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Posts Tagged ‘FDIC’

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The Obama administration is steering the wheels of not only General Motors and Chrysler into bankruptcy, but the FDIC- Federal Insurance Corporation in the new world order.

General Motors Corp. president and Chief Executive Officer Fritz Henderson has scheduled a news conference in New York on Monday, when the Detroit automaker is expected to file Chapter 11 bankruptcy.  Having propped up the failing automaker with billions of our tax dollars already, the government will take somewhere around a 70% ownership role. 

Perhaps the automakers should have been allowed to sink or swim in a free market economy months ago, none-the-less they are sinking now and fast.  So much innovation has come from the auto industry from safety, better fuel management, satellite tracking, etc. GM filed more than 300 patents last year alone and there in lies the money honey. 

Patents are the single most important asset class upon which economic recovery and sustainable prosperity now depend, especially in light of  the collapse of traditional asset-based markets says The Automaker Patent Assets Intelligence Report APA-Intel Report 2009, Comparative Quantitative Analysis Automaker Innovation and US Patent Portfolio Quality is here: http://www.ipfrontline.com/downloads/apa-intel-09.pdf

“Beyond the auto industry, the veracity of statistical patent asset measurement applies equally to every other industry core to our economy: computers, semiconductors, biotech, pharmaceuticals, software, medical devices, and oil and gas, to name a few. ”  writes http://www.cafezine.com/depts/article.asp?id=22652&deptid=8 

Andy Gibbs, Chairman and Chief Executive Officer of PatentCafe, said: “The APA-Intel Report on patents is the first of its kind that provides an in-depth comparison of the quality of patent portfolios owned by Chrysler, Ford, and General Motors, against their largest Japanese and European counterparts. High quality patents provide huge revenue opportunities, and low quality patents increase operational risk.”  The report notes that Green Tech” replacing “EnviroTech” as a more contemporary term has the most to gain, backing Obama’s policy that a greener world will cure all that ails us.  Except maybe Swine Flu.

Reinforcing Obama’s environmental policy and getting her to shut up about CIA memos, Nancy Pelosi was in China spewing that we must all take inventory and that a clean environment should be a basic right.  This, as markets are in the shitter, North Korea is launching missiles and testing nukes, and we are at war in Iran and Afghanistan. “The impact of climate change is a tremendous risk to the security and well-being of our countries.” http://www.huffingtonpost.com/2009/05/28/pelosis-new-tactic-tellin_n_208488.html.  If I vomit on the grass instead of the toilet- does that count as recycling?

The Republican National Committee slammed  Barack and Michelle Obama’s date night  an “RNC Research Piece”: “As President Obama prepares to wing into Manhattan’s theater district on Air Force One to take in a Broadway show, GM is preparing to file bankruptcy and families across America continue to struggle to pay their bills. … Have a great Saturday evening – even if you’re not jetting off somewhere at taxpayer expense. … PUTTING ON A SHOW: Obama’s Wing Into The City For An Evening Out While Another Iconic American Company Prepares For Bankruptcy. http://www.politico.com/news/stories/0509/23122.html

Making a habit of dining out, Obama ate at Five Guys on Friday and while waiting for his order, President Obama appears to have learned of the existence of a Defense Department intelligence arm, the National Geo spacial Intelligence Agency- NGA-an agency employee also at the burger restaurant.  Too bad it wasn’t some one from the FDIC who could have told him that that the fund is is at an all time low of just $13 billion as of march 31st  or 0.27% of $4.8 trillion in insured deposits! </span

While depositors have been seeking a safe haven from the stock market, and banks continue to falter, insured deposits have hit all time highs.  The FDIC is all but insolvent. " http://zerohedge.blogspot.com/2009/03/bailoutspotting-or-search-for-great.html writes “At its heart, the FDIC is an insurer of deposits. It does this not so much with actual cash which would pay off depositors if there were a global run on the bank (which is negligible when compared to the total size of roughly $5 trillion in deposits), but by being a symbol of the U.S. guarantee to protect its depositors.” </span

The inclusion of "In God We Trust" on all currency was required by law in 1955.  The Federal Reserve guarantees those dollars for now, but for how long?  Even the big 3 have warranty programs, but again for how long?  The car I drive has a rosary on it to protect our family while we drive and that invisible trust in my gas guzzling SUV and God remains, but faith in Obama to restore the automotive and the banking industry?  

Novus Ordo Seclorum is shown on a ribbon below the pyramid and translated as "a new order of the ages."  President Obama has been very open about his global agenda and as the world debates rescinding the dollar as the global currency, he is steering us away from national sovereignty and capitalism.

