11 Temmuz 2012 Çarşamba
White House Launches Money as You Grow Website and Financial Capability Toolkit
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DFI Teams Up with Tacoma News Tribune to Educate Students about How an Economy Works
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10 Temmuz 2012 Salı
Musical Saturday @ Warren Twp Library: The Great American Songbook: 2 PM, Saturday, June 23.
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9 Temmuz 2012 Pazartesi
Industrial Revenue Bonds
To contact us Click HERE
Industrial Revenue Bonds have a variety of names and purposes, but there are three basic types of bond issuances as follows:
o Tax Exempt - (Small Issue IDB's) Because the income derived by the bond holder is not subject to federal income tax, the maximum bond amount is $10 million in any given jurisdiction. According to federal regulations, the $10 million total includes the bond amount and capital expenditures over a six year period going both backwards and forwards three years. The maximum any company may have is $40 million nationwide outstanding at any given period.
o Taxable - They are not exempt from federal tax. The essential difference is that the Taxable bond rate is more costly to the borrower and not being subject to the federal volume cap, may exceed $10 million in bond amount.
o Exempt Facility/Solid Waste Disposal Bond - These bonds are subject to volume cap although there is no restriction on amount and the interest on these bonds is federally tax exempt.
These types of bonds are issued frequently by municipalities for a variety of industrial projects, including the construction, rebuilding, improvements, remodeling, etc. of the industrial project. The purpose of such bonds, according to 445/3, is to "encourage the increase of industry and commerce in the State." The Illinois Municipal Handbook states that the issuance of such bonds is subject to many federal statutes and regulations and they recommend seeking advice of bond counsel.
In order to pursue this, a resolution authorizing such would need to be adopted. The bonds may be issued in series and must mature within 40 years from their dates. Nonetheless, there is no liability on the interest or principal of the authority issuing those bonds. Municipalities would also be responsible for establishing, collecting, and revising revenues for the purpose. Finally, these bonds may be sold at a private sale and issued without a referendum.
Nicolosi & Associates - Attorneys at Law Since 1948. Skilled in the law. Experienced in business. http://www.nicolosilaw.com
Forex Trading Platforms
o Tax Exempt - (Small Issue IDB's) Because the income derived by the bond holder is not subject to federal income tax, the maximum bond amount is $10 million in any given jurisdiction. According to federal regulations, the $10 million total includes the bond amount and capital expenditures over a six year period going both backwards and forwards three years. The maximum any company may have is $40 million nationwide outstanding at any given period.
o Taxable - They are not exempt from federal tax. The essential difference is that the Taxable bond rate is more costly to the borrower and not being subject to the federal volume cap, may exceed $10 million in bond amount.
o Exempt Facility/Solid Waste Disposal Bond - These bonds are subject to volume cap although there is no restriction on amount and the interest on these bonds is federally tax exempt.
These types of bonds are issued frequently by municipalities for a variety of industrial projects, including the construction, rebuilding, improvements, remodeling, etc. of the industrial project. The purpose of such bonds, according to 445/3, is to "encourage the increase of industry and commerce in the State." The Illinois Municipal Handbook states that the issuance of such bonds is subject to many federal statutes and regulations and they recommend seeking advice of bond counsel.
In order to pursue this, a resolution authorizing such would need to be adopted. The bonds may be issued in series and must mature within 40 years from their dates. Nonetheless, there is no liability on the interest or principal of the authority issuing those bonds. Municipalities would also be responsible for establishing, collecting, and revising revenues for the purpose. Finally, these bonds may be sold at a private sale and issued without a referendum.
Nicolosi & Associates - Attorneys at Law Since 1948. Skilled in the law. Experienced in business. http://www.nicolosilaw.com
Forex Trading Platforms
Hillsborough Library to Close Early on Saturday
To contact us Click HERE
The Hillsborough Library will close one-half hour early on Saturday, June 30. The library will close at 4:30 pm instead of the normal 5 pm. Construction work related to the installation of solar panels on the Hillsborough Municipal Complex, the facility where the library is housed, necessitates the early closure.
Patrons with further questions can call SCLS at (908)369-2200 or visit the website at http://www.sclsnj.org. The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung. Manville Public Library joins SCLS on July 1.
The Hillsborough Library will close one-half hour early on Saturday, June 30. The library will close at 4:30 pm instead of the normal 5 pm. Construction work related to the installation of solar panels on the Hillsborough Municipal Complex, the facility where the library is housed, necessitates the early closure.
Patrons with further questions can call SCLS at (908)369-2200 or visit the website at http://www.sclsnj.org. The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung. Manville Public Library joins SCLS on July 1.
…And Then There Were Ten!
To contact us Click HERE
As of July 1, Manville Public Library is the tenth municipal library to become a part of the Somerset County Library System (SCLS). Patrons with a Manville library card will immediately be able to borrow materials at all SCLS libraries, and use its extensive collection of eBooks, downloadable audiobooks and licensed data.
Manville patrons will be able to borrow materials through the LMxAC consortium until July 31. SCLS patrons will not be able to borrow materials from the Manville Public Library until September 5, when data conversion has been completed.
The Manville Public Library will close for a week at the end of August and re-open the Wednesday after Labor Day, September 5. The week will be spent converting data and training staff more fully on SCLS systems including the on-line catalog. At that point, Manville will be fully integrated into the SCLS system, utilizing the same website and catalog, along with other internal processes.
“We are delighted that we will be able to serve the residents of Manville,” said Brian Auger, library director. “We are working with them on a two-part transition, with the first stage kicking off on July1 and a complete integration by September 5.”
The two stage transition gives Manville patrons immediate access to all the resources of SCLS, while allowing for thorough staff training along with time to seamlessly integrate digital and other systems throughout the entire library system.
Patrons with further questions can call SCLS at (908) 526-4016 or visit the website at http://www.sclsnj.org for each branch’s hours. The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung. Manville Public Library becomes a part of SCLS on July 1.
As of July 1, Manville Public Library is the tenth municipal library to become a part of the Somerset County Library System (SCLS). Patrons with a Manville library card will immediately be able to borrow materials at all SCLS libraries, and use its extensive collection of eBooks, downloadable audiobooks and licensed data.
Manville patrons will be able to borrow materials through the LMxAC consortium until July 31. SCLS patrons will not be able to borrow materials from the Manville Public Library until September 5, when data conversion has been completed.
The Manville Public Library will close for a week at the end of August and re-open the Wednesday after Labor Day, September 5. The week will be spent converting data and training staff more fully on SCLS systems including the on-line catalog. At that point, Manville will be fully integrated into the SCLS system, utilizing the same website and catalog, along with other internal processes.
“We are delighted that we will be able to serve the residents of Manville,” said Brian Auger, library director. “We are working with them on a two-part transition, with the first stage kicking off on July1 and a complete integration by September 5.”
The two stage transition gives Manville patrons immediate access to all the resources of SCLS, while allowing for thorough staff training along with time to seamlessly integrate digital and other systems throughout the entire library system.
Patrons with further questions can call SCLS at (908) 526-4016 or visit the website at http://www.sclsnj.org for each branch’s hours. The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung. Manville Public Library becomes a part of SCLS on July 1.
The Bound Brook Library presents...
To contact us Click HERE
Join us for a fun, informative, and entertaining program, where you will discover how to send and receive thoughts, move objects with your mind, and get answers to questions about your future!
For adults and teens!
This program is free and open to the public. Call (732) 356-0043 to sign up or click on http://www.libraryinsight.net/eventdetails.asp?jx=jbp&lmx=261197&v=3 to register online.
Patrons with further questions can call the Bound Brook Library at (732) 356-0043 or enter the website at http://www.somerset.lib.nj.us/boundbrook.htm. The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung.
Bound Brook Library
402 E. High St.
Bound Brook, NJ 08805
(732) 356-0043
Directions: http://www.somerset.lib.nj.us/boundbrook.htm
Marc Sky's Amazing Psychic Powers
Monday, July 9 at 7:00 p.m.Join us for a fun, informative, and entertaining program, where you will discover how to send and receive thoughts, move objects with your mind, and get answers to questions about your future!
For adults and teens!
This program is free and open to the public. Call (732) 356-0043 to sign up or click on http://www.libraryinsight.net/eventdetails.asp?jx=jbp&lmx=261197&v=3 to register online.
Patrons with further questions can call the Bound Brook Library at (732) 356-0043 or enter the website at http://www.somerset.lib.nj.us/boundbrook.htm. The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung.
Bound Brook Library
402 E. High St.
Bound Brook, NJ 08805
(732) 356-0043
Directions: http://www.somerset.lib.nj.us/boundbrook.htm
The Great Falls at Paterson – Tuesday, July 10 @ 7 PM
To contact us Click HERE
Warren Twp Library
42 Mountain Boulevard
Warren, NJ 07059
Recognized as a natural wonder in Colonial days, and recently designated a National Park, the Great Falls of the Passaic River powered the factories of America's first great industrial city throughout the 19th and early 20th centuries.
Author and photographer Kevin Woyce will explain the history of the Falls and the industries that grew up around them, from locomotive building to silk weaving. He will also introduce some of the colorful personalities who shaped that history, including founding father Alexander Hamilton, who first suggested harnessing the falls in 1791; the industrious Colt family; and silk merchant Catholina Lambert, who once watched over his factories from a mountainside castle.
