Pronk Pops

“…May 17 (Bloomberg Law) — Last week JP Morgan Chase acknowledged a trading loss of at least $2 billion, fueling calls by some observers for more regulation of financial institutions. Chris Whalen, a Senior Managing Director at Tangent Capital Partner, tells Bloomberg Law’s Lee Pacchia that it was actually too much regulation that led to the loss. Jeff Madrick, a Senior Fellow at the Roosevelt Institute, maintains instead that regulators need to clamp down on financial institutions if the dangers of such losses are to be minimized….”

Could JP Morgan Losses Have Been Prevented?

JPMorgan Says Farewell to a Top Executive Amid Fallout

PRESS Pass: JPMorgan Chase CEO Jamie Dimon

http://video.msnbc.msn.com/meet-the-press/47400688#47400688

Sens. Levin, Corker Debate Implementing Financial Regulation

Should Jamie Dimon’s J.P. Morgan Duties Be Broken Up?

J.P. Morgan Moves to Protect Dimon

CBS Evening News with … : Three JPMorgan Chase executives resign

Inside Story Americas – Can US banks be trusted to self-regulate?

JP Morgan’s $2 Billion Trading Loss: Potential Impact

Jamie Dimon’s pivot from bravado to humility – Rough Cuts

After JPMorgan’s Huge Loss, Is More Regulation Needed?

Keiser Report: Countdown to Armageddon (Pt 1)

Keiser Report: Countdown to Armageddon (Pt 2)

$2 Billion Dollar ‘Mistake’ By JP Morgan CEO Jamie Dimon

Gerald Celente calls out Jamie “two-bit” Dimon and his Financial Crime Syndicate

JP Morgan’s $2 Billion Trading Loss: Potential Impact

JAMIE DIMON WRITTEN UP AND ISSUED A CORRECTIVE & DISCIPLINARY ACTION OVER $2B TRADING

J.P. Morgan’s $2B Trading Loss: Too Big to Manage?

“We Screwed Up”: JP Morgan CEO Jamie Dimon To Fox Business Network

Hedge Funds Profit as J.P. Morgan Sees Losses

JPMorgan Chase Acknowledges $2B Trading Loss

P Morgan’s “Unicorn Hedge” Fairy Tale Harpoons the London Whale!

Financial Checkup: JP Morgan Loses 2 Billion

What should happen now to JPMorgan Chase’s CEO?

Bank of America’s Scarff on JPMorgan’s Trading Loss Implications

‘London Whale’ Rattles Debt Market

In recent weeks, hedge funds and other investors have been puzzled by unusual movements in some credit markets, and have been buzzing about the identity of a deep-pocketed trader dubbed “the London whale.” That trader, according to people familiar with the matter, is a low-profile, French-born J.P. Morgan Chase & Co. employee named Bruno Michel Iksil. Mr. Iksil has taken large positions for the bank in insurance-like products called credit-default swaps. Lately, partly in reaction to market movements possibly resulting from Mr. Iksil’s trades, some hedge funds and others have made heavy opposing bets, according to people close to the matter.

The “London Whale” Swamps JPMorgan

Raw Footage of Peter Wallison Interview from The Bubble

The Bubble is a feature length documentary that ask those who predicted the greatest recession since the Great Depression, why did it happen and what are we facing? The documentary is an adaptation of Tom Woods’ New York Times bestseller Meltdown. Filmmaker Jimmy Morrison is releasing each interview in full for free every month until the film’s release.

Peter J. Wallison, a codirector of AEI’s program on financial policy studies, researches banking, insurance, and securities regulation. As general counsel of the U.S. Treasury Department, he had a significant role in the development of the Reagan administration’s proposals for the deregulation of the financial services industry. He also served as White House counsel to President Ronald Reagan and is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency (Westview Press, 2002). His other books include Competitive Equity: A Better Way to Organize Mutual Funds (2007); Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (2004); The GAAP Gap: Corporate Disclosure in the Internet Age (2000); and Optional Federal Chartering and Regulation of Insurance Companies(2000). He also writes for AEI’s Financial Services Outlook series.

A Big Think Interview With Peter Wallison

Peter Wallison’s Dissent from the Majority Report of the Financial Crisis Inquiry Commission

Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet

The economic consequences of JPMorgan Chase & Co.’s $2 billion losses

Investment trading losses exceeding $2 billion at J.P. Morgan Chase & Co resulted in employees losing their jobs and a failing stock price. Will it lead to more banking regulations and bailouts?

On May 10 J.P. Morgan’s Chief Executive, Jamie Dimon, disclosed losses on a derivatives trade of more than $2 billion at the London office of the bank. These investments were supposed to hedge the risk of the bank’s other assets including the bank’s entire loan portfolio. These hedging investments actually lead not to less investment risk but significant investment losses that were disclosed by the bank before the investment position or trade was reversed.

The entire investment staff at the bank’s London office, which was responsible for the trading losses, may be at risk of losing their jobs, according to Bloomberg. The bank’s losses have led to the retirement, resignation, termination and reassignment of employees at the bank. Chief Investment Officer, Ina Drew, who was responsible for $360 billion in investments retired on May 14. However, the bank continues to employs Bruno Iksil, the investment trader, known as the London Whale, who used derivatives to bet on credit default swap indices. This trade was responsible for the bank’s losses. Dimon characterized the trade as “flawed, complex, poorly reviewed, poorly executed and poorly monitored.”

Since the end of the first quarter, the bank’ stock price has declined more than $10 per share to about $36. JPMorgan Chase & Co., the largest U.S. bank, is considered to be one of the better managed U.S. banks as evidenced by the growth in profits and shareholder equity under the Dimon’s leadership. Last year the bank earned $19 billion in profits and had shareholders common equity of $184 billion. Even if the trading losses were to double or triple, the bank’s profits would more than cover these trading losses.

The Volker rule was mandated as part of the Dodd Frank Act and is named after former chairman of the Federal Reserve, Paul Volker. The rule is in the process of being finalized and would prohibit commercial banks from engaging in proprietary trading, where the bank invests or bets its own money. However, investment portfolio hedging is exempted under the Volker rule. Therefore, even if the Volker rule was operative, it would not have prevented the bank’s trading losses.

Existing government bank regulation failed to prevent the bank’s losses. There is no reason to believe more government bank regulation would stop future investment losses. Government intervention into the economy in the form of bank regulation has repeatedly failed to prevent bank insolvencies that may lead to financial crises.

The topic is important because the vast majority of Americans do not want the federal government bailing out banks that are “too big to fail”. This was confirmed by Rasmussen Reports on May 16 in a report titled, “71% Say Government Should Let Big Troubled Banks Fail.”

I oppose government intervention in the economy including government banking regulation. The market regulates business far better than government bank regulators. JPMorgan Chase & Co.’s poor management of investment risk resulted in losses and a falling stock price. The bank’s employees paid a price by losing their jobs and the bank’s shareholders paid a price by a significant decline in the bank’s stock price. This is exactly how free market capitalism works. The federal government should not “socialize losses” by bailing out insolvent financial institution that are “too big to fail” with taxpayer money. An insolvent financial institution should be liquated with their assets sold to other successful business firms.

Ludwig von Mises said it best: “Big business depends entirely on the patronage of those who buy its products: the biggest enterprises lose its power and its influence when it loses its customers.”

Background Articles and Videos

GLOBAL AFFAIRS AND THE GLOBAL ECONOMY

IBM THINK Forum | A Conversation on Leading in Times of Deep Structural Change

A conversation with Jamie Dimon, Chairman and Chief Executive Officer, JP Morgan Chase & Co.; Dr. Victor K. Fung, Li & Fung Limited; Jim McNerney, Chairman, President and Chief Executive Officer, The Boeing Company; Moderated by Dr. Fareed Zakaria, CNN Host, Fareed Zakaria GPS, Editor-at-Large, TIME, Columnist, The Washington Post, and Author

Jamie Dimon of Chase speaks in Seattle on Nov. 2, 2011

Jamie Dimon: Address to HBS MBA Class of 2009, Class Day June 21, 2009

How will JPMorgan’s $2B loss affect banking rules?

By DANIEL WAGNER | Associated Press

“…The $2 billion trading loss at JPMorgan Chase has renewed calls for stricter oversight of Wall Street banks. Two years after Congress passed an overhaul of financial rules, many of those changes have yet to be finalized.

JPMorgan’s misstep gives advocates of stronger regulation an opening to argue that regulators should toughen their approach.

The Obama administration has argued that it went as hard on banks as possible without further upsetting global finance. Now Democratic lawmakers and administration officials say JPMorgan case proves that more change is needed.

Still, many in the industry warn against reading too much into one trading loss. They say losing money is an inevitable part of taking risk, as banks must.

Some fear that after JPMorgan’s announcement, regulators will greet industry concerns with more skepticism as they flesh out key parts of the overhaul law.

THE VOLCKER RULE

This provision restricts banks’ ability to trade for their own profit, a practice known as proprietary trading. It is named for former Federal Reserve Chairman Paul Volcker.

— Battle lines: Banks say it disrupts two of their core functions: Creating markets for customers who want to buy financial products and managing their own risk to prevent major losses.

They say proprietary trading was not a cause of the 2008 financial crisis and the rule is a means of political revenge on an unpopular industry. Advocates of stronger regulation argue that the rule would have prevented JPMorgan’s loss. They say the trades were made to boost bank profits, not to protect against market-wide risk.

— State of play: A draft of the rule satisfied neither side. It includes exceptions for hedging against risk and for market-making, but banks say they the exceptions are too narrow and difficult to enforce. It’s nearly impossible to tell whether a bank bought or sold something for itself or for customers.

— JPMorgan effect: Attitudes about the Volcker rule are likely to shift as a result of JPMorgan’s disclosure, experts say. Even if JPMorgan’s trades truly were a failed attempt to protect against risk, the resulting loss strengthens the argument that regulators should err on the side of scrutinizing trades. …”

http://news.yahoo.com/jpmorgans-2b-loss-affect-banking-rules-064405501–finance.html

Dissent from the Majority Report of the Financial Crisis Inquiry Commission

Peter J. Wallison | AEI Online

January 26, 2011

“…Read the dissent in full as an Adobe Acrobat PDF.

The question I have been most frequently asked about the Financial Crisis Inquiry Commission (the “FCIC” or the “Commission”) is why Congress bothered to authorize it at all. Without waiting for the Commission’s insights into the causes of the financial crisis, Congress passed and President Obama signed the Dodd-Frank Act (DFA), far-reaching and highly consequential regulatory legislation. Congress and the President acted without seeking to understand the true causes of the wrenching events of 2008, perhaps following the precept of the President’s chief of staff: “Never let a good crisis go to waste.” Although the FCIC’s work was not the full investigation to which the American people were entitled, it has served a useful purpose by focusing attention again on the financial crisis and whether–with some distance from it–we can draw a more accurate assessment than the media did with what is often called the “first draft of history.”

To avoid the next financial crisis, we must understand what caused the one from which we are now slowly emerging, and take action to avoid the same mistakes in the future. If there is doubt that these lessons are important, consider the ongoing efforts to amend the Community Reinvestment Act of 1977 (CRA). Late in the last session of the 111th Congress, a group of Democratic Congress members introduced H.R. 6334. This bill, which was lauded by House Financial Services Committee Chairman Barney Frank as his “top priority” in the lame duck session of that Congress, would have extended the CRA to all “U.S. nonbank financial companies,” and thus would apply to even more of the national economy the same government social policy mandates responsible for the mortgage meltdown and the financial crisis. Fortunately, the bill was not acted upon. Because of the recent election, it is unlikely that supporters of H.R. 6334 will have the power to adopt similar legislation in the next Congress, but in the future, other lawmakers with views similar to Barney Frank’s may seek to mandate similar requirements. At that time, the only real bulwark against the government’s use of private entities for social policy purposes will be a full understanding of how these policies were connected to the financial crisis of 2008. …”

http://www.aei.org/papers/economics/fiscal-policy/dissent-from-the-majority-report-of-the-financial-crisis-inquiry-commission-paper/

JPMorgan case is complicated

Robert J. Samuelson

“…The trading loss at JPMorgan is good for the system — though not for JPMorgan — because it reminds people that risk is unavoidable and because it may identify specific practices that, if they became widespread, could spawn a broader crisis. The time for genuine worry is when everyone agrees that the outlook is bright and risks are few. This suggests the wishful thinking that often precedes financial “bubbles.” Government regulation often follows a perverse cycle: too loose when the economy is strong; too rigid when it’s weak.

