Daily Archives: March 5, 2009

Mar 5 2009

Bair Says Insurance Fund Could Be Insolvent This Year (Is our money safe in banks?)

Not looking so good for people with money in banks?

Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency.

“Without these assessments, the deposit insurance fund could become insolvent this year.

“A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions,” Bair said in the letter. “Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative.”

Consumers should watch this issue closely, said Edmund Mierzwinski, consumer program director at U.S. PIRG, a Boston- based consumer-watchdog group.

“I wouldn’t take their money out of the bank yet,” Mierzwinski said. “If the FDIC is saying that there is this serious problem, then we should all be concerned. I think there is a chance the FDIC is going to have to ask taxpayers for money in the future.” Read More

Can we expect the government to come out and warn the Americans with money in the banks in time to get their money out….I would think not!

LINKS:

(1) Boo-freaking-hoo: Million-dollar home owner whines about bailout limits

(2) Congressional Kabuki theater: Why do we let Treasury/Fed/AIG walk all over us?

Mar 5 2009

UPDATE 06 Mar – No gov’t health insurance

Update:

President Obama kicked off his health care reform yesterday in the worst possible way
“The cost of health care now causes a bankruptcy in America every thirty seconds,” Obama said at the opening of his White House forum on health care reform. The problem: That claim, based on a 2001 survey, is simply unsupportable.

The figure comes from a 2005 Harvard University study saying that 54 percent of bankruptcies in 2001 were caused by health expenses. We reviewed it internally and knocked it down at the time; an academic reviewer did the same in 2006. Recalculating Harvard’s own data, he came up with a far lower figure – 17 percent.

A more recent study by another group, approaching it another way, indicates that in 2007 about eight-tenths of one percent of Americans lived in families that filed for bankruptcy as a result of medical costs. That rings a little less loudly than “one every 30 seconds.” Read More

I would call that lying to the American people again! How much longer will the people stand to be lied to by their president? Tea Party Time Yet?

“It is essential that we work together across party lines and we would like to express our strong desire to reject partisan tactics and move forward on this important challenge in a comprehensive, inclusive and bipartisan manner,” McConnell wrote in letter to President Barack Obama, which was signed by four senators who sit on committees with jurisdiction over the issue.

At the same time, however, McConnell suggested there were areas in which Republicans won’t compromise, particularly the creation of a new public insurance program to compete with private insurers.

“Forcing free market plans to compete with these government-run programs would create an unlevel playing field and inevitably doom true competition,” the letter stated. “Ultimately, we would be left with a single government-run program controlling all of the market. This would take health care decisions out of doctors and patients and place them in the hands of another Washington bureaucracy.” Read More

We keep hearing from Obama that the Healthcare is the cause of much of our bad economy and he is trying to change our healthcare to mirror the one in the UK. Socialist healthcare is what I see. The Brits are having the same economy crisis as we’re having here in America and they have government ran healthcare. The differents between Britain and America is their fuel, food and all other products are much higher than ours is. Why would having a government ran healthcare help us? It would not!

The blogger below highlights the different in America and Britain!

Fuel Poverty and the proposed government rebates
Whilst there are an estimated 4.5m people in fuel poverty, it is worth noting that everyone is suffering, irrespective of whether they have been labeled as such. Those that are not currently in fuel poverty are also having to contend with higher fuel bills, higher food bills and in some cases, higher mortgage costs. Many who are actually working have had to seek part-time jobs. If the government provides subsidies to those in fuel poverty, the truth is, everyone else will have to foot the bill, either through higher taxes or higher fuel bills. The government need to be creative rather than simply shifting the burden, not least because those that are in work have consistently, under this government, been expected to take up the slack and pay for those that are not prepared to look for part-time work.

This government needs to look at its income much the same as the average family. In difficult times, the family will look at ways to economise, ways in which they can generate additional income and ways in which they can reduce or minimise the cost of their borrowings. Government needs to adopt a similar approach. There are countless examples of this government’s waste, excess and abuse of taxpayers money. They need to reign this in now. Government needs to look, not at borrowing their way out of this mess, or just dipping into the pockets of the hardworking taxpayers once again. They must be creative in their thinking, radical in their approach and understand that if it was not for the taxpayers of this country, the poor would be desolate, starving and homeless. But there is a limit to just how much you can redistribute wealth and most taxpayers have had enough. Read Much More Here

What say you?

LINKS:

(1) Town: Um, we don’t need porkulus money for homeless

Mar 5 2009

Barack Obama just plain rude to Britain. Don’t call us in future.

The Telegraph: On this side of the Atlantic the whole business looked pretty demeaning. The morning papers and TV last night featured plenty of comment focused on the White House’s very odd and, frankly, exceptionally rude treatment of a British PM. Squeezing in a meeting, denying him a full press conference with flags etc. The British press corps, left outside for an hour in the cold, can take it and their privations are of limited concern to the public. We get the point, sunshine: we’re just one of many allies and you want fancy new friends. Well, the next time you need something doing, something which impinges on your national security, then try calling the French, or the Japanese, or best of all the Germans. The French will be able to offer you first rate support from their catering corps but beyond that you’ll be on your own.

When it comes to men, munitions and commitment you’ll soon find out why it pays to at least treat the Brits with some manners. Read More

Is this any way to treat an allie like the British PM? Obama is nicer to Hamas and Iran. He ether called Hamas on his cell phone or at least had one of his staff talk to them and offering to talk to Iran. Then to treat Britain this way tells me that Obama has some learning to do! Shame on you Obama!

LINKS:

(1)
Coming to a city bus near you?