Archive for the ‘Brown’ Category

The Great Give Away of Taxpayer Money By Bigger and Bigger Government

March 26, 2009

An eager 20 year old student asked me yesterday, “Uncle, who really pays for all this spending?”

“Well, your children and grandchildren, Dear,  I thought you knew,” I said.

This needs time to think in and sink in — since she hasn’t yet started a family….

This is a developing essay that is not yet complete….

So we’ve been wondering about all this Obama spending: what it is and what it means.

The president basically spent $1 billion per day in his first 50 days.

I wonder why we need paid “volunteers” so badly that we now have to pay for them?
 Federal Government Paying “Volunteers” To Teach Liberal Values

“You cannot carry on for ever squeezing the productive bit of the economy in order to fund an unprecedented engorgement of the unproductive bit. You cannot spend your way out of recession or borrow your way out of debt.”  This rings true for Americans even though it wan an admonishment to Britain’s Prime Minister Gordon Brown.
Warning to American Politicians, Via MEP Daniel Hannan to Gordon Brow

I wonder if the crisis in Mexico will mean a huge migration of Mexicans into the states…I mean way huger than ALREADY…and what will that cost?
 Mexico: “under sustained assault”; Could “collapse” — U.S. Military

“Worst-case scenario, Mexico becomes the Western hemisphere’s equivalent of Somalia, with mass violence, mass chaos,” said Ted Galen Carpenter, vice president for defense and foreign policy at the Cato Institute, a Washington-based think tank. “That would clearly require a military response from the United States.”
http://www.foxnews.com/story/0
,2933,491964,00.html

I wonder why the Pentagon can no longer refer to the “war on terror” and is already trying to figure out how to cut many billions from its budget; while Russia and China rearm?
China boosts military, cyberwarfare capabilities
.
 Gates readies big cuts in weapons
.
 Russia Pressing “Reset,” Medvedev Orders Military To Re-Arm
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I wonder why ACORN, which gets federal taxpayers money, is hiring protesters with that money to go to the homes of AIG executives?
Did ACORN Organize Protests At Homes of AIG Execs?
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ACORN Protesters At Homes of AIG Execs Similar To Lawlessness For UK Bank Exec?

When we make it much more simple to unionize through programs like card check, how will that impact the economy?  Well, FedEx might scrap plans to buy new jets from Boeing and the stimulus might hire many fewer workers….
Stimulus: Way Fewer Jobs Than You Thought

Just Wednesday FedEx said it might back off on billions of dollars of aircraft sales planned to go to Boeing.  The reason?  Card check.  FedEx is worried that fast unionization of its work force will dramatically change its bottom line.

Who benefits from all this U.S. debt?  Who buys our debt and who gets our interest payment?  The answer in one word is China.  The U.S. bailed out Freddie and Fannie with Taxperer money and now China is even buying the houses we once owned…
Chinese find opportunity in U.S. real-estate slump

I wonder how we will pay for “unknown unknowns” like 9-11 and Katrina?  Well, we’ll print more money…..
 Obama, Economy: So Much Uncertainty Spins Off More…. Uncertainty

There are still issues as yet untackled by Obama like immigration.  How will we deal with the vast numbers of illegals ou there?
What do I tell my legal immigrant family and friends?
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Obama Believers Thought They’d Hear More On Immigration By Now

Immigration embers could turn into political fire for Obama

La Raza has a new best friend at Justice

I wonder how much our government will grow, what the government will cost us all and what freedoms we’ll lose in this Obama shake up?

There is a mind-set here that Americans can have eveything they want and now and without consequences.

Didn’t that thinking spark this “economic downturn”?

Read Michelle Malkin:
http://michellemalkin.com/2009/03/2
6/now-they-tell-us-ap-admits-that-po
rkulus-numbers-are-bs/

http://newworldliberty.wordpress.c
om/2009/03/25/maxine-waters-
proves-obama-is-a-fraud/

Related:
Obama Talks About “Making Hard choices,” But Budget Is “Have It All Now”

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Brit PM Gordon Brown retreats on Budget spending spree

March 26, 2009

Gordon Brown seemed to heed warnings about the health of the Britain’s public finances as he retreated from plans for a massive spending package to revive the economy in next month’s Budget.

