Deficit Panel Targets Areas to Cut - WSJ.com

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Families Making $60K a Year Now May Qualify For Food Stamps

How's this for hope and change?
The unemployment rate under the Pelosi-Reid Congress rose from 4.3 percent to 9.2 percent through September of this year forcing 1 in 8 Americans to depend on food stamps. In Hawaii families making $60,000 a year now qualify for the government program.
The AP reported, via Sweetness and Light:

Lillie Gonzales does whatever it takes to provide for three ravenous sons who live under her roof. She grows her own vegetables at home on Kauai, runs her own small business and like a record 42 million other Americans, she relies on food stamps.

Gonzales and her husband consistently qualify for food stamps now that Hawaii and other states are quietly expanding eligibility and offering the benefit to more working, moderate income families.

Data from the U.S. Department of Agriculture reviewed by The Associated Press shows that 30 states have adopted rules making it easier to qualify for food stamps since 2007. In all, 38 states have loosened eligibility standards.

Hawaii has gone farther than most, allowing a family like Gonzales' to earn up to $59,328 and still get food stamps.

Prior to an Oct. 1 increase, the income eligibility limit for a Hawaii family of five was $38,568 a year.

"If I didn't have food stamps, I would be buying white rice and Spam every day," said Gonzales, whose Island Angels business makes Hawaiian-style fabric angel ornaments, quilts, aprons and purses.

Eligibility for food stamps varies from state to state, with the 11 most generous states allowing families to apply if their gross income is less than double the federal poverty line of $22,050 for a family of four on the U.S. mainland. The threshold is higher in Alaska and Hawaii.

With more than 1 in 8 Americans now on food stamps, participation in the program has jumped about 70 percent from 26 million in May 2007, while the nation's unemployment rate rose from 4.3 percent to 9.2 percent through September of this year.

http://gatewaypundit.firstthings.com/2010/10/families-making-60k-a-year-now-may-qualify-for-food-stamps/

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New Ad Ties Barney Frank to Fannie & Freddie Meltdown (Video)

Finally…
A new ad released this week ties far left Democrat Barney Frank (D-MA) to the subprime disaster.
Via The Blaze:

From the video: BARNEY FRANK IS ON THE ROPES. His lead has dwindled into single digits against a very strong opponent, Marine and businessman Sean Bielat. Yet polls show many voters in his district are not aware of his pivotal role in the collapse of Fannie Mae and Freddie Mac, and the collapse of the U.S. housing market which resulted. Thousands of his constituents need to know how Frank systematically blocked reform of Fannie and Freddie that led to financial losses or foreclosure for their families or neighbors.

For the record…
As reported earlier at Big Government, in May 2007 Barney Frank and the Democrat-controlled House passed GSE reform legislation. Legislation which was adamantly opposed by the Treasury Dept. and the Bush Administration for limiting federal oversight of Fannie and Freddie's mortgage holdings. Legislation which included Frank's pet project, an "affordable housing" fund backed by tax payers.

Let it also be noted that going into 2007 Fannie and Freddie had never in history been allowed to purchase or finance sub-prime mortgages. But under pressure from Democrats in Congress (including Frank), they were granted this authority by regulators in September 2007.

Let it also be noted that in 2007 Frank aggressively pushed to increase the maximum loan limits which could be underwritten by the GSE's. A move which would ultimately transfer tens of billions of dollars of loan liabilities from private financial institutions to tax payers.

It's no wonder that even after the total collapse of Fannie and Freddie in 2008, at an ultimate cost to tax payers which could exceed $400B, Barney Frank is still adamantly opposed to legislation which would prevent any further federal bailouts of the GSE's. For Democrats like Frank, continued control over Fannie and Freddie represents the effective nationalization of the entire mortgage industry. It's a dream come true for those who wish to use the power of the federal government to implement their desired social and redistributive policies.

The Fannie Mae and Freddie Mac bailout could end up costing American taxpayers $363 billion.

Barney Frank should not be running for Congress. He should be jailed.

http://gatewaypundit.firstthings.com/2010/10/new-ad-ties-barney-frank-to-fannie-freddie-meltdown-video/

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National Debt Has Increased $5 Trillion Since Pelosi Vowed “No New Deficit Spending”

In her inaugural address as speaker of the House in 2007, far left Speaker Nancy Pelosi promised "no new deficit spending."

She lied.
The Obama-Pelosi-Reid Regime tripled the national deficit in one year.

(The Captain's Comments)

The Pelosi House has increased th national debt by $5 Trillion since she promised "no new deficit spending."
CNS News reported:

When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be "no new deficit spending." Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.

"After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending," Pelosi said in her speech from the speaker's podium. "Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt."

Pelosi has served as speaker in the 110th and 111th Congresses.

http://gatewaypundit.firstthings.com/2010/10/national-debt-has-increased-5-trillion-since-pelosi-vowed-no-new-deficit-spending/

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Agreed… Pelosi Says Democrats Haven’t Gotten Credit For All They’ve Done

The Obama-Pelosi-Reid Regime tripled the national deficit in one year.

