Vigilant Grandpa

The Daily Show's Senior Poverty Correspondent Takes on Newt Gingrich's Approach to Poverty

noreply@blogger.com (Bear Hug) — Fri, 16 Dec 2011 00:14:00 +0000

Jon Stewart's Larry Wilmore, (Senior Black Correspondent), takes on a new role in this clip as Senior Poverty Correspondent and offers a humorous perspective on Newt Gingrich’s approach to poverty.

The Daily Show with Jon Stewart
Get More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook

76% of Registered Voters Say Most Members of Congress Do Not Desrve Re-election (except for their representative)

noreply@blogger.com (Bear Hug) — Sat, 10 Dec 2011 19:48:00 +0000

A substantial majority of Republican (75%), independent (82%), and Democratic (68%) voters agree that most members of Congress do not deserve re-election -- a sign of rare consensus about the legislative body in which both parties currently hold a leadership stake.

But Yet, 53% Say Their Representative

Deserves to be Re-elected

Gallup
By: Frank Newport
12/9/2012

PRINCETON, NJ -- About three-quarters of registered voters (76%) say most members of Congress do not deserve re-election, the highest such percentage Gallup has measured in its 19-year history of asking this question. The 20% who say most members deserve to be re-elected is also a record low, by one percentage point.

Majority Would Cast a "Yea" Vote

for Their Own Member of Congress

As has historically been the case, voters are much more positive about the U.S. representative from their own congressional district than they are about "most members of Congress," with 53% saying their representative deserves to be re-elected, while 39% hold the opposite view.

Jon Stewart on Donald Trump: Da Best Debate Guy Ever

noreply@blogger.com (Bear Hug) — Sat, 10 Dec 2011 19:32:00 +0000

Jon Stewart on Donald Trump moderating a Republican Presidential candidate debate. If Donald does not like the candidates responses, he might run for President. As if our political system was not already a mockery.

The Daily Show with Jon Stewart
Get More: Daily Show Full Episodes,Political Humor & Satire Blog,The Daily Show on Facebook

Macho UC Davis Police Show Their Small Town Style By Pepper Spraying Peaceful Protestors

noreply@blogger.com (Bear Hug) — Sat, 19 Nov 2011 20:27:00 +0000

Welcome to Davis, California

Davis is noted for its desirable quality of life, its seeming small town atmosphere, and an emphasis on parks and open spaces.

Davis is also known for its innovation in all aspects of community life as a leader in fostering and implementing non-traditional approaches to traditional problems. Known as an environmentally aware and socially innovative city...

UC Davis Police Fostering Non-Traditional Approaches

to Traditional Problems

Our continuing commitment to the delivery of professional, responsive, and fair police services is our pledge as part of the entire City of Davis government team's mission to provide sustainable neighborhoods and community.

Hypocrisy (Greg Hunter) "I AM NOT MOVING"

noreply@blogger.com (Bear Hug) — Wed, 09 Nov 2011 00:30:00 +0000

Welcome to U.S. Hypocricy

At It's ~~Finest~~ Worst

Much thanks to Greg Hunter
USA Watchdog
11/8/11

Haven’t heard much about Occupy Wall Street (OWS) lately, but it is still going on. The official premise is to protest greed and corruption on Wall Street. Unofficially, I think it is a bunch of people who have awoken to the fact they have been financially screwed. Yes, I know the Communist party, Nazi party and unions are all trying to hijack and latch onto this movement, but I think, at its heart, it’s much more than that. It’s about not having a fair and level playing field for everyone to play on. Harvard Professor Elizabeth Warren summed it up perfectly when she said, “We rescued at the top and told the bottom to fin for itself.” OWS would have never started if we had let the banks fail, protected only the depositors and fired and prosecuted some big bankers. Instead, we continue to bail them out, and top bankers continue to collect big bonuses for the mess they caused. On top of that, our own government officials and financial watchdogs allow phony accounting to make the banks looks solvent.

The video you are about to see is titled “I Am Not Moving,” but I think is should be called “Hypocrisy.” It has gotten nearly a million You Tube views and is an interesting and poignant piece of work. Both Republicans and Democrats should take notice. I do not believe in everything the OWS movement stands for, but I fully support their right to peacefully protest and exercise their First Amendment right granted under the U.S Constitution. Enjoy the video below:

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

noreply@blogger.com (Bear Hug) — Wed, 12 Oct 2011 22:42:00 +0000

...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.

Gallup
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.

