Bernanke confirmed even though Americans disapprove

When politicians do not listen to the people who got them elected they generally do not stay in office for too long. Lat week the Democratic lead congress voted for  Ben Bernanke to continue to lead the Federal Reserve and to continue to lead America off of an Economic cliff.

Both Fox News and the Wall Street Journal show the overwhelming majority of people polled did not think Bernanke should be reappointed. Now granted, Fox business news is a Right leaning news outlet and the Wall street is slightly less leaning. But I have searched many articles including one by Rasmussen which said fewer than 21% of Americans favor Bernanke.

I don’t think it really matters as the Republicans are just as big of failures as the Democrats but the 2010 elections are going to be very interesting. All of those who voted for Ben Bernanke’s reappointment may want to look for other work.

Stimulus for infrastructure projects does not create jobs

Associated Press analysis of stimulus spending found that regardless of whether a large amount of stimulus money was spend or not the unemployment rate rose and fell the same as if no money was spent at all.

In another blow to all the keynesian imbeciles who believe spending borrowed money to try to create jobs re-paving roads or doing other infrastructure projects creates jobs or has a lasting impression on the employment picture are sadly mistaken. Although these measures may offer short-term employment for workers they do nothing to stem the rising unemployment in the US.

“The AP’s analysis found there was nearly no connection between stimulus money and the number of construction workers hired or fired since Congress passed the recovery program. The effect was so small, one economist compared it to trying to move the Empire State Building by pushing against it.”

Yet despite this The Obama administration wants to allocate Billions more to infrastructure projects and add even more to the federal deficit. re-paving roads, painting bridges and building new highways do not create economic growth. Innovation and the creation of things people around the world want or need create growth. America is a consuming nation that imports most of the things we have and exports very little. For the fiscal year of 2009 the United States had a 420 Billion dollar trade deficit. Which means the US gave away 420 Billion dollars of its wealth to the rest of the world. Since 2003 the US has had a trade deficit of more than 4 Trillion dollars.

The politicians just don’t see the real problem with the US economy. They continue to live in denial and continue to enact the same failed policy. Change you can believe has become business as usual.

Historic Massachusetts Senate race today

Today one of the most important elections in American history will take place as Republicans try to wrestle away a Senate seat held by Ted Kennedy. Scott Brown vs. Martha Coakley.

I must say I am rooting for Scott Brown not because I am Republican but because I feel the democrats have too much power and are on an un-sustainable sending spree that will soon bankrupt this country. Those who read my blog know I despise Republicans as much as I do Democrats but having Brown win would remove the Democrats 60 seat majority and reign in some of the Democrats ridiculous social plans and mishandling of the financial crisis.

This will also kill Obama’s healthcare bill. I know there are many different avenues the Democrats could take like stalling Browns seating or having the House pass the same bill that the Senate did but I don’t believe either of these wold happen.

The election of Scott Brown in a blue dog state like Massachusetts (Home of the Kennedy’s) where a Kennedy held the seat since 1962 would send a resounding message that the country is not behind universal healthcare. It would also send a strong message that even Democrats have become tired of the bailouts and the Obama administrations handling of the financial crisis.

If the Democrats then try to stall the seating of Scott Brown in a deliberate attempt to circumvent the will of the people the Democrats will lose all credibility and be destroyed in the 2010 elections. And there is no way the democrats in the House will pass the bill as is because they know they would soon be voted out soon too.

If the Democrats lose this election it will be a crushing blow to the Obama administration. Both he and Nancy Pelosi crown jewel (Healthcare) would be dead. In addition the Democrats majority will be gone and since they have not been bipartisan in any way and have run rough shot over the Republicans, there is no way he will get anything passed for the rest of his term.

Chris Dodd retires from senate and America rejoices! Good Riddance.

My original post for today was going to talk about Democrats who were defecting or leaving office ahead of the 2010 mid-term elections to save themselves  the embarrassment of getting crushed come election time. I was then going to follow-up Monday with a post titled ‘Democrats who must be voted out in 2010″.

Well it seems that Senator Chris Dodd has stolen my thunder (But in a good way) as he has announced that he would not seek re-election in the fall. The is chairman of Senate Banking Committee who helped weaken pay restriction legislation for big banks and insurance giant AIG. He is also involved heavily in the Fannie and Freddie mess.

