Obama's Road to Recovery

I'm thinking we can let the numbers do the talking when it comes to the recreation of jobs in America post President Bush.

"One year ago tomorrow, after tens of thousands of you shared stories and called your representatives, the President signed the American Recovery and Reinvestment Act." - David Plouffe

Just for giggles maybe we should look at a few of the things that the President's plan has accomplished so far. I wouldn't call it a full recovery when the bars are still in the negative range no matter how small a number that might be. After-all, those numbers are not just numbers but actual people that have lost their jobs in the latest economic downturn aka recession.

The American Recovery and Reinvestment Act:

• Cut taxes for 95 percent of working families through the Making Work Pay tax credit
• Cut taxes for small businesses
• Provided loans to over 42,000 small businesses
• Funded over 12,500 transportation construction projects nationwide, ranging from highway construction to airport improvement projects
• Made multi-billion dollar investments in innovation, science and technology that are laying the foundation for our 21st century economy
• Provided critical relief for state governments facing record budget shortfalls, including help to prevent cuts to Medicaid and creating or saving over 300,000 education jobs

Just for another set of giggles, I emailed President Obama my resume just after his state of the union speech. I'm hoping that he just might have a job somewhere in America for me. I'm not looking for the Vice President's job but I sure as hell could use the frequent flier miles that the Secretary of State racks up.

Papamoka

***Propeller has linked in with 16 Props... Thanks!

USS Enterprise

This is a time warp piece back to the days of old back in World War II. I happen to love the History Channel and today they had a non stop running of Battle 360 and it covered the battles that the carrier U.S.S. Enterprise encountered in the Pacific against the Japanese during WWII. If there was ever a symbol more worthy of the American people it was this ship against the original Axis.

Those guys went through hell more than once. If you are reading this and you are a veteran of the Enterprise then God bless your heart my friend. Holy crap! From battle after battle the Grey Ghost just wouldn’t give up and at one point she was the only surviving carrier the US Navy had during the Pacific Campaign of WWII. If there is anything that comes close to defining the road trip to hell and back, then these guys can explain it all with graphic personal first hand details.

The Enterprise encountered the best the Japanese had to give and beat them back time and time again. That is a tribute to the American spirit of the time and a testimony that many should hear. These men refused to give up and they gave it their all to defend what was right and wrong in the world. Even against overwhelming force they stood and fought and persevered. It was an amazing time and in it we can all take a serious lesson in our lives today. Regardless of all the crap thrown at you at any point in your life, somebody faced a much more dire set of circumstances than we will ever think possible, and they survived to tell the world about it.

Times are tough but times are changing for the better. Things are starting to turn around in the banking industry, stocks and confidence in them shows that. Housing starts are starting to turn the corner and the refinancing of existing homes is turning a page for the better.

Now is the time for people to stop listening to the doom and gloom media and think that it is actually possible that America can survive and get past the current economic crisis. While everyone on the news is spouting more gloom and doom you don’t hear crap about the success stories during this difficult time. Something like General Motors saying that they believe that they will be okay after bankruptcy court. Or the fact that many people able to purchase an existing home from the distressed real-estate market will be launching into home repairs, renovations, upgrades, and out right rebuilds of the existing homes all across America. Then of course it is a must to mention all the folks that still have a job, still pay their bills and pay their mortgages on time as well.

All is not lost, the ship that is the American economy is still able to tread water and make headway. We just can’t barrel ahead at 25 knots and we all need to accept the fact that we have to fix the ship and know that our battle in this economic crisis only acceptable outcome is victory. Just like in WWII, we can fix this and make it seaworthy once more to make her ready for battle on the frontline again. But we can do better. We can make her torpedo proof, make her capable of defending herself, and we can make her survive the long fight ahead of us all. All that we have to do is give her a crew worthy of the sacrifice.

Thank you Enterprise and all that served on her then and now for your courage and your service. Your history and your ship earned a respect unequaled by many and wothy of many more tributes. I just hope that the America of today can live up to your courage in the face of total aniliation and see that survival is possible and you can come back to fight another day.

Papamoka

US and Mexico Need to Find a New Way

Good Morning Readers! I thought I might be a little less angry today - compared to yesterday's rant - by discussing a topic and taking a position that may shock some of you, at least those who consider me a radical, Republican-Bush-hating menace to society. Believe it or not, I plan to defend a program created by the Bush Administration, and one that unions despise. I know, it shocks me too.

