Showing posts with label government program. Show all posts
Showing posts with label government program. Show all posts

Wednesday, January 27, 2010

The children of illegal aliens (anchor babies) have bankrupted the state of California

In 2009, San Bernardino County spent $64 million providing welfare benefits to U.S.-born children of illegal aliens.

According to county records, during a typical month, close to 15,000 offspring of illegal aliens received either welfare payments or food stamps in 2009. Over 11,000 of those children received both forms of assistance.

Assemblyman Steve Knight, R-Palmdale, told the San Bernardino Sun: "This is a huge burden on our state. Obviously, these kids are U.S. citizens and that's fine. But when you look at it, these parents should have never been here in the first place."

Raymond Herrera, founder and president of We The People California's Crusader, said: "The American people are fed up with illegal aliens depleting our tax dollars by overrunning our schools, our hospitals and our welfare system."

While $64 million more than the county can afford particularly during the current deep recession, it is but a drop in the bucket, when you consider what the entire state of California is paying-out to ‘anchor babies’ and their illegal alien parents.

In August 2009, Los Angeles County Supervisor Michael Antonovich made public the staggering amount which the taxpayers spend on illegal aliens, living in L.A. County. Last June alone, the county paid out $48 million to the children of illegal aliens, an increase of $10 million over June 2007.

$26 million of that total came in the form of food stamps, while another $22 million was given to the illegal alien families in welfare checks.

Assuming that June was a typical month for 2009, Los Angeles County spent nearly $600 million on those two programs last year alone. That is in addition to the more than $1 billion that the county spends annually on the medical treatment, education, emergency services, and incarceration of illegal aliens.

These figures explain why not only L.A. County, but the entire state of California are now in financial ruin. Supervisor Michael Antonovich told reporters that illegal aliens continue to have a “catastrophic impact on Los Angeles County taxpayers.”

In 2003, the American Southwest saw 77 hospitals enter bankruptcy due to unpaid medical bills incurred by illegal aliens. A staggering 84 hospitals in California alone, have been forced to close their doors because of the growing crisis. Hospitals which manage to remain open, pass the unpaid costs onto the rest of us, which translates into more out-of-pocket expenses and higher insurance premiums for Americans.

With rising unemployment, huge trade deficits due to the loss of our manufacturing base, and a soaring national debt, we simply cannot afford to pay the bills for this nation’s illegal alien population. We can no longer accept elected representatives who choose to better represent a foreign national population, rather than those of us who actually pay their salaries.

Illegal immigration is slowly but surely destroying this nation.

Thursday, September 17, 2009

Revealed: The ghost fleet of the recession anchored just east of Singapore

The biggest and most secretive gathering of ships in maritime history lies at anchor east of Singapore. Never before photographed, it is bigger than the U.S. and British navies combined but has no crew, no cargo and no destination - and is why your Christmas stocking may be on the light side this year.




The tropical waters that lap the jungle shores of southern Malaysia could not be described as a paradisical shimmering turquoise. They are more of a dark, soupy green. They also carry a suspicious smell. Not that this is of any concern to the lone Indian face that has just peeped anxiously down at me from the rusting deck of a towering container ship; he is more disturbed by the fact that I may be a pirate, which, right now, on top of everything else, is the last thing he needs.
His appearance, in a peaked cap and uniform, seems rather odd; an officer without a crew. But there is something slightly odder about the vast distance between my jolly boat and his lofty position, which I can't immediately put my finger on.

Then I have it - his 750ft-long merchant vessel is standing absurdly high in the water. The low waves don't even bother the lowest mark on its Plimsoll line. It's the same with all the ships parked here, and there are a lot of them. Close to 500. An armada of freighters with no cargo, no crew, and without a destination between them.

My ramshackle wooden fishing boat has floated perilously close to this giant sheet of steel. But the face is clearly more scared of me than I am of him. He shoos me away and scurries back into the vastness of his ship. His footsteps leave an echo behind them.

Navigating a precarious course around the hull of this Panama-registered hulk, I reach its bow and notice something else extraordinary. It is tied side by side to a container ship of almost the same size. The mighty sister ship sits empty, high in the water again, with apparently only the sailor and a few lengths of rope for company.

Nearby, as we meander in searing midday heat and dripping humidity between the hulls of the silent armada, a young European officer peers at us from the bridge of an oil tanker owned by the world's biggest container shipping line, Maersk. We circle and ask to go on board, but are waved away by two Indian crewmen who appear to be the only other people on the ship.

'They are telling us to go away,' the boat driver explains. 'No one is supposed to be here. They are very frightened of pirates.'
Here, on a sleepy stretch of shoreline at the far end of Asia, is surely the biggest and most secretive gathering of ships in maritime history. Their numbers are equivalent to the entire British and American navies combined; their tonnage is far greater. Container ships, bulk carriers, oil tankers - all should be steaming fully laden between China, Britain, Europe and the US, stocking camera shops, PC Worlds and Argos depots ahead of the retail pandemonium of 2009. But their water has been stolen.

They are a powerful and tangible representation of the hurricanes that have been wrought by the global economic crisis; an iron curtain drawn along the coastline of the southern edge of Malaysia's rural Johor state, 50 miles east of Singapore harbour.



