Friday, February 27, 2009

Obama Budgets ANOTHER $750 BILLION for Bank Giveaways

And is the MSM ever keeping QUIET about it!!!

See if you can find where they hid the first hint of it in this article

"Citizens loses $929m as bad loans proliferate" by Ross Kerber, Globe Staff | February 26, 2009

Citizens Financial Group, New England's second-largest banking system, reported a $929 million loss in 2008 and said it may have to write off nearly $2 billion in bad loans, a surprisingly deep hit for the Providence company.

Citizens made the disclosure in a filing to federal banking regulators this month. The loss is a huge swing from the previous year, when Citizens reported nearly $1.5 billion in profit, and reflects how even a mainstream lender that did not dabble in exotic investments has been hurt by the collapse of the housing sector and the economic downturn....

Still, (sigh) by some common financial measurements, Citizens remains in average shape compared with other banks. But (sigh) its parent company, the Royal Bank of Scotland Group, is among the most troubled of the world's large banks. Royal Bank is expected to reveal a major restructuring this morning that could include selling off portions of its far-flung international empire.

Royal Bank has been under government control since the fall, when the United Kingdom stepped in with $29 billion of emergency capital to keep it afloat. In exchange the UK central bank, the Bank of England, now owns 70 percent of Royal Bank and holds several seats on its board of directors.

Neither the Royal Bank of Scotland nor Citizens would comment yesterday because Royal Bank is scheduled to release its earnings in London this morning. In addition to Citizens, Royal Bank's US operations include investment unit RBS Greenwich Capital in Greenwich, Conn., which also has financial problems, and credit card operations....


As a subsidiary of a foreign bank, Citizens does not release financial statements as frequently as US-based banks, so its brewing problems were not as well known as those of institutions that received funds from the $700 billion US government banking bailout. Now, though, its latest financial filing reveals that Citizens has some of the same problems that have dragged down other prominent US banks.

Milton banking analyst Suzanne Moot noted that about half the amount Citizens has reserved for bad loans, some $916 million, stemmed from consumer borrowings such as home-equity lines of credit and credit cards:

"This is really quite surprising to me. Certainly Citizens in the Northeastern states had a reputation of being a responsible lender and you hadn't heard much about them making crazy loans."

.... US officials have been working for months to restore the nation's banks to sound footing. Just yesterday the Obama administration gaves new details on how it would provide funds for large banks if they need more backing....


Before we move on, here is some background on RBS (you know, less talk, more action):

"British lender to keep Citizens; Royal Bank of Scotland's chief, Stephen Hester, says cost cuts are planned at its US unit" by Ross Kerber and Todd Wallack, Globe Staff | February 27, 2009

.... The Royal, meanwhile, yesterday reported the largest loss in British corporate history, a staggering $34 billion, and disclosed a sweeping restructuring plan that includes selling other parts of its global banking empire. The huge losses were caused in part by disastrous investment and trades related to the US mortgage market and the collapse of Iceland's banking industry.

As part of its house-cleaning plan, Royal Bank said it would put about $772 billion of troubled assets into a separate division and then try to wind down those investments. Currently, Britain's central bank, the Bank of England, owns 70 percent of the Royal Bank as part of an emergency bailout that injected $29 billion in capital to keep it afloat. Yesterday, Royal Bank struck another deal with the British government to insure some $429 billion of troubled assets, a scheme that could result in the government ultimately owning as much as 95 percent of the bank.

That is YOUR FUTURE, America -- and coincidentally, the MSM is SILENT on the COMING WAVE of NATIONALIZATION and ENDLESS TAXPAYER BAILOUTS!

Neil Smith, analyst for German commercial bank WestLB, said the Royal may have decided to keep Citizens to satisfy a demand from the British government that it develop a credible long-term strategy. Remaining a player in the United States will help maintain Royal Bank as a big international bank.

"They want to be an international player, but that doesn't mean they have to maintain a presence everywhere like in Bahrain and Kazakhstan," Smith said. While not providing specific numbers about the bank's global restructuring, Royal Bank's new chief executive, Stephen Hester said news reports that the bank would eliminate as many as 20,000 positions were not unreasonable.


O.K., back to the looting of the American taxpayer

See if you can find the reference her.

"Obama unveils $3.5t budget; Spending plan predicts record $1.75t deficit" by Andrew Taylor, Associated Press | February 27, 2009

WASHINGTON - President Obama charted a dramatic new course for the nation yesterday with a bold but contentious budget proposing higher taxes for the wealthy and the first steps toward guaranteed healthcare for all, accompanied by a $1.75 trillion federal deficit that would be nearly four times the highest in history.