Pre-registration is required to attend this illustrated presentation. To register please click on this link http://libraryinsight.net/EventSignUp.asp?t=867208311&jx=wt&lmx=259193
Or call 908-754-5554 ext 64 for more information or assistance with registration.
The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, Manville, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung.
Warren Twp Library
42 Mountain Boulevard
Warren, NJ 07059
Recognized as a natural wonder in Colonial days, and recently designated a National Park, the Great Falls of the Passaic River powered the factories of America's first great industrial city throughout the 19th and early 20th centuries.
Author and photographer Kevin Woyce will explain the history of the Falls and the industries that grew up around them, from locomotive building to silk weaving. He will also introduce some of the colorful personalities who shaped that history, including founding father Alexander Hamilton, who first suggested harnessing the falls in 1791; the industrious Colt family; and silk merchant Catholina Lambert, who once watched over his factories from a mountainside castle.
Pre-registration is required to attend this illustrated presentation. To register please click on this link http://libraryinsight.net/EventSignUp.asp?t=867208311&jx=wt&lmx=259193
Or call 908-754-5554 ext 64 for more information or assistance with registration.
The Somerset County Library System has branches in Bridgewater, Bound Brook, Hillsborough, Manville, at the Mary Jacobs Library in Rocky Hill, North Plainfield, Peapack & Gladstone, Somerville, Warren Township and Watchung.
8 Temmuz 2012 Pazar
Time-lapse video of space that's out of this world!
To contact us Click HERE
So you want to take a trip through space?
Courtesy of the NASA Johnson Space Center a time-lapse video that provides an unbelievable view of earth and the rest of the universe!
H/T Heavy.com
TweetFollow @ThePoliticalCom
Be Prepared! Great wine, great food and plenty of fresh water!
Everything you'll need in case of an emergency!
12 bottles of world-class wine for only $69.99? Learn more about WSJwines here!
Gourmet Emergency Meals at the BEST Price - WiseFoodStorage.com
Buy Two, Get Two FREE 5-Gallon Bottles at HinckleySprings.com. Sign Up for Bottled Water Delivery Today!
 |
| Carmen Electra |
Courtesy of the NASA Johnson Space Center a time-lapse video that provides an unbelievable view of earth and the rest of the universe!
H/T Heavy.com
TweetFollow @ThePoliticalCom
Be Prepared! Great wine, great food and plenty of fresh water!
Everything you'll need in case of an emergency!
Watcher's Council results: "If it's after 8:30 AM then you missed it" Edition!
To contact us Click HERE
Because the "mother of all numbers" will have already been released and you would have been denied my pre-number analysis!
The news is that the June employment report for the United States, will be (was) released this morning at 8:30 AM.
The drama, tone and hyperbole that accompanies this release each month is something that those who listen to the business news on either T.V. or radio hears every day.
However others out there may be unaware that earth moving and life changing news is about to hit (hyperbole again)!
"All eyes are or will be on this number!" they will say as if 99% of the people in the country even know that an economic report is due to be released.
"Tune in at 8:30 for the all important release of the employment report" they also might say assuming that this release will in some way help the unemployed find work or allow those living paycheck to paycheck to make ends meet.
They may ask a guest how viewers should react after a "good" number or a "bad" number or how they should use some trading opportunity to adjust their portfolios. Two things strike me when I hear this non-sensical jargon.
The first is that these so-called experts are always preaching a long-term investment horizon which means we shouldn't be making any knee-jerk moves based on one number.
The second point, somewhat more ironic, is that they speak as if their viewers out there in listener land actually have a "portfolio" of investments to worry about or have the needed disposable income that would allow them to react to any number by either buying or selling.
The truth of the matter is that very few in this country save and most likely even less than that have portfolios that need to be managed and tended to.
What this number will mean to most whether it is good or bad is that after work they will go out and have the same beer and try to forget the week.
That said, what is expected from the June Employment Report being released at 8:30 by the Labor Department?
Expectations for the headline numbers are for the unemployment rate to stay at 8.2% and for non-farm payrolls to climb by about 100,000.
A tick-up in the rate or a downside surprise on the payroll number could send the markets into a downside spiral while a tick-down and an unexpectedly strong payroll number could do the exact opposite.
Of course there are many other components of these numbers that will be picked over by market participants, but those two are the ones most discussed. So, let the games begin! And now.....
On to theWatcher's Council voting results!
The Watcher'sCouncil nominations for the week of July 2nd were presented,the votes were cast and counted, and the winner will now been announced!
For those who may be enjoying their first Watcher's Council experience,it is a group that consists of some of the top conservative bloggers fromaround the world.
A group that The Political Commentator isextremely proud to have been asked to be part of!
Each week members select and submit an article of their owncreation in addition to one article from a non-council blog they find to beparticularly topical and important.
While you may not always agree with what you read, thatalone may make the experience that much more valuable!
Once the submissions have been received at an undisclosedlocation hidden somewhere on the Left Coast of the United States, the WatchersCouncil members then individually vote for their favorites.
Those votes are protected and held by outside auditing firmArthur Andersen until such time as they are counted and a winner named for theGrand Prize.
This Grand Prize consists of the appreciation of ones peers.
In the end though, we all win because of the range ofinformation and important analysis received on the critical issues of the day.
In a nutshell, the Watchers Council is the ultimateconservative blog aggregator!
So without further ado the winner(s) of the Watcher'sCouncil for the week of July 2nd is (are)...?
Council Winners
*First place with 3 1/3 votes! Joshuapundit – Gettysburg –A Fourth Of July Long Ago
Second place *t* with 2 1/3 votes – BookwormRoom- JudgeRoberts’ decision forces Americans to stand on their own two feet and that’s agood thing
Second place *t* with 2 1/3 votes – VA Right!- My Doctor Isa Flaming Pro-ObamaCare Liberal – Time to Change Doctors!
Third place with 2 votes – Gay Patriot-Contemporaryliberalism: preferring the abstract “good” to the imperfect real?
Fourth place with 1 vote – The Noisy Room- Obama Lies,Taxes Rise
Fifth place *t* with 2/3 vote –GrEaT sAtAn”S gIrLfRiEnD The AmericaIran War of 2013
Fifth place *t* with 2/3 vote – The Right Planet- SCOTUSObamacare Ruling: The Government Can Now Tax Any Human Activity
Sixth place *t* with 1/3 vote – The Mellow Jihadi –MuslimTargets
Sixth place *t* with 1/3 vote – The Razor –Global Warming Heretics Aren’’tStupid
Sixth place *t* with 1/3 vote – Simply Jews – Dan Savageand the “house faggots” incident
Non-Council Winners
First place with 2 1/3 votes! – Potluck-A Tale of OneTragedy and Two Campaigns submitted byThe Watcher
Second place with 1 2/3 votes – John Woo/WSJ –Chief JusticeRoberts and His Apologistssubmitted by Joshuapundit
Third place *t* with 1 1/3 votes – Mark Steyn –ConstitutionalContortions submitted by The Noisy Room
Third place *t* with 1 1/3 votes -Sultan Knish-Why TheNewsroom is Good News for Republicans submitted by TheRight Planet
Third place*t* with 1 1/3 votes – Zero Hedge -The Dummy’sGuide To Healthcare submitted by Gay Patriot
Third place *t* with 1 1/3 votes -Hot Air – The Navy’s“Great Green Fleet” sets sail submitted by VA Right!
Fourth place with1 vote - Human Rights Watch –Syria’sTorture Archipelago submitted byGrEaT sAtAn”S gIrLfRiEnD
Fifth place *t* with 2/3 vote - The Passing Parade –Reform, orcan I have another cookie, please? submitted by SimplyJews
Fifth place *t* with 2/3 vote -Sir Winston Churchill –We shallfight on the beachessubmitted by Bookworm Room
Fifth place *t* with 2/3 vote -Dan Drezner/Foreign Policy –An openletter to the Mitt Romney on American foreign policy leadership submittedby The Glittering Eye
Fifth place *t* with 2/3 vote -Barry Rubin –Former IsraelPrime Minister Yitzhak Shamir Dies at 96: A Personal Memory submittedby The Watcher
Sixth place *t* with 1/3 vote -Taki’s Magazine –Gangsters AtSea submitted by The Mellow Jihadi
Sixth place *t* with 1/3 vote -Buckhorn Road –SeeingObama’s incompetence with my own eyes submitted by TheColossus of Rhodey
Sixth place *t* with 1/3 vote -TaxPolitics –When is a TaxNot a Tax? When the White House Says So submitted by RhymesWith Right
Picture source
 |
| Are you the mother of all numbers? |
The news is that the June employment report for the United States, will be (was) released this morning at 8:30 AM.
The drama, tone and hyperbole that accompanies this release each month is something that those who listen to the business news on either T.V. or radio hears every day.
However others out there may be unaware that earth moving and life changing news is about to hit (hyperbole again)!
"All eyes are or will be on this number!" they will say as if 99% of the people in the country even know that an economic report is due to be released.
"Tune in at 8:30 for the all important release of the employment report" they also might say assuming that this release will in some way help the unemployed find work or allow those living paycheck to paycheck to make ends meet.
They may ask a guest how viewers should react after a "good" number or a "bad" number or how they should use some trading opportunity to adjust their portfolios. Two things strike me when I hear this non-sensical jargon.
The first is that these so-called experts are always preaching a long-term investment horizon which means we shouldn't be making any knee-jerk moves based on one number.
