Push back the Control Freaks - Keep Hickory Alive

Another discussion that was held at the Future Economy Council meeting at the Conover Tavern last Thursday night related to the attempts of some Powers That Shouldn't Be in Downtown Hickory looking to put a stop to Hickory Alive.

This issue has been discuissed on this very blog in the  Newsletter about the City Council meeting of May 3, 2011 -- Addendum on "The Future of Hickory Alive".  The below presentation is from the City Council meeting of May 3, 2011. The item was discussed at the behest of Alder Sally Fox and her point of contention is that the city doesn't need events that "so heavily focus on alcohol" and "that we need more family friendly events." Alderman Hank Guess stated that as a matter of principal that he can not support any function on City property that publicly endorses alcohol. Alder Patton wants to look into the costs associated with alcohol and Staff being utilized in association with the event and she doesn't know that this necessarily needs to continue. Alder Fox stated that this is the city's front porch and we need to be aware of better events. The Mayor asked if the Jaycees were still involved with this. Aldermen Meisner and Lail agreed to monitor the event over the summer. The Mayor added that this seems to be an event that many people seem to enjoy and we are trying to accommodate 40,000 people and he isn't sure that this is broke. Alder Fox stated that there are ramifications that many don't see and that is the reason she has brought the issue up. The Mayor then went into a diatribe related to the event called "Hickory Hops" and there not being food available during the first six hours of the event. Alder Fox then added about negative consequences associated with over drinking and that it may be few and it may be many.



And then, I also discussed this issue in an article and a Youtube presentation of Mayor Wright's Monday Morning Meeting on the subject. That article is entitled  Hal Row Show - The Mayor - Hickory Alive - A lack of tolerance for Younger Generations and it is from June 27, 2011. This was the second public discussion of this event and the Mayor described concerns associated with a mob of kids that he labeled as being 11 year olds and a lady called in to state that she was scared of these kids and inferred that they were keeping her from turning her car and another lady stated that she was deadset against the city "promoting" drinking on City property.



The Mayor stated that he wasn't pointing his concerns at the Hickory Jaycees or the Downtown Development Association, because he has no reason to think that they are doing anything wrong. A lot of underaged people are gathering there without adult supervision. They are not inside the ropes where the adult beverages are, but they are in alleys, streets, and corners. He stated that these children numbered in the hundreds. He stated that the city shouldn't be child sitting. He was distraught about how  afraid he was about the potential risks of something bad happening. He talked about what a shame it would be if we couldn't have outdoor activities, because we couldn't keep children away.


The Hound's Mindset: I called the Mayor up, because I have honestly had it with the Aged Control Freak mindset that has permeated every crack and crevice of this city over the last several years as the city puts the foot to the floorboard in trying to turn Hickory into an Assisted Living Community. I labeled what he said as diatribe and asked what are kids supposed to do. He talked about the YMCA teen center, which is a fee based organization, and movies and things that cost money. In this economy, people are going places to gather that are cheap, because they don't have a lot of money. The Council doesn't seem to care for poor people. As far as his statement, one man's mob is another social gathering. I do not recall anyone starting a riot in any recent time in Hickory. Maybe someone could figure a way to create some atmosphere for these kids and make a few bucks off of them.

If there are gang related activities, then of course that needs to be addressed, but gangs have zero to do with this event. That would be like attempting to stop High school sports, because a gang member might be at the game. Are you naive enough to not logically understand that gang members can be anywhere at any time in this community? You really want to lock down this city to that level?

In further discussions related to this issue, I have read Julia Rush's rant about her front yard and how Hickory Alive isn't classy. I have had several discussions with colleagues and the general public where people are getting frosted when looking at the City Powers That Shouldn't Be's swath of destruction. How much infrastructure and events have they destroyed in this generation? What is their legacy? Their legacy is that they want to be busy bodies who enter your life based upon the whims and fancies of their personal preference. I don't drink alcohol, but I support the right of those who enjoy an adult beverage to do so and what I see as hypocritical is that the vast majority of the people who have spoken against the alcohol drink themselves. Does that even make sense.

If they are drinking a beer or wine at the Tap Room or Lake Hickory Country Club it is supposedly alright, because it is "Classy" I guess.

