General Motors headed for bankruptcy . . . again

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President Obama is proud of his bailout of General Motors. That’s good, because, if he wins a second term, he is probably going to have to bail GM out again. The company is once again losing market share, and it seems unable to develop products that are truly competitive in the U.S. market.

Right now, the federal government owns 500,000,000 shares of GM, or about 26% of the company. It would need to get about $53.00/share for these to break even on the bailout, but the stock closed at only $20.21/share on Tuesday. This left the government holding $10.1 billion worth of stock, and sitting on an unrealized loss of $16.4 billion.

Right now, the government’s GM stock is worth about 39% less than it was on November 17, 2010, when the company went public at $33.00/share. However, during the intervening time, the Dow Jones Industrial Average has risen by almost 20%, so GM shares have lost 49% of their value relative to the Dow.

It’s doubtful that the Obama administration would attempt to sell off the government’s massive position in GM while the stock price is falling. It would be too embarrassing politically. Accordingly, if GM shares continue to decline, it is likely that Obama would ride the stock down to zero.

GM is unlikely to hit the wall before the election, but, given current trends, the company could easily do so again before the end of a second Obama term.

Read more from this story HERE.

Black Democratic Governor, Congressman slam Biden and Obama (+video)

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America’s first black governor in modern times has become the most senior Democrat to break ranks over Joe Biden’s ‘y’all in chains’ comments, telling the Vice President: ‘Slavery is nothing to joke about.’

Douglas Wilder, who was governor of Virginia from 1990 to 1994 and the first black governor since Reconstruction, told CNN that ‘without question’ Biden’s remarks in Danville, Virginia (though the veep seemed to think he was in North Carolina) ‘were appeals to race’.

He continued: ‘The important thing I got out of this was Biden separated himself from what he accused the people of doing. As a matter of fact, what he said is they are going to do something to y’all, not to me. Not us. So he was still involved with that separate American.

‘As far as I am concerned, the President would not associate himself with those remarks. And I expect as the days go forward there will be more clarity associated with what the president feels about what Joe Biden said.

In another interview, with Fox News, Wilder said: ‘Slavery is nothing to joke about. And the history of this nation’s involvement with slavery is nothing to pass off in a joke.’  Read more from this story HERE.

Four-term black Democratic Congressman Artur Davis also slams Biden and Obama for the “racial viciousness” of Biden’s chain remarks.

US Recovery Worst Since at least the Great Depression, foreign debt at record levels

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By Paul Wiseman. The recession that ended three years ago this summer has been followed by the feeblest recovery since the Great Depression, according an extensive review of the country’s economic ups and down over the past eight decades.

Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.

The ugliness goes well beyond unemployment, which at 8.3 percent is the highest this long after the end of a recession.

Economic growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower.

More than in any other post-World War II recovery, people who have jobs are hurting: Their paychecks have fallen behind inflation.

Many economists say the agonizing recovery from the Great Recession, which began in December 2007 during the George W. Bush administration and ended in June 2009, is the predictable consequence of a housing market collapse and a grave financial crisis.  Read more from this story HERE.

U.S. Government’s Foreign Debt Hits Record $5.29 Trillion

By Terence P. Jeffrey.  The money the U.S. government owes to foreign entities rose to a record $5.2923 trillion in June, according to data released by the U.S. Treasury Wednesday afternoon.

In May, the U.S. Treasury had owed $5.2581 trillion to foreign entities. On net, in June, the U.S. government borrowed an additional $34.2 billion from foreign entities in order to fund U.S. government operations.

The U.S. government’s indebtedness to foreign interests has grown by 72.3 percent during President Barack Obama’s term in office. In January 2009, when Obama was inaugurated, the U.S. government owed $3.0717 trillion to foreign entities, according to the Treasury Department. That has increased by $2.2206 trillion—or 72.3 percent—to the record $5.2923 trillion reported for yesterday.

Entities in the People’s Republic of China remain the largest holders of U.S. government debt. Entities in Japan, however, are on track to eclipse the Chinese as the top holders of U.S. government debt.

In June, the Chinese held $1.1643 trillion in U.S. government debt, up slightly from the $1.1640 trillion in U.S. government debt the Chinese held in May. However, Chinese ownership of U.S. government debt hit an historical peaked of $1.3149 trillion in July 2011 and has been on a generally downward trend since then.  Read more from this story HERE.

