ARE YOU A GLOBAL COOLING DENIER?

23 comments

Posted on 18th November 2014 by Administrator in Economy |Politics |Social Issues

, , , , , ,

The normal temperature in Philly on this date is 56 degrees. It’s currently 23 degrees, going to a high of 29 degrees. The low tonight will be 18 degrees. I froze my balls off walking to my office this morning. When oh when will I ever reap the benefits of global warming? Could one of you global warming numbskulls please let me know when Philly winters will become warmer?

For fuck sake, how could it be below freezing in Hawaii?

I guess I’ll have to wait for Time Magazine to be wrong again.

I’m still waiting for all those hurricanes created by global warming.

Educational Fraud

3 comments

Posted on 13th November 2014 by Administrator in Economy |Politics |Social Issues

, ,

Guest Post by Walter E. Williams

 

It would be unreasonable to expect a student with the reading, writing and computing abilities of an eighth-grader to do well in college. If such a student were admitted, his retention would require that the college create dumbed-downed or phantom courses. The University of North Carolina made this accommodation; many athletes were enrolled in phantom courses in the department of African and African-American studies. The discovery and resulting scandal are simply the tip of the iceberg and a symptom of a much larger problem.

A UNC learning specialist hired to help athletes found that during the years 2004 to 2012, 60 percent of 183 members of the football and basketball teams read between fourth- and eighth-grade levels. Eight to 10 percent read below a third-grade level. These were black high-school graduates, and their high-school diplomas were clearly fraudulent. How cruel is it for UNC to admit students who have little chance of academically competing on the same basis as its other students? Black students so ill-equipped run the risk of ridicule and reinforcing white stereotypes of black mental incompetence. If these students are to retain their athletic eligibility or minimum GPA requirements, universities must engage in academic fraud.

Academic fraud benefits the entire university community except the black students. If universities can maintain the scholar-athlete charade, they earn tens of millions of dollars in sports revenue. Other than as a pretense, academics can be ignored. The university just has to create academic slums, where weak students can “succeed.” Stronger academic departments benefit because they do not have to compromise their standards and bear the burden of having to deal with weak students. Then there’s that feather in the diversity hat upon which university administrators are fixated. I guarantee you that academic fraud is by no means unique to UNC. As such, it represents gross dereliction and dishonesty on the parts of university administrators and faculty members.

Unfortunately, and to the detriment of black people, there is broad support among black members of the academic community for practices that lead to academic fraud. In the wake of the UNC scandal, the Carolina Black Caucus — a campus group of administrators, staff and faculty — rushed to the defense of the black athletes and the department of African and African-American studies, claiming an unfair investigation and unfair public and media attack. One campus student group said that the student-athlete fraud scandal is actually a result of “white supremacist, heteropatriarchal capitalism.”

Focusing solely on the academic problems of blacks at the college level misses the point. It is virtually impossible to repair 12 years of rotten primary and secondary education in the space of four or five years of college. Proof of that is black student performance on postgraduate tests, such as the GRE, LSAT and MCAT. The black-white achievement gap on those tests is just as wide as it is on the SAT or ACT, which high schoolers take. That’s evidence that primary and secondary education deficiencies have not been repaired during undergraduate years.

The academic achievement level for white students is nothing to write home about. Only 25 percent of white high-school graduates taking the 2011 ACT met its benchmarks for college readiness in all subjects for which it tests. Only 4 percent of black students were college-ready in all subjects, according to their scores on the ACT.

The high academic failure rate among blacks means one of two things. Either black students cannot learn or primary and secondary schools, parental choices, black student attitudes, and cultural values regarding education are not conducive to what young blacks need for academic excellence. Colleges admitting underperforming black students conceal, foster and perpetuate the educational damages done to these youngsters in their earlier education.

Walter E. Williams is a professor of economics at George Mason University.

