Category: Debt


This Map Shows The Real Value Of 100 Dollars In Your State

 

 

 

” How far does a dollar go in your state compared to others in the United States? Thanks to the Tax Foundation’s review of Bureau of Economic Analysis data, now you know.

  A dollar doesn’t go quite as far in states like California and New York, and it goes comparatively further in states like Mississippi and South Dakota.

  The cost of living gap is amplified by federal taxes being based on the same income levels regardless of cost of living. Someone who earns $40,000 a year in Jackson, Miss., is taxed at the same federal rate as someone earning $40,000 in San Francisco, Calif.”

 

Continued

 

 

 

 

 

 

 

 

 

 

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Gap Between Manhattan’s Rich And Poor Is Greatest In U.S., Census Finds

 

 

 

 

” The mean income of the top 5 percent of households in Manhattan soared 9 percent in 2013 over 2012, giving Manhattan the biggest dollar income gap of any county in the country, according to data from the Census Bureau.

  The top 5 percent of households earned $864,394, or 88 times as much as the poorest 20 percent, according to the Census Bureau’s American Community Survey, which is being released Thursday and covers the final year of the Bloomberg administration.

“ The recovery seems to be going to those at the top, much more than those in the middle, while those at the bottom may even be losing ground,” said Andrew A. Beveridge, a sociologist at Queens College of the City University of New York. He attributed the disparity to the surging costs of housing and the lack of housing subsidies and other forms of public assistance available to many needy families.

  The wealthiest New Yorkers are benefiting in part from the rise of the financial industry, including hedge funds and investment banks, which has helped lift the income of the most affluent households to levels reached before the recession. The recession lasted roughly from 2007 to mid-2009.

  For all of New York City, median household income rose to $52,223 from $51,640, still well below the $55,307 recorded in 2008. Among racial and ethnic groups, non-Hispanic whites had the highest median income at $75,145, while Hispanics had the lowest income at $36,196. Household income climbed in every borough except Staten Island.”

    While the rest of the people suffer through this years long “recovery” the cronies of the democratic “party of the people” continue to amass a larger share of the wealth . Here is a breakdown of political contributions in the state of New York by county from Open Secrets . The counties that make up NY City have been highlighted in red .

