The Bail-outs are Bogus, See the "Project by State" in Index below!

Group one: These are the achievers, those who strive, work hard and are rewarded with the fruits of their toil.

Group two: The non-achievers. This group seldom exerts the extra effort required to rise above their station and attain their perceived goals. They are dissatisfied with their lot in life and spend much of their lives in envy of the achievers.

Group three: This segment consists of those who contribute absolutely nothing, yet demand equity based on the labor and achievement of society as a whole.

Of these three groups, some ride bicycles, some drive Chevys and Fords and others drive Cadillacs. Some just don't.

Thats just the way it is.

In our Republic we have a Constitution and a Bill of Rights. These are the cornerstones on which our Republic was founded. Within this framework are three guarantees, the right to Life, Liberty and the Pursuit of Happiness.

Man's life, liberty and property are held sacred and protected by this constitutional framework and the government is simply an extension of mans basic rights. Any attempt to engage in the confiscation or the conscription of the fruit of one mans labor, by either man or government, in order to provide goods or service to another is an act of illegal plunder and as such should be protested and resisted by all.

And so on to the issues of Cap and Trade and Government Health Care.

Whether or not each of these issues may or may not have perceived benefits in the eye of the beholder is not the question or the issue. The question is, are they acts of illegal plunder? ...and are they in defiance of the very Constitution and Bill of Rights this country was founded on? The simple and unequivocal answer in each of these instances is a resounding yes.

As such they should be resisted to the extreme. Call your congressman, your senators, your representatives, your family, your friends and your neighbors and stop this madness.

If love of country and our way of life are not enough to instill a sense of reason

The national debt as of this years budget is an estimated five times the amount of last years budget. All within one year. With Health Care and Cap and Trade this number will rise exponentially.

Do we want to place our faith and trust in the same people who ran the railroads into oblivion, who oversee our failing Postal System, the Barny Franks and Senator Dodd who ran oversight on Fannie Mae and Freddie Mac which triggered our current state of economy, to those entrusted with our Social Security program, Medicaid and Medicare who have voted themselves exempt? Do we want these folks to control our very livelihood and well being?

I though not. Nuff said.

Andy

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We The People Stimulus Package

Yesterday, on the 200^th day since its enactment, Vice President Joe Biden defended the President's $787 billion economic "stimulus." First, he said it was "to bring relief to those hardest hit by the recession." But an analysis by ProPublica found that there's "no relationship between where the money is going and unemployment and poverty." The Associated Press reports that distribution of the funds was guided more by politics than need. The New York Times adds that the "transparency" promised by President Obama is practically nonexistent, with most federal agencies failing to report lobbying contacts. Biden's next standard was "to jump-start the economy by giving assistance to states."

On the day the "stimulus" was enacted, the national unemployment rate was 7.6 percent--today it is 9.7 percent. At least 16 states have unemployment rates of over 10 percent. Joe Biden's final measure was "to reinvest in existing infrastructure and lay a platform for the economic growth in future in energy, education and health care." The spending "targets" read more like a rap sheet than an investment in the future. Funds went to "bail out" such things as shows about perverts and to run porn films, courtesy of Speaker Nancy Pelosi (D-Calif.). Other funds potentially went to house sex offenders and predators in Florida and the mob in the New York City area. Vice President Biden might see the stimulus bill as a success, but by his own standards it has been a very expensive failed experiment.

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Thats right, friend.

Read that headline again. Commit it to memory. Unlike the JFK assassination and the 9/11 attacks, most Americans won�t remember where they were when they first heard the news.

Most Americans won't even hear the news

Even though it could have a much greater impact on their lives and livelihood than either of the other two catastrophes.

The DIF is Toast

But it's the truth as Mike Shedlock points out,  If indeed US$641 million was all that remained of the DIF [Deposit Insurance Fund] the FDIC is now bankrupt. Of the US$641 million left, Community bank used up 781.5 million and Colonial Bank US$2.8 Billion.

And we checked his math.

From a starting point of US$53 Billion in 2008  through the 77 bank failures this year alone  the DIF has dwindled to zero.