As daylight creeps across the waters, flags of convenience from destinations such as Panama and the Bahamas become visible. In reality, though, these vessels belong to some of the world's biggest Western shipping companies. And the sickness that has ravaged them began far away - in London, where the industry's heart beats, and where the plummeting profits and hugely reduced cargo prices are most keenly felt.
The Aframax-class oil tanker is the camel of the world's high seas. By definition, it is smaller than 132,000 tons deadweight and with a breadth above 106ft. It is used in the basins of the Black Sea, the North Sea, the Caribbean Sea, the China Sea and the Mediterranean - or anywhere where non-OPEC exporting countries have harbours and canals too small to accommodate very large crude carriers (VLCC) or ultra-large crude carriers (ULCCs). The term is based on the Average Freight Rate Assessment (AFRA) tanker rate system and is an industry standard.

A couple of years ago these ships would be steaming back and forth. Now 12 per cent are doing nothing
You may wish to know this because, if ever you had an irrational desire to charter one, now would be the time. This time last year, an Aframax tanker capable of carrying 80,000 tons of cargo would cost £31,000 a day ($50,000). Now it is about £3,400 ($5,500).

This is why the chilliest financial winds anywhere in the City of London are to be found blowing through its 400-plus shipping brokers.
Between them, they manage about half of the world's chartering business. The bonuses are long gone. The last to feel the tail of the economic whiplash, they - and their insurers and lawyers - await a wave of redundancies and business failures in the next six months. Commerce is contracting, fleets rust away - yet new ship-builds ordered years ago are still coming on stream.



Just 12 months ago these financiers and brokers were enjoying fat bonuses as they traded cargo space. But nobody wants the space any more, and those that still need to ship goods across the world are demanding vast reductions in price.
Do not tell these men and women about green shoots of recovery. As Briton Tim Huxley, one of Asia's leading ship brokers, says, if the world is really pulling itself out of recession, then all these idle ships should be back on the move.

'This is the time of year when everyone is doing all the Christmas stuff,' he points out.

'A couple of years ago those ships would have been steaming back and forth, going at full speed. But now you've got something like 12 per cent of the world's container ships doing nothing.'

Aframaxes are oil bearers. But the slump is industry-wide. The cost of sending a 40ft steel container of merchandise from China to the UK has fallen from £850 plus fuel charges last year to £180 this year. The cost of chartering an entire bulk freighter suitable for carrying raw materials has plunged even further, from close to £185,000 ($300,000) last summer to an incredible £6,100 ($10,000) earlier this year.

Business for bulk carriers has picked up slightly in recent months, largely because of China's rediscovered appetite for raw materials such as iron ore, says Huxley. But this is a small part of international trade, and the prospects for the container ships remain bleak.

Some experts believe the ratio of container ships sitting idle could rise to 25 per cent within two years in an extraordinary downturn that shipping giant Maersk has called a 'crisis of historic dimensions'. Last month the company reported its first half-year loss in its 105-year history.

Martin Stopford, managing director of Clarksons, London's biggest ship broker, says container shipping has been hit particularly hard: 'In 2006 and 2007 trade was growing at 11 per cent. In 2008 it slowed down by 4.7 per cent. This year we think it might go down by as much as eight per cent. If it costs £7,000 a day to put the ship to sea and if you only get £6,000 a day, than you have got a decision to make.

'Yet at the same time, the supply of container ships is growing. This year, supply could be up by around 12 per cent and demand is down by eight per cent. Twenty per cent spare is a lot of spare of anything - and it's come out of nowhere.'
These empty ships should be carrying Christmas over to the West. All retailers will have already ordered their stock for the festive season long ago. With more than 92 per cent of all goods coming into the UK by sea, much of it should be on its way here if it is going to make it to the shelves before Christmas.



But retailers are running on very low stock levels, not only because they expect consumer spending to be down, but also because they simply do not have the same levels of credit that they had in the past and so are unable to keep big stockpiles.
Stopford explains: 'Globalisation and shipping go hand in hand. Worldwide, we ship about 8.2 billion tons of cargo a year. That's more than one ton per person and probably two to three tons for richer people like us in the West. If the total goes down by five per cent or so, that's a lot of cargo that isn't moving.'
The knock-on effect of so many ships sitting idle rather than moving consumer goods between Asia and Europe could become apparent in Britain in the months ahead.

'We will find out at Christmas whether there are enough PlayStations in the shops or not. There will certainly be fewer goods coming in to Britain during the run-up to Christmas.'

Three thousand miles north-east of the ghost fleet of Johor, the shipbuilding capital of the world rocks to an unpunctuated chorus of hammer-guns blasting rivets the size of dustbin lids into shining steel panels that are then lowered onto the decks of massive new vessels.

As the shipping industry teeters on the brink of collapse, the activity at boatyards like Mokpo and Ulsan in South Korea all looks like a sick joke. But the workers in these bustling shipyards, who teem around giant tankers and mega-vessels the length of several football pitches and capable of carrying 10,000 or more containers each, have no choice; they are trapped in a cruel time warp.

