Archive for October, 2009

Government Is Trying to Make Bailouts for the Giant Banks PERMANENT

Posted in Attack on Freedom, economic tyranny, Economy, Fiat Currency, New World Order, News, Shadow Government, The Federal Reserve, Tyranny, Unconstitutional with tags , , , , , , , on October 29, 2009 by truthwillrise

Washington’s Blog
October 29, 2009

 

 

 

 

 

Congressman Brad Sherman: “I’m not looking for a TARP on steroids with oversight. I’m looking for an end of TARP.”

featured stories   Government Is Trying to Make Bailouts for the Giant Banks PERMANENT  
  brad sherman
   
 
   

On September 25th, I wrote:

Paul Volcker and senior Harvard economist Jeffrey Miron both testified to Congress this week that the government is trying to make bailouts for the giant banks permanent.

 

 

 

 

 

 

 

 

 

 

 

Writing Wednesday in The Hill, Congressman Brad Sherman pointed out that :

In my opinion, Geithner’s proposal is “TARP on steroids.” Section 1204 of the proposal [the proposal being the “Resolution Authority for Large, Interconnected Financial Companies Act of 2009”] allows the executive branch to use taxpayer money to make loans to, or invest in, the largest financial institutions to avoid a systemic risk to the economy.

Geithner’s proposal reminds me of the Troubled Asset Relief Program (TARP), the $700 billion Wall Street bailout adopted last year, but the TARP was limited to two years, and to a maximum of $700 billion. Section 1204 is unlimited in dollar amount and is a permanent grant of power to the executive branch. TARP contained some limits on executive compensation and an array of special oversight authorities. Section 1204 contains absolutely no limits on executive compensation and no special oversight.

When I asked Geithner whether he would accept a $1 trillion limit on the new bailout authority (if the executive branch wanted to spend more, it would have to come back to Congress), he rejected a $1 trillion limit, insisting that the executive branch be able to respond without coming back to Congress.

Both TARP and the Treasury proposal have vague provisions under which taxpayers might possibly recover any money lost through a special tax on the financial services industry. Under the Treasury proposal, only the very largest institutions could benefit from a bailout, but the special tax, if ever collected, would fall chiefly on medium-sized institutions.

Thus, the medium-sized institutions will be at a competitive disadvantage for two reasons. First, the largest institutions will be able to borrow money more cheaply because their creditors will believe that if the institution is unable to pay, the taxpayers will. Second, if there ever is a bailout benefitting a very large financial institution, the tax will be imposed on the medium-sized institutions.

Sherman is a senior member of the House Financial Services Committee and a certified public accountant, so he has a good nose for analyzing proposed financial regulations.

Last week, Sherman made the following comments to the Washington Independent regarding Congress’ proposed bill on the too big to fails:

That is a huge gravy train to the top 20 [financial institutions] because it allows them to borrow money at a lower rate. Think of what this does to moral hazard.

I’m not looking for a TARP on steroids with oversight. I’m looking for an end of TARP.

The House Committee on Financial Services will hold a hearing on the bill tomorrow, with Tim Geithner, Sheila Bair, John C. Dugan (Comptroller of the Currency), Daniel K. Tarullo (Governor, Board of Governors of the Federal Reserve System), John E. Bowman (Acting Director, Office of Thrift Supervision), Richard Trumka (President, AFLCIO), and others as witnesses.

As the Washington Independent points out, Sherman is going to try to take Tarp off of steroids:

Sherman said he intends to offer a series of amendments addressing the issue during the Financial Services panel’s markup of the bill, which has yet to be scheduled. Included will be a provision to cap the president’s bailout authority at $1 trillion, and another to strip out the resolution authority language entirely. A potential third proposal — to create an oversight panel like that monitoring TARP funds — is one he’s leaning against.

Charged with Murder, Son Who Stabbed House Raider

Posted in Attack on Freedom, New World Order, News, Stupid Government Tricks, Tyranny with tags , , , on October 29, 2009 by truthwillrise

David Pilditch
Daily Express
Ocotber 29, 2009

 

A son hailed a hero for tackling two teenage burglars, stabbing one of them to death, was charged with murder yesterday.

 

Omari Roberts, 23, was widely praised after tackling Tyler Juett, 17, and a 14-year-old accomplice when he caught them breaking into his mother’s home.

He chased the 14-year-old off, then returned to the house to find Juett still there. They scuffled and Juett suffered a six-inch stab wound that severed vital arteries.

Juett was rushed to hospital but later died from his injuries.

