Rosa Delauro Votes YES To 700 Billion Dollar Bailout

Reports have arrived that Milford's Congresswoman Rosa Delauro has voted in favor of the Bush 700 Billion Dollar Economic package aimed at bailing out America's failing banks. While most experts agree that the 700 Billion Dollar package falls far short of the estimated quadrillion in total derivative losses, Ms. Delauro thought it a sound thing to vote in favor of.

While the general public balked at the deal, CT Democrats have ignored those calls. This is due to a clear advantage they currently have, they can afford to go against the public. Republicans on the other hand are struggling to hold on to their seats and cannot afford to lose any desperately needed voters. especially since the Bush record and legacy has marred not only our nation but his party in its entirety. The big picture here is that the FED and the treasury could give as much money as they want to corporations without federal approval. Their concern, marked by the objectionable language in their bill is that they (Bernake & Paulson) seek to be immune from the law and free from court criticism of their continued disposal of these funds to the very private bankers that created this problem. A Congressional vote of approval will ultimately distract the public into believing that this process is democratic when the facts clearly show Congress has no appropriations authority over the FED.

Representative Shays, Larson, and Murphy in Connecticut also agreed that this bailout was good for our economy, but Connecticut did have one sole dissenter Representative Courtney who felt the bankers did not deserve the money, and born again constitutionalists and Senate Banking Committee Chairman Chris Dodd was relieved by the bills defeat!

The people have spoken, and no one in America wishes for taxpayer money to bail out the bankers who brought down Wall Street with their greed. Even as I write this I am receiving calls that enormous sums of money are being pulled off the table by firms taking advantage of the volatility in the markets. The stock market is more predatory than ever as the sharks continue to kick these wounded companies while they are down. Spending good money to save bad money is never a good idea.

Most experts agree that nothing will save America from an impending economic disaster, that they are cyclical and emblematic of all nations who engage in a fiat monetary system, a system that fosters economic growth on debt, a system that pays its bills with worthless paper that is "Legal Tender" and a system that has unbridled access to create money at will to feed its appetite for consumption.

As long as our economy is based on the attributes of men, rather than jobs and the fruits of our collective productivity we will never prevail as a nation. We may just end up disintegrating slowly and in the dark of night. Until those in command (We The People) recognize our constitutional right to a sound currency, and an economic system that rewards those who are productive rather than engaged in the "debt for prosperity" economy, America will never prevail. The time is running out, our Congressmen have en-masse caved in to Fascist America and continue to unwittingly ruin this country and its people with big inflationary give aways to giant corporations. We the huddled masses are sick and tired of the lame excuses and news channels that feed us corporate trite questioning our judgement. People know in their hearts right from wrong, and the people have spoken.

Virtually all of Connecticut's Democrats broke with their party and voted for Bush's bailout, the effort to their chagrin failed and this debacle is far from over. The drama on Wall Street is now headed for Senate vote floor where a YES vote is expected and Emporer Bush's anxiety can be relieved with a "rubber stamp" of Presidential approval.

Bankers Say A Depression Is Coming

The Big Bankers and wall Street say a Depression is coming, but I ask who is this Depression Coming For?

America has 57 Million People with no health insurance,

America has/had 12 Million active foreclosures.

America has had its jobs by the millions sent to Mexico, China and India.

America has 120 Million people with inadequate literacy to obtain a living wage job.

American's have had record personal bankruptcies

America's working class is taxed into oblivion, local, state federal, our phone and utility taxes, sales tax, property tax, fees, charges, penalties, fines, judgements it is endless.

America has nothing saved it has nothing left, and most of us in debt over our heads.

So I ask again who is this Depression coming for? Because it seems to me that most Americans have been living in a depression already for years and years.

The Depression may be coming, but not for you and me my friends, the depression is coming for those who thought themseleves to be above us, smarter than us, wealthier than us, more connected than us. Yes the corporate titans the rich and super rich.

Please try not to lose any sleep as Leona Helmsley, Bill Gates, Steve Jobbs and 70 Thousand other wealthy people in CT sob over their assets being decimated by their friends corporate cronyism.

Try not to cry for them but rather celebrate that our representatives just rejected their ploy to defraud us, the weak huddled masses, any more than they have in the past.

I now fear not what has been lost but rather what will happen in revenge as a consequence for not taking on their bogus debts. So far in CT alone a major portion of our 300 Million Projected 2009 deficit is a reduction in the capital gains tax of these 70K CT citizens. Indeed a Sad Day!

Congress Angry they have No Power Over The Fed

Criminal elements within our own government pulled off the ultimate scam, they just sold 700 Billion dollars of garbage rated financial assets to the taxpayer. Rather than hold the criminals accountable who created this mess we just sent them a big fat reward and a message that they can do no wrong, that the American taxpayer is a "doormat" and our associated leaders are mere obstacles that can be ignored by the oligarchs in charge.