Surprise: Obamacare Enrollment 30% Less Than Previously Expected; Spike In 2015 Premiums Imminent

4 comments

Posted on 10th November 2014 by Administrator in Economy |Politics |Social Issues

, , ,

Bend over. The elections are complete and your eternal Obamacare rectal exam is about to begin. Premium increases, soaring deductibles, penalties, fees, rationing, and less doctors. Sounds fabulous. Obama and his minions lied every step of the way. I’m still waiting for my $2,500 annual reduction in premiums.
Tyler Durden's picture

While the small business scourge that is Obamacare may not last very long now that the GOP has full control of Congress, and a scourge it is according even to the Philly Fed itself as per “Obamacare Is A Disaster For Businesses, Philly Fed Finds“…

… there is some hope that its disastrous impacts on the US economy (one has to find the irony that the economic slam in late 2013 and early 2014 was blamed on snow in the winter and not on the US president), may be finally fading.

The reason: according to the WSJ, moments ago the Obama administration revised its estimate for Obamacare enrollment, now saying – with the bruising midterms safely in the rearview mirror – that it expects some 9.9 million people to have coverage through the Affordable Care Act’s insurance exchanges in 2015, millions fewer than outside experts predicted.

Only it’s not even 9.9 million:

Health and Human Services Secretary Sylvia Mathews Burwell said Monday the administration was aiming for 9.1 million paid-up enrollees for 2015, though the range could extend to 9.9 million, according to the agency’s analysis. Ms. Burwell said she respected the work of the Congressional Budget Office and its projections but that she believed HHS figures were based on the best and most up-to-date information.

So really 8 million, or less? Which is great news for the economy as it means less forced wealth redistribution, if less than great news for the administration’s propaganda. Recall that as recently as two months ago this number stood about 30% higher: according to a projection by the Congressional Budget Office, some 13 million Americans were expected to enroll in Obamacare in the coming year. But what’s some 30% between friends? Just blame it on seasonal adjustments. And don’t forget: the US budget deficit needs to soar in the coming years to open the much needed capacity for the Fed to monetize even more debt because everyone who lived through October 15 saw what will happen if the Fed continues to monetize more than 100% of net issuance.

It gets worse, or if one is the US economy, better:

Also diminished is the number of Americans who had private coverage under the law’s marketplaces for 2014. The administration said Monday that around 7.1 million people across the country who picked plans during the current year’s open-enrollment period were still paid up for their coverage. That’s down from the eight million who the administration said had picked plans as of this spring.

So… 1 million down in 9 months: must be even more seasonal adjustments.

And just as everyone suspected in late 2013, the wildly overblown numbers by the administration were just that, because sooner or later, even those getting handouts would have to make a token payment or at least confirm they are legal US residents. They couldn’t.

HHS officials said they had cut off tax credits for December for 120,000 households that hadn’t responded to requests for more information about their income. Another 112,000 people have had their coverage terminated because the federal government couldn’t confirm they were legally residing in the U.S. That number is down slightly from an earlier announcement from the federal government that it was cutting off 116,000 people over immigration and citizenship status issues.

And with Obamacare’s punitive measures having been delayed through 2015 in hopes of “buying” the midterm elections, hopes which now lie crushed in a smoldering heap, next up is the real sticker shocked:

A new window-shopping tool on the federal insurance website that made its debut late Sunday is giving consumers the first glimpse of health-insurance prices for next year. Many people who bought insurance plans through HealthCare.gov will see their premium increase in 2015 unless they are willing to switch insurance carriers.

Changing plans to ones which have far worse deductibles and coverage, which of course is par for the course for anything the government gets its hands on. For everyone else, well: there are higher prices which will more than offset the temporary gas price drop holiday:

Proposed rates filed by insurers with state regulators over the past six months suggested that big carriers that snapped up a lot of customers last year are raising their rates for 2015, and new market entrants and plans that got fewer sign-ups in 2014 are slashing prices in a bid for more market share. The final rates, posted late Sunday on HealthCare.gov, have followed a similar pattern. As a result, most people who bought coverage through the site last year will see their premiums increase for 2015, at the same time that the lowest rate available on the site remains relatively steady.