Now I have been told that my rantings are negative. What power do I have? I don't create city policies of governance. I have not instituted one ordinance. I have not created an Alcohol Ordinance to impose exactly where Drinking Establishments will be located and whether I choose to allow them to have a permit to open. I have not made attempts to shut down local businesses or keep them from being established, because my crowd doesn't hang there. I have not gone around throwing ultimatums at business owners in this city. I have not attempted to shut down the traditional events that have gone on for years in this city. I constantly talk about things we should do and I am considered a destructive force, while others talk about what we can't do, attempt to control the social aspects of the city, and create a climate of intolerance; and they are construed as being positive? Let's get real!

At the FEC meeting from last Thursday night, the current President of the Jaycees Joanna Shere discussed this issue at length and much of it had to do with the relationship, or lack there of, that the younger generations have with Hickory City Government. The discussion was joined by Valerie Huffman, the past president of the Jaycees. The Hickory Jaycees are the primary sponsor of the event and the beer sales are what generates the revenue that they use to facilitate the event, along with Hickory Hops and Octoberfest and several other events centered around Hickory. These events have a several million dollar economic impact on the City of Hickory. Killing Hickory Alive will most likely kill the other events and the Mayor already expressed some bad things about Hickory Hops.

Joanna has stated that the group has attempted to make contact and have discussions with City Officials about the event, but the City has turned a deaf ear towards the Jaycees concerns, while gladhanding them and stating that they are not saying that the Jaycees and the HDDA are a problem. Well, one needs to understand that the HDDA is not a part of this fight. They aren't selling the beer and Sally Fox and Julia Rush are stakeholders in the HDDA. So, the bottom line is that the Jaycees have been sold out and they are standing alone.

Joanna stated that although it is against their personal desire, the Jaycees are already looking into alternative venues to hold this event. I already know that she is being approached by two other communities to move the event to their area. Hickory officials seem to think that they hold all of the cards and they are going to have things exactly as they wish, but what they fail to realize is that people are becoming so frustrated by City officials who constantly display a propensity towards tone deafness.

If Hickory continues down this path, they are going to start losing a lot of social events to other communities who understand and care about economics and want to grow their communities. Once again we come back to the old saying, "You never know a good thing 'til it's gone." The question is are the people of Hickory going to sit back and allow the vocal minority of Controllers, who make decisions based upon their personal preferences, without account towards the general welfare of this community, or are they going to say enough is enough?

To those who may not think this issue is real. You have no clue about the high stakes game of poker you have been entered into.

Please show your support for Hickory Events on Union Square by joining the Facebook page - Keep Hickory Alive.

Chamber "Future Economy Council" meeting at Conover Tavern, Conover, NC - 07-28-11
Photos by Pat Appleson of Pat Appleson Studios - ©2011 Pat Appleson Studios, Inc. All Rights Reserved, Used By Permission - Check out the 30+ people who attended this event.

Economic Stories of Relevance in Today's World -- July 31, 2011

Recovery Job Growth Concentrated In Low-Paying Occupations - Huffington Post - Arthur Delaney - July 26, 2011 - The Great Recession destroyed all kinds of jobs, but the not-so-great recovery has so far replaced the lowest-paying jobs at a much faster pace than higher-paying ones, according to a new analysis of Census Bureau data... Workers navigating the current labor market are facing a "significant good jobs deficit," said the National Employment Law Project, the worker advocacy group that crunched the Census numbers... Low-wage occupations saw job growth of 3.2 percent from the beginning of 2010 to the beginning of 2011, while mid-wage jobs only grew by 1.2 percent, according to NELP. During the same time period, higher-wage jobs fell by 1.2 percent. In other words, there are more new jobs for retail salespeople, office clerks, cashiers and food prep workers than for machinists, managers, nurses and accountants... To make matters worse, low-paying jobs pay even less than they used to, according to the report.


Even with debt, US not closing offshore loophole - Boston Globe Christopher Rowland - July 27, 2011 - Coincidentally, the aftermath of the tornadoes that tore through Western Massachusetts last month, causing an estimated $200 million in damage, offers a peek at the particular strategy on some insurance premiums that Neal and others say is unfair to US taxpayers... Many of the storm damage claims in Westfield, Springfield, and Monson will be paid by overseas reinsurance firms, most with large operations in the United States and headquarters in Bermuda and Switzerland. The foreign reinsurance companies are not required to pay federal income taxes on the estimated $30 billion a year they shift from American subsidiaries to their offshore affiliates... “It’s sophisticated tax avoidance,’’ said Neal, who serves on the House Ways and Means Committee, which has jurisdiction over tax matters. “Their presence is in the United States. Their post office box is offshore.’’... Tax specialists say it is just one example of the ways corporations legally move income from the United States to offshore accounts - and out of range of the IRS. The Congressional Research Service, a nonpartisan arm of the federal government, estimated last year that such shifting costs US taxpayers as much as $60 billion a year in lost revenue.



On the News With Thom Hartmann: General Electric Moving Its Entire X-Ray Business Headquarters to China, and More - Truthout - July 28, 2011 - You need to know this. Meet the new plan – same as the old plan. The manufactured crisis continues. After the Congressional Budget Office - a world-class independent credit rating agency – and even members of his own Party, dissed Speaker John Boehner’s first debt-limit plan earlier in the week – Boehner revealed his new plan last night…and it’s pretty much exactly the same. The new plan cuts $915 billion from programs for working Americans – about $65 billion more than the first one – and it’s still only a short-term deal that doesn’t balance the budget and forces Congress to hit the debt ceiling again next year – in the middle of an election. The House will likely vote on this new so-called plan today – assuming Boehner can get enough Republicans to support it. That's a task that’s proven difficult over the last few weeks as because a Tea Party insurgency has split Congressional Republicans into two camps – one that wants to prevent a default – and one that actually wants to force a default. But what both camps have in common is they want this phony debt-limit debate to pop up again during the 2012 election – and hang it around President Obama’s neck – no matter the risk to the economy. Once upon a time – if a political party tried this same tactic – crashing the economy and hurting millions of Americans just to score political points – it’d be called treason. But today – it’s called the Republican Party platform.



Gerald Celente: 'Deal or no debt deal, the debt still exists'

The debt standoff continues and still lawmakers cannot come to terms on a deal. August 2nd is the day that the US is supposed to default and many are concerned on how this will affect the US's AAA rating. Gerald Celente, publisher of the Trends Journal, tells us the numbers don't lie.





Peter Shiff: Problem is the debt, not the ceiling

The country which holds more U.S. debt than any other, has hit out at the failure of Congress to reach a deal over its debt ceiling. China says the political deadlock in Washington threatens the entire global economy.

So far Republicans and Democrats have delayed a vote over limiting what the country owes, as they haven't agreed on rival budgets. They have until Tuesday to avoid a potentially devastating default. Earlier in the week, U.S. Secretary of State Hillary Clinton was in Beijing to reassure Asian leaders, that America will not fall back on its debt payments. But Peter Schiff from investment company Euro Pacific Capital, thinks China could well dump the dollar as its main reserve currency.

The Mesh - Local Alternative Internet Media - Please Support

I want to help local entrepreneur Alan Jackson (The President of the Jackson Group) push his multimedia network called The Mesh. This is a cutting edge form of media that includes both Audio and video presentations of different varieties under ITunes and Youtube formats.

As I talked with Alan tonight at our Future Economy Council meeting at the Conover Tavern, I asked Alan some specific questions during the informal part of our gathering and then Alan was asked to present this topic to the group. Alan's desire is for this network to bring recognition to the area and display the technological capacity that Hickory has to offer.

I left the Conover tavern and arrived home a little after 9pm and sitting here figuring out what I wanted to discuss, I have thought about how Alan has shown a desire to improve the area and he has taken steps toward doing just that. We need to support Alan's effort here. What can you do? You can give Alan's media network a chance. How hard is that? All you have to do is Download and listen.

This network currently offers many different programs and of course over time that is expected to grow. I have also had the good fortune of getting to know Houston Harris the owner of Pixelspace and Interopsis over the last few years and I have grown to respect his business formula. Houston has spoken in the past about his idea of Free Range Chicken Thinking. On The Mesh, there is a show that is dedicated to the discussion of the "Free Range Chicken" philosophy. by Houston and members of his staff in which they discuss the intricacies of this philosophy, which I previously written about on this blog in an article entitled "The Future Economy Council, Houston Harris, The Granary."

