John Sez: Folks, read this story VERY carefully; language similar to this was included in the ‘climate’ bill passed by congress a few months ago. So this is for US as well as folks across the pond.

And note that in the story this is downplayed as only potentially affecting bankers and rich people. Really? How about cab drivers, private pilots, people with large families, farmers, and just about anyone who owns a small business? This is nothing more than another scam to try to suck money out of people who, considering the current financial climate, have nothing left to give.

And just how is such a carbon tax going to help the planet when the industries who are doing the most polluting can simply buy more 'carbon credits' and continue thier business in the same way that they have been?

More of that tasty change we can believe in.

 Story from the London Telegraph:

Everyone in Britain could be given a personal 'carbon allowance'

Everyone in Britain should have an annual carbon ration and be penalised if they use too much fuel, the head of the Environment Agency will say.

Lord Smith of Finsbury believes that implementing individual carbon allowances for every person will be the most effective way of meeting the targets for cutting greenhouse gas emissions.

It would involve people being issued with a unique number which they would hand over when purchasing products that contribute to their carbon footprint, such as fuel, airline tickets and electricity.

Like with a bank account, a statement would be sent out each month to help people keep track of what they are using.

If their "carbon account" hits zero, they would have to pay to get more credits.

READ MORE

 
 
John Sez: So, here I am listening to CNN proclaiming that the national unemployment rate is just over 10% for the month of October. Of course, they don’t mention that the number itself is figured by counting only new unemployment claims and not a general count of both new claims and people who’s unemployment insurance ran out already, so realistically the number should be around 20-25%. But they have had on a bevy of so called ‘experts’ recently who have told us that the economy is getting better, and that the supposed ‘stimulus plans’ which have been rolled out by our government are a shining success. I wonder what CNN was offered to do damage control for the government instead of reporting the news objectively?

On the subject of the economy, I came across a rant by Mike Rivero (of whatreallyhappened.com and What Really Happened radio) which I thought was right on the money. And it goes something like this:

Look at where the stimulus money went! It went to Wall Street. And what did Wall Street do with it? They wrote themselves huge bonuses with it!

It is estimated that the sum of all spending related to the bailouts has reached $27 trillion (with a 't'). That's about $180,000 per taxpayer.

Now, had the government simply handed every taxpayer $180,000, people would have paid their mortgages. No housing crash. Had the government simply handed every taxpayer $180,000, people would have paid their credit cards. No credit crash. Had the government simply handed every taxpayer $180,000, Americans would have bought new cars. No big three automotive bailout needed. Had the government simply handed every taxpayer $180,000, we would have continued to buy TV sets and other toys. No retail crisis.

But the government shifted the money in the wrong direction. They transferred the wealth from the poor and middle classes to the already-wealthy. And as a result, our economy has gone totally out of balance and commerce has ground almost to a halt. Offering to loan us more money won't fix the problem if we have no jobs with which to repay those loans. More wealth, rather than more debt, is what the people need and what will get the economy moving again.

 
 
John Sez: I found this vid on YouTube, and it’s a real eye opener. I live in the area and have noticed how a great many commercial properties have been becoming vacant over the last few years. It’s a sure sign of the times.

Thanks to johnu78 on YouTube for thinking to document this and posting it.
 
 
John Sez: Notice that CIT was ‘awarded’ almost 2 and a half billion dollars of tax payer money, plus a few billion here and there from various parts of the bailout plan, and they STILL went under. So much for the banker bailout – we’ll never see that money again, but at least the higher-ups got their bonuses.

Also note in the story that CIT was the primary lender not only for many small to medium sized businesses, but also for 60% of the US’s clothing industry. Considering that many small businesses are in deep trouble right now (and that slave-labor in Asia and South America is destroying the little bit of clothing manufacturing competition we have left in the states, and high taxes, insurance costs, and government leeway to companies who leave the country and take their tax break with them right here in the states) we can expect to see a lot of mom and pops shuttering their windows, more layoff in the manufacturing sector, and a lot more stuff with tags that show they were not made in the US. And all of this with the holiday season coming up.

Merry Xmas, from the government to all of us, eh?

Story from London Guardian:

US businesses at risk as lender CIT Group files for bankruptcy

Thousands of small and medium-sized businesses in the US face financial difficulties and could go out of business after lender CIT Group filed for bankruptcy protection last night.

Although the company will keep operating, it is unlikely to be able to make the same number of loans as before. CIT provides working capital to small firms such as shops, their suppliers and restaurants, many of whom are already struggling in the recession.

In one of the the biggest corporate failures in US history, CIT made its filing in the New York bankruptcy court yesterday, after a debt-exchange offer to bondholders failed. CIT said most of its bondholders have agreed a prepackaged reorganisation plan which will reduce total debt by $10bn (£6.1bn) while allowing the company to continue to do business.

The collapse is also bad news for US taxpayers, who stand to lose the $2.3bn provided last year to prop up the troubled lender.

Creditors will end up owning the company, while common and preferred shareholders – including the US government – will be wiped out by the plan. This is the government's biggest loss yet through its Troubled Asset Relief Programme (Tarp).

READ MORE

 
 
John Sez: Thanks to Bush, Obama, and the last two Congresses, Goldman Sachs is handing out an average of $600,000 in bonuses to their top employees…while the rest of us are being sucked down into the peat-bog that Sachs(and Congress, and Bush, and Obama) is partially responsible for.

 
Son of a %#$@^%.

 
Story from Raw Story:

Goldman Sachs 2009 bonuses to double 2008’s; $23 billion could send 460,000 to Harvard, buy insurance for 1.7 million families

By John Byrne

Yesterday, we brought you the insurance company that wouldn't insure a 17-pound infant because he was too heavy. Today, we bring you the investment bank that manages to double its bonuses during the worst recession since the Great Depression. On Thursday, Goldman Sachs will announce the firm's bonus payments for 2009. Analysts expect the bonus pool to mushroom to $23 billion -- double the bonus pool paid to employees in 2008. Earlier this year, Goldman Sachs said that it had put aside $11.4 billion for bonuses during the first half of the year.

READ MORE

 
 
John Sez: Un-flippin-believeable! Bernanke is the guy who allowed (some say intentionally) this mess to happen in the first place, hasn’t fixed the problem, and told Congress that the We The People have no right or legal recourse to see what the Federal Reserve is up to. If Obama wants this man in the same position, then Obama has no interest in what is best for the American people.

Story from AP (followed by three videos to check out):

AP source: Obama plans to keep Bernanke at Fed
By PHILIP ELLIOTT, Associated Press
 
OAK BLUFFS, Mass. – President Barack Obama plans to reappoint Ben Bernanke to a second term as chairman of the Federal Reserve, a position from which he guided the economy away from its worst recession since the 1930s and, the White House hopes, toward an economic recovery critical to its legacy.

Widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last year, Bernanke will be nominated for another term as the helm of the central bank on Tuesday. Obama plans to make the announcement on Martha's Vineyard, the Massachusetts island where he is vacationing for the week with his family.

Bernanke is expected to be at his side, said a senior administration official who discussed the nomination only on condition of anonymity because the news was not yet public.

READ MORE