The July 2009 weekly Department of Labor report on unemployment is so enormous that the only conclusion one can draw is that economically things are getting worse, unemployment is a major indicator and there is no clear sign of improvement.  The figures in June were under 500,000 and the main stream media were calling for a bottom to the recession, as if that were a sign of a “green economic shoot.”

Unfortunately, government control under Comrade President Obama and his liberal progressive SS troops in congress are preoccupied with nationalizing healthcare and “Rham”-ing as many Marxist-fascist programs down America’s throat while their majority in congress lasts.   These Marxist-fascist liberals are only concerned with their power creation for future government expansion rather than creating incentives for small business to begin job creation.  Ideology over substance, government expansion over job creation, nationalization over freedom, tyranny over liberty, the rush is on!

The economy is now dropping mightly toward depression, the trillions in Obama stimulus dollars for government expansion and shelf ready union bridge and road construction jobs, payoffs for his cronies, is not even putting those selfish liberals back to work, too bad they aren’t bankers!

Seasonally Adjusted Data

In the week ending July 25, the advance figure for seasonally adjusted initial claims was 584,000, an increase of 25,000 from the previous week’s revised figure of 559,000. The 4-week moving average was 559,000, a decrease of 8,250 from the previous week’s revised average of 567,250.

The advance number for seasonally adjusted insured unemployment during the week ending July 18 was 6,197,000, a decrease of 54,000 from the preceding week’s revised level of 6,251,000. The 4-week moving average was 6,416,250, a decrease of 131,750 from the preceding week’s revised average of 6,548,000.

What does all this mean, what do you need to know?

There was a +25,000 jump in claims but there are seasonal adjustments that go into this number.  The point to all this is that these figures are obviously not normal, they show the expansion and depth of this wave of recession is fast becoming a tsunami a portend of impending economic disaster!

The huge month drop of 131,750 in continuing unemployment claims are mostly a result of benefits expiring.  Understand that 2,656,879 people are on extended federal benefits compared to 127,438 a year ago, and a million plus more will be out of benefits by years end.  The government statistics don’t report that information!

Where are the priorities of this Administration? Rooted deeply in Marxist-fascist ideology not private job creation.

There is an ego-manic in the White House who is hell bent on reforming capitalism into a government lap dog.

Unfortunately for them, just as in the French Revolution, people need to eat.  They cannot be taxed to death for the benefit of the ruling Federal Class, and given measly handouts when the bounty of capitalism has made America the Greatest Country in the World.  The second American Revolution is on the rise, and the liberal Nazi’s in the White House and Congress are just starting to feel the pressure of this movement.

The radical left Nazi’s in power are calling tax payer tea parties, and life-death revolt the over nationalized healthcare an extremist movements when as an underlying basis these ideals are rooted in the constitution!

Americans are a spoiled and arrogant bunch! They won’t take handouts, they won’t take big brother looking over their shoulder, and they cannot sit idly by and watch their President call policemen name’s and allude to Americans as infantile  racists, then drink beer on TV like he is some man of the people.

Comrade President Obama’s  priority is the annihilation of the constitution, capitalism and the free enterprise system.  While many can’t even afford a six-pack or pay their electric bill to watch his propaganda on TV, the reality of his disassociated logic for Marxist reform is waking up middle America and they are getting PISSED!

People tout Warren Buffet as the economic guru of our time.  Although he is in bed with Obama hoping to dig gold from the government trough as other execs he does hit the nail on the head.  He won’t go so far as to put the blame where it belongs, on President Obama government authoritarian policies.  The reality is as Buffet describes, the economy is in shambles and will be well beyond!

Buffet on the Economy:

Well, it’s been pretty flat.  I get figures on 70-odd businesses, a lot of them daily.  Everything that I see about the economy is that we’ve had no bounce.  The financial system was really where the crisis was last September and October, and that’s been surmounted and that’s enormously important.   But in terms of the economy coming back, it takes a while.  There were a lot of excesses to be wrung out and that process is still underway and it looks to me like it will be underway for quite a while.  In the (Berkshire Hathaway) annual report I said the economy would be in a shambles this year and probably well beyond.  I’m afraid that’s true.

With six million jobs lost since December 2007, the Obama administration pointed to the slowdown in May’s job losses as proof that its $787 million package of spending measures was stimulating the economy.