Houston talked about "Free Range Chicken thinking." He says he wants to be the oldest rooster in the yard. Their life is different from a coup raised chicken, they want to survive. They are lean, they have to move fast, they've got to find some food, they've got to run from that ax, eventually they will get caught, but the free range chicken has an attitude about survival. They adapt and try new things. Thinking is about finding those things and keeping your brain in this mode of what's new -- I can't be afraid of this.

Youtube presentation of Free Range Chicken Thinking

Free Range Chicken Thinking - (Click link to open and listen or Right Click and Save to listen now or later)

The Hound - If we want to move this community forward, then we are going to have to support these efforts and help spread the word. Alan is attempting to create a marketplace of cultural expression and openness and it is our responsibility to participate, promote, and spread the word of this effort.


I am permanently linking to the Mesh in the "Interesting Blog Partners" link at the right of this page. It will be there in the future for all to see and over time I will personally enjoy collaboration, participation, and growth in this new media paradigm.


The Mesh Facebook Page - Go there. Like, Comment, and Leave Feedback about what Alan's Group is doing. I know Alan and listens and attentive to the needs of his customer base. What do you think of the content and what would you like see develop in the future

The Mesh Website - http://themesh.tv/ - The MESH is a new media online network, designed to produce and deliver unique content to computers, mobile phones, iPods, iPads, and any other device connected to the Internet.  Just like a traditional television network, The MESH has a series of programs and "shows" on a variety of topics... the difference is you can watch or listen to what you want, when you want, and where you want.

National Debt Limit - Same Ole, Same Ole.

As I stated in my comments related to other comments related to the Economic Stories of Relevance on July 24, 2011:

What we are seeing is the "Greed is Good" paradigm played out where parasitic people in positions of power feed off of anyone they can without thinking about the consequences of sustainability for their host and thus themselves.

We have seen as much of this on the local level as we have seen it on the national or global stage.

That is why the immigrants have been brought into our nation. It lowers the amount of wage that "businessmen" have to pay to the workforce. That is the reason why we have offshored our manufacturing industry, because it too lowers the labor costs devoted to the workforce.

But what these idiots don't understand is that eventually this race to the bottom will destroy the host that they are feeding off of. In the end everything that is of this Earth is on this Earth. We have to create the abundance within a reasonable capacity of production. When we devote the abundance to the hands of just a few, which is actually about 1/10th of a percent, then we create a destructive, not a productive force. Just think, that is 300,000 people in the U.S., smaller than our Hickory Metro Area. We are devoting ourselves to what would equate to about 40 people in the City of Hickory. 40 people feeding off of 39,970, does that seem right?

We have lost the balance necessary to keep the machine of a productive and progressing mankind well oiled. You want to talk about a country that has lost it's moral bearings; there you have it.

I believe in capitalism, but what we see today is not capitalism. Profit is great, because it creates incentive. Raping people economically creates a disincentive. It is Hedo-Economics. The idiots at the top are destroying the marketplace. They sit at the top of the pyramid, but they are destroying the foundation below. I know so many people who are clueless and so many who were clueless and didn't realize how vulnerable they were and today they are scrambling. If it is going to be this way, then why should we even care? Why should we support the elite and their system of destruction?

Going back to January 2009, I spoke in two articles entitled C-O-N-S-E-Q-U-E-N-C-E-S and Hedo-Economics. In those articles I point to the rules of the Self-Annointed Elite who are never held accountable for their actions and never called out when they are wrong in their decision making process and/or serve their own special interests at the expense of the regular folks who are attempting to survive these times. Those two sets of rules are what have brought this nation to the brink that we stand upon today.

(From CONSEQUENCES - January 29, 2009) - Many economists are saying that our banks are insolvent, while politicians keep denying there is a systemic problem. They keep throwing more and more money towards these institutions without stopping to reassess the situation or demand accountability. Tell me what does empirical evidence make you think?

Capitalism has unjustly been put on trial. The problem is not Capitalism, it is Hedo-Economics. The people who have a Fiduciary responsibility to act in others best interest have not done so. We have seen political and business leaders act only towards their own material self-interests. This greed and subsequent poor judgment has led to the Recessionary consequences that we are enduring today. Yet, the perpetrators of misdeed are still in charge. Does that make sense?

