A Picture of our Economy

A Picture of our Economy

A Picture of our Economy

(H/T to ParaPundit)

New York Times has the story:

But the inventory glut in Long Beach is not limited to imported cars. There has also been a sharp drop in demand for the port’s single largest export: recycled cardboard and paper products.

This material typically goes to China, where it is used to make boxes for new electronics and other products that are sent back to the United States. But Chinese factories reacting to sharply falling demand are slowing production, so they need less cardboard. Tons of paper are piling up recycling businesses around the port, the detritus of economies on hold.

Long Beach is an important port, particularly for the West. It is where imported products arrive and filter through the tributary of trucks, trains and retailers into the hands of consumers. But now, products are just sitting.

“We’re supposed to move things, not store them,” Mr. Wong said.

Roughly 20 percent of the nation’s container imports last year came through Long Beach, putting it close behind the largest container port, Los Angeles. This year, shipping volume at Long Beach is down 10 percent from 2007, and nearly all major ports around the country have seen similar declines. Veteran port workers say the slowdown since mid-October is like nothing they have ever seen. And it is having a cascading impact on other businesses and workers. – Read the rest

Go read the rest of the story. But it’s not only cars, it’s everything. I think Obama might just come; too little, too late. 🙁

Blogs 4 Borders is going on long term Hiatus!

It seems that my friends M.J. and Jake are going have to put Blogs for Borders on Long term hiatus, due to a personal financial situation. Hey, it’s tough everywhere right now, including in the world of border security. I know their pain, all too well, this is why I stick up for the middle class on this Blog.

Here’s their “final” Video:

I don’t know if they’ll be back, but until then, you can head on over to their Blog called “Freedom Folks” and check out the latest on the battle against illegal immigration.

It is official: Ed Morrissey is a tool

I’ve held my tongue long enough.

It is official in my book. Ed Morrissey is nothing more than a Republican tool. Not to mention a Neo-Conservative, Pope-Worshiping tool.

I just got done reading Ed’s rather idiotic ramblings about how we should just allow Detroit’s big three to drop dead and die.

You see, there’s a small problem with that, My Dad was employed by G.M.; He’s retired now; and when you insult G.M., The UAW, and the workers at G.M., you are insulting my Father.  The last time some ignorant son-of-bitch insulted my Dad to my face; I ended up breaking his collar bone, in three places, cracked about 5 of his ribs and broke about 5 of his front teeth. Oh yeah, I was that angry. 😡

My Father and I, we’ve had our disagreements in the past and there’s been times, when he’s really ticked me off, but you let someone badmouth my Dad and it’s on. It’s a southern thing, and I highly doubt that you damned Yankees would even understand it at all. Politics is one thing, but family’s another and Ed just crossed into the “Fuck off and Die” category with me, when he took occasion to basically say that my Father and all of the Father’s at General Motors, Ford and Chrysler were nothing but pieces of shit. Yes, I am taking it personally.

I guess I’ll use this opportunity to say this publicly, I won’t be returning to Ed’s daily show. Because you see, when you insult my father, I tend to take that a bit personally and it tends to make me a little angry. No, let me rephrase that, that makes me a whole bunch of angry.

There was a period, when I thought that Ed Morrissey was one of the more level-headed Conservatives, needless to say, I was very wrong in that estimation of him. The truth is, Ed’s nothing more than your a-typical “well to do” Conservative, who’s attitude is “I’ve got mine and screw you” attitude, which is so-typical of your Republicans and most Conservatives.  Much like that slant-eyed bitch that he works for.

So, Ed, if you happen to read this…. On the behalf of my Father and Family, who also worked for G.M….. two words fat boy, fuck you and the fucking horse you rode in on, asshole.

Guest Voice: Welcome To Obamaburger. May I Take Your Money

Welcome To Obamaburger.  May I Take Your Money?
By: J.J. Jackson

Behind the counter is an Obamaburger employee busily filing her fingernails and who barely looks up as a young man approaches her, bypassing a longer line at another register which does not seem to be moving. “Welcome to Obamaburger.  May I take your money?” she asks listlessly.

The perplexed customer responds, “Don’t you mean take my order?”

Her response, without so much as a look is, “Sir, you’re holding up the line.  Don’t make me call security.”