It involves the right of Mexican trucks to enter the United States. The program started under the Bush Administration and was bitterly opposed by many Democratic lawmakers and by the Teamsters Union. Lawmakers are preparing to cut off the money for the one and a half year-old pilot program that opened the way for up to 500 Mexican trucks from 100 operators to drive deeper into the United States.

Originally the U.S. has allowed only a few Mexican trucks to drive beyond a southern border buffer zone, although it agreed under the Clinton Administration, under the North American Free Trade Agreement, to allow Mexican trucks full access to U.S. roadways beginning in 1995. As far as I can tell from my research, Mexico allowed the same access for U. S. truckers. Fair is fair! President Clinton negotiated and signed the agreement, and unless they start to pick and choose NAFTA clauses too, it's up to us to keep it. Congress, especially Democrats, must give in on this one. Mexico can take retaliatory action by placing very expensive tariffs on U.S. goods.

Who knew, but after Congress announced its intention to kill the program last week, Mexico said it would increase tariffs on 90 industrial and agricultural goods, likely to include politically sensitive farm products. John Deere and the rest of agricultural America are already hanging by a thread. Congress can be so stupid some times.

You see, Mexico was smart and thought ahead by obtaining a judicial ruling in 2001 under the North American Free Trade Agreement (NAFTA) allowing it to impose sanctions, so Congress is playing with fire - an especially hot fire during this horrible JOB KILLING recession. How can you weigh the Teamsters against the farm workers? It doesn't work that way. We have to find a better solution.

We cannot afford sanctions from one of our LARGEST TRADING PARTNERS at this time! It's too risky for rural America. Thousands of jobs are at risk. (Btw, screw you Republicans who accuse me of being a West Coast elitist. I do care about the red states too, even if they don't know how to vote properly.)

The sanctions, which Mexican officials say are set to be imposed later this week, will be one of the largest acts of retaliation against US exports. US goods exports to Mexico totalled $151.5 BILLION last year. On Monday, Gerardo Ruíz Mateos, Mexico’s economy minister, said: “We believe that the action taken by the US is wrong, protectionist and in clear violation of NAFTA.”

The White House and U.S. trade representatives are supposedly examining all possible options, but but that won't help keep American JOBS when the Mexicans decide to make good on their threat. The only option is for Democrats to tell the unions that farm jobs are important too, and that sometimes one union has to BACK DOWN and try to solve this problem in a more creative win-win fashion - such as help the Mexicans improve their trucking industry, or negotiate benefits for our truckers in Mexico. There must be a better solution.

The Senate is considering a $410 billion House-passed spending bill that halts funding for the Mexican truck program. Two years ago, the Senate voted 74-24 to cut off the program's funding. Voting with the majority at the time were Barack Obama and Joe Biden.

Interestingly, now that George Bush is gone, Senate Republicans don't even plan to continue supporting the program. It makes you wonder whether they only supported the program to get the Hispanic vote in the first place - I assume they had the Southern trucker vote in the bag. That would be my guess. They're hard to figure out when it comes to this issue. They hate unions, yet they also don't like the idea of Mexican truckers taking American jobs. They're sort of schizophrenic on this one. Border state Republican nut job Senator John Cornyn, R-Texas, who tried to keep the money flowing in 2007 on behalf of George Bush, is now giving up and moving on.

The really weird open question for me involves the union claim that Mexican trucks are unsafe. The unions are claiming that most Mexican trucks entering the US are run by so-called “drayage” operations that use older vehicles more likely to fail inspection tests. Scary, especially on wet roads!

However, it's still an open, and political, question because a study funded by the US Department of Transportation - under George "he lies too easily" Bush found that when comparing like with like, Mexican trucks were often safer than their US counterparts. Can we trust that report? My gut tells me no, but who knows. US trucks are run ragged and can look pretty rough sometimes. Regardless, the issue of truck safety is important and should still be resolved.

The Mexicans have been extraordinarily patient on this issue, and I think we need to address it for the good of the economy, for the Mexican and American worker, for the safety of American roads, and to stop a ridiculous new trade war. President Obama and Democratic leaders should come up with a big picture solution fast, and stop this before it gets any worse. They are our neighbors, our friends, and they deserve a reasonable solution.

