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These quotes are from the introduction, written by Herbert J. Walberg:
- "Younger people are beginning to realize federal, state and local governments are incurring trillions of dollars of debt that will have to be repaid through higher taxes during their lifetimes. Middle-aged and older citizens are learning the debt crisis means Medicare and Social Security won't provide the secure health insurance4 and retirement benefgits they were counting on."
- "Some state and local government employees, including educators and police, can retire as early as age 55 with as much as 80% of their wages and full health care benefits. Nearly 80% of government workers qualify for pensions, while only 20% of private-sector workders do."
- "The federal government's debt has beena cause for concern for many years, but the eventual day of reckoning always seemed in the distant future, too far away to justify doing anything today. The [obama]Great Recession and massive government spending hikes undertaken by the obama administration and democratic party-controlled Congress changed the picture dramatically. The budget deficit in 2010 is an estimated 10.6% of Gross Domestic Product (GDP), the highest since 1945. The combined unfunded liability of Social Security and Medicare in 2009 was nearly $107 TRILLION. obama's budget forecasts the national debt will rise from $7.5 TRILLION (53% of GDP) at the end of 2009 to an uncomprehensible $20.3 TRILLION (90% of GDP) at the end of 2020."
This book is a 'freebie;' a 'must have' for anyone who even thought about joining the 'Tea Party movement!!'
http://www.heartland.org/
The "Clown Prince:" 'Lyin' Ass!'
"Clown Prince" obama is getting slimmier than George Soros, if that's even possible!! Now he's stepping up his lies to justify the fascist position; even to the point of admitting that lower tax rates stimulate small business. Had he and Soros admitted this revelation back in January of '09, we'd be well on our way to a recovering economy by now!!
The 'Rush Limbaugh take' on this crap:
{*}Two banking giants are in negotiations to purchase Chrysler Financial Corp., the auto lender owned by Cerberus Capital Management LP, according a person close to the matter. A deal valued at several billion dollars could be reached in the next few weeks, though there is no assurance the talks will lead to a sale.
"I was just listening to a little bit of Obama at his press conference, folks. We have an angry man lying his butt off about Republican positions. Basically that's what we got going on. He just said that he had to do this 'cause come January the middle class is gonna get tax relief. Now, they're not gonna get income tax relief, and that's what he's trying to say. He's trying to position this as a tax cut for the middle class on the Reagan tax rates. The only people getting a tax cut here will be the one year, two-year cut on payroll taxes. It's one year. But everything else is either staying the same or going up. There aren't any tax cuts in this. He also said the reason that he can't get anything done here is because you can't get anything through the Senate right now, and that happens to be true, because a lot of the Senate sees what happened in the election in November."http://www.rushlimbaugh.com/home/daily/site_120710/content/01125111.guest.html
"Many of them are up, a lot of them are up for reelection in 2012. The news media, the White House press "corpse" not happy with Obama. AP reporter Ben Feller -- now, I'm gonna paraphrase this. Ben Feller asked Obama a question. He said, "You lied to us about raising taxes on the rich. Why should we ever believe you again?" Now, those are not the words he used, but that's what the question meant. He said, "You said you'd never do this!" Obama said, "Well, it's best we can get at the time. I can't get what I want through the Senate. The public agrees with me but I can't get what I want through the Senate. The public wants the rich to have their taxes raised, but I can't get that through the Senate," which means "My own party is sabotaging me." But he's blaming the Republicans, and they are in the vast minority here. This is what we're gonna be hearing for the next two years, blame the Republicans, blame the Republicans. Remember now I said he's not gonna be all that unhappy president Republicans take the House. He can blame everything that he wants to on them as opposed to his own party."
Chrysler Financial Bidding Begins
{*}
ING Group and Toronto-Dominion Bank are among several parties in talks with Cerberus to purchase Chrysler Financial. Toronto-Dominion's interest first was reported by Bloomberg. Cerberus likely will retain assets of Chrysler Financial as part of any deal, reducing the size of any transaction, according to someone familiar with the matter. The buyout firm was approached by several parties in recent weeks about a purchase of Chrysler Financial, sparking the current negotiations.