 

In Tallahassee, Fla., the lowest-cost silver plan available to a 26-year-old nonsmoker for 2014 was sold by Florida Blue, or Blue Cross and Blue Shield of Florida, with a premium of $228 a month. For 2015, the cost would rise about 20% to $273, according to the premium information displayed on HealthCare.gov. The same 26-year-old could pay a $236 monthly premium for a United Healthcare plan that wasn’t available for 2014.

The punchline:

“We are strongly encouraging people to come back to HealthCare.gov,” said Kevin Counihan, chief executive of the site, on Sunday.

And if people don’t come back, do they get an IRS audit?

ANOTHER STIMULATING USE OF YOUR TAX DOLLARS

5 comments

Posted on 7th October 2014 by Administrator in Economy |Politics |Social Issues

, , , ,

Isn’t that quite a coincidence. Why would she know what her own husband was doing in his spare time? She’ll probably still get re-elected. The creative use of your tax dollars is never ending. Low income gated townhouse communities in West Philly, payoffs to teacher’s unions across the country, and now a little green fraud perpetrated by U.S. Congress critters.

Via Doug Ross

 

Husband of Sen. Kay Hagan (D-NC) Formed “Green Energy” Company to Profit From Obama Stimulus

 

But the Democrat Senator from North Carolina claims she knew nothing — nothing — about her husband’s “business”:

Sen. Kay Hagan’s husband and son created a solar energy contracting company in August 2010, and then, using $250,644 in federal stimulus grant funds, her husband hired that same company to install solar panels at a building he owns.

Public records show that Green State Power was formed seven weeks before JDC Manufacturing — a company owned in part by Greensboro attorney Charles “Chip” Hagan III, Sen. Hagan’s husband — received the stimulus grant for the solar project at a 300,000-square-foot facility in Reidsville, N.C.

A story in late September on the Washington, D.C.-based website Politico revealed that JDC Manufacturing received “nearly $390,000 in federal grants for energy projects and tax credits created by the 2009 stimulus law, according to public records and information provided by the company.”

 

WAS THE TRUE DEFICIT $500 BILLION OR $800 BILLION?

7 comments

Posted on 6th October 2014 by Administrator in Economy |Politics |Social Issues

, , , , , ,

Michael Snyder reported last week the annual deficit had gone up by over $1 trillion. He was wrong. It’s a good headline, but he failed to take into account the impact of the fake budget impasse last year. The government drones at the U.S. Treasury stopped counting the daily increase in the national debt on June 1, 2013 and didn’t resume counting until October 16, 2013, after the new fiscal year began. On that day they added $337 billion to the national debt. The fact is the government continued to function and to spend money every day during the budget impasse. You can find the daily national debt total at this website:

http://www.treasurydirect.gov/NP/debt/current

Over the next month you will hear how Obama has reduced the annual deficit to $500 billion in FY14. Your government keepers reported a deficit of $680 billion in FY13. One little problem. It’s a lie, based on ridiculous government accounting and fake adjustments. Let’s assess the true deficits with some fact finding:

National Debt on 9/30/12 – $16.066 Trillion

National Debt on 9/30/13 – $17.036 Trillion (calculated as $16,738 on June 1, 2013 + ($2.44 billion per day x 122 days)

National Debt on 9/30/14 – $17.824 Trillion

These figures are produced by the U.S. Treasury. Using basic subtraction, you come to annual deficits of:

FY13 – $970 billion

FY14 – $788 billion

It’s also interesting that the national debt jumped by $50 billion on the first day of the new fiscal year, when it averages going up by $2.2 billion per day. The Obamanistas weren’t window dressing the fiscal year just before mid-term elections, were they?

You may have noticed the true deficit in FY13 was 43% HIGHER than the reported figure of $680 billion.

You may have also noticed the true deficit in FY14 will be 56% HIGHER than the CBO’s latest projection of $506 billion.