DC shooting spurs debate: do pro-marriage organizations deserve the “hate group” label?

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Photo credit: killingclipart

By Jordy Yager. The shooting of a security guard Wednesday at the Family Research Council (FRC) has spurred a torrent of heated accusations from both sides of the gay-rights debate about claims that the conservative organization is a “hate group.”

The National Organization for Marriage (NOM), one of the nation’s leading opponents of same-sex marriage, told The Hill the shooting was a direct result of the Southern Poverty Law Center’s decision in 2010 to place the FRC on its list of hate groups for its rhetoric on gays.

Brian Brown, the president of NOM, pointed to a recent blog post by the Human Rights Campaign (HRC), one of the largest gay-rights groups in the country. The post, “Paul Ryan Speaking at Hate Group’s Annual Conference,” called attention to the vice presidential candidate’s scheduled appearance at the FRC’s national summit next month.

“Today’s attack is the clearest sign we’ve seen that labeling pro-marriage groups as ‘hateful’ must end,” Brown said in a statement issued following the shooting.

“For too long national gay-rights groups have intentionally marginalized and ostracized pro-marriage groups and individuals by labeling them as ‘hateful’ and ‘bigoted.’” Read more from this story HERE.

Despite the DC shooting and ensuing debate, Obama remains silent

By Penny Starr. As of mid-morning Thursday, President Barack Obama had not yet commented publicly or released an official statement reacting to Wednesday’s shooting of a security guard at the Family Research Council’s Washington, D.C., office.

The only response from the Obama administration came from White House spokesman Jay Carney, as relayed to the public through the White House correspondents’ pool report:

The pool report noted that President Obama, traveling in Iowa, was informed of the 10:45 a.m. shooting several hours later.

Carney said the president expressed his concern for the individual as well as the belief that “this type of violence has no place in our society.”

It is unclear from the pool report whether Carney was directly quoting the president or if the words were Carney’s own.  Read more from this story HERE.

FRC: Southern Poverty Law Center fostered climate leading to DC shooting (+video)

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Photo credit: Gage Skidmore

By Mackenzie Weinger. Family Research Council president Tony Perkins on Thursday said the shooting at the conservative Christian organization’s Washington, D.C., headquarters was an act of terrorism and he accused the Southern Poverty Law Center of fostering the climate that allowed the crime to occur.

Fox News’s Megyn Kelly asked Perkins whether he thought the Wednesday shooting of an unarmed security guard for the group “was an act of domestic terrorism.”

“Terrorism is designed to intimidate and to drive people back and make them feel fearful. Well, that I believe would describe what they tried to do here yesterday at the Family Research Council and by extension to traditional value supporters, Christians across the nation,” Perkins said. “But I want to tell you it’s not going to work. We’re not going anywhere. We’re more committed today than we were yesterday to defending and advancing faith, family and freedom here in our nation’s capital.”

The gunman suspected of shooting the guard and shouting a political statement was charged with assault with intent to kill on Thursday, according to reports. Floyd Lee Corkins II, 28, of Virginia told the building manager, Leo Johnson, “I don’t like your politics,” and then shot him in the arm on Wednesday morning, The Associated Press reported. Johnson then unarmed Corkins and the suspected shooter was taken into custody.

In Corkins’s backpack, investigators found ammunition and 15 Chick-fil-A sandwiches, the AP said.  Read more from this story HERE.

Tony Perkins addresses the Southern Poverty Law Center’s “reckless rhetoric” that gave “a license to shoot an unarmed man” in this video:

 

 

Army suicides hit grim milestone: most self-inflicted deaths in a single month

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Photo credit: expertinfantry

Army suicides hit a new single-month record in July, when 38 active-duty and reserve soldiers took their own lives, according to official figures released Thursday.

The toll, up from 24 in June, prompted a wave of renewed anger and frustration among Pentagon leaders and veterans advocates.

“I was pretty shocked when I saw the number,” said Tom Tarantino, legislative director for Iraq and Afghanistan Veterans of America. “This has been a continuous problem. This really stems from the military, and the [Department of Veterans Affairs], for that matter, basically the entire military and veteran community, really coming to this issue several years late.”

“It really wasn’t until 2007-2008, really 2009, that they started thinking about it at the level they need to be thinking about it,” he said.

Despite efforts from high-profile military leaders — including Defense Secretary Leon Panetta, Army Chief of Staff Gen. Ray Odierno, former Joint Chiefs Chairman Adm. Mike Mullen and former Army Vice Chief Gen. Peter Chiarelli — the wider Army is losing this battle, critics say.

Read more from this story HERE.

40% of US electorate will stay home in November, vast majority support Obama

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Stay-at-home nonvoters are more likely to support President Barack Obama than Mitt Romney, according to a new USA Today/Suffolk University poll out today.

Eighty million Americans — 40 percent of the possible eligible electorate — won’t vote this Election Day. And 59 percent of them say there’s no point, since nothing ever gets done and politicians continue to make empty promises, according to the poll.

Forty-three percent of nonvoters are Obama supporters, the survey found, while 20 percent of the nonvoters support Romney, 18 percent back a third-party candidate and 15 percent are undecided.

“This poll is a good news-bad news story for Barack Obama,” poll director David Paleologos said in a statement. “The good news is that there is a treasure chest of voters he doesn’t even have to persuade — they already like him and dislike Mitt Romney. He just needs to unlock the chest and get them out to vote. The bad news is that these people won’t vote because they feel beaten down by empty promises, a bad economy and the negativity of both parties. Obama has lost time — and the key — to open that treasure chest.”

Read more from this story HERE.

MoveOn.org viciously attacks Rep. Paul Ryan

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Courtesy of MoveOn.org, we’ve reproduced one of the latest emails from the lie-filled left’s smear campaign against Rep. Paul Ryan below.

After reading the email, ask yourself how MoveOn can expect anyone outside their ever-shrinking “progressive” echo chamber to take them seriously. Not only are their assertions about Paul Ryan based on misrepresentations, distortions and outright falsehoods, the only “supportive evidence” provided are links to MoveOn.org and other “progressive” sites like Center for American Progress (funded by George Soros), Think Progress, Daily Kos, Huffington Post and The Advocate. There is no question that these sources are solidly biased in favor of “progressives” and are devoted to spreading their propaganda.

If MoveOn’s attack on Ryan  is not a clear cut case of “I’m right because I said so” vapidity, then 2 + 2 does not equal 4.

Incredibly, MoveOn even lies to its own supporters, stating that MoveOn receives “no big checks from CEOs.” Apparently Moveon counts on an ignorant membership unaware of the massive donations received over the years from billionaire George Soros.

In any event, here’s the anti-Ryan email from MoveOn:

Dear MoveOn member,

Paul Ryan is bad for America. He’s anti-choice, and would give big tax cuts for millionaires, while raising taxes on the middle-class. He’s a Tea Party favorite who takes donations from the billionaire Koch brothers, and he introduced one of harshest and most inhumane budgets in recent history. His ideological hero for many years called selfishness a virtue and charity an abomination.

But most people don’t know just how bad Paul Ryan is. So we made this list of 10 things to know about Mitt Romney’s Vice Presidential pick, Paul Ryan. Read it, then click here to share this list as an image on social media, or just forward this email! The future of America is on the line—from a woman’s right to choose to our economy.

10 Things to know about Paul Ryan

1. His economic plan would cost America 1 million jobs in the first year. Ryan’s proposed budget would cripple the economy. He’d slash spending deeply, which would not only slow job growth, but shock the economy and cost 1 million of us our jobs in 2013 alone and kill more than 4 million jobs by the end of 2014.1

2. He’d kill Medicare. He’d replace Medicare with vouchers for retirees to purchase insurance, eliminating the guarantee of health care for seniors and putting them at the mercy of the private insurance industry. That could amount to a cost increase of more than $5,900 by 2050, leaving many seniors broke or without the health care they need. He’d also raise the age of eligibility to 67.2

3. He’d pickpocket the middle class to line the pockets of the rich. His tax plan is Robin Hood in reverse. He wants to cut taxes by $4.6 trillion over the next decade, but only for corporations and the rich, like giving families earning more than $1 million a year a $300,000 tax cut. And to pay for them, he’d raise taxes on middle- and lower-income households and butcher social service programs that help middle- and working-class Americans.3

4. He’s an anti-choice extremist. Ryan co-sponsored an extremist anti-choice bill, nicknamed the ‘Let Women Die Act,’ that would have allowed hospitals to deny women emergency abortion care even if their lives were at risk. And he co-sponsored another bill that would criminalize some forms of birth control, all abortions, and in vitro fertilization.4

