Archive for May, 2012

Pronk Pops Show 75, May 30, 2012: Segment 2: Obama Official Surrogate Newark Mayor Cory Booker Tells It Like It Is–Bain Capital Good For Americans–The Left Goes Nuts!–Videos

Posted on May 30, 2012. Filed under: American History, Books, Business, College, Communications, Crime, Economics, Employment, Federal Government, Fiscal Policy, Government, Government Spending, History, Housing, Immigration, Media, Medicine, Philosophy, Politics, Polls, Regulation, Security, Social Science, Success, Technology, Videos, War, Wisdom | Tags: , , , , , |

Pronk Pops Show 75: May 30, 2012 

Pronk Pops Show 74: May 21, 2012

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 74-75

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

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Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

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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

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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: Obama Official Surrogate Newark Mayor Cory Booker Tells It Like It Is–Bain Capital Good For Americans–The Left Goes Nuts!–Videos

OBAMA: ROMNEY A ‘VAMPIRE’

Mayor Booker – Bain Capital, private equity good – nauseating

Cory Booker Backtracks on Romney Support

Cory Booker Backs Off Criticizing Obama Campaign Bain Attacks

“As the Obama campaign doubles down on the use of Bain Capital to question Mitt Romney’s economic philosophy, Newark Mayor Cory Booker is backing off his criticism of a line of attack he called “nauseating.” During an appearance Sunday on “Meet The Press,” Booker, an Obama supporter and rising star, seemed to equate the Obama campaign’s Bain strategy with the scuttled plans of a GOP “super PAC” to raise Obama’s past ties to Jeremiah Wright, a retired Chicago pastor whose controversial speeches became a campaign issue in 2008…”.* The Young Turks host Cenk Uygur breaks it down.

Big Bain Backfire

“…President Obama’s attacks on free enterprise have triggered a backlash among many—even among those in his own party. In just the past few days, everyone from former advisors to his own surrogates have criticized the Obama campaign’s attack on free enterprise. With no record to run on, it is no surprise that the Obama campaign has resorted to misleading attacks that have been disavowed by its own supporters. …”

Axelrod: Mayor Booker Was “Wrong” To Criticize Obama Attack On Romney

Matthews On Obama Booking Booker: “I’m Appalled By This Of Course! HEAR ME!!”

Cory Booker Caught in Balancing Act Over Obama’s Bain Ad Comments

Corporatist Dem. Cory Booker Defends Mitt Romney’s Bain Capital

Papantonio: Booker Has No Courage For A Fight

Obama Campaign Does Damage Control After Dems Question Anti-Bain Strategy

“…The Obama campaign is in full damage-control mode one day after Newark Mayor Cory Booker publicly derided Democrats’ assault on presumptive GOP nominee Mitt Romney over his record at Bain Capital.

Chief Obama strategist David Axelrod today publicly rebuked Booker, a popular and high-profile surrogate for the campaign, saying he was “just wrong.”

“I love Cory Booker. He’s a great mayor. If I were, if my house was on fire, I’d hope he were my next door neighbor,” Axelrod said on MSNBC, referring to Booker’s rescue of a neighbor last month.

“I agree with what he said later. I think this was a legitimate area for discussion,” Axelrod said of Booker’s subsequent comments clarifying the issue. …”

“…Booker is not the only Democrat to question the aggressive, negative portrayal of Romney’s work in private equity. Former Tennessee Rep. Harold Ford Jr. said today he agreed with “the substance” of Booker’s comments and “would not have backed out.”

“I agree with him, private equity is not a bad thing. Matter of fact, private equity is a good thing in many, many instances,” the Democrat said in a separate appearance on MSNBC earlier in the day.

Former Obama administration economic adviser Steven Rattner made similar comments last week, calling a new Obama campaign TV ad attacking Romney’s role in the bankruptcy of a Bain-owned steel company “unfair.”

“Bain Capital’s responsibility was not to create 100,000 jobs or some other number. It was to create profits for its investors,” Rattner said. ”‘It did it superbly well, acting within the rules, acting very responsibly. … This is part of capitalism, this is part of life. I don’t think there’s anything Bain Capital did that they need to be embarrassed about.”

