BANKSTER-OWNED JANET YELLEN - HAVING A DEBT CEILING IS BAD FOR WALL STREET! STOP IT!!!

 

MARKETS FUELED BY FREE MONEY - COLLAPSE OF EVERYTHING - TESLA LEAVES CALIFORNIA - USED CAR INSANITY

https://www.youtube.com/watch?v=C8Gg0FGO5fM

YELLEN HAS MADE A VAST FORTUNE COLLECTING BANKSTERS' BRIBES THROUGH 'SPEECH FEES'. JUST AS BILLARY  AND HILLARY AND THE OBOMB HAS DONE. JOE BIDEN HAS BEEN A BANKSTER RENT BOY HIS ENTIRE POLITICAL LIFE. DO A SEARCH!

Treasury Sec. Yellen: ‘Increasingly Damaging’ to Have a Debt Ceiling Causing ‘Politically Dangerous Conflicts’

PAM KEY

7 Oct 20210

1:50

Treasury Secretary Janet Yellen said Thursday on CNN’s “OutFront” that it has become “increasingly damaging” for the United States to set a debt ceiling.

Yellen said, “Well, I think the prospect that Congress would not agree to raise the debt ceiling, which is what we’re faced, and of course, December 3, it’s a short time relative to the debt ceiling. So the uncertainty remains longer term. I think it is damaging to confidence of consumers, of investors. Of course, everyone, including me, breathed a sigh of relief that we were able to reach an agreement that gets us to December 3.”

She continued, “It’s not about future spending or taxes. We’ve incurred bills. Can the government be counted on to pay those bills? Americans, whether it’s people waiting for a Social Security check or military pay or bondholders who regard U.S. treasuries as the safest asset in the world, they need to never question that the United States will pay its bills.”

She added, “They need to get this done by the deadline that I set. I made it very clear that we will run out of cash quickly after October 18. This would be the first time in the country’s history that we would be unable to pay our bills. And it would be enormously damaging to the economy, to financial markets. I’ve said and continue to think it would be utterly catastrophic. It should be unthinkable.”

Yellen concluded, “I think it’s become increasingly damaging to America to have a debt ceiling. It’s led to a series of politically dangerous conflicts that have caused Americans and global markets to question whether or not America’s serious about paying its bills. It’s flirting with a self-inflicted crisis.”

Follow Pam Key on Twitter @pamkeyNEN

Hagerty: Cost of Reconciliation Will Be ‘in the Tens of Trillions’ – Programs Will ‘Never Be Cut Back’

IAN HANCHETT

7 Oct 20210

1:05

On Thursday’s broadcast of the Fox Business Network’s “Kudlow,” Sen. Bill Hagerty (R-TN) argued that whatever the final dollar amount of the budget reconciliation bill is, the bill is “broadening social programs to an extent that they’ll never be cut back” and will “be denominated in the tens of trillions of dollars by the time this is moved through the system.”

Hagerty said, [relevant remarks begin around 1:20] “[W]hether the number is five trillion, three trillion, or two trillion that they come up with, that’s only the beginning of this. Because what they’re talking about doing is broadening social programs to an extent that they’ll never be cut back. This is going to burden our children and our grandchildren. It’s going to be inherently more inflationary. And this is something that’s going to be denominated in the tens of trillions of dollars by the time this is moved through the system.”

Follow Ian Hanchett on Twitter @IanHanchett

Report: Biden Banking Nominee Scrubs Problematic Items from Resume

Senate Committee on Banking, Housing and Urban Affairs

JACOB BLISS

7 Oct 20210

2:35

Saule Omarova, President Joe Biden’s pick for the top banking regulator to head the Office of the Comptroller of the Currency, reportedly scrubbed problematic items from her resume.

A report from the Washington Free Beacon indicated that Omarova allegedly removed references to a thesis she wrote while attending Moscow State University as a student on a scholarship named for Vladimir Lenin.

