Posts Tagged ‘Freddie Mac’

Obama’s Hoax on America, part III

October 29, 2008

James Lyons’ article, The Hoax, is reprinted here as a continuing review of the hoax that is Barack H. Obama:

The packaging of the Democratic candidate for the presidency of the United States, aided and abetted by the drive-by media and major TV networks, have perpetrated a great hoax on the American public. Never before in our history have we had a candidate with such a lack of accomplishments and a lack of transparency into his background and associates.

We can’t see his records from prep school, Occidental College, Columbia University or Harvard. What was his thesis? Who paid for his education at Harvard, since there is no record of student loans? There are even questions concerning where he was born. This is a fundamental and critical question. Was he born in Hawaii or Kenya? Did he become an Indonesian citizen? If so, he would have had to give up his U.S. citizenship. Was he then naturalized as a U.S. citizen when he returned to Hawaii from Indonesia? The documentation needs to be made public now. Certainly, security clearance requirements will require that the original documents be produced.

If the backgrounds and record or accomplishments of the two candidates were reversed, you can be assured the message coming out of the major media outlets would be quite different. Past associations matter. If John McCain had a 15-year relationship with the former unrepentant Weather Underground domestic terrorist, Pentagon bomber, flag-stomping radical leftist communist fugitive William Ayers and his accomplice wife Bernadine Dohrn, he would be attacked most critically. His judgment would be trashed.

There is a history of past associations by Barack Obama with black militants and dedicated Marxist leftists that should raise serious concern and should be exposed. If Mr. McCain had worked as a community organizer for the “Industrial Area Foundation,” an organization founded by the Marxist radical agitator Saul Alinsky using his training manual “Rules for Radicals,” he probably could not have got past the primaries. Likewise, his association with Gerald Kellman – an Alinsky disciple – who would have hired him with a $25,000 grant from the Woods Fund, where Mr. Ayers was on the board, would be more fodder for the drive-by media.

Had Mr. McCain been associated with the Rev. Jeremiah Wright, he would be condemned as a racist. The same for his association with nation of Islam leader Louis Farrakhan. Let’s not forget, Mr. Obama considered Mr. Wright to be his “moral compass” until he became a political liability. There is his association with campaign fund-raiser and “slum lord” convicted felon Tony Rezko. The list of past and continuing questionable associations is too long to be covered here, but while they should be fully and openly vetted to date they have largely been given a pass.

The economy is the No. 1 issue facing the next president along with two ongoing wars. Mr. McCain in 2006 along with other Republican senators sent a letter to the Senate majority leader urging passage of a bill that would have reined in Fannie Mae and Freddie Mac and possibly reduced the economic crises we are now in. Mr. Obama did not support this effort. In fact, he is one of the biggest recipients of campaign contributions from these organizations.

When Mr. McCain tried to introduce the bill again in 2007, it was blocked by Connecticut Sen. Chris Dodd and his fellow Democrats.

Mr. Obama states he has a plan to fix the economy. He says he will ensure that “economic justice is served.” What this phrase means is code for a socialist agenda for redistribution of wealth following a failed Marxist model of government taxing and spending.

Education is one of the key issues that have been raised to counter inequity in America today. If John McCain’s home base were Chicago and he pontificated on how he would focus on early education and helping poor children so another generation is not left behind, the news media would be quick to point out that Chicago has one of the worst education systems in the country for children.

Money is not the problem. Chicago spends more than $10,000 per student. However, less than one-third of Chicago’s high school juniors meet the statewide standards in tests. Teacher’s salaries are well above the norm and apparently are unaffected by performance.

In 1995, the radical leftist Mr. Ayers selected Barack Obama as chairman of the Chicago Annenberg Challenge on “Excellence in Education.” His 1995-2000 tenure proved remarkably unsuccessful. When he can’t fix the school system in his home base, what does he plan for the country?

Mr. Obama’s track record as a united and consensus builder does not exist. His record in the Senate earns him the reputation as the second most liberal senator. His qualifications as commander in chief, when compared to the military credentials and service to our country by Mr. McCain, are nonexistent.

The propaganda that the American public is inundated with today by the drive-by media is the 21st-century version of the 19th-century medicine man whose “snake oil” will cure everything. The American public didn’t buy it then, don’t buy it now.

More to come ….


Obama and Libs “Own” the Wall Street Crisis

September 30, 2008

Possibly, House Republicans and the 90+ Democrats who voted against the $700 billion bail out bill today simply recognized that the bill, in its current form, wasn’t what the nation needed (regardless of what Wall Street said “they” needed). 

Possibly, they wanted a better, more realistic solution.   Possibly they simply voted as 80% or more of their constituents WANTED them to vote. 

Possibly, those who voted “nay” either did not believe in the urgency of the crisis (in the free market, banks and businesses fail every day) or in the sudden push toward nationalizing the mortgage industry

Possibly, they prefer (as I do) a “plan B” which emphasizes — not an arbitrary, unfettered spending spree by Treasury Secretary Hank Paulson — but a regulated safety net of loans, based on actual market values and administered by the FDIC.

Possibly, the House revolted against Nancy Pelosi’s revelation (yesterday) that the bail out would permit “the government to purchase troubled assets from pension plans (errrr… wait a minute), local governments (WHAT?), and small banks (you mean, all of them???) ….”    Here is the prevailing assessment of that statement:

So in addition to rewarding irresponsible lenders and borrowers, we taxpayers are now to be “protected” by buying the toxic debt of states, cities and municipalities.  It’s one thing to throw a life-line to the credit industry; local governments, by contrast, have the ability to cut spending drastically or raise taxes if their inhabitants want government services.  Elected politicians are then accountable for runaway spending and mismanagement.  If Detroit or Chicago is sinking because of big-government policies, that’s what the citizens of those cities asked for by voting for Democrats year in and year out.  Why should the rest of us be on the hook for that? 

Possibly, some House members revolted against the speech Speaker Pelosi made today — blaming Republicans and President Bush — for the current financial distress.   

Possibly, her speech was simply a reflection of her failure as Speaker of the House.  Why would she, in a year of legislative failures, have called a vote for a bill she knew did not have sufficient votes to pass?  

Something is fishy, though ……  Why would Pelosi’s personal appointments and political associates vote AGAINST the bail out?   Did she purposefully “set up” a sympathy backlash for a second vote?  Did she orchestrate an “out” for democrats facing re-election to vote their constituents’ preference?  Did she open the door for the Democrats “October surprise” in which Barack Obama will miraculously rally the votes to “save” Wall Street?   HA!

Regardless, it’s back to the political ouija drawing board ….

Before they vote on Wednesday, will the Senate consider that the (arbitrary) $700 billion price tag for “saving” Wall Street may be an unrealistic goal, may not be the unilateral responsibility of the federal government, or may actually be a political smoke screen for pushing Main Street AND Wall Street down that slippery slope toward socialism ???? (Note the video of Congressman Jeb Hensarling’s speech).

 But will there be a deal?  Yes (even if this includes an “October surprise,” — as promised by democrats).   And credit institutions will likely continue to face the same regulations and legislative pressures which brought on this disaster to begin with.

Will Congress be able to finally demonstrate their concern for the American taxpayer?  Sorta — but only after protecting their cronies who’ve caused and benefited from this debacle. 

Will it be done as an a bipartisan effort?  Ummm …. probably not.  Pelosi and Frank and Reid will attempt again to take credit for themselves and democrats.

Will the deal punish the perpetrators of this fiasco?  Unlikely.  It would take an act of God (forget Congress) to convince Congress that their private support base also assume part of the bail out costs.  Unless, of course,  you’re of the opinion that taxpayers actually are responsible for Wall Street failures. 

Meanwhile, corruption and mismanagement on Wall Street will continue; special-interest legislators who have a “vested” interest in promoting said corruption and mismanagement will continue to do so …. 

So who is responsible?    In reality, all the likely parties on both sides of the aisle and in each arm of government are responsible.

Who owns the problem?   If you mean by “own,” who will pay the bill (or part of it), it’s going to be taxpayers.   If you mean by “own,”  who created this scenario, several names come to mind ….
Let’s look at the foundations beneath the crisis: 

1) the corruption behind the collapse of Fannie Mae and Freddie Mac — those federally-funded low income housing authorities — includes a “who’s who” list of former and present legislators, Presidents, CEO’s who operated the system for personal and political gain, rather than low-income opportunities, and Congressional regulations that precipitated the calamity.

2) the role ACORN played — beyond a) it’s push to register the youth, the homeless, the sheltered elderly or the ineligible voter class, b) it’s voter intimidate tactics, and, c) it’s history of voter fraud — in promoting “class warfare” and home ownership for poverty-level citizens (including the undocumented “residents” who recently glutted low-income mortgages and credit card markets).  

How does this relate to Barack Obama?  Why is he called the most radical politician to ever get close to the White House?  Read on.

There are compelling issues addressing why Barack Obama must be defeated on November 4:  A) his identity with his father’s dreams to form the “perfect” socialist society, B) his rise through community-based special interest groups and his role as a community organizer and activist-attorney who thrived in the mob-mentality of Chicago, C) his identity with anti-American activists who mentored his youth and formative years and with whom he worked in Chicago, D) his dubious performance as a part-time legislator in the Illinois State Senate, and E) his failure to demonstrate legislative leadership as a U.S. Senator (serving approximately 143 days since 1994). 

There are also reasons why Barack Obama supported the government take-over of low income mortgages — one being that he (as did other top Democrat leaders) benefited from a “super super jumbo” low interest loan rate for his Chicago home: 

Shortly after joining the U.S. Senate and while enjoying a surge in income, Barack Obama bought a $1.65 million restored Georgian mansion in an upscale Chicago neighborhood. To finance the purchase, he secured a $1.32 million loan from Northern Trust in Illinois.

The freshman Democratic senator received a discount. He locked in an interest rate of 5.625 percent on the 30-year fixed-rate mortgage, below the average for such loans at the time in Chicago. The loan was unusually large, known in banker lingo as a “super super jumbo.” Obama paid no origination fee or discount points, as some consumers do to reduce their interest rates.

Obama’s attempts to hide his ties to ACORN — and subsequently the current Wall Street crisis — are beginning to emerge in mainstream media: 

It would be tough to find an “on the ground” community organizer more closely tied to the subprime-mortgage fiasco than Madeline Talbott. And no one has been more supportive of Madeline Talbott than Barack Obama.

When Obama was just a budding community organizer in Chicago, Talbott was so impressed that she asked him to train her personal staff.

He returned to Chicago in the early ’90s, just as Talbott was starting her pressure campaign on local banks. Chicago ACORN sought out Obama’s legal services for a “motor voter” case and partnered with him on his 1992 “Project VOTE” registration drive.

In those years, he also conducted leadership-training seminars for ACORN’s up-and-coming organizers. That is, Obama was training the army of ACORN organizers who participated in Madeline Talbott’s drive against Chicago’s banks.

More than that, Obama was funding them. As he rose to a leadership role at Chicago’s Woods Fund, he became the most powerful voice on the foundation’s board for supporting ACORN and other community organizers. In 1995, the Woods Fund substantially expanded its funding of community organizers – and Obama chaired the committee that urged and managed the shift.

That committee’s report on strategies for funding groups like ACORN features all the key names in Obama’s organizer network. The report quotes Talbott more than any other figure; Sandra Maxwell, Talbott’s ACORN ally in the bank battle, was also among the organizers consulted.

MORE, the Obama-supervised Woods Fund report acknowledges the problem of getting donors and foundations to contribute to radical groups like ACORN – whose confrontational tactics often scare off even liberal donors and foundations.

Indeed, the report brags about pulling the wool over the public’s eye. The Woods Fund’s claim to be “nonideological,” it says, has “enabled the Trustees to make grants to organizations that use confrontational tactics against the business and government ‘establishments’ without undue risk of being criticized for partisanship.”

Hmm. Radicalism disguised by a claim to be postideological. Sound familiar?

The Woods Fund report makes it clear Obama was fully aware of the intimidation tactics used by ACORN’s Madeline Talbott in her pioneering efforts to force banks to suspend their usual credit standards. Yet he supported Talbott in every conceivable way. He trained her personal staff and other aspiring ACORN leaders, he consulted with her extensively, and he arranged a major boost in foundation funding for her efforts.

And, as the leader of another charity, the Chicago Annenberg Challenge, Obama channeled more funding Talbott’s way – ostensibly for education projects but surely supportive of ACORN’s overall efforts.

In return, Talbott proudly announced her support of Obama’s first campaign for state Senate, saying, “We accept and respect him as a kindred spirit, a fellow organizer.”  — from Stanley Kurtz via Powerline

Recall that Obama had to revise his campaign financial report to show a payment to ACORN this past year:

Obama understood what ACORN does very, very well.  He had started off as a “community organizer” from the same tradition, and he remains committed to that tradition — as his $800,000 campaign payment for ACORN’s services showed.

Obama addressed ACORN in a 2007 speech:  “I’ve been fighting alongside ACORN on issues you care about my entire career (emphasis added). Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work.”

Obama’s not alone, however.  Several Congressmen have been in denial about the problems in Fannie Mae and Freddie Mac for years — in spite of pleas by George Bush and John McCain ….

Michelle Malkin keeps multiple open threads on the Bail Out Boondoggle, noting that 27 subpoenas have now been issued to F-F administrators and other failed lending organizations (you may want to check the campaign contribution records to assess how much these failed organizations supported Obama).  

Other bloggers are weighing in —- comparing the Freddie-Fannie fiasco AND the role of it’s key players [including Barack Obama’s current advisors, Raines and Johnson and his finance chair Penny Pritzker] as bad a reflection on Democrats as was the Enron debacle on Republicans. 

As I recall Raines was the one who, following the Enron scandals, gave public lectures about corporate responsibility and CEO honesty. And as one begins to read about Raines, James Johnson, Jamie Gorelick, and Leland Brendsel at Freddie Mac, one begins to understand their modus operandi. Freddie and Fannie were landing pads for former Democratic insiders, who milked the agencies for millions in bonuses as they covered their tracks by donations to Congressional candidates and pseudo-racial-populism of helping minorities buy homes with little down. Their careers are every bit as nauseating as anything at Enron — and yet the press strangely does not go after them in the manner we learned of Ken Lay’s deceit. God help us all.

Preposterous ideas?  

Let’s look more closely at Obama’s economic plans.  I don’t want US taxes being distributed to or administered by the United Nations as a Global Poverty Fund or to a Global Climate Change Fund or some Global Initiative Fund.  I don’t want to allow Barack Obama to literally ride the backs of low income Americans to achieve his father’s “dreams” of socialism — including but not limited to tax-funded “incentive” checks, mortgage supplements, infratructure reinvestment funds, and higher taxes on small businesses.  I don’t want the economy being “driven” by a large government bureaucracy; I want it driven by a free and competitive market that rewards hard work and innovation — not cronyism and regulations.

Grab your favorite beverage and get comfortable.  Read the links above.  Learn more about this critical issue and what is at stake for this nation on November 4.

Then pick up the phone; talk with neighbors in the supermarket, at Walmart, after church.  Tell them why our nation can neither survive nor progress under the self-serving ambitions of Barack Obama.   Ask them to support John McCain’s effort to REFORM the government agencies which have negligently allowed our financial system to fall to its current level. 

Because if you don’t — the free market principles by which this nation thrives, the small businesses that provide our jobs and benefits, the local banks that are constantly pressured to make high-risk loans, the obligations we and our government have for fiscal accountability  — will be sacrificed to further the graft and collusion associated with the financial crisis we now face.  At the heart of these sacrifices will be the freedoms of citizens who support this nation.  

At a time when global and national security challenges confront our nation, taxpayers should not be further subjugated by a system already saturated with greed and corruption.  At a time when we need proven leadership that puts America first —  we don’t need a proponent of the philosophy that  usurps democracy — we need a leader who respects and supports it.   That leader is John McCain.

Let Loose the Barracuda!

September 29, 2008

from Perish the Thought:

James Lewis has it right:  To win this election, John McCain must let Sarah Palin unfurl the flag of REFORM in her debate vs Joe Biden on Friday night. 

Mr. Lewis is correct:

This crisis is not financial — it is politicalIt’s not a market failure. It’s a decades-long robbery by the Left, finally exposed for what it is.
The Democrats deserve the wrath of the voters this time.
To allow Barack Obama and the liberal democrat machine to continue steam-rolling taxpayers into funding their self-serving projects is a fatal disservice to the integrity of this nation, its credibility, its security and its future.
The taxpayers are now on the hook for a trillion dollars, if you add the failed 300 billion dollar rescue package from two weeks ago to the 700 billion dollar Paulson package  This is a trillion dollar scam, and all the politicians in Congress, the ACORN mafiathe people who played the market on unsecured mortgages, and the scam artists who were hired by Freddie and Fannie — they all knew it.  In case you haven’t been watching, that includes all of Barack Obama’s “home mortgage advisors” — Franklin Raines, Jim Johnson and Jamie Gorelick. It includes Senate Banking Committee members like Chris Dodd It includes House members like Barney Frank. Watch this video and you can see them strutting their stuff when the US watchdog agency criticized Fannie and Freddie in 2003.


They knew exactly what was going on.
It’s time John McCain and Sarah Palin stood up and let taxpayers know this as well.

Penalize criminals — not taxpayers

September 28, 2008


This video may be the tip of the iceberg, but the problem started “somewhere” …..

Penalize the criminals and the irresponsible congress members who have taken the money, demonstrated croneyism and NOW want taxpayers to “bail” them out ….



Obama’s Ecomomic & Energy Plans

September 18, 2008
Barack Obama may have amazing rhetorical skill, the support of main stream media,  a vast network of community “get out the vote” organizers (working as non-profit groups which he himself has funded) and a league of online minions to plaster message boards and blogs with his talking points — but his track record, his mega-billion (if not -trillion) dollar programs (World Poverty Fund, stimulus packages, taxation of small and large corporations, energy programs, carbon credit taxes, etc., and his tax-and-spend mentality defy logic.  God help us if his pandering to middle America succeeds.
The social and economic policies proposed by Barack Obama the son — candidate for the Presidency of the United States — reflect the influence of his father’s radical and socialist aspirations. 
Let’s begin with Dreams from My Father: a son’s odyssey to fulfill his father’s political  ambitions ….
If there is a mystery at the heart of Barack Obama’s Dreams From My Father, one thing is not left a mystery, the fact that Barack Obama organized his life on the ideals given to him by his Kenyan father. 
Obama tells us, “All of my life, I carried a single image of my father, one that I .. tried to take as my own.” (p. 220)  
And what was that image?  It was “the father of my dreams, the man in
my mother’s stories, full of high-blown ideals ..” (p. 278) 
What is more, Obama tells us that, “It was into my father’s image .. that
I’d packed all the attributes I sought in myself.” 
And also that, “I did feel that there was something to prove .. to my father” in his efforts at political organizing. (p. 230)
Barack Obama, the father, was a radical economist and socialist.
Barack Obama’s father, a Harvard trained economist, attacked the economic proposals of pro-Western ‘third way” leader Tom Mboya from the socialist left, siding with communist-allied leader Oginga Odinga, in a paper Barack Obama’s father worte for the East Africa Journal
As Odhiambo and Cohen write, “The debates [over economic policy] pitted .. Mboya against .. Oginga Odinga and radical economists Dharam Ghai and Barrack Obama, who critiqued the document for being neither African nor socialist enough.”
A paper written by Barack Obama’s father, titled “Problems Facing Our Socialism” (published July, 1965 in the East African Journal, pp. 26-33), expressed the father’s positions on socialism and planning in Kenya:
1.  Obama advocated the communal ownership of land and the forced confiscation of privately controlled land, as part of a forced “development plan”, an important element of his attack on the government’s advocacy of private ownership, land titles, and property registration. (p. 29)
2.  Obama advocated the nationalization of “European” and “Asian” owned enterprises, including hotels, with the control of these operations handed over to the “indigenous” black population. (pp. 32 -33)
3.  Obama advocated dramatically increasing taxation on “the rich” even up to the 100% level, arguing that, “there is no limit to taxation if the benefits derived from public services by society measure up to the cost in taxation which they have to pay” (p. 30) and that, “Theoretically, there is nothing that can stop the government from taxing 100% of income so long as the people get benefits from the government commensurate with their income which is taxed.” (p. 31)
4.  Obama contrasted the ill-defined and weak-tea notion of “African Socialism” negatively with the well-defined ideology of “scientific socialism”, i.e. communism.  Obama views “African Socialism” pioneers like Nkrumah, Nyerere, and Toure as having diverted only “a little” from the capitalist system. (p. 26)
5.  Obama advocated an “active” rather than a “passive” program to achieve a classless society through the removal of economic disparities between black Africans and Asian and Europeans. (p. 28)  “While we welcome the idea of a prevention [of class problems], we should try to cure what has slipped in .. we .. need to eliminate power structures that have been built through excessive accumulation so that not only a few individuals shall control a vast magnitude of resources as is the case now .. so long as we maintain free enterprise one cannot deny that some will accumulate more than others .. ”  (pp. 29-30)
6.  Obama advocated price controls on hotels and the tourist industry, so that the middle class and not only the rich can afford to come to Kenya as tourists.  (p. 33)
7.  Obama advocated government owned and operated “model farms” as a means of teaching modern farming techniques to farmers.  (p. 33)
8.  Obama strongly supported the governments assertion of a “non-aligned” status in the contest between Western nations and communist nations aligned with the Soviet Union and China.  (p. 26)
NOTE:  Please read the comments section for the above resource and the referenced Yahoo article.
Foreign Policy
Obama’s Foreign Policy advisor ….

