Federal Debt Relief System is at the forefront in the battle to restore the America’s Constitution and liberty by arming millions with the sobering information and vital education designed to restore America’s freedom which today is sadly and urgently under attack and duress from all sides
With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills.
Big banks have formed an unusual alliance with consumer advocates to urge the government to allow huge portions of credit card debt to be forgiven, a turnabout from recent years when the banking industry lobbied strenuously to make it harder for consumers to erase their credit card debts in bankruptcy.
Some York County residents say that would be bad policy, that it rewards irresponsible spenders and fundamentally punishes those who've avoided credit card debt by spending within their means and making pay-as-you-go purchases.
"Back in the refinancing days 10 years ago a lot of homeowners took out equity lines to pay credit card debt," said Marion Oberdick, formerly a bank lender. "Then they ended up charging up those cards and now they have no equity in their homes and no other options."
The new pilot program -- which the banks hope will become permanent -- could involve as many as 50,000 people in serious need of credit card debt relief. On an individual basis, the amount of debt to be forgiven would rise according to the severity of the borrower's financial situation, up to a maximum of 40 percent.
Lower loss: Banks making credit card loans have reached a point where they can lose less by forgiving part of the debt than seeing the consumer walk away entirely.
Amid rising job losses, consumers -- even those with strong credit records -- have been defaulting at high levels on their credit cards.
And Americans are lumbering under about $900 billion in credit card debt, according to the latest available Federal Reserve figures. People who are in credit counseling, on average, carry seven cards.
People like 24-year-old Charles Bupp, who says he's buried in debt and has been since leaving Navy a few years ago. Since then, the York City resident has defaulted on a car loan and racked up school loans and credit card debt. He said the trouble began after he left the military and during a period of unemployment.
These days, he owes about $4,500 on one credit card, although he used to have three. His payments are about three months in arrears, he's over the limit and going deeper in the hole every day. He says he'd welcome a little help, but for now aims to use money earned as a cook to begin clearing his credit tab.
Home equity: Like Oberdick said, there are few options once residents cash in on home equity and charge beyond their means.
She said what looked like consumer confidence during the past decade was actually folks living on borrowed money. Too soon they have nowhere to turn as credit scores fall and credit limits are trimmed.
"If I lent someone money and they didn't pay it back, I'd lower their limit, too," Oberdick said.
The new proposal pitched to federal regulators by the Financial Services Roundtable would allow lenders to reduce by as much as 40 percent the amount of credit card debt owed by deeply indebted consumers in a pilot program.
Under the groups' proposal to U.S. Comptroller of the Currency John Dugan, whose Treasury Department agency oversees national banks, a pilot project would allow big credit card companies to sharply reduce the amounts owed by consumers in over their heads who don't qualify for the repayment plans now available.
Nearly all the biggest credit card banks have agreed to such a pilot program in which lenders would forgive as much as 40 percent of the amount consumers owe, allowing them to pay back the remainder over time.
The test program could reach as many as 50,000 borrowers, said Scott Talbott, senior vice president at the Roundtable.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
See Also Bailout, Credit Reform Now
Monday, November 24, 2008
Monday, November 17, 2008
Treasury Bills Decline Ahead Of Auction
Federal Debt Relief System is at the forefront in the battle to defend the constitution by arming millions of Americans with this sobering information and vital education.
Federal Debt Relief System spotted this in Reuters recently:
U.S. Treasury debt prices fell Monday as traders cut prices ahead of billions of dollars of new supply and as stock market gains and a restructured bailout package for American International Group damped investors' appetite for safe-haven government debt.
The U.S. Treasury will sell $55 billion in three-, 10- and re-opened 30-year bonds this week with the first of the three auctions set for 11:30 a.m. The amount to be auctioned is significantly above the $18 billion refunding in November of last year.
The government system needs the additional funds to fund various programs intended to revive the struggling financial industry and to compensate for reduced tax revenues.
U.S fixed-income markets will close early at 2:00 p.m. EST ahead of Veterans Day on Tuesday when U.S. fixed-income markets will close to observe the holiday.
