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Posts Tagged ‘Wall Street’

The Media resurrecting the Obama Boom theme

by Phantom Ace ( 1 Comment › )
Filed under Barack Obama, Economy, Headlines, Media, Misery Index, Progressives, unemployment at June 30th, 2011 - 11:06 pm

Any little good economic news makes the media go crazy. They haven’t abandoned the Obama Boom theme. Wall Street had a rally this week during light trading. Some minor good economic news and the resolution of the Greek bailout pushed the markets up. On cue, the media proclaims the Obama Boom is on track!

(Reuters) – U.S. stocks ended a volatile quarter on Thursday with their biggest four-day rally since September as positive economic data and a temporary resolution of Greece’s debt crisis indicated further gains in July.

Midwest business activity showed surprising strength this month, lifted by a jump in new orders, the Institute for Supply Management-Chicago said. That helped calm concerns about the economy that have weighed on markets for two months.

Overseas, Greece’s parliament approved measures to implement budget cuts and assets sales, making Greece eligible for financial aid to avoid a debt default.

[….]

The index is up 4.1 percent so far this week, its best four-day rally since September 2010.

“The resolution in Greece allows us to throw away one more question mark, and as we do that we become more confident,” said Peter Andersen, portfolio manager at Congress Asset Management in Boston.

“Managers are also using the occasion to trim their cash positions at the midway point through the year, meaning we’ll start July 1 with optimism.”

The Obama Boom, can’t you feel it? The media is no better than what Pravda was during Soviet rule in Russia. They are lying and jumping on any news to promote the Obama Boom lie.

Cause I’m The Tax Man….Yea, I’m The Tax Man…

by WrathofG-d ( 92 Comments › )
Filed under Barack Obama, Democratic Party, Politics, Socialism at September 1st, 2009 - 3:02 pm

Let me tell you how it will be.  There’s one for you; nineteen for me…

View ImageAFL-CIO, Dems Push New Wall Street Tax

The nation’s largest labor union and some allied Democrats are pushing a new tax that would hit big investment firms such as Goldman Sachs reaping billions of dollars in profits while the rest of the economy sputters.

The AFL-CIO, one of the Democratic Party’s most powerful allies, would like to assess a small tax — about a tenth of a percent — on every stock transaction.

[Thea Lee, policy director at the AFL-CIO. said that] “The big disadvantage of most taxes is that they discourage some really productive activity,” she said. “This would discourage numerous financial transactions. People flip their assets several times in an hour or a day. They make money but does it really add to the productive base of the United States?

Lee said that taxing every stock transaction a tenth of a percent could raise between $50 billion and $100 billion per year, which could be used to pay for infrastructure projects and other spending priorities. She said the tax could be applied nationwide or internationally.

The AFL-CIO and some allied Democrats would like to cut down on the overall level of trading, or at least give the U.S. government a piece of the action, which would likely tamp down trading.

Democrats and labor officials would also like to take a bite out of Goldman’s profits. Liberals are angry the company, which immersed itself in the frenzy of speculation leading to last year’s financial collapse, is now making huge profits after accepting (and repaying) $10 billion in government aid. Goldman employees are on track to earn an average of more than $700,000 this year.

There is also a growing realization among Obama administration officials and lawmakers that tax increases may be necessary to curb the ballooning federal deficit.

{The Article}

Spreading the wealth around? Check! Attempting to control the free actions of the people? Check! Spending other people’s money? Check! Arrogant attitude about how much others should make? Check!  Check!  Internationalism?  Check!

Ah…this must be “Change We Can Believe In”.

…And your working for no one but me!

__________________________________

Let’s put this Congressional “generosity” in context:

–  Congress’ Travel On Taxpayer’s Dime Rises Tenfold

NY Financiers in Charge of Obama Economic Policy

by Phantom Ace ( 5 Comments › )
Filed under Barack Obama, Economy at May 1st, 2009 - 8:19 am

The same clowns that brought us Globalization, Outsourcing and Bad Mortgage Loans are the ones running the Obama White House Policy. These Financiers and Bankers are in cahoots with the Left because they also believe in ending America’s Independence. They believe in a Global economy since they benefit from it.