Republicans have been gleeful with the apparent divide among Democrats over the portrayal of Romney’s Bain days. The Romney campaign produced a web video – “Big Bain Backfire” – highlighting the comments, while the Republican National Committee purchased ads on Twitter to play up the Booker flap. …”

http://abcnews.go.com/blogs/politics/2012/05/obama-campaign-does-damage-control-after-dems-question-anti-bain-strategy/

Background Articles and Videos

Cory Booker Fire Rescue

Cory Booker on “Stand Your Ground”

Glenn Beck analyzes Obama’s new Bain Capital-related anti-Romney ad (5/15/12 show)

State of the Union: Obama Ad Bashes Bain Capital

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Pronk Pops Show 75, May 30, 2012: Segment 1: The Coming World Recession: U.S. and Europe Enter A Recession As Growth Rates in Plummet–Gloom and Doom–Videos

Posted on May 30, 2012. Filed under: American History, Books, Business, College, Communications, Economics, Government, History, Investments, Public Sector Unions, Technology, Unions, Videos, War, Wisdom | Tags: , , , , , |

Pronk Pops Show 75: May 30, 2012 

Pronk Pops Show 74: May 21, 2012

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 74-75

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

Pronk Pops Show 75, May 30, 2012: Segment 1: The Coming World Recession: U.S. and Europe Enter A Recession As Growth Rates in Plummet–Gloom and Doom–Videos

CNBC:Global Recession? Marc Faber: 100%

THE DEPRESSION IS ABOUT TO BEGIN

Global Recession Looms as Euro Crisis Deepens

Peak Oil Global recession means drop in oil prices

IMMINENT AMERICAN DEPRESSION: Peter Schiff – We Aren’t That Far Behind Greece?!

Is talk of a “Grexit” the Smoke Screen for a Global Economic Meltdown?

Marc Faber: 100% Chance of Global Recession

By: Lee Brodie

“…Faber indicated that while investors remain focused on Greece and Europe – other issues, bigger issues are looming. And they’re more threatening.

“As an observer of markets – whenever everyone focuses on one thing – like Greece and Europe – maybe they miss issues that are far more important – such as a meaningful slowdown in India and China.”

The latest reports from Beijing would support Faber’s assertion. The HSBC Flash Purchasing Managers Index, slipped to 48.7 in May from 49.3 in April. That marks the seventh straight month that the index has been below 50, a level which indicates economic activity is contracting.

Faber also cited weakness in the high-end as another key catalyst that’s very negative.

“There are more and more stocks that are breaking down – economic sensitive stocks and companies that cater to the high-end,” he said. “That suggests to me the economy is likely to weaken and the huge asset run is likely to come to an end with significant asset deflation.”

http://www.cnbc.com/id/47566735

Background Articles and Videos

PBS Frontline – Money Power and Wallstreet part 1 of 4 (2012)

PBS Frontline – Money Power and Wallstreet part 2 of 4 (2012)

PBS Frontline – Money Power and Wallstreet part 3 of 4 (2012)

PBS Frontline – Money, Power and Wallstreet part 4 of 4 (2012)

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Pronk Pops Show 75, May 30, 2012: Segment 0: Edward Klein–The Amateur: Barack Obama in The White House–Obama Crony Eric Whitaker Tried to Bribe Jeremiah Wright in 2008 to Keep His Mouth Shut–Videos

Posted on May 30, 2012. Filed under: American History, Books, College, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, Government, Government Spending, History, Investments, Law, Media, Philosophy, Politics, Polls, Technology, Videos, War, Wisdom | Tags: , , , |

Pronk Pops Show 75: May 30, 2012 

Pronk Pops Show 74: May 21, 2012

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 74-75

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

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Listen To Pronk Pops Podcast or Download Shows 16-22

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Segment 0: Edward Klein–The Amateur: Barack Obama in The White House–Obama Crony Eric Whitaker Tried to Bribe Jeremiah Wright in 2008 to Keep His Mouth Shut–Videos

From the Inside Flap

“Think you know the real Barack Obama? You don’t—not until you’ve read The Amateur

In this stunning exposé, bestselling author Edward Klein—a contributing editor to Vanity Fair, former foreign editor of Newsweek, and former editor-in-chief of the New York Times Magazine—pulls back the curtain on one of the most secretive White Houses in history. He reveals a callow, thin-skinned, arrogant president with messianic dreams of grandeur supported by a cast of true-believers, all of them united by leftist politics and an amateurish understanding of executive leadership.

