Democrats' budget bill: $1.1 trillion; 1,900 pages

The bill includes about $5.4 billion for new labor, education and health spending. | AP Photo

Defying the political odds, Senate Democrats rolled out a year-end, governmentwide spending bill Tuesday that cuts more than $26 billion from President Barack Obama’s 2011 requests even as it holds firm to thousands of the appropriations earmarks so adamantly opposed by critics of Congress.

Filling more than 1,900 pages, the $1.1 trillion measure represents an increase of less than 2 percent in annual spending but makes for an easy target of ridicule — a last stand by the Senate’s old bulls before the tea party takeover. In a scene reminiscent of the movie “Casablanca,” top Republicans expressed shock, shock that there was gambling still in Rick’s Cafe even after their own members have been quietly working to write the bill and gather GOP votes for passage.

“It’s completely inappropriate; I’m vigorously in opposition to it,” said Senate Minority Leader Mitch McConnell, who then had to admit the bill included earmarks for projects in his home state of Kentucky. Indeed, the spending levels are specifically designed to meet appropriations targets that McConnell and much of the Republican leadership espoused only months ago, and the leader’s old friend, Sen. Bob Bennett (R-Utah), has been active on the bill’s behalf.

Appropriations clerks in both the House and the Senate have devoted months to the effort in a last hope of salvaging something from the collapsed budget process this year. The Departments of Defense, State and Homeland Security have the greatest stake in the increases above 2010 levels, and, surprisingly, the bill also adds about $5.4 billion for new labor, education and health spending in addition to billions more to meet a shortfall in Pell grants for low-income college students.

Included is an $840 million increase for Head Start and $550 million for Obama’s signature Race to the Top education initiative. But conservatives zeroed in most on what they estimated was $1.25 billion in spending related to health care reform — a sure target in the next Congress.

The first challenge for Senate Appropriations Committee Chairman Daniel Inouye (D-Hawaii) will be to get the 60 votes needed to limit debate — a test that could come as early as Saturday. He’s had little help thus far from the White House, whose costly tax deal with Republicans may have made his task harder. But the administration has a major stake in the fight, since it most fears that Republicans will insist on a short-term continuing resolution that will only set up a new fight in February.

For this reason, the House last week passed a stripped-down, yearlong continuing resolution as a buffer of sorts for the president. But pressed by House conservatives, Senate Republicans are agitating for a two-month continuing resolution to set up that spending confrontation with Obama early next year.

Even before the bill’s release Tuesday afternoon, South Dakota Sen. John Thune, chairman of the Republican Policy Committee, jumped in to attack Democrats for ignoring, he said, the “clear will expressed by voters this past election.” And New Hampshire Sen. Judd Gregg, a senior Republican on the Senate Budget and Appropriations committees, said a short-term CR would be preferable at this stage, given the shortness of time before the holiday recess.

That someone of Gregg’s standing is considering this option is a worry for the White House, which put its chips on the yearlong House version after salting it first with concessions for Obama’s priorities, including expansive new authority for agency heads to move money around.

Inouye is scornful of what he calls this “chief executive’s bill,” but the 86-year-old chairman risks hurting his own cause by holding so dearly to spending earmarks as a prerogative for Congress. Taxpayers for Common Sense Tuesday night estimated that it had found 6,600 such legislative provisions in the omnibus directing where $8 billion within the bill should be spent. That’s 20 percent less in dollar value from the current year. And all the provisions are publicly disclosed but still potentially fatal to the bill in today’s political climate.

• «
• 1
• 2
• »

Investors told forget savings accounts, think of shares

Britain's 38 million savers have been urged to invest their money in the stock market after being warned that for many of them it is now a "waste of time" putting their cash into a savings account.

Henry Wallop and Gary White
Telegraph

The warning came after official figures indicated that the cost of living had increased once again in November, making it nearly impossible to earn a real rate of return on any bank or building society savings product.

As the London stock market closed at a two-and-a-half-year high, experts said that for many savers taking the risk of abandoning a deposit account and placing it in a high-yielding collection of shares was a more sensible option.

