Posts Tagged ‘Economic effects’

The economic mess and structural problems in EU and USA – Part 2

23 januari, 2013

This is the second part about USA. Again, It ain’t pretty to say the least!

Where the same absurd Alice in Wonderland economic and political farce is playing out in the USA. And as in Europe it is, as usual, the common people who are paying the price.

And as in Europe, the US crisis is anything but over regardless of what the political elites are trying to tell the people in USA. In USA the role of ECB is played by the FED (the Federal Reserve), which creates money out of “thin air” to support the gigantic and increasing debt. And to keep the stock market going and lower the price of the dollar.

So that the federal US government can spend your tax money like a drunken sailor.

(See my posts:                                      

The US election – Yes we have NO bananas

How Obama loves the poor SOOO MUCH, especially the black, that they have had the largest single drop in income ever

In three graphs – Obama Economics)

All graphs get bigger when you click on them

USA_jobs2

                                                 USA

In USA, Goldman Sachs and the other investment banks, plus the big Hedge Funds, are pushing leverage to ridiculous and dangerous extremes.

If you read the Comptroller of the Currency, Administrator of National Banks, report for the second quarter 2012 “Quarterly Report on Bank Trading and Derivatives Activities”, you get utterly horrified of the totals of the open derivatives positions in the US market.

Four of the largest U.S. banks are walking an extreme tightrope of risk, leverage and debt when it comes to derivatives.  Below you are going to find just how utterly exposed they are.

But first what is leverage?

Most people do not understand “leverage” and what it actually means. If they did, they would not sleep at night knowing what’s going on right now.

To put it simple: leverage means that these banks etc use a leverage of say 1:50 or 1:100 in their speculations. Which means that they only put up 1 of their own dollars for an investment worth 50 or 100 dollar. Their dollars are “worth” 50 or 100 times more than they actually are.

It ALSO means that IF “things” goes wrong way they LOSE 50 or 100 dollars for every dollar they invested in that trade or position. Or much, much more.

And usually when things goes wrong, it goes very fast when it comes to trading with these kind of leverages. So very quickly, these sums get astronomical. In a couple of days they can literally lose ALL their capital and more.

Nov deficit

 This has happened time and time again. Just to mention a few:

–         Lehman Brothers (was the 4th largest inv. bank in the US).

–          Bear Stearns

–          American International Group

–          Northern Rock (a medium-sized British bank)

–          Washington Mutual

–          American Savings and Loan

–          Landsbanki and Glitnir

–          Barings Bank

–          Société Générale

–          JP Morgan Chase & Co

–          Morgan Stanley

–          Long-Term Capital Management L.P. (LTCM)

As I said before, this is JUST A VERY SHORT LIST

Avalanche

This would not per se be a problem if this were a truly free and capitalist market. Because then these banks would go bankrupt and the owners and investors would lose their money. As they are supposed to do if the do bad business or trades.

But as we all know, this is NOT a free and capitalist market.  Our “dear” politicians have “decided” that these banks with all their wild speculations are too important or to big, to be allowed to fail.

 So instead, they have used taxpayer’s money and put whole countries at risk and in extreme debt just to bail out these banks.

And the banks knows that whatever speculations they do, REGARDLESS of how much or bad they speculate, and as you can see below their speculations are horrific, the politicians are going to bail them out with our tax money.

JP Morgan Chase

Total Assets: $1,812,837,000,000 (just over 1.8 trillion dollars)

Total Exposure To Derivatives: $69,238,349,000,000 (more than 69 trillion dollars)

 Citibank

Total Assets: $1,347,841,000,000 (a bit more than 1.3 trillion dollars)

Total Exposure To Derivatives: $52,150,970,000,000 (more than 52 trillion dollars)

Bank Of America

Total Assets: $1,445,093,000,000 (a bit more than 1.4 trillion dollars)

Total Exposure To Derivatives: $44,405,372,000,000 (more than 44 trillion dollars)

Goldman Sachs

Total Assets: $114,693,000,000 (a bit more than 114 billion dollars)

Total Exposure To Derivatives: $41,580,395,000,000 (more than 41 trillion dollars)

To sum up – TOTAL EXPOSURE TO DERIVATES for ONLY these four banks:

 207, 375, 086, 000, 000 TRILLION DOLLARS!!!!!!!!!!!

TOTAL ASSETS for these four banks:  4,720,464,000,000 TRILLION DOLLARS

So they can “cover” 2,27 % of the Total Exposure with ALL their Assets!

So who is going to pay for the “rest”:  202, 654, 622, 000, 000  TRILLION DOLLARS!!!!!!!!!!! if anything goes wrong?