Photo taken on May 29, 2009 shows a 1908 Buick Model 10 in the GM Heritage Center in Sterling Heights, Michigan, the United States Xinhua/Gu Xinrong

A Dodge Nitro vehicle is seen in front of the General Motors Corp world headquarters in downtown in Detroit, May 28, 2009. (Xinhua/Reuters Photo)  {A Dodge in front of GM – there’s your new world order alright!}

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I want more candy in the trick or treat bag this October, a fatter turkey in November and more toys for Christmas.  I like my martini’s shaken, not the economy.  Our US Government elected officials and the US citizens want it all too and are stirring things up so much that my martini is starting to look like a Jim Jones koolaid drink.  Be careful what you ask for, you just might get it. 

Our $700 Billion Dollar Bailout is increasing as fast as Muhammad Ali once said, ” I’m so fast that last night I turned off the light switch in my bedroom and was in bed before the room was dark.”  The lights are certainly dimming on financial markets as the bailout plan looks for ratification.  People looking for proof that we need this will get it in the next 6 months or so when we will again be wondering what the hell happenednd.

Ideology has to be set aside and bi-partisan solutions must be found. Yadda, yadda, yadda.  Is this bailout the right thing and is it the right time?  Had Treasury Secretary Henry Paulson acted on bailing out Lehman Brothers in the first place we might not be seeing this ginormous chain reaction in the financial markets.  Maybe he knew that there was no stopping the spiral downward in the credit markets and figured that a bailout was going to be the only way to restore corrections in the marketplace, and at a speed that would help limit a recession and guide our economy towards growth and justice.  Justice?  Indeed it is unjustifiable, the skirting of laws that were meant to avoid this situation in the first place.  If a tree falls in the woods…does it make any noise?

This F’ed up system has run amok and I am wary to give billions back to the same incompetents that got us here in the first place.  I am also wary not to.  Ben Bernake, The Federal Reserve chairman is not an idiot.  He received a PHD in economics from MIT and thankfully has held his ground on limiting the amount of political persuasion that often permeates our government.  He has studied The Great Depression and the woes of Japan’s banking failures and failure to act in a responsive way.   The main stock index in Japan, nearly 20 years later is still less than one third of its level.  I don’t want to be broke and dead by the time the US Market sees a correction.

Wall Street is asking Main Street to foot the bill on the same kind of pork that got us here. The current bill endorses a not $700 but an $850+ billion bailout plan plus it has another $150 billion in tax breaksfor individuals and businesses.  Add in the $85 billion for AIG last week and we as well round up and call it a ONE TRILLION DOLLAR BAILOUT.  It seems totally dysfunctional to have money in the bill that has tax relief for things like Wooden Arrows,  Motor sports racing track facilities, Investors on Indian Reservations, Renovating restaurants, Rum producers in the Virgin Islands, etc,.    I must be missing something in that this bailout was originally intended to help out with the sub-prime mortgage and credit problems. Over at http://www.humanevents.com/article.php?id=28851 there is a whole list of maddening programs that includes 3.2 Billion for …”the “Secure Rural Schools and Community Self-Determination Program,” over six years and to be used not just for schools but also to “implement stewardship objectives that enhance forest ecosystems,” support programs which “control noxious and exotic weeds” and enhance “soil productivity” or “improve cooperative relationships among the people that use and care for Federal land and the agencies that manage the Federal land.”  Yes siree, that $3.2 billion is certainly going to help get us out of this immediate financial mess.  SHAME, SHAME on you. (and me)

In some great manner of a brain fart, the bailout bill also raises FDIC insurance to $250,000.  The FDIC already covers 250k for retirement accounts anyways.  Seeing as a lot of the little guys on Main Street have actually managed to save and invest, this seems like a no brainer–thanks for throwing us a bone.  Who is to say that the estimated $50 Billion in the FDIC is enough to cover the little man’s losses?  What we have here ladies and gentleman is a giant accounting convention and we the taxpayers are only invited to the after party having footed the bill.  Couldn’t our elected officials just attempt to fix the immediate financial markets and leave the rest of the bullshit blundering pork spending for later.  I am reserching for the funds to continue to pay for the $1000 toilet seats as referred to in the movie, Independence Day.

The next big event is going to be for the Social Security Trust Fund-mark my words, as we have been warned for years that there is more money going out of the system than is coming in.  One does not need to have a doctorate in economy to figure out that those of us in our 40’s are going to get nada, nothing, el zippo.  Oh right- we were all encouraged to invest in the stock market in the first place, to invest for our retirements so we wouldn’t have to rely on the Social Security Trust Fund.   What about the likes of Ameritrade, ETrade, Scotttrade and Forex?  Are these mainstream Internet financial behemouths just as equally liable for this disaster in making it so easy for investors to hit the buy and sell button faster than a fly lands on a camels ass? 

I like my martini shaken, not our economy which is shaken and stirred up to the core.

In times of rapid change, experience could be your worst enemy.
Jean Paul Getty, 12/15/1892 – 06/05/1976
US oil industrialist

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