I sense a trend in fraudulent accounting.

Part of the fraud are the fake Fannie & Freddie “payments” back to the U.S. Treasury from their fake “profits” generated by accounting entries. The $100 billion of “payments” in FY13 and $80 billion of “payments” in FY14 reduced the reported deficits. It’s all part of the plan to manipulate the housing market in order to save Wall Street and the insolvent Fannie and Freddie, which have hundreds of billions in toxic mortgage debt on their balance sheets. The Federal Reserve has the rest on their $4 trillion insolvent balance sheet. The deficit figures also don’t include the $16 billion of USPS losses per year. I wonder who will be bailing them out when they go bankrupt?

When someone quotes you the deficits reported by Obama, ask them whether the interest paid by the taxpayers is on the increase in the reported deficit or on the increase in the national debt. They’ll be confused and indignant.

The national debt stands at $17.873 Trillion. Interest on the debt will top $250 billion this year and surge past $300 billion next year. Does the trend depicted on the chart appear sustainable? Based on conservative assumptions, interest as a percentage of total federal spending will increase from 6% to 11.5% by 2019. And that is without a surge in interest rates.

And now for the coup de grace. The Federal Government uses cash basis accounting. If your keepers were forced to use GAAP based accrual accounting, the annual deficit reported would exceed $6.6 Trillion per year. That isn’t a typo. Corporations must record their future promises as an expense. Your Federal Government just pretends they don’t exist. That is how you end up with $200 trillion of unfunded liabilities.

This will surely end well.

THE FANNIE & FREDDIE FARCE

7 comments

Posted on 1st October 2014 by Administrator in Economy |Politics |Social Issues

, , , , , , , , , ,

Let’s just cut to the chase. Fannie Mae and Freddie Mac are worthless, government run, manipulated pieces of insolvent shit. Their books are a fraud. The billions in profits they have reported over the last three years are an accounting illusion. The money they have “paid back” to the U.S. Treasury isn’t cash. It’s an accounting entry. Obama and his minions have counted these fraudulent accounting entries as a reduction in the annual deficits. It’s all a farce.

The proof is in the charts. Fannie and Freddie stocks have plunged by 35% this morning due to some court ruling. None of it matters. These two companies are completely worthless. They have been manipulated by politicians and bankers for decades.

As you can plainly see from the two charts they both traded at $1.50 per share this morning. I’m guessing the idiots who bought the stocks at $6 in March are feeling a little down in the dumps today.

So let me get this straight. Fannie supposedly had revenue of $123 billion in 2013, with an $84 billion profit, and their stock trades at $1.75???? Freddie supposedly had revenue of $76 billion and profits of $49 billion in 2013, and their stock trades at $1.75????

Maybe, just maybe, those numbers are a fraud. Fannie Mae lost $160 Billion between 2008 and 2011. Freddie Mac lost $60 billion between 2008 and 2011. You the taxpayer picked up the tab for the $220 billion in losses. These losses are after the FASB knuckled under and waived the mark to market accounting rules. Using real accounting, these losses would have been $400 billion to $600 billion.

Through the magic of creative fraudulent accounting get a load of these figures:

  • Fannie Mae has supposedly generated $110 Billion of profits over the last two and a half years. If these profits were real would their stock price really by $1.75? Of course not. These are fake profits generated by journal entries.
  • The truth can be found on the balance sheet. Fannie Mae has $3.2 TRILLION of debt. It has NEGATIVE $128 Billion of equity. That is the definition of insolvent. The assets on their balance sheet are grossly overvalued. If they tried to sell them in the open market they’d be lucky to get 50% of the reported value.
  • Freddie Mac has supposedly generated $65 Billion of profits in the last two and a half years. Their stock price also languishes at $1.75. Their financial reports should be on the funny pages. They’re laughable.
  • The Freddie balance sheet is a laugh riot. They have total debt of $1.9 TRILLION and equity of NEGATIVE $82 Billion. They are also insolvent.