(The Captain's Comments)

They doubled the unemployment rate from where it was when they took over Congress.

(Source: US Misery Index)

They passed a failed Trillion dollar Stimulus bill. In fact, 48 of 50 states have lost jobs since the so-called stimulus passed.

They rammed through the most radical piece of legislation in US history… Without even reading it.

Today Speaker Pelosi whined that democrats have not gotten credit for what they've achieved.
The Hill reported:

Democrats haven't necessarily gotten the credit they're due for the work they've done the last two years, House Speaker Nancy Pelosi (D-Calif.) said.

Pelosi, in the middle of a tough campaign to defend Democrats' majority in the House — as well as her own Speakership — seemed to echo a complaint voiced by other Democrats, that obstacles have made it difficult for the party's message to get through.

"You have all those forces at work, pouring millions of millions of dollars into the media, and now into the campaigns to mischaracterize everything that we did," Pelosi said in an interview with Politics Daily, video of which was posted Monday. "So that's that. It's up to us to go out there. I'm very confident; our members know why they voted for what they did.

"But you're right, we haven't really gotten the credit for what we have done, but we will take it to the voters and have a Democratic majority to follow through on it," the Speaker added.

She's right.
They should have been ran out of town with pitchforks.

http://gatewaypundit.firstthings.com/2010/10/shes-right-pelosi-we-havent-really-gotten-the-credit-for-what-we-have-done/

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Figures: IL League of Women Voters Moderator Who Bashed Pledge of Allegiance, Is Former ACORN Worker

A debate crowd revolted against Illinois League of Women Voters debate moderator Kathy Tate-Bradish for refusing to recite the Pledge of Allegiance by all standing up and reciting it without her approval:

After the debate, Tate-Bradish blamed Republicans. She called it "phony patriotism." Her diatribe against the GOP was published by the establishment MSM. But they of course left one one important detail, and that is that Tate-Bradish is a dedicated Obamunist. From Yid with Lid via memeorandum: Illinois League of Women Voters Big Shot Who Bashed Pledge of Allegiance, Is Former ACORN Worker

Ms Tate-Bradish, the moderator was very involved in the Illinois effort to make Barak Obama president, she even hosted campaign events for Obama in her own home.

Illinois League of Women Voters Executive Director Jan Czarnik said what happened at the debate and subsequent criticism directed at moderator Kathy Tate-Bradish was an attempt by supporters of Republican candidate Joe Walsh and tea party members to bully the organization.

By all of the press reports almost all of the crowd stood up to cite the pledge, so is Czarnik saying that Democrats don't believe in reciting the pledge?

I am sure her criticism of Republicans and the Tea Party had absolutely nothing to do with the Fact she used to work for progressive mainstays such as ACORN's Project Vote, and the Progressive People for the American Way. Below is the notice of Ms Czarnik's hiring by the League.

...According to its website, the mission of the Illinois League of Woman Voters says that it is supposed to be non-partisan:

The League takes positions on issues, but neither supports nor opposes any political party or candidate (appointed or elected) for public office.

Judging by their backgrounds and their reaction to a spontaneous public display of patriotism, neither Jan Czarnik nor Kathy Tate-Bradish fit a reasonable definition of non-partisan.

Indeed. More from the following:

Right Wing News: Former ACORN Worker Justifies Preventing Pledge of Allegiance 

Don Surber: Daily scoreboard

Moe Lane: Shocker: IL-08 Pledge-hater also OfA drone.

American Power: Taking Back America — One Pledge of Allegiance at a Time

Gateway Pundit: Unreal. Far Left Debate Moderator & OFA Worker Scolds "Phony …

Wake up America: Audience Cites Pledge Of Allegiance Despite Moderators Refusal

iOwnTheWorld.com: Now THIS Is What I Call Grassroots!!!!  —  The lady with the mic was steamrolled. hehe

http://theblogprof.blogspot.com/2010/10/figures-il-league-of-women-voters.html

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Will The Treasury Dept. Turn the US Into Weinmar Two?

Germany in the 1920's did not "invent" Hyperinflation, they just made it famous. 

Hyperinflation was first systematically  documented in Germany.The currency above is from the Weinmar Republic. It was a 1,000 Mark currency note. because of inflation, it was re-stamped to make it 1,000,000 Marks, inflation was happening so fast there was not enough to print new money. 

The famous Economist, John Maynard Keynes described the situation in The Economic Consequences of the Peace:

"The inflationism of the currency systems of Europe has proceeded to extraordinary lengths. The various belligerent Governments, unable, or too timid or too short-sighted to secure from loans or taxes the resources they required, have printed notes for the balance.

In English, Keynes said, they couldn't pay their bills so they printed MORE money. Sound familiar? It should.

We are facing a situation today where the Treasury Department is considering printing money to lower the value of our currency to make it "easier" to pay off the money we had to borrow from other countries to pay off our earlier debts incurred because our federal government spend much more than we have.

The probability that the Federal Reserve will provide monetary easing at its November meeting is quite high, a top adviser for the St. Louis Federal Reserve said on Friday.

