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Dodd Bill KILLS Jobs, Creates Permanent Bailout

Dodd Bill KILLS Jobs, Creates Permanent Bailout

NoWorldSystem.com
April 21, 2010

Today, Obama promoted another government takeover bill, this time the financial sector is the target. The bill is basically a sweetheart deal for the banking industry, much like how ObamaCare was a bailout for the insurance companies. The 1,408 page bill includes many provisions like the creation of a permanent and unlimited bailout authority for Wall Street and has the potential for making it difficult for small businesses to succeed.

Obama claims the bill will “put a stop to tax-payer-funded bailouts” when in reality the bill will create a permanent and unlimited bailout mechanism for the big banks and companies that are ‘too big to fail’. “If you liked the bailouts in 2008, you’ll love the Dodd bill,” said Republican Senator David Vitter. “Congressional Democrats and the Obama Administration want to create a permanent bailout mechanism all while spouting their rhetoric of getting tough on Wall Street, but if you look at who is already lining up to support their ‘reform’ measure it’s a who’s who of the big banks that have already received the taxpayer bailout the first time.”

Democrat Congressman Brad Sherman agrees: “There are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That’s something Wall Street desperately wants but doesn’t dare ask for.”

The rhetoric by Obama today is just another example of how he slaps the hands of Wall Street to only make sure they prosper on tax-payer-funded bailouts by giving them complete authority. Not only that, but this bill will break the back of small business by placing restrictions on venture capital investing making it harder for small startup businesses to succeed.

Here are a few quotes from a Venture Beat article:

    “First, Dodd’s bill would require startups raising funding to register with the Securities and Exchange Commission, and then wait 120 days for the SEC to review their filing. A second provision raises the wealth requirements for an “accredited investor” who can invest in startups – if the bill passes, investors would need assets of more than $2.3 million (up from $1 million) or income of more than $450,000 (up from $250,000). The third restriction removes the federal pre-emption allowing angel and venture financing in the United States to follow federal regulations, rather than face different rules between states.”

    “Obviously, I’m deeply concerned about Senator Dodd’s proposal to place these restrictions on angel investing. I think angel investing is undeniably one of the largest engines for job creation as well as innovation and competitiveness on the global scale for the United States. There’s no doubt about it that the restrictions that he’s proposing would absolutely chill investing.

    “Specifically, one of the things we need to take into account is while 10 years ago it may have taken years to build a company, companies are now built in a matter of weeks. So this 120-day waiting period is frankly ridiculous. I have companies with tens of thousands and hundreds of thousands of users that are built in a matter of weeks. They’re generating actual dollars of revenue, creating jobs, investing in real estate office space, capital equipment, etc. If they had to wait 120 days to actually apply for the ability to obtain financing it would absolutely just crush that market.”

Obama is one of the biggest puppets for Wall Street, despite all the rhetoric he uses against them. Obama’s greatest allies are the big banks and most of his important constituents are wall street financiers. In 2008, Obama’s campaign was mostly funded by Wall Street, banks like AIG, JPMorgan and Goldman Sachs all played a major financial role for his presidency taking in $15 million from securities and investment firms, $3 million from commercial banks, and $6 million from other financial institutions.

Obama and the Democrats in Congress will try to rush this bill in before the American people have the chance to find out what’s in it. Just like ObamaCare, they will use non-transparent and secretive tactics to make sure it becomes law. The bill is likely to hit the floor of the Senate as early as next week.

The Dodd Bill Will Kill America’s Job Creation Engine

Why The Dodd Finance Bill Is Bad For America

Is Goldman Obama’s Enron? No, it’s worse

Will Obama Return $994,795 In Goldman Sachs Campaign Contributions?