We don’t yet know all the details of JPMorgan’s loss. How did trades initially intended to hedge risk — to reduce it — end up having the opposite effect? Until we can answer that, the wider implications for government regulation, including the Volcker Rule, remain unsettled.

But we ought to avoid simple morality tales of avaricious bankers versus virtuous regulators. The real world is more complicated. The global financial system’s complexities and interconnections have grown. Some of these can be restrained; few can be repealed. Bankers and regulators are hostage to a rapidly changing, poorly understood system.

One lesson is obvious: Banks and other major financial institutions need ample capital. The dangers lie not in what we know — but in what we don’t.”

http://www.dispatch.com/content/stories/editorials/2012/05/16/jpmorgan-case-is-complicated.html

By Dawn Kopecki – May 14, 2012 9:41 AM CT

http://www.bloomberg.com/news/2012-05-13/jpmorgan-executives-said-to-depart-this-week-after-trading-loss.htmlhttp://www.bloomberg.com/news/2012-05-13/jpmorgan-executives-said-to-depart-this-week-after-trading-loss.html

JP Morgan Biography Federal Reserve Act History

Pronk Pops Show 73, May 9, 2012: Segment 2: Forward Radical Progressive Socialists–Better Not Look Down–More Deadly Than War–Barack Obama–Videos

Raymond Thomas Pronk — Wed, 09 May 2012 18:50:58 +0000

Pronk Pops Show 73: May 9, 2012

Pronk Pops Show 72: May 2, 2012

Pronk Pops Show 71: April 25, 2012

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 2: Forward Radical Progressive Socialists–Better Not Look Down–More Deadly Than War–Barack Obama–Videos

“…The name Forward carries a special meaning in socialist political terminology. It has been frequently used as a name for socialist, communist and other leftwing newspapers and publications. For example, Vpered (Russian language for ‘Forward’) was the name of the publication that Lenin started after having resigned rom the Iskra editorial board in 1905 after a clash with Georgi Plekhanov and the Mensheviks.^[1]

Forward was used by the US President Barrack Obama as his 2012 presidential campaign slogan. The slogan was used to look back at the begining of his Presidency and the situation he inherited, and the bold strides taken over the four years of his term in office, and as a message towards his reelection. ^{[2] …”}

http://en.wikipedia.org/wiki/Forward_(generic_name_of_socialist_publications)

http://gasbuddy.com/gb_retail_price_chart.aspx

Unemployment Level

Number in Thousands

U-3 Unemployment Rate

Percent or Rate

U-6 Unemployment Rate

Percent or Rate

http://data.bls.gov/pdq/SurveyOutputServlet

http://www.shadowstats.com/alternate_data/unemployment-charts

Forward.

Obama Campaign Slogan ‘Forward’ a Hitler Youth Marching Tune

“If I wanted America to fail”

Better Not Look Down

G Edward Griffin – More Deadly Than War – Part 1 of 8

G Edward Griffin – More Deadly Than War – Part 2 of 8

G Edward Griffin – More Deadly Than War – Part 3 of 8

G Edward Griffin – More Deadly Than War – Part 4 of 8

G Edward Griffin – More Deadly Than War – Part 5 of 8

G Edward Griffin – More Deadly Than War – Part 6 of 8

G Edward Griffin – More Deadly Than War – Part 7 of 8

G Edward Griffin – More Deadly Than War – Part 8 of 8

Obama “Jobs” Bill…

Obama Kicks Off Campaign…

New Obama slogan has long ties to Marxism, socialism

By Victor Morton

“…The Obama campaign apparently didn’t look backwards into history when selecting its new campaign slogan, “Forward” — a word with a long and rich association with European Marxism.

Many Communist and radical publications and entities throughout the 19th and 20th centuries had the name “Forward!” or its foreign cognates. Wikipedia has an entire section called “Forward (generic name of socialist publications).”

“The name Forward carries a special meaning in socialist political terminology. It has been frequently used as a name for socialist, communist and other left-wing newspapers and publications,” the online encyclopedia explains.

The slogan “Forward!” reflected the conviction of European Marxists and radicals that their movements reflected the march of history, which would move forward past capitalism and into socialism and communism.

The Obama campaign released its new campaign slogan Monday in a 7-minute video. The title card has simply the word “Forward” with the “O” having the familiar Obama logo from 2008. It will be played at rallies this weekend that mark the Obama re-election campaign’s official beginning. …”

http://www.youtube.com/watch?v=mbxwYxIm_tg&feature=relmfu

Pronk Pops Show 73, May 9, 2012: Segment 1: The Life of Julia–The New Progressive Woman–Or–How I Learned To Love The State–Collectivist Cradle To Grave Government Dependency Political Propaganda–Videos

Raymond Thomas Pronk — Wed, 09 May 2012 18:17:34 +0000

Pronk Pops Show 73: May 9, 2012

Pronk Pops Show 72: May 2, 2012

Pronk Pops Show 71: April 25, 2012

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 1: The Life of Julia–The New Progressive Woman–Or–How I Learned To Love The State–Collectivist Cradle To Grave Government Dependency Political Propaganda–Videos

The Life of Julia

http://www.barackobama.com/life-of-julia

“There will be, in the next generation or so, a pharmacological method of making people love their servitude, and producing dictatorship without tears, so to speak, producing a kind of painless concentration camp for entire societies, so that people will in fact have their liberties taken away from them, but will rather enjoy it, because they will be distracted from any desire to rebel by propaganda or brainwashing, or brainwashing enhanced by pharmacological methods. And this seems to be the final revolution.”

~Aldous Huxley, Tavistock Group, California Medical School, 1961

Real Julia Rips Sexist Obama Ad

Romney: If you’re looking for more free stuff, vote for the other guy

G. Edward Griffin – The Collectivist Conspiracy

Morning Joe Crew Blasts Obama #Julia Ad

Aldous Huxley interview. Brave New World. The changing face of democracy. Advertising and the Media

Aldous Huxley’s Brave New World

The Ultimate Revolution | by Aldous Huxley

Closer look at “The Life of Julia”

The Life Of Julia

#Julia and Commie Cheerleaders!!

Pt. 1 – THE GREAT PETER SCHIFF DISSECTS BARACK OBAMA’S “THE LIFE OF JULIA”

Pt. 2 – THE GREAT PETER SCHIFF DISSECTS BARACK OBAMA’S “THE LIFE OF JULIA”

Individualism vs Collectivism – The True Debate of Our Time

Obama the Barbarian? Obama Parts with Left, And Wages War Across Globe

Julia Has Changed Her Name To Cecilia

Simon & Garfunkel – Cecilia

“Cecilia”

Celia, you’re breaking my heart,

You’re shaking my confidence daily.

Oh Cecilia, I’m down on my knees, I’m begging you please to come home.
Celia, you’re breaking my heart,

You’re shaking my confidence daily.

Oh Cecilia, I’m down on my knees,

I’m begging you please to come home.

Come on home.

Making love in the afternoon with Cecilia Up in my bedroom,

I got up to wash my face When I come back to bed, Someone’s taken my place.

Celia, you’re breaking my heart,

You’re shaking my confidence daily.

Oh Cecilia, I’m down on my knees,

I’m begging you please to come home.
Jubilation,

She loves me again,

I fall on the floor and I laughing.
Jubilation,

She loves me again,

I fall on the floor and I laughing.

Pronk Pops Show 73, May 9, 2012: Segment 0: 63.6 Percent Labor Participation Rate Lowest in 3 Decades:Labor Force Shrank By 342,000 in April 2012–The Real Reason The Unemployment Rate Fell To 8.1 Percent–Videos

Raymond Thomas Pronk — Wed, 09 May 2012 17:48:38 +0000

Pronk Pops Show 73: May 9, 2012

Pronk Pops Show 72: May 2, 2012

Pronk Pops Show 71: April 25, 2012

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 0: 63.6 Percent Labor Participation Rate Lowest in 3 Decades:Labor Force Shrank By 342,000 in April 2012–The Real Reason The Unemployment Rate Fell To 8.1 Percent–Videos

What weak April jobs report could mean

The Kudlow Report – Stocks Suffer A Jobs Jolt On Friday 5-4-2012

Financial Checkup: Nothing Good in April Jobs Numbers

Peter Schiff: We aren’t that far behind Greece

Max Keiser: Unemployment numbers are ‘propaganda’

The Truth Behind the Unemployment Numbers + Stimulus vs Austerity

Unemployment Rate Down, Job Creation Misses Mark

Holtz-Eakin On Disappointing Jobs Numbers on FOX News

Wall Street retreats on US jobs report

U.S. Job Growth Slowed, Economy Adding 115,000 In April

ADP Reports Weaker Rise In Private Sector Jobs

Record High Unemployment in the Eurozone

Top Headlines: ADP Jobs Report, Europe Unemployment

Eurozone unemployment still rising

Grim recovery outlook from BLS Comissioner Hall

Vice Chairman Brady Questions BLS Commissioner at JEC Hearing on the Employment Situation

U.S. economy slows with high unemployment rates, growing national debt and rising gas prices

College students across the nation face a slowing economy, high unemployment rates, a growing national debt and rising gas prices.

The Department of Commerce, Bureau of Economic Analysis, reported on April 27 that the real gross domestic product (GDP) increased by a 2.2 percent annual rate in the first quarter of 2012. This compares to a 3 percent annual rate increase in real domestic product in the fourth quarter of 2011.

Source: http://www.bea.gov/newsreleases/national/gdp/gdp_glance.htm

The Bureau emphasized that the first quarter numbers are advanced estimates based on incomplete data. The second estimate for the first quarter is based on more complete data and will be released May 31.

The slowdown in real GDP in the first quarter was primarily due to a deceleration in private inventory investment and a downturn in nonresidential fixed investment. This was partially offset by acceleration in personal consumption expenditures and exports.

President Barack Obama’s Principal Deputy Press Secretary Josh Earnest abroad Air Force One en route to Fort Stewart, Ga. said:

“Today’s report indicates that, for the 11th consecutive quarter, we’ve enjoyed economic growth in this country.”

Earnest pointed to other encouraging aspects of the report. He said:

“Personal consumption increased by 2.9 percent; that’s an increase from 2.1 percent in the previous quarter. We also saw residential home construction increase by about 19 percent. So there have been four consecutive quarters of improvement in the residential housing sector. That’s the first time that that’s happened since 2005.”

The unemployment rate has been more than 8 percent for the preceding 39 consecutive months. In April the unemployment rate was 8.1 percent. The unemployment rate is even higher among teenagers at 24.9 percent, blacks at 13 percent and Hispanics at 10.3 percent according to the Bureau of Labor Statistics (BLS). More than 12.5 million Americans are unemployed and searching for a job.

U.S. Unemployment Rate U-3

Source:U.S.Department of Labor, Bureau of Labor Statistics

The main reason the unemployment rate has fallen in recent months is the significant decline in the labor participation rate resulting in a smaller labor force. During the Bush administration, the labor participation rate was usually in the 66 percent to 67 percent range. During the Obama administration, the labor participation rate has fallen from a high of 65.8 percent in February, 2009 to a low of 63.6 percent in April 2012, the lowest in 3 decades. The labor force is shrinking as more and more Americans become discouraged and leave the labor force when they are unable to find a job after many months of searching for employment. The labor force declined by 342,000 in April according the BLS.

U.S. Labor Participation Rate

Source:U.S.Department of Labor, Bureau of Labor Statistics

The nonfarm payrolls increased by 115,000 jobs in April, the lowest job gain in six months. The February and March job estimates were revised upward by a total of 53,000. Nonfarm payroll is the total number of paid U.S. workers of any business excluding employees of farms, private households, nonprofit organizations that provide assistance to individuals, and general government. Nonfarm payroll accounts for approximately 80 percent of the workers who produce the GDP of the U.S.

