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how the government will steal yoru savings next
CaptainCrossman
Member Posts: 1,649 ✭✭✭✭✭
From: Americans for Limited Government
Sent: Saturday, March 23, 2013 11:40 AM
To: redseas@ptd.net
Subject: Will the government steal your savings?
March 23, 2013
Killing Internet Radio
By Rick Manning
Corporate cronyism takes on many forms in Washington, D.C.
You have the standard "contributor gets government grant or tax break" cronyism that describe Solyndra and many of the other so-called "green" grants in the Obama Administration.
You have the General Motors bailout where union pension funds were protected while non-union ones were eviscerated. With corporate cronyism, political cash is king.
One of the more insidious versions of corporate cronyism rears its head when a select group of bureaucrats or an obscure board dictates the price of a product using discretion granted by the law in a way that harms innovation and consumers. We often see this at the state level with the mysterious decisions made by various Boards and government appointees who determine things like utility rates.
Click here to continue reading.
How the government will steal your savings under Dodd-Frank
By Robert Romano
We are all Cypriots now.
The parliament of Cyprus has - for now - overwhelmingly rejected a _5.8 billion ($7.5 billion) tax on savings deposits that was being imposed by the European Union (EU) and the International Monetary Fund (IMF) to bail out banks that bet badly on Greek debt.
The decision leaves the bailout in doubt and if no other resolution can be found, could compel Cyprus to even drop the euro, sparking the start of a wider breakup of the Eurozone monetary union.
The tax itself would have totaled 32.4 percent of the country's _17.88 billion ($23.15 billion) Gross Domestic Product (GDP). So it was hardly surprising that it was rejected.
The people of Cyprus care more about their life savings than propping up financial institutions that lost billions on poor investments in socialist governments' debts. The idea that somehow they, and not the banks that made those decisions, should bear the brunt of those losses was always disconnected from reality.
Yet that is precisely the presumption the establishment has made - that rather than banks raising substantially more capital to address systemic risk, you and I should pay for bank bailouts - in response to the ongoing financial crisis that began in 2007, and has actually become the basis for such proposals considered all over the world, including the U.S.
In 2009, the G20 asked the International Monetary Fund (IMF) to come up with ways the financial sector might supposedly contribute to its own bailouts.
The IMF study released in 2010 essentially proposed two types of taxes: a levy on financial institutions to create a pool of bailout funds, and a financial transaction tax.
Interestingly, what the IMF came up with as a suggestion had already been implemented a few months earlier by the U.S. Congress in passing the Dodd-Frank so-called financial reform legislation.
Under Dodd-Frank, the Federal Deposit Insurance Corporation (FDIC) is allowed to charge assessments to about 60 bank-holding and insurance companies with $50 billion or more in assets to fund what is called an "orderly liquidation fund." Really, it's just a bailout fund allowing the government to take over systemicly risky institutions, recapitalize them, and allow them to reenter the market under new management.
The law, as well as the IMF study, presumes that the financial sector will bear these costs. But as a Congressional Budget Office (CBO) analysis of a similar bank tax proposal by the Obama Administration at the time noted, "the ultimate cost of a tax or fee is not necessarily borne by the entity that writes the check to the government. The cost of the proposed fee would ultimately be borne to varying degrees by an institution's customers, employees, and investors, but the precise incidence among those groups is uncertain."
Meaning, the assessments would actually be passed on to and paid for by savers and consumers of financial products through the indirect taxation of higher bank fees and other financial transaction costs.
Get full story here.
The Obama Wonka Crisis Factory
Permalink here.
Time for Back to Basics budget
By Rick Manning
Thursday's headlines from Washington, D.C. will likely read that the House of Representatives passed a ten year path to a balanced budget proposed by Representative Paul Ryan. While the Ryan budget is a gigantic step in the right direction, a proposal by the House Republican Study Committee that brings the budget into balance in four years is likely to be ignored by many in the media.
It should not be.
The Republican Study Committee "Back to Basics" budget ends the "fiscal cliff" tax increase, sets Medicaid spending on a flat track for ten years through providing block grants to the states for distribution, and as the Ryan budget does, protects Medicare from insolvency, as well as zeroing out Obamacare spending.
Bill Wilson, president of Americans for Limited Government notes that, "The Republican Study Committee's "Back to Basics" Budget rolls back the massive growth of government since Nancy Pelosi and Harry Reid took over Congress in 2007 and puts us on a sustainable path for the future. The current spending levels have created an unprecedented debt crisis in America that threatens our very future as a sovereign nation. Our national debt is now larger than our entire economy, and the gap growing increasingly wider."
