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Gary Edwards

The American Spectator : The Boehner Debt Deal and the Govt. Shutdown - 0 views

spectator.org/...the-boehner-debt-deal-and-the

Banksters Federal-Reserve-Bank-Cartel national-debt-Ceiling Boehner-banksters banksters

shared by Gary Edwards on 29 Jul 11 - No Cached
  • Gary Edwards on 29 Jul 11
     
    Speaker Boehner continues to insist on negotiating with himself.  CCB solves the crisis and sets us on an unwavering path towards fiscal responsibility.  It's passed the House and is but a few votes short in the Senate.  Instead of forcing the Senate vote, Boehner continues to insist on tweaking more of the same establishment rot that got us into this predicament. So, if Mr. Boehner insists on the insanity of negotiating with himself, here are some useful rules for successful negotiation.   #1.  He who writes first wins ..... #2.  He who speaks last loses ..... Advice to Boehner; the way to win at negotiation, even if caught in the improbable situation of trying to out negotiate yourself, is to shut up and be happy that you wrote (and passed) CCB first. ~ge~
Gary Edwards

Mish's Global Economic Trend Analysis: Boehner's Credibility Gone in Revised Proposal; ... - 1 views

globaleconomicanalysis.blogspot.com/...edibility-gone-in-revised.html

Mish Federal-Reserve-Bank-Cartel Banksters national-debt-Ceiling Boehner-banksters banksters

shared by Gary Edwards on 29 Jul 11 - No Cached
  • Gary Edwards on 29 Jul 11
     
    Best Deal You Can Get? Notice the rank and file starting to cave in to Boehner's gaseous proposal. Rep. Steve Chabot, R-Ohio called it "the best deal we can get." No it's not. It's not even the best deal you can't get. The Senate will not go along, so there is nothing to get. As long as you are going to submit proposals you can't get, you may as well make it a good one. $950 billion over 10 years is not a good deal. It's not even a down payment on a good deal, and with that, Boehner just pissed away his credibility. In the end, something will pass. But it will not do a damn thing credible to reduce the deficit. Reid's plan and Boehner's plan are both back-loaded. Republicans had a golden opportunity to attempt to extract some major concessions in return for tiny tax concessions. Instead, they are going to settle for nothing. This fiasco is exactly why Republicans need someone like Chris Christie running for president. No one else has managed to show any leadership.
Paul Merrell

