low interest in U.S. Treasuries auctions. Prime Minister David Cameron’s turn to American police [overcoming the usual our British Greek to your American Roman prejudices] in the face of chaotic English urban rioting is another indicator. But disquieting news from Libya approaching indecisive civil war and tragic events in Afghanistan where withdrawal leaves a highly vulnerable Pakistan indicate just how wanting is continued Obama Administration “leading from behind”.
US economic amelioration and patching up its world role would require extraordinary statesmanship. And as many observers, Pres. Harry Truman for one, have judged, the Constitution and history has made the presidency a very strong executive, and it sometimes matters less what he decides but that he act. “The buck stops here”, Mr. Truman’s pithy saying, remains a call for presidential courage on Pres. Barack Obama.
Here’s the kind of action that might result were that summons answered:
· Send Michelle and the kids off to Martha’s Vineyard while making a seminal Oval Office Labor Day speech on economic affairs. The spin might be: while holding to fundamental beliefs for a new era of economic justice, pragmatism demands that agenda be put on hold to meet the deepening emergency replaced by a program of cooperation with business to produce jobs immediately.
· Ask the Congress to skip vacation and reconvene in special session, if needs be three days a week, to consider economic-political measures necessitating legislative action, or simply as a forum to vent the public’s criticism.
· Call for a summit at the highest level with our allies in Europe and Japan on the world economy -- including the simultaneous attendance of all central bankers --to discuss coordinating economic strategies and tactics.
· Begin weekly meetings in closed session with a group of recognized private sector leaders to brainstorm recovery strategies and tactics.
· Call for an immediate minimum two-year extension of the Bush tax cuts, ask Congress immediately to cut capital gains to zero, and begin the examination of longer term tax alternatives including a flat tax.
· Propose a tax reform commission of experts modeled after the Defense Base Closure and Realignment Commission to suggest immediate incremental incentives for small businesses – the fountainhead of jobs.
· Lift all administrative restrictions on discovery and production of fossil fuels, especially in the Gulf and Alaska and Virginia, creating perhaps a quarter of a million jobs immediately.
· Use the extensive administrative powers written into Obamacare to suspend any implementation for at least five years and suggest its review by a body of medical, insurance and regulatory technocrats to be presented to the Congress before November 2012.
· Ask Congress for a one-time tax remission for multinationals to encourage repatriation of an estimated $2.5 trillion in profits held overseas, on condition 25% be invested immediately in an infrastructure fund [highways, bridges, airport, rail reconstruction, etc.], a private sector Reconstruction Finance Corporation administered by those companies in collaboration with local governments.
And then sit back and see the American economy take off!
Alas! I fear we have as much hope for such a program, either thematically or in its specifics, as the proverbial snowball in the nether regions. Hangers-on, leftwing Democrats and the kept mainstream media will continue to hope for victory in next year’s elections, clinging to an agenda designed to enthuse the President’s “politically correct” base, demonize his opponents and flimflam independents by pretending a position of compromise.
Unfortunately, it looks like that indomitable American economy with its incredible history of jobs creation will have to continue to tread water – as it will manfully -- against a Washington tide.
sws-08-12-11
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I've got an idea, a single step "plan": do nothing. As physicians say, at least do no harm-too bad many don't follow that advice! We tried "activist" approaches such as the "porkulus" stimulus two years ago, and we're even further in debt. Its critics were correct it made matters worse by redirecting even more capital into the bloated public sector to "save jobs". Why no talk about the "success" of Cash for Junkers, first home buyer credit and other really stupid ideas that just pulled demand forward. I know let's pay people to buy solar panels, buy hybrid cars and insulate their homes! Shouldn't such decisions occur due to the benefits perceived to be obtained by the person implementing them? When you blow up a balloon to its maximum capacity for 20 some years, its probably wise to stop blowing and let a litttle air out. If you don't it will certainly blow up-just try it yourself with a real balloon. I suggest a recess for congress until next Nov.-at least we won't get some new "mandates" such as everyone must buy a GM car, open an account at citybank, or buy insurance from AIG (why aren't all these losers out of business anyway)? Government intervention-taxpayers now own the majority of their equity-well I'm proetecing by equity with puts on C, GM, AIG etc! And so far, so very very good-and I didn't do it because of some subsidy-I did it out of enlightened self-interest-risking my own capital with no 'bailout" expected, with profit as the motivator. Notice how we don't need any subsidies to encourage people to buy gold-they like the idea of preservation of their wealth and buying power. Let's try doing nothing for a change and let the normal deleveraging take place. As in trading, sometimes the best action is: do nothing and let equilibrium be re-established.
