Category Archives: Secretary of the Treasury

US Chamber of Commerce, Obama, Chamber pledges to stop Obama agenda, Play big role in November elections, President Thomas Donohue, Health care legislation, Fiscal insolvency, Valerie Jarrett

“Those who can, do; those who can’t, teach.”…George Bernard Shaw

Those who can’t do, won’t do, have never successfully run a business and hate business are part of the Obama Administration…Citizen Wells

 

From USA Today, January 12, 2010.

“U.S. Chamber pledges to stop Obama agenda, play big role in Nov. elections”

“U.S. Chamber of Commerce President Thomas Donohue attacked President Obama’s domestic agenda Tuesday, criticizing Democratic efforts on climate change, health care and oversight of the nation’s financial system.

And he pledged to use the chamber’s might in November’s elections to take on the president’s allies in Congress.”

“The chamber will carry out “the largest, most aggressive” campaign in its 100-year history as it works to influence the outcome of mid-term congressional elections and stop legislation it views as harmful to the economy, he said. “As Americans choose a new House and senators this fall,” Donohue added, “the chamber will highlight lawmakers and candidates who support a pro-jobs agenda and hold accountable those who don’t.””

Read more:

http://blogs.usatoday.com/onpolitics/2010/01/us-chamber-pledges-to-stop-obama-agenda-play-big-role-in-nov-elections.html

Apparently Obama and US Chamber of Commerce President Thomas Donohue are not good buddies. Of course, the Obama Administration, a model of business acumen and job creation, has it’s answer to the US Chamber of Commerce in the Business Roundtable. Valerie Jarrett is the president’s liaison to the corporate world. You remember Jarrett.

“I was in the process of reporting more on Valerie Jarrett and her past ties to corruption in Chicago and I will do so. For now, Michelle Malkin does an excellent job in this video of exposing the truth about Obama and Jarrett and their motives for getting the Olympics for Chicago.”…Valerie Jarrett, corrupt slumlord Obama friend

From the LA Times, October 25, 2009.

“White House confronts the U.S. Chamber of Commerce”

“WASHINGTON — The Obama White House, stepping in where other Democrats feared to tread, has launched a potentially risky fight with the U.S. Chamber of Commerce — attempting to bypass the nation’s most powerful business organization and develop independent ties to corporate America.

In recent weeks, President Obama, his Energy secretary and one of his other most senior advisors have begun criticizing the chamber publicly, casting it as a profligate lobbying organization at odds with its members in opposing the administration on such issues as consumer protection and climate change.

At the same time, the administration has been meeting privately with prominent corporate leaders — more than 60 of them since June — in an effort to develop its own pipeline to the business community.
The White House also has gone out of its way to cultivate another corporate group, the Business Roundtable, which is much smaller than the chamber but represents chief executives of many of the nation’s largest corporations.

“Our strategy is to reach out directly to the business community,” said Valerie Jarrett, the president’s liaison to the corporate world. “This is a shift. Previously, the chamber had served as the sole intermediary for business. That’s not our approach.”

Jarrett praised the Business Roundtable, saying that it brings member CEOs to White House meetings in addition to Washington lobbyists.

In an indirect dig at the chamber, Jarrett said the roundtable meetings were more substantive and valuable because they included not just a trade association leader but someone who actually runs a business.

The White House role in criticizing the chamber has, predictably, riled Republicans. But it also has made some Democrats nervous.”

Read more:

http://articles.latimes.com/2009/oct/25/nation/na-chamber25

Here are some exerpts from the speech of US Chamber of Commerce President Thomas Donohue, January 12, 2010.

“Think for a moment about the nation’s job creators—the men and women who run our small and large businesses—as well as those who lead our universities, our health care facilities and the many other institutions that employ our workforce. If you were in their shoes today, would you jump quickly into new investments and hiring? Or would you wait for some clarity, and some common sense, to take hold first?

Most of these job creators would like nothing more than to keep their workers employed, create new jobs, and bring some hope and relief to families struggling without a paycheck. But when they look at what’s going on in Washington, in the states, and around the world, what do they see?

They see massive tax increases on the horizon—not just the expiration of the tax cuts passed over the last decade, but also hundreds of billions of dollars in new taxes.

They see health care legislation that contains a burdensome mandate on employers and virtually no meaningful reforms to improve quality or control costs.

They see a climate change bill and potential EPA regulations that could significantly raise energy prices and impose new layers of bureaucracy on their organizations.

