Tuesday, August 24, 2010

Town debates poverty

PVT

In these days where transparency in government is sought after, some residents would prefer to hide unpleasant facts of life in Pahrump from the sight of outsiders — especially business owners who might be considering a move to the valley.

As reported last week, the Pahrump Town Board passed Resolution No. 2010-08, related to poverty, by a vote of 3-2, at their August 9 meeting, with members Frank Maurizio and Mike Darby voting against passage.

The adopted resolution recognizes the need for volunteers as well as public and private organizations in Pahrump whose ongoing actions are necessary to help alleviate the physical, mental, economic and other known problems associated with the conditions of poverty.

The resolution was discussed with passion by supporters on both sides of the issue.

Darby asked for a clarification on the words stating the town would be “supporting the actions” of those working to alleviate poverty and was assured that the town was not pledging any monetary support by board member Vicky Parker and others, such as volunteer Don Rust, a member of NyE Communities Coalition.

“This resolution was introduced to simply give government recognition,” said Rust. “It supports the actions of volunteers and nonprofits.”

Parker said, “I know there is a great deal of poverty in this town, and I know that a number of people and organizations are doing the best they can to help. I feel it’s within the purview of the town board to officially support them in this effort.”

Parker then made a motion to accept the resolution and Vice Chairman Bill Dolan seconded it, opening the way for public comment.

Andy Alberti questioned whether a business would come to an area where residents didn’t have enough money to make purchases.

“To me, we are advertising to the rest of the world that we don’t have enough talent here to attract business” Alberti said. “Jobs eliminate poverty. Lack of work and subsidies are the things that create poverty.

“I would like to see this town board reject this and encourage every organization that wants to do something about poverty in this town to look to see what they can do to help attract light industry or other types of jobs.” Alberti left the podium with a round of applause, as did each speaker offering an opinion on the resolution.

Dave Stevens had a different take on the subject: “I want to say to this town board, God bless them for bringing something like this up. People are at least thinking about others. These people are no magicians. There’s no jobs here.”

According to resident and town activist Margery Hansen, Nye is the most poverty stricken county in the country.

“Nevada is number eight in the country for poverty and our unemployment recorded rate is 14 percent, but the actual rate is 25 percent,” she said.

According to the U.S. Bureau of Labor Statistics, the most recent unemployment figure for Nye County was 16.7 percent in June.

Hansen also said there are 50 delivered eviction notices in Pahrump each day.

“Yes, we need jobs here. However, we are averaging five suicides a week. I don’t care about corporations — I care about the people we save.”

Isabelle Isherwood was next at the public podium. “Corporations create jobs. This town is begging for business and … it has turned businesses away. I think that a resolution is pap. It’s worthless. It doesn’t do a thing.”

Auctioneer Carl “Ski” Censki, said he was a little confused. “We are quite active in trying to raise money to feed a lot of people. We’ve got children that are sleeping in vans. We aren’t asking to put a big billboard up to say Pahrump is poverty stricken.

“This is just asking for an endorsement. Can you really look at yourself in the mirror if we have one child starve to death just because we don’t want the world to think that Pahrump is poverty stricken?”

Don Cox said Pahrump is branded right now with the prison. “Are we going to get branded again for being the most poverty stricken town in the nation?” He blamed the Nye County Board of Commissioners for “running jobs off.”

Candidate for town board Harley Kulkin was the last at the podium. He was for adopting the resolution.

“If we are willing to publicly admit we have a financial crisis in our community, that’s the first step toward recovering from that crisis,” Kulkin said. “I think it’s a good idea.”

By GINA B. GOOD

Fox News shareholder funded ‘Ground Zero mosque’ imam: report

The second largest shareholder in News Corp. -- the parent company of Fox News -- has donated hundreds of thousands of dollars to causes linked to the imam planning to build a Muslim community center and mosque near Ground Zero in Manhattan, says a report from Yahoo!News.