5. He’d dismantle Social Security. Ironically, Ryan used the Social Security Survivors benefit to help pay for college, but he wants to take that possibility away from future generations. He agrees with Rick Perry’s view that Social Security is a “Ponzi scheme” and he supported George W. Bush’s disastrous proposal to privatize Social Security.5

6. He’d eliminate Pell grants for more than 1 million low-income students. His budget plan cuts the Pell Grant program by $200 billion, which could mean a loss of educational funding for 1 million low-income students.6

7. He’d give $40 billion in subsidies to Big Oil. His budget includes oil tax breaks worth $40 billion, while cutting “billions of dollars from investments to develop alternative fuels and clean energy technologies that would serve as substitutes for oil.”7

8. He’s another Koch-head politician. Not surprisingly, the billionaire oil-baron Koch brothers are some of Ryan’s biggest political contributors. And their company, Koch industries, is Ryan’s biggest energy-related donor. The company’s PAC and affiliated individuals have given him $65,500 in donations.8

9. He opposes gay rights. Ryan has an abysmal voting record on gay rights. He’s voted to ban adoption by gay couples, against same-sex marriage, and against repealing “don’t ask, don’t tell.” He also voted against the Hate Crimes Prevention Act, which President Obama signed into law in 2009.9

10. He thinks an “I got mine, who cares if you’re okay” philosophy is admirable. For many years, Paul Ryan devoted himself to Ayn Rand’s philosophy of selfishness as a virtue. It has shaped his entire ethic about whom he serves in public office. He even went as far as making his interns read her work.10

If there was ever any doubt that Mitt Romney’s got a disastrous plan for America—he made himself 100% clear when he picked right-wing extremist Paul Ryan as his running mate. Paul Ryan is bad for America, but we can’t beat him if Americans don’t know everything he stands for. Share this list with all your friends by clicking here, or simply forward this email.

Thanks for all you do.

–Justin, Carrie, Steven, Stephen, and the rest of the team

Sources:

1. “Ryan’s Budget, Robin Hood in reverse,” Economic Policy Institute
https://www.moveon.org/r?r=278939&id=48819-18317182-fpqNWbx&t=4

2. “12 Things You Should Know About Vice Presidential Candidate Paul Ryan,” Think Progress, August 11, 2012
https://www.moveon.org/r?r=278662&id=48819-18317182-fpqNWbx&t=5

3.”Ryan Budget Would Raise Some Taxes; Guess Who Gets Hit?,” Off the Charts, April 12, 2012 https://www.moveon.org/r?r=278692&id=48819-18317182-fpqNWbx&t=6
“Middle class could face higher taxes under Republican plan, analysis finds,” The Washington Post, June 19, 2012
https://www.moveon.org/r?r=278693&id=48819-18317182-fpqNWbx&t=7

4. “Statement on Mitt Romney’s Selection of Rep. Paul Ryan for His Vice-Presidential Running Mate,” NARAL, August 11, 2012
https://www.moveon.org/r?r=278694&id=48819-18317182-fpqNWbx&t=8
“Paul Ryan’s Extreme Abortion Views,” The Daily Beast, August 11, 2012
https://www.moveon.org/r?r=278695&id=48819-18317182-fpqNWbx&t=10
“Paul Ryan Sponsored Fetal Personhood Bill, Opposes Family Planning Funds,” Huffington Post, August 11, 2012
https://www.moveon.org/r?r=278852&id=48819-18317182-fpqNWbx&t=12

5. “12 Things You Should Know About Vice Presidential Candidate Paul Ryan,” Think Progress, August 11, 2012
https://www.moveon.org/r?r=278662&id=48819-18317182-fpqNWbx&t=13
“Ayn Rand would have HATED Paul Ryan,” Daily Kos, August 12, 2012
https://www.moveon.org/r?r=278853&id=48819-18317182-fpqNWbx&t=14

6. “Pell Grants For Poor Students Lose $170 Billion In Ryan Budget,” Huffington Post, March 27, 2012
https://www.moveon.org/r?r=278696&id=48819-18317182-fpqNWbx&t=15

7. “Ryan Budget Pads Big Oil’s Pockets with Senseless Subsidies,” Center for American Progress, March 20, 2012
https://www.moveon.org/r?r=278697&id=48819-18317182-fpqNWbx&t=16

8. “Koch brothers have Paul Ryan’s back,” Politico, August 11, 2012
https://www.moveon.org/r?r=278940&id=48819-18317182-fpqNWbx&t=17

9. “Paul Ryan as VP Matches Mitt Romney on Homophobia,” The Advocate, August 11, 2012
https://www.moveon.org/r?r=278698&id=48819-18317182-fpqNWbx&t=18

10.”Paul Ryan And Ayn Rand”, The New Republic, December 28, 2010
https://www.moveon.org/r?r=278699&id=48819-18317182-fpqNWbx&t=19

Want to support our work? We’re entirely funded by our 7 million members—no corporate contributions, no big checks from CEOs. And our tiny staff ensures that small contributions go a long way.

************************

Michael Fell is a former MCA recording artist from the seminal punk rock era who toured America from coast to coast. Today, he’s a leading voice in the L.A. Tea Party movement, active since the February 2009 inception. Mr. Fell currently chairs the Westwood Tea Party, is a founding member of the L.A. Metro Tea Party Coalition, serves as the Vice Chairman of the Westside Republicans Club in L.A. CA, and is an elected Republican delegate to the L.A. 47th AD Central Committee. He’s been Campaign Manager for a primary winning Congressional candidate, as well as Santa Monica and L.A. City Council candidates. Mr. Fell is a contributing writer for https://conservativedailynews.com/, https://rightwingnews.com/, https://www.hollywoodrepublican.net/, https://beforeitsnews.com, https://www.redcounty.com/, https://www.uspatriotpac.com and, https://westsiderepublicans.com/. His opinions on today’s news events and political climate can be found on his blog: https://mjfellright.wordpress.com/

Obama accuses GOP of trying to “Swift Boat” him over bin Laden killing, leaks (+video)

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By Mark Hosenball. Barack Obama’s re-election campaign on Wednesday accused Republicans of trying to “Swift Boat” the president, a reference to hardball smear tactics used to attack the war record of Democratic Senator John Kerry when he unsuccessfully challenged George W. Bush for the White House in 2004.

Reuters reported on Tuesday that a group of former U.S. intelligence and Special Forces operatives was preparing to launch a media campaign, including TV ads, that scolds Obama for taking credit for the killing of Osama bin Laden and accuses his administration of leaking U.S. secrets for political advantage.

The group, the Special Operations OPSEC Education Fund Inc, unveiled a documentary-style video featuring interviews with former spies and U.S. military commandos on Wednesday.

The Obama campaign hit back.

“The Republicans are resorting to ‘Swift Boat’ tactics because when it comes to foreign policy and national security, Mitt Romney has offered nothing but reckless rhetoric,” said campaign spokesman Ben LaBolt. Read more from this story HERE.

Here’s the alleged “Swift Boat”-type documentary that Obama is so concerned about:

Obama defends Biden’s “chains” remark, rejects Palin’s advice to replace him with Hillary (+video)

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(by FoxNews.com) President Obama defended Vice President Joe Biden on Wednesday against criticism of his remarks that Republican repeal of Wall Street regulations would put voters “back in chains.”

Obama also brushed off Sarah Palin’s suggestion on Fox News that he drop Biden from the ticket in favor of Secretary of State Hillary Clinton.

Palin, the 2008 GOP vice presidential nominee and a Fox News contributor, had said Biden’s comments are the latest example of how he “really drags down that ticket.”

“If that’s not the nail in the coffin, really, the strategists there in the Obama campaign have got to look at a diplomatic way of replacing Joe Biden on the ticket with Hillary,” Palin said. “And I don’t want to throw out that suggestion and have them actually accept the suggestion because then an Obama-Hillary Clinton ticket would have a darn good chance of winning.”

But Obama, in an interview with “Entertainment Tonight,” downplayed Palin’s comments: “We don’t spend a lot of time worrying about the chatter and the noise and this and that,” he said. “The country isn’t as divided with gaffes or some stray remark as Washington is. Most folks know that’s just sort of a WWF wrestling part of politics. It doesn’t mean anything, just fills up a lot of air time.”  Read more from this story HERE.

Here’s what Palin said on Fox about replacing VP Joe Biden with Hillary: