Tag Archive for: Elections 2012

Watch Out Florida Here Comes Our “Bubble Government”

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Recently in a radio interview Robert Wiedemer co-author of America’s Bubble Economy and Aftershock and Edward J. Pinto, resident scholar at the American Enterprise Institute discussed the idea of the United States having a “bubble government”. Wiedemer stated that America has suffered through “a number of financial bubbles” and the “aftershock following each”. To date each of these bubbles, the most recent being the housing bubble, have burst and fallen onto two other looming bubbles. These two bubbles are the “dollar bubble” and the “debt bubble”.

These two bubbles are primed to burst and the pin is called inflation.

The Wall Street Journal headline for April 5, 2012 was “Markets Fear End of Stimulus” written by Jonathan Cheng and Charles Forelle. What is the great concern? According to Cheng and Forelle, “European Central Bank President Mario Draghi indicated he would be hesitant to undertake more monetary easing, citing concerns about inflation.” Monetary easing (a.k.a. government stimulus or quantitative easing) is governments printing money. Today American is awash in money due to our government printing it with no end in sight – the dollar bubble is upon us.

Congress has failed in their Constitutional duty to pass a budget in nearly four years. The U.S. government runs on continuing resolutions and Congress has raised the debt ceiling to an astounding $15+ trillion dollars. In 2011 Congress spent nearly 55% more than it collect in revenues. The debt ceiling will be breached yet again before the November 6, 2012 elections. This all has caused our government to borrow at an unprecedented rate of 40 cents of every dollar – the debt bubble.

What does that all have to do with Florida?

Florida is especially vulnerable to the aftershock of either a dollar or debt bubble burst. Florida’s barely recovering housing market and our large population of fixed income retirees are in the cross hairs should inflation increase even fractionally.

According to Edward J. Pinto, “One in four [Federal Housing Administration] FHA loans outstanding in Georgia and New Jersey are now thirty-days-plus delinquent, with eight additional states having delinquency rates above 20 percent. The national rate is 17.79 percent.” Florida has a delinquency rate of 23.07%. Pinto points out, “FHA is estimated to have a current net worth of -$16.923 billion, approximately $18 billion less than the ‘economic net worth’ set forth in FHA’s 2011 Actuarial Study.”

Pinto states, “The Government Mortgage Complex (GMC), consisting of FHA, Fannie Mae, Freddie Mac, the Veterans Administration and Federal Department of Agriculture, is bankrupt. The Government Mortgage Complex guarantees about $6 trillion in in home mortgages, yet has zero capital backing it. Fannie and Freddie do owe the government nearly $200 billion and counting.”

When inflation kicks in, as it is in Europe, the bond markets will tank, as they have in Spain, and Florida will be facing a double dip recession because many retirees have invested in bonds.

President Obama, the Federal Reserve and Congress will do everything they can to not let this collapse happen before the November 2012 elections. However, they may not be able to stop it, as the markets are already reacting to failed attempts at austerity in the EU and the rising cost of debt.

These two bubbles are coming home to roost in America.

When they burst the burden will fall most heavily upon the American taxpayer a rapidly diminishing species. There is not the political will to address either bubble until they burst and a national crisis occurs. As the argument goes “never let a good crisis go to waste” but this time the austerity solutions will be Draconian.

A possible scenario is a replay of the October surprise of 2008 – a meltdown of the financial markets. Are we being set up for another TARP or Stimulus III? Time will tell.

Rubio Condemns Obama’s Failure To Recognize Hugo Chavez’s Threat To U.S. National Security

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U.S. Senator Marco Rubio (R-FL) issued the following statement regarding President Obama’s assessment that Venezuela’s Hugo Chavez does not pose a serious national security threat to the U.S.:

“It’s now disturbingly clear that President Obama has been living under a rock when it comes to recognizing the national security threat posed by Venezuela’s Hugo Chavez.

“Hugo Chavez is not only a threat to the Venezuelan people’s freedom and democratic aspirations, he has also supported Iran’s regime in its attempts to expand its intelligence network throughout the hemisphere, facilitated money laundering activities that finance state sponsors of terrorism and provided a safe haven for FARC narco-terrorists, among many other actions. Just yesterday, the Wall Street Journal detailed how Hugo Chavez circumvents U.S. and EU sanctions to help prop up the Assad regime in Syria. And even Obama’s own State Department belatedly but rightly expelled Chavez’s consul general in Miami for her ties to a plan to wage cyber-attacks on the U.S.

“President Obama continues to display an alarmingly naïve understanding of the challenges and opportunities we face in the Western Hemisphere.”

In an interview that aired last night on Miami’s Channel 41, President Obama said, “We’re always concerned about Iran engaging in destabilizing activity around the globe. But overall my sense is that what Mr. Chávez has done over the last several years has not had a serious national security impact on us.”

