About Me

Name: Betsy Ross
Email: lgg530@earthlink.net Biography
Loading...

Create Your Own Blog Find Other Townhall Blogs

Comments

Blog Roll

 
[Click to edit me]

Geithner Predicts Economic Rebound: But For Whom?

For Any And All American Conserve-ative Constitutionalists:


In an interview with CNN published several days ago given by Timothy Geithner, Secretary of the Treasury, Mr. Geithner stated that the economy is giving signs that it is headed for an eventual rebound.

But my question is:  for whom?  And just who has he spoken with recently, or what statistics is he using?

The last several months have seen the amount of foreclosures and also those jobless continue to escalate at unprecedented levels.  Recently, the House (yes, America, your misrepresentatives) just passed what is potentially going to be the largest increase in taxation in this country since the 16th Amendment with respect to Americans utility bills, which are already off the charts in most areas of the country:  The Cap & Trade Tax.

Conservative estimates have been that this new scheme for the Wall Street brokers and bankers will most likely increase Americans utility bills the first year alone over $1,400 per PERSON.  Not household.

The most massive layoff ever occurred recently in Detroit, one of the cities hardest hit also with the foreclosure mess.  Those middle class GM workers I'm sure are much appreciative of the anticipated extension of unemployment benefits they will receive.  Most of which are less than half of their former salaries.  And that $600 credit isn't going to go very far paying those utility bills either.

If Mr. Geithner's predictions are based upon the "global" market and Wall Street, then Mr. Geithner, Mr. Obama and those on the Hill have certainly insured its survival with all the legislation since the "bank bailout" fiasco, for an industry that has progressively also escalated their "junk fees" and costs in their "flex loan" offerings for those mortgages they sold to the American public and then resold on the "global" exchange.

While also lobbying for changes in the bankruptcy code precluding Americans from writing off any of their high usury fees and costs should they actually use some of that great credit and have an unexpected large expense arise, such as ballooning property taxes and insurance costs, that makes them unable to pay that double digit interest.

Of course, the Americans lost their homes, while the foreigner investors recouped their investments, enough to even send their highest paid executives to a retreat at one of California's Four Star resorts.  California, of course, being the home of the lenders who underwrote most of those bogus loans.

Which then turned around and pleaded bankruptcy, when Silicon Valley must be making money hands over fist due to the continuing war, and the telecom bill that just resulted in many Americans having to ditch their antennae and pay instead for cable subscriptions to "stimulate" the telecom companies profit margins even more.

Mr. Geithner must be polling the financiers who are profiting with his predictions is the only conclusion I could come to after reading the piece since it was truly difficult to pinpoint just what he is using as his crystal ball, of course at the cost of Joe the Plumber for these progressive Wall Street stimuluses, who I am sure doesn't have a lot invested in the stock market other than maybe a college fund for his kids.

Although that also won't tie him over once those "global warming" taxes also kick in, not to mention the health care he most likely will now have to fork over for his journeymen apprentice helpers under the new L. Ron Hubbard/Orwell Universal Health Care Plan.

Tell me, Mr. Geithner, just whom were your consulting for your predictions?  And since a great many now are on the breadline, or the homeless shelter, just where is the investment capital going to come from with so many Americans now living hand to mouth as it is, or saving for those "global warming" taxes once they hit?

I know, the "global" community will continue to buy up most of America's industrial base, and its infrastructure at an even faster clip than it already has.  I hear the French are now invested in the Grand Canyon and that new platform they just put in, and I'm sure could come up with a down payment on the rest since I do believe they still have some extra cash and some of those dollars of ours which helped during the rebuilding after World War II?

Have you arranged for the realtor and "for sale" sign for the White House yet?

Oh, heads up America.  In the article Mr. Geithner did indicate that in order for this recovery to progress and have the desired result, there most likely would have to be some increases in taxes in the form of a VAT or value added tax on manufactured goods which will, of course, raise prices again for the consumers.

And he also spoke of what "success" the Cash for Clunkers program had been which was funded at 1 billion and provided for $4,500 rebates for people who traded in their older gas guzzlers for newer, fuel efficient models.

