More Quantitative Easing = Backdoor Bailouts For The Big Banks Without Having To Go Through Congress
The U.S. Federal Reserve is getting ready to conduct another gigantic bailout of the big banks, but this time virtually nobody in the mainstream media will use the term “bailout” and the American people are going to get a lot less upset about it. You see, one lesson that was learned during the last round of bank bailouts was that the American people really, really do not like it when the U.S. Congress votes to give money to the big banks. So this time, the financial “powers that be” have figured out a way around that. Instead of going through the massive headache of dealing with the U.S. Congress, the Federal Reserve is simply going to print money and give it directly to the banks. To be more precise, the Federal Reserve is going to use a procedure known as “quantitative easing” to print money out of thin air in order to purchase large quantities of “troubled assets” (such as mortgage-backed securities) from the biggest U.S. banks at well above market price. Some are already openly wondering if this next round of quantitative easing is going to be the biggest bank robbery in history. Most Americans won’t understand these “backdoor bailouts” well enough to get upset about them, but that doesn’t mean that they won’t be just as bad (or even worse) than the last round of bailouts. In the end, all of the inflation that this new round of quantitative easing is going to cause is going to be a “hidden tax” on all of us.
Headline on Yahoo! Finance TechTicker: Joe Biden on Taxes: You Call It ‘Redistribution of Wealth,’ I Call It ‘Just Being Fair.’
by Don Cooper
Okay, Mr. Vice President. Thanks for clearing that up for me. I see now that the executive office’s position on wealth is that it is not fair for some to have more wealth than others and the fair thing to do then is to redistribute what some people have to others even if it has to be done without their permission. Wow! Was my Kindergarten teacher Ms. Lund wrong. She taught us that that was called stealing. As you can probably imagine, I’m actually quite upset at her right now for not doing a better job of explaining this to us at age 5 since I see now that I have forgone countless opportunities since then to redistribute wealth my way.
Better late than never though; my neighbor has a smoking hot 1969 Mustang convertible that has been restored to near mint condition. I on the other hand drive a 2006 Ford Escort. I don’t know how my neighbor obtained such a cherry ride but as you said: redistribution of wealth is just being fair so I’m going to redistribute his car to my garage tonight after he goes to bed. I’d do it during the day but I don’t know if he’s read your article today or not, so he might get upset if he hasn’t. Better to just do what is fair and worry about the rest later. Honestly, I’ve wanted his car since the first day I saw it but was struggling with the morality of forcibly taking things that don’t belong to me, until I read your article that says it’s okay.
Remember when the government was supposed to pay for our gas and mortgages? They did not tell us that would cut into food stamps. Gotta pay for that “free” health care somehow.
(July 21) — Congress requires a lot of stuff to keep itself running. Like coffee. And plane tickets. And student loan payments.
That’s the point underscored (and underscored again) by figures collated by the nonpartisan Sunlight Foundation, a nonprofit that uses technology to try to make government more transparent. In early June the organization released its latest massive data dump on the expenditures that House representatives make from their Members Representational Allowances, or MRAs. Separate from campaign accounts, which have to be filled through fundraising, these sums — ranging from $1.3 million to $1.9 million in most cases — come from taxpayers’ dollars and are meant to cover a lawmaker’s operating, rather than political, expenses. Paying for an attack ad with your MRA is a no-no, for instance.
Arizona could gain as much as $708 million in 2012 by taxing more Internet, Home Shopping Network, catalog and other out-of-state sales, according to the National Conference of State Legislatures.
The catch: It would have to greatly simplify its sales-tax structure, with changes approved by state and federal lawmakers.
The gain: That much additional revenue would go a long way toward helping Arizona tackle its deficit, which is estimated to range this year from $368 million to $1.3 billion, and could enable the state to reinstate services and planned projects.
It also would help “brick-and-mortar” retailers that invest in Arizona and provide jobs but have to charge sales taxes, putting them at a disadvantage against “remote” or out-of-state retailers that don’t.
