Daily Archives: March 21, 2009

Mar 21 2009

2 corporate credit unions taken over by government

Federal regulators on Friday seized control of two large institutions that provide wholesale financing for U.S. credit unions, a move they say was needed to stabilize the credit union system.

The National Credit Union Administration said it has taken over and put into conservatorship the two corporate credit unions, U.S. Central Federal Credit Union, based in Lenexa, Kan., and Western Corporate Federal Credit Union, in San Dimas, Calif. U.S. Central has about $34 billion in assets while Western Corporate, known as WesCorp, has an estimated $23 billion in assets.

It said retail credit unions, which are cooperatives owned by their members, remain financially strong — with net worth exceeding 10 percent of assets, and sustained growth in assets and membership despite the deep recession.Read More

Where will it end? Sounds like we have a government ran by a dictator and his men in black! This country is in deep trouble. These credit unions are owned by the people and Obama takes them over!

The protesters in Orlando is going after the right ones, its not AIG its Obama and the democrat control congress!

Orlando ‘Tea Party’ Rally Draws 4,000; Protests Obama,Taxes, Economy
4,000 people attended the Orlando Tea Party, a conservative rally aimed at expressing discontent with Washington.

“This is maybe the greatest single gathering of God-fearing patriots in the history of Orlando, Florida,” local conservative radio host Bud Hedinger, who emceed the event, told the crowd. Keep reading….

Mar 21 2009

The most flagrant abuses of the Tax Code in American history.

The U. S. House of Representatives has passed and sent to the Senate a bill to levy a 90% tax on the bonuses the executives at AIG recently received.

The U.S. Constitution provides, in Article I, Section 10, that “no State shall enter into… any law impairing the obligation of contracts.” The Impairment of Contracts clause of the Constitution applies directly only to the states, not the Federal government, but there is a huge body of case law that has applied the concept to various Federal actions. Moreover the action also collides with federal statutory law, which protects all persons’ rights to make contracts and to sue in U.S. courts, at 42 U.S. C. §1981. Read More

Your Washington lawmakers at work!

LINKS:

(1) Look beyond the bogus bonus smokescreen