Obama Now Pushing Sneaky Wall Street Bailout

Obama-Dodd financial bill would further enrich Goldman Sachs

Geithner ‘very confident’ US finance reform will pass

Obama Claims He’s Not a Puppet for Big Banks

 



Obama: The American Economy Isn’t Coming Back Anytime Soon

Obama: The American Economy Isn’t Coming Back Anytime Soon

http://www.youtube.com/watch?v=8aA74Q_d49w

 



Cap and Trade Carbon Tax Coming Next Month

Cap and Trade Carbon Tax Coming Next Month

http://www.youtube.com/watch?v=IR-l3BOwXpc

Bilderberg: Raise Taxes, Cut Services in U.S. and Europe

Carbon Gases “Saved Us From A New Ice Age”

Goldman Sachs Next Scam: Carbon Credits

 



The Other 95% Thanks Obama For All The Taxes!

The Other 95% Thanks Obama For All The Taxes!

http://www.youtube.com/watch?v=E5R-RscWHSc

 

“The Other 95%” Group Crashes Tea Party

http://www.youtube.com/watch?v=CsyIQNJlyy0

 

Networks Fail to Report on VAT Tax Since Volcker Call for Tax Increases

Business & Media Institute
April 15, 2010

As procrastinators rush to beat the April 15 tax deadline and thousands rally at Tea Parties to oppose out of control government spending, politicians and the national news media are mulling the possibility of a new European-style national sales tax.

On April 6, former Federal Reserve chairman and current White House economic adviser Paul Volcker revealed the Obama administration’s possible strategy to tame massive deficits with a value-added tax (VAT).

“Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax ‘was not as toxic an idea’ as it has been in the past and also said a carbon or other energy-related tax may become necessary,” Reuters reported.

“If at the end of the day we need to raise taxes, we should raise taxes,” Volcker added that day. In Europe, VAT taxes range from about 16 percent to 25 percent with an average of roughly 20 percent, according to Olivier Garret of Casey Research. Garrett, who grew up in France, called the VAT “a license to steal without people knowing it.”

A VAT is a consumption tax “levied along stages of production,” according to the Wall Street Journal. In contrast to Garret, Fortune called it an “extremely efficient, virtually fraud-free way to collect money.” But it is also a regressive tax that hits the poor and middle-class and would contradict Obama’s pledge to protect taxpayers.

Despite the huge news that the White House was leaving the door open to additional taxes that would hit the poor and middle class especially hard, the three broadcast networks haven’t mentioned a VAT tax at all since Volcker’s speech. In the previous three months, only NBC’s “The Chris Matthews Show” has even brought up the issue.

In contrast to the networks’ silence, Fox News Channel and Fox Business Network have brought up the VAT in more than a dozen programs since Volcker’s speech. But some print and online news media, including Reuter’s columnist Christopher Swann and Fortune’s Shawn Tully, actually promoted the idea of a VAT.

On Feb. 10, Tully wrote, “America is hurtling towards a fiscal trap that is forcing us into the only option we’ll have to restore budgetary sanity: A Value-Added Tax.”

CNN.com also supported VAT on April 13 suggesting the U.S. “can learn from New Zealand when it comes to taxes.” The article cited New Zealand as the “best” example of a VAT.

“So who does it best? Tax experts and economists point to New Zealand, where a 12.5 percent goods and services tax applies uniformly to nearly everything with very limited exceptions – only rent paid for a private home, charitable contributions and interest earned are exempted. (The government offers clear details, too, on its website.),” wrote CNN’s Dody Tsiantar.

But according to Dan Mitchell, a CATO Institute senior fellow and Business & Media Institute adviser, a value-added tax would be “an economy-killer.”

“Don’t get me wrong: The VAT – on top of all the other taxes Washington imposes – is a terrible idea. Imposing it would pretty well finish the transformation of our country into a European-style slow-growth nation. The right way to close Uncle Sam’s gaping deficits is to reverse the continued explosion of federal spending,” Mitchell wrote in a New York Post op-ed.

Mitchell explained that a VAT has the “virtues” of simplicity and less economic distortion, but ONLY if it were to replace the Internal Revenue code. That, however, is not what Volcker or Sen. Kent Conrad and House Speaker Nancy Pelosi have suggested.