The dearth of decent savings products was laid bare by figures from the personal finance website Moneyfacts which showed that there were just three accounts – out of a total of 2,203 on the market – that paid a real rate of return, and only one for higher-rate taxpayers.

Darius McDermott, the managing director of Chelsea Financial Services, an independent financial adviser, said: "The simple fact is if you have £1 and you invest in cash, you will lose out once you take into account tax and inflation. Most savings accounts are just a waste of time.

"But if you put that £1 into to a good high-yielding fund you will make a return. Of course your capital could increase or it could fall. That's the risk, but I would put my £1 into equities every single time."

Read Full Article

Bank of England boss Mervyn King, not Gordon Brown, 'was bank bailout mastermind'

Secret: Bank of England boss Mervyn King suggested action was needed on banks six months before Gordon Brown

Mervyn King plotted a secret bailout of the banking system six months before Gordon Brown decided to take action.

The Bank of England governor told U.S. officials in March 2008 that ‘a co-ordinated effort to possibly recapitalise the global banking system’ was needed to save it from collapse, according to documents released by WikiLeaks.

Mr Brown did not come up with his master plan to tackle the financial crisis until September 2008 following the collapse of U.S. investment bank Lehman Brothers.

The delay raises a major question over his claims that he was the brains behind the bailout and had ‘saved the world’.

The leaked U.S. embassy cables show the Bank governor told American officials action was needed to shore up the banks six months before the financial crisis reached its peak.

Mr King said Britain and America and other developed countries should override the ‘dysfunctional’ G7 and orchestrate a multi-billion pound bailout for global banks.

RBS and Lloyds were later rescued by the Government.

British taxpayers stumped up around £1trillion in loans and other guarantees to shore up the banking system.

It's official! You're on your own

Some of us have known this for a long time. Some of us just found out and some will find out very soon. There are few, if any, elected officials who really care about our interests unless we're one of the few thousand ultra rich who control Congress and the White House.

The Obama-Republican tax plan was just approved in the United States Senate. It will become law soon. What did we lose?

The Senate put the Social Security system at risk with a 33% cut to employee payroll taxes, from 6.2% to 4.2% of wages. Social Security is doing well with a $2.5 trillion surplus. But this major change begins the starvation of the system. Those who voted in favor will turn around sometime soon and say that Social Security is faltering. Of course, their cynical actions will be at fault. They'll conveniently avoid mentioning that.

The Obama-Republican plan keeps the tax rate on investment income (capital gains) well below the rates for income taxes and below the capital gains rates in 2000. Wall Street ruins the economy with their shady deals then gets more tax breaks on their shady stock deals.

The wealthiest citizens get an extension of the "temporary" Bush era tax cuts.

Employment levels by Michael Collins

We're told that these huge tax cuts are worth it because they'll get the economy going again by producing jobs. We had nearly 10 years of the Bush tax cuts and guess how many new jobs have been added to the economy? None, when you factor in population growth.

These tax cuts will cause $900 billion in lost revenues. Supporters of these tax breaks will talk your ear off about balanced budgets. Apparently, they see no connection between giving away $900 billion and increasing the budget deficit.

This legislation has nothing to do with new jobs or a balanced budget. It's all about enhancing income of those at the very top.

Heroes

Senator Bernie Sanders said he'd stop the madness. Last Friday he stood up and spoke for hours outlining the glaring problems with the Obama-Republican program. People thought it was a filibuster. It wasn't. There was no legislation to filibuster on Friday. Yesterday, when it really counted, Senator Sanders sat on his hands as the one sided brawl between The Money Party and the people took place on the Senate floor. There was no filibuster. Mighty Bernie had struck out.

But Sen. Sanders performed a valuable public service for those in charge. He provided the appearance that there might be at least one principled Senator left who was ready to hold the line.

We need our "heroes." Without them, we might realize that we're entirely on our own in the fight against the wholesale theft of the peoples' hard work and wealth.