The telegraph (UK)

He was understood to have been considering announcing a new fiscal stimulus package in the Budget and encouraging other countries to do the same in an attempt to tackle the global recession.

But he appeared to have backtracked after a warning on Tuesday from Mervyn King, the Governor of the Bank of England, that Britain cannot afford further tax cuts or public spending rises and a shock failed gilt auction yesterday which raised questions over the country’s ability to borrow tens of billions of pounds to fight the economic crisis.
.
Speaking in New York, where he is canvassing support for a deal on a global rescue package ahead of the G20 meeting in London next week, he said had no plans to add to the £20bn fiscal stimulus announced by Alistair Darling last autumn.

He shifted the focus from fiscal stimulus to other mechanisms intended to revive the economy. The prime minister pointed to the importance of quantitative easing, last year’s fiscal stimulus and “incredibly low” interest rates.

“If you take these three changes that have happened over the last few months together, that’s where you look for results on the combination of these three,” Mr Brown said.

He said there were other “effective and quicker ways” of kick-starting demand.

Many European leaders are growing increasingly concerned over the scale of public borrowing. Mirek Topolanek, the Czech prime minister, who holds the presidency of the European Union, said plans by Britain and America to borrow money to fund an economic recovery plan were a “way to hell”.

Warning to American Politicians, Via MEP Daniel Hannan to Gordon Brown

March 26, 2009

I don’t normally delve into the politics of the European Parliament, but this video of Conservative MEP Daniel Hannan stripping the bark off British Prime Minister Gordon Brown is worth noting. (“The devalued prime minister of a devalued government.”) Many American politicians might be hearing the same criticisms next year if the U.S. economy is still depressed even as the national debt soars. Here is a transcript:

Prime Minister, I see you’ve already mastered the essential craft of the European politician, namely the ability to say one thing in this chamber and a very different thing to your home electorate. You’ve spoken here about free trade, and amen to that. Who would have guessed, listening to you just now, that you were the author of the phrase ‘British jobs for British workers’ and that you have subsidised, where you have not nationalised outright, swathes of our economy, including the car industry and many of the banks? Perhaps you would have more moral authority in this house if your actions matched your words? Perhaps you would have more legitimacy in the councils of the world if the United Kingdom were not going into this recession in the worst condition of any G20 country?

The truth, Prime Minister, is that you have run out of our money. The country as a whole is now in negative equity. Every British child is born owing around £20,000. Servicing the interest on that debt is going to cost more than educating the child. Now, once again today you try to spread the blame around; you spoke about an international recession, international crisis. Well, it is true that we are all sailing together into the squalls. But not every vessel in the convoy is in the same dilapidated condition. Other ships used the good years to caulk their hulls and clear their rigging; in other words – to pay off debt. But you used the good years to raise borrowing yet further. As a consequence, under your captaincy, our hull is pressed deep into the water line under the accumulated weight of your debt We are now running a deficit that touches 10% of GDP, an almost unbelievable figure. More than Pakistan, more than Hungary; countries where the IMF have already been called in. Now, it’s not that you’re not apologising; like everyone else I have long accepted that you’re pathologically incapable of accepting responsibility for these things. It’s that you’re carrying on, wilfully worsening our situation, wantonly spending what little we have left. Last year – in the last twelve months – a hundred thousand private sector jobs have been lost and yet you created thirty thousand public sector jobs.

Prime Minister, you cannot carry on for ever squeezing the productive bit of the economy in order to fund an unprecedented engorgement of the unproductive bit. You cannot spend your way out of recession or borrow your way out of debt. And when you repeat, in that wooden and perfunctory way, that our situation is better than others, that we’re ‘well-placed to weather the storm’, I have to tell you that you sound like a Brezhnev-era apparatchik giving the party line. You know, and we know, and you know that we know that it’s nonsense! Everyone knows that Britain is worse off than any other country as we go into these hard times. The IMF has said so; the European Commission has said so; the markets have said so – which is why our currency has devalued by thirty percent. And soon the voters too will get their chance to say so. They can see what the markets have already seen: that you are the devalued Prime Minister of a devalued government.

