The Independent

by Money Morning Americans could be in for a rude awakening in coming months when they discover the true scope of the massive national debt racked up by the U.S. government. In fact, the $1.6 trillion deficit expected for 2010, which is above 10% of gross domestic product (GDP), is only the beginning. Since the current economic crisis began in late 2007, the U.S. Federal Reserve has tripled the size of its balance sheet, creating enormous amounts of new money by lending to hundreds of ailing banks and buying up more than $1 trillion of questionable asset-backed securities. But that’s only a small part of the story. Since the beginning of the crisis, the Fed has lent, spent, or guaranteed $11.6 trillion, including underwriting the entire system of mortgage finance in the United States, a system that currently shows a nearly $1 trillion loss. And none of these figures include any of U.S. President Barack Obama’s stimulus packages, which means the actual deficit next y

By ROBERT PEAR Published: December 28, 2009 WASHINGTON — At the heart of the fight over health care legislation is a paradox that befuddles lawmakers of both parties... Expanding Health Coverage and Shoring Up Medicare - Is It Double-Counting? - NYTimes.com  

House Democrats on Tuesday unveiled mass-amnesty legislation, once again highlighting their misguided and out-of-touch policies. Among its provisions, the bill would grant illegals—including their spouses and children—amnesty, thereby allowing them to work and travel freely within the United States and provide for eventual citizenship.  The legislation would also grant in-state college tuition and accelerate the amnesty process for illegals brought to the United States before the age of 16. Among its egregious worksite enforcement provisions, the bill repeals a program that permits local law enforcement to participate in carrying out our nation’s immigration laws and requires excessive mandates for worksite enforcement activities. With over 15 million Americans unemployed and seven million illegals employed, amnesty legislation is an affront to American citizens and legal residents. Congressman Miller believes firmly that it is wrong to award citizenship to those that have re

Democratic districts have received nearly twice as much stimulus money as Republican districts and the cash has been awarded without regard to how badly an area was suffering from job losses, according to a new study. FOXNews.com - Democratic Districts Won Twice as Much Stimulus as GOP Districts, Study Shows

The Daily Show With Jon Stewart Mon - Thurs 11p / 10c Clusterf#@k to the Poor House - Flight Delay www.thedailyshow.com Daily Show Full Episodes Political Humor Health Care Crisis

Posted: 16 Dec 2009 02:49 PM PST From Eric Dash at the NY Times: U.S. Said to Reconsider Quick Sale of Citigroup Stake Two days after Citigroup moved to untangle itself from Washington, the Treasury reversed course Wednesday and backed away from plans to immediately sell a portion of its stake in the banking giant ... The decision came after Citigroup badly misread the financial markets on Wednesday and struggled to sell new shares to pay back its bailout funds. Oops.

“Has there been one financial leader to say this is really excessive? Wake up, gentlemen. Your response, I can only say, has been inadequate.” Paul Volcker, former Fed Chairman, Dec 8, 2009From The Times: ‘Wake up, gentlemen’, world’s top bankers warned by former Fed chairman Volcker “I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence,” said Mr Volcker ... He said that financial services in the United States had increased its share of value added from 2 per cent to 6.5 per cent, but he asked: “Is that a reflection of your financial innovation, or just a reflection of what you’re paid?” And from the Telegraph: Ex-Fed chief Paul Volcker's 'telling' words on derivatives industry    "You can innovate as much as you like, but do it within a structure that doesn't put the whole economy at risk." ... Mr Volcker argued that banks did have a vital role to play as holders of

Here is what we (us, our kids, grandkids, great-grandkids) owe... Only taxes can pay for these or a default by the US congress. When you're in a hole, stop digging. Congress has to go - they are the diggers! Throw all the incumbent bums out!   U.S. National Debt Clock : Real Time

Labor Department reported that nonfarm payrolls (jobs) decreased by 11,000 in November -- the smallest decline since the recession began at the close of 2007. Today's chart puts that decline into perspective by comparing job losses during the current economic recession (solid red line) to that of the last recession (dashed gold line) and the average recession from 1950-2006 (dashed blue line). As today's chart illustrates, the current job market has suffered losses that are more than triple as much as what occurs at the lows of the average recession/job loss cycle.

