The New Financial Overhaul Bill

By: T F Stern
T F Stern’s Rantings

It’s Wednesday and Obama is supposed to sign the new financial overhaul bill passed by the Democrats, a bill filled with new regulations. The content of the bill is not widely known; but as with other pieces of legislation, we’ll have to wait until it’s signed into law to find out the particulars.

“Large, failing financial institutions would be liquidated and the costs assessed on their surviving peers. Borrowers will be protected from hidden fees and abusive terms, but also will have to provide evidence that they can repay their loans.”

Wouldn’t it be nice if the pot calling the kettle black was held to the same standard? Congress with its inability to work within a budget would be liquidated. Taxpayers would be protected from hidden fees and abusive terms and Congress would have to provide evidence they could repay everything being spent.

Rumor has it one section of the bill calls for the elimination of red colored ink on negative spending. Favored substitute colors have yet to be announced; however a reliable source claimed Michelle Obama was leaning toward lilac. Looking at so many negative figures on the nation’s spread sheet has turned the public’s attitude against the Obama administration and Congress; red is definitely not a friendly color.

Public schools have found red ink causes poor students emotional stress and have substituted softer colors in order to make them feel better about themselves as they become potential members of society. The same concept will be implemented on congressional budgetary items previously referred to as deficit spending; in the future such negative spending will be called “potential growth spending.”

In other news, Obama and his advisors have decided to change the name of the nation’s capitol from Washington to something more upbeat. From now on Congress will meet in the Emerald City. A parade will be held in conjunction with Green Day to celebrate the limitless powers usurped by the Environmental Protection Agency. Dorothy, Tin Man, Scare Crow and Cowardly Lion will be attending, a reminder that any group of fools are capable of success. The car of choice for this year’s Parade Marshall is the all electric Chevy Volt. Toto will lead the way followed by a Horse of a Different Color; pay no attention to the man behind the curtain. I’m not sure about where to file this article; under government and history or more appropriately, fairy tales and other fiction.


Financial News Update – 07/21/2010


Long-term unemployment explodes to historic levels

It Begins: France and Germany Move Towards Unified Fiscal System

Competing currency being accepted across Mid-Michigan (Hat Tip: Jean Stoner)

CHART OF THE DAY: Here’s Why Ben Bernanke Thinks He Can Get Away With Massive Amounts Of Additional Stimulus

Bernanke: I’m Not Out Of Bullets

The Fed Charts That Show The True Nightmare Of Our Economy

Uh-Oh, German Bond Auction Flop

Here’s What The World’s Commodity King Is Saying About The Fate Of The Global Economy


Bernanke: ‘Unusually Uncertain’

Unemployment rate above 7% through Obama term

Poll Shows Voters Overwhelming Oppose New Taxes on Nation’s Oil and Natural Gas Industry

Taxpayer Tab for Fannie, Freddie, Other Housing Bulges by $700 Billion

The Statist Truth About China

The 10 Most Expensive Cities In The World

Grantham: Deflationary Forces Just Punched Out Inflation

Let’s Start A Third World War To Save The Global Economy

The Early Look: Your 10-Second Overnight Wrap

Here Are The 5 Reasons Why This Sovereign Debt Crisis Really Is Different

Banks Can’t Hold Back Highend Mortgage Foreclosures For Long

David Rosenberg Explains His Investing Mantra: S.I.R.P.

Anthony “The Cocoa Man” Ward Reveals Why He Ordered 240,000 Tons Of Cocoa

Chinese Central Bank Warns Of ‘Relatively Large’ Property Collapse This Year

Why The New Fetish For “Black Swan Insurance” Means Markets Are BEGGING For Another Crisis

The Economic Case Against the Death Tax

Cap & Trade, Crime Inc, and Maurice Strong (Hat Tip: Jean Stoner)

US financial system support up $700 bln in past year-watchdog (Hat Tip: Brian B.)

GOP filibuster stopped, paving way for jobless benefits for 2.5 million Americans

AP: Obama’s radical policies killing more jobs

Economic Myths, Redux (Again and Again and Again)

The 10 Most Unemployed States in America

GREAT NEWS: Most Young Americans Expect Social Security To Collapse

Want To Know Why Banks Aren’t Lending? Just Look At Romania

Here’s Why You Can’t Afford To Invest In Asia Anymore

Americans coming to terms with U.S. bankruptcy

Dealergate, social justice & the Obama job-killing machine

Obama to sign Dodd-Frank monstrosity today

Bernanke Says Fed Prepared to Act as Needed to Aid U.S. Growth

Fannie Subpoenas to Show $30B Bad Mortgages, Rosner Says

Sallie Mae Tumbles as Student Loan Originations Drop

REVEALED: Secret Gold Coin Tax Slipped Into Health Care Law

New Jersey takes over Atlantic City casino district


Gov’t watchdogs: Mortgage program not working

Wall Street Fumes At White House Fin Reg Rebuke



Dormant accounts to fund ‘big society’ bank.