The tally on the federal bailout, the one no one talks about, is the influx of calls into our congressional leaders offices. As far as the bailout goes the calls have bee coming in overwhelmingly with two responses. "NO" and "HELL NO" to the bailout of the Wall Street Felons.

Unfortunately for the people and our elected government, we were also told to "sit down and shut up" because a handful of treasonous traitors just over-rode the entire Constitutional process and "shelved" all our rights and complaints so they could get on with paying out billions starting Monday.



Special Note: The 700 Billion House Bill Defeat today would have been in addition to the 700 Billion already issued in credit by the FED. The Fed already has the power to issue as much liquidity and loans as they wish without approval from congress, this vote was meerely a feeble attempt to mask and legitimize the actions of the FED.

Farmers Speak At Durham CT Fair

This evening I attended the Durham Fair up in Durham Connecticut. These types of dairy and livestock fairs have become somewhat more routine over the last few years as My step daughter is a member of the 4H club and is actively involved in competitive cow showing.

The experience has been enlightening, and my travels far as last month I found myself up at the Big E in Agawam Massachusetts. This was an opportunity for me to have several conversations with farmers, and also to learn the wisdom behind Ghandi's famous words that "Life is one indivisible whole" every action in our lives affect others and today that realization has made me even more aware than just a month ago.

While in Durham I met with some of Connecticut's top dairy farmers, and I asked them what they thought were the main concerns facing farmers in our state. One thing immediately came up, and that was that sales are down but only because of the low fat, diets that Americans have undertaken. Since the advent of video games, and our sedentary lifestyle more of us than ever have developed weigh issues that consequentially eliminate fat from our diets. This reduces the demand for our dairy farmers fatty products limiting what they are able to sell.

Another issue they mentioned was the broader economic competition from farms across America. While most farmers here in Connecticut get tax breaks on their land that equate to an average of $400.00 per acre in tax, they do not have the undocumented workers that other western farms use to gain a competitive advantage. One thing I personally know for certain, from my endeavors in trading produce at Hunts Point in NYC price and quality is everything when it comes to trading food. Connecticut just cannot compete with the rest of the country on many products, except Milk and some dairy.

The cost of gasoline is making imported products more expensive, so the less distance they travel the better the price. Many farms here in our state receive federal grants and subsidies to ensure their continued operation during difficult times.

When I asked about the food situation relative to the National economy, both these gentlemen felt that America has more than enough food to feed ourselves and other nations like China who purchase many of the high fat products we snicker at here in the states. It was their opinion that there is no cause for concern that America will run out of food anytime soon.

One question I had in particular was the use of GMO foods, or those that are genetically modified. Both these gentlemen were well aware of the debate surrounding GMO's but defended them on the grounds that they were good for our farmers. They indicated that GMO's result in more robust higher yield harvests, are more resistant to pests and deliver a good looking highly marketable product. When I asked about how the nutritional aspects of these products relative to us the consumers he did admit that little consideration was given to that as a matter of fact that was secondary to increasing profits. He also said that most farmers here in our state are receptive to the products developed by the "Big Agra's" like the Mosanto Corp.

In summary both these people felt that the overall health of the industry in our state appears to be vibrant, with lots of interest from many facets of our state including great clubs like the 4H clubs and several agribusiness/science programs. The overall feeling about farming here in our state is that their is plenty of room for improvement but for now, even though its not highly profitable, things are looking good.

Forum Highlights State Budget Woes

The legislature’s nonpartisan Office of Fiscal Analysis told lawmakers Thursday that the state could be facing billions in budget shortfalls over the next three years.

At a hearing organized by Republican lawmakers, officials from the legislature’s fiscal office estimated that the state would end the current fiscal year with a $292.6 million deficit. Gov. M. Jodi Rell’s budget office has predicted a $302 million shortfall.

The picture painted by budget officials Thursday was called “sobering” and “depressing” by lawmakers on both sides of the aisle. Officials are predicting more than a billion dollar deficit by fiscal year 2012.

Sen. Edith Prague, D-Columbia, one of two Democratic senators to attend Thursday’s forum said, “It’s very scary.” She said she hopes in November once the Wall Street and Washington issues settle down that “it won’t be as dire as this report.”

“I’m more depressed now, than when I went in,” Prague said.

Rep. Chris Perone, D-Norwalk, said it looks like every eight years the state goes into a recession. “What are we doing to head that off?”

He said in order to attack the structural budget issues health care and energy costs need to be attacked.

Stamford Mayor Dannel Malloy who was at the Legislative Office Building Thursday for another matter stopped by the hearing. He said he’s predicting the deficit is going to grow to $500 or $800 million this year. He said leaders on both sides of the aisle need to start having frank and honest discussions about how government is going to be restructured over the next three years to get us through the shortfall.