Denouncing what he called the "dishonest accounting" of recent federal budgets, Obama unveiled his first spending blueprint, a $3.55 trillion plan for the fiscal year that starts Oct. 1, a bold proposal that would transfer wealth from rich taxpayers to the middle class and the poor.... Other proposals would take on entrenched interests such as big farming, insurance companies, and drug makers....

Related: Obama Making Enemies?

Is this why the FALSE-FLAG FRONTS of RACISM have been in the "news" lately?

And here is SOMETHING ELSE the MSM is keeping QUIET about (it's the last time they refer to it in the piece):

But congressional approval without major change is unlikely. The plan is filled with political land mines, including an initiative to combat global warming that would hit consumers with considerably higher utility bills....

But he's doing it for you -- or is that to you?

The $1.75 trillion deficit estimate for this year is $250 billion more than projected just days ago because of proposed new spending for a fresh bailout for banks and other financial institutions....


Of course, "It may never be known whether the initial $700 billion plan accomplished its objectives"

How fresh is that ass feeling, American taxpayer?

That's why the MSM is KEEPING IT QUIET!!!!

Here's your bit, America -- don't spit it out!

Obama said: "We will, each and every one of us, have to compromise on certain things we care about but which we simply cannot afford right now."

You mean like, ENDING the EMPIRE and is OCCUPATIONS? Didn't think so!

Signaling budget battles to come.... Domestic programs favored by Democrats would, on average, receive a 7 percent boost over regularly appropriated levels even as many agencies are already swimming in cash from the economic stimulus plan....

How many times do I have to type waste, readers?

Obama plans to move aggressively toward rebalancing the tax system. Using some $526 billion in revenue from selling carbon pollution permits, he wants to extend a $400 tax credit for most workers - $800 for couples - that was provided in the stimulus plan.

So the FART TAX FUCK was in fact part of the "stimulus," huh?

All so YOU could get a TAX CUT?

What about those HIGHER ENERGY BILLS?

The DISINGENOUSNESS of it all is becoming MUY APPARENT!

He wants to let expire as scheduled at the end of 2010 President George W. Bush's tax cuts for individuals making more than $200,000 and couples making more than $250,000 a year. In all, Obama's budget contains almost $1 trillion in tax increases over 10 years on individuals making more than $200,000 and couples earning over $250,000.

Yeah, after he said he would REPEAL IT when he first gets in!! LIAR!!!!!!!!!!!

There is already resistance from Democrats and Republicans upset with the budget's plan to curb the ability of wealthier people to reduce their tax bills through deductions for mortgage interest, charitable contributions, and state and local taxes.


At WHAT POINT are the BETRAYALS enough, America?!!!

That tax increase would raise $318 billion over the upcoming decade toward a down payment on Obama's high-priority universal healthcare plan. Cuts to the Medicare and Medicaid federal health programs would supply an additional $316 billion, but that still wouldn't provide enough money to guarantee coverage for all, and Obama wants Congress to come up with hundreds of billions of dollars in additional hard-to-raise revenues to pay for the rest.

He's talking about expanding health care while cutting it. I gotta see him try to do this.

About $350 billion more would be raised through a variety of other increases, including raising taxes on hedge-fund managers by taxing their compensation as income rather than at the 15 percent capital gains rate. Obama would also increase taxes on corporate income earned abroad.

I would really like to know how he thinks he is going to collect revenue from OVERSEAS and in a FOREIGN NATION, but....

A plan to devote up to $250 billion to support as much as $750 billion in increased spending under the government's rescue program for banks and other financial institutions landed with a thud.

That's because the AMERICAN PEOPLE have HAD IT with LOOTING GIVEAWAYS!!!!!

And check out this Orwellian terminology:

Then there is the proposed clampdown on the Pentagon budget, which would get a 4 percent boost, to $534 billion next year, but would then get increases of 2 percent or less over the next several years.

Aww, the POOR BABIES!!!

Separately, Obama asked for $130 billion for the wars in Afghanistan and Iraq, plus $75.5 billion more in the current fiscal year that ends Sept. 30.


Obama, whose 134-page outline was an overview of a more comprehensive plan that will be submitted in April:

"For too long, our budget has not told the whole truth about how precious tax dollars are spent. Large sums have been left off the books, including the true cost of fighting in Iraq and Afghanistan. And that kind of dishonest accounting is not how you run your family budgets at home. It's not how your government should run its budgets either."


