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 24th, 2009

Editor’s reaction to the speech – Open letter to President Obama.

Posted by iusbvision on February 24, 2009

Mr. President,

It was a great speech you made to Congress as it contained goals that every American can get behind. Understanding that America is a center-right nation you even managed to couch your plans using conservative rhetoric.

The problem is the legislation that you and the Democrats are proposing/have proposed does not do enough to empower regular folks; rather it empowers government and special interest constituent groups that will kick back millions to the Democratic Party.

You have reneged on your repeated pledges of transparency (1, 2, 3, 4, 5,) and several other issues.

You bragged that your stimulus bill had no “earmarks” yet your own Senator Schumer has stated that the stimulus bill was filled with “porky amendments”. The AP, whose coverage was very sympathetic to your candidacy, has said that you are being deceptive.

To pay for some of that pork a much-needed tax break for home buyers was dropped from the bill. While there are some good things in the bill like the American Opportunity Tax Credit that is intended to give a tax break to working families who have a family member going back to college I am very concerned that for the expense, there is not enough good and too much of the old politics as usual.

You promised to put legislation up on the internet for 2-5 days before it is voted on. Starting with bill number one (HR1) that promise was broken. You promised a new era of bipartisanship and then locked Republicans out of the bill negotiations. The final version only came out a few hours before the vote, but your lobbyist special interest friends got copies of the “porky”, special interest lined stimulus bill before most members of Congress even saw the final version.

You talk about individual and government responsibility yet snuck in language to reverse the hugely successful welfare reform program to the stimulus without telling anyone.

Your wife Michelle criticized one of the Bush tax cuts because it returned $600 to the taxpayer. The tax cut (or more accurately stated “your tax deduction table modification” as the tax rate was never changed) you bragged about that was in the “porky” stimulus bill averages out to $13 a week, which totals $676.

According the analysts from Bloomberg, Fox, universities, and even NBC (1, 2, 3,),  who has been in the tank for you more than any other media outlet, your stimulus program does not do much to create jobs and will cost well over $200,000 per job it does create. Some of these same analysts say that your mortgage plan is wrong-headed, isn’t comprehensive, and mostly supports the few who are the least deserving of help.

You keep saying that Republicans want to do nothing when you know that every Republican in the Senate voted for an alternative bill that was so good when it was ran through the economic model that YOUR administration uses it created twice the jobs with half the money.

You talk about improving education, but not only did you pick a Secretary of Education who is not addressing the real issues in education, your party is proposing legislation to ban the school voucher program in Washington  DC which has been saving inner city kids from public schools that have failed them utterly. Apparently voucher programs aren’t very effective at tossing money to teachers unions, however, they are effective at giving inner city kids a fighting chance to succeed. That same bill has $410 billion in more big government spending with thousands of earmarks which we all learned from the campaign are a part of an appropriations process that is often corrupted and abused. Didn’t you say in the campaign that you would go through these kinds of bills line by line?

You hold a “Fiscal Responsibility Summit” and special interests were all over it. You have appointed lobbyists all over your administration after promising not to (1, 2, 3).

The tax hike idea that you brag “will only impact those who make over $250,000” will largely impact small to medium-sized business “S-Corporations” which will kill jobs, raise prices, and push more small to medium-sized domestic competition out of the competition. In the mean time the genuine super rich will hardly notice the difference.  The “super rich” like John Kerry and other mega millionaires/billionaires make money in many ways that are not considered “earned income” and enjoy countless favors in a tax-code making it so thick it is measured in feet. For example: John Kerry made $5,072,000 in 2003 and had a total federal tax burden of 12.34%. You know as well as I that those like the Kerry’s will NOT be paying a genuine 39.6% rate as you plan to force productive wage earners and small business to pay (see Norton’s First Law).

While the government is/and is about to send trillions of dollars to Wall Street (2), since 2005 you have taken more money from Wall Street, Fannie Mae and the defunct Lehman Brothers (2, 3) than anyone.

The word disappointed hardly covers it.

