Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: FJB who wrote (122879)	1/31/2012 10:27:53 PM
From: Hope Praytochange	1 Recommendation Respond to of 224729

Obamanomics Has Gov't Workers Happy, Others Miserable Posted 07:03 PM ET Economy: The media's "improving economy" this election year exists only in Democrats' talking points. A new congressional report shows that joblessness is underestimated, while debt skyrockets. Thirty-six pages into the Congressional Budget Office's "Budget and Economic Outlook: Fiscal Years 2012 to 2022," released Tuesday, is the news that "the unemployment rate in the fourth quarter of 2011 would have been about 1 1/4 percentage points higher than the actual rate of 8.7%" once the "unusually large decline over so short a time" in labor force participation is factored out. This means that, contrary to the claims of a media rooting for Obama re-election, the real jobless rate is nearly 10% — belying the notion of an Obama-led "recovery." Moreover, citing the soon-to-expire Bush tax cuts, CBO warns that "the dampening effects of the increase in tax rates in 2013," along with the impact of retiring baby boomers, will "more than offset" demand for labor as the economy recovers. Worse, as CNS News' Terry Jeffrey notes, the CBO forecasts a 30% jump in tax revenues between 2012 and 2014. The U.S. economy will perform "below its potential" for the next six years, the CBO says, with the unemployment rate remaining above 7% for the next three. In short, if current policies continue, "hope" and "change" — at least in the form of a prosperous economy — won't be coming any time soon. If that weren't bad enough, the CBO forecast another $1 trillion deficit this year and $4.7 trillion over the next four years, as the government speeds toward a fiscal abyss on a trip financed by the taxpayers' credit card. "Four straight years of trillion-dollar deficits, no credible plan to lift the crushing burden of debt," complained House Budget Committee Chairman Paul Ryan, R-Wis., in reaction to the report. But as private-sector workers get stiffed, are their government counterparts feeling their pain? In a separate but not unrelated report, the CBO noted that federal employees' lavish pay and benefits put them far ahead of their private sector counterparts. Noncollege educated federal workers averaged "36% higher total compensation than similar private-sector employees," the CBO said. Those with a bachelor's degree, meanwhile, averaged 15% higher. Overall, "the federal government paid 16% more in total compensation" than the private sector. The dominant media may tell you a new day is dawning in Obama's America. In fact, our overfed government is partying, while those of us in the private sector pick up the tab for its excesses.

To: FJB who wrote (122879)	1/31/2012 10:32:30 PM
From: Hope Praytochange	3 Recommendations Read Replies (1) \| Respond to of 224729

Congress Warns Holder Over Acorn Payola Posted 07:03 PM ET Oversight: Thanks to IBD, Congress is finally probing the administration's shakedown of banks over alleged "lending discrimination." At issue is backdoor funding of Acorn clones. Last week, House Judiciary Committee Chairman Lamar Smith fired off a three-page letter to Attorney General Eric Holder warning that his recent punishment of Bank of America's mortgage unit seemed political. In fact, he may have abused his power. As IBD first reported Jan. 4, 'BofA Must Pay Excess Settlement Funds To Acorn Clones," the $335 million lending-bias deal requires BofA to fork over a chunk of the payout to leftist groups not connected to the suit. The unusual term is part of a secret Justice program to redistribute millions in settlement cash to third parties instead of alleged victims. Critics told IBD it's a "political backdoor" to subsidize Democrat-tied bank shakedown groups. "I am concerned that the terms of the Justice Department's recent settlement with Countrywide Financial will allow the department to give large sums of money to individuals and organizations with questionable backgrounds or close political ties to the White House without any guidelines or oversight," Smith, R-Texas, wrote in his Jan. 25 letter. "If that is to be the case," he said, "this sort of backdoor funding of the president's political allies would be an abuse of the department's law enforcement authority." Under the order, excess funds will be handed to groups that "provide education, counseling and other assistance to low-income and minority borrowers." This language mirrors Acorn's mission statement. The corrupt group, which has re-emerged under other names after coming under investigation in 2009, continues to receive federal funds. Acorn Housing Corp. got some $700,000 in federal money after changing its name to Affordable Housing Centers of America. Last year, Holder also ordered two AIG-owned banks to pay a minimum of $1 million to "qualified organizations" that help "African-American borrowers." More recently, he ordered C&F Mortgage Corp. of Virginia to reward such groups. As of 2010, some $7.6 million was waiting to be handed out from his unsupervised grant program. Recipients aren't restricted in how they use the money. In 2008, Acorn bankrolled get-out-the-vote operations for Obama. Justice would not provide a complete list of approved nonprofits, but a spokeswoman told IBD the National Urban League and Operation Hope are eligible for cash from the AIG case. Urban League has lobbied to water down credit standards. Operation Hope founder John Bryant serves on Obama's financial advisory council. Smith demands that Holder furnish a full list of "qualified organizations," along with an audit of payments. Hearings are in order if his response is unsatisfactory.