Americans on Wrong Side of Income Gap Run Out of Means to Cope - 0 views

www.moneynews.com/...544365

financial-collapse income inequality statistics Obama Boehner

shared by Paul Merrell on 02 Jan 14 - No Cached
  • “We’ve exhausted our coping mechanisms,” said Alan Krueger, an economics professor at Princeton University in New Jersey and former chairman of President Barack Obama’s Council of Economic Advisers. “They weren’t sustainable.” The result has been a downsizing of expectations. By almost two to one — 64 percent to 33 percent — Americans say the U.S. no longer offers everyone an equal chance to get ahead, according to the latest Bloomberg National Poll. The lack of faith is especially pronounced among those making less than $50,000 a year, with close to three-quarters in the Dec. 6-9 survey saying the economy is unfair.
  • The diminished expectations have implications for the economy. Workers are clinging to their jobs as prospects fade for higher-paying employment. Households are socking away more money and charging less on credit cards. And young adults are living with their parents longer rather than venturing out on their own. In the meantime, record-high stock prices are enriching wealthier Americans, exacerbating polarization and bringing income inequality to the political forefront. Even independent government agencies like the Securities and Exchange Commission and the Federal Reserve have been dragged into the debate.
  • “The basic bargain at the heart of our economy has frayed,” Obama said in a Dec. 4 speech in Washington. “This is the defining challenge of our time: Making sure our economy works for every working American.” Democratic lawmakers also intend to press next year for a higher minimum wage to tackle the yawning gap between rich and poor, Durbin said. Republicans aren’t ceding the issue. “The American dream is certainly more in doubt than in decades,” House Speaker John Boehner of Ohio said in response to Obama’s speech. “But after more than five years in office, the president has no one to blame but himself.”
  • ...11 more annotations...
  • Income inequality has been rising more or less steadily since the mid-1970s. The Gini coefficient, a broad-based measure of inequality, stood at a record high last year, according to Census Bureau data dating back 46 years.
  • Women who became unemployed during the recession and its aftermath have been slower to find new positions. Among women losing jobs they’d held for at least three years between January 2009 and the end of 2011, 50 percent were re-employed by the start of 2012, while the share for men was 61 percent, according to a Bureau of Labor Statistics report released in February. Households turned to stepped-up borrowing to help make ends meet, until that avenue was shut off by the collapse of house prices. About 10.8 million homeowners still owed more money on their mortgages than their properties were worth in the third quarter, according to Seattle-based Zillow Inc. The fallout has made many Americans less inclined to take risks. The quits rate — the proportion of Americans in the workforce who voluntarily left their jobs — stood at 1.7 percent in October. While that’s up from 1.5 percent a year earlier, it’s below the 2.2 percent average for 2006, the year house prices started falling, government data show.
  • “The middle has really collapsed,” said Lawrence Katz, an economics professor at Harvard University in Cambridge, Massachusetts, and a former chief economist at the Labor Department in Washington. Even those with college degrees are having trouble keeping up, he said. While they earn more than those with less schooling, they’ve seen no real wage growth in recent years. The median income of men 25 years of age and older with a bachelor’s degree was $56,656 last year, 10 percent less than in 2007 after taking account of inflation, according to Census data.
  • It’s the richest of the rich who are reaping the most benefit as an increasingly interconnected and technologically sophisticated world puts a premium on those perceived to have the highest skills — a phenomenon dubbed “winner take all” by Cornell University Professor Robert Frank. Government policies also play a role. The Treasury Department, for instance, taxes capital gains racked up by the wealthy on the sale of shares, bonds and other assets at about half the rate of ordinary income. The top 1 percent captured 95 percent of the gains in incomes in the first three years of the recovery, based on analysis of tax returns by Saez. Those less well-off, meanwhile, are running out of ways to cope. The percentage of working-age women who are in the labor force steadily climbed from a post-World War II low of 32 percent to a peak of 60.3 percent in April 2000, fueling a jump in dual-income households and helping Americans deal with slow wage growth for a while. Since the recession ended, the workforce participation rate for women has been in decline, echoing a longer-running trend among men. November data showed 57 percent of women in the labor force and 69.4 percent of men.
  • The disparity has widened since the recovery began in mid-2009. The richest 10 percent of Americans earned a larger share of income last year than at any time since 1917, according to Emmanuel Saez, an economist at the University of California at Berkeley. Those in the top one-tenth of income distribution made at least $146,000 in 2012, almost 12 times what those in the bottom tenth made, Census Bureau data show. Economists have posited a variety of explanations for the growing differences in incomes. Manufacturing companies moved once high-paying jobs abroad, to China and elsewhere. Technological advances led to the loss of clerical and office work, especially relating to routine tasks. The decline of unions — 11.3 percent of workers were represented in 2012 compared with 20.1 percent in 1983 — has advantaged bosses at the expense of their employees.
  • Millennials — adults aged 18 to 32 — are still slow to set out on their own more than four years after the recession ended, according to an Oct. 18 report by the Pew Research Center in Washington. Just over one in three head their own households, close to a 38-year low set in 2010. Obama has proposed a raft of policies to attack the widening wage gap — from simplifying the tax code and increasing exports to enhancing worker training and boosting pre-kindergarten education. Yet in a divided Washington he hasn’t made much progress pushing them through. The president’s renewed focus on income inequality has more to do with politics than policy, said Douglas Holtz-Eakin, president of the American Action Forum, a self-described center- right institute in Washington.
  • “It’s great politics to demagogue income distribution and complain about the rich getting ahead and the poor falling behind,” said Holtz-Eakin, a former Congressional Budget Office director. “The substance of what he’s actually done doesn’t match the enormity of the problem as he’s portrayed it.”
  • The wage-gap debate has reverberated to other parts of Washington, as the SEC published a rule Sept. 18 that would compel public companies to reveal pay ratios between chief executives and their employees. While businesses have decried the requirement as overreach, some investors welcome the data as a way to help assess a company’s health.
  • Across companies in the S&P 500, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, according to data compiled by Bloomberg in April. The Fed also has been caught up in the debate over growing income disparities. Lawmakers from both parties have questioned whether its bond-buying policy, called quantitative easing, has benefited the rich at the expense of those less well-off by boosting prices of stocks and other assets.
  • The S&P 500 stock index has risen 29 percent in 2013. The richest third of U.S. households account for 89 percent of all equities ownership, according to the Center for Retirement Research at Boston College.
  • Janet Yellen, nominated to take over as Fed chairman next year, defended the central bank’s actions at a Senate Banking Committee hearing on Nov. 14. “The policies we’ve undertaken have been meant to generate a robust recovery,” Yellen told the committee. The growing calls for action to reduce income inequality have translated into a national push for a higher minimum wage. Fast-food workers in 100 cities took to the streets Dec. 5 to demand a $15 hourly salary.
  • Paul Merrell on 02 Jan 14
     
