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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (145909)	9/15/2014 3:33:31 PM
From: pcstel	Respond to of 149317

So having "successful business" people on the Presidential Cabinet is a bad thing?? Chicken Scratch. Add'em all up and you got what?? 200 Million in net worth. Obama's Secretary of Commerce.. Is worth 1.7Billion We'll if you don't like successful business people with real world experience in the cabinet, then you will love Billionaire Banksters / Fraudsters in the Cabinet. Obama donors get deal; depositors get ‘stiffed again’ By Chuck Neubauer - The Washington Times - Sunday, June 10, 2012 http://www.washingtontimes.com/news/2012/jun/10/obama-donors-get-deal-depositors-get-stiffed-again/?page=all A billionaire Chicago family that has donated and raised hundreds of thousands of dollars for President Obama got a deal from the federal government to avoid paying all of a $460 million settlement it agreed to in the 2001 failure of a Chicago-area bank it owned, while 1,400 former depositors are still owed more than $10 million in lost savings. And now, 11 years later, the prospect that any of the depositors will get their money back is bleak. The Pritzker family, which made its fortune in hotels and manufacturing, agreed to a $460 million settlement offer in December 2001 to avoid sanctions and civil lawsuits in the failure of Superior Bank in Hinsdale, Ill. But after paying $316 million of the interest-free debt, the family quietly struck a deal with the Federal Deposit Insurance Corp. ( FDIC) in June 2011 to discount the balance in return for paying off the debt early. ($150MM dollar discount) <snip< The Office of Thrift Supervision ( OTS), which regulates federal savings associations, closed Superior and its 18 branch offices on July 27, 2001. The bank failed, the OTS said, because of its aggressive strategy of making high-risk subprime loans to borrowers with troubled credit histories. At the time, OTS said the bank “suffered from poor lending practices, improper record keeping and accounting, and ineffective board and management supervision.” It was one of the first banks in the 1990s to turn to subprime loans, which target high-risk borrowers at higher interest rates. Recipients of those loans often have delinquency or default histories, bankruptcies or limited debt experience, and eventually begin defaulting on their mortgages. Despite the bank’s failure, the Pritzkers have continued to make money — 11 of the heirs are billionaires, according to Forbes magazine. One of those heirs, Penny Pritzker, was the national finance chairwoman of Mr. Obama’s 2008 presidential race and has “bundled,” or collected, between $100,000 and $200,000 for his current campaign. <snip< In 2009, Mr. Obama named her to the President’s Economic Recovery Advisory Board to help solve the nation’s financial crisis. Mrs. Pritzker and her husband, Dr. Bryan Traubert, have donated more than $133,000 directly to Mr. Obama’s political campaigns, election records show, and they and other family members have helped raise hundreds of thousands of dollars in campaign contributions for him over the years. Mrs. Pritzker, whose fortune has been estimated by Forbes at $1.7 billion, is now founder, chairman and chief executive officer of PSP Capital Partners. And whom did Obama pick as "Secretary of Commerce"? Well, Mrs 1.7 Billion Net Worth Bankster/ Fraudster Pritzker. , Chairwoman of failed Superior which agreed to a $460MM settlement with the FDIC for lawuits and sanctions when the Bank collapsed in early 2000's, due to gross mismanagement. http://www.commerce.gov/About%20Commerce/Commerce%20Leadership/Penny_Pritzker_Secretary_of_Commerce Bush had "successful business people on his Cabinet". Obama, has a 1.7Billion dollar net worth Bankster/Fraudster. And so it goes, PCSTEL

To: bentway who wrote (145909)

9/15/2014 4:56:57 PM

From: pcstel

Read Replies (1) | Respond to of 149317

<President Bush has repeatedly refused to intervene to block profit gouging by power generating companies involved in the California energy crisis. <

California built, or should I say, dismantled itself into a bad situation. California wanted deregulated power because they believed that it would lower costs via compeitiion, but due to poor planning and Environmental roadblocks, California lacked the internal infrastructure to provide peak power during the summer months of 2001. California had regulated price caps on the distributors of power, like SDG&E, on the price they could charge customers in California for electricity. But, as demand outstripped supply, The Distributors had to buy more power from the "open market", as prices rose in the "open market", the local suppliers were unable to pass the price increases onto the customer. The customer had no incentive to conserve, because their rates did not increase. So demand for electricity continued unabated, as Distributors, SDG&E, Edison, etc had to sell electricity below their cost, and the distributors were required to provide service to it's customers even though they had to sell at a Loss. This caused Distributors to file Bankruptcy and the providers of out of state power began limiting access to electricity because of significant doubts that they would get paid. This resulted in rolling blackouts.

California fixed it's own problems without Federal Government intervention.

Most importantly.. It removed the "price caps" that the Private Distributors could charge customers. This caused customers electric bills to rapidly rise, as customers soon had to pay "market rates" which in turn, dramatically reduced consumption.

By September 2001, It was all over. Prices had fallen and normalized.

California set themselves for Failure due to poor planning and poor decision making.

Today, California's operates in a deregulated Power environment.with negotiated long term energy pricing.

The market, acting as a market, fixed itself.

Operators are able to charge customers at "non price capped" rates to encourage conservation.
Customers are charged higher prices at higher usage levels, (stepped)

Bush on a trip to California offered Financial Assistance to Low Income customers, and required US Military Facilities to decrease consumption by 10%, and stressed conservation.

.

Here is the California Energy Crisis Timeline..

en.wikipedia.org

In 1996. California passed "The Electric Utility Industry Restructuring Act" (Assembly Bill 1890) becomes law.

April 1998	Spot market for energy begins operation.
May 2000	Significant rise in energy price.
June 14, 2000	Blackouts affect 97,000 customers in San Francisco Bay area during a heat wave.
August 2000	San Diego Gas & Electric Company files a complaint alleging manipulation of the markets.
January 17–18, 2001	Blackouts affect several hundred thousand customers.
January 17, 2001	Governor Davis declares a state of emergency.
March 19–20, 2001	Blackouts affect 1.5 million customers.
April 2001	Pacific Gas & Electric Co. files for bankruptcy.
May 7–8, 2001	Blackouts affect upwards of 167,000 customers.
September 2001	Energy prices normalize.

Let me get this Straight.. Bush took the Oath of Office on January 20th, 2001. A couple of days before Bush's inauguration, , Calif. Governor Gray Davis declared a State of Emergency, while a "significant rise in energy prices began in May 2000, 9 months before Bush became President. Six months BEFORE Bush took office, San Diego Gas & Electric filed a complaint alleging manipulation of the markets.

Who was in the Oval Office during this time period?? Not Bush.. But, Clinton..

SDG&E sent up the warning flags in August of 2000.. NOTHING WAS DONE.

You want to blame someone, blame those that made the Distributors buy electricity at peak rates and sell it well below their costs. Sounds like Venezuela.

And so it goes,
PCSTEL