Michael Boh
Papamoka's Left Coast Contributor
from Our Rants & Raves Blog

Today's Ugly, Lazy Politics

Hello Papamoka Readers! It's Ash Wednesday, the beginning of Lent, and a good time to give up something. Let's purify the soul. If you start with the seven deadly sins as a guide, perhaps we Democrats should let go of some pride. President Obama is causing an overload lately. Let's give it a shot.

Let's see, how about Republicans? I have a suggestion for our Republican friends. How about giving up sloth? Sloth is one of the sins articulated so well by medieval theologian Thomas Aquinas.

Think about it, it's the perfect sin to describe today's modern American Republican. Yes, SLOTH!

According to the Catholic Church, sloth is the "sluggishness of the mind which neglects ... sloth is evil in its effect, if it so oppresses." Wow, I don't know about you, but for me that is the nail that hits the proverbial Republican head. It's PERFECT!

The Church was referring to the idea that life requires work, and that work leads to salvation. You can interpret "work" any way you wish, but before I'm inundated with Republicans accusing Democrats of lacking a work ethic due to their desire for government leadership, allow me to say the work I find lacking involves Republican laziness related to FACT FINDING! Besides, I totally disagree with you Republicans that Democrats are lazy. American workers are the most productive on earth.

As many of you know I audit many of their news sources, and let me tell you their leaders, radio talk shows and various psychotic FOX "News" programs have been swamped lately with even more propaganda than usual. I call them the propaganda "elitists," to borrow a word the Republicans like to use on us. Well, the elitists are out-of-control and off the scale!

I've referred to Recovery.gov as a fact checker numerous times, and I am shocked by the amount of Republican BS that's being repeated ad nausea in some kind of retarded GOP-to-media-to-constituent daisy chain, or merry-go-round when they talk to each other. They are out of control and they don't even realize it most of the time. To be blunt, it seems like some kind of sick sociological experiment, to discover just how wrong politics, parties and their constituents can get when guided by unprincipled, desperate people.

The last few weeks have been the worst ever tainted by their lies, which has spurred them to be the least cooperative opposition during a crisis in American history. Their unwillingness to acknowledge the will of the American people after the last election is striking. They seem determined to stick to their broken ideas and stunted schemes. Their leaders have been despicable, doing whatever they can to stop a true economic recovery for their own political purposes. Their only concern is the next election and power, not the American people.

You see, there is only one set of facts. We Americans can debate them all we want - as to whether we feel they will help or hurt - but the fact remains there's still only one set of them.

I have a few questions for those Republicans who love to think they're politically smart these days, but in reality parrot the hyperbole of a few fanatic media dogs. Do you ever listen to yourselves? Do you ever think how absurd you sound when you try to debate politics using today's corrupt and discredited Republican resources? Do you ever get tired of ignoring factual responses, while resting on a crutch of media ignorance? Do you ever LISTEN?

Why don't you look up just a few key facts, which just might encourage you to cut President Obama and the Democrats a little slack? Try these first:

Why don't more Republicans make an effort to learn about how Republican presidents and congressional leaders ran up WELL OVER 90% of today's post World War II government debt, which now tops off near $11 trillion? George W. Bush himself ran up over a TRILLION in the past fiscal year alone. If it's true, which it is, doesn't it stand to reason that Democrats should be allowed an opportunity to spend government money based on their own needs and policies? It's only fair.

Why don't more Republicans make an effort to learn about what generates actual wealth in a nation? Republican leaders, the media, and my Republican friends keep talking about how World War II spending was the real reason why America pulled itself out of the depression. They like to say that Roosevelt's policies helped the poor, but in reality they prolonged the depression. That is a LIE!

Economists know that war spending does very little to create the economic conditions for domestic growth, since most of the money is wasted on products and services that are ultimately destroyed. Economies grow based on investments that are both renewable and long-lasting. Infrastructure investment, education investment, and good government policies are what most economists and academics credit with pulling America out of the depression. The fact is Roosevelt is responsible for those conditions. The Republican talking points to the contrary are deceitful, disingenuous and ignorant.

Why don't more Republicans make an effort to learn about why tax cuts are not enough to spur an economy, especially one mired deep in a recession or a depression? Most economists believe tax cuts spur an economy, which is why President Obama included $288 billion in tax cuts in the stimulus, HOWEVER, most economists ALSO believe that government spending and smart policies can play a vital role in stimulating an economy in crisis. The Republican talking points that criticize government efforts have no basis in reality. They are LIES! It is a fact: government has helped in the past and it can help again. The Republicans are playing politics!