Before Sen. Sanders, there were the liberal Democrats in the House of Representatives. They promised to vote against the president's health care reform bill if it didn't have a viable public option. Guess what? They sat on their hands just like Senator Sanders as health care reform became a health insurance industry bailout.

Before Sanders there was presidential candidate Obama. He was the breath of fresh air, the sincere man for the people with the brains to pull off real "change." But we had to have "hope" and before that, we had to believe him.

These public figures and many more promised to correct the chaos and depravity of the Bush era. It's all a scam. A new war, more bailouts for Wall Street, the continued assault on the Constitution, and lower taxes for the super rich are what we got.

One Winner Only

1 | 2

Kids write Santa this year for basic needs instead of toys

Santa Claus and his elves are seeing more heartbreaking letters this year as children cite their parents' economic troubles in their wish lists.

U.S. Postal Service workers who handle letters addressed to Santa at the North Pole say more letters ask for basics — coats, socks and shoes — rather than Barbie dolls, video games and computers.

At New York City's main post office, Head Elf Pete Fontana and 22 staff elves will sort 2 million letters in Operation Santa, which connects needy children with "Secret Santas" who answer their wishes.

Fontana, a customer relations coordinator for the Postal Service, has been head elf for 15 years.

"The need is greater this year than I've ever seen it," he says. "One little girl didn't want anything for herself. She wanted a winter coat for her mother."

MAP: Post offices participating in Operation Santa

GIFT GUIDE: Christmas books for children

ECONOMY CLUES: Watch the bras

At more than 20 post offices, workers log every letter, black out identifying information except first name and age, and ask the public to respond. Lobby displays promote the program. People return with gifts and letters, which carriers deliver.

Cesar, 7, wrote for himself and his baby sister.

"This year my moom don't have much money to spend on Christmas gifts so I'm writing to you," Cesar told Santa. "It would make us very happy if you and your elves would bring us toys and clothes."

There are more letters from unemployed parents asking for kids' gifts they can't afford, says Darlene Reid of New York City's main post office.

One mom sent a turn-off notice from the electric company, Fontana says. A single mother of a girl, 8, and a boy, 2, wrote that she recently lost her job. "I am unable to buy my children toys and clothes," she said. "Santa may you help me with my family?"

Tough times are shrinking the number of Secret Santas, Fontana says. Meanwhile, "the percentage of people who need help has increased," says Mark Reynolds at the Postal Service's Chicago district, and about half the letters won't get answered.

Melanney, 9, asked Santa for a coat and boots. "I have been a very good girl this year," she wrote.

KWN Source - “When That Happens, The Game is Over”

The contact out of London has updated King World News on the massive Asian buyers which have been accumulating both gold and silver. The London source stated, “Last week Asian buyers let the price come in to them. They were buying all day long, hitting all of the offers and they were not sending the price higher. As much as the orchestrators were hitting the bids, there were some smart buyers hitting the offers. The thinking was, I can pick up tonnage here, literally I can pick up tonnage here.”

The London source continues:

“On the surface this does not appear to have anything to do with the physical market. The spot buyers are indexing, and this is what no one is talking about. They are indexing the metal to the real physical even if they can’t get the physical metal at that moment.

What would stop you from putting up a few billion dollars? This is what China is doing. You’re China, you were refused IMF gold, so you are going to quietly sell your treasuries, or swap your treasuries more likely for a spot financial transaction. What they are doing is buying spot, which is a currency transaction because you can’t get the metal. The physical market has now completely diverged from the paper market.

The only way to fight it, and it can’t be done in the US, but it can over here in England (the Asians can), is to buy the foreign exchange transaction which is gold versus dollar, silver versus dollar. So essentially what you are doing is shorting the dollar versus gold, or shorting the dollar versus silver. The great thing about that is even if you can’t buy the physical, you are now indexed to the price of the metal. So even if you can’t get the physical at that time, you now have your hedge, you essentially have what you want.