Zbigniew Brzezinski is an advocate of socialist world government, a goal he has promoted as a member of the Center for Strategic and International Studies (CSIS) and as a speaker at former Soviet Premier and Communist Mikhail Gorbachev’s first World Forum. Brzezinski is an architect of creating regions of global governance from independent nations to achieve world government. At the World Forum Brzezenski described the global regions that are now being put into place under Condi Rice: Israel and the Palestinians (now MEFTA, Middle East Free Trade Association), Iran as part of a Central Asian region, and China as part of a Far Eastern region. As a member of CSIS Brzezinski has guided their efforts to publish the North American Integration Monitor (2002) that calls for the loss of US sovereignty to a North American Union (NAU) as one of the regional global government blocks.


Beware the Global Poverty Tax (to be contributed to and distributed by the U.N. — Obama will deduct it from the new energy tax before giving us our “energy rebate” which is discussed under taxes and economics) ….
The proposals for global taxes by Obama have come with the recommendations of Zbigniew Brzezinski to pay for globalization and world government. Obama has proposed a global poverty tax in a US Senate bill. The Climate Change Control Bill strongly supported by Obama calls for an international governing regime to monitor and regulate carbon dioxide and “carbon footprints” from discovery, to production, to consumption at a cost of $50 trillion globally and at a cost of $8 trillion for US taxpayers, all to be paid for by a global tax, whose monies will be used to establish a world government body.

To hear Obama describe his policy in a stump speech, it’s difficult to realize that his economic and energy policies are little more than conduits to his view of “one world order” — a socialist governance structure similar to the EU …..

Taxes/Economic Plans
REMINDER:  under the U.S. Constitution, Congress has the sole power to tax and appropriate funds, not the president.
During his Tuesday morning speech, I found it amusing that Obama called McCain to task for “using the oldest trick in the political book” in calling for a ‘Commission’ to examine the current economic crisis. No less than five minutes later Obama then called for an “Advisory Group” to meet with the president regarding the current economic scenario.

You say tomato, I say tomahto.

Obama’s campaign finance chair knows all about bank failures:

For those who do not know, “billionaire business mogul” Penny Pritzker was named in January 2007 as Sen. Barack Obama (D-Ill.)’s national finance chairman. She was also on the finance committee for Obama’s 2004 campaign for the U.S. Senate. In August 2001, Penny, Thomas, and Nicholas Pritzker were described as “struggling with a complicated legacy”—”a vast real estate and Hyatt hotel empire”—left to them by its founder, Jay Pritzker, the New York Times reported. In 2005, Forbes counted Penny Pritzer among The 100 Most Powerful Women, as well as a member of the Forbes 400.

The New York Times reported December 11, 2001, that the Pritzkers had agreed to pay a “record $460 million” spread out over 15 years to the federal government to avoid being punished” for Superior Bank’s failure. It was “the largest settlement ever in the failure of a banking institution. The failure itself is one of the largest in the last decade, one that some estimate could cost the government up to $1 billion.”

“Regulators said Superior had collapsed because of poor lending practices and sloppy bookkeeping,” Time wrote. “The bank specialized in loans to people with poor credit histories, a practice called subprime lending.”

Time also reported that the Pritzkers, who “have a long and troubled history in the S.& L. business” and “once battled the Internal Revenue Service over estate taxes, … also agreed to cede 90 percent of any money they might recover in separate litigation with the government.”


What we know about Obama’s record is that he talks a good game, but has a history of raising taxes and spending the money on government programs, most of them sponsored and/or controlled by his associates.  Otherwise, we’re looking more at a pig-in-a-poke than at a proven finance manager. 

Sorta-kinda Economic Plan (open-ended — at a projected cost of trillions of unknown dollars for taxpayers)    

If Mr. Obama is beholden to taxpayer-funded, government-designed highway and energy pork projects, he has gone hog wild over “refundable tax credits,” which is the polite description of taxpayer-financed cash payments to people who pay no income taxes. Mr. Obama promises a $4,000 refundable tax credit to finance college tuition for students who spend 100 hours performing community service. There will be a refundable 10 percent mortgage-interest tax credit for married couples who take the $10,900 standard deduction because their itemizable deductions (including mortgage interest) fall below that level. Couples will also receive a refundable $1,000 tax credit to offset payroll taxes even if their refundable earned-income tax credit (EITC) has already eliminated their payroll-tax burden. Taxpayers will also finance a $500 refundable tax credit to augment a $1,000 savings-account deposit made by families earning up to $75,000.

Mr. Obama also promises to “triple the [EITC] benefit for minimum-wage workers.” Let’s do the math. For a married couple with two children working full-time and earning the minimum wage ($5.85 per hour, $24,336 per year), their refundable EITC would rise from $3,225 to $9,675. They already qualify for refundable child tax credits totaling about $1,850. Mr. Obama would increase their refundable child-care tax credit to $3,000. Don’t forget his refundable $1,000 tax credit to partly offset their $1,500 Social Security taxes, which had already been more than offset by their nearly $10,000 refundable EITC. If they put that $1,000 in the bank, they would get another refundable tax credit of $500.

Oink Oink:
  On the spending side of the ledger, Mr. Obama proposed a 10-year, $60 billion “National Infrastructure Reinvestment Bank,” which is a highfalutin name for a scheme to fund dubious pork-barrel projects that can’t pass muster in our pork-addicted Congress. The $60 billion is just a down payment; it will be used to leverage “almost half a trillion of additional infrastructure spending.” Guess who’s going to pay for all that. Not to worry because the whole scheme will “generate nearly 2 million new jobs.” Mr. Obama has also proposed a 10-year, $150 billion program “to establish a green energy sector that will create up to 5 million new jobs.” His nearly universal health care plan, which he implausibly asserts will reduce the average family’s insurance premium by $2,500 per year, is projected to cost between $50 billion and $65 billion per year.
Based on a comparison of state initiatives and the tax base — Obama’s economic policies would do nothing to improve joblessness and the development of small businesses ….  Policy Comparisons

Another perspective on Obama economics:  Karl Marx and Class Warfare  …..The reason Oblahma doesn’t want us to know what he actually did as a community organizer?