The customer, looks behind him and notices that he is the only one in this particular line but not wanting to cause a fuss replies hastily, “Geez, ok.  Uh … let’s see.  I will have –”

“Sir, I need your Social Security Number first.”

“Excuse me?” the customer asks.

“Your Social Security Number sir.  You’re holding up the line again.”

“What line?”  Now, very confused the customer asks again, “What do you need my Social Security Number for?”

Finally looking up from her “work” the employee gets very testy at the delay and the line of questioning.  “That’s it, I’m calling security –”

“What? No …” scared at what is going on the customer finally concedes to her demands, “Alright my number is 123-45-6789.”

Sighing at the thought of having to finally do something productive, the lady behind the counter starts punching numbers into her register, “One moment while I pull up your tax return for last year.”

“My tax return?  What the hell are you doing?”

Read More …

Lew Rockwell jumps the shark

I am generally not a critic of those who agree with me on politics, much less conservatism. But every once and while something gets posted somewhere, and me being the opinionated person that I am, I just cannot let it get past me.

I happened to be looking at my RSS feeds and I happened to see a posting by Lew himself, and alarm bells starting going off. Yes, it was that bad.

Before I get into this, let me just say that I harbor no malice towards Lew and his friends at his Blog and website, in fact, there is a good deal of stuff that he and his crew, write over on his blog and website, that I agree with, but this one here just jumped the shark, badly.

From Lew’s Blog:

bush-obama-s

Okay, here’s what is wrong with that up there. To infer that George W. Bush’s Administration and the Administration of President-Elect Barack Obama will be exactly the same, as much as I hate to say this about Mr. Rockwell; is just beyond crazy.  Because we are talking about two totally different people; politically, ideologically and personally. I regret to say this, but for all of George W. Bush’s faults; the war, the scandals, everything —  I have a real hard time sitting here and believing that he was an Imperialist, yes, he did have a very flawed vision of what he wished to accomplish in the middle east. Yes, he did take some advice from the likes of John and Neil Podhoretz. Yes, it was advice that ended up doing the President more harm that it did good in the end, politically.  But to infer that he was a blind imperialist, is borderline Alex Jones sounding.

Believe me when I say this, I am about as a non-Bush fan as it comes, but I just cannot buy into the whole idea that Bush is some sort of Imperialist, being driven by some evil machine. Nor can I, with my normal functioning brain, sit here and believe that Barack Obama will do the exact same things as Bush. I just cannot do that. Because Barack Obama and the Democrats follow a totally different Political ideology than the Republicans. Now before anyone screams about the bailouts, I am fully aware of how Bush basically tossed fiscal Conservatism under the bus. I was not very happy about that. I also noticed that the bailout plan that he signed unto, has failed. But the truth is, he was forced into that, because he was told by the “so-called” experts, that it would work. Now it seems that the “experts” were wrong.

What I am basically trying to get at here is this. If the old school Conservatives or Paleo-Conservatives, and the Libertarians want to be taken serious by the rest of the Conservative movement and the Republican Party as a whole, they need to seriously look into stopping with the Alex Jones material and stick with policy and reality. Because not everyone buys into some of the sillier nonsense that I have seen within them circles. Not only this, but they need to really get away from the abject racism that I have, in fact, seen posted on some of their Blogs.

Update April 1, 2011: Boy was I ever wrong here! 😯 My apologies to Lew Rockwell. My feelings on race remain unabated. Please, See here. Thanks.

Important Announcement From the Blogs 4 Borders Crew!

Jake Delivers a sobering announcement about the Blogs 4 Borders BlogBurst. 🙁

….and here I am unemployed and cannot help. 😥

If you want to help Jake get his show on the road, click here to send him a message. Or go to his YouTube site and leave him a message there.

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More of Obama’s Audio on the Energy Industry

(H/T to Capt. Ed over @ HotAir)

The Video:

The Quote:

The problem is not technical, uh, and the problem is not mastery of the legislative intricacies of Washington. The problem is, uh, can you get the American people to say, “This is really important,” and force their representatives to do the right thing? That requires mobilizing a citizenry. That requires them understanding what is at stake. Uh, and climate change is a great example.