Chuck Norton
Editor, IUSB Vision Web Log

Posted in Campaign 2008, Chuck Norton, Government Gone Wild, Mortgage Crisis, Obama and Congress Post Inaugration, Other Links, True Talking Points | 7 Comments »

Cramer and Morici – Why the Stimulus and Obama’s Mortgage Plan Won’t Work.

Posted by iusbvision on February 24, 2009

UPDATE March 2011 – Cramer said that a plan had a chance at working if there is a system to help the toxic assets with mortgage holders and the banks. It didn’t happen so the hope he mentioned has been dashed. At 2:30 Cramer starts talking about what Obama should have done with the banking plan. Cramer nailed it, why Obama didn’t do this….. well Dick Morris understands why. Look him up in our “Mortgage Crisis” category.

Jim Cramer and University of Maryland economist Pete Morici explain why the stimulus plan wont create many jobs and why Obama’s Mortgage Plan takes the wrong approach and wont help the housing market. Jim Cramer is one of the people who was talking about this crisis pretty far in advance.

Essentially Rick Santelli is right that the plan needs to help all Americans not just constituent groups who got subprimes that they had no chance of ever paying off  or rich borrowers who got caught while trying to “flip” multiple houses. See What Rick has to say HERE, it is essentially the same thing that Jim Cramer and Dr. Morici are saying in the video above. It is also what we at IUSB Vision have been saying since Feburary 3rd.

There are also some lenders who had balloon payments or a balloon interest rate in some loans guaranteeing that the buyer would default. Those lenders should be prosecuted.

Santelli, Cramer, Mirici and IUSB Vision are not alone in our thinking.

Bloomberg Financial News:

Mortgage Plan Aids Liars About Income, Amherst Says
By Jody Shenn

Feb. 20 (Bloomberg) — The Obama administration’s mortgage- modification plan offers the most aid to homeowners who “really stretched to buy their house and lied the most about their income,” Amherst Securities Group LP analysts said.

The plan calls for government payments before and after loans are reworked to mortgage servicers and lenders including mortgage-securities investors, as well as borrowers, Amherst’s Laurie Goodman and Roger Ashworth wrote in a report today. The proposal also will “badly misalign” the incentives of servicers and bondholders, they wrote.

“This program needs to be retooled,” the New York-based mortgage-bond analysts wrote. Amherst is a securities firm specializing in trading and advising investors on home-loan debt.

Under Obama’s plan, a borrower who qualified for a 6 percent interest-only “stated income” loan of $250,000 by claiming income of $45,000 a year while actually making $37,500 would see payments cut by $2,625 annually through lender and government subsidies, according to their report. A borrower who actually made $30,000 while claiming to make $45,000 would pay $5,700 less a year to meet the debt-to-income ratios sought.

“The borrowers that really stretched to buy their house and lied the most about their income receive the largest break in payments,” the analysts wrote.

This is why Santelli had a cow on the air and did his rant. Those who cheated on the bottom end and on the top end will benefit the most, those of us who cut back and struggled to barely keep up with mortgage payment’s get the shaft.

It’s a PITI — Why Obama’s Mortgage Plan Doesn’t Work by Mark Lieberman

Posted in Chuck Norton, Government Gone Wild, Mortgage Crisis, Obama and Congress Post Inaugration | Leave a Comment »

New Clip from “Media Malpractice” Documentary

Posted by iusbvision on February 24, 2009

Here is the new clip from “Media Malpractice”. It shows you how NBC and other news outlets lie, carefully edit clips and misrepresent facts to paint the picture they want you to see. This film should be shown to every journalism student.

Posted in Campaign 2008, Chuck Norton, John Ziegler, Journalism Is Dead | Leave a Comment »

Free Speech Coming to an End in Europe (unless your an islamic radical)

Posted by iusbvision on February 24, 2009

Say you want all the Jews to be gassed in an islamist protest is protected speech in Europe, but criticize those who say it and the government moves in to shut you down and prosecute you for insulting Islam (even if youa re telling the truth about it).