In fact, analysis of the federal budget over the past three years shows that the United States' debt has grown by an average rate of 10 percent each year while the economy has only grown nominally by 3.8 percent. A pattern that Wilson calls, ".an unsustainable debt spiral."
Last year alone, the U.S. Treasury reported that gross interest payments on the debt consumed $350 billion, or more than one-eighth of the total revenues collected by the government. One reason analysts like Wilson demand aggressive and immediate action is the fact that these interest payments were actually suppressed due to our nation enjoying historically low interest rates.
A simple uptick of one percent on the interest paid on the overall national debt of $16.8 trillion would increase the current $350 billion to more than half a trillion dollars. In fact, even with the aggressive four year to balance Republican Study Committee Back to Basics budget plan were to become law, net interest payments on the national debt are projected to rise to $530 billion in the next ten years largely due to the normalization of interest rates. This rise occurs in spite of the budget being in a net surplus over that period.
The Congressional Budget Office estimates that if our nation stays on its current course, net interest on the debt will accelerate to consuming $857 billion in ten years.
With debt cost projections like this, it doesn't take much imagination to see how interest on the national debt can very rapidly consume every tax dollar the government collects if our elected leaders don't take quick and decisive action to bring spending under control.
Get full story here.
Obama's Dangerous Love of Unions
By Bill Wilson
A massive embezzlement case in Mexico involving the leader of Latin America's largest labor union should send shivers up and down the spines of American workers. It should also force the administration of Barack Obama to reexamine its ongoing kowtowing to union bosses - most notably the ongoing erosion of worker safeguards against union corruption.
At the heart of the Mexican scandal is Elba Esther Gordillo. Since 1989 Gordillo has led the 1.5 million-member Sindicato Nacional de Trabajadores de la Educaci?n (SNTE), Mexico's education workers' union. The 68-year-old, who is known simply as "la Maestra" (or "the teacher"), has long dominated Mexico's government-run school system - earning a reputation for ruthlessness and flamboyance.
In fact prior to the passage of recent reforms, Mexico permitted its government teaching positions to be sold and inherited like personal property - and bestowed upon Gordillo's union power over hiring, promotion and salaries.
Click here to continue reading.
Subscribe in a reader
Click here to unsubscribe from the Liberty Action Report.
Click here to update your email address.
Click here to forward to your friends.
Click here to share on Facebook.
9900 Main Street, Suite 303
Fairfax, VA 22031
Sent: Saturday, March 23, 2013 11:40 AM
To: redseas@ptd.net
Subject: Will the government steal your savings?
March 23, 2013
Killing Internet Radio
By Rick Manning
Corporate cronyism takes on many forms in Washington, D.C.
You have the standard "contributor gets government grant or tax break" cronyism that describe Solyndra and many of the other so-called "green" grants in the Obama Administration.
You have the General Motors bailout where union pension funds were protected while non-union ones were eviscerated. With corporate cronyism, political cash is king.
One of the more insidious versions of corporate cronyism rears its head when a select group of bureaucrats or an obscure board dictates the price of a product using discretion granted by the law in a way that harms innovation and consumers. We often see this at the state level with the mysterious decisions made by various Boards and government appointees who determine things like utility rates.
Click here to continue reading.
How the government will steal your savings under Dodd-Frank
By Robert Romano
We are all Cypriots now.
The parliament of Cyprus has - for now - overwhelmingly rejected a _5.8 billion ($7.5 billion) tax on savings deposits that was being imposed by the European Union (EU) and the International Monetary Fund (IMF) to bail out banks that bet badly on Greek debt.
The decision leaves the bailout in doubt and if no other resolution can be found, could compel Cyprus to even drop the euro, sparking the start of a wider breakup of the Eurozone monetary union.
The tax itself would have totaled 32.4 percent of the country's _17.88 billion ($23.15 billion) Gross Domestic Product (GDP). So it was hardly surprising that it was rejected.
The people of Cyprus care more about their life savings than propping up financial institutions that lost billions on poor investments in socialist governments' debts. The idea that somehow they, and not the banks that made those decisions, should bear the brunt of those losses was always disconnected from reality.
Yet that is precisely the presumption the establishment has made - that rather than banks raising substantially more capital to address systemic risk, you and I should pay for bank bailouts - in response to the ongoing financial crisis that began in 2007, and has actually become the basis for such proposals considered all over the world, including the U.S.
In 2009, the G20 asked the International Monetary Fund (IMF) to come up with ways the financial sector might supposedly contribute to its own bailouts.
The IMF study released in 2010 essentially proposed two types of taxes: a levy on financial institutions to create a pool of bailout funds, and a financial transaction tax.
Interestingly, what the IMF came up with as a suggestion had already been implemented a few months earlier by the U.S. Congress in passing the Dodd-Frank so-called financial reform legislation.