County Total Dems Repubs Dem % Repub %
Albany $832,453 $383,191 $182,555 65% 31%
Allegany $358,232 $5,150 $321,455 2% 107%
Bronx $924,489 $491,981 $259,147 63% 33%
Broome $239,018 $80,235 $84,933 47% 50%
Cattaraugus $246,716 $99,125 $116,425 43% 51%
Cayuga $29,384 $11,300 $4,200 73% 27%
Chautauqua $65,337 $17,533 $23,540 41% 56%
Chemung $100,828 $25,318 $43,720 34% 59%
Chenango $52,544 $5,675 $15,318 27% 73%
Clinton $88,266 $55,160 $10,443 77% 15%
Columbia $159,884 $49,484 $81,913 33% 55%
Cortland $51,948 $1,230 $41,350 3% 97%
Delaware $16,977 $1,170 $13,040 8% 89%
Dutchess $1,784,367 $802,868 $238,474 76% 23%
Erie $2,181,003 $727,933 $855,811 44% 52%
Essex $46,639 $29,314 $10,792 71% 26%
Franklin $41,397 $35,133 $2,050 93% 5%
Fulton $18,545 $3,300 $7,500 31% 69%
Genesee $53,296 $1,430 $20,125 5% 67%
Greene $33,729 $12,214 $18,825 39% 60%
Hamilton $2,350 $0 $1,100 0% 100%
Herkimer $11,248 $750 $8,840 8% 92%
Jefferson $58,041 $26,620 $24,067 53% 47%
Kings $3,438,912 $2,348,115 $557,592 78% 18%
Lewis $6,207 $300 $3,750 7% 93%
Livingston $35,399 $14,100 $14,800 47% 49%
Madison $552,482 $174,930 $112,349 60% 38%
Monroe $1,337,043 $360,273 $404,245 45% 50%
Montgomery $54,773 $31,706 $4,641 87% 13%
Nassau $9,210,840 $4,908,779 $2,562,665 63% 33%
New York $95,166,048 $32,967,225 $18,250,397 62% 34%
Niagara $137,591 $22,160 $62,208 25% 69%
Oneida $248,758 $26,426 $160,517 14% 86%
Onondaga $954,560 $370,729 $338,036 52% 47%
Ontario $270,380 $105,737 $56,580 61% 33%
Orange $485,413 $158,788 $169,341 48% 51%
Orleans $5,941 $250 $700 26% 74%
Oswego $23,659 $7,715 $9,200 45% 54%
Otsego $80,360 $30,635 $27,936 50% 46%
Putnam $254,789 $161,381 $46,776 78% 22%
Queens $2,017,775 $1,319,483 $214,036 83% 13%
Rensselaer $81,218 $25,599 $16,415 58% 37%
Richmond $646,894 $245,350 $291,433 45% 54%
Rockland $686,287 $289,070 $248,210 54% 46%
Saratoga $591,700 $119,103 $289,534 28% 69%
Schenectady $172,619 $32,170 $74,433 30% 68%
Schoharie $22,100 $4,375 $9,825 30% 68%
Schuyler $17,857 $5,894 $6,860 44% 52%
Seneca $23,275 $18,075 $3,050 86% 14%
St Lawrence $70,106 $18,754 $8,039 70% 30%
Steuben $268,910 $75,518 $121,175 32% 52%
Suffolk $7,121,374 $1,765,721 $1,313,877 56% 42%
Sullivan $93,515 $35,399 $48,207 42% 57%
Tioga $31,489 $10,860 $4,550 70% 30%
Tompkins $761,230 $622,917 $39,181 92% 6%
Ulster $307,856 $207,806 $61,191 77% 23%
Warren $102,985 $25,107 $55,520 30% 67%
Washington $32,751 $11,360 $8,480 51% 38%
Wayne $45,227 $12,067 $13,150 48% 52%
Westchester $13,844,798 $6,196,725 $3,578,224 61% 35%
Wyoming $11,063 $750 $3,180 19% 81%
Yates $19,500 $5,600 $10,992 32% 62%
” These figures show county-by-county breakdowns of all contributions of $200 or more to federal candidates, parties, PACs, and outside spending organizations (including super PACs). The party breakdown shows how much went to Democratic and Republican candidates, parties and “leadership PACs.” Where party percentages don’t add up to 100 percent, the rest went to outside spending organizations, third parties or independents. The overall total also includes contributions to corporate, labor and ideological PACs that are not affiliated with either party. Totals are based on contribution data from the Federal Election Commission released electronically on August 19, 2014.

  Feel free to distribute or cite this material, but please credit the Center for Responsive Politics. For permission to reprint for commercial uses, such as textbooks, contact the Center.”

   Is it any wonder why Obama considers Manhattan his own personal piggy bank ? Remember that the last time a Republican won the electoral votes of New York was in 1984 .

NY Times

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WSJ Poll: Public Now Backs GOP On Immigration

 

 

 

 

 

” The U.S. public is coming around to the Republican position on immigration, according to the latest Wall Street Journal/NBC News poll.

  The survey found that 35 percent of Americans believe the Republican Party is better positioned to address immigration, as against 27 percent who think Democrats would do a better job. The December margins had favored Democrats 31 percent to 26 percent for Republicans.

  Proposals to offer some 11 million illegal immigrants a pathway to citizenship are losing support considerably. Now, 53 percent are in favor with 45 percent opposed. In April, those in favor numbered 64 percent against 35 percent who were opposed.

  Pollsters attribute the shift in public opinion to the influx of children who illegally crossed into the United States from Central America earlier this year. The GOP message has been that security on the border is lax and that a 2008 bipartisan law intended to discourage sex trafficking has had the unintended result of encouraging illegal migration and needs to be amended. “

 

 

Read more

 

 

 

 

 

 

 

 

 

 

 

 

At $286K, Members Of Congress Earn A Lot for How Little They Accomplish

 

 

 

 

 

” Congress has just returned from a 5-week recess to a lot of unfinished business—it has yet to send even one of the 12 spending bills due on Sept. 30 to the president’s desk.

