AMERICAN CONSERVATISM IN 2008 AND BEYOND

After nearly three decades of Reaganomics in which the wealthiest two percent have grown exponentially wealthier while middle class wages have remained stagnant, a growing faction of super rich Americans is seriously pissed off -- and their Wingnut Revolution is upon us....

* * *

What this far-right movement appears to suggest is that middle class tax cuts, job creation and affordable healthcare -- ideas that are supported by 82 percent of Americans, by the way -- are criminal acts of tyranny, and an eventual tax increase to the tune of pennies on the dollar for the wealthiest two-percent is worthy of opposition by revolutionary means.

Okay, well. Good luck with that, wingnuts....

Economy shrinks at fastest pace in 26 years
By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer 42 mins ago

WASHINGTON " The economy contracted at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department report released Friday showed the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated last month. It also was considerably weaker than the 5.4 percent annualized decline economists expected.

A much sharper cutback in consumer spending " which accounts for about two-thirds of economic activity " along with a bigger drop in U.S. exports sales, and reductions in business spending and inventories all contributed to the largest revision on records dating to 1976.

Looking ahead, economists predict consumers and businesses will keep cutting back spending, making the first six months of this year especially rocky.

"Right now we're in the period of maximum recession stress, where the big cuts are being made," said economist Ken Mayland, president of ClearView Economics.

Violence up between repo men, car owners
HALSELL, Ala. (AP) " Alone in his mobile home off a winding dirt road, Jimmy Tanks heard a commotion at 2:30 a.m. just outside his bedroom window: Somebody was messing with his car.

The 67-year-old railroad retiree grabbed a gun, walked out the back door and confronted not a thief but a repo man and two helpers trying to tow off the Chrysler Sebring. Shots were fired, and Tanks wound up dead, a bullet in his chest.

The man who came to repossess the car, Kenneth Alvin Smith, is awaiting trial on a murder charge in a state considered a Wild West territory even by the standards of an industry that's largely unregulated nationally. Since Tanks' death last June, two other repo men from the same company Smith worked for were shot, one fatally.

"It's gotten to where it's a crazy world out there," said Smith, 50, an ex-Marine who preaches part-time and sings gospel music. Smith said Thursday that he fired in self-defense after Tanks fired a shot.

With the U.S. dealing with an economic slide that has cost millions of jobs, the number of vehicle repossessions is expected to rise 5% this year. That's after it jumped 12% to 1.67 million nationally in 2008, said Tom Webb, chief economist with Manheim Consulting, an automotive marketing firm. That followed a 9% increase in 2007, creating more opportunities for bad outcomes in an industry where armed confrontations and threats happen every day.

I can however, read the Constitution, and I believe it means exactly what it says, no more and no less.

Your many skewed and irrational interpretations of the constitution are amusing

http://www.archives.gov/exhibits/charters/constitution_transcript.html
Article I. Section 8. The Congress shall have power
To lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;

http://www.archives.gov/exhibits/charters/constitution_transcript.html
Article VI
...
The Senators and Representatives before mentioned, and the members of the several state legislatures, and all executive and judicial officers, both of the United States and of the several states, shall be bound by oath or affirmation, to support this Constitution; but no religious test shall ever be required as a qualification to any office or public trust under the United States.

http://www.archives.gov/exhibits/charters/bill_of_rights_transcript.html
Amendment X
The powers not delegated to the United States by the Constitution, nor prohibited by it to the states, are reserved to the states respectively, or to the people.

http://www.archives.gov/exhibits/charters/constitution_transcript.html
Article III
...
Section 3. Treason against the United States, shall consist only in levying war against them, or in adhering to their enemies, giving them aid and comfort. No person shall be convicted of treason unless on the testimony of two witnesses to the same overt act, or on confession in open court.

The Congress shall have power to declare the punishment of treason, but no attainder of treason shall work corruption of blood, or forfeiture except during the life of the person attainted.

AP Source: Obama to rescind Bush abortion rule
President Barack Obama wants to roll back a Bush administration rule that has become a flash point in the debate over a doctor's right to refuse to take part in abortions.

Citigroup reaches aid deal with government
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer 47 mins ago

WASHINGTON " The U.S. government will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36 percent equity stake in the struggling bank, greatly increasing the risks to taxpayers as voter unhappiness about the broader bailout program rises.

The deal announced Friday by the company and the Treasury Department represents the third rescue attempt for Citigroup in the past five months. It's contingent on private investors agreeing to a similar swap.

The administration decided to restructure the bailout package for Citigroup again in the hopes that converting $25 billion of preferred shares into common stock would give investors more confidence the bank has sufficient capital reserves to withstand mounting losses on its holdings of mortgages and other loans. While the conversion to common stock will dilute current shareholders' investments, a wider equity base could calm investors since there would be more reserves in place to guard against further losses as the economy sours.

Besides a stronger capital base, the company is getting a critical boost to its cash flow as it forgoes its 4 cent annual dividend on its common shares. That is giving Citi an additional $2.18 billion a year. The bank will also no longer pay the 5 percent dividend it owed on the government's preferred shares that have converted to common stock.

But the deal doesn't affect one of Citi's greatest problems, the billions of dollars in failed mortgage-backed securities that still sit on its books. As those investments have fallen in value, they have exacerbated Citi's losses.

You are incorrect, and you know it. You simply are a tax-denier who wants to pay no taxes while enjoying the services of government.

Cyclotichorn

Cycloptichorn wrote:

You are incorrect, and you know it. You simply are a tax-denier who wants to pay no taxes while enjoying the services of government.

Cyclotichorn

Now thats an amazing statement coming from your keyboard. I think alot of Obama voters voted for Obama because he promised them the "rich" will pay their way, they don't have to pay taxes, meanwhile they enjoy all the services. Spread the wealth around. To each according to his need. I would be willing to bet you ican pays more taxes than the vast majority of Obama voters.

Tax denier, what a crock!