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Click here for the original post/webpage
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Nehemiah 5:9
"I and my brothers and my men are also lending the people money and grain. But let the exacting of usury stop."
It has been a long time since people have obeyed the prohibition of usury. But today the total consumer debt, business debt and government debt has reached unsustainable levels which can never be paid back. The economy based on such unsustainable debts cannot continue to grow.
The government encouraged banks to loan money to low income families for mortgages. Houses were sold with no down payments and no income checks to people who could not afford them. These loans were repackaged and sold as mortgage backed securities with AAA credit ratings given by the biggest bond rating agencies. The result was the biggest mortgage bubble in history with rapidly rising house prices. Eventually a lot of the borrowers could not make their payments and forclosures rose to record highs. This resulted in lower housing prices and a large number of home owners owed more on their mortgages than their houses were worth. This led to a vicious circle of spiraling foreclosures and lower house prices.
Credit card interest rates of 20% to 30% are certainly usury and are at ridiculously high rates. It is better not to borrow at such rates for things which are not needed.
Mortgage rates, however, 30 year fixed rates at 5.03% are not usury. In fact some time before thirty years are up it is likely that inflation will go way up along with interest rates. The money will be paid back with cheaper dollars. It is not a good business model for banks to borrow money in the short term markets and lend long term. To insure profits these loans are resold to the public as mortgage backed securities, insuring an underwriting profit for the banks. A large part of these loans are resold to Fannie Mae and Freddie Mac which were insolvent and whose bonds are now guaranteed by the government.
The total national debt is $12.3 trillion dollars and the deficit for this year alone is projected to be $1.6 trillion dollars. Such a deficit will be hard to finance. This is the sovereign debt crisis. The debt will never be paid back but each year the debt is rolled over with new lenders to pay back the old lenders plus new deficit. This is what is called a Ponzi scheme. The Madoff Ponzi scheme was very small compared to the sovereign debt Ponzi scheme. Now the deficit has reached a crisis stage. It is hard to find new buyers of the debt. Recently a large percentage of the debt was monetized by the Fed. That is to say the Fed created the dollars out of nothing to buy the debt. If this continues it will be highly inflationary. The US Government is no different than Zimbabwe printing money. Inflation was so high in Zimbabwe that they started printing $100 trillion dollar bank notes which are now worthless. The Fed does not say in advance that there will be high inflation but tries to talk down inflationary expectations. The Chinese are uneasy about the large amount of treasuries which they own worrying if they will become worthless. They have good reason to worry.
Brought to you by...
Greg
Wednesday, March 31, 2010
GovCorp at it again with #HCR
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Insurance Industry Already Finding Loopholes
Source: New York Times, March 28, 2010
===========================================
The new health care reform bill has barely been signed into law and already insurance companies are finding ways to avoid providing one of its centerpiece benefits touted by President Obama: coverage for children with pre-existing conditions. Congress meant to stop insurance companies from discriminating against children with chronic diseases like asthma, diabetes, birth defects and cystic fibrosis, and the law does say that if a company sells a health insurance policy, it has to cover these kinds of pre-existing conditions for children. But now companies are arguing that they don't have to sell the policies in the first place -- at least not until 2014 -- and if they do, they can hike the premiums to whatever amount they need to cover the additional costs. John D. Rockefeller IV (D-West Virginia) said, "The ink has not yet dried on the health care reform bill, and already some deplorable health insurance companies are trying to duck away from covering children with pre-existing conditions. This is outrageous.”
===========================================
Am I surprised by this development? No... of course not, not at all... We ALL know how the insurance industry works in this country...
Here is the portion of this piece that I do not believe...
"Congress meant to stop insurance companies from discriminating against children with chronic diseases like asthma, diabetes, birth defects and cystic fibrosis, and the law does say that if a company sells a a health insurance policy, it has to cover these kinds of pre-existing conditions for children."
After nearly 18 months of working on this thing are they trying to tell us that the congress was once again just too stupid to get it done right? Somehow I find that very difficult to believe...
In my opinion it is merely propaganda...