In 2006, Speaker-elect Nancy Pelosi stated that “Democrats are proposing a New Direction for America”. However, nearly three years into Speaker Pelosi’s “New Direction,” jobs are down and unemployment, poverty, and misery are up. Specifically, over the past three years the number of unemployed has increased from 7 million to nearly 16 million; the unemployment rate has skyrocketed from 4.6 percent to 10.2 percent; and the misery index, an economic indicator which adds the unemployment rate to the inflation rate, has increased by 27 percent. Further, the federal budget deficit has increased by a staggering 471 percent; federal spending has increased by 33 percent; and the national debt has ballooned to $12 trillion. In addition to these harrowing statistics, this week the media reported more instances of waste, fraud, and abuse in the Democrats’ $787 billion Economic Stimulus Package. According to the Recovery.gov website, nine California congressional districts that do not exist r

House Passes $210 Billion Doc-Fix Without Paying for It On Thursday, the House passed a $210 billion stand-alone bill to protect doctors from scheduled cuts in Medicare payments over the next ten years, also known as a doc-fix. In 1997, Congress attempted to control Medicare’s skyrocketing growth through a payment formula known as the sustainable growth rate (SGR), and since its enactment it has been difficult for Congress to adhere to the resulting reductions in physicians’ payments. In fact, since 2002, Congress has stepped in to delay these cuts from taking place which has made the problem worse. Beginning January 2010, absent a change in law, Medicare physician payments will be reduced by more than 20 percent. In order to address this, the Majority cunningly detached the permanent doc-fix provision from the larger health care bill, the so-called Affordable Health Care for America Act, and introduced it separately—without it being paid for—so that the cost of the doc-fix would n

John North More: Bio , abc7.com News Team    SACRAMENTO (KABC) -- When you pay money to your insurance company, you could be financing investments in the government of Iran. California insurance companies admit they have $12 billion in investments in Iran. The insurance commissioner wants them to divest. And he's threatening to revoke their licenses to operate in California. The legislature outlawed investments in Iran but left a big loophole. Scenes of protests in Iran are familiar to international viewing audiences. So are the allegations that Iran continues to violate its citizen's civil rights as it moves toward a nuclear capability. California Insurance commissioner Steve Poizner has been trying to enforce a new law designed to pressure Iran into changing its ways. The law prohibits insurance companies from investing in Iran. Poizner says there is a huge loophole.

1. Americans spend $36,000,000 at Wal-Mart every hour of every day. 2. This results in $20,928 profit every minute! 3. Wal-Mart will sell more from January 1 to St. Patrick's Day (March 17th) than Target sells all year. 4. Wal-Mart is bigger than Home Depot + Kroger + Target + Sears + Costco + K-Mart combined. 5. Wal-Mart employs 1.6 million people and is the largest private employer.  And most speak English 6. Wal-Mart is the largest company in the history of the World. 7. Wal-Mart now sells more food than Kroger & Safeway combined, and keep in mind they did this in only 15 years. 8. During this same period, 31 Supermarket chains sought bankruptcy (including Winn-Dixie).. 9. Wal-Mart now sells more food than any other store in the world.. 10. Wal-Mart has approx 3,900 stores in the USA of which 1,906 are Super Centers; this is 1,000 more than it had 5 years ago. 11. This year 7.2 billion different purchasing experiences will occur at a Wal-Mart store. (Earth's population i

