“Inside Job” Wins Best Documentary

“Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that’s wrong,”
– Charles Ferguson (Last Night at the Oscars. His film “Inside Job” won the Oscar for Best Documentary – three years ago he was also nominated for his film “No End in Sight” about the US occupation of Iraq).

Instead of locking up the swindling Maserati driving bankers or even letting them go bankrupt, the government spent over $20 trillion bailing them out.

George H.W. Bush (George W. Bush’s father) wasn’t a great president but it was during his presidency that led to over a 1000 convictions in the Savings and Loans crisis of the 90’s. What a shame that President Obama actually puts Tim Geithner in charge – The wolves guarding the sheep get to decide now what’s for dinner.

Watch the Trailer:

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50 Statistics About the U.S. Economy

This is what government does to an economy. The US government has spent trillions of dollars (which it does not have – but will get by taxing the most hard working and productive workers in society or by borrowing from China, Japan, India, etc) to bail out Maserati driving bankers, wage war against countries that pose no threat to us (this is what breeds hatred against the US and creates terrorism), funding Israel’s ethnic cleansing. Until government stops meddling – there will be no free market nor an end to the recession – only bubbles.

50 Statistics About the U.S. Economy That Are Almost Too Crazy to Believe

Excerpt:

#15) 39.68 million Americans are now on food stamps, which represents a new all-time record. But things look like they are going to get even worse. The U.S. Department of Agriculture is forecasting that enrollment in the food stamp program will exceed 43 million Americans in 2011.

#14) Phoenix, Arizona features an astounding annual car theft rate of 57,000 vehicles and has become the new “Car Theft Capital of the World”.

#13) U.S. law enforcement authorities claim that there are now over 1 million members of criminal gangs inside the country. These 1 million gang members are responsible for up to 80% of the crimes committed in the United States each year.

#12) The U.S. health care system was already facing a shortage of approximately 150,000 doctors in the next decade or so, but thanks to the health care “reform” bill passed by Congress, that number could swell by several hundred thousand more.

#11) According to an analysis by the Congressional Joint Committee on Taxation the health care “reform” bill will generate $409.2 billion in additional taxes on the American people by 2019.

#10) The Dow Jones Industrial Average just experienced the worst May it has seen since 1940.

#9) In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.

#8) Approximately 40% of all retail spending currently comes from the 20% of American households that have the highest incomes.

#7) According to economists Thomas Piketty and Emmanuel Saez, two-thirds of income increases in the U.S. between 2002 and 2007 went to the wealthiest 1% of all Americans.

#6) The bottom 40 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.

#5) If you only make the minimum payment each and every time, a $6,000 credit card bill can end up costing you over $30,000 (depending on the interest rate).

#4) According to a new report based on U.S. Census Bureau data, only 26 percent of American teens between the ages of 16 and 19 had jobs in late 2009 which represents a record low since statistics began to be kept back in 1948.

#3) According to a National Foundation for Credit Counseling survey, only 58% of those in “Generation Y” pay their monthly bills on time.

#2) During the first quarter of 2010, the total number of loans that are at least three months past due in the United States increased for the 16th consecutive quarter.

#1) According to the Tax Foundation’s Microsimulation Model, to erase the 2010 U.S. budget deficit, the U.S. Congress would have to multiply each tax rate by 2.4. Thus, the 10 percent rate would be 24 percent, the 15 percent rate would be 36 percent, and the 35 percent rate would have to be 85 percent.

Read the rest at:

50 Statistics About the U.S. Economy That Are Almost Too Crazy to Believe

Bailout Tally: $4.28 Trillion So Far

We’re hearing of bailouts everyday, bailouts for every kind of industry – insurance, housing, mortgage, investment banks, credit card companies, automobile, etc. Even States are going insolvent and demanding federal bailouts now.

CNBC is keeping track of all the bailouts and where the money is going. Now the bailout has reached $4.28 trillion dollars.

“That’s $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources.”

Click the below link to see the line by line breakdown of where our taxes are going in this bailout that Naomi Klein calls “borderline criminal”.


CNBC: Financial Crisis Tab Already In The Trillions

Bankrupt States of America

Government spending has gone way out of control. More states cannot meet their expenses and are demanding federal bailouts from Washington. Here’s an article from the Washington Post:


Facing Shortfalls, States Seek Emergency Aid From Washington

Excerpts:

NEW YORK — First came the banks looking for a federal rescue plan to stay afloat. Next it was the automakers seeking a bailout. And now state governments say they, too, need emergency federal assistance to remain solvent.

“I believe that the crisis that is happening in the states needs to be elevated in the national discussion about restoring our economy,” said California state Assembly Speaker Karen Bass (D). “California is the world’s sixth-largest economy. And just as we cannot let the auto industry fail, we can’t let the state of California fail.”

Eight states — New Jersey, California, Kentucky, Missouri, Wisconsin, North Carolina, Rhode Island and Arkansas — are nearly solvent, with reserves to cover four to six months of average payments. And an additional six states fall into the seven- to 11-month range — Pennsylvania, Minnesota, Idaho, Illinois, Connecticut and Massachusetts.

How about just cutting back spending? Why not live within your means like you are supposed to?

A few months ago I wrote a post on how California is wasting our taxes, The state bureaucracies spend on prisons, useless programs to bring free phones to people, free health care to illegal aliens, etc.

Here’s an example from that post:

LAUSD wastes hundreds of millions on building schools which never get finished. LAUSD bureaucrats make as much as $300,000 plus benefits such as a car, housing, and expense accounts. LAUSD Principals make $99,000 up and Superintendents $250,000 and up and they don’t even teach anything.