The second point, somewhat more ironic, is that they speak as if their viewers out there in listener land actually have a "portfolio" of investments to worry about or have the needed disposable income that would allow them to react to any number by either buying or selling.
The truth of the matter is that very few in this country save and most likely even less than that have portfolios that need to be managed and tended to.
What this number will mean to most whether it is good or bad is that after work they will go out and have the same beer and try to forget the week.
That said, what is expected from the June Employment Report being released at 8:30 by the Labor Department?
Expectations for the headline numbers are for the unemployment rate to stay at 8.2% and for non-farm payrolls to climb by about 100,000.
A tick-up in the rate or a downside surprise on the payroll number could send the markets into a downside spiral while a tick-down and an unexpectedly strong payroll number could do the exact opposite.
Of course there are many other components of these numbers that will be picked over by market participants, but those two are the ones most discussed. So, let the games begin! And now.....
On to theWatcher's Council voting results!
The Watcher'sCouncil nominations for the week of July 2nd were presented,the votes were cast and counted, and the winner will now been announced!
For those who may be enjoying their first Watcher's Council experience,it is a group that consists of some of the top conservative bloggers fromaround the world.
A group that The Political Commentator isextremely proud to have been asked to be part of!
Each week members select and submit an article of their owncreation in addition to one article from a non-council blog they find to beparticularly topical and important.
While you may not always agree with what you read, thatalone may make the experience that much more valuable!
Once the submissions have been received at an undisclosedlocation hidden somewhere on the Left Coast of the United States, the WatchersCouncil members then individually vote for their favorites.
Those votes are protected and held by outside auditing firmArthur Andersen until such time as they are counted and a winner named for theGrand Prize.
This Grand Prize consists of the appreciation of ones peers.
In the end though, we all win because of the range ofinformation and important analysis received on the critical issues of the day.
In a nutshell, the Watchers Council is the ultimateconservative blog aggregator!
So without further ado the winner(s) of the Watcher'sCouncil for the week of July 2nd is (are)...?
Council Winners
*First place with 3 1/3 votes! Joshuapundit – Gettysburg –A Fourth Of July Long Ago
Second place *t* with 2 1/3 votes – BookwormRoom- JudgeRoberts’ decision forces Americans to stand on their own two feet and that’s agood thing
Second place *t* with 2 1/3 votes – VA Right!- My Doctor Isa Flaming Pro-ObamaCare Liberal – Time to Change Doctors!
Third place with 2 votes – Gay Patriot-Contemporaryliberalism: preferring the abstract “good” to the imperfect real?
Fourth place with 1 vote – The Noisy Room- Obama Lies,Taxes Rise
Fifth place *t* with 2/3 vote –GrEaT sAtAn”S gIrLfRiEnD The AmericaIran War of 2013
Fifth place *t* with 2/3 vote – The Right Planet- SCOTUSObamacare Ruling: The Government Can Now Tax Any Human Activity
Sixth place *t* with 1/3 vote – The Mellow Jihadi –MuslimTargets
Sixth place *t* with 1/3 vote – The Razor –Global Warming Heretics Aren’’tStupid
Sixth place *t* with 1/3 vote – Simply Jews – Dan Savageand the “house faggots” incident
Non-Council Winners
First place with 2 1/3 votes! – Potluck-A Tale of OneTragedy and Two Campaigns submitted byThe Watcher
Second place with 1 2/3 votes – John Woo/WSJ –Chief JusticeRoberts and His Apologistssubmitted by Joshuapundit
Third place *t* with 1 1/3 votes – Mark Steyn –ConstitutionalContortions submitted by The Noisy Room
Third place *t* with 1 1/3 votes -Sultan Knish-Why TheNewsroom is Good News for Republicans submitted by TheRight Planet
Third place*t* with 1 1/3 votes – Zero Hedge -The Dummy’sGuide To Healthcare submitted by Gay Patriot
Third place *t* with 1 1/3 votes -Hot Air – The Navy’s“Great Green Fleet” sets sail submitted by VA Right!
Fourth place with1 vote - Human Rights Watch –Syria’sTorture Archipelago submitted byGrEaT sAtAn”S gIrLfRiEnD
Fifth place *t* with 2/3 vote - The Passing Parade –Reform, orcan I have another cookie, please? submitted by SimplyJews
Fifth place *t* with 2/3 vote -Sir Winston Churchill –We shallfight on the beachessubmitted by Bookworm Room
Fifth place *t* with 2/3 vote -Dan Drezner/Foreign Policy –An openletter to the Mitt Romney on American foreign policy leadership submittedby The Glittering Eye
Fifth place *t* with 2/3 vote -Barry Rubin –Former IsraelPrime Minister Yitzhak Shamir Dies at 96: A Personal Memory submittedby The Watcher
Sixth place *t* with 1/3 vote -Taki’s Magazine –Gangsters AtSea submitted by The Mellow Jihadi
Sixth place *t* with 1/3 vote -Buckhorn Road –SeeingObama’s incompetence with my own eyes submitted by TheColossus of Rhodey
Sixth place *t* with 1/3 vote -TaxPolitics –When is a TaxNot a Tax? When the White House Says So submitted by RhymesWith Right
Picture source
Obamacare cartoon of the day!
To contact us Click HERE
H/T Anon
TweetFollow @ThePoliticalCom
Be Prepared! Great wine, great food and plenty of fresh water!
Everything you'll need in case of an emergency!
12 bottles of world-class wine for only $69.99? Learn more about WSJwines here!
Gourmet Emergency Meals at the BEST Price - WiseFoodStorage.com
Buy Two, Get Two FREE 5-Gallon Bottles at HinckleySprings.com. Sign Up for Bottled Water Delivery Today!
H/T Anon
TweetFollow @ThePoliticalCom
Be Prepared! Great wine, great food and plenty of fresh water!
Everything you'll need in case of an emergency!
Guest Post: How Chicago Plays Ball
To contact us Click HERE
An article about Chicago-style politics!
In Chicago they play “Chicago Ball.” Thisis a form of soft ball that is as location specific to the Chicago area as Hoover Ballis to West Branch,Iowa. In this game a sixteen inch softball that is as hard as a baseballis used with no gloves. If at least one or two fingers aren’t broke ineach game it must have been in girl’s division. It is a rough sport, andeveryone who plays it knows it. Catching a line drive is like catching acannonball in the stomach and catching a high pop-up is like having an incomingmeteorite land in your hands.
In Chicago they also play another kind of ball that isrough, and everyone knows the rules. They call it politics. Inother places they call it organized crime.
Back in the Dream Time, elders were honored because of theiraccumulated knowledge. If Pops knew a better way to saddle horses, thatknowledge helped Junior since he saddled horses. Today if Pops knows howto tune-up cars what good is that when cars don’t need to be tuned-upanymore? Now the old are relegated to extolling their own relevance whileexclaiming, “I’ve never seen that before.”
Doddering ancients who use theircell phones merely to talk wonder why their grandchildren never answer theiremails as Gen Z tweet each other: “Don’t trust anyone over fifteen.” Theworld is moving so fast not only is today tomorrow’s yesterday the generationsare living in different todays today. Gen X and Y parents with their oncehip lap-tops under their arms stare in wonder as their pre-teen Gen Zs textwith one hand while Wii skydiving in the backseat.
For these newadditions to middle-age who’re just old enough to remember Star Trek imagineCaptain Kirk visiting Captain Picard pointing at Commander Data and saying,“What’s that?”
After years of being treated as if the Wisdom of the Ageswere as relevant as Confucius in a fortune cookie, now that we have Chicago onthe Potomac the wisdom gained in the City that Works is suddenly spot-on. Of course George the Second’s doctrine of pre-emptive war made one old sayingmake sense beyond the Southside, “Never start fights, but if you have to hitsomeone back first once in a while that’s all right.”
Then again ACORNhas shown the everlasting relevance of Chicago’s best known adage, “Vote earlyand vote often” as well as eternal life or ACORN byanother name is still the same corrupt mob of community organizersorganizing their way to personal power and prosperity.
With President Obama and the Chi-Town hustlerslarge-and-in-charge, Windy CityProverbs may help many believe what kind of change we’ve stepped in. Suchas “Everybody cheats so if you don’t cheat you’re a cheater,” or “What’s mineis mine, what’s yours is negotiable.” Maybe the taxman could use, “Theymust not have wanted it they didn’t have their hand on it.”
Looking atour Congress, “If you’re going to get mad at thieves you’ll never have anyfriends” comes to mind. Thinking of the new Green HomeEfficiency Inspectors they want us to deal with when buying orselling a home is reminiscent of the Chicago Fire Marshal conscientiouslytelling a young business owner, “We’ll save the city some gas money if we justdo the inspection right here in my office,” while patting his desk indicatingwhere to place the money. The Obama Administration started off with some Southsideswag calling the biggest earmark in historya stimulus billaimed at shovel ready jobs. Then again as the President later joked,"Shovel-ready was not as ... uh .. shovel-ready as we expected."After this predictable Southside of Chicago opening act the poster childfor a different kind of politics continued the virtuoso performance calling ward-heelers czars andfollowed a time-honored Second City tradition in the Minnesota recount by finding a bagof votes giving us a good laugh by installing Al Frankenin the once revered United States Senate.