*I* think HOWEVER this health care bill is designed most likely that is the way it was meant to be designed. Full of holes... I suspect that during all the meetings between the administration and the drug companies and the insurance companies the 'loopholes' were intentionally written into the bill...
Remember Senator Chris Dodd's last minute change on the stimulus bill that allowed the huge bonus' of Wall Street TARP recipients to continue uninterrupted?
Here's a refresher...
Never forget that our kleptocratic leaders in Washington THINK that they are smarter than we are... That they are still operating in the old system, the pre-information explosion system...
These cronyism loopholes have ALWAYS been used in Washington by BOTH parties... It is so they can SAY 'look at the wonderful things we have accomplished for YOU, the American people'. While at the same time using amendments and legal mumbo jumbo language to intentionally create loop holes and set asides and restrictions and exemptions! It's complete, I'm sorry, bullshit!
Look at the state of our tax code! By now nearly the whole damn thing is one huge contradiction!
So how could anyone in congress, in Washington DC or in the public be surprised to find out that the health care bill is full of the same sort of language and loop holes?!
Don't you see that congress is juxtaposing itself against the insurance industry for show only?! It is my opinion that GovCorp is merely attempting to position itself against populist anger. The insurance companies are the imaginary 'whipping boys'. While congress and the administration verbally beat them up publicly the insurance companies, drug companies and others in the health care industry are laughing all the way to the proverbial bank!
As *I* have said all along... This health care bill has ALWAYS been designed as a huge profit windfall for the health care industry because the entire health care industry is a bubble in grave danger of collapsing! By adding 32 MILLION brand new customers for insurance companies who are about to go broke. These 32 MILLION new customers will be using health care services and buying DRUGS from the drug companies.
It IS and always has been a huge money grab FROM the American tax payer BY the United States government who will then turn over that collected tax money directly to the health care industry!
There is NO protection in the bill that prevents insurance companies from raising their premiums as often and/or as high as they like! There is NO protection in the health care bill that prevents drug companies from raising their prices as often and/or as high as they like! In FACT there ARE provisions that PROTECT the PROFITS of drug makers!
And, after BILLIONS of dollars of YOUR wealth has been stolen from you don't you dare expect anything in the health care industry to change at all until at least 2014!
With the exception of higher premiums! And higher costs all around, throughout the health care industry...
We CANNOT be so apathetic and docile so as to accept as James K. Galbraith says...
"... restricting the flow of thought and shrinking the sphere of admissible debate." And, paraphrased, limiting the range of presentable ideas, conveniently setting an entire panoply of reasoned discourse beyond the pale of what CAN be said, at least in public, by reputable people. There IS a process of internalization, of self-censorship. Once the 'rules' and 'boundaries' are understood, adherence becomes reflexive, and at the end of the day people come to think ONLY what it is permitted to think. They know, instinctively, when they might be "going too far".
*I* will continue, intentionally, to "go too far" in my own speech... *I* will continue to call for peaceful resistance and civil disobedience whenever and wherever possible. I will continue to hope that many Americans will join me in doing so. We are being rail-roaded badly. Completely 'run over' by a GovCorp that is COMPLETELY out of control.
Greg
Insurance Industry Already Finding Loopholes
Source: New York Times, March 28, 2010
===========================================
The new health care reform bill has barely been signed into law and already insurance companies are finding ways to avoid providing one of its centerpiece benefits touted by President Obama: coverage for children with pre-existing conditions. Congress meant to stop insurance companies from discriminating against children with chronic diseases like asthma, diabetes, birth defects and cystic fibrosis, and the law does say that if a company sells a health insurance policy, it has to cover these kinds of pre-existing conditions for children. But now companies are arguing that they don't have to sell the policies in the first place -- at least not until 2014 -- and if they do, they can hike the premiums to whatever amount they need to cover the additional costs. John D. Rockefeller IV (D-West Virginia) said, "The ink has not yet dried on the health care reform bill, and already some deplorable health insurance companies are trying to duck away from covering children with pre-existing conditions. This is outrageous.”
===========================================
Am I surprised by this development? No... of course not, not at all... We ALL know how the insurance industry works in this country...