So if the price of gold and silver goes up, the price of your spot goes up. Even if the Comex defaults, spot will go up. Even when the market is taken down, it is constructive in terms of filling your physical orders. As they take the price down, you are happy to pay a premium to pick up the physical. The point of all of these purchases is to eventually convert them to physical gold, or physical silver, 100% of them. The Fed has to know this, they are not stupid.”

So the Asians are exercising patience in converting all of these spot purchases to physical?

“If these guys converted all of their spot to physical, there would be a massive default today. No one in the US understands that, the Asians are laughing at these guys. It’s a way to unload billions and billions of dollars into the market. Looking at the futures market gives you a totally false impression of what is going on, this is going to totally blow up. Remember if you are China, your primary goal is to get out of trillions of dollars, that means purchasing hard assets such as gold and silver.”

How sustainable is that?

“It’s eventually going to blow because at some point these buyers will say, ‘I’m indexed, but I actually want to get all of this physical gold and silver now.’ When that happens, the game is over.”

Well there you have it, the Asians are aggressively exchanging US dollars for gold and silver spot transactions, and eventually converting those spot transactions into physical gold and silver. For the Asian buyers this is an interesting game, it requires calm persistence, a scheme that is perfectly suited for a culture known for its patience and long-term strategy.

Eric King

KingWorldNews.com

To return to BLOG click here.

How Can so Many People be so Incredibly Blind?

Dog Poet Transmitting…….

You ask yourself, just how twisted, indifferent and malevolent can some people get before the universe begins to construct an international gallows franchise everywhere there needs to be one. Each day we see unknown wannabees and the usual suspects, vying and competing to see which of them can be registered and remembered as one of the greatest assholes of our time. They’re looking for immortality in all the wrong places, while imagining its location is a suite at The Plaza, followed by a cameo appearance as an ornate urn in the remake of “The Loved One”.

You’ve got Olympics scale competitors, like Janet Nazipolitano and Skull Chertoff. Even their own criminal associates have passed an inflexible law that these two are not allowed to breed. Of course, if you know more about them, you would realize that restriction is unnecessary. There are all kinds of rich people like Jane Harman, Jay Rockefeller, John Kerry, John McCain and others who weren’t satisfied to just spend their spouses or parent’s money and live high on the cannibal hog. They needed, through some terrible compulsion, to also be able to fuck with the lives of others for personal amusement. Why else would you go into public service if you already possessed the payoff for which people go into public service?

Of course there is the vanity of public exposure and personal importance and when you look and act like the serial killer version of Lyle Lovett or a poor man’s Hannibal Lector in Depends, then I guess Nature is telling you, you gotta do what you were designed to do, badly, or worse. There are a few who go into it just for the celebration of pure evil, like Joe Lieberman or Chuckie Schumer but they got those Satan does vaudeville genes.

Sometimes, I sit back and ask myself; where are and who are the good guys? Maybe Ron Paul is a good guy, maybe. We are damn well going to see whether he is now or not because he is in the catbird seat for where his caterwauling has led him. I guess I’d like him better if he didn’t sound like a perpetual member of the Vienna Boy’s Choir, which leads me to Dennis Kucinich, as a logical progression, I think. I begin to think the testosterone shortage is ubiquitous until I get a load of Jessie Ventura. He could be the real deal if he doesn’t turn into a TV personality to the extent he forgets what he came here for.

Alex Jones is not a good guy and neither is Noam Chomsky. I used to think that Chicago prosecutor might be good guy but apparently not. Back in the day, I thought Bill Clinton was a good guy, just to show you what a Holden Caulfield sort of callow youth I was. When he got chummy with George, (Hail Satan!), Bush Senior, I got the message. I mostly think Jimmy Carter is a good guy but everyone stops short of telling it like it is and most of you who read here and at the other fine emporiums of what’s actually going on, know what it’s all short of. I’m not obliquely referring to Kucinich here so, don’t think that. Get it? Never mind, cue Randy Newman.

