Funny if it weren’t so true!
July 14, 2011
QE3 – Why it’s a bad idea
June 12, 2011
After reading a Dallas Morning News article on Quantitative Easing 2 from November, 2010, the fact they are talking about QE3 makes me angry. The old saying is, “Fool me once, shame on you. Fool me twice, shame on me.” A newer version should be, “Fool me three times, what do you think I am, frigging stupid?” Of course that could be said of Californians by electing Jerry Brown for a third term as governor, but that’s not the topic of today’s post.
Fortunately for us, fhe Fed has announced as late as June 10, 2011, that it will not be implementing QE3, much to the shock of Wall Street. We can all breathe a sigh of relief… for now.
Ben Bernanke, a Bush appointee as Federal Reserve Chairman, has practically decimated our economy with a policy which he continues to promote. Since 2006 our country’s loose monetary policy has been guided by his hand, and what have we gotten for it? High unemployment, a devalued dollar and a stagnant economy. We can blame Obama all we want, and we should for many things that are going wrong in our country, but Bernanke has a hand in this thanks to his poor decisions as Fed Chairman.
As the article in Dallas Morning News points out, QE2 sounds like an ocean liner, but should actually be called the Titanic… The bad news? We all have seats on it. Are we all going down? Time will tell. But here are a few facts.
QE1 and QE2 have done nothing to jump start the economy. Like the Heritage Foundation pointed out (much like my bathtub analogy) taking water from one end of a swimming pool and dumping it into the other end may raise the water level in certain areas for a certain time as it ripples across the surface, but eventually the water level in the pool has not increased. So it is with quantitative easing.
The Fed prints money which we are essentially borrowing from ourselves and using to buy up bonds which have already been issued (monetizing debt) using this newly printed money. Supposedly the bond holders then have liquid capital to pump back into the economy. But since wealth is not being created, the increased money supply only waters down what is already in the economy. If you guess that this makes things cost more, you would be right. Inflation has been with us for a few years, but because energy and food are not entered into the equation, we have gotten doctored economic numbers.
So if QE1 had worked, wouldn’t our economy be humming? Okay, the argument is that our economy is so big it takes time to turn the ship around. So we got QE2 after QE1. How is that working for you? So well that now they are talking about QE3? Watch out for that iceberg!
FedUpEditor
PayPal is a SCAM?
March 31, 2011
I am writing this out of frustration with the PayPal process. If you can avoid it, NEVER use PayPal as your payment processing. They require you to give way too much information to receive payments from customers. And that’s not all.
First of all they charge a processing fee which takes a certain percentage from every transaction. To issue a check they charge another $1.50. It doesn’t seem like a lot but imagine the hundreds of thousands of transactions that are being processed every day and you can see how they afford the phone bank they employ to answer questions from frustrated users like us! But that’s not all!
Even after you verify your bank account to automatically transfer the funds into (to avoid the extra check charge), it takes anywhere from 4-6 business days to move the money. Although they have already received the money from your customer, they make you wait almost a week before you receive your funds. Why would that be?
If you think about it the $450 sits in their account for a week earning interest. Doesn’t sound like much but when you multiply an average of $1000 per transaction times the tens to hundreds of thousands of transactions they must see in a day, it adds up. It’s almost like the govenment’s withholding scam! The take the money from our paychecks and hold it all year. Then we get to beg for it back on April 15th, wait 4-6 weeks for the refund with NO FRIGGIN’ INTEREST!
Look, I am not against people earning a living, but wouldn’t it be just as easy for someone to pay by check? It would be lot less expensive too!
- FedUpEditor
New Lending Rules Coming Soon
March 3, 2011
Beginning Oct. 1, new rules adopted by the Federal Reserve will go into effect, requiring greater diligence on the part of mortgage lenders and brokers who issue high-cost loans for borrowers with less than favorable credit. The interest rates on these loans are at least 1.5 percentage points greater than the average prime mortgage rate. The regulations, which were finalized in July 2008, prohibit lenders from making a high-cost mortgage without verifying that a borrower could repay the loan in the conventional way, and not through a foreclosure sale.