"The bond market is focused on an early closed at 2 p.m., a 3-year auction, and a holiday tomorrow," said Tom Di Galoma, Treasuries strategist at Jefferies & Co in New York. "The three-year supply should certainly be an issue for the market as the entire refunding will be this week."
Investors appeared to be showing a revived preference for stocks over safe-haven us public debt after China, the world's fourth largest economy, said it had approved $586 billion in new government spending between now and 2010, focused largely on infrastructure and social projects.
Meanwhile, shares of American International Group rose more than 25 percent to $2.66 after news the Federal Reserve said it would buy $40 billion of shares in the insurer as part of a restructured bail-out package.
Equity markets around the world jumped as the prospect for recharged growth tempered fears about a deep global recession, with Japan's Nikkei rising nearly 6 percent overnight, and benchmark indexes up about 3 percent or more in Europe.
DiGaloma said the curve steepening could fade after the refunding is complete. The Treasury will sell 10-year notes on Wednesday and re-opened 30-year bonds on Thursday.
On Friday, Treasuries prices retreated as investors looked for bargains among stocks priced at multiyear lows after a U.S. payrolls shed 240,000 jobs in October, the tenth month in a row when payrolls shed jobs.
Analysts said the weak October employment data, combined with downward revisions to two previous months' jobs figures pointed to further interest-rate cuts by the Federal Reserve.
Five-year Treasury notes fell 6/32 in price, their yields rising to 2.61 percent from 2.56 percent Friday, while the 30-year bond slipped 3/32, its yield rising to 4.275 percent from 4.20 percent.
Federal Debt Relief System believes it’s important that people know the truth so that they can
make up their own minds.
See Also Bailout, Credit Reform Now
Federal Debt Relief System spotted this in Reuters recently:
U.S. Treasury debt prices fell Monday as traders cut prices ahead of billions of dollars of new supply and as stock market gains and a restructured bailout package for American International Group damped investors' appetite for safe-haven government debt.
The U.S. Treasury will sell $55 billion in three-, 10- and re-opened 30-year bonds this week with the first of the three auctions set for 11:30 a.m. The amount to be auctioned is significantly above the $18 billion refunding in November of last year.
The government system needs the additional funds to fund various programs intended to revive the struggling financial industry and to compensate for reduced tax revenues.
U.S fixed-income markets will close early at 2:00 p.m. EST ahead of Veterans Day on Tuesday when U.S. fixed-income markets will close to observe the holiday.
"The bond market is focused on an early closed at 2 p.m., a 3-year auction, and a holiday tomorrow," said Tom Di Galoma, Treasuries strategist at Jefferies & Co in New York. "The three-year supply should certainly be an issue for the market as the entire refunding will be this week."
Investors appeared to be showing a revived preference for stocks over safe-haven us public debt after China, the world's fourth largest economy, said it had approved $586 billion in new government spending between now and 2010, focused largely on infrastructure and social projects.
Meanwhile, shares of American International Group rose more than 25 percent to $2.66 after news the Federal Reserve said it would buy $40 billion of shares in the insurer as part of a restructured bail-out package.
Equity markets around the world jumped as the prospect for recharged growth tempered fears about a deep global recession, with Japan's Nikkei rising nearly 6 percent overnight, and benchmark indexes up about 3 percent or more in Europe.
DiGaloma said the curve steepening could fade after the refunding is complete. The Treasury will sell 10-year notes on Wednesday and re-opened 30-year bonds on Thursday.
On Friday, Treasuries prices retreated as investors looked for bargains among stocks priced at multiyear lows after a U.S. payrolls shed 240,000 jobs in October, the tenth month in a row when payrolls shed jobs.
Analysts said the weak October employment data, combined with downward revisions to two previous months' jobs figures pointed to further interest-rate cuts by the Federal Reserve.
Five-year Treasury notes fell 6/32 in price, their yields rising to 2.61 percent from 2.56 percent Friday, while the 30-year bond slipped 3/32, its yield rising to 4.275 percent from 4.20 percent.