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

noreply@blogger.com (Bear Hug) — Sat, 08 Oct 2011 18:50:00 +0000

“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?"

noreply@blogger.com (Bear Hug) — Sat, 08 Oct 2011 16:04:00 +0000

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"

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

noreply@blogger.com (Bear Hug) — Tue, 04 Oct 2011 01:08:00 +0000

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:

JP MORGAN CHASE BANK NA OH $78.1 trillion OTC derivatives
CITIBANK NATIONAL ASSN $56.1 trillion OTC derivatives
BANK OF AMERICA NA NC $53.15 trillion OTC derivatives
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

81% of Americans Would Throw Congress Overboard

noreply@blogger.com (Bear Hug) — Tue, 27 Sep 2011 17:57:00 +0000

Record-high 81% of Americans are
dissatisfied with the way the country
is being governed

16 days since returning from their August 8th to

September 5th "recess," Bipartisan Bickering continues

as they prep for their recess cocoon September 26th to

October 5th...oh, by the way, they will be on recess again from

Ocotber 17th to Ocotber 23rd.

This is "representation" at a $174,000 annual salary...

Gallup
By Lydia Saad
September 26, 2011

PRINCETON, NJ -- A record-high 81% of Americans are dissatisfied with the way the country is being governed, adding to negativity that has been building over the past 10 years.

Majorities of Democrats (65%) and Republicans (92%) are dissatisfied with the nation's governance. This perhaps reflects the shared political power arrangement in the nation's capital, with Democrats controlling the White House and U.S. Senate, and Republicans controlling the House of Representatives. Partisans on both sides can thus find fault with government without necessarily blaming their own party.

The findings are from Gallup's annual Governance survey, updated Sept. 8-11, 2011. The same poll shows record or near-record criticism of Congress, elected officials, government handling of domestic problems, the scope of government power, and government waste of tax dollars.

Key Findings:

82% of Americans disapprove of the way Congress is handling its job.
69% say they have little or no confidence in the legislative branch of government, an all-time high and up from 63% in 2010.
57% have little or no confidence in the federal government to solve domestic problems, exceeding the previous high of 53% recorded in 2010 and well exceeding the 43% who have little or no confidence in the government to solve international problems.
53% have little or no confidence in the men and women who seek or hold elected office.
Americans believe, on average, that the federal government wastes 51 cents of every tax dollar, similar to a year ago, but up significantly from 46 cents a decade ago and from an average 43 cents three decades ago.
49% of Americans believe the federal government has become so large and powerful that it poses an immediate threat to the rights and freedoms of ordinary citizens. In 2003, less than a third (30%) believed this.

Continue Reading and More Charts

Hilton Hotels Clarifies the $16 Muffins

noreply@blogger.com (Bear Hug) — Fri, 23 Sep 2011 21:36:00 +0000

It's okay America, DOJ Spent $121 MILLION During

1,832 Conferences in 2008 and 2009...it was a Buffet

at an average of $66,000 per conference...it's okay.

Washington Post
By Ed O'Keefe
Updated 9/23/11

Washington Post's original report on this subject quoted from the publicly released inspector general report that said conference organizers served 250 muffins costing a total of $4,200, or $16.80 per muffin at a Hilton-owned hotel. The report also repeatedly referred to “$16 muffins.”

In a statement issued Thursday night, Hilton Hotels — one of the hotel chains singled out in the inspector general report, defended and explained its pricing policies:

“Hilton has a long standing practice of working with government agencies to plan meetings and events that fall within their budgets. Usually provided by the agencies themselves, these budgets are reflective of the pricing structure of the destination, local taxes, gratuities and other fees. Hotel teams tailor these events to provide maximum value and ensure the best experience possible. Dining receipts are often abbreviated and do not reflect the full pre-contracted menu and service provided, as is the case with recent media reports of breakfast items approved for some government meetings. In Washington, the contracted breakfast included fresh fruit, coffee, juice, muffins, tax and gratuity, for an inclusive price of $16 per person. At each hotel, menu pricing structures are derived by a comprehensive review of the competitive local market. Additionally, hotels typically offer guest rooms at per diem rates established by the government.”

Dept. of Justice Munches on $16 Muffins While 22% of our Children Live the Life of Poverty

noreply@blogger.com (Bear Hug) — Wed, 21 Sep 2011 23:13:00 +0000

Oh the Disgusting and Pathetic Irony, Department of JUSTICE Spends $16 on Muffins While 22% of U.S. Children Live in Poverty. Do you think anyone in the DOJ thought about our children and grandchildren as they chowed down their muffin and sipped $8 coffee...did I mention pathetic?

Reuters
By JoAnne Allen
September 21, 2011

"We found the Department (of Justice) spent $16 on each of the 250 muffins served at an August 2009 legal conference in Washington," said a DOJ Office of Inspector General report released on Tuesday.

The DOJ spent $121 million on conferences in fiscal 2008 and 2009, which exceeded its own spending limits and appeared to be extravagant and wasteful, according to the report that examined 10 conferences held during that period.

The review turned up the expensive muffins, which came from the Capital Hilton Hotel just blocks from the White House, as well as cookies and brownies that cost almost $10 each.

The department spent $32 per person on snacks of Cracker Jack, popcorn, and candy bars and coffee that cost $8.24 per cup at another conference, the report said.

The DOJ also spent nearly $600,000 for event planning services for five conferences, the document said.

A Justice Department spokeswoman said most of the gathering were held when there were no strict limits on food and beverage costs, adding the DOJ had taken steps since 2009 "to ensure that these problems do not occur again."

Word of the agency's extravagant spending drew a swift response from Capitol Hill.

Senator Chuck Grassley, the senior Republican on the Senate Judiciary Committee which has oversight of the Justice Department, said the report was a blueprint for the first cuts that should be made by the "super committee" searching for at least $1.2 trillion in savings.

"Sixteen dollar muffins and $600,000 for event planning services are what make Americans cynical about government and why they are demanding change," Grassley said in a statement. "People are outraged, and rightly so."

As the U.S. government grapples

to find ways to trim the bloated

federal deficit, a new report suggests

officials might start with cutting out

$16 muffins and $10 cookies.

GM Throws Entry Level Workers a Bone...$16 per hour versus $14 (no more food stamps at $16)

noreply@blogger.com (Bear Hug) — Sat, 17 Sep 2011 22:51:00 +0000

Starting pay will increase to about $16

an hour from $14 and rise to about $19

an hour from a previous maximum of $16...

WOW...at $16 per hour, one only needs to

figure out how to work 562,500 hours in a

year to equal CEO Dan Akerson's $9 mil

compensation package. That's progress, as

before the raise, one needed to work

642,857 hours...If Mr. Akerson worked

24/7 for an entire year, his hourly rate

is $1,027.

Bloomberg
By David Welch
September 17, 2011

General Motors will increase entry-level pay by $2 to $3 an hour as part of a tentative agreement on a new four-year contract with the United Auto Workers, said two people familiar with the accord.

Starting pay will increase to about $16 an hour from $14 and rise to about $19 an hour from a previous maximum of $16, said the people who asked not to be identified disclosing details before they have been presented to union members for ratification. UAW President Bob King had said getting those workers a middle-class lifestyle was his highest priority.

“This is a wage gain in an economy that is cratering in some places,” Harley Shaiken, a labor professor at the University of California at Berkeley, said in a telephone interview today. “It’s an important symbol.”

GM will also pay a record $5,000 signing bonus if a majority of the 48,500 hourly workers vote to ratify the accord, the people said. That would cost the Detroit-based automaker $242.5 million. The accord also includes new jobs and better profit-sharing, the union said. Ratification votes will probably be held within 10 days, GM said.

The new entry-level wage will get workers close to the average manufacturing wage in the U.S., Shaiken said. In August, it was $18.90 an hour, according to the Commerce Department.

Continue Reading

Ron Paul's (unofficial) Commercial (Greg Hunter)

noreply@blogger.com (Bear Hug) — Wed, 14 Sep 2011 12:46:00 +0000

USA Watchdog
By Greg Hunter
September 13, 2011

This is a take-off on a commercial produced last November by Citizens Against Government Waste. It was so controversial that major networks would not air it. In this version, Congressman Ron Paul is inserted. It is totally unofficial and not produced by the Paul campaign, but it is just as powerful as the original version. I thought this would be fun to watch in now that the second Republican debate is behind us.

Here’s part of the write-up on the original commercial: “A new television ad about the U.S. national debt produced by Citizens Against Government Waste has been deemed “too controversial” by major networks including ABC, A and E and The History Channel and will not be shown on those channels. The commercial is a homage to a 1986 ad that was entitled “The Deficit Trials” that was also banned by the major networks. Apparently telling the truth about the national debt is a little too “hot” for the major networks to handle. But perhaps it is time to tell the American people the truth.”

9/11 Took Young Boy's Grandfather...and Friend (NPR)

noreply@blogger.com (Bear Hug) — Sun, 11 Sep 2011 22:22:00 +0000

Grandpas hold our tiny hands for just a little while

but our hearts forever

"I love you," Frankie said,

"and there's no other grandfather

I'd rather see than you."

NPR
Original Broadcast on 9/5/2008
Re-broadcast 9/11/11
Listen and Then Bear Hug Your Grandchildren

For Frankie DeVito, his grandfather was a favorite playmate and companion. But Bill Steckman, who worked in the World Trade Center, didn't come home after Sept. 11, 2001. Frankie, now 10, talks with his mother about that day — and how his grandfather remains with him.

"He always used to be in the garage fixing up things with cousin Mikey," Frankie told his mother, Diana.

"And he always promised to take me to work once — but that's not going to happen."

Asked about that day, Frankie said that he recalls seeing his mother upset. Something had happened to his grandfather, he was told. And the family was going to their grandparents' house.

"I remember that Mikey told me that planes crashed, and he wasn't coming back," Frankie said.

In the weeks that followed, being with the rest of his family made him feel better, Frankie said — and so did pretending his grandfather was with him in his room.

He can still feel that presence, he said.

"Being in certain places, when I'm at a happy time, just somewhere in my mind, he won't get out of there. He's just stuck in my mind. And that makes me a little sadder, where I am."