They see financial services legislation moving forward that could choke off their access to capital at a time when lending is already very tight.

America’s job creators also see a renewed push by unions to pass card check and many other measures to control the workplace.

They see the trial bar working with their allies in Congress and with many state attorneys general to expand opportunities for new litigation.

They see the rise of trade isolationism at home and abroad that could threaten their export markets—and now, renewed fears about terrorism.

And our job creators see the federal government planning to expand the national debt by at least $9 trillion over the next decade—more debt than has been piled up in all previous years since George Washington. They see many states going broke as well. What will the impact be on their companies and employees?

These are the uncertainties that job creators are wrestling with—uncertainties that call into question how quick or strong our economic recovery will be. And no one is paying a higher price than the American worker.

Over seven million Americans have lost their jobs since the recession began. Ten percent of the workforce is unemployed—a number that soars beyond 17 percent when you add those who have stopped looking for jobs and the millions of part-time workers who want to work full-time.”

Read more:

http://www.uschamber.com/press/speeches/2010/100112_sab

By the way, the Chamber of Commerce of a major NC city, was my first business account assigned to me when I was young. It was a pleasure to present this article.

Obama lies, Mortgage crisis, Unemployment, December 14, 2009, Obama Bankers meeting, ACORN, Democrats, Barney Frank, Maxine Waters, Fannie Mae, Freddie Mac, Obama ACORN and Democrats caused housing and jobs crisis

“ACORN’s alliance with the Democratic Party is at the root of the current financial meltdown. And Barack Obama has stayed true to ACORN’s ways.”…Stanley Kurtz

 

Obama

Lies

Mortgage, Unemployment Crisis

Who is to blame?

 

The lying, SOB, usurper, Barack Obama is meeting with bankers today. Obama is attempting, once again, to coerce banks to lend money to people who cannot afford the loans. Consistent with his trend of lying, he blames the bankers for the mortgage and unemployment crisis.

However, facts and reality are not on Obama’s side.

The Citizen Wells has provided numerous articles on ACORN corruption, ACORN’s involvement in pressuring banks to make risky loans and Barack Obama’s long time ties to ACORN.

An article dated September 15, 2009 is loaded with facts that indict Obama and ACORN.

October 8, 2008 – Straight from the horse’s mouth

“ACORN Report
The ACORN Report is published by ACORN’s National Office and contains up-to-date information. We have ACORN Reports indexed by date and topic available.”

“City Limits February 1999
During its 15 years in New York City, ACORN has helped squatters claim derelict city-owned property, forced bankers to invest in low-income communities, and organized a war against the city’s workfare program.

It’s also developed a reputation for no-holds-barred tactics—getting results through adversarial campaigns against bankers, politicians and bureaucrats using confrontation and concession rather than consensus. ACORN, unlike most social service non-profits, scorns charity. Their goal is to help poor people seize power.”

This comes straight from the Acorn national office.
Note the following:

“Their goal is to help poor people seize power”

October 13, 2008 – Acorn contribution to mortgage crisis

“FOR years, ACORN had combined manipulation of the CRA with intimidation-protest tactics to force banks to lower credit standards. Its crusade, with help from Democrats in Congress, to push these high-risk “subprime” loans on banks is at the root of today’s economic meltdown.””

““Instead, Democrats like Rep. Barney Frank (D-Mass.) and Reps. Kennedy and Waters allied with the Clinton administration to broaden the acceptability of risky subprime loans throughout the financial system, thus precipitating our current crisis.

ACORN had come to Congress not only to protect the CRA from GOP reforms but also to expand the reach of quota-based lending to Fannie, Freddie and beyond. By steamrolling the GOP that March, it had crushed the last potential barrier to “change.”””

““ACORN’s alliance with the Democratic Party is at the root of the current financial meltdown. And Barack Obama has stayed true to ACORN’s ways.””

The Truth about Obama and ACORN

September 28, 2009 – Bank of America and other banks ignored warnings

“Do any Catholics work for Bank of America?
From Catholic News Service October 16, 2008.

“Bank of America takes recent allegations made against Acorn and Acorn Housing Corporation employees very seriously,”
What planet has Bank of America been on the past year?

Is this indicative of the power of the mainstream media?

Was Bank of America controlled by the Democrats or Obama camp?

No wonder Bank of America had financial problems.”

Bank of America ignored warnings

Fox News reports on Obama meeting with bankers, December 14, 2009

“White House Tells Bankers to Boost Lending After Bailout Successes”

“President Obama is calling on the financial industry to help dig the economy out of the pit the White House says it helped create, as the president and bank executives headed into a potentially tense meeting Monday morning.”

“The president set the tone for the meeting in an interview broadcast the night before in which he called Wall Street bankers “fat cats” whom he has little obligation to help. In response, the bankers plan to tell the president to stop oversimplifying their concerns.”

“”What the president’s going to say to the bankers is, you guys were part of the problem, you helped create an economic crisis here that cost 7 million Americans their jobs and now you have to be part of the solution,” White House senior adviser David Axelrod said on ABC’s “Good Morning America.”

Axelrod said the industry has to “accelerate lending to credible small businesses” and suggested Congress would take harsh action against the sector if it does not.

“People are not going to tolerate a situation where the bankers have a party, they pick up the tab and then the bankers pay themselves huge bonuses and they’re not lending,” Axelrod said, adding that bankers should be awarded with long-term stock as opposed to up-front cash bonuses.

The White House also wants Wall Street to fall in line with Obama and back a proposal for a consumer protection agency that cleared the House last week.”

“”He can say what he wants, but we’re not going to go back to the kind of lending that put us in this mess,” said a person who is helping prepare executives for the meeting but spoke anonymously because of lack of authorization to discuss the plans.”

Read more:

http://www.foxnews.com/politics/2009/12/14/obama-slams-fat-cat-bankers-eve-meeting/

I, for one, am fed up with the lies and manipulation coming from the lying SOB Obama and cronies such as David Axelrod. I am asking you to spread this information far and wide. The American people must know the truth.

ACORN funding cut, Judge Nina Gershon, December 14, 2009, Open Thread, Left hypocracy, Separation of powers, Judicial out of control, US Constitution

I have been reading and analyzing the ruling from US District Court Judge Nina Gershon, the complaint filed by ACORN attorneys and associated legal opinions and definitions. Judge Gershon, appointed by Bill Clinton, has a far left liberal view of the world and this comes through in her decisions.

How convenient and how liberal

When Obama obtained the electoral college vote and sanction from Congress (in defiance of the US Constitution) it was touted as the will of the people.
Now Congress has cut off funding to ACORN, it has the authority to do so, and District Court Judge Gershon (in defiance of the US Constitution) has ruled this unconstitutional.

Judge Gershon refers to the separation of powers and mistakenly does so when she buys into or embraces the alleged Bill of Attainder from Congress. In reality, she is violating the separation of powers when she impedes Congress from exercising their consitutional mandate to fund or remove funds on behalf of the American people.

This pattern of being guided by far left liberal agendas followed by  irresponsible rulings has been manifest for many years. You may remember the case from November 1999, the so called art exhibit containing a painting of the Virgin Mary that includes some elephant dung. It was apparent from Judge Gershon’s ruling then that she had an agenda that was contrary to protecting the American public and taxpayers.

“Mayor Says Judge Rushed Decision in Museum Case”

“Mayor Rudolph W. Giuliani accused a federal judge yesterday of rushing to issue her ruling in the Brooklyn Museum of Art case to block city lawyers from fully investigating the finances of the museum’s ”Sensation” exhibition.

Mr. Giuliani stepped up his attacks on Judge Nina Gershon of United States District Court in Brooklyn one day after she ruled that he had no right to cut the museum’s city financing because he felt ”Sensation” was offensive and blasphemous. The exhibition includes displays of dead animals and a painting of the Virgin Mary that includes some elephant dung.”

Read more:

http://www.nytimes.com/1999/11/03/nyregion/mayor-says-judge-rushed-decision-in-museum-case.html

The trend is obvious. Judge Nina Gershon has an agenda that blinds her from a realistic interpretation of the US Constitution, one that protects the citizens of the US.

I hope to present a more technical analysis of Judge Gershon’s ruling soon.

WE must insist that Congress not comply with this radical ruling. Tell them to press on.

Michele Bachmann warning, Breaking News, ACORN, TARP II, CFPA Oversight Board, Barney Frank, Democrats, Taxpayer bailouts permanent solution, systemic risk regulator, Breitbart TV interview

Representative Michele Bachmann has put out an urgent plea to stop a dangerous bill about to be voted on.

From Michele Bachmann’s site.