I'm sorry, readers, but I'm already sick of his bloviating hypocrisies and deceptions.

"Firms cutting back, signaling more economic woes to come" by Bloomberg News | February 27, 2009

WASHINGTON - Companies are slashing jobs and orders at a faster pace in the United States, reports yesterday showed, signaling the economy will contract more sharply this quarter than analysts anticipated....

I swear, they are always wrong.

The economy's deterioration reflects a tightening credit crunch the Obama administration aims to counter with as much as $750 billion in new aid to the financial industry.


And I told you governments always lie:

The Commerce Department may today revise its estimate of fourth-quarter GDP to a 5.4 percent drop at an annual pace, from the 3.8 percent decline previously reported, according to the median forecast in a Bloomberg News survey....

Translation: the LYING GOVERNMENT UNDER-REPORTED the SERIOUSNESS of the DECLINE! Wish I could say I was surprised!

Soaring unemployment and mounting foreclosures are driving away prospective home buyers.


And FINALLY, FINALLY I get an article that tells me the true amount of this next giveaway -- on PAGE B6 in the BUSINESS SECTION!

"New bank rescue funds included in US budget; $250b added as a contingency plan" by Associated Press | February 27, 2009

WASHINGTON - President Obama anticipates another $750 billion bank bailout this year, a step that would more than double the direct infusion of taxpayer money into the reeling financial sector.

The White House's 2010 budget released yesterday includes a $250 billion contingency fund for 2009 that - if needed - could leverage three times as much in asset purchases from financial institutions in need of capital.

In essence, however, taxpayers would foot the entire $750 billion up front. Administration budget writers say the value of the assets that the government has already acquired suggests a return to the government of 66 cents for every $1 spent, hence the $250 billion net expenditure.

Remember when they were telling us, the taxpayers -- who ARE the "government" on this one -- that we MIGHT MAKE a PROFIT off this whole thing back in September when they were shoving the first one up our asses?

Hey, what is ONE MORE GOVERNMENT LIE, huh?

Still, the inclusion of the money is the clearest sign yet that Obama's economic team is not certain that the $700 billion Troubled Asset Relief Program that Congress approved last fall has done enough to unlock the capital markets and make credit more available....

Well, according to the "experts" NO ONE WILL EVER KNOW, and as far as the credit, etc, NOPE!!!!

Obama signaled the possibility of a new bailout request to Congress in his address to lawmakers Tuesday.... The Troubled Asset Relief Program has proven to be an unpopular expenditure with the public and with many in Congress who believed financial institutions received the money with little accountability and with few strings attached....

And THAT is why the agenda-pushing newspapers are keeping this NEW BAILOUT QUIET!!

THEY KNOW we are HANGING MAD out here!!!

The administration still has more than $250 billion available from the original TARP funds to inject capital into banks....

Nothing about any mortgages being paid off, huh?

It's just "capital -- read: MONEY -- injected into banks -- as the American people find something else injected into their anus!

Still, it is conceivable that some of the extra money - if needed - would be used to inject more capital into banks and for a soon-to-be operational public-private program to buy rotten assets held by banks, the official said....


Yup, all the SHIT is going to be DUMPED ON YOU, AmeriKan taxpayer -- but then again, you are used to getting shit dumped on you, aren't you?

Well, HERE is a LITTLE MORE then.

They save the BEST for LAST on page B9!!!!

"More than two-thirds of all banks and thrifts turned a profit in that period, but their earnings were outstripped by large losses at a number of major banks"

Oh, so you are ONLY BAILING OUT BIG, GLOBALIST BANKS, taxpayers!!!



"US banks report biggest loss in 25 years"by Associated Press | February 27, 2009

WASHINGTON - The nation's banks lost $26.2 billion in the last three months of 2008, the first quarterly deficit in 18 years, as the housing and credit crises escalated....

More than two-thirds of all banks and thrifts turned a profit in that period, but their earnings were outstripped by large losses at a number of major banks....

FDIC chairwoman Sheila Bair, reaching for a silver lining in the dismal picture, noted that total deposits increased.... That showed confidence in the banking system and deposit insurance, Bair said...

What, the drug dealers upping their deposits?

And you gotta hand it to government: they can find corn kernels in a pile of shit.

The latest indications of financial distress came as the Obama administration proposed boosting the federal deficit by an additional $250 billion, enough to support as much as $750 billion in increased spending under the government's rescue program for financial institutions.