More about the Global Poverty Tax and Obama’s hyprocrisy on spending.

PromisesPromisesPromises …. Obama’s pledges keep coming — at tax-payer expense.

The Obama Plan …. listen for what he doesn’t say

You’ll hear him talk about businesses, companies, and corporations. You’ll hear him talk about how business must work smarter, and must reduce their emissions. What you won’t hear him say is that the largest part of US greenhouse gas emissions come from you and me driving to and from work, and keeping our homes cool. Because if he said that, the whole 83% reduction thing would begin to strike too closely to home.

So he distracts us from it. He says he will take money from the corporations, then use some of it (15 billion) to advance energy policy ( more about that soon) and give the rest to us. The problem with that plan is twofold. First, any money he pulls from corporations will be replaced by money they pull from us. If you make it more expensive for a company to manufacture and provide a product, they will charge more for it. That’s simple math. The second problem is that he wants to basically bribe us with our own money. It goes from us, through the corporations, to the Federal government through the emissions auction and back to us.

“… it’s embarrassing to have a candidate for President (A) not understand a problem, (B) gloat over its arrival, and (C) not know how to fix it.”  source


Behind the Obama economic plan stand four men and one woman totally entrenched in the failures of Wall Street:

Penny Pritzer — Obama finance chair: who agreed to pay a “record $460 million” spread out over 15 years to the federal government to avoid being punished” for Superior Bank’s failure. It was “the largest settlement ever in the failure of a banking institution. The failure itself is one of the largest in the last decade, one that some estimate could cost the government up to $1 billion.”

Obama’s economic advisers, the guys he has counted on from day one and who have raised him a ton of money: Franklin Raines and Jim Johnson, both of them are waist to neck deep in the mortgage debacle.”

Both Raines and Johnson have served as CEO of Fannie Mae, with Raines taking over from Johnson. Both are key political and economic advisers to Obama.

But Johnson did more than make a lot of money at Fannie Mae. He increased his connections — and his access to power — by establishing Fannie Mae foundations that spread around millions of dollars: homeless shelters, colleges, hospitals all benefited from Fannie Mae Foundation money.

And don’t underestimate the influence of Zbigniew Brzezinski — a “one world” governing body adherent who is Obama’s foreign policy adviser ….

Behind Obama’s sweeping generalizations and buzzwords lurks a man who has done little but raise taxes and spend money on community projects. Obama may hope that we overlook his clo$e association with Lehman brothers. But we won’t.

Nor should we ever forget that Obama’s “dreams” of his father projects a socialist world-view in which all economic resources are centrally controlled.

Be afraid as you listen to Obama’s rhetoric. Be very afraid.

Fannie and Freddie’s Friends:  (John Gibson from Fox News)
“…Obama’s ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain, Senator Obama, was at the head of the line when the piggies lined up at the Fannie and Freddie trough for campaign bucks. Senator Barack Obama, number two on the Fannie/Freddie list of favored politicians after just four short years in the Senate. Next time you see that ad, you might notice he fails to mention that part of the Fannie and Freddie problem.”
More Freddie and Fannie:  Bush tried — democrats shyed
The Best Buy for Congress?
Freddie and ACORN … the Obama connection?
Obama, Freddie and ACORN — Chicago-style Economics
The NAFTA Lie: In speeches to unemployed auto and manufacturing workers, Obama pledged to review NAFTA to bring American jobs back home ….. While saying this — Team Obama sent a memo to Canadian officials advising them to “ignore the rhetoric” of his speeches.  When confronted by this lie, Obama denied he or his staff had contacted  officials in Canada.    The memo sent to Canadian officials.
Charity begins at home?  shame on you ….
Obama statement: “ICE must stop terrorizing illegal immigrants ….”
Pay Equity:  Obama Talks — McCain Acts
The Environment:  Protesters as sheeple (video) …. Taken to the cleaners by an articulate, obviously well-trained “community orgnaizer” ……  Get the picture?
Kumbayah (The Lipstick Loonies from the Left)

Additional topics and information at Perish the Thought.