Video:
Here is how Gordon Brown faced the heat at the EU:
http://www.youtube.com/wa
tch?v=94lW6Y4tBXs

British Prime Minister Gordon Brown reacts,  as he listens to ... 
British Prime Minister Gordon Brown reacts, as he listens to the debates, Tuesday March 24, 2009 at the European Parliament, in Strasbourg, eastern France. Brown called for global standards of financial regulation and insists every continent must pour enough funds into their economies to beat the crisis.(AP Photo/Christian Lutz)

Euopean Union President: Obama “will undermine the stability of the global financial market”

March 25, 2009

As the President of the United States gets ready for his first trip to Europe, he’ll have to prepare humself for disunity over his budget and economic plan — from the European Union.

Czech Prime Minister Mirek Topolanek told the European Parliament in Strasbourg, France, that Obama, ” talks about a large stimulus campaign by Americans.  All of these steps, their combination and their permanency, is a way to hell.”

Czech prime minister Mirek Topolanek addresses deputies at the European Parliament.

Czech prime minister Mirek Topolanek addresses deputies at the European Parliament.

The “biggest success” of the European Council so far this year is a refusal to follow the same path, he said.

“We need to read the history books and read with it the lessons of history,” Topolanek said.

But Britain’s Pime Minister, Gordon Brown, meanwhile, is trying to convince Obama to spend even more……

Here is how Gordon Brown faced the heat at the EU:
http://www.youtube.com/watch?
v=94lW6Y4tBXs

British Prime Minister Gordon Brown reacts,  as he listens to ... 
British Prime Minister Gordon Brown reacts, as he listens to the debates, Tuesday March 24, 2009 at the European Parliament, in Strasbourg, eastern France. Brown called for global standards of financial regulation and insists every continent must pour enough funds into their economies to beat the crisis.(AP Photo/Christian Lutz)

****************

From The Telegraph (UK)

Mr Brown used a speech to MEPs in Strasbourg on Tuesday to exhort the European Union to take the lead in rehabilitating the world economy and forging a new “moral” capitalism. He called for an end to offshore tax havens, tougher financial regulation, and international limits on remuneration.

But his message risked being overshadowed by a warning from Bank of England Governor Mervyn King that Britain may not be able to afford further fiscal stimulus measures.

Mr King told the Treasury Select Committee that the UK’s deficit levels were already “very large”.

“I think the fiscal position in the UK is not one where we could say, ‘well, why don’t we just engage in another significant round of fiscal expansion’,” he added.

The remarks were seen as embarrassing to Mr Brown, who has successfully pressed the case for wealthy countries to bring forward significant fiscal stimulus packages to refloat the economy.

Read it all:
http://www.telegraph.co.uk/news/newstopics/p
olitics/gordon-brown/5047550/Gordon-Bro
wn-seeking-to-win-over-US-bankers-with-hi
s-vision-for-global-economy.html

************************

A top European Union politician on Wednesday slammed U.S. plans to spend its way out of recession as “a way to hell.”

Czech Prime Minister Mirek Topolanek, whose country currently holds the EU presidency, told the European Parliament that President Barack Obama’s massive stimulus package and banking bailout “will undermine the stability of the global financial market.”

Associated Press

A day after his government collapsed because of a parliamentary vote of no-confidence, Topolanek took the EU presidency on a collision course with Washington over how to deal with the global economic recession.

Most European leaders favor tighter financial regulation, while the U.S. has been pushing for larger economic stimulus plans.

Topolanek’s comments are the strongest criticism so far from a European leader as the 27-nation bloc bristles from recent U.S. criticism that it is not spending enough to stimulate demand.