The government began "stress tests" Wednesday for 19 of the largest banks that will gauge whether each institution has adequate capital to survive a severe downturn. Banks that need new funds will be given six months to raise the money from the private sector or, failing that, from additional capital injections under the bailout program.

They ain't going to pass those tests; ever see a house of cards, readers? How much stress can it take?

James Chessen, chief economist at the American Bankers Association:

"[The FDIC report] confirms what we already know - the weak economy is continuing to make it difficult for some businesses and individuals to repay their loans. [At the same time], banks are taking the necessary steps to put losses behind them [and continue to actively lend]."

How many times they gonna print that lie?

U.S. Banks Driving Credit Crunch ON PURPOSE!!

Bush Administration Created Credit Crunch Crisis

Banks Cut Off Credit

America Never Had a Chance

Two-thirds of US banks increased their lending in the fourth quarter, Chessen said....


When are ENOUGH LIES ENOUGH, hanh?!!!!!!!!!!!!!!!!!

See: Lying Lenders

Meanwhile, you know what does get a lot of print space?

Dog shit; no, LITERALLY, dog shit.

"Obamas' pet preference gives some pause" by Michael Levenson, Globe Staff | February 26, 2009

President Obama hasn't even filled his Cabinet. And yet now it appears the first family is ready to move ahead and fill at least one key vacancy in the White House.

In an interview with People magazine, Michelle Obama revealed that the long search for a family dog - unveiled to the world during her husband's victory speech in Chicago's Grant Park more than three months ago - is finally nearing an end. She told the magazine that daughters Sasha and Malia will get their promised pooch in April, after spring break, and they are planning to adopt a Portuguese water dog from a shelter.

The news sparked cheers from lovers of the breed but also waves of worry about whether the Obamas are ready for the challenge. Bounding with energy and sometimes mischievous, the dogs were originally bred for their strong swimming skills by Portuguese fishermen, who would send them diving overboard for nets and buoys. They are notoriously hard to handle.

"They're really good at opening refrigerators and cabinets and, so, thank God the White House has staff to take care of things," said Janet Boyd, an "Obama fan" from Snohomish, Wash., who owns three Portuguese water dogs and is active in the Portuguese Water Dog Club of America. "I don't think they're an easy dog and that's why I have a little hesitation - and hope for the best."


US Senator Edward M. Kennedy is by far the nation's most prominent owner of the breed. His three dogs - Splash, Sunny, and Cappy - often romp by his side in Hyannis Port and on Capitol Hill. A close ally of the new administration, Kennedy was almost certainly lobbying for the robust breed. "We love our Portuguese water dogs, and if the first family decides to go in that direction, we know they'll fall in love, too," he said in a statement yesterday. "And Splash, Sunny, and Cappy look forward to welcoming the new first dog to Washington."

Yesterday, breed owners accustomed to the reflected spotlight from the Kennedy dogs were steeling themselves for even more attention with the prospect of a more prominent owner in the White House....

Debi Vaccaro of Harvard, a breeder and owner of Portuguese water dogs;

"They're not an easy dog for a first-time dog owner."

Michelle Obama had said months ago that the family was thinking about adopting a Portuguese water dog or a labradoodle, because Malia has allergies and both breeds are considered hypoallergenic. The Portuguese water dog apparently prevailed.

"Temperamentally, they're supposed to be pretty good," Michelle Obama said in the issue hitting newsstands tomorrow. "From the size perspective, they're sort of middle of the road - it's not small, but it's not a huge dog. And the folks that we know who own them have raved about them. So that's where we're leaning."

The remarks immediately reverberated in kennel clubs nationwide. "It's like the biggest thing in the dog world now," said Christina Duffney, director of public relations at the American Kennel Club, which was flooded with inquiries about the breed.

Michelle Obama said her daughters had suggested a few names - Frank and Moose - that were not winning favor with her. "Moose," she said. "I'm like, no, come on, let's work with the names a little bit."

Now, that combination of names is strange.

What do they mean they DIDN'T LIKE those names?

The dog ranked 62d in popularity among the 161 breeds recognized by the American Kennel Club. "People tend to mistakenly put them in the soft, cushy, teddy-bear category of dog because of the way they look, but they are very much working dogs," Boyd said. "They need a job. They're not a very good lay-by-your-side sort of pet."

The American Kennel Club, however, was confident the dog would be a perfect fit for the Obamas. "I think the dog will thrive on meeting a lot of different people and traveling and going here, there, and everywhere," said Lisa Peterson, a club spokeswoman....


Wondering about the lack of highlighting in that last piece?

Tells you how much I cared for that piece of puppy poop "journalism."