Pro-Wall Street Investors Business Daily Poll Says 51% of Americans Don't Want Obama Reelected to 2nd Term

IBD poll says 51% of Americans don't want to see President Obama reelected and the AP slams him for his jobs bill saying it has two versions of reality, which comes on the heels of Michael Goodwin saying President Obama now roaming the halls in the White House late at night talking to portraits of ex-presidents.

Investors Business Daily has released the results of a poll, which shows 51 percent of Americans don't want President Obama reelected to a second term. Are these the same Americans who were so willing to give former president George W. Bush a second term, even though we were fighting a war in Iraq on the basis of a humongous lie? Um, are these the same Americans who sat by and watched the bottom fall out of the economic bucket under the watchful eyes of Republicans, including John Boehner and Eric Cantor? Let me preface my statements by saying I am not a Democrat. I am an Independent, albeit a centrist one, so no I am not here to take sides.

A majority of Americans now oppose giving President Obama a second term, reflecting the country's continued weak economic performance, according to the latest IBD/TIPP survey released Monday.

By 51%-41%, respondents in October picked "someone new deserves a chance" over Obama "deserves to be re-elected." Among independents, it was 54%-36%. Back in September, the readings were 50%-44% and 53%-38%, respectively.

Americans are frustrated over the continued sluggish economy, says Raghavan Mayur, president of TechnoMetrica Market Intelligence, which conducted the poll. As Vice President Joe Biden recently admitted, after nearly three years in power, the Obama administration owns the economy. Source

Don't get me wrong, I am not overly thrilled with how President Obama is running the show, but the mess in Washington isn't just his fault. All politicians in Washington D.C. are complicit in this mess. It's amazing that the Investors' Business Daily, which is pro-Wall Street, came out with this poll. Who exactly did they poll?

The Associated Press says President Obama jobs bill has two versions of reality -- one in his speeches and one playing out in Washington D.C.

This poll comes on the heels of the scathing commentary by the Associated Press saying President Obama's jobs bill has two versions of reality -- one in his speeches and one playing out in Washington D.C. But wait, there's more. New York Post columnist Michael Goodwin also takes the president to task, saying he has become a "lone wolf," and "a stranger in his own government," with him roaming the halls of the White House at nights talking to portraits of other presidents. In essence, what Michael Goodwin is saying is that President Obama is a nutjob, who has essentially shut out members of his Cabinet such as Hillary Clinton (who must be saying "I told you so" to those of us who now have buyer's remorse) and Timothy Geithner, who have complained about a lack of face time with the president.

Is President Obama losing it since he's allegedly now talking to portraits of other presidents in the White House?

The president’s workdays are said to end early, often at 4 p.m. He usually has dinner in the family residence with his wife and daughters, then retreats to a private office. One person said he takes a stack of briefing books. Others aren’t sure what he does. If the reports are accurate, and I believe they are, they paint a picture of an isolated man trapped in a collapsing presidency. While there is no indication Obama is walking the halls of the White House late at night, talking to the portraits of former presidents, as Richard Nixon did during Watergate, the reports help explain his odd public remarks. Source: NY Post

In other words, President Obama is a dead man walking and his presidency is essentially over before he really began, right? Well, we will see how this plays out come November 2012. I am not sold on any of the Republican candidates. They can't do any better for this country, no matter how much sh*t they sell the public. As for Congress, the Republicans shouldn't be singing praises to Obama's plunging poll numbers because their's aren't much better.

More Bodies Go Unclaimed in Los Angeles County as Families Can't Afford Funeral Costs

I came across a very disturbing article on the Los Angeles Times website and I had never even given prior thought to the implications. The economic quagmire has taken a toll, even on the dead. Apparently there is an increasing number of bodies in Los Angeles County going unclaimed by families who cannot afford to bury or cremate their loved ones. The county coroner's office, which handles homicides and other suspicious deaths, said 36% more cremations were done at taxpayers' expense in the last fiscal year over the previous year, from 525 to 712. According to the LA Times, the county morgue, which is responsible for the indigent and others who go unclaimed, saw a 25% increase in cremations in the first half of this year over the same period a year ago, rising to 680 from 545. Wow. That is pretty staggering, considering the financial nightmare the state of California is experiencing at this very time. This may be the same reality in other cities across the country -- people are flat broke and just cannot pay funeral costs. That's terrible.