On October 22nd 2009, Sen. Judd Gregg (R-N.H.), ranking Republican on the Senate Budget Committee , says that the U.S. economy faces a future as a “banana republic” if current federal fiscal policies continue. " Congress works for the next election, not for the next generation." In April 2009, Missouri Republican US Senator Kit Bond likened Barack Obama 's administration to a banana republic if they proceed to hold public trials on the issue of torture, giving the term banana republic a bimodal definition in the context of the ongoing US torture investigations. [23] In May 2009, Paul Krugman, columnist for the New York Times , referred to the state government of California as a banana republic. He was commenting on the state's tax system, in which taxes cannot be raised even in an emergency without a two-thirds majority. The state constitution requires that the budget be balanced, denying it the ability to borrow, while gerrymandering has turned many dist

Watch your thoughts, for they become words. Choose your words, for they become actions. Understand your actions, for they become habits. Study your habits, for they become your character. Develop your character, for it becomes your destiny. Tryon Edwards

by CalculatedRisk on 11/26/2009 05:55:00 PM From Jon Lansner at the O.C. Register: How banks may lose $430 billion more Banks are projected to lose $430 billion on commercial real estate loans in the next two to three years [said] Stan Mullin, an associate with California Real Estate Receiverships in Newport Beach ... Highlight’s of Mullin’s talk: •$1.4 trillion in commercial loans are coming due in the next five years. •That’s equal to the same amount that came due in the last 15 years. •Lenders could take massive losses on their real estate portfolios from 2010-2013. This is similar to the recent presentation by Dr. Randall Zisler, CEO of Zisler Capital Partners: A crisis of unprecedented proportions is approaching. Of the $3 trillion of outstanding mortgage debt, $1.4 trillion is scheduled to mature in four years. We estimate another $500 billion to $750 billion of unscheduled maturities (i.e., defaults). And from the WSJ in October: Comme

November 25th, 2009, 5:00 am · Post a Comment · posted by Teri Sforza, Register staff writer There were 2,386 reports of adult abuse in Orange County in 1994. There were nearly triple that many - 6,380 - in Orange County last year. And 2009 is on track to break records, with 21 new reports every day, or some 7,500 this year. The vast majority of these involve seniors being taken advantage of in their own homes, by friends or family members who are supposed to be protecting them. “Often, the people being abused and neglected don’t want their family member to get in trouble, so they’re hesitant to report anything,” said Carol Mitchell, program manager for Orange County Adult Protective Services. “That’s the biggest threat people get - ‘If you call them to complain, they’re going to put you in a nursing home.‘ But that can’t happen. We don’t have the authority to do that. Our goal is to maintain people in their homes.” Abuse investigations fall into Mitchell’s lap when people live in pr

UPDATE: US House Panel Approves Broader Auditing Of Fed (Updates with vote count, details on the amendment, comments by Rep. Frank) By Fawn Johnson and Sarah N. Lynch Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- A key House panel on Thursday attached to a broad financial overhaul bill language that would give federal watchdogs massive new authority to audit the Federal Reserve. The House Financial Services Committee's 43-26 vote on the Fed auditing amendment, introduced by Rep. Ron Paul (R, Texas), concluded weeks of debate on a bill to create a new council of regulators to wind down large institutions that pose a risk to the economy. The committee has postponed a final vote on the bill until after the Thanksgiving holiday. For more than 20 years, Paul has championed significantly neutering the Fed. His amendment removes restrictions on the Government Accountability Office's auditing authority, giving it access to every item on the Fed's balance sheet. Paul

The MBA reports a record 14.4 percent of mortgage loans were either one payment delinquent or in the foreclosure process in Q3 2009. This is an increase from 13.2% in Q2 2009.

The Commerce Department reported Wednesday that Housing Starts dropped a whopping 10.6 percent in the one month period October 2009 versus September 2009, and fell 30.7 percennt below an already awful number last October 2008. This is in spite of the $8,000 first time home buyers credit the Central Planners decided was a key stimulus tactic. New Building Permits fell 24.3 percent from last year's lousy October number. Mortgage Applications fell 2.5 percent last week. Clearly the Central Planners' stimulus plan is not working. The reason is simple, they have targeted a small minority to get the trillions of dollars of government spending, and have failed miserably in conducting a strategy that would get cash into the hands of all American Households. If you have a clunker and are willing to buy a tiny car with a certain gas mileage performance, if you are buying a new home for the first time, or if you are one of the largest financial companies on earth, you get the money, and

Nov. 16 (Bloomberg) -- The Federal Reserve Bank of New York “severely limited” its ability to save taxpayer money on American International Group Inc.’s rescue by refusing to compel banks to take concessions, said a Treasury Department watchdog. The Fed didn’t use its “considerable leverage” as regulator of several of AIG’s counterparties to force them to accept so-called haircuts on credit-default swaps, Neil Barofsky, special inspector for the Troubled Asset Relief Program, said today in a report. The regulator gave up efforts to negotiate discounts from the banks after two days and opted to pay them in full for $62.1 billion in swaps, Barofsky said. “These policy decisions came with a cost -- they led directly to a negotiating strategy with the counterparties that even then-New York Fed President Geithner acknowledged had little likelihood of success,” Barofsky said. Timothy Geithner, now Treasury secretary, was among officials who took over negotiations with the banks from AIG in N

by CalculatedRisk on 11/11/2009 08:47:00 AM Matt Padilla at the O.C. Register writes: Foreclosure notices hit record 8,800 Graph from O.C. Register. ForeclosureRadar.com reports that outstanding foreclosure auction notices in Orange County rose to 8,895 at the end of September, the highest in this housing downturn and probably the highest ever. September’s total was up 5% from August and 90% from a year ago. Padilla provides a second graph (see his article) of 90 day delinquencies, foreclosures and REOs. He writes: [The second] chart shows that the ratio of borrowers having missed at least three monthly payments is at nearly 7% and has risen every month for more than three years. It’s incredible that while so many mortgages are delinquent, banks are only holding 0.26% of first mortgages as REOs. Loans in the trial modification period are still considered delinquent, so that might explain some of the increase in 90+ day delinquencies. But that doesn't explain the

Three banks failed on Friday, bringing the annual headcount to 123. Two in Florida and one in California will cost the FDIC roughly a billion dollars… money they haven’t had for months.

by CalculatedRisk on 11/15/2009 09:20:00 AM From Bloomberg: China’s Liu Says U.S. Rates Cause Dollar Speculation “The continuous depreciation in the dollar, and the U.S. government’s indication, that in order to resume growth and maintain public confidence, it basically won’t raise interest rates for the coming 12 to 18 months, has led to massive dollar arbitrage speculation,” [Liu Mingkang, chairman of the China Banking Regulatory Commission said] ... Liu said this has “seriously affected global asset prices, fuelled speculation in stock and property markets, and created new, real and insurmountable risks to the recovery of the global economy, especially emerging-market economies.” President Obama will be in China today, and there will probably be some dicussion of China's exchange rate policy.

by Charles Maley Although Gold might be a bit stretched in the short term, it is not hard to see where it could go a lot higher in the long run. I found some interesting charts on Agora Financial website that fall into the “a picture is worth a thousand words” category. First, let’s look at the expansion in the monetary base. The monetary base is not only in a vertical ascent, but also without precedence. We have never seen anything like this. The monetary base is essentially the Federal Reserve Bank’s currency and reserves. Now, with an expansion like this you would think inflation would be rearing its ugly head, but as hedge fund manager John Paulson points out “that’s because this base money has not yet been lent out and multiplied throughout the economy. Yet the monetary base and money supply are highly correlated, almost 1-to-1 between the two.” So what does this mean? I think it means that soon or a later the money supply will follow, and if money supply grows faster th