Who says you can’t go home again? They may turn theold neighborhood into YuppieHeaven by knocking down the middleclass housing and putting up three-storyimitation Victorians but right here right now the machine that gave no-show jobsto half the wise-guys on the corner as well as Michelle atthe hospital is in the process of not just fixing tickets but fixingeverything else. The political descendants of Big Bill Thompson, Richard the First and Richard theSecond parlayed communityorganizing into a national organization that should make the Five Familiesgreen with envy.
Having fixed theeconomy and with health care,hate-crimes,immigration,and cap-and-tradeall queued up to flow through the system before the voters get a chance toregister their disapproval, Don Barak also had the opportunity to begin fixingthe highest court in the land. In the Chicago justice system ( anoxymoron) lawyers give out printed pricelists stating how much acquittals costverses dismissals and the old saying concerning courthouses goes, “It may sayjustice on the outside but that doesn’t mean there’s any on the inside.” Sincethe Democratic Machine and their Me-To Republican allies rubber-stamped Mr.Obama’s first pick for the A-Team, how do the prospects for judicial restraintand the Constitution look?
Fine if you fit the profile for theprotected or promoted classes, but not too good if you naively look for thatlady wearing the blindfold and holding the scales.
Joining the sisterhood on the bench, Ms. Sotomayor felt her genderand her race made her uniquely qualified to reach wise decisions andbelieves internationallaw should be consulted when weighing appeals. She should feel rightat home with the former chief counselfor the ACLU who apparently believes American Citizenship is theright of all mankind. In one decision she said,“You would have a huge statelessness problem if you don't consider a child bornabroad a U.S. citizen.”
And now they have turned Chief JusticeRoberts to the Dark Side. Ah justice, what is it good for? Or as they sayin Chi-town, “How much justice can you afford?” The difference betweenChicago Prime and Chicago on the Potomac is in the original version mayorsserve for life followed by a power struggle. Vive la Différence!
How does Chicago Ball fit into all these old sayings? There are multiple sayings associated with playing ball. Such as, Youhave to swing the bat to have a chance to hit the ball,” or “I ain’t cheatingif they don’t catch me.” So how do our now nationalized Chicago Pols playball. One recent example is in the financing problem faced by the ownerof the Chicago Cubs. The plans to renovate the dilapidated Wrigley Fieldwere being held up becauseof the current owner’s political associations. And that’s how they playpolitical ball in Chicago.
And how does that translate to Chicago-on-the-Potomac? In 2009 the Obama Administration playedChicago Ball with the Drug Industry to get their support forObamacare. These types of tactics have become standardoperating procedure for the Obama Administration as departmentafter departmentmake their wishes known and their power felt.
And just recently the President strong armedthe Supreme Court asserting any interference with his take-over of1/6th of the economy would be unprecedented. What was unprecedented washis use of manipulation and brow beating to pressure a supposedly independentcourt to become another place where the fix is in, or as they say in ChicagoBall “When they send out their best hitter, aim for the head.”
And if this article makes you feel politically as if you’vehad your fingers broken, well that’s just the way they play ball in Chicago.
Dr. Owens teaches History, Political Science, and Religionfor Southside Virginia Community College. He is the Historian of the Future @ http://drrobertowens.com © 2012 Robert R.Owens drrobertowens@hotmail.com Follow Dr. RobertOwens on Facebook or Twitter @ Drrobertowens
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An article about Chicago-style politics!
In Chicago they play “Chicago Ball.” Thisis a form of soft ball that is as location specific to the Chicago area as Hoover Ballis to West Branch,Iowa. In this game a sixteen inch softball that is as hard as a baseballis used with no gloves. If at least one or two fingers aren’t broke ineach game it must have been in girl’s division. It is a rough sport, andeveryone who plays it knows it. Catching a line drive is like catching acannonball in the stomach and catching a high pop-up is like having an incomingmeteorite land in your hands.
In Chicago they also play another kind of ball that isrough, and everyone knows the rules. They call it politics. Inother places they call it organized crime.
Back in the Dream Time, elders were honored because of theiraccumulated knowledge. If Pops knew a better way to saddle horses, thatknowledge helped Junior since he saddled horses. Today if Pops knows howto tune-up cars what good is that when cars don’t need to be tuned-upanymore? Now the old are relegated to extolling their own relevance whileexclaiming, “I’ve never seen that before.”
Doddering ancients who use theircell phones merely to talk wonder why their grandchildren never answer theiremails as Gen Z tweet each other: “Don’t trust anyone over fifteen.” Theworld is moving so fast not only is today tomorrow’s yesterday the generationsare living in different todays today. Gen X and Y parents with their oncehip lap-tops under their arms stare in wonder as their pre-teen Gen Zs textwith one hand while Wii skydiving in the backseat.
For these newadditions to middle-age who’re just old enough to remember Star Trek imagineCaptain Kirk visiting Captain Picard pointing at Commander Data and saying,“What’s that?”
After years of being treated as if the Wisdom of the Ageswere as relevant as Confucius in a fortune cookie, now that we have Chicago onthe Potomac the wisdom gained in the City that Works is suddenly spot-on. Of course George the Second’s doctrine of pre-emptive war made one old sayingmake sense beyond the Southside, “Never start fights, but if you have to hitsomeone back first once in a while that’s all right.”
Then again ACORNhas shown the everlasting relevance of Chicago’s best known adage, “Vote earlyand vote often” as well as eternal life or ACORN byanother name is still the same corrupt mob of community organizersorganizing their way to personal power and prosperity.
With President Obama and the Chi-Town hustlerslarge-and-in-charge, Windy CityProverbs may help many believe what kind of change we’ve stepped in. Suchas “Everybody cheats so if you don’t cheat you’re a cheater,” or “What’s mineis mine, what’s yours is negotiable.” Maybe the taxman could use, “Theymust not have wanted it they didn’t have their hand on it.”
Looking atour Congress, “If you’re going to get mad at thieves you’ll never have anyfriends” comes to mind. Thinking of the new Green HomeEfficiency Inspectors they want us to deal with when buying orselling a home is reminiscent of the Chicago Fire Marshal conscientiouslytelling a young business owner, “We’ll save the city some gas money if we justdo the inspection right here in my office,” while patting his desk indicatingwhere to place the money. The Obama Administration started off with some Southsideswag calling the biggest earmark in historya stimulus billaimed at shovel ready jobs. Then again as the President later joked,"Shovel-ready was not as ... uh .. shovel-ready as we expected."After this predictable Southside of Chicago opening act the poster childfor a different kind of politics continued the virtuoso performance calling ward-heelers czars andfollowed a time-honored Second City tradition in the Minnesota recount by finding a bagof votes giving us a good laugh by installing Al Frankenin the once revered United States Senate.
Who says you can’t go home again? They may turn theold neighborhood into YuppieHeaven by knocking down the middleclass housing and putting up three-storyimitation Victorians but right here right now the machine that gave no-show jobsto half the wise-guys on the corner as well as Michelle atthe hospital is in the process of not just fixing tickets but fixingeverything else. The political descendants of Big Bill Thompson, Richard the First and Richard theSecond parlayed communityorganizing into a national organization that should make the Five Familiesgreen with envy.
Having fixed theeconomy and with health care,hate-crimes,immigration,and cap-and-tradeall queued up to flow through the system before the voters get a chance toregister their disapproval, Don Barak also had the opportunity to begin fixingthe highest court in the land. In the Chicago justice system ( anoxymoron) lawyers give out printed pricelists stating how much acquittals costverses dismissals and the old saying concerning courthouses goes, “It may sayjustice on the outside but that doesn’t mean there’s any on the inside.” Sincethe Democratic Machine and their Me-To Republican allies rubber-stamped Mr.Obama’s first pick for the A-Team, how do the prospects for judicial restraintand the Constitution look?
Fine if you fit the profile for theprotected or promoted classes, but not too good if you naively look for thatlady wearing the blindfold and holding the scales.
Joining the sisterhood on the bench, Ms. Sotomayor felt her genderand her race made her uniquely qualified to reach wise decisions andbelieves internationallaw should be consulted when weighing appeals. She should feel rightat home with the former chief counselfor the ACLU who apparently believes American Citizenship is theright of all mankind. In one decision she said,“You would have a huge statelessness problem if you don't consider a child bornabroad a U.S. citizen.”
And now they have turned Chief JusticeRoberts to the Dark Side. Ah justice, what is it good for? Or as they sayin Chi-town, “How much justice can you afford?” The difference betweenChicago Prime and Chicago on the Potomac is in the original version mayorsserve for life followed by a power struggle. Vive la Différence!
How does Chicago Ball fit into all these old sayings? There are multiple sayings associated with playing ball. Such as, Youhave to swing the bat to have a chance to hit the ball,” or “I ain’t cheatingif they don’t catch me.” So how do our now nationalized Chicago Pols playball. One recent example is in the financing problem faced by the ownerof the Chicago Cubs. The plans to renovate the dilapidated Wrigley Fieldwere being held up becauseof the current owner’s political associations. And that’s how they playpolitical ball in Chicago.
And how does that translate to Chicago-on-the-Potomac? In 2009 the Obama Administration playedChicago Ball with the Drug Industry to get their support forObamacare. These types of tactics have become standardoperating procedure for the Obama Administration as departmentafter departmentmake their wishes known and their power felt.