The demands on the county crematorium have been so high that earlier this year, officials there stopped accepting bodies from the coroner. The coroner's office since has contracted with two private crematories for $135,000 to handle the overflow. Once the county cremates an unclaimed body -- typically about a month after death -- next of kin can pay the coroner $352 to receive the ashes. The fee for claiming ashes from the morgue is $466.

Coroners and funeral directors around the country say they are seeing the same trend as cash-strapped families cope with funeral costs. Just claiming a body from the L.A. County coroner costs $200. Once a body is claimed, private cremations usually run close to $1,000, Smith said. Funeral homes charge an average of $7,300 to transport and bury a body in a simple grave, according to the National Funeral Home Directors Assn.

For the dead left to the county, officials attempt to recover cremation costs from the estates. But the county does not require relatives to prove they are too poor to pay. Smith said his office, with a staff of four, cannot investigate. The morgue is similarly strapped. If records later show a family could have paid to claim a body, by law the county can recover the cost.

Other counties investigate families' ability to pay. San Mateo County Coroner Robert Foucrault, first vice president of the California State Coroners' Assn., said his office recently began requiring applicants for county-funded cremations to submit a three-page application listing bank accounts, property or other assets. Source: LA Times

This is pretty dire and speaks volumes to the financial health of this country. If you can't make ends meet, then you certainly cannot prepare for funeral costs for your loved ones. There are so many people out there who do not have life insurance policies or have made any preparations to be buried once they expire. This is the reality we are living in and it is dire on so many levels.

SHOCK: Social Security Administration Defends $700,000 Conference at Swanky Arizona's Biltmore Resort

SHOCK: While unemployment levels continue to climb and foreclosure surge, a Social Security Administration motivational management conference was held at the swanky Arizona Biltmore Resort & Spa last week at a cost $700,000, according to ABC15 Investigators. An administration official said that costs for the conference included airfare, hotel entertainment, dancers, motivational speakers, and food. So, one person at SSA said that the conference was essential, even as Social Security faces a real threat of running out of money in the not-too-distant future. Whatever happened to WebEx or some other type of teleconferencing technology? Why spend so lavishly in tough economic times? The Congress should demand answers immediately. Oops. How could I forget. They have the same problem with spending lavishly at our expense too.

A spokesperson from the SSA's regional office said the conference was essential, that teleconferencing was not an option, and that all 675 managers needed to meet in person. The SSA provided ABC15 with a list of courses provided at the conference, which included "Techniques to Empower You," "Mentoring the Generations," and "Emotional Intelligence."But the information provided by the SSA did not mention an after-hours casino trip, family members staying at the hotel, or the 20-minute dance party ABC15 observed.

Rooms for the conference were booked at $85 per night, far below the $400-plus room rate in prime season.The SSA said the entire conference was put out to bid and all employees flew coach class, including the commissioner. The conference cost was still a tough pill to swallow for taxpayers."It sounds like a big rip off to me," one Phoenix resident said."That's not right," another Valley resident told ABC15 after watching video of conference events. Social Security trustees said in May the program will start paying out more in benefits than it collects in taxes in 2016, and the program's trust fund will be depleted by 2037. Source: ABC 15

Social Security Administration released a statement that is actually laughable.

"This was a training conference. The location was selected through the government's competitive bidding process. The facility that was selected was the lowest bidder, and we paid well-below the prescribed government rate," Leslie Walker, Regional Communications Director, Social Security Administration.

There is no other way to describe this, but simply as a disgrace. Since when is dancing a part of a training conference? This is another example of the waste in the government and it is reprehensible, especially given the current economic conditions. Didn't President Obama say on the campaign trail that he would have his people cut waste from government spending? I know he has been in office for less than a year, but this is waste that needs to be cut ASAP.

Click here to watch an interview with a Social Security representative

Thaddeus McCotter (R-Mich.) Says Michigan Could Hit 20% Unemployment Thanks to President Barack Obama

Once again, the Rethuglicans are pointing a finger at President Barack Obama for the continued economic nightmare we have been living through. Rep. Thaddeus McCotter (R-Mich.) said that his state's unemployment rate could climb as high as 20 percent, thanks to President Obama. He said that Michigan's unemployment, which is the highest in the country at 14.1 percent, could go even higher as General Motors and Chrysler continue to shed jobs after their government-backed bankruptcies.

