Uh...Um...Uh, its...Uh...Call that a press conference?

The media love fest for the great one named Barack Obama continued tonight at the White House press conference. Mr. Obama is a very good teleprompter speaker. He absolutely is terrible speaking on the cuff. My ears went numb with all the 'uh's' and 'um's' during his speech. At least under Bush we just listened to crickets while he gathered his thoughts. Say what you will about Bush, but at least he didn't mumble and stumble around on answering questions by bloviating! But Bush surely mumbled and stumbled but he also didn't have to pause for 30 seconds while the teleprompter operator had to catch up to where the president was in his speech. That's embarrassing! What's more embarrassing is that the press who loved to grill Bush lob such softball questions to this president. Obama walked off that stage, made a left at the first hallway and was high fiving Rahm Emanuel because they know that they have the media in their back pocket. If it wasn't for Fox, WSJ and to some degree CBS asking tough questions we would continuously get 'enchantment' questions asked to the leader of the free world.

It astonishes me that the 5 finalists for Miss USA gets asked tougher questions than the leader of the free world. It wasn't Ms. North Carolina who tripled our budget deficit in her first 90 days of receiving her crown. It wasn't Ms. Utah who released, selectively, secret CIA memos but has promised to outlaw interrogation techniques that resulted in American lives being saved and then flip flopped on whether prosecutions are in order for those who interpreted the law. It wasn't Ms. California who has gone soft on Iran, North Korea, Hezbollah (gaza/syria) and Venezuela but instead has shown remorse for America's behavior toward them then watched Iran prosecute an American journalist and NK test fire a missile. It wasn't Ms. Arizona who wants full control of the banking sector, the rail lines, the automakers, the healthcare system and make a college education an entitlement. It wasn't Ms. Kentucky who is handing our children a debt to which they cannot repay. So how about asking Obama questions that centered around these topics instead of asking him about how 'enchanting' it is to be president? Obama's first 100 days has been strong on rhetoric and very weak on leadership. If you follow rhetoric then you have a 'thrill up your leg' like Chris Matthews does over Obama.

What's more astounding is that one question about gay marriage can be answered the exact same way and one person wins the white house and the other loses a beauty pageant. Our nation has truly become a comedy of errors being run by the inmates. Who runs the asylum? Sadly, its 'We the people' since we keep electing these baffoons and letting them get away with it. It's time we stand up as a nation and have our leaders take ownership for their actions.

Speaker of the House - - - of Cards!

I get my fill of Nancy Pelosi since I live here in California. But many of you that live outside CA probably don't get the level of coverage that she receives here. For those of you who don't know Pelosi has very selective amnesia and is prone to stretch the truth a little...No, make that a lot. The most recent case of this selective amnesia is on the release of the CIA Enhanced Interrogation Techniques ("EIT").

Mrs. Pelosi claimed this past week that "we were not, and I repeat, were not told that waterboarding or any of these other enhanced interrogation techniques were used. What they did tell us is that they had some legislative counsel ... opinions that they could be used." Anyone who believes this has never witnessed or been party to a lie.

Pelosi wants a 'Truth Commission?" Why don't we just release the minutes from those 'secret briefing' meetings to see just what Pelosi was told and how enthusiastically she called for 'torture' of these people sworn to kill innocent Americans? This will be all the 'truth' we need. Harry Reid, sagaciously stated that there should not be any such commission. Probably because he knows that no matter how much you want to politicize something (with the main stream media in your back pocket) the truth shall prevail. And when it does Harry knows that the evidence will likely implicate many on the left who are right now on their soap box about a 'higher moral ground' that Americans should aspire to.

Ms. Pelosi, when the house of cards fall, and they surely will, be sure you are not still living in your glass house. But since I know you will be still residing at that address, keep the tweezers and bandages handy because you will need something to pull the shards out. Enjoy the house of lies you are cloaking yourself in.