They did not indicate that this was a of sign of renewed economic vigor, but a slowing of only 345,000 jobs lost in May, with the unemployment rate spiking to 9.4 percent.  The economy lost 504,000 jobs in April and was running about 600,000 jobs lost for the first quarter of this year.  Reports indicate that this is the highest unemployment rate in more than a quarter-century in America.

The Obama administration cannot blame the socialist steps it has taken as a way of showing that the economy is trending to turn around because of less jobs lost per month.  It is when people are getting hired for work, when there are more jobs in the market place opening up then there is a cause to celebrate.

The problem is there can be no cause celeb because government jobs will not and cannot create job growth only the private sector can do that.  People forget that government must tax, a disincentive to economic growth, to create jobs in the government sector then must continue to tax to keep those jobs on the books.  When there is not enough tax revenue then government must borrow, which causes bond rates to go up as is happening now.

Imagine today’s reality, home foreclosures are on the rise, unchecked by any Obama administration program aimed at stemming the problem, thus, real estate prices are falling further, adding to the losses and uncertainties confronting banks. Add to this the fact that bond rates are increasing hitting their highest rate in six months because of government borrowing and in some cases, the Fed is actually buying its own treasury securities.  This insanity causes inflation, but back home for the unemployed how can that help.

The cost of food, clothing and mortgage loans are on the rise.  For those 33 million people out of work, more closely 10% of the population, the cost of purchasing the necessities of life is inflating because of the Obama Administration socialist policies.

At least most Americans have TV’s and can watch and listen to the words of the President Comrade Messiah  in Chief while the cost of their basic food items increase, and when the cap and trade tax and the global warming tax happen they may have to shut their TV’s off because they can’t afford the power bill.

The cost to keep the federal government growth sustained will require a subversive financial commitment by elected and appointed officials who happen to have government job security.  Only when the American TV fed alcoholic hit bottom will they realize what a mess they have made of America by electing a Marxist-fascist Dictator intent not on what is best for America but what is best for his ideology.

Still the TV talking heads do not quite get it, they can’t grasp the contra arguments to the leftists, but they are awakening, yet they will be turned off by the dictatorial administration in the next few months, as the federally funded community organizers begin to infiltrate the public and private airwaves.  As they, through the census now under executive branch control, create an outreach program the likes that only Nazi Germany has seen.

At least Americans still have the right to vote but that vote is and will be propagated, administered and managed by the National Socialist American Worker’s Party.

Comrade  President Obama has got to take the American public for complete idiots!  We are out of money because of health care?  Hello  M.President your budget with 9000 pork projects yah the one that is $3.7 trillion dollars, plus your the trillions in bank, auto industry and AIG bail outs, and we are out of money because of health care? Well 60% of the people give you a good approval rating but they just can’t tell the difference between a lie and an overstatement of truth on the path to a new nationalized health care program.

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades. So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.

So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now. Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything...

SCULLY: When you see GM though as "Government Motors," you're reaction?

OBAMA: Well, you know - look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...

SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?

OBAMA: You know, I am not sure that I could get through Senate confirmation...

While government spending surges 17.5 percent yearly, and revenue plunges 34.1 percent we have a President who is adding gasoline to the fire by expanding entitlement programs faster than America can print the money.

The budget deficit for the current fiscal year is now running at $802.3 billion. Under the terrible Bush Administration the deficit was $153.5 billion just last year.   Obama has dug this country into a budget deficit of more than five times that as 2008.

Comrade President Obama says that the $184 billion in TARP and the $787 billion economic stimulus package was absolutely essential to stop an economic meltdown.

OK then what about a $3.7 trillion dollar budget that requires foreign buyers of Americas debt to run the country when we need fifty cents of each dollar to come from outside the USA to fund governments operation?

Comrade Obama keeps telling the public that he expects that budget conditions will get better soon, even though the administration was just forced to raise its 2009 budget deficit estimate to $1.84 trillion the 2010 deficit estimate jumped 7.4 percent to $1.26 trillion. This means the economy is running a deficit equal 12.9 percent of the U.S. economy, unsustainable and all due to Comrade President Obama’s Marxist-fascist spending programs.

Who cares about medicare’s trust fund running out of money in 2017, and social security reserves running out by 2037, earlier than last year’s projection of 2041.