He still dreams of his grandfather, Frankie said — dreams in which the whole family is together again. And he knows what he would say to his grandfather if he could speak to him.

"I love you," Frankie said, "and there's no other grandfather I'd rather see than you."

Produced for Morning Edition by Vanara Taing with Lizzie Jacobs. The senior producer for StoryCorps is Michael Garofalo.

Too Rich, Too Poor, Too Bad (Esther Cepeda)

noreply@blogger.com (Bear Hug) — Sun, 11 Sep 2011 14:12:00 +0000

...let's start by agreeing that someone

can own a DVD player and

still go hungry at night.

Denver Post
By Esther J. Cepeda
September 11, 2011

Joblessness, the general economic malaise and a never-ending stream of depressing statistics — the number of people in poverty, the millions of dollars that corporate CEOs are being paid in bonuses or severance — have made 2011 the year when it became OK to hate both the rich and the poor.

Look at comment boards on news websites or social media networks: Accompanying reports predicting we're in for a long slog of continued economic doldrums are heated barbs personifying both the wealthy and the impoverished as greedy, entitled forces of evil that are ruining America.

It's not surprising, really — when people feel vulnerable, the natural response is to lash out.

"There have been other times when there were huge gulfs between the rich and the poor, such as during the Gilded Age, but I think the disparity between rich and poor now may be even worse," said Phil DeVol, a consultant with aha! Process Inc., a publishing and training company that educates organizations such as schools and municipalities about poverty and class issues.

"The rhetoric out there is probably worse than I've ever seen it, and there is a lack of reasonable middle-ground conversations. So when the talk-radio folks and the cable-TV programs and the institutes who churn out information create narratives, it creates extreme mental models."

Extreme, indeed. Though the national conversation has finally "pivoted" to job-creation efforts, it was only a few weeks ago that Warren Buffett was wagging his finger at "coddled" millionaires and billionaires to pay more taxes. And Congress will soon be back on its government-shrinking crusade, pointing to the undeserving poor — who need government-subsidized health care or food assistance but dare have access to an Xbox or air conditioning — as examples of how government largesse has run amok.

In July, the Heritage Foundation, a conservative think tank, put out a white paper — "Air Conditioning, Cable TV, and an Xbox: What Is Poverty in the United States Today?" — ostensibly aimed at ensuring that "exaggeration and misinformation" don't hamper the development of well-targeted, effective programs to reduce poverty.

"The actual standard of living among America's poor is far higher than the public imagines and . . . in fact, most of the persons whom the government defines as 'in poverty' are not poor in any ordinary sense of the term," the report reads. "The home of the typical poor family was not overcrowded and was in good repair. In fact, the typical poor American had more living space than the average European."

Do not believe, the report warns us, that the worst-case-poverty scenarios presented in the media reflect the average poor person's experience. Most poor people aren't destitute; they're better off than you'd think. Plus, those overblown official U.S. poverty numbers make us look bad geopolitically — the Chinese government uses these "misleading" Census Bureau poverty reports to condemn the U.S. government for human rights violations.

Give the authors credit for including in their analysis the fact that new poverty resulting from the Great Recession will be largely due to working-class families losing their jobs. Obviously, they wouldn't necessarily "dispose of their normal household conveniences in those circumstances." So if you've been out of work for two years and still have a roof over your head, and an air-conditioning unit, maybe you're not such a drag on society.

But implying that people who are not homeless, or close to it, are undeserving of support and certainly undeserving of sympathy is a sure recipe for bad policy.

As DeVol told me, figuring out how public and private entities will work together to help the poor in our new age of austerity will have to center on "coming together across class lines, developing working relationships with mutual respect, and making decisions about our future, together."

For that we need to drop the easy stereotypes and extend understanding across income brackets. Not all rich people are selfish robber barons any more than all poor people are a bottomless drain on society. But that's a tall order, so let's start by agreeing that someone can own a DVD player and still go hungry at night.

Obama Directs EPA to Hold Off On Air Quality Until After Election...Grandchildren thrown under the bus again...

noreply@blogger.com (Bear Hug) — Fri, 02 Sep 2011 21:03:00 +0000

Obama said he has asked the agency

to wait until 2013—you know,

after the next election—to improve the standard.

Mother Jones
By Kate Sheppard
September 2, 2011

On Friday, in a move that shocked enviros and public-health advocates, President Obama asked the Environmental Protection Agency to withdraw its proposal to tighten a key air-quality standard. The request, Obama said, is part of the administration's efforts to reduce "regulatory burdens and regulatory uncertainty."

The EPA has been at work on new rules on ozone pollution, better known as smog, since September 2009. The agency rolled out new, tougher draft standards in January 2010, only to have the release of the final rules repeatedly delayed. In a statement, Obama said he has asked the agency to wait until 2013—you know, after the next election—to improve the standard.