Read entire article

Shots Fired at home of Lou Dobbs

Posted in Attack on Freedom, New World Order, News with tags , , , on October 29, 2009 by truthwillrise

ALIPAC
October 29, 2009

“The Attack on the Dobbs Family Was An Attack On All Americans That Value Our 1st Amendment Rights!” — William Gheen of ALIPAC.us

Friends of ALIPAC,

 

  • A d v e r t i s e m e n t
  • featured stories   Shots Fired at home of Lou Dobbs

We have just learned that someone has fired a gun at the home of Lou Dobbs, with his wife just a few feet away from the incident. The gunfire followed a series of threatening phone calls.

 

Lou Dobbs is being targeted by the pro-illegal alien groups and pundits who feel that Dobbs is stopping Amnesty from passing.

The Southern Poverty Law Center, the Anti Defamation League, the National Council of La Raza, Media Matters, and Geraldo Rivera of Fox News are using false information to foment hatred towards Lou Dobbs or any American who speaks out against Amnesty or illegal immigration.

They have pushed for Lou Dobbs to be fired and since CNN has refused to do that some people are now turning to violence to try and achieve their goals.

The lies and hate coming from these radical pro-illegal alien groups is now manifesting in the form of gunfire fired into the occupied home of an innocent multi-racial family.

Lou Dobbs is a great American who is standing up for the people of the United States and sharing information with the public that the elites want censored.

Here is the Audio of Lou Dobbs telling the tale of this gunfire into his home.

Please share this video with others, make supportive comments, and add to your favorites to spread the word!

Cops Disguised as Homeless Bust Drivers in Houston

Posted in New World Order, News, Police State/Martial Law with tags , , , on October 29, 2009 by truthwillrise

Mary Benton
Click2Houston
October 29, 2009

The Houston Police Department launched a new creative campaign to crack down on dangerous and aggressive drivers, KPRC Local 2 reported Wednesday.

 

The plan calls for putting plainclothes officers in different locations around the city to spot drivers who are speeding, not wearing seat belts, or changing lanes erratically.

In one tactic, senior Houston Police Officer William Dodson will dress in street clothes and stand at a street corner with a sign in his hand.

Some people could mistake him for a vagrant, but on closer inspection, they will see that the sign is reminding people to wear their seat belts.

Read entire article

Canadians wary of swine flu vaccine

Posted in Attack on Freedom, False Flag Terror, New World Order, News, Poison Foods and Products with tags , , , , on October 26, 2009 by truthwillrise

OTTAWA — Most Canadians are skeptical of the swine flu threat and of the vaccine to fight it, a survey suggested on Monday as the country’s largest-ever vaccination program in Canada got underway.

Fifty-one percent of 1,000 Canadians surveyed by polling firm Strategic Counsel for the daily Globe and Mail newspaper said they would not get vaccinated against the deadly A(H1N1) flu virus, while 49 percent said they wanted a flu shot.

The poll gave no margin of error because the respondents answered voluntarily through an online survey. A similar survey in July showed 62 percent saying they planned to get a swine flu shot.

The split reflects lingering concerns that the vaccine developed by GlaxoSmithKline has not been fully tested and that the influenza outbreak is not very serious, pollster Tim Woolstencroft told the newspaper.

“There has been a real drop-off in the desire to have the vaccination shot,” he said, due mostly to safety concerns and the view that health officials “have been crying wolf too many times” about the threat posed.

The swine flu has so far contributed to 86 deaths in Canada, more than 1,500 hospitalizations and close to 300 critical care ward admissions, according to Health Canada.

Even so, 59 percent of respondents said they believe the swine flu is no more dangerous than the common cold. Only seven percent thought it could be life-threatening.

Aboriginals, youths and medical staff — groups believed to be most at risk of serious infection — received the first round of swine flu shots on Thursday.

A national vaccination campaign kicked off Monday.

Circulation drops at U.S. newspapers as readers turn to online news sources

Posted in Business, Economy, News with tags , on October 26, 2009 by truthwillrise

Martin Zimmerman
The Los Angeles Times
October 26, 2009

Circulation at U.S. newspapers fell more than 10% during the last six months as readers fled to the Internet at a faster pace.

 

The Audit Bureau of Circulations reported today that the average weekday circulation of the nearly 400 daily papers that reported sales slid 10.6% between April and September compared to the same six-month period in 2008. That was bigger than the 7.1% decline recorded during the previous six months.

Of the nation’s five biggest daily papers, four reported circulation declines. The Wall Street Journal displaced USA Today as the nation’s largest daily, notching a slim 0.6% gain in subscribers to reach slightly more than 2 million. USA Today’s circulation fell 17% to 1.9 million as the Gannett Co. paper, which gets many of its sales at hotels and airports, was hit by the slump in travel.

Read entire article

Podesta Suggests Legalizing Pot and Taxing It

Posted in News with tags , , , on October 26, 2009 by truthwillrise

ABC News
October 26, 2009

Not there yet, but the roundtable seemed to think that the legalization of marijuana is coming. John Podesta even suggested (in jest?) taxing marijuana could be a way to pay for health care. The times they are a-changin’.