The thesis was about Karl Marx, titled “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” which was on a resume of hers from 2017, the Beacon stated. However, it was not on the resume the news publication reported on last month.

The report added:

Omarova, a professor at Cornell Law School, has already proved a controversial nominee. She has said she wants to “end banking as we know it” by providing bank services through the Federal Reserve rather than private banks. She has also proposed the creation of a federal agency called the National Investment Authority, which would coordinate long-term national economic strategy and infrastructure development for the United States. Omarova, who left the Soviet Union after graduating from Moscow State in 1989, has praised the Soviet Union for eliminating the gender pay gap.

WASHINGTON, DC – JANUARY 30: Sen. Pat Toomey (R-PA) leaves the Senate chamber during a recess in the Senate impeachment trial of U.S. President Donald Trump continues at the U.S. Capitol on January 30, 2020 in Washington, DC. On Thursday, Senators continue asking questions for the House impeachment managers and the president’s defense team. (Photo by Drew Angerer/Getty Images)

The ranking member of the Senate Banking, Housing, and Urban Affairs Committee, Sen. Pat Toomey (R-PA), wrote to Omarova requesting a copy of the thesis and asked about the variations of her resume:

I write today seeking a copy of your thesis, “Karl Marx’s Economic Analysis and the Theory of Revolution in The Capital,” which you wrote as a student at Moscow State University on the V.I. Lenin Personal Academic Scholarship. While it appears that you have deleted any reference to your thesis in the version of your curriculum vitae (CV) that is currently available on the Cornell Law School website, the paper appeared on your CV as recently as April 2017.

The Beacon reported that the senator stated that both Omarova and the Office of the Comptroller of the Currency would not hand over the thesis in question. Both did not respond to questions regarding her resume.

Despite the discrepancies in her resume, Omarova has gotten support from Sen. Elizabeth Warren (D-MA), who chairs the committee and calls her nomination “tremendous news.”

Follow Jacob Bliss on Twitter @jacobmbliss.

Moody’s Economist: Biden’s Inflation Costing Average Americans an Extra $175 Per Month

Getty Images

WENDELL HUSEBØ

7 Oct 20210

3:20

President Biden’s inflation is reportedly costing average American households an extra $175 per month.

“For households earning the U.S. median annual income of about $70,000, the current inflation rate has forced them to spend another $175 a month on food, fuel and housing,” chief economist at Moody’s Analytics Mark Zandi told the New York Post.

“That’s the equivalent of a full grocery, electric or cellphone bill,” Zandi added.

President Joe Biden speaks to members of the media before boarding Air Force One at Capital Region International Airport, Tuesday, Oct. 5, 2021, in Lansing, Mich. (AP Photo/Evan Vucci)

Gordon Haskett analyst Chuck Grom also told the Post prices will continue to rise throughout 2022.

“Price increases will continue until the middle of next year,” Grom predicted, noting PepsiCo’s Tuesday statement that prices for the company’s beverages and food items will increase at the beginning of 2022.

“A 10-ounce bag of Lay’s potato chips — Frito-Lay is owned by PepsiCo — cost $3.75 in August, 50 cents more than a year earlier at Dollar General stores in the Southwest,” Grom explained.

The Post reported there are an additional amount of companies raising their prices:

The prices of other items have also ratcheted up at the discount chain, including a dozen 12-ounce Coca-Cola cans that cost $5.75 in August — 50 cents more than in 2020 — at its Southwest stores, and a half a gallon of 2 percent store-brand milk that now costs $4.49, 74 cents more than a year earlier, according to Grom. At Family Dollar stores in the Northeast, the 12-pack of Coke cost $6.90 in August, up $1.50, and a can of Folger’s coffee costs 85 cents more, $8.80, he found.

In the Big Apple, grocery chains Gristedes and D’Agostino’s have increased prices by as much as 15 percent on chicken wings and beef, 10 percent on milk and 5 percent on eggs, while non-food-related items have gone up by about 10 percent, according to owner John Catsimatidis.

In August, inflation increased 5.3 percent compared to 2020 when Donald Trump was president. The increase is reportedly due to supply-chain issues, which means items are not easily passing through nerve points along their way to consumers. For instance, the Post reports there are “70 cargo ships waiting to dock at the Port of Los Angeles.”

LOS ANGELES, CALIFORNIA – SEPTEMBER 20: In an aerial view, container ships are anchored by the ports of Long Beach and Los Angeles as they wait to offload on September 20, 2021 near Los Angeles, California. (Photo by Mario Tama/Getty Images)

Another challenge has been a trucker shortage. Without drivers, many of the items American families depend on remain undelivered to points of purchase for consumers. The driver shortage can impact the scarcity of everyday items such as electronics and food.

The situation has been compounded by Democrat-controlled states paying people not to work through large unemployment checks. These checks are in addition to federal government unemployment checks. As a result, many unemployed individuals do not see the sense of returning to work while they are hauling in more money from unemployment than they would by working on honest job.

Follow Wendell Husebø on Twitter @WendellHusebø

ECONOMY HEADS INTO CHAOS AS MARKETS SOAR - AUTO INDUSTRY IN DEPRESSION - HOMEBUYERS PRICED OUT

https://www.youtube.com/watch?v=aKk3Y3O64gw

ECONOMY HAS ALREADY CRASHED MARKET IS NEXT - INVESTORS CRUSHED LIKE

COCKROACHES - RESTAURANTS DYING

https://www.youtube.com/watch?v=dMAoxxOwdZU

BIDEN'S CRONY MODERN SLAVER JEFF BEZOSHEAD BEZOS IS DOIN' GOOD! REAL GOOD! HE  KNEW HE WOULD BECAUSE HE  HELPED MARK ZUCKERBERG PUT BIDEN IN THE WHITE HOUSE.

The richest Americans became 40% richer during the pandemic

The Forbes 400 – who have each accumulated at least $2.9bn – added $4.5tn to their wealth

Jeff Bezos is the richest person in the US, with a net worth of $201bn. Photograph: Joe Skipper/Reuters

Dominic Rushe

@dominicru

Tue 5 Oct 2021 11.43 EDT

The 400 richest Americans added $4.5tn to their wealth last year, a 40% rise, even as the pandemic shuttered large parts of the US, according to Forbes magazine’s latest tally of the country’s richest people.

The Amazon founder, Jeff Bezos, retained top spot for a fourth consecutive year with a net worth of $201bn, followed by Elon Musk of Tesla and Mark Zuckerberg of Facebook, with net worths of $190.5bn and $134.5bn respectively.

The ranks of the super rich were swollen by 44 newcomers, the highest number since 2007, among them Melinda French Gates, co-chair of the Bill & Melinda Gates Foundation, bitcoin billionaires Cameron and Tyler Winklevoss and Noubar Afeyan, co-founder of the Covid-19 vaccine maker Moderna.

Miriam Adelson, wife of the late casino mogul Sheldon Adelson, was the richest newcomer, with $30.4bn. The youngest newcomer was the 29-year-old cryptocurrency billionaire Sam Bankman-Fried, the second-richest new entrant, with an estimated $22.5bn.

To make the list, people now have to have a minimum net worth of $2.9bn, up $800m from a year ago.

The pandemic initially triggered a record-setting wave of layoffs. The job market has recovered significantly but the economic impact of the coronavirus is still shaking large parts of the US economy. States are bracing for an avalanche of evictions after the expiration of federal protections.

Stock markets and property prices have continued to soar, trends that have disproportionately padded the wealth of the richest.

“Despite the uncertainty and the ever-changing market economy, the 2021 Forbes 400 shows that America’s wealthiest have grown far richer,” said Kerry Dolan, assistant managing editor, wealth at Forbes.

But not all of the wealthy have had a good pandemic. Former president Donald Trump has dropped off the Forbes 400 for the first time. Trump’s estimated $2.5bn fortune is $400m short of this year’s cutoff, according to Forbes.

The magazine calculates that the pandemic hit to Trump’s portfolio of big-city properties shrank his fortune by $600m. Trump had an opportunity to offload those assets at the start of his presidency.

“If Trump is looking for someone to blame, he can start with himself,” said Forbes.

Richest 25 Americans reportedly paid ‘true tax rate’ of 3.4% as wealth rocketed

This article is more than 3 months old

ProPublica investigation shows how little US super-rich, including Jeff Bezos and Elon Musk, reportedly paid between 2014 and 2018

Elon Musk, who Forbes estimates is worth $151bn. ProPublica reported that Musk paid 3.27% over the four-year period. Photograph: Alexander Becher/EPA

Adam Gabbatt in New York

@adamgabbatt

Tue 8 Jun 2021 14.52 EDT

The 25 richest Americans, including Jeff Bezos, Warren Buffett and Elon Musk, paid a “true tax rate” of just 3.4% between 2014 and 2018, according to an investigation by ProPublica, despite their collective net worth rising by more than $400bn in the same period.

Global economy set for fastest recession recovery in 80 years, says World Bank

Read more

The report by the non-profit news organization exposes the US tax system as income and wealth inequality continues to widen.

ProPublica used Internal Revenue Service data to dive into the tax returns of some of America’s wealthiest and most prominent people. It found that in 2007 Bezos, the founder of Amazon and already a billionaire, paid no federal taxes. In 2011, when he had a net worth of $18bn, he was again able to pay no federal taxes – and even received a $4,000 tax credit for his children.

Last year, Bezos’s net worth topped $200bn.

ProPublica created what it called a “true tax rate” for the wealthiest 25 Americans by comparing federal income tax paid between 2014 and 2018 to how their net worth increased on Forbes’ well-regarded rich list over the same period.

“The results are stark,” ProPublica wrote. “According to Forbes, those 25 people saw their worth rise a collective $401bn from 2014 to 2018.

“They paid a total of $13.6bn in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.”

By contrast, the median American household paid 14% in federal taxes, ProPublica reported. The top income tax rate is 37% on incomes over $523,600 for single filers, having been reduced from 39.6% under Donald Trump.

ProPublica found that Buffett, founder of the investment firm Berkshire Hathaway, paid $23.7m in taxes from 2014 to 2018, on a total reported income of $125m. But Buffett’s wealth grew by $24.3bn, meaning he had a “true tax rate” of 0.1%.

Bezos’s wealth grew by $99bn over the four-year period, but he paid a true tax rate of 0.98%, according to ProPublica. Musk and Michael Bloomberg paid 3.27% and 1.3% respectively.

The billionaires are not accused of illegal activity. But the rates expose the failures of America’s tax laws to levy increases in wealth derived from assets in the way wages – the prime source of income for most Americans – are taxed.

“America’s billionaires avail themselves of tax-avoidance strategies beyond the reach of ordinary people,” ProPublica reported. “Their wealth derives from the skyrocketing value of their assets, like stock and property. Those gains are not defined by US laws as taxable income unless and until the billionaires sell.”

ProPublica did not not disclose how it had obtained the IRS information. It said reporters had spent months analyzing the data and would release more reports.

Bezos, the richest person in the world, “declined to receive questions”, ProPublica said.

Musk, who Forbes estimates is worth $151bn, had first replied to a query “with a lone punctuation mark: ‘?’”, ProPublica said, adding that he had not replied to further queries.

Bloomberg, who according to Forbes has a net worth of $59bn, told ProPublica he had paid the taxes he owed. A spokesman cited the billionaire’s philanthropic giving. “Taken together, what Mike gives to charity and pays in taxes amounts to approximately 75% of his annual income,” the spokesman said.

ProPublica said Buffett had defended his practices in an email.

“I continue to believe that the tax code should be changed substantially,” Buffett told ProPublica. He said that “huge dynastic wealth is not desirable for our society”.

Buffett, worth $96bn, has said 99% of his wealth will go to philanthropy “during my lifetime or at death”. In 2020, he donated about $2.9bn in Berkshire Hathaway stock to five charities, CNBC reported.

“I believe the money will be of more use to society if disbursed philanthropically than if it is used to slightly reduce an ever-increasing US debt,” Buffett said.

Joe Biden has proposed raising the top rate of income tax and increasing capital gains tax, though that would probably have little effect on the true tax rate paid by billionaires. Senators Elizabeth Warren and Bernie Sanders have pushed a “wealth tax” that would introduce a 3% tax on the net worth of the ultra rich. There seems little hope it will pass into law.

At least some of America’s richest people want to better tax wealth. Patriotic Millionaires, a group campaigning to increase taxes on the rich, said the ProPublica report demonstrated “how the richest 400 Americans end up owning more wealth than the bottom 150 million Americans combined”.

“The ultra-wealthy get to pick and choose when and how they’re taxed,” Patriotic Millionaires said. “This is exactly why we need a strong, unavoidable wealth tax now.”

It Took Biden to Prove the Swamp is Wide and Deep

Was Trump our last hope to drain it?

Tue Oct 5, 2021 

Lloyd Pettegrew

 18 comments

The late, great Angelo Codevilla (RIP), hardly the bombastic Donald J. Trump, offered a dire warning to Americans that the swamp (our ruling class) has pervaded nearly every aspect of American life. Republicans and conservatives in general must take heed or be permanently thrust into a minor party role. A menacing part of swampism is its absence of international borders as Mike Jones has articulated, Globalism belongs to a species of liberal thinking that deplores barriers to trade and disapproves strongly of borders…the key articulators of this movement now include not only Silicon Valley but also the military-intelligence complex, NGOs, and non-institutionalized protest groups whose global operations are facilitated by smartphones.”

Many of us find refuge in blaming our non-compos mentis current President. Sadly, the very system, from top to bottom and regardless of political affiliation, that derailed Donald Trump’s second term as President 45, has gleefully supported and defended Biden as their useful idiot. I have several friends who are never-Trumper Republicans, who I surmise voted against Trump and for Mr. Biden, regardless of his obvious and innumerable failings. Little did they know that the mean-tweeting Orange Man, who never did anything that wasn’t grand, boastful and beautiful, was our last hope against the Swamp becoming preeminent, possibly for our lifetimes.

When George W. Bush declared war on Afghanistan the evening of 9/11, 2001, one of his first squishy commitments was to hide credible information about our alleged friends, Saudi Arabia, Iraq and Qatar, by neglecting to justly implicate them as enablers to Osama bin Laden’s terror strike on American soil. Fast forward twenty years and on 9/11 2021, as Codevilla pointed out before his death,” Bush would say to our nation about our patriotic American veterans, many of whom had gone to war for him, losing life or limb, “There's little cultural overlap between violent extremists abroad and violent extremists at home. But in their disdain for pluralism, in their disregard of human life, in their determination to defile national symbols, they are children of the same foul spirit, and it is our continuing duty to confront them.” In an effort to virtue signal his presidency, Bushy 43rd’s theoretical allows him to easily separate a religion from its more extreme practitioners, but the preponderance of evidence washing up on America’s shore has beggared his deceit.