Now for the best part. These insolvent pieces of shit have reported fake accounting created profits of $175 Billion over the last two and half years and then supposedly “paid back” $213 billion to the U.S. Treasury, falsely reducing the reported annual deficits. When Obama and his minions tout the declining deficits, remember the declines are nothing but Fannie and Freddie smoke and mirrors declines.

The Wall Street/Federal Reserve created fake housing recovery peaked six months ago. Prices are headed south. Fannie and Freddie’s toxic balance sheets are filled with worthless mortgage loans that are going to become even more worthless. The farce will continue until morale improves.

 

1 OUT OF 6 OBAMACARE ENROLLEES ARE FRAUDS

12 comments

Posted on 16th September 2014 by Administrator in Economy |Politics |Social Issues

, , , ,

You have 360,000 frauds who faked their income levels. You have another 966,000 illegals who have fraudulently signed up. It seems the PR number of 8 million enrollees is really 6.7 million. And these are just the frauds the administration is admitting to. You know it is far worse. There are probably 5 million legitimate enrollees and most of them already had insurance coverage before Obamacare. This abortion of a program was sold to the American people as the salvation for the 30 million uninsured Americans. Obama has managed to drive healthcare premiums up by 50% to 100% since 2009 and has only covered 10% of the uninsured population. I can’t understand why the Democrats don’t want to run on their prize piece of legislation and Obama has delayed the really bad shit until 2015 after the elections. What a clusterfuck.

Via The Hill

Administration threatens to cut off ObamaCare subsidies to 360,000

 By Sarah Ferris – 09/15/14 04:30 PM EDT

The Obama administration announced Monday it will cut off tax subsidies to about 360,000 people if they do not offer proof of their income in the next two weeks.

Officials will send final notices this week to individuals who signed up for ObamaCare with income levels that didn’t match government records. The announcement marks the administration’s first move to tackle the politically charged issue of income verification, which has remained a key GOP argument against the healthcare reform law.

Those who don’t confirm their income levels could lose their tax credit and face higher premiums and higher deductibles.

Nearly 90 percent of the 8 million people who signed up for ObamaCare have received government subsidies. The average consumer pays $82 per month for a $346 plan, receiving an average subsidy of $264.

The administration had already warned that it would end coverage for the 966,000 individuals whose immigration status could not be confirmed by the government.

About 115,000 people will lose coverage this month if they do not submit their paperwork, Andy Slavitt, principal deputy administrator at the Centers for Medicare and Medicaid Services, told reporters Monday.

A total of 1.2 million people have had income inconsistencies since the launch of ObamaCare last year. About 800,000 people have since submitted verification.

The federal government is still missing paperwork for nearly a half-million people who signed up for insurance over the last year. Slavitt stressed that individuals may be able to regain their coverage during a special enrollment period if they can prove their citizenship status or income level.

The administration will continue calling and sending letters to individuals who have not submitted the paperwork. Many have already been contacted up to a dozen times, Slavitt said.He stressed that people with income verification issues will not lose their coverage.

“If people still pay their premiums and can demonstrate their eligibility, they’ll continue to be enrolled,” Slavitt said Monday.

Many of the verification problems stem from the HealthCare.gov website, which experienced technical glitches throughout its rollout. Slavitt was brought this year in to resolve some of the problems.

Some immigration advocates have blamed the website as a barrier for people trying to provide documentation of their citizenship.

“I’m hopeful and confident that people will continue to respond to a greater degree,” Slavitt said, predicting a last-minute surge before the deadline. “We recognize that we still have work to do here.”

At a hearing last week by the House Ways and Means subcommittee on health, Republicans accused the Obama administration of using “the honor system” when asking consumers to self-disclose their income.

“That’s why the White House has lost, in my view, the trust of the American people,” subcommittee Chairman Kevin Brady (R-Texas) told Slavitt at the hearing.