Obama’s 100 Days: Wall Street Crowd Makes His Administration Like Grant’s

If anything, the financiers are more solidly in charge now than they were during George W. Bush’s presidency, when the New York Times declared that “Government Sachs” was a reality. Today, such figures as Timothy Geithner, Lawrence Summers, and Steven Rattner are accelerating the Bush era’s finance-favorable policies, piling bailout on top of bailout. Even nonfinancial policies are being drafted to serve Wall Street; the “cap-and-trade” greenhouse gas proposal, for example, would do more to boost the bottom line of neo-Enronesque pollution mongers than to reduce carbon dioxide.

How did this happen? As economist Simon Johnson observed recently, “A whole generation of policymakers has been mesmerized by Wall Street.” And now Obama seems similarly ensorcelled. Johnson, a former chief economist for the International Monetary Fund, writes in the Atlantic that America is descending into the financial vortex that Russia, Argentina, and Thailand plummeted into back in the ’90s. How so? The same insiders and self-dealers who created the crisis “are now using their influence to prevent precisely the sorts of reforms that are needed.” And yet, he adds, “The government seems helpless, or unwilling, to act against them.” That “quiet coup,” Johnson warns, could turn America into a “banana republic.”

I have to disclose, I work for a financial institution. I know the mentality and their attitude is to keep wages low so they can reap big bonuses. Many of the bailed out companies are still off-shoring jobs overseas and using the bail out money to create jobs in China and India. It was this mentality in Corporate America which turned me off to Economic Conservatism. Why cut their taxes when they will get rid of American jobs?

These Financiers are not loyal to America. Like the Left they think in Global terms and are selling this nation out.  Conservatives need to wake up and realize Wall Street isn’t our friend. I know many will debate me out of principle, I respect that. I am just trying to wake the Right up to the fact, That Wall Street isn’t on our side and these people are traitors to America. I want an economic policy that benefits all Americans and the nation. Not one that helps out India, China and Democrats on Wall Street.

Here’s my theory, I believe, that Wall Street likes this situation. They like an economic system where they can pay low wages and give themselves big bonuses. The Progressive Left likes this also since people out of anger will vote for them. Then since people can’t get by or improve their economic conditions, they will become dependent on government. Hence they will vote for Democrats. It is a win-win situation, Wall Street keeps wages low and the Democrats have people depend on government. Let us debate my theory and all opinions welcomed.

Doubts about Secretary Geithner

by Phantom Ace ( 3 Comments › )
Filed under Economy at March 18th, 2009 - 8:40 am

It seems that Secretary Geithneris losing confidence of Obama? There are no clear signals but it seems there are rumblings in Washington. The AIG bonus mess is clearly on him, since he’s in charge of the bailouts.

Analysis: AIG bonuses new cloud over Treasury boss

WASHINGTON – If not distancing itself from Treasury Secretary Timothy Geithner, the White House is placing firmly on his shoulders responsibility for how the government handled the $165 million in bonuses paid to about 400 executives and traders at American International Group Inc.

“Secretary Geithner last week engaged with the CEO of AIG to communicate what we thought were outrageous and unacceptable bonuses,” White House spokesman Robert Gibbs said Tuesday.

Then he volunteered the answer to a question being asked all over Washington: Did Geithner still enjoy President Barack Obama‘s confidence, given the whopping bonuses the failed insurance giant paid Friday after receiving taxpayer bailout money?

Treasury Secretary Timothy Geithner doesn’t know what he’s doing. He was in charge of the NY Fed when Wall Street Collapsed, so he shares some of the blame. Geithner is just a piece of the puzzle, He is just a spokesman for Obama’s Statist agenda.