Barney Frank's At It Again

Barney Frank, known primarily for his irritating lisp, incoherent rambles and of course his now infamous statement "Fannie and Freddie are not in danger...and pose no systematic risk to the financial system." Of course, further research found that he once dated someone at FNM who was basically the lobbyist for the upper echelon there to have their will imposed on lawmakers to 'look the other way' and as we all know now, Frank was one of the largest recipient of FNM/FRE campaign donations. Also, keep in the forefront of your mind that Frank chairs the House Financial Services Committee and this committee can set forth proposals to shape the financial services industry of our country.

Having said all that, now we are at the point where Frank, obviously having not learned anything about the FNM/FRE collapse wants to spread the 'zero risk to the taxpayer' model to Municipal Bonds. This spells doom if history is any professor. He stated that FNM/FRE would 'pose zero risk to the taxpayers' but of course we know how much that has cost us now...well over $200 billion that we can actually document. So what exactly is his proposal that could effect the Muni Bond market?

First a recent history review...State and local govts have been having a hard time issuing debt because citizens in those states and buyers of that debt feel that the default risk is inching higher, meaning repayment of that debt is growing more unlikely and that taxes will have to increase. Late last year Frank pushed a bill to force S&P & Moody's to raise their bond ratings on municipal bonds. This would effectively make 'Joe Public' feel more secure that the rating they are getting when purchasing the bond is more secure. So the rating agencies wouldn't be rating debt issuance based upon actual default risk they would be rating debt based upon pressure from, not only shareholders, but also the US Govt. Wait, they are now one and the same right since we the taxpayer's elected government owns FNM/FRE. Sound familiar? If not, look into the MBS nightmare that now plagues our financial system.

So, not having learned the lesson that 'for profit' rating agencies will do the bidding of the shareholders to boost profits, Frank intended to have them forced to issue faulty debt ratings. Wow! But now, an even more dubious stretch to doom the taxpayer he wants an FDIC like insurance program whereby jurisdictions issuing debt would pay insurance premiums into a government fund and the government would guarantee the debt against default. Large private companies, like Warren Buffet's Berkshire Hathaway, MBIA and Ambac, already insure muni bonds. If Frank believes that the state and local governments overpay for this insurance than one must assume that the government will charge less and thereby undercut the private market by charging lower premiums. What did we just learn about purchasing insurance and cheap costs spread across a debt obligation? If you don't recall google 'credit default swaps and economic collapse' and you will get over 101,000 links.

Who is one of the largest holders of municipal bonds? Pension and retiree plans. So who does this 'zero risk' really effect? Anyone who ever wants to retire and has some financial advisor or institution controlling your money investing in muni bonds as a 'safe haven of protection against a decline in equity markets.' Many state and local governments have run up huge pension and health-care obligations to retirees that will come due over the next couple of decades. When these bills hit these localities will have to choose to raise taxes, cut benefits or screw the bondholders. Hmmm, I wonder which one they will choose? Raise taxes on the middle and lower class? Not likely. Cut benefits to the elderly and retiring working class? Not a chance. Well, that leaves...you guessed it.

Barney Frank had already issued one guaranty, that FNM/FRE posed zero risk to the economy. Now he wants us to double down on his new ploy. You would think that would collapse of the Ponzi Scheme that was the GSE's would have ruined his career (like Madoff) but when Joe Public is told to look the other way while a politician dazzles you with 'AIG bonus outrage' or 'Stimulus Bill or risk the collapse of our economy.'

Is it any wonder why we don't trust 90% of our elected officials? Sound the alarm on this one if you invest in retirement plans managed by an institution and you ever plan to retire. At the alarming rate our government is changing the landscape none of us will be allowed to retire lest we live by paultry means to do so.

Pelosi's blatant lie about the TEA Party rally's

The great ol' Nancy Pelosi took to the mic and camera yesterday to speak out about the TEA party rallies.