There have hardly been any new orders. In 2011 the shipyards will simply run out of ships to build.
A decade ago, South Korean President Kim Dae-jung (who died last month) issued a decree to his industrial captains: he wished to make his nation the market leader in shipbuilding. He knew the market intimately. Before entering politics, he studied economics and worked for a Japanese-owned freight-shipping business. Within a few years he was heading his own business, starting out with a fleet of nine ships.
Thus, by 2004, Kim Dae-jung's presidential vision was made real. His country's low-cost yards were winning 40 per cent of world orders, with Japan second with 24 per cent and China way behind on 14 per cent.

But shipbuilding is a horrendously hard market to plan. There is a three-year lag between the placing of an order and the delivery of a ship. With contracts signed, down-payments made and work under way, stopping work on a new ship is the economic equivalent of trying to change direction in an ocean liner travelling at full speed towards an iceberg.

Thus the labours of today's Korean shipbuilders merely represent the completion of contracts ordered in the fat years of 2006 and 2007. Those ships will now sail out into a global economy that no longer wants them.

Maersk announced last week that it was renegotiating terms and prices with Asian shipyards for 39 ordered tankers and gas carriers. One of the company's executives, Kristian Morch, said the shipping industry was in uncharted waters.

As he told the global shipping newspaper Lloyd's List only last week: 'You have a contraction of oil demand, you have a falling world economy and you have a contraction of financing capabilities - and at the same time as a lot of new ships are being delivered.'

Demand peaked in 2005 when, with surplus tonnage worldwide standing at just 0.7 per cent, ship owners raced to order, fearing docks and berths at major shipyards would soon be fully booked. That spell of 'panic buying' has heightened today's alarming mismatch between supply and demand.

Keith Wallis, East Asia editor of Lloyd's List, says, 'There was an ordering frenzy on all types of vessel, particularly container ships, because of the booming trade between Asia and Europe and the United States. It was fuelled in particular by consumer demand in the UK, Europe and North America, as well as the demand for raw materials from China.'



Orders for most existing ships to be delivered within the next six to nine months would be honoured, he predicted, and the ships would go into service at the expense of older vessels in the fleet, which would be scrapped or end up anchored off places like southern Malaysia.

But, says Wallis, 'some ship owners won't be able to pay their final instalments when the vessels are completed. Normally, they pay ten per cent down when they order the ship and there are three or four stages of payment. But 50 to 60 per cent is paid on delivery.'

South Korean shipyard Hanjin Heavy Industries last week said it had been forced to put up for sale three container ships ordered at a cost of £60 million ($100 million) by the Iranian state shipping line after the Iranians said they could not pay the bill.

'The prospects for shipyards are bleak, particularly for the South Koreans, where they have a high proportion of foreign orders. Whole communities in places like Mokpo and Ulsan are involved in shipbuilding and there is a lot of sub-contracting to local companies,' Wallis says.

'So far the shipyards are continuing to work, but the problems will start to emerge next year and certainly in 2011, because that is when the current orders will have been delivered. There have hardly been any new orders in the past year. In 2011, the shipyards will simply run out of ships to build.'

Christopher Palsson, a senior consultant at London-based Lloyd's Register-Fairplay Research, believes the situation will worsen before it gets better.

'Some ships will be sold for demolition but the net balance will be even further pressure on the freight rates and the market itself. A lot of ship owners and operators are going to find themselves in a very difficult situation.'

The current downturn is the worst in living memory and more severe even than the slump of the early Eighties, Palsson believes.

'Back then the majority of the crash was for tankers carrying crude oil. Today we have almost every aspect of shipping affected - bulk carriers, tankers, container carriers... the lot.

'It is a much wider-spread situation that we have today. China was not a major player in the world economy at that time. Neither was India. We had the Soviet Union. We had shipbuilding in the United Kingdom and Europe.
'But then, back in those days the world was a very different place.'

Wednesday, September 16, 2009

Obama Collecting Web Users' Data

This is definately something I did not think the administration would stoop too. But, I guess I was wrong. The fact that Obama is doing this really irks me. I thought his Administration was suppsoed to be transparent, but I guess that was another Lie he sold us to get his ass into the White House.

The White House is collecting and storing comments and videos placed on its social-networking sites such as Facebook, Twitter and YouTube without notifying or asking the consent of the site users, a failure that appears to run counter to President Obama's promise of a transparent government and his pledge to protect privacy on the Internet, the Washington Times reported.

Marc Rotenberg, president of the Electronic Privacy Information Center, said the White House signaled that it would insist on open dealings with Internet users and, in fact, should feel obliged to disclose that it is collecting such information.

"The White House has not been adequately transparent, particularly on how it makes use of new social media techniques, such as this example," he said.

Defenders of the White House actions said the Presidential Records Act requires that the administration gather the information and that it was justified in taking the additional step of asking a private contractor to "crawl and archive" all such material. Nicholas Shapiro, a White House spokesman, declined to say when the practice began or how much the new contract would cost.

Susan Cooper, a spokeswoman for National Archives and Records Administration, said the presidential records law applies to "social media" and to public comments "received by the president or immediate staff."




Tuesday, September 8, 2009

Text of Barack Obama's School Children Address

Prepared Remarks of President Barack Obama
Back to School Event

Arlington, Virginia
September 8, 2009


The President: Hello everyone – how’s everybody doing today? I’m here with students at Wakefield High School in Arlington, Virginia. And we’ve got students tuning in from all across America, kindergarten through twelfth grade. I’m glad you all could join us today.

