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Economic Terrorism: Courtesy and Blessings brought to us by our Jewish Zionists fancy banking system! "The bank “stress tests” have accomplished something that was long overdue — it gave the markets an excuse to believe that the banks will be saved by the government, without full nationalization. As a result, it has given the banks a green light to start lending again.
In previous posts, I pointed out that Obama’s mandate was to get the economy going again. I pointed out that our economic crash was not caused by a productivity shortfall, but rather by a banking crisis caused by a bubble popping from real estate. It was these banks, about the fail or otherwise unwilling to lend money and incur even minimal risk, that threatened our economy. I give credit to Obama finally realizing this and coming up with these stress tests to psychologically lift some of our fears about the survival of the banks and create some new needed confidence in the economy.
Notice though that it’s not the “stimulus” or the gargantuan Obama budget that is showing this turnaround. And in any event, this short term turnaround will be seriously jeopardized by inevitable looming inflation, caused by the runaway spending taking place in Washington. Furthermore, this early improvement in the economy is further evidence that the Obama/Pelosi stimulus, under the guise of necessity, really is mostly a trojan horse of liberal policymaking and pork spending that is part of the new Democratic agenda.
Published: May 11, 2009
WASHINGTON — President Obama has lately begun pointing to optimistic signs for the economy, but the continuing crisis still bedevils his budget projections and his domestic agenda.
Brendan Smialowski/Bloomberg News
Peter Orszag, the budget director, who appeared with President Obama last week, disclosed the latest revisions in his blog.
And the Treasury released revised figures showing that Mr. Obama’s proposal for financing fully half of his health care initiative over the next decade — a 28 percent limit on deductions for Americans in the top two income tax brackets — would raise $267 billion, or roughly $50 billion less than he initially projected. That further complicates the president’s struggles, together with Democrats in Congress, to pay for overhauling health care.
To fill the revenue gap, the Treasury outlined several new ideas for raising nearly $60 billion over 10 years, mainly from tightening rules for inheritance taxes but also from changes in taxing some types of life insurance and other products.
Separately, the chairwoman of the Council of Economic Advisers, Christina Romer, released a preliminary report standing by the administration’s claim that the $787 billion, two-year economic stimulus package that became law in February will save or create 3.5 million jobs by the fourth quarter of 2010, compared with what would have happened without the spending and tax cuts.
The budget office’s revised deficit projections bring the expected shortfall this fiscal year, which ends Sept. 30, to $1.84 trillion, from a February projection of $1.75 trillion. For the 2010 fiscal year, the new estimate is $1.26 trillion, up from $1.17 trillion.
Measured against the economy, this year’s shortfall would be 12.9 percent of the gross domestic product. Next year’s deficit would be 8.5 percent of G.D.P. Even before the revisions, the deficit projections were the highest in more than 60 years, since the end of World War II.
Economists generally agree a country’s annual deficits should not exceed 3 percent of economic output. Mr. Obama, in his 10-year budget outline in February, projected the United States would fall just below that level in the last months of his term, in the 2013 fiscal year. Many analysts consider his economic assumptions too rosy, however, which casts doubt on his deficit forecast.
The president’s budget director, Peter R. Orszag, disclosed the deficit revisions Monday in his blog on the budget office’s Web site. He said they were “driven in large part by the economic crisis inherited by this administration.” He cited Treasury estimates that revenue collections would be $30 billion to $50 billion less this year and next compared with February calculations, and higher-than-expected costs for bank bailouts.
Congressional Democrats echoed the reference to the inheritance from President George W. Bush. “It took eight years for the previous administration to dig this hole. It is going to take time to climb our way out,” Senator Kent Conrad of North Dakota, chairman of the Senate Budget Committee, said in a statement.
Congressional Republicans seized on the new deficit projection to tweak the Democratic administration for its boast last week that its “line-by-line scrub” of the federal budget had produced proposals to save $17 billion in the 2010 fiscal year.
The Senate Republican leader, Senator Mitch McConnell of Kentucky, said in a statement that “the administration acknowledged today that since the president took office, their projections for the deficit grew five times faster than the proposed cuts would save, and that’s assuming all the cuts are enacted” — which they will not be, members of both parties in Congress say.
Mr. Obama’s proposal to limit high-income Americans’ deductions had already hit a wall of opposition in Congress, with the Democratic chairmen of the House and Senate tax-writing committees, among others, objecting that it could depress tax-deductible contributions for charities, colleges and other recipients. The proposal was intended to raise $318 billion of a proposed $635 billion, 10-year reserve fund to introduce cost-saving changes into health care and to expand coverage to the uninsured; the other half was to come from Medicare savings.
Of the new Treasury proposals to raise $60 billion through 2019, more than $24 billion would come from estate and gift taxes that would affect less than three-tenths of 1 percent of estates in any year, according to a senior Treasury official, who spoke to reporters on condition of anonymity. The main change would affect how a taxpayer values property transferred to a family member either at death or during the taxpayer’s life.