Here is what she said on KTVU-SF San Francisco:

"What they want is a continuation of the failed economic policies of President George Bush which got us in the situation we are in now. What we want is a new direction. … This [tea party] initiative is funded by the high end — we call call it astroturf, it’s not really a grassroots movement. It’s astroturf by some of the wealthiest people in America to keep the focus on tax cuts for the rich instead of for the great middle class."

Astroturfing is used to describe fake grassroots campaigns.

Apparently, Pelosi has no problem when George Soros is funding known far left groups like MoveOn.org who smeared Petraeus. Where was she speaking out on that? Soros himself does not believe in victory in Iraq and wants to keep America from achieving it.

"The war on terror cannot be won," he has said.

She clearly supports Soros as she appointed as her Senior Counsel, Joseph Onek. Onek is also a Senior Policy Analyst for two organizations funded by the Austrian-born billionaire, the Open Society Institute (OSI) and the Open Society Policy Center (OSPC).

So long as a protest or rally's funding come from wealthy liberals then its all okay. Interesting!

Sites and sounds from the SM Tea Party 4.15.09

TEA PARTY - Santa Monica 4.15.09

My wife, her mother-in-law and I attended the TEA Party rally yesterday at the Santa Monica pier. The crowd was very cordial and it was very spirited. As at any protest there were an occasional time when some person (generally not a protester) made outlandish statements. Of course there were anti-Obama statements made by a very small few. This was to be expected.

But, overwhelmingly, most in the crowd were there as the advertisement promise...to protest what many feel is quickly becoming over-taxation, class warfare and burdening our children with too much debt just so we can quickly fix our problems of today. Several people, both men and women spoke to the crowd near the cannon that looks out over the pier. Here were a couple that spoke and what they had to say.

One man spoke eloquently about his being a veteran of the previous Iraq war and served in the military for 9 years. He passionately described how his country has changed so much from when he entered the service and returned home. 'I see a country who doesn't care about my children's future but only cares about the here and now' was one of his pointed statements at the leaders of our country. He is also a small business owner, feeling the pinch given our fragile economy, especially in the state of California. To hammer his point home that this was about America...he started off his speech with 'I am a registered Democrat.'

The last person to talk spoke intelligently of what he sees as America's strong shift toward socialism. He talked about how so many in this country no longer pay taxes but still want the same benefits that all those who pay taxes (some way higher than others) receive despite not paying for them. The best point he had was about the health care system in a socialist society and how America has, despite what many might try to contradict, the best medical system in the world and that getting treated here is easier and the medicine is better than in his home country. Which country does he hail from? The United Kingdom, our strongest ally. He has been in the states for 9 years and should be getting his green card this year he said. This is a man who knows what we are about to become as he lived it and got out because as he said, 'I work hard to support my family and didn't want government telling me that someone who didn't work should have the same things that I do despite paying less for it.'

Amen to both of these men! One a military hero, small business owner, democrat and father, who cares about his children's future much more than his own. The other, a dreamer who came to America to escape creeping socialism and was there to speak out to warn Americans of what we have in store if we don't quickly change the path of our country.

So for anyone who watched the CNN or MsNBC coverage don't be fooled to think that these protests were far right wingers that were funded by republican groups. Do your research and understand that people from all walks of life attended these events, every one of them were Americans first and party affiliation second. Make your voice heard as an American. You as an individual can make a difference.

Tea Party Day!

Here is the state to where we are heading...in fact, we are already there on 2 accounts. Obama has rescinded George Bush's halt to US aid funding abortions worldwide. So now US taxpayer money is funding these acts worldwide. The welfare state is at the point that a new release of data shows that nearly 50% of all Americans pay $0.00 in income taxes and the top 10% of wage earners pay almost 75% of the tax revenue to the government. We don't need redistribution of wealth, it appears we need redistribution of poverty.
Today is TEA party day and is not republican vs democrat. It's to be a demonstration of any American who feels that the country is heading in the wrong direction and that the government will raise taxes more and more to pay for the massive spending imposed on all US citizens in the passage of the stimulus, tarp, and budget bills.

