Dire Economic Picture Gets Much Worse

Despite the pretty face the Administration attempts to put on a monster, the economy is slipping away, this time bringing us precariously close to a major collapse.

Note the major financial reports filed today in the press at Columbia Conservative Examiner.

Are we witnessing right before our eyes a gathering financial 'perfect storm?' The signs say yes.

New Figures--Unemployment Soars!

The new figures have been released from the government concerning the jobless rate in America.

A key fact to remember is that the way these figures are calculated has changed since the 1930s through the early 1990s. Since that time the government does NOT figure in those who were laid off and were forced to settle for part-time jobs, or those who gave up looking for work altogether out of sheer despair.

The jobless rate, according to the present method of calculation, is now 9.8%. Roughly 230,000 more jobs were lost in the month of September alone.

But when the old method of calculating joblessness is used, the unemployment rate in the U.S. stands at a whopping 17%--the highest since the 1930s.

Obama told Americans all across the land during the campaign that his 'stimulus package' would prevent any more jobs from being lost. So far, the opposite has happened as the unemployment rate keeps moving upward.

DO NOT Trust So-Called 'Economic Experts!'

Beware of overly optimistic 'experts' who claim we are now in the midst of a recovery. The economy is still teetering on the edge.

Columbia Conservative Examiner has a ton of information today, including an abundance of links to the latest news on the subject.

You would be wise to read it and visit ALL of the links and watch the video. Protect yourself!

Dark Storm Clouds Gather in Financial Sector

Things are not always as they seem on the surface.

Columbia Conservative Examiner reports dire financial consequences for the nation if we continue on the current course.

The problem? The nation is being governed by inept, sophomoric lamebrains.

And Yet Another One Bites the Dust

My dear readers, for your own good and financial stability, do not believe the overly-optimistic words of Obama and the members of his administration concerning the economy. Do not believe the words of those outside government who have a vested interest in creating a false sense of optimism.

This economy is still at a very dangerous stage and will remain so for quite some time to come.

After last week's news that Colonial Bank failed in Alabama, which is the largest bank failure so far this year, today we learn that yet another one bites the dust.

And it's a biggie.

Obama Forced to Revise Deficit Projection Upward

The U.S. government’s long-term budget outlook is darker than expected, with projected deficits over the next 10 years totaling $2 trillion more than had been forecast, according to an Obama administration official.

A White House budget review set for release Aug. 25 will show cumulative deficits over the next decade amounting to $9 trillion, up from $7.1 trillion that the administration predicted in May, the official said on condition of anonymity because the figures haven’t been made public.

The rest of the story is at Bloomberg.

Of course, the upshot of this is that the economy is in much worse shape than anyone in the Obama administration was willing to acknowledge. Yet Obama continues to push programs that spend taxpayers' money like a drunken gang of juvenile delinquents who just stole a billionaire's credit card.

Teetering on the Edge of Economic Collapse

Don't listen to what the Feds say, or what Obama says, or what Congress says.

This economy is still very sick and getting sicker. Columbia Conservative Examiner shows you why.

Time to take evasive action in order to avoid a potential complete economic collapse.

The Nation Quickly Descending into Chaos

While the nation focuses on healthcare, the Federal Reserve did something very dangerous last week that will have drastic repercussions in the days ahead.

The nation is quickly descending into chaos. Find the details at Columbia Conservative Examiner.

Better buckle your seatbelts. It's gonna be a very bumpy ride.

Don't Trust Gov't's 'Good Economic News'

Despite the news that the unemployment rate dropped slightly in July, we still lost 250,000 jobs. The numbers weren't quite as bad as the gov't had anticipated.

But Obama and company took to the airwaves to tout his programs and to claim he 'saved America from economic catastrophe.

Americans should take the supposed 'good news' with a grain of salt. The actual unemployment figures for the U.S.--using the same criteria used throughout much of the 20th century--is 16.9% instead of 9.4%.

This is due to the fact that the government no longer counts those that are 'under-employed'--those who are forced to work part time when they need full time jobs to make it.

In addition, a sustained recovery is simply not possible with deficits and a national debt being what they are, in the multi-trillion status. We have never been down this road before in American history. Even the Great Depression did not see deficit spending and a national debt like this.

Western Rifle Shooters Association posts an excellent article concerning the inevitability of a continued downturn in the economy.