OBAMA PISSES AWAY $104 BILLION OF YOUR TAX DOLLARS IN AFGHANISTAN

7 comments

Posted on 16th September 2014 by Administrator in Economy |Politics |Social Issues

, , , , , , ,

With Eyes on ISIS, America’s $104B in Afghanistan Is Failing

By Brianna Ehley,
The Fiscal Times
September 15, 2014

While the eyes of the world are on Iraq and President Obama’s plans to defeat ISIS, the chief auditor in charge of overseeing the U.S. reconstruction efforts in Afghanistan has a warning to policy makers: Don’t forget about the other war-torn country that has already cost hundreds of billions of dollars and has serious problems with corruption and sustainability.

So far, the United States has poured more than $104 billion into Afghanistan reconstruction efforts – that’s more than all the money spent on reconstructing Europe after World War II. Much of that money, as auditors have noted, has been lost to waste, fraud and abuse. In 2010, SIGAR accountants told The Fiscal Times they could only account for less than 10 percent of that money.

That’s a shocking sum, especially since Congress has already authorized another $16 billion to spend in Afghanistan in the next few years. Still, despite spending an “unprecedented” amount of money to rebuild this country, it has no strategy to weed out corruption – leaving hundreds of billions of tax dollars vulnerable, John Sopko, the Special Inspector General for Afghanistan Reconstruction (SIGAR) told an audience at Georgetown University on Friday.

“This is astonishing, given that Afghanistan is one of the most corrupt countries in the world and a country that the United States is spending billions of dollars in,” the auditor said. He added that “things could get worse with the drawdown” that is scheduled for the end of 2015.

It’s not just corruption that threatens to derail all of the gains the U.S. has made in the country. Afghanistan, as Sopko noted, has a major problem with sustainability.

Right now, the United States and other international donors fund more than 60 percent of Afghanistan’s national budget of around $7.6 billion. Last year, for example, the Afghan government raised $2 billion in revenues; the rest came from foreign aid, mostly from the United States.

Sopko says in the next few years, the Afghan National Security Forces are going to require a force of 374,000 – at a cost of roughly $5 billion a year. “At these levels, if the Afghan government were to dedicate all of its domestic revenue toward sustaining the Afghan army and police, it still could only pay for about a third of the cost. Moreover, all other costs from paying civil servants to maintaining all roads, schools, hospitals and other non-military infrastructure would also have to come from international donors,” Sopko said. “The bottom line is, it appears we’ve created a government that the Afghans simply cannot afford.”

Sopko is known for being extremely critical of the government agencies involved in reconstruction efforts. He told the audience that the U.S. government has failed to address Afghanistan’s corruption and sustainability issues – which threaten to “jeopardize every gain” the U.S. has made. Meanwhile, he said the government’s counter-narcotics effort has also been a failure and if unaddressed could completely derail any progress the U.S. has made.

“The U.S. has already spent nearly $7.6 billion to combat the opium industry. Yet, by every conceivable metric, we’ve failed,” Sopko said.

Sopko and his team frequently churn out scathing reports highlighting the failures of the Defense and the State Departments in Afghanistan – and many of them receive a wide swath of media attention. This has unsurprisingly sparked some tension between the auditors and officials from the departments being audited who routinely have problems with the IG’s findings. They say that responding to IG reports “chews up countless hours, and that the inspector general’s work ultimately undermines the effort to build stronger civilian institutions here by creating the impression that the United States is simply pouring money down the well,” The New York Times reported.

Sopko says, “SIGAR welcomes publicity because publicity gives our reports and work impact in this town and in Kabul and around the world.” He added, “I admit, some ambassadors and generals and nameless, faceless bureaucrats and contractors are unhappy with the fact we get press coverage, even though our two-person press shop pales in comparison to the squadrons of PR people at Embassy Kabul, ISAF, or the Pentagon. But that is the cost of transparency and open government.”
– See more at: http://www.thefiscaltimes.com/Articles/2014/09/15/Eyes-ISIS-America-s-104B-Afghanistan-Failing#sthash.riTYbKt6.dpuf