Change in Nonfarm Payroll in Last Six Months

November	December	January	February	March	April
157,000	223,000	175,000	240,000	154,000	115,000

Source:U.S.Department of Labor, Bureau of Labor Statistics

When George W. Bush became President in January 2001, the employment level was 137.7 million. The employment level peaked in November 2007 at 146.5 million. When Obama became President in January 2009, the employment level was 142.1 million. The employment level bottomed out in December 2009 at 137.9 million. In April the employment level was 141.8 million or 4.7 million fewer people employed than in November 2007.

U.S. Employment Level in thousands

Source:U.S.Department of Labor, Bureau of Labor Statistics

On Bush’s first day in office, the national debt was $5.7 trillion. Bush added $4.9 trillion to the national debt during his eight years in office. On Obama’s first day in office, the national debt was $10.6 trillion. Obama will have added more than $5.3 trillion to the national debt during his four years in office. In just 12 years of massive government deficit spending, the national debt will have increased more than $10 trillion.

Today the U.S. total gross national debt exceeds $15.7 trillion or more than $50,000 per citizen or $138,000 per taxpayer, with annual interest on the debt exceeding $225 billion, according to www.usdebtclock.org. The national debt exceeds 100 percent of U.S. GDP, the total value of final goods and services. Should Obama be re-elected, his budgetary projections would result in a national debt exceeding $20 trillion by 2016. Massive government deficit spending, a rapidly rising national debt and interest payments are major concerns of the American people and will be campaign issues in the 2012 election.

The cost of driving has also significantly increased. Gas prices nationally have risen from an average of $1.85 in January 2009 to $ 3.83 or more today.

Much of this increase in gasoline prices at the pump is due to excessive speculation in crude oil future contracts by large financial institutions, according to Michael Greenberger, a professor at the University of Maryland’s Francis King Carey School of Law and formerly a Futures Trading Commission director in the Division of Trading & Markets. Greenberger wrote:

“A host of prominent economic studies from inter alia, Stanford, Princeton, Texas A&M University and the London School of Economics, as well as analysis by such prominent market observers as Nouriel Roubini from the Stern School of Business at New York University, have concluded that the five-year volatility in the price of crude oil is substantially due to excessive speculation in crude oil derivative markets. These studies do not conclude that market volatility principally derives from supply/demand fundamentals.”

For additional information, view the YouTube videos, “Michael Greenberger on commodity prices and volatility” and “Michael Greenberger on crude oil speculation.”

If the upward trend in gas prices continues into the summer and fall months, the economy would most likely slow even more and unemployment rates rise even higher. In the next 12 months, the U.S. economy might even enter another recession with two consecutive quarters of negative growth in real GDP. This would directly affect college students and who they vote for in the 2012 elections.

Background Articles and Videos

Employment Situation Summary

Transmission of material in this release is embargoed USDL-12-0816
until 8:30 a.m. (EDT) Friday, May 4, 2012

Technical information:
Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps
Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces

Media contact: (202) 691-5902 * PressOffice@bls.gov

THE EMPLOYMENT SITUATION -- APRIL 2012

Nonfarm payroll employment rose by 115,000 in April, and the unemployment
rate was little changed at 8.1 percent, the U.S. Bureau of Labor Statistics
reported today. Employment increased in professional and business services,
retail trade, and health care, but declined in transportation and warehousing.

Household Survey Data

Both the number of unemployed persons (12.5 million) and the unemployment
rate (8.1 percent) changed little in April. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men
(7.5 percent), adult women (7.4 percent), teenagers (24.9 percent), whites
(7.4 percent), and Hispanics (10.3 percent) showed little or no change in
April, while the rate for blacks (13.0 percent) declined over the month.
The jobless rate for Asians was 5.2 percent in April (not seasonally
adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks and over)
was little changed at 5.1 million in April. These individuals made up 41.3
percent of the unemployed. Over the year, the number of long-term unemployed
has fallen by 759,000. (See table A-12.)

The civilian labor force participation rate declined in April to 63.6 percent, while the employment-population ratio, at 58.4 percent, changed little.
(See table A-1.)

The number of persons employed part time for economic reasons (sometimes
referred to as involuntary part-time workers) was essentially unchanged in
April at 7.9 million. These individuals were working part time because their
hours had been cut back or because they were unable to find a full-time job.
(See table A-8.)

In April, 2.4 million persons were marginally attached to the labor force,
essentially unchanged from a year earlier. (The data are not seasonally
adjusted.) These individuals were not in the labor force, wanted and were
available for work, and had looked for a job sometime in the prior 12 months.
They were not counted as unemployed because they had not searched for work in
the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 968,000 discouraged workers in April,
about the same as a year earlier. (The data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they
believe no jobs are available for them. The remaining 1.4 million persons
marginally attached to the labor force in April had not searched for work
in the 4 weeks preceding the survey for reasons such as school attendance
or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment rose by 115,000 in April. This increase
followed a gain of 154,000 in March and gains averaging 252,000 per month
for December to February. In April, employment rose in professional and
business services, retail trade, and health care. Transportation and
warehousing lost jobs over the month. (See table B-1.)

Employment in professional and business services increased by 62,000 in
April. Since a recent low point in September 2009, employment in this
industry has grown by 1.5 million. In April, employment in temporary help
services edged up by 21,000. Employment grew in architectural and
engineering services (+7,000) and in computer systems design and related
services (+7,000).

Retail trade employment rose by 29,000 over the month. General merchandise
stores added 21,000 jobs in April but has shown no definitive trend in recent
months. Employment in building material and garden supply stores continued to
trend up; the industry has added 19,000 jobs since December.

Health care continued to add jobs (+19,000) in April. Within the industry,
employment in ambulatory health care services, which includes home health care
and offices of physicians, rose by 15,000.

Within leisure and hospitality, employment in food services and drinking
places continued to trend up (+20,000) in April. Since February 2010, food
services and drinking places has added 576,000 jobs.

Manufacturing employment continued to trend up (+16,000) in April, with
job growth in fabricated metal products (+6,000) and machinery (+5,000).
Since its most recent employment low in January 2010, manufacturing has
added 489,000 jobs, largely in durable goods manufacturing.

Transportation and warehousing lost 17,000 jobs in April, with employment
declines in transit and ground passenger transportation (-11,000) and in
couriers and messengers (-7,000).

Employment in other major industries, including mining and logging, construction,
wholesale trade, information, financial activities, and government changed
little in April.

The average workweek for all employees on private nonfarm payrolls was unchanged
at 34.5 hours in April. The manufacturing workweek edged up by 0.1 hour to
40.8 hours, and factory overtime rose by 0.1 hour to 3.4 hours. The average
workweek for production and nonsupervisory employees on private nonfarm payrolls
was unchanged at 33.8 hours. (See tables B-2 and B-7.)

In April, average hourly earnings for all employees on private nonfarm payrolls
rose by 1 cent to $23.38. Over the past 12 months, average hourly earnings have
increased by 1.8 percent. In April, average hourly earnings of private-sector
production and nonsupervisory employees rose by 3 cents to $19.72.
(See tables B-3 and B-8.)

The change in total nonfarm payroll employment for February was revised from +240,000 to +259,000, and the change for March was revised from +120,000 to +154,000.
______________
The Employment Situation for May is scheduled to be released on
Friday, June 1, 2012, at 8:30 a.m. (EDT).

Employment Level

Series Id: LNS12000000

Seasonally Adjusted

Series title: (Seas) Employment Level

Labor force status: Employed

Type of data: Number in thousands

Age: 16 years and over

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2001	137778	137612	137783	137299	137092	136873	137071	136241	136846	136392	136238	136047
2002	135701	136438	136177	136126	136539	136415	136413	136705	137302	137008	136521	136426
2003	137417(1)	137482	137434	137633	137544	137790	137474	137549	137609	137984	138424	138411
2004	138472(1)	138542	138453	138680	138852	139174	139556	139573	139487	139732	140231	140125
2005	140245(1)	140385	140654	141254	141609	141714	142026	142434	142401	142548	142499	142752
2006	143150(1)	143457	143741	143761	144089	144353	144202	144625	144815	145314	145534	145970
2007	146028(1)	146057	146320	145586	145903	146063	145905	145682	146244	145946	146595	146273
2008	146397(1)	146157	146108	146130	145929	145738	145530	145196	145059	144792	144078	143328
2009	142187(1)	141660	140754	140654	140294	140003	139891	139458	138775	138401	138607	137968
2010	138500(1)	138665	138836	139306	139340	139137	139139	139338	139344	139072	138937	139220
2011	139330(1)	139551	139764	139628	139808	139385	139450	139754	140107	140297	140614	140790
2012	141637(1)	142065	142034	141865
1 : Data affected by changes in population controls.

Civilian Labor Force Level

Series Id: LNS11000000 Seasonally Adjusted

Series title: (Seas) Civilian Labor Force Level

Labor force status: Civilian labor force

Type of data: Number in thousands

Age: 16 years and over

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2001	143800	143701	143924	143569	143318	143357	143654	143284	143989	144086	144240	144305
2002	143883	144653	144481	144725	144938	144808	144803	145009	145552	145314	145041	145066
2003	145937(1)	146100	146022	146474	146500	147056	146485	146445	146530	146716	147000	146729
2004	146842(1)	146709	146944	146850	147065	147460	147692	147564	147415	147793	148162	148059
2005	148029(1)	148364	148391	148926	149261	149238	149432	149779	149954	150001	150065	150030
2006	150214(1)	150641	150813	150881	151069	151354	151377	151716	151662	152041	152406	152732
2007	153144(1)	152983	153051	152435	152670	153041	153054	152749	153414	153183	153835	153918
2008	154075(1)	153648	153925	153761	154325	154316	154480	154646	154559	154875	154622	154626
2009	154236(1)	154521	154143	154450	154800	154730	154538	154319	153786	153822	153833	153091
2010	153454(1)	153704	153964	154528	154216	153653	153748	154073	153918	153709	154041	153613
2011	153250(1)	153302	153392	153420	153700	153409	153358	153674	154004	154057	153937	153887
2012	154395(1)	154871	154707	154365
1 : Data affected by changes in population controls.

Labor Force Participation Rate

Series Id: LNS11300000 Seasonally Adjusted

Series title: (Seas) Labor Force Participation Rate

Labor force status: Civilian labor force participation rate

Type of data: Percent or rate

Age: 16 years and over

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2001	67.2	67.1	67.2	66.9	66.7	66.7	66.8	66.5	66.8	66.7	66.7	66.7
2002	66.5	66.8	66.6	66.7	66.7	66.6	66.5	66.6	66.7	66.6	66.4	66.3
2003	66.4	66.4	66.3	66.4	66.4	66.5	66.2	66.1	66.1	66.1	66.1	65.9
2004	66.1	66.0	66.0	65.9	66.0	66.1	66.1	66.0	65.8	65.9	66.0	65.9
2005	65.8	65.9	65.9	66.1	66.1	66.1	66.1	66.2	66.1	66.1	66.0	66.0
2006	66.0	66.1	66.2	66.1	66.1	66.2	66.1	66.2	66.1	66.2	66.3	66.4
2007	66.4	66.3	66.2	65.9	66.0	66.0	66.0	65.8	66.0	65.8	66.0	66.0
2008	66.2	66.0	66.1	65.9	66.1	66.1	66.1	66.1	65.9	66.0	65.8	65.8
2009	65.7	65.8	65.6	65.6	65.7	65.7	65.5	65.4	65.1	65.0	65.0	64.6
2010	64.8	64.9	64.9	65.1	64.9	64.6	64.6	64.7	64.6	64.4	64.5	64.3
2011	64.2	64.2	64.2	64.2	64.2	64.1	64.0	64.1	64.1	64.1	64.0	64.0
2012	63.7	63.9	63.8	63.6

Unemployment Rate U-3

Series Id: LNS14000000 Seasonally Adjusted

Series title: (Seas) Unemployment Rate

Labor force status: Unemployment rate

Type of data: Percent or rate

Age: 16 years and over

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2001	4.2	4.2	4.3	4.4	4.3	4.5	4.6	4.9	5.0	5.3	5.5	5.7
2002	5.7	5.7	5.7	5.9	5.8	5.8	5.8	5.7	5.7	5.7	5.9	6.0
2003	5.8	5.9	5.9	6.0	6.1	6.3	6.2	6.1	6.1	6.0	5.8	5.7
2004	5.7	5.6	5.8	5.6	5.6	5.6	5.5	5.4	5.4	5.5	5.4	5.4
2005	5.3	5.4	5.2	5.2	5.1	5.0	5.0	4.9	5.0	5.0	5.0	4.9
2006	4.7	4.8	4.7	4.7	4.6	4.6	4.7	4.7	4.5	4.4	4.5	4.4
2007	4.6	4.5	4.4	4.5	4.4	4.6	4.7	4.6	4.7	4.7	4.7	5.0
2008	5.0	4.9	5.1	5.0	5.4	5.6	5.8	6.1	6.1	6.5	6.8	7.3
2009	7.8	8.3	8.7	8.9	9.4	9.5	9.5	9.6	9.8	10.0	9.9	9.9
2010	9.7	9.8	9.8	9.9	9.6	9.4	9.5	9.6	9.5	9.5	9.8	9.4
2011	9.1	9.0	8.9	9.0	9.0	9.1	9.1	9.1	9.0	8.9	8.7	8.5
2012	8.3	8.3	8.2	8.1

Employers in U.S. Added Fewer Jobs Than Forecast in April

By Shobhana Chandra

“…Employers in the U.S. added fewer workers than forecast in April and the jobless rate unexpectedly declined as people left the labor force, underscoring concern the world’s largest economy may be losing speed.