Why don't more Republicans make an effort to learn about how they themselves used the same tools of government intervention in the past to help the economy? There are many examples throughout history when Republican administrations and congressional delegations used government to help fix the economy. I'm not going to name them all, but suffice to say that Ronald Reagan (Savings & Loan Crisis - $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. taxpayer) and George W. Bush (federal bailouts and guarantees totalling over $5 TRILLION) were the two most recent examples. Feel free to list your own. They used LOTS of government money to tweak the economy. If Republicans wish to be fair, they'll allow us the same tool box. Unfortunately, I suspect fairness means little to them.

Why didn't more Republicans worry about creating debt when they were in power? Don't they see their own hypocrisy and double-standard today? I guess not.

Why didn't more Republicans care about smart regulations and enforcement when they were in power? Why are they fighting it now? Don't they acknowledge the role their leaders played at creating this crisis? Why doesn't it matter to them? Why don't they question their leaders' competence more?

Why do Republicans keep saying the Democrats were responsible for our problems because they controlled congress during the last two Bush years? Are they stupid? Think about the time scale! Are they even aware how their party filibustered every significant piece of reform legislation over those two years?

Why do Republicans always believe - without question - that Democrats spend while Republicans save? The exact OPPOSITE IS TRUE! The Republicans have consistently outspent the Democrats while in power, and by their love of tax cuts are guilty of lowering their own taxes at the expense of future generations. IT'S A FACT!

Do Republicans understand how BIG the deficit could get if we don't stimulate the economy, and HOW LONG the recession/depression could last? There are plenty of historic examples where governments did nothing, and nothing happened. Republicans love to use the Japanese stimulus packages of the nineties and their subsequent slow growth as arguments for nonintervention, but they always fail to mention that Japan's economy is driven by exports, and how stimulating that market is difficult. I say get all the facts, or don't bother.

The Republicans like to call us Democrats socialists. The facts suggest otherwise. Republicans lie to their constituents, create myths about who they are, and lie about what they did moments after doing it. They are the CON ARTIST party. A good example is their passion for the "FREE MARKET." Sure they love it, when it benefits them. Republicans are famous for PRIVATIZING THE PROFITS and SOCIALIZING THE RISK. Democrats simply acknowledge that government has a role to play. We tell the truth. We do not try to con the American people.

The list of questions goes on an on. I might even add a few over the next few days. Feel free to suggest your own. The bottom line is that most Republicans are ignoring the facts these days, while believing lies from multiple, illegitimate sources. It's time for Republicans to step up, smell the coffee, unhook the old ball and chain, and free themselves of whatever is causing them to be so brain dead these days.

I have had numerous debates with Republican friends and family recently, and they all seem to be parroting the same lies. It's getting very tiring and annoying. As I said on this blog, modern American political discourse is being steered by political and media elites, who are often LYING! I'm begging average Americans, especially Republicans, to do their research, read more, and discover what really happened in the past, and what is really happening today.

PLEASE DON'T TRUST TODAY'S POLITICAL AND MEDIA ELITE! Get up, get active, and get better informed!

Michael Boh
Papamoka's Left Coast Contributor
from Our Rants & Raves Blog

Handle with Care

In these foreboding times in our nation it is up to all of us to handle our economy with care. While we have all been beat up and shot down our reputation and place in the world is to lead with confidence and to some degree arrogance and yet with some form of humility. Our future as a people and nation has not been robbed from us but simply misplaced. It is up to each one of us to lean on one another to find the path out of this mess and we can clean it up together. Our nations government and its reputation is on the line with the bailout packages that they are proposing but that is just a drop in the bucket of what this nation really needs. We need to join together, stop being fooled and listen to one another and act accordingly with one another. Stop acting as if the next great depression is upon us and listen to the traffic outside your window and that my friends is America alive and well and working. Non stop fear mongering by the media is driving the mentality that we should all tighten our belts and forget that we are the economic engine of the world. That is bull and we all know it deep down.

Video Link



Everybody has a part to play in this economy and everyone can excel at their part in fixing it by simply not acting out of fear. Give the time needed for change to happen and by all means, if you can hire one person to do a job in your small business, then do so. If you can take the time out of your life to volunteer at your local police or fire department, parks department, schools, or wherever your service to the community you live in will help, then just do it!

One thing is certain, when any group of people acts like a bed of clams and closes their shells tightly out of fear, eventually the entire bed will die off from lack of oxygen. The same scenario is true when the American people stop using their overall purchasing power that does in fact run the world economy.