EmployRecNov2012

Well, we know the answer to that doesn’t we. So far, it’s the common people, i.e. the taxpayers, who had to cover for all the banks bad speculations thanks to our dear politicians.

Take another look at those figures for Goldman Sachs.  If you do the math, Goldman Sachs has total exposure to derivatives contracts that is more than 364 times greater than their total assets!

That is utter insanity, but everyone just keeps pretending that the emperor actually has clothes on.

And why are “our” politicians SO EAGER to protect these speculators?

To put these GIGANTIC sums into perspective lets compare with the GDP from USA and all of EU from 2011

There a lot of different way to calculate GDP and the figures for each year. Add to that exchange fluctuations, conversion rates etc. So the figures below comes from the same source (IMF) to make the comparison easier.  And it is their conversion.

GDP USA 2011 – 15,094,025 billion US dollars

GDP EU 2011 –  17,610,826 billion US dollars

Total GDP for EU and USA 2011: 32,704,851 billion US dollars.

Lets compare these 32,704,851 billion US dollars with TOTAL EXPOSURE TO DERIVATES for  these four above mentioned banks:

207, 375, 086, 000, 000 TRILLION DOLLARS!!!!!!!!!!!

VS

32,704,851 billion US dollars in COMBINED GDP of EU and USA

Anyone see any problem???

Problem solved all right. So just move on, nothing to notice here or worry about.

Because according to out “dear” politicians, bankers and political elites from EU and USA there is NO SERIOUS PROBLEM HERE. The problems in USA and EU are more or less solved etc.

So the ones that put as in the mess in the first place, very “reassuringly” tells us: “We take care of it”.

Yeah sure!

mrzSpendaholic2

Let’s move on to another “bright spot” –the federal budget and debt. The figures are based on the 2012/2013 data:

2012 US Tax Revenue: $2,469,000,000,000

2012 Federal budget: $3,796,000,000,000

2012 Budget deficit: $1,327,000,000,000

US Federal Debt as of January 22, 2013: $16,471,084,067,491

Total interest paid on the debt in 2012: $359,796,008,919

Budget INCREASE between 2012 and 2013: $38,500,000,000

mrzWhat is the

To make these gigantic sums understandable here is how these figures would look like for a “normal” family:

Annual family income: $24,690

Annual family expenses: $37,960.  154% of the annual family income.

Annual family shortfall borrowed from friends/neighbors etc: $13,270.  54% of the annual family income.

Total interest the family paid last year: $3,598 (at near 0% interest).  Nearly 15% of the annual family income

Total family debt (mortgage, auto, credit card): $164,471.This is   666% of the annual family income.

Change in family spending this year: an increase of $385

This looks like a very responsible family wouldn’t you say?

And do you think this family would get any loans from the banks?

When you look at it this way, it really seems absurd. Yet it’s true… a slow motion train wreck. That any person with more than one functioning brain cell can see coming miles away.  Except our “dear” politicians. They are in ACTUAL FACT increasing the spending AND the debt.

Foodstamps%20Oct

Here’s another way to look at the debt ceiling I found in a paper. It’s very symptomatic:

Let’s say you come home from work and find there has been a sewer backup in your neighborhood… and your home has sewage all the way up to your ceilings.

What do you think you should do?

Raise the ceilings, or remove the crap?

Well, or “dear” politicians are franticly at an increasing speed trying to raise the ceiling at the same time as the “sewage” is increasing EVEN MORE.

Yeap, there you have politicians in a nutshell.

Why fix the problem that they themselves caused, when the politicians can pretend that they are the giver of all gods and bearer of all gifts to all the people all the time.

And it doesn’t cost anything for anybody. It’s ALL free forever. And they all lived happily ever after.

Sounds like a wonderful fairytale doesn’t it?

On that “cheerful” note, I stop here.

mrzOur children

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The US election – Yes we have NO bananas

8 november, 2012

I could talk at length of the different aspects of this election and the result. But I will not. That would require a long essay. And that is for another time. So it’s just going to be a quick comment (well sort of), and follow up to my post The betrayal of journalism and the first amendment by the mainstream media in USA

It is a very sad day indeed to see a people voluntarily decide to throw themselves and their country over the cliff.

Let’s look at the economy (the figures are from the Congressional Budget Office):

In the Fiscal Year 2011, the federal government collected $2.303 trillion in tax revenue. Interest on the debt that year totaled $454.4 billion, and mandatory spending totaled $2,025 billion. In sum, mandatory spending plus debt interest totaled $2.479 trillion –. exceeding total revenue by $176.4 billion.

(Mandatory spending includes entitlements like Medicare, Social Security etc. which are REQUIRED by law to be paid. Congress in practical terms do not see this money, it is automatically deducted.)

For the Fiscal Year 2012, which just ended 37 days ago, that deficit increased 43% to $251.8 billion.

In other words, they could cut the entire Federal Government’s discretionary budget – No military, SEC, FBI, EPA, DHS, IRS, etc.- and they would still be in deficit by a quarter of a trillion dollars.

(Discretionary spending includes nearly everything we think of related to government- the US military, the Department of  Homeland Security, IRS, EPA etc.)

The only thing showing any growth in the US, besides the debilitating regulatory burdens, is the national debt. It took over 200 years for the US government to accumulate its first trillion dollars in debt. It took just 286 days to accumulate the most recent trillion (to $16 trillion).

Last month alone, the first month of Fiscal Year 2013, the US government accumulated nearly $200 billion in new debt in just 31 days.

And the numbers will only continue to get worse. 10,000 people each day begin receiving mandatory entitlements. Fewer people remain behind to pay into the system. The debt keeps rising, and interest payments will continue to rise even more. In addition, the dollar is going to decline.

The result, the US government is legally bound to spend more money on mandatory entitlements and interest than it can raise in tax revenue. It will not make any difference how high the federal, state or local government raise taxes, or even if they cut everything.

Another effect of Obama economics is that the poor are getting poorer, especially the black.  Under Obama the poorest Americans has suffered the single largest drop in income ever.

And the Black Americans in the same lowest income quintile have suffered almost double as the average American in the same quintile under Obama:

The drop is – 11.58% in one year (2010) and is at the lowest level ever.

That’s what I call “change”! But I would not call it “hope”.

And the number of people classified as poor are getting larger and larger.

See also my posts

How Obama loves the poor SOOO MUCH, especially the black, that they have had the largest single drop in income ever

In three graphs – Obama Economics

America, You are at a tipping point and you have your last change to stop it – Part 10

America, You are at a tipping point and you have your last change to stop it – Part 9

America, You are at a tipping point and you have your last change to stop it – Part 8

America, You are at a tipping point and you have your last change to stop it – Part 7

America, You are at a tipping point and you have your last change to stop it – Part 6

America, You are at a tipping point and you have your last change to stop it – Part 5

America, You are at a tipping point and you have your last change to stop it – Part 4

America, You are at a tipping point and you have your last change to stop it – Part 3

America, You are at a tipping point and you have your last change to stop it – Part 2

America, You are at a tipping point and you have your last change to stop it – Part 1

Why, Mr President, are you deliberately destroying the American way and committing economic harakiri?

And then of course we have the very disastrous Obama Care.  I wrote 34 posts about it. You can read them here:

Obama Care 34 – Which system do YOU thinks works best?

Obama Care 33 – President Obama is a willful and certified liar

Obama Care 32

Obama Care 31

Obama Care 30

Obama Care 29

Obama Care 28

Obama Care 27

Etc…

Obama Care

Then on top of that, we have the equally disastrous foreign policy. Where the Obama administration systematically have thrown their former allies (Eastern Europe, Britain, Israel, Egypt, Saudi Arabia  etc) under the bus, and helped parties like the Muslim Brotherhood that hate everything that USA and the western world stands for, to power.

See my 19 posts on Syria etc as some examples of that disastrous foreign policy:

How the Assad regime with the help of Russia, Iran, China and Hezbollah transformed peaceful protester to fighters

Here is links to all my posts

Russia’s solution for Syria – More Carpet bombing and Total Destruction

I could go on with many more examples but I think I will stop here.

But as the old saying goes (Joseph de Maistre in a letter from St Petersburg August 1811): a country has the politicians/government that they deserve.  So enjoy!

In addition,  this quote from a reader’s commentary in The Prager Zeitung in March 2010 (translated from Czech) sums it up quite well really:

Multitude of Fools

The danger to America is not Barack Obama but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president.

The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the prince of the fools should not blind anyone to the vast confederacy of  fools that made him their prince. The Republic can survive a Barack Obama, who is, after all, merely a fool.

It is less likely to survive a multitude of fools such as those who made him their president.“

P.S. If you are wondering about the title, see this video with music by Spike Jones. There is another long story behind the lyrics but that you have to find out yourself. D.S.

Spike Jone – yes we have no bananas

http://www.youtube.com/watch?v=jT6JkceQ9FU

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The Real Story behind Durban/COP 17 through Twitter

11 december, 2011

The traveling UN circus is over for this time. This was the 17th show on the road so far.

