Look who's bailing out Detroit!

YOU ARE:

“Obamacare has been designed to allow blue cities like Detroit to over-spend on behalf of the public sector and then divert the cost to the American taxpayer, who has no vote or control over the city’s financial decisions.”

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The Sick Truth About 401(k)'s Finally Sinks In

Posted by Ann Barnhardt - December 12, AD 2011 4:22 PM MST

Possession is nine-tenths of the law.

Judging from my email inbox, many of you are realizing EXACTLY what that old adage means right about now. Many of you have requested to liquidate your 401k accounts, and your employers won’t let you do it. I had no problem doing it because I am self-employed and thus I was my own “plan administrator”.

So, this nasty business brings us around to a very nasty, but inevitable question. Was that money ever yours, or has the entire 401k fiasco been nothing more than an underhanded, stealth confiscatory tax for the vast majority of folks who have participated in it over the years? I’d have to say, “affirmative” to the latter. If you are denied access to “your money”, then honey, it ain’t “your money” and never was. Many of you have been conned into working for a salary that was x percent less than what you were told, with “x” being the percent “contributed” to “your” 401k account. That "x percent" should be added to your marginal tax rate, because it is probably going to end up in the coffers of the United States Treasury by way of J.P. Morgan, Goldman Sachs, or HSBC, or one of the other big crypto-fascist banks, by way of London, just like the MF Global money.

If you're wondering to yourself who EXACTLY is going to "bail out Europe", or at least make a pathetic attempt at the mathematically impossible so that your friendly neighborhood American oligarchs have enough time to get themselves pre-positioned for the collapse, YOU ARE, MY LITTLE CHICKADEES.

If you are one of the many, many people, or as TPTB call you, "bourgeois, bitterly clinging trash", stuck in this con, the only things you can do are:

A.) CEASE ALL NEW CONTRIBUTIONS IMMEDIATELY.

B.) If there is a loan option attached to your 401k program, take out the maximum possible loan and set up the SLOWEST possible repayment schedule.

C.) Never again enter into an arrangement wherein “your money” is unavailable to you and is anything less than completely liquid.

Possession truly is nine-tenths of the law, and under a lawless Marxist-Communist-Fascist government where the rule of law no longer exists (such as we are in now), possession is closer to ten-tenths of the law.

U.S. taxpayers likely lost $1.3 billion in the government bailout of Chrysler, the Treasury Department announced Thursday!

CNN Money: U.S. loses $1.3 billion in exiting Chrysler

If this deal goes through, GM will essentially be sold to the government of China...

Motor Trend:

How could our government let this happen?

Inside The Deal To Sell GM to China’s SAIC

Uncovered: New $2 billion bailout in Obamacare

BELTWAY CONFIDENTIAL

Nigel Farage: man on fire

If you watched Glenn Beck Monday night you will definitely remember UKIP leader Nigel Farage who survived an attempt on his life May 6 and lived to thrill freedom lovers everywhere when he told off the European Parliament last October.



Today he warns us that the EURO empire is collapsing!

A $10 billion teacher bailout bill that is on a fast track to congressional approval is paid for, in part, with a $3.3 billion cut in defense programs!

From Marine Corp Times ...

It’s amazing to watch the civil libertarians hide when Democrats propose the most sweeping intrusions of privacy in generations

Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds

...one of every four dollars produced by the sweat of American private labor is now taxed and redistributed by 535 men and women in Congress

Mr. Obama's major contribution to deficits has been a record spending spree

The tragedy is that Mr. Obama's fiscal conversion is coming a year too late, assuming it is now real. If the President and his party really are serious, they can do more than promise a spending freeze after 2012. They can stop spending more now: Drop the health-care bill, cancel the unspent stimulus spending from last year, kill the $150 billion new stimulus that has already passed the House, and bar all repaid bailout cash from being re-spent. Everything else is marketing.

Printed in The Wall Street Journal, page A14

Read the whole thing: The Obama Fisc

Instead of bringing real change, Obama’s plans seem more likely to do the opposite of what he says he wants...

Obama said that large financial institutions almost ruined the U.S. economy because they took “huge, reckless risks in pursuit of quick profits and massive bonuses.” Unfortunately his latest solution, long on political rhetoric and short on substance, is likely to make the financial system more fragile and more susceptible to government bailouts.

You do not have to be a financial genius to figure this out.