And just recently the President strong armedthe Supreme Court asserting any interference with his take-over of1/6th of the economy would be unprecedented. What was unprecedented washis use of manipulation and brow beating to pressure a supposedly independentcourt to become another place where the fix is in, or as they say in ChicagoBall “When they send out their best hitter, aim for the head.”
And if this article makes you feel politically as if you’vehad your fingers broken, well that’s just the way they play ball in Chicago.
Dr. Owens teaches History, Political Science, and Religionfor Southside Virginia Community College. He is the Historian of the Future @ http://drrobertowens.com © 2012 Robert R.Owens drrobertowens@hotmail.com Follow Dr. RobertOwens on Facebook or Twitter @ Drrobertowens
Picture source
TweetFollow @ThePoliticalCom
Emergency Preparedness!
Great Wine, Great Food and plenty of Fresh Water delivered to your home!Beware: DNSChanger Malware set to strike Monday, July 9th!
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It's the stuff of spy novels with malware unleashed a long time ago by cybercriminals somewhere in the country of Estonia set to attack!
And for those who are unknowingly affected, with the ending of an FBI program Monday, they need to find out beforehand and implement a fix.
While the number of computers involved is relatively small, you don't want to find out after the fact that yours is one of them!
Learn more including a way to find out if you are in any danger in an article at the L.A. Times here.
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TweetFollow @ThePoliticalCom
Emergency Preparedness!
Great Wine, Great Food and plenty of Fresh Water delivered to your home!
12 bottles of world-class wine for only $69.99? Learn more about WSJwines here!
Gourmet Emergency Meals at the BEST Price - WiseFoodStorage.com
Buy Two, Get Two FREE 5-Gallon Bottles at HinckleySprings.com. Sign Up for Bottled Water Delivery Today!
 |
| Beware of Malware! |
And for those who are unknowingly affected, with the ending of an FBI program Monday, they need to find out beforehand and implement a fix.
While the number of computers involved is relatively small, you don't want to find out after the fact that yours is one of them!
Learn more including a way to find out if you are in any danger in an article at the L.A. Times here.
Picture source
TweetFollow @ThePoliticalCom
Emergency Preparedness!
Great Wine, Great Food and plenty of Fresh Water delivered to your home!
7 Temmuz 2012 Cumartesi
Taxes are US. The Biggest Tax Increases in US History.
To contact us Click HERE
With all the hysteria over the Supreme Court upholding what the federal government is already constitutionally empowered to do, namely to tax, the Obamacare tax is far more relevant when viewed in the context of historical tax increases. The Washington Post has an interesting piece on the issue of taxation along with the biggest taxes in US taxing history. Actually, the Washington Post used research compiled by others, who made the above chart, to make an important point.
No, ‘Obamacare’ isn’t ‘the largest tax increase in the history of the world’ (in one chart)
The largest tax increases were imposed by Truman (Revenue Act of 1950, Revenue Act 1951 and Excess Profits Tax of 1950) to fund the Korean War. Johnson's two taxes, the Temporary Surcharge of 1968 and the Tax Increase of 1966, were imposed on the American people to fund the Vietnam War.
Reagan, revered by Republicans for his extensive taxation and spending, piled on 5 new and substantial tax increases and is probably the biggest taxing president in US history. Reagan taxes:
Tax Increase of 1983
Deficit Reduction Act of 1984
Tax Reform Act of 1986
Budget Reconciliation of 1987
The largest Social Security Tax Hike in US history - the Reagan Social Security Tax of 1983.
Of the 15 top tax hikes, the scorecard is: Truman 3, Johnson 2, Carter 1, Nixon 1, Reagan 5, George H.W. Bush 1, Clinton 1, Obama 1 (of the 15 biggest tax hikes, Obamacare ranks 10th).
For more on the Social Security Tax, see:
Yes My Fellow Americans, Congress Really Did Steal Your Social Security
For more on war expenditures, see:
Yes, America really does spend over 50% of all tax receipts on wars
Clearly, both the Republicans and Democrats are responsible for vastly increasing federal taxes and most of that tax revenue has been spent on the empire and damn wars. But the real issue is that America is broke and bankrupt and we need to make some tough decisions. We can't continue to spend $3.7 trillion on tax revenues of about $2.2 trillion. Something's got to give. Medicare and Medicaid already eat up about $1 trillion a year and it's been reported that entitlements now exceed total federal revenues.
Yes, America is already a socialist nation and has been for decades,despite Republicans who screech their opposition to socialism while actually clamoring for more social spending (Medicare Part D comes to mind). For the Democrats, America just isn't socialist enough and won't be until the government has the power to expropriate 100% of everything from wages to assets and property.
We can continue to blame the governments we elect or we can act responsibly and demand less spending and a balanced budget. After all, we are well on the road to becoming Greece. When the SHTF, life really does become quite miserable.
One final note. Yes, the Republican socialists who sailed into Congress after the 2010 GOP general election sweep actually spent more money than the Dems they replaced.
The Tea Party Republicans Spent More Than the Dems They Replaced
And let us not forget that while Republicans are suddenly screaming about the debt, the Republicans were in fact responsible for most of the debt until Obama arrived to level the playing field in the never ending game of "Who can bankrupt America the fastest?".
With all the hysteria over the Supreme Court upholding what the federal government is already constitutionally empowered to do, namely to tax, the Obamacare tax is far more relevant when viewed in the context of historical tax increases. The Washington Post has an interesting piece on the issue of taxation along with the biggest taxes in US taxing history. Actually, the Washington Post used research compiled by others, who made the above chart, to make an important point.
No, ‘Obamacare’ isn’t ‘the largest tax increase in the history of the world’ (in one chart)
Since the Supreme Court decision, Republicans have been calling the Affordable Care Act “the largest tax increase in the history of the world.” Politifact rates this false. Kevin Drum’s got a table of the 15 significant tax increases since 1950, and the Affordable Care Act, which amounts to a tax increase of 0.49 percent of GDP, comes in 10th. Austin Frakt took Drum’s table and made a chart...The tax increases are instructive on many levels, especially in how taxes are raised to fund the insane wars (welfare for defense contractors).
The largest tax increases were imposed by Truman (Revenue Act of 1950, Revenue Act 1951 and Excess Profits Tax of 1950) to fund the Korean War. Johnson's two taxes, the Temporary Surcharge of 1968 and the Tax Increase of 1966, were imposed on the American people to fund the Vietnam War.
Reagan, revered by Republicans for his extensive taxation and spending, piled on 5 new and substantial tax increases and is probably the biggest taxing president in US history. Reagan taxes:
Tax Increase of 1983
Deficit Reduction Act of 1984
Tax Reform Act of 1986
Budget Reconciliation of 1987
The largest Social Security Tax Hike in US history - the Reagan Social Security Tax of 1983.
Of the 15 top tax hikes, the scorecard is: Truman 3, Johnson 2, Carter 1, Nixon 1, Reagan 5, George H.W. Bush 1, Clinton 1, Obama 1 (of the 15 biggest tax hikes, Obamacare ranks 10th).
For more on the Social Security Tax, see:
Yes My Fellow Americans, Congress Really Did Steal Your Social Security
For more on war expenditures, see:
Yes, America really does spend over 50% of all tax receipts on wars
Clearly, both the Republicans and Democrats are responsible for vastly increasing federal taxes and most of that tax revenue has been spent on the empire and damn wars. But the real issue is that America is broke and bankrupt and we need to make some tough decisions. We can't continue to spend $3.7 trillion on tax revenues of about $2.2 trillion. Something's got to give. Medicare and Medicaid already eat up about $1 trillion a year and it's been reported that entitlements now exceed total federal revenues.
Yes, America is already a socialist nation and has been for decades,despite Republicans who screech their opposition to socialism while actually clamoring for more social spending (Medicare Part D comes to mind). For the Democrats, America just isn't socialist enough and won't be until the government has the power to expropriate 100% of everything from wages to assets and property.
We can continue to blame the governments we elect or we can act responsibly and demand less spending and a balanced budget. After all, we are well on the road to becoming Greece. When the SHTF, life really does become quite miserable.
One final note. Yes, the Republican socialists who sailed into Congress after the 2010 GOP general election sweep actually spent more money than the Dems they replaced.
The Tea Party Republicans Spent More Than the Dems They Replaced
And let us not forget that while Republicans are suddenly screaming about the debt, the Republicans were in fact responsible for most of the debt until Obama arrived to level the playing field in the never ending game of "Who can bankrupt America the fastest?".
REALLY, REPUBLICANS REALLY ARE SOCIALISTS
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Frankly, I've never met an establishment Republican who wasn't a socialist, a Marxist, a global empire builder, a warmonger, an advocates for the wholesale destruction of civil liberties, a military worshiper and a supporter of unaccountable executive power.
Republicans weren't screaming 'socialism' when Bush and the Republican gang passed Medicare Part D (a multi-trillion dollar entitlement) or Ted Kennedy's No Child Left Behind. Republicans were not the least bit outraged when Bush increased the national debt by $5 trillion. When the Democrats spend money, Republicans scream 'socialism' but when the Republicans do the same thing it's somehow called compassionate conservatism. Go figure.
As a libertarian turned Republican turned libertarian constitutionalist, I keep waiting for the Republicans to change their evil ways. Instead, I get salt rubbed into an open wound with the most recent Republican insanity being the disclosure that the crop of Tea Party Republicans who sailed into Congress in Jan. 2011 turned out to be bigger spenders than the Dems they replaced. Who would have thought that this was even possible? But the Republicans managed to pull it off.