In Mitchell’s opinion, the end result would be a huge expansion of government, rather than deficit reduction.

Liberals Predict, Promote VAT Tax

Especially after Volcker’s comments, the mainstream media should have been examining value-added taxes, talking to tax experts and publicizing the fact that this sort of a tax would be yet another violation of Obama’s pledge to protect the middle-class from tax increases. But they weren’t.

In the past three months, a value-added tax has only been mentioned on one network program: NBC’s weekend talk show “The Chris Matthews Show.”

Matthews casually mentioned the options for reducing deficits on his April 4 program, saying, “You know, cutting deficits comes down to two decisions: you’ve got to raise taxes somewhere with a value-added tax or something, or you’re going to cut benefits. Neither one are pleasant for politicians.”

Guest David Ignatius of The Washington Post joined the discussion predicting that Obama would “build a case for a value-added tax, which gets us out of the – out of this mess.”

The tax was mentioned on CNN during a special called “I.O.U.S.A. Solutions” April 11. That special hosted by Christine Romans aired video clips from the documentary and then discussed the proposals with several panelists.

Panelist Maya MacGuineas, who was in the documentary, told viewers that even with necessary spending cuts there is no way to fix the deficit without raising taxes.

Robert D. Reischauer, former director of CBO and President of the Urban Institute, claimed in the video: “We’re going to have to look at consumption taxes like a value added tax or some form of national sales tax as a mechanism for maintaining some of the benefits that we are promised through our entitlement programs.”

But in the panel discussion that followed no one pointed out the flaws of VAT or mentioned any of the harm it could do to the American economy.

On April 8, the overwhelmingly liberal cable network MSNBC mentioned the problem liberals have with a VAT.

“There is a problem. A value-added tax tends to be regressive. There are ways to deal with that – one way is to provide an income tax credit to offset the regressivity at the bottom. That might sound like a radical liberal proposal, but it’s basically the same thing the national retail sales tax or FairTax people have been proposing,” Leonard Burman of Syracuse University told Ed Schultz.

Burman was correct about the regressive nature of a value-added tax, but not about its similarity to the FairTax.

FairTax proponents would like to see the entire federal taxation system replaced with a progressive national retail sales tax. It would include a “prebate to ensure no American pays federal taxes on spending up to the poverty level.” The recent calls for a VAT have been for additional taxation, not reforming the confusing current system.

I Wanna Be Like Europe (or New Zealand)

Proponents of a VAT often lament that the U.S. is only developed nation that doesn’t have one.

That was Alice Rivlin’s argument for a VAT in the film I.O.U.S.A. Solutions. Rivlin, senior fellow for the liberal Brookings Institution, said “all the industrialized countries have a national sales tax of some sort.”

CNBC guest co-host Mark Olson, Corporate Risk Advisors co-chairman, praised the success of value-added taxes in Europe.

“A VAT makes a little bit more sense … But the value-added tax, I don’t think there’s a chance that’s gonna happen this year. But it’s gonna be something – it seems to work well in Europe.” Olson said on “Squawk Box” April 12.

In response, “Squawk Box” co-host Joe Kernen groaned that “We’re turning into, we’re turning into” Europe.

Reuters economic columnist Christopher Swann supported the creation of a VAT tax. He called it a “money machine,” and said “America is alone among rich nations in not charging a VAT, and its continued unwillingness to do so will make it harder to cope with the fiscal challenges ahead.”

Instead of suggesting we emulate Europe, CNN.com highlighted New Zealand’s example calling it the “best.”

“In New Zealand, it [VAT] contributes about 25 percent to the government’s bottom line, and the Tax Policy Center in December projected that a 5 percent VAT tax here would generate over $3 trillion in revenue by 2019. That’s not enough to cover America’s huge debt obligations, of course, but it’s a start,” CNN said.

But conservative and libertarian tax experts like Dan Mitchell oppose following in the footsteps of Europe or New Zealand and warn that such a taxation plan will lead to bigger government, more spending and make it easier to raise taxes in the future.