  A new report by the Taxpayers Protection Alliance and Our Generation reveals that members of Congress take home a big paycheck for meager results in Washington. At $174,000, members of Congress make more than 95 percent of American income earners. Once generous benefits are added, members’ compensation totals $286,000 per year. And at least one member of Congress argued recently even this generous compensation package wasn’t enough—that Congress also should get a housing stipend.

  Congress’s main job is to budget. But when it comes to passing annual spending bills, members of Congress have not accomplished that in full and on time since 1997. Many were hopeful Congress would use this year’s head start into the appropriations process (Congress agreed on the spending level in December 2013, instead of April 2014) to actually meet the deadlines, but such hope has long given way to resignation. There is simply not enough time left in this fiscal year. “

 

 

Story continues

 

 

 

 

 

 

 

 

 

 

 

 

The Corbett Report Discusses The Potential For World War Three

 

 

 

 

One Map To Show Where USPS Will Cut 7,000 Jobs

 

 

USPS Closings

Click Pic For Interactive Map

 

 

” USPS has already shuttered about 141 facilities during the first phase of its “network rationalization” plan, which began in 2012. Those closures generate annual cost savings of $865 million and resulted in “negligible” service impacts, according to the Postal Service.

  The new round of consolidations was originally scheduled for February 2014 but was pushed back for undisclosed reasons. The closures are part of an ongoing effort to streamline postal operations. A Senate bill introduced before USPS initially decided on the delay  would place a two-year moratorium on processing plant closures. That bill cleared committee and is awaiting a vote on the floor.

  In the absence of the Congress reaching any agreement on comprehensive legislation, Postmaster General Patrick Donahoe opted to move forward with his consolidation plan unilaterally.

  USPS did not lay off any employees as a result of the initial consolidations, instead relying on employee relocations and attrition measures. The agency has promised to again follow that blueprint.”

 

Read more

 

 

 

 

 

 

 

 

 

 

Under Obama, Only The Richest 10 Percent Saw Incomes Rise

 

 

 

” Under President Obama, the richest 10 percent were the only income group of Americans to see their median incomes rise, according to a survey released this week by the Federal Reserve.

  The Fed data covered the years 2010-2013, during which period Mr. Obama constantly campaigned against income inequality and won re-election by painting his Republican rival as a tool of Wall Street plutocrats.

“ Data from the 2013 [Survey of Consumer Finances] confirm that the shares of income and wealth held by affluent families are at modern historically high levels,” the report said in noting that the median income fell for every 10-percent grouping except the most affluent 10 percent. 

“ The 2013 SCF reveals substantial disparities in the evolution of income and net worth since the previous time the survey was conducted, in 2010,” the report stated. The SCF is conducted by the Federal Reserve triennially and compiles information about family incomes, credit use, net worth and finances.”

 

Washington Times

 

 

 

 

 

 

 

 

 

During Obama’s Presidency, National Debt Has Grown by $61K Per Household

 

 

 

 

 

” You may have heard pundits time and time again dismiss America’s debt problem, touting that the deficit has fallen by 50 percent since 2009.

Yet that sidesteps the real issue: the massive amount of debt the country has taken on in the past six years has put the nation in a vulnerable position as entitlement spending is set to take off and big-spending policies continue to pile on debt. Indeed, the United States has added $7.06 trillion of debt since President Obama took office—far more than under any previous president. “

 

Read more and weep

 

 

 

 

 

 

 

 

 

 

Atlas Shrugged: The Movie

 

 

Atlas Shrugged Part 3

 

 

 

 

   We are all John Galt now … Here is a link to the official movie site and here is a link to theaters hosting the premiere 

 

 

 

 

 

 

 

 

 

Letting The Cat Out Of The Bag On The Role Of Public Employee Unions

 

 

Illustration by Michael Ramirez

 