Still, a sale would be a big turnaround for the leveraged-buyout giant. In May 2007, Cerberus spent $7.4 billion to buy more than 80% of Chrysler Holding LLC, part of a huge bet on the auto industry by the $23.5 billion firm that included the earlier acquisition of GMAC LLC. About $1.3 billion of the original $7.4 billion purchase price for Chrysler came from Cerberus.[....]
http://online.wsj.com/article/SB10001424052748704156304576004282786916182.html
Citigroup Stake Is Sold
The U.S. Treasury Department sold its remaining stock in Citigroup Inc. for $10.5 billion, bringing the country’s third-biggest bank a step closer to independence from the government following a $45 billion bailout in 2008. The Treasury said it disposed of 2.4 billion shares at $4.35 each, compared with yesterday’s closing price of $4.45 on the New York Stock Exchange. The sale raises the profit for taxpayers on the rescue to about $12 billion, including the share gain, dividends and proceeds from other securities. The sale helps Citigroup exit the 2008 bailout, which was provided to keep the New York-based bank from collapsing as its stock sank below $5 and some depositors started withdrawing their money. Citigroup also had to get $301 billion of government guarantees on its riskiest [...]
http://www.bloomberg.com/news/2010-12-07/citigroup-to-shed-government-handcuffs-as-treasury-prepares-stake-sale.html
Morgan grinder
On Wall Street, the era of hero bankers may be coming to a close. At least that's the harsh reality with which Morgan Stanley boss James Gorman plans to confront top-paid bankers as the firm prepares to dole out multimillion-dollar bonuses in the weeks ahead. Gorman plans on playing "hardball" with bonuses this year and is bracing to have some "difficult conversations" with bankers about scaling back their fat-cat bonuses, and perhaps their egos as well, according to people familiar with his plans. Along with many banks on Wall Street, Morgan Stanley is expecting bonuses to drop this year, in part because of uncertainty about the economic recovery. Compensation at the firm could be off by as much as 23 percent with rival Goldman Sachs down by nearly 40 percent, according to estimates from Barclays Capital. What's more, the overall shifting investment banking landscape and financial regulatory reform under the Dodd-Frank Act have made it more challenging for firms to ring up rich profits. Morgan Stanley, in particular, has been angling to retool a compensation system that has spawned a generation of high rollers. At least 25 of its biggest earners[....]
http://www.nypost.com/p/news/business/morgan_grinder_uGqYtw3B82DM0519STUdwI
Moody's cuts Hungary to Baa3, outlook negative
BUDAPEST - Moody's Investors Service on Monday downgraded Hungary's credit rating two steps to Baa3, one notch above junk, citing long-term fiscal concerns and external vulnerabilities, and said more downgrades may follow.
MARKET REACTION:
The forint traded at 280.35 at 1127 GMT from an opening quote at 278.40.MOODY'S COMMENT: DIETMAR HORNUNG, Sr Credit Officer
Bond yields rose 5 to 10 basis points to reach 8.1 percent on the 10-year segment, 8.03 percent on the 5-year and 7.95 percent on the 3-year paper.
CDS spreads rose by 20 basis points to 385.
"We assess that the Baa3 rating is the right rating and reflects Hungary's credit worthiness appropriately. That's why we went for a two-notch downgrade -- based on our concerns regarding medium to long term fiscal sustainability and also to reflect the external vulnerabilities that are out there."[....]
http://www.reuters.com/assets/print?aid=USTRE6B51Z620101206
Bernanke's Take On The Economy
Friday's unemployment number was a troubling surprise -up from 9.6 percent to 9.8 percent. The economists who decide such things say the recession ended in 2009. But this is the worst recovery the nation has ever seen. Ben Bernanke is concerned. As chairman of the Federal Reserve, Bernanke has enormous power over the world economy. And he has used that power in ways that the world has never seen. During the panic of 2008, he committed trillions of dollars to rescue the financial system. And the Fed dropped interest rates nearly to zero.
Now, in a new move that has become controversial, Bernanke intends to commit another $600 billion to hold down interest rates. Chairmen of the Fed rarely do interviews. But this week, Bernanke feels he has to speak out because he believes his critics may [....]
http://www.cbsnews.com/stories/2010/12/03/60minutes/main7114229.shtml
Til Nex'Time....
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