I know that for many of you, today is the first day of school. And for those of you in kindergarten, or starting middle or high school, it’s your first day in a new school, so it’s understandable if you’re a little nervous. I imagine there are some seniors out there who are feeling pretty good right now, with just one more year to go. And no matter what grade you’re in, some of you are probably wishing it were still summer, and you could’ve stayed in bed just a little longer this morning.

I know that feeling. When I was young, my family lived in Indonesia for a few years, and my mother didn’t have the money to send me where all the American kids went to school. So she decided to teach me extra lessons herself, Monday through Friday – at 4:30 in the morning.

Now I wasn’t too happy about getting up that early. A lot of times, I’d fall asleep right there at the kitchen table. But whenever I’d complain, my mother would just give me one of those looks and say, "This is no picnic for me either, buster."

So I know some of you are still adjusting to being back at school. But I’m here today because I have something important to discuss with you. I’m here because I want to talk with you about your education and what’s expected of all of you in this new school year.

Now I’ve given a lot of speeches about education. And I’ve talked a lot about responsibility.
I’ve talked about your teachers’ responsibility for inspiring you, and pushing you to learn.

I’ve talked about your parents’ responsibility for making sure you stay on track, and get your homework done, and don’t spend every waking hour in front of the TV or with that Xbox.

I’ve talked a lot about your government’s responsibility for setting high standards, supporting teachers and principals, and turning around schools that aren’t working where students aren’t getting the opportunities they deserve.

But at the end of the day, we can have the most dedicated teachers, the most supportive parents, and the best schools in the world – and none of it will matter unless all of you fulfill your responsibilities. Unless you show up to those schools; pay attention to those teachers; listen to your parents, grandparents and other adults; and put in the hard work it takes to succeed.

And that’s what I want to focus on today: the responsibility each of you has for your education. I want to start with the responsibility you have to yourself.
Every single one of you has something you’re good at. Every single one of you has something to offer. And you have a responsibility to yourself to discover what that is. That’s the opportunity an education can provide.

Maybe you could be a good writer – maybe even good enough to write a book or articles in a newspaper – but you might not know it until you write a paper for your English class. Maybe you could be an innovator or an inventor – maybe even good enough to come up with the next iPhone or a new medicine or vaccine – but you might not know it until you do a project for your science class. Maybe you could be a mayor or a Senator or a Supreme Court Justice, but you might not know that until you join student government or the debate team.

And no matter what you want to do with your life – I guarantee that you’ll need an education to do it. You want to be a doctor, or a teacher, or a police officer? You want to be a nurse or an architect, a lawyer or a member of our military? You’re going to need a good education for every single one of those careers. You can’t drop out of school and just drop into a good job. You’ve got to work for it and train for it and learn for it.

And this isn’t just important for your own life and your own future. What you make of your education will decide nothing less than the future of this country. What you’re learning in school today will determine whether we as a nation can meet our greatest challenges in the future.
You’ll need the knowledge and problem-solving skills you learn in science and math to cure diseases like cancer and AIDS, and to develop new energy technologies and protect our environment. You’ll need the insights and critical thinking skills you gain in history and social studies to fight poverty and homelessness, crime and discrimination, and make our nation more fair and more free. You’ll need the creativity and ingenuity you develop in all your classes to build new companies that will create new jobs and boost our economy.

We need every single one of you to develop your talents, skills and intellect so you can help solve our most difficult problems. If you don’t do that – if you quit on school – you’re not just quitting on yourself, you’re quitting on your country.

Now I know it’s not always easy to do well in school. I know a lot of you have challenges in your lives right now that can make it hard to focus on your schoolwork.
I get it. I know what that’s like. My father left my family when I was two years old, and I was raised by a single mother who struggled at times to pay the bills and wasn’t always able to give us things the other kids had. There were times when I missed having a father in my life. There were times when I was lonely and felt like I didn’t fit in.
So I wasn’t always as focused as I should have been. I did some things I’m not proud of, and got in more trouble than I should have. And my life could have easily taken a turn for the worse.

But I was fortunate. I got a lot of second chances and had the opportunity to go to college, and law school, and follow my dreams. My wife, our First Lady Michelle Obama, has a similar story. Neither of her parents had gone to college, and they didn’t have much. But they worked hard, and she worked hard, so that she could go to the best schools in this country.

Some of you might not have those advantages. Maybe you don’t have adults in your life who give you the support that you need. Maybe someone in your family has lost their job, and there’s not enough money to go around. Maybe you live in a neighborhood where you don’t feel safe, or have friends who are pressuring you to do things you know aren’t right.

But at the end of the day, the circumstances of your life – what you look like, where you come from, how much money you have, what you’ve got going on at home – that’s no excuse for neglecting your homework or having a bad attitude. That’s no excuse for talking back to your teacher, or cutting class, or dropping out of school. That’s no excuse for not trying.

Where you are right now doesn’t have to determine where you’ll end up. No one’s written your destiny for you. Here in America, you write your own destiny. You make your own future.

That’s what young people like you are doing every day, all across America.