How does America expect to pay for these welfare programs?  By selling US Treasuries, but hello Comrade President Obama, no one is buying! The latest $14-billion auction of 30-year bonds was a joke as bidding was so  weak  the Treasury had to offer much higher-than-expected interest rates to get buyers to step up to purchase, an omen for the future.  Interest rates will rise to attract dollars to fund Comrade President Obama’s new Totalitarian State of Nazi government spending to send working Americans, their families and future generations into the torture chamber of America’s debtors prison camp.  Welcome to Economic Siberia my fellow comrades, you voted for this!

Given this Recent History Here is the Hypocrisy of Comrade President Obama – No its Confirmation an Outright Lie to the Public or an Example of his Complete Incompetence!

Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ (Update2)

By Roger Runningen and Hans Nichols, May 14 (Bloomberg)

President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.

“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.”

Holders of U.S. debt will eventually “get tired” of buying it, causing interest rates on everything from auto loans to home mortgages to increase, Obama said. “It will have a dampening effect on our economy.”

Earlier this week, the Obama administration revised its own budget estimates and raised the projected deficit for this year to a record $1.84 trillion, up 5 percent from the February estimate. The revision for the 2010 fiscal year estimated the deficit at $1.26 trillion, up 7.4 percent from the February figure. The White House Office of Management and Budget also projected next year’s budget will end up at $3.59 trillion, compared with the $3.55 trillion it estimated previously.

Two weeks ago, the president proposed $17 billion in budget cuts, with plans to eliminate or reduce 121 federal programs. Republicans ridiculed the amount, saying that it represented one-half of 1 percent of the entire budget. They noted that Obama is seeking an $81 billion increase in other spending.

Entitlement Programs

In his New Mexico appearance, the president pledged to work with Congress to shore up entitlement programs such as Social Security and Medicare. He also said he was confident that the House and Senate would pass health-care overhaul bills by August.

“Most of what is driving us into debt is health care, so we have to drive down costs,” he said.

Obama prodded Congress to pass restrictions on credit-card issuers, saying consumers need “strong and reliable” protection from unfair practices and hidden fees.

“It’s time for reform that’s built on transparency, accountability, and mutual responsibility, values fundamental to the new foundation we seek to build for our economy,” the president said.

Obama called on Congress to send to him by May 25 a bill that would clamp down on what he says are sudden rate increases, unfair penalties and hidden fees. He also wants the measure to strengthen monitoring of credit-card companies.

“I say after eight years of this Administration we have just as much unemployment as when we started. … And an enormous debt to boot!”  Henry Morgenthau Jr. Treasury Secretary  to President Franklin D. Roosevelt.  Indeed, Morgenthau confessed what so many keepers of FDR’s flame won’t admit: The New Deal failed. Massive spending on public works programs didn’t erase historic unemployment. It didn’t produce a recovery.

1930 to 1942 New Deal policies prolonged unemployment and slowed industry economic growth due to government competition  with the free market, stimulus plans like the Tennessee Valley Authority provided government employment but were unsustainable.  It is now a known fact among economist that the great depression would have ended in 1936 instead of 1943 had not government policy makers intervened in the free market.

By government taxation, dollars are removed from private citizens and given to another sector of society, not adding value to the economy but taking away from it.  By massive borrowing, government bailouts, and totalitarian regulations the new fascist-private sector cannot compete in the international business sector that does not have a yoke of regulation placed upon it.  In a world economy, nationalized industry with profit driven priorities set by unqualified bureaucrats and labor unions, cannot possibly compete against freer market forces of foreign nations.

The seeds of Comrade President Obama New Deal Policies are just being sewn into the fabric of American economy.  Nothing adverse has happened yet, public sentiment is on the rise as shown by the rising DOW but the marxist-fascist seeds have not had time to germinate into weeds that will choke any contemplated recovery by the unsuspecting public.  Wait 10 months for the seeds of our coming discontent to reach maturity.

There is a direct conflict with Obama’s doctrine of idealism over reason evidenced by history.  Under similar market conditions President Reagan implemented economic programs based upon free market principals, resulting twenty-five years of economic prosperity and freedom.

The liberal progressive does not commit to logic and reason as the conservative but to tactics of condemnation and oppression of dissenting voices not to participate in a dialogue of what is the correct economic course but in a Hitler like allegiance to ideals over substance, control over freedom, and lies over truth.  With NBC, the New York Times, and their willing media affiliates, a President ordering the break in at the Watergate Hotel would never be brought to the public’s attention.  Comrade President Obama is freely imposing a marxist-fascist totalitarian agenda on  an  unsuspecting America.  People who have never known oppression, who believe in their leaders and government, and who have been taught in school and by media inculcation to obey idealism over reason.