Federal Debt Relief System believes it’s important that people know the truth so that they can
make up their own minds.
See Also Bailout, Credit Reform Now
Thursday, November 13, 2008
Federal Debt Relief System is at the forefront in the battle to restore the America’s Constitution and liberty by arming millions with the sobering information and vital education designed to restore America’s freedom.
Federal Debt Relief System spotted this on the AP newswire recently:
Even as the company was pleading the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week.
Reporters for abc15.com (KNXV) caught the AIG executives on hidden cameras poolside and leaving the spa at the Pointe Hilton Squaw Peak Resort, despite apparent efforts by the company to disguise its involvement.
"AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property," KNXV reported. A hotel employee told KNXV reporter Josh Bernstein, "We can't even say the word [AIG]."
A company spokesperson, Nick Ashooh, confirmed AIG instructed the hotel to make sure there were no AIG signs or mention of the company by staff. "We're trying to avoid confrontation, keep our profile low," said Ashooh. "Some of our employees have been harassed."
"What do they have to hide," asked Congressman Elijah Cummings (D-MD) who said he had been promised by AIG CEO Edward Liddy that the company would stop such "junkets."
"They came to us and said they were drowning and needed help. A person who is drowning doesn't jump up and start partying," said Congressman Cummings.
Cummings said Liddy should resign as AIG CEO. The AIG spokesman said Cummings "was mistaken" about the nature of the Phoenix event.
"What do they have to hide," asked Congressman Elijah Cummings (D-MD) who said he had been promised by AIG CEO Edward Liddy that the company would stop such "junkets."
"They came to us and said they were drowning and needed help. A person who is drowning doesn't jump up and start partying," said Congressman Cummings.
Cummings said Liddy should resign as AIG CEO. The AIG spokesman said Cummings "was mistaken" about the nature of the Phoenix event. Tambaro and other AIG executives declined to comment when approached by KNXV.
The AIG spokesman said the Casita suite was provided for free by the hotel because it had booked so many rooms.
AIG confirmed that former football quarterback Terry Bradshaw had been scheduled to appear and sign autographs. The company said it canceled Bradshaw's appearance which was to have been paid for by another company that was a sponsor of the event.
AIG said it conducted a "top to bottom review" of expenses "to validate that only expenses required to ensure the meeting's success are incurred."
The president of the AIG Advisor Group, CEO Larry Roth declined to speak to KNXV.
In a written statement, he said "We take very seriously our commitment to aggressively manage meeting costs." He said financial planners were charged a registration fee and for their travel.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
Federal Debt Relief System spotted this on the AP newswire recently:
Even as the company was pleading the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week.
Reporters for abc15.com (KNXV) caught the AIG executives on hidden cameras poolside and leaving the spa at the Pointe Hilton Squaw Peak Resort, despite apparent efforts by the company to disguise its involvement.
"AIG made significant efforts to disguise the conference, making sure there were no AIG logos or signs anywhere on the property," KNXV reported. A hotel employee told KNXV reporter Josh Bernstein, "We can't even say the word [AIG]."
A company spokesperson, Nick Ashooh, confirmed AIG instructed the hotel to make sure there were no AIG signs or mention of the company by staff. "We're trying to avoid confrontation, keep our profile low," said Ashooh. "Some of our employees have been harassed."
"What do they have to hide," asked Congressman Elijah Cummings (D-MD) who said he had been promised by AIG CEO Edward Liddy that the company would stop such "junkets."
"They came to us and said they were drowning and needed help. A person who is drowning doesn't jump up and start partying," said Congressman Cummings.
Cummings said Liddy should resign as AIG CEO. The AIG spokesman said Cummings "was mistaken" about the nature of the Phoenix event.
"What do they have to hide," asked Congressman Elijah Cummings (D-MD) who said he had been promised by AIG CEO Edward Liddy that the company would stop such "junkets."
"They came to us and said they were drowning and needed help. A person who is drowning doesn't jump up and start partying," said Congressman Cummings.