Young people like Jazmin Perez, from Roma, Texas. Jazmin didn’t speak English when she first started school. Hardly anyone in her hometown went to college, and neither of her parents had gone either. But she worked hard, earned good grades, got a scholarship to Brown University, and is now in graduate school, studying public health, on her way to being Dr. Jazmin Perez.

I’m thinking about Andoni Schultz, from Los Altos, California, who’s fought brain cancer since he was three. He’s endured all sorts of treatments and surgeries, one of which affected his memory, so it took him much longer – hundreds of extra hours – to do his schoolwork. But he never fell behind, and he’s headed to college this fall.
And then there’s Shantell Steve, from my hometown of Chicago, Illinois. Even when bouncing from foster home to foster home in the toughest neighborhoods, she managed to get a job at a local health center; start a program to keep young people out of gangs; and she’s on track to graduate high school with honors and go on to college.

Jazmin, Andoni and Shantell aren’t any different from any of you. They faced challenges in their lives just like you do. But they refused to give up. They chose to take responsibility for their education and set goals for themselves. And I expect all of you to do the same.

That’s why today, I’m calling on each of you to set your own goals for your education – and to do everything you can to meet them. Your goal can be something as simple as doing all your homework, paying attention in class, or spending time each day reading a book. Maybe you’ll decide to get involved in an extracurricular activity, or volunteer in your community. Maybe you’ll decide to stand up for kids who are being teased or bullied because of who they are or how they look, because you believe, like I do, that all kids deserve a safe environment to study and learn. Maybe you’ll decide to take better care of yourself so you can be more ready to learn. And along those lines, I hope you’ll all wash your hands a lot, and stay home from school when you don’t feel well, so we can keep people from getting the flu this fall and winter.

Whatever you resolve to do, I want you to commit to it. I want you to really work at it.

I know that sometimes, you get the sense from TV that you can be rich and successful without any hard work -- that your ticket to success is through rapping or basketball or being a reality TV star, when chances are, you’re not going to be any of those things.

But the truth is, being successful is hard. You won’t love every subject you study. You won’t click with every teacher. Not every homework assignment will seem completely relevant to your life right this minute. And you won’t necessarily succeed at everything the first time you try.
That’s OK. Some of the most successful people in the world are the ones who’ve had the most failures. JK Rowling’s first Harry Potter book was rejected twelve times before it was finally published. Michael Jordan was cut from his high school basketball team, and he lost hundreds of games and missed thousands of shots during his career. But he once said, "I have failed over and over and over again in my life. And that is why I succeed."

These people succeeded because they understand that you can’t let your failures define you – you have to let them teach you. You have to let them show you what to do differently next time. If you get in trouble, that doesn’t mean you’re a troublemaker, it means you need to try harder to behave. If you get a bad grade, that doesn’t mean you’re stupid, it just means you need to spend more time studying.
No one’s born being good at things, you become good at things through hard work. You’re not a varsity athlete the first time you play a new sport. You don’t hit every note the first time you sing a song. You’ve got to practice. It’s the same with your schoolwork. You might have to do a math problem a few times before you get it right, or read something a few times before you understand it, or do a few drafts of a paper before it’s good enough to hand in.
Don’t be afraid to ask questions. Don’t be afraid to ask for help when you need it. I do that every day. Asking for help isn’t a sign of weakness, it’s a sign of strength. It shows you have the courage to admit when you don’t know something, and to learn something new. So find an adult you trust – a parent, grandparent or teacher; a coach or counselor – and ask them to help you stay on track to meet your goals.

And even when you’re struggling, even when you’re discouraged, and you feel like other people have given up on you – don’t ever give up on yourself. Because when you give up on yourself, you give up on your country.
The story of America isn’t about people who quit when things got tough. It’s about people who kept going, who tried harder, who loved their country too much to do anything less than their best.

It’s the story of students who sat where you sit 250 years ago, and went on to wage a revolution and found this nation. Students who sat where you sit 75 years ago who overcame a Depression and won a world war; who fought for civil rights and put a man on the moon. Students who sat where you sit 20 years ago who founded Google, Twitter and Facebook and changed the way we communicate with each other.
So today, I want to ask you, what’s your contribution going to be? What problems are you going to solve? What discoveries will you make? What will a president who comes here in twenty or fifty or one hundred years say about what all of you did for this country?

Your families, your teachers, and I are doing everything we can to make sure you have the education you need to answer these questions. I’m working hard to fix up your classrooms and get you the books, equipment and computers you need to learn. But you’ve got to do your part too. So I expect you to get serious this year. I expect you to put your best effort into everything you do. I expect great things from each of you. So don’t let us down – don’t let your family or your country or yourself down. Make us all proud. I know you can do it.

Thank you, God bless you, and God bless America.

Thursday, September 3, 2009

Hong Kong Recalls Gold Reserves in London

HONG KONG (MarketWatch) -- Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city's airport, in a move that won praise from local traders Thursday.

The facility, industry professionals said, would support Hong Kong's emergence as a Swiss-style trading hub for bullion and would lessen London's status as a key settlement-and-storage center.

"Having a central government-sponsored vault would create a situation where you could conceivably look at Hong Kong as being a hub, where metal could be traded for the region," said Sunil Kashyap, managing director at Scotia Capital in Hong Kong, adding that the facility was the first with official government backing in the region.