King World News interviewed John Williams of ShadowStats.

Nearly half of North Carolina’s state-chartered banks ‘troubled’

The Real US Unemployment Rate Could Be 25% Or More

US Consumer Confidence Slides To Lowest In A Year

The Geography of a Recession (Now updated through May, 2010)

Stocks Slump on Weak Revenue for Goldman, IBM

Home Construction Sinks to Lowest Level Since October

Desperate Retailers Push Christmas in Summertime


The Calculated Attempted Smear of Breitbart, Beck and Fox

In my opinion this whole thing is an attempt to smear Breitbart, Fox News and Glenn Beck. Well, it backfired on the White House and the NAACP. Here are the latest updates…

Call Off the Beer Run… Obama Distances Himself from Radical Sherrod

Surprise. Congressional Black Caucus Supports Racist Sherrod

Andrew Breitbart Debates Far Left Crank Eric Boehlert on GMA (Video)

Team Obama May Give Job Back to Racist Marxist NAACP Speaker Sherrod

Breaking: NAACP President Was In Attendance at Sherrod Speech (Video)

Breitbart to Hannity: “NAACP Tarred Tea Party Movement” (Video)

Prominent Black Activist Admits Branding Tea Party Racist Is Effective Tool For NAACP & Democrats

Vilsack Stands Behind His Decision to Fire Racist NAACP Speaker Shirley Sherrod …Update: White House Says They Did Not Pressure Sherrod

Poll: Should Obama’s USDA re-hire Shirley Sherrod?


From AJ:

The NAACP is operating as an arm of the Democrat Party and White House. The letter obtained by Andrew Breitbart reveals the plan to alledge that the Tea Party is racist in order to motivate voters to cast their votes for Democrats in the November 2010 election. The author of the letter is certain that their race-war strategy is working.

How do you feel about the Democrats’ strategy to manipulate you as a voter and to send out the NAACP to deliver such a vile allegation of racism against the Tea Party?

The NAACP laughs while Reverend Wright schools us on the difference in white and black clapping. Why did the NAACP members condone Reverend Wright’s racism against whites?

A NAACP member says “that’s right!” when Sherrod talks about the white farmer showing his superiority. Why did the NAACP members condone the first part of Sherrod’s story which described racism against the white farmer?

Regarding the racism and voter intimidation committed by the New Black Panthers, the NAACP chose not to condemn it and instead claimed the Tea Party is racist.

It says a lot about the NAACP that racism is acceptable to them… as long as the racism is against whites.

Now take a look at what the Tea Party does when they encounter a racist on the street:

What has President Obama said about “white folks,” including his own writings in his own books?

What has our U.S. Attorney General said about race?


Secret DSAer? Abercrombie’s Denial Raises More Questions

By: Trevor Loudon
New Zeal

In response to my July 12 article exposing evidence he had been a member of the Democratic Socialists of America, the campaign committee of former Democrat Congressman Neil Abercrombie, now contending for the Governorship of Hawaii, has posted an online denial which reads:

The latest wave of rumors and attacks are lame attempts to link Neil Abercrombie to a socialist group. See the facts below.

QUESTION: Was Neil a member of the Democratic Socialists of America or any other socialist or communist organization?

ANSWER: NO. Neil has never been part of any socialist or communist organization. These rumors are being spread by Neil’s political opponents and conspiracy theorists including those behind the so-called “birther” movement who continually claim that President Obama was not born in the U.S.

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None of this explains why the D.S.A.’s Democratic Left newspaper, November/December 1990 issue, page 4, describes, “DSAer Democrat Neil Abercrombie seeking to regain the House seat representing Honolulu, Hawaii and Vermont independent socialist Bernie Sanders…”

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In the 1990s, many high ranking Democrat public officials were members of Democratic Socialists of America, including New York Mayor David Dinkins, NYC City Councilor Ruth Messinger, Congressmen Ron Dellums (California) and Major Owens (New York). It was common for ” DSAers” to belong to the Democratic Party at that time and be identified as such.

Today, Illinois Democratic Congressman Danny K. Davis is also a member of Democratic Socialists of America and is often referred to in the organization’s literature as a “DSAer.”

“DSAer” is the usual term used by D.S.A. members to refer to other members. There are many examples of this terminology used in the Democratic Left. In every case, those described as “DSAers,” were able to be confirmed as D.S.A. members. If Abercrombie’s denial is to be believed, he would be the one and only exception.

Note the clip below, from Democratic Left, Summer 2006, page 15. Former Congressman Ron Dellums is referred to as a “DSAer.”