Mr. Whalen,
I hear you on KWN and I am repeatedly impressed and have learned A LOT, but your posting of S.O.L. Sanders articles are baffling at least. What does RC Whalen have to say? Are you trying to help a friend out? Do you even read the replies to what you post? You're better than that, throw me a frickin' bone. All the points Mr. Sanders proposes are wonderful, but so are unicorns and 3D animation. Which of those bullet points serves central bankers? Newsflash: all central bankers have met, POTUS wasn't invited. This is the result.
Sincerely,
Bolweevil
more "trickle down" bulls__t
Here is a great example of arbitrage profits: Zero Hedge collecting revenue from the Obama campaign which has apparently decided to place advertisements on these vaunted pages. Ha! Very funny.
Go back to your hole dumbass
I'm a dumbass? Why?
What about stop lying?
http://www.youtube.com/watch?v=UErR7i2onW0
http://www.politifact.com/truth-o-meter/promises/obameter/rulings/promise-broken/
http://www.politifact.com/truth-o-meter/promises/obameter/promise/230/centralize-ethics-and-lobbying-information-for-vot/
You will have to let me know what you Favorite Promise Broken / Lie is or was!
Mine was the Lobby Promise!
Whats Yours!
and Please dont be here for the Republicans!
they ALL LIE TOO!
Red Team FAIL!
Blue Team FAIL!!
The Lobby Owns Washington DC!
FOLLOW THE MONEY!!
***********************************************************************************
http://www.presstv.ir/detail/193528.html
Amidst a financial and economic crisis, Congress has reached its summer recess and many representatives are going to Israel.
Altogether, 81 Congressmen and women have announced their one-week trips, paid for by the American Israel Education Fund, a non-profit affiliate of the American Israel Public Affairs Committee.
http://www.opensecrets.org/usearch/index.php?q=israel&cx=010677907462955562473%3Anlldkv0jvam&cof=FORID%3A11&searchButt.x=0&searchButt.y=0#1650
http://www.opensecrets.org/usearch/index.php?q=jewish&sa=Search&cx=010677907462955562473%3Anlldkv0jvam&cof=FORID%3A11#1650
Top Lobbying Banks Got Biggest Bailouts – But Gov Helped Create the Housing Crash
original article written by Net Advisor™
There was a publication released last week by the National Bureau of Economic Research, reported by Lauren Tara LaCapra and published by Reuters.
The report, “A Fistful of Dollars: Lobbying and the Financial Crisis” written by three economists from the International Monetary Fund (IMF) attempts to draw a link between bank lobbying efforts from 2000-2007 to receiving big bailouts.
The (now former) head of the IMF has been under some controversy as of late. It should be noted that the United States is the largest financial contributor to the IMF, where the U.S. borrows money to bail-out other governments.
“All across America, people are suffering from bailout fatigue. At a time when America is already borrowing 40 cents of every dollar it spends, does it make sense for us to borrow more money (much of it from China) to help bailout Europe?”
— Rep. Cathy McMorris Rodgers (R-Wash.), reported by CBS, 05-15-2011
With that said, these three IMF economists are indirectly on the U.S. government’s payroll. So any attention to focus a report away from government involvement in the housing crisis, especially nearing a Presidential election year, and instead blame it all on “Wall Street banks,” the better right?