You know, when I was asked earlier about the issue of coal, uh, you know — Under my plan of a cap and trade system, electricity rates would necessarily skyrocket. Even regardless of what I say about whether coal is good or bad. Because I’m capping greenhouse gases, coal power plants, you know, natural gas, you name it — whatever the plants were, whatever the industry was, uh, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers.

They — you — you can already see what the arguments will be during the general election. People will say, “Ah, Obama and Al Gore, these folks, they’re going to destroy the economy, this is going to cost us eight trillion dollars,” or whatever their number is. Um, if you can’t persuade the American people that yes, there is going to be some increase in electricity rates on the front end, but that over the long term, because of combinations of more efficient energy usage, changing lightbulbs and more efficient appliance, but also technology improving how we can produce clean energy, the economy would benefit.

If we can’t make that argument persuasively enough, you — you, uh, can be Lyndon Johnson, you can be the master of Washington. You’re not going to get that done.

Sorry, you cannot spin that.  Obama, in essence, is saying that he will cause one industry to collapse. All so he can promote his own agenda of “Green” energy. The problem with that is this, there are no tested, proven and ready alternative forms of energy, yet.

Ed from HotAir weighs in:

Energy prices skyrocketing will leave the economy in tatters, as we saw earlier this year.  While no one doubts the need to start transitioning to better sources of energy, the manner in which that gets done means the difference of whether it gets done at all.  A stagnant or receding economy does not produce scientific breakthroughs, especially when government both increases taxes and imposes steep cost burdens on energy.  That cuts into both manufacturing and R&D, because as profits fall, fewer dollars go into research — which means that all of these wonderful developments would get delayed, or go unrealized altogether.

We need to plan for the transition better than what Obama proposes.  We need to use our own reserves of oil, natural gas, coal, and shale to cushion the economy while we develop the alternatives and build the infrastructure to deliver it.  That’s what John McCain proposed in his Lexington Project.

Price shocks on energy is the last thing this economy needs.  It would be worse than the taxes Obama promises to impose on investment, and would have the same depressive effect.  It’s an utter disaster.

Not only this, but I also believe that if Obama does this, Jobs will be lost. I guess Obama believes that stealing one man’s job, top create another is just perfectly fine. 🙄

That would be like shutting down an auto plant, and putting people, who have worked at an auto plant for some 30 years, out of a job. Just so that a company could start a car plant, making electric cars. Yeah, sure, new jobs are created, but what about the people working for the auto plants, that do not make the Electric car? Why allow them to suffer?

Just more things to keep in mind, when voting, come Tuesday. Because Obama believes in spreading the wealth, except it comes to those working in the coil industry.

If I were the Unionized Coil Miners, I would raising the roof about this!

Others: : QandO, PoliGazette, Little Green Footballs, Soccer Dad, Chicago Boyz, Silent Running, Ed Driscoll.com and Tapscott’s Copy Desk

shocking audio: Obama said he will bankrupt the coal industry…

This is not new, but it is still something to think about when you vote on Tuesday.

First the Video:

The Quote: (H/T to News Busters)

Let me sort of describe my overall policy.

What I’ve said is that we would put a cap and trade system in place that is as aggressive, if not more aggressive, than anybody else’s out there.

I was the first to call for a 100% auction on the cap and trade system, which means that every unit of carbon or greenhouse gases emitted would be charged to the polluter. That will create a market in which whatever technologies are out there that are being presented, whatever power plants that are being built, that they would have to meet the rigors of that market and the ratcheted down caps that are being placed, imposed every year.

So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.

That will also generate billions of dollars that we can invest in solar, wind, biodiesel and other alternative energy approaches.

The only thing I’ve said with respect to coal, I haven’t been some coal booster. What I have said is that for us to take coal off the table as a (sic) ideological matter as opposed to saying if technology allows us to use coal in a clean way, we should pursue it.

So if somebody wants to build a coal-powered plant, they can.

It’s just that it will bankrupt them.

Now had John McCain had said something like that, the Liberal Media would be all over it. But it’s Obama, so it’s okay.

Remember this on November 4.

