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Title: Forced Austerity.
Source: [None]
URL Source: http://www.redstate.com/skipmaclure/2010/12/24/forced-austerity/
Published: Dec 24, 2010
Author: Skip MacLure
Post Date: 2010-12-24 10:19:34 by Skip MacLure
Keywords: new deal, Franklin Roosevelt, taxes
Views: 1432
Comments: 4

Does anyone remember that most of President Franklin Roosevelt’s ‘new deal’ was overturned by the courts and strongly opposed by Congressional Republicans, and not a few Democrats? They faced the ugly truth back then. Throwing government into any issue only results in making any problem infinitely much worse.

Roosevelt’s redistributionist-socialist ideas only resulted in extending the depression by an extra ten or so years. There are some who claim, and not without some justification, that we actually didn’t come out of the depression until the consumption boom of the late forties and fifties… citing the large numbers of men who came back from World War Two who couldn’t find jobs in a peacetime America. It was the Roosevelt administration who sold us a bill of goods, about the greatest Ponzi scheme the world has ever seen.

This monstrous unfunded liability has had tax revenues stolen from the ‘Social Security Fund’, virtually from the beginning, by greedy, unprincipled politicians seeking to increase their own power. What we have with the Obama administration and Congress is nothing more than the Roosevelt New Deal on steroids.

Our new Conservative Congress will force austerity on a wildly out-of-control government by starving out the Marxists’ socialist programs by removing their funding. Hear that, Obama? We should go from there to the EPA and the FCC, and yank their funding as well.

The battle for the heart and soul of this great nation is only beginning. We can not and will not tolerate the leftists’ repeated assaults against the very fabric of our society. Be warned… The American Patriot is on the march and will not rest until America is free of the taint of communism.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

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#2. To: Skip MacLure (#0)

Throwing government into any issue only results in making any problem infinitely much worse.

This mystery is further intensified by one Fed spread sheet showing that the largest Wall Street firms deposited a total of $2.1 trillion in stocks as collateral in order to obtain liquid funds from the Fed. Depositing stocks as collateral began on the day Lehman died and was done in large size by Lehman Brothers, Morgan Stanley, Merrill Lynch, and Citigroup. Raising additional red flags, tens of billions of dollars in stocks were posted as collateral by the London operations of Morgan, Merrill and Citi.

Was this publicly traded stock from the firms’ proprietary trading desks, otherwise known as the in-house casino? Was it illiquid private equity in which the firms had their money tied up? Was it equity tranches from the dubious Collateralized Debt Obligations (CDOs)? If it was either of the latter, how could it have been properly priced as collateral? The Fed describes the equity as follows: "Securities representing ownership interest in a private corporation…." Without knowing the details of these securities, or the other unspecified junk bonds used as collateral, we don’t know the extent of the trash the Fed was swapping for cash with Wall Street.

mcgowanjm  posted on  2010-12-24   11:33:53 ET  Reply   Untrace   Trace   Private Reply  


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