Payrolls climbed 115,000, the smallest gain in six months, after a revised 154,000 rise in March that was more than initially estimated, Labor Department figures showed today in Washington. The median estimate of 85 economists surveyed by Bloomberg News called for a 160,000 advance. The jobless rate fell to a three-year low of 8.1 percent and earnings stagnated.

A slowdown in hiring as corporate optimism cools may restrain the wage growth needed to fuel consumer spending, which accounts for about 70 percent of the economy. Federal Reserve policy makers view unemployment as “elevated” and plan to hold borrowing costs low through late 2014. …”

http://www.bloomberg.com/news/2012-05-04/payrolls-in-u-s-rose-115-000-in-april-jobless-rate-at-8-1-.html

Unemployment Rate Or Unemployment Reality?

By Andrew C. McCarthy

“…Through the magic of Washington Math and the Obama Labor Department, the metric “unemployment rate” has become as nonsensical as “jobs created or saved” by the stimulus. The Obamedia creates a free campaign ad out of the purported drop from 8.3% to 8.2% (i.e., from appalling to marginally less appalling), but meantime millions have been added to the black-hole category of “Not In the Labor Force” — people who are so discouraged that they are not looking for work. That number is at an all-time high: 88 million. Thus the labor force participation rate, at under 64%, is lower than it’s been in 30 years. Mish Schedlock concludes, “Were it not for people dropping out of the labor force, the unemployment

rate would be well over 11%.”

Instead of giving the Left ammunition by bizarrely implying that our outlook is improving, maybe the Romney campaign could give some thought to breaking through the fudged “unemployment rate” chatter. Something like:

Total Population of Germany: 82,000,000

Population of U.S. Not in Labor Force: 88,000,000 …”

http://www.nationalreview.com/corner/295558/unemployment-rate-or-unemployment-reality-andrew-c-mccarthy#

Pronk Pops Show 72, May 2, 2012: Segment 1: Rising Gasoline Prices Due To Excessive Speculation In Oil Futures Contracts–Political Issue in 2012 Elections–American People Are Being Screwed At The Gas Pump & Grocery Store–Videos

Raymond Thomas Pronk — Wed, 02 May 2012 19:23:26 +0000

Pronk Pops Show 72: May 2, 2012

Pronk Pops Show 71: April 25, 2012

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Listen To Pronk Pops Podcast or Download Shows 71-72

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 1: Rising Gasoline Prices Due To Excessive Speculation In Oil Futures Contracts–Political Issue in 2012 Elections–American People Are Being Screwed At The Gas Pump & Grocery Store–Videos

http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24

Gas Prices Explained

Quantitative Easing Explained

Senator Blumenthal on Curbing Excessive Oil Speculation

Senator Blumenthal calls for action against excessive oil speculation that inflates gas prices

Cantwell: ‘Shenanigans’ in Oil Market Reminiscent of Enron ‘Nightmare’ in Pacific NW

How Uncertainty, Speculation Factor Into Gas Prices

Banksters & Speculation Behind High Food-Oil Prices

Under Questioning by Cantwell, Exxon CEO Estimates Oil Should Cost $60-70 Per Barrel

On May 12, 2011, when questioned by U.S. Senator Maria Cantwell (D-WA) at a Senate Finance Committee hearing, Exxon Mobil Chairman and Chief Executive Officer Rex Tillerson said that oil should cost between $60 and $70 per barrel, if the price of oil were based on supply and demand fundamentals. Oil was trading at $98 per barrel on Thursday morning, after inexplicitly plunging 5.5 percent yesterday.

Michael Greenberger on “commodity prices and volatility”

Regulations on Speculation Weak, But Better Than Nothing

Speculation and Watered Down Regulation

Secret Exemptions Allowed Speculators to Distort Futures Markets

CFTC Commissioner: “A Hair Trigger Away from Economic Calamity”

Will CFTC Limit Excessive Speculation?

Stossel: Oil Speculation

The Price Of Oil

CHHS Director explains derivatives regulation on C-SPAN – 5/15/09

Michael Greenberger Talks Speculation In Commodity Markets

Oil speculation and oil prices

Myth: The World is Running Out of Oil (Peak Oil)

Hearing on Energy Price Manipulation – Greenberger Testimony

Background Articles and Videos

Lecture 2: Course outline, futures markets history and market mechanics

Lecture 3: Futures contracts

Lecture 4: Options contracts and market history

Lecture 5: Reading futures contract price quote tables

Lecture 15: A further review of technical analysis

Lecture 16: Introduction to hedging with futures

Lecture 17: Hedging continued

Lecture 18: Hedging risk vs. return, diversification and options on futures

Lecture 19: Options on futures continued, with examples

Background Articles and Videos

The Paranoid Style in Liberal Politics

The left’s obsession with the Koch brothers

Apr 4, 2011, Vol. 16, No. 28 • By MATTHEW CONTINETTI

“…For decades David and Charles have run Koch Industries, an energy and manufacturing conglomerate that employs around 50,000 people in the United States and another 20,000 in 59 other countries. Depending on the year, Koch Industries is either the first- or second-largest privately held company in America—it alternates in the top spot with Cargill, the agricultural giant—with about $100 billion in revenues. David and Charles are worth around $22 billion each. Combine their wealth and you have the third-largest fortune in America after Bill Gates and Warren Buffett. Like most billionaires, the brothers spend a lot of time giving their money away: to medical and scientific research, to educational programs, to cultural institutions, and to public policy research and activism.

That last part has caught the attention of the left’s scouring eye. For unlike many billionaires, the Koch brothers espouse classical liberal economics: They advocate lower taxes, less government spending, fewer regulations, and limited government. “Society as a whole benefits from greater economic freedom,” Charles wrote in a recent Wall Street Journal op-ed. Judging by the results of the 2010 elections, there are millions of Americans who agree with him.

Over the years the Kochs have flown beneath the radar, not seeking publicity and receiving little. But then the crash of 2008 arrived, and the bailouts, and the election of Barack Obama, and pretty soon the whole country was engaged in one loud, colossal, rollicking, emotional argument over the size, scope, and solvency of the federal government. Without warning, folks were springing up, dressing in colonial garb, talking about the Constitution, calling for a Tea Party. Some of them even joined a group called Americans for Prosperity—which the Kochs helped found and partly fund.

For progressives confused at the heated opposition to their do-gooder agenda, the Kochs became convenient scapegoats. Invoking their name was a way to write off opposition to Obama as the false consciousness of racist rubes stoked by greedy businessmen. In the liberal imagination the Kochs ascended from obscurity to infamy in record time. Starting in the spring of 2009, whenever you turned on MSNBC or clicked on the Huffington Post you’d see the Kochs described in terms more applicable to Lex Luthor and General Zod. …”

http://www.weeklystandard.com/articles/paranoid-style-liberal-politics_555525.html

Koch Family

“…The Koch family ( /ˈkoʊk/ KOHK) of industrialists and businessmen is most notable for their control of Koch Industries, the second largest privately owned company in the United States.^[1] The family business was started by Fred C. Koch, who developed a new cracking method for the refinement of heavy oil into gasoline.^[2]^[3] Fred’s four sons became involved in litigation against each other in the 1980s and 1990s.^[4] According to the Koch Family Foundations and Philanthropy website, “the foundations and the individual giving of Koch family members” have financially supported organizations “fostering entrepreneurship, education, human services, at-risk youth, arts and culture, and medical research.” ^[5]

David H. Koch and Charles G. Koch—the two brothers still with Koch Industries—are affiliated with the Koch family foundations. Annual revenues for Koch Industries have been “estimated to be a hundred billion dollars.” ^[6]

Political activities

Main article: Political activities of the Koch family

David and Charles have funded conservative and libertarian policy and advocacy groups in the United States.^[7] Since the 1980s the Koch foundations have given more than $100 million to such organizations, among these think tanks like the Heritage Foundation and the Cato Institute, as well as more recently Americans for Prosperity.^[8] Americans for Prosperity and FreedomWorks are Koch-linked organizations that have been linked to the Tea Party movement.^[9]^[10]

Family members

Fred C. Koch (1900–1967), American chemical engineer and entrepreneur who founded the oil refinery firm that later became Koch Industries
Mary Robinson Koch (October 17, 1907 – December 21, 1990),^[11] wife of Fred C. and namesake of the company tanker vessel Mary R. Koch
Four sons of Fred C. and Mary Robinson Koch:^[11]
- Frederick R. Koch (born 1933), collector and philanthropist
- Charles G. Koch (born 1935), Chairman of the Board and Chief Executive Officer of Koch Industries
- David H. Koch (born 1940), Executive Vice President of Koch Industries
- William Koch (born 1940), businessman, sailor, and collector

References

^ “Forbes America’s Largest Private Companies”. Forbes.com. http://www.forbes.com/lists/2011/21/private-companies-11_land.html. Retrieved 10/4/11.
^ Koch, Charles C. (2007). The Science of Success: How Market-Based Management Built the World’s Largest Private Company. John Wiley & Sons, Inc.. p. 6. ISBN 978-0-470-13988-2.
^ “Koch Industries, Inc.”. Company Profile Report. Hoover’s, Inc.. 2010. http://www.hoovers.com/company/Koch_Industries_Inc/cftjki-1.html. Retrieved 10 May 2010. “[W]hen he tried to market his invention, the major oil companies sued him for patent infringement. Koch eventually won the lawsuits (after 15 years in court), but the controversy made it tough to attract many US customers.”
^ “Epic struggle among Koch brothers ends”. Houston Chronicle: p. 2. 26 May 2001.
^ http://kochfamilyfoundations.org/Foundations.asp
^ Mayer, Jane(August 10, 2010) http://www.newyorker.com/reporting/2010/08/30/100830fa_fact_mayer Covert Operations: The billionaire brothers who are waging a war against Obama The New Yorker
^ Zernike, Kate (October 19, 2010). “Secretive Republican Donors Are Planning Ahead”. New York Times. http://www.nytimes.com/2010/10/20/us/politics/20koch.htm.
^ Charles Koch, in interview with Stephen Moore of the Wall Street Journal. 6 May 2006. http://online.wsj.com/article/SB114687252956545543.html
^ Vogel, Kenneth P. (August 9, 2010), “Tea party’s growing money problem”, Politico, http://dyn.politico.com/members/forums/thread.cfm?catid=1&subcatid=70&threadid=4355176, retrieved 2011-06-14
^ Fenn, Peter (February 2, 2011), “Tea Party Funding Koch Brothers Emerge From Anonymity”, U.S. News & World Report, http://www.usnews.com/opinion/blogs/Peter-Fenn/2011/02/02/tea-party-funding-koch-brothers-emerge-from-anonymity, retrieved 2011-06-13
^ ^a ^b Fred and Mary Koch Foundation …”

http://en.wikipedia.org/wiki/Koch_family

Koch Industries

“…Koch Industries, Inc. (/ˈkoʊk/), is an American multinational conglomerate corporation based in Wichita, Kansas, United States, with subsidiaries involved in manufacturing, trading and investments. Koch also owns Invista, Georgia-Pacific, Flint Hills Resources, Koch Pipeline, Koch Fertilizer, Koch Minerals and Matador Cattle Company. Koch companies are involved in core industries such as the manufacturing, refining and distribution^[1] of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizers, pulp and paper, chemical technology equipment, ranching,^[3] finance, commodities trading, as well as other ventures and investments. The firm employs 50,000 people in the United States and another 20,000 in 59 other countries.^[4]