Some highlights:

 – ‘they are supposed to be saving the planet and they can’t even run a meeting…

 – Everything here is a study, there is nothing tangible

Awkward silence as Russian delegate asks what we just decided on

He still doesn’t understand what’s going on w docs. No one else does either, but they want to go home

decisions passed more due to exhaustion/lack of clear communication, not active consent

I have written extensible about the blatant hypocrisy from the UN pack and their jet set allies, this traveling circus that fly around the globe in first class, or private jet, stay in hotel rooms at $700-800 per night in spa resorts, and gets wined and dined at expensive restaurants.

All of this of course paid by us, the normal people.

While they at the same time preach austerity, frugality and sacrifice from us, the taxpayers.

This blatant hypocrisy is so mind numbing that it would be laughable if it weren’t for the fact that these people have the power to force us to obey them.

They are a truly parasitic class in the sense that Karl Marx wrote about it.

How ironic that today most of this class is leftists and so called “liberals”.

And here are the inner workings of this parasitic class, described live from people in the conference, via twitter feeds.

I think it sums it all up very well.

Any one that has been to any of these marathon meetings/conferences in the UN or EU, I have, instantly recognizes the very familiar settings and how “things” proceed.

My bold and underline

http://twitter.com/#!/BBCRBlack/status/145534592613490688

Heard in corridor #cop17 – ‘they are supposed to be saving the planet and they can’t even run a meeting…

http://twitter.com/#!/ecotist/status/145558495180226560

Watching the plenary at #COP17 now … totally FUBAR

http://twitter.com/#!/ElizabethMay/status/145555729598775296

Plenary at #COP17 resuming amid serious confusion over texts

http://twitter.com/#!/iansully/status/145610040299102208

the guy sat next to the Malaysian delegate is falling asleep on the #cop17 tele, while his negotiator speaks – we all know how he feels

http://twitter.com/#!/LungelwaKunene/status/145575365518168064

Having a plenery meeting trying to reach consensus and delegates are debating the position of brackets!! Really?!! Bleh!!

http://twitter.com/#!/lmdo/status/145604459228172289

”We should rename this … studies. Everything here is a study, there is nothing tangible” -Nicaragua

http://twitter.com/#!/BBCRBlack/status/145572635223392256

How to close the gap in new draft #cop17? ‘Launch a work plan’ with no end date

http://twitter.com/#%21/BBCRBlack/status/145503363142926336

Overheard #cop17 outside closed room; “that is the ‘what the heck do we do now?’ meeting

http://twitter.com/#%21/LangBanks/status/145494508723896320

#COP17 #climate update: no new developments other than to say there are far fewer people here now + they all keep checking their watches!

http://twitter.com/#!/vdblt/status/145700322050981888

Awkward silence as Russian delegate asks what we just decided on.

http://twitter.com/#!/NastasyaTay/status/145699913752248321

#Russiaraises flag again. He still doesn’t understand what’s going on w docs. No one else does either, but they want to go home.

http://twitter.com/#!/nagidapc/status/145699734621921281

Feeling disillusioned with the UN process- decisions passed more due to exhaustion/lack of clear communication, not active consent

http://twitter.com/#!/ChrisWright162/status/145698756489261056

President smashing out the decisions quicker than delegates can rush out the door to catch their flights

Here is Christopher Monckton going through the real agenda in Durban. In their own words.

And this is the real danger, in all these small prints and haggling over words and commas; the people driving this Global Warming Hysteria successfully advance their agenda one sentence and paragraph at a time.

Fully knowing that the delegates at these conferences, as it gets closer to the end of the meting, they just want to adopt “something” and go home so they can say publicly that they achieved anything (se above on the twitter feeds).

That’s when you can push trough your agenda when most people are just exhausted. Ant they know that most people, especially politicians, don’t read these very lengthy documents with all small print and all the paragraphs and sub paragraphs.

The politicians leave that to their “bureaucrats”. So the “bureaucrats” are very much in control of “the show”. And can push their own agenda.

The report is here:

Ad Hoc Working Group on Long-Term Cooperative Action Under the Convention,November 29 2011

http://unfccc.int/resource/docs/2011/awglca14/eng/crp38.pdf

Monckton’s post here:

http://wattsupwiththat.com/2011/12/09/durban-what-the-media-are-not-telling-you/

Durban: what the media are not telling you

”DURBAN, South Africa— “No high hopes for Durban.” “Binding treaty unlikely.” “No deal this year.” Thus ran the headlines. The profiteering UN bureaucrats here think otherwise. Their plans to establish a world government paid for by the West on the pretext of dealing with the non-problem of “global warming” are now well in hand. As usual, the mainstream media have simply not reported what is in the draft text which the 194 states parties to the UN framework convention on climate change are being asked to approve.