Here is the portion of this piece that I do not believe...
"Congress meant to stop insurance companies from discriminating against children with chronic diseases like asthma, diabetes, birth defects and cystic fibrosis, and the law does say that if a company sells a a health insurance policy, it has to cover these kinds of pre-existing conditions for children."
After nearly 18 months of working on this thing are they trying to tell us that the congress was once again just too stupid to get it done right? Somehow I find that very difficult to believe...
In my opinion it is merely propaganda...
*I* think HOWEVER this health care bill is designed most likely that is the way it was meant to be designed. Full of holes... I suspect that during all the meetings between the administration and the drug companies and the insurance companies the 'loopholes' were intentionally written into the bill...
Remember Senator Chris Dodd's last minute change on the stimulus bill that allowed the huge bonus' of Wall Street TARP recipients to continue uninterrupted?
Here's a refresher...
Never forget that our kleptocratic leaders in Washington THINK that they are smarter than we are... That they are still operating in the old system, the pre-information explosion system...
These cronyism loopholes have ALWAYS been used in Washington by BOTH parties... It is so they can SAY 'look at the wonderful things we have accomplished for YOU, the American people'. While at the same time using amendments and legal mumbo jumbo language to intentionally create loop holes and set asides and restrictions and exemptions! It's complete, I'm sorry, bullshit!
Look at the state of our tax code! By now nearly the whole damn thing is one huge contradiction!
So how could anyone in congress, in Washington DC or in the public be surprised to find out that the health care bill is full of the same sort of language and loop holes?!
Don't you see that congress is juxtaposing itself against the insurance industry for show only?! It is my opinion that GovCorp is merely attempting to position itself against populist anger. The insurance companies are the imaginary 'whipping boys'. While congress and the administration verbally beat them up publicly the insurance companies, drug companies and others in the health care industry are laughing all the way to the proverbial bank!
As *I* have said all along... This health care bill has ALWAYS been designed as a huge profit windfall for the health care industry because the entire health care industry is a bubble in grave danger of collapsing! By adding 32 MILLION brand new customers for insurance companies who are about to go broke. These 32 MILLION new customers will be using health care services and buying DRUGS from the drug companies.
It IS and always has been a huge money grab FROM the American tax payer BY the United States government who will then turn over that collected tax money directly to the health care industry!
There is NO protection in the bill that prevents insurance companies from raising their premiums as often and/or as high as they like! There is NO protection in the health care bill that prevents drug companies from raising their prices as often and/or as high as they like! In FACT there ARE provisions that PROTECT the PROFITS of drug makers!
And, after BILLIONS of dollars of YOUR wealth has been stolen from you don't you dare expect anything in the health care industry to change at all until at least 2014!
With the exception of higher premiums! And higher costs all around, throughout the health care industry...
We CANNOT be so apathetic and docile so as to accept as James K. Galbraith says...
"... restricting the flow of thought and shrinking the sphere of admissible debate." And, paraphrased, limiting the range of presentable ideas, conveniently setting an entire panoply of reasoned discourse beyond the pale of what CAN be said, at least in public, by reputable people. There IS a process of internalization, of self-censorship. Once the 'rules' and 'boundaries' are understood, adherence becomes reflexive, and at the end of the day people come to think ONLY what it is permitted to think. They know, instinctively, when they might be "going too far".
*I* will continue, intentionally, to "go too far" in my own speech... *I* will continue to call for peaceful resistance and civil disobedience whenever and wherever possible. I will continue to hope that many Americans will join me in doing so. We are being rail-roaded badly. Completely 'run over' by a GovCorp that is COMPLETELY out of control.
Greg
Tuesday, March 30, 2010
Who the heck are the largest lobbyists?
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Follow the money my friends... follow the money never fails...
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In boxing, big punchers seek knockouts. In government, the same principle applies: The wealthiest corporations and special interest groups usually pepper politicians with overwhelming amounts of money in hope of influencing the political process.
Here you'll find total contributions for the 100 biggest givers in federal-level politics since 1989 -- information that exists nowhere else.