In 2011, Forbes called it the second largest privately held company in the United States (after Cargill) with an annual revenue of about $98 billion,^[5]^[6]^[7] down from the largest in 2006. If Koch Industries were a public company in 2007, it would rank about 16 in the Fortune 500.^[8]

Fred C. Koch, for whom Koch Industries, Inc. is named, co-founded the company in 1940 and developed an innovative crude oil refining process.^[9] His sons, Charles G. Koch, chairman of the board and chief executive officer, and David H. Koch, executive vice president, are principal owners of the company after they bought out their brothers, Frederick and William, for $1.1 billion in 1983.^[10] Charles and David H. Koch each own 42% of Koch Industries, and Charles has stated that the company will publicly offer shares “literally over my dead body”.^[5]

History

Predecessor companies

In 1925, Fred C. Koch joined MIT classmate Lewis E. Winkler at an engineering firm in Wichita, Kansas, which was renamed the Winkler-Koch Engineering Company. In 1927 they developed a more efficient thermal cracking process for turning crude oil into gasoline. This process threatened the competitive advantage of established oil companies, which sued for patent infringement. Temporarily forced out of business in the United States, they turned to other markets, including the Soviet Union, where Winkler-Koch built 15 cracking units between 1929 and 1932. During this time, Koch came to despise communism and Joseph Stalin’s regime.^[11]^[12] In his 1960 book, A Business Man Looks at Communism, Koch wrote that he found the USSR to be “a land of hunger, misery, and terror.”^[13] According to Charles G. Koch, “Virtually every engineer he worked with [there] was purged.”^[12]

In 1940, Koch joined new partners to create a new firm, the Wood River Oil and Refining Company, which is today known as Koch Industries. In 1946 the firm acquired the Rock Island refinery and crude oil gathering system near Duncan, Oklahoma. Wood River was later renamed the Rock Island Oil & Refining Company.^[14] Charles G. Koch joined Rock Island in 1961, having started his career at the management consulting firm Arthur D. Little. He became president in 1966 and chairman at age 32, upon his father’s death the following year.^[9]^[15]

Koch Industries

The company was renamed Koch Industries in honor of Fred Koch, the year after his death. At that time, it was primarily an engineering firm with part interest in a Minnesota refinery, a crude oil-gathering system in Oklahoma,^[12] and some cattle ranches.^[16] In 1968, Charles approached Union Oil of California about buying their interest in Great Northern Oil Company and its Pine Bend Refinery but the discussions quickly stalled after Union asked for a large premium.^[11] In 1969, Union Oil began trying to market their interest in Great Northern by telling potential buyers that Koch’s controlling interest could be thwarted by currying favor with another owner, J. Howard Marshall II. When Marshall discovered this he threw his lot in with Koch, they together acquired a majority interest in the company and ultimately bought Union’s interest.^[14] Ownership of Pine Bend refinery led to several new businesses and capabilities, including chemicals, fibers, polymers, asphalt and other commodities such as petroleum coke and sulfur. These were followed by global commodity trading, gas liquids processing, real estate, pulp and paper, risk management and finance.^[11]

In 1970, Charles was joined at the family firm by his brother David H. Koch. Having started as a technical services manager, David became president of Koch Engineering in 1979.

Subsidiaries

Among Koch Industries’ subsidiaries across various industries^[17] are:

Georgia-Pacific

Georgia-Pacific is a paper and pulp company that produces “Brawny” paper towels, “Angel Soft” toilet paper, “Mardi Gras” napkins and towels, “Quilted Northern” toilet paper and paper towels, “Dixie” paper plates, bowls, napkins and cups, “Sparkle” paper towels, and “Vanity Fair” paper napkins, bowls, plates and tablecloths. The Atlanta-based company has operations in 27 states.^[18]

INVISTA

INVISTA is a polymer and fibers company that makes “Stainmaster” carpet, and “Lycra” fiber, among other products.

Koch Pipeline Company LP

Koch Pipeline Company LP, which owns and operates 4,000 miles (6,400 km) of pipeline used to transport oil, natural gas liquids and chemicals. Its pipelines are located across Wisconsin, Minnesota, Texas, Missouri, Iowa, Oklahoma, Louisiana, and Alberta, Canada. The firm operates offices in Wichita, Kansas, St. Paul, Minnesota and Corpus Christi, Texas.

In 1946 Wood River Oil Co. (a precursor company to Koch Industries) purchased Rock Island Oil and Refining Co. As a part of the transaction, it acquired a crude-oil pipeline in Oklahoma. As a result of construction and investments, Wood River acquired other pipelines in the U.S. and Canada. “In the ensuing years,” according to Koch Pipeline’s website, “the company bought, sold and built pipeline systems transporting crude oil and refined products, as well as natural gas, natural gas liquids and anhydrous ammonia (for fertilizer).”^[19] Koch Pipeline and its affiliates currently maintain a 4,000-mile network of pipelines.

In January 2000, Koch Pipeline agreed to a $35 million settlement with the U.S. Justice Department and the State of Texas. This settlement, including a $30 million civil fine, represented compensation for three hundred oil spills in Texas and five other states dating back to 1990.^[20]^[21]^[22]

Pipeline accident

Koch’s Sterling butane pipeline had a leak in Lively, Texas, on August 24, 1996. Two teenagers were killed when the gas exploded and burned. The National Transportation Safety Board concluded that severe external pipeline corrosion was the cause of the failure, and recommended to Koch to improve corrosion evaluation procedures.^[23] Although Koch distributed pamphlets about safety around the pipelines, they failed to maintain an up-to-date mailing list. Only 5 out of 45 residences in the area of the accident had received pamphlets. The families of the dead had not.^[24]

In 1999, a Texas jury found that negligence had led to the rupture of the Koch pipeline and awarded the victims’ families $296 million — “the largest compensatory damages judgment in a wrongful death case against a corporation in U.S. history”.^[25]

In a statement released in 2010, Koch Industries offered this comment:

The August, 1996 pipeline accident in Texas was a tragedy. Koch accepted responsibility immediately for the incident, which is the only event of its kind in the company’s history. The thorough review conducted of this pipeline the year before the accident did not uncover any issues that posed a foreseeable threat to public safety. The bacteria-induced corrosion that caused the accident acted more quickly to damage this pipeline than had ever been documented by any industry expert. Koch’s cooperative efforts to identify the source and cause of this problem so that this knowledge could be shared throughout industry were praised by the National Transportation Safety Board, which did a two-year investigation into this incident.^[26]

Flint Hill Resources LP

Flint Hill Resources LP, originally called Koch Petroleum Group, is a major refining and chemicals company based in Wichita, Kansas. It sells products such as gasoline, diesel, jet fuel, ethanol, polymers, intermediate chemicals, base oils and asphalt. It operates oil refineries in six states. Flint Hill has chemical plants in Illinois, Texas and Michigan. The firm is also a major manufacturer of asphalt used for paving and roofing applications. It operates 13 asphalt terminals located in six states including Alaska (2 terminals), Wisconsin (2), Iowa (3), Minnesota (4), Nebraska (1), and North Dakota(1).^[27] The firm manages the purchasing of domestic crude oil from Texas and Colorado offices, has four ethanol plants across Iowa, operates three refineries in Alaska, Texas, and Minnesota, and has a refinery terminal in Alaska. The Minnesota refinery can process 320,000 barrels (51,000 m³) of crude a day, most of which comes from from Alberta, Canada, and handles one quarter of all Canadian oil sands crude entering the U.S.^[28] It also operates fuel terminals in Wisconsin (4 locations), Texas (6), and one each in Iowa and Minnesota.^[29]

In March 1999, Koch Petroleum Group acknowledged that it had negligently dumped hundreds of thousands of gallons of aviation fuel into wetlands from its refinery in Rosemount, Minnesota, and that it had illegally dumped a million gallons of high-ammonia wastewater onto the ground and into the Mississippi River. Koch Petroleum paid a $6 million fine and $2 million in remediation costs, and was ordered to serve three years of probation.^[30]

In April 2001, the company reached a $20 million settlement in exchange for admitting to covering up environmental violations at its refinery in Corpus Christi, Texas.^[31]^[32]

In June 2003, the US Commerce Department fined Flint Hill Resources a $200,000 civil penalty. The fine settled charges that the company exported crude petroleum from the US to Canada without proper US government authorization. The Commerce Department’s Bureau of Industry and Security said from July 1997 to March 1999, Koch Petroleum (later called Flint Hill Resources) committed 40 violations of Export Administration Regulations.^[33]

In 2005, Koch’s Flint Hills Resources refinery was recognized by the Environmental Protection Agency’s Clean Air Awards program for reducing air emissions by 50 percent while expanding operations.^[34] The EPA has worked with Flint Hills Resources to develop “strategies for curtailing so-called ‘upset’ emissions, in what agency and company sources say could lead to guidance to minimize such emissions from petroleum refineries and other industrial facilities.”^[35] The EPA described the process as a “model for other companies.”^[36]

In 2006, Flint Hill Resources was fined nearly $16,000 by the EPA for 10 separate violations of the Clean Air Act at its Alaska oil refinery facilities, and required to spend another $60,000 on safety equipment needed to help prevent future violations.^[37]

Koch Fertilizer, LLC

Koch Fertilizer, LLC, which is one of the world’s largest makers of nitrogen fertilizers.^[38] Koch Fertilizer owns or has interests in fertilizer plants the United States, Canada, Trinidad and Tobago, Venezuela, and Italy, among others.^[39]^[40] Koch Fertilizer was formed in 1988 when the Koch companies purchased the Gulf Central Pipeline and ammonia terminals connected to the pipeline. The next year, the Koch Nitrogen Company was formed in order to market ammonia. The next few years saw purchases of various ammonia facilities in Louisiana, Canada, and elsewhere, and ammonia sales agreements with firms in Australia, the U.K., and other countries. The year 2010 saw the founding of Koch Methanol, LLC, and Koch Agronomic Services, LLC. In October 2010, a plant in Venezuela was nationalized by the government.^[41] In 2011, the firm acquired the British fertilizer firm J&H Bunn Limited.

Koch Agricultural Company

Koch Agricultural Company’s Matador Cattle Company division operates three ranches totaling 425,000 acres (1,720 km²) located in Beaverhead, Montana, Matador, Texas and the Flint Hills of eastern Kansas. There are more than 15,000 head of cattle raised on the ranches.^[42]

The Matador Land and Cattle Company was founded in 1882 by Scottish investors, whose acquisition included 2.5 million acres in four Texas counties. In 1951, the company was sold to Lazard Freres and Company, which in turn sold some of the Texas land to Fred C. Koch. In 1952 Koch formed Matador Cattle Company, and later one of his companies purchased part of Matador Ranch, which was brought together with other Koch ranches in Montana and Kansas. Today, according to the ranch’s website, it “is owned and operated by Matador Cattle Company, a division of Koch Agriculture Company, which is an indirect, wholly-owned subsidiary of Koch Industries.”^[43]

Koch’s Matador Ranch in Texas earned the Lone Star Land Steward award for outstanding natural resource management in 2010.^[44] The Montana ranch has earned several environmental stewardship awards, including the EPA Regional Administrator’s award.^[45]

Environmental and safety record

From 1999 to 2003, Koch Industries was assessed “more than $400 million in fines, penalties and judgments.”^[25] Another source points out that Koch has had only “eight instances of alleged misconduct … over the span of 63 years” despite being a giant multinational, and that this compares favorably to the fines, penalties and judgments accrued by the similarly large General Electric corporation.^[46]

Pollution and resource fines

In May 2001, Koch Industries paid $25 million to the federal government to settle a federal lawsuit that found the company had improperly taken more oil than it had paid for from federal and Indian land.^[47]

In 2007, Koch Nitrogen’s plant in Enid, Oklahoma, was listed as the third highest company releasing toxic chemicals in Oklahoma, according to the EPA, ranking behind Perma-Fix Environmental Services in Tulsa and Weyerhaeuser Co. in Valliant.^[48] The facility produces about 10% of the US national production of anhydrous ammonia, as well as urea and UAN.^[49]

In 2010, Koch Industries was ranked 10th on the list of top US corporate air polluters, the “Toxic 100 Air Polluters”, by the Political Economic Research Institute at the University of Massachusetts Amherst.^[50]

Awards and certifications

This section relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (May 2011)

According to its website, Koch Industries and its subsidiaries received 289 stewardship awards over the two years ending January 2011.^[51]

Koch Industries’ headquarters in Wichita has been certified for meeting the Energy Star standards for superior energy efficiency and environmental protection. As of 2010^[update] it is the only Wichita office building to be so recognized.^[52]^[53] A Tulsa, Oklahoma site of the Koch-owned John Zink Company site was part of the EPA’s National Environmental Performance Track program from 2003 until 2009 when the program was suspended.^[54]^[55]

In 2011, the Midway-Kansas Chapter of the American Red Cross awarded Koch Industries with a Corporate Excellence Award for its long-standing commitment to the humanitarian mission of Red Cross.^[56]

Legal activity

In 2008, Koch Industries discovered that the French affiliate Koch-Glitsch had violated bribery laws allegedly securing contracts in Algeria, Egypt, India, Morocco, Nigeria and Saudi Arabia after an investigation by Ethics Compliance officer, Egorova-Farines.^[25] After Koch Industries’ investigative team looked into her findings, the four employees involved were terminated. A Bloomberg article states that Egorova-Farines’ reported her findings immediately, and even after Koch’s investigators substantiated the findings, her “superiors removed her from the inquiry in August 2008 and fired her in June 2009, calling her incompetent.”^[25] Koch Industries’ general counsel, Mark Holden, gave a different account of the events to Jennifer Rubin of the Washington Post.^[57] Holden stated that Egorova-Farines failed to promptly share the findings, choosing instead to give the information to a manager at Koch-Glitsch who was later fired for bribery. Rubin writes that, according to Holden, “Egorova-Farines was not fired but instead ran into performance problems, left the company to go on leave and never returned.” Egorova-Farines sued Koch-Glitsch for wrongful termination in France. Rubin writes that she lost and “was ordered to pay costs for bringing a frivolous case.”^[57]

In May 2011, a Utah judge dismissed a Koch Industries lawsuit alleging that Youth For Climate Truth, in releasing a fake Koch Industries press release, had infringed on Koch Industries’ trademark.^[58]

Political activity

The neutrality of this section is disputed. Please see the discussion on the talk page. Please do not remove this message until the dispute is resolved. (March 2011)

This section may stray from the topic of the article into the topic of another article, Political activities of the Koch family. Please help improve this section or discuss this issue on the talk page. (November 2011)

See also: Political activities of the Koch family

Koch Industries has spent more than $50 million to lobby in Washington since 2006, according to the Center for Responsive Politics.^[25]

The company has opposed the regulation of financial derivatives and limits on greenhouse gases.^[25] It sponsors free market foundations and causes.^[59] ^[60] According to the Center for Responsive Politics, many of Koch Industries’ contributions have gone toward achieving legislation on energy issues, defense appropriations and financial regulatory reform.^[61] According to Greenpeace, the company has “had a quiet but dominant role in a high-profile national policy debate on global warming,” and has out-spent ExxonMobil (another corporation active in fighting climate change science and legislation) in giving money to organizations fighting legislation related to climate change. “From 2005 to 2008, ExxonMobil spent $8.9 million while the Koch Industries-controlled foundations contributed $24.9 million in funding.”^[62]^[63] Another Greenpeace study states that between 1997 and 2008 Koch Industries donated nearly $48 million to groups which doubt or oppose the theory of anthropogenic global warming.^[64]^[65] Koch Industries replied saying the Greenpeace report “distorts the environmental record of our companies.”^[63]^[context?]

One policy proposal to control global warming that Koch Industries has come out against is Low Carbon Fuel Standards, such as were passed in 2007 in California.^[28] According to Koch Industries, “LCFS would cripple refiners that rely on heavy crude feedstocks to provide the transportation fuels that keep America moving.”^[66]

According to a critic of the Mercatus Center and the Kochs, the political activity by some of the Koch-supported foundations — such as Mercatus Center^[67] — helps the company financially.^{[relevant to this paragraph? – discuss]} According to Thomas McGarity, a law professor at the University of Texas who specializes in environmental issues, “Koch has been constantly in trouble with the United States Environmental Protection Agency (EPA), and Mercatus has constantly hammered” on the EPA.^[63]^{[relevant to this paragraph? – discuss]} The founder of the Mercatus Center, Richard H. Fink, also heads Koch Industries’ lobbying operation in Washington DC.^[63] According to a study by the progressive media watchdog Media Matters for America, Koch Industries (and other Koch brothers-owned companies) “have benefited from nearly a $100 million in government contracts since 2000.”^[63]^[68]

Koch Industries have also been active in supporting and opposing politicians, including presidents. According to Jane Mayer, During the US 2000 election campaign, Koch Industries spent some $900,000 to support the candidacies of George W. Bush and other Republicans.^{[neutrality is disputed]}^[63] It has funded opposition campaigns against programs of the Obama administration — “from health-care reform to the economic-stimulus”^[63]. The Koch Industries website includes an opinion piece from the Wall Street Journal by Charles Koch, one of the company’s owners, “Why Koch Industries is Speaking Out”^[69] The article states:

Because of our activism, we’ve been vilified by various groups. Despite this criticism, we’re determined to keep contributing and standing up for those politicians, like Wisconsin Gov. Scott Walker, who are taking these challenges [deficit spending by governments] seriously.

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^ OpenSecrets, Summary of Koch Industries
^ Koch Industries: Secretly Funding the Climate Denial Machine . greenpeace.org . 30 March 2010]
^ ^a ^b ^c ^d ^e ^f ^g Covert Operations The billionaire brothers who are waging a war against Obama. by Jane Mayer . newyorker.com . August 30, 2010
^ Vidal, John (30 March 2010). “US oil company donated millions to climate skeptic groups, says Greenpeace”. The Guardian (London). http://www.guardian.co.uk/environment/2010/mar/30/us-oil-donated-millions-climate-sceptics.
^ “Secretly Funding the Climate Denial Machine”. Global Warming. Washington: Greenpeace. 2010-03-29. http://www.greenpeace.org/usa/campaigns/global-warming-and-energy/polluterwatch/koch-industries. Retrieved 2010-04-01.
^ http://www.kochind.com/ViewPoint/lowCarbon.aspx Low Carbon Fuel Standards
^ “Mercatus, the staunchly anti-regulatory center funded largely by Koch Industries Inc.” I Am OMB and I Write the Rules By Al Kamen washingtonpost.com, July 12, 2006]
^ Koch Companies Have Received Almost $100 Million In Government Contracts August 20, 2010 — Media Matters Action Network
^ Why Koch Industries is Speaking Out, Wall Street Journal, March 1, 2011

External links

- Koch Industries
- Lobbying and campaign contributions at OpenSecrets.org
- Koch Industries political contributions from Influence Explorer at the Sunlight Foundation
- Koch Industries Public Sector political contributions from Influence Explorer at the Sunlight Foundation
- KochFacts

The Billionaires’ Tea Party HD

Koch Brothers: The Original Oil Speculators

Koch Bros: Evil or Easy Targets?

Koch brothers – Jane Mayer (Fresh Air) 1/3

Koch brothers – Jane Mayer (Fresh Air) 2/3

Koch brothers – Jane Mayer (Fresh Air) 3/3

Billionaire Brothers Waging War – Charles Lewis on DemocracyNOW!

Romney Koch Brothers Connections

Robert Greenwald on KPFK’s “The Uprising”: Koch Brothers Exposed

“Koch Brothers Exposed” Trailer Screening and Panel Discussion @ FSU

Oilmen Fund Anti-Global Warming Groups

Alex Jones: ‘The Koch Brothers’ and the False Left Right Paradigm

Rush Limbaugh vs Ron Paul – Has Limbaugh Been Bought by the Koch Brothers or GOP?

How the Koch Brothers (proponents of Free Markets) control American Politics

Pronk Pops Show 71, April 25, 2012: Segment: 1: Obama’s Campaign Strategy Switches From Romney The Progressive Flip Flopper To Romney The Severe Conservative Right-Wing Extremist–Why?–Romney Is Beating Obama In Internal Polls With Independent Voters–Why? Obama’s Record of Failure–High Unemployment Rates and Gas Prices and Massive Government Deficits–$5 Trillion–Videos

Raymond Thomas Pronk — Wed, 25 Apr 2012 18:05:16 +0000

Pronk Pops Show 71: April 25, 2012

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Listen To Pronk Pops Podcast or Download Shows 71-

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment: 1: Obama’s Campaign Strategy Switches From Romney The Progressive Flip Flopper To Romney The Severe Conservative Right-Wing Extremist–Why?–Romney Is Beating Obama In Internal Polls With Independent Voters–Why? Obama’s Record of Failure–High Unemployment Rates and Gas Prices and Massive Government Deficits–$5 Trillion–Videos

Shields, Brooks on Voter Volatility, Obama vs. Romney

Obama Against Romney The ‘Flip-Flopper’ or The ‘Severe Conservative’? (P1/2)

Obama Against Romney The ‘Flip-Flopper’ or The ‘Severe Conservative’? (P2/2)

The Moderate, Progressive, Severely Conservative Romney

The Real Romney

Mitt Romney ‘I Was A Severely Conservative Governor’

Still Voting For ‘Mitt Romney’?

Rush Limbaugh: Mitt Romney ‘Is Not A Conservative’

David Axelrod People dont know Romney (4/22/12)

Extreme Intolerance: Willard Mitt Romney’s ‘Severe Conservative’ Problem

The Last Word – Romney Tries To Rewrite His Resume

Right-Wing Extremists Stand Against Flip-Flopping, ‘Unprincipled’ Willard Mitt Romney

Mitt Romney Interview on Breitbart TV

Mitt Romney, Vietnam, & Mormon Church Discrimination

Obama adviser David Axelrod makes case for Mitt Romney for President

Axelrod » Obama Boulevard is a Dead End

In Strategy Shift, Obama Team Attacks Romney From the Left

By HELENE COOPER

“…So long, flip-flopper. Hello, right-wing extremist.

After months of depicting Mr. Romney as the ultimate squishy, double-talking, no-core soul, Team Obama is shifting gears. Senior administration officials, along with Democratic and campaign officials, all say their strategy now will be to tell the world that Mr. Romney has a core after all — and it’s deep red.

Mr. Romney’s overheard remarks at a fund-raiser in Florida on Sunday night that, if elected, he planned to slash government programs (though he has not spelled that out for the voters) gave Obama backers the perfect opening, and they jumped on it. “Mitt Romney Tells Rich Voters His Secret Plan to Cut Housing Assistance,” said a headline from ThinkProgress, a blog put out by the left-leaning Center for American Progress. Democratic officials followed that up with a call to reporters on Thursday charging that Mr. Romney’s proposal would “cut critical funds for homeless veterans.” …”

http://www.youtube.com/results?search_type=videos&search_query=democrats+paint+romney+as+right-wing+extremist&search_sort=video_date_uploaded

Background Articles and Videos

“…What is the FairTax plan?

The FairTax plan is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, and, through companion legislation, the repeal of the 16th Amendment.

The FairTax Act (HR 25, S 13) is nonpartisan legislation. It abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, and self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.

The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system.

The FairTax:

Enables workers to keep their entire paychecks
Enables retirees to keep their entire pensions
Refunds in advance the tax on purchases of basic necessities
Allows American products to compete fairly
Brings transparency and accountability to tax policy
Ensures Social Security and Medicare funding
Closes all loopholes and brings fairness to taxation
Abolishes the IRS

We offer a library of information throughout this Web site about the features and benefits of the FairTax plan. Please explore! …”

http://www.fairtax.org/site/PageServer?pagename=about_main

Tom Wright on the FairTax part 1

Tom Wright on the FairTax part 2

Tom Wright on the FairTax part 3

Tom Wright on the FairTax part 4

Tom Wright on the FairTax part 5

Tom Wright on the FairTax part 6

Tom Wright on the FairTax part 7

Why is the FairTax better than a flat income tax?