The Hong Kong Monetary Authority, which functions as the territory's unofficial central bank, will transfer its gold reserves stored in other vaults to the depository later this year, the Hong Kong government said in an earlier statement.

The monetary authority reported $63 million in physical gold reserves as of July 31, according to its International Reserves and Foreign Currency Liquidity statement. The authority wouldn't disclose where the reserves are held, but local media reports cited gold traders as saying that London's the most likely location.

Traders said the new depository facility could also foster new financial products, such as exchange-traded funds based on precious metals.

The 3,660-square-foot depository, located at the city's main Chek Lap Kok Airport, will serve as a "storage facility for local and overseas government institutions," according to the government statement.

Martin Hennecke, a financial advisor with the Hong Kong-based Tyche Group Ltd., said that could be appealing to regional central banks unnerved after watching the global financial system teeter on verge of implosion last year.

"Central banks are increasingly aware of the importance of having gold reserves at time of financial crisis and having it easily available at their own disposal," he said.

Meanwhile, local newspaper reports said the Hong Kong Mercantile Exchange had signed an agreement to use the depository for its physical settlement and storage needs.

Marketing efforts will be launched to convince Asian central banks to transfer their gold reserves to the Hong Kong facility, according to reports citing Raymond Lai, finance director with the Hong Kong Airport Authority.

Efforts will also be made to reach out to commodity exchanges, banks, precious-metals refiners and ETF providers, the reports said.

Management firm Value Partners planned to launch an ETF gold fund that will use Hong Kong instead of London as a repository for the gold backing the fund, local reports said Thursday.

Thursday, August 6, 2009

Detroit !!

The economic crisis is hitting us all very hard this past year, but some cities have it alot worse off...

I told you Detroit sucks...

Lots of people have heard of Ann Arbor thanks to the University of Michigan, however, not everyone has. Sometimes I just say I’m from the “Detroit area”, which is accurate enough.

People often ask me if Detroit is as bad as it’s portrayed in movies, TV, news, etc. To which I normally say “worse.”

As of now there are over 12,000 abandoned homes in Detroit. The city is hemorrhaging money. Here are some sad facts about a once great city.

1. It’s the only city in the history of the United States to hit a population of over 1,000,000 residents and then subsequently fall back under that number.
2. The city has lost more than half of its population since the 1950’s.
3. Over 30% of the city’s population lives below the poverty line.
4. Over 36 square miles (58 square kilometers) of land sits vacant, which is roughly the size of the city of San Francisco.
5. The city tears down between 1,500 and 2,000 homes a year, which only keeps pace with the problem and doesn’t cut into the backlog of the 12,000 abandoned homes.

Things are getting so bad that people are moving their deceased loved ones’ bodies out of the city into other cemeteries.“Suburbanites are taking the bodies of their relatives out of cemeteries because they’re afraid to come to the city,” Vogel said. “There are about 400 to 500 hundred (being moved) a year which shows you the depth of racism and fear.” You know your city sucks when even the dead people are leaving.

Friday, July 31, 2009

What's Really in Obama's Health Care Reform Bill - A Plain English Translation

What's Really in Obama's Health Care Reform Bill - A Plain English Translation

Click for PDF of the Bill
Save it and read it all for yourself...

What's really in Obama's health care reform bill?
Almost no one knows, and here's why:

It's 1,017 pages long and written in an alien form of bureaucratic English that can barely be decoded by earthlings.
And yet, astonishingly, an U.S. Army translator has been found who speaks "Washington Doublespeak" and he was kind enough to decode the bill and post his plain-language findings.
Below, we reprint what he found in the health care reform bill. As you read this, keep in mind that some of these translations are a bit loose with the interpretations, but I've personally spot-checked these points, and they are indeed all contained in the bill in one form or another (shrouded in Doublespeak language, of course).

Below are some points we have outlined of what is in the Bill
Click here for PDF version of the full Bill

