The Beat Goes On In A Bad Obama Economy

Image Credit: citytowninfo.com

The Bankruptcy Beat Goes On In A Bad Obama Economy

All of the government "stimulus" and government spending in the world can not repair a free market economy.

The number of Americans filing for bankruptcy in 2010 ticked up 9% over the previous year to more than 1.53 million, industry groups said Monday.

The number of consumers filing for bankruptcy has increased each year since 2005, when bankruptcy laws were revamped to make bankruptcy more difficult, according to the American Bankruptcy Institute and the National Bankruptcy Research Center.

This 2010 figure of reported bankruptcies far outpaces the 1,407,788 total consumer filings that were recorded during 2009, a trend that the American Bankruptcy Institute attributes to high debt and a stagnant economy.

"The steady climb of consumer filings notwithstanding the 2005 bankruptcy law restrictions demonstrate that families continue to turn to bankruptcy as a result of high debt burdens and stagnant income growth," ABI Executive Director Samuel Gerdano said in a statement. "We expect that consumer filings will continue to rise in 2011."

With a total of 118,146 bankruptcy filings, December 2010 was a particularly bad month for consumers, an increase of 3% over November's level.
(ht: CNNMoney)

The Obama administration combined with entrenched ruling class politicians that have run Washington federal politics over these last several decades is finally coming to roost here in 2011 as the national debt exceeds 14 Trillion dollars.

using a total population of 333,000,000 (333 Million - 1/3 of a Billion) for ease of mathematics ... a Trillion dollars is 1,000 Billion dollars, and a Billion dollars is equal to a contribution of $3.00 for each and every person wither the person is 9 months, or 90 years old. Using this base of logic, each and every human being in the United States owes the federal government over $42,000 in order to wipe out the current level of debt.

The debt is growing at over 4 Billion dollars a day or by the end of today YOU will have to add another $12.00 to the $42,000 that you and everyone else owes to wipe out the debt our representatives are piling onto us at this moment.

Bankruptcy is a default against a personal debt and everyone owed looses their time and money they invested in meeting the wants and needs of the person who is declaring bankruptcy. The federal debt is still owed to everyone ... and by everyone else.

Translate this to California's debt of 28 Billion dollars the math does not get any better. At an estimated population of 37 million as of July 2009 which will translate to $27.03 for every Billion dollars of debt. Using this logic - each and every Californian is in debt $27.03 for every Billion dollars X 28 Billion = $756.76.

Get up, stand up - "Code Red" rally Dec. 15, 1:00PM ET

When emergencies occur… awareness is the key to your safety! The CodeRED system allows safety officials to send recorded messages to the entire community, or a specific area within moments. These messages will inform residents of the situation and give instructions for action. Caption & Image Credit: brunswick.oh.us

Get up, stand up - "Code Red" rally Dec. 15, 1:00PM ET

United we stand ... for the Constitution. The 2,000 plus page Healthcare reform bill is about to become law which will create an entitlement program that will effectively turn our country into a Totalitarian regime.

This Government and its leadership would want every citizen who voted for TRANSPARENCY, equity, low unemployment, mortgage stabilization, and spending control to believe that what they are proposing in the Senate on behalf of healthcare reform is inevitable.

It is time for every Democrat, Republican, Independent, Libertarian, and Undeclared voting citizen to show this country's leadership that their vote is not inevitable and the direction they are headed with the potential approval of a 2,000 plus page monstrosity of a public takeover in the decisions that are critical to our lives is the wrong direction. It is time for every voting citizen that wishes to stop the erosion of our country's Constitution to converge on the mall in Washington DC.

CODE RED RALLY - stop congress now! - The Capitol Building and Mall in Washington DC - December 15, 2009 - 1:00PM ET (speakers to address rally at 1:30PM ET - many Senators, Congressmen, and freedom fighters are scheduled to talk)

Emergency - Code Red. Image Credit: cnplocaltv.com

This excerpted and edited from Laura Ingraham's website, "Laura Unleashed" -

Code Red Rally Tuesday 1pm Dec 15th US Capitol
By Laura Ingraham - December 8, 2009, Posted 11:00PM ET

It's time we all stop pretending that what is happening with this Obamacare debate is about "helping the uninsured" or "fixing the healthcare system" or "giving the people what they want." It's about none of those things. Its about amassing as much power in a central government as humanly possible. Its about wealth redistribution. It's social engineering at its absolute worst.

The American people must take this political system back from those who have hijacked it in one of the most abhorrent power grabs that we the voters have ever seen. It's the holiday season so the Democrats are counting on you to be otherwise occupied and too busy to stand against their massive expansion of government.

Let them underestimate us again just as they did last summer. Let these unrepresentative politicians proceed with their legislative chicanery and self-righteous grandstanding. We can expose them and confront them in the classic American spirit--a public gathering on their doorstep.