“Bachmann: House Preserves ACORN’s Role in TARP II

 
 
Washington, D.C., Dec 10 –

(Washington, D.C.) U.S. Representative Michele Bachmann (MN-06), member of the House Financial Services Committee, made the following statement after the Democrat Leadership denied the entire House an opportunity to vote on her amendment to prevent ACORN from participating in the Consumer Financial Protection Agency’s Oversight Board.  The Consumer Financial Protection Agency (CFPA) is an expansive new government bureaucracy with far-reaching powers to make decisions for consumers about the kinds of mortgages, small business loans, and other financial products they may access.  The Oversight Board will be tasked with advising the Agency’s director on strategies and policies.

“An organization that has repeatedly shown an inability to adhere to even the most basic standards of ethics should not have a role in overseeing our nation’s financial system,” said Bachmann.  “By rejecting consideration of my amendment, the Democrat Majority protected ACORN instead of American taxpayers and investors.”

In recent months, the IRS, U.S. Census Bureau, and Congress have taken numerous actions to sever ties with ACORN.  In fact, less than two months ago, the House Financial Services Committee accepted another amendment offered by Bachmann that would prevent ACORN from serving on a similar board established in the exact same bill under consideration this week.

“There is a clear consensus amongst the American people that ACORN is unfit to receive federal funds and partner with federal organizations.  The Democrat Leadership’s decision today robs Congress from having the opportunity to take an up-or-down vote on my amendment and keep ACORN out of our financial markets,” said Bachmann.”

Star Tribune: Giving more power where power is not due
Wall Street and bureaucracy would benefit from pending reform.

 
Washington, D.C., Dec 11 –

The majority of Americans last fall were united against the $700 billion Wall Street bailout known as TARP. Proponents of the bill urged immediate action, claiming that a failure to act quickly would send the financial industry over the brink. They promised to examine the root cause of the crisis once financial markets were secure. One year later, the House is considering legislation that will result in the most far-reaching reforms of the financial services industry in our nation’s history.

But instead of addressing the real causes of the financial collapse and fixing bad government policies that led to the crisis, congressional Democrats want to codify the fiscally irresponsible bailout mania. Their bill would make taxpayer bailouts the permanent solution for dealing with reckless financial institutions in the future.

The 1,300-plus-page bill the House is scheduled to vote on today creates a “systemic risk regulator” tasked with determining which firms meet an undefined “too big to fail” test. It allows the government to tap a multibillion-dollar bailout fund to save troubled firms whenever it wants. This fund will be initially financed by a massive new tax on financial institutions and is expected to take $55 billion out of the hands of small businesses and job creators, leading to a loss of as many as 450,000 jobs. Should that fund run dry, taxpayers are on the hook to replenish it. And unlike TARP, this bill authorizes the Treasury Department and the Federal Reserve to completely bypass congressional approval and directly provide such lifelines to flailing firms.

The moral hazard this bill creates will ripple through the entire financial marketplace. Providing banks with a bailout guarantee will perpetuate a cycle of irresponsibility, shielding creditors from taking the fall for making risky decisions and forcing taxpayers to ante up again and again.

Rather than increasing transparency within the Federal Reserve and directing it to focus on the nation’s monetary policy, this bill drastically expands the powers of the Fed to intervene in the private marketplace. But the Federal Reserve has already proven its inability to preemptively catch systemic risks as demonstrated by the financial crisis that occurred under its watch. Giving more power to government bureaucracies that have failed in the past will do nothing to stabilize our markets.

I support an alternative plan that addresses both the core problems in our financial system and promises American taxpayers that they will not be on the hook for Wall Street’s mistakes ever again. Three key principles guide this proposal: 1) It ends government bailouts of financial institutions; 2) It stops allowing the government to pick winners and losers in the financial industry; and 3) It reinstates market discipline by removing moral hazards that exist today.

Minnesotans know when Washington is trying to pull a fast one. While the government takeover of health care and total lack of job growth is at the forefront of everyone’s minds, we cannot let this permanent bailout legislation slip through Congress without a fight.”

http://bachmann.house.gov/News/

Must hear interview of Michele Bachmann

Breitbart TV

 

http://www.breitbart.tv/bachmann-on-the-b-cast-a-conservative-call-to-action/#

Thanks to commenter Katie.

Deficit projections skyrocketing, Tuesday, August 25, 2009, Obama agenda, White House budget office, Congressional Budget Office, CBO, 2 trillion jump

From Reuters:

“New deficit projections pose risks to Obama’s agenda”

“WASHINGTON (Reuters) – President Barack Obama’s domestic policy proposals will face the reality of skyrocketing deficits on Tuesday when officials release two government reports projecting huge budget shortfalls over the next decade.