“It’s ugly,” he added.

Based on the budget numbers lawmakers were given Thursday, Sen. William Nickerson, R-Greenwich, said it looks like there’s a direct correlation between the state’s deficits and capital gains. When capital gains are down so are the state’s revenues.

“Seventy thousand people at the very top pay half the revenue, so when 70,000 people catch a cold we go into a deficit,” he said.

He said right now those 70,000 people have a cold and they’re not going to get healthy anytime soon.

John Moran, an official with the Office of Fiscal Analysis, said the state is technically not in a recession because a recession is measured by job growth and Connecticut’s job growth remains positive. He said data for 2008 shows Connecticut is still experiencing job growth, while 30 other states are seeing a decline. However, “our job growth is razor thin at 0.05 percent,” he said.

C. Stewart CTNJ

Constitutional Convention Sparks Debate

Every 20 years the issue of a constitutional convention appears on the ballot here in our state. What the convention calls for is the opening of the state constitution for debate and alteration vis a vis the general public rather than the general assembly.

This years convention has put two big titans head to head in a battle of epic proportions, on one side we have the liberal pro-choice pro-gay marriage pro women's reproductive rights while on the conservative side we have the pro-life, pro-marriage, pro conservative values. These amount to two groups facing off, the churches who are in favor of the constitutional convention, and the liberal factions within Connecticut who oppose it.

Of those who oppose the constitutional convention, do so by way of reasoning that special interests will use their public authority to modify the state constitution for their own politically motivated reasons. Most people at the moment cannot even describe what the convention is or entails, but of those who do know, like Attorney General Richard Blumenthal, oppose it.

Ultimately it is up to us to decide if we wish for the general public to exercise their rights to modify the the state Constitution but thus far the opposing factions are mostly the churches and the social liberals in our state.

The first bout of this battle will take place this Sunday where several church groups have banded together to support the definition of marriage to remain between a man and a woman. The issue is currently before the supreme court and religious conservatives fear that our state judges will legislate rather than follow the rule of law of which has already been established in the state.

Opponents of a constitutional convention have posted THIS BLOG. Supporters of a Constitutional convention can be heard by clicking HERE or for a public site click HERE.

Chris Dodd Offers An Alternative Solution To Banking Crisis

Chairman Christopher Dodd of the Senate Banking Committee offered an alternative Monday to the financial rescue plan of the administration of President George W. Bush aimed at giving the U.S. Treasury an equity stake when it helps companies burdened by debt.

Dodd, a Connecticut Democrat, was circulating a draft of his bill as Congress sought to deal with a financial crisis that has been called the worst for the United States since the Great Depression.

The Bush administration is proposing a $700 billion plan to buy devalued assets from investment firms to keep the financial system from coming to a halt.

Democrats have pledged to act quickly on the measure, even as they seek to create an oversight structure, limit the compensation of executives at the companies benefiting from the rescue and provide mortgage relief for struggling borrowers.

"We cannot just turn over $700 billion in taxpayer money and not insist that that taxpayer is going to be protected in this," Dodd told reporters Sunday.

"We need this to be clean and quick, and we need to get it in place," Paulson said Sunday in an interview with ABC News.

The legislation would require Treasury to take an equity stake equal to the purchase price of the assets being bought. If the company is not publicly traded, the government would take senior debt instead, placing it in the front of the line of debt holders for repayment in the event of a bankruptcy.

Dodd's proposal also would create a five-member oversight board to supervise the Treasury secretary's purchase and sale of distressed mortgage debt.

It would consist of the chairmen of the Federal Reserve, Federal Deposit Insurance Corp. and the Securities and Exchange Commission as well as two members from the financial industry designated by congressional leaders.

The board would be authorized to set up a so-called credit review company consisting of Treasury employees to study the soundness of the purchases. Under the plan, the government would be required to obtain an equity stake equal to the value of the debt that is purchased from the companies, including those whose shares are not publicly traded. The Treasury secretary would also be required to issue weekly public reports on the amount of assets bought and sold by the U.S.

Dodd is proposing to penalize executives who take "inappropriate or excessive" risks. The executive compensation and severance packages could be reduced if that is "in the public interest," the proposal says. It would also force executives to give back profits they earned that were based on company accounting measures that are later found to be inaccurate.

The Republican presidential candidate, Senator John McCain, who has supported giving shareholders a bigger say in executive compensation in the past, said Monday that taxpayers should not pay for "golden parachutes" for officers of companies that have crumbled in upheaval on Wall Street.

"The senior executives of any firm that is bailed out by Treasury should not be making more than the highest paid government official," McCain said at a campaign event in Scranton, Pennsylvania.

The president is the highest paid federal official, with a salary of $400,000 a year.

(This Story Is a NYT Reprint)