Obama Admin Printing Money to Pay Cover his Spending

Testifying before the House Budget Committee this week, Ben Bernanke said that when the time comes, the Fed will raise interest rates in order to stop inflation from building in the next recovery. He also asked for "fiscal balance" to sustain financial stability. On the surface -- in terms of keeping prices stable and restoring value to the softening U.S. dollar -- this is positive. Surely Bernanke wants to do right for America, and he's giving it his best shot.

But when you talk to traders and economists, the whisper story is that Bernanke and the Fed are no longer truly independent of the Obama White House and Treasury. As a result, Bernanke will not be able to slow down the printing presses and gradually lift the near-zero target rate in a timely and effective manner. Already the Fed has created more than $1 trillion in new cash, and the M2 money supply is growing at its fastest pace in 25 years.

This monetary explosion explains what's really driving the dollar down and Treasury rates up (alongside rising gold and oil prices). It's not huge budget deficits, but the growing fear that a less-than-independent Fed will keep pushing new money into the financial system in order to fund Obama's liberal spending policies. - Rasmussen Story

Obama's Polling Numbers Continue to Fall

The Rasmussen Reports daily Presidential Tracking Poll for Friday shows that 34% of the nation's voters now Strongly Approve of the way that Barack Obama is performing his role as President. Thirty-four percent (34%) Strongly Disapprove giving Obama a Presidential Approval Index rating of 0. That’s the highest level of strong disapproval and the lowest overall rating yet recorded (see trends). - Rasmussen Reports Story

Despite Obama's Billions Spent Jobless Rate hits 25 year High

(CBS/AP) With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.

The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department on Friday, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.

"This tide is turning," said Richard Yamarone, economist at Argus Research. "We expect this trend of slower job loss to continue throughout the year."

Still, the increase in the nation's unemployment rate from 8.9 percent in April underscores the difficulties that America's 14.5 million unemployed are having in finding new jobs. Economists had expected the rate to hit 9.2 percent last month. - CBS News Story

Former Drug Dealers connected to Rep. Murtha

(CBS/AP) Rep. John Murtha steered millions of dollars in defense work to a campaign donor and the Pentagon went along with it, even though two convicted drug dealers had been deeply involved with the company.

Records filed in U.S. District Court in Pittsburgh starting in 2005 raise questions about whether the government ever checked into the background of William Kuchera of Windber, Pa., a constituent who has been doing government work for over 20 years.

The records point to the political peril of Murtha, a Pennsylvania Democrat, and other members of Congress directing federal funds to particular contractors, an oft-criticized process known as earmarking that has directed hundreds of billions of dollars in the federal budget to favored contractors and programs over the past two decades.

The companies owned by William Kuchera and his brother Ronald - Kuchera Defense Systems and Kuchera Industries Inc. - have received $53 million in federal contracts in this decade alone.

According to the court records, Kuchera was convicted of marijuana distribution in 1982 in Wisconsin. - CBS News Story

Obama - Plans for Gitmo Long Way Off

DRESDEN, Germany - President Obama admitted Friday he's a long way from knowing how to close the detention facility at Guantanamo Bay, despite declaring to the Muslim world on Thursday that the facility is a violation of American ideals caused by the 'trauma' of the Sept. 11 terrorist attacks.

"I don't anticipate that it's going to be resolved anytime in the next two or three months. I think it's going to be a longer process of evaluation," said Obama with his German counterpart Angela Merkel at his side in the historic city of Dresden.

The president's promise to close the Gitmo detention facility was one of the more welcome elements of his address to Muslims, and Merkel cheered it here, but Obama admitted that he didn't ask Germany to take more than the one Gitmo inmate they've accepted. - FOX News Story

Has anyone other than myself made the connection on this yet? He is ADMITTING THAT HE HAD NO PLAN!!!!

He just said close it, then when everyone said OK, What's the plan, He went UH OHHHHH!!!

Great Leadership, but hey, This is Transparent for sure.

VP Biden - Spend Money Faster!!

Vice President Biden says the highest unemployment rate in more than 25 years underscores the tough times many Americans still face, but that the slowing rate of job losses reflects some "signs of hope" too.

Biden said he will join President Obama on Monday in seeking to ramp up the pace this summer of the massive economic stimulus effort that Congress approved earlier this year.

Biden spoke to reporters at the start of a briefing with economic advisers. His comments came as the nation's unemployment rate jumped to 9.4 percent but the pace of the layoffs slowed again.

Biden said: "To sum it up: Encouraging signs, but a long, long way to go." - FOX News

Obama Invites Terrorist to Table

In an apparent policy shift, President Obama on Thursday invited Hamas -- a designated terror organization -- to "play a role" in the future of the Palestinian people.

During his speech to the Muslim world in Cairo on Thursday, the U.S. president bluntly recognized the group, which has called for the destruction of Israel, in a two-sentence passage that was part of a broader discussion about the terms for peace between the Israelis and the Palestinians.

"Hamas does have support among some Palestinians, but they also have to recognize they have responsibilities. To play a role in fulfilling Palestinian aspirations, to unify the Palestinian people, Hamas must put an end to violence, recognize past agreements, recognize Israel's right to exist," Obama said.

The president then called on Israel to end settlement construction and for both sides to embrace a two-state solution. He reiterated that the U.S. bond with Israel is "unbreakable." - FOX News Story

What is going through the minds of the leadership in this Country. Basically when you agree to sit down and let a Terrorist Organization have a say in the shaping of policy, you give them credibility and they win. You say to all the others that if you kill enough people and outlast the will of the other Countries then you will have power.

What next? Al Qaeda at the White House?

Fed Chairman Warns - Cut the Deficity!!!

Testifying before the before the House Budget Committee, Federal Reserve Chairman Ben Bernanke urged Congress and the Obama administration Wednesday to start plotting a strategy to curb record-high U.S. budget deficits.

"Even as we take steps to address the recession and threats to financial stability, maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance," Bernanke said.

In May it was reported that the deficit for the current budget year will rise by $89 billion to above $1.8 trillion - about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall Street bailout, the cost of President Barack Obama's economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in

The recession has taken a bite out of tax revenues paid by people and companies. At the same time, the government's spending has risen, paying billions to shore up banks, help the unemployed and others hurt by the downturn, the longest since World War II. For the current year, the government would borrow 46 cents for every dollar it takes to run the government under the administration's plan.

Bernanke said that such forceful government intervention to fight the worst financial crisis since the 1930s and lift the U.S. out of recession was "necessary and appropriate" even though it worsened the nation's budget deficit. - CBS News Story

Even if you do agree that all the Bailouts and the Stimulus Spending was necessary, how in the face of all of the red ink can you then in the same breath try and justify all of the additional spending Obama is planning?

I will have to tell you, SAVE YOUR BREATH!!!! There is absolutely, positively no way that you can justify it!!!

Lawmakers Fight Dealership Closings by GM and Chrysler

Car dealerships could soon become the kind of political cause military bases were just a few years ago.

U.S. lawmakers are battling to prevent hundreds of General Motors and Chrysler dealerships in their districts from closing -- a struggle similar to past fights among lawmakers to prevent military facilities in their states from shutting down.

As top auto executives announced plans to close nearly 2,000 dealerships before a Senate committee Wednesday, lawmakers voiced strong opposition to the move -- arguing the closures put over 100,000 jobs at risk and do little to offer savings to GM or Chrysler.

"I see no winners from government-imposed decisions to end new car dealer franchises," Rep. Roscoe Bartlett, R-Md., told FOXNews.com Wednesday. "It won't help Chrysler become more viable to cut their primary revenue source."

Bartlett, who rallied with members of the Maryland Automobile Dealers Association Tuesday to protest the closings, said they will eliminate "more than 100,000 jobs at profitable independent dealers" and will "raise costs for consumers."

The chiefs of General Motors and Chrysler told Congress Wednesday they have too many dealers to support their slimmed down operations and sacrifices must be shared as they fight to overcome bankruptcy and survive -- though they acknowledged that slashing dealerships is causing pain in communities around the country. - FOX News Story

Obama has Tailspinned Israeli Relations

With President Obama set to deliver a high-profile speech to the Muslim world in Cairo, Egypt, tensions are flaring in neighboring Israel over the U.S. president's latest demands on the Jewish state.

Top Israeli officials continue to rebuff Obama's call for the country to freeze all settlement construction in the West Bank. Obama's demand, which he reiterated strongly in an interview with National Public Radio ahead of his trip, is seen as a far tougher stance than that taken by his predecessor in the White House.

Whereas prior administrations generally opposed settlement construction, they allowed for "natural growth" of existing settlements.

But speaking to NPR, Obama said he has told the Israelis "both privately and publicly" that their obligation includes a freeze on settlements, "including natural growth."

Prime Minister Benjamin Netanyahu and other Israeli officials have rejected that demand. And Israeli media have fixed on the spat as the U.S. president tours Saudi Arabia, Egypt, and later France and Germany, while skipping Israel.

The Israeli newspapers on Wednesday were packed with stories on what they called a "settlement row," a "public spat" and the United States' "hard-line" stance.

"Israeli-American relations are entering their most serious tailspin in a decade," newspaper Ha'aretz said in its analysis of what it called Obama's "tough love" on Wednesday. - FOX News Story