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Wednesday, February 15, 2012

THE FHA IS BROKE

The FHA is losing $5 billion of your tax dollars per year in order to prop up Wall Street banks. The looting of America continues unabated. The politicians and central bankers are using the FHA, Fannie Mae, and Freddie Mac to provide a backdoor bailout to bankers that made billions in bad loans. You pay the bill, while the .01% lounge in their NYC Penthouse suites dining on caviar and champagne.

Housing Agency’s Reserves at Risk

The Federal Housing Administration will exhaust its reserves over the coming year, according to budget projections released Monday, which would require a Treasury infusion for the first time in its 78-year history.

But Obama administration officials said more recent developments, including fines that will go to the FHA from last week’s $25 billion mortgage settlement with five major banks, could cover any shortfall and obviate the need for taxpayer funding.

The FHA has burned through its reserves over the past three years as defaults mount on loans it guaranteed as housing markets deteriorated. FHA-backed mortgages are an attractive option for borrowers because they can make down payments as low as 3.5%. But as home prices continue to fall, many of those borrowers have fallen underwater, where they owe more than their homes are worth and are at greater risk of default if they experience income shocks.

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O’Malley finally Releases 6% Sales Tax On Gas To Raise $600M

Gov. Martin O'Malley finally provided more details about his proposal to apply the sales tax to gasoline, raising prices by 18 cents per gallon over the next three years and generating $613 million for highway and transit projects.

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Update On Va. Shooting

Here is an update about cop killing woman in Va.

http://www.wusa9.com/news/article/190763/188/Police-Say-Witness-Changed-Story-About-Officer-Involved-Shooting-

Here are some highlights from the article.

The Culpeper town spokesperson says the officer's cruiser did have a video camera, but that it was not working. He also said the officer did not turn on his blue lights. If he had, it would've been a sign that he was detaining the person, says attorney and former Fairfax County Police officer Ted Sibert . If the person is not being detained, she should be free to go, Sibert says.

"What is he investigating? if its just for we call a suspicious person, then he doesn't have jusification to use force to maintain the contact. So if the person wants to roll the window up, they can. He can't be sticking his hand in the window or pulling someone out of the the car or open the door. Those all need justification," Sibert says.

Sibert says that before an officer tries to stop or detain someone, he needs reasonable suspicion that a crime has occurred or is about to occur. Trespassing is not sufficient, especially if the person is trying to get off the property. Furthermore, to charge someone with trespassing, you'd need proof the person knew she was trespassing. Was it clearly marked? Did the property owner tell the person to leave?

Sibert says if the officer did put his arm in the window, he needs to have reasonable suspicion a crime was committed or about to be committed. Virginia State Police have said nothing about why the officer was detaining Cook in the first place,or, in other words, why he was putting his hand in her window, if in fact that's what he did.

And in this video of followup there is another witness who mirrors what the first witness says. I smell cover-up. It mentions second witness around 2:10 in the video.

http://www.wjla.com/articles/2012/02/patricia-cook-shot-killed-by-police-72483.html#commentformstory72483

Next After Healthcare: Guns, Then Knives

If the media is able to get Obama a second term, he will likely use it to go after the Second Amendment. What will his Nanny State do next, after making us safe from the guns we use to defend ourselves? Take away sharp objects, starting with knives. It has already begun on the local level:

Current Boston law prohibits the sale of any folding knife with a blade over 2 inches long to a “minor” (I don’t know if they are using 18 or 21 for this definition).

After sting operations revealed to bureauweenies that conveniences stores have been selling pocket knives to minors,

Their answer was to propose a city ordinance that would require a license to sell knives.
[Because that] still doesn’t prevent someone from breaking the law and continuing to sell the knives, it is easy to guess what the next step is. Use a combination of high permit pricing and denying the license to as many businesses as many as possible to create a de facto ban on cutlery sales. One official from the transit police made the statement that, in his opinion, “no law would be too onerous in preventing the sale of these ‘deadly weapons.’” I assume his reasoning is based on the old “if it saves the life of just one child” argument that no one ever really means. If they did, we would have banned bikes, high school football, and backyard swimming pools a long time ago.