Data courtesy Center for Responsive Politics
Click here for the Top Ten and more
Greg
Follow the money my friends... follow the money never fails...
---
In boxing, big punchers seek knockouts. In government, the same principle applies: The wealthiest corporations and special interest groups usually pepper politicians with overwhelming amounts of money in hope of influencing the political process.
Here you'll find total contributions for the 100 biggest givers in federal-level politics since 1989 -- information that exists nowhere else.
Data courtesy Center for Responsive Politics
Click here for the Top Ten and more
Greg
Big Pharma Wins Big With Health Care Reform Bill
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Lobbyists seem to be our biggest problem... They are the enablers of our corrupt politicians...
Click here to see the full original post
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Published on Monday, March 29, 2010 by the Associated Press
WASHINGTON - Chalk one up for the pharmaceutical lobby. The U.S. drug industry fended off price curbs and other hefty restrictions in President Barack Obama's health care law even as it prepares for plenty of new business when an estimated 32 million uninsured Americans gain health coverage.
Pharmaceutical interests spent $188 million lobbying last year, more than all but a handful of industry sectors, according to the nonpartisan Center for Responsive Politics. They employed an army of 1,105 lobbyists.
And after years of funneling most of its campaign contributions to Republicans, the industry has favored Democrats with 56 percent of the $5 million it has handed candidates so far this year. The biggest recipient, by far, of the industry's 2008 election cycle contributions of $13.8 million was Obama, who received $1.2 million for his presidential campaign.
© 2010 Associated Press
Click here to see the full original post
Greg
Lobbyists seem to be our biggest problem... They are the enablers of our corrupt politicians...
Click here to see the full original post
---
Published on Monday, March 29, 2010 by the Associated Press
WASHINGTON - Chalk one up for the pharmaceutical lobby. The U.S. drug industry fended off price curbs and other hefty restrictions in President Barack Obama's health care law even as it prepares for plenty of new business when an estimated 32 million uninsured Americans gain health coverage.
Pharmaceutical interests spent $188 million lobbying last year, more than all but a handful of industry sectors, according to the nonpartisan Center for Responsive Politics. They employed an army of 1,105 lobbyists.
And after years of funneling most of its campaign contributions to Republicans, the industry has favored Democrats with 56 percent of the $5 million it has handed candidates so far this year. The biggest recipient, by far, of the industry's 2008 election cycle contributions of $13.8 million was Obama, who received $1.2 million for his presidential campaign.
© 2010 Associated Press
Click here to see the full original post
Greg
CNN Slams “Patriot Movement,” Misrepresents FEMA Camp Evidence
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Debbie Morgan, Debbie@takebackwashington.com
December, 2009
In a flagrant attempt to mislead the American Public, CNN aired a series of hit pieces on patriots and the militia. One specific report by John Acosta was about the Oath Keepers, a group of military, firefighters, veterans and police officers who have decided to take their oath to protect and defend the Constitution of the United States seriously. Making a rather snide comment about the “patriot movement,” it may be time for Acosta to answer one quick question for the American people…since when did being a “patriot” in America garner such a negative connotation?
The meaning of “patriot” describes many, and those of us who are sworn American Patriots do, indeed, fit the bill. Webster’s Dictionary defines a patriot as someone “who loves and loyally or zealously supports one's own country.” American “patriots” love their country and its Constitution and want it protected. Yet the mainstream media and the over-reaching Federal government are demonizing patriots and the entire Patriot Movement. In a MIAC report, released earlier this year, many people who simply hold their Constitutional Rights sacred are to be considered potential threats.
Please see the balance of this important post on policestate21.com
Greg
Debbie Morgan, Debbie@takebackwashington.com
December, 2009
In a flagrant attempt to mislead the American Public, CNN aired a series of hit pieces on patriots and the militia. One specific report by John Acosta was about the Oath Keepers, a group of military, firefighters, veterans and police officers who have decided to take their oath to protect and defend the Constitution of the United States seriously. Making a rather snide comment about the “patriot movement,” it may be time for Acosta to answer one quick question for the American people…since when did being a “patriot” in America garner such a negative connotation?