Obama wants to 'Reduce the taxes on working Americans' but this implication hints at the underbelly of his logic...that wealthy Americans didn't or don't work or are lazy. Please read this article from Ari Fleischer who does an eloquent job of detailing in elementary fashion the giant complicated problem that is at the vortex of our economy. Here is an exert to get your attention

According to the CBO, those who made less than $44,300 in 2001 -- 60% of the country -- paid a paltry 3.3% of all income taxes. By 2005, almost all of them were excused from paying any income tax. They paid less than 1% of the income tax burden. Their share shrank even when taking into account the payroll tax. In 2001, the bottom 60% paid 16.3% of all taxes; by 2005 their share was down to 14.3%. All the while, this large group of voters made 25.8% of the nation's income.

http://online.wsj.com/article/SB123958260423012269.html?mod=relevancy

If you are in opposition to the massive spending and ultimate taxation (unfair to tax the smallest % of the population the most amount of money while almost 50% of American's pay no income taxes) then please go out and protest at your local gathering of the TEA party. I am and always will be in favor of a flat tax so that bottom feeders will start working for a living. See Sweden - they are reducing their tax rates dramatically now because their workforce was shrinking so badly because the govt had made it such a large welfare state.

I am on my way to the Santa Monica pier right now to take part in my local TEA party.

Foreshadowing for the U.S.???

Scottish History professor Alexander Tyler (1787):

"A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship".

Obama denies return of $340 MM in TARP funds

TARP was originally jammed down the bank executives throats as a 'take it or else' authoritarian move at the behest of Paulson, Geithner, Lambright, and Bush. This decision was forced on them in the guise of 'saving the financial system from overall meltdown.' What it has now produced should be the meltdown of American's confidence that our government has the slightest clue as to what it is doing to help the problem. It was also propped that this money would be 'lent' to the banking institutions and repaid in the future and any profitability would be returned to the taxpayers. That was October. Read below for what happened just last week. But first some of Obama's recent words to the international community.

"Rules must be binding. Violations must be punished. Words must mean something." President Barack Obama's statement about N. Korea's missile launch. His words should be stretched to apply to bank bailouts (AIG - govt agreed to retention bonuses), and TARP let alone N. Korea/Iran/Syria. Having said that, to the person writing this blog this presidents words are as empty as Geithner, Napilatano and Holder's suits. His actions speak way louder than his words and I hope readers of this blog are beginning to realize the path this country is down. At the fork in the road...Obama says, go left, way left! Obama's exact words to the banking executives who visited his office two Fridays ago, “My administration, is the only thing between you and the pitchforks.” Sounds like great words of encouragement to a banking executive who thinks that its his actual bank officials who will be deciding the fate of its firms future.

April 1, 2009 - 4 banks sent the Obama administration and the Treasury department notice that they would be returning a combined $340 million in TARP funds and that they no longer needed government assistance at those institutions. They likely didn't need it in the first place but being forced to take it 'or else' did they really have any other alternative? Upon first being notified that these banks were returning the funds Obama hailed it as a 'demonstration that the decisions his administration has made to repair and return the financial system to stability' are showing signs of working. In this, the economy is turning the corner he alluded.

April 4, 2009 - After having 3 days to think about it while he was on his around the world 'glorify me' travels with world leaders he decided to REJECT the return of the money. I'm sorry Mr. President, did you just reject the repayment of $340 million in TAXPAYER money? Apparently it is not our money anymore...its his administrations money. By not accepting the money from the banks what this demonstrates is Obama's push to control the banks and lending institutions and his dictating who will receive money they are forced to lend.

