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February 6, 2010

Barack Obama's State of the Union...Condensed Version

This video courtesy of The Daily Bail whose posting of it brought it tom my attention.  It is good to laugh sometimes and see reality through humor.  The commentary on this clip brings out that humor and makes some very real points as well.  Enjoy!

An Idiot's Guide to Obama's 2010 State of the Union Speech: Condensed To 9 Minutes, With Commentary, Corrections & Jokes



  1. How could he raises taxes by a single dime on a single person when the labor force dwindles...who the hell is he kidding ...look at that last chart!

    Consumer Credit: What Good News?

    The American People have increasingly figured out that the banks are lying about their asset quality and in fact are lying about their profitability by marking their "assets" to myth - that is, ignoring bad loans. They are doing this by refusing to foreclose on defaulted mortgages, as that action would force them to recognize the loss.

  2. PBS Watch them all:

    February 5, 2010
    Libertarian journalist Nick Gillespie and legal scholar Lawrence Lessig discuss public financing of campaigns and the effects of money on politics.



    Swaths of Middle TN feel mortgage stress

    "I'm desperate,'' she said. "I need a job."

    A tough job market and other harsh financial trends are leading more people to fall seriously behind on their mortgages across Middle Tennessee, a situation that's likely to cause even higher foreclosure rates and more lost homes as the year unfolds.

  4. Can you say down the river?

    Sure, American politicians have been bought and paid for by the Wall Street giants. See this, this and this.

    And everyone knows that the White House and Congress - while talking about cracking down on Wall Street with strict regulation - have actually watered down some of the most important protections that were in place.

    For example, Senator Cantwell says that the new derivatives legislation is weaker than the old regulation. And leading credit default swap expert Satyajit Das says that the new credit default swap regulations not only won't help stabilize the economy, they might actually help to destabilize it.

    But the U.S. is not being sold out in a vacuum.
    In other words, the problem isn't just that Congress and the White House have sold out to the Wall Street giants.

    The problem is also that the U.S. has signed WTO agreements that have given the keys to the too big to fails, and have neutered their regulators. Even if some politicians tried to stand up to Wall Street - or even if we "through out all of the bums" currently in political roles - the U.S. would still be locked into the WTO's scheme for helping the financial giants to grow ever bigger and to take ever-bigger and ever-riskier gambles.

    Indeed, the financial giants are pushing hard for further deregulation, demanding that the WTO's "Doha round" of agreements be signed.


    Your programs are not working

    Gazette analysis shows impact is widespread

    When one person loses a home to foreclosure, it’s a personal tragedy.

    But when thousands default, the problems extend beyond property lines and ripple through the community.

    Record numbers of foreclosure filings in each of the past three years in El Paso County have led to thousands of homes coming back onto the market for sale after they’ve gone through the foreclosure process — undercutting prices of nondistressed properties, leaving homes vacant for months and creating foreclosure fatigue in several neighborhoods, according to a Gazette analysis of more than 5,000 foreclosed properties during a 28-month period from 2007 to 2009.

    How far-reaching is the problem?

    About half of all homes, condominiums and townhomes that go into foreclosure typically wind up back in the hands of banks and lenders, based on last year’s El Paso County Public Trustee Office records. Another 10 percent are bought by investors and later listed for sale.

  6. Muddling Out of Freefall
    Joseph E. Stiglitz

    The US economy is in a mess – even if growth has resumed, and bankers are once again receiving huge bonuses. More than one out of six Americans who would like a full-time job cannot get one; and 40% of the unemployed have been out of a job for more than six months.

    As Europe learned long ago, hardship increases with the length of unemployment, as job skills and prospects deteriorate and savings gets wiped out. The 2.5-3.5 million foreclosures expected this year will exceed those of 2009, and the year began with what is expected to be the first of many large commercial real-estate bankruptcies. Even the Congressional Budget Office is predicting that it will be the middle of the decade before unemployment returns to more normal levels, as America experiences its own version of “Japanese malaise.”

  7. Don't believe the deterioration in the economy will trickle up...don't want to help the lowly workers who got themselves over their heads by feeding and trying to provide for their families even though all policies are geared toward undercutting their wages...think again..

    Jumbo Mortgage ‘Serious Delinquencies’ Rise to 9.6%, Fitch Says
    Feb. 8 (Bloomberg) -- U.S. prime jumbo mortgages backing securities at least 60 days late rose to 9.6 percent in January from 9.2 percent in December, the 32nd straight increase for “serious delinquencies,” according to Fitch Ratings.

    “The trend line for delinquencies indicates the 10 percent level could be reached as early as next month,” Vincent Barberio, a Fitch managing director in New York, said today in a statement. The rate of non-performing loans almost tripled in 2009.

    Jumbo home-loans are larger than government-supported mortgage companies Fannie Mae or Freddie Mac can finance. Their limits now range from $417,000 in most places to as much as $729,750 in high-cost areas.

  8. Thanks for the help Obama

    Listen to this...

    Walter J. “John” Williams - Founder of Shadow Government Statistics Newsletter:

    Analysis Behind and Beyond Government Economic Reporting

    In this interview John discusses looming hyperinflation, staggering unemployment, the reality of the US economy, bottom bouncing and a weakening economy, the coming collapse of the US Dollar, ongoing downturn which is structural in nature, the Fed’s debasement of the Dollar, an intensifying great depression, insolvency in the banking system, the fact that so many states are in financial trouble and more.

  9. I guess if they wear everyone out and they all decide to stop looking we'd be at full employment?

    Frustrated Job Seekers Deciding to Call It Quits
    With hiring still scarce, many frustrated job seekers are deciding to call it quits

  10. no $ for mod's but your banker buddies are swimming in it...

    The Fed’s “Exit Plan” Is Just Another Secret Gift To Wall Street

    “And now it’s going to get even better to be a bank.


    Because the first part of the Fed’s exit plan will reportedly be to increase the amount of interest the Fed pays on “excess reserves.”

    Banks are required to keep a certain percentage of their assets in cash at the Federal Reserve. Any cash above this required amount is “excess reserves,” and the Fed is currently paying 0.25% interest on these reserves. The Fed’s exit plan will call for increasing this interest rate, to encourage the banks to keep more money in excess reserves instead of lending it into to the economy and thus expanding the money supply.”;_ylt=Avux6Qed3cxi_DW.5mLR6fJk7ot4;_ylu=X3oDMTE3b3VmcWEyBHBvcwM3MQRzZWM

    20 percent of Palm Beach County home loans delinquent, tops state and country