But I question whether the success of this program is as was represented, since with the average automobile with all the bells and whistles and computers now involved, well over $20,000 even for the lower end models, in most states that credit wouldn't even pay the license, sales tax and registration fees.

Seems another "stimulus" instead meant for the state and local coffers more than anything.

Certainly not for the auto industry, as stated in the article, since those GM plants in Mexico and China are humming right along and due to the cheap labor and with that Hummer deal thrown in to China to sweeten the deal as our major creditor at this point from the propaganda on the MSM, GM isn't hurting and had one of the fastest bankruptcy restructuring (post bailout) ever for a major U.S. corporation.

And John McCain, of course, was also interviewed.  And gave credit somehow also to the "success" of the stimulus.

I wonder if he's been back to Arizona recently, or spoken with many in the Grand Canyon State, one of the top three consistently in home foreclosures?  Or visited and walked through some of the wash areas in metro Phoenix or Tucson lately? 

Or visited the local soup kitchen because there are quite a few Joe the Plumbers there due to the amount of day laborers who have taken many of their jobs as those small businesses and construction trades do seem to be some of the primary employers in most areas of the country right now.

So cheer up, Middle Class America, Mr. Geithner has things well under control....for the "global market economy," which you are subsidizing for what is nothing more than world "economic" socialism.

As Mr. Obama said:  We all must make sacrifices.

Maybe a start would be that all federal employees must also divest themselves of their taxpayer paid health care plans and benefits, and sign up for the new "government" sponsored program to help cut that deficit and be on parity with their constituents in this government initiated economic crisis.  And their federal pensions contributions sliced and switched to 401(Ks) heavily invested in U.S. industries, rather than their global investment portfolios.

Isn't it time those on the Hill practiced what they preach and layoff a few of those government workers?

After all, the recently published staff budget for the White House alone is over 32 million with over 400 employees.  I think Adams had less than six, and it wasn't even done yet.

http://www.cnn.com/2009/POLITICS/08/02/geithner.economy/index.html?eref=rss_topstories

Email ItEmail It | Print ItPrint It | CommentsComments (2) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

U.S. States Facing Budget Crises: Why Balanced Budget Laws Aren't Working

This week there have been numerous headlines with respect to the budget crises now facing most of the states throughout the United States, again with the downward spiraling U.S. economy to blame.

Mr. Obama, of course, recently participated in one of the most massive layoffs and firings of the current employees for General Motors, of course consoling them with how their "sacrifices" now would reap benefits down the road. The question is, of course, for whom?

Apparently U.S.A., Inc. and the United Auto Workers, who were given an ownership share in the deal brokered by the Obama Administration in order to add this major U.S. corporation to Washington's budgeoning stock portfolio.

I'm sure that acquisition has set Detroit and Michigan's economy back a bit insofar as sales tax revenues.  Most of those autoworkers most likely will be eating pork and beans for a while, "sacrificing" for Mr. Obama's now Government Motors.  And those bond holder owners just lost a little of that retirement money for those planned road trips in their golden years.

But China picked up a steal, or should I say, steal for its steel.

Now, even after receiving "kickbacks" in the form of federal funding through the stimulus packages of billions of dollars which are to be transferred to the states and billed to the state citizens and taxpayers as a whole, the states are now still whining about their shortfalls.

And the biggest whinner, of course, is that liberally run Golden State, defined by its excess over the course of years and the high taxes and destruction which has resulted due to their own liberalism.

It doesn't appear those in state office have been able to read the California Constitution for at least fifty years if not longer, since the early 60's.

I guess the costs of their open borders, pro-illegal immigrant positions, and past "save the trees" environmentalism that has since resulted in the destruction of thousands of homes and forested acres is finally coming home to roost.   Costs for which the entire nation also has paid for during those self-created disasters in their misguided environmental radicalism during a ten year drought with overgrown forests which can now be set off by static electricity in more than a few areas and almost non-existent groundwater tables.  Of course the fountains and jacuzzis are still humming along nicely.