The Tea Party Republicans Spent More Than the Dems They Replaced
Happily, I'm not alone in my utter disgust for all things Republican and there are many folks who can no longer even hold their noses and vote Republican.
I used to think that the Democrats were dumb and that Republicans were smarter. I was wrong. When it comes to being a boot licking party loyalist, there are no differences between the Republicans and the Democrats. Both blindly follow the party, its propaganda and its lies.
Yeah, the Republicans are fiscal conservatives. I can't stop laughing.....
Frankly, I've never met an establishment Republican who wasn't a socialist, a Marxist, a global empire builder, a warmonger, an advocates for the wholesale destruction of civil liberties, a military worshiper and a supporter of unaccountable executive power.
Republicans weren't screaming 'socialism' when Bush and the Republican gang passed Medicare Part D (a multi-trillion dollar entitlement) or Ted Kennedy's No Child Left Behind. Republicans were not the least bit outraged when Bush increased the national debt by $5 trillion. When the Democrats spend money, Republicans scream 'socialism' but when the Republicans do the same thing it's somehow called compassionate conservatism. Go figure.
As a libertarian turned Republican turned libertarian constitutionalist, I keep waiting for the Republicans to change their evil ways. Instead, I get salt rubbed into an open wound with the most recent Republican insanity being the disclosure that the crop of Tea Party Republicans who sailed into Congress in Jan. 2011 turned out to be bigger spenders than the Dems they replaced. Who would have thought that this was even possible? But the Republicans managed to pull it off.
The Tea Party Republicans Spent More Than the Dems They Replaced
Well, as it turns out, the Republicans and the Tea Party crop of Republican Congress Critters that sailed into the District of Crime in January, 2011 to clean up the Democrat fiscal mess turned out to be bigger deficit spending hawks than the Democrats they replaced.
The Republican-controlled House of Representatives, which took office in January 2011, has enacted federal spending bills under which the national debt has increased more in less than one term of Congress than in the first 97 Congresses combined.....
The approximately $1.59 trillion in new debt accumulated since the Republican-controlled House gained a veto over federal spending legislation is more than the total increase in the federal debt between 1789, when the first Congress convened, and October 1984, when the 98th Congress was nearing the end of its second session.Republicans never cease to amaze me. During the few years I spent in the GOP, I felt like I was occupying a planet in an undiscovered parallel universe. It was nonstop "kill the Muslims", "save the babies" and "attack the homosexuals".
Happily, I'm not alone in my utter disgust for all things Republican and there are many folks who can no longer even hold their noses and vote Republican.
I used to think that the Democrats were dumb and that Republicans were smarter. I was wrong. When it comes to being a boot licking party loyalist, there are no differences between the Republicans and the Democrats. Both blindly follow the party, its propaganda and its lies.
Yeah, the Republicans are fiscal conservatives. I can't stop laughing.....
Is Marxism Back?
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In recent years, Marxists and socialists have been euphoric as their delusions kick in and they announce with glee that capitalism has failed and they have the smoking gun proof - collapsed economies and and human misery is piling up everywhere. Not that Marxists or socialists even know anything about capitalism but then again neither do capitalists or those masquerading as capitalists. In Europe, hardcore socialists have been elected, voted out of office and elected again. This happened in France where the French did indeed elect Francois Holland who campaigned on taxing the rich at a rate of 75%. Holland fulfilled his promise, here.
All those warm and fuzzy sounding "ism's" like communism, socialism, Marxism, progressivism, egalitarianism, communitarianism etc. have never really existed. The concept of 'from each according to his ability and to each according to their needs' has not only been proven to be a BIG fail, it's well documented that such ideologies killed 100 million folks during the 20th century alone, mostly by starvation.
Take the collectivist "ism's" and toss in fascism, corporatism, oligarchism and crony capitalism and what you get isn't something that benefits humanity and human prosperity but a monster that merely facilitates the massive concentration of wealth and power. The high ranking communist party officials never suffered and were well supplied with the finest of everything. It was everybody else who waited for hours in a breadline for a loaf of stale and moldy bread.
The west and its so-called 'soft socialism' is sinking faster than the Titanic but this isn't a failure of capitalism. It's the failure of the evil fascist marriage between Big Government and Big Business that grew government by zapping the wealth of the people.
While I may have a hard time convincing a Republican that fascist crony capitalism is a bad idea and quite destructive to middle class prosperity, I have an even harder time convincing liberals that capitalism truly empowers the 99% at the expense of the 1% and that all forms of statism exclusively benefits the 1% at the expense of the 99%.
How the 1% Defeated the 99% By Concentrating Wealth and Power
Collectivists everywhere are excited about a new and updated version of The Communist Manifesto. In fact, an economic blog, azizonomics.com, wrote about it in a piece titled Is Marxism Coming Back?
Amazingly and despite the fact that collectivism vaporized 100 million folks, Professor Hobsbawm does understand that folks will be reluctant to accept Soviet style Marxism. Hobsbawm laments " “It is extremely unlikely that such a ‘post-capitalist society’ would respond to the traditional models of socialism and still less to the ‘really existing’ socialisms of the Soviet era,” and then goes on to suggest that communism will have to be redefined “What forms it might take and how far it would embody the humanist values of Marx’s and Engels’s communism, would depend on the political action through which this change came about.” While the linking of humanist values to totalitarian collectivist hell may be a stretch bordering on the lunatic fringe, it's still a veiled suggestion that social change can and will painlessly produce the acceptance of communism (even though folks may not actually know they are being herded into communism).
With all its flaws and bad and unjust as it is, our deeply problematic corporatist economic system is still a much better deal for humanity than totalitarian collectivism. Still, we must continue to strive to shed the shackles of statism because it's absolutely crucial to human liberty. Statism never recedes and it always tightens the noose around the necks of human beings until it squeezes the life out of them, their liberty and their prosperity.
Of all tyrannies a tyranny sincerely exercised for the good of its victim may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some point be satiated, but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience. C.S. Lewis
In recent years, Marxists and socialists have been euphoric as their delusions kick in and they announce with glee that capitalism has failed and they have the smoking gun proof - collapsed economies and and human misery is piling up everywhere. Not that Marxists or socialists even know anything about capitalism but then again neither do capitalists or those masquerading as capitalists. In Europe, hardcore socialists have been elected, voted out of office and elected again. This happened in France where the French did indeed elect Francois Holland who campaigned on taxing the rich at a rate of 75%. Holland fulfilled his promise, here.
All those warm and fuzzy sounding "ism's" like communism, socialism, Marxism, progressivism, egalitarianism, communitarianism etc. have never really existed. The concept of 'from each according to his ability and to each according to their needs' has not only been proven to be a BIG fail, it's well documented that such ideologies killed 100 million folks during the 20th century alone, mostly by starvation.
Take the collectivist "ism's" and toss in fascism, corporatism, oligarchism and crony capitalism and what you get isn't something that benefits humanity and human prosperity but a monster that merely facilitates the massive concentration of wealth and power. The high ranking communist party officials never suffered and were well supplied with the finest of everything. It was everybody else who waited for hours in a breadline for a loaf of stale and moldy bread.
The west and its so-called 'soft socialism' is sinking faster than the Titanic but this isn't a failure of capitalism. It's the failure of the evil fascist marriage between Big Government and Big Business that grew government by zapping the wealth of the people.
While I may have a hard time convincing a Republican that fascist crony capitalism is a bad idea and quite destructive to middle class prosperity, I have an even harder time convincing liberals that capitalism truly empowers the 99% at the expense of the 1% and that all forms of statism exclusively benefits the 1% at the expense of the 99%.
How the 1% Defeated the 99% By Concentrating Wealth and Power
Collectivists everywhere are excited about a new and updated version of The Communist Manifesto. In fact, an economic blog, azizonomics.com, wrote about it in a piece titled Is Marxism Coming Back?
In his introduction to a new edition of The Communist Manifesto, Professor Eric Hobsbawm suggests that Marx was right to argue that the “contradictions of a market system based on no other nexus between man and man than naked self-interest, than callous ‘cash payment’, a system of exploitation and of ‘endless accumulation’ can never be overcome...That's an amazing statement. What is naked self interest, the callous 'cash payment' and a system of exploitation? That's just a dude working to survive and provide for his family. Since when is voluntarily hiring out your skills for wages an act of exploitation? While that's what humans have done since time immemorial, work to survive by making and trading goods and services, the collectivists somehow denigrate work and producing as an undesirable human character flaw, with the major flaw being that an individual just might want to decide what he wants and needs vs taking orders from the government on his wants and needs.
Amazingly and despite the fact that collectivism vaporized 100 million folks, Professor Hobsbawm does understand that folks will be reluctant to accept Soviet style Marxism. Hobsbawm laments " “It is extremely unlikely that such a ‘post-capitalist society’ would respond to the traditional models of socialism and still less to the ‘really existing’ socialisms of the Soviet era,” and then goes on to suggest that communism will have to be redefined “What forms it might take and how far it would embody the humanist values of Marx’s and Engels’s communism, would depend on the political action through which this change came about.” While the linking of humanist values to totalitarian collectivist hell may be a stretch bordering on the lunatic fringe, it's still a veiled suggestion that social change can and will painlessly produce the acceptance of communism (even though folks may not actually know they are being herded into communism).