Just in case you're having trouble, your first reaction should be a mixture of shock and disgust. How  after being paid decades of insurance premiums from all of America's deposit-taking institutions  could the FDIC go bankrupt after the first wave of bank failures?

How is that even possible?

Well, first they haven't exactly been collecting premiums per se.

That's right, in good times the FDIC has one job. To bother banks for comparatively tiny insurance payments. But for most of the time between 1995 and 2006, they collected nothing. Zero.. Apparently they had no authority to force banks to pay their premiums, so they simply disregarded the job.

Then, as soon as the crisis broke in American banks, the FDIC more than doubled its liabilities taking their maximum coverage from US$100,000 per account to US$250,000.

Was there a corresponding crackdown on premiums? Did they start charging banks twice as much for the insurance, or at least collect the missing premiums from the past decade?

Of course not.

Instead, they were comfortable with what dwindled to a .014% coverage on their assets. That is to say that for every dollar the FDIC covered, they had 1.4 cents in reserve to insure that dollar..

Now the 1.4 cents is gone. MORE...The complete article in PDF format.

"It is asinine to assume you can spend your way out of debt! It is doubly asinine to assume that you can borrow your way out of debt!"

If you think the Bailout is a good idea take a look at the following, H.R. 1.

I have not personally verified all of the included information. I have however, heard verifying reports and much discussion regarding it on the news.

Rather than refer to it as a recovery act, it should be referred to as:
"Speaker Pelosi's Payoffs and Pork Bill"

Click on above image for Bumper Stickers

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Here are some important phone numbers where you can voice your opinion:

•  Governor - (360) 902-4111
•  Senate majority leader - (360) 786-7604
•  House speaker - (360) 786-7920
• Toll-free legislative hotline - 1-800-562-6000
• Dan Kristiansen, Rep - (360) 786-7967

 
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But then...it leaked out that Democrat Senator Chris Dodd snuck a provision into the massive spending bill that allowed the bonuses to happen.

Dodd denied it at first, then changed his story and now admits that he did it, but says he did it at the request of "Administration staffers".

Finally, the Democrats have been forced to admit that they allowed the AIG bonuses to happen.

This has got to stop.

Please take a minute and click on the link below to watch the RNC's new video exposing the Democrats' latest shell game.

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Among Federal Candidates, 2008 Cycle

Total: $644,218
Source of Funds:
Individuals PACs
Party Split:
Dems Repubs

 
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• SJR 8205  A state income tax
  

• SB 5393  New tax on homeowner insurance policies
  

• SB 5432  Raises I-747 limit on total property tax collections for some taxing districts
  

• SB 5518  New tax on petroleum products
  

• SB 5626  New tax on cigarettes
  

• SB 5608  Hike in state property tax for school funding
  

• SB 5747  New tax on plastic manufacturing businesses
  

• SB 5735   Governor�s �cap and tax� plan, potentially the largest middle class tax increase in history
  

• SB 5679  New payroll tax to support paid family leave
  

• B 5911  B&O tax on farms, sales tax on farm auctions
  

• SB 5960  Authorizes county governments to impose a new utility tax and increase the local sales tax without a vote of the people
  

• SB 5945  New payroll tax to provide government sponsored universal health care insurance
  

Here are some important phone numbers where you can voice your opinion:

•  Governor - (360) 902-4111
•  Senate majority leader - (360) 786-7604
•  House speaker - (360) 786-7920
•  Toll-free legislative hotline - 1-800-562-6000
•  Dan Kristiansen, Rep - (360) 786-7967

 
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Rick Santelli and the "Rant of the Year"


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Glenn Beck: The Inconvenient Debt: A Detailed Look at the Latest Monetary Base Figures


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The 2012 Pelosi GTxi SS/RT Sport Edition


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1) On people making more than $250,000.