If the guy who invented DNA fingerprinting is worried,
How much information does the State need to have about me that I have not freely volunteered? I’d say it already knows a lot more than it needs to. But then so does Tesco.
I have been photographed, fingerprinted and asked all sorts of odd questions without ever having been arrested – though it’s come close.
I have been CRB-checked by my child’s school. My blood was routinely tested for HIV and rubella when I was pregnant. The one little bit of me that they don’t have is my DNA. But surely it’s only a matter of time.
Why should I, an innocent citizen, object to the State having my precious DNA on its database? What have I to fear? Am I ‘against justice’, as Harriet Harman ludicrously accused anyone with doubts about a centralised DNA database of being?
If the police take a DNA sample, even if one is not charged, it can be kept up to 12 years. This doesn’t happen in other countries, not even Scotland. There, DNA can be taken only if you are arrested.
If you are cleared, the profile is immediately destroyed unless you have been cleared of a violent or sexual offence – in which case the sample can be kept for up to five years. What Harman is arguing for already contravenes EU legislation and we will simply end up with more test cases in the European courts.
This, alongside the unfeasibly daft voluntary ID card scheme being pushed on the poor people of Manchester by Jacqui Smith, is yet more evidence that Government increasingly regards most of us as potential criminals rather than citizens who need serving.
It certainly shows there is a lot of money to be made by IT firms from keeping us under surveillance from birth till death – and probably beyond. ID cards may cost £5.3billion and I’ve yet to meet a sentient being who wants one.
DNA, though, because the very mention of it sends people into some CSI or Jeremy Kyle world of absolute proof, is mistakenly seen as the answer to unsolvable crimes. It has been of use, of course.
Last year the Home Office claimed it helped in the cases of 83 killings and 184 rapes. Yet seasoned campaigners will tell you that our appallingly low rate of conviction for rape is not due simply to lack of DNA evidence but also to a need to change jurors’ attitudes to the crime itself.
Meanwhile, the European Court of Human Rights says that some 850,000 DNA profiles of innocent people should be removed from our database.
Part of the problem is that most of us don’t actually understand much about DNA or databases. We know when public-sector ones go wrong, such as when a copy of the details of the entire child benefit system was lost.
So maybe we should listen to Sir Alec Jeffreys, the guy who invented DNA fingerprinting. He is now concerned that this system is being used to cast a shadow of criminality over people who have committed no crime.
The Rowntree Trust, which has published a report on the ‘Database State’, concluded, controversially, that a quarter of the 46 public-sector databases it studied were actually illegal.
The level of intrusion breaks all kinds of rulings yet still most of us remain in the dark until information is leaked or stolen. As the man who set up the NHS database said: ‘You cannot stop the wicked doing wicked things.’
David Shutt, one of the authors of the Rowntree report, asks what kind of intrusion is acceptable ‘proportionate and necessary in a democratic society’. And that is the issue. The public sector spends £16billion a year on IT. We have a right to ask if these databases are effective, private, legal and worth it. Apparently, only 30 per cent of these projects succeed.
It is strange that while we don’t trust the Government to get much right, they are purchasing more information systems that will treat us as suspects rather than citizens. It is as if the very DNA of this Government is to invade every part of our lives. Anyone would think they are afraid of us.
What the Indians dont want to talk about is that Indian Separatist movements continue to lead India towards disintegration which is cleverly covered up by their media.
Sajjad MalikRAWALPINDI:
انشاءاللہ, soon, the fitna would be crushed! پاکستان زندہ باد
Sun, 10 May 2009 06:14:56 GMT
The curfew has trapped tens of thousands of people attempting to flee the violence.
The Pakistani government has lifted a curfew in the Swat valley for a few hours to enable residents to flee the conflict-ridden region. Military officials said Sunday that the curfew, lifted at 0600 local time, gives the residents a seven-hour opportunity to flee the violence-hit region. The curfew has kept thousands of civilians from fleeing the conflict zone. Lifting the curfew and urging the residents to flee indicates that the battle between the army and Taliban militants is likely to intensify in the coming days. The Pakistani army says hundreds of militants had been killed across the valley and its adjoining districts since the military launched a full-scale operation on militants in the region. Islamabad says it will force the militants to lay down their arms. The military's top spokesman, Major General Athar Abbas, however said on Friday the operation in Swat was difficult and declined to give a timeline for clearing the valley. Pakistan's President Asif Ali Zardari has vowed to continue the offensive against the Taliban in the Swat region until normalcy is restored to the volatile valley. Ron Redmond, a spokesman for the UN refugee agency, said Friday that the recent outbreak of violence in northwest Pakistan has already displaced a total of one million people.
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