In The Amateur you’ll discover: Why the so-called “centrist” Obama is actually in revolt against the values of the society he was elected to lead Why Bill Clinton loathes Barack Obama and tried to get Hillary to run against him in 2012 The spiteful rivalry between Michelle Obama and Oprah Winfrey How Obama split the Kennedy family How Obama has taken more of a personal role in making foreign policy than any president since Richard Nixon—with disastrous results How Michelle Obama and Valerie Jarrett are the real powers behind the White House throne

The Amateur is a reporter’s book, buttressed by nearly 200 interviews, many of them with the insiders who know Obama best. The result is the most important political book of the year. You will never look at Barack Obama the same way again.”

From the Back Cover
Praise for The Amateur

“The Amateur is the best book I’ve read on how Barack Obama is wrecking our country. I urge everyone who cares about America to read Edward Klein’s eye-opening book.”
—Donald J. Trump, world-famous businessman, owner and host of the hit NBC TV shows The Apprentice and Celebrity Apprentice, and bestselling author of many titles, including Time to Get Tough: Making America #1 Again

“This is a racy, entertaining, informative book that illuminates aspects of Obama and his team that have not been previously reported. A necessary antidote to the Obama worship that is sure to characterize the election debate.”
—Dinesh D’Souza, president of The King’s College and bestselling author of The Roots of Obama’s Rage

“All the horrors I predicted in Welcome to Obamaland have now been definitively proven true by Edward Klein’s rip-roaringly readable new book The Amateur, which uses great stories and great reporting to illustrate just how ideological, arrogant, and hapless Obama and his administration really are. An outstanding demolition job on the most overrated president of our time.”
—James Delingpole, columnist for the Daily Telegraph and the Spectator and author of Welcome to Obamaland

“A devastating indictment of the lethal combination of incompetence and radicalism that has made Obama into one of the worst presidents in American history.”
—Norman Podhoretz, former editor of Commentary magazine and author of many books, including most recently, Why Are Jews Liberals?

Ed Klein and The Amateur – GBTV

Klein – I voted for Obama

“…Edward Klein is a tough target for the Obama crowd considering he’s the former editor of the New York Times Magazine. But the White House is attacking, and Klein is defending claims such as Michelle Obama complaining about Oprah being too fat to be a proper role model. 5-15-12 …”

Ed Klein on ‘The Amateur: Barack Obama in the White House’

Edward Klein w/ Glenn Beck on the Radio Talking Barack Obama

Sean Hannity Interviews Ed Klein, About His Interview With Jeremiah Wright

Hannity’s Ed Klein interview with Rev. Wright tapes. Part 1

Hannity’s Ed Klein interview with Rev. Wright tapes Part 2

Sean Hannity Show: Ed Klein and Rev Jeremiah Wright Tapes

Obama Crony Eric Whitaker Tried to Bribe Jeremiah Wright in 2008 to Keep His Mouth Shut

“The Amateur” author Ed Klein talks with Lou Dobbs.

Rev. Wright: Barack Obama Has Done Nothing For Black Community

Author Reveals Identity of Man New Obama Book Says Tried to Bribe Jeremiah Wright

“…Over the weekend, one of the many shocking allegations to come from Edward Klein’s controversial new book on Obama was the story that someone from the Obama camp tried to pay Rev. Jeremiah Wright — Obama’s controversial former pastor — $150k to keep quiet until after the 2008 election. Wright rejected the hush money. But we never knew who allegedly tried to pay Wright off.

Until now.