Make no doubt about it, fear is the main driving force that is running the American economy right now and the only thing we have to fear, is fear itself. A wise man once said that to his people in a similar situation. Who was it that said that? His name is on the tip of my tongue but I'm drawing a blank... Help me out here.

If you are waiting for better times to replace the things you need to replace just in case then the fear is in your heart. Let it go and let God. Replace that old car or truck with a new one, replace that television or fridge or washer and dryer with a new one, replace that living room set that you hate anyway. Not because you have to, but because you want too! That my friends is the key to the American way of life. We do things simply because we want to and that got us to the moon with the inspiration of a President some four decades ago. So what is stopping you from replacing or upgrading the stuff you already have? Is it fear? Now ask yourself who sold you that fear in a wrapped package?

Papamoka

Is the US Witnessing the Start of Another Depression?

Hello Papamoka Bloggers - I went to Wikipedia, one of my favorite places, and looked up the definition of a depression.

Their definition is: "a rare but extreme form of recession, a depression is characterized by abnormal increases in unemployment, restriction of credit, shrinking output and investment, numerous bankruptcies, reduced amounts of trade and commerce, as well as highly volatile relative currency value fluctuations, mostly devaluations. Price deflation or hyperinflation are also common elements of a depression."

So, let's see, the US Commerce Dept. reports today that US companies axed 533,000 jobs in November, 183,000 more than was expected. It represents the 11th MONTH IN A ROW OF LOSSES!

Most economists today are calling it the worst slump in employment since 1974. The federal unemployment rate stands at 6.7%, but most economists believe the number is MUCH HIGHER because it doesn't account for people who fell off the rolls or who are underemployed. No matter what, they say that it's evidence that the country is in a recession.

Yea, right, I think it's more likely an early depression. I know many say that you need 10% or 20% unemployment to claim a real depression, but I think that's beginning now. Construction, finance, telecommunications, entertainment, auto and retail are all starting to announce HUGE LAYOFFS. If Congress allows the auto companies to collapse, in my humble opinion, we are witnessing the start of another depression.

The last one lasted about twenty years. How deep will this one go we all need to ask? I think it's beginning NOW! I could be wrong - I do read lots of different opinions about it. So, what do you think? Let's discuss it if you're willing.

Michael Boh
Papamoka's Left Coast Contributor
from Our Rants & Raves Blog

America in Recession

Back in the days of the late sixties there was a great song by Scott MacKenzie about going to San Francisco and wearing flowers in your hair. With the recent downturn of our nations economy and the gloom and doom coming from all corners of the markets we need to think about the big picture. This nation is not built of companies but of people working together to provide a product, a service, and information. We can get passed this recession thing and learn to live once again. We need to take a melodic trip to San Francisco…

Video Link



It is time for the next generation to wake up and smell the roses, realize that they are just roses. We can all take time to smell the flowers but we need to see that the next step we all need to take is far greater than anything we as a generation thought we could take. You can wear the flowers in your hair but summer time lasts only so long till the bills of winter come knocking on our doors. Now is the time to kick in the generation change with a new explanation.

In politics we are all facing an about face politically. What was once up is now down and what was down is up. It’s the cycle of politics and I think we can all have a little bit more faith in a President that dares not to surround himself with people that are of like mind and yes men and women.

Papamoka

$700 Billion Bailout Questions!

I don’t find myself agreeing with Michelle Malkin that often so pardon me while I try to swallow a little bile while writing this post. After you read what she has to say you just might find yourself agreeing with her too!

Both parties in Washington are about to screw us over on an unprecedented scale. They are threatening us with fiscal apocalypse if we don’t fork over $700 billion to Treasury Secretary Henry Paulson and allow him to dole it out to whomever he chooses in whatever amount he chooses — without public input or recourse. They are rushing like mad to cram this Mother of All Bailouts down our throats in the next 72-96 hours. And right there in the text of the proposal is this naked power grab: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.” - Michelle Malkin

There is no way the Congress or the President should agree to this plan presented by Secretary Paulson for many reasons. The number one reason is that IT IS A BLANK CHECK! “Can not be reviewed by any court of law” is not the way we want to go on this crisis. Below is a copy of the entire plan with highlighted sections in red that are very questionable. I found the document over at the New York Times…

LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY
TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Sec. 4. Reports to Congress.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
Sec. 11. Credit Reform.
The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
Sec. 12. Definitions.
For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.--The term “mortgage-related assets” means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.--The term “Secretary” means the Secretary of the Treasury.
(3) United States.--The term “United States” means the States, territories, and possessions of the United States and the District of Columbia.