The decision to single out this rule is significant. Back in 2008, the Bush administration EPA issued smog rules that called for limits of 75 parts per billion, which were weaker than those that the agency's own scientists said was necessary to protect human health. Improving the standard has been a top priority for environmental and public-health experts, so when the EPA said in January 2010 that it was considering lowering the limit to between 60 and 70 parts per billion, those groups were cheering.

According to the American Lung Association, the weaker standard means that as many as 186 million Americans are currently breathing in unhealthy levels of smog. The EPA's own figures are even more shocking. If the Obama administration set the lower standard of 60 parts per billion, it would prevent 4,000 to 12,000 premature deaths a year by 2020. Even the higher standard of 70 parts per billion would save between 1,500 and 4,300 lives per year. Improved air quality would bring down the number of deaths and hospitalizations every year due to asthma, bronchitis, and other heart and lung conditions.

The EPA also noted that while compliance with the new rule would cost polluters between $19 billion and $90 billion a year by 2020, the benefits to human health will be worth between $13 billion and $100 billion every year.

EPA administrator Lisa Jackson issued a terse statement on Friday morning, citing other major improvements that the administration has made on clean air and promising to "revisit the ozone standard." And the White House circulated a blog post from Deputy Assistant for Energy and Climate Change Heather Zichal touting all the other things it has done on air quality.

But environmental and public-health groups are, as you might guess, flabbergasted at Obama's announcement. "This is a huge win for corporate polluters and huge loss for public health," said Gene Karpinski, president of the League of Conservation Voters, in a statement. The statements from pretty much every other group have expressed similar outrage.

The American Lung Association filed suit against the EPA following the weak Bush standards but dropped it after the Obama administration said it was going to reconsider. The group issued a statement on Friday signaling that it will revive the suit now that the Obama administration has signaled that it is not going to improve the standard, which is a violation of the Clean Air Act, the group says.

My two cents: I don't think it's a coincidence that the announcement came on day when the Labor Department released the worst jobs report in 11 months. The move certainly plays right into the "jobs vs. the environment" frame that the opponents of any and all regulations have constructed. Worse, though, is that it feeds the idea that it's perfectly okay for the administration to ignore the advice of agency scientists.

It's also not clear whom Obama thinks he's going to win over with this. I'm pretty sure this won't send the American Petroleum Institute or the Chamber of Commerce rushing to donate to his reelection bid, or make Republicans start saying nice things about him.

Jay Carney on Obama's Job Speech...The Economy Matters...The American People Matter...I Can Assure You He Will Be Done Before Kickoff

noreply@blogger.com (Bear Hug) — Thu, 01 Sep 2011 21:38:00 +0000

"The sideshows don't matter," Carney said.

"The economy matters.

The American people matter. Jobs matter."

Hey Jay, on behalf of all grandchildren, grandpa

wants to know just how much jobs for the next

generation matter compared to the

NFL season opener?

"I can assure all you football fans

that he will be completed before kick-off,"

USA Today
By David Jackson
September 1, 2011

We have a date for President Obama's speech on joblessness -- Thursday, Sept. 8.

What we don't have is a specific time -- though we know he will be done by 8:30 p.m., which happens to be the start time for the season-opening pro football game between the Green Bay Packers and the New Orleans Saints.

"I can assure all you football fans that he will be completed before kick-off," White House spokesman Jay Carney said.

Carney said Obama and aides are looking forward to speaking directly to Congress, and not rehashing the remarkable political flap that preceded the scheduling of the speech.

Obama initially asked to speak to a joint session of Congress on Wednesday. Some Republicans objected, noting their presidential candidates have a debate that same night; House Speaker John Boehner, R-Ohio, suggested the president move the speech to Thursday, citing logistical concerns.

After talks between the White House and Boehner's office, Obama opted for Thursday.
"The sideshows don't matter," Carney said. "The economy matters. The American people matter. Jobs matter."

"It is irrelevant," Carney later said. "It really is."

It also didn't bother the president, Carney said.

"I spent a great deal of time with him this morning and it never came up," Carney said. "Honestly."

Carney said Obama wanted to speak to Congress about about as soon as lawmakers got back from August recess. "Wednesday seemed to be the best option," he said. "When that seemed to be a problem, Thursday was fine with us."

The White House has long been mindful that Thursday night also features the season opener for the National Football League, New Orleans at Green Bay.

When a reporter asked Carney if the speech will constitute a "pre-game show," the spokesman said: "It means he will have the opportunity to watch the game, like millions of other Americans."

Warren Buffett Consults with Rubber Duckie to Invest $5 bil into Bank of America

noreply@blogger.com (Bear Hug) — Thu, 25 Aug 2011 16:15:00 +0000

Buffett said he conjured the idea while in the bathtub

Rubber Duckie, you're so fine

And I'm lucky that you're mine

ABC News Money
By: Susanna Kim
August 25, 2011

Berkshire Hathaway, led by billionaire Warren Buffet, announced it will buy $5 billion worth of Bank of America shares in a private offering. BofA stock soared though U.S. stock markets were down Thursday morning on yet another gloomy unemployment claims report.