Behind the scenes, throughout the year since Cancun, the now-permanent bureaucrats who have made highly-profitable careers out of what they lovingly call “the process” have been beavering away at what is now a 138-page document. Its catchy title is “Ad Hoc Working Group on Long-Term Cooperative Action Under the Convention — Update of the amalgamation of draft texts in preparation of [one imagines they mean ‘for’] a comprehensive and balanced outcome to be presented to the Conference of the Parties for adoption at its seventeenth session: note by the Chair.” In plain English, these are the conclusions the bureaucracy wants.

The contents of this document, turgidly drafted with all the UN’s skill at what the former head of its documentation center used to call “transparent impenetrability”, are not just off the wall – they are lunatic.”

Main points:

Ø A new International Climate Court will have the power to compel Western nations to pay ever-larger sums to third-world countries in the name of making reparation for supposed “climate debt”. The Court will have no power over third-world countries. Here and throughout the draft, the West is the sole target. “The process” is now irredeemably anti-Western.

Ø “Rights of Mother Earth”: The draft, which seems to have been written by feeble-minded green activists and environmental extremists, talks of “The recognition and defence of the rights of Mother Earth to ensure harmony between humanity and nature”. Also, “there will be no commodification [whatever that may be: it is not in the dictionary and does not deserve to be] of the functions of nature, therefore no carbon market will be developed with that purpose”.

Ø “Right to survive”: The draft childishly asserts that “The rights of some Parties to survive are threatened by the adverse impacts of climate change, including sea level rise.” At 2 inches per century, according to eight years’ data from the Envisat satellite? Oh, come off it! The Jason 2 satellite, the new kid on the block, shows that sea-level has actually dropped over the past three years.

Ø War and the maintenance of defence forces and equipment are to cease – just like that – because they contribute to climate change. There are other reasons why war ought to cease, but the draft does not mention them.

Ø A new global temperature target will aim, Canute-like, to limit “global warming” to as little as 1 C° above pre-industrial levels. Since temperature is already 3 C° above those levels, what is in effect being proposed is a 2 C° cut in today’s temperatures. This would take us halfway back towards the last Ice Age, and would kill hundreds of millions. Colder is far more dangerous than warmer.

Ø The new CO2 emissions target, for Western countries only, will be a reduction of up to 50% in emissions over the next eight years and of “more than 100%” [these words actually appear in the text] by 2050. So, no motor cars, no coal-fired or gas-fired power stations, no aircraft, no trains. Back to the Stone Age, but without even the right to light a carbon-emitting fire in your caves. Windmills, solar panels and other “renewables” are the only alternatives suggested in the draft. There is no mention of the immediate and rapid expansion of nuclear power worldwide to prevent near-total economic destruction.

Ø The new CO2 concentration target could be as low as 300 ppmv CO2 equivalent (i.e., including all other greenhouse gases as well as CO2 itself). That is a cut of almost half compared with the 560 ppmv CO2 equivalent today. It implies just 210 ppmv of CO2 itself, with 90 ppmv CO2 equivalent from other greenhouse gases. But at 210 ppmv, plants and trees begin to die. CO2 is plant food. They need a lot more of it than 210 ppmv.

Ø The peak-greenhouse-gas target year – for the West only – will be this year. We will be obliged to cut our emissions from now on, regardless of the effect on our economies (and the lack of effect on the climate).

Ø The West will pay for everything, because of its “historical responsibility” for causing “global warming”. Third-world countries will not be obliged to pay anything. But it is the UN, not the third-world countries, that will get the money from the West, taking nearly all of it for itself as usual. There is no provision anywhere in the draft for the UN to publish accounts of how it has spent the $100 billion a year the draft demands that the West should stump up from now on.

The real lunacy comes in the small print – all of it in 8-point type, near-illegibly printed on grubby, recycled paper. Every fashionable leftist idiocy is catered for.”

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How Obama loves the poor SOOO MUCH, especially the black, that they have had the largest single drop in income ever

15 september, 2011

The Census Bureau has just published it latest Income and poverty data for U.S.(2010). The data goes back to 1967.

The report here:

Income, Poverty, and Health Insurance Coverage in the United States: 2010

http://www.census.gov/prod/2011pubs/p60-239.pdf

                         Another hole in one!

It is really a terrifying reading – Under Obama the poorest Americans has suffered the single largest drop in income ever.

Take a look at this chart (done by Justin Hart, http://ihartpolitics.com/?p=308) –

It shows the % change in the lowest quintile median incomes, the poorest Americans, from 1968 (in 2010 dollars)

And the drop is – 6.04% in one year (2010)

And then let’s have a lock at Black Americans in the same lowest income quintile.

They have suffered almost double as the average American in the same quintile under Obama:

The drop is – 11.58% in one year (2010) and is at the lowest level ever.

That’s what I call “change”! But I wouldn’t call it “hope”.

Some other highlights in the name of hope and change:

– Median household money income for the nation was $49,400 in 2010, a decline of 2.3 percent from 2009, in real terms.

– The 2010 official poverty rate for the nation was 15.1 percent, up from 14.3 percent in 2009, with 46.2 million people in poverty, an increase of 2.6 million since 2009. The highest percentage since 1993 (15.1%) and 1982 (15.2%), and the largest number in the 52 years for which poverty estimates have been published.

The 2010 official poverty rate for blacks was 27.4 percent, up from 25.8 percent in 2009, with 10.7 million people in poverty, an increase of 731 000 since 2009. The highest percentage since 1996 (28.4%), and the largest number in 17 years.

– The decline of Real Median Household Income among the15 to 24 years was – 9.3%.

                               Are you extremists?

Obama had three pillars that swept him to power – huge turnout among young (under 30), Hispanics and Blacks. Now the young and Hispanics are gone, down to 43-44% as the rest of the population. So he is toast.

But the blacks are still overwhelmingly behind Obama (around 81%).

The obvious question is why? Since under Obamas “eminent leadership” they have had the biggest drop in income and living standard ever. Not to mention skyrocketing unemployment.

With so much “hope” and “change”, I guess that’s why he is so “popular”.

____________________________________________

A quick update on September 27 to my post:

I wrote:

“Obama had three pillars that swept him to power – huge turnout among young (under 30), Hispanics and Blacks. Now the young and Hispanics are gone, down to 43-44% as the rest of the population. So he is toast.

But the blacks are still overwhelmingly behind Obama (around 81%).

The obvious question is why? Since under Obamas “eminent leadership” they have had the biggest drop in income and living standard ever. Not to mention skyrocketing unemployment.

With so much “hope” and “change”, I guess that’s why he is so “popular”.

Well, it seems that the blacks have started catching on because now Obama is losing the blacks too in a BIG Way

According to a Washington Post/ABC News survey, his favorability rating among blacks has dropped off a cliff, plunging from 83 percent five months ago to a mere 58 percent today a drop of 25 points!

In the election of 2008, he was able to increase black’s participation from 11 percent of the total vote in 2004 to 14 percent. And he carried 98 percent of them.

Way to go Obama!

                Click on the graphs for a larger image

                        Jobb aproval economy

                              State of the country

Some more revealing graphs of Obama economics

This graph shows the job losses from the start of the employment recession, in percentage terms – this time from the start of the recession. This is by far the worst post WWII employment recession.

This graph shows the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers). A very high level.

This graph shows the number of workers unemployed for 27 weeks or more. The level is extremely high.

 

                                          It was Bush’s fault!              

            

See also some of my previous posts:

Hey Obama – You don’t pay your bills so why should I?

In three graphs – Obama Economics

Why, Mr President, are you deliberately destroying the American way and committing economic harakiri?

America, You are at a tipping point and you have your last change to stop it – Part 1

America, You are at a tipping point and you have your last change to stop it – Part 5

America, You are at a tipping point and you have your last change to stop it – Part 6

America, You are at a tipping point and you have your last change to stop it – Part 8

America, You are at a tipping point and you have your last change to stop it – Part 9

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America, You are at a tipping point and you have your last change to stop it – Part 7

2 november, 2010

                All these lies about Obama Care

I have written extensively and for a long time about Obama care (see Obama Care 1 – 34, https://uddebatt.wordpress.com/tag/obama-care/)

These are the “representatives” that rammed through the Obama Care, the financial bill, etc., against the will of the people. They don’t care about the constitution, and they don’t know the difference between the declaration of Independence and the Constitution; and they don’t care that they don’t know.

Together with all the people in congress who voted for this bill. This is EXACTLY WHAT THEY WANTED AND INTENDED with this bill. But to get it through Congress they gladly and willfully lied through their teeth and ears, they even gladly put their lies in writing.

Why? Because they are ramming through their political agenda which they have been waiting and planning so long for to be able do.

I, and many, many others told you so before the Obama  Care “reform” was rammed through at all costs  against the will of the American people.

We where told by House Speaker Nancy Pelosi “We have to pass the bill so you can find out what’s in it

Well, we REALLY did find out a lot of things, and remember it’s just the beginning:

It’s going to ruin states, it’s going to be ENFORCED by IRS, close hospitals, fewer doctors, rationing (the new government agency, the Medicare Advisory Board, Section 3403 of the senate bill, that is going to decide (ration) what kind of Medicare you are going to receive), cuts in Medicare, increase the health care costs for companies by billions (and who do you think is going to pay for that?), etc. etc.

And then there were ALL these kickbacks, bribes and pork barrel spending in there to get the bill through at ALL COST.

And worst of all, the blatant hypocrisy from this new nomenklatura:

President Obama declared that the new health care law ”is going to be affecting every American family.” Except his own, of course.

The new health care law exempts the president from having to participate in it. Leadership and committee staffers in the House and Senate who wrote the bill are exempted as well.

Meanwhile, we STILL await Mr. Obama’s explanation why if his ”historic” health care law is so great for America, it’s not good enough for him and his family.

And remember – They DELIBERATELY PULLED THE TRIGGER ON THIS LOADED GUN knowing fully well “most” of the consequences.

 

Here are just a few articles:

Lost in Taxation – The IRS’s vast new ObamaCare powers..

http://online.wsj.com/article/SB10001424052748704518904575365223062942574.html?mod=WSJ_Opinion_carousel_2

Reform’s Nasty Little Surprises

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=530171

The ObamaCare Writedowns—II Democrats blame a vast CEO conspiracy. .

http://online.wsj.com/article/SB10001424052702304370304575151760348759360.html

America‘s New Nomenklatura

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=528809

The ObamaCare Writedowns – The corporate damage rolls in, and Democrats are shocked!.

http://online.wsj.com/article/SB10001424052748704100604575146002445136066.html

Obamacare bait & switch

http://www.washingtontimes.com/news/2010/mar/27/the-obamacare-bait-and-switch/

The Last Line of Defense between ObamaCare and Kansans

http://www.americanthinker.com/2010/03/the_last_line_of_defense_betwe.html

Obamacare’s health hazard – Implementing new law represents danger for Democrats

http://www.washingtontimes.com/news/2010/sep/30/obamacares-health-hazard/

In Obamacare Wonderland – Courts reject key defense for the individual mandate

http://www.washingtontimes.com/news/2010/oct/15/in-obamacare-wonderland/

ObamaCare and Voters – Clinton and Obama told Democrats it would be popular. Whoops.

http://online.wsj.com/article/SB10001424052702303284604575582394262243272.html

The reality is that voters who oppose ObamaCare are far more knowledgeable about the law and its consequences than most Congressmen who voted for it.”

So which system do you thinks works best?

                                              Old System

                                        New Obama Care

 Obama’s “Big Lies” Get Bigger

http://www.rasmussenreports.com/public_content/political_commentary/commentary_by_howard_rich/obama_s_big_lies_get_bigger

“..the top actuary at the Centers for Medicare and Medicaid revealed that millions of American seniors will have to pay increased out-of-pocket health care costs next year for “less generous benefit packages” as a direct result of Obamacare.”

“Last month, a Kaiser Family Foundation report showed that family health care costs are up by 14 percent in 2010 – with even larger increases forecast for future years, again as a result of Obamacare.

“Health reform mandates new levels of coverage that will increase employers’ costs at least until 2014,” a Kaiser analyst noted.

Beyond higher costs, “Obamacare” is already reneging on government promises regarding prescription drug plans – another benefit that never should have been subsidized by taxpayers. According to a study released earlier this year by Avalare Heath, as many as 3.7 million seniors could be forced out of their prescription drug coverage under the new law next year – ostensibly so the government can provide them with “more meaningful choices.”

All across the country, Obamacare’s costly new mandates are driving Americans out of their existing coverage and forcing them to pay increased out-of-pocket expenses – perpetuating the worst inefficiencies of government-run health care.

“This much is clear: If the law with its expensive mandates remains on the books, millions of Americans are going to lose the health care plans they have now — plans the president repeatedly promised they could keep,” Jeff Jacoby of The Boston Globe wrote recently.”

Make the candidates sign The Repeal Pledge at http://www.TheRepealPledge.com

Repeal Obama care. Watch the video here where doctors are calling for the repeal: http://www.youtube.com/watch?v=Ef0WPOhtvkY

Rasmussen’s final pre-election poll on the repeal of Obamacare shows that independents favor repeal by the colossal margin of 45 points (70 to 25 percent).

Health Care Law

http://www.rasmussenreports.com/public_content/politics/current_events/healthcare/health_care_law

“Eighty-four percent (84%) of voters who have health insurance rate their coverage as good or excellent. Only two percent (2%) describe it as poor. Among voters with health insurance, 60% favor repeal of the health care law.”