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In this clip from the Democratic Left, Summer 2006, page 3, former Congressman Major Owens is named as a D.S.A. member, while serving Congressman Danny K. Davis is referred to as a “DSAer.”

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Note that in the 1990 article, Bernie Sanders who has not been a card-carrying D.S.A. member, was called an “independent socialist,” while Abercrombie is named as a “DSAer Democrat.” This indicates the editors of the Democratic Left were choosing their words carefully and making a distinction between the two.

Clearly Democratic Socialists of America regarded Neil Abercrombie as a member of their organization.

D.S.A. also lists Neil Abercrombie’s wife Nancie Caraway as a member of the Democratic Socialists of America Feminist Commission. She was not only a member, but a nationally-recognized D.S.A. leader — apparently without publicly acknowledging the association in Hawaii. If she were on the board of directors of a corporation while her husband held Federal office, this would constitute illegal concealment of a conflict of interest. It is noteworthy that Abercrombie campaign’s flat denial does not say a single word about Caraway.

1985 D.S.A. Feminist Commission Directory, page 2:

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Neil Abercrombie’s apparent involvement with Democratic Socialists of America, did not end in the 1990s. Below is an except from a Winter 2006 Democratic Left article, page 4 on D.S.A. support for Congressman Bernie Sanders.

Note the reference to Democratic Socialists of America member and former Maine State Legislator, Harlan Baker as a “DSAer.”

Neil Abercrombie is mentioned as one of those attending a D.S.A. Political Action Committee fund raising party in the home of the late Stewart Mott, in benefit of Congressman Sanders.

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There appears to be strong documentary evidence that Neil Abercrombie was indeed a member of the Marxist D.S.A. and maintained ties to that organization at least as late as 2006.

Abercrombie’s emphatic denial, in the face of documentary evidence to the contrary, raises the stakes considerably.

Now it also becomes an issue of ethics and credibility.

Here are some questions for Abercrombie and Caraway:

• If Neil Abercrombie was never a member of Democratic Socialists of America, why did Democratic Left’s editors indicate otherwise?
• How does Abercrombie explain the 16-year record of his involvement in D.S.A. activities?
• Is the erstwhile First Lady of Hawaii still a member of D.S.A.?
• Has she ever openly acknowledged her D.S.A. membership to a Hawaii audience or publication?

The voters of Hawaii deserve to know the answers.


Records show Boise using government resources to influence ballot election

Idaho Freedom Foundation
News release: July 20, 2010
Contact Wayne Hoffman (208) 921-6749

BOISE — Records obtained through the state’s Public Records Act show Boise city officials are engaging in campaign activity on the taxpayers’ dime, attempting to win passage of a constitutional amendment on the November ballot. The Idaho Freedom Foundation filed a public records request in June, asking for documents related to House Joint Resolution 5. HJR 5, if approved during the November general election, would allow cities to debt finance airport projects without a vote of the people.

“The documents clearly illustrate that the city is using public resources to advocate the passage of a ballot measure,” said Wayne Hoffman, executive director of the Idaho Freedom Foundation. “Our city halls, county and state offices and school districts should not be mini-electioneering factories working to promote the passage or failure of the issues on the ballot. Whether or not the city has broken the law is not the issue. It clearly has violated the public’s trust through the misuse of public resources.”

Among the documents are notes from a March 22 meeting of city officials including Mayor Dave Bieter and top aides. According to the meeting agenda and handwritten notes from the meeting, the mayor and his staff discussed the formation of a political action committee, fundraising for the organization and who would serve on its board.

In April, the state Legislative Services Office asked the city to develop statements for or against HJR 5 for the Secretary of State’s election publications. City staff came up with two statements to educate voters why they might oppose the amendment: the fact that the amendment removes the supermajority vote requirement for all debt projects and that all airport funds “are public in nature and should require a supermajority vote.” But when the city submitted its proposed statements to Legislative Services on April 23, it left out any potential statements that voters might consider to oppose the amendment. The city submitted six statements in support of the amendment.

“In case you were wondering why no AGAINST statements are included, it’s because we couldn’t come up with any good ones,” wrote Ross Borden, the city’s director of intergovernmental affairs, in his email to Mike Nugent, the director of legislation and research for the Legislative Services Office.

A June 11 email from Bieter to mayors and airport managers throughout Idaho clearly shows the city’s interest is the passage of the amendment. In the email, Bieter asks for a meeting of city leaders “so we can discuss ways to work together to pass this important amendment.”

On Tuesday, the Boise City Council is supposed to consider spending $60,000 to “educate” the public about HJR 5.

“The city is trying to label its effort as ‘education.’ Clearly, that’s not the objective. The city is attempting to use public resources to influence the outcome of an election, and that’s an inappropriate use of government resources,” said Hoffman.