6139008-History-of-Money

percent said Iraq was the main reason for Bush’s disapproval. They found 33% approved of the job Congress is doing.This is in stark comparison to other polls that have Congress at 25% approval – 49% of Republicans approve while 47%disapproved, whereas 70% of Democrats and Independents disapprove. Only 39% approve of the job Democrats aredoing, while 58% disapprove. Sixty-two percent said they approve of the way their representative is doing their job,up from 59% last month. Democrats hold an advantage of 52% to 40% when voters were asked whether they plan tovote for the Republican or Democratic candidate in their House district. Democrats had a double-digit lead overRepublicans on 9 of 10 issues. By 2 to 1, or better, the public preferred Democrats to handle gas prices and health care.And, by double-digit margins, they preferred Democrats to handle (by 23%) education, by (18%) the economy, privacyby (15%) and by 14% Iraq, immigration and taxes.Instead of enriching the seven major oil companies [“Seven Sisters”] we should be buying gasoline from Venezuela-ownedCitgo, which helps provide medical care, food, housing and education for the poor of Venezuela. You will also be helpingCitgo’s 14,000 American employees. The bottom line on the Medicare Drug Program is that the program will eventuallyreplace existing public and private spending on drugs with the taxpayer footing the entire bill. Once that is completed, allof medicine will be nationalized and we’ll have the nightmare that Canada now has. Seventy-five percent of seniorsalready had some form of prescription drug coverage even before the hugely expensive Medical Drug Bill was passed in2003. Eventually doctors and other healthcare professionals will become little more than employers of the state. AllCongress had to do was target assistance to low-income seniors who needed the most help. Instead most of the Medicarebeneficiaries enrolled in the drug program were enrolled automatically, whether by employers who are getting hugetaxpayer subsidies, or through the new Medicare Advantage plans. About 6.4 million Medicare beneficiaries also eligiblefor Medicaid had no choice at all in the matter: They were simply transferred, en masse, into the new Medicare drugprogram. Congress created a universal entitlement, and a universal entitlement will eventually crowd out most alternativecoverage, including employer-based coverage. While all this transpires, 75 year unfunded liabilities of the Medicareprogram have reached $32.4 trillion, $8 trillion from the drug entitlement alone. The hit will be heavy in 2011, when babyboomers start to retire. The answer is take everyone making over $50,000 a year and with more than $250,000 in assetsoff of Medicare. That will help save the system. Remember, that is us that will be cut off.Consumer prices rose 0.6% in April led by higher energy prices. Higher rents finally figured in the increase. Year-on-year,CPI is up 3.5%, up from March y-o-y of 3.4%. For the first four months of the year, inflation is running at a 5.1% annualrate versus 3.4% in 2004. Our figures still show annualized inflation up over 10% annually for the past six years. Morethan a decade after US troops withdrew from Somalia, following a disastrous military intervention, the administration issecretly supporting secular [criminal] warlords who have been waging fierce battles against Islamic groups for the controlof the capital, Mogadishu. If nothing else this looks like payback. The Islamic government wants the US involved in amore constructive way, but that is not going to happen. The administration refuses to answer any questions on the issue.We hear the justification for backing rebel [gangsters] warlords is to save Somalia from al Qaeda. Do they really expect usto believe that?PIMCO’s Bill gross really blew it on projections of the 10-year US Treasury yields. His prior range was 3% to 4.5%, whichwe called him on when he made the projection. We made ours 5 1/4%. He just upgraded to 4% to 5.5%. How veryconvenient. He had lots of excuses, but that is a very bad major call. He also tells us that global inflation remains benign,averaging 1-3% and believes dollar bases assets and the dollar should under-perform global alternatives. It is absolutelyincredible that a man who controls billions of dollars in US Treasuries, via his funds, can continually lie about theeconomy. How can a professional miss the interest rate rise structure by 1% or 25%? Worse yet, he knows the BLSfigures are bogus, yet tells us inflation will only be 3% or less. He knows inflation is considerably higher. This shows youthe tremendous pressure that is placed upon money managers. These projections make Gross look like an absolute fool.An estimated $2 trillion in home loans nationwide is expected to adjust upward in 2006-07. In Colorado, 28.5% ofhomeowners have 5% or less equity in their homes, and 47% have 15% or less. Only Tennessee homeowners, onaverage, have less equity. Increasingly, people who locked in 3-year ARMS with rates in the 4% range are finding loanrates rising by 50% or more.Next, the downward spiral begins: They cannot afford the higher payment, they cannot sell their homes for profit, or theycannot refinance because they have little or no equity in their houses, or they’re precluded from refinancing because ofpre-payment penalties. They believed housing prices would go up forever. When you combine ARMS, 100% financing,negative amortization, seller-paid closing costs, rising rates, falling prices, rising inventory and a continuing sluggisheconomy, you have a recipe for 1988 to 1992 revisited and then some. A typical borrower who took out a 3-year ARM in2003 at 4.18% could see that loan rise to 6.18% in 2006 and 7.625% in 2007. The first rise would move the payment to$1,699, a $528 increase from the initial amount, a 45% increase. Even worse, some have “Option ARMS” which givesconsumers the choice of making minimum payments, minimum payments with interest, or payments with interest andprincipal. They can choose whether to amortize the loans on a 15-year or 30-year basis. Sometimes the rates changeevery month. If you don’t pay the minimum payment it is added to your loan and it is called negative amortization, whichmeans the loan can grow with every payment. The only regions that might get a break are those that didn’t rise in value.7.7 million borrowers took out $1.88 trillion in ARMS in 2004-2005, $368.3 billion of that amount are “loans with equitydifficulty,” that are at risk of going into default. It is thought 5% could default or $550 billion of $11 trillion of home equityin the US. That means lower prices and less consumption. We contend these loans should have never been made in thefirst place. The piper has to be paid. Rents, a large part of the CPI, rather than house prices, that lay dormant for sixyears are rising and so is the CPI, until, of course, they change the formulas again, which they do frequently. Rents in LosThe Hidden History Of Money & New World Order Usury Secrets Revealed at last! Page 513