The best thing Dodd has done since he was elected in 1980 is to step down now which does not leave much of a legacy in my opinion. I often wonder how these clowns manage to stay in office for so long seeing how inept they really are. Now if only we can get him to take Barney Frank, Harry Reid and Nancy Pelosi with him.

Barney Frank allocates 4 Trillion to banks for the next bailout

Just when you thought Barney Frank could not do anything else to destroy the American middle class he stuns us again with a 4 Trillion dollar allocation to bailout banks if (When) they get in trouble again.

Thanks to David Reilly who actually read the 1279 page H.R. 4173, the financial-reform legislation passed earlier this month by the House of Representatives. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. It also eliminates pay restrictions for bailed out institutions and actually weakens current legislation.

It is time for Barney Frank to go. Please be advised that I am now making it part of my mission this year to expose Barney Frank for the lying shill he is and makes sure he is voted out of office. Enough is enough!

Why is America failing? Because we have become fat and lazy.

Kara Miller a Babson College professor recently was quoted as saying nearly all of her C, D and F students were Americans while her foreign students from China, India and even Latin America were at the top of the class.

Although not every American student is lazy (I believe the best and the brightest still come from the U.S. even if the numbers are dwindling) the article does raise some interesting points regarding the state of the American Student and what lies in store for America.

Currently more than 60% of all graduates  in computer science and engineering are foreign born students. The reason I bring up these tow fields is because as we head into and ever increasing computer and technically driven world these will be the degrees that afford the lucrative jobs. The liberal arts degrees and humanities degrees will become less important. I will have more on the future of education and the jobs of the future in a future post.

The message is simple, America is losing ground to other nations (Especially Asia and South East Asia) and we need to get hungry again if we want to compete in the 21st century. Or perhaps we have already seen our peak and like the Roman empire (and all empires) we are in our decline. (But I don’t buy that….at least not yet!)

Black teen unemployment hits 50%

In November Black teen unemployment hit an astounding 49.4 percent. That is nearly 5 times higher than the national unemployment rate.

There are many reasons why the employment level for blacks is so much higher than whites. Although the traditional reasons (Racism and prejudice) play a small part this reason is quickly fading into history. The real reason for the high level of black unemployment boils down to education and lack of marketable skills.

In addition (or as a product of lack of education) is the high level of incarceration rates among black men in america which contributed to employers reluctance to higher black  men. I read a few years back (Before the Depression began) that in NYC where I live 50% of ALL black men are unemployed. I can only assume it is even higher now.

I will have more stories on the black and hispanic situation in America in coming posts. For those who think that since we have a black President that Blacks have arrived I will have some eye-opening stats in the coming months.

Larry Summers nearly destroys Harvard, United States is next.

Recently Harvard university had to pay more than 1 Billion dollars to the State of Massachusetts to exit swap agreements that were created in 2004 under Larry Summers tenure at Harvard.

The swaps were bonds for construction loans that locked in a rate of 2.25% and bet on the notion that interest rates would rise. However, as the credit crunch intensified the Federal reserve slashed interest rates to 0%, the value of the bond plummeted and Harvard had to set aside cash.

This is just one of the many foolish things Mr summers has done in his career.I will have more on this fool who says the resession is over in the coming months but  you can read his bio here. The scary thing about all of this is this man who has been wrong on the economy and had made numerous financial blunders is now President Barack Obama’s Chief Economic advisor. Americans should be very afraid.

It’s official: Barack Obama is a keynesian clown

Barack Obama has joined the ranks of Paul Krugman and other Keynesian clowns who believe we can spend our way out of recession. President Obama now wants to spend another 150 Billion dollars on infrastructure projects in an effort to create jobs. What was the 787 Billion dollar stimulus for? What was the 700 Billion TARP money for? What about the 75 Billion dollars for HAMP (Home Affordability Modification Program.) We will get those numbers this week and they will show that it was a failure, just like every other stimulus measure has been. You cannot solve a debt problem with more debt. It is that simple. This money will be wasted and then what. The fact that Americans continue to put up with, or believe this profligate nonsense is astounding.

Senator Bunning slams Ben Bernanke and opposes his reappointment

One of the must see videos of the year. Quite possibly the most accurate analysis of Ben Bernanke’s incompetence layed out by Senator Jim Bunning. And also a must see is Senator Jim DeMint asking all of the smart question and Ben Bernanke admitting he is a failure: