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Obama considering Lawrence Summers for Treasury. Sec. Who is He?

Posted by Jace on Sunday, October 19, 2008 11:05:57 AM
I am sure that you have read the following article from the Times on Line  http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/article4968993.ece
 
It is quite interesting in that it notes that Obama's candidate for Treasury Secretary may be former Treasury Secretary under Bill Clinton Laurence Summers.  I had run into his name in doing research on the Gramm-Leach-Bliley Act of 1999 that repealed the Glass-Steagal Act.
Phil Gramm has been widely blamed for the bill that bears his name by the Obama campaign as the man who set in motion the mortgage melt down we now have.  Please examine the following:
 
Here is a section of the above cited article.
 

Another leading candidate for the Treasury is Summers, who has been guiding Obama through the Wall Street melt-down. Summers was forced to quit as president of Harvard University in 2006 after suggesting controversially that men had a greater aptitude for science and engineering than women.

At a conference at Harvard Business School last week, Summers defended Obama’s plans to tax the wealthy by pointing to the huge rise in inequality over the past 30 years between the earnings of the top 1% and bottom 80% of the country. “It is immense compared to any discussion of changing the tax system here or there,” he said.

 

Now here is an article on the web from the New York Times October 23, 1999

http://partners.nytimes.com/library/financial/102399banks-congress.html

 

Please go to the article and read it.  Following are a few clipping from the article that are of interest.

 

"When this potentially historic agreement is finalized," Clinton said in a statement, "it will strengthen the economy and help consumers, communities and businesses across America."

Treasury Secretary Lawrence H. Summers said in an interview, "At the end of the 20th century, we will at last be replacing an archaic set of restrictions with a legislative foundation for a 21st-century financial system." The measure, he added, "would provide significant benefits to the national economy."

Please note that Mr. Lawrence H. Summers is mentioned above and what he said.  Please note also that Representative James A. Leach of Iowa who is mentioned in this article is also the James Leach who is the head of the Republicans for Obama that gave a speech at the Democratic Convention this year and he is also named as co-author on the Gramm Bill.

Next from the article we have Christopher Dodd and Charles E. Schumer mentioned as to the forced compromise between Gramm and the White House.  Notice who was pushing for inclusion of lending to minorities not Mr. Gramm.

The breakthrough in Friday's legislation came in a backroom meeting at the Capitol soon after midnight, when a group of moderate Senate Democrats -- led by Christopher Dodd of Connecticut and Charles E. Schumer of New York -- forced a compromise between Gramm and the White House over the legislation's effect on the Community Reinvestment Act, a 1977 anti-discrimination law intended to encourage lending to minorities and others historically denied access to credit.

Dodd, whose state is home to the nation's largest insurance companies, and Schumer, with strong ties to Wall Street, have long sought legislation to repeal the Glass-Steagall Act. Both men said in interviews Friday that they moved to strike a compromise after it became apparent that the legislation might be killed, as it was last year by Gramm, over the debate about the Community Reinvestment Act.

 

Once again we have Mr. Laurence Summers name coming up.

The White House had insisted that the President would veto any legislation that would scale back minority-lending requirements. Four days of intense negotiations between Summers, Gene Sperling, the President's top economic policy adviser, and Gramm, while moving the two sides closer, failed to resolve the differences.

Such was the state of play Thursday evening when Gramm decided to force the issue by having the House-Senate conference committee vote on his proposed compromise, which the White House had already rejected for failing to block banks with bad lending records from expanding to new businesses.

When Gramm's measure was defeated by one vote, it quickly became clear that there would be no law unless Gramm could get some Democrats to break from the White House.

But Administration officials had spent all day making sure that the Democrats remained solidly against the measure until their concerns about the Community Reinvestment Act could be worked out.

 

After receiving calls from executives of some of the nation's leading financial companies, Dodd and Schumer began trying to work out a compromise. An agreement was quickly reached on the issue of banks and expanded powers -- no institution would be allowed to move into any new lines of business without a satisfactory lending record.

Please read the whole article.

Gramm had maintained that he did not want anything in the bill that would expand the application of the Community Reinvestment Act because it was, he said, unnecessarily burdensome to banks. He had sought a provision that would exempt thousands of smaller banks from the law. He also wanted a provision that would expose what he has described as the "extortion" committed by community groups against banks by requiring the groups to disclose any special financial deals the groups extract from the banks

 

Next I have as a reference a Press Room release from November 12, 1999.

http://www.treas.gov/press/releases/ls241.htm

Please note that it contains the words of Sec. Summers at the signing of the Gramm bill.

SEC. SUMMERS: Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. This is the culmination of years of effort by many, many people, reflects the work of presidents, Treasury officials, members of Congress, those in the private sector, from both parties, and dedicated professionals, both inside and outside the government. With their help, I believe we have all found the right framework for America's future financial system.

I want especially to thank the members of Congress who played so crucial a role in passing this legislation, thank the key regulators and the agencies they represent -- Chairman Greenspan and the Federal Reserve, Chairman Levitt and the SEC, Comptroller Hawke and the OCC, Ms. Seidman (sp) and the OTS -- for all that they have contributed to bringing us to this point. And I want to thank especially my predecessor, Bob Rubin, who cared deeply that we get this bill right, and finally, my many

 

I know much has been said about Phil Gramm being the sole architect of this bill but it would be worth reporting at this date

that the Obama campaign has as it's top economic advisors and is planning to use as it's economic advisors some of the

same people who created the mess we now have.  Bob Rubin who is mentioned in the above paragraph is at this time also

one of Obama's advisors.

Should you not report on this so the American public knows before election day that the very people who helped to bring down

this house of cards on all of us will be in charge of our country should Obama be elected.  It looks to me as if an Obama

presidents would be putting the foxes in charge of the hen house.

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The Debate To Night

Posted by Jace on Wednesday, October 15, 2008 12:50:43 PM

We will all be watching and waiting for John McCain to say something that will break through to the public at large and turn this race around.

The reality is it is us each one of us that must work to turn this race around.  Obama is worried Acorn is catching up with him.  Obama has depended heavily on his use of Acorn and their voter fraud to pad his total and assure him a win.

Well here is breaking news on what has happened in an Ohio ruling today.

 

Judge Rules Against Ohio Elections Official in Battle Over Voter Registration

Ohio Republicans have sued Secretary of State Jennifer Brunner, claiming that elections integrity is at stake

http://elections.foxnews.com/2008/10/14/ohio-elections/

CINCINNATI -- A federal appeals court has ordered Ohio's top elections official to set up a system by Friday to verify new voters' eligibility.

The full 6th Circuit Court of Appeals in Cincinnati has upheld an earlier ruling that Secretary of State Jennifer Brunner has to use other government records to check the thousands of new voters for registration fraud. A three-judge panel of the 6th Circuit had disagreed last week, but the full court's ruling trumps the panel's decision.

Ohio Republicans sued Brunner, a Democrat.

Ohio GOP Chairman Bob Bennett calls the ruling a victory for the election's integrity.
A spokesman for Brunner could not immediately be reached for comment. Brunner previously said there was no way to set up the system with such speed.

 

Many other states are following in weeding out the corruption and Obama has been linked to it and this is causing great concern on the blogs and comment sections of news papers.

The public is questioning what is going on and the media is going to cover it.

Obama and his campaign has put out a media memo today.  I will post it here and you will notice the same old

talking points.

OBAMA CAMPAIGN ISSUES TALKING POINTS TO MEDIA AHEAD OF DEBATE
Wed Oct 15 2008 11:15:03 ET

The Obama campaign issued a set of debate 'talking points' to media on Wednesday morning, the DRUDGE REPORT can reveal. 

Press Secretary Sean Smith issued the directive in an email from Pennsylvania, 12 hours before the debate.

The directive oddly mirrors much of the main press analysis and theme of the current campaign: 



-------- Original Message -------- 
Date: Wed, 15 Oct 2008 09:37:27 -0500 
From: Sean Smith [s***mith@barackobama.com] 
To: Sean Smith [s***mith@barackobama.com] 

* This is John McCain's last chance to turn this race around and somehow convince the American people that his erratic response to this economic crisis doesn't disqualify him from being President. 

* Just this weekend the weekend, John McCain vowed to "whip Obama's you-know-what" at the debate, and he's indicated that he'll be bringing up Bill Ayers to try to distract voters. 

* So we know that Senator McCain will come ready to attack Barack Obama and bring his dishonorable campaign tactics to the debate stage. 

Obama continues to lead on the economic crisis with a rescue plan for Main Street. 

* Over the course of the campaign, Barack Obama has laid out a set of policies that will grow our middle class and strengthen our economy. 

* But he knows we face an immediate economic emergency that requires urgent action - on top of the plans he's already laid out - to help workers and families and communities struggling right now. 

* That's why Barack Obama is introducing a comprehensive four-part Rescue Plan for the Middle Class - to immediately to stabilize our financial system, provide relief to families and communities, and help struggling homeowners. 

* This is a plan that can and should be implemented immediately. 

* Obama has shown steady leadership during this crisis and offered concrete solutions to move the country forward - and his Rescue Plan for the Middle Class builds on the plans to strengthen the economy and rebuild the middle class that he's laid out over the course of this campaign. 

* Already in this campaign, he's unveiled plans to give 95 percent of workers and their families a tax cut, eliminate income taxes for seniors making under $50,000, bring down the cost of health care for families and businesses; and create millions of new jobs by investing in the renewable energy sources. 

* John McCain has been erratic and unsteady since this crisis began - staggering from position to position and trying to change the subject away from the economy by launching false character attacks. 

 

You will notice that it contains the same old talking points as usual.  Look for them to be repeated in mass by the Obama media.

I am going to ask each and everyone to forget the poll numbers you are seeing at this time.  A hard thing to do I know but let me explain why.

Let's go back to the 2000 race, Bush/Gore ok?  Do you realize that only about 39% of the registered voters in this country even bothered to vote.

Do you realize one of the reasons that Florida was so close was because Florida is a state that is in two time zones.

Because of this when the media called the state for Gore the polls were still open in the panhandle of that state for another hour.  The panhandle is heavily Republican.  Many voters who were in line in the panhandle gave up when they heard the news that Gore had won the state and did not bother to vote even though there was an hour left for them to vote in.

The media also held back reporting Bush's wins in eastern time zone states to affect the voting in the central time zone and in the west.  Gore wins were promptly announced.

An illusion that Gore was winning was there objective and they almost achieved it.

That is what is happening with the polls that you are seeing today.  McCain from what I can see is starting an upward movement.  Obama has dropped to 48% in Zogby poll.

The poll numbers will be shown below at the end of this post.  We must get out the vote and encourage others who want to throw up their hands and say what is the use to go out and vote.  They are not expecting a mass turn out in fact the media is actively working to suppress the turn out of McCain supporters.  Talk to people ask them to vote if for no other reason then to let congress know they are there and watching them.  After all if you only had to worry about 39% of registered voters showing up to vote why worry about what they want when you are passing laws in congress.  Voter apathy is what Obama's campaign is counting on along with Acorn and since its fraud is being caught it puts him in somewhat of a bind.

We all know Obama is an illusionist now is the time that we mobilize and expose the illusion that Obama and the media have foisted off on us.  

Go to the voting booth let nothing stop you and encourage people who have given up to go also.

Obama and the media are playing a head game with us do not fall for it.  The power is in the vote and as McCain said the other day I think Obama forgot the voters get to vote for who will be president not the polls not the media.

Please feel free to copy this and send it out on your e-mail list or post on other blogs.

 Sorry the Zogby Poll results will not copy to this post please use this web address to view them.

http://zogby.com/news/ReadNews.dbm?ID=1587
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Obama and Newton's Theory Of Gravity

Posted by Jace on Monday, October 13, 2008 8:26:00 PM
I was picking pears today. Odd way to start a post about an election is it not? But at time while doing something as simple as picking pears your mind shifts gears and just a simple thing like picking pears brings a new perspective to things.

A pear fell from the tree. Wow that is nothing new, just Newton's Theory of Gravity, but my mind took off on how to look at Obama's economic policy.

We have heard the words Trickle Down Economics from Obama as McCains way of viewing how to approach economic policy.

Obama's view is from the Ground up or Grassroots up in his approach for economic policy.

Obama's entitlement government can only be possible if there is money to support it. Since people who do not work do not generate tax revenue for the government to spend on entitlements, tax rebates and subsidies, Obama's form of government will be unable to sustain it's self. Taxing the very people who produce the jobs leads to fewer jobs and less tax revenue.

McCain understands that lowering taxes so that employers can hire will produce more workers and therefore more taxes. A smaller government, as in government spending, is also beneficial to all.

Because water will not flow up hill, pears will not rise upward to a pear tree and rain does not fall from the earth to the clouds in the sky Obama's policy of ground up or Grassroots economics is directly opposite of the laws of nature.

Obama can promise the sun and the moon but the simple truth is it defies Newton's Theory of Gravity.

In simple terms without the worker bees the hive will die. Without balance in the way we tax and spend we will continue to be lead to the imbalance in our financial system that we are now experiencing.
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Obama Who is He? Video to watch

Posted by Jace on Saturday, October 11, 2008 5:24:05 PM
Let's put together a video list of Obama to view shall we.
 
Barack Obama's Political Career Launched And Funded By Former Terrorist Bill Ayers 
 
Obama - Yes I Can Make Us Defenseless, Just Like Dec 7, 1941
 
 
Who Is Barack Obama, Part 1 - An Introduction
 
 
Who Is Barack Obama, Part 2 - Connecting The Dots
 
 
Barack Obama Trained ACORN Staff In How To Intimidate Banks Into Giving Subprime Loans. Barack Obama—A Thug With A Law Degree
 
 
How The Democrats Caused The Financial Crisis: Starring Bill Clinton's HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter
 
 
Democrats On Fannie Mae And Freddie Mac—There Is No Crisis
 
 
Economic Crisis Created By The Democrats To Give Poor People Home Loans They Could Not Afford To Buy Their Votes
 
 
We Democrats Will Take Over Any Business We Please, Part 2
 
 
Democrat Nancy Pelosi To Americans, Can We Drill Your Brains
 
 
Barack Obama = Jimmy Carter or Barack Obama is Jimmy Carter Part II
 
 
 
When Democrats Attack, Part I
 
 
When Democrats Attack, Part II
 
 
Enjoy the videos and please feel free to copy this blog post to an e-mail and send it out on the web.
 
 
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Obama and Kenya Corsi Detained in Kenya Breaking News

Posted by Jace on Tuesday, October 07, 2008 9:44:26 AM
You might want to view the following video's.  They go with the following story.
 
DISPATCH FROM KENYA
Kenya detains Corsi during Obama probe
Officials scuttle WND reporter's news conference on investigation
Posted: October 07, 2008
7:26 am Eastern

© 2008 WorldNetDaily


WND senior staff writer Jerry Corsi

NAIROBI, Kenya – The government of Kenya is holding WND senior staff reporter Jerome Corsi in custody atimmigration headquarters after police picked him up at his hotel just prior to a scheduled news conference in which he planned to announce the findings of his investigation into Barack Obama's connections in the country.

 





The Full Article Can Be Viewed Here

http://www.wnd.com/index.php?fa=PAGE.view&pageId=77268

I wrote about this on my blog yestereday:

Why Would McCain Bring Up Ayers?

http://community.mccainspace.com/kickapps/_Why-would-McCain-bring-up-Ayers-/blog/114239/41158.html

One of the video's has been pulled from you tube already.  The ones below were still working at the time of this posting.  Please take a look they are news reports from Kenya.

 
 
 
 
 
 

Remember Jerome Corsi wrote the book that was at the top of the New York Times best seller list: The Obama Nation that
Obama's campaign was to angry about several weeks ago.
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Why would McCain talk about Ayer's?

Posted by Jace on Monday, October 06, 2008 11:03:49 AM

Why would the McCain Campaign bring up Ayer's?  Well I guess because the main stream media never did.
There is a pattern to Obama's way of operating. Why would Obama send his supporters e-mails to call and e-mail a radio station in Chicago about a show talking about this very issue?
 
 
Chicago radio station WGN-AM is again coming under attack from