Don't Be Assured by Temporary Good News

Newsweek Magazine claims that the recession is over. Barack Obama says he sees good signs that the economy is beginning to pull out of the hole. The government claims that the economy shrank in the last quarter by only 1% (don't know how that qualifies as good news, but it's not as bad as it was), and there are signs of at least some rebound in certain sectors of the housing industry.

However, this supposed 'good news' runs the risk of providing false assurance for Americans at a time when any celebration is very premature.

Do doubt there will be pockets of good economic news here and there. And no doubt the economy will experience some healing for the short term.

But the overall picture is dire and getting worse by the day.

There is no way the country can sustain the level of debt we are incurring without a total collapse sooner or later. And let's not forget that the baby boomers will be retiring in full force for the next 15 years, overloading an already overburdened system that teeters on the brink of disaster.

This article at Human Events is an absolute must-read for those who want the real truth concerning the consequences of 'generations of debt.'

Banks Still Failing, So Where's the Sign of Recovery?

As the Obama administration continues to assure the public that we are now seeing signs of recovery in the economy, the facts say otherwise.

Other than the rebounding stock market, banks are still failing in near-record numbers. Just yesterday, 6 banks were shut down by the Feds in the state of Georgia alone.

In addition, the economy continues to lose jobs to the tune of 400,000-500,000 per month, the housing industry is still in the toilet, and Obama's fascist experiment with 'Government Motors' is failing badly.

GM lost over 20% of its sales last month, while Ford, and only major U.S. carmaker not to take stimulus money, showed its first profit in over a year.

And don't get too comfortable yet, my friends. There is another trainwreck on the way as commercial mortgages begin to fail in the coming months.

Obama Govt Bailouts Reach 24 TRILLION & Counting

24 TRILLION in new spending programs in just 6 months. That's more than double the amount of the entire U.S. economy.

Read all about it at Columbia Conservative Examiner.

Thanks!

If You Wanna Hear Something Totally Stupid...

Stupidity knows no bounds in the Obama administration.

The latest is the example provided by Obama economic adviser Larry Summers, supposedly 'proving' that the economy is well on the mend.

Summers' proof? 'Fewer people are searching the term "economic depression" on Google.'

Uh, you wanna run that by me again, Einstein?

Do you think, in your almighty wisdom, that there may be the slightest possibility that the reason people aren't looking for that term as much is that they are already convinced that the economy is in the tank and will get worse before it gets better?

Nahhhh, I didn't think so...

CHINA HINTS AT BYPASSING U.S. ECONOMY

Senior Chinese leaders have privately voiced fear over the soaring US budget deficit and are increasingly looking to diversify from the dollar, a Republican congressman said.

"We heard across the board -- in private -- substantial, continuing and rising concern," Representative Mark Kirk said after a trip to China that included talks with government officials and central bank chief Zhou Xiaochuan.

"It's clear that China would like to diversify from its dollar investments," the lawmaker said at the Center for Strategic and International Studies, a Washington think-tank.

Apparently the Obama debt load is frightening to the Chinese, who hold the key to our economic recovery. Read the whole thing at Breitbart.

Obama Apologists Excuse the Unconscionable

Read all about it...

at...

Columbia Conservative Examiner.

Thanks!

Second Amendment News Roundup for 3/25/09

Focusing on guns, politics, and news of interest, here is today's Second Amendment News Roundup:

The Liberal Heretic thoroughly fisks Obama and Geithner over their brazen economic power-grab.

Say Uncle has the must-read of the day on the government scam of seizing, at gunpoint, the banks and forcing them accept TARP funds. Now they want to expand this beyond banks. Read it all.

Texas Fred has more on this highly dangerous proposal.

Days of our Trailers says that 'Snuffy' Pfleger is back in the news, and wait till you see what he said about teaching gun safety!

The Rustmeister reports that our 'friends' over at VPC have an FFL!!

Conservative Libertarian Outpost has more on the story we reported this morning about widespread fraud and corruption at ACORN. This is Obama's baby, and it appears that insiders are now blowing the whistle on the fraudulent group that just may have stolen the election for Obama!

The Bobo Files points to a very good reason why the Second Amendment should be protected from Obama and company.

Mike Vanderboegh reports that he is the latest target of hate-filled vitriol over at the Daily Kos, that bastion of leftwing nuttery.

JR posts some interesting info on firearms related bills that he says should be opposed in Texas, thus proving that even in Texas the antis are on the march.

Walls of the City has some significant news regarding Obama's plummeting approval ratings in the polls.

Sebastian reports that one of my favorite people, Sarah Palin, is being attacked by her detractors in the financial realm. They are trying to ruin her financially. Take a look.

Tam posts a real hum-dinger today on violations of the Constitution. Whatever you do, don't pass up reading this one!

Ahab has a wrap-up and audio of last night's edition of Gun Nuts Radio, if you missed it.

Robb Allen says that Obama has goofed up so many times we don't need to go reporting inaccuracies about it. With that in mind, it seems I must retract my story earlier in the week concerning Obama's letter to Jacques Chirac. It looks as if it never happened. Sorry about that.

It seems that Ride Fast and Shoot Straight has a problem with being muzzled. Read it for the context.

Pax Parabellum presents a scary scenario with 'You Must Welcome Your New Chinese Overlords.'

Alphecca has news on a bill that would protect Veterans' civil rights.

Free in Idaho makes an excellent point about Obama's tendency to pass the buck--to the former President.

Roberta X provides us with some smokin' hot criticism of the 'idiot in chief.'

Michelle Malkin publishes her syndicated column today, and it delves into the ominous plan by Obama to fund and start a new 'national service corp.'

David Codrea reports he will be on Freedom Fighter Radio tonight at 9 PM. Take a look for details.

From Codrea's Gun Rights Examiner: 'Blame Criminal, Not Guns for Oakland Shootings.'

Armed and Safe posts complete info on the upcoming national anti-gun debate on WGN Radio. Take a look for date and time.

From Hofmann's St. Louis Gun Rights Examiner: 'So What If They are Weapons of War?'

Romano: Economy 'Too Big to Save'

From Robert Romano of Americans for Limited Government comes this dire assessment--the crumbling American financial system may be too big to save. The bailouts are not working, and Obama's prescriptions are clearly only making matters worse.

"Too Big to Save"
By Robert Romano

In the debate over moral hazard, one argument often made is that certain institutions are simply too big to fail. That, if they are allowed to fail, the greater economy will be irreparably damaged, and the people will be unnecessarily hurt.

The reality emerging, however, is that the crumbling financial system is, in fact, too big to save. And the bailouts themselves are irreparably damaging the economy, and yes, the people are hurting badly as a result. Unnecessarily.

On March 2nd, the Treasury and Federal Reserve unveiled the latest bailout for troubled insurance giant AIG—another $30 billion from the Troubled Asset Relief Program (TARP) for a grand total of $173 billion thus far. This follows a long line of bailouts for this company—and others—that come in for money, and then show up just months later looking for yet more when the last bailout fails to return the company to profitability.

The argument being made by the Fed and Treasury, as reported by yesterday by the Wall Street Journal in “AIG’s Black Box,” is that these companies are “systemically important”—or in other words, too big to fail.

Under that comes everybody that has latched on to the TARP or the Fed’s discount window for cash: banks, creditors, investment firms, insurance companies, automakers, and on down the line.

To be certain, the bad news keeps rolling in. GM and Chrysler have received a combined $17 billion from TARP, but as Bloomberg reports, the companies are still descending into insolvency as sales figures come in worse than expected. They will likely follow on the heels of AIG and return to the Treasury with hat in hand, begging the taxpayers for more loans that they probably won’t be able to pay back.

Another example of government failing to plug a hole in a dam that has already broken is its ill-conceived foreclosure “prevention” schemes. In 2008, Congress dedicated some $300 billion for that purpose, and yet 2.3 million foreclosures happened anyway. In 2009, the Obama Administration is proposing another $75 billion to “prevent” foreclosures.

It gets worse. Last year, Congress spent some $200 billion to purchase Fannie Mae and Freddie Mac debt. Since TARP, the number’s up to $600 billion for purchasing mortgage-backed securities—which were sold by the Government Sponsored Enterprises all over the world with the implicit backing of the federal government. And now, this year, the Obama Administration wants to allocate another $200 billion for Fannie and Freddie to reduce mortgage rates for those who cannot pay at the expense of those who are making their payments on time and in full.

Stand back even further, and the picture only grows grimmer. Last year, $150 billion was dedicated to economic “stimulus.” This year, the number grew to $787 billion. Last year, $700 billion was dedicated to the Troubled Asset Relief Program, much of which still cannot be accounted for. This year, President Obama makes TARP a line on his budget—another $750 billion—“just in case.”

Does anyone see a pattern here? We do. The bailouts are not working. They have all to date proven to be insufficient at addressing the structural problems internally and externally that prevent these companies from returning to solvency and self-sufficiency. They should be allowed to fail. Allowed to go bankrupt. And allowed to be gutted by market forces.

Instead, these businesses are rapidly becoming nationalized as de facto agencies of government; yet more lines on the budget. What is happening is akin to the people of Pompei that were showered and solidified in volcanic ash ages ago. Neither will return to life any time soon.

Meanwhile, it is the issues that government refuses to address that are all the more disconcerting for the American taxpayer.

To date, Congress has not voted upon any proposals to restore price stability by eliminating the dual mandate at the Federal Reserve—it was easy money from the Fed that accommodated excessive lending that created the housing bubble in the first place. Nor has there been an up-or-down vote to reduce spending, balance the budget, pay down the national debt, and get America off its addiction to foreign credit, which further allows this unbridled spending spree to continue unabated.

The icing on the cake, though, is President Obama’s proposed $3.6 trillion budget that will expand the deficit for 2009 to $1.75 trillion. The national debt will grow to well over $11 trillion. One can almost hear the American taxpayer’s head exploding.

The debt being placed upon the American people is a heavy burden that they did not ask for, did not vote for, and is one that can never possibly be paid back.

The dawning reality is that these companies: AIG, the automakers, the banks, the housing sector—indeed, Big Government itself—are not too big to fail, but too big to save.

And that case must be made loud and clear to lawmakers before they proceed even further into the breach. Before the economy is irreparably broken and the nation forever bankrupted. Before the people becomes slaves to the national debt. In short, before it is too late.

Robert Romano is the Senior Editor of ALG News Bureau.

SPECIAL NEWS FLASH: Treasury Secretary

Word comes late Wednesday evening that Treasury Secretary Tim Geithner is 'in over his head,' attempting to fly solo in the Treasury Department with no aides and deputies to help.

Congress has not yet given approval to nominees chosen to work in the Treasury Department, despite the fact that Democrats control both houses.

The result? Disarray, frustration, bewilderment, and bumbling.

And Geithner certainly hasn't gained much support from members of Congress in either Party. In fact, the 'inside-the-beltway' rumor is that he is basically a joke.

Picking Up the Pieces of Failed Democrats

A reader of my column at Columbia Conservative Examiner asked a question after I asserted that when Democrats create economic disaster, conservatives are here to pick up the pieces.

He challenged me to 'name one Republican in the last 50 years that "picked up the pieces" of economic disaster.'

And that is the subject my latest column today at Columbia Conservative Examiner. It's entitled, 'Picking Up the Pieces of the Nation's Economic Disasters.'

I invite you to read and tell a friend. Thanks.

A Silver Lining in Part of the Stimulus Package

At the last minute, just prior to the Senate's approval of the Obama-Democrat stimulus bill, Senator Chris Dodd, D-CT, inserted a provision that places limits on executive bonuses for banks that receive bailout money from the government.

The Obama administration immediately took to the airwaves to state that it did not support that particular measure due to the fact that it may lead to a serious depletion of 'brain power' as bank executives bail out and migrate to other corporations that pay much better and where the bonus structure is not limited.

In actuality, however, the real issue is one of control. Obama and company fear that many banks simply will not ask for any government bailout money at all now that Senator Dodd has made sure they receive no bonuses. Their salaries have already been limited in the bill.

Without banks signing onto the Obama-Democrat program, the government will not be able to control either salaries or bonuses.

And this is precisely the silver lining in that part of the stimulus package.

With banks seeing no real incentive for requesting bailout funds, that is, unless they are in such dire straights that they are forced to do so, the financial sector of the country may actually be forced to see its own way out of the mess they have created for themselves.

The other alternative is bankruptcy.

And that's not necessarily bad. If execs make poor decisions and give bonuses to people who did not earn it by putting their banks on solid financial ground, then they deserve to go under.

Further, those banks that refuse to go under and determine to make it without government help may be doing themselves, their customers, and the country a big favor.

Personally, I hope hundreds of financial institutions will have the means and the guts to say, 'No thank-you, Mr. President.'