Read the whole thing

How President Obama tries to fool the public

This has been the president's theme: His so-called stimulus package, bailouts for politically connected banks and industries, ludicrously wasteful programs like Cash for Clunkers, etc. have saved America from the greatest disaster since the Great Depression.

But this theme runs up against some rather unfortunate facts...

Success No Matter What

Be a part of history: Thousands of taxpayers plan to storm Washington, D.C., in a three-day event

Just one day after President Obama plans tries to recapture the initiative in the health-care debate with a speech to a joint session of Congress, thousands of taxpayers plan to storm Washington, D.C., in a three-day event to take their fight against excessive spending, bailouts, growth of big government and soaring deficits to the front door of the U.S. Capitol.

In a major movement unaffiliated with – but inspired by – Fox News' Glenn Beck's 9-12 Project, called the National Taxpayer Protest, thousands of Americans are answering the call and traveling to make their voices heard at Capitol Hill. Sept. 10 marks the kickoff of the three-day march on Washington.

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We are all Socialists now

Newsweek said it. We are all Socialist now. And Hugo Chavez made comments to his Cuban ally Fidel Castro that they are more conservative than comrade Obama.

Here’s the deal. If your State takes bailout money, the Federal Government owns it. ‘Well, Foxwood, what does that mean?’ That means your State loses it’s State’s Rights. Your State no longer has a State Constitution. YOU LIVE IN A SOCIALIST/COMMUNIST COUNTRY, YOU MORON!

And your Governor can’t just say no to the bailout money. There is a provision in this bailout that allows your state legislation to override your Governor. This is what is happening in South Carolina right now. Your state is next.

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Bank bailout may hurt taxpayers, be open to fraud

WASHINGTON (AP) -- Taxpayers are increasingly exposed to losses and the government is more vulnerable to fraud under Obama administration initiatives that have created a federal bank bailout program of "unprecedented scope," a government report finds.

In a 250-page quarterly report to Congress, the rescue program's special inspector general concludes that a private-public partnership designed to rid financial institutions of their "toxic assets" is tilted in favor of private investors and creates "potential unfairness to the taxpayer."

The report, which examines the six-month old, $700 billion Troubled Asset Relief Program, is scheduled for release Tuesday.

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Reading the tea leaves

One emerging theme is the absence of press coverage, especially at the national level. For some reason, reporters and editors believe it is not news when thousands of people, all around the country, gather to protest the government's bailouts, trillions in debt, etc. And yet, when a mere forty people turned out in Connecticut for an ACORN-sponsored bus tour of homes owned by AIG executives, there were more media people covering the event than there were people on the bus. So let's see: conservative and libertarian opposition to the government's economic initiatives--not news. Far left opposition to the government's economic initiatives, no matter how few participate--that's news. But of course, not a single person reading this will be surprised.

Read all of them.

The Real AIG Outrage

President Obama joined yesterday in the clamor of outrage at AIG for paying some $165 million in contractually obligated employee bonuses. He and the rest of the political class thus neatly deflected attention from the larger outrage, which is the five-month Beltway cover-up over who benefited most from the AIG bailout.

Taxpayers have already put up $173 billion, or more than a thousand times the amount of those bonuses, to fund the government's AIG "rescue." This federal takeover, never approved by AIG shareholders, uses the firm as a conduit to bail out other institutions. After months of government stonewalling, on Sunday night AIG officially acknowledged where most of the taxpayer funds have been going.

Since September 16, AIG has sent $120 billion in cash, collateral and other payouts to banks, municipal governments and other derivative counterparties around the world. This includes at least $20 billion to European banks. The list also includes American charity cases like Goldman Sachs, which received at least $13 billion. This comes after months of claims by Goldman that all of its AIG bets were adequately hedged and that it needed no "bailout." Why take $13 billion then? This needless cover-up is one reason Americans are getting angrier as they wonder if Washington is lying to them about these bailouts.

You will understand all if you take the time to read this!

Thousands gather for 'Tea Party'

Thousands of people filled Fountain Square this afternoon for the Cincinnati Tea Party, a grassroots-effort designed to show their disapproval for bailouts and the massive federal stimulus plan. People wore Revolution-era costumes and raised anti-bailout signs with messages like "Give us Liberty, not debt" and "No more bailouts." ...

The rally at Fountain Square was one of dozens staged across the country.

PowerLine reports