• Page 16: States that if you have insurance at the time of the bill becoming law and change, you will be required to take a similar plan. If that is not available, you will be required to take the government option!
• Page 22: Mandates audits of all employers that self-insure!
• Page 29: Admission: your health care will be rationed!
• Page 30: A government committee will decide what treatments and benefits you get (and, unlike an insurer, there will be no appeals process)
• Page 42: The "Health Choices Commissioner" will decide health benefits for you. You will have no choice. None.
• Page 50: All non-US citizens, illegal or not, will be provided with free healthcare services.
• Page 58: Every person will be issued a National ID Healthcard.
• Page 59: The federal government will have direct, real-time access to all individual bank accounts for electronic funds transfer.
• Page 65: Taxpayers will subsidize all union retiree and community organizer health plans (example: SEIU, UAW and ACORN)
• Page 72: All private healthcare plans must conform to government rules to participate in a Healthcare Exchange.
• Page 84: All private healthcare plans must participate in the Healthcare Exchange (i.e., total government control of private plans)
• Page 91: Government mandates linguistic infrastructure for services; translation: illegal aliens
• Page 95: The Government will pay ACORN and Americorps to sign up individuals for Government-run Health Care plan.
• Page 102: Those eligible for Medicaid will be automatically enrolled: you have no choice in the matter.
• Page 124: No company can sue the government for price-fixing. No "judicial review" is permitted against the government monopoly. Put simply, private insurers will be crushed.
• Page 127: The AMA sold doctors out: the government will set wages.
• Page 145: An employer MUST auto-enroll employees into the government-run public plan. No alternatives.
• Page 126: Employers MUST pay healthcare bills for part-time employees AND their families.
• Page 149: Any employer with a payroll of $400K or more, who does not offer the public option, pays an 8% tax on payroll
• Page 150: Any employer with a payroll of $250K-400K or more, who does not offer the public option, pays a 2 to 6% tax on payroll
• Page 167: Any individual who doesn't have acceptable healthcare (according to the government) will be taxed 2.5% of income.
• Page 170: Any NON-RESIDENT alien is exempt from individual taxes (Americans will pay for them).
• Page 195: Officers and employees of Government Healthcare Bureaucracy will have access to ALL American financial and personal records.
• Page 203: "The tax imposed under this section shall not be treated as tax." Yes, it really says that.
• Page 239: Bill will reduce physician services for Medicaid. Seniors and the poor most affected.
• Page 241: Doctors: no matter what specialty you have, you'll all be paid the same (thanks, AMA!)
• Page 253: Government sets value of doctors' time, their professional judgment, etc.
• Page 265: Government mandates and controls productivity for private healthcare industries.
• Page 268: Government regulates rental and purchase of power-driven wheelchairs.
• Page 272: Cancer patients: welcome to the wonderful world of rationing!
• Page 280: Hospitals will be penalized for what the government deems preventable re-admissions.
• Page 298: Doctors: if you treat a patient during an initial admission that results in a readmission, you will be penalized by the government.
• Page 317: Doctors: you are now prohibited for owning and investing in healthcare companies!
• Page 318: Prohibition on hospital expansion. Hospitals cannot expand without government approval.
• Page 321: Hospital expansion hinges on "community" input: in other words, yet another payoff for ACORN.
• Page 335: Government mandates establishment of outcome-based measures: i.e., rationing.
• Page 341: Government has authority to disqualify Medicare Advantage Plans, HMOs, etc.
• Page 354: Government will restrict enrollment of SPECIAL NEEDS individuals.
• Page 379: More bureaucracy: Telehealth Advisory Committee (healthcare by phone).
• Page 425: More bureaucracy: Advance Care Planning Consult: Senior Citizens, assisted suicide, euthanasia?
• Page 425: Government will instruct and consult regarding living wills, durable powers of attorney, etc. Mandatory. Appears to lock in estate taxes ahead of time.
• Page 425: Government provides approved list of end-of-life resources, guiding you in death.
• Page 427: Government mandates program that orders end-of-life treatment; government dictates how your life ends.
• Page 429: Advance Care Planning Consult will be used to dictate treatment as patient's health deteriorates. This can include an ORDER for end-of-life plans. An ORDER from the GOVERNMENT.
• Page 430: Government will decide what level of treatments you may have at end-of-life.
• Page 469: Community-based Home Medical Services: more payoffs for ACORN.
• Page 472: Payments to Community-based organizations: more payoffs for ACORN.
• Page 489: Government will cover marriage and family therapy. Government intervenes in your marriage.
• Page 494: Government will cover mental health services: defining, creating and rationing those services.

Here is the link to bill...




Section 102 Pages 16 - 19: Private insurance companies will have built in price controls on existing customers AND they won’t be able to bring in new customers after Y1 of the health care plan. Those who currently have private individual coverage won’t be able to change it. Those who leave a company to work for themselves will not be free to buy individual plans from private carriers.

Section 113 Pages 21 - 22: The Government will audit books of ALL EMPLOYERS that self-insure to compare with ones who buy full insurance to determine if the self-insurers are acting responsibly and keeping enough money on hand to actually pay for their employees’ health care needs.

Section 122 Page 29: Your Health Care is RATIONED.
Section 123 Page 30: A Government Committee will decide what treatments/benefits you get … depending on a predetermined set of factors.

Section 142 Page 42: The Health Choices Commissioner will choose your Health Care Benefits for you. You will have no choice in the matter.

Section 152 Page 50: Health Care will be provided to ALL non US citizens, illegal or otherwise. (The Heller amendment would have allowed health agencies to conduct simple database checks to verify citizenship.)

Section 163 Page 58: The Government will have real-time access to individual’s finances and a National ID Healthcard will be issued!

Section 163 Page 59: The Government will have direct access to your bank accounts for electronic funds transfers.

Section 201 Page 72: The Government is creating a Health Care Exchange to bring private Health Care plans under Government control.

Section 203 Page 84: The Government mandates ALL benefit packages for private Health Care plans in the Exchange.

Section 203 Page 85: Specifications for benefit levels for plans are detailed; the Government will ration your Health Care.

Section 204 Page 91: The Government mandates linguistic appropriate services and communications (apparently for illegal aliens).

Section 205 Page 95: The Government will use outreach groups (probably ACORN and Americorps) to sign up individuals for the Government Health Care plan and to ‘visit’ businesses.

Section 205 Page 102: Medicaid Eligible Individuals will be automatically enrolled in Medicaid. (No choice available.)