During the height of the market, subprime lenders often would offer loans without requiring borrowers to provide proof that they could make the monthly payments. In some cases, borrowers used stated income loans, which allowed some borrowers to fabricate annual income figures and buy homes without down payments.
Although many believe the Federal Reserve’s new rules represent one of the more substantial efforts on the part of the federal government to combat such lending practices, some consumer advocates are concerned. According to a policy associate at the Center for Responsible Lending, the new regulations do not cover option ARMs, which enable borrowers to choose from several monthly payment options during the loan’s early years.
To read the full story, please click here.
California Association of Realtors
Hitler Responds to IPad Announcement! – Funny Stuff
March 3, 2011
Unions… again!
March 2, 2011
Note: My excellent appeal to members to respond to the IJ comments posted by the usual brain dead liberals somehow didn’t make it to this page and was submitted as blank.
It included links to Brad’s article and the comments page I am responding to as well as the letter itself. Unfortunately, it didn’t make it to meet-up! I’ll try again:
Marin Independent Journal
Letters to the Editor
Brad,
I saw your excellent article last Thursday. It echoed much of what was written in my editorial printed the following day. However, the majority of comments have refused to acknowledge that, though unions in Wisconsin had already increased their contribution toward the benefits package, it is still well below the national average of private sector employees. I would also suspect these union supporters are union members themselves.
Regardless of their passion, we can’t afford it. Everyone else has had to participate in this recession (which is still going on despite what the pundits say) by taking lower paying jobs just to work. Why shouldn’t the unions sacrifice too? As an independent contractor working less than 20 hours a week and at a much reduced (22% of my contract rate 8 years ago) hourly rate, I have been looking for full time work, but the jobs just aren’t there. Show me one union group that has taken that kind of hit. To add insult to injury, I am being taxed to pay these government union salaries and benefits! Besides, if refusing to negotiate brings down a state, or the country, how does that help anyone?
People in Marin County are smug in thinking this can’t happen to us. I attended a Mill Valley City Council meeting last year. They were discussing a Miller Avenue improvement project even though they were running a deficit. “Maybe there will be money for us from the stimulus,” was the Mayor’s comment. California has much the same attitude. A bailout is not the answer; the federal government is out of money too.
I am not against unions. I am just against irresponsible government spending and people who refuse to look at the truth about what is going on. Remember; if the state fails, we all lose.
Sincerely,
Mick Orton
Vice President
Marin Conservative Forum
Will government employees do themselves in by being GREEDY?
February 18, 2011
What is going on in Wisconsin will come soon to a neighborhood near you. All governments, city, state and federal, are running out of money. Every night on the news stories of budget deficits abound. This could be a good thing. Bloated salaries and outrageous benefits for public sector workers was easier to overlook when the economy was rosy and the impending disaster “can” was being kicked down the road. But now that everyone is out of money and the economy is in trouble, it is difficult to ignore the elephant in the room. It is time to confront the issues that are sending almost all governments (especially those in blue states) into bankruptcy.
The silver lining? There are more of us in the private sector than there are in the public sector. Believe me, that is not for lack of trying by liberals who continue to expand government programs and bureaus within the bureaus. But what politicians seem to overlook is that no government jobs can exist without some people in the private sector paying taxes to support them. Now is the perfect time to get people who have not been paying attention to start taking notice.
Those of us who make a certain salary are supporting our counter-parts in the government who make more than we do. Government salaries have been shown to be higher than those doing the same job in the private sector. Not only that, but we are responsible for their retirement and healthcare for life. They may participate toward those benefits, but it has been minimal. It is time to join the rest of us and make the sacrifice, government employees.
Back when money was plentiful and the agreements were made, many of us chose to look the other way, even when conservative groups like the Heritage Foundation told us this day would come. The tipping point. Now it’s here and none too soon.
To see the images on television you would think there were a majority of people against the budget cuts than there are for them. But polls show these people, however plentiful they may look in every news story I’ve seen this week, are still in the minority. The Governor was hired to balance the budget and cut waste, and that’s what he’s trying to do.