We must learn from history. We are not going to solve the problems of our broken economy unless we demand positive values from our leaders! There must be transparency in the actions of people in power. When people break the law, no matter who they are, they must be held accountable. If they aren't, then we will continue to suffer. The laws of Common Sense are always in play and so are Consequences.

Is this not where we have traveled over the last 2 1/2 years. Think of all of the Bailouts. When Barack Obama came to office our National Debt sat at $10.6 trillion and has risen to $14.2 trillion in the subsequent 2 1/2 years. The seeds of this economic debauchery have been sown by both parties and the American people have been given no alternatives or choices when it comes to the leadership of our nation, because both parties are owned by the corporations that fostered these realities.

The average folks are blamed and it is programs that benefit the working class that are being targeted, while once again the wealthy have their interests toted by the politicos whom they own. I don't think the American people would mind sacrifice, if they thought it was going to be across the board, but the reality is that the government is doing nothing to put us back on a path toward Economic Development and Job Creation. All they are doing is buying time and making the economic issues we face much, much worse.

The problems that we face are these very expensive military excursions that we are involved in and the Free-For-All trade policies that are continually pushed by both parties. Another issue is Illegal Immigration, but if we had Economic Development it would not be the issue that it is today, but still it is a matter of principle and the Elite in our nation have shown that they have none.

(From Hedo-Economics - January 6, 2009) - Capitalism does not espouse any philosophies of lawlessness or anti-social behavior. To the contrary, for a marketplace to be created one needs to have a social network set up with rules and regulations. There have to be guidelines (laws) in order for the marketplace to function properly. Those guidelines have to be administered by a non-partisan body which represents all of the people who have an interest in the marketplace.

That is where the government has evolved. The government is supposed to be a non-partisan entity that allows the social network to function. The people (the social network, marketplace, citizens) are the individuals that should determine the laws. The government's job is to regulate and enforce the will of the people. As governments overstep their role, the marketplace gradually becomes more and more inefficient. Authoritarian governments do not have true marketplaces, but they do end up having black markets.

The Hound Knows that somewhere along the way our system has been derailed. Our system was never and will never be perfect, not because it was created or instituted by man, but rather because it is administered by man. We must not give up on our traditional social system just because it isn't perfect, the alternatives are much worse.

Instead we must castigate and shun the purveyors of Hedo-Economics. Greed is not good!!! Because their is no virtue in greed. It also isn't virtuous to punish everyone, because of what a few people have done to sabotage our way of life. We know the instigators and they must be held accountable. Under any system, if you arbitrarily allow anti-social behavior amongst a given class, then you will surely see that society devolve into chaos.

And that is what we see today. I heard Senator Lindsay Graham state that we need a Balanced Budget Amendment, but how would that solve a problem when the Constitution is constantly usurped today. The Gamers would find a way to get around that system just as they have done through the Patriot Act, The Transportation Security Administration, the Process of Obamacare, the limits to Free Speech, the overstepping of the Commerce Clause, and the constant battles versus those who want to confiscate guns.

This raising of the debt limit is all for political gamesmanship. In the end they will raise it at the 12th hour. How do I know this? Because that is what they always do. Will this save the country? No Way. We are going down, because we are in the midst of the perfect storm. Average Folks are clueless about all of this and really don't care except for the entertainment aspect related to the news. The Politicos are only out to further line their pockets. Pay no attention to the man behind the curtain. It is the final result that counts and that will be the same ole, same ole.

Economic Stories of Relevance in Today's World -- July 24, 2011

Will Republicans Make Congress Superfluous?  

by Paul Craig Roberts    

KINGSTON, NY, 23 July 2011 — The drama of it all! Will Congress refuse to raise the debt ceiling, forcing the US government to default and, thereby, immediately turning the “world’s only superpower” into a Third World country subject to an IMF austerity program? The markets are poised to explode upward in jubilation or collapse in despondency. Only in America could such fantasy dominate the news.

Does anyone really believe that the US government would default on its debt?

The debt ceiling/default “crisis” is nothing but political theater. The Republicans are employing scare tactics in their attempt to destroy the social safety net. The Democrats are playing along with the assault on “entitlements,” because it is what the majority of their large contributors want.

The presstitutes dish out the fantasy as if it were reality.

The US government will never default on its debt, because the government can print an endless stream of money to redeem its bonds. 