“As has been the case since the health care debate first began to heat up in September 2009, there is a large divide between the Political Class and Mainstream voters.  Seventy-six percent (76%) of Mainstream voters favor repeal of the health care law, while 76% of the Political Class are opposed.

Seventy-nine percent (79%) of voters in the Political Class say the law will be good for the country. Seventy-four percent (74%) of Mainstream voters disagree.“

“Voters now rank health care second on a list of 10 important issues regularly tracked by Rasmussen Reports.  The economy continues to be the most important issue on voters’ minds. “

Bleak Prognosis

http://www.investors.com/NewsAndAnalysis/Article/551437/201010221913/Bleak-Prognosis.htm

Health Care: The more we know about ObamaCare, the more we find out it wasn’t designed to cut costs but to eventually eliminate private insurance coverage and create a government-run system.

Provisions of the Democrats’ health care overhaul started to become law only a month ago, yet the list of companies dropping medical benefits for their employers is piling up.

Mega-firms such as AT&T, Caterpillar, John Deere and Verizon are among those that are either considering ending coverage for their employees or have already chosen to do so.

It’s not just the big companies eliminating benefits, either. Smaller employers are doing the same. Larry M. Elkin, president of Palisades Hudson Financial Group, wrote Thursday in the Business Insider: ”For 15 years, I have taken pride in paying the full cost of health insurance for every full-time Palisades Hudson employee who wanted it. This month marks the last time I will do that.”

Elkin said that every one of his employees has the option of staying on the company plan. But those who choose that route ”will have to pay the entire cost — ranging from $574 to $683 per month — themselves, through payroll deductions.”

And where will those who don’t opt for staying on the company plan go? Maybe they end up leaning on the government along with the 46 million or so other uninsured Americans the Democrats are trying to cover.”

“As the debate over ObamaCare raged, Americans were assured by the president himself that those of us who like our insurance plans would be able to keep them. But workers will not only lose their employers’ plans due to their employers’ increasing costs under the law, they will also be losing coverage because carriers are dropping some of the policy options they offer.

WellPoint, Cigna, CoventryOne, Humana, Blue Cross and Blue Shield, Aetna and Golden Rule have, for instance, announced that they will no longer sell child-only policies under the Democrats’ health care regime.”

In some cases — the Principal Group and its 840,000 customers is one example — carriers are dropping out of the health insurance market entirely.

Meanwhile, McDonald’s and 29 other companies told Washington that ObamaCare was going to force them to drop insurance coverage for some workers. Had those companies not been granted federal waivers from the requirement that they raise the minimum annual benefits of their low-cost health plans, roughly 1 million Americans would have been added to the rolls of the uninsured.

Don’t think it can’t get worse, because under the Democrats’ ill-thought-out plan, it will. Large pieces of ObamaCare that will make the system painfully expensive and increase federal intrusion still haven’t become law. The next Congress needs to get focused fast on stopping the march toward costly, substandard care.”

Economic Effects of the March Health Legislation

http://cbo.gov/ftpdocs/119xx/doc11945/USC10-22-10.pdf

Congressional Budget Office director Doug Elmendorf on Obama Care: ObamaCare includes work disincentives likely to shrink the amount of labor used in the economy.

Factoring in additional demand for workers in health care and insurance, CBO estimates that “the legislation, on net, will reduce the amount of labor used in the economy by roughly half a percent,” he said. (For perspective, half a percent of current payrolls is 651,000 jobs, though the impact would show up in both fewer jobs and fewer hours worked.)

Obamacare R.I.P.

http://www.washingtontimes.com/news/2010/oct/29/obamacare-rip/

Perhaps the most comprehensive critique can be found in ”Fresh Medicine,” a new book by Tennessee Gov. Phil Bredesen, a Democrat. In a year in which he isn’t even running for re-election, Mr. Bredesen pulls few punches. ”Congress and the Obama administration have just added over 30 million people into an obsolete and broken system and done little to address the underlying problems; in multiple ways, they’ve made them worse,” he wrote. ”Worse” is an understatement. Lower quality health care, higher costs, more complexity and more regulations would be Obamacare’s legacy.

 The American people have a chance to stop it from happening. Just as the drubbing of congressional Democrats in 1994 in the wake of the Clinton gun ban has kept overt gun-control measures out of the national spotlight, the 2010 drubbing could kill the desire for health care nationalization once and for all. Already, 71 percent of voters in Missouri have approved a ballot measure that will block implementation of Obamacare at the state level. Big votes tomorrow on similar constitutional amendments in Arizona, Colorado and Oklahoma will make it clear once and for all that Obamacare is not long for this world.”

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