Bank Failures Find F.D.I.C. Has Fallen Into Red

http://www.nytimes.com/2009/11/25/business/economy/25fdic.html

The fund had a negative balance of $8.2 billion at the end of the third quarter, federal regulators said Tuesday. Bank customers, however, should remain confident that their deposits would be protected since most of the amount reflects money that Federal Insurance Deposit Corporation has already set aside to cover the losses from future bank failures.

Liberals and Consevatives are calling for Geithner to Resign

The pot has finally boiled over, with black caucus members walking out of a Barney Frank financial markup, liberals and conservatives calling for Treasury Secretary Timothy Geithner to resign and a policy victory for none other than Ron Paul on his "audit the Fed" proposal.

The tensions show why Democrats want to get the health care debate done as soon as possible — they can then spend much more of 2010, an election year, on jobs and economic reforms.

The wave of Democratic grief had been building privately for months, but Hill Democrats had held back on publicly criticizing the Obama presidency. But now, Democrats who see that their economic agenda seems to be flailing and fear getting wiped out in the 2010 congressional elections are going public with a burst of criticism, and much of it has poured out in the past 48 hours.

It’s coming from some of the most liberal supporters of the president, like John Conyers, who said Thursday on the Bill Press radio show that President Barack Obama was “bowing down” to the right.

"I'm getting tired of saving Obama's can in the White House," Conyers said. "I mean, he only won by five votes in the House, and this bill wasn't anything to write home about."

Oregon Democrat Peter DeFazio, who has called on Geithner to resign, vented his frustrations about the Obama economic team in an interview with POLITICO.

This new oldie has new meaning with the Obama administration running things!

Click arrows to advance to song #7 "EVERYTHING IS BROKEN" and see if you don't agree ...

Al Jazeera News: Ahmadinejad claims Islamic principles to replace capitalist values

Read the entire story here:
http://ow.ly/BI9I

"Ahmadinejad said the global economic order needs "radical change" (sounds familiar), calling for Islamic principles to replace capitalist values.(that also sounds familiar)

"The present economic crisis is due to the capitalist system" (Is Michael Moore on his staff?).

Describing interest rates as the "biggest and most fundamental problem of the capitalist system". "Ahmadinejad said economic programs based on Islamic principles offered the way out."

Lou Dobbs Farewell on CNN

The only reason to ever tune into CNN has departed that news agency. I wish you well Lou and look forward to seeing where and in what capacity you surface.

Eric Cantor's response to "WILL THE HOUSE PASS HEALTHCARE THIS WEEKEND--OR NOT? SPECULATE, PLEASE, ON THE CONSEQUENCES EITHER WAY?"

The Arena - Eric Cantor's response to "WILL THE HOUSE PASS HEALTHCARE THIS WEEKEND--OR NOT? SPECULATE, PLEASE, ON THE CONSEQUENCES EITHER WAY?" | POLITICO.com

On unemployment: We saw the results of the elections in New Jersey and Virginia – where 9 in 10 people said they were greatly concerned about the direction of the economy. The people are representative of all Americans – particularly those with friends, neighbors, and family out of work – and are pleading with leaders in Washington to focus on jobs and the economy. With millions of Americans desperately seeking work, I ask the President to put the economy first, and sit down with Republicans to develop serious bipartisan solutions that will change the direction of this economy and get people working again.

HR 3962 Health-Care Bill (PDF file)

Another "shovel ready" component of the Stimulus/Bailout package

http://ow.ly/yNAA

Paying for Washington's Mistakes

Paying For Washington's Mistakes
IBD Editorials: Posted 11/03/2009 06:51 PM ET

Taxation: Policymakers piled up a $1.4 trillion deficit for fiscal 2009. The figure is so high that if Congress were to use the income tax to balance the budget, rates would have to be nearly tripled.

The 2009 deficit was larger than the combined federal debt of the first two centuries of the country's existence. As staggering as that is to the mind, the 2010 deficit projects to be even bigger, roughly $1.5 trillion.

Unless Washington issues another foolish stimulus package or decides it will continue its ill-advised bailout business, the deficits should moderate somewhat. But the debt created by the deficits will still have to be paid. Ultimately, taxpayers will have to satisfy Washington's massive tab.

While it's unlikely policymakers would try to use income tax revenues — which provide almost half of all federal revenues — to close the deficits, it's instructive to see how high the rates would have to go to do that. Data from the Tax Foundation show this Congress and administration are poor stewards of other people's money and are failing their constitutional duty to protect the future of the republic.

The biggest hit in a world in which Washington bridged the budget gap with income tax revenues would be, naturally, on those who have the largest incomes.

The rates for joint filers earning at least $373,601 would have to be almost tripled, from 35% to 95.2%, to help close the 2010 deficit. (See table.) Though the brackets are at different income levels, the rate progressions are the same for single filers.

The rates would not be as punitive in 2012, when the deficit is smaller, but they would still be excessive. Those at the top of the income scale would be moved from 39.6%, the rate that will be reinstated after the Bush tax cuts expire, to 74.1%.

Those on the lowest end of the income scale would not fare much better. Their rates would have to jump from 10% to 27.2% to help eliminate the 2010 deficit, and from 10% to 18.7% to help close the 2012 deficit.

In terms of overall tax bills, the increases are just as alarming.

The average tax bill for a joint return in 2010 will be $7,169. If the deficit were to be closed, however, the federal government would have to have an average of $19,001 from each couple filing jointly (See table). For joint filers with taxable incomes from $50,000 to $75,000, the tax bill would triple, from $4,208 to $12,537.

Thomas Jefferson - Quote of the Day

"The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first." - Thomas Jefferson

Amazing Rock Show - Nickelback, performing 'Burn it to the Ground'

Nickelback - BURN IT TO THE GROUND from Nickelback on Vimeo.

this was one of the best LIVE concert shows and performances I've EVER seen - completely blew me away. I highly recommend it if you are of fan of hard rock!