Buffett said he conjured the idea while in the bathtub on Tuesday. He called Brian Moynihan, chief executive officer of Bank of America, on Wednesday, he told CNBC.

Stock of Bank of America, the largest bank in the U.S., rose over 20 percent after the market's open but came down slightly later in the morning. At 10:40 AM eastern time, the stock was up 17 percent to $8.18 a share. The Dow Jones industrial average fell 129 points to 11,193.

Jobless claims climbed by 5,000 to 417,000 in the week ended Aug. 20, the Labor Department reported today. Part of the rise was due to new applications from Verizon, where workers had been striking over a contract deal.

Bank of America stock had plunged 47 percent for the year, as embattled CEO Moynihan has tried to manage its pile of bad mortgages and its exposure to the European debt crisis.

But Warren Buffett praised Monyihan and the bank in a statement.

"Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it," Berkshire Hathaway chairman and chief executive officer Warren Buffett said in a press release. "I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them. Bank of America is focused on their customers and on serving them well. That's what customers want, and that's the company's strategy." Read more about the rubber duckie investment

U.S. Becomes a Food Stamp Nation While CEO's are Paid More Than in 2007

noreply@blogger.com (Bear Hug) — Thu, 25 Aug 2011 12:54:00 +0000

“But I didn’t know what else to do

and I got to a point where I swallowed

my pride and decided to do

what was best for my daughter.”

Meanwhile, the typical pay package

for the head of a company in the

Standard & Poor's 500 was $9 million in 2010

Capitol Hill Blue
By Krintina Cooke
August 23, 2011

Genna Saucedo supervises cashiers at a Wal-Mart in Pico Rivera, California, but her wages aren’t enough to feed herself and her 12-year-old son.

Saucedo, who earns $9.70 an hour for about 26 hours a week and lives with her mother, is one of the many Americans who survive because of government handouts in what has rapidly become a food stamp nation.

Altogether, there are now almost 46 million people in the United States on food stamps, roughly 15 percent of the population. That’s an increase of 74 percent since 2007, just before the financial crisis and a deep recession led to mass job losses.

At the same time, the cost doubled to reach $68 billion in 2010 — more than a third of the amount the U.S. government received in corporate income tax last year — which means the program has started to attract the attention of some Republican lawmakers looking for ways to cut the nation’s budget deficit.

While there are clearly some cases of abuse by people who claim food stamps but don’t really need them, for many Americans like Saucedo there is little current alternative if they are to put food on the table while paying rent and utility bills.

“It’s kind of sad that even though I’m working that I need to have government assistance. I have asked them to please put me on full-time so I can have benefits,” said the 32-year-old.
She’s worked at Wal-Mart for nine months, and applied for food stamps as soon as her probation ended. She said plenty of her colleagues are in the same situation.

So are her customers. Bill Simon, head of Wal-Mart’s U.S. operations, told a conference call last Tuesday that the company had seen an increase in the number of shoppers relying on government assistance for food.

About forty percent of food stamp recipients are, like Saucedo, in households in which at least one member of the family earns wages. Many more could be eligible: the government estimates one in three who could be on the program are not.

“If they’re working, they often think they can’t get help. But people can’t support their families on $10, $11, $12 an hour jobs, especially when you add transport, clothes, rent.” said Carolyn McLaughlin, executive director of BronxWorks, a social services organization in New York.

The maximum amount a family of four can receive in food stamps is $668 a month. They can only be used to buy food — though not hot food — and for plants and seeds to grow food.

Presidents Bill Clinton, George W. Bush and Barack Obama all made efforts to raise awareness about the program and remove the stigma associated with it.

In 2004, paper coupons were replaced with cards similar to debit cards onto which benefits can be loaded. In 2008 they were renamed Supplemental Nutritional Assistance Program (SNAP) benefits though most people still call them food stamps.

Despite the bipartisan support for the program in the past, some of the recent political rhetoric has food stamp advocates worried.

Presidential hopeful Newt Gingrich last year derided Democrats as “the party of food stamps”. And Republican leaders in the House of Representatives propose changing the program so that the funding is through a “block grant” to the states, rather than allowing it to grow automatically when needed due to an emergency, such as a natural disaster or economic crisis. The rest of the story...

Homeless Pre-School Children Up 43% and yet U.S. Spends $896 mil Blowing Up Libya

noreply@blogger.com (Bear Hug) — Wed, 24 Aug 2011 12:56:00 +0000

The number of homeless pre-school aged children increased 43% in the last two years. The number of homeless children in public schools increased 41 percent between the 2006-7 and 2008-9 school years. Meanwhile, the U.S. has spent $896 million bombing Libya and has pledged $25 million of aid to Libya once we are done blowing them up.

August 22, 2011
ABC News' Luis Martinez (@LMartinezABC) reports: The cost of U.S. military intervention in Libya has cost American taxpayers an estimated $896 million through July 31, the Pentagon said today.

The price tag includes the amounts for daily military operations, munitions used in the operation and humanitarian assistance for the Libyan people.

The U.S. has also promised $25 million in non-lethal aid to the Libyan Transitional National Council, half of which the Defense Department has already on MRE’s (military lingo for Meals, Ready to Eat).

The military delivered 120,000 Halal MRE’s to Benghazi in May and a second shipment that included medical supplies, boots, tents, uniforms, and personal protective gear in June.
While Libyan leader Moammar Gadhafi appears on the way out, NATO says flight missions over Tripoli will continue, with the U.S. playing a role in helping to keep a tight window over the area that’s been in effect for weeks.

Over the past 12 days, U.S. planes have flown 391 sorties for a total of 5,316 since April 1, according to figures provided by the Defense Department. That total includes 1,210 airstrike missions over the same three and a half month period. The U.S. has also conducted 101 Predator drone strike missions in Libya.

A U.S. official credited NATO flight cover over the past many months with allowing the Libyan rebels enough time to eventually regroup and begin their pushes.

One significant offset to the cost of U.S. involvement in the flights worth noting is the sale of military equipment to allies also involved in the cause. Pentagon officials say the sale of ammunition, replacement parts, fuel, and technical assistance to allies since March has totaled $221.9 million.

Leprechauns, the Tooth Fairy and Stagflation (Michael Pento)

noreply@blogger.com (Bear Hug) — Thu, 18 Aug 2011 21:45:00 +0000

Euro Pacific Capital
by Michael Pento
August 18, 2011

Three things that Ben Bernanke doesn’t believe exist are Leprechauns, the Tooth Fairy and Stagflation. He has totally relied on specious theories like output gaps and a very high unemployment rate to keep inflation in check. What he fails to realize is that an increase in the money supply doesn’t always engender job growth or put fallow resources back into production. However, what it does always achieve is to increase the aggregate level of prices in our economy.

More evidence of our battle with stagflation was found in today’s economic data. Jobless claims for the week ending August 13^th rose by 9k to 408k. Existing Home sales fell 3.5% in the month of July, while the median price decreased to $174,000 from $182,100. And the Federal Reserve Bank of Philadelphia’s general economic index plunged to minus 30.7 this month, the lowest since March 2009, from 3.2 in July.

However, the continued weakness in the real estate market and in employment figures didn’t serve to squelch the increase in prices. On the consumer level prices increased .5% in July and were up 3.6% YOY. Data released on Tuesday showed import prices were up 14% YOY and yesterday’s Producer Price Index showed inflation on the wholesale level surged 7.2% from the previous twelve months.

The message from the markets corroborates the economic data. Industrial commodities like copper have severely corrected in price and the Ten year Treasury note yield has collapsed to nearly below two percent in a sign that recession is here. Meanwhile, the monetary metal gold is up $25 today and trading at well over $1,800 an ounce.

The Fed, along with the European Central Bank (ECB), has decided that since debt levels have become so intractable they must monetize a massive quantity of government bonds. Analysts at the Royal Bank of Scotland have predicted the ECB will buy €2.5 billion worth of Spanish and Italian bonds each day, which is equivalent to €600 billion a year. And eventually the bank could wind up purchasing €850 billion ($1.2 trillion) of Spanish and Italian debt. Not to be outdone, the Fed Chairman has indicated that his $2.9 trillion balance sheet would remain intact (at a minimum) for an additional two years.

The Central Banks’ actions from the planet’s two largest economies have forced investors into the gold market. And their deliberate debasement of their currencies has led to a hallowing out of savings, productive investment and the middle class--leading to an exacerbated and prolonged economic malaise. Bernanke may ascribe to stagflation the same credibility as fairy tale creatures, but that doesn’t make it any less a reality.

Michael Pento, Senior Economist at Euro Pacific Capital is a well-established specialist in the “Austrian School” of economics. He is a regular guest on CNBC, Bloomberg, Fox Business, and other national media outlets and his market analysis can be read in most major financial publications, including the Wall Street Journal. Prior to joining Euro Pacific, Michael worked for a boutique investment advisory firm to create ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE.

Warren Buffett profits from bailout, is AOK w/grandkids placed in harms way and now advocates paying more taxes

noreply@blogger.com (Bear Hug) — Wed, 17 Aug 2011 00:50:00 +0000

Warren Buffett who profited handsomely from the U.S. Government

placing the Wall Street bank Bailout burden on our grandchildren,

now believes he and his pillagers should pay more taxes.

The $50 Billion Man

New York Times Opinion Page
August 16, 2011
Warren Buffett (not to be confused with a long table full of food...that's a ONE T...aka 1 toddler...he is perfectly okay with dumping the debt on grandkids to make his profit and then op-ed about about paying guilt taxes...pathetic)

OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.

Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.

If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot.

To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot.

Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.

I didn’t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.

Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent.

The taxes I refer to here include only federal income tax, but you can be sure that any payroll tax for the 400 was inconsequential compared to income. In fact, 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.)

I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.

Twelve members of Congress will soon take on the crucial job of rearranging our country’s finances.

They’ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It’s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.

Job one for the 12 is to pare down some future promises that even a rich America can’t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.

But for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.

My friends and I have been coddled long enough by a billionaire-friendly Congress. It’s time for our government to get serious about shared sacrifice.

Warren E. Buffett is the chairman and chief executive of Berkshire Hathaway....duh

GOP Candidates Debate Fiction in Iowa

noreply@blogger.com (Bear Hug) — Sat, 13 Aug 2011 20:55:00 +0000

Appears all GOP candidates concur on one fact, the sun does in fact rise in the east, well, Michele Bachman abstains until morning and hopes it is not cloudy.......come on, grandpa is trying to be funny...

Hey, Bachman-Palin ticket could work...BP, just like the eco-friendly oil company...brilliant!

Michele...you need to switch places for the BP

thing to work...come on...

Capitol Hill Blue
By Calvin Woodward-Associated Press
August 12, 2011

Michele Bachman cast her opinion as a settled fact when she told the Republican presidential debate Thursday that a key element of President Barack Obama‘s health care law is unconstitutional. And Mitt Romney danced around an attempt to learn why he stayed largely mum on the epic debt limit standoff between Obama and Congress.

The first big GOP debate of the primary season brought viewers a flurry of claims and counterclaims, not all built on solid ground.

A look at some of those claims and how they compare with the facts:

BACHMANN: Spoke of “the unconstitutional individual mandate” several times, a reference to a requirement for people to carry health insurance, a central element of the 2010 federal health care law.

THE FACTS: Nothing is unconstitutional until courts declare it to be so. The constitutionality of the individual mandate has been challenged in lawsuits in a number of states, and federal judges have found in favor and against. The Supreme Court will probably have the final word. But for now, the individual mandate is ahead in the count. And the first ruling by a federal appeals court on the issue, by the 6th U.S. Court of Appeals in June, upheld the individual mandate.

TIM PAWLENTY: “To correct you, I have not questioned Congresswoman Bachmann’s headaches.”

THE FACTS: Pawlenty was hardly dismissive when news came out about Bachmann’s history of severe headaches, even if he did not go after her directly on the matter. “All of the candidates, I think, are going to have to be able to demonstrate they can do all of the job all of the time,” the former governor said when first asked about the migraines suffered by the congresswoman. “There’s no real time off in that job.”

There was no mistaking that Pawlenty was leaving open the question of whether Bachmann’s health history made her fit to serve as president. But he later tried to clarify his remark, saying he was not challenging her on that front and the flap was merely a “sideshow.” Bachmann says her symptoms are controlled with prescription medication and have not gotten in the way of her campaign or impaired her service in Congress.

The missed facts continue...

The Fallout From a Frozen Fed (Michael Pento)

noreply@blogger.com (Bear Hug) — Wed, 10 Aug 2011 22:43:00 +0000

Euro Pacific Capital
By: Michael Pento
August 10, 2011

The Federal Reserve ventured into unchartered territory yesterday when announcing that the target for the Federal Funds rate would remain near zero percent for two additional years. That will amount to be, at a minimum, four and a half years in duration. But the move is exactly the wrong strategy and does nothing to heal the structural problems of the economy.

The market rebounded sharply yesterday on the back of the promise of free money in perpetuity. However, it will soon be surprised at how little Bernanke’s largess goes towards rectifying our problems. Zero percent interest rates can’t make European debt solvent. And two more years of free money won’t automatically repair America’s severely damaged public and private sector balance sheets.

Let’s be honest, nobody was expecting the Fed to significantly tighten monetary policy in the near future anyway. Therefore, providing a definite time frame of two years does not add much additional information because it isn’t far off from what most in the investment community had been expecting--especially in light of the recent weakening economic data.

But by punishing savers for a couple more years, it will only decrease the money available to create capital goods and only encourage reckless speculation in high-risk assets and the perpetuation of rolling asset bubbles.

What is also likely to occur will be the economy to become completely addicted to artificially-produced low interest rates. Banks borrow short and lend long and are very susceptible to interest rate shocks, just as occurred during the savings and loan crisis in the 80’s and early 90’s and the credit crisis of 2008. Banks’ assets will be collecting interest on low-yielding, long-term loans that will have been prevalent in the economy for over four years. Those interest rates are now about 500 basis points below the average going back to 1970.

But interest rates must soon significantly rise either due to the overwhelming supply issuance of Treasuries in the pipeline or through the inflation that always occurs from free money and a $2.9 trillion Fed balance sheet. Once rates rise, depositors will earn more than banks’ assets collect, and insolvency will result. Not only will banks' balance sheets be under stress but also the consumer and the government are in for a massive interest rate shock coming from skyrocketing debt service payments.

Years more of free money will result in tremendous economic imbalances, a crumbling currency, rising commodity prices and a ridiculously out of control bond market bubble. And that cannot at all end well.