At least this will make Bostonians safe from knife-wielding teenage criminals, right? Of course not:

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Obama Giving $800 Million Of Your Tax Dollars To Help “Arab Spring” Countries, Including Egypt

Let see. Egypt is still holding over 10 Americans hostage, including the son of Transportation Secretary Ray Lahood. So what does the Obama regime do? Throw more money their way. But not just to Egypt, all the “Arab Spring” countries like Libya, Tunisia, etc. This is just one of the goodies in the jug eared fraud’s budget released today. $800 million for these Arab Spring countries, all courtesy of you, the American taxpayer. I’m sure the Muslims in these countries will be sending thank you cards soon.


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Oprah Begging


It gets sad — pathetically so — at the end. Billionaire Oprah Winfrey is reduced to begging for people to watch her network. From TV Guide:

Oprah Winfrey issued an apology on Monday for asking viewers with a Nielsen box to tune into OWN.

“Every1 who can please turn to OWN especially if u have a Nielsen box,” she wrote via Twitter on Sunday, just as the Grammy Awards telecast began opposite Oprah’s Next Chapter. She later added, “Commercial Grammy people..u can turn to OWN.”

After Twitter followers began to accuse her of begging, Winfrey went on the defensive, firing off several tweets implying that she is not desperate for viewers. “Unethical a little harsh don’t u think? Seemed like it made sense to me. Sorry if u’re offended,” she wrote in response to the messages.

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How Effective Were Obama’s Green Jobs Initiatives?

U.S. House of Representatives investigations have revealed the failed green jobs initiative in President Obama’s ambitious environmental agenda. With an initial government cost of one-half billion dollars, evidence proves that only about 10% of sponsored trainees were placed in green jobs.

As part of the Obama green energy program, the goal was to train 124,893 people, and place 79,854 (64%) in new green jobs. After 17 months, the results of the green jobs program indicate that only 52,762 were trained, and only 8,035 got green jobs – each job costs tax payers about $62,000. (U.S. Dept. of Labor Inspector General, Jan. 2012)

[...]The Solyndra, First Solar and many other new energy failures are direct evidence of energy technologies that fail economic viability in today’s competitive global markets, even with massive government subsidies. Current solar and wind power systems still cost 3 to 4 times that of conventional coal, natural gas and nuclear power production. Further, the giant Chinese producers of solar panels and wind energy turbines have reduced production projections due to lack of global market demands.

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VAST CONSPIRACY OF THE GOVERNING ELITE

There are some truth tellers out there. Jesse and Chris Whalen are two. If this continues, there will be blood.

“But please, to our friends in the Big Media, could we stop saying that we don’t know the location of the missing $1.6 billion of client funds from MF Global? The money is safe and sound at JPM and other counterparties. As with Goldman Sachs et al and American International Group, the banks have been bailed out at the cost of somebody else. And the various agencies of the federal government are complicit in the fraud.”

Chris Whalen, Institutional Risk Analyst

Chris Whalen at The Institutional Risk Analyst lays out the entire MF Global scandal in a few plain words.

It is nice to see that someone who appears on the mainstream media can tell the truth on this. Usually one has to look for sources overseas, small cafes, and the occasional economic maverick to hear what really happened.

But in quiet whispers, the Street knows the truth, that the money was stolen, not once but twice. The first time by MF Global and from the very top, and then afterwards in the courts and the regulatory bodies that used the bankruptcy to take the funds from the customers and give them to the creditors.

And it does stink to high heaven. But the clean up men are giving the evidence a thorough scrubbing while justice waits, Chicago-style. Rather than being under indictment, Corzine continues to raise funds for the re-election of the president.

It has placed a chill on those trading in the US markets. Even they are frightened of such lawlessness. They can’t help but wonder, who’s next?

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Commit A Crime, Collect A Pension

Public employees — including teachers — receive retirement benefits even if they are felons.

From Sacramento

Here's another outrage about the child abuse scandal at Miramonte Elementary School: If the teacher accused of spoon-feeding his semen to blindfolded students is convicted and sent to prison, he'll still receive a public pension.

Mark Berndt, charged with 23 counts of lewd conduct against children, is due nearly $4,000 a month. No matter the jury verdict. It's the law.

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Media Matters Memo Called For Hiring Private Investigators ‘To Look Into The Personal Lives’ Of Fox Employees

A little after 1 p.m. on Sept. 29, 2009, Karl Frisch emailed a memo to his bosses, Media Matters for America founder David Brock and president Eric Burns. In the first few lines, Frisch explained why Media Matters should launch a “Fox Fund” whose mission would be to attack the Fox News Channel.