” Noam Scheiber makes a good case for the importance of the Wisconsin governor’s race at the New Republic. But the most interesting thing comes in what Scheiber, perhaps inadvertently, admits. Referring to the limitations on public employee union bargaining imposed by Governor Scott Walker and the Republican legislature, Scheiber writes, “He’s effectively defunded a key Democratic constituency.” “

 

 

 

 

” Let’s unpack that. Where do public employee unions get their money? Directly from dues paid by public employees, who in turn get that money from taxpayers. Where does that money go? Politically, almost entirely to the Democratic Party, as Scheiber admits. Public employee unions, whatever else they do, are (in almost all cases) a mechanism for mandatory taxpayer financing of one political party. Scheiber’s complaint is that Wisconsin Republicans have cut the amount of such public financing.

  What’s the argument for that? I understand that those who want the Democratic Party to win every election may think that’s good public policy. But what’s the politically neutral argument for public financing of one political party and not the other? “

 

 

Michael Barone explains

 

 

 

 

 

 

 

 

 

Does George Soros Know Something We Don’t About The S&P 500?

 

 

 

 

” Oh, goody. It’s 13F time, when mere mortals like us get to see how the big boys rolled the dice in the last quarter.

  Among the highlights, Soros Fund Management increased a bear-call bet on the S&P 500 in a huge way. The fund lifted a put position — a bet the market will go lower — on the S&P 500 ETF SPY +0.29% to its biggest size yet, in terms of value and portfolio percentage, making a 605% leap over the previous quarter.

  Bullion Baron, who has long kept a beady eye on Soros’s SPY moves, has summed up the latest dealings. He speculated that this could be  a hedge — or Soros is really worried about something. One possible something is China, which the hedge-fund titan referred to as a global uncertainty earlier in the year, notes the Baron.

  Soros also lifted positions in Apple and Facebook, so it seems he can’t be all that gloomy. As for that China unease, WSJ’s MoneyBeat reports that China bears are entrenched and see stocks headed for a big fall. One strategist says it’s not good to see that stocks there have been rallying on both good and bad economic news.

“ In [a] market frenzy, it is difficult to keep a cool head. But if things don’t add up, it will eventually fall apart,” Hao Hong, Bank of Communications international strategist, tells MoneyBeat.

  Now the only problem here, says the Baron, is that if things go pear-shaped in China, that’s not great news for equity markets anywhere, especially those at overvalued levels.”

 

 

Read more and see also …

 

 

” Legendary investor George Soros nearly doubled his ownership in a U.S. gold mining companies ETF and initiated new stakes in other gold producers, suggesting the big names in hedge funds continued to have confidence in the yellow metal. “

 

 

 

 

 

 

 

 

 

Government Has No Receipts For Thousands Of Unaccompanied Alien Children

 

 

 

 

” The Department of Justice does not have receipts for more than half of the unaccompanied alien children apprehended at the southwest border by Border Patrol since the start of fiscal year 2013, government records show.  

  U.S. Customs and Border Protection data show more than 85,000 total apprehensions of unaccompanied alien children during fiscal year 2013 and fiscal year 2014 through June. Information from the same time period provided toNational Review Online by the DOJ’s Executive Office for Immigration Review shows 41,592 total receipts marked as juvenile in immigration courts. Kathryn Mattingly, spokesperson for EOIR, tells NRO the receipts refer to new Notices to Appear (NTA) — the document the Department of Homeland Security uses to charge an illegal immigrant with being removable from the United States.”

 

National Review

 

 

 

 

 

 

 

 

 

Census Bureau: One New Migrant Enters U.S. Every 40 Seconds

 

 

Populous Nations

 

 

 

” The Census Bureau calculates that one person enters the United States legally, on net, every 40 seconds.

  The Census Bureau’s U.S. and World Population Clock lists  “components of population change” on the website: “one birth every 7 seconds;” “one death every 13 seconds;” “one international migrant (net) every 40 seconds;” making for a “net gain of one person every 12 seconds.”