This is Geert Wilders. He is a Member of Parliament in the Netherlands. He has been banned from the UK and is being prosecuted in his home country for “hate speech”. His crime is quoting islamists and others such as Winston Churchill about radical Islam. Now those who said the things originally are fine, but dare to quote them and they throw the book at you.

You won’t see this guy in class will you?

Geert Wilders calls for international First Amendment:

Geert Wilders on the O’Reilly Factor:

Posted in Chuck Norton, Culture War, Government Gone Wild, Israel | Leave a Comment »

Biden’s Son Involved with Hedge Fund Crook

Posted by iusbvision on February 24, 2009

We first covered Hunter Biden’s legal troubles with this hedge fund on September 2nd. How nice of Fox News to catch up with us, but hey better late than never.

I guess all the reporter’s were too busy with Bristol Palin and the sex lives of the governor’s family to notice the crookery that Hunter Biden is involved in.

Posted in Campaign 2008, Chuck Norton, Government Gone Wild, Journalism Is Dead, Palin Truth Squad | Leave a Comment »

GWU College Democrats Steal Crucifixes, Deface Them With Penises, Condoms – Crucified Christ Mocked With “Pwned” And “LOL” Below His Feet

Posted by iusbvision on February 24, 2009

Via Pat Dollard – be sure to see the rest of Pat Dollard’s post HERE.

Anti-Christian Hate Crime By “College Democrats” At George Washington University: Political Group Steals Crucifixes, Defaces Them With Penises, Condoms – Crucified Christ Mocked With “Pwned” And “LOL” Below His Feet – Warning: Graphic Photos

January 30th, 2009 Posted By Pat Dollard.

img00031.jpg

“Apparently to the College Democrats, making fun of Christianity, and specifically a memorial to aborted unborn children is humor. To me, it is flagrant, disrespectful and downright disgusting. The fact that these crosses remained displayed in the College Democrats’ office for over 24 hours just adds to the sheer lack of respect they have for Christians on campus.”

– College Republican source, identity withheld for his protection pending investigation

This is a Pat Dollard.com exclusive.

Back in October, The Washington Times reported on allegations of an ominous and potentially dangerous atmosphere of hostility and intolerance for campus Conservatives, free speech, and apparently now, Christianity, by the George Washington University chapter of the national College Democrats organization. Here’s an excerpt from the article:

“College conservatives say the excitement of a historic presidential election which could send the first black American to the White House has become clouded by an atmosphere of intimidation and hostility on campus.

“People on campus who say they’re the most tolerant, they simply do not walk the walk,” said Brand Kroeger, chairman of the George Washington University College Republicans and head of the D.C. Federation of College Republicans.

Mr. Kroeger said he has been flooded with calls from students who feel they cannot express their views in favor of Republicans for fear of being shouted down….

GW College Democrats President Cory Struble was accused of sanctioning harassment of Republican and conservative students with comments he made at the beginning of the semester WRGW Radio.

According to an audio file provided by Mr. Struble, he said, “We seek to marginalize them as much as possible. You remember YAF last year put an ad in the paper saying how marginalized they felt [at GW]. Well, this year we want to make sure that GW is an even more uncomfortable environment for Republicans and conservatives…”

Today’s story is breaking and developing. Here are the initial details as revealed to me by two confidential sources within the College Republicans. I have no official statement or comment yet from the organization.

The College Republicans were in possession of a number of crucifixes used in a University-sanctioned Right To Life display. When the display was taken down, they were stored in the College Repulicans’ side of their shared but divided office space with the College Democrats. When the last College Republican members left the offices this last Friday, January 23, the crucifixes were safely stored on their side of the suite.

This Monday afternoon, January 27, when the first College Republicans to re-enter the offices did so, they discovered some of the horrifically desecrated crucifixes, stolen from the private property confines of their storage containers, and proudly displayed on the College Democrats’ bulletin board, and other areas, including a bowl, laid out as if they were candy for any member of the public who visited the office to take home and enjoy. One crucifix featured the College Democrats’ version of Christ: a large penis with an actual condom pulled over the top, in lieu of His crown of thorns.