The White House budget office and the Congressional Budget Office (CBO), a non-partisan arm of Congress, release updated economic forecasts and deficit estimates on Tuesday, providing further fiscal fodder to opponents of Obama’s nearly $1 trillion healthcare overhaul plan.

Many of the figures are already known.

The White House has confirmed that its deficit estimate for the 2009 fiscal year, which ends September 30, will inch down to $1.58 trillion from $1.84 trillion after eliminating billions of dollars originally set aside for bank rescues.

Looking forward, an administration official told Reuters the 10-year budget deficit projection will jump by about $2 trillion to roughly $9 trillion from an original forecast of $7.1 trillion.”

“Many economists think it is unlikely that the government can curtail spending, which means taxes would have to rise to cover the increasing costs of providing retirement benefits and healthcare to older people. That could slow economic growth.

Stanford University economics professor John Taylor, an influential economist, told Reuters Television on Friday the U.S. budget deficit poses a greater risk to the financial system than the collapse in commercial real estate prices.”

Read more:

http://www.reuters.com/article/politicsNews/idUSTRE57M0WV20090823

Murray v. Geithner, Judge Denies Defendant’s Motion to Dismiss, May 27, 2009, Defendant Timothy Geithner, AIG, Sharia Law, Emergency Economic Stabilization Act of 2008 challenged

Phil at the Right Side of Life reports:

“Murray v. Geithner: Judge Denies Defendant’s Motion to Dismiss RE: AIG, Sharia Law”

“The Thomas More Law Center had originally filed suit in December of 2008 challenging the constitutionality of a portion of the “Emergency Economic Stabilization Act of 2008” (EESA) that appropriated $40 billion in taxpayer money to fund the federal government’s majority ownership interest in AIG, which engages in Shariah-based Islamic religious activities that the Center considers are “anti-American, anti-Christian, anti-Jewish.”

They now report that Federal District Court Judge Lawrence P. Zatkoff has denied the Defendant’s (Treasury Secretary Timothy Geithner and the Federal Reserve Board) Motion to Dismiss:”

“In his well-written and detailed analysis issued yesterday, Judge Zatkoff denied the request by the Obama administration’s Department of Justice to dismiss the lawsuit.  The request was filed on behalf of Treasury Secretary Timothy Geithner and the Federal Reserve Board – the named defendants in the case.  In his ruling, the judge held that the lawsuit sufficiently alleged a federal constitutional challenge to the use of taxpayer money to fund AIG’s Islamic religious activities.”

“In its request to dismiss the lawsuit, the DOJ argued that the plaintiff in the case, Kevin Murray, who is a former Marine and a federal taxpayer, lacked standing to bring the action.  And even if he did have standing, DOJ argued that the use of the bailout money to fund AIG’s operations did not violate the Establishment Clause of the First Amendment.  The court disagreed, noting, in relevant part, the following:

In this case, the fact that AIG is largely a secular entity is not dispositive: The question in an as-applied challenge is not whether the entity is of a religious character, but how it spends its grant. The circumstances of this case are historic, and the pressure upon the government to navigate this financial crisis is unfathomable.  Times of crisis, however, do not justify departure from the Constitution.  In this case, the United States government has a majority interest in AIG.  AIG utilizes consolidated financing whereby all funds flow through a single port to support all of its activities, including Sharia-compliant financing.  Pursuant to the EESA, the government has injected AIG with tens of billions of dollars, without restricting or tracking how this considerable sum of money is spent.  At least two of AIG’s subsidiary companies practice Sharia-compliant financing, one of which was unveiled after the influx of government cash.  After using the $40 billion from the government to pay down the $85 billion credit facility, the credit facility retained $60 billion in available credit, suggesting that AIG did not use all $40 billion consistent with its press release.  Finally, after the government acquired a majority interest in AIG and contributed substantial funds to AIG for operational purposes, the government co-sponsored a forum entitled “Islamic Finance 101.”  These facts, taken together, raise a question of whether the government’s involvement with AIG has created the effect of promoting religion and sufficiently raise Plaintiff’s claim beyond the speculative level, warranting dismissal inappropriate at this stage in the proceedings.”

Read more:

http://www.therightsideoflife.com/?p=6121