A President Of Excess

Barack Obama

U.S. President Barack Obama, has come to symbolize excess in what should have been an age of austerity in America, to correct the nation's financial ills. The country is facing the worst financial crisis in modern times, yet the President spends lavishly on expensive vacations, engorged banks with an unprecedented infusion of taxpayer cash that they are hording, rather than putting it back in the economy and is gearing up for another White House decreed stimulus bill, according to statements being released from U.S. Treasury Secretary, Timothy Geithner.

In spite of all this record spending, the economy has not recovered by any stretch of the imagination, two years into his term. The national job and housing reports released this week attest to this painful fact. However, the White House, with Congress in tow, continues along the same path of financial imprudence and wasteful spending. I shudder to think what this endeavor is going to look like in two years, as the current numbers are not pretty.

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The Government Twists Jobs Report To Hide Losses

Barack Obama

The latest jobs report for December 2010 has been released and it shows a small up-tick in hiring. However, the Obama Administration is touting it as job growth, when the numbers are mostly comprised of seasonal workers hired for Christmas.

The real issue at hand, high unemployment, still exists and needs to be addressed. The government is not doing enough in this regard. No safety measures were implemented to insure recipients of stimulus funds, put the money to good use in hiring people in an efficient, effective and prudent manner.

The funds have not been distributed properly and evenly, causing massive imbalances that favor the rich, all at the taxpaying public's expense. People are hurting, as they are without unemployment, yet the government keeps handing out money to corporations with no genuine, immovable guidelines to spur job growth.

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Unemployment Up To 9.8%

Barack Obama (center)

Unemployment in America escalated to 9.8 percent, to the shock of mainstream economists and analysts. The U.S. economy is still hemorrhaging jobs and not replacing them at an acceptable rate to compensate. The latter is due to stimulus and TARP funds being criminally misappropriated and wasted. Banks are also sitting on a fortune in bailout money. The creativity needed to create the jobs is simply not present in government.

Government Wastes $700,000 Studying Cow Burping

"Got milk burp?"

An article on the Union Leader website revealed, the U.S. government is wasting taxpayer money, paying researchers to watch cows burp. Yes, seriously. This madness is inexplicably happening during a financial depression. Burpgate is one of many examples of stimulus waste occurring all over the nation, as the Obama Administration has disproportionately distributed taxpayer dollars on frivolous items that will not stimulate the economy.

Personally, the Judiciary Report is not concerned with how cows burp and neither should the government. Let the beef burp, it is none of our business. The question should be how can we safely raise them and extract the most amount of meat, at the best price, to feed the population. For that one does not need a study, as farmers have been privy to this information for decades.

Do you know how many sensible jobs could have been created for $700,000. Rather than employing 1-2 university employees to watch cows burp, the government could have created 35 sensible, productive jobs paying $20,000 per year, to unemployed Americans. Multiply that by every instance of wasteful stimulus spending and widespread TARP funds misappropriation, which is in the many billions and one could have solved the unemployment crisis by now.

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STORY SOURCE

UNH scientists to study cow burps . . . and more

U.S. Jobs Lost Not To Be Replaced Until 2020

Former President Bill Clinton, President Barack Obama and First Lady Michelle Obama

According to a newly published report, the jobs lost during the current financial depression, will not be replaced until 2020. That's 10-years away. Furthermore, if another financial depression occurs, the aforementioned timetable will be inaccurate.

However, it doesn't have to be this way, but the Bush and Obama Administrations, have not done enough to stem the problem over the last two years. Additionally, so much stimulus money has been wasted, adding negative debt to the national deficit, not easily recouped, as so little progress sprang form it.

The government needed to get creative with job creation. The Judiciary Report has been stating this for some time now. The Obama Administration cannot rely on stimulus recipients in the corporate sector, to use the funds in the most prudent and useful manner, to create the maximum number of jobs possible. Some cannot be trusted with such large sums of money, to resist the temptation of squandering it.

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Obama Blaming Bush For Everything

Barack Obama

According to an article published in the Sun Sentinel, U.S. President, Barack Obama continues to blame former Commander-in-Chief, George W. Bush, for the financial crisis that has refused to release its grip on the American economy.

Yes, Bush is responsible for the crisis, but Obama is culpable for having made it much worse with over-spending. History shall not indemnify Obama from the negative impact his massive spending has created on the nation's financial books.

George W. Bush

President Obama needs to take responsibility for the poor financial decisions he has made and the damage it has done to the national deficit and economy as a whole. George Bush ate my homework will not cut it.

Regardless, I don't think George W. Bush would eat paper. Now, I can totally picture him eating or sniffing glue, Mr. Misunderestimate. You know he was one of the original glue sniffers in school. That's the only explanation I can think of for the gaffes.

STORY SOURCE

Where's recovery?: Obama keeps blaming Bush

United States Of China?