Others: Weekly Standard,, DBKP, Democrat=Socialist, Ed Driscoll.com, Neptunus Lex, Macsmind, Jules Crittenden, Right Wing Nut House, Political Byline, Michelle Malkin, Wizbang, Babalu Blog, The Campaign Spot, Shopfloor, Doug Ross, Stop The ACLU, A Blog For All, Don Surber, BizzyBlog, 24Ahead, Wake up AmericaMoonbattery, Dirty Harry’s Place, Scared Monkeys and  and more via Memeorandum

The Economist endorses Barack Obama

(Via The Corner)

This further increases my sinking feeling that McCain does not have a prayer.

From the Economist:

IT IS impossible to forecast how important any presidency will be. Back in 2000 America stood tall as the undisputed superpower, at peace with a generally admiring world. The main argument was over what to do with the federal government’s huge budget surplus. Nobody foresaw the seismic events of the next eight years. When Americans go to the polls next week the mood will be very different. The United States is unhappy, divided and foundering both at home and abroad. Its self-belief and values are under attack.

For all the shortcomings of the campaign, both John McCain and Barack Obama offer hope of national redemption. Now America has to choose between them. The Economist does not have a vote, but if it did, it would cast it for Mr Obama. We do so wholeheartedly: the Democratic candidate has clearly shown that he offers the better chance of restoring America’s self-confidence. But we acknowledge it is a gamble. Given Mr Obama’s inexperience, the lack of clarity about some of his beliefs and the prospect of a stridently Democratic Congress, voting for him is a risk. Yet it is one America should take, given the steep road ahead.

I can tell you right now, there are many wealthy people, who read this magazine and it’s distributorship is to many Conservatives. I look for many Conservatives to cross the aisle and vote Democrat.

From The Economist’s Political Blog Democracy in America:

And, by the way, he will probably get it. Here’s to hoping Mr Obama’s moderate and sensible side wins over his primary-season, protectionist-populist side.

I bet there’s a good number of people betting on that hope. But I highly doubt that Obama is going to do anything extreme during his tenure as President.

Anyhow, it was a very interesting endorsement.

Blogs 4 Borders! 10/13/2008

Jake snuck this one out on me or I didn’t see it, one of the two! Doh

——————-

Our weekly vlog/podcast on illegal immigration and border security issues. In this weeks edition…

The subprime meltdown: a basic issue of fairness?

You do the math: California calls for $7 billion bailout, where’d the money go?

100% Preventable! Americans continue to pay the bloody price for open borders. When will the madness end?

Download for your Ipod here.

Make sure to visit this weeks sponsor….

Click on image


If you’d like to sponsor a show contact us here.

This has been the Blogs For Borders Video Blogburst. The Blogs For Borders Blogroll is dedicated to American sovereignty, border security and a sane immigration policy. If you’d like to join find out how right here.

Blogs for Borders for 10/06/08: Special Interview with Peter Brimelow

Once again, like a ding-a-ling, I forgot to post the weekly Blogs for Borders show here.

This week an 3 part interview with the Owner and Publisher of VDare.com, Peter Brimelow.

….and before anyone calls this man and his website racist, please, read this.

Here is the show:

Part 1:

Part 2:

Part 3:

Books By Peter Brimelow:

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Brutally Honest: I have lost all faith in the Republican brand

I have held off on Blogging about the recent events here in the election. Partially because of personal reasons, I was a bit busy doing some other stuff with my family and partially because I quite honestly have no defense for what I see as just abject and absolute racism and the stoking of racial hatred in this country, by the party that claims to be the party that liberated blacks from slavery.

Whether the Republican Party or the Conservatives want to admit this or not, but Sarah Palin is doing nothing more than bringing shame to the Republican Party. With her attempting to paint Barack Obama as some sort of terrorist, her allowing and even encouraging people to accuse him of treason and even allowing someone to utter a death threats aloud. I will say this, and if anyone wants to try to paint me as a Liberal, feel free, I just do not care anymore, The Republican Party that I am seeing right before my eyes, is not the Republican Party that I remember as a young boy. This crap is not the Ronald Reagan conservatism that I grew up admiring and respecting. As far as I am concerned, the Republican Party has become a Ku Klux Klan without the robes.