While in 2009 unemployment continues and economic recovery of Americas industrial, commercial and financial sector base cannot get started due to unfettered foreign competition without  high taxation and higher labor costs, the issue of the economy will come back to the political table.  Yet who will have the principals, initiative, and communication skills to confront a political leader that has a massive organized machine funded by federal dollars, and the clout of fear by anyone who would oppose him?

If any American has not seen the vicious attacks against people speaking out against the progressive liberal agenda and its leader, they will soon see greater and more blatant political oppression as party power grows.  The corruption of power is here as never before in America.  The Democratic Party systematically shuts down voices of opposing views to those resonating reasonable totalitarian tones.

“The Party” led by ideology is now debating the re-imposition of the fairness doctrine and removal of contrary opinion to its authority.  Look for “the party and its affiliates” to shut down opposition,  just as Hitler did in taking full control over Germany.  Opposition to Party Ideology will be dealt with swiftly and through federal government offices  such as the IRS, FBI, Homeland Security, military and other surveillance arms of government.

American manufacturing is terminally ill, President Obama’s cap and trade system on green house gasses is the medicine that will kill the patient.  The proposed tax will take place in 2012 when the country has been in a depression for three years, and the end of the Maya calender comes to pass.  At which time planetary alignment and changes in the solar system will demonstrate who is in real control of our little green planet.

How this will work in Michigan?  Well lets see, Michigan which gets 60 percent of its electric power from coal plants, one of the only manufacturing states in the Republic, will see the increased taxes it must pay to off-set this non green energy source go to other states that rely on high-tech and service businesses.  Let’s not forget that China is not signing on to this insanity so they will be happy to accept more of the worlds manufacturing burden.

As the nation’s GDP contracted at an annualized rate of 3.8 percent in the fourth quarter 2008, which was the worst decline in thirty years, Comrade President Obama is not only killing American manufacturing and sending it to China he is single handedly destroying the economic manufacturing base of America from which there will be no return.  The European cap and trade system hasn’t worked and has damaged auto manufacturing so in the President’s experience of Marxist-fascist economics it should be implemented in the USA.

The cap and trade program will put more of the US economy under control of the federal government.  Comrade President Obama has promised tax relief for workers, subsidizing certain businesses, and welfare programs – which should be the only revenue source for these folks, as private sector jobs and  America’s ability to compete in the manufacturing world will end.  Cap and trade will not stop carbon emissions but send more US dollars and jobs to China, India and south America where they waiting for a manufacturing economic boost to their economy’s.

Lets not forget the most important fact of Global Warming.  It has not been proven that humans are creating the problem!  Planet earth is moving closer to the sun, earth in harmony with other planets in the solar system are moving to an alignment that happens every 26,000 years, and will be here December 21, 2012.  US Politcians think they can save the world, and they are by giving American manufacturing jobs away.  Lets not forget Comrade Obamas plan to keep corporate taxes the highest in the world, and scrutinize corporate income from over seas investment.

Comrade President Obama’s latest bail out plan for Planet Earth is for more government control, more power for Washington, based on insufficient science and fear of the unknown.  America will export her manufacturing to the third world and will become a third world nation herself.

The following report on M3 shows the declining trend to Americas manufacturing base, which needs a life line to increase jobs and dig America out of the second Great Depression, not a death blow to the head.  Instead of helping manufacturing to create jobs, Comrade President Obama is putting the additional burden of meeting new government regulations that will require either a retrofit to meet new air emission guidelines or the purchase of non polluting credits from other industrial areas.  Where was this idea during the first Great Depression?

New Orders

New orders for manufactured durable goods in March decreased $1.3 billion or 0.8 percent to $161.2 billion, the U.S. Census Bureau announced today. This was the seventh decrease in the last eight months and followed a 2.1 percent February increase. Excluding transportation, new orders decreased 0.6 percent. Excluding defense, new orders also decreased 0.6 percent.

Shipments

Shipments of manufactured durable goods in March, down eight consecutive months, decreased $3.0 billion or 1.7 percent to $175.0 billion. This followed a 0.8 percent February decrease.

Unfilled Orders

Unfilled orders for manufactured durable goods in March, down six consecutive months, decreased $11.2 billion or 1.4 percent to $760.3 billion. This followed a 1.6 percent February decrease.

Inventories

Inventories of manufactured durable goods in March, down three consecutive months, decreased $3.7 billion or 1.1 percent to $331.6 billion. This followed a 1.3 percent February decrease.