Barack Obama

A very sobering article was published yesterday by mainstream outlet CNBC, stating China essentially owns America, due to the massive amount of debt the nation has accumulated and the interest that is steadily being accrued. However, U.S. President, Barack Obama, is still spending very large sums of taxpayer money on fruitless endeavors, while America owes China $1 trillion dollars and counting.

No disrespect intended to China, as they work hard for their money, producing goods and services the world enjoys, but Bush and Obama's financial imprudence is threatening America's sovereignty, as any nation that accumulates too much debt and cannot pay its bills, is at risk of going under and collapsing.

If the Obama Administration continues this massive spending campaign, the nation will no longer be able to afford a federal government, with everything being handled on a state level.

The Obama spending spree and money printing run needs to stop. Furthermore, devaluing the U.S. dollar is not going to fix the financial crisis. Once again, the U.S. government is spending too much money and to very poor results. The government should have concentrated on cost cutting and paying down the national debt, as now the nation's sovereignty is in jeopardy.

I predicted the 2008 financial crisis two years before it happened and the Judiciary Report has been publishing a message of government thrift, debt reduction and corporate production for over three years, but the so-called powers that be in Washington, still don't get it and probably won't, until the damage is so extensive, the American way of life is completely gone.

STORY SOURCE

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Watchdog: Obama Not Helping Homeowners

U.S. President Barack Obama and First Lady Michelle Obama at the White House with dog Bo

A Congressional watchdog has stated, President Barack Obama, has failed to help at-risk homeowners with the stimulus program that usurped $700 billion dollars of taxpayer money. Inspector General, Neil Barofsky, informed Congress during a hearing this month, that only a relatively small number of homeowners have been helped, making the program a failure. U.S. foreclosures have hit record highs this year, in activity very detrimental to the economy.

Government watchdogs: Obama failing to help at-risk homeowners

July 21, 2010; 12:55 PM ET - The Obama administration's efforts to aid at-risk homeowners in danger of foreclosure is not working and the Treasury Department shoulders some of the blame, the three government watchdogs for the $700 billion financial bailout told a Senate committee Wednesday.

Despite a seemingly ever increasing array of initiatives under the program that went into effect 15 months ago, the number of homeowners being helped "remains anemic," Special Inspector General Neil Barofsky testified before the Senate Finance Committee. It has "not put an appreciable dent in foreclosure filings."...

http://voices.washingtonpost.com

Obama Rep Equates Economy With Cancer

Erksine Bowles

On July 11, 2010, the co-chairman of U.S. President Barack Obama's Debt Commission, Erksine Bowles, compared the declining American economy to cancer. He said the current national budget and debit is and I quote, "a cancer that will destroy the country from within."

Yes, I know. I said that already 2-years ago in the article The Global Bush Effect: "It's a financial cancer, that due to international cross collateralization and open-end monetary instruments, is metastasizing, when the problem should have been detected early, and there were symptoms, isolated, contained, then the appropriate treatment applied."

It's amazing that 2-whole-fiancially-painful-years later and the government still has not improved and is in the same financial sinkhole, only deeper. It's astonishing that it's taken all that time for the government to realize this fact. However, the question is, what are you going to do about it, as talk is cheap.

Side Bar: Don't talk about cancer around Obama. He will break out a shovel and dig up his best manure in your direction. You would think with someone that smokes the way he has and does, he'd have a vested interest in curing the disease.

Obama's debt commission warns of fiscal 'cancer'

Monday, July 12, 2010 - BOSTON -- The co-chairmen of President Obama's debt and deficit commission offered an ominous assessment of the nation's fiscal future here Sunday, calling current budgetary trends a cancer "that will destroy the country from within" unless checked by tough action in Washington.

The two leaders -- former Republican senator Alan Simpson of Wyoming and Erskine Bowles, White House chief of staff under President Bill Clinton -- sought to build support for the work of the commission, whose recommendations due later this year are likely to spark a fierce debate in Congress.

Bowles said that unlike the current economic crisis, which was largely unforeseen before it hit in fall 2008, the coming fiscal calamity is staring the country in the face. "This one is as clear as a bell," he said. "This debt is like a cancer."...

http://www.washingtonpost.com

Joe Biden: We Can't Replace The 8 Million Jobs Lost

Vice President Joe Biden

Last week, Vice President, Joe Biden stated the Obama administration will not be able to replace the 8 million jobs that have been lost during the ongoing financial crisis. Oh, yes you could have. Had you followed the Judiciary Report's job creation plan and had tight controls over how the stimulus money was disbursed, the goal could have been achieved.

However, what the Judiciary Report feared and wrote about in advance, hoping it would not happen, did via government overpaying for jobs. As a result of that government bureaucracy, poor planning and financial misappropriation of taxpayer stimulus finds, less jobs were created. You overpaid for the creation of each job, with money that could have created 3-5 positions (each time), had the project been carefully undertaken. Multiply that by each time it happened and billions were wasted.

U.S. Banks Still In Trouble

U.S. President Barack Obama

The U.S. banking sector is still in financial calamity. Banks are defaulting on TARP loan repayments and cutting down on the services provided to the American people, such as free checking, as the each of the accounts costs them $200-$300 per year to maintain.