I believe that it is fair and very important to note, that Sarah Palin has ties to terrorism too. Her Pastor was and still is a terrorist by the Bush Administration’s definition. Before he became the Pastor of Wasilla Assembly of God, which she attended for many years, Pastor Thomas Muthee was a missionary to the country of Africa, while there; he decided that there was a local woman in the town of Kiambu, of the name “Mama Jane” who was by his own definition “A Witch.”

Eventually, after repeated harassment by the local law enforcement there, she fled the town. Furthermore, Sarah Palin’s own husband was a member of the Alaskan Independence Party, until 2002, of whom its founder, Joe Vogler said, “I’m an Alaskan, not an American. I’ve got no use for America or her damned institutions.” Joe Vogler was killed in 1993 he is buried in Canada.

Therefore, having said all the above, it is apparent to this writer; that Sarah Palin is nothing more than an abject hypocrite. By her and her party’s definition of “Terrorist,” she is guilty of the very same charges.

I am sorry to say this, but if John McCain continues to allow this sort of nonsense to continue in his campaign, especially when the Nation’s economy is in the damned toilet. When our stock market and financial institutions are being propped up by the United States Government due to a lack of regulation, which was caused by the utter incompetent of one political party and the inaction of another that was in the majority for over 6 years. If John McCain allows this sort of idiotic nonsense to continue, the Republican Party is going to lose and lose very hard, come this election in November.

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Blogs 4 Borders! 09/29/08

I missed this on Monday. Hopefully I will remember next week….

Our weekly vlog/podcast on illegal immigration and border security. In this weeks edition…

Vigilance Dispatch: Everyone is talking about the massive bailouts. How has illegal immigration fed into the financial crisis that Washington plans to fix using our taxpayer dollars?

100% Preventable! Americans continue to pay the bloody price for open borders, when will the madness end?

Blogs For Borders 09/29/08

Download for your Ipod here.

Make sure to visit this weeks sponsor….

Click on image


If you’d like to sponsor a show contact us here.

This has been the Blogs For Borders Video Blogburst. The Blogs For Borders Blogroll is dedicated to American sovereignty, border security and a sane immigration policy. If you’d like to join find out how right here.

Here are some books that I highly recommend that everyone read, related to this subject:

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Think the bailout failure just affected the US?

Think again…

The failure of this bailout plan is affecting the world markets as well, according to the BBC.

The markets affected are:

  • The UK’s FTSE 100 index was up 0.18% or 8.5 points to 4,827 by 12:00 BST, while Germany’s Dax was 0.9% lower at 5,756 and France’s Cac was down 0.2% to 3,949
  • Banking shares were the biggest fallers in London, as concerns grow about how the delay in securing a US rescue deal will hit the financial system
  • HBOS was down 12%, Royal Bank of Scotland was 6% lower
  • Japan’s Nikkei index ended Tuesday down 4.1%, while Hong Kong’s Hang Seng rose 0.8%
  • In Russia, trading was temporarily suspended on the country’s two main stock markets
  • In the Republic of Ireland, the government announced that all bank deposits would be guaranteed for the next two years
  • European bank Dexia has received a state bail-out, costing the Belgian, French and Luxembourg governments a combined 6.4bn euros ($9.2bn; £5bn)

So, this isn’t just an American crisis, this could very well turn into a world crisis, and from the looks of it, the crisis has already started.

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More thoughts on the Bailout and it’s effect on our Economy

I hate to admit it, but I agree with this…. Sort of…

Via RealClearMarkets – “In Times of Crisis, Trust Capitalism”:

The biggest bank failure in the history of the United States happened last Thursday night and by Friday morning, it was business as usual. The only difference was the name on the door and the losses suffered by those unfortunate enough to invest in Washington Mutual bonds or stock. The taxpayers didn’t lose anything and depositors didn’t lose anything, only investors. That is how capitalism works in case everyone has forgotten.

The “crisis” we face today is not a creation of the market. Government intervention over many years (but especially the last year) is what brought us to the point where we’ve placed our hopes for economic recovery on the good intentions of a Congress facing re-election in a few weeks. There has been much commentary recently about the role of Fannie Mae and Freddie Mac in the creation and expansion of the sub-prime mortgage market which many believe to be the cause of this mess.