Capital Goods Industries

Nondefense

Nondefense new orders for capital goods in March increased $1.0 billion or 1.9 percent to $52.0 billion.

Defense

Defense new orders for capital goods in March decreased $1.4 billion or 14.4 percent to $8.6 billion.

America that man he treat you so mean
Don’t call for justice he just complain to me
He hugg’en Dictators he love to be seen
Honey he say he love you wants to keep you free

When he come back to me won’t say where he’s been
Seen him sitt’en listen to crimes against his woman
Never stood up for her never said but excuses so thin
You left us but we never left our country no way man

You spend our money on your no good gambling debt
You let our enemies know we got no back bone no moe
America you freed his kind but he a man who forget
Where he find freedom, at his grammas’ back doe

Now he leaven his people show’en he ain’ t got no guts
Read’en from a teleprompter full of if, and’s and buts

Hugo Chavez calls this Nationalism and timid Obama says he’s against Nationalization of Banks, or did he just imply that by saying he wouldn’t?

This is complete insanity, bottom line the taxpayer is left holding the bag.

Bank Profits Appear Out of Thin Air

By ANDREW ROSS SORKIN Published: April 20, 2009

This is starting to feel like amateur hour for aspiring magicians.

Another day, another attempt by a Wall Street bank to pull a bunny out of the hat, showing off an earnings report that it hopes will elicit oohs and aahs from the market. Goldman Sachs, JPMorgan Chase, Citigroup and, on Monday, Bank of America all tried to wow their audiences with what appeared to be – presto! – better-than-expected numbers.

But in each case, investors spotted the attempts at sleight of hand, and didn’t buy it for a second.

With Goldman Sachs, the disappearing month of December didn’t quite disappear (it changed its reporting calendar, effectively erasing the impact of a $1.5 billion loss that month); JPMorgan Chase reported a dazzling profit partly because the price of its bonds dropped (theoretically, they could retire them and buy them back at a cheaper price; that’s sort of like saying you’re richer because the value of your home has dropped); Citigroup pulled the same trick.

Bank of America sold its shares in China Construction Bank to book a big one-time profit, but Ken Lewis heralded the results as “a testament to the value and breadth of the franchise.”

Sydney Finkelstein, the Steven Roth professor of management at the Tuck School of Business at Dartmouth College, also pointed out that Bank of America booked a $2.2 billion gain by increasing the value of Merrill Lynch‘s assets it acquired last quarter to prices that were higher than Merrill kept them.

“Although perfectly legal, this move is also perfectly delusional, because some day soon these assets will be written down to their fair value, and it won’t be pretty,” he said.

Investors reacted by throwing tomatoes. Bank of America’s stock plunged 24 percent, as did other bank stocks. They’ve had enough.

Why can’t anybody read the room here? After all the financial wizardry that got the country – actually, the world – into trouble, why don’t these bankers give their audience what it seems to crave? Perhaps a bit of simple math that could fit on the back of an envelope, with no asterisks and no fine print, might win cheers instead of jeers from the market.

What’s particularly puzzling is why the banks don’t just try to make some money the old-fashioned way. After all, earning it, if you could call it that, has never been easier with a business model sponsored by the federal government. That’s the one in which Uncle Sam and we taxpayers are offering the banks dirt-cheap money, which they can turn around and lend at much higher rates.

“If the federal government let me borrow money at zero percent interest, and then lend it out at 4 to 12 percent interest, even I could make a profit,” said Professor Finkelstein of the Tuck School. “And if a college professor can make money in banking in 2009, what should we expect from the highly paid C.E.O.’s that populate corner offices?”

But maybe now the banks are simply following the lead of Washington, which keeps trotting out the latest idea for shoring up the financial system.

The latest big idea is the so-called stress test that is being applied to the banks, with results expected at the end of this month.

This is playing to a tough crowd that long ago decided to stop suspending disbelief. If the stress test is done honestly, it is impossible to believe that some banks won’t fail. If no bank fails, then what’s the value of the stress test? To tell us everything is fine, when people know it’s not?

“I can’t think of a single, positive thing to say about the stress test concept – the process by which it will be carried out, or outcome it will produce, no matter what the outcome is,” Thomas K. Brown, an analyst at Bankstocks.com, wrote. “Nothing good can come of this and, under certain, non-far-fetched scenarios, it might end up making the banking system’s problems worse.”