Posted in Campus Freedom, Indoctrination & Censorship, Chuck Norton, Culture War | Leave a Comment »

After “Fiscal (Ir)Responsibility Summit” Democrats Unveil $410 Billion ‘Omnibus’ Spending Bill – More Pay to Play, More Bueaucrats, More Earmarks, Taking School Vouchers from Inner City Minorities

Posted by iusbvision on February 24, 2009

UPDATE – Fox News Feb. 25 :

 

In the post below we told you how yesterdays “Fiscal Responsibility Summit” was a hey day for special interest groups and lobbyist’s spreading the cash to our elected officials to get what they want, we also told you how the special interest groups from K-street and Wall Street got copies of the Porkulus Bill before most GOP members of Congress did.

It gets worse……

Bloomberg Financial News (excerpts):

Democrats Unveil $410 Billion ‘Omnibus’ Spending Bill
By Brian Faler

Feb. 23 (Bloomberg) — The U.S. embargo on Cuba would be loosened, regulatory agencies would get budget increases and lawmakers would secure money for thousands of pet projects known as earmarks under a proposed $410 billion spending bill.

House Speaker Nancy Pelosi, a California Democrat, called the new bill “the unfinished business of last year when the president refused to address the priorities and the needs of the American people.” 

Wow – how is that for your basic Orwellian propaganda sound bite??

The measure was released as President Barack Obama pledged at a budget summit to cut the government’s yearly budget deficit in half in four years. The White House and Congressional Budget Office forecast the deficit for this fiscal year will be at least $1.3 trillion.

 The measure would boost the budgets for regulatory agencies Democrats have said were inadequately funded during the Bush years. The bill would provide the Consumer Product Safety Commission with $105 million, a 31 percent increase from last year. The Commodity Futures Trading Commission’s budget would also grow by 31 percent, to $146 million

Can you imagine trying to live without a 31% budget increase in these bureaucracies?? It goes right along with your 31% budget increase right???

The Food and Drug Administration’s budget would grow 19 percent, to $2 billion. The Occupational Safety and Health Administration would get $513 million, a 6 percent increase. The Securities and Exchange Commission would get a 4 percent increase, to $943 million.

Did you know that the interest on the debt is now greater than the cost of the entire Iraq War?

Another provision would end a school-voucher program in Washington D.C. after the 2009-2010 school year. That proposal sparked criticism from House Minority Leader John Boehner, an Ohio Republican. In a statement, he said the school-choice program “has provided hope for thousands of low-income children in the District of Columbia” and that eliminating it “would represent an irresponsible and shameful act” by Democrats.

And here we have the pay to play corruption. If inner city black parents use those vouchers to get their children out of unsafe and failing inner city schools, how will the teachers union be able to kick back millions of dollars back to the Democratic Party? Obama is half black, do you think that he will stick up for these kids or do you think that he will continue to politicize and undermine public education as he did when he worked for Bill Ayers by misusing Annenberg Charity funds to run programs to show teachers how to radicalize their students? Don’t believe it check out the following three links 1, 2, 3. In link three be sure to watch the video from CNN.

UPDATE – They took the money from the inner city black kids to go to a school that isn’t a failure and passed 9,000 pork earmarks…

Posted in Campaign 2008, Campus Freedom, Indoctrination & Censorship, Chuck Norton, Government Gone Wild, Obama and Congress Post Inaugration | Leave a Comment »

Ethics You Can’t Believe In: Special Interests Dominate Fiscal Responsibility Summit

Posted by iusbvision on February 24, 2009

Study after study has shown that if you lobby Congress and spread the money around you get a disproportionate share of legislative and monetary favors from the government. So who is advocating for you or more importantly, who is advocating against you? Obama and the Democrats promised an end to this kinda stuff…..

Policy insiders and Washington special interests dominated the talk at the Fiscal Responsibility Summit at the White House on Monday. So much for keeping the special interests at bay.

For all the talk about reforming government, the bulk of the guests at Monday’s Fiscal Responsibility Summit are from groups with clear investments in the Obama administration.

Aside from the 64 representatives from the Obama administration and Congress, a sampling of the 56 “community leaders and stakeholders” shows that no less than seven union chiefs, 10 organizations advancing racial and ethnic concerns, 10 progressive think tanks and advocacy groups, three universities, three health care associations and at least six interests groups for women, seniors, disabled and gay rights groups were in attendance.

Six conservative think tanks and advocacy groups, two health policy organizations and four business associations along with one law firm specializing in Wall Street mergers, one retirement and financial services fund, a John McCain adviser and a representative from the Congressional Budget Office rounded out the guest list.

http://www.foxnews.com/politics/first100days/2009/02/23/raw-data-special-interests-dominate-fiscal-responsibility-summit/

Here is the list of special interests who were at the “Fiscal Responsibility Summit” (complete with Orwellian naming, hey why don’t we just rename that incompetent Press Secretary that the White House Press Corps tears apart every day to “the minister of truth”?)

Unions
John Gage, American Federation of Government Employees
John Sweeney, AFL-CIO
Gerry McEntee, American Federation of State, County and Municipal Employees
Randi Weingarten, American Federation of Teachers
Anna Burger, Change to Win
Dennis Van Roekel, National Education Association
Andy Stern, Service Employees Union International

Health Care Associations
Richard Umbdenstock, American Hospital Association
Nancy Neilson , American Medical Association
Becky Patton, American Nurses Association

Health Policy Foundations
Karen Davis, Commonwealth Fund
Drew Altman, Kaiser Family Foundation

Racial and Ethnic Interest Groups
Karen Narasaki, Asian American Justice Center (AAJC)
Dr. Ho Tran, Asian Pacific Islanders American Health Forum (APIAHF)
Gary Flowers, Black Leadership Forum
Eleanor Hinton Hoytt, Black Womens Health Imperative
Maya Rockeymoore, Congressional Black Caucus Foundation
Hilary Shelton, NAACP
Jackie Johnson Pata, National Congress of American Indians
Janet Murguia, National Council of La Raza
Marc Morial, National Urban League (NY)

Seniors, Women, Disabled, Gay Rights Groups
Bill Novelli, AARP
Ed Coyle, Alliance for Retired Americans
Marty Ford, Consortium for Citizens with Disabilities
Ellie Smeal, Feminist Majority
Joe Salomonese, Human Rights Campaign
Heidi Hartmann, Institute for Women’s Policy

Left-Leaning Think Tanks and Advocacy Groups
Alice Rivlin, Brookings Institution
Roger Hickey, Campaign for America’s Future
John Podesta, Center for American Progress
Larry Korb, Center for American Progress
Dean Baker, Center for Economic and Policy Research
Robert Greenstein, Center on Budget and Policy Priorities
Lawrence Mishel, Economic Policy Institute
John Cavanagh, Institue for Policy Studies
Barbara B. Kennelly, National Committee to Preserve Social Security and Medicare
Al From, Progressive Policy Institute
Robert Reischauer, Urban Institute

Right-Leaning Think Tanks and Advocacy Groups
Kevin Hassitt, American Enterprise Institute
Maya MacGuinneas, Committee for a Responsible Federal Budget
Bob Bixby, Concord Coalition [Condord is not right leaning – Editor]
Stewart Butler, Heritage Foundation
David Walker, Peter G. Peterson Foundation
Peter Peterson, Peter G. Peterson Foundation
Ron Pollack, Families USA

Business Interest Groups
John Castellani, Business Roundtable
Joe Minarek, Center for Economic Development
Martin Regalia, U.S. Chamber of Commerce
Todd Stottlemyer, National Association of Independent Businesses

Universities
Bill Spriggs, Howard University
Fernando Torres-Gil, UCLA
Michael Graetz, Yale

Wall Street Law Firm
Fred Goldberg, Skadden

Retirement and Financial Services Firm
Roger Ferguson, Teachers Insurance and Annuities Association-College Retirement Education Fund

Former John McCain Adviser
Douglas Holtz-Eakin

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