In an interview with Sean Hannity on Monday, Klein revealed the identity of his money middle man — and he’s a doctor from Chicago. …”

http://www.theblaze.com/stories/author-reveals-identity-of-man-new-obama-book-says-tried-to-bribe-jeremiah-wright/

Ed Klein Talks New Book On Obama, Jeremiah Wright, Oprah

Videos

“…Author Ed Klein talks about his new book about Barack Obama called “The Amateur” on FOX News’ “Hannity.”
Klein talks about the Obamas relationship with the Clintons and how Bill Clinton urged Hillary to run in 2012 and even had private polling done.
Klein dishes on Oprah being cut out of Obama’s inner-circle and his three-hour interview with Rev. Jeremiah Wright about an Obama confidant trying to pay for his silence and a meeting he had with Obama during the 2008 campaign season. …”

http://www.realclearpolitics.com/video/2012/05/16/ed_klein_talks_new_book_on_obama_jeremiah_wright_oprah.html

Two books, two standards, for Obama, Bush

By Byran York

“…Not all campaign books are treated equally. Just look at Edward Klein and J.H. Hatfield.
Klein, of course, is the author of the new book “The Amateur: Barack Obama in the White House.” Hatfield, now dead and forgotten, wrote a book about George W. Bush, “Fortunate Son,” during the 2000 presidential contest.
Klein’s book, which debuted in early May, has been mostly ignored by large media organizations (although not by the book-buying public, which has put it at the top of next week’s best-seller list). Hatfield’s book, on the other hand, rocked a presidential campaign — before crashing and burning on its own dishonesty and its author’s criminal record.
“Fortunate Son” attracted attention because it reported that Bush, then the leading contender for the Republican presidential nomination, had been arrested for possessing cocaine when he was 26 years old. Hatfield wrote that Bush’s father, the future President George H.W. Bush, used his influence to cover up the incident.
“George W. was arrested for possession of cocaine in 1972 but due to his father’s connections, the entire record was expunged by a state judge whom the elder Bush helped get elected,” Hatfield quoted a “confidential source” as saying.
George W. Bush denied the story, as did George H.W. Bush.
Still, even though nobody had ever heard of Hatfield, for some reporters the revelation seemed final proof of a rumor that media types had been kicking around — and sometimes publishing — since the beginning of Bush’s campaign. The New York Times, which had looked for evidence of cocaine before, looked again.
“Reporters for The New York Times, which received an advance copy of Mr. Hatfield’s book last week, spent several days looking for evidence that might corroborate his account,” wrote Times reporter Frank Bruni, now a liberal columnist for the paper, on October 22, 1999. “But they did not find any, and the newspaper did not publish anything about the claim.”
Lots of other news organizations did. When both Bushes denied the story, the Associated Press, Washington Post, New York Post, Los Angeles Times, and many others reported Hatfield’s revelation.
The New York Times also found a way to pass on the accusation without passing on the accusation; the paper published several articles about the controversy over the book, even if it did not directly quote the book itself. Times readers certainly got the idea.
The party ended when the Dallas Morning News reported Hatfield was “a felon on parole, convicted in Dallas of hiring a hit man for a failed attempt to kill his employer with a car bomb in 1987.” The publisher of “Fortunate Son,” St. Martin’s Press, quickly withdrew the book. …”

http://campaign2012.washingtonexaminer.com/article/two-books-two-standards-obama-bush/566551

Related Posts On Pronk Palisades

The Great Pretender–Barack Obama–The Big Liar–The Big Fail–Nobody For Obama The Narcissist–Videos

Sam Vaknin: Narcissism–Videos

Sam Vaknin Analyzes Barack Obama–Videos

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Pronk Pops Show 74, May 21, 2012–Segment 0: JPMorgan Chase & Co., Jaime Dimon, The Volker Rule and Too Big To Fail–Videos

Posted on May 21, 2012. Filed under: American History, Business, Communications, Consitutional Law, Economics, Education, Employment, Federal Government, Fiscal Policy, Government, Government Spending, History, Investments, Law, Media, Monetary Policy, Public Sector Unions, Regulation, Social Science, Unions, Videos, War, Wisdom | Tags: , , , , , , |

Pronk Pops Show 74: May 21, 2012 

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 74-

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

JPMorgan Chase & Co., Jaime Dimon, The Volker Rule and Too Big To Fail–Videos

JPMorgan Chase CEO Jamie Dimon with Fareed Zakaria

Whalen: Too Much Regulation Caused JP Morgan $2 Billion Loss

“…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

Bloomberg Rewind (5/10) JPMorgan’s Trading Loss

http://www.bloomberg.com/video/92515511/

JPMorgan Unit’s London Staff May Risk Dismissal

http://www.bloomberg.com/video/92563143/

JPMorgan Trading Loss Own Words

http://www.bloomberg.com/video/92481695/

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. …”

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

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Peter Wallison–Dissent from the Majority Report of the Financial Crisis Inquiry Commission —Videos

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

Posted on May 9, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Consitutional Law, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Housing, Illegal Immigration, Immigration, Labor Economics, Law, Media, Monetary Policy, Networking, Philosophy, Politics, Polls, Public Sector Unions, Success, Tax Policy, Technology, Unions, Videos, War, Wisdom | Tags: , , , , , , , |

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

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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

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

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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

Posted on May 9, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Consitutional Law, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Government, Government Spending, Health Care Insurance, History, Illegal Immigration, Immigration, Investments, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Public Sector Unions, Regulation, Social Science, Success, Tax Policy, Technology, Unions, Videos, War, Wisdom | Tags: , , , , , , , |

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.

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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

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

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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

Posted on May 9, 2012. Filed under: American History, Budgetary Policy, Business, Coal, Communications, Culture, Economics, Employment, Energy, Federal Government, Fiscal Policy, Government, Health Care Insurance, History, Illegal Immigration, Immigration, Investments, Labor Economics, Law, Media, Monetary Policy, Natural Gas, Nuclear, Philosophy, Politics, Solar, Tax Policy, Videos, War, Wisdom | Tags: , , , |

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 Annual
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 Annual
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 Annual
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 Annual
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#

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I am a classical liberal or libertarian.

I greatly admire the works of Ludwig von Mises, Friedrich A. Hayek, Murray Rothbard, Milton Friedman, The Von Mises Institute, Cato Institute, Reason and the Koch brothers.

Competition is what it is all about.

The Republican Party establishment, sad to say, is controlled by progressive neoconservatives, which is why many classical liberals or libertarians have left the Republican Party and are now independents.

Nixon, Ford, Bush, Dole, Bush, McCain, and Romney are all big government progressive Republicans. They may talk conservative, but walk as big government spenders. Limited government and fiscal responsibility are the last thing these big government progressive neoconservatives want. The Republican Party has became the party of war and the Democratic Party has become the party of welfare. The result is the warfare and welfare economy and state.

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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 (play /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

See also

  • David Koch Theatre
  • Charles Koch Arena
  • David H. Koch Institute for Integrative Cancer Research
  • The Science of Success, a book by Charles Koch in which he attributes the success of the family business to Market-Based Management
  • Koch Industries

References

  1. ^ “Forbes America’s Largest Private Companies”. Forbes.com. http://www.forbes.com/lists/2011/21/private-companies-11_land.html. Retrieved 10/4/11.
  2. ^ 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.
  3. ^ “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.”
  4. ^ “Epic struggle among Koch brothers ends”. Houston Chronicle: p. 2. 26 May 2001.
  5. ^ http://kochfamilyfoundations.org/Foundations.asp
  6. ^ 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
  7. ^ 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.
  8. ^ Charles Koch, in interview with Stephen Moore of the Wall Street Journal. 6 May 2006. http://online.wsj.com/article/SB114687252956545543.html
  9. ^ 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
  10. ^ 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
  11. ^ 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

Question book-new.svg
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

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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.

See also

Portal icon Companies portal
  • Koch family
  • Koch Family Foundations

References

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  3. ^ “Koch Industries, Inc – Industry Areas”. Kochind.com. http://www.kochind.com/IndustryAreas/default.asp. Retrieved 2011-07-23.
  4. ^ Continetti, Matthew (April 4, 2011). “The Paranoid Style in Liberal Politics”. The Weekly Standard. http://www.weeklystandard.com/articles/paranoid-style-liberal-politics_555525.html?nopager=1.
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  10. ^ The Top 10 Forbes Asia October 19, 2009
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  21. ^ By Ralph K.M. Haurwitz and Jeff Nesmith (2001-07-23). “Austin news, sports, weather, Longhorns, business”. Statesman.com. http://www.statesman.com/specialreports/content/specialreports/pipelines/23pipegathering.html. Retrieved 2011-07-23.
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  30. ^ “Koch Petroleum Group Sentenced for Minnesota Pollution” (Press release). Environmental Protection Agency. 9 March 2000. http://yosemite.epa.gov/opa/admpress.nsf/d0cf6618525a9efb85257359003fb69d/eae2020401d0bf098525689d00713ea5!OpenDocument. Retrieved 2010-06-14.
  31. ^ “Koch Pleads Guilty to Covering up Environmental Violations at Texas Oil Refinery”. justice.gov. U.S. Department of Justice. 9 April 2001. http://www.justice.gov/opa/pr/2001/April/153enrd.htm. Retrieved 30 May 2010.
  32. ^ Don Richards (22 January 2001). “DOJ Reduces Indictments Against Koch Industries”. ICIS. http://www.icis.com/Articles/2001/01/22/130888/doj-reduces-indictments-against-koch-industries.html.
  33. ^ US Dept of Commerce, Commerce Dept Fines Kansas Firm, June 3, 2003 press release, http://www.bis.doc.gov/news/2003/kansasfirmfined.htm
  34. ^ Jessica Harper (18 November 2009). “Flint Hills is coming out of murky waters”. Dakota County Tribune. http://www.thisweeklive.com/2009/11/18/flint-hills-is-coming-out-of-murky-waters/.
  35. ^ “Inside EPA’s Clean Air Report”. InsideEPA. http://docs.google.com/viewer?a=v&q=cache:7eiXKq7LLHkJ:www.flinthillsresources.info/upload/InsideEPA9-09Pactwithoil.pdf+Flint+Hills+Resources+epa&hl=en&gl=us&pid=bl&srcid=ADGEESjlfx6q_Ri64N7NdqA3rho-Amf6W1nzG7_PkmPqn7Z9eJiGxEsQN9ph1qqI7EjuAUdIwNaS1l1voou3gXceHm_zhgBmQidSNdEp44PfgvYdxXP_u1PTXKeTbv4SM4bGwfZZ_7S2&sig=AHIEtbQgO5KZzY5H1tGz7XGieXnNJakdqQ. Retrieved 23 April 2011.
  36. ^ “Flint Hills Resources, LP Agrees to Transition Its Texas Flexible Permits to Federally Approved Clean Air Act Permits – Transition affects facilities in Corpus Christi, Port Arthur and Longview”. EPA. http://yosemite.epa.gov/opa/admpress.nsf/0/6F25BD791C4B21CB852577C400552339. Retrieved 27 April 2011.
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  43. ^ “The History of Matador Ranch”. Matador Ranch. http://www.matadorranch.com/matadorranchhistory.php. Retrieved 12 April 2012.
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  56. ^ Heck, Josh (18 May 2011). “Red Cross Recognizes three fundraisers”. Wichita Business Journal. http://www.bizjournals.com/wichita/news/2011/05/18/red-cross-recognizes-three-fundraisers.html. Retrieved 19 May 2011.
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  62. ^ Koch Industries: Secretly Funding the Climate Denial Machine . greenpeace.org . 30 March 2010]
  63. ^ 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
  64. ^ 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.
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  66. ^ http://www.kochind.com/ViewPoint/lowCarbon.aspx Low Carbon Fuel Standards
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  68. ^ Koch Companies Have Received Almost $100 Million In Government Contracts August 20, 2010 — Media Matters Action Network
  69. ^ Why Koch Industries is Speaking Out, Wall Street Journal, March 1, 2011

External links

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

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