The meaning of “patriot” describes many, and those of us who are sworn American Patriots do, indeed, fit the bill. Webster’s Dictionary defines a patriot as someone “who loves and loyally or zealously supports one's own country.” American “patriots” love their country and its Constitution and want it protected. Yet the mainstream media and the over-reaching Federal government are demonizing patriots and the entire Patriot Movement. In a MIAC report, released earlier this year, many people who simply hold their Constitutional Rights sacred are to be considered potential threats.
Please see the balance of this important post on policestate21.com
Greg
War Pigs! It never changes
Generals gathered in their masses
Just like witches at black masses
Evil minds that plot destruction
Sorcerers of death's construction
In the fields the bodies burning
As the war machine keeps turning
Death and hatred to mankind
Poisoning their brainwashed minds
Oh lord yeah!
Politicians hide themselves away
They only started the war
Why should they go out to fight?
They leave that role to the poor
Time will tell on their power minds
Making war just for fun
Treating people just like pawns in chess
Wait 'til their judgement day comes
Yeah!
Now in darkness world stops turning
Ashes where the bodies burning
No more war pigs have the power
Hand of God has struck the hour
Day of judgement, God is calling
On their knees the war pig's crawling
Begging mercy for their sins
Satan laughing spreads his wings
Oh lord yeah!
Monday, March 29, 2010
Lodging tax revenue 2009
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While we still hear the steady drum beat out of Washington and Wall Street that the economy is improving, most local newspapers tell an entirely 'different' story...
I mention occasionally that I live in Joplin, MO. It's a fairly nice smallish community in southwest MO. with a population of something over 40,000 people...
Like most small communities, and likely large as well, we have too many 'places'. Too many restaurants, too many car dealerships, new and used, too many retail outlets... Too much 'stuff'...
No one wants to go out of business... but sometimes business' have to just close their doors... Some are here, as they are all over the country.
IMO, our government will not admit that what this country needs is a good old fashioned depression to recover... The wealthy elites and politicians cannot allow that to happen because our economy would go into melt-down mode. Which I believe it eventually will anyway...
Today's local paper (The Joplin Globe) includes an article that takes a close look at our lodging industry. I don't imagine Joplin is much different than most cities it's size, or otherwise...
===========================================
"The numbers paint a gloomy picture of Joplin's lodging industry."
"An analysis of lodging 'tax revenue' for 2009, coupled with industry data from Smith Travel Research, shows that about 51,360 fewer guests visited Joplin's hotels in 2009 than in 2008."
'Unprecedented'
"Lodging-tax revenue decreased by 10.2% in 2009 compared with the figure for 2008." Room occupancy fell 10.8% or 42,800 room nights.
"A 10.2% market decrease is a huge decrease and is unprecedented in our history," said Pete Hall, GM of Resident's Inn by Marriott. When you consider that Joplin's rate of decline is now at more than twice the national and state average, it does not take a rocket scientist to figure out that there is a problem."
"A 10.2% decrease means that nearly 50,000 fewer guests visited our city, ate in our restaurants, shopped in our stores and bought gas and groceries. The hit to our local economy is approximately $6.2 million in lost economic impact."
"In the past 3 months, far more restaurants have closed in Joplin than have opened."
Some hotels are down as much as 20% and 30%.
Lodging tax revenue for the city declined by $113,000 in 2009. Revenue from the city's general sales-tax revenue declined by $119,500. The total loss in tax revenue generated solely from lodging nights was $331,800.
The forecast is not good for Joplin's hotel industry. The report indicates that the Joplin market will most likely continue to see overall declines, resulting in further erosion of the lodging-tax revenue when compared with that of 2009.
"The Joplin lodging market has experienced 17 consecutive months of decline, and there is little reason to believe that any sustained improvement will occur within the next 12 to 18 months," Hall said.
Randy Shippy, director of operations for Comfort Suites and Quality Inn, said the lodging industry as a whole is feeling the impact of the current economic climate.
"No matter what state you're in, it's down," said Shippy of lodging-tax revenue.