$338 billion - Bush tax cuts expire
$179 billlion - eliminate itemized deduction
$118 billion - capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion - Reinstate Superfund taxes
$24 billion - tax carried-interest as income
$5 billion - codify "economic substance doctrine"
$61 billion - repeal LIFO
$210 billion - international enforcement, reform deferral, other tax reform
$4 billion - information reporting for rental payments
$5.3 billion - excise tax on Gulf of Mexico oil and gas
$3.4 billion - repeal expensing of tangible drilling costs
$62 million - repeal deduction for tertiary injectants
$49 million - repeal passive loss exception for working interests in oil and natural gas properties

$13 billion - repeal manufacturing tax deduction for oil and natural gas companies
$1 billion - increase to 7 years geological and geophysical amortization period for independent producers

$882 million - eliminate advanced earned income tax credit

Total: $353 billion/10 years

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WASHINGTON  President Barack Obama laid out his first budget plan Thursday predicting a stunning federal deficit of $1.75 trillion this year nearly four times last year's record and asking Congress to raise taxes on the wealthy to stem that flood of red ink while still moving the country toward guaranteed health care for all.

Denouncing what he called the "dishonest accounting" of recent federal budgets, Obama unveiled his own $3.6 trillion blueprint for next year, a bold proposal that would transfer wealth from rich taxpayers to the middle class and the poor.

Congressional approval without major change is anything but sure. The plan is filled with political land mines including an initiative to combat global warming that would hit consumers with considerably higher utility bills. Other proposals would take on entrenched interests such as big farming, insurance companies and drug makers.

Obama blamed the expected federal deficit explosion on a "deep and destructive" recession and recent efforts to battle it including the Wall Street bailout and the just-passed $787 billion stimulus plan. The $1.75 trillion deficit estimate for this year is $250 billion more than projected just days ago because of proposed new spending for a fresh bailout for banks and other financial institutions.

As the nation digs out of the most serious economic crisis in decades, Obama said, "We will, each and every one of us, have to compromise on certain things we care about but which we simply cannot afford right now."

Signaling budget battles to come, Republicans were skeptical Obama was doing without much at all.

"We can't tax and spend our way to prosperity," said House GOP leader John Boehner of Ohio. "The era of big government is back, and Democrats are asking you to pay for it."

Obama plans to move aggressively toward rebalancing the tax system, extending a $400 tax credit for most workers $800 for couples while letting expire President George W. Bush's tax cuts for couples making more than $250,000 a year.

Thursday's 134-page budget submission, a nonbinding recommendation to Congress, says the plan would close the deficit to a more reasonable but still eye-popping

$533 billion after five years. That would still be higher than last year's record $455 billion deficit.

And the national debt would more than double by the end of the upcoming decade, raising worries that so much federal borrowing could drive up interest rates and erode the value of the dollar.

Also, to narrow the budget gap, Obama relies on rosier predictions of economic growth including a 3.2 percent boost in the economy next year than most private sector economists foresee.

There is already resistance from Democrats who are upset with the budget's plan to curb the ability of wealthier people to reduce their tax bills through deductions for mortgage interest, charitable contributions and state and local taxes.

That tax hike would raise $318 billion over the upcoming decade toward a down payment on Obama's high-priority universal health care plan. Cuts to the Medicare and Medicaid federal health programs would supply an additional $316 billion, but that still wouldn't provide enough money to guarantee coverage for all, and Obama wants Congress to come up with hundreds of billions of dollars in additional hard-to-raise revenues to pay for the rest.

Then there is the proposed clampdown on the Pentagon budget, which would get a 4 percent boost, to $534 billion next year, but would then get increases of 2 percent or less over the next several years. Domestic programs favored by Democrats would, on average, receive a 7 percent boost over regularly appropriated levels � even as many agencies are already swimming in cash from the just-enacted economic stimulus plan.

Taken together, Obama's plan contains so many difficult-to-digest ideas that it's virtually certain to be significantly redrafted during debates later this year.

"It's going to be a tough row to hoe, but he has large Democratic majorities and a lot of popular support and we're in times of crisis," said Robert Reischauer, president of the Urban Institute. "So his prospects of him getting much of what he is seeking, while not good, are higher than ... we've seen in the past."