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From Floyd Norris This year, a subcommittee of the House Financial Services Committee held a hearing at which legislators sought no facts but instead threatened dire action if the chairman of the financial accounting board did not promptly make it easier for banks to ignore market values of the toxic securities they owned. The board caved in, which may be one reason why banks are reporting fewer losses these days. But the board’s retreat was not enough to satisfy the banks. The American Bankers Association is now pushing Congress to give a new systemic risk regulator — either the Federal Reserve or some panel of regulators — the power to override accounting standards. The view of the bankers is that the financial crisis did not stem from the fact that the banks made lots of bad loans and invested in dubious securities; it was caused by accounting rules that required disclosure when the losses began to mount. The superciliousness continues.

Health care reform squeaked through the House Saturday by a 220-215 vote as the threat of working during the Christmas holiday got the House version moving. The plan passed with virtually no discussion as speaker Pelosi squashed any attempts at questioning the bill or virtually any portion of the bill. Democrats must now be especially motivated to get this passed after viewing the results in Virginia and New Jersey, which could be a precursor to the 2010 elections. A loss of even a handful of seats next year could mean this type of bill won’t get passed in the next session. It was interesting to note that one Republican voted for the bill while 29 Democrats voted against it.

First time unemployment topped 10% for the first time since 1983 (see chart below courtesy chartoftheday.com), well above the Administration’s peak estimate of 8.5% they projected in February. Temporary employment, typically a leading indicator of hiring, rose for the third straight month, increasing 33.7K in October. Without that increase the employment picture would have been significantly weaker. Unofficial estimates of the “underemployed”, i.e. those wishing to be employed full time but unable to obtain employment, rose 1% to 17.5%. The second chart below, courtesy of Barry Ritholtz, shows the number of unemployed longer than 27 weeks, dating back to 1948. Even if the economy stabilizes and hiring moves back into a 150K-200K per month range, it could take 3-5 years to achieve prior levels of employment.

"Now the Fed wants to be the systemic risk regulator. But the Fed is the systemic risk. Giving the Fed more power is like giving the neighborhood kid who broke your window playing baseball in the street a bigger bat and thinking that will fix the problem. I am not going to go along with that and will use all my powers as a Senator to stop any new powers going to the Fed. Instead, we should give them less to do so they can do it right, either by taking away their monetary policy responsibility or by requiring them to focus only on inflation." —Senator Jim Bunning questioning Ben Bernanke

As most working taxpayers will soon realize, beginning November 1st, the state increased withholding by 10%. Officials are saying that this is not a tax increase because at tax time you will owe no more that before the increase. Wrong! It is a tax increase because all withholding is borrowing money from taxpayers without paying interest, and an increase in withholding is borrowing more money without paying interest. The result is more money for government and less for taxpayers, which to reasonable people is a tax increase. Many taxpayers declare fewer dependents than the number to which they are legally entitled to assure that their tax liability is fully covered. If you are in that category, you have the ability to counter this grab for more of your money by changing the number of dependents you declare. However, it is always a good idea to consult with your tax preparer first, before making a change. To change the number of dependents you declare, you will need to fill out a DE-4 fo

Thank you for writing to Governor Schwarzenegger in opposition to Assembly Bill 1288. Due to a technical error, you may have inadvertently received an outdated response from the Governor's Office, and I apologize for any confusion this may have caused. Our office is pleased to inform you that the Governor vetoed AB 1288 after extensive consideration of arguments from both supporters and opponents of the issue. To read the Governor's veto message for the bill, please visit the Official California Legislative Information website at "http://www.leginfo.ca.gov". Again, thank you for taking the time to write. The Governor values your suggestions on how government can better serve the people of our state. Sincerely, Lauren Thurston Office of Constituent Affairs

16 Oct 2009 09:21 AM PDT From MarketWatch: Summers: 'Time has come' for deep change for banks White House senior economic adviser Lawrence Summers challenged U.S. financial institutions Friday to think about what they can do for their country by stepping up and accepting the regulations imposed upon them in the wake of the largest financial crisis since the Great Depression. "Financial institutions that have benefited from government support can, should and must use this moment to think about what they can do for their country -- by accepting the necessary regulation to protect the American people," Summers said in remarks prepared for delivery at the Economist's Buttonwood Gathering in New York. "There is no financial institution that exists today that is not the direct or indirect beneficiary of trillions of dollars of taxpayer support for the financial system." ... "The time has come for fundamental change in the financial sector of our economy

Porker of the Month:  Sen. Kay Bailey Hutchison Citizens Against Government Waste (CAGW) has named Sen. Kay Bailey Hutchison (R-Texas) Porker of the Month for loading up her goodie bag just before Halloween as she prepares to leave the Senate to run for governor of Texas.  While claiming to be a fiscal conservative, the four-term senator requested 149 pork-barrel projects costing $1.6 billion in authorization and appropriations bills for fiscal year 2010.  On September 28, 2009, she told the Austin American-Statesman , “I’m proud of being able to garner Texans’ fair share of their tax dollars.”  “Sen. Hutchison is repeating the same old insidious quackery about the earmarking process:  that it can be made accountable and that it somehow levels the spending playing field,” said CAGW President Tom Schatz.  “The only fair way to distribute the taxpayers’ money is to eliminate the practice altogether and instead work to ensure that every dime of taxpayer money is spent using the budget

Dear Friend: I am pleased to let you know that I have joined a bipartisan effort to create a nationwide network for locating missing adults and senior citizens. The Silver Alert Act ( S.557 ) would create a national alert system, modeled after the Amber Alert, providing federal coordination and assistance across state lines to locate missing seniors. The need for this legislation is clear. With an aging population, and a growing number of people who suffer from dementia or Alzheimer's disease, thousands of adults go missing every year. Thus, while local law enforcement officials continue to work hard to locate missing seniors, a coordinated national effort makes sense.  The Amber Alert program has proven to be successful in many cases involving missing children. It provides a good model to provide law enforcement agencies with the added resources they need to locate loved ones.  The Silver Alert Act specifically encourages states to develop Silver Alert plans and provides funding t

State descent began with CalPERS push for pension spike Ten years ago today, California's march toward its present fiscal chaos began. On June 16, 1999, the board of the California Public Employees Retirement System (CalPERS) -- its investment portfolio bulging after several years of large gains -- voted to ask Gov. Gray Davis and the Legislature to broadly increase benefits for more than 800,000 government employees and retirees. There was some skepticism. An aide to Davis, who was then cultivating an image as a pragmatic, can-do centrist, said the governor worried about the prudence of such a broad benefit boost. Assemblyman Tom McClintock, R-Thousand Oaks, questioned how CalPERS could assert that the massive benefits hike could be enacted with little or no strain on the state budget. The contention presumed CalPERS' huge portfolio would continue its big annual growth indefinitely. But the Wall Street dot-com boom was at its zenith, with some technology mutual

Thank you for writing me about AB 1288. I appreciate your suggestions on proposed legislation affecting our state. I generally do not take a position on legislation until a bill has reached my desk because it can change significantly from the time it is introduced until the time it is finalized. For the current session, the California Legislature has until September 11, 2009 to pass legislation, and I have until October 11, 2009 to sign or veto proposed bills. You may continue to follow this and any other bill under consideration by lawmakers at the Official California Legislative website: www.leginfo.ca.gov . You may also read my legislative messages at www.gov.ca.gov . Again, I appreciate your interest in California's future. An informed and engaged public is important for effective government in our state. Sincerely, Arnold Schwarzenegger