Cummings said Liddy should resign as AIG CEO. The AIG spokesman said Cummings "was mistaken" about the nature of the Phoenix event. Tambaro and other AIG executives declined to comment when approached by KNXV.
The AIG spokesman said the Casita suite was provided for free by the hotel because it had booked so many rooms.
AIG confirmed that former football quarterback Terry Bradshaw had been scheduled to appear and sign autographs. The company said it canceled Bradshaw's appearance which was to have been paid for by another company that was a sponsor of the event.
AIG said it conducted a "top to bottom review" of expenses "to validate that only expenses required to ensure the meeting's success are incurred."
The president of the AIG Advisor Group, CEO Larry Roth declined to speak to KNXV.
In a written statement, he said "We take very seriously our commitment to aggressively manage meeting costs." He said financial planners were charged a registration fee and for their travel.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
Monday, November 10, 2008
AIG To Get Total Of 150 Billion
Federal Debt Relief System is at the forefront in the battle to restore the America’s Constitution and liberty by arming millions with the sobering information and vital education designed to restore America’s freedom.
Federal Debt Relief System spotted this on the AP newswire recently:
150 billon is a lot of money. That's the size of the new financial lifeline the U.S. government threw tottering insurance giant
American International Group on Monday. The big question: Will it be enough to stabilize the firm?
Here are some questions and answers about the rescue plan.
Q: Didn't AIG already get a bailout from the government?
A: Yes. Back on Sept. 16, the Federal Reserve initially provided AIG with a $85 billion loan, in return for a nearly 80 percent ownership stake. On Oct. 8, the Fed followed up with another, $37.8 billion loan.
Then, on Oct. 31, AIG was allowed to access another $20.9 billion through the Fed's "commercial paper" program. That's where the Fed buys mounds of short-term debt from the companies, which often used the money for crucial day-to-day expenses, such as payroll and supplies.
Q: So, the original bailout plan didn't work?
A: Even with the original $85 billion lifeline, AIG continued to have problems as the country's overall financial and credit conditions worsened. The company was burning through cash and was saddled with risky mortgage-related securities that had fallen sharply in value and continued to deteriorate after the initial bailout.
AIG on Monday reported a massive third-quarter hit. It lost $24.47 billion, or $9.05 per share, after a profit of $3.09 billion, or $1.19 per share, a year ago. Revenue declined 97 percent to $898 million from $29.84 billion in the third quarter of 2007.
"This is the largest quarterly loss we've ever reported," Chief Financial Officer David Herzog told investors on a conference call.
Q: What's different about the new bailout?
A: All told, the new bailout is bigger — providing more than $150 billion to AIG.
In a new twist, the Treasury Department is now stepping in with $40 billion, which is coming from the $700 billion financial bailout package enacted last month. It marked the first time any of that bailout money has gone to any company other than a bank.
Monday's restructuring also provides AIG with easier terms on the original Fed loan.
The new package reduces the interest rate AIG will pay and will extend the loan term to five years from two, reducing the need for AIG to sell off business lines and other assets at fire-sale prices to repay the government.
In addition, the new arrangement replaced the second $37.8 billion Federal Reserve’s loan to AIG with a $52.5 billion aid package. Under that part of the plan, the Fed will fund the purchase of both residential mortgage-backed securities from AIG's portfolio, and collateralized debt obligations, which are complex financial instruments that combine various slices of debt.
By removing these troubled assets from AIG's balance sheet, the bailout should take stress off the company, giving it more breathing room and helping to prevent future losses, Fed officials said. The Fed doesn't believe it will suffer losses because it is hopeful the market for such distressed investments will recover as the economy and financial markets eventually rebound.
Q: Why is it important to keep AIG afloat?
A: AIG is a global colossus, with operations in more than 130 countries. It is so interconnected with other financial firms that its problems have a jolting ripple effect both in the United States and abroad.
AIG was pushed to the brink of bankruptcy in September when its credit rating was downgraded and it could not post the collateral for which it was obligated under the "credit default swap" contracts it had issued. Credit default swaps are a type of corporate debt insurance.
