Debt Ceiling: “Treat the Citizens of the United States with the same “RESPECT” given to Banks and Other Entities!”
The government bailed out 930 banks, including insurance companies, auto companies, mortgage servicers, investment funds and state housing organizations across the country, costing more than $700 billion to date, with taxpayer’s dollars. As of today they have received approximately $275 billion in payments, leaving $425 billion in outstanding debt.
U.S. bailing out troubled companies and even entire states started in the 70’s.
Let’s take a walk down memory lane.
The History of Government Involved Bailouts:
Year Name of Company Amount Guarantor:
1970 Penn Central Railroad 3.2 Billion
President Nixon and Federal Reserve
1971 Lockheed 1.4 Billion Congress
Comments: Congress passed the “Emergency Loan Guarantee Act”
1974 Franklin National Bank 7.8 Billion Federal Reserve
1975 New York City 9.4 Billion President Ford
Comments: President Ford signed the “New York City Seasonal Funding Act”
1980 Chrysler 4.0 Billion U.S. and Foreign Aid
Comments: In 1980 the “Chrysler Loan Guarantee Act” was passed.
1984 Continental Illinois Nat’l Bk 9.5 Billion F.D.I.C. and The Federal Reserve
1989 Savings and Loan 293.3 Billion
President George H.W. Bush
Comments: President George H.W. Bush signed and Congress enacted the
“Financial Institution Reform Recovery and Enforcement Act in 1989.
2001 Airline Industry 18.6 Billion President Bush
Comments: President Bush signed into law the ‘Air Transportation Safety and Stabilization Act.”
2008 Bear Stearns 30 Billion JP Morgan and The Federal Government
2008 Fannie Mae / Freddie Mac 400
Billion Placed under Conservatorship
Comments: Fannie Mae/Freddie Mac placed under conservatorship of the
‘Federal Housing Finance Agency.”
2008 American Int’l Group 180
Billion Federal Reserve and The Treasury
2008 Troubled Asset Relief Program 700
Comments: Congress passed the “Emergency Economic Stabilization Act.”
2008 Citigroup 280
Billion Various Companies
Comments: The Tarp Program, Government, Treasury, FDIC, Federal Reserve;
All had a hand in saving Citigroup.
2009 Bank of America 142.2
Billion FDIC, Treasury, Federal Reserve
2011 United States of America “Who will rescue the people of the United States?”
** Special Thanks to “Propublica.org **
People! Can we all agree that the White House and Congress have had more meetings than there are minutes in an hour and more special reports than there are days in the week? Show the American public a copy of an agreed upon budget? All this talk about not agreeing at the table and all the special reports are killing this country with inaction.
This is not the first time that this country has raised the debt ceiling? What is really going on here? Are the disagreements between the two really about the debt ceiling or is it personal? Is it because President Obama is African American and the Congress wants to embarrass him and his administration?
Are they so narrow minded that they would cut off their own heads to spite their face, only to say we got him? While in reality they only dug their own graves, just waiting for voters to cover them with dirt come election time. This is not the time to be posturing for power or future political votes. If a solution is not in place by August 2, everyone who is serving, regardless of their position should be voted out next term.
If the debt ceiling is not raised and the United States of America are forced to default on it’s loans, it would take years if ever to recover and Congress is saying that they can live with that? Really!
Chances are the American public would have a different view.
Every person who reads this message should bombard their Congress person with phone calls of dissatisfaction and don’t stop until something concrete is done to stop this madness and get our country back on the right track. There is no time to waste and no time to think about it. You must act now or forever hold your peace and live with the thought that you could have at least made a phone call but you along with Congress and the White House choose to do nothing!
This is not about the Labor Unions vs. Carlos Gimenez; this is about the “Massive County Budget” versus the “taxpayer’s of Miami-Dade County!”
The taxpayer’s have already spoken loud and clear and the message is; “Its time for big governments such as Miami-Dade County to learn how to “live within its means!” With more and more taxpayers finding themselves either unemployed or underemployed; most if not all had to restructure their lifestyles to accommodate the loss of income. Big Governments will also have to restructure the layers of bureaucracy in order to adjust to their new lifestyle due to lack of incoming revenue.
Most of the services that the general public receives from Miami-Dade County are “fringe benefits” not “rights afforded to them by law” but rather “special perks,” compliments of Miami-Dade County, which means that these “special perks” are local issues being paid for, or sponsored unknowingly by the generosity of the taxpayers of Miami-Dade County.