Section 207 Page 110: The Government can take money from other entitlements to fund the public option Health Care.

Section 208 Page 111: The Government will usurp all state powers regarding State Based Health Care Exchanges. (possible violation of the 10th amendment, states rights)

Section 223 Page 124: No company can sue the Government for price fixing. (There is no judicial review against a Government monopoly.)

Section 224 Page 126: The Government can create a pricing structure for any medical service at its own discretion for different ‘geographic’ areas. (more price fixing)

Section 225Page 127: The Government will tell Doctors what they will be paid for the work that is done.
Section 241 Page 130: The Government will subsidize State Medicaid.

Section 246 Page 143: This section states that payments on behalf of individuals who are not lawfully present in the United States are not covered. However, this one statement constitutes the entire section. There is absolutely no provision to verify citizenship. Thus, this simple statement is ridiculously vague. (The Heller amendment would have allowed health agencies to conduct simple database checks to verify citizenship.)

Section 312 Page 146: Employers MUST pay for Health Care for part-time employees AND their families.

Section 313 Page 149: ANY Employer with an annual payroll of 400k+ who does not provide the Government’s public option is penalized an 8% tax on all payroll.

Section 313 Page 150: ANY Employer with an annual payroll between 251k and 400k who doesn’t provide the Government’s public option pays 2% to 6% tax on all payroll.

Section 401 Page 167: ANY individual who doesn’t have acceptable Health Care will be taxed 2.5% of their income.

Section 401 Page 170: Any NONRESIDENT Alien who doesn’t have acceptable Health Care is exempt from individual taxes on their income.

Section 431 Page 195: Officers and employees of the Health Care Administration (the Government) will have access to ALL American’s financial, personal, and medical records.

Section 441 Pages 197 - 198: Anyone earning in excess of $350,000 per year, will pay additional taxes.

Section 441 Page 203: “The tax imposed under this section shall not be treated as tax.”

Section 1121 Page 239: The Government will reduce physician services for Medicaid. (Seniors, low income, and the poor will be impacted.)

Section 1121 Page 241: Doctors, regardless of medical specialty, will all be paid the same.

Section 1122 Page 253: The Government sets the value of a doctor’s time, professional judgement, etc. (In effect, this sets a value on human life.)

Section 1131 Page 265: The Government mandates and controls productivity for private Health Care industries.

Section 1141 Page 268: The Government regulates rental and purchase of power-driven wheelchairs.

Section 1145 Page 272: The Government will ration Health Care costs for cancer patients care in “certain cancer hospitals”. (More Health Care rationing.)

Section 1151 Page 280: The Government will penalize hospitals for what the Government deems preventable re-admissions.

Section 1151 Page 298: Doctors who treat a patient during initial admission that results in a re-admission will be penalized.

Section 1156 Page 317: The Government tells doctors what/how much they can own in a Health Care facility.

Section 1156 Page 318: The Government mandates that hospitals cannot expand operating rooms, procedure rooms, or beds.

Section 1156 Page 321: Hospitals have the opportunity to apply for expansion exception, BUT community input IS required. (probably ACORN or Americorps approval)

Section 1162 Pages 335 - 339: The Government mandates establishment of outcome based measures. Health Care is regulated and rationed.

Section 1162 Page 341: The Government has the authority to disqualify Medicare Advantage Plans, HMOs, etc. This forces citizens into the Government plan.

Section 1191 Page 379: The Government creates a new bureaucracy, Tele-health Advisory Committee.

Section 1233 Page 425: The Government mandates Advance Care Planning Consultations. The Government will instruct and consult regarding living wills, durable powers of attorney, etc.

Section 1233 Page 425: The Government provides an approved list of end-of-life resources. (The Government determines how your life ends.)

Section 1233 Page 429: The Government’s “advanced care consultation” may include an ORDER for the end-of-life sustaining treatment. The Government will specify which doctors can write an end-of-life order.

Section 1302 Page 472: The Government MANDATES payment for Medical Home Care to BOTH community-based organizations AND to the principal care practice. (apparently ACORN and/or Americorps get a kickback for home health care)

Section 1308 Page 489: The Government will cover Marriage and Family therapy. (The Government will become involved in marriage counseling.)

Section 1308 Pages 494 - 498: The Government will cover Mental Health Services including defining, creating, and rationing those services.

Section 2213 Pages 879 - 882: The Government will make grants and contracts available for medical training programs. Preference will be given to entities that have a demonstrated record of “training individuals who are from underrepresented minority groups or disadvantaged backgrounds.” (The quoted criteria is repeated several times in this section.)

So these are the main points of the Bill thus far, I'm sure as they revise this Bill we will delve into it more and post our findings.
Please return for Daily News on the Edge. Thank you.

Thursday, July 30, 2009

Cash-for-clunkers program to be suspended

Updated at 7:17 p.m.
WASHINGTON – The U.S. government will suspend the popular cash-for-clunkers program after less than four days in business, telling Congress that the plan would burn through its $950-million budget by midnight, several sources told the Free Press.
Updated at 7:17 p.m.
WASHINGTON – The U.S. government will suspend the popular cash-for-clunkers program after less than four days in business, telling Congress that the plan would burn through its $950-million budget by midnight, several sources told the Free Press.

Read more here...