“Simply put,” Frisch wrote, “the progressive movement is in need of an enemy. George W. Bush is gone. We really don’t have John McCain to kick around any more. Filling the lack of leadership on the right, Fox News has emerged as the central enemy and antagonist of the Obama administration, our Congressional majorities and the progressive movement as a whole.”

“We must take Fox News head-on in a well funded, presidential-style campaign to discredit and embarrass the network, making it illegitimate in the eyes of news consumers.”

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The Price Of Inflation

I live in Manhattan and try and find creative ways to buy groceries. If I go to the market near my apt and buy a dozen eggs, OJ, apples, bananas, chicken salad, carrots, and a 6 piece sushi set it is generally around $40. That is pretty expensive considering it is really only a weeks worth of breakfast and some snack food for one person.

To save money, I purchase bananas from a street vendor near my office. Last year when I first started at {a major financial company]. , the bananas were 5 for $1. Around late fall they became 4 for $1. This morning I come to work and grabbed 4 and the vendor slaps one banana out of my hand and points to the sign… 3 for $1.

PS – this inflation is in addition to a post I made on an article a few weeks ago where my landlord is demanding an increase in rent from $1550 to $1750, a 12.9% yoy increase.

But of course, inflation is only 2%.

Start Tucking Away Your Nickels Now!

The current nickel is made of 75% copper and 25% nickel. At current metal prices, there is 5.7 cents of metal in a nickel. As price inflation accelerates, I expect the metal value to soar and these nickels to disappear from circulation the way silver dimes and quarters did in the 1970s. I explain this here.

It is very likely that the U.S. Mint will stop producing the nickel in its current metallic form, because it costs more than 5 cents to produce. Indeed, President Obama, as part of his recent budget proposal, wants to change the composition of nickels and pennies to save money.

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Owner Of Empire State Building Files For I.P.O.

Here's more anecdotal evidence that we are in a bull market.

A strong IPO market is one of my favorite bullish indicators, Facebook going public at this time is a very bullish sign. They don't do deals like this in slow or down markets.

Now comes word that the owner of the Empire State building has filed for an IPO. As Mark Thornton points out, skyscrapers become more valuable during the bull phase of the central bank business cycle manipulations. Thus, it makes complete sense for the Empire State owner to go public at this time.

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How Much Stimulus Funding Is Going To Your County?

It’s been nearly three years since the federal stimulus plan began. So once again, we’ve taken all the data used on the government’s stimulus Web site, Recovery.gov, spiffed it up and added thousands of other recovery spending records.


The result: the most comprehensive publicly available analysis of stimulus spending that we know of.


Type in your county or click on your state to find local projects, and check out how per capita spending compares with poverty, income and unemployment in your area.


You can also get the data files from us directly.


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Four Hundred Fifty Bases and It’s Not Over Yet: The Pentagon’s Afghan Basing Plans for Prisons, Drones And Black Ops

In late December, the lot was just a big blank: a few burgundy metal shipping containers sitting in an expanse of crushed eggshell-colored gravel inside a razor-wire-topped fence. The American military in Afghanistan doesn’t want to talk about it, but one day soon, it will be a new hub for the American drone war in the Greater Middle East.

Next year, that empty lot will be a two-story concrete intelligence facility for America’s drone war, brightly lit and filled with powerful computers kept in climate-controlled comfort in a country where most of the population has no access to electricity. It will boast almost 7,000 square feet of offices, briefing and conference rooms, and a large “processing, exploitation, and dissemination” operations center -- and, of course, it will be built with American tax dollars.

Nor is it an anomaly. Despite all the talk of drawdowns and withdrawals, there has been a years-long building boom in Afghanistan that shows little sign of abating. In early 2010, the U.S.-led International Security Assistance Force (ISAF) had nearly 400 bases in Afghanistan. Today, Lieutenant Lauren Rago of ISAF public affairs tells TomDispatch, the number tops 450.

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You Can’t Keep A Good War Down . . . Just Because Of Bad News

In Afghanistan, “victory” came early -- with the U.S. invasion of 2001. Only then did the trouble begin.

Ever since the U.S. occupation managed to revive the Taliban, one of the least popular of popular movements in memory, the official talk, year after year, has been of modest “progress,” of limited “success,” of enemy advances “blunted,” of “corners” provisionally turned. And always such talk has been accompanied by grim on-the-ground reports of gross corruption, fixed elections, massive desertions from the Afghan army and police, “ghost” soldiers, and the like.