There’s a recurrent peculiarity that goes off in my head like an atom bomb, just about every day and that is, how come Eisenhower, De Gaulle, Churchill and everyone else who wrote about their time, never mentioned death camps, gas chambers or crematoriums? How come there was an increase in the population of a certain group from before the war to after the war? How come the Red Cross, which was the most in the know organization of anyone connected with the facts of the war and the camps, has one figure as to the deaths and now we got another figure? Should I go figure? How come the death count at Auschwitz was lowed by 3 million from 4.5 million to 1.5 million by the very people claiming six million and you still get six million? How come all these forensic tests come up with no evidence of mass graves? How come just over one hundred thousand survivors have translated into a present count of from two hundred and fifty thousand to over one million survivors? That’s an impossibility but there it is. I could add all kinds of supportive facts to an argument that I couldn’t be making because it’s against the law but this is not the big ticket item.

What is the big ticket item? No one is saying anything. No one except fringe pariahs like myself and a few others has anything to say about this and even uses the serendipitously, out of the blue, several years on, post war figures (from where?) as a defense for all the vile, genocidal behavior of Israel. That’s the big ticket item. Absolute, easily refuted hogwash is accepted as fact by seemingly intelligent, well educated and powerful political figures.

It’s no wonder they don’t want anyone questioning this because there are too many questions. It’s a strange thing how laws have been passed to prevent discussion of this righteously, questionable event in various countries where no good can be seen to come of it. What is the force behind the scenes here? What force compelled ordinarily rational people to go against their own interests and the interests of their fellows by allowing for evil laws to be passed against the truth? I mean, what force besides that of Satan, who rules the temporal sphere acting on behalf of his progeny? It would have to be money.

Yes folks, its money. Those who print it determine the nature and color of reality. But can there not be even a handful of slightly honest, slightly courageous, people around with some small flicker of integrity left who might say something? Isn’t there some famous and influential person dying of terminal illness somewhere who might speak out from their death bed? What gives? I mean, what gives? I’m missing some hocus pocus somewhere. I know that their near complete control of the press accounts for a blackout on anything approaching wider exposure but there are ways.

This group of latter day Pharisees has got their hand out for every dime they can get their hands on and it’s all based on the same hard wired argument for perpetual victimhood. I understand the victimhood, as an inflexible block against criticism, especially in the light of all those much larger holocausts like the gulags of Soviet Russia, the Ukraine and the Armenian holocausts that they were directly responsible for. I understand that the best way to go around victimizing is to be seen as the victim but… come on, this is beyond absurd that so many people in a position to speak can be so utterly silent.

It must be that when you sell out, a certain switch gets thrown inside your head and you are made incapable of alternative behavior. Is it some pervasive force, of ancient and atavistic evil, that simply clouds the minds of nearly everyone, everywhere? It missed me and it missed a few others. Maybe those tinfoil hats are more effective than we give them credit for.

I really need some answers but, on the other hand, I suspect those answers are coming soon. I scarcely see any of the other bloggers and writers mentioning this. They seem to want to focus on other aspects or other things, without dealing with the real nitty gritty, which is behind all the other shit to begin with. Unless you deal with the cause and not the symptoms, all you are going to get is a questionable state of false well being but you’re still sick, you just don’t notice it as much. Maybe that’s why I never take any of that cold or flu medicine, or ever catch much of anything either. I think there’s a connection between all of it. I think most people get sick because their integrity and courage are too low to protect them from pathological invasion.

There are all kinds of immune systems and some people go to great lengths to prove it. Don’t watch that video it you are squeamish. WARNING! Do not watch that video if you have issues (grin).

I’m putting something together and this is probably the right place to link it, here at the end of whatever this is. Let me hear from you.

In conclusion, all I can say is that a whole lot of you had better grow a pair and to also say that I’m glad I’m not you. I’m a little more like Olaf. There is some shit I just will not eat. Well it didn’t work out so well for Braveheart but the times are certainly changing so we’ll see how it all sorts out because… well, because we are all a part of it and it’s going to become very apparent soon enough.

End Transmission…….

Walk Across the Bridge

The New Shangri-La