FL Primary Voting Registration Ends July 16, 2012

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With a primary election approaching, here is voter information from the Sarasota County Supervisor of Elections office:

In order to register to vote in Florida, you must:

  • Be a citizen of the United States of America
  • Be a Florida resident
  • Be 18 years old (A person who is otherwise qualified may preregister on or after his/her 16th birthday and may vote in any election on or after his/her 18th birthday.)
  • Not now be adjudicated mentally incapacitated with respect to voting in Florida or any other state
  • Not have been convicted of a felony without your right to vote having been restored
  • Provide your current and valid Florida driver license number or Florida identification card number. You must provide the last four of your Social Security number if you do not have a Florida driver license number or a Florida identification card number. If you have not been issued any of these items, you must write “NONE” in the box indicated on the Voter Registration Application.

How to Apply to Register to Vote

  • Fill in the Voter Registration Application online. If you wish, you can print the application and write your information in with a black ballpoint pen.
  • For the Voter Registration Online Application in Spanish select this link.
  • Print the application out.
  • Verify that all the information on your application is complete. The office where you register, your decision not to register, your Social Security number, Florida driver license number and Florida ID card number will remain confidential and will be used only for voter registration purposes.
  • Sign your application. The application requires an original signature because you are swearing to or affirming an oath.
  • Mail your application to your county supervisor of elections. (Requires first class postage stamp.) You may also hand-deliver the application to any supervisor of elections office in the state, a driver license office, a voter registration agency or armed forces recruitment office, or to the Division of Elections.
  • If your application is complete and you qualify as a voter, the supervisor of elections will mail you a voter information letter as official notification that you are registered to vote. Make sure all of the information in your letter is correct. If you do not receive a confirmation letter within 8 weeks, or if you have any questions, call your supervisor of elections.

NOTE: You must be registered for at least 29 days before you can vote in an election.

If the information on the application is not true, the applicant can be convicted of a felony of the third degree and fined up to $5,000 and/or imprisoned for up to 5 years.

Scott Walker Recall Victory sends ripples across Florida

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There appears to be a tsunami building and the epicenter of the earthquake that caused it is Madison, Wisconsin. Democrats across Florida are shuttering as it was one of their own, Debbie Wasserman-Schulz (FL CD-20), who said this recall election was a harbinger for November 6, 2012.

On May 27, 2012 Debbie, Chair of the Democrat National Committee, stated, “And so what I think the implications will be is that ultimately I think Tom Barrett will pull this out. But regardless, it has given the Obama for America operation an opportunity to do the dry run that we need of our massive, significant, dynamic grassroots presidential campaign, which can’t really be matched by the Romney campaign or the Republicans because they’ve ignored on-the-ground operations.” [My emphasis]

Greta Van Susteren reports DNC Chair Debbie Wasserman Schultz released the following statement on the results of the Wisconsin recall election, “Despite the disappointing outcome of tonight’s election, there is no question that over the past year this recall effort sent a message to Scott Walker that his brand of divisive politics is offensive and wrong. Thousands of Wisconsinites mounted this effort in the face of a flood of out of state, secret and corporate special interest money– amounting to a massive $31 million war chest for Governor Walker to just $4 million on our side.”

The Washington Post reports, “I don’t think that this is anything other than an important election for Wisconsin voters, for Wisconsin working families,” Democratic National Committee Chair Debbie Wasserman Schultz told me in an interview here Tuesday afternoon.”

Can you say backpedaling? I thought “D” meant drive and “R” meant reverse? Maybe D means Debbie drives Democrats off a cliff?

Republican Party of Sarasota County, Florida Chairman Joe Gruters released the following statement regarding Governor Scott Walker’s decisive victory in Wisconsin’s recall election:

“I would like to personally congratulate Governor Scott Walker on his victory in today’s gubernatorial recall election in Wisconsin. After millions of dollars spent and hundreds of thousands of man hours logged by big labor, the National Democratic Party and even the local Sarasota County Democratic Party, Americans headed to the polls tonight and sent an overwhelming message in support of free enterprise and against both big labor and liberal policies.”

“This free enterprise & conservative message was sent loudly in Wisconsin tonight and will be echoed across the country as we approach November. Rather than turning to the government for dependence, Americans are coming together in support of growing the economy and creating jobs while also shrinking the size of government and cutting spending by enacting common-sense, conservative policies. The Wisconsin results will empower Conservative leaders across the country, like our Governor Rick Scott, who are willing to stand up in support of free enterprise and make the tough decisions to ensure that their citizens are living in free country that is of the people, by the people and for the people.”

Florida is a key swing state in November. President Obama in 2008 carried Florida by just over 200,000 votes out of 10 million votes cast, a margin of .02%.

The line in the sand is clear. Bigger government, more national debt and union control or small government, a balanced budget, debt elimination and free markets. It appears the voters in Wisconsin picked the latter.

This victory does not bode well for Democrats in Florida, especially with Debbie Wasserman-Schulz calling the shots for the party.

RELATED COLUMNS:

Wisconsin recall by the numbers

Walker, Republicans win big in Wisconsin recall races

ANALYSIS: Walker win vaults Wisconsin governor into vice presidential discussion