Slobbering Liberal Media Update: Networks Far Less Negative Towards Obama Than Reagan Regarding Economic Woes (Video)

Here's a shocker! The media is protecting Obama? Who knew!?!

California farmers at mercy of Obama administration's man-made drought (Video)

Again... not a Republican or Democrat, conservative or liberal issue... this is an American problem. Hannity did an amazing job tonight bringing this issue to light once again.

A small minnow outweighs hard working real Americans?

Envionmentalism has superceded Capitalism?

The Radical Left voting base is more important than the average American citizen?

What an outrage!

Glenn Beck: The Barack Obama Government is Trying to Spend Its Way Out of Debt; Team O: Bigger Debts, More Job Losses (Video)

Beck discusses the deficit spending policies of the Obama Administration with FOX Business Network's Charles Payne.




The AP reports via Yahoo!:

WASHINGTON – The federal government faces exploding deficits and mounting debt over the next decade, White House officials predicted Tuesday in a fiscal assessment far bleaker than what the Obama administration had estimated just a few months ago.

Figures released by the White House budget office foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy.

Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year. Still, she said, the average unemployment will be 9.3 in 2009 and 9.8 percent in 2010.

"This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," Romer said.

The grim administration projections came on a day of competing economic news. The Congressional Budget Office, which has predicted less economic growth than the White House in the past, was also scheduled to announce revised budget projections on Tuesday.

Obama himself may have drowned out the rising deficit news with the announcement Tuesday that he intends to nominate Ben Bernanke to a second term as chairman of the Federal Reserve. The Bernanke news could neutralize any disturbance in the financial markets caused by the high deficit projections.

The deeper red ink and the gloomy unemployment forecast present President Barack Obama with an enormous challenge. The new numbers come as he prods Congress to enact a major overhaul of the health care system — one that could cost $1 trillion or more over 10 years. Obama has said he doesn't want the measure to add to the deficit, but lawmakers have been unable to agree on revenues that cover the cost.

What's more, the high unemployment could last well into the congressional election campaign next year, turning the contests into a referendum on Obama's economic policies.

Republicans were ready to pounce.

"The alarm bells on our nation's fiscal condition have now become a siren," Senate Minority Leader Mitch McConnell, R-Ky., said. "If anyone had any doubts that this burden on future generations is unsustainable, they're gone — spending, borrowing and debt are out of control."

Obama: We May Be Seeing the Beginning of the End of the Recession (Video)

True. The markets are up, but that doesn't change the fact that the $1 Trillion CRAPulus spending bill is a joke!

Nice joke about the "Newsweek" cover; glad he can laugh about unemployment!

Obama Lies Again!; Says Economy 'Pulled From the Brink' (Video)

In opening remarks during a press conference, President Barack Obama says that progress has been made repairing a broken economy. The president pointed to the Recovery Act as one of the positive steps his administration has taken.

Uh....what? What numbers is he looking at? The Recovery Act is a complete bullshit! Wake up, America!!!!!!!!!!! This guy is nuts!

Peter Orszag On Fox News Sunday "Economy Worse Than We Thought" (Video)

Obama's budget director echoes Joe Biden's statement last week. Hey, when it doubt, blame Bush!

Is anyone else thinking that maybe this administration should get it facts straight before rushing to pass bogus legislation which mortgages our future and leads us down the path towards socialism? Or worse?



He did say though, there is hope in the future:

Orszag: Economy slowly improving

Orszag sees signs that the economy is beginning to improve, even as the unemployment rate grew beyond the administration's initial estimates.

The "sense of panic and fear" in the financial markets has dissipated, said Orszag, and the second quarter GDP numbers are likely to improve from the first quarter. The economy will start to recover at the end of the year, but unemployment will remain high, he said.

"Mixed messages are part of what happens during these kinds of periods," he said. "This took a while to build up it's going to take a while to get out of it."

Joe Biden "Economy Worse Than We Thought" (Video)

How can "the worst economy since the great depression" be worse than we originally thought? Isn't that what Obama got elected on? Good thing Biden's a Democrat. He also admits that Team "O" "misread the economy"? So we passed a "stimulus" bill that was based on misinformation?

Seriously! What would happen if a Republican administration acted as incompetent as this.

Rep. Boehner Blasts Rep. Hoyer "You Sound Like The Kid That Showed Up Without His Homework" (Video)

John Boehner blasts Steny Hoyer who continually tried to blame the Bush Administration for the poor economy on Foxnews Sunday.

David Axelrod On Meet The Press: Recession Worse Than We Thought (Video)

Yeah, no shit it's bad! That's why I correctly surmised the "stimulus" had nothing to do with the economy and everything to do with socialisam and establishing a permanent voting majority.

10% unemployment and rising...and if Cap and Trade passes the Senate? Look towards 15%... Thanks Obama.

Warren Buffett to CNBC: U.S. Economy In "Shambles"; No Signs of Recovery Yet (Video)

From CNBC:

In a live interview on CNBC today, Warren Buffett said there has been little progress over the past few months in the "economic war" being fought by the country. "We haven't got the economy moving yet."