Senate Budget Committee Chairman Kent Conrad, D-N.D., predicted Congress would pass much of Obama's plan, though with significant revisions. For instance, he's unimpressed with a proposal to reduce payments to farming operations with sales above $500,000 per year and says the plan to curb tax deductions for the wealthy faces uncertain prospects because of opposition from lawmakers from high tax states and universities whose endowments have shrunk.

A plan to devote up to $250 billion to support as much as $750 billion in increased spending under the government's rescue program for banks and other financial institutions landed with a thud.

Republicans scoffed at the idea that Obama's plan calls for much sacrifice on the spending front, citing the big increases for many agencies. they also pointed to tax increases and hundreds of billions in revenues from a contentious proposal to auction off permits for carbon emissions in a bid to address global warming.

Obama and top aides emphasized that they didn't make the financial mess.

Said the president: "We cannot lose sight of the long-run challenges that our country faces and that threaten our economic health � specifically, the trillions of dollars of debt that we inherited, the rising costs of health care and the growing obligations of Social Security."

"For too long, our budget has not told the whole truth about how precious tax dollars are spent," he said. "Large sums have been left off the books, including the true cost of fighting in Iraq and Afghanistan. And that kind of dishonest accounting is not how you run your family budgets at home. It's not how your government should run its budgets either."

Among the many programs that would receive generous boosts are education and cancer research. The size of education Pell Grants would automatically increase every year by inflation plus 1 percent, while Obama promises to double cancer research over several years. He also wants to put the United States on a path to double foreign aid.

Obama's budget contains almost $1 trillion in tax hikes over 10 years on individuals making more than $200,000 and couples earning over $250,000. About $350 billion more would be raised through a variety of other hikes, including raising taxes on hedge-fund managers by taxing their compensation as income rather than at the 15 percent capital gains rate. Obama would also increase taxes on corporate income earned abroad.

Some $526 billion in revenue from carbon pollution permits would be used to extend the "Making Work Pay" tax credit of $400 for individuals and $800 for couples beyond 2010 as provided in the just-passed economic stimulus bill.

The budget would make permanent the expanded $2,500 tax credit for college expenses that was provided for two years in the just-passed economic stimulus bill. It also would renew most of the Bush tax cuts enacted in 2001 and 2003, and would permanently update the alternative minimum tax so that it would hit fewer middle- to upper-income taxpayers.

Obama's $634 billion head start on expanding health care could easily double as lawmakers flesh out details in coming months on how to provide medical coverage to all of the 48 million Americans now uninsured while also trying to slow increases in costs. Health care costs now total $2.4 trillion a year and keep rising even as the economy is shrinking.

Thursday's submission was an overview of a more comprehensive plan that will be submitted in April.

___

Associated Press writers Martin Crutsinger, Ricardo Alonso-Zaldivar and Anne Gearan contributed to this report.

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The Congressional Budget Office (CBO) recently found that the cost of the Pelosi-Reid stimulus package now exceeds $1.1 trillion. CBO also estimated that only 7 percent of infrastructure money would make its way into the economy by the end of the year and only 38 percent would be spent by the end of the 2010 fiscal year.

Senator Jeff Sessions (R-Ala.) office estimates the actual number going to tangible road and bridge construction is just a little more than 3 percent.

Where is this money going to? A not exhaustive look at the 1,588 page legislation, H.R. 1, The American

Recovery & Reinvestment Act of 2009 shows the bill is more payoffs and pork then stimulus. Many thanks to the website: http://www.readthestimulus.org and its participating organizations.

PAYOFFS

To the Green Lobby

$600 Million To Buy New Cars For Government Workers (Page 89)

These cars would be green friendly cars  however very few gas pumps have the right gas to run these cars. The Federal government already spends $3.5 billion a year.

$10M for bike and walking trails (Page 65)

$200M for plug-in car stations (Page 31)

$400 million for NASA scientists to conduct climate change research (Page 22)

$800 million to clean up Superfund sites (Page 122)

$600 million for grants for diesel emission reduction (Page 119)

$650 million for alternative energy technologies, energy efficiency enhancements and deferred

maintenance at Federal facilities (Page 119)

$1.5 billion for construction of Green Schools (Page 176)

To the Unions

$1 billion to the controversial COMMUNITY ORIENTED POLICING SERVICES COPS Hiring Program

$150 billion in new federal spending, a vast two-year investment that would more than double the

Department of Education's current budget. The proposed emergency expenditures on nearly every realm of education, including school renovation, special education, Head Start and grants to needy college students�Sam Dillon, Stimulus Plan Would Provide Flood of Aid to Education, New York Times. January 27, 2009.

NOTE: Private and religious schools are excluded.

http://www.nytimes.com/2009/01/28/education/28educ.html?_r=1

To the Abortion Industry

Representative Henry Waxman (D-Calif.) inserted in the original bill billions of dollars for family planning groups, including the abortion giant, Planned Parenthood. Pressure and public exposure from Congressional Republicans forced the Democrats to remove such funding from this bill. However the bill still provides billions in reforming the health care system and working towards nationalized health care  with little to no debate.

$2.7B in NIH grants which would be targeted to among other things embryonic stem cell experimentation. (Page 56)

Other Special Interests

$3 Billion for Prevention & Wellness Programs, Including $335 million for STD Education and Prevention -- Recent government expenditures in this area include a transgender beauty pageant in San Francisco that advertised available HIV testing and an event called Got Love?  Flirt/Date/Score that taught participants how to flirt with greater finesse.

$83 billion for the earned income credit for people who don't pay income tax. http://online.wsj.com/article/SB123310466514522309.html

$246 million for Hollywood http://www.nationaljournal.com/congressdaily/cda_20090127_9337.php

$50 million for the National Endowment for the Arts (Page 122)

$75 million for smoking cessation (Page 148). This contradicts the latest version of SCHIP that is funded largely by new taxes on cigarettes.

$4.19 billion open to ACORN. The Pelosi-Reid bill makes groups like ACORN eligible for a $4.19 billion pot of money for neighborhood stabilization

 activities.

MISCELLANEOUS PORK

Some of the biggest winners in the package are federal agencies:

$54 billion will go to federal programs that the Office of Management and Budget or the Government Accountability Office have already criticized as "ineffective" or unable to pass basic financial audits.

http://online.wsj.com/article/SB123310466514522309.html

$462 Million for Equipment, Construction, and Renovation of Facilities at the Centers for Disease

Control (CDC) (Page 137)

$150 Million for Repairs to Smithsonian Institution Facilities (Page 128)

$44 million to the Agricultural Research Service (Page 135)

$227 million for oversight of the pork barrel spending in the stimulus (Page 11)

$1 Billion for The Follow-Up To The 2010 Census (Page 49)

Discretion is given to governors and Mayors for how to spend a large chunk of the money. The U.S. Conference of Mayors recently sent Congress a $96.6 billion wish list of "shovel-ready" projects which now could be funded by the stimulus. These projects include: $1 million for annual sewer rehabilitation in Casper, WY; $6.1 million for corporate hangars, parking lots, and a business apron at the Fayetteville, AR airport; 28 projects with the term "stadium" in them; and 117 projects mentioning landscaping and/or beautification efforts. The taxpayers should be most teed off at the 20 golf courses included in the list.

http://www.ntu.org/main/press.php?PressID=1083&org_name=NTU

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$75,000: the amount of money that the head of the powerful tax-writing committee, Rep. Charlie Rangel (D-NY), was forced to report on his taxes after the discovery that he had not reported income from a Costa Rican rental property. His excuses for the failure started with blaming his wife, then his accountant and finally the fact that he didn't speak Spanish.

$93,000: the amount of petty cash each Congressional representative voted to give themselves in January 2009 during the height of an economic meltdown.

$133,900: the amount Fannie Mae "invested" in Chris Dodd (D-CT), head of the powerful Senate Banking Committee, presumably to repel oversight of the GSE prior to its meltdown. Said meltdown helped touch off the current economic crisis. In only a few years time, Fannie also "invested" over $105,000 in then-Senator Barack Obama.

$140,000: the amount of back taxes and interest that Cabinet nominee Tom Daschle (D) was forced to cough up after the vetting process revealed significant, unexplained tax liabilities.

$356,000: the approximate amount of income and deductions that Daschle (D) was forced to report on his amended 2005 and 2007 tax returns after being caught cheating on his taxes. This includes $255,256 for the use of a car service, $83,333 in unreported income, and $14,963 in charitable contributions.

$800,000: the amount of "sweetheart" mortgages Senate Banking Chairman Chris Dodd (D-CT) received from Countrywide Financial, the details for which he has refused to release details despite months of promises to do so. Countrywide was once the nation's largest mortgage lender and linked to Government-Sponsored Entities like Fannie Mae and Freddie Mac. Their meltdown precipitated the current financial crisis. Just days ago in Pennsylvania, Countrywide was forced to pay $150,000,000 in mortgage assistance following "a state investigation that concluded that Countrywide relaxed its underwriting standards to sell risky loans to consumers who did not understand them and could not afford them."

$1,000,000: the estimated amount of donations by Denise Rich, wife of fugitive Marc Rich, to Democrat interests and the William J. Clinton Foundation in an apparent quid pro quo deal that resulted in a pardon for Mr. Rich. The pardon was reviewed and blessed by Obama Attorney General and then Deputy AG Eric Holder, despite numerous requests by government officials to turn it down.

$12,000,000: the amount of TARP money provided to community bank OneUnited despite the fact that it did not qualify for funds, and was "under attack from its regulators for allegations of poor lending practices and executive-pay abuses." It turns out that Rep. Maxine Waters (D-CA), a key contributor to the Fannie Mae meltdown, just happens to be married to one of the bank's ex-directors.

$23,500,000: The upper range of net worth Rep. Allan Mollohan (D-WV) accumulated in four years time according to The Washington Post through earmarks of "tens of millions of dollars to groups associated with his own business partners."

$2,000,000,000: ($2 billion) the approximate amount of money that House Appropriations Chairman David Obey (D-WI) is earmarking related to his son's lobbying efforts. Craig Obey is "a top lobbyist for the nonprofit group" that would receive a roughly $2 billion component of the "Stimulus" package.

$3,700,000,000: ($3.7 billion) not to be outdone, this is the estimated value of various defense contracts awarded to a company controlled by the husband of Rep. Diane Feinstein (D-CA). Despite an obvious conflict-of-interest as "a member of the Military Construction Appropriations subcommittee, Sen. Feinstein voted for appropriations worth billions to her husband's firms ."

$4,190,000,000: ($4.19 billion) the amount of money in the so-called "Stimulus" package devoted to fraudulent voter registration ACORN group under the auspices of "Community Stabilization Activities". ACORN is currently the subject of a RICO suit in Ohio.

$1,646,000,000,000 ($1.646 trillion): the approximate amount of annual United States exports endangered by the "Stimulus" package, which provides a "Buy American" stricture. According to international trade experts, a "US-EU trade war looms", which could result in a worldwide economic depression reminiscent of that touched off by the protectionist Smoot-Hawley Act.n and explanatory brochures that described his tax liabilities.

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Santa Claus Bailout Hearings

Santa Claus before the congressional bailout hearing

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Survival.

The success or failure of any company, corporation or business, large or small, must be based on honest and transparent entrepreneurial integrity in combination with financially sound and accepted business practices. The degree of success or failure is directly proportionate to an ability to furnish a product, goods or service to a marketplace at a competitive monetary value inclusive of a profit margin that will sustain it's capital expenditures and insure it's longevity in the marketplace. Failure to meet any of these criteria is key to survival.

Why then, should we as individuals be asked to endorse government subsidies, loans and bail-outs to any and all that have either ignored, disregarded, or often held in utter contempt these basic rules of business ethics and economics 101?

"Who's on first?"