  The Census provides some background on the immigration debate in the United States on August 3rd, apropos of the 131st anniversary of the law banning people from immigrating to the United States if they were likely to need government assistance. “

 

The Corner

 

 

 

 

 

 

 

 

 

 

The Clintons Are ‘Slumming It’! Power Couple Downsize Their Summer Home To Pay $100,000 On $18m Hamptons Property

 

 

Home for the summer: The Clintons are renting a house belonging to Andre and Lois Nasser in Amagansett, NY

 

 

” The Clintons are ‘downsizing’ their summer home to a simple, $18million house in the pretty Hampton’s hamlet of Amagansett.

  Former President Bill Clinton, 67, and ex-Secretary of State Hillary Clinton, 66, are expected this week at the sprawling five-bedroom property, owned by Andre and Lois Nasser, which they have rented for the remainder of the month.

  Their summer jaunt comes just weeks after Mrs Clinton controversially declared the power couple were ‘dead broke’ after leaving the White House in 2000.

  Sources tell MailOnline they are paying $100,000 for their three-week stay – saving $100,000 from last year’s luxury rental in Sagaponack.

  Mr Nasser, 67, a collector of primitive art, owned a gallery in New York, and is believed to have made his money with a number of clothing manufacturing plants. He is now said to be ‘semi retired’.

  Public records show that he is a Republican donor-  handing over $2,500 to Mitt Romney’s Presidential campaign in 2012.

  His wife, Lois, is a Senior Global Real Estate Advisor with Sothebys, and her clients are said to include ‘celebrities and business leaders’.

  The property – address 44 Broadview Road – is next door to movie mogul Harvey Weinstein, who is a noted Democrat supporter and longtime close friend of the Clintons.

  It is situated on the top of a bluff, 200 feet up, overlooking Gardiner’s Bay and Gardiner’s Island in what’s known as the Bell Estate.”

 

Daily Mail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Part 1 From Victor Wendl At Seeking Alpha

 

 

 

 

 

” Ayn Rand wrote an influential book, Atlas Shrugged, in the ’50s that seems to resurface in popularity with each new wave of government intrusion on the lives of our overregulated, overtaxed citizens. The book describes a world that was on a slow but steady path toward ever more central planning by meddling bureaucrats interfering with the entrepreneurial class who relied on one another for their production of output. As the pages of the book are turned, this “road to serfdom” (a phrase I borrow from Friedrich Hayek) reaches a peak with the last of a small subset of productive entrepreneurs dropping out of their respective professions and sealing themselves off in a secret location created by John Galt. Their isolation from government interference in Galt’s secret hideaway was designed to allow this subset of creative, hard-working individuals to pursue their dreams and live in a rational way, trading value for value with one another. The vision of Galt in his hidden refuge is consistent with the Ayn Rand objectivist philosophy that she advocated her entire life as an immigrant to America from the Soviet Union.

  Rand never wrote a sequel to Atlas Shrugged, but I wonder where she would pick up after the first novel ends. We’re left with John Galt and his band of entrepreneurial cohorts waiting to eventually reenter the failed utopia created by central planners. Taking a peek out of his libertarian lair, I wonder what Galt would think of America today. Some of the current dismal economic statistics seem consistent with the world Ayn Rand created in her fictional novel. The latest Census Bureau figures show a larger percentage of people receive some form of means-tested public assistance than work full-time. Would this be a rock-bottom entry point where Galt and his band of entrepreneurial cohorts can once again return to the world and begin rebuilding America based on principles of limited government and free markets? Not quite yet. One last worn-out shoe has yet to drop: the U.S. stock market.

  Unlike the beaten-down real economy, activity on Wall Street continues to flourish. Large banks and their institutional clients have benefited from the artificial stimulation promulgated by the Federal Reserve. By keeping interest rates near zero percent for the last five years, middle-income families receive next to nothing off their life savings, while institutional clients can borrow money at bargain rates from large banks. In a classic example of crony capitalism, banks have rewarded their institutional clients with cheap loans, enabling them to use borrowed money and speculate on stocks, driving valuations to levels not seen since before the bank bailout in 2008. The governor of the Bank of England recently commented that “banks operated in a privileged heads-I-win-tails-you-lose bubble.[i] I believe Galt would be disgusted at this unintended consequence of government intervention that is driving a wedge between the elite on Wall Street and the average American struggling to make ends meet on a beleaguered Main Street. If Galt were a stock investor, would he trade in some of his gold for fiat currency, cozying up to this collection of institutions buying large-cap stocks on margin? At these nosebleed valuation levels, Galt would probably “flip the bird” at Mr. Market before sliding back into his hidden sanctuary until greener pastures emerged in the equity investment arena. Galt strikes me as the kind of independent investor that would keep his libertarian powder dry until the current statist experiment ran its complete course, waiting patiently to scoop up the right kind of stocks at a great price. Assuming the skeleton infrastructure of an organized stock exchange still remained on the day of Galt’s return to the investment arena, what stocks would he select from the rubble left on the corner of Broad and Wall? A review of the character’s profile might give us a few clues. Let’s go through a few stock categories I believe John Galt would avoid. Buying large company stocks would probably be out of the question for Galt. In the recent past, these stocks were the economic football the large institutions speculated on with borrowed money. As already mentioned, savers deposited hard-earned money in their bank accounts and received close to a zero percent interest rate, while money was loaned out in a speculative frenzy to the bank’s institutional buddies. Adding insult to injury, not only do retirees earn about the same interest rate as preppers get off of canned goods stored in their bomb shelters, their principal is being debased from continuous quantitative easing by the Federal Reserve. The stench coming off this large-cap football used by highly leveraged institutions in stock speculation would be too much for Galt to muster a bid order. “

 

 

Read it all

 

 

 

 

 

 

 

 

 

 

Time Offers Readers The Opportunity To Vote For First Woman On The Dollar Bill

 

 

Woman Dollar Bill Poll

 

 

 

” Eleanor Roosevelt? Harriet Tubman? Beyoncé? Cast your vote in the poll below.

  Is it time to put a woman on our paper currency? President Obama went on record today saying it’s a “pretty good idea.” During a speech in Kansas City, Obama said he received a letter from a young girl asking why there aren’t any women on American paper money. (Dollar coins with Susan B. Anthony and Sacagawea are still in circulation, but they are no longer being minted, and Martha Washington appeared on a paper note in the 19th century.)

  Well, if Congress is taking suggestions… who do you think should get the honor? Take our poll: “

 

 

    Two things strike us about this poll … firstly that Ayn Rand Is the runaway leader but even more-so the fact that Time Inc included her in the first place . Ayn Rand rocks … Go cast your ballot . We don’t imagine that these are the results that either Obama or Time had in mind .

 

 

 

 

 

 

 

 

 

 

 

Immigrant Detention Center Has Hair Salon For Women

 

 

 

 

” Federal immigration officials on Thursday sought to show the softer side of immigrant detention, complete with cartoon wall murals, stuffed animals, playgrounds, snacks and a hair salon at a South Texas facility that will house women and their children who crossed the border illegally.

  With a surge in illegal immigration in recent months, especially children traveling alone and parents bringing in children from Central America, authorities moved to convert an all-male detention facility about 50 miles Southeast of San Antonio into one that could temporarily house families.

  The Karnes County Residential Center is the third such family center in the nation, with the others in the New Mexico and Pennsylvania, and more could be on the way.

  The facility will start receiving immigrants on Friday and can house up to 532 people at a cost of about $140 a day per person.

  The Karnes County local government contracts the day-to-day operation with the private prison company The GEO Group .”

 

 

   Doing the math the operating costs for just one of the facilities is $74,480 per day , $521,360 per week and a whopping $27,110,720.00 , yes that’s right … TWENTY SEVEN MILLION DOLLARS per year .

   Now add to that staggering cost the blatant , arrogant lies of Obama’s “Homeland Security” chief …

 

 

” “ Our borders are not open to illegal immigration; if you come here illegally and don’t have a legal basis to stay under our laws, we will send you back,” Secretary of Homeland Security Jeh Johnson said in a statement. “The opening of this additional facility represents our continued commitment to provide temporary facilities for adults with children while they undergo removal proceedings.” “

 

 

… and it should be obvious to all that we are being taken to the cleaners by our own government and being forced to fund our own demise .

 

Read more

 

 

 

 

 

 

 

 

 

 

 

Congress Brings Socialism To America With This Proposed Law

 

 

 

” Sadly today I am reporting to you yet another development that seems as if we are all living within the pages of Ayn Rand’s seminal work Atlas Shrugged.

  You may recall from the book that John Galt, the enigmatic protagonist, started off as a young engineer at the Twentieth Century Motor Company.

  When the owner of the company died, the heirs decided to run the business according to the new enlightened principles of the time.

  Primarily, they let all the workers vote on how the factory was supposed to be run and how much everyone should be compensated.

  And it was soon decided that “everybody in the factory would work according to his ability, but would be paid according to his needs.”

  Naturally, bright hard-working employees soon left; they found themselves working around the clock for the benefit of others who felt entitled to contribute as little as possible.

  John Galt was among the first out the door.

  And not long after, the once successful company went bust. No surprise.

  Unfortunately this is no longer fiction. Because in the Land of the Free, the United States Congress is striving to make Atlas Shrugged a reality.

  Their latest brainchild is to set up a new government bank, stuff it full of taxpayer funds, and loan the money to American workers for the exclusive purpose to help them form collectives and buy the companies they work for.

  It’s called the United States Employee Ownership Bank Act.

  And, straight from the bill, they aim to provide “loan guarantees, direct loans, and technical assistance to employees to buy their own companies. . .”

 

Read the rest at Zero Hedge

 

 

 

 

 

 

 

 

 

Billionaire Warns: Yellen Collapse ‘Will Be Unlike Any Other’

 

 

 

 

” Another horrific stock market crash is coming, and the next bust will be “unlike any other” we have seen.

  That’s the message from Jeremy Grantham, co-founder and chief investment strategist of GMO, a Boston-based firm with $117 billion in assets under management. 

  Grantham pulls no punches when assigning responsibility for the coming financial carnage. In a recent interview with The New York Times, he calls Federal Reserve Chair Janet Yellen “ignorant” and says the Federal Reserve all but killed the economic recovery

  Grimly, he adds, “We have never had this before. It’s going to be very painful for investors.” 

  Grantham isn’t the only one worried about a market collapse. 

“ We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it.” 

  Billion-dollar investor Warren Buffett is rumored to be preparing for a crash as well. The “Warren Buffett Indicator,” also known as the “Total-Market-Cap to GDP Ratio,” is breaching sell-alert status and a collapse may happen at any moment. “

 

 

Money News

 

 

 

 

 

 

 

 

 

 

Why You Feel Poorer

 

 

costoflivingxpenses-7-1-14

 

 

 

 

” You feel poorer because you are poorer.

  In the last fourteen years, has your income increased over 50%? If you think it has, has it done so after taxes? Even if it has, you likely have not kept up in terms of inflation.

  If you are a retiree, living on fixed income, a pension or bonds, you certainly have become poorer. If you had bought the Dow-Jones on 12/31/1999 you would have entered at about 11,500. It closed last week at less than 17,100. That would have been an appreciation of 6,600, better than 50%. But, of course, that was before taxes.

  As a retiree, you have seen your purchasing power stolen by Fed policies. Whether you invested in fixed income or equities, you lost ground. Anyone in that position has seen their lives become poorer despite a lifetime of successful work and careful financial planning.”

 

 

    As it stands now , no matter how hard you work and save , you’ll never get ahead , not with the present monetary policies put in place at the behest of the Fed and the government . The authorities are systematically destroying all that the American public has worked so hard to attain . The American dream is not being killed by China … It is a victim of filicide

 

 

” For those still working, most are losing purchasing power each year. Wages are not keeping up with inflation, even the understated numbers reported by government. In short, the decline of a once-great economic power is well underway. The country is no longer growing enough to raise everyone’s standard of living.

  Government has killed the golden goose and in an attempt to hide the obvious is debauching the dollars. Government tries to hide their own failure with phony statistics and a welfare state designed to placate the masses. Bread and circuses are deceptions not progress.”

 

 

Read the rest

 

 

 

 

 

 

Border Patrol Agent: The Obama Admin “Aiding And Abetting And Facilitating The Smuggling Of Illegals” Into US

 

 

 

 

” After being questioned by the other guest, Garza goes on to explain that what he means by “aiding and abetting” is that the federal government is just taking the information of these illegals and telling them to report back to an immigration hearing based on the honor system. He says that the majority of these people will never report back to an immigration hearing.

  Garza also points out that it’s not just children being smuggled, but whole families coming across, and he asks a very important question:

  How do you expect a mother from Honduras that is crossing the country with 3 to 5 children, and they’re all young-aged children, how do you expect for that mother who comes to this country to actually begin working?

  This illegal alien who comes to this country with 3 to 5 kids is gonna depend on our welfare system, on government assistance. And you know what? That is costing the taxpayer a lot of money.

That’s exactly right. Cloward and Piven at the border. “

 

The Right Scoop

 

 

 

 

 

 

 

 

 

Christine Lagarde – The Most Dangerous Woman In The World

 

 

 

 

 

” I have gone on record that the most dangerous organization is the now French led IMF with Christine Lagarde at the helm, which has presented a concept report that debt cuts for over-indebted states are uncompromising and are to be performed more effectively in the future by defaulting on retirement accounts held in life insurance, mutual funds and other types of pension schemes, or arbitrarily extending debt perpetually so you cannot redeem. Yes you read correctly, The new IMF paper is described in great detail exactly how to now allow the private sector, which has invested in government bonds,  to be expropriated to pay for the national debts of the socialist governments.

  I have been warning that there is an idea that has been running around behind the curtain that the national debt of the USA could be settled by usurping all pension funds in the country. Here is a remarkable blueprint that throws all previous considerations concerning the purchase of government bonds over the cliff. The IMF working paper from December 2013 states boldly:

 

“ The distinction between external debt and domestic debt can be quite important. Domestic debt issued in domestic currency typically offers a far wider range of partial default options than does foreign currency–denominated external debt. Financial repression has already been mentioned; governments can stuff debt into local pension funds and insurance companies, forcing them through regulation to accept far lower rates of return than they might otherwise demand.”

  People are blind. They think this is authorization to go get the rich. They are going after everyone for the “rich” are tiny players in the game. People do not want to hear that. They want to think the rich can pay the bills for everyone else. That is not practical and even Julius Caesar recognized that they may be a small group, but they are the engine of the economy that creates jobs. It would have been popular for him to wipe out all the rich who he was against. But in the end, he had to solve the debt crisis by simply retroactively attribute all interest to capital in order to solve the debt crisis that led to the first civil war.”

 

Armstrong Economics

 

 

 

 

 

 

 

 

 

 

The Map With Only 38 States

 

 

 

” In 1973, California State University geography professor George Etzel Pearcy suggested that the U.S. redraw its antiquated state boundaries and narrow the overall number of states to 38.

  Pearcy’s proposed state lines were drawn in less-populated areas, isolating large cities and reducing their number within each state. He argued that if there were fewer cities vying for a state’s tax dollars, more money would be available for projects that would benefit all citizens.

  Because the current states were being chopped up beyond recognition, part of his plan included renaming the new states by referencing natural geologic features or the region’s cultural history.

  While he did have a rather staunch support network—economists, geographers, and even a few politicians argued that Pearcy’s plan might be crazy enough to work—the proposal lost steam in Washington. Imagine all the work that would have to be done to enact Pearcy’s plan: re-surveying the land, setting up new voter districts, new taxation infrastructure—basically starting the whole country over. It’s easy to see why the government balked (though that doesn’t mean it was a bad idea).”

 

Mental Floss

 

 

 

 

 

 

 

 

 

 

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