While the economy is a "shambles" and likely to stay that way for some time, he remains optimistic there will eventually be a recovery over a period of years.

Buffett says the nation should concentrate on creating jobs.

Buffett also noted that he had a cataract operation on his left eye about a month ago. He joked that he thought it might help him see "green shoots" for the economy, but so far he hasn't seen any hopeful signs.

Obama On Regulatory Reform, Admits Unemployment Will Reach 10%, Rep. Cantor Responds (Video)

Bloomberg has a preview on President Obama's speech plan to overhaul the nation's regulatory structure.

June 17 (Bloomberg) -- The Obama administration plans to restrict the Federal Reserve’s emergency-lending powers while endowing it with authority overseeing systemic risk, ushering in what may become the Fed’s biggest overhaul in decades.

President Barack Obama’s proposal on financial regulation, to be released in Washington today, would force the central bank to get written approval from the Treasury before it extends emergency funding, according to a copy of the document obtained Bloomberg News. Obama also calls for a study of the Fed’s governance structure, including how it regulates financial firms.

The move is part of a proposal that would alter almost every facet of federal rules for the industry, aiming to prevent the regulatory lapses and risk build-up that led to the worst crisis since the Great Depression. Much of the plan will require approval in Congress, where jurisdictional battles and ideological clashes may delay and alter the legislation. Obama aims to sign a bill by the end of the year.

“We have to have somebody who is responsible for seeing the risks of the system as a whole and not just individual institutions,” Obama said yesterday in an interview with Bloomberg News, referring to making the Fed the systemic risk regulator. “The Fed is best positioned to do that.”

On Bloomberg this morning, House Republican Whip Eric Cantor (R-VA) discussed the Administration's new financial regulations to be announced today.

Brit Hume: Why the Barack Obama Stimulus Isn't Working (Video)

Hume comments on the failure of the Barack Obama stimulus, and why it is failing. Dead on commentary.

Rupert Murdoch: Obama Big Government "Dangerous"; Unemployment Could Reach 11% (Video)

Rupert Murdoch appeared with Neil Cavuto to discuss the current economy.

Rock 'n Roll Patriots: Poor Economy Inspires Papa Roach (Video)

America is facing some hard economic times, but Papa Roach frontman Jacoby Shaddix says that's the inspiration behind the band's latest record, "Metamorphosis", pecifically, the new single "Life Line".

Kudos to Papa Roach, Buckcherry and Avenged Sevonfold for putting together a kick ass concert for a reasonable $40 ticket price. Shaddix says the price tag was determined because of the state of the economy.

To quote Bill O'Reilly, these three bands are "patriots"







Lyrics:When I was a boy
I didn't care about a thing
It was me and this world
And a broken dream
I was blaming myself
For all that was going wrong (going wrong)
I was way out there
On the wrong side of town
And the one's that I loved
I started pushing them out
Then I realized
That it was all my fault

I've been looking for a lifeline
For what seems like a lifetime
I'm drowning in the pain
Breaking down again
Looking for a lifeline

So I put out my hand
And I asked for some help
We tore down the walls
I built around myself
I was struck by the light
And I fell to the ground

I've been looking for a lifeline
For what seems like a lifetime
I'm drowning in the pain
Breaking down again
Looking for a lifeline
Is there anybody out there
Can you pull me from this ocean of despair
I'm drowning in the pain
Breaking down again
Looking for a lifeline

You know a heart of gold
Won't take you all the way
And in a world so cold
It's hard to keep the faith
I'm never gonna fade away

I've been looking for a lifeline
For what seems like a lifetime
I'm drowning in the pain
Breaking down again
Looking for a lifeline
Is there anybody out there
Can you pull me from this ocean of despair
I'm drowning in the pain
Breaking down again
Looking for a lifeline

Buckcherry kicking ass!



Avenged Sevenfold kicking more ass Live In LBC!

Alan Greenspan vs. Paul Krugman On Impact Of Stimulus Spending (Video)

Pretty good insight from Bloomberg News:

Newt Gingrich On Fox News Sunday: Nancy Pelosi's Lies, Obama Economy, Colin Powell and Notre Dame

Former House speaker Newt Gingrich on "Fox News Sunday", May 10th, 2009.

Full transcript here.

Tim Geithner Not to Be Confused with a Banker (Video)

"I've never actually been in banking...I've spent my entire life in public service," said Tim Geithner today in Congress.

Well that certainly explains a lot.

Neil Cavuto Slams NY Gov. Paterson's Tax Plan (Video)

Capitalists will NOT finance socialism in America... wealth envy is un-American!

Cavuto targets the wealth envy being dished out by NY's Gov. Paterson, and says it will only bite his ass in the end. Not only will people like Rush Limbaugh leave, but so will Trump and all the other millionaires with money - they are NY's tax base, and Paterson's wealth envy will be the economic death of that state.

Joe Scarborough: Obama Should Have Tried Flipping Burgers (Video)

"He never received a check from a profit-making business in his entire life."--Joe Scarborough

Exactly. No real world business experience yet this is the man America hired as our CEO. Thank a lot!

Harvard Student Takes on Barney Frank Over His Role In The Economic Melt-Down (Video)

It all started with a question: "How much responsibility, if any, do you have for the financial crisis?"

Rep. Barney Frank (D-MA) and a conservative Harvard law student debated over how Frank should have handled his role as the House Chairman of the Financial Services Committee. Frank was at Harvard University for a speech at the Kennedy School of Government.

Frank said the student wasn't backing up his claims, invoking some laughter from the crowd, and the student told Frank he wasn't answering his question.

This student was absolutely incredible! "You're a public representative, I'm a student... it does allow me to ask you a question. I'm waiting for an answer."

Frank acts like a deranged lunatic while this student was intelligent, calm and rational.

Frank adds there is a "systematic right-wing attack to try and divert the blame." It amazes me how Frank continues to act like a child, knowing full-well that he shares a substantial amount of the blame for sub-prime mortgages which contributed to the current recession.



Here are some more facts about President warnings and attempts to avoid the housing collapse caused, in large part, by Freddie and Fannie.
President Bush's efforts over the years, not once, but several from The White House:

2001 April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."

2002 May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003 September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements. 2004 February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

2005 April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

2007 August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)

2008 February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further. "Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08) "[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08) "Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing. And just where was The Messiah during all of this?

From The Wall Street Journal

Finally, on the matter of deregulation and the financial crisis, Sen. Obama should consider his own complicity in the failure of Congress to adopt legislation that might have prevented the subprime meltdown.

In the summer of 2005, a bill emerged from the Senate Banking Committee that considerably tightened regulations on Fannie and Freddie, including controls over their capital and their ability to hold portfolios of mortgages or mortgage-backed securities. All the Republicans voted for the bill in committee; all the Democrats voted against it. To get the bill to a vote in the Senate, a few Democratic votes were necessary to limit debate. This was a time for the leadership Sen. Obama says he can offer, but neither he nor any other Democrat stepped forward.

Instead, by his own account, Mr. Obama wrote a letter to the Treasury Secretary, allegedly putting himself on record that subprime loans were dangerous and had to be dealt with. This is revealing; if true, it indicates Sen. Obama knew there was a problem with subprime lending -- but was unwilling to confront his own party by pressing for legislation to control it. As a demonstration of character and leadership capacity, it bears a strong resemblance to something else in Sen. Obama's past: voting present.

Heritage reminds us that Obama was involved in defeating reform for Fannie.

In 2004, after a tip from a whistle blower who was later fired, the Office of Federal Housing Enterprise Oversight (Ofheo) issued a report finding that the government-sponsored entity Fannie Mae had engaged in Enron-like accounting machinations that allowed Fannie to overstate its earnings and underestimate the risk the company faced. The accounting wizardry Fannie engaged in was designed so that Fannie could meet profit targets to maximize bonus payments to company executives like Clinton administration deputy attorney general Jamie Gorelick and Carter administration assistant director for domestic policy Franklin Raines.

For years, conservatives have been critical of how Fannie, and Freddie Mac, have leveraged their government-sponsored advantages (including exemptions from state and federal taxes, lower capital requirements, and the ability to borrow at rates well below those paid by private companies), to create a co-monopoly in the housing finance sector. When Fannie’s accounting scandal came to light in 2004, conservatives pushed hard for reforms to phase out Fannie and Freddie. Led by former Walter Mondale and Barack Obama campaign adviser James Johnson, Fannie and Freddie pushed back hard, raising millions of dollars for members of the relevant oversight committees and opening up “Partnership Offices” that funneled money into various housing projects in districts of key members of Congress.

Fannie also bought off activist groups such as the corrupt Association of Community Organizations for Reform Now (ACORN), which has been indicted, multiple times across the country, for vote fraud (Obama worked closely with ACORN as a street organizer in Chicago). Fannie’s lobbying efforts paid off as liberal politicians such as Sen. Chuck Schumer (D-N.Y.) and Rep. William Clay (D-Mo.) worked to kill any real reform of Freddie and Fannie. The Washington Post reports: “In an internal memo in 2004, Fannie Mae executive Daniel H. Mudd affirmed what the company’s critics had long contended: In the political arena, ‘we always won’ and ‘we took no prisoners.’”

Fannie was created during the New Deal to make homes more affordable for lower- and middle-income Americans. Freddie was added years later for the same purpose. Fannie and Freddie have long outlived their purpose as the market for repackaging loans as securities is now well developed. When the housing market is booming, they are not needed, and they have both gone well beyond their original mission and are now backing loans for wealthy (witness Speaker Nancy Pelosi’s continued efforts to raise the cap on the size of the loans that Fannie and Freddie can buy).

Many parts of the bill the Senate passed last week only continue the worst aspects of the crony capitalism at the hard of Freddie’s success. This is especially true of the Community Development Block Grant funds that have long been a goal of partisan housing activist groups like ACORN. There is an opportunity here to use the recapitalization the White House is now proposing to re-organize housing finance by breaking up Fannie and Freddie and creating several smaller truly private entities that can compete.