Thursday, November 10, 2011

Rick Santelli's Chicago Tea Party

Rick Santelli's Chicago Tea Party

Obama Couldn’t Wait: His New Christmas Tree Tax

Posted: 09 Nov 2011 09:48 AM PST

By: David S. Addington, The Heritage Network

President Obama's Agriculture Department today announced that it will impose a new 15-cent charge on all fresh Christmas trees—the Christmas Tree Tax—to support a new Federal program to improve the image and marketing of Christmas trees.

In the Federal Register of November 8, 2011, Acting Administrator of Agricultural Marketing David R. Shipman announced that the Secretary of Agriculture will appoint a Christmas Tree Promotion Board. The purpose of the Board is to run a "program of promotion, research, evaluation, and information designed to strengthen the Christmas tree industry's position in the marketplace; maintain and expend existing markets for Christmas trees; and to carry out programs, plans, and projects designed to provide maximum benefits to the Christmas tree industry" (7 CFR 1214.46(n)). And the program of "information" is to include efforts to "enhance the image of Christmas trees and the Christmas tree industry in the United States" (7 CFR 1214.10).

To pay for the new Federal Christmas tree image improvement and marketing program, the Department of Agriculture imposed a 15-cent fee on all sales of fresh Christmas trees by sellers of more than 500 trees per year (7 CFR 1214.52). And, of course, the Christmas tree sellers are free to pass along the 15-cent Federal fee to consumers who buy their Christmas trees.

Acting Administrator Shipman had the temerity to say the 15-cent mandatory Christmas tree fee "is not a tax nor does it yield revenue for the Federal government" (76 CFR 69102). The Federal government mandates that the Christmas tree sellers pay the 15-cents per tree, whether they want to or not. The Federal government directs that the revenue generated by the 15-cent fee goes to the Board appointed by the Secretary of Agriculture to carry out the Christmas tree program established by the Secretary of Agriculture. Mr. President, that's a new 15-cent tax to pay for a Federal program to improve the image and marketing of Christmas trees.

Nobody is saying President Obama doesn't have authority to impose his new Christmas Tree Tax — his Administration cites the Commodity Promotion, Research and Information Act of 1996. Just because the Obama Administration has the legal power to impose its Christmas Tree Tax doesn't mean it should do so.

The economy is barely growing and nine percent of the American people have no jobs. Is a new tax on Christmas trees the best President Obama can do?

To read more, visit:  http://blog.heritage.org/2011/11/08/obama-couldnt-wait-his-new-christmas-tree-tax/

Fannie Mae taps $7.8 billion from Treasury, loss widens

Posted: 09 Nov 2011 09:43 AM PST

By Margaret Chadbourn, Reuters.com

(Reuters) – Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $7.8 billion in federal aid to stay afloat as a shaky housing market widened its third-quarter loss to $5.1 billion.

The government-controlled firm also attributed the deeper cash drain to losses on derivatives used to hedge its exposure to interest-rate swings and on expenses related to home loans made prior to the 2008 financial collapse. In the year-earlier quarter it had a loss of a $1.3 billion.

Fannie Mae has now drawn $112.6 billion in bailout funds from the Treasury Department since being seized by the government in 2008 as mortgage losses mounted, and it has returned $17.2 billion to taxpayers in the form of dividends.

“There is certainly a lot of pre-2009 loans that we need to work through and that is certainly driving the credit losses you saw in this quarter and over the last several years,” Fannie Mae Chief Financial Officer Susan McFarland told Reuters.

She said the company was “working to reduce losses” on those legacy loans