Part I: Using American dollars to buy what?
President Obama is characterizing a proposed $100 BILLION dollars to be taken out of taxpayer funds for a loan to the International Monetary Fund as an “exchange of assets” that does not “represent a budgetary expenditure or an increase in the deficit.”
I call bullshit!
First, there is no Constitutional authority for the Administration to use taxpayer’s money for any purpose other than those enumerated in the Constitution. Second, if it is an exchange of assets – let’s see the list of assets and their valuation. Third, will this loan be subject to the same rhetoric of “open and transparent” that has not been followed by those that promised to use the taxpayer’s money wisely?
According to Reuters …
“Obama proposes $100 billion U.S. loan for IMF”
“President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF's resources and urged a bigger stake in the IMF for emerging powers.”
“In a letter to U.S. congressional leaders, Obama said the U.S. funding ‘does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets.’"
While the rest of the world condemns the United States for all of their ills, they are not too proud to take the taxpayer’s money …
“The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF resources to a total of $750 billion to help the IMF respond to crises in emerging market economies as a result of the global financial crisis and economic downturn.”
Another cute name …
“The U.S. funding will boost the IMF's so-called New Arrangements to Borrow, or NAB, a facility which allows member countries to provide credit to the IMF to deal with crises that may threaten the stability of the global financial system.”
Like the other “facilities” in use by the Federal Reserve, we really know which “facility” that this egregious action references!
Ginning up more of a crisis to transfer the wealth of the United States to those who do not wish us well …
“Obama said the NAB was ‘woefully inadequate’ to deal with the severe economic and financial crisis.”
" ‘The deteriorating conditions threaten to worsen the recessions in these countries and could cause currencies to collapse,’ Obama wrote.”
"Together, these factors, particularly if they become more acute, will further lower global growth and, as we saw during the Asian financial crisis, they will cause U.S. growth, jobs, and exports to fall even more sharply," he added.
“He said an enlargement of the NAB facility of up to $500 billion would allow for increased participation by emerging market economies, in particular China and India.”
Seems sort of inadequate for a nation holding much of our paper?
“Chinese officials have already indicated that Beijing plans to contribute $40 billion to the IMF through a bond issued to its central bank by the Fund.”
It’s always the U.S. first – and the rest often peter out …
“Obama said countries were looking to the U.S. to deliver on its G20 commitment, indicating that other governments could follow the U.S. lead and contribute to the IMF.”
Time to spend on improving the lot of the average American who lives in a decaying inner city – and eliminate the corrupt democrat leadership that is almost always in charge of these urban disaster areas.
Part II: Insanity is relying on the same people who were closely associated with the original crisis.
Reuters is reporting …
Fannie Mae names insider Williams as CEO
“Fannie Mae the largest provider of U.S. residential mortgage funding, on Monday named Michael Williams, an 18-year veteran of the government-controlled company, as president and chief executive officer.”
“Williams, most recently the company's chief operating officer and previously with KPMG Peat Marwick and DuPont Company, succeeds Herbert Allison. Allison has been nominated as assistant secretary for financial stability and counselor to the secretary at the Treasury Department.”
If you do not recognize the job of the assistant secretary for financial stability – he is the guy who is doling out TARP (Troubled Assets Relief Program) money and is replacing Bush’s nominee.
Stability – or the inside guy to hide the real truth about the democrat-influenced corruption?
“Appointing an insider chief executive may be a move to enhance perceptions of stability at the company, whose importance to the U.S. housing market has grown as the credit crunch has lingered, analysts said. The abrupt exit of David Moffett from rival Freddie Mac in March after just six months on the job put a spotlight on the uncertain futures of the companies and increased concern about a drain of talent.”
Here is a man who was present during one of the worst accounting scandals in financial history, involving the loss of billions of dollars worth of value, cooking of the books by senior executives to smooth Wall Street earnings and insure multi-million dollar executive bonuses – and not a “peep?”
The man in charge of democrat housing initiatives?
“As COO, Williams oversaw the restructuring of Fannie's foreclosure prevention and loss mitigation programs. He also led efforts to carry out the administration's Making Home Affordable loan refinance and modification efforts, the Washington-based company said in a statement.”
A man who knows where the political bones are buried?
“Williams was also involved in the company's financial restatement, reorganization and transition to conservatorship, Fannie Mae said.”
A worthless endorsement …
“James Lockhart, director of the company's regulator, the Federal Housing Finance Agency, noted Williams was also instrumental in extricating the company from an accounting crisis that caused a multi-billion dollar restatement and ousters of executives.”
This endorsement from a man who up until a few months before the government takeover was touting the soundness and capital sufficiency of Fannie Mae and Freddie Mac. Had is forward looking statements been made by a company executive, it is likely the SEC would have prosecuted him for making misleading or erroneous statements.
Bottom line …
The democrats are going wild with trillions of dollars in an orgy of spending on their political agenda – an agenda which is certain to change the face of the United States and weaken our nation Vis-à-vis other nations which do not wish us well.
This is tantamount to allowing Representative Barney Frank, Chairman of the House Financial Services Committee, who with fellow democrats such as Maxine Waters, loudly proclaimed that Fannie Mae and Freddie Mac were well run and did not need to be reformed. And this before the mortgage-related financial crisis almost caused the collapse of the United States economy.
We need to throw the corrupt democrats and complacent Republicans out and replace them with our friends and neighbors who will serve limited terms as citizen/legislators; and will not come to believe that they have the royal right to spend the taxpayer’s money on profligate projects that only benefit themselves and their special interests.
“Nullius in verba.”-- take nobody's word for it!
“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw
“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS "The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius “A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell “Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar “Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS
“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS
"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius
“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell
“Fere libenter homines id quod volunt credunt." (The people gladly believe what they wish to.) ~Julius Caesar
“Describing the problem is quite different from knowing the solution. Except in politics." ~ OCS