And both Gray Davis and Arnold Schwartzenegger's freewheeling ways.

The OC set have never heard the word "fiscal conservatism," a term they associate with "right wing extremists," and Kansas farmers (who they would like to bail them out) when it comes to their creature comforts, limos, jacuzzis and their private jets which they cannot do without so that they can attend their next global warming lecture.

My former home state, Arizona, is also facing a crisis, or so it has been reported, even though many years ago the citizens in that state actually passed a "balanced budget" initiative.

Has it worked? Hardly.

You see, the government is the worst when it comes to following the laws and directives of "we the people." Our taxes fund literally hundreds of lawyers to advise legislators on just how they can skirt around some of those initiatives in order to continue doing business as usual.

When those budgets are released to the public, you need a magnifying glass and organizational chart to follow the money trail to find where all the funding is actually going. And even with those tools, you would only get half the picture.

Nowhere in those budgets are reported the sums that are received also from the federal government in order to fund some of these state programs. Thus, citizens in most states face dual taxation in numerous areas at both the state and federal levels.

It has gotten so bad in Arizona that they have sold former state funded prisons and/or are now contracting for local prisons and guards privatizing them, and are now charging the prisoners for their accomodations in order to make those lease payments, and giving incentives to officers on those federally funded DUI sports bar patrols in order to meet the federal grant guidelines to make those payments, which sums now are far more than the prior costs of upkeep and maintenance of some of those facilities for state taxpayers.

Most state and local impound lots also throughout the country have been privatized, many of which are owned by police officers as a further incentive in the new social drinking taxes.

Apparently, the state needed the money from the prison sale in order to assist in funding one of the state's new pet projects and new foundation under Janet Napolitano, the high tech gadget junkie, The Arizona Science Foundation.

Were the citizens consulted in this new project?

Of course not.

The state then subsequently entered into multi-year contracts with this organization (contracts with itself), which foundation is now suing the State of Arizona (again themselves or the state citizens ultimately) in order to get the funding through the backdoor, since in order to "balance" this years budget funding had to be reduced to this extra-Constitutional foundation for the press release of a "balanced" budget.

A new legal trick has now been the modus operandi in order to satisfy the state budget requirements, in now simply using the courts in order to fund some of these state created foundations and then hide all the extra revenue they are doling out for state agenda driven projects outside Constitutional authority or citizen accountability.

Then, of course, the state can appear to be "balancing" the budget while the courts and taxpayer paid "foundation" and private corporate attorneys negotiate and "seal the deals" factoring in, of course, their cut also in acting as the go-betweens of the state now in these NGO and extra-Constitutional funding matters.

Look hard, Californians, at that budget, and the court actions which have occurred in your state throughout the years.

I'm sure you'll find that there is plenty of money and there is no "budget" crisis, its just a matter of the state's priorities and legislators extra-Constitutional commitments that are the real problem.

And committing taxpayer sums and entering into contracts with either private or state created "foundation" contractors for multi-year terms in the first place, when state budgets in many states are required to be balanced annually.

To put it simply, deciding to fully fund and fulfill that multi-year contract for the newest "foundation" or multi-plex for the global visitors to Sacramento means the sums needed for vital services for which those tax monies are "legally" required such as the street repairs and garbage collection might just need to be cut, or reduced in order to "balance the budget."

Or in order to quell the masses, provide those sums in order to comply with the law, and then instruct extra-Constitutional "contractees" and developer instead to sue the State of California for their money, so that after the funds are provided and the lawsuit "settled," there is then a carry-over budget crisis and deficit again next year.

Balanced budget requirements are sort of like a shell game, with simply more and more "shells" (or shills) added each year.

That's what "liberalism" and legislating according to "living"  Constitution beliefs actually does, encourages "corporate" socialism ultimately in taking from the poor (citizens) and give to the rich (foundations, corporations, developers), while the garbage piles up.
 

Email ItEmail It | Print ItPrint It | CommentsComments (0) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive
« Previous1Next »