According to the report from Yahoo!'s John Cook, Saudi Prince Al-Waleed bin Talal, who owns seven percent of News Corp., "has directly funded [Imam Feisal Abdul] Rauf's projects to the tune of more than $300,000."

Cook reports that Prince Al-Waleed's personal charity, the Kingdom Foundation, donated $305,000 to Muslim Leaders of Tomorrow, a project sponsored by two of Rauf's initiatives, the American Society for Muslim Advancement and the Cordoba Initiative, which is building the Manhattan mosque.

That Fox News' second-largest shareholder, after Rupert Murdoch, has financial links to the "Ground Zero mosque" will be seen as ironic by critics of the news network, who have watched with chagrin as the network's talking heads attempt to link the mosque to radical Islamism.

Last week, Daily Show host Jon Stewart lambasted Fox panelist Eric Bolling's attempt to link the Cordoba Initiative to Hamas and Iran. Stewart used News Corp.'s connections to Prince Al-Waleed, and the prince's connections to the Carlyle Group and Osama bin Laden to make a tongue-in-cheek argument that Fox News may be a "terrorist command center."

"Stewart didn't need to take all those steps to make the connection," Cook writes.

Cook also reports that Prince Al-Waleed has in the past funded a number of Islamic organizations that have been maligned by Fox News commentators:

Al-Waleed donated $500,000 to the Council on American-Islamic Relations — which has been repeatedly denounced on Fox News's air by Geller and others as a terror group — in 2002. Indeed, Rauf's "numerous ties to CAIR" alone have been cited by the mosque's opponents as a justification for imputing terrorist sympathies to him, yet few people seem to be asking whether Murdoch's extensive multi-billion business collaboration with the man who funds both Rauf and CAIR merits investigation or concern.

Other beneficiaries of Al-Waleed's largess include the Islamic Development Bank, a project designed to "foster the economic development and social progress of [Muslims] in accordance with the principles of Shari'ah." The IDB funds the construction of mosques around the world, and has been implicated by frequent Fox News guest Stephen Schwartz in an attempt to spread radical Wahhabism (a fundamentalist branch of Islam) throughout the United States.

Cook notes that it was none other than News Corp.'s New York Post that reported on Prince Al-Waleed's donation to Muslim Leaders of Tomorrow. He reports that Fox News had no comment for his article, and emails to the prince's Kingdom Foundation were not returned.

Prince Al-Waleed owns an estimated $2.5-billion-worth of News Corp. Majority shareholder Rupert Murdoch recently took a stake in the prince's Middle East-based media conglomerate, Rotana Group. Murdoch and Prince Al-Waleed are reportedly working on launching an Arabic news network that will compete with existing pan-Arabic networks Al-Jazeera and Al-Arabiya.

(Editor's note: Original article's headline incorrectly referred to Saudi Prince Al-Waleed bin Talal as co-owner rather than the second largest shareholder.)

Autumn in New York


Above we have the monthly basis price of gold (www.timingcharts.com) for the past 10 years. For the past 10 years, there has been a pronounced advance through the autumn, usually into the winter and sometimes lasting until May. Gold usually hits a bottom in July and then makes a secondary test in August. Then in late August it starts to rally and after Labor Day begins a steady advance. The up move in early August is unusual and is probably a hint that this year’s autumn rally will be stronger than usual.

If you buy gold at the end of August and are good enough to catch the “winter” top, you usually have a nice gain. For example, if you bought at the end of August 2009 ($953) and held through the end of November ($1,182) – and I caught that top almost to the day –you had a gain of 24% on fully owned gold. This, of course, is more if you used margin or were in the more volatile gold stocks. 2008 was a rough year for gold, and I missed the summer decline. However, I toughed it out (which is sometime, not always, the thing to do), held on for the Nov., Dec., January rally and sold within days of the Feb. ’09 top. A person who bought at the end of August ($842) and sold at the Feb. close ($942) made a gain of 13%.

