The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Archive for February 10th, 2009

Economists Launch Ad Against Porkulus Bill

Posted by iusbvision on February 10, 2009

New York Post Ad:

http://www.cato.org/special/stimulus09/cato_stimulus.pdf

With all due respect Mr.President,that is not true.

There is no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy.

Notwithstanding reports that all economists are now Keynesians and that we all support a big increase in the burden of government, we the undersigned do not believe that more government spending is a way to improve economic performance.

More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “lost decade” in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today. To improve the economy, policymakers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.

The list of economists is pretty long.

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Henrietta Hughes Gets a House – UPDATE – From a Republican

Posted by iusbvision on February 10, 2009

Henrietta Hughes begged president Obama for help today during his meeting in Florida.

The woman, who identified herself as Henrietta Hughes, said she was unemployed and homeless, and living with her family in a very small vehicle. “The Housing Authority has two years waiting list. We need something more than a vehicle and parks to go to. We need our own kitchen and our own bathroom.”

She pleaded, “Please help.”

President Obama walked over to her, and said, “We’re going to do everything we can to help you. I’ll have my staff talk to you after the town hall.”

While many people are homeless by choice or because of substance abuse or mental illness, I will go out on a limb and say that in her case it seems like it is not the case at least so far.

Some conservative bloggers are crying “setup”. I cant blame them because Hillary’s town hall meetings were scripted to appear spontaneous and so were CNN’s. As for me, my initial take is that this poor woman is on the level. I may end up eating my words for saying that because I could be wrong, but for now I am willing to give her the benefit of the doubt.

I am glad that a private citizen came to help Ms. Hughes.

Henrietta Hughes was offered a home by Chene Thompson, wife of State Representative Nick Thompson, who heard the homeless woman’s pleas for help to President Obama before a local and national crowd.

The house is in LaBelle, the first home Scere Thompson bought after law school. She told Hughes, “Just give me the opportunity to help you.”

Hughes broke down in front of thousands when she told the president that she and her son have been homeless for more than a year. They are living in a pickup truck.

http://www.news-press.com/apps/pbcs.dll/article?AID=/20090210/OBAMA/90210038

Michelle Malkin and I have a different take on this, and I think this maybe the first time I have ever disagreed with her. She has a point but in my opinion she is being a little too cynical although Malikin may very well end up being right about this event. I would like to know how Ms. Hughes ended up homeless and what her story is. Don’t be surprised if she ends up on Oprah.

Malkin also points out that there is no way that Hughes could afford the taxes on such a house both local and IRS. The president should see to it that Ms. Hughes gets a waiver for those taxes until she can get on her feet. If the IRS or the local government tries to put her on the street again over a BS tax issue it is going to cause a PR nightmare for the country that that will be used as propaganda against us around the world.

UPDATE: Here is the House


…and one of those evil Christian right wingers too….

Posted in Chuck Norton, Government Gone Wild, Obama and Congress Post Inaugration | 2 Comments »

Senator Schumer: The American People Really Don’t Care

Posted by iusbvision on February 10, 2009

I am so glad I didn’t vote for this Democrat.

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Wall Street Panics as Geithner Unveils New Economic Plan

Posted by iusbvision on February 10, 2009

thanks-tim

It is 12 Pm and that is todays stock performance as the text of Obama’s new Treasury Secretary’s economic plan was released. Tim Geithner is the Secretary of the Treasury’s name. It may sound familiar because his nomination was controversial because he is a tax cheat.

Read the plan carefully. If you have been watching the IUSB Vision’s coverage of this issue this means that the government has/will spend 9.7 trillion to give to banks to buy each other up and they will give a pittance 50 billion for regular folks who are in trouble with mortgages because of the crisis the government caused.

CNBC:  

US stocks fell sharply Tuesday in a broad-based decline as the government announced details of its latest bailout plan.

The Dow Jones Industrial Average was down nearly 300 points after Treasury Secretary Tim Geither revealed details of the bank-bailout plan. Earlier, the blue-chip index was down less than 100 points.

Some market pros said the market selloff was simply a case of buy on the rumor, sell on the news.

The “Financial Stability Plan,” as it’s now called, consists of four main components:

1) It will set up a public-private fund to mop up to $500 billion of spoiled bank assets.

2) It will set up a consumer-lending facility to support up to $1 trillion in new lending.

3) It will devote up to $50 billion to help stem home foreclosures.

4) It will provide new funding to banks after a “stress test” to determine if the bank is healthy.

Some market watchers remain skeptical over the benefits of the plan and legendary investor Jim Rogers told CNBC it could even make things worse. The bailout will plunge the US further into debt and it is designed by the same people who failed to forecast the crisis in the first place, Rogers said.

Posted in Chuck Norton, Government Gone Wild, Obama and Congress Post Inaugration | 1 Comment »

Comrade Update: Glenn Beck on Obama’s Ridiculous Fear Mongering

Posted by iusbvision on February 10, 2009

If we don’t pass the pork lined corruption packed special interest give away bill now we are all doomed. That is the message of HOPE and CHANGE from the White House these days.

And here is a serious interview with two authors of books on economics and recessions. This video is an absolute must see.

See how the authors of these books on the history of depressions and recessions said that the unemployment under the New Deal was 21%. Well this very undergrad (me) who studies rhetoric, political science and economics told you the same thing in this post HERE.

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SHOCKER: AP Calls out Obama on Misleading the Public on Porkulus Bill

Posted by iusbvision on February 10, 2009

Ladies and gentlemen I am floored. The news organization that has been the most dishonest and the most in the tank for Obama has appeared to have had enough ( just as ABC’s Jack Tapper has) and blasts Obama for misleading statements and for trying to have the “facts” both ways.

Associated Press:

A look at some of Obama’s claims in Elkhart, Ind., in advance of a prime-time news conference called to make his case to the largest possible audience:

OBAMA: “I know that there are a lot of folks out there who’ve been saying, ‘Oh, this is pork, and this is money that’s going to be wasted,’ and et cetera, et cetera. Understand, this bill does not have a single earmark in it, which is unprecedented for a bill of this size. … There aren’t individual pork projects that members of Congress are putting into this bill.”

THE FACTS: There are no “earmarks,” as they are usually defined, inserted by lawmakers in the bill. Still, some of the projects bear the prime characteristics of pork – tailored to benefit specific interests or to have thinly disguised links to local projects.

OBAMA: “I’ve appointed hundreds of people, all of whom are outstanding Americans who are doing a great job. There are a couple who had problems before they came into my administration, in terms of their taxes. … I made a mistake … I don’t want to send the signal that there are two sets of rules.”

He added: “Everybody will acknowledge that we have set up the highest standard ever for lobbyists not working in the administration.”

THE FACTS: Two of his appointees, former Senate Democratic leader Tom Daschle for secretary of health and human services and Nancy Killefer as his chief compliance officer, dropped out after reports they had not paid a portion of their taxes.

OBAMA: “The plan that we’ve put forward will save or create 3 million to 4 million jobs over the next two years.”

THE FACTS: Job creation projections are uncertain even in stable times, and some of the economists relied on by Obama in making his forecast acknowledge a great deal of uncertainty in their numbers.

Beyond that, it’s unlikely the nation will ever know how many jobs are saved as a result of the stimulus. While it’s clear when jobs are abolished, there’s no economic gauge that tracks job preservation.

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CBO: Porkulus Bill spends $200,000 to $600,000 per job it creates.

Posted by iusbvision on February 10, 2009

How is that for efficient? Maybe they should just cut our taxes or give us the money.

McCain also tells about how the Congressional Budget Office (CBO) says that this bill will be a net loser for the economy. We reported that story HERE.

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Bloomberg: The Feds to Limit Your Medical Care – Yup its in the Porkulus Bill

Posted by iusbvision on February 10, 2009

OUTRAGE!

Is this Job Stimulus??

Bloomberg News:

Senators should read these provisions and vote against them because they are dangerous to your health. (Page numbers refer to H.R. 1 EH, pdf version).

The bill’s health rules will affect “every individual in the United States” (445, 454, 479). Your medical treatments will be tracked electronically by a federal system. Having electronic medical records at your fingertips, easily transferred to a hospital, is beneficial. It will help avoid duplicate tests and errors.

But the bill goes further. One new bureaucracy, the National Coordinator of Health Information Technology, will monitor treatments to make sure your doctor is doing what the federal government deems appropriate and cost effective. The goal is to reduce costs and “guide” your doctor’s decisions (442, 446). These provisions in the stimulus bill are virtually identical to what Daschle prescribed in his 2008 book, “Critical: What We Can Do About the Health-Care Crisis.” According to Daschle, doctors have to give up autonomy and “learn to operate less like solo practitioners.”

Keeping doctors informed of the newest medical findings is important, but enforcing uniformity goes too far.

New Penalties

Hospitals and doctors that are not “meaningful users” of the new system will face penalties.  “Meaningful user” isn’t defined in the bill. That will be left to the HHS secretary, who will be empowered to impose “more stringent measures of meaningful use over time” (511, 518, 540-541)

What penalties will deter your doctor from going beyond the electronically delivered protocols when your condition is atypical or you need an experimental treatment? The vagueness is intentional. In his book, Daschle proposed an appointed body with vast powers to make the “tough” decisions elected politicians won’t make.

The stimulus bill does that, and calls it the Federal Coordinating Council for Comparative Effectiveness Research (190-192). The goal, Daschle’s book explained, is to slow the development and use of new medications and technologies because they are driving up costs. He praises Europeans for being more willing to accept “hopeless diagnoses” and “forgo experimental treatments,” and he chastises Americans for expecting too much from the health-care system.

Elderly Hardest Hit

Daschle says health-care reform “will not be pain free.” Seniors should be more accepting of the conditions that come with age instead of treating them. That means the elderly will bear the brunt.

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