The Silver Lining
In all of this, the Tea Party and Congress have pledged themselves to end the bailouts to the big guys while making life easier for the small entrepreneurs. While the small business are the ones that are doing most of the hiring in this country, life is still very tough for small businesses. However, the President appears to still favor his corporate fat cat friends who are hooked on the idea that corporate statism or state corporatism is the best way to manipulate the economy.
It is these ideas that will have to change and may be in the process of doing so. Particularly since Obama’s manipulations have failed to produce the jobs and growth that he promised. So as bad as things are in the economy and the stock markets around the world, could we be on the verge of an economic renascence of sorts in this country? Only time will tell.
Joe Biden Torches Mitt Romney For 'Flagrantly Dishonest' Jeep Ad
huffingtonpost.comWASHINGTON — Vice President Joe Biden tore into Mitt Romney on Wednesday for running ads with a widely debunked claim about Chrysler and General Motors shipping American jobs to China, saying it calls into question the character of the Republican presidential nominee.
During a campaign event in Sarasota, Fla., Biden called the latest ad one of the “most scurrilous” and “most flagrantly dishonest ads I can remember in my political career.” The worst part, he said, is that the ad actually caused workers to call United Auto Workers and ask if it was true.
“What a cynical, cynical thing to do,” Biden said of Romney.
The ads, which are being run on TV and on the radio, state that Chrysler and GM are shipping their jeep production overseas. A GM spokesman responded Tuesday with an unusually sharp rebuke, saying Romney has “clearly entered some parallel universe” and that it reflects “campaign politics at its cynical worst.” Similarly, a Chrysler spokesman said there was “no validity” to the ad. Instead, the spokesman said, the company is looking to open new factories in China to meet increasing demand there, a move that would not involve outsourcing American jobs.
Biden’s comments on Wednesday marked the first time he’s addressed the matter. He said he’s never heard of a corporation wading into a election in the final hours of a campaign to give a description of what a presidential candidate is doing. But he said GM’s response was right on the money.
“That’s the best description I’ve ever heard of the Romney/Ryan ticket,” Biden said.
The vice president said the ad calls into question something even greater about Romney: his character. He asked people to consider who they trust more in this election.
h/t: Huffington Post
So, How much money has the government given away to Wall Street since 2008?
$9.1 Trillion from the Federal Government
$2.5 Trillion from the Treasury
$1.5 Trillion from the FDIC
$1.4 Trillion from a joint effort from the FDIC, Treasury, and Government
+ $300 Billion from a Housing Bill, which was primarily pork barrel legislation
__________________
$14.7 Trillion
+ Interest
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= $16,100,000,000,000
That’s more than twice every war that the United States has waged in its lifetime, combined.
Source: It Takes a Pillage; Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street by Nomi Prins
Sen. Sanders Releases Explosive Bailout List
readersupportednews.orgMore than $4 trillion in near zero-interest Federal Reserve loans and other financial assistance went to the banks and businesses of at least 18 current and former Federal Reserve regional bank directors in the aftermath of the 2008 financial collapse, according to Government Accountability Office records made public for the first time today by Sen. Bernie Sanders (I-Vt.)
On the eve of Senate testimony by JPMorgan Chase CEO Jamie Dimon, Sanders released the detailed findings on Dimon and other Fed board members whose banks and businesses benefited from Fed actions.
A Sanders provision in the Dodd-Frank Wall Street Reform Act required the Government Accountability Office to investigate potential conflicts of interest. The Oct. 19, 2011 report by the non-partisan investigative arm of Congress laid out the findings, but did not name names. Sanders today released the names.
Trust me, it’s infuriating. Sanders is a true champion for Wall St. reform.
“Can we all agree that a $1 billion swindle represents a lot of money, and the fact that Citigroup agreed last week to pay a $285 million fine to settle SEC charges for “misleading investors” demonstrates a damning admission of culpability? So why has Robert Rubin, the onetime treasury secretary who went on to become Citigroup chairman during the time of the corporation’s financial shenanigans, never been held accountable for this and other deep damage done to the U.S. economy on his watch?”
— There is more to read ====>A teachable moment
blogs.reuters.comI typed up a few words at Reuters.com about how we undervalue our teachers.