A person who bought at the end of August ’07 ($681) and sold at the end of February ’08 ($975) made a whopping 43% gain on fully owned gold. (Again, I caught that top within days.) For ’06, if you bought at the end of August ($632) and sold at the end of March ’07 ($669), you made 6%. For 2005, which was an exceptional year because of the silver ETF, if you bought at the end of August ($446 and sold at the end of April ’06 ($660), then you made 48% on your fully owned gold. How sweet it was.

Going back to the early part of the decade we find similar bullish autumn moves in 2001, 2002, 2003 and 2004. They are smaller in absolute numbers, but the semi-log chart tells the truth and proves that these moves were very close in percent gain to the ones later in the decade.

I believe that the 2008 decline was a unique situation. I knew that the New York Times was powerful, but even I underestimated their ability to move markets. And in 2008 they pulled out all the stops. They started to scream “FINANCIAL CRISIS,” and they kept repeating similar headlines through the last 2 weeks of September.

The two biggest headlines in the New York Times over the course of the 20th century were Pearl Harbor and the landing of men on the moon. The “financial crisis” of 2008 was only slightly behind these two in size of headline and quantity of space. And it surpassed them in frequency of repetition. Both Pearl Harbor and the moon landing only happened once. But the “financial crisis” of 2008, not being a real event, could be strung out and reported over and over. (If I have a good sense of the world – and my record shows that I do – then I would not be at all surprised to learn that the New York Times was maneuvering behind the scenes at that time to get the Japanese to attack a second time so that there could be another headline.)

The astonishing thing about the “financial crisis” was that the Times had been telling the country how stupid President Bush was since his election in 2000. But when he declared a financial crisis, they believed everything he said. The only financial crisis that occurred in 2008 was the collapse of the NINJA loans made during the financial bubble. It was a crisis for the Wall Street firms who had made these loans and held toxic assets, but it was not a crisis for the country.

Who benefited from the housing bubble of 1997-2006? It was housing speculators. Young couples searching for their first homes were priced out of the market. People were buying houses, not to live in them but to “flip” them, meaning sell to a greater fool, who also would not live in them. Housing affordability collapsed.

Around World War I, major advances were made in homebuilding techniques, and houses were built much more cheaply and were much more affordable. The people of the day had the brains to realize that this was a good thing. You could buy more house for your money, or you could have more money left over after you made the purchase. Today’s media treats a decline in prices as something bad. They say, “there is a threat of deflation.”

Well, if a decline in prices is bad, then how come 1955, the last year in American history to see a decline in prices, is called “Happy Days.” It must be that the average American knows more about economics than all these fancy idiots running around with big titles. Or, try the following experiment. Go into a small town in America, sit down in a local eating place and strike up a conversation. “Hey, remember two years ago when gas prices dropped from $4.00 to $1.50? Was that a good thing or bad?”

“What, are you kidding fellow? My gas bill for the quarter was down. My heating bill was down. The family could go out for a drive without worrying about spending too much money. The money was flowing from the oil companies and the Saudis into my pocket. I wish those days would come back.”

As I have noted previously in these pages, there was a much bigger decline in prices in the late 19th century (1866-1896). A succession of geniuses (Edison, Tesla, Bell, etc.) invented wonderful new products which made American life the envy of the world. Real wages rose by 90% in real terms. Immigrants flooded into the country to become part of America. And the country became the number one economic powerhouse in the world.

And yet the New York Times is telling us that in 2008 a financial crisis began. Well, Mr. Sulzberger, why don’t you get your own house in order before you tell anyone else what to do? You took all your money around 2000 and used it to buy your own stock for $40 per share. By 2009, it was down to $4 per share. That is, you lost 90% of your money. During the same period gold bugs multiplied their money by almost 4 times. Now that was a financial crisis – for you – precisely because you took your own advice.

But I don’t take your advice, Mr. Sulzberger. No, the One-handed Economist has a responsibility to make money for its subscribers. The One-handed Economist has to tell it like it is. The One-handed Economist is saying that prices are not going down. That is nuts. Prices are going way, way up. The rise will start with commodity prices, spread into producer prices and then into consumer prices. At some time in the future, we will get the modern equivalent to 1979, when the CPI rose by 13.3% and the price of gold multiplied by a factor of 3.8 (except in the future both these numbers will be much higher.)

RETIREMENT

A few months ago, U.S. News & World Report noted:
“Early retirement is no longer the goal of most workers. Even retirement at age 65 seems unattainable to many people. The majority of Americans now expect to work until age 65 or later.

The number of Americans planning to retire before age 65 has dropped from 50% in 1996 to 29%, according to a Gallup survey of 1,020 adults. Meanwhile the proportion of people planning to work until after age 65 has increased from 15% in 1996 to 34%. This is the first time in the 15-year-old survey that more workers plan to retire after age 65 than before it. Another 27% plan to retire exactly at age 65.”

U.S. News & World Report, May 18, 2010

I have repeatedly commented in these pages that retirement had become impossible in America in principle. It takes some time for a principle to be actualized in reality, but gradually fewer and fewer people are making the decision to retire. The US News & World Report article makes it clear that we have passed the half way mark toward the society where retirement is impossible for most people.

The reason is simple. To retire, your savings must grow, and the traditional way of doing this was by compound interest. But when the New Deal abolished the gold standard, it started to print paper money at a rate just about equal to the rate of interest. This, of course, means that you have been getting 0 real interest rate for the past 77 years. But at 0% interest money cannot grow, and this means that you cannot accumulate money for retirement.

Americans have responded by trying to make money for retirement by speculating in stocks. This is like making up for a cut in pay by beating your buddies in the Saturday night poker game. Speculating is a zero-sum game. Some may win, but an equal amount must be lost.

The myth is perpetrated today that the stock market always goes up. The stock market has gone up since 1933, but this has happened because the Fed stole money from bond (and other fixed income) investors to give it to stock speculators. FOR EVERYONE TO BENEFIT, NET WEALTH MUST BE CREATED. That is a point that the “Brain Trust” did not understand.

Do you want to speculate in the stock market intelligently? Then watch the Fed. When the Fed eases credit and prints money, then stocks will go up (and bondholders will lose via the depreciation of the currency). When we are on the upswing of the commodity pendulum (as now), then be in gold or other commodities. When we are on the downswing of the pendulum, then be in stocks (or real estate). That is, in broad scope, the name of the game.

The specifics to implement this strategy are discussed fortnightly (every two weeks) in the One-handed Economist. ($300 per year). You may subscribe by visiting my web site at www.thegoldspeculator.com. Or you may subscribe by sending a check for $290 ($10 cash discount) to The One-handed Economist, 614 Nashua St. #122, Milford, N.H. 03055. Both the price of gold and the gold stocks are looking explosive, and I am confident of a good autumn.

Howard S. Katz

****

Thousands strain Fort Hood's mental health system

FORT HOOD, Texas — Nine months after an Army psychiatrist was charged with fatally shooting 13 soldiers and wounding 30, the nation's largest Army post can measure the toll of war in the more than 10,000 mental health evaluations, referrals or therapy sessions held every month.

About every fourth soldier here, where 48,000 troops and their families are based, has been in counseling during the past year, according to the service's medical statistics. And the number of soldiers seeking help for combat stress, substance abuse, broken marriages or other emotional problems keeps increasing.

A common refrain by the Army's vice chief of staff, Gen. Peter Chiarelli, is that far more soldiers suffer mental health issues than the Army anticipated. Nowhere is this more evident than at Fort Hood, where emotional problems among the soldiers threaten to overwhelm the system in place to help them.

Counselors are booked. The 12-bed inpatient psychiatric ward is full more often than not. Overflow patient-soldiers are sent to private local clinics that stay open for 10 hours a day, six days a week to meet the demand.

"We are full to the brim," says Col. Steve Braverman, commander of the Carl R. Darnall Army Medical Center on the post.

That doesn't even count those soldiers reluctant to seek care because they are ashamed to admit they need help or the hundreds who find therapy outside the Army medical system, Braverman and other medical officials say.

Officials worry the problems may worsen — for the military and the country.

"If Fort Hood is representative of the Army — and 10% of the Army is assigned to Fort Hood — then if you follow the logic, our numbers should be scalable to any other post in the country," says acting base commander Maj. Gen. William Grimsley.

"I worry that if we don't see this through the right way over the long haul ... we're going to grow a generation of people 10 or 15 years from now who are going to be a burden on our own society," he says. "And that's not a good thing for the Army. That's not a good thing for the United States."

Statistics provided to USA TODAY by Fort Hood commanders show the explosion of mental health issues here:

•Fort Hood counselors meet with more than 4,000 mental health patients a month.

•Last year, 2,445 soldiers were diagnosed with post-traumatic stress disorder (PTSD), up from 310 in 2004.

•Every month, an average of 585 soldiers are sent to nearby private clinics contracted through the Pentagon's TRICARE health system because Army counselors cannot handle more patients. That is up from 15 per month in 2004.

•Hundreds more see therapists "off the network" because they want their psychological problems kept secret from the Army. A free clinic in Killeen offering total discretion treated 2,000 soldiers or family members this year, many of them officers.

•Last year, 6,000 soldiers here were on anti-depressant medications and an additional 1,400 received anti-psychotic drugs.

"I don't think we fully understand the total effect of nine years of continuous conflict on a force this size," Chiarelli says, reacting to those statistics.

"Those numbers are pretty staggering," says Kathy Beasley, a health care executive with the Military Officers Association of America. She wonders what will happen when those soldiers leave the military. "Do we have the supply and the people in our systems to take care of that?"

Every time more counselors are hired here, their schedules immediately fill up with patients. "It's almost like a Field of Dreams," Braverman says, referring to the famous line from the 1989 film about a baseball field on an Iowa farm that spontaneously draws crowds. "If you build it, they will come."

'Life can slowly slip away'

Staff Sgt. Josh Rivera came back from his third tour in Iraq this year eager to save his marriage.

"When a soldier is constantly gone and actually fighting, not just deploying and sitting in an office, life can slowly slip away," says Rivera, 32, a native of the Bronx, N.Y.

Thirty-nine cumulative months of war had left him distant from his family and confused about his role in their lives, Rivera says. All that made sense was the infantry, which he loves. Rivera resisted seeing a counselor until his marriage was in real trouble, he says.

The Army therapist who met with Rivera and his wife, Julie, gently guided them back to basics — what brought them together 10 years before, why each mattered to the other and what they wanted out of life, the couple say.

Chaplains provide marriage counseling, but for soldiers who want to see a licensed marriage counselor, the base's social work department has two, each with a caseload of 60 couples, says Lt. Col. Nancy Ruffin, department director.

She has to refer some troubled marriages to private clinics, and not all the soldiers are willing to do that, Ruffin says.

The demand for other types of counseling also far exceeds supply. There are not enough social workers to treat soldiers suffering the emotional effect of sexual assault. Ruffin says she has one social worker, who is handling 50 cases.

Fort Hood has an intensive, three-week therapy program, followed by eight weeks of group therapy, for soldiers suffering stress-related issues, including post-traumatic stress disorder. It has a waiting list of 80 soldiers.

The child and adolescent psychiatric services at Fort Hood handle more than 1,000 visits, assessments or counseling sessions with military children each month, up from about 800 in 2004. It refers about 30 overflow cases off base each month, up from zero in 2004, the base statistics show.