Mitchell explained that “real-world evidence shows that VATs are strongly linked with both higher overall tax burdens and more government spending. In 1965, before the VAT swept across Europe, the average tax burden for advanced European economies (the EU-15) was 27.7 percent of economic output, versus 24.7 percent of GDP in the United States.”

Then Europe instituted VATs (and the European Union requires its member to impose VATs of at least 15 percent) and the tax burden of EU-15 nations rose to nearly 40 percent, compared to 28 percent in the U.S. According to Mitchell, government spending rose in Europe along with the VATs: from 30.1 percent of GDP to 47.1 percent of GDP.

Another CATO expert, Chris Edwards opposes adding to the tax burden and would prefer spending cuts. “I think America has prospered because the general level of taxation has been lower than Europe,” Edwards told CBSNews.com.

But even tax experts who “loathe” the idea of a VAT think the U.S. will head in that direction. Ryan Ellis, tax policy director at Americans for Tax Reform, told CBSNews.com “I think it’s coming, in the next five to 10 years certainly.”

Obama’s “Value-Added Tax” would hurt the poor and middle-class

Bilderberg: Raise Taxes, Cut Services in U.S. and Europe

 



Bilderberg: Raise Taxes, Cut Services in U.S. and Europe

Bilderberg: Raise Taxes, Cut Services in U.S. and Europe

NoWorldSystem.com
April 11, 2010

The Bilderberg Group will meet in Sitges Spain on June 3-6 in efforts to advance their agenda for a new global economic system, they will agree to prolong the recession until 2011. The Bilderberg will discuss plans to level the living standards of Europeans and Americans with 3rd world countries so that we’re all poor together under their World Government Dictatorship.

Bilderberg watcher Jim Tucker discusses his inside information on the groups current agenda; they intend to make all “Europeans and Americans to pay higher income taxes because their plan to level the world so that 3rd world countries rather than living the European and American standard of living drops until we’re all poor together under their world government.” says Jim Tucker. “They manipulated the worldwide depression and now their exploiting it for their own selfish reasons, they intend to [prolong the recession] at least until 2011 for their own purposes, and now we have Bernanke (Bilderberg Member) telling a private group businessmen in Texas ‘it always seems easier putting them off until the day they cannot be put off any more’ he said that ‘we’ve got to raise taxes and cut services.'”.

UPDATE

This week, both past Bilderberg attendees Bernanke and Volcker called out for tax increases.

Bernanke said quote; “These choices are difficult, and it always seems easier to put them off — until the day they cannot be put off anymore.” “To avoid large and ultimately unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above,”. [Source]

Obama’s economic adviser Paul Volcker has promoted an economy killing tax called the ‘Value-Added Tax’ (VAT), on Tuesday he urged the U.S. should raise taxes to help bring deficits under control and add a new European-style VAT tax along with a carbon or other energy-related tax and raise existing taxes, here’s what he said; “If at the end of the day we need to raise taxes, we should raise taxes,”. [Source]

http://www.youtube.com/watch?v=IpfCasUwYgQ

Prisonplanet.com
April 9, 2010

This year’s confab will focus around prolonging the global financial recession and creating more economic woe in order to provide the pretext for more regulation in pursuit of world economic governance, according to Jim Tucker’s sources.

“Bilderberg hopes to keep the global recession going for at least a year, according to an international financial consultant who deals personally with many of them. This is because, among several reasons, Bilderberg still hopes to create a global “treasury department” under the United Nations. Bilderberg first undertook this mission at its meeting last spring in Greece, but the effort was blocked by nationalists in Europe and the United States. “Nationalists” (a dirty word in Bilderberg) objected to surrendering sovereignty to the UN,” writes Tucker.

Tucker’s source highlighted a recent speech by French President Nicolas Sarkozy in which he called for a “new global monetary order.” As we have highlighted, such rhetoric has been abundant over the past year, with British Prime Minister Gordon Brown and EU President Herman Van Rompuy repeatedly echoing similar ideas.

As Bilderberg investigator Daniel Estulin revealed during last year’s Bilderberg meeting in Greece, elitists were planning to paint a false picture of economic recovery in order to sucker investors into ploughing their money back into the stock market, which is exactly what has happened with the Dow soaring back to just below the 11,000 level.

Estulin correctly predicted the housing crash and the 2008 financial meltdown as a result of what his sources inside Bilderberg told him the elite were planning based on what was said at their 2006 meeting in Canada and the 2007 conference in Turkey.

“Bilderberg’s ultimate goal remains unchanged,” writes Tucker. “Turn the UN into a world government with “nation-states” becoming merely geographic references. The European Union is to become a single political entity, followed by the “American Union” and, finally, the “Asian-Pacific Union.” The “American Union” is to include the entire Western Hemisphere, including Cuba and other offshore islands.”

Bilderberg to Prolong Global Financial Recession For Another Year

Bilderberg Elite Plan Economic Depression

 



MSNBC’s Ratigan: The Great Bank Con Job

MSNBC’s Ratigan: The Great Bank Con Job

http://www.youtube.com/watch?v=Gwm0ESZJSRI

 

JPMorgan Instructs Homeowners To Stop Making Payments Then Takes Their Homes

Courthouse News Service
April 6, 2010

JPMorgan Chase instructed homeowners to stop making mortgage payments, as that was the only way to be considered for a loan modification, then repossessed their house when they followed the bank’s advice, a couple claims in Federal Court. “I’ve seen this happen to so many people,” their attorney said. “When they come in here to tell me their story, I can actually tell it to them.”

Faiz and Khadua Jahani sued Morgan Chase and its predecessor, Washington Mutual Bank, on their own behalf and on behalf of the public.

“When they called the 800 number, they were specifically told that as long as they were current on their mortgage they wouldn’t even be considered for a loan modification,” the couple’s attorney, Piotr Reysner, said in an interview.

In their federal complaint, the Jahanis say they contacted the bank in December 2008 “to indicate that they were having trouble paying their mortgage and would like to discuss a possible loan modification.”

The Jahanis say the bank representative told them “that they would not work with plaintiffs at all because they were currently not in breach of their loan terms. Plaintiffs were specifically advised at that time to stop making payments for a period of three months, at which time defendants would consider a loan modification. Plaintiffs were specifically informed that as long as they were current on their mortgage payments, that defendants would not consider a loan modification.

“Reasonably relying on the direction of defendants, plaintiffs stopped making their loan payments. Plaintiffs are informed and believe and thereon allege that defendants immediately reported to the various credit reporting agencies (Equifax, Experian and TransUnion) that plaintiffs were late on their mortgage payments.

“On or about June 23, 2009, defendants sent a letter to plaintiff entitled ‘Notice of Intent to Foreclose,’ indicating that plaintiffs were past due in their mortgage in the amount of $100.65 and that plaintiffs need to bring the account current within 30 days to avoid foreclosure proceedings. No Notice of Default accompanied the letter, nor was any Notice of Default ever served on plaintiffs.”

Months of correspondence between the Jahanis and Chase followed, with the Jahanis repeatedly sending Chase documents it had requested, and Chase repeatedly sending them letters claiming it had not received proper documentation and that their loan modification was “in jeopardy.”

Read Full Story Here

 

Here comes the next bubble – carbon trading

http://www.youtube.com/watch?v=7SFywA_LQuU

 

Why Americans accept getting conned into financial slavery

http://www.youtube.com/watch?v=eWqD_VOympU

 



IRS to Force Americans to Buy Health Insurance

IRS to Force Americans to Buy Health Insurance

NoWorldSystem.com
March 23, 2010

$10 Billion dollars will be used to create 16,500 new IRS agent jobs to force all Americans to buy health insurance according to the bill that has been recently signed into law by Barack H. Obama. That’s right, expect IRS thugs armed with shotguns knocking at your door and being fined $740 per month ($2,250 per household) for not buying government approved health insurance. Failure to pay fines could mean the maximum penalty of $250,000 and imprisonment of up to five years according to a Joint Committee on Taxation letter released by Ranking Member of the House Ways and Means Committee Dave Camp (R-MI).

http://www.youtube.com/watch?v=ykj-41b0IKk

http://www.youtube.com/watch?v=4HFBwLScOOI

http://www.youtube.com/watch?v=gEvEJbk8UUE

The Cost Of Defying Obamacare: $2,250 a Month And IRS Goons Pointing Guns At Your Family

Paul Joseph Watson
Prison Planet.com
March 23, 2010

The cost of defying Obamacare by withholding compliance on your income tax return will not be for the faint hearted – families will be forced to cough up $2,250 a month while being closely scrutinized by an army of new IRS agents with fresh “combat training,” armed to the teeth with 12 gauge pump action shotguns.

“The Internal Revenue Service will function as the government’s chief enforcer for health care reform, should President Obama sign the bill into law as expected, monitoring both businesses and individuals to certify whether they have the insurance coverage the government requires,” writes Matt Cover of CNS News.

The penalties associated with defying mandatory health care are staggering. From 2014 onwards, for every month that individuals or businesses with over 50 employees fail to carry a minimum level of health insurance, they will be hit with fines of up to $750 a month for individuals and $750 per uncovered employee for businesses. For a family of four, this could amount to a whopping $27,000 a year ($2250 a month for each household).

“Because these new mandates and taxes are under the purview of the IRS, taxpayers and businesses could incur additional penalties normally reserved for normal income tax cheats, paying fees over and above those for not complying with Congress’ new mandates,” writes Cover.

The health care bill requires the IRS to monitor individuals and businesses via mandatory reporting on income tax returns. If you don’t pay up, the IRS will let loose one of their estimated 16,500 new agents, armed with shotguns and fresh “combat training,” to convince you otherwise.

The increasing transformation of tax collectors into heavily armed SWAT-like goons coincides with the passage of Obamacare, legislation which will rest entirely on its aggressive enforcement by thousands of new IRS agents sent out to harass individuals and small businesses.

Many people raised an eyebrow or two last month when the Drudge Report posted a request for quotes from suppliers for 12 gauge pump action shotguns to be submitted to the IRS. The request also mentioned the fact that IRS agents now receive “combat training”.

It seems that the increasing militarization of IRS agents isn’t simply to prepare for fleecing the many Americans who would undoubtedly stop paying their taxes should draconian austerity measures be imposed to deal with a deepening economic decline, but also to physically enforce the reality behind Obamacare – the fact that if you don’t comply with it then you’ll be treated as a tax cheat and a criminal.

When Obama’s own policy czars, people like Ron Bloom, say things like, “We kinda agree with Mao (Tse Tung) that political power comes largely from a gun,” as the federal government – even the Department of Education – arms itself to the teeth in order to enforce blatantly unconstitutional policies – is it any wonder that American citizens are purchasing firearms at record levels to defend their families from a government gone wild?

Not only will the IRS be tasked with enforcing penalties against Obamacare resistors, but they’ll also be kept busy monitoring over a dozen new taxes that will be created by the bill.

“The bill is littered with tax increases in order to fund the expansion of health coverage for Americans,” points out Business Insider, who identified 15 such increases, things like an excise tax on high cost employer-sponsored health coverage, tax surcharges on people making over $350,000 a year, as well as control freak measures like a 10% tax on payments for indoor tanning treatments.

Obamacare: Taxing The American People Into Oblivion

Ron Paul: If Obamacare Was A Good Program It Wouldn’t Need To Be Enforced By Armed Thugs

IRS demands 4 cents from carwash owner

USA Today: IRS to Make Sure Americans Buy Health Insurance

ObamaCare: Buy Health Insurance Or Go To Jail