==========================================
It seems to me that the governments plan is pretty much using the same play book that they did after the dot-bomb disaster of 2000... Which is to ignore ALL of the MILLIONS of Americans who have lost jobs that are not coming back. We are faced with our second consecutive jobless recovery. There seems to me to be an effort to merely sweep under the rug the 16 MILLION Americans who have lost their jobs in this recession. Apparently the FED plans to keep interest rates artificially low, not for an 'extended period', but FOREVER! In addition, this time around, the federal reserve banking system has proven that they will simply print money forever as well...
Washington seems to hope that by pretending these unemployed Americans do not exist they can paint a picture of a recovering economy in time for the 2010 elections...
Good luck with that...
Greg
While we still hear the steady drum beat out of Washington and Wall Street that the economy is improving, most local newspapers tell an entirely 'different' story...
I mention occasionally that I live in Joplin, MO. It's a fairly nice smallish community in southwest MO. with a population of something over 40,000 people...
Like most small communities, and likely large as well, we have too many 'places'. Too many restaurants, too many car dealerships, new and used, too many retail outlets... Too much 'stuff'...
No one wants to go out of business... but sometimes business' have to just close their doors... Some are here, as they are all over the country.
IMO, our government will not admit that what this country needs is a good old fashioned depression to recover... The wealthy elites and politicians cannot allow that to happen because our economy would go into melt-down mode. Which I believe it eventually will anyway...
Today's local paper (The Joplin Globe) includes an article that takes a close look at our lodging industry. I don't imagine Joplin is much different than most cities it's size, or otherwise...
===========================================
"The numbers paint a gloomy picture of Joplin's lodging industry."
"An analysis of lodging 'tax revenue' for 2009, coupled with industry data from Smith Travel Research, shows that about 51,360 fewer guests visited Joplin's hotels in 2009 than in 2008."
'Unprecedented'
"Lodging-tax revenue decreased by 10.2% in 2009 compared with the figure for 2008." Room occupancy fell 10.8% or 42,800 room nights.
"A 10.2% market decrease is a huge decrease and is unprecedented in our history," said Pete Hall, GM of Resident's Inn by Marriott. When you consider that Joplin's rate of decline is now at more than twice the national and state average, it does not take a rocket scientist to figure out that there is a problem."
"A 10.2% decrease means that nearly 50,000 fewer guests visited our city, ate in our restaurants, shopped in our stores and bought gas and groceries. The hit to our local economy is approximately $6.2 million in lost economic impact."
"In the past 3 months, far more restaurants have closed in Joplin than have opened."
Some hotels are down as much as 20% and 30%.
Lodging tax revenue for the city declined by $113,000 in 2009. Revenue from the city's general sales-tax revenue declined by $119,500. The total loss in tax revenue generated solely from lodging nights was $331,800.
The forecast is not good for Joplin's hotel industry. The report indicates that the Joplin market will most likely continue to see overall declines, resulting in further erosion of the lodging-tax revenue when compared with that of 2009.
"The Joplin lodging market has experienced 17 consecutive months of decline, and there is little reason to believe that any sustained improvement will occur within the next 12 to 18 months," Hall said.
Randy Shippy, director of operations for Comfort Suites and Quality Inn, said the lodging industry as a whole is feeling the impact of the current economic climate.
"No matter what state you're in, it's down," said Shippy of lodging-tax revenue.
==========================================
It seems to me that the governments plan is pretty much using the same play book that they did after the dot-bomb disaster of 2000... Which is to ignore ALL of the MILLIONS of Americans who have lost jobs that are not coming back. We are faced with our second consecutive jobless recovery. There seems to me to be an effort to merely sweep under the rug the 16 MILLION Americans who have lost their jobs in this recession. Apparently the FED plans to keep interest rates artificially low, not for an 'extended period', but FOREVER! In addition, this time around, the federal reserve banking system has proven that they will simply print money forever as well...
Washington seems to hope that by pretending these unemployed Americans do not exist they can paint a picture of a recovering economy in time for the 2010 elections...
Good luck with that...
Greg
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