Fort Hood has one of the most robust mental health programs in the Army. It has 171 behavioral health providers and 28 new hires are on the way, says Lt. Col. B. Kirk Phillips, a psychiatrist and director of mental health care at the Darnall medical center. This is up from about 50 mental health workers in 2004.

Because of war and deployments, not only are there more soldiers suffering emotional problems, they are sicker than ever and require more counseling sessions, Phillips says. Even after the latest round of hiring, Phillips says, a recent internal analysis showed the mental health staff will need an additional 58 counselors to meet the demand.

Suicides outpacing 2009

Despite the increase in mental health resources, there have been 14 confirmed or suspected suicides among Fort Hood soldiers this year. That figure outpaces 2009 and matched each of the three worst years for suicides in recent base history, 2006-2008. In June, the Army recorded 32 suicides overall, the highest monthly total since it began keeping records.

Army Sgt. Douglas Hale Jr., 26, was one of the most recent Fort Hood suicides.

On July, 6, Glenda Moss received this text message from Hale, her son: "i love u mom im so sorry i hope u and the family and god can forgive me."

Her son had tried to kill himself in May. She feared he might try again. She immediately called the Army and then drove the 90 minutes from her home in King, Texas, to the base.

It was too late. Hale had walked into a restaurant across Highway 190 from Fort Hood, asked to use the bathroom, locked the door and shot himself in the head with a newly purchased handgun, according to a police report. He was removed from life support a few days later.

Moss knew her son was very troubled. When his second combat tour to Iraq ended in 2007 after 15 months, he was diagnosed with PTSD and severe depression, began drinking heavily, saw his marriage disintegrate and, finally, left the base without permission last year.

He was brought back to Fort Hood in May after being taken into custody by police in King for being absent without leave, his mother said. He attempted suicide in his barracks that month.

The Army sent him to a psychiatric hospital in Denton, Texas. Army doctors told him "we don't have enough people here (at Fort Hood) to help you," his mother recalls.

A statement released by Fort Hood in response to questions about Hale's case says, "Space and staff shortages prevent us from treating all our patients on post. While it is our intent to treat patients within our facilities, the reality is we cannot at the present time."

Base officials declined to discuss the specifics of Hale's case while an Army investigation continues.

Moss says her son seemed to be in good spirits after leaving the Denton hospital following a month of treatment in June. He spent the July 4th weekend at his mother's home before she drove him back to Fort Hood on July 5.

Moss says the Army can do more to watch over troubled soldiers like her son. "They need to do as much as they can to stop this, because if they don't, the Army's going to be responsible for a lot more (suicides)," she says. "I don't want another family to have to deal with what I went through.

'Stigma was still a problem'

After the mass killings in November, Fort Hood launched a campaign to gauge the psychological health in the community. The goal was to see how many people needed help, whether they were getting it and how many counselors were needed. Part of the effort was an online, confidential survey in February to get soldiers' views. Troops were offered incentives such as a day off from work to participate. More than 5,000 responded.

One in four said they would be viewed as weak, treated differently or harm their careers if they admitted suffering emotional issues, says Col. William Rabena, who led the campaign. The attitude was particularly strong among majors, lieutenant colonels and full colonels.

"Stigma was still a problem," Rabena says.

For those soldiers afraid to seek help, who decline to go to Army therapists or private clinics that contract with the military, there are alternatives.

A Pentagon program offers soldiers a limited number of counseling sessions with private therapists that will remain off their medical records. The program is called Military OneSource, and it provides up to 12 free and confidential therapy sessions when soldiers call a toll-free hotline. From May 2009 to May 2010, there was a 72% increase in sessions provided by the program in the Fort Hood area, from 822 to 1,412, says Air Force Maj. April Cunningham, a Pentagon spokeswoman.

Another option for Fort Hood soldiers who want to keep their psychological problems secret from the Army is a free clinic in Killeen called Scott & White Military Homefront Services. The therapy provided at this clinic does not show up as a mental health diagnosis on a soldier's medical record.