"Sadly, we've seen estimates, because of the radical restructuring that the auto task force demanded, that this year, Michigan wind up over 20 percent unemployment," McCotter said during an appearance on a conservative news radio program. The Wolverine State hasn't yet exceeded its previous record for unemployment in modern history, when it reached 16.9 percent in November of 1982.

McCotter warned that the effect of such a high jobless number could spread to other states and cities. "That cascading effect throughout the entire economy — and throughout other states — that rely in many ways on the manufacturing base is going to have devastating effects not only to state government, it's going to have devastating effects for local government," McCotter explained. Source: The Hill

Is it me, or has the right wing forgotten that much of this economic quagmire started under their beloved President George W. Bush's eight-year term? Actually, the auto industry didn't just suddenly develop massive financial problems over the past several months. This has been brewing for many years, while the elected leaders of both parties turned a blind-eye to excesses and mismanagement that occurred at both companies. Sorry, don't blame President Obama for trying to fix this mess. Where was Rep. McCotter when the United Auto Workers decided to purchase multi-million dollar lakeside retreat, Black Lakes Club, in Michigan, complete with its own designer golf course? How many workers has the country club helped to get back on their feet after being laid-off? Rather than offer viable solutions, Republicans such as Rep. McCotter are only too happy to point a finger at someone else.

Gerald Celente Predicts "Obamageddon" in 2012, Says We'll See Food Riots, Tax Protest,

Have you heard? Obamageddon is coming in 2012. At least that's what Gerald Celente is telling anyone who will listen. Celente is the man who is credited with predicting the 1987 stock market crash, the fall of the Soviet Union, the Dot.com bust, the Gold Bull Market, among others. This time, he has set his sights on America. He says that by 2012, the same year when the Mayan calendar ends, we will see food riots, tax protests, farmer rebellions, student revolts, squatter dig-ins, homeless uprising, mob rule and just plain terror. He mentions the Obama administration and said, "while the decline has been decades in the making, the acceleration of ruinous policies under the current Administration is leading the United States – and much of the world – to the point of no return."

The “green shoots” sighted by Field Marshall Bernanke this past Spring were a mirage. The 2010 economic “recovery” predicted by the same experts, authorities and financial boy scouts and cheerleaders who didn’t see the economic crisis coming is pure delusion.

By 2012, even those in denial and still clinging to hope will be forced to face the truth. It will be called “Obamageddon” in America. The rest of the world will call it “The Greatest Depression.” Source: Gerald Celente's Unofficial blog

We are, indeed, living in perilous times and it's becoming harder for one not to worry about tomorrow. President Obama and his administration have said that there are some green shoots of economic recovery, but the opposite seems to be true. Consumer spending remains low and unemployment rates continue to climb -- hovering around 9.5 percent. The value of the dollar dropped significantly at the end of June, with India now joining China and Russia in questioning the dominance of the U.S. dollar. It seems that faith in the dollar as a global reserve currency has eroded at an alarming rate. Many economists are predicting the death of the dollar, though you would never know it, considering the government has been printing more money to keep the ailing economy afloat. The global reserve currency issue will be heavily debated during the upcoming G8 Summit.

Gerald Celente, after years in politics and lobbying, founded The Trends Research Institute in 1980. The Trends Research Institute publishes the Trends Journal, a publication that identifies, forecasts and analyzes business, socioeconomic, political, consumer, environmental and other trends. The purpose and focus of the Trends Journal is to inform readers of future trends and provide strategies on how to prepare and profit from what lies ahead.

Though I believe that it's not fair to call any impending economic upheaval "Obamageddon," it seems Mr. Celente has made some very accurate predictions in the past and his latest predictions should not be readily dismissed. President Obama has been in office a little under seven months and it is very unfair to lay the blame for the economic quagmire squarely at his feet. There is a lot of blame to go around for the previous administrations, most notably, President George W. Bush, and the years of gluttony that the United States engaged in. The reality is that the high-rolling lifestyle has finally caught up with us. Celente has been praised by public figures and publications such as Oprah Winfrey, The Wall Street Journal, The New York Times, Miles O'Brien, The Economist and many others. So, I guess 2012 will be a big year -- with Obamageddon and the ancient Mayan doomsday. He should have called this Repubilcanaggedon instead.

More News on 2012
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China and Russia say NO to U.S. Dollar's domination

Zhou Xiaochuan, governor of the People's Bank of China, has made a proposal that the U.S. dollar no longer be the world's standard currency:

"Moving to a reserve currency that belongs to no individual nation would make it easier for all nations to manage their economies better, he argued, because it would give the reserve-currency nations more freedom to shift monetary policy and exchange rates. It could also be the basis for a more equitable way of financing the IMF, Mr. Zhou added. China is among several nations under pressure to pony up extra cash to help the IMF." Source: Wall Street Journal

This should come as no surprise to the U.S., considering that our avoidable economic crisis has sent shockwaves throughout the world economy. The message is clear:

Dear United States,

We have no intention of continuing to foot the bill for your fiscal irresponsibility. However, we will continue to buy your debt as you scramble to say afloat. And one day when you come knocking for more money, the answer will be NO. At that point we will have no choice but to start the biggest fire sale in history.

Sincerely,

The People's Republic of China

China and Russia say NO to U.S. Dollar's domination

Zhou Xiaochuan, governor of the People's Bank of China, has made a proposal that the U.S. dollar no longer be the world's standard currency:

"Moving to a reserve currency that belongs to no individual nation would make it easier for all nations to manage their economies better, he argued, because it would give the reserve-currency nations more freedom to shift monetary policy and exchange rates. It could also be the basis for a more equitable way of financing the IMF, Mr. Zhou added. China is among several nations under pressure to pony up extra cash to help the IMF." Source: Wall Street Journal

This should come as no surprise to the U.S., considering that our avoidable economic crisis has sent shockwaves throughout the world economy. The message is clear:

Dear United States,

We have no intention of continuing to foot the bill for your fiscal irresponsibility. However, we will continue to buy your debt as you scramble to say afloat. And one day when you come knocking for more money, the answer will be NO. At that point we will have no choice but to start the biggest fire sale in history.

Sincerely,

The People's Republic of China

List Of Government Expenditures Dwarf The Credit Crisis Bailout is Mindboggling

I came across an interesting article written by Barry Ritholtz about the true cost of the current bailout by the US government. Most people have a hard time comprehending the true cost of this "Mother of all bailouts" and what it means for our children and generations beyond. According to Ritholtz,

If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars. People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.

Jim Bianco of Bianco Research crunched the inflation adjusted numbers. The bailout has cost more than all of these big budget government expenditures – combined:

• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion
TOTAL: $3.92 trillion. That is $686 billion less than the cost of the credit crisis thus far.

Isn't that astounding? That's beyond normal comprehension. Ritholtz further add that,

The only single American event in history that even comes close to matching the cost of the credit crisis is World War II: Original Cost: $288 billion, Inflation Adjusted Cost: $3.6 trillion

The $4.6165 trillion dollars committed so far is about a trillion dollars ($979 billion dollars) greater than the entire cost of World War II borne by the United States: $3.6 trillion, adjusted for inflation (original cost was $288 billion). Go figure: WWII was a relative bargain.

No matter how you look at this, the amount of money that will dig us out of this financial mess is mind boggling and it isn't over yet. Why isn't the Congress seeking to bring up President Bush and his marauding posse up on crimes? I am sure there is ample evidence of gross mismanagement and crimes on their heads.

List Of Government Expenditures Dwarf The Credit Crisis Bailout is Mindboggling

I came across an interesting article written by Barry Ritholtz about the true cost of the current bailout by the US government. Most people have a hard time comprehending the true cost of this "Mother of all bailouts" and what it means for our children and generations beyond. According to Ritholtz,

If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars. People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.

Jim Bianco of Bianco Research crunched the inflation adjusted numbers. The bailout has cost more than all of these big budget government expenditures – combined:

• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion
TOTAL: $3.92 trillion. That is $686 billion less than the cost of the credit crisis thus far.

Isn't that astounding? That's beyond normal comprehension. Ritholtz further add that,

The only single American event in history that even comes close to matching the cost of the credit crisis is World War II: Original Cost: $288 billion, Inflation Adjusted Cost: $3.6 trillion

The $4.6165 trillion dollars committed so far is about a trillion dollars ($979 billion dollars) greater than the entire cost of World War II borne by the United States: $3.6 trillion, adjusted for inflation (original cost was $288 billion). Go figure: WWII was a relative bargain.

No matter how you look at this, the amount of money that will dig us out of this financial mess is mind boggling and it isn't over yet. Why isn't the Congress seeking to bring up President Bush and his marauding posse up on crimes? I am sure there is ample evidence of gross mismanagement and crimes on their heads.