CNN’s Glenn Beck’s Backward Looking View on the Economy and Energy (Video)

CNN’s Glenn Beck: A new poll says CEOs across America fear the consequences of an Obama presidency by a margin of four to one.

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Under Obama 5% of Americans will see their taxes go up by 3%. And only those earnings over $250,000 – which is hardly a Marxist concept as Beck suggests! We could almost call it trickle down wealth sharing. We have just had 8 years of trickle-down economics – where more and more is given to the wealthiest – and it has only left the middle class worst off. Few can argue with this.
Glenn Beck oddly never mentions the biggest socialist financial sector bailout in history. And how these same CEO benefited from the sharing out of the American people’s wealth/money – to the tune of $700bn plus. Happy to take the US taxpayers money when it suits them.

A shameful attack on Obama – and his plans for the country’s middle class and for green jobs.

The guest mentions drilling in ANWR – no talk of green energy and ET or energy technology that if we don’t move on – like the car industry – we will be left at a disadvantage and behind countries like Japan who are already moving on it.

Sounds like more of the same – whale oil lamp industry against the electric light bulb. Of course the oil lamp industry men were afraid or were ‘fearful’ – real change scares people. But the days of not developing because the few are scared – are over.

Out of this trickle down Big Oil skewed economy – we have seen a failing car industry, banking industry, a home mortgage crisis – with the only industry emerging with record profits is the Big Oil industry. The tail is wagging the dog.

Have a look at the videos below to have a look at the new technology and where we could be going in the future.

Watch how the electric car performs against the Ferrari and Porsche:

Proving that green is clever – watch this magnetic motor hybrid motorbike in action (Japan):

Here’s a magnetic motor car – a DIY garage version. How many inventions are lingering in people’s garages/basements/garden sheds:

I think we can survive pretty good without Drill Baby Drilling in ANWR ~ It’s time for Change!

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U.S. Forces Nine Major Banks To Accept Partial Nationalization

 

Jokes: Bush went in as a Social Conservative and came out as a Conservative Socialist.

There are two problems here – one is the folding banking industry around the world – and the other is that the weakened banking industry would allow – outsiders and mainly sovereign wealth funds to come in a cherry pick the banks and or industries that they want at rock bottom prices – these very powerful sovereign funds are mainly coming from three areas – the Middle East, Russia and China. Their investments at a time like this would give these areas undue influence over US and EU banking and insurance industries – but more their investments will give these countries or regions undue influence over US and possibly EU policy. With undue Middle East influence we could all be eating Halal. Western governments had to act.

To blame – of course are a number of things – but one is George Bush’s oil policy. Since the US only has 3% of the world’s oil – to fund its oil usage – it has to get oil from somewhere else. Saudi Arabia held almost all of the cards up until the war in Iraq – and the removal of Saddam Hussein – allowed the US create a major oil player in Iraq. But the cost was enormous. Yesterday 40bn barrel Iraqi oil contracts were put on sale in London. Drill Baby Drill to Big Oil. The problem is that the cost of the war could have funded the industry to build solar panels for every roof – in sunnier areas. And the new research in a whole host of energy alternatives – which would one day become fixtures – or until we develop the new technology.

If you listen to McCain – and Palin – Russia is ready to attack – but the real deal is the laying and operation of a gas pipeline through Georgia. So like Iraq – likely there will be a military build up there – against the evil Russia – to secure the oil or gas coming from there.

Under Bush’s policy vast amounts of money is being transferred to the Middle East – vast amounts of money is going into wars for oil – under “security” – Condi recently had a meeting with the Libyan leader – with the intention of vast amounts of US money flowing into Libya.

While in the US infrastructure crumbles, while the people in the Western world are at the whim of dictators – like Chavez, or Russia which clearly is putting its interests first. And in the Middle East – which showed itself when George Bush didn’t speak at the Israeli Kenesit – as the German Chancellor Angela Merkel did- because – he had to ask the Saudi’s to lower the price of oil – and as a part of that deal – he slung them some nuclear technology.

The oil game is a crazy game and it is leaving the US broke and at a disadvantage. The advantage and the money are in new generation of ET energy technology – one where for example cars are run on magnetism (magnetic motor) – and more efficient battery technologies. What would it mean to the US and EU countries – if they could get a mechanized factory – a factory of robots – to work around the clock without having to take into account the cost of energy. With this we can compete with China. There would be no need to ship jobs abroad.

The candidate with real foresight is Barack Obama. He’s thinking.

President Bush, right, smiles during the G20 ministerial meeting at the International Monetary Fund Saturday, Oct. 11, 2008 in Washington. From left, Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson, and Bush. (AP Photo/Evan Vucci) (Evan Vucci - AP)

The U.S. government is dramatically escalating its response to the financial crisis by planning to invest $250 billion in the country’s banks, forcing nine of the largest to accept a Treasury stake in what amounts to a partial nationalization.

News that European governments also planned to take stakes in their banks and anticipation of new U.S. measures unleashed a tremendous surge in U.S. stock prices yesterday, with the Dow Jones industrial average soaring to the biggest percentage gain since the 1930s, up 11.1 percent. It ended 936.42 points higher, the largest point gain ever, just days after the Dow had its steepest weekly decline in history.

The Treasury Department’s decision to take equity stakes in banks represents a significant reversal, coming just weeks after Treasury Secretary Henry M. Paulson Jr. had opposed the idea. In a momentous meeting yesterday afternoon in Washington, Paulson, flanked by top financial regulators, told the executives of nine leading banks that they needed to participate in the program for the good of the national economy, two industry sources said on condition of anonymity because they were not authorized to speak publicly.

The government’s initiative, which was to be announced this morning before the markets open for New York trading, is part of a wider plan that goes beyond the $700 billion rescue package approved by Congress earlier this month. The Federal Deposit Insurance Corp. is also set to announce today the launch of an insurance fund to guarantee new issues of bank debt. It will provide unlimited deposit insurance for non-interest-bearing accounts, which are widely used by small businesses for payroll and other purposes.

In pressing the bank executives to accept partial government ownership, Paulson’s message was clear: Though officially the program was voluntary, the banks had little choice in the matter. In exchange for giving the Treasury minority stakes, the nine firms would jointly receive an investment worth $125 billion. The government would make another $125 billion available for the next 30 days to thousands of other banks and thrifts across the country.

Federal officials set conditions, telling the banks they could not raise their dividends without government permission and could not offer their executives new retirement packages, though the old packages would remain intact.

Paulson told them the moves would shore up confidence in their own institutions, spark lending throughout the system and send a message to smaller institutions that there is no stigma in accepting federal funding. Though some were reluctant, all of the executives complied.

There is a risk that banks will take the new government capital and use it to bolster their balance sheets but still not resume lending, and the Treasury is not getting any specific contractual guarantee to prevent that from happening. But bank regulators, particularly the Federal Reserve, will lean heavily on the firms receiving infusions to use the capital to increase their lending to businesses and consumers.

Taken together, the steps planned by the Treasury, the FDIC and the Federal Reserve amount to a monumental effort to jump-start the business of lending, which all but dried up in recent weeks as banks have lost faith in one another and their customers. Global markets began to melt down. Some emerging nations teetered on the brink of financial collapse.

Source: Washington Post