The five therapists at the project are booked solid, says the director, Maxine Trent, a psychotherapist and the wife of a retired Navy SEAL.

The clinic has seen 7,117 soldiers, spouses and their children since it opened in 2008, says Matthew Wright, a director with Scott & White Healthcare of Temple, Texas, which operates the project.

Soldiers, many of them officers, come into the clinic seeking therapy for the first time in their careers, Trent says.

"Generally, you have the parade rest," she says, demonstrating how they sit with backs straight, arms outstretched and palms on knees. The tension in their bodies, she says, is palpable.

"Those who have been back-to-back deployed vibrate. ... There's different energy. There's hyper-vigilance that you won't see anywhere else," Trent says. "They walk in here not sleeping. They walk in here having mood disruptions, angry driving, explosions at wife and/or husband and kids."

When her offices opened, Trent canvassed the wives of Fort Hood commanders to get a sense of what she was facing. "They told us basically, 'We know everything we need to know about deployment. Please don't set up any programs to teach us about deployment,' " Trent recalls. " 'What we don't know how to do is to keep doing it (deployments). We're tired. We're exhausted.' "

Even this program struggles to cope with all those needing help and getting the money to pay for it.

A $750,000 grant from the Dallas Foundation and the Association of the U.S. Army for the project is nearly gone and officials are trying to secure more funding, Wright says.

Adam Borah, who runs the outpatient psychiatric clinic at Fort Hood, sees progress in the many soldiers stepping forward to seek help. "The bad news is that there are a lot of people out there who need behavioral heath care," he says.

Braverman worries that if the number of patients keeps climbing, soldiers will give up waiting to see someone and avoid seeking help. Private clinics that contract with the military to handle overflow patients are overworked, says Chuck Lauer, a senior administrator at Darnall Hospital. "These guys (local private therapists) are putting in six days a week. Some of them have their practices open 10 hours a day," Lauer says.

Staff Sgt. Rivera, who got the marital help, worries for the soldiers. "The military needs to know that they are losing very good soldiers and squads and platoons to multiple deployments," he says. "The amount of help needed is actually overwhelming."

US Said Preparing New Laws To Seize Americans Retirement Accounts

First They Destroy Private Healthcare in America – Yes, the socialist Democrats won their first battle to destroy the private healthcare system in the US but the automatic IRA bill now in Congress is their next attack to also control, confiscate and destroy the private retirement system. Ultimately, nationalizing healthcare is designed to create a major new government revenue stream by replacing private health insurance with a nationalized, mandatory, government program and their goal is identical with your retirement plan.

Washington will decide the annual forced healthcare premiums on all Americans with the middle and upper wage earners paying far higher premiums than the subsidized voting constituencies who will be the primary beneficiaries of the program. Their goal is to allow Washington to steal much of the annual health premiums (taxes) for current revenue needs and to bailout and subsidize with your premiums the health programs for the voting blocks of poor and underemployed, illegals, unions and the millions of city, county, state and federal government employees. Eventually there will be no private competition available except for the very wealthy and Washington will constantly increase premiums just as they raise taxes today.

Next They Steal Your Private Retirement Benefits – Just as with the Obama Administration plans eventual nationalization of healthcare, the tremendous amount of funds in private retirement plans and IRA accounts are also being targeted to meet future revenue needs. Bills have just been introduced in both the House and Senate to create the new Auto IRA accounts which will at first be voluntary but later will become mandatory like Social Security and I expect the early 3% employee after tax contribution levels to eventually rise to 10 to 15% of compensation rising even more than Social Security has increased over the years. Read this August 17th article in Investment News at for more information.

Just Robbery Pure & Simple – The Auto IRA is the first step to grab and control your retirement assets and replace our private system with a forced, government controlled Social Security type program. In addition they will force much of your retirement funds into buying junk treasury bonds along with the Federal Reserve when the dollar/national debt crisis hits as billions of retirement funds become the buyer of last resort when the rest of the world are dumping dollars and treasury securities. Americans with substantial private retirement benefits will also likely be “means tested” out of their promised Social Security benefits and discover their private retirement benefits will be subject to confiscatory levels of taxes and penalties which will even target previously taxed Roth IRA accounts.

Bipartisan Theft – But don’t think a GOP victory in the fall elections or 2012 will safeguard your retirement assets as Washington’s need for new wealth is a bipartisan effort by both political parties. Note that the leading “Washington based” conservative think tank disagrees with my analysis of the threat to your retirement assets. I take exception to the views of David John, The Heritage Foundation’s leading analyst on issues relating to pensions, financial institutions, asset building, and Social Security reform but read his The Automatic IRAs: A Conservative Way to Build Retirement Security and you will see how even some traditional conservatives are supporting the latest Washington retirement wealth and power grab.

Read More About the Retirement Threat & Protection Solutions – I have already covered the proposals in detail in two lengthy online reports: Get Ready For the Obama Retirement Trap at published on 1/28/2010 and The 10 Step Countdown To Retirement Plan Nationalization at published on 3/22/2010.

Please take the time to review both reports in detail which covered the threats when the Obama Administration first proposed this new program back in January 2010 and also read David John’s glowing support for the new Washington retirement scheme. Then decide for yourself if Washington is here to help you for a change or out to steal you blind as usual. Together, the reports above provide a confiscation timeline and actions you can take now to defend your retirement security and benefits.

Broomall Pathmark to close; 108 jobs slashed

There is more bad news on the job front as Labor Day looms, with still another supermarket closing in the county that will cost more than 100 jobs.

The Pathmark supermarket in the Broomall section of Marple Township has alerted the state it will close its doors on Oct. 13. The ailing supermarket chain will ax all 109 jobs at the site.

It's one of two Pathmarks targeted for closing; the store in Bristol, Bucks County, also will be closed, costing another 109 jobs.

The moves are part of a restructuring by Pathmark's parent company, the Great Atlantic & Pacific Tea Co. Inc. The chain, based in Montvale, N.J., indicated last week that it would shutter 25 of its 429 stores. More than 2,000 employees will be affected.

The Pathmark closings come just days after Genuardi's supermarket closed two stores in the region, in the Glen Eagle Shopping Center in Glen Mills, and another store in Tredyffrin.

A third Genuardi's, in the Edgmont Square Shopping Center near Newtown Square, closed July 17 after being open for about 15 years.

Genuardi's continues to operate 30 stores in southeastern Pennsylvania and South Jersey. Its Delaware stores were rebranded as Safeways when the massive Pleasanton, Calif.-based supermarket chain purchased Genuardi's in the early 2000s.

The Great Atlantic & Pacific Tea Co. Inc., or A&P, operates 429 stores in eight states under names such as Waldbaum's and Pathmark. Founded in 1859, A&P is one of the nation's first supermarket chains.

Watch Former Fed Governor Fred "Napoleon Dynamite" Mishkin In Dire Need Of A Diaper Change

Some time ago we penned a post, titled"Mishkin On Iceland: "Nothing Is F*#&ed Here Dude" which discussed the former Fed director's March 2006 analysis "Financial (IN)Stability In Iceland." Those interested in our original observations of Mishkin's horrendous analysis (of what proved to be the first bankrupt European country of the new century, but certainly not last) can find them at the original link. Yet continuing with the Duderino references, today, new shit has come to light, which once again confirms that not only is the Fed populated by the most intellectually incapable and corrupt people, but that anything coming out of Columbia University (and the Ivy League in general) is not worth the paper it is printed on. Watch the attached clip to see a former Fed director go from comfortable, to fidgety, to stuttering, to thoroughly discredited, to in dire need of diaper change, in under 2 minutes. Last but not least, here is the soundbite of the year: "You have faith in the central bank." No further comment necessary.