The Fed raced to the rescue at that time to prevent AIG's failure, which could have triggered billions of dollars in losses at other banks and financial firms that bought these swaps from AIG — sending them into failure as well.
However, even after that initial rescue, AIG's troubles cast doubt on some of AIG's debt guarantees, leading to other problems. For instance, a Belgian bank threatened to immediately collect $43 million on a loan to the transit authority in Washington, D.C., in late October following the credit downgrade of AIG. Transit authorities in other cities feared the same fate.
Q: In exchange for the money, will the government place any restrictions on AIG?
A: Yes. Neel Kashkari, the Treasury Department official who is serving as the interim head of the $700 billion financial bailout program, said: "AIG must comply with stringent limitations on executive compensation for its top executives, golden parachutes, its bonus pool, corporate expenses and lobbying."
Q: Is this the end of the bailout money for AIG?
A: No one is saying for sure. However, government officials are hopeful the new package will be sufficient to stabilize the company.
Q: What company might be next in line for a government bailout?
A: U.S. auto companies — General Motors Corp., Ford Motor Co. and Chrysler LLC — have been pressing the government for more financial assistance. The money would be on top of the $25 billion in loans Congress passed in September to help retool auto plants to build more fuel-efficient vehicles.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
Federal Debt Relief System spotted this on the AP newswire recently:
150 billon is a lot of money. That's the size of the new financial lifeline the U.S. government threw tottering insurance giant
American International Group on Monday. The big question: Will it be enough to stabilize the firm?
Here are some questions and answers about the rescue plan.
Q: Didn't AIG already get a bailout from the government?
A: Yes. Back on Sept. 16, the Federal Reserve initially provided AIG with a $85 billion loan, in return for a nearly 80 percent ownership stake. On Oct. 8, the Fed followed up with another, $37.8 billion loan.
Then, on Oct. 31, AIG was allowed to access another $20.9 billion through the Fed's "commercial paper" program. That's where the Fed buys mounds of short-term debt from the companies, which often used the money for crucial day-to-day expenses, such as payroll and supplies.
Q: So, the original bailout plan didn't work?
A: Even with the original $85 billion lifeline, AIG continued to have problems as the country's overall financial and credit conditions worsened. The company was burning through cash and was saddled with risky mortgage-related securities that had fallen sharply in value and continued to deteriorate after the initial bailout.
AIG on Monday reported a massive third-quarter hit. It lost $24.47 billion, or $9.05 per share, after a profit of $3.09 billion, or $1.19 per share, a year ago. Revenue declined 97 percent to $898 million from $29.84 billion in the third quarter of 2007.
"This is the largest quarterly loss we've ever reported," Chief Financial Officer David Herzog told investors on a conference call.
Q: What's different about the new bailout?
A: All told, the new bailout is bigger — providing more than $150 billion to AIG.
In a new twist, the Treasury Department is now stepping in with $40 billion, which is coming from the $700 billion financial bailout package enacted last month. It marked the first time any of that bailout money has gone to any company other than a bank.
Monday's restructuring also provides AIG with easier terms on the original Fed loan.
The new package reduces the interest rate AIG will pay and will extend the loan term to five years from two, reducing the need for AIG to sell off business lines and other assets at fire-sale prices to repay the government.
In addition, the new arrangement replaced the second $37.8 billion Federal Reserve’s loan to AIG with a $52.5 billion aid package. Under that part of the plan, the Fed will fund the purchase of both residential mortgage-backed securities from AIG's portfolio, and collateralized debt obligations, which are complex financial instruments that combine various slices of debt.
By removing these troubled assets from AIG's balance sheet, the bailout should take stress off the company, giving it more breathing room and helping to prevent future losses, Fed officials said. The Fed doesn't believe it will suffer losses because it is hopeful the market for such distressed investments will recover as the economy and financial markets eventually rebound.
Q: Why is it important to keep AIG afloat?
A: AIG is a global colossus, with operations in more than 130 countries. It is so interconnected with other financial firms that its problems have a jolting ripple effect both in the United States and abroad.
AIG was pushed to the brink of bankruptcy in September when its credit rating was downgraded and it could not post the collateral for which it was obligated under the "credit default swap" contracts it had issued. Credit default swaps are a type of corporate debt insurance.
The Fed raced to the rescue at that time to prevent AIG's failure, which could have triggered billions of dollars in losses at other banks and financial firms that bought these swaps from AIG — sending them into failure as well.
However, even after that initial rescue, AIG's troubles cast doubt on some of AIG's debt guarantees, leading to other problems. For instance, a Belgian bank threatened to immediately collect $43 million on a loan to the transit authority in Washington, D.C., in late October following the credit downgrade of AIG. Transit authorities in other cities feared the same fate.
Q: In exchange for the money, will the government place any restrictions on AIG?
A: Yes. Neel Kashkari, the Treasury Department official who is serving as the interim head of the $700 billion financial bailout program, said: "AIG must comply with stringent limitations on executive compensation for its top executives, golden parachutes, its bonus pool, corporate expenses and lobbying."
Q: Is this the end of the bailout money for AIG?
A: No one is saying for sure. However, government officials are hopeful the new package will be sufficient to stabilize the company.
Q: What company might be next in line for a government bailout?
A: U.S. auto companies — General Motors Corp., Ford Motor Co. and Chrysler LLC — have been pressing the government for more financial assistance. The money would be on top of the $25 billion in loans Congress passed in September to help retool auto plants to build more fuel-efficient vehicles.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
Thursday, November 6, 2008
Fed Rate Cut Flops In Market
Federal Debt Relief System is at the forefront in the battle to restore the America’s Constitution and liberty by arming millions with the sobering information and vital education designed to restore America’s freedom which today is sadly and urgently under attack and duress from all sides
While all eyes were focused today on the Fed's rate cut, the big news was the Federal Reserve conspiracy’s latest effort to save world. And by “save the world” I mean destabilize and lay economic waste to.
Just when you thought the insanity couldn't get crazier, the Fed announced it's now going to funnel a massive $120 billion of U.S. funds into Brazil, South Korea, Singapore, and Mexico.
And that's on top of the IMF bailouts already committed to the Ukraine ($16.5 billion), Iceland ($2.1 billion), and Hungary ($25.5 billion)!
In response, some folks are cheering with glee, blindly believing that Mr. Bernanke can play Santa Claus, the Pied Piper and the Fairy Godmother all in one act.
But anyone with any experience with the real world is quickly coming to the realization that Mr. Bernanke is desperate — resorting to the most radical measures of all time. Playing his last cards — realizing that if these last-ditch rescues don't work, it's game over.
Taking huge risks — that his rescue-the-whole-world schemes will backfire in the form of falling confidence from the markets exposure of U.S. government ineptitude becomes obvious to the entire country?
After all the hope and prayer implied the recent stock-market surge, the market literally saw a ghost: Just in the final 12 minutes of trading — from today's post-rate-cut high to the closing bell
— the Dow nosedived by an alarming 372 points!
Not exactly a polite "thank you" note to Mr. Bernanke for his half-point rate cut!
Mr. Bernanke cannot drop interest rates below zero! He cannot force banks to lend money! He can't compel consumers to borrow, or make people spend. Nor can he turn back the clock to undo decades of financial sins ... or repeal the law of gravity and stop investors from selling.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
While all eyes were focused today on the Fed's rate cut, the big news was the Federal Reserve conspiracy’s latest effort to save world. And by “save the world” I mean destabilize and lay economic waste to.
Just when you thought the insanity couldn't get crazier, the Fed announced it's now going to funnel a massive $120 billion of U.S. funds into Brazil, South Korea, Singapore, and Mexico.
And that's on top of the IMF bailouts already committed to the Ukraine ($16.5 billion), Iceland ($2.1 billion), and Hungary ($25.5 billion)!
In response, some folks are cheering with glee, blindly believing that Mr. Bernanke can play Santa Claus, the Pied Piper and the Fairy Godmother all in one act.
But anyone with any experience with the real world is quickly coming to the realization that Mr. Bernanke is desperate — resorting to the most radical measures of all time. Playing his last cards — realizing that if these last-ditch rescues don't work, it's game over.
Taking huge risks — that his rescue-the-whole-world schemes will backfire in the form of falling confidence from the markets exposure of U.S. government ineptitude becomes obvious to the entire country?
After all the hope and prayer implied the recent stock-market surge, the market literally saw a ghost: Just in the final 12 minutes of trading — from today's post-rate-cut high to the closing bell
— the Dow nosedived by an alarming 372 points!
Not exactly a polite "thank you" note to Mr. Bernanke for his half-point rate cut!
Mr. Bernanke cannot drop interest rates below zero! He cannot force banks to lend money! He can't compel consumers to borrow, or make people spend. Nor can he turn back the clock to undo decades of financial sins ... or repeal the law of gravity and stop investors from selling.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
Wednesday, November 5, 2008
Election Concerns
Federal Debt Relief System is at the forefront in the battle to defend and restore America’s constitution by arming millions with this sobering information and vital education. Should we be concerned over election fraud in the upcoming election? If history is any guide, then the emphatic answer is "yes!" There are numerous cases, just in the last decade or so, in which elections were stolen and races were decided by a handful of votes.
An investigation of 5,000 fraudulent absentee ballots in Miami in 1997 resulted in the election results being overturned. In addition to votes by fictitious individuals and persons using false addresses (persons who didn't actually live in Miami), votes were also bought. And vote buying is a federal crime that the Department of Justice has prosecuted repeatedly.
In 2003, the Indiana Supreme Court threw out the results of a mayoral election because of absentee ballot fraud. The results of a state senate race in Tennessee in 2005 decided by only 13 votes were declared invalid because of votes by felons, the dead, people who didn't live in the district, and individuals whose registered addresses were vacant lots. The photographs of those vacant lots, taken by an investigator, starkly illustrate the kind of voter fraud that unfortunately still goes on in our elections.
Today, there are investigations in more than a dozen states over tens of thousands of fraudulent voter registration forms submitted by ACORN. How many of those fraudulent registrations have not been caught by election officials? How many will result in fraudulent votes? If we have a very close election, fraudulent votes may well end up deciding the results, damaging our democratic government and our confidence in our election process.Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
An investigation of 5,000 fraudulent absentee ballots in Miami in 1997 resulted in the election results being overturned. In addition to votes by fictitious individuals and persons using false addresses (persons who didn't actually live in Miami), votes were also bought. And vote buying is a federal crime that the Department of Justice has prosecuted repeatedly.
In 2003, the Indiana Supreme Court threw out the results of a mayoral election because of absentee ballot fraud. The results of a state senate race in Tennessee in 2005 decided by only 13 votes were declared invalid because of votes by felons, the dead, people who didn't live in the district, and individuals whose registered addresses were vacant lots. The photographs of those vacant lots, taken by an investigator, starkly illustrate the kind of voter fraud that unfortunately still goes on in our elections.
Today, there are investigations in more than a dozen states over tens of thousands of fraudulent voter registration forms submitted by ACORN. How many of those fraudulent registrations have not been caught by election officials? How many will result in fraudulent votes? If we have a very close election, fraudulent votes may well end up deciding the results, damaging our democratic government and our confidence in our election process.Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
Tuesday, November 4, 2008
The Real Election Sham
Federal Debt Relief System is at the forefront in the battle to defend the constitution by arming millions of Americans with this sobering information and vital education.
Federal Debt Relief System wants to address those chanting the disturbing chorus of "voter fraud," or “ACORN!” elections are being influenced and sometimes determined by people ineligible to cast a ballot impersonating eligible voters.
To be sure, the we always see disenfranchising, disturbing instances of "voter fraud" every election cycle. However, the "fraud" we witness is different. We know of deceptive practices, misinformation and lies that are used to keep registered, legitimate voters away from the polls. Sadly, we also still find ourselves fighting attempts by unscrupulous election officials to disenfranchise the people in communities we represent.
It is our experience that "voter impersonation" is actually quite rare. Nationwide, between 2002 and 2006, when a crackdown on voter fraud was one of the U.S. Justice Department's top priorities, more than 400 million votes were cast, but an average of only 30 federal cases per year were prosecuted.
Regardless of the questionable prevalence of this type of voter fraud, several states have passed discriminatory photo ID laws. Sadly, rather than addressing real voter fraud, the true effect of these laws is to disenfranchise the estimated 20 million Americans who have not purchased IDs. Disproportionately these people are minorities, elderly and low-income Americans.
Yet, malicious election fraud continues. In Virginia, registered voters received robotic calls stating that they could vote by telephone by pressing a number for the candidate of their choice. The call ended by stating that they had now voted and didn't need to go to the polls.
In 2006 in Orange County, Calif., 14,000 Latino voters got letters in Spanish saying it was a crime for immigrants to vote in a federal election. It didn't say that immigrants who are citizens have the right to vote.
The NAACP also reports a dramatic increase in erroneous purging of voting rolls, as well as eligible voters mistakenly not added. These are voters believing or having been told that they have done everything correctly, only to be turned away from the voting booth on Election Day.
We know from Florida in 2000 and Ohio in 2004 that erroneous purging of the rolls, underestimating the number of needed functioning voting machines and ballots, the inadequate number and under-trained poll workers, intimidation of voters and the misuse of photo ID requirements, especially in neighborhoods with heavy concentrations of racial and ethnic minorities, along with blocked access to polling sites and intentional deception and voter intimidation, lead to disenfranchisement of eligible voters. These problems are more than just "voter fraud." These problems are a national travesty.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
Federal Debt Relief System wants to address those chanting the disturbing chorus of "voter fraud," or “ACORN!” elections are being influenced and sometimes determined by people ineligible to cast a ballot impersonating eligible voters.
To be sure, the we always see disenfranchising, disturbing instances of "voter fraud" every election cycle. However, the "fraud" we witness is different. We know of deceptive practices, misinformation and lies that are used to keep registered, legitimate voters away from the polls. Sadly, we also still find ourselves fighting attempts by unscrupulous election officials to disenfranchise the people in communities we represent.
It is our experience that "voter impersonation" is actually quite rare. Nationwide, between 2002 and 2006, when a crackdown on voter fraud was one of the U.S. Justice Department's top priorities, more than 400 million votes were cast, but an average of only 30 federal cases per year were prosecuted.
Regardless of the questionable prevalence of this type of voter fraud, several states have passed discriminatory photo ID laws. Sadly, rather than addressing real voter fraud, the true effect of these laws is to disenfranchise the estimated 20 million Americans who have not purchased IDs. Disproportionately these people are minorities, elderly and low-income Americans.
Yet, malicious election fraud continues. In Virginia, registered voters received robotic calls stating that they could vote by telephone by pressing a number for the candidate of their choice. The call ended by stating that they had now voted and didn't need to go to the polls.
In 2006 in Orange County, Calif., 14,000 Latino voters got letters in Spanish saying it was a crime for immigrants to vote in a federal election. It didn't say that immigrants who are citizens have the right to vote.
The NAACP also reports a dramatic increase in erroneous purging of voting rolls, as well as eligible voters mistakenly not added. These are voters believing or having been told that they have done everything correctly, only to be turned away from the voting booth on Election Day.
We know from Florida in 2000 and Ohio in 2004 that erroneous purging of the rolls, underestimating the number of needed functioning voting machines and ballots, the inadequate number and under-trained poll workers, intimidation of voters and the misuse of photo ID requirements, especially in neighborhoods with heavy concentrations of racial and ethnic minorities, along with blocked access to polling sites and intentional deception and voter intimidation, lead to disenfranchisement of eligible voters. These problems are more than just "voter fraud." These problems are a national travesty.
Federal Debt Relief System believes it’s important that people know the truth so that they can make up their own minds.
Also See: Credit Revolt, financial disaster
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