Report Premise Contains a Fallacy of Logic
The correlation of banks who lobbied government over the last seven years (2000-2007) does not imply causation to receiving bigger bailouts. I would argue that this is an example of a cum hoc, ergo propter hoc or “causal relationship.” The economists are trying to draw a link to banks and their lobby efforts over the past 7 years to equate bigger bank bailouts.
Let’s take a look at some of the facts:
1. Banks and all businesses or their affiliated organizations, including unions, environmental groups, farmers, and anyone else who has an axe to grind will lobby for or against regulations that can impact their business earnings or their political social agenda.
For a business, this is a simple preservation of it’s revenue, which can also impact its bottom-line, and that in-turn impacts stockholder’s equity of public companies. If a company has declining revenue, a company may be forced to move their business to where it is less regulated and more profitable, such as to China, India, Mexico, etc., thus losing American jobs because of such high costs and regulations.
2. It can also be reasonably concluded that the bigger the business the more money it will have at its disposal for lobbing efforts. Thus, in this case the biggest banks would have more money to lobby than say the smallest banks.
3. I would agree that some banks were technical failures. I discussed this back in 2007 naming which institutions had financial problems in my view before many, including the stock market or government were willing to admit there was a problem. Scroll down to NetAdvisor’s 2007 Yahoo post here and here to see list of companies with financial problems at that time.
Government Forced TARP on Banks, not the Other way Around
4. The big TARP bailout was forced upon the major banks by then U.S. Treasury Secretary Henry “Hank” Paulson. Paulson forced the big banks to take up to $25 Billion each even if they didn’t need the money. Paulson didn’t want to show that some banks were having bigger financial problems than other banks. Paulson thus wanted to put all the big banks on an even playing-field: everyone will hate you equally. Maybe that was not the intent, but Paulson did not want to show which banks were the weakest fearing panic after what happened when Lehman Brothers collapsed.
Paulson also thought that if the big banks took government money in exchange for partial government ownership, then the little banks would be eligible for government bailouts too.
http://www.netadvisor.org/2011/05/31/top-lobbying-banks-got-biggest-bail...
Draining the swamp was the unbridled promise of Nancy Pelosi when she was Speaker of the house. Not only did she not drain the swamp, she was one of the instruments that dammed it up. How bad is it? We have 100 senators and 435 members of the House for a total of 535. As of today the following statistic is applicable: 29 spousal abuses, 7 frauds, 19 passing bad cheques, 117 bankruptcies (considering they get over $150K that is truly amazing), 3 assaults, 71 insufficient credit to get a credit card, 14 for illicit drug use, 8 for shoplifting, 21 currently in litigation, 84 for drunk driving. This works out to 374 out of 535 legislatorsthat are crooks, which leaves 164 that could be clean. What a state of affairs. And they have an 87% re-election rate to boot!
We pay congressmen $174,000 per year. Then we give them an employee allowance of $900,000. Then we give them $250,000 for office expenses (we provide the office space). The average legislator costs the taxpayers $3.3 million a year. Can you imagine receiving that sort of income and then not being able to get a credit card due to bad debt? Oh, I almost forgot the "Franking Privilege" and the healthcare that costs only $300 per month for a full family, children to age 25, and the pension, well… you get the picture, I'm sure.
http://www.thedailybell.com/2790/Adrian-Krieg-The-Dirt
Following your link provides no credible evidence of much of anything except that the site is far right. Only a very few real examples of corrution provided, and they are all dummycrats....like the republicants are squeaky clean.
These numbers seem extreme, and should be backed up with some evidence. Otherwise, little more than made up, partisan bull shit. Give me the names, all of the names.
http://www.crewsmostcorrupt.org/files/MostCorrupt2009.pdf
http://www.crewsmostcorrupt.org/
Not sure if you are getting my drift here.
@ Mannipulism threw out a lot of "facts ' about our criminal Congress that sounded to as if they were pulled from someone's ass. Believe am, I am not here to defend politicians. They are among my least favorite class of people. However, politcal propaganda is political propaganda, and bullshit is bullshit.