Some examples of special perks:
1. Providing interpreters in certain courts: whereby none is required by law.
2. Providing informational literature in languages other than English.
3. Providing child care for babies brought to court.
4. Providing services in certain segments of the Domestic Violence Unit.
5. Providing services through Family Court Self-Help Program.
6. Providing alternative services and programs in Juvenile Court.
7. Providing services in Traffic Court.
8. Providing services in Child Support matters.
9. Providing legal services through Legal Aid or some similar entity.
And the perks go on and on, compliments of the taxpayer. Not withstanding, that the special perks allow the constituents’ to navigate through the government with ease. Nevertheless, it’s taxpayers dollars paying for those “special perks” and “the service is not free, nor is it mandated by law, so the kind taxpayers of Miami-Dade County, unknowingly pick up the tab.”
So the question becomes, “Moving forward, “who will pick up the tab for the services that the public enjoys but no longer can afford?” And if the monies are no longer in the County coffers, “which social and legal (not mandated by law) programs will the County eliminate first?” And if that is still not enough! Then the “ultimate question” becomes “Which employee, based on a particular criteria and the individual departments recommendation, will the County be forced too ceremoniously “Displace due to budget constraints?”
This is a too be continued issue! Stay tune for future updates!!!
The effects of not raising the August 2, debt ceiling will be felted immediately, forcing the State of Florida to cut 40 percent from its budget and the damage will be swift and enormous, plunging the State of Florida’s economy into an even greater recession.
Some of the programs that will be affected immediately are: health care services, employment and training programs, programs to provide bulletproof vests to local law enforcement, emergency fire services for rural communities, hazardous waste removal and wildlife conservation to name a few.
Services that rely on the federal government for between 25 percent and 50 percent of their revenue may find themselves on the chopping block.
No one knows which state programs would be cut, but the Bipartisan Policy Center, or BPC, has outlined two scenarios for how the Treasury Department might prioritize payments for certain programs over others if the debt ceiling isn’t raised.
In the first, Treasury prioritizes payments on big-ticket items such as Social Security, Medicare, Medicaid, and defense. In the second, Treasury still protects Social Security, Medicare, and Medicaid, but swaps out defense for important safety net programs such as food stamps and special education grants.
Under either scenario the State of Florida still stands to lose big. Assuming the debt ceiling remains frozen throughout August and September; individual states could lose up to $56 billion in funding just in those two months under the first scenario and $36 billion under the second.
Unfortunately, no state will be spared by cuts. Hundreds of millions of dollars will be lost in federal funding if the debt limit isn’t increased regardless of how Treasury decided to prioritize payments.
And with only 9 days left to resolve the debt ceiling crisis, “The White House and Congress is still meeting to agree or disagree that it’s time to put the life vest on because the ship is tilting and starting to take on water!”
Deferred Retirement Option Plan commonly known as the “DROP” provides you with an alternative method for payment of your retirement benefits for a specified or limited period if you are an eligible Florida Retirement System (FRS) Pension Plan member.
If you hold an elected office at the end of your DROP participation; you must fulfill the termination requirement as provided in s. 121.021(39), F.S.
In spite of the fact that Chief Exposito could walk away with close to a million dollars, he is convinced that he will not have to retire in January 2012. Chief Exposito appears to believe that he has the upper hand and he will not have to retire on January 09, 2012. Without the legal experts from each side looking at the contracts, it’s hard to determine, who is in fact correct. However, this is not a complicated issue. There is not a lot of wiggle room for subjective interpretation.
So, the question remains, “Was an extension clause written with respect to the DROP program, within Miami Police Chief Miquel Exposito existing contract and under what terms?”
As always, when you mention the name Miquel Exposito, regardless of the subject matter, you know from its inception that this conversation will be continued.
Jackson Health System is a very complex conglomerate and will require nothing short of the very best experts to untangle the trappings of century old, however well-intentioned but misguided business deals and practices.
Because of its complexity, the parties in charge of disassembling and reconfiguring Jackson’s administration and finances can’t attempt to conquer this giant from the middle or at the end. Hear this! However difficult the thought maybe, you have to start at the beginning!
Look at Jackson Health System as a crossword puzzle for a moment. If you begin to assemble the puzzle in the middle, you will notice that you could easily put bits and pieces together, but nothing is really making sense, something is taking shape but what is it?
If you start at the end, you might be able to put together, what appears to be a picture of a hospital but its foundation is crumbled and decayed almost unrecognizable. How did it get that way and who can you ask for more information on this building to determine if it qualifies as a building of historic value and worth restoring or if it should be condemned so that another building or business can take its place?
Is there a single place whereby you can research Jackson’s history from its humble beginnings, years earlier? Will you have an opportunity to sit with Jackson’s historian and allow her or him to take you for a walk down memory lane, so that you can gain a greater prospective of what were the intentions of the builder and what is the significance of this building, in this location to the community at large.