The results of the stress test could lead to calls for capital for some of the banks. Citi is mentioned most often as a candidate for more help, but there could be others.

The expectation, before Monday at least, was that the government would pump new money into the banks that needed it most.

But that was before the government reached into its bag of tricks again. Now Treasury, instead of putting up new money, is considering swapping its preferred shares in these banks for common shares.

The benefit to the bank is that it will have more capital to meet its ratio requirements, and therefore won’t have to pay a 5 percent dividend to the government. In the case of Citi, that would save the bank hundreds of millions of dollars a year.

And – ta da! – it will miraculously stretch taxpayer dollars without spending a penny more.

The latest news on mergers and acquisitions can be found at nytimes.com/dealbook.

This article has been revised to reflect the following correction:

Correction: April 21, 2009
The DealBook column in Business Day on Tuesday misidentified a professor who was critical of bank accounting. He is Sydney Finkelstein, the Steven Roth professor of management at the Tuck School of Business at Dartmouth, not Steven Roth.

Feinstein’s self interest in lining the pockets of her husband by inadvertently funding a contract his company received to do foreclosure work is just another case of the corruption of power and we should expect no less from government officials.  The biggest crime is that people keep electing thieves into office because they themselves are thieves and want their fair share of the welfare bailouts from a liberal government tax and spend machine.

Claiming plausable denyability while at the same time lining your pockets with cash from direct decisions of an elected official is called conflict of interest.  Ethical people who take it upon themsleves to represent the people must be beyond reproach in their dealings with the publics money.

But hey we didn’t even know this would happen, it does help with the house payment, the new yacht, vacation money and my reelection campain war chest, thanks America, oh and thank you Dianne great job and good example!:))

Feinstein Accused of Self-Dealing in $25 Billion Legislation for FDIC

Sen. Diane Feinstein (D., Ca.) as reported by the Washington Times, April 21st,  is embroiled in an expanding controversy over her introduction of legislation to give $25 billion to the Federal Deposit Insurance Corp that awarded a highly generous contract to her husband. Feinstein is notably not on any committee with jurisdiction in this area and this legislation was unusual for her. The scandal, once again, shows the calculated decision of Senators to preserve loopholes that allow them to invest or have interests in areas where they legislate and vote.

I have written repeatedly about how members of Congress have made themselves rich by investing in areas where they vote or legislate, click here. In this case, Feinstein suddenly decided to send $25 billion to the FDIC after her husband’s real estate firm was given a lucrative contract to sell foreclosed properties. She offered the measure on Oct. 30th only days after the agency gave the CB Richard Ellis Group (CBRE) – the firm headed by her husband Richard Blum.

For civil libertarians, the week has been something of a windfall. Jane Harman and Feinstein are blamed for blocking efforts to investigate unlawful surveillance and torture -programs that they reportedly knew about for years before made public. Now, Harman is facing a potential criminal allegation and Feinstein is tied up in a financial scandal.

Feinstein has a legitimate argument under the ethics rules in the Senate which were written to clear Senators rather than deter Senators from conflicts of interests. While there is an obvious appearance of a conflict of interest, the toothless standard could not gum a Senator engaged in the both flagrant acts of self-dealing.
For the full story,

On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband’s real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms.

Mrs. Feinstein’s intervention on behalf of the Federal Deposit Insurance Corp. was unusual: the California Democrat isn’t a member of the Senate Committee on Banking, Housing and Urban Affairs with jurisdiction over FDIC; and the agency is supposed to operate from money it raises from bank-paid insurance payments – not direct federal dollars.

Documents reviewed by The Washington Times show Mrs. Feinstein first offered Oct. 30 to help the FDIC secure money for its effort to stem the rise of home foreclosures. Her letter was sent just days before the agency determined that CB Richard Ellis Group (CBRE) – the commercial real estate firm that her husband Richard Blum heads as board chairman – had won the competitive bidding for a contract to sell foreclosed properties that FDIC had inherited from failed banks.

About the same time of the contract award, Mr. Blum’s private investment firm reported to the Securities and Exchange Commission that it and related affiliates had purchased more than 10 million new shares in CBRE. The shares were purchased for the going price of $3.77; CBRE’s stock closed Monday at $5.14.

Spokesmen for the FDIC, Mrs. Feinstein and Mr. Blum’s firm told The Times that there was no connection between the legislation and the contract signed Nov. 13, and that the couple didn’t even know about CBRE’s business with FDIC until after it was awarded.