He said 374 members of Congress are criminals, and went on to cite specific number, such as 84 cases of DUI, 19 cases of passing bad checks, even telling us that 71 can't even get a credit card
If such a list of villans exists, I want to see the list. This is not a site for just making shit up on the fly. The link supplied was a right wing-rag that talked about a handful of Democrats....that's all.
The links you supplied are better by far. I not only understand your disgust with these shysters, I share it. However, the first lik had 15 names (both Dem & Rep) & the second link essentially expanded the fist list to 26.
I want to see the list of 374.
Got it and agree with you. Was just supplying a more credible list.
Ho-lee sheee-it
http://www.congresscloseup.com/cc_demo/index2.html
http://congresscloseup.com/dev/
http://www.opensecrets.org/
http://www.followthemoney.org/database/graphs/lobbyistlink/index.phtml?PHPSESSID=30b4df7dcd87bd874e640d248f61ca40&gclid=CKvc1cDZzKoCFcO77QodSUll1g
Who Onws YOUR Favorite Lobby Whore!
Dont search the guy you hate! search the guy you LOVE and see how long you continue to LOVE him!
They are ALL Bought and Paid for Whores who are out to SCREW! "We the People" as often and as hard a possible!
WAKE UP YA'LL!
Obama has no clue about economics, much less most of congress, so we are in for a decade of pain. The whole mess could be cleaned up in a year by slashing speding and letting the banks fail. The Romans were on to something, they'd bring in a dictator for a year to clean the stalls.
Step 1) All bankers and lobbyist to gitmo.........take it from there
Ron Paul's Questions and Answers during Republican debate:
http://www.youtube.com/watch?v=76LFwMnq6bE&feature=player_embedded
what no ending our wars becuase you know we wont spend any money on them????
81 of our representatives, possibly more, are so deeply concerned about America's plight(s) that they are leaving for a tour of Israel. Yeah, have'em work during vacation, hell we can't keep them in the country!
Are they all going to be in one place at one time? Has anyone told the Palestinians about this? Could be an opportunity here.
What a crock of shit. Let's give TPTB more shit. "... and watch the economy take off..." - Yas sur. ya'll want I shood get d'em hedges next sur? Why those Mickey D Jobs will be payin' 9.90/hr... oh holy shit - "I gotta get me one o' dem der jobs - yas sur." This is MSM gruel gone wild. Talk to Ron Paul... he's got a plan and it doesn't include the Keptocracy getting more shit. Hell, if he does just one thing and restores the rule of law - the Kleptocrats will shit their pants! I think the Ron Paul Justice Department alone would be worth the price of admission.
"Let's give TPTB more shit..."
Always seems to be the answer, doesn't it?
I swear, I can't get past the idea I had in '08, about distributing the original bailout money. The banks were in trouble, right?
The people are in trouble, too, right?
The money should have been divided up among those filing personal income taxes (that had to actually pay some taxes.)
They'd have forwarded most or all of it to the banks, anyway, to clear their credit. Banks get money, bills get paid, credit ratings improve, economy gets stimulated, hell, it might have been the spark to restart our economy.
But no, we handed it to the banksters- - - Annnnd it's gone!
The uber-rich are investing in offshore business, leaving us to descend into poverty. Maybe a 5 year, progressive wealth tax... 2% +2% more each year.. compounding annually, you bastards!
Buwaaahahahaha! <kidding>
Is this article some sort of a joke?
LOL
You stole my line. Just a little tweaking and this article could be a farcical romp with punchlines galore.
Silly waste of time reading this. "Ask the Congress to skip vacation and reconvene in special session, if needs be three days a week" Meet three days a week--what is the matter with a five-day work week or perhaps some weekend work!
RE: Sol Sanders article
1) glaring omission: no direct consideration of cutbacks to military spending
2) reliance on "central bankers" to formulate economic policy (as though that would be a new approach and not more of the same)
I feel a loss of intelligence for have read this crap. Cut more taxes on the richest people in the world so they can offshore their money and destroy our country. The middle class consumes, the 1% consume the middle class!
I know I am one.
Maybe it's sleep deprivation but RCW usually does better than this rehash. If Obama wanted to fix things he could do this and that, but that's a big IF. Obama is a total narcissist so all his decisions have to do with Obama only. A tanking economy is what he wants. He thinks he can offload any problems onto the tea party, there's still a boatload of bonds to sell, and his good buds at Goldman, et al. are wanting more QE freebies. What sort of fairie dust is keeping people for seeing this man for what he is?
The president should charge himself with treason and resign.
It is impossible to achieve growth under the dueling mantras of Marxist social justice and the corporate fascist criminality. The bedrock of the Rule of Law must be brought back before anything positive can be achieved.
The bedrock rule of law will cement itself if the laws are just. Keep them out of people's personal lives. One problem we face is that the laws are so many and often serve no legitemate purpose that critical thinkers disregard those they feel are without proper foundation. A dangerous precedent. But again, the laws are the problem, not the people. See Bastiat.
It's something I've long wondered about. How is it that in a 250 year old mature, established, and settled democracy Congress must sit day in and day out, year in and year out. How many laws have they left out in 250 years? The world hasn't changed that much in my lifetime that new laws to deal with the changing world need be continuously written. Service in Congress should be a part-time job. Barring any emergencies, meet once or twice a month, go home, live with your constiuents. Maybe if our representatives had to live amongst the people whose lives they continually fuck over instead of see them one week every couple years while campaigning, this country would be in better shape.
How true, T.V.
Plus, every law should have a one page summary (in plain english) outlinging the reason for the law, and the intended outcome for future legal reference, thus eliminating questions about the lawmakers intent.
If you define the problem in these ideological terms you kill the solution you propose. So you serve a self fulfilling philosophy of 'damned if we do, damned if we don't'. How do you bring the bedrock of law and order to a country which is half communist, half fascist?
You live in a country whose people don't believe in your beliefs, as per your own statement. GO long on Robinson Crusoe...as you are ONE of a kind.
Laws not only have to be just but the judges also have to be unbiased and not corrupt!
Tall order these days with lobbies desperate and on the warpath, with no holds barred!
Meetings, Commissions, Conferences, more bullshit, more consensus that does nothing, and no leadership. What blather. This isn't going to change because it is the system that is in failure, so turning to the system to reinvent itself is no answer. So even if there was leadership, they would have nothing to lead with and America and the world will continue upon the great tail chase it pursues now.
So stay home, go on vacation. The great world-wide politburo of central planning that America has kept alive is fated to come crashing down as the final lynch-pin, America lets loose and comes crashing down. This article and its author are indicative of the problem and the failure. Opus #79? Failure is that firmly entrenced and this guy is an example of the genius and vision of America? It no wonder then that systemic failure is locked in place and failure is imminent.
History defines Revolution as a nations people being threatened by their government with bankruptcy. Where do you think the world and America lie? We are bound and immobile and stretched across the railroad tracks, and the train is coming.
Welcome to the New American Revolution.
WE MUST COLLAPSE THE SYSTEM. WE NEED A TILT AND A REBOOT.
We have been morally, financially and intelectually corrupt. NOTHING ELSE WILL WORK. They are also about to come for our guns, our silver our gold and our land.
THAT IS THE TRIGGER FOR THE NEW REVOLUTION.
economies don't "take off" when they get taxed, or when you trade one complicated tax that doesn't collect sufficient revenue for another simpler one that appropriates greater capital out of the productive sector.
it won't collect sufficient revenue, either. the mere fact demonstrates that reckless spending is the issue.
i can see why this article is going to be printed: it doesn't tell americans that they have no choice but to cut everything. too bad.
Let's see...$52T in total debt, requiring $2T at least in interest each year (money that can't be used for productive purposes). Total family income is about $5.5T, so almost one out of every 3 dollars that could be paid in salaries is instead going to pay interest.
Debt holiday. The only way out.
“the flight to quality” by investors worldwide into the American Republic’s indebtedness
Follow us!
http://www.youtube.com/watch?v=P6WD7B_I_9c