The Republicans would love to gut Medicare, Medicaid, Social Security, food stamps, unemployment insurance, education, and any and everything that benefits ordinary people. But do they want to gut their wars?

Do they want to gut American financial hegemony over the world?

Do they want the US dollar replaced as world reserve currency and oil to be priced in a different currency than the US dollar?

Of course they don’t. And if the Republicans are not smart enough to have figured out these consequences of their refusal to raise the debt ceiling, someone will tell them before it is too late.

But in truth it matters not whether the debt ceiling is raised. The Bush regime, with the complicity of the federal courts and Congress, established that the president has essentially unlimited powers not bound by law when the country is at war. The president does not have to follow the Constitution or obey statutory law. He can ignore the laws against spying on Americans without warrants. He can ignore the laws against torture and against indefinite detention without presenting charges in a court. He can even ignore the War Powers Act. Obviously, the president can also ignore the debt ceiling limit.

If banks are too-big-to-fail, so is the US government. All Obama has to do is to declare a national emergency, set aside the debt ceiling limit on national security grounds, and continue to issue debt. If the Federal Reserve were to resist, which it never would, Obama would simply nationalize the institution. If US presidents can take over the steel industry, or bring the industry to heel with the threat, it can take over the Federal Reserve.

If Congress fails to raise the debt ceiling, the only consequence would be the further erosion of Congress’ diminished power. Obama would say, and the public would accept, that Congress was unable to do its share of governing and had left the troops without supplies, the dollar unprotected, and was casting away American power.

The final result would be that Congress, having already lost the power to declare war, would lose the power of the purse. Henceforth budgets would be determined by the executive branch, which would also determine the proportions of expenditures covered by taxes, by borrowing, and by money creation.

The Republicans would have made Congress irrelevant like the Roman senate under the caesars. 

P.S. The Summer Trends Journal will be sent out on Tuesday

©MMX The Trends Research Institute^®


A New Surge In Job Layoffs - Decline of the Empire - July 21, 2011 - Companies are laying off employees at a level not seen in nearly a year, hobbling the job market and intensifying fears about the pace of the economic recovery... Cisco Systems Inc., Lockheed Martin Corp. and troubled bookstore chain Borders Group Inc. are among those that have recently announced hefty cuts, while recent government numbers underscore how companies have shifted toward cutting jobs... The increase in layoffs is a key reason why the U.S. recorded an average of only 21,500 new jobs over the past two months, far below the level needed to bring down unemployment, which now stands at 9.2%... The cuts also reflect the shifting outlook of employers, many of whom had expected the economy to gain speed as the year progressed. Instead, growth has faltered. If the pace continues to disappoint, more companies will feel pressure to pull back. "Layoffs have played a big role [in weak job growth] over the last few months," said Mike Montgomery, an economist at IHS Global Insight. "The soft patch is more layoffs and nothing else to pick up the slack."... In May, U.S. public and private employers shed 1.78 million workers, the highest level since August 2010. Among those layoffs, 1.66 million were from the private sector [graph above].


How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go? - Ampedstatus.org - Introduction by David DeGraw, Reports by Dr. Allen Smith - The Social Security surplus revenue should have been saved and invested in public-issue, marketable Treasury bonds. These bonds are “good as gold” and default-proof. They are the kind of U.S. Treasury bonds that are owned by China and Japan, Bill Gates, pension funds, and every other serious investor that owns Treasuries. If the Social Security surplus had been invested in public-issue marketable Treasury bonds, as it could have been, and should have been, Barbara Kennelly would be correct in saying that the Social Security holdings are “as solid as what we owe China and Japan.” Unfortunately not a single dollar of the surplus Social Security revenue was saved or invested in anything. It was all spent, and, once money is spent, there is nothing left to invest... The government cannot, and will not, ever default on any of its public issue, marketable Treasury bonds because of the panic it would create in world markets and the damage it would do to the nation’s worldwide credibility. But Congress has the legal authority to default on its debt to Social Security, and, if it should do so, the outside world would probably view it primarily as an internal matter between the United States Government and its citizens. One of the least known facts about Social Security is that, although the government does have a moral obligation to pay Social Security benefits to those who have earned them, the government does not have a legal obligation to do so... In a 1960 ruling by the United States Supreme Court, the court ruled that nobody has a “contractual earned right“ to Social Security benefits. Section 1104 of the 1935 Social Security Act specifically states, “The right to alter, amend, or repeal any provision of this Act is hereby reserved to the Congress.” According to the above strong language, Congress could do whatever it wanted to do with regard to changing or even eliminating Social Security.