Coconino County officials kicked off their annual budget meetings on Monday with County Manager Steve Peru presenting the proposed Fiscal Year 2011 (FY11) overall budget to the Board of Supervisors. The FY11 operating budget is $150 million, which includes $52 million in the General Fund, which funds most County services. The remaining funds are restricted to specific designated activities, such as the library and jail districts.
The County Manager presented a balanced budget despite County General Fund revenues still lagging (down over $6 million) due to the continuing economic slowdown and State cuts and cost shifts totaling over $3.5 million. The Board of Supervisors will review the County Manager’s proposed budget over the next two weeks during public meetings, and will make a final decision on the FY 2011 budget in June.
Some County services that have been impacted by these often severe cuts and shifts include law enforcement, probation services, road maintenance, solid waste services, the Healthy Families Program, and the closure of Cataract Lake Campground located near Williams, to name a few.
A key objective of the proposed FY11 budget is to continue to preserve essential County services wherever possible. However, with over 100 positions frozen, some services have been impacted. The County Manager’s proposed budget identifies the possible elimination of 17 positions, of which 14 are currently vacant. County officials will work to place the remaining individuals in other County positions, or assist them in seeking new employment. Employee pay was frozen in FY10 and the freeze will continue through FY11.
To deal with the continuing cost shifts from the State, and strict limits on available revenue sources, County Manager Peru is recommending the Board of Supervisors approve a 25¢ property tax rate, the maximum allowed by statute, for the new Public Health Services District (PHSD). For example, the owner of a home valued at $300,000 would pay approximately $80 per year more in property taxes, or less than $7 per month. Property tax bills reflect many taxing entities, such as school districts and fire districts, and thus vary across the County. Continue reading “Coconino County kicks off session by, surprise, raising taxes.” »
$2.3 bil county budget gets tentative OK,
The Arizona Republic, by Yvonne Wingett,
May 30, 2010
The county increased spending by $56 million, raised the property tax rate by 6%, and Budget Director Chris Bradley says we will see a reduction in our tax bills. Magic?
May 7, 2010 – Board members Donald Campbell, Debra Pearson and board president Randolph Lumm voted for the potential tax increase, and Colleen Clark and Jerry Walker voted against it.
Deal on State Budget is Elusive,
The Arizona Republic, by Mary Jo Pitzl,
March 4, 2010
County governments say proposed state budget would push $120.9 million onto them – most likely at the expense of property owners who would face higher taxes.
PHOENIX (AP) – Secretary of State Ken Bennett says 38% of eligible voters participated in the May 18 statewide special election that coincided with local voting in some parts of the state.
Bennett and other top state officials on Friday approved the canvass for Proposition 100, the 1-cent sales tax increase that takes effect on June 1st.
The canvass had nearly 1.2 million votes cast on Proposition 100, with 64% of voters approving Proposition 100 and 36% rejecting it.
In a “Democracy,” approximately two-thirds of 36% of eligible voters voted for an increase in taxes of eighteen-percent. We can only speculate why 64% of Arizona voters could not find the time to stop this vote “for our children.” Continue reading “38% of Arizonans prove why “Democracy” does not work.” »
Proposition 100 supporters are touting estimates from economists at the University of Arizona and Arizona State University. They claim an 18 percent increase in the state’s sales tax would cost fewer jobs than the number of jobs that otherwise may be lost due to reductions in the government spending.
Let’s think about this. If the state economists are right, it means the more we tax and let government spend, the more jobs we’ll have. Well, let me get on that bandwagon! Let’s not stop at an 18 percent tax hike; let’s double the tax rate and government spending along with it. We’d get a whole lot more economic growth.
The absurdity of this tortured economic reasoning, based on a popular Depression-era theory, can be illustrated by looking at a photo of earth taken at night. If the state economists were right, North Korea would be more than a big, dark blot. North Korea and Cuba would outshine the world with their prosperity.