In his address on 9/11/21 to the American people, Bush bastardized America’s moral obligation, stating, “We also witnessed the darker forces of human nature: fear and anger, resentment and violence against Muslim Americans, true and faithful followers of a peaceful religion." Can we believe that the many incidences of radical Islamic violence in our own country represent G.W.’s assessment of Islamism as a peaceful religion? Lauren B. O’Brien, an intelligence analyst at the F.B.I.’s Counterterrorism Unit has said that, “The United States faces a more diverse, yet no less formidable, terrorist threat than that of 2001.” Examples include but are not limited to the Fort Hood terror attack where Nidal Hasan, a U.S. Army major and psychiatrist, fatally shot 13 people and injured more than 30 others; the terrorist attack that killed 49 people and wounded 53 more in a mass shooting at Pulse, a gay nightclub in Orlando, Florida; a terrorist attack, consisting of a mass shooting and an attempted bombing by Rizwan Farook and Tashfeen Malik at the Inland Regional Center in San Bernardino, California…all done in the name of Allah. Our leaders haven’t a clue how to identify radical from peaceful Muslims.

Most Americans don’t recognize that the rot starts at the top. The Pelosi-Schumer rot. In fact, Schumer even warned incoming President Trump that it was dumb to take on the intelligence agency wing of the swamp to over Russia’s misinformation attempts to make him lose the election. We now know also about General Milley’s not-so-secret communique to the top CCP general, reassuring him he would call before we attacked China.

In a tribute to Codevilla, Julie Ponzi points to the long-time Republican foreign policy guru under Nixon and Ford: “Henry Kissinger wrote that America should only fight ‘wars that it could afford to lose’—as if there were really such a thing-- thus blurring important distinctions between war and peace. Intellectually crippled this way, U.S. military forces…have not aimed for victory.”

In addition to Bush showing his Swamp cards to America, Biden’s ham-handed withdrawal from Afghanistan left behind Americans and our true+ Afghan allies in addition to between $10 billion to $90 billion in equipment and arms, which should never have been relinquished to our enemies and for which we will never receive an accurate accounting. The raison d'être for this laissez faire approach is the military-industrial complex (MIC), a vital part of the Swamp, which since 9/11 has received trillions [with a T] of dollars in government contracts, which they’ve largely used to feather their own nests. Channeling an obvious Biden mentor, Alfred E. Newman, “What, me worry about this equipment and armaments? We can just have our good friends in the MIC sell us more at an even higher price! Come on, man!”

In addition to the defense industry, the MIC is joined at the hip by our military’s top brass, many of whom go on to work for these defense industry players after retirement making many multiples of the sums they made in the armed services, now working as lobbyists, corporate executives or corporate directors/members/trustees. It is no wonder that so many of them worked against President 45’s reelection given his desire to cease America’s endless war in Afghanistan and bring all the weapons, munitions and equipment home along with Americans and Afghan supporters rather than leaving this cache there for our enemies and need the MIC’s help in replacing the equipment.

God forbid most Americans learn about these myriad Swamp failures because as Angela Kelly writes, “Our illustrious fourth branch of government is supposed to keep [all] politicians in line. The mainstream press runs cover for the Left in this country because, for the most part, they are the Left. The media consistently either fails to cover the Left’s scandals, or they quickly move on to hype a less deserving story.”

As Josiah Lippincott has warned, “This deep state is in control. It is clear that no populist elected leader can trust America’s security establishment. Senator Chuck Schumer warned President Trump on Rachel Maddow’s show in 2017, the intelligence community has “six ways from Sunday of getting back at you…The military establishment is gloating now and flexing its muscle. After the election, outgoing Syria envoy Jim Jeffrey admitted that the Pentagon and State Department had consistently lied to Trump about troop levels in Syria. Before he left office, Trump’s order to have troops out of Afghanistan by January 15 was overruled by the establishment. Trump, far from trying to start a war on his way out of office, sought to end one. As Chinese tech magnate, Jack Ma Yun said recently, “You are under the government’s thumb.” Apparently in America too, Jack!

We should remember George Orwell’s 1984 alarm, “The party told you to reject the evidence of your eyes and ears…freedom is the freedom to say two plus two makes four. If that is granted, all else follows.” The Swamp’s two plus two equalizing whatever they want it to be must not continue to hollow out America! An almighty housecleaning is in order in 2022 and beyond.