    Monetary policy of, by, and for banksters continues in the U.S. One irony is that banksters press for transition to an all digital currency so that savers can be penalized, a blatant "trickle-up"economic policy, whilst also pressing for more bank bailouts, wielding the thoroughly-discredited "trickle down" economic theory. But "trickle down" theory, in the context of bank bailouts, has not successfully trickled down and the only beneficiaries have been the few Americans who can still invest in the stock market, paying the highest dividends to the wealthiest among us. Has their ever been a time when the stock market's behavior has been so divorced from the well-being of the middle and lower economic classes? I doubt there has been at least in the last 50 years. Where would we be if the bank bail-out trillions had instead been mailed as checks to the middle and lower economic classes? "Trickle up" works and that is what built the American economy to its peak in inflation-adjusted dollars -- an affluent middle class. But do not expect leadership from Washington, D.C. in correcting income inquequality; only political rhetoric and a fight over extension of unemployment benefits, now lapsed. "According to the World Bank, the GINI coefficient "measures the extent to which the distribution of income or consumption expenditure among individuals households within an economy deviates from a perfectly equal distribution." Therefore it is used as an indication of income inequality within countries. ... In the late 2000s, Chile had the highest GINI coefficient, after taxes and transfers, among OECD member countries. The United States, Turkey and Mexico came right before it. At the other end of the scale, Slovenia, Denmark and Norway led the ranking with the lowest levels of income inequality." http://www.gfmag.com/tools/global-database/economic-data/11944-wealth-distribution-income-inequality.html#ixzz2pGpv4xGZ Higher minimum wages? How about instead abolishing the Feder
Gary Edwards

Porter Stansberry - Porter Stansberry: The crisis is officially here - 0 views

www.thedailycrux.com/...eml

Banksters Obammunism national-debt-Ceiling financial-collapse banksters

shared by Gary Edwards on 01 Aug 11 - No Cached
  • Gary Edwards on 01 Aug 11
     
    Today may be the last chance we have to save our country.  Congress and Obama must come up with $4 Trillion in short term spending cuts to save the dollar.  I don't see it happening.  Boehner and the Republican establishment traded away the Cut, Cap & Balance Bill before it was even passed.  And it was passed only to be immediately put in the dirt by Boehner, Reid and McConnell.  Instead they came up with the largest increase in borrowing power the US Treasury has ever seen, $2.4 Trillion, near immediately.  Then they baked in the end of the Bush tax cuts, the $1 Trillion porkulous addition to the budget, and, ObamaCare to guarantee the largest tax increase in US history. This is indeed the End of America. excerpt: Yes, it's for real. We've been wondering when the markets would wake up to the reality of the sovereign debt crisis. Today is the day… The action in the fixed-income markets this morning verged on collapse. Yields on the world's benchmark sovereign debt - the U.S. 10-year Treasury bond - plummeted. Investors panicked and moved into the market, which is the world's most liquid market. Meanwhile, just about everything else in fixed income got killed. Mortgage REITs were briefly "no bid," for example. Annaly - the blue-chip mortgage REIT - was down more than 15% at the open. (I'll explain why in a moment.) It was as if the world's fixed-income investors finally woke up and realized the world's economy has serious problems… which our politicians seem unable to address, let alone repair.
Gary Edwards