Under Dodd-Frank, the Federal Deposit Insurance Corporation (FDIC) is allowed to charge assessments to about 60 bank-holding and insurance companies with $50 billion or more in assets to fund what is called an "orderly liquidation fund." Really, it's just a bailout fund allowing the government to take over systemicly risky institutions, recapitalize them, and allow them to reenter the market under new management.
The law, as well as the IMF study, presumes that the financial sector will bear these costs. But as a Congressional Budget Office (CBO) analysis of a similar bank tax proposal by the Obama Administration at the time noted, "the ultimate cost of a tax or fee is not necessarily borne by the entity that writes the check to the government. The cost of the proposed fee would ultimately be borne to varying degrees by an institution's customers, employees, and investors, but the precise incidence among those groups is uncertain."
Meaning, the assessments would actually be passed on to and paid for by savers and consumers of financial products through the indirect taxation of higher bank fees and other financial transaction costs.
Get full story here.
The Obama Wonka Crisis Factory
Permalink here.
Time for Back to Basics budget
By Rick Manning
Thursday's headlines from Washington, D.C. will likely read that the House of Representatives passed a ten year path to a balanced budget proposed by Representative Paul Ryan. While the Ryan budget is a gigantic step in the right direction, a proposal by the House Republican Study Committee that brings the budget into balance in four years is likely to be ignored by many in the media.
It should not be.
The Republican Study Committee "Back to Basics" budget ends the "fiscal cliff" tax increase, sets Medicaid spending on a flat track for ten years through providing block grants to the states for distribution, and as the Ryan budget does, protects Medicare from insolvency, as well as zeroing out Obamacare spending.
Bill Wilson, president of Americans for Limited Government notes that, "The Republican Study Committee's "Back to Basics" Budget rolls back the massive growth of government since Nancy Pelosi and Harry Reid took over Congress in 2007 and puts us on a sustainable path for the future. The current spending levels have created an unprecedented debt crisis in America that threatens our very future as a sovereign nation. Our national debt is now larger than our entire economy, and the gap growing increasingly wider."
In fact, analysis of the federal budget over the past three years shows that the United States' debt has grown by an average rate of 10 percent each year while the economy has only grown nominally by 3.8 percent. A pattern that Wilson calls, ".an unsustainable debt spiral."
Last year alone, the U.S. Treasury reported that gross interest payments on the debt consumed $350 billion, or more than one-eighth of the total revenues collected by the government. One reason analysts like Wilson demand aggressive and immediate action is the fact that these interest payments were actually suppressed due to our nation enjoying historically low interest rates.
A simple uptick of one percent on the interest paid on the overall national debt of $16.8 trillion would increase the current $350 billion to more than half a trillion dollars. In fact, even with the aggressive four year to balance Republican Study Committee Back to Basics budget plan were to become law, net interest payments on the national debt are projected to rise to $530 billion in the next ten years largely due to the normalization of interest rates. This rise occurs in spite of the budget being in a net surplus over that period.
The Congressional Budget Office estimates that if our nation stays on its current course, net interest on the debt will accelerate to consuming $857 billion in ten years.
With debt cost projections like this, it doesn't take much imagination to see how interest on the national debt can very rapidly consume every tax dollar the government collects if our elected leaders don't take quick and decisive action to bring spending under control.
Get full story here.
Obama's Dangerous Love of Unions
By Bill Wilson
A massive embezzlement case in Mexico involving the leader of Latin America's largest labor union should send shivers up and down the spines of American workers. It should also force the administration of Barack Obama to reexamine its ongoing kowtowing to union bosses - most notably the ongoing erosion of worker safeguards against union corruption.
At the heart of the Mexican scandal is Elba Esther Gordillo. Since 1989 Gordillo has led the 1.5 million-member Sindicato Nacional de Trabajadores de la Educaci?n (SNTE), Mexico's education workers' union. The 68-year-old, who is known simply as "la Maestra" (or "the teacher"), has long dominated Mexico's government-run school system - earning a reputation for ruthlessness and flamboyance.
In fact prior to the passage of recent reforms, Mexico permitted its government teaching positions to be sold and inherited like personal property - and bestowed upon Gordillo's union power over hiring, promotion and salaries.
Click here to continue reading.
Subscribe in a reader
Click here to unsubscribe from the Liberty Action Report.
Click here to update your email address.
Click here to forward to your friends.
Click here to share on Facebook.
9900 Main Street, Suite 303
Fairfax, VA 22031
Comments
what little i do have wouldnt be stolen,they would look around and leave it.
savings in a bank,HA, just enough to keep it open.
all i can do is keep on [:D]
Not into Jap banks.