Year after year, ever more American and NATO money has been poured into the training of a security force so humongous that, given the impoverished Afghan government, it will largely be owned and paid for by Washington until hell freezes over (or until it disintegrates) -- $11 billion in 2011 and a similar figure for 2012. And year after year, there appear stories like the recent one from Reuters that began: “Only 1 percent of Afghan police and soldiers are capable of operating independently, a top U.S. commander said on Wednesday, raising further doubts about whether Afghan forces will be able to take on a still-potent insurgency as the West withdraws.” And year after year, the response to such dismal news is to pour in yet more money and advisors.

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The 4- to 14-Year-Old Window: Turning Children Into Evangelists In Public Schools

When an after-school “Bible study” program called the Good News Club showed up at the Santa Barbara public school where journalist Katherine Stewart sent her children, she decided to take a closer look at its sponsoring organization, the Child Evangelism Fellowship, and other groups like it. Stewart was surprised to learn that there is more religion in public education today than there has been in the past 100 years. Her book, "The Good News Club: The Christian Right’s Stealth Assault on America’s Children" (PublicAffairs), explores the wide range of initiatives to infiltrate public education while simultaneously undermining support for it. In the following excerpt, she investigates the source of the religious right’s new focus on children and schools.

The video below is a panel discussion with author Katherine Stewart, hosted by Mark Crispin Miller, held at the McNally Jackson bookstore earlier this month.



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A Comment Worthy Of A Post 2-15-12

Anonymous said...
The world would be better off with a few more married gay couples and a few less bigots like yourself Joe. I'll take a rainbow over your dark cloud of hatred any day.
February 15, 2012 8:28 AM

JoeAlbero said...
anonymous 8:28, OH, so now its "hatred" eh? Considering your an anonymous coward I'll have you know I have several gay friends. I don't "hate" gay people, I disagree with their lifestyle. I disagree with Mike Lewis, I don't "hate" him. Heck, I disagree with Barrie Tilghman but I don't "hate" Barrie Tilghman. So you wet pants liberals want to now throw out the word "hate" because people like me DISAGREE with you? You need to GROW UP and face REALITY. The MAJORITY of Americans do NOT support gay marriage, period. You load up our public offices with gays, rally together to gain support WITHIN and then scream discrimination when you don't get your way. If ANYONE hates ANYBODY it's YOU.
February 15, 2012 8:34 AM

Attacking Iran Makes No Sense, But Netanyahu Might Do It Anyway

The most strenuous objection to an Iranian attack by Israel comes from recently retired Mossad head Meir Dagan, who called attacking Iran “the stupidest thing I have ever heard.” His predecessor, Ephraim Halevy, seconded his assessment. Dagan’s successor, Tamir Pardo, and former Israeli Defense Force Chief of Staff Dan Halutz both declared that Iran is “not an existential threat” to Israel.

And since it is unlikely that Israel could launch such an attack without U.S. approval, the opinions of American officials are equally important.

American concerns hinge on Iran’s nuclear program. Though there is widespread suspicion that Iran may have a nuclear weapons program, there is no evidence that such a program exists. The latest pronouncement came on January 31 from U.S. Director of National Intelligence James Clapper, who stated in testimony before Congress: “We do not know . . . if Iran will eventually decide to build nuclear weapons.”

His assessment echoes that of CIA Director David Petraeus and Secretary of Defense Leon Panetta that Iran is not building nuclear weapons at present.

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FOP Fundraiser

You’re Invited! Please Join Us!

Fundraiser Supporting Fraternal Order of Police-
Worcester County FOP Lodge 50

WHERE: West Ocean City Greene Turtle, Rt 611
410.213.1500

WHEN: Wednesday, March 21, 2012

TIME: Open – Close (11a-2a)

50/50 drawing at 9pm (do not need to be present to win)
DJ 5pm-8pm

*10% of the profit for the day will be donated back to FOP Lodge 50

Should you have any questions, or wish to make a donation to the FOP Lodge 50, please contact Heather @ 410.430.9405. You may also mail your donation to FOP Lodge 50, PO Box 252, Snow Hill, MD 21863
Checks should be made payable to: Worcester County FOP Lodge 50

Donations and money collected during Fundraising Events is used towards local Community Events, Schools, Scholarship Fund, and various Children Activities.


Special Thanks to Rt. 611 WOC Greene Turtle for their support and the FOP Lodge 50 Members who made this event possible!