Allen West “Our economy is shrinking and yet we’re still being fed a story that things are getting better”

February 1, 2013
(Allen West) This week the President dissolved his jobs council (which only met once in 2012) while another 169k people disappeared from the workforce. The “official” unemployment rate is 7.9% but there are now 89 million Americans no longer in the workforce. Black unemployment is 13.8%, it’s 9.7% for Hispanics and 23.4% for teens. Real unemployment (based on U6) is over 14%. Our economy is shrinking and yet we’re still being fed a story that things are getting better- only if you measure it by how many people are dependent on the government, I suppose. I’m more worried about what happens if America does do a short term recovery. a spike in petrol supply and fracking growth could create another bubble. Should that happen Obama could take credit for events that he was an impediment to. (Sultan Knish)The economy contracted by .1% and the unemployment rate has risen by 1%, all in defiance of the official projections. Job creation numbers are 40,000 off what they were supposed to be. 159,000 jobs were added, but 169,000 workers left the labor force.Consumer spending only rose .2 percent in December, at a time when consumers should have been doing a lot of their holiday shopping. The dollar fell against the euro and while Obama’s pals on Wall Street are doing well, no one else is. The Media and Immigration claims (THE MEDIA ACCORDING TO KNISH)Meanwhile we’re not supposed to pay attention to any of this, as the media keeps finding ways to explain it all away as part of the recovery. The media is claiming that Obama’s amnesty program for illegal aliens will fix the economy… because dumping 11 million unskilled workers into a marketplace with rising unemployment is a sure fix. And once we have 11 percent unemployment and millions more Mexicans on welfare, then the recovery really will be here.

The Chuck Hagel Bankster Connections

January 8, 2013
The Chuck Hagel Bankster Connections.HT: EconomicPolicyJournal.(many faces in many places)The nomination of Chuck Hagel has prompted an email response from Alan P. at PEU Report. He writes to EPJ:

Pentagon nominee Chuck Hagel has his own PEU ties. I’ve yet to see the media report them.

Alan, also, provided a link to his post, Chuck Hagel PEU, which details how Hagel has been keeping himself busy with his bankster ties.
In his post, Alan notes that Hagel sits on the advisory board of Corsair Capital. a private equity underwriter (PEU) focused on the financial services industry. He also serves on the Board of Directors of Chevron Corporation and Zurich’s Holding Company of America; and the Advisory Board of Deutsche Bank America, and is a Senior Advisor to Gallup.
Most noteworthy, Hagel is a director of Wolfensohn and Company. The company is founded by global operator James Wolfensohn. After Paul Volcker left the Federal Reserve to cash in, he chose to go with Wolfensohn’s predecessor firm as a senior partner. Wolfensohn sold the predecessor firm when he became president of the World Bank.
In 2005, upon leaving as president of the World Bank, he founded Wolfensohn and Company, LLC, where Hagel is a director. The firm is privately held firm that invests, and provides strategic consulting advice to governments and large corporations doing business, in emerging market economies.
Since 2006, Wolfensohn has also been the chairman of the International Advisory Board of Citigroup.
In 2009, he became a member of the International Advisory Council of the Chinese sovereign wealth fund China Investment Corporation.
Bottom line, Hagel is operating at the core of crony corporate America and the expanding empire, if he is that close to Wolfensohn.
Neoconservatives and and gay rights groups are up in arms about some of Hagel’s comments in the past about Israel and gays, but Hagel is a major insider. The empire will continue to expand under him, if he becomes Defense Secretary. For the real insiders, the Israel controversy and the gay comments are surface skirmishes, what the Hagel nomination is really about is a major league bankster heading the DOD, and in the end that means its about huge crony $$$$.Read the full story here.

That Chevron board essentially means oil money that is loyal to Saudi interests. Actually that is surprising since Hagel appears to be lenient with Shia interests like Iran and Hezbollah and their allies in Asia like Russia and China.


American International Group Inc. wound up getting about $125 billion from the U.S. government in the complex bailout

January 8, 2013

The people who were investors would of done better to of gone bankrupt and sold the toxic assets for what they were worth

AIG
(Mark Lennihan / AP Photo)(WASHINGTON)AIG is said to consider suing U.S. for bailout that saved company. At the same time American International Group Inc. has been running high-profile ads thanking America for the bailout that saved the company, the insurance giant reportedly is considering joining a shareholder suit against the U.S. government for the rescue.

The AIG board will meet Wednesday and could decide to join a $25-billion suit led by former chief executive Maurice “Hank” Greenberg, the New York Times reported.
The suit by Greenberg’s Starr International Co. alleges that the 2008 bailout of AIG by the Treasury Department and Federal Reserve Bank of New York in which the government received an 80% ownership stake in the company violated the rights of shareholders. The ownership stake later climbed to 92%.
The suit in the U.S. Court of Federal Claims in Washington alleges that the bailout cost shareholders billions of dollars and violated the 5th Amendment, which prohibits the taking of private property for public use “without just compensation.”
A similar suit against the New York Fed was thrown out by a New York federal judge in November. But Judge Thomas Wheeler of the Court of Federal Claims had ruled in September that Greenberg’s case against the U.S. government could go forward.
A September court filing said the AIG board expected to make a decision by the end of January.
An AIG spokesman declined to comment Tuesday. A Treasury Department spokesman also would not comment.
But U.S. officials would not be pleased if AIG joined the suit. The company received the single largest bailout of the financial crisis, leaving the government on the hook for more than $182 billion.
AIG ended up taking about $125 billion in the complex, multi-step bailout. In the process, the company became the poster child for reckless risk-taking on Wall Street and the focal point for anger by the public and lawmakers over the unprecedented government intervention to save the financial system.
In December, the government sold the last of its stake in AIG. The bailout formally ended with the taxpayers earning a $22.7 billion profit, though critics noted there were additional, incalculable costs, such as a loss of public confidence in the financial system and a precedent for rescuing too-big-to-fail financial firms.
AIG has been touting the end of the bailout with print, TV and online ads titled “Thank You America.” The ads, which have aired in recent weeks during college football bowl games and National Football League playoff games, note the company “repaid every dollar America lent us.”


‘Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage’.

November 4, 2012


‘Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage’.(CNN).Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy. The Depository Trust and Clearing Corp., an industry-run clearing house for Wall Street, said the contents of its vault “are likely damaged,” after its building at 55 Water Street “sustained significant water damage” from the storm that battered New York City’s financial district earlier this week. 
The vault contains certificates registered to Cede and Co., a subsidiary of DTCC, as well as “custody certificates” in sealed envelopes that belong to clients. The DTCC provides “custody and asset servicing” for more than 3.6 million securities worth an estimated $36.5 trillion, according to its website. “At this point, it is premature to make an accurate assessment as to the full impact of the water damage nor would it be helpful to project on what specific actions need to be taken with respect to our vault,” said DTCC Chief Executive Michael Bodson in a statement. “We are aggressively working on this situation to minimize disruption to our clients and will provide additional updates as more information becomes available.” Bodson said the DTCC’s computer records are intact and that the corporation has “detailed inventory files of the contents of the vault.”Hmmmm…….Ink and water mix very well.Read the full story here.

might want to rethink paper and its use in the financial market


Poll: One in five Americans believes Jews have too much control of Wall Street

November 3, 2011
Insane. What is even more insane is how it effects a young Jew’s ability to get a job without starting his own business. People know there is hate out there, but there are economic burdens that come with the hate and people think all Jews have money. Many of us are unemployed and can’t get help because the prejudice is that because we are Jews then we must be smart and have loads of cash.

Photo(Jewish Journal/h/t Bat-Zion Susskind-Sacks) A table from the Anti-Defamation League’s “Survey of American Attitudes Toward Jews in America.” The dark blue bars represent the responses of those identified by the survey as “the most anti-Semitic” Americans. The light blue bars represent the general population’s responses. Courtesy ADL and Marttila Strategies. The folks on the fringes of Occupy Wall Street rallies who have been holding signs and hollering slogans about Jewish control of large banking institutions may just be the loudest among the minority of Americans who think Jews have too much influence in the financial sector. The Anti-Defamation League (ADL) released the results of its most recent “Survey of American Attitudes Toward Jews in America,” on Nov. 3. The survey (pdf) found that 19 percent of Americans thought it was “probably true” that “Jews have too much control/influence on Wall Street.” That’s an increase from the last time the ADL asked the question, in 2009, when only 14 percent of Americans answered that way. In an emailed statement announcing the findings, ADL National Director Abe Foxman attributed the increase in anti-Semitic beliefs among Americans to “the downturn in the economy” and “changing demographics in our society.” The 11-question poll, which was first devised by the ADL in 1964, was administered to 1,754 adults across the country by telephone in October. The survey also found that nearly one in three Americans (30 percent) believes Jews are “more loyal to Israel than to America,” and a similar number (31 percent) feel that “Jews talk too much about what happened to them in the Holocaust.” The survey did show that most Americans have non-prejudicial things to say about Jews. Seventy-nine percent said Jews “have a strong faith in God,” 64 percent agreed that Jews “have contributed much to cultural life of America,” and 83 percent credited Jews with emphasizing “the importance of family life.”


College tuition? It’s a ripoff! Postpone college until the bubble bursts!

October 19, 2011

Payday Lenders and Pawn Shops Booming

October 19, 2011
(Volokh) From today’s WSJ, “Short-Term Lenders Seize the Day”:Tough times are good times for payday lenders and pawnshops.*** Shares of nationwide chains, such asDFC Global Corp.,Cash America International Inc. and First Cash Financial Services Inc., have jumped to records in recent weeks. Meanwhile, plans for two initial public offerings from the industry, including the online business of Cash America, have been filed since August. Cash America representatives declined to comment. DFC Global and First Cash representatives didn’t return calls seeking comment. Though share prices have come off their highs in recent weeks, they are still up for the year. Cash America is up 49%, First Cash Financial 40% and DFC Global 18%. That compares with the KBW Bank Index, which is down 26% so far in 2011.First Cash Financial is set to report third-quarter earnings Wednesday, with other payday lenders and pawn shops also reporting this week and next. Analysts covering DFC, Cash America and First Cash indicate they expect earnings at all of the companies to increase by double-digit percentages in the third quarter, though it is possible earnings could disappoint. All three beat expectations in the second quarter.Wow, who ever could have predicted that?