"There's a lot of momentum and support to do something," Christopher Waller, director of research at the St. Louis Fed, told Reuters in an interview. "It's just how huge, and is it going to be time-dependent or state-dependent ... The likelihood we do something is probably pretty high."

The dollar's slump could get far worse if the dollar index takes out last year's low, Robin Griffiths, technical strategist at Cazenove Capital, told CNBC Monday. In fact some are saying the dollar is in danger of becoming a toxic asset.:

"If the (dollar index) takes out the low that was made roughly a year ago I really think that will not only encourage more sales, it will cause a little bit of minor panic," Griffiths said. "A year ago it was deemed too cheap, if it goes any lower than that it's actually become toxic waste."

The dollar [.DXY 77.06  -0.41 (-0.53%) ] resumed its recent downtrend Monday in the wake of a meeting of finance ministers from the Group of 20 nations at the weekend. The meeting failed to yield a definitive agreement on currencies, putting selling pressure on the greenback.

"The dollar is being trashed, we've actually had effectively devaluation of about 14 percent in the last two months," Griffiths said.

 Our allies are getting worried also. This past weekend at the G20 summit Germany went public with their concerns:

German Economy Minister Rainer Bruederle on Saturday took issue with what he called a U.S. policy of increasing liquidity, saying it indirectly manipulated exchange rates.

The U.S. Federal Reserve is widely expected to embark on a fresh round of asset purchases to prop up the economy.

"There was criticism of the American policy of monetary easing, or creating more liquidity," Bruederle said after a meeting in South Korea of finance officials from the Group of 20 economic powers.

"I tried to make clear in my contribution to the discussion that I regard that as the wrong way to go," he said.

"An excessive, permanent increase in money is, in my view, an indirect manipulation of the (foreign exchange) rate."

Foreign exchange rates should be determined by markets, said Bruederle, who was attending the G20 meeting in place of Germany's hospitalised finance minister.

 The next few weeks may determine the future of the American Economy.  Will this government do what it must, drastically cut spending, to guarantee our future, or will it take the short term "easy way out." print more money and invite "hyperinflation?"

Please email me at yidwithlid@aol.com to be put onto my mailing list. Feel free to reproduce any article but please link back to http://yidwithlid.blogspot.com

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Video: The public sector union shakedown of taxpayers

It is about the "tax eaters versus the taxpayers:"

via moonbattery

http://theblogprof.blogspot.com/2010/10/video-public-sector-union-shakedown-of.html

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Goldman says Fed faces $4 trillion hole

http://rss.cnn.com/~r/rss/money_topstories/~3/9RpT_ModG4Y/

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Michael Moore: "Democrats Can...Pull off Mother of all Upsets," Defeat Republicans

It will come as no surprise that Michael Moore has once again said something that is asinine and utterly ridiculous.  The king of fake documentaries, Moore is once again trying to lie to the American people.  What's his brilliant idea this time?  That Democrats have a legitimate shot at pulling off "the mother of all upsets" and make gains this November.

According to Moore, he has five magical ways that Democrats can save himself.  Not surprisingly, Moore loves himself so much that he believes that he somehow is the only one who can save a major political party from defeat in eight days.  How?  Blame Bush and spend more.

His first suggestion?  Blame Bush (shocking, I know):

"We Americans have very short attention spans... People need to be reminded over and over that it was the REPUBLICANS who concocted and led the unnecessary invasion of two countries, putting us in our longest war ever, wars that will eventually cost us over $3 trillion. Bush and Co. also caused the biggest collapse of our economy since the Great Depression. I don't know a single person in Hollywood who wouldn't shoot and produce those spots for you for FREE."

Apparently Moore has been holed up in the middle of the Mojave Desert for the last three years, as President Obama's entire political career has been made by blaming Bush.

Moore's second suggestion?  Arrest President Bush, Donald Rumsfeld, CEOs, and those who 'profited' from war"

"Announce that the Justice Department will seek indictments against both those who caused the economic collapse and those who became war profiteers. Call it for what it is: organized crime."

Remember, according to Moore, on top of "disliking" Saddam Hussein, President Bush only went into Iraq and Afghanistan for oil.  To Moore, this would make our 43rd President a "war profiteer."  Something tells me this guy doesn't like President Bush...

I'll skip his third suggestion because it is not completely insane.  Moore's fourth suggestion?  More spending!

"Put together a simple plan to hire enough people to repair our roads, fix up our aging schools, and rebuild our infrastructure. Fund this by taxing the richest 1% who have more financial wealth than 95% of Americans combined!"

Well, this could work.  I mean, it's not like the President already tried a large spending project that cost taxpayers nearly a trillion dollars.  Wait a minute...

His fifth suggestion?  Something Democrats could never do:

"Promise to accept donations of only $2, $5 and $10. You will also pledge not to take a job as a lobbyist or lawyer for ANY corporation for ten years after you leave Congress."

Don't tell Mr. Moore, but Democrats are still going to lose.  And guess what?  Part of the reason is because they did the very things that Moore is suggesting.

Moore

Please comment!

http://punditpress.blogspot.com/2010/10/michael-moore-democrats-canpull-off.html

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