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Archive for the ‘Economy’ Category

Obama’s Homeboy: Franklin Raines is the Poster Adult for Fannie Mae Shenanigans

Friday, September 19th, 2008

From the blog: The Real Barack Obama

The McCains have up a new webad, “Advice,” that stabs at the Obama nonsense about cleaning up the problems in Washington, because it turns out the junior senator from Illinois, Mr. Doom and Gloom, has been chatting with Franklin Raines about mortgages. Frank Raines. An admitted buffoon and skimmer who cooked Fannie Mae’s books for years, bought off his pals on Capitol Hill, hired cronies like Jamie Gorelick and Jim Johnson, and then, when caught, cried and cried all the way to the bank.

Check out the rest of this post here

This is from a blog called Hennessy’s View:  - Post Link: Franklin Raines’ Criminal Enterprise and Barack Obama, His Accomplice **UPDATE** Top Recipients By $/Yr in Congress

 Mae and Fraudie Mac donations by that number to rank the top 15 recipients by $ per Year.  Obama is winner by a ton:           

Download Spreadsheet Click Here

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As an executive at Fannie Mae, Franklin Raines illegally coerced his employees to falsify accounting facts so he’d get a maximum bonus.  The government-backed firm used Enron-like fraud, in part at Raines’s orders, to create the largest bail-out in US history. Raines had the whistleblower fired.  From the Heritage Foundation:

In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets tomaximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.

CLICK ON LINK ABOVE FOR FULL POST

Daily Kos has: Raines:McCain campaign ad lie #2732, rebutted swiftly

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Blog Watch: Barack Obama has the power to solve the financial crisis and ease your pain - but he won’t do it unless you vote for him this November

Friday, September 19th, 2008


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This is by Jeff Emanuel at Red State

If Senator Obama really has the solution to our ruinous financial situation, why is he withholding it from Congress while they are in their final session of the year?

“We need some clear and steady leadership” in the current time of financial crisis, said Barack Obama in a Thursday campaign stop in Española, NM. 

I’m calling on the Treasury and the Federal Reserve to use their emergency authorities to maintain the flow of credit, to support the availability of mortgages and to ensure that our financial system is well capitalized,” Obama continued, though - as with his release earlier this week on the financial situation, which he blamed on “the policies [Senator McCain] subscribes to” - Obama was extremely short on detail and long on generality.

In a private email to supporters, Obama was far more critical of McCain, whom he seemed to confuse with a member of the Bush administration rather than a member of the Senate. The email said in part:

Bush-McCain economic policies have favored reckless deregulation and huge tax loopholes for big corporations. Now, as these corporations crumble, American taxpayers are facing costly bailouts.

More of the same failed ideas are not going to solve our economic problems.

I’m calling for a $1,000 tax break for middle-class families — not just because they need help dealing with the rising costs of gas, food, and health care, but also because our economy needs to be reinvigorated from the bottom up, not the top down.

I’m proposing a second stimulus package to save over one million jobs and provide immediate relief to struggling families.

[Ed.- Perhaps Obama has forgotten the ridicule his wife Michelle showered on the Bush stimulus package of this summer, which she claimed was wasted because Americans frittered their shares away on “earrings”]

Read the rest

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Blog Watch: Udall flips on drilling, Colorado reels

Tuesday, August 19th, 2008

When last we saw Mark Udall, the Democratic Representative and Senate hopeful had skulked off a plane from DC after reneging on his promise to keep the House in session until Nancy Pelosi allowed a vote on drilling. When Pelosi called for the adjournment vote, Udall suddenly took a powder — and Pelosi won the adjournment by the single vote Udall failed to cast. The NRSC published this web video on Udall, capturing the furtive, over-the-shoulder look the AWOL Congressman gave a local TV videographer in the airport… watch video

Here was the earlier post

Now Politico reports that Udall has pledged to support drilling in the OCS, reversing himself on a key environmental position:

Udall, one of the House’s preeminent environmentalists and the Democratic nominee in a closely contested Colorado Senate race, came out in favor of a bipartisan, comprehensive energy plan that would permit additional offshore drilling — a striking departure from his past opposition to such measures.

READ THE REST AT HOT AIR

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Phil Graham is 100% Correct Deal wit it!

Friday, July 11th, 2008

Folks I’m not an economist, I can’t recite any Wall Street jargon or crunch the array of financial data needed to bring clarity to our complex economy.
I’m a simple Negro, living a simple life, with few needs or wants. I have a good solid job with modest pay, as middle class as someone can be in this country.

Yes, I hear about people losing their homes, and job layoffs and I too pay the high cost for fuel although I have a short commute, but Mrs. Snoop travels further but does carpool.

Folks stop listening to the news for a few days and just observe. Go to a mall, some casino if you live near one. When you drive around just observe the traffic volumes and look at the kind of cars people are driving. Go to a restaurant on a Friday night.
I was recently in New York in the heart of Manhattan. Fucken people everywhere, stores were packed, restaurants were full, and lines to every Broadway show were around the block.
At the airport my flight to NYC was full, airport eateries were full, everyone was yapping on their cell phones, all the kids had Ipods, people were carting around overstuffed suitcases with the usual crap.

If this economy is in collapse I don’t fucken see it. Yes if someone is losing their home because of the mortgage crunch I have seen numerous examples where people were buying damm homes that the KNEW they could not afford.

People spending their money on bullshit like their THIRD Flat screen TV, or paying way too damm much for a idiot hybrid vehicle, or 500, 600 700 a month car payments because they want to keep up with their neighbors.
The lady friend of my good friend is making an $800 per month car payment on her Corvette, not to mention that she has a $35,000 Jeep in her garage too.
I’ve mentioned before women complaining about the $80, $90 fill-ups at the gay pump because they are driving a damm vehicle that gets 10 miles to the gallon as they insist that they need their version of a fucken tank to cart their fatass kids around to all of their various activities. These same people buying their kids cell phones and packing movie theaters to check out the new summer blockbuster.

All of that and these same people will sit their ass in front of the TV and watch the evening news and bitch and moan that Bush has ruined their lives, that they can’t make ends meet and if these people looked around their damm house and saw the new living room set that is still being paid on, or again that Flat screen TV that is still being paid on, or the multiple digital cable boxes with HD programming, the numerous video game components, computer apparatuses, the pool table you purchased that you never play on, that fancy new bedroom set, that new hardwood floor , the cool deck furniture, the shiny new bike for Junior, this was after that trip you took the Disneyland or Branson or Mexico with the kids and you selfish out of touch idiot pricks, the ones who would insist that George W. Bush has ruined your lives, you read this story about Phil Graham and his revealing truth and your dumbasses got angry and reiterated what every other clueless liberal and Obama supporter and liberal blogger is likely saying this morning “Graham is out of touch with real Americans.”
Now you have McCain acting like a little bitch and catering to the ignorant masses by rehashing the old Bill Clinton phrase “I feel your pain”

Graham said that “We have never has more natural advantages than we have today”
Someone please tell me where he is wrong!
Graham being a surrogate for McCain should have kept these comments to himself.
However his comments should be used as a catalyst to make folks everywhere take pause and do some serious self evaluation.
Anyone who had a problem with his comment frankly is not being honest with themselves and likely are the ones who continue to see government as mommy and daddy.

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The Great “Poverty Line” Lie!

Monday, July 7th, 2008


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So I thought since there is not much else out there of interest to me in the blog world I’ll post this article that many of you should already be well aware of from a website called The Real Truth.

Nothing new here, just more evil right wing Po folks bashing in case the Dead Elephant folks come to visit. LOL!

Prior to posting this I was listening to O’Reilly and this dude comes on the radio and says that “because of Bush millions of people are out there struggling.” Struggling how dipshit? I’m thinking shut the fuck up you fucken moronic jackass. This is why I truly wish that folks could do some sort of foreign service work to see what “real” poverty looks like.

“But Snoop millions of people are losing their jobs…”

Ok so you worked at a Starbucks, did it not occur to you that your job may be in jeopardy when the brilliant geniuses at Starbucks put a store right across the street from ANOTHER STARBUCKS!
Now they decide to close 600 stores is that really a fucken shock!?

Ok so you work at GM plant, rumor has it that GM is having financial problems. Hmmm could it be that they produce a shit load of cars nobody wants to buy!?
Just my humble opinion but GM has not made a car I wanted to purchase new since the 70’s. I have had a few GM vehicles in my lifetime Buick, Olds, Pontiac all died of complete transmission failure.
Also their best selling vehicles were huge SUV’s with gas now at 4 plus per gallon well nobody could have seen the result of that little oversight.

“But Snoop many American’s are losing a lot of jobs to Mexicans”

As one comedian I watched this weekend put it, if a Mexican is able to sneak over the border and walk in and do your job then you my friend are a loser and you need a new career field.

This is America’s Achilles heel. A prosperous free nation that has enhanced the quality of life of hundreds of millions of people, Mexican’s and other foreigners risking their lives trying to get here and yet liberal activist types with help from the MSM all to grab political power brainwashes a bunch of clueless folks that the country is falling apart because they can’t buy their kid a new pair of Nike’s or the latest video game.
Not spending beyond your means, or occasionally checking out your local thrift store is out of the question because living ghetto fabulous is top priority.

No less irritating is a recent news story I watched where this spoiled bimbo fuck who was complaining that it cost a whopping $95.00 to fill up her oversized SUV.
You don’t need to cart your fucken kids around in a goddamm SUV you idiot skank!
Besides when I was stationed in Italy in 1984 gas was fucken $4.00 per gallon.
Either get a different car or stop driving so damm much.
If you live 50 miles plus from work and it takes you two hours to get home because of heavy traffic thereby burning up the salary you made that day remember the next time you coo the virtues of living on the trendy east and west coasts.
But I digress, in a ranty mood.

Poor people with cell phones, multiple cars, and designer bags, complaining and spoiled supposedly more affluent types bitching about ridiculous crap it’s enough to give me a headache.
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Lies, Lies, evil GOP lies!!!

Just how poor are America’s poor?
By Robert W. Pack

 Of the 300 million-plus people living in the United States of America, 37 million live at or below the poverty line! This is according to an annual report on poverty released in 2006 by the U.S. Census Bureau, which studied the nation’s standard of living and included various factors related to the population’s daily living conditions.

The realization that more than 12% of U.S. citizens are struggling to survive day to day is used as evidence by politicians, pundits and news organizations to prove that two Americas exist: “the have’s” and “the have not’s.”

Yet certain questions arise: Just how bad have economic conditions become for tens of millions of Americans? How can so many be living below the poverty line? Is there something that can be done?

Before solutions can be proposed, a key question must first be answered and understood: What are the factors used to determine who is poor in America?

Living in Poverty?

In a Jan. 27, 1838, public address, Abraham Lincoln, who later became the 16th President of the United States, stated the following: “We find ourselves in the peaceful possession, of the fairest portion of the earth, as regards extent of territory, fertility of soil, and salubrity of climate…We…found ourselves the legal inheritors of these fundamental blessings. We toiled not in the acquirement or the establishment of them.”

Does this still hold true today—are the American people still the recipients of blessings that Lincoln clearly recognized almost 170 years ago?

The U.S. government derived “poverty thresholds” in 1963-64 to determine levels of economic stress and food budgets for low income families. Today, the poverty index bears little resemblance to what most typically associate with poverty or the poor.

In 2003, for example, the Catholic Campaign for Human Development asked the following question of the general public: “How would you describe being poor in the U.S.?” The vast majority of responses indicated that “homelessness, hunger, not being able to eat ‘properly,’ and not being able to meet basic needs” were criteria for considering someone was “poor.”

In 2006, the Heritage Foundation, a prominent conservative think tank, conducted a comprehensive and comparative study to determine how the poverty line is defined. Based on research on living conditions reported by those classified as poor, the findings were quite revealing.

One of the clearest and most easily definable factors in determining daily living conditions around the world is whether a person has enough daily food and a minimum quality of food. According to the 2006 Heritage report, “Survey data shows that nutriment density (amount of vita­mins, minerals, and protein per kilocalorie of food) does not vary by income class…In reality, government data show that most poor households do not suffer even from temporary food shortages.”

Overall, 98% of U.S. households reported that they always had “enough food to eat” during the past four months (although not always the types of food they would have preferred). Some 1.8% of all households reported they “sometimes” did not have enough food to eat during the previous four months, while only 0.4% said they “often” did not have enough food.

In other words, although a small few of those considered poor reported there were “temporary shortfalls” of food availability, there was no discernable difference in the quality of food available. The only real difference, when compared with those with higher incomes, was in food choices.

Ironically, the biggest problem facing America’s poor is obesity—or over consumption—which is reaching near epidemic proportions.

Also included in the Heritage report findings for those defined as poor:

  • 43% own their homes.
  • The “average home owned by persons classified as poor by the Census Bureau is a three-bedroom house with one-and-a-half baths, a garage, and a porch or patio.”
  • They have significantly more “living space” than does the average citizen living in affluent international cities such as London, Paris, Vienna and Athens. Only 6% of those living below America’s poverty line reported their living conditions as being “overcrowded.”

Next, consider that most today take pleasure in amenities that were considered luxuries just a generation or two ago.

For instance, of the 37 million labeled “poor” in the U.S., 80% enjoy the comforts of air-conditioning, as opposed to only 36% of the entire population in 1970.

America’s “poor” are also swimming in technology-related goods and services:

  • 97% own color televisions (over half have two or more)
  • 63% have either cable or satellite access
  • Over 99% have refrigerators
  • 73% own microwave ovens
  • One in three households have automatic dishwashers
  • One-third have cell phones, landline phones and telephone answering machines—less than a paltry 10% “survive” without telephone service at all.
  • Almost three-quarters own a car and—more surprisingly—over 30% own two cars or more!

These are hardly the difficult conditions most Americans envision when describing the poor. One is left to wonder: Where are the millions of U.S. citizens who are living in “incredible poverty,” as so many politicians and media pundits adamantly assert?

Compared to Other “Developed Countries”

Billions of poor around the world live in conditions that those in Western Europe, Canada, Australia and New Zealand are unable to fully comprehend—from tiny huts on the islands of Indonesia, where people are still struggling to recover from the catastrophic effects of the 2004 tsunami, to war-torn Central Africa, where hundreds of millions struggle daily to find enough—and drinkable—water and food to survive.

However, comparing the daily living conditions of America’s poor to those living in countries of “low human development” (as the United Nations defines them)—commonly referred to as “Third World” nations—is an unfair comparison. A better gauge of the standard of living and blessings that the United States enjoys is to compare it with other “first world” or “high human development” nations, such as Brazil and Russia. For instance, 10% of the Brazilian population does not have access to an improved water source, and only 23% have landline telephones. The UN also found that from 1990 to 2005, 45% of Russian citizens lived on less than $4 per day.

According to the United Nations 2007/2008 Human Development Report, “average” citizens living in many of these countries live well below America’s standard of living for its poor. In general, the homes, cars, food intake and luxury items that the poorest U.S. citizens enjoy are well beyond the levels that average citizens residing in other highly developed nations possess.

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Previous -  In case you missed it,  remember this lady…she’s poor, do you like her $2000 projection TV she sports…


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 Sharon Jasper says she’s poor and is demanding her “right” to her government-subsidized housing.

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