Paul B. Farrell Oct. 20, 2009, 8:08 a.m. EDT Death of 'Soul of Capitalism:' Bogle, Faber, Moore By Paul B. Farrell, MarketWatch ARROYO GRANDE, Calif. (MarketWatch) -- Jack Bogle published "The Battle for the Soul of Capitalism" four years ago. The battle's over. The sequel should be titled: "Capitalism Died a Lost Soul." Worse, we've lost "America's Soul." And worldwide the consequences will be catastrophic. That's why a man like Hong Kong's contrarian economist Marc Faber warns in his Doom, Boom & Gloom Report: "The future will be a total disaster, with a collapse of our capitalistic system as we know it today." No, not just another meltdown, another bear market recession like the one recently triggered by Wall Street's "too-greedy-to-fail" banks. Faber is warning that the entire system of capitalism will collapse. Get it? The engine driving the great "American Economic Empire" f

President Obama and his juvenile administration has final pissed me off! Up to this point I kind of chuckled at their antics... but no more - I AM INSULTED!  Rick White House Escalates War at Fox News Senior Obama administration officials took to the airwaves Sunday to accuse Fox News of pushing a particular point of view and not being a real news network. FOXNews.com Sunday, October 18, 2009 The White House escalated its offensive against Fox News on Sunday by urging other news organizations to stop "following Fox" and instead join the administration's attempt to marginalize the channel. White House chief of staff Rahm Emanuel told CNN that President Obama does not want "the CNNs and the others in the world [to] basically be led in following Fox." Obama senior adviser David Axelrod went further by calling on media outlets to join the administration in declaring that Fox is "not a news organization." "Other news organizations like

"There have been 28 episodes of hyperinflation of national economies in the 20th century, with 20 occurring after 1980. Peter Bernholz (Professor Emeritus of Economics in the Center for Economics and Business (WWZ) at the University of Basel, Switzerland) has spent his career examining the intertwined worlds of politics and economics with special attention given to money. In his most recent book, Monetary Regimes and Inflation: History, Economic and Political Relationships, Bernholz analyzes the 12 largest episodes of hyperinflations - all of which were caused by financing huge public budget deficits through money creation. His conclusion: the tipping point for hyperinflation occurs when the government's deficit exceed 40% of its expenditures. "According to the current Office of Management and Budget (OMB) projections, US federal expenditures are projected to be $3.653 trillion in FY 2009 and $3.766 trillion in FY 2010, with unified deficits of $1.580 trillion and $1.5

According to the Congressional Budget Office (CBO), the Senate Finance Committee’s health care mark, like the House health care bill, would mandate health insurance.  Specifically, beginning in July 2013, the proposal would establish a requirement for individuals to obtain insurance and would in many cases impose a financial penalty on people who did not do so.  Moreover, the Senate mark would allow the government to decide what health care insurance policies are acceptable, thereby limiting consumer choices and increasing government intrusion in personal decisions.  Although CBO estimates the modified Senate Finance Committee healthcare overhaul bill would cost $829 billion over 10 years and will decrease the deficit by $81 billion, this is accomplished by raising taxes by $500 billion on employers and those who already have insurance, as well as by cutting Medicare and Medicaid benefits by over $400 billion.  Furthermore, according to CBO and the Joint Committee on Taxation, at l

American Thinker: Gore On The Grill October 14, 2009 Gore On The Grill By Brian Sussman Last Friday, global warming's poster boy, Al Gore, spoke to the Society of Environmental Journalists' convention in Madison, Wisconsin. After his speech to this flock of propagandists, there was a rare Q and A session. Among those asking a question was Irish filmmaker Phelim McAleer, director of Not Evil, Just Wrong, a movie critical of the global warming movement. McAleer queried Gore about a 2007 decision by the British High Court which determined that Gore's global warming flick, An Inconvenient Truth, was so packed with fraud that it required a 56-page disclaimer if it was to continue to be shown to students in the United Kingdom. McAleer asked, "The judge in the British High Court, after a lengthy hearing, found that there were nine significant errors [in the movie]. This has been shown to children. Do you accept those findings, and have you done anything to correc