Then you need to sit with a centurion in administration, if possible and have them show you the books, either old accounting books or records kept on the computer and start at page one. As you carefully begin to examine the finances of Jackson, you need to look at it with the same eye that a jeweler would peer through a magnifying glass at an imperfect diamond to determine its value in spite of its flaws.
** Special Thanks to Jeffrey Donovan, award winning actor who was so gracious to lend his voice to the video appearing with this topic. **
Having to reduce taxes and shrink the size of government while maintaining a sense of fluidity within the Miami-Dade County is no easy task for anyone, let alone Mayor Carlos Gimenez. Fortunately, having served as commissioner will prove beneficial in the next phase of his career.
Tough choices will have to be made in the days and weeks to follow, unfortunately, the tomorrow of the past is now today and unpopular but necessary decisions will have to be made to bring the deficit down and in compliance of the law.
What one must understand is that the government is the same size if not bigger than it was before so many of the cities within Miami-Dade County decided to incorporate. However, in reality, once Pinecrest, Doral, Aventura, Miami Lakes, Miami Gardens and others decided too incorporate, it took much needed county resources with it. Yet, Miami-Dade County never adjusted its payroll to accommodate the shortfall. Eventually, because of revenue shortfall, the county started to operate in the red and/or at a loss.
In business, you can only cover up a loss for so long, and then you will need to downgrade your operations or restructure to bring your business out of the red and into the black. “The term is called restructuring or downsizing.” The county never restructured to accommodate the loss. Had the previous administration made timely adjustments to accommodate the loss of revenue along the way, perhaps the situation would not be as bad as it is today.
As previously stated, Mayor Gimenez inherited a massive debt loss coming into and taking his position as Mayor of Miami-Dade County, much like the deficit inherited by President Obama. It’s not easy standing up against familiar faces, knowing that they have already pre-judged you before the work is done.
Remember, respect is not always given, sometimes it has to be earned and it appears that Mayor Gimenez will no doubt earn his share of respect in the days, weeks and months to come.
Casey Anthony’s reality may prove to be very different from her fantasy of laying on the beach sipping margaritas in Costa Rica.
Casey told her cellmate that she was already practicing her walk and facial expressions, now that she is a celebrity. No mention of taking time to moan the lost of little Caylee Marie.
Watching her initial expression, inside of the jail, you could tell that she was trying hard not to smile. After being advised by her attorney/agent, Jose Baez, Casey quickly put on her acting face and immediately changed her facial expression as she exited the jailhouse, because of the angry crowd outside.
Otherwise, she probably would have exited the jailhouse waving at the crowd as though she just won a beauty pageant.
Casey went from the jailhouse to one of her attorney’s office, where they quickly gave her a new passport, change of clothes and a wig and put her on a private plane, and off she went with her escort to parts unknown or so they think!
Why would anyone want to pay Casey Anthony for throwing her child away, like yesterday’s smelly trash? It should make everyone who is human sick to their stomach! Any company who would try to capitalize off this tragic turn of events will have Caylee Marie’s innocent blood on their hands.
Casey shouldn’t waste her time getting plastic surgery, because she is going to tell everyone who is willing to listen who she really is anyway. Why? She wants the fame! Can’t you see it now? “What? You don’t know who I am? You better recognize “I’m Casey Sick Anthony!”
And this is not the end of the story!
Los Angeles Carmageddon could also be described as “I’m on Interstate 405; “Please Come and Get Me!” which you know by now, would be an insurmountable if not downright impossible task, until some time Monday afternoon.
Interstate 405 could easily turn into the latest lover’s lane for all of the adventurous souls in Los Angeles and what a story that would be to tell. Or it could be the excuse that all players (men with more than one lady friend) could use, to explain why they couldn’t make it home last night.
I’m sure that the comedian’s can really get paid with the material they will be able to generate because they or someone they know got stuck on Carmageddon road, or the possibilities of what could be done while cruising 2 miles and hour for 53+ hours. For instance, “honey turn on the news, can’t you see me waiving at you to the camera” or “honey, my car ran hot and stopped, so I had to call AAA; they told me the expected time of arrival would be 56 hours at best!” he..he..he.
So, when the sun rises today in Cali on Interstate 405, hopefully the sensible would have already prepared for Carmageddon and will be making a toast around noon, to all the curious seekers who just couldn’t stay home but had to actually venture out to see if Carmageddon was as bad as everyone thought it would be.
Don’t worry about them, they’re let you know in 60 hours; the time it’s going to take to get out of that mess.
In the meantime, “cheers to you lad!” “Happy “Carmageddon!”
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