Overdraft services are also being reduced, as the government passed legislation requiring banks to inform the American people, before such fees are tacked on to their accounts.

Too many unsound business practices occurred in the U.S. banking sector and brought the nation to this place. Bankers, brokers and mortgage companies got greedy in said sector and gouged the American people to terrible extremes.

The attitude was the American people would just have to pay for it somehow. You can't make blood out of stone. If people do not have enough money to meet your demand, they simply can't afford it.

In light of the unprecedented U.S. financial crisis of 2008 that is still raging, the world has to rethink how it does business, especially the U.S. government. The Judiciary Report is not calling for a new world order, as that is very dangerous.

The site is simply suggesting the following:

No country should be allowed to anchor the world's economy, as if it falls, it will take the whole world down with it.

Each nation must act in a financially independent and responsible manner. It will create healthy competition worldwide and address the best interests of each respective nation. It will also elevate the world.

Each country must have greater checks and balances in the financial sector, especially those that do large scale business with entities in other nations, investing in them.

Each nation must have greater financial transparency. That should be self-explanatory.

No country should be allowed to borrow money beyond its means of repayment

Park Avenue Banker Arrested On Stimulus Charges

Charles Antonucci

Charles Antonucci, the former head of Park Avenue Bank, was arrested by the U.S. federal government on charges of stimulus fraud, regarding misuse of TARP funds.

The privately owned, Park Avenue Bank, recently collapsed and was seized by federal regulators, who now allege Antonucci stole $6.5 million dollars in TARP money, to fund a lavish lifestyle.

U.S. Unemployment Rate Increases Again

President Obama and two financial dudes at the White House

The U.S. unemployment rate once again shows signs of destabilization, as it was announced today the economy has shed more jobs. The fluctuating numbers reveal, the economy is no where near out of the woods, even with the current spending initiatives to boost nationwide sales. The White House and U.S. Congress have been spending unnecessary billions, in a misguided effort to minimize the effects of the recession-turned-depression.

With a record number of banks still going under, the current Obama Administration is accepting bailout repayments (T.A.R.P.) from a few of the nation's leading financial institutions. It is good that some banks have repaid the taxpayer loans they were issued to help them stay afloat.

However, new spending initiatives by the White House and Congress, with a price tag of over $1.1 trillion, shall cancelled out the repayments and create more debt. As such this should be an item of concern.

There is too much room for error, waste and mismanagement, when spending that much money. As illustrated by numerous instances of job creation fraud, where misleading and erroneous numbers were submitted, massive spending initiatives can lead to additional financial trouble. Here's hoping more fraud does not occur regarding the $1.1 trillion spending package.

New jobless claims rise unexpectedly

Dec 17, 8:42 AM (ET) - WASHINGTON (AP) - The number of newly laid off workers filing claims for unemployment benefits unexpectedly rose last week as the recovery of the nation's battered labor market proceeds in fits and starts.

The Labor Department said Thursday that the number of new jobless claims rose to 480,000 last week, up 7,000 from the previous week. That was a worse performance than the decline to 465,000 that economists had expected...

http://apnews.myway.com

Obama Pondering New Job Creation

President Obama

U.S. President Barack Obama is pondering a new job creation strategy, debating whether to use the remaining T.A.R.P. money in this endeavor. An article released today confirmed a point the Judiciary Report made on November 14, 2009 in the Obama Calls For Job Summit article, in that the administration's first efforts at job creation was not properly executed.

Based on a new press item today, the Obama Administration's job creation plan, came in at the hefty price tag of $246,436 per job, which is more than some doctors make. Furthermore, the market value of the jobs created are not even 1/5 of the $246,436 per position.

This indicates the budget was not properly planned, nor were funds distributed evenly and accurately, based on current salaries in the marketplace. This wasted a great opportunity. It should not happen again, as it is a waste of taxpayer money, to pay for one job, what should be spent on 12.

Cost-benefit analysis of jobs stimulus

Dec 7, 2009 12:23 EST - Hopefully any new plan will have a better ROI than the current stimulus package. Economic analyst Ed Yardeni runs the numbers:

The Obama Administration is touting that their stimulus program has saved or created 640,329 jobs since it was enacted back in February through the end of October. This number is updated and posted on the Administration’s recovery.gov web site. That amounts to $246,436 per job based on the $157.8bn that has been awarded so far! Total compensation earned by the average payroll employee during October, on an annualized basis, was $59,867. If the government had simply used the funds awarded so far to pay for a year’s worth of labor, that would have paid for 2.6mn jobs!

http://blogs.reuters.com

Obama considers whether to use bailout money for jobs programs

01:34 PM - President Obama said today he is considering the idea of using federal bailout money to develop new programs for job creation.

Speaking with reporters at the White House, Obama noted that the Troubled Asset Relief Program used less money than anticipated, but was "not cheap."

http://content.usatoday.com