They also pave the way for a stormy summit next week in London between leaders of the Group of 20 industrialized countries.

The host of the summit, British Prime Minister Gordon Brown, praised Obama on Tuesday for his willingness to work with Europe on reforming the global economy in the run-up to the G-20 summit.

Read the rest:
http://news.yahoo.com/s/ap/e
u_eu_us_economy

CNN:
http://edition.cnn.com/2009/BU
SINESS/03/25/EU.topolanek.u
s.economy/index.html

UK to remain in deflation trap until 2012

March 22, 2009

Britain will be mired in a deflation trap for years despite the radical efforts of the Bank of England to pump extra cash into the economy, economists have warned.

By Edmund Conway
The Telegraph (UK)

The forecast, by a team at BNP Paribas, states that prices in Britain will keep falling for at least another two-and-a-half years, as Britain suffers an apparently intractable bout of debt deflation.

The warning comes only days before official figures confirm this Tuesday that the Retail Price Index has dipped into negative territory for the first time in almost half a century.

It also follows a warning from the Bank itself that the UK is now exhibiting early signs of becoming stuck in debt deflation − the combination of falling prices and rising debt burdens that afflicted the US during the Great Depression.

But while many assume the combination of near-zero interest rates and a heavily-devalued pound will help prevent falling prices from becoming entrenched, and may stoke inflation, the BNP Paribas economists said they expected deflation to persist all the way until 2012. Furthermore, the fall in prices would be broad-based across the economy, pushing into the red not only the RPI but also the Consumer Price Index, which the Bank’s Monetary Policy Committee targets

Alan Clarke, UK economist at BNP Paribas, said: “Our revised economic forecasts for the UK are the most pessimistic in the market. We expect GDP to contract by more than 4pc this year and by a further 1pc in 2010. We expect deflation to set in during 2011, even earlier were it not for the VAT hike [which will follow the temporary cut in the tax this year].”

Read the rest:
http://www.telegraph.co.uk/finance/financeto
pics/recession/5028673/UK-to-remain-in-de
flation-trap-until-2012-economists-warn.html

Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”

March 19, 2009

Just like FEMA Director Michael D. Brown had to be fired after Katrina, just after the President of the Uited States said, “Brownie, you’re doing a heck of a job,” Treasury Secretary Tim Geithner also has to be fired.

He was head of the New York Federal Reserve when AIG got into real trouble and needed a federal bailout. He apparently has amnesia or slept through meetings where the AIG bonus money was discussed and allowed.  And as Tresury Secretary his performance has been lackluster.  He did know about the stimulus bonus exceptions early on and did nothing to stop them — which allowed AIG to pay the stimuluses in good faith, allowed a preventable presidential “outrage” moment and a congressional lynching on TV of AIG’s top man: who took the job last year when Treasury asked him and only accepts $1 a year in pay.

Geithner is the one man most responsible for voter lack of confidence in this economy.  And as the president has been saying: without confidence the economy may last a lot longer.

Yesterday, when President Obama likened Geithner to Alexander Hamilton all I could think about was Mike Brown and “Brownie, you’re doing a heck of a job.”
Geithner: AIG must return bonus money

Presidents have been wrong before.  The good presidents admit it.

——-

Geithner also heads the IRS which has failed to collect from businesses getting lots of bailout money without paying their taxes?  Well, Geithner couldn’t figure how to pay his taxes correctly so what the heck.  He’s using everything in his means to solve these economic woes and as President Obama said, Geithner has been making “all the right moves.”

Time for a Mayflower Move for Turbo Tax Tim, Mister President….

“I have complete confidence in Tim Geithner and my entire economic team.”

My confidence is shot, Mister President.

“Brownie, you’re doing a heck of a job.”

Related:
http://michellemalkin.com/2009/
03/19/lovely-13-bailout-recipien
ts-owe-220-million-in-back-taxes/

Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
Related:
Duke Coach Slam Dunks Obama: Go Fix the Economy

 Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”

 Defining Moment for Obama’s Treasury Secretary