Being in the financial world this has been a topic of discussion on a daily basis with my colleagues and clients. Unanimously, we are absolutely dumbfounded that more attention has not been paid to this matter and are beside ourselves as to why he would do this. It is appalling that this nations leader rejects repayment of loans originally made in distress. The WSJ/Fox News are the only major news organizations who carried the fact that they money was returned to Treasury and then rejected by Obama. The NYT wrote an article about the banks' return of the money but not Obama's rejection of it. I wonder why?

This should be alarming to all citizens as our government demands to exert more control of our institutions, our daily lives and who makes decisions for us. Sovereignty is slowly eroding in America. Fight to take your country back and demand less government. On April 15th please join a Tea Party protest like I will be attending at the Santa Monica pier.

read the full article at http://online.wsj.com/article/SB123879833094588163.html#

Card Check and Big Labor!

Every election cycle the people of America go to the polls and vote in secrecy. It's not defined in the constitution of the land that this is so, however, its up to the individual to decide if he/she want to disclose whom they voted for. It is uniformally agreeable that there is not someone standing over them to intimidate a specific person to vote a certain way. And if there is then there are people that chronicle the 'voter intimidation' taking place and election officials remove those people who are intimidating individuals.

"Card check--the most radical revision of labor law since 1935--would allow unions to do away with secret ballots, a fundamental right in a democracy, and unionize companies simply by coaxing, cajoling or coercing a majority of workers into signing a card. It came alarmingly close to being enacted last year when the House overwhelmingly passed the fraudulently named Employee Free Choice Act. The Republican minority in the Senate eventually filibustered the legislation" writes Shikha Dalmia for Forbes.com. Barack Obama--who was one of the co-sponsors of the legislation--has already declared that he will make card check "the law of the land when I'm president of the United States." Is it any surprise that Big Labor is pumped almost $400 million to elect him and his fellow Democrats--likely the single largest buying spree ever by an interest group.

Fast forward to today, many 'Big Labor' politicians like Obama, Pelosi and Reid want to pass 'Card Check' and use the guise of 'workers rights' to get the American people to be in support of it. Well Washington D.C. brass, many of us are too smart for your political gamesmanship acts. If this passes an individuals rights to vote without fear of intimidation are removed. Like on the healthcare issue our politicians try to get you to sympathize with some ailing person in need of medical attention or in this case a worker who doesn't have the same 'workers rights' as those un-unionized workers. This way they, like a magician, get you to focus on one hand while the other is stealing your wallet. The devil is in the details and with as far left as this administration has taken us our individual rights are about the only thing we have remaining. Our sovereignty is slowly dwindling away and this bill would help strip many in the workplace's sovereignty. Do everyone in America a favor and tell your congressman to vote "NO" on this bill.

Big Labor has helped cause the collapse of GM/Chrysler. FedEx and Caterpillar threaten that if Big Labor wins 'Card Check' that it will lead to unemployment and canceled equipment orders. This is not an idle threat but a reality. If Card Check passes expect to pay more for goods since the costs to produce those goods will increase under unionized labor (see GM/Chrysler for example). Not a very good scenario in the current economy. If Card Check passes expect to see more layoffs as companies will have to cut expenses (meaning 'payroll'). If Card Check passes expect to see a further deterioration of the economy as companies will look for alternative ways (offshore) to manufacture goods. So to reiterate, if Card Check passes you can expect companies to cut payroll, unemployment will increase, jobs will be shipped overseas and the cost of goods will increase regardless. Sounds like a good tonic for the pandemic we are currently experiencing in our once great nation. Hopefully you can sense the sarcasm in that last sentence.

Martin Sheen, who played a politician (admirably, I might add) on tv and is part of a Union, is in favor or 'Card Check.' However, what Martin fails to tell you is that in his union they vote 'secretly.' Hmmm...maybe he should push his union to vote openly and under intimidation before he becomes an advocate of this bill. Again, its the 'Do as I say, not as I do' mentality that infects so many of the hollywood and political elite.

The unintended consequences of this bill could be dire.