With all its flaws and bad and unjust as it is, our deeply problematic corporatist economic system is still a much better deal for humanity than totalitarian collectivism. Still, we must continue to strive to shed the shackles of statism because it's absolutely crucial to human liberty. Statism never recedes and it always tightens the noose around the necks of human beings until it squeezes the life out of them, their liberty and their prosperity.
Of all tyrannies a tyranny sincerely exercised for the good of its victim may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at some point be satiated, but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience. C.S. Lewis
Something for Conservatives to Think About: Obamacare Really Was a Republican Initiative
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Obamacare really was hatched by the Heritage Foundation in the late 1980's, supported by Republicans during the 1990's, tested in Massachusetts by a Republican governor and finally passed as Obamacare. Newt Gingrich got rich promoting the healthcare mandate. Despite campaigning against Obamacare, Gingrich was one of the godfathers of the healthcare mandate. The Nation Review disclosed some of the details of his healthcare mandate business.
Gingrich Health-care Think Tank Raked in $37 Million
Still, Obamacare won't solve our healthcare nightmare. Rather than Republicans and Democrats constantly playing the blame game with each other, America needs leadership that will solve some of our big problems, including heathcare.
Medicare and Medicaid is costing us about $1 trillion annually, or nearly half of the $2.2 trillion or so collected in federal taxes.
Earth to America: We already have a socialist healthcare system and it's very, very expensive.
Solutions anybody?
Obamacare really was hatched by the Heritage Foundation in the late 1980's, supported by Republicans during the 1990's, tested in Massachusetts by a Republican governor and finally passed as Obamacare. Newt Gingrich got rich promoting the healthcare mandate. Despite campaigning against Obamacare, Gingrich was one of the godfathers of the healthcare mandate. The Nation Review disclosed some of the details of his healthcare mandate business.
Gingrich Health-care Think Tank Raked in $37 Million
A think tank founded by GOP presidential candidate Newt Gingrich collected at least $37 million over the past eight years from major health-care companies and industry groups, offering special access to the former House speaker and other perks, according to records and interviews.
The Center for Health Transformation, which opened in 2003, brought in dues of as much as $200,000 per year from insurers and other health-care firms, offering some of them “access to Newt Gingrich” and “direct Newt interaction,” according to promotional materials. The biggest funders, including firms such as AstraZeneca, Blue Cross Blue Shield and Novo Nordisk, were also eligible to receive discounts on “products and workshops” from other Gingrich groups.
The health center advocated, among other things, requiring that “anyone who earns more than $50,000 a year must purchase health insurance or post a bond,” a type of insurance mandate that has since become anathema to conservatives.The problem with Republicans is that they fail to hold their elected leaders accountable and they also have a high level of trust in the GOP, its leaders and elected officials. It's the responsibility of the Republican voting base to know what Republicans actually do. Republicans are notorious for talking the talk and never walking the walk.
Still, Obamacare won't solve our healthcare nightmare. Rather than Republicans and Democrats constantly playing the blame game with each other, America needs leadership that will solve some of our big problems, including heathcare.
Medicare and Medicaid is costing us about $1 trillion annually, or nearly half of the $2.2 trillion or so collected in federal taxes.
Medicare and Medicaid spending rose 10% in the second quarter from a year earlier to a combined annual rate of almost $992 billion, according to new data from the Bureau of Economic Analysis (BEA). The two programs are on track to rise $90 billion in 2011 and crack the $1 trillion milestone for the first time.
Medicare. The insurance program for the elderly and disabled grew 8.3% from a year earlier to a $554 billion annual rate in the past three months, the BEA reports. Enrollment will grow from 49 million today to 60 million in 2018.
Medicaid. The federal-state cost of medical care for the poor and nursing homes for the elderly rose 12.3% to a $438 billion annual rate. The expiration of the stimulus law will cut the federal share of the program from about 70% to 60% in the last half of this year, shifting about $40 billion in annual costs back to the states.Read the rest here, USA Today
Earth to America: We already have a socialist healthcare system and it's very, very expensive.
Solutions anybody?
A Libertarian Perspective on the Obamacare Decision by a Libertarian Leaning Blog
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With Republicans practically calling for the crucifixion of Chief Justice Roberts, a George Bush appointee, there is very little clarity on the decision and much condemnation from the conservative camp. Republicans just wanted Obamacare overturned to humiliate Obama. Anyway, The Libertarian leaning Volokh Conspiracy legal blog shares some fascinating insights on the SCOTUS ruling. Specifically, Randy Barnett has thoroughly read the decision and offers his own legal eagle interpretations of the controversial opinion.
Court Did Not Authorize Economic Mandates Under the Tax Power
With Republicans practically calling for the crucifixion of Chief Justice Roberts, a George Bush appointee, there is very little clarity on the decision and much condemnation from the conservative camp. Republicans just wanted Obamacare overturned to humiliate Obama. Anyway, The Libertarian leaning Volokh Conspiracy legal blog shares some fascinating insights on the SCOTUS ruling. Specifically, Randy Barnett has thoroughly read the decision and offers his own legal eagle interpretations of the controversial opinion.
Court Did Not Authorize Economic Mandates Under the Tax Power
Throughout the Obamacare litigation, I freely conceded that Congress could use its tax powers to create incentives to buy health insurance, and even enact a “single payer” Medicare for everyone scheme. But I never accepted the claim made by Obamacare proponents that all Congress needed to do was call the mandate a “tax” (from which they then claimed that it was just a matter of labels). ...Read the rest hereThe Volokh Conspiracy
Chief Justice Roberts did not uphold the individual insurance mandate under the tax power. Instead he rewrote the law using a “saving construction” to eliminate the insurance mandate, leaving only a penalty that he “saved” by calling it a tax even though he admits this is not the natural or best reading of the statute, i.e. of congressional intent. In this morning’s Washington Examiner, I explain this in layman’s terms....
Memo to Mitt Romney: Obamacare is a tax because the Supreme Court rewrote the law to make it one. The Supreme Court did not uphold Obamacare’s individual insurance mandate as a tax.
This is a difficult legal distinction to explain, but one that matters nonetheless.
In Obamacare, the mandate was called an “individual responsibility requirement.” To “save” the rest of Obamacare, the Supreme Court deleted the “requirement” part. So the mandate is gone. What’s left is a tax.
What’s the difference? Under Obamacare, all Americans (who were not exempted) had to buy health insurance. Under the Supreme Court’s ruling, no American has to buy health insurance, though some Americans will pay a tax if they don’t.
Under Obamacare, millions of Americans who did not have to pay the penalty because they don’t pay any or enough income taxes were still required by law to get insurance or be a law breaker. Under the Supreme Court’s revision, they don’t.
Under Obamacare, those Americans who paid the penalty but did not get health insurance were still outlaws because they disobeyed the “requirement.” Under the Supreme Court’s ruling, if you pay the tax, you’re cool with the feds.
Chief Justice John Roberts justified his re-characterization of the “penalty” in Obamacare as a “tax” on the ground that the amount involved is so small as not to be coercive. It merely provided an “incentive,” like how Cash for Clunkers provided a $5,000 incentive to trade in an old car. Millions kept their old cars and effectively lost $5,000. The court’s opinion implied that, if this “tax” was so high as to coerce compliance, it would then be an unconstitutional penalty.
Which brings me to the biggest difference: Congress, the Obama administration and most law professors defended the mandate as a regulation of interstate commerce under the Commerce Clause. Had this argument been accepted, future Congresses could jack up the amount of the penalty, and add prison time to boot. But a majority of the justices rejected this argument and held that the mandate was not a “proper” exercise of the commerce power. So, in the future, Congress may not punish people who fail to engage in economic activity with a high fine or jail time.
Roberts’ decision made bad law in two respects. First, he claimed the power to rewrite a law by giving it a “saving construction” to uphold it, after he admitted that this was not the best reading of what the law actually said. Second, he allowed that Congress may impose an unprecedented tax on inactivity, provided that it is low enough to preserve the tax payer’s “choice” to obey or pay. Both of these maneuvers made constitutional law worse, even if they did save this law in hope of avoiding political attacks on the court.
But the deal that Roberts gave constitutional conservatives was to make constitutional law better in more important ways. He agreed with the four conservative justices that the powers of Congress were limited by Article I of the Constitution; that the Supreme Court would enforce these limits; that the individual insurance mandate exceeded the powers of Congress under the Commerce Clause; that compulsion to engage in commerce was “improper” under the Necessary and Proper Clause; and that Congress could not use its spending power to coerce states into vastly expanding the Medicaid program by withholding existing funding. These are all rulings that 99 percent of law professors had argued against.
I do not praise Chief Justice Roberts for making this political deal. But neither do I want to throw away all that we won because I don’t like what we lost.
And conservatives and libertarians need to stop agreeing with progressives that his ruling gave Congress a green light to impose economic mandates under its tax power. It didn’t.
5 Temmuz 2012 Perşembe
Avoid Fraud - Investing Tips for Older Investors
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Tomorrow (June 15), is World Elder Abuse Awareness Day. Unfortunately, recent studies suggest that seniors lose billions each year due to financial abuse.
The Washington State Department of Financial Institutions (DFI) is committed to protecting seniors from financial abuse through both financial education and enforcement.
To help protect seniors, here are some steps we came up with that seniors can take to protect themselves from investment fraud.