Why should we expect, or even remotely believe, that the ailments of free enterprise can be solved by a government and legislative entity holding a multi-generational track record of inability to balance their own books and budget and continuously, year after year, drive us deeper into debt using the insane accounting and ethical practices paralleled by those they propose to rescue. Are we to assume that these same budgetary minded and politically motivated politicians will now take the reins of these newly "acquired assets", then run and redeem them via legislation, board and bureaucracy?

Where does it start and where does it stop?

Ask then, which of these colossal failures will be selected by our benevolent benefactors? Anyone with half a brain knows that we cannot possibly print enough money to rescue all. We simply do not have enough resources to sustain, or enough presses available to accommodate such a cash flow. How then, will these momentous decisions be motivated? Evidently, in the beginning as in the instance of Freddie Mac, Fanny May and institutional lending, the assumption must have been, "If government broke it by decree, the government can repair it." Following this intervention we find that the original funding, as originally earmarked, agreed upon and allocated, must, at this early stage, be re-directed and re-allocated. Again, "Who's on First?".

Who may be selection to benefit during this vetting?

Rest assured, that as this vetting process takes place, those at the head of the line will be the ones with the most favors to be called in funded, and publically endorsed as "For the good of the people" (read Socialism here), by our benevolent benefactors. Only the stunningly stupid among us would believe that there is not a cut-off point and the proverbial "Buck stops here."

Where are we on the food chain, you and I, "Joe the Taxpayer" and "Joe the Businessman"" Rest assured, as always, we will be mandated into reaching deeper into our pockets and resources in order to reward to those who so miserably have failed?

As for me, simply and emphatically, "Stop the Bail-outs! Now!"

Webmaster: Andy Stevens

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Nationalization of our Industries

Maxine Waters during the Oil Company Hearings

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• FRANKLIN RAINES: Raines works for the Obama Campaign as Chief Economic Advisor

• TIM HOWARD: Howard is also a Chief Economic Advisor to Obama

• JIM JOHNSON: Johnson was hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee

Franklin Raines left with a "golden parachute valued at $240 Million

Franklin Raines was a Chairman and Chief Executive Officer at Fannie Mae. Raines was forced to retire from his position with Fannie Mae when auditing discovered severe irregulaties in Fannie Mae's accounting activities. At the time of his departure (Wednesday, Dec.22, 2004) The Wall Street Journal noted, " Raines, who long defended the company's accounting despite mounting evidence that it wasn't proper, issued a statement late Tuesday (Dec. 21, 2004) conceding that "mistakes were made" and saying he would assume responsibility as he had earlier promised. News reports indicate the company was under growing pressure from regulators to shake up its management in the wake of findings that the company's books ran afoul of generally accepted accounting principles for four years." Fannie Mae had to reduce its surplus by $9 billion.

Raines left with a "golden parachute valued at $240 Million. The government filed suit against Raines when the depth of the accounting scandal became clear. See: http://housingdoom.com/2006/12/18/fannie-charges/

The government noted, "The 101 charges reveal how the individuals improperly manipulated earnings to maximize their bonuses, while knowingly neglecting accounting systems and internal controls, misapplying over twenty accounting principles and misleading the regulator and the public. The notice explains how they submitted six years of misleading and inaccurate accounting statements and inaccurate capital reports that enabled them to grow Fannie Mae in an unsafe and unsound manner." These charges were made in 2006. The Court ordered Raines to return $50 million dollars he received in bonuses based on the miss-stated Fannie Mae profits.

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Tim Howard. Howard's Golden Parachute was estimated at $20 Million!

Tim Howard was the Chief Financial Officer of Fannie Mae. Howard "was a strong internal proponent of using accounting strategies that would ensure a "stable pattern of earnings" at Fannie. In everyday English - he was cooking the books. The government investigation determined that, "Chief Financial Officer, Tim Howard, failed to provide adequate oversight to key control and reporting functions within Fannie Mae,"

On June 16, 2006, Rep. Richard Baker, R-La., asked the Justice Department to investigate his allegations that two former Fannie Mae executives lied to Congress in October 2004 when they denied manipulating the mortgage-finance giant's income statement to achieve management pay bonuses. Investigations by federal regulators and the company's board of directors since concluded that management did manipulate 1998 earnings to trigger bonuses. Raines and Howard left Fannie Mae under pressure in December 2004. Raines's departure was structured as an early retirement. Howard resigned.