You know the most appalling thing about this whole protest? Government workers in Wisconsin who are on strike are being PAID even though they are not at work! If I don’t show up, I don’t make a dime, but not so with these people. And there are stories saying many of these protesters are not even from the area and have been bussed in! They even have their students participating! Interviews show that most of the youngsters don’t really know why they are there. It’s probably just another day out of school for them. I predict as more states tackle these same issues, the numbers of protesters will dwindle as “immigrants” go back to their home states to carry on with the protests. After all, this is not an altruistic movement. It is purely selfish.
I was unable to find the numbers, but from what I hear, the Governor is asking for state workers to take a small pay cut plus pay more toward their pensions and health insurance. Even so, it is far less than those of us in the private sector have to pay for such benefits. What I think conservatives should point out is that the Governor’s alternative is to lay off as many as 5,000 state workers who would then get NO salary. I bet that would thin the herd in the Wisconsin Capitol and possibly get them to start fighting amongst themselves. After all, those hired last will be the first to go. Wouldn’t you think that all of them taking just a little less to keep 100% of the work force would be the fair thing to do? After all, that is what they always ask from people in the private sector.
Bay Area Patriots sent out an e-mail with a couple of action items that are worthwhile. One of them was to post a “Like” on a Facebook web page called “Stand With Wisconsin” which can be found here. The other was to send an encouraging e-mail to Governor Walker. I did both of these things in just a couple of minutes.
Regardless of the negative spin the news outlets are trying to put on this, this is a continuation of the Tea Party effect. If elected officials don’t step up and do the right thing for voters who are paying the tab, it will be another blood bath in the 2012 elections for those who oppose REAL CHANGE.
Mick Orton
State of American Energy
January 24, 2011
As promised, here is more information from today’s State of American Energy event held in Washington. First, written materials, videos and the State of American Energy report are available here at EnergyTomorrow.org. Also, the speech delivered by Jack Gerard, API’s President and CEO, to a standing-room only crowd can be found here.
As part of the event, API also released a new study by Wood Mackenzie that assesses the economic impacts of producing more domestic oil and natural gas vs. raising energy taxes. By a wide margin, more jobs are created and more government revenue is generated by allowing the oil and natural gas industry to produce more U.S. energy.
Please contact me if you have any questions.
Jane Van Ryan
Senior Manager, Communications
E: vanryanj@api.org
T: 202-682-8181
California – Stuck on Stupid
November 6, 2010
The state is deeply in debt. Strict regulations and high taxes are chasing businesses out of state. People are following them in order to keep their jobs. What voters don’t seem to realize is the only place government can fund the government is with tax revenue they get from the tax base. Yet it’s shrinking while spending is going up. So what is California’s solution?
Vote to return the same group of people back into office… the ones who got us here in the first place. Jerry Brown should be saying, “Fooled you once, shame on me. Fooled you twice shame on you. Fooled you three times… what are you, stupid?”
After all, the man has failed as Governor, as Mayor of Oakland and now as Attorney General. In his latest role, responsible for enforcing immigration laws, he slams Meg Whitman for having an illegal alien work for her. Huh? Whose fault is that? Now he’s Governor again? Stupid is as stupid does.
Don’t be surprised if we see unemployment skyrocket as our state sinks deeper into debt. But we deserve it for re-electing the same fools who brought us to this place. The rest of the country got the message. It’s a shame California no longer leads the way.
FedUpEditor
API Sponsors Job Rallies – Where are our Politicians?
September 3, 2010
Have you heard about the series of rallies being sponsored by API this month? The goal is to provide forums where interested citizens can voice their concerns about the economy, jobs, and ill-conceived energy proposals.
The first three rallies occurred yesterday in Texas and the turnout was truly incredible – more than 5,500 people attended.
While no rallies are currently planned for California, I wanted to share the following video recap highlighting the day’s events. With 15 million workers in unemployment lines, family budgets under pressure, and higher taxes looming on the horizon, I don’t need to tell you that these folks have enough to worry about, without adding even fewer jobs and higher energy prices to the list.
If you’re interested, more information about the rallies can be found at rallyforjobs.org, and, as always, let me know if you have any questions.
Jane Van Ryan
Senior Manager, Communications
E: vanryanj@api.org