Last year the Goldwater Institute asked the independent Beacon Hill Institute at Suffolk University to estimate the economic impact if the state raised the sales tax. They found the state will lose 14,000 private sector jobs.
State finances will be in worse shape in 2014 if the proposed 18 percent increase in the state sales tax passes on May 18, according to long-term projections by the Joint Legislative Budget Committee. With Proposition 100’s passage, the deficit in 2014 would be almost $1 billion. Without Prop. 100’s tax increase, the projected 2014 deficit would be $200 million.
These new estimates highlight the fact that Prop. 100 fails to address the state’s long-term structural deficit brought on by too much spending. Past spending and new programs were not adequately funded when they were signed into law. But the damage this caused to the state’s financial stability wasn’t clear for a few years because tax revenues spiked during the real estate bubble. JLBC’s deficit projections assume the state maintains current eligibility requirements for taxpayer-funded health care, which is likely given the new mandates passed under the federal health care bill.
Condoms given out in Williams by County Health Department.
WILLIAMS—Kids at the Williams Youth and Recreation center—and Mayor John Moore, returning from vacation—got a surprise during their normal Wednesday movie night. Tooth brushes and condoms. Rose Newbold is seeking an apology from Joleen Burdick who handed out the material.
On Wednesday, May 12, the Coconino County Health Department held a “Williams Healthy Smile” event at the Williams Adult Activities Center. There were apparently no condoms offered at the event.
The Williams Youth and Recreation Center holds activities each evening and this evening was movie night. According to the daily log for the Williams Youth Recreation Center staff indicated that they shut the movie off at approximately 6:10 so Burdick could hand out toothbrushes to children as young as five-years old. Staff believed Burdick was going to give dental care instructions, but Burdick handed out the toothbrushes and left so the scheduled activity for that evening resumed.
During the movie, staff was approached by one of the youth that had been outside and was informed that “little brown bags” with condoms had been handed out by Ms Burdick. The staff person in charge went outside and found condoms and the rest of the contents of the “brown bags” strewn around the park. The staff on duty spent a portion of the night cleaning up and disposing of the items. Continue reading “Condoms at the Recreation Center not condoned.” »
The Republicans are now jumping on the Democratic band wagon of throwing money at a problem and hoping it will go away. They are now plugging for you to raise your taxes “temporarily” “for our children.” Otherwise there will be no more daycare program called school and your children will be out in the streets begging for coins and being arrested by the few police who remain on duty.
We’ve seen the federal Bush-Obama government fill the coffers of banks—who caused their own problem—so that they could gobble up other banks. It hasn’t helped the economy. In addition, Obama has plugged in a health care plan that is designed to intrude into your life with a bureaucratic monstrosity—unless you happen to be lucky enough to be elected to or get a position on the staff of a congressman who are exempt. It was the bureaucracy of Medicare that caused costs to spiral out of control in the first place.
Arizona Senator Sylvia Allen noted in her explanation of her vote on SB 1070 that, “We have already lost our history, it is no longer taught in our schools…” Here is a little history lesson for you on the Weimar Republic which led to the rise of Adolf Hitler.
The problem is that we have been spending too much on a host of unnecessary government programs and building up a large and unsustainable government. The money has been largely misspent. If you are going to party during the good times, you’d better be prepared to suffer during the bad. And a wildly spending federal and State government is no help.
Some have briefly mentioned that maybe we could streamline some school programs, and such, but until then we need more taxes. What? This is exactly the time that you want to streamline programs. Continue reading “Why you should vote no on 100” »
May 22, 2012 1813 Richard Wagner 1931 Kenny Ball 1950 Bernie Taupin 1859 Sir Arthur Conan Doyle 1938 Susan Strasberg 1959 Morrissey 1907 Lord Laurence Olivier 1946 George Best 1970 Naomi Campbell
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