What do you think?

Papamoka

Oil Speculation Outcome

Oil market speculators are going to be scrambling for the largest profits they can get from now till the first Tuesday in November. With the outright demand for change from not just one political party candidate for President but BOTH! When it comes to oil speculation then the free for all of the Bush Big Oil dynasty will be over. Or is it?

The so called free market game is up when the King of Saudi Arabia opens the spigot of his oil rich nation and says to the world that it is not a supply problem. It is not a supply problem when only a fraction of oil reserve drilling sites inside the United States have yet to be tapped. It’s not a supply problem when the only voice in the world saying it is a supply problem is coming from President Bush and his administration. If you for one minute think that George W. Bush is not in bed with Big Oil then you deserve to pay $12 a gallon for gasoline and see the cost of every product you need to survive triple.

Over at Market Watch they have the official word on what the price of oil should be and the wink, wink, wink of Congressional investigations into oil speculation.

Gas could fall to $2 if Congress acts, analysts say

Limiting speculation would push prices to fundamental level, lawmakers told

By Rex Nutting & Michael Kitchen, MarketWatch
Last update: 4:24 p.m. EDT June 23, 2008

WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.

Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.

Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy Consultants agreed with Masters' assessment at a hearing on proposed legislation to limit speculation in futures markets.

Krapels said that it wouldn't even take 30 days to drive prices lower, as fund managers quickly liquidated their positions in futures markets.

"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel." - Market Watch

With the current price of oil threatening $140 per barrel then Congress needs to act with or without the President of the current administration. Not doing so is threatening the American and world economy at near collapse levels. Protests are breaking out all over the world because the cost of oil is crippling industries and yet the prices are going higher day after day. Maybe it is time for Americans to get pissed off too when they tank up the old Chevy for the week and it costs three times more than it did eight years ago!

Same article and same message from the Bush crew in bed with Big Oil…

However, other witnesses said that pure speculators have had little impact on energy prices, which have doubled in the past year to about $135 per barrel. Both Treasury Secretary Henry Paulson and Energy Secretary Samuel Bodman have dismissed the impact of speculators on prices paid by consumers.

Speculators now account for about 70% of all benchmark crude trading on the New York Mercantile Exchange, up from 37% in 2000, said Rep. Bart Stupak, D-Mich., chairman of the investigations subcommittee. Stupak introduced a bill on Friday that would limit index speculation. - Market Watch

Both of the candidates running for President are ticked off at the runaway oil speculation markets and it doesn’t matter at this point in our economy who wins if the economic engine of the world collapses under the oil greed and speculation. When, or if the dust settles, there will be no oil giants, no oil speculation, no free markets simply because you can’t feed your children oil! Anarchy is close and it will start with the mothers of American babies saying enough is enough.

This is not a joke my friends, it is a prediction of times to come. Americans love the simple life and when that life is no longer available to them then they react. How they react is up to the actions of a Congress willing to listen.

People are loosing their homes, jobs are being lost, wages and benefits are being cut, and yet oil continues to take more of what the people no longer have and that is a recipe for a disaster that none of us could ever fathom. People can not sit idly by as they see reports of even more grotesque record profits in the tens of billions as they look at the car in the driveway that they can no longer afford to drive simply because the cost of living has outstripped their paycheck.

Dupont today announced staggering price increases across the board just to stay in business. If you don’t know who Dupont is then all you have to do is look at every item in your home and if it looks like your stuff then Dupont had a hand in making it your stuff at the manufacturing level. Some of their customers are increasing prices by 20% simply because they can’t cut costs any further. This is an oil based cycle that is out of control.

Don’t believe me, Google search it and see what you come up with on Dupont Price Increase. Google search protests across the world on the cost of oil hurting economies not as resilient as ours in the United States. Google is the worlds largest search engine and the links you find do not lie.

Now is the time for you in America to start emailing and complaining to your representatives in the Congress to get behind this disaster that is oil pricing. Tell them you are pissed off and do something about it. Numbers in the complaint column will speak louder than these written words ever will when the other end of the phone or email is your Congressional Representative.

Papamoka

Hat tip to Worm Town Taxi