Congressman Steve King FairTax Special Order – 11/18/2011

Dan Mitchell explains the fair tax

Q&A on the FAIRTAX pt.1

Q&A on the FAIRTAX pt.2

Time to help small businesses and institute the Fair Tax!

Rep. King hosts FairTax Special Order

Americans For Fair Taxation

“…Americans For Fair Taxation (AFFT), also known as FairTax.org, states it is the United States’ largest, single-issue grassroots organization and taxpayers union dedicated to fundamental tax code replacement.^[1] The Houston, Texas-based non-partisan political advocacy group is made up of volunteers who are working to get the Fair Tax Act (H.R. 25/S. 1025) enacted in the United States; a plan to replace all federal payroll and income taxes (both corporate and personal) with a national retail sales tax and monthly tax “prebate” to households of citizens and legal resident aliens. Americans for Fair Taxation state they subscribe to the ideals of simplicity, fairness, and freedom which they believe are embodied in the FairTax.^[2]^[3] The organization claims to have signed up over 800,000 supporters.^[4]

AFFT was founded in 1994 by three Houston businessmen, Jack Trotter, Bob McNair, and Leo Linbeck, who each pledged $1.5 million as seed money to hire tax experts to identify what they perceived as faults with the current tax system, to determine what American citizens would like to see in tax reform, and then to design the best system of taxation.^[2] The three went on to raise an additional $17 million to fund focus groups with citizens around the country and tax policy studies.^[2]

Some of the experts funded include:

Professors David Burton and Dan Mastromarco, University of Maryland and The Argus Group
Laurence Kotlikoff, Boston University
Stephen Moore, The Cato Institute
Professor Dale Jorgenson, Harvard University
Bill Beach (economist), the Heritage Foundation
Jim Poterba, The National Bureau of Economic Research
Professor George Zodrow, Rice University and the Baker Institute for Public Policy
Professor Joseph Kahn, Massachusetts Institute of Technology

http://en.wikipedia.org/wiki/Americans_For_Fair_Taxation

FairTax.org

http://www.fairtax.org/site/PageServer

Federal Insurance Contributions Act tax

Federal Insurance Contributions Act (FICA) tax ( /ˈfaɪkə/) is a United States payroll (or employment) tax^[1] imposed by the federal government on both employees and employers to fund Social Security and Medicare^[2] —federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits. The amount that one pays in payroll taxes throughout one’s working career is indirectly tied to the social security benefits annuity that one receives as a retiree.^{[citation needed]} This has led some to claim that the payroll tax is not a tax because its collection is tied to a benefit.^[3] The United States Supreme Court decided in Flemming v. Nestor (1960) that no one has an accrued property right to benefits from Social Security.

The Federal Insurance Contributions Act is currently codified at Title 26, Subtitle C, Chapter 21 of the United States Code.^[4]

Overview

The Center on Budget and Policy Priorities states that three-quarters of taxpayers pay more in payroll taxes than they do in income taxes.^[5] The FICA tax is considered a regressive tax on income (with no standard deduction or personal exemption deduction) and is imposed (for the years 2009 and 2010) only on the first $106,800 of gross wages. The tax is not imposed on investment income (such as interest and dividends).

“Regular” employees (most wage-earners)

For 2008, the employee’s share of the Social Security portion of the tax is 6.2%^[6] of gross compensation up to a limit of $102,000 of compensation (resulting in a maximum of $6,324.00 in tax). For 2009 and 2010, the employee’s share is 6.2% of gross compensation up to a limit of $106,800 of compensation (resulting in a maximum Social Security tax of $6,621.60).^[7] This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U). For the calendar year 2011, the employee’s share has been temporarily reduced to 4.2% of gross compensation, with a limit of $106,800.^[8] The employee’s share of the Medicare portion is 1.45% of wages, with no limit on the amount of wage subject to the Medicare tax.^[6]

The employer is also liable for 6.2% Social Security and 1.45% Medicare taxes,^[9] making the total Social Security tax 12.4% of wages, and the total Medicare tax 2.9%. (Self-employed people are responsible for the entire FICA percentage of 15.3% (= 12.4% + 2.9%), since they are in a sense both the employer and the employed; however, see the section on self-employed people for more details.)

If a worker starts a new job halfway through the year and has already earned the wage base limit with the old employer for Social Security purposes, the new employer is not allowed to stop withholding until the wage base limit has been earned with the new employer without regard to the wage base limit earned under the old employer. There are some limited cases, such as a successor-predecessor transfer, in which the payments that have already been withheld can be counted toward the year-to-date total.

If a worker has overpaid toward Social Security by having more than one job or by having switched jobs during the year, that worker can file a request to have that overpayment counted as tax paid when he or she files a Federal income tax return. If the taxpayer is due a refund, then the FICA overpayment is refunded.

Self-employed people

A tax similar to the FICA tax is imposed on the earnings of self-employed individuals, such as independent contractors and members of a partnership. This tax is imposed not by the Federal Insurance Contributions Act but instead by the Self-Employment Contributions Act of 1954, which is codified as Chapter 2 of Subtitle A of the Internal Revenue Code, 26 U.S.C. § 1401 through 26 U.S.C. § 1403 (the “SE Tax Act”). Under the SE Tax Act, self-employed people are responsible for the entire percentage of 15.3% (= 12.4% [Soc. Sec.] + 2.9% [Medicare]); however, the 15.3% multiplier is applied to 92.35% of the business’s net earnings from self-employment, rather than 100% of the gross earnings; the difference, 7.65%, is half of the 15.3%, and makes the calculation fair in comparison to that of regular (non-self-employed) employees. It does this by adjusting for the fact that employees’ 7.65% share of their SE tax is multiplied against a number (their gross income) that does not include the putative “employer’s half” of the self-employment tax. In other words, it makes the calculation fair because employees don’t get taxed on their employers’ contribution of the second half of FICA, therefore self-employed people shouldn’t get taxed on the second half of the self-employment tax. Similarly, self-employed people also deduct half of their self-employment tax (schedule SE) from their gross income on the way to arriving at their adjusted gross income (AGI). This levels the amount paid by self-employed persons in comparison to regular employees, who don’t pay general income tax on their employers’ contribution of the second half of FICA, just as they didn’t pay FICA tax on it either.^[10]^[11]

These calculations are made on Schedule SE: Self-Employment Tax, although that is not readily apparent to novice self-employed taxpayers, owing to the schedule’s rather opaque name, which makes it sound like it is part of the general federal income tax. Some taxpayers have complained that Schedule SE’s title should be changed to something such as “Self-Employment FICA Tax”, so that its separateness from the general income tax is apparent,^[12] perhaps not realizing that the SE tax is not imposed by the Federal Insurance Contributions Act (FICA) at all, and that neither SE taxes nor FICA taxes are “income taxes” imposed under Chapter 1 of the Internal Revenue Code.

Exemption for certain full-time students

A special case in FICA regulations includes exemptions for student workers. Students enrolled at least half-time in a university and working part-time for the same university are exempted from FICA payroll taxes, so long as their relationship with the university is primarily an educational one.^[13] Medical residents working full-time are not considered students and are not exempt from FICA payroll taxes, according to a US Supreme Court ruling in 2011.^[14] In order to be exempt from FICA payroll taxes, a student’s work must be “incident to” pursuit of a course of study, which is rarely the case with full-time employment.^[14]

History

Prior to the Great Depression, the following presented difficulties for working-class Americans: ^[15]

The U.S. had no federal-government-mandated retirement savings; consequently, for those people who had not voluntarily saved money throughout their working lives, the end of their work careers was the end of all income.
Similarly, the U.S. had no federal-government-mandated disability income insurance to provide for citizens disabled by injuries (of any kind—non-work-related); consequently, for most people, a disabling injury meant no more income (since most people have little to no income except earned income from work).
In addition, there was no federal-government-mandated disability income insurance to provide for people unable to ever work during their lives, such as anyone born with severe mental retardation.
Further, the U.S. had no federal-government-mandated health insurance for the elderly; consequently, for many people, the end of their work careers was the end of their ability to pay for medical care.
Finally, the U.S. had no federal-government-mandated health insurance for all those who are not elderly; consequently, many people, especially those with pre-existing conditions, have no ability to pay for medical care.

In the 1930s, the New Deal introduced Social Security to rectify the first three problems (retirement, injury-induced disability, or congenital disability). It introduced the FICA tax as the means to pay for Social Security.

In the 1960s, Medicare was introduced to rectify the fourth problem (health care for the elderly). The FICA tax was increased in order to pay for this expense.

Criticism

Social Security regressivity debate

The Social Security component of the FICA tax is regressive, meaning the effective tax rate regresses (decreases) as income increases.^[16] The Social Security component is actually a flat tax for wage levels under the Social Security Wage Base (see “Regular” employees above). But since no tax is owed on wages above the Wage Base limit, the total tax rate declines as wages increase beyond that limit. In other words, for wage levels above the limit, the absolute dollar amount of tax owed remains constant; since this number (the numerator) remains constant while the wage level (the denominator) increases, the effective tax rate steadily decreases as wage levels increase beyond the Wage Base limit.

FICA is also not collected on unearned income, including interest on savings deposits, stock dividends, and capital gains such as profits from the sale of stock or real estate. The proportion of total income which is exempt from FICA as “unearned income” tends to rise with higher income brackets.

Some argue that since Social Security taxes are eventually returned to taxpayers, with interest, in the form of Social Security benefits, the regressiveness of the tax is effectively negated.^{[citation needed]} That is, the taxpayer gets back what he or she put into the Social Security system. Others, including the Congressional Budget Office, point out that the Social Security system as a whole is progressive; individuals with lower lifetime average wages receive a larger benefit (as a percentage of their lifetime average wage income) than do individuals with higher lifetime average wages.^[17]^[18]

http://en.wikipedia.org/wiki/Federal_Insurance_Contributions_Act_tax

Pronk Pops Show 70, April 23, 2012: Segment 3: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!”

Raymond Thomas Pronk — Wed, 18 Apr 2012 03:21:30 +0000

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 3: A Ron Paul Tax Reform Plan: No Income Taxes Or I.R.S.–FairTax Less: 2013: 20%, 2014: 19%, 2015: 18%, 2016: 17%, 2017: 16%–Income Tax 16th Amendment Repealed And Balance Budget Amendment Passed!–”When The Impossible Became The Inevitable!”

April 17 FairTax Press Conference Full Video

When The Impossible Became The Inevitable

Ron Paul on Taxes

Ron Paul – Repeal The 16th Amendment

The Fair Tax

Taxes and the Republican Party by the Southern Avenger

Tax Code Roulette | THE PLAIN TRUTH by Judge Napolitano 10/25/11

Flat, Fair, VAT, or Gone? What Should be done with the Federal Income Tax- CPAC 2011 Pt.1

The FairTax… For a better America

Lugar Cosponsors the FairTax

The FairTax Versus the Obama ‘Jobs Plan’

Rob Woodall Floor Speech: The FairTax will bring jobs back to America

Pence on the Fair Tax

Tom Wright on the FairTax part 1

What is the FairTax legislation?

Why is the FairTax better than a flat income tax?

What is the impact of the FairTax on business?

How does the “prebate” work?

people bring home their whole paychecks how can prices fall?

Will the FairTax lead to a massive underground economy?

Is the FairTax rate really 23%?

How will used goods be taxed?

FairTax

Herman Cain on Fixing Deficit/Jobs/Fair Tax: “Replace Income and Payroll Tax”

Herman Cain Explains the Fair Tax

Johnson: What makes you a better Libertarian choice than Ron Paul?

Reagan on Taxes

Reagan; Taxes and Budget Deficit: Revenue 19% of GDP; Spending is 23%; Revenue is sufficient

Reagan on Balanced Budget

Ronald Reagan – Tax Reform Act Remarks

Reagan supported fair tax policies

Murray N. Rothbard: Libertarianism

Ron Paul needs to come out with his own comprehensive tax reform plan. I recommend the FairTax as a starting point with some significant changes.