“Robo-Signing” Fraud Continues–Surprise! - USA Watchdog - Greg Hunter - July 20, 2011 - In April, fourteen of the nation’s biggest banks promised federal regulators they would stop robo-signing documents to foreclose on homes. This was part of a settlement to clean up the foreclosure mess caused by wild lending of the banks... Nearly 8 months ago, the banks were caught red handed fraudulently creating fake documents because they lost track of the originals in the haze of creating mortgaged-backed securities. Why is this still going on? More importantly, why aren't bank executives going to jail instead of letting them off the hook? Many have called this outright organized crime!!! The implications of this, to me, say the mortgage industry and bankers are panicked and desperate. It also signals the real estate market will not recover for many years... The story that follows is a must read from the Associated Press:


Gang of Six Plan Gives Tax Breaks for Wealthy, Social Security Cuts for Ordinary Workers - Truthout - Dean Baker - July 19, 2011 - Washington, D.C.- The budget plan produced by the Senate’s “Gang of Six” offers the promise of huge tax breaks for some of the wealthiest people in the country, while lowering Social Security benefits for retirees and the disabled. Despite claiming that they will "reform" Social Security on a "separate track, isolated from deficit reduction," the plan includes cuts to Social Security that would be felt in less than six months, as the plan calls for a new inflation formula that will reduce benefits by 0.3 percentage points a year compared with currently scheduled benefits. The plan also calls for a process that is likely to reduce benefits further for future retirees... It is striking that the Gang of Six chose to respond to the crisis created by the collapse of the housing bubble by developing a plan that will give even more money to top Wall Street executives and traders. By contrast, the European Union is considering imposing financial speculation taxes to reduce the power of the financial industry and raise more than $40 billion a year in revenue... The plan calls for substantial cuts elsewhere in the budget which are likely to cut into the incomes of large segments of the population, especially the sick and the elderly. The cuts it proposes to the military are just over 1.0 percent of projected spending over the next decade.


Federal Reserve audit highlights possible conflicts of interest - Washington Post - Neil Irwin - July 21, 2011 - For instance, William C. Dudley, the president of the Federal Reserve Bank of New York who was a senior official there in 2008, owned stock of American International Group before the Fed bailed out the giant insurance firm. The GAO report did not mention him by name, but Sen. Bernie Sanders (I-Vt.), who spearheaded the audit, identified Dudley as the unnamed official described in the report... Lawyers at the New York Fed allowed Dudley to continue owning the shares while working on issues relating to the bailout. They concluded that for him to sell the shares immediately after the central bank bailed out the firm would be more ethically problematic than simply holding onto them and selling at a later date... Dudley “held shares in these companies as part of his personal portfolio that predated his service at the New York Fed,” a spokesman for the central bank said. “A waiver was granted allowing him to hold these shares based in part on the judgement that had he sold these shares immediately after the interventions it would have the appearance of a conflict.”


Too Big To Fail?: 10 Banks Own 77 Percent Of All U.S. Banking Assets - The Economic Collapse - July 18, 2011 - The American people were promised that TARP and all of the other bailouts would enable the big banks to lend out lots of money which would help get the economy going for ordinary Americans again... Well, it turns out that in 2009 (the first full year after Congress passed the bailout legislation) U.S. banks posted their sharpest decline in lending since 1942... Lending has never fully recovered since the crash of 2008. The big financial institutions like Goldman Sachs, Morgan Stanley and JPMorgan Chase have been able to get all the cash that they need, but they have not passed that generosity along to ordinary Americans... In fact, the biggest U.S. banks have actually reduced small business lending by about 50 percent since the crash of 2008... That doesn’t sound like what we were promised... These “too big to fail” banks have been able to borrow gigantic amounts of money from the Fed for next to nothing and yet they still refuse to let credit flow to local communities. Instead, the big banks have found other purposes for all of the super cheap money that they have been getting from the Fed as Ellen Brown recently explained….



Burning Collapse....But Nothing to See Here - Charlie McGrath says it better than I ever could - July 21, 2011