"Our Children and Grandchildren are not merely statistics towards which we can be indifferent" JFK

Wednesday, October 12, 2011

Congress Approval Rating ONLY 5 Points Higher than Anthony Weiner's Sex Texting Scandal

...and that I will well and faithfully discharge
the duties of the office on which I am about to enter:
So help me God.

Even at his lowest point, George Bush was 54% better than you!

In November 2008, just before the presidential election, only 20 percent approved of the job George Bush was doing as president - the lowest of any president since Gallup began asking the question in 1938.

In a recent poll, Anthony Weiner had an abysmal 8-percent approval rating among registered voters.

By Lydia Saad
October 12, 2011

PRINCETON, NJ -- The percentage of Americans who approve of the job Congress is doing returned to 13% in October, matching the all-time Gallup low on this measure, first recorded in December 2010 and repeated in August.

Congress' approval has been low all year, registering below 20% each month since June. The latest results are based on a Gallup poll conducted Oct. 6-9.

It's Time To Focus on the Grandchildren!
You've Had Your Time and You Blew It.

Behind the recent rock-bottom ratings is subpar approval from all three party groups. Republicans' and independents' approval of Congress in 2011 has consistently been below 25%, and more often below 20%. After averaging 24% from January through July, Democrats' approval fell sharply in August, to 15%, and has remained lower than that since.

Currently, Republicans' and Democrats' approval of Congress is identical, at 14%, similar to the 13% among independents.

Older Americans are even less favorable toward Congress than the public at large. Eight percent of those 55 and older approved of Congress in October, similar to their single-digit ratings of Congress since July. Approval is not much higher among middle-aged adults, but rises to 21% among those 18 to 34. Young adults have been more supportive of Congress this year than older age groups, similar to their relatively high approval of President Barack Obama. This is consistent with previous Gallup research showing a long-term inverse relationship between congressional approval and age.

These age patterns may be even more pronounced today than historically, and could be relevant to congressional race outcomes if they hold through next year's elections, because older Americans are typically more likely to vote.

Saturday, October 8, 2011

Herman Cain has it all figured out; the loser unemployed are to blame

“Don’t blame Wall Street,” Cain told The Wall Street Journal this week. ”Don’t blame the big banks, if you don’t have a job and you’re not rich, blame yourself!”

"I don't have facts to back this up, but I happen to believe that these demonstrations are planned and orchestrated to distract from the failed policies of the Obama administration."

Pillsbury appointed Cain as President and CEO of Godfather's Pizza. Aiming to cut costs, Cain, over a 14-month period, reduced the company from 911 stores to 420. As a result of his efforts, Godfather's Pizza became profitable. In a leveraged buyout in 1988, Cain, Executive Vice-President and COO Ronald B. Gartlan and a group of investors, bought Godfather's from Pillsbury. Cain continued as CEO until 1996, when he resigned.

"Don't blame Wall Street or the Big Banks for losing your Godfather's Pizza job, blame yourself."

"It is not someone’s fault if they succeeded, it is someone’s fault if they failed." Look at me I cut costs and fire people, I succeeded.

Take the Eric Cantor, "What is a Mob Test?"

Washington Post
By Jonathan Capehart
October 7, 2011

 "If you read the newspapers today, I, for one, am increasingly concerned about the growing mobs occupying Wall Street and the other cities across the country. And believe it or not, some in this town, have actually condoned the pitting of Americans against Americans. But you sent us here to fight for you and all Americans."

According to Mr. Cantor ($7.8 mil net worth), a mob is...

"Pitting Americans against Americans"

"you sent us here to fight for you and all Americans."

"concerned about the growing mobs "

"Tea Party is an organic movement"

Monday, October 3, 2011

Four Biggest Banks Have a 50 to 1 Leverage and $235 TRILLION Exposure & Who Cares About the Grandkids...

Okay, like we realy care about about the grandkids...

USA Watchdog
By Greg Hunter
October 3, 2011

I keep hammering away at the fact the Fed doled out $16 trillion in the wake of the credit crisis of 2008. This is an enormous sum that is greater than the all goods and services produced in the U.S. in a single year.

Domestic banks and companies got the money, right along with foreign banks and companies. In effect, the Federal Reserve bailed out the world financial system. Now, we are right back to square one facing another financial meltdown with European banks and sovereign debt. If the Fed spent $16 trillion, why in the heck is this problem not fixed and why isn’t the world economy taking off like a rocket?” The simple answer is it wasn’t enough money.

The Bank of International Settlements pegs the total world over-the-counter (OTC) derivative exposure at around $600 trillion, but many experts say the real figure is more than twice that amount. No matter which figure you use, it is a gargantuan sum. OTC derivatives are an unregulated dark pool of money with no public market.

These are basically debt bets between two entities on things such as credit risk, currencies, interest rates and commodities. According to the latest report from the Comptroller of the Currency, just four U.S. banks have an eye popping $235 trillion of OTC derivative leverage. (Click here for the complete Comptroller of the Currency report.) As a nation, U.S. banks have a total OTC derivative exposure of $250 trillion. So, the fact that just four U.S. banks have this much leverage and risk is astounding! The banks are listed below in order of size and approximate OTC exposure:
  1. JP MORGAN CHASE BANK NA OH $78.1 trillion OTC derivatives
  2. CITIBANK NATIONAL ASSN $56.1 trillion OTC derivatives
  3. BANK OF AMERICA NA NC $53.15 trillion OTC derivatives
  4. GOLDMAN SACHS BANK USA NY$47.7 trillion OTC derivatives
Considering that the total assets of these four banks are a little more than $5 trillion, I see a frightening amount of risk with a total derivative exposure of $235 trillion! This is nearly 50 to 1 leverage.

On top of that, assets such as real estate or mortgage-backed securities can be held on the books at whatever value the banks think they can sell them for in the future. I call this government sanctioned accounting fraud, or mark to fantasy accounting. Who knows what the true value of the banks “assets” really are. Leverage Continued