The FairTax is a national retail sales consumption tax that would replace the following federal taxes:

Personal income tax
Payroll taxes for Social Security and Medicare
Capital gains tax
Alternative Minimum Tax
Self-employment tax
Corporate income tax
Gift taxes
Estate taxes

When you buy goods or services, income and payroll taxes are included or embedded in the price. When these taxes are eliminated, the price of the goods or services would decline.

Thus when the FairTax replaces these taxes, the price of the good or service with the new FairTax included should result in the price of the good or service remaining about the same.

The FairTax Less rate would be reduced by 1 percent a year for the next four years so that by 2017 the rate would be 16 percent.

A declining FairTax Less rate combined with a declining balanced budget will force a reduction of government spending outlays.

It should take four to eight years before the 16th Amendment (income tax) is repealed and the balanced budget amendment passes.

Therefore, I would like to see the repeal of the 16th Amendment and the passage of a balanced budget Amendment be immediately initiated in the House of Representatives and Senate.

If this is done, by 2017 the American people will never again want to go back to the complex and time-consuming income tax.

Instead, the American people will be demanding smaller government and an even lower FairTax Less rate.

Only when the American people consume or spend their money on new goods and services would they pay the FairTax Less rate of 20 percent.

The American people would have a strong economic incentive to work, save and invest their money.

More savings would lead to more investment and in turn more jobs as businesses grow and prosper.

It’s time for Ron Paul to announce his support for a FairTax Less plan.

The dynamic combination of Paul’s Plan to Restore America and the FairTax Less plan would result in a peace and prosperity economy.

The U.S. would be the only nation on earth with no taxes on capital and labor!

The FairTax Less plan would attract trillions of dollars of new investment into the U.S. from around the world.

Growth rates and employment would significantly increase as businesses expand their operation and new business are started.

Government spending would be capped at 80 percent of the previous years FairTax Less collections.

The remaining 20 percent would be used to pay down the national debt and unfunded liabilities.

Until the Tea Party elects fiscally responsible Representatives and Senators, the FairTax Less will not happen.

It will take several election cycles to achieve the goal of limited government spending.

The FairTax Less is completely transparent.

You pay the tax when you purchase a new good or service.

Everyone get a rebate and everyone pays to same rate.

Those who spend or consume more pay more taxes.

The FairTax Less is fair to all Americans.

RESTORE AMERICA NOW! Ron Paul 2012 – Plan!

The FairTax: It’s Time

[Raymond Thomas Pronk is host of the Pronk Pops Show on KDUX web radio from 3-5 p.m. Wednesdays and author of the companion blog www.pronkpops.wordpress.com]

Background Articles and Videos

“…What is the FairTax plan?

The FairTax:

Enables workers to keep their entire paychecks
Enables retirees to keep their entire pensions
Refunds in advance the tax on purchases of basic necessities
Allows American products to compete fairly
Brings transparency and accountability to tax policy
Ensures Social Security and Medicare funding
Closes all loopholes and brings fairness to taxation
Abolishes the IRS

We offer a library of information throughout this Web site about the features and benefits of the FairTax plan. Please explore! …”

http://www.fairtax.org/site/PageServer?pagename=about_main

Tom Wright on the FairTax part 1

Tom Wright on the FairTax part 2

Tom Wright on the FairTax part 3

Tom Wright on the FairTax part 4

Tom Wright on the FairTax part 5

Tom Wright on the FairTax part 6

Tom Wright on the FairTax part 7

Why is the FairTax better than a flat income tax?

Congressman Steve King FairTax Special Order – 11/18/2011

Dan Mitchell explains the fair tax

Q&A on the FAIRTAX pt.1

Q&A on the FAIRTAX pt.2

Time to help small businesses and institute the Fair Tax!

Rep. King hosts FairTax Special Order

Americans For Fair Taxation

Some of the experts funded include:

Professors David Burton and Dan Mastromarco, University of Maryland and The Argus Group
Laurence Kotlikoff, Boston University
Stephen Moore, The Cato Institute
Professor Dale Jorgenson, Harvard University
Bill Beach (economist), the Heritage Foundation
Jim Poterba, The National Bureau of Economic Research
Professor George Zodrow, Rice University and the Baker Institute for Public Policy
Professor Joseph Kahn, Massachusetts Institute of Technology

http://en.wikipedia.org/wiki/Americans_For_Fair_Taxation

FairTax.org

http://www.fairtax.org/site/PageServer

Federal Insurance Contributions Act tax

The Federal Insurance Contributions Act is currently codified at Title 26, Subtitle C, Chapter 21 of the United States Code.^[4]

Overview

“Regular” employees (most wage-earners)

Self-employed people

Exemption for certain full-time students

History

Prior to the Great Depression, the following presented difficulties for working-class Americans: ^[15]

The U.S. had no federal-government-mandated retirement savings; consequently, for those people who had not voluntarily saved money throughout their working lives, the end of their work careers was the end of all income.
Similarly, the U.S. had no federal-government-mandated disability income insurance to provide for citizens disabled by injuries (of any kind—non-work-related); consequently, for most people, a disabling injury meant no more income (since most people have little to no income except earned income from work).
In addition, there was no federal-government-mandated disability income insurance to provide for people unable to ever work during their lives, such as anyone born with severe mental retardation.
Further, the U.S. had no federal-government-mandated health insurance for the elderly; consequently, for many people, the end of their work careers was the end of their ability to pay for medical care.
Finally, the U.S. had no federal-government-mandated health insurance for all those who are not elderly; consequently, many people, especially those with pre-existing conditions, have no ability to pay for medical care.

In the 1960s, Medicare was introduced to rectify the fourth problem (health care for the elderly). The FICA tax was increased in order to pay for this expense.

Criticism

Social Security regressivity debate

http://en.wikipedia.org/wiki/Federal_Insurance_Contributions_Act_tax

Pronk Pops Show 70, April 23, 2012: Segment 2: Arthur Brooks–The Battle: How the Fight Between Free Enterprise and Big Government will Shape America’s Future–Videos

Raymond Thomas Pronk — Wed, 18 Apr 2012 03:16:52 +0000

Pronk Pops Show 70: April 23, 2012

Pronk Pops Show 69: April 11, 2012

Pronk Pops Show 68: April 4, 2012

Pronk Pops Show 67: April 2, 2012

Pronk Pops Show 66: March 26, 2012

Pronk Pops Show 65: March 9, 2012

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 22-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 2: Arthur Brooks–The Battle: How the Fight Between Free Enterprise and Big Government will Shape America’s Future–Videos

Arthur C. Brooks on the Battle Between Free Enterprise and Big Government

AIM: Bloggers Briefing Interview with Arthur Brooks

Arthur Brooks speaks at the Chamber of Commerce

Nick Schulz, editor of American.com, sits down with AEI president Arthur C. Brooks to discuss Mr. Brooks new book, The Battle: How the Fight between Free Enterprise and Big Government Will Shape America’s Future (Basic Books, June 2010).

Arthur Brooks on the New Culture War Over Free Enterprise

Arthur Brooks: Why I Wrote “The Battle”

Arthur Brooks: 70% of Americans Favor Free Enterprise

Arthur Brooks: Why Earned Success is so Important

Arthur Brooks on Money and Happiness

Book TV: Arthur Brooks “The Battle”

Arthur Brooks (10/25/10)

Free Enterprise Versus Big Government: The Battle for America’s Future
Arthur Brooks, President, American Enterprise Institute; Author, The Battle: How the Fight between Free Enterprise and Big Government Will Shape America’s Future
Brooks outlines a new culture war — not the old struggle over guns or abortion or religion, but over two competing visions of America. In one, America continues as a unique and exceptional nation organized around the principles of free enterprise. In the other, the U.S. moves toward a European-style social democracy characterized by increasing bureaucracies, income redistribution and government control of corporations. Brooks argues that free enterprise is not merely an economic system but an expression of American values and American culture, and he makes the case that free enterprise is the system that delivers the greatest levels of prosperity to the greatest numbers of people.

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Arthur C. Brooks

“…Arthur C. Brooks is the president of AEI. Until January 1, 2009, he was the Louis A. Bantle Professor of Business and Government Policy at Syracuse University. He is the author of ten books and many articles on topics ranging from the economics of the arts to applied mathematics. His most recent books include The Battle: How the Fight Between Free Enterprise and Big Government Will Shape America’s Future (Basic Books, May 2010), Gross National Happiness (Basic Books, 2008), Social Entrepreneurship (Prentice-Hall, 2008), and Who Really Cares(Basic Books, 2006). Before pursuing his work in public policy, Mr. Brooks spent twelve years as a professional French hornist with the City Orchestra of Barcelona and other ensembles.

Mr. Brooks is the author of the forthcoming book, The Road to Freedom, to be released on May 8th 2012.

Experience

Louis A. Bantle Professor of Business and Government Policy, 2007-2008; Professor of Public Administration, 2006-2008; Senior Research Associate, Alan K. Campbell Public Affairs Institute, 2003-2008; Director, Nonprofit Studies Program, 2003-2007; Associate Professor of Public Administration, 2001-2005; Senior Research Associate, Center for Policy Research, 2001-2003, Maxwell School of Citizenship and Public Affairs and Whitman School of Management, Syracuse University
Consultant, RAND Corporation, 1998-2008
Assistant Professor of Public Administration and Economics, Georgia State University, 1998-2001
Doctoral Fellow, RAND Corporation, 1996-98
Professor of French Horn, Harid Conservatory of Music, Lynn University, 1992-95
French Hornist, Barcelona Symphony Orchestra, Annapolis Brass Quintet, 1983-92

Education

Ph.D., M.Phil., policy analysis, Pardee RAND Graduate School

M.A., economics, Florida Atlantic University

B.A., economics, Thomas Edison State College …”

http://www.aei.org/scholar/arthur-c-brooks/

Arthur C. Brooks

“…Arthur C. Brooks (born May 21, 1964, in Spokane, Wash.) is an American social scientist and musician. He is the president of the American Enterprise Institute, a conservative think tank. Brooks is best known for his work on the junctions between culture, economics, and politics. Two of his popular volumes, Who Really Cares: The Surprising Truth about Compassionate Conservatism and Gross National Happiness: Why Happiness Matters for America—and How We Can Get More of It, explore these themes in greater depth. He is a self-described independent.

Early life and musical career

Brooks was raised in Seattle’s Queen Anne neighborhood. His parents were professors, and his upbringing has been described as “liberal.”^[1]^[2]^{[dead link]}

After high school, Brooks pursued a career as a professional French hornist, serving from 1983 to 1989 with the Annapolis Brass Quintet in Baltimore, from 1989 to 1992 as the associate principal French hornist with the City Orchestra of Barcelona in Spain, and teaching from 1992 to 1995 at Lynn University’s Harid Conservatory of Music.^[3]

Academia

Toward the end of his professional music career, Brooks began higher education with a bachelor’s degree in economics in 1994 from Thomas Edison State College in New Jersey, a public university that offers distance and nontraditional education programs to working adults. He received a master’s degree from Florida Atlantic University in 1995 before pursuing a doctorate at the Frederick S. Pardee RAND Graduate School, a public policy program located at the RAND Corporation, where he was also a doctoral fellow.^[3]

After receiving his PhD in policy analysis in 1998, Brooks continued to be affiliated with RAND, for which he produced a number of studies (see bibliography below; his articles appeared in dozens of academic journals as well), mostly of arts funding and orchestra operations. But he began to dive into the junction of culture, politics, and economics that would come to be his trademark. “He kept his head down during the early years of his academic career, publishing the usual economics fare on philanthropy—such as how tax rates and government spending affect giving,” writes Ben Gose. Brooks himself said, “I made my academic career doing that stuff, but the whole time I knew I was missing something.”^[1]

After a stint at Georgia State University, Brooks landed at Syracuse University in 2001. In 2005, he became a full professor, and he held the Louis A. Bantle Chair in Business and Government Policy from 2007 to 2008. At Syracuse, Brooks held joint appointments in the public affairs and management schools. …”

http://en.wikipedia.org/wiki/Arthur_C._Brooks

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