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Jim Johnson. Johnson's Golden Parachute was estimated at $28 Million.

Jim Johnson is a former executive at Lehman Brothers who was later forced from his position as Fannie Mae CEO. A look at the Office of Federal Housing Enterprise Oversight's May 2006 report on mismanagement and corruption inside Fannie Mae, and you'll see some interesting things about Johnson.

Investigators found that Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation from the public, reporting that it was between $6 million and $7 million when it fact it was $21 million. Johnson is currently under investigation for taking illegal loans from Countrywide while serving as CEO of Fannie Mae.

In a crowning achievement to reaffirming conservative policies, the Republicans in the House of Representatives today sent the Democrats and the American public a clear and unequivocal message��.�The free money from Fannie-Mae, Freddie-Mac and other mortgage based lenders has been cut off!

House Republicans defeated legislation designed to give Treasury Secretary Paulson $700 billion and the unfettered authority to an unelected official (Paulson) to guarantee the solvency of private banks and lending institutions halting the worst kind of socialist intrusion into the free market and capital based core of the American economy. Nowhere in the Constitution is this activity permitted or even suggested and even worse, there was no call from anyone in the legislature for a judicial review of this action which would have clearly been found to be illegal and unconstitutional.

The only thing even more galling than the outright theft and cover up of these funds over the last ten years is the rush by Congress to bail out their friends and benefactors in the mortgage and banking industries before we might catch them at it. Further infuriation was fueled by the naked disdain many members of Congress have for the American public by allowing Senator Christopher Dodd (D-CT), to chair the committee responsible for this reform legislation when he was the number one beneficiary of campaign contributions from Fannie-Mae. This shameless slap across the face of the American Public is representative of the most immoral leadership in the history of the Democrat Party.

The most immoral leaders in the history of the Democrat Party

Rep. Barney Frank, (D-MA), Sen. Harry Reid, (D-NV),

Rep. Nancy Pelosi, (D-CA), Sen. Christopher Dodd, (D-CT)

Todays announcement was cheered by the majority of Americans, while Democrats cried and lamented the onset of a major recession. But just a minute! Wasn't it the democrats who for the past three months told us that the failed policies of Bush & McCain already had us in a recession? Why, yes it was. And, despite the fact that the last quarters growth was 3.3% and no two quarters in the last year had successive GDP declines (the definition of recession) the Democrats insisted that we were in the throes of an economic meltdown. This hysteria was clearly designed to accomplish two things: First, to tie John McCain to George Bush and thereby tar the Republican presidential candidate with Bush's unpopular image, and second, to hide the fact that the Democrats have been manipulating the housing market, rejecting and stonewalling the efforts of regulators to enforce oversight regulations that would have prevented these meltdowns all while their inner circle took turns at the Fannie-Mae and Freddie-Mac feeding troughs.

The Democrats, led by House Speaker Nancy Pelosi (D-CA) could have passed this rushed and devastating legislation on their own, but were afraid of doing so for fear that once it was learned that they had done so they, and their presidential candidate Obama, would be left shouldering the blame, they rightly deserve. So behind a cynical description of bipartisan unity Pelosi attempted to seek cover behind votes recruited from Republican House members while fueling the fires of panic and economic meltdowns. Fortunately, the Republicans stood against her.

If not for it being such a clear indication of her dishonest nature, the following statement by Pelosi would be laughable. "They claim to be free market advocates when it's really an anything-goes mentality: No regulation, no supervision, no discipline. And if you fail, you will have a golden parachute and the taxpayer will bail you out. Those days are over. The party is over," Pelosi said.

"Democrats believe in a free market," Pelosi continued. "But in this case, in its unbridled form, as encouraged, supported, by the Republicans some in the Republican Party, not all it has created not jobs, not capital. It has created chaos."

Talk about a self-reflective Freudian confession!

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