Protect yourself from investment fraud
Tomorrow (June 15), is World Elder Abuse Awareness Day. Unfortunately, recent studies suggest that seniors lose billions each year due to financial abuse.
The Washington State Department of Financial Institutions (DFI) is committed to protecting seniors from financial abuse through both financial education and enforcement.
To help protect seniors, here are some steps we came up with that seniors can take to protect themselves from investment fraud.
Protect yourself from investment fraud
- Ask questions and verify licenses
If you’re being solicited to buy an investment, ask questions about the investment. Scam artists tend to get antsy when they are being asked questions.
Questions to ask:
1) Are you and your firm registered with DFI?
2) Are you and your firm registered with the SEC and FINRA?
3) Is this investment registered with the SEC or my DFI?
Verify the answer to these questions by contacting the Washington State Department of Financial Institutions (DFI) at 1.877.RING DFI (746-4334). - Talk to someone before investing
Be extremely skeptical if the person promoting the deal says, “Don’t tell anyone else about this special deal!” A legitimate investment professional won’t ask you to keep secrets. Before handing over your money, talk to someone you trust or a certified/licensed financial professional. - Take your name off solicitation lists
Tired of receiving solicitations? Take your name off of telemarketing and junk mail lists
Telemarketing Calls
http://www.donotcall.gov/
or call toll-free (888) 382-1222
Direct Mail and Email Offers
http://www.dmachoice.org/
Credit Card Offers
http://www.optoutprescreen.com/
or call toll-free (888) 567-8688 - Know the common tactics thieves use
Scam artists typically bombard their victims with a variety of influence tactics. Learn to spot the most common tactics used.
FINRA: Common Persuasion Tactics Used - Develop a refusal script
Develop and practice a refusal script. That way when you receive a telephone call you can quickly hang up the phone. Simply tell the person, “I am sorry, I am not interested.”
Partnerships: DFI and the Department of Retirement Systems
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For the past two years, the Washington Department of Financial Institutions (DFI) has partnered with the Washington Department of Retirement Systems (DRS) to provide state employees nearing retirement with free financial education materials.
DRS offers free retirement planning seminars to employees who are within five years of retirement. The seminars, held across the state, go over the details of retirement benefits, health insurance, deferred compensation and pension work.
DFI staff attends many of these seminars to hand out free Investor Protection Trust investor education booklets and to offer tips on how to avoid financial fraud.
Attendees at a recent seminar at the University of Washington commented on how helpful the seminar was and how grateful they were to receive the free investor education literature provided by DFI.
To learn more about the seminars, visit http://www.drs.wa.gov/retirement-planning/seminar.htm.
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| DFI table at a recent DRS seminar |
DRS offers free retirement planning seminars to employees who are within five years of retirement. The seminars, held across the state, go over the details of retirement benefits, health insurance, deferred compensation and pension work.
DFI staff attends many of these seminars to hand out free Investor Protection Trust investor education booklets and to offer tips on how to avoid financial fraud.
Attendees at a recent seminar at the University of Washington commented on how helpful the seminar was and how grateful they were to receive the free investor education literature provided by DFI.
To learn more about the seminars, visit http://www.drs.wa.gov/retirement-planning/seminar.htm.
Federal Financial Regulators Issue Joint Guidance to Address Mortgage Servicer Practices that Impact Servicemembers
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Federal financial regulators issued guidance today to address mortgage servicer practices that may pose risks to homeowners serving in the military.
The guidance is intended to ensure compliance with applicable consumer laws and regulations.
Here's a blog by Ashley Gordon from the Consumer Financial Protection Bureau with more information.
Federal financial regulators issued guidance today to address mortgage servicer practices that may pose risks to homeowners serving in the military.The guidance is intended to ensure compliance with applicable consumer laws and regulations.
Here's a blog by Ashley Gordon from the Consumer Financial Protection Bureau with more information.
The Consumer Financial Protection Bureau (CFPB) along with the prudential regulators – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency and − issued joint guidance today to address mortgage servicer practices that may pose risks to homeowners who are serving in the military.
The guidance, which is intended to ensure compliance with applicable consumer laws and regulations, pertains to military homeowners who have received Permanent Change of Station (PCS) orders, which occur when a servicemember is ordered by the military to relocate to a new installation. Roughly one-third of active-duty servicemembers receive PCS orders each year.
“Those who serve our country deserve to be given the best service by their mortgage servicer,” said CFPB Director Richard Cordray. “Permanent Change of Station orders can complicate a servicemember’s homeownership decisions in ways that civilians may not experience. This guidance provides specific notice to mortgage servicers that this country already has substantial laws in place to help military members in this still-recovering housing market.”
The Interagency Guidance on Mortgage Servicing Practices Concerning Military Homeowners with Permanent Change of Station Orders is available here: http://files.consumerfinance.gov/f/201206_cfpb_PCS_Orders_Guidance.pdf
PCS orders are non-negotiable and operate under short, strict timelines. Upon moving, a servicemember’s household income may drop if the servicemember is unable to find a renter willing to pay a price that will cover the mortgage payment or the spouse is not immediately able to secure a job in the new location. Additionally, a servicemember’s housing allowance may be lower at the new duty station. In order to avoid defaulting on their loan obligations, military homeowners need to receive clear, accurate, and timely information about available options such as loan modification or short sale, so they can make informed decisions and request the assistance for which they may qualify.
The interagency guidance addresses practices such as:
- Failing to provide servicemembers with PCS orders who notify their servicers of such orders with accurate, lear, and readily understandable information about available assistance options for which the homeowner may qualify based on the information known to the mortgage servicer;
- Asking servicemembers with PCS orders to waive their legal rights under the Servicemembers Civil Relief Act or any other law as a prerequisite to the mortgage servicer either providing information about available options or evaluating the servicemember’s eligibility for assistance;
- Advising homeowners with PCS orders who are current on their loans and able to make the monthly payment to intentionally skip making payments in order to create the appearance they are having financial difficulties in order to obtain assistance for which they would not otherwise qualify;
- Failing to provide a reasonable means for servicemembers to find out information about the status of their request for assistance;
If a regulator determines that a mortgage servicer has engaged in practices that are unfair, deceptive, or abusive, or if a regulator determines that a mortgage servicer has in any way violated federal consumer financial laws, it will take appropriate enforcement action.
- Failing to timely communicate the servicer’s decision regarding requests for assistance from homeowners with PCS orders and failing to include and explanation for the denial, where required.
The Federal Housing Finance Agency, and the Departments of Agriculture, Defense, Housing and Urban Development, Justice, Treasury, and Veterans Affairs have announced their support for the interagency guidance.
Independent Foreclosure Review Deadline Extended Until September 30, 2012
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The deadline for eligible borrowers to request a free review of their mortgage foreclosures under the Independent Foreclosure Review has been extended until September 30, 2012. The new deadline gives borrowers two additional months to submit a request for review.
If your primary residence was involved in a foreclosure process between January 1, 2009 and December 31, 2010, you may qualify for a free Independent Foreclosure Review.
The Independent Foreclosure Review will determine whether individual homeowners suffered financial injury and should receive compensation or other remedy because of errors or other problems during their home foreclosure process.
If you believe you are eligible to participate in the program, you may complete and submit a Request for Review Form.
For more information visit http://www.independentforeclosurereview.com/
The deadline for eligible borrowers to request a free review of their mortgage foreclosures under the Independent Foreclosure Review has been extended until September 30, 2012. The new deadline gives borrowers two additional months to submit a request for review.If your primary residence was involved in a foreclosure process between January 1, 2009 and December 31, 2010, you may qualify for a free Independent Foreclosure Review.
The Independent Foreclosure Review will determine whether individual homeowners suffered financial injury and should receive compensation or other remedy because of errors or other problems during their home foreclosure process.
If you believe you are eligible to participate in the program, you may complete and submit a Request for Review Form.
For more information visit http://www.independentforeclosurereview.com/
Guide to Reverse Mortgages
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The Consumer Financial Protection Bureau (CFPB) today released a guide to reverse mortgages with information about their pros and cons.
Reverse mortgages, also called Home Equity Conversion Mortgages (HECMs), are a special type of home loan that allows older homeowners to access the equity they have built up in their homes now, and defer payment of the loan until they pass away, sell, or move out of the home.
Reverse mortgages aren’t for everyone, so it’s important to review alternatives and talk with a housing counselor before obtaining one. In fact, all borrowers are required to receive consumer information free or at very low cost from a certified counselor prior to obtaining the loan. You can find a reverse mortgage counselor online at or by calling (800) 569-4287.
Find a Reverse Mortgage Counselor
CFPB Guide to Reverse Mortgages (pdf)
The Consumer Financial Protection Bureau (CFPB) today released a guide to reverse mortgages with information about their pros and cons.Reverse mortgages, also called Home Equity Conversion Mortgages (HECMs), are a special type of home loan that allows older homeowners to access the equity they have built up in their homes now, and defer payment of the loan until they pass away, sell, or move out of the home.
Reverse mortgages aren’t for everyone, so it’s important to review alternatives and talk with a housing counselor before obtaining one. In fact, all borrowers are required to receive consumer information free or at very low cost from a certified counselor prior to obtaining the loan. You can find a reverse mortgage counselor online at or by calling (800) 569-4287.
Find a Reverse Mortgage Counselor
CFPB Guide to Reverse Mortgages (pdf)