That criticism is certainly warranted, but little attention has been paid to the real culprit – the Federal Reserve. Furthermore, what attention there has been is concentrated on the role of Alan Greenspan rather than Ben Bernanke. While Alan Greenspan deserves his share of the blame, Bernanke’s contribution to this mess should not be minimized or excused.

 

I have something to add to this as well. The biggest problem with this all is, most of this money, that’s being lost, is not even our money, it’s China’s money! Also half of the money being printed, does not have any gold to back it up! This is why our inflation is so high. As Joseph notes above, our biggest problem with our nation’s Economy is the Federal Reserve. If we got rid of the Federal Reserve, and went back to the 100% Gold Standard, much of our Nation’s Economic problems would be solved. Not to mention, if we stopped getting money from China.

The only thing that I really disagree with here, in a way, is the assessment that this all will not affect the American Taxpayers. In a sense, it will affect the taxpayers. Because it will cause a overall stall in the economy. This will translate into a crunch in the business world, small and mid-size businesses that do not have a great deal of capital will not be able to barrow money for needed expenses. This will cause a overall tightening of the financial belt amongst the Small to mid-sized business and will force them to dump employees.

Locally here in Michigan, our unemployment is at 7%, last I checked, I expect that to soar and get even worse, if this continues. Personally, I have family members who are paranoid about their jobs being lost. I assume that those jobs will get even more unstable, if this wears on.

Not to mention the fact that Taxpayers are watching their 401K’s and retirement nest eggs go down the tubes as well. That affects Conservatives who do not believe in using Social Security as a form of income. So, in a matter of speaking, this is going to effect everyone. In the form of Jobs, Retirements, 401k’s and more much.

A reason why this bail out failed…

I can understand this…

Via Andy McCarthy @ The Corner on National Review Online

This was a terrible bill. To take just a few particulars, why is there no reform of the government interventions that got us to this point in the first place? Why aren’t Fannie and Freddie being wound down — even after we’ve now had to make explicit the implicit, disastrous government guarantee? Why is Pelosi saying (as I noted in an earlier post) that the authority in the bill will allow the Treasury Department (perhaps soon an Obama Treasury Department) to take bad debt off the hands of mismanaged state and local governments?

Some would say that a bad bill would be better than no bill at all. I disagree. I believe that it is better to have a bill that works for the American people and does not bailout Wall Street and screw the American people and the small businesses over.

So, for once, I agree with something written over at the NRO. Mark this on your calendar, because it does not happen often. 😉

Others: Power Line

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The Wall Street Bailout drama continues….

Just a word of warning, I’m still nursing my first cup of coffee. Coffee-cupSleepyYawn So, hopefully, this article will make some sense. Hee hee

But the good news is, I got my emoticons back here. Dancing So, I can at least show a little emotion in my writings. Big Grin

Some people say that if you use the Emoticons, people tend to not take you as serious. Well, to that I say, well, Phbbbttt Because I feel you would not take me serious either way, if had the emoticons or not.

The “Mother of all bailouts” is creating it’s share of drama in the Blogosphere and on Capital Hill. For instance, Minority Leader John A. Boehner called the deal a “crap sandwich”. Sick and Rep. Paul Ryan, R-Wisc., ranking Republican on the House Budget Committee said of the Bill, “It sucks”. Michelle Malkin is just flat out encouraging her people to “Kill the Bill”. However, Jack Fowler at the Corner is saying:

Conservatives should support them in backing the bailout plan. And then, when that is completed, roll up our sleeves and join Cantor & Co. as they work to craft and enact a broader strategy to improve America’s fiscal health.

So, obviously, this thing is dividing Conservatives.

Another interesting tidbit of information, according to “The Hill”, Rep. Dennis Kucinich (D-Ohio). says:  “I will tell you right now I don’t know if they have votes,”  “If the votes were there, this would be on the floor. The votes aren’t there.” An interesting development indeed.

Obviously, there’s a ton of opinions and angles on this story. Most of which can be found at Memeorandum.

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A very interesting video on our Nation’s banking system

This video, made by the Ludwig Von Mises Institute, makes the case of why the United States of America should go to a 100% gold standard.

I highly recommend that everyone watch this video.

Also, I recommend everyone go to my bookstore and check out the section on the gold standard.

Trackposted to Blog @ MoreWhat.com, Rosemary’s Thoughts, A Blog For All, Right Truth, DragonLady’s World, Shadowscope, Leaning Straight Up, Cao’s Blog, Democrat=Socialist, Conservative Cat, Diary of the Mad Pigeon, , Allie is Wired, Faultline USA, third world county, Woman Honor Thyself, The World According to Carl, Walls of the City, Pirate’s Cove, The Pink Flamingo, Gulf Coast Hurricane Tracker, Wingless, Dumb Ox Daily News, and Right Voices, thanks to Linkfest Haven Deluxe.

 Linkfest Haven, the Blogger's Oasis

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Now here’s a smart idea….

Now the Democrats are using their brains.

U.S. Democrats seek Wall Street tax in bailout plan (Via Reuters):

Democrats in the U.S. House of Representatives are pushing for a new Wall Street tax that would cover the potential costs of a $700 billion bailout being negotiated by Congress and the Bush administration.

U.S. House Speaker Nancy Pelosi, speaking to reporters after a meeting with fellow Democrats, said the fee could be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout.

“If after five years … the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions,” Pelosi said, adding that she hoped the provision could be part of a final bailout deal.

Pelosi said that the Secretary of the Treasury could determine how to assess the fee.

It is a about damn time the Democrats wised up. This would ensure that the taxpayer, (i.e. you and me) would not get stuck paying the bill on this “bail out”.

I know some traders will scream about this. But, you know what I say? screw ‘em! I say, let the assholes making the big money get the tax, instead of the working class, like me, who do not even play the markets.

I am all for free markets, but I’m also for responsibility. If greed caused all this, let the damn greedy ones pay for it in taxes, instead of the average American, like me!

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Not looking good on this bailout plan

Seems that there are some are saying that this new bail out plan is not looking good.

Click here to read more.

It’s what happens when the Government tries to regulate Capitalism. Someone always loses… 

I’m enjoying the weekend for a change.

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The Reality sets in….

This is interesting….

It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.

Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.

“When you listened to him describe it you gulped,” said Senator Charles E. Schumer, Democrat of New York.

As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”

Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”

When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”

“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.” – Read the Rest at the New York Times

It’s at times like this, you wonder what Ron Paul would say. But seems the best he can do is babble on like some demented old goat. It’s no wonder that the rest of sane society, that does not ascribe to the drivel that comes out of Alex Jones’s Website(s), tended dismiss Ron Paul as some sort of an lamppost scratching mental patient.

Anyhow, I’m sure you are thinking that I’m totally against this. In a way, the whole idea of our financial system being nationalized, does not exactly make me want to break open a bottle of champagne and celebrate. Because I do believe in a free market system. However, at the same time, I do not wish to see the economy totally collapse either.

On the other hand, I am a bit encouraged to see that the leaders on capital hill have decided to put partisan politics aside and get to the problem and attempt to fix it. Hopefully they can hash out some sort of a plan.

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Krugman on McCain and Healthcare

This From His Blog:

Here’s what McCain has to say about the wonders of market-based health reform:

“Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.”

So McCain, who now poses as the scourge of Wall Street, was praising financial deregulation like 10 seconds ago — and promising that if we marketize health care, it will perform as well as the financial industry!

Ouch! That was tough.

There is no denying it. The Republican Party is the wrong side of all the issues. I’ll be the first to admit this. Especially the economy. I know, many people within that party will deny this, but it is true. However, I will say this also. It is because of recklessness in both parties, Democrats and Republicans both, and yes, that does include the Clinton Administration as well, that we’re in the situation we are in now.  

I just hope that the powers that be, will make decisions for the well being of the country and will put partisan politics aside.

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End of Day Market Numbers

As I reported earlier. It was going to be a bad day on the stock market. Unfortunately, I was right.

Market Chart

Dow

10,917.51
-504.48
(-4.42%)

Nasdaq

2,179.91
-81.36
(-3.60%)

S&P 500

1,192.69
-59.01
(-4.71%)

10y bond

3.39%
-0.15
(-4.24%)

USD-Euro

0.7044
+0.0004
(0.06%)

USD-Yen

  • 105.8300
    -1.8000
    (-1.67%)

USD-GBP

0.5587
+0.0007
(0.13%)

Hopefully tomorrow will be better for everyone.

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