On December 15th at 1 pm, we will remind Pelosi, Reid, Schumer et al. that they work for us and not the other way around. We will demand that they follow the will of the people, not dismiss and degrade it by putting future generations into a deficit dungeon. We will put every politician who supports this travesty on notice: enjoy your remaining time in the U.S. Capitol because we're coming for your seat.

The American people will not forget those who turned their backs on us and voted for a bill that they hadn't read and which will do nothing but ensure that one of the best healthcare systems in the world is compromised.
Reference Here>>

Many voters in the last election cycle stuffed their brains into a "hate" bucket and voted with their minds and freedoms closed putting both at risk of being totally controlled by a Government that has an Us against Them agenda based on an end result of totalitarian country ... stripped of its freedoms and sovereignty (Copenhagen).

It is time to stop this run-away spending spree, TARP slush-fund using Government and show these leaders why they are wrong when they suggest that what this leadership attempts to do is inevitable ... there is NO CONSENSUS - show up at the Capitol December 15, 2009 at 1:00PM ET and show these folks who's the boss! Affirm American exceptional-ism.

Be sure to wear the color RED!

Source>>

Ebony & Ivory - Obama Deficits & Bush Deficits Together

In back-to-back press conferences (held Nov. 24, 2008) by Bush (first) and Obama (second), the men either stated or implied that they were sort of working together to muscle the nation through this tough economic period. Bush said, “I talked to Obama about the decision we made. I told the American people, and I told the president-elect when I first met him, that anytime we were to make a big decision during this transition, he will be informed, as will his team.” The plans discussed are still in play to this day during the Obama Administration. Image Credit: St. Louis Post-Dispatch (2008)

Ebony & Ivory - Obama Deficits & Bush Deficits Together

These figures do not live together in perfect harmony here in Carter's Second Term.

Question:

Did you know that the Barack Obama Administration inherited deficits from the previous Bush Administration? Really?!

How can the Obama Administration continue to float the tired old saw that they just happen to inherit large deficits so it will take more just to dig ourselves out?

After sixty short days, the Congress that the Obama Administration actually DID INHERIT, and Barack Obama himself, increased the commitments to spend taxpayer money on social programs alone from the 3% of GDP to 20% of GDP ... or an increase in social spending programs of an eerie 6.66 times greater level.

It is called Deficit Spending (socialism) - and now foreign countries (China and Russia) are suggesting that the world economy adopt a new currency on which to peg/judge the value of other currencies other than the United States dollar - the formally most stable currency in the world.

Graphic showing the Bush Administration and the committed and projected Obama Administration deficits side-by-side. Graphic Credit: The Washington Post via the Heritage Foundation (2009)

This excerpted and edited from the Heritage Foundation -

Bush Deficit vs. Obama Deficit in Pictures
The Heritage Foundation - Posted March 24th, 2009 at 10.20am

President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s.

What’s driving Obama’s unprecedented massive deficits? Spending. Riedl details:

* President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion.

* President Bush began a string of expensive financial bailouts. President Obama is accelerating that course.

* President Bush created a Medicare drug entitlement that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new government health care fund.

* President Bush increased federal education spending 58 percent faster than inflation. President Obama would double it.
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* President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.

* President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016.
Reference Here>>

What the American people inherited with the Clinton and Bush Administrations (and thrust forward with the Obama Administration) were the building blocks of economic slavery and communism.

First, the Government took the position that every person that lived in America (citizen or non-citizen) deserved to be able to participate in home ownership. The Clinton Administration formed the quasi Governmental financial institutions backed by taxpayer money of Fannie Mae and Freddie Mac to insure low interest loans with reduced qualification requirements. Bonus programs were implemented and paid to the political (Democrat) management of these organizations.

Banks did not want to lend money with this level of low proof, so the management of Freddie Mac and Fannie Mae had community development organizations (ACORN) prod them to loan money through lawsuits. In order to fuel demand for these weak mortgages (purchase commitments without the ability or intention to pay), the Government regulating agencies allowed them to be bundled and packaged as grouped financial instruments and sold to the highest bidder through insurance companies and financial institutions (AIG, WAMU, Wachovia, banks in France, Finland, Germany, and etc.).

What triggered this collapse is the increased payment demanded the mortgage companies when the initial period of artificially low inducement interest ran out and the actual value of the house became greater than the mortgage value of the home. People who originally had no real means to afford the home they committed to purchase in the first place, simply walked away with no real damage to their lives leaving all of the intuitions holding the mortgages without an income stream. The asset value of the bundled "Junk Mortgages" dropped and the economic crisis begins.

The sick logic in all of this is that the two-party Bush Government got our economy into this position and now the one-party Obama Government (of Obama/Pelosi/Reid) is smart enough to get us out … with heavier intervention and greater spending commitments - all on the American Taxpayer.

Does anyone in Government realize that this deficit spending of our collective money will all implode eventually?

We, at MAXINE, believe this strategy will turn our currency into the value of the bundled "Junk Mortgages" that helped to put us into this place to start with - all on the back of the Government move toward social engineering!