Why the Debt Crisis Is Even Worse Than You Think - BusinessWeek - 0 views

www.businessweek.com/...e-than-you-think-07272011.html

Banksters national-debt-Ceiling financial-collapse banksters

shared by Gary Edwards on 01 Aug 11 - No Cached
  • Gary Edwards on 01 Aug 11
     
    For all our obsessing about it, the national debt is a singularly bad way of measuring the nation's financial condition. It includes only a small portion of the nation's total liabilities. And it's focused on the past. An honest assessment of the country's projected revenue and expenses over the next generation would show a reality different from the apocalyptic visions conjured by both Democrats and Republicans during the debt-ceiling debate. It would be much worse. That's why the posturing about whether and how Congress should increase the debt ceiling by Aug. 2 has been a hollow exercise. Failure to increase the borrowing limit would harm American prestige and the global financial system. But that's nothing compared with the real threats to the U.S.'s long-term economic health, which will begin to strike with full force toward the end of this decade: Sharply rising per-capita health-care spending, coupled with the graying of the populace; a generation of workers turning into an outsize generation of beneficiaries. Hoover Institution Senior Fellow Michael J. Boskin, who was President George H.W. Bush's chief economic adviser, says: "The word 'unsustainable' doesn't convey the problem enough, in my opinion." Even the $4 trillion "grand bargain" on debt reduction hammered out by President Barack Obama and House Speaker John Boehner (R-Ohio)-a deal that collapsed nearly as quickly as it came together-would not have gotten the U.S. where it needs to be. A June analysis by the Congressional Budget Office concluded that keeping the U.S.'s ratio of debt to gross domestic product at current levels until the year 2085 (to avoid scaring off investors) would require spending cuts, tax hikes, or a combination of both equal to 8.3 percent of GDP each year for the next 75 years, vs. the most likely (i.e. "alternative") scenario. That translates to $15 trillion over the next decade-or more than three times what Obama and Boehner we
Gary Edwards

How to Avoid Blame and Maintain the GOP Brand as the Low-Tax Party | Western Free Press - 0 views

www.westernfreepress.com/...gop-brand-as-the-low-tax-party

ge Federal-Reserve Federal-Reserve-Bankster-Cartel Econ101 David-Leeper Western-Free-Press Libertarian

shared by Gary Edwards on 10 Dec 12 - No Cached
  • Gary Edwards on 10 Dec 12
     
    Lots of comments posted on this page.  Search for "Econ101" and "garylyn" to find my comments.  I have posted here a surprisingly extensive explanation of how i became a libertarian. excerpt: "How's this for a simple GOP strategy to avoid blame for fiscal-cliff tax-rate increases and seize the public relations initiative from an overconfident president? Pass two simple bills in the House.  Bill A extends current tax rates for those with incomes of $250,000 or less.  Bill B extends current tax rates for all the rest.  Keep both bills just that simple - include nothing else in either one.  Both will pass in the House thanks to the Republican majority. As the bills are moving to the Senate, Speaker Boehner holds a press conference and begins with a short address to the American public to promote both bills. First, Boehner points out that Bill A should pass the Senate promptly and be signed by the president.  Reid and Obama have promised as much. Second, the Speaker points out that Bill B will be likely be blocked in the Senate and/or on the president's desk.  Reid and Obama have (virtually) promised to do that too. "
Paul Merrell

Voters Say "Yes" to the Republican Who Said "No" to Wall Street | The Nation - 0 views

www.thenation.com/...blican-who-said-no-wall-street

Auction-2014 Libertarians Jones banksters neocons

shared by Paul Merrell on 07 May 14 - No Cached
  • House Speaker John Boehner and his cronies removed North Carolina Congressman Walter Jones from the House Financial Services Committee in late 2012, as part of a purge that removed Republicans who were not all in for Wall Street -- and for Boehner's brand of "service" to the industries that are supposed to be regulated by Congress -- from the one panel with the power to hold bankers and brokers to account. But Jones, who had opposed bank bailouts and favored Wall Street regulation, did not go quietly. He spoke up about the purge and made little secret of his sense that -- though he had split with Boehner on a number of issues -- his biggest "sin" in the eyes of the party leadership was his refusal to bow to the demands of big campaign donors. “This whole place is all about money. Money is more important than policy,” complained Jones, who has in recent years co-sponsored most major pieces of campaign-finance reform legislation in the House -- including a call for a constitutional amendment designed to restore the ability of federal, state and local officials to regulate campaign spending.
  • The congressman's bluntness did not go over well with the masters of the universe on Wall Street. So, this spring, they set out to purge Walter Jones from Congress altogether. They found a consummate DC insider with close ties to the financial-services industry, Taylor Griffin, and filled the challenger's campaign treasury with PAC checks from J.P. Morgan, Wells Fargo and Bank of America, as well as political powerbrokers like former Republican National Committee chairman Haley Barbour and Wayne Berman of the Blackstone Group. It did not stop there. Jones' independence extended far beyond debates over Wall Street bailouts and regulation. The Republican is a social and economic conservative -- make that a social and economic very conservative -- but he has repeatedly broken with the party establishment on issues of war and peace, privacy rights, trade policy and budgets. He even voted against proposals by the darling of Wall Street and the party establishment, Congressman Paul Ryan
  • Bush administration aides and apologists rushed in with public statements and "independent" expenditures to attack Jones for his opposition to wars in Iraq and Afghanistan, and for his refusal to go along with moves that might lead to wars with Iran and other countries. Former Bush White House spokesman Ari Fleischer gave his enthusiastic backing to Griffin, as did former national security adviser Juan Zarate. Sarah Palin, one of the party's most consistent militarists, came in big for Griffin, who hailed her as an "old friend." A neo-conservative group, the Emergency Committee For Israel, spent at least $250,000 on ads that claimed Jones "preaches American decline." What Jones actually said was that, “Lyndon Johnson’s probably rotting in hell right now because of the Vietnam War, and he probably needs to move over for Dick Cheney.” At the same time, the wealthy champions of Ryan's crony-capitalist approach to budgeting were in with big money for TV ads and direct mail from the "Ending Spending Action Fund" -- a super PAC backed by billionaire businessman Joe Ricketts. By a lot of DC measures, Jones should have been doomed.
  • ...1 more annotation...
  • But the ten-term congressman bet that the voters of eastern North Carolina would stick with him. “I’m not going to sacrifice my integrity for anyone or any party,” he said. “It’s the price you pay. I didn’t come (to Washington) to be a puppet for anyone. And I think the public back in my district, which is the most important, has seen I’m willing to do what I think is right.” It was the right bet. On Tuesday, Republican primary voters in eastern North Carolina decided to purge the Wall Street donors and the special interests. The reelected Walter Jones by a solid 51-45 margin.
Paul Merrell

How Wall Street Money Is Driving Out the Last Populist House Republican | The Nation - 0 views

www.thenation.com/...last-populist-house-republican

banksters Auction-2014 North-Carolina Jones Griffin

shared by Paul Merrell on 18 Apr 14 - No Cached
  • Congressman Walter Jones, a Republican who represents a wide swath of eastern North Carolina, might not strike you as a populist. But as a lawmaker, the veteran politician with a slow Southern drawl has become a gadfly in his own party for thumbing his nose at powerful political interests. He is the only GOP co-sponsor of the DISCLOSE Act, a measure to reveal the donors of dark-money campaign advertisements. He is among the loudest critics of the war in Iraq and Afghanistan, telling an audience one that “Lyndon Johnson’s probably rotting in hell right now because of the Vietnam War, and he probably needs to move over for Dick Cheney.” And Speaker John Boehner removed Jones from the House Financial Services Committee, which oversees Wall Street. His sin? Bucking leadership and supporting many bills to further regulate the financial sector, along with serving as the last remaining House Republican to have voted for the Dodd-Frank reform package. The Republican establishment has attempted to remove Jones from office by dispatching a number of primary challengers over the years. For this cycle, a former Bush administration aide named Taylor Griffin is the party favorite to finally wipe out Jones. Several outlets, such as Bloomberg News, have reported that Griffin’s candidacy is being heavily promoted by the financial industry. JPMorgan Chase, Bank of America, Wells Fargo and other banks helped fuel the $114,000 fundraising haul Griffin reported in his first campaign disclosure report. Earlier this week, a Super PAC financed in part by hedge fund titan Paul Singer went on air with a negative ad against Jones.
  • What hasn’t been reported, however, is that Griffin himself is a longtime political consultant for the biggest predators on Wall Street. Republic Report has obtained a disclosure report that shows that Griffin’s client list reads like a who’s who of financial interests that have preyed upon North Carolina families for short term gain.
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