Obama's Empty Suit Advice To Investing In Stocks

Later, while sitting alongside Mr Brown in the Oval Office, Mr Obama said Britain's friendship to the US in Iraq and Afghanistan would not be forgotten. He added: "Great Britain is one of our closest and strongest allies and there is a link and bond there that will not break." The president was speaking after around an hour of talks which were dominated by the economy, with both men agreeing that improvements were needed to the regulation of the global banking system. Image & Video Credit: The Telegraph [click photo to launch]

Obama's Empty Suit Advice To Investing In Stocks

Would you buy a used car from this man?

This was a question asked during the Richard M. Nixon Presidency after it was found out that members of his administration were involved with the break in of the Democrat Party offices at the Watergate office complex in Washington DC. The incident caused Richard M. Nixon to step down in disgrace from the highest office in the land.

Largely on the liberal policies talked about and then implemented by the Barack Obama Administration, personal wealth has shrunk by nearly $3 Trillion dollars, and the stock market has dropped 3,000 points since he was elected on November 3, 2008. The stock market has dropped by 25% alone since Barack Obama assumed power, passed $787 Billion dollar Government expansion and spending bill, and introduced his budget proposal that called for increases in government intrusion into our every day lives totaling about $3 Trillion dollars.

Simply stated, President Barack Obama has passed or proposed spending that surpasses all government spending (when one adds it all up) from the time the first president took office 233 years ago until President Obama was sworn in.

Yesterday, Barack Obama met with the executive leader of England, Gordon Brown. During this meeting, Obama and Brown were in front of reporters and President Barack Obama was asked about the sudden and deep declines in the stock market.

After talking down the economy all during the time he has been waiting to assume the power of the office, then in six short weeks while in office, helps to ramrod through a spending bill and introduce a budget that expands Federal Government spending while penalizing free enterprize and promotes unemployment, Barack Obama decided to dispense some stock investing advice as the markets continued to TANK!

Economy TANKS and Barack Obama looks forward to Wednesday night party nights at the White House. Image Credit: Rush Limbaugh (2009)

This excerpted and edited from a transcript at the Rush Limbaugh radio show -

Obama to Stock Market: Drop Dead
TRANSCRIPT, Rush Limbaugh Show - March 3, 2009

RUSH: I said yesterday there was a CNN commentator out there who said over the weekend that he knows somebody that said Obama's speeches, they're like sex. They're better than sex. I can see how that's true. When Obama speaks, the American people get screwed. This morning in the Oval Office, Obama talking with Gordon Brown. Here is a portion of the conversation.

OBAMA: What I'm looking at is not the day-to-day gyrations of the stock market but the long-term, uh, ability for the United States and the entire world economy, uh, to regain its footing. Uh, and, y-y-you know, the stock market is sort of like a tracking poll in politics. It bobs up and down day to day, uh, and if you spend all your time worrying about that, you're probably going to get long-term strategy wrong.

[NOTE: a tracking poll does not directly relate to the money in one's retirement account or house value]

RUSH: Did you hear that? He said it's a tracking poll! It's like a tracking poll in politics. It's going to bubble up and down; you can't pay attention to tracking polls.

If it's a tracking poll, if that's what it is, you're in the tank, Mr. President. He's not concerned! Three trillion dollars of wealth has vanished since he was elected. The Dow Jones Industrial Average down around 3,000 points. He doesn't care!

He just said we're not looking at it. Day-to-day gyrations? How-about-month-to-month declines. There are no day-to-day gyrations to speak of here. There is just a steady decline. Besides he's gotta worry about the long-term ability, the US and the world economy to regain its footing.

The stock market happens to be where people who have skin in the game are located, and they're getting out. Here's another exchange Obama had with Gordon Brown.

OBAMA: What you're now seeing is profit and -- and earning ratios are -- are starting to to get to the point where buying stocks is a potentially good deal if you've got a long-term perspective on it.

Uhhh, I think that consumer confidence, as they see the American, uh, Recovery and Reinvestment Act taking root, uh, businesses are starting to see opportunities for investment, uh, and potential hiring.

RUSH: Really?

OBAMA: It's not going to happen overnight.

RUSH: No.

OBAMA: And my main message to the American people --

RUSH: Yes?

OBAMA: -- is to just recognize that, um, we dug a very deep hole for ourselves. There were a lot of bad decisions that were made. We are cleaning up that mess. Uh, It's going to be, sort of, uh, full of fits and starts in terms of getting the mess cleaned up, but it's going to get cleaned up.

RUSH: This is Obama distancing himself from his own economy, distancing himself from the failure of his own recovery plan, and dumping it on the Bush administration. We inherited everything! He's going to get away with this for a while, with a lot of Americans.
Reference Here>>

The truth is that many of Barack Obama's economic remedy plans (TARP) are a continuation of what President George W. Bush initiated. The people that President Barack Obama has appointed to fill his administration to carry through with his vision of how we dig ourselves out of the credit crisis are many of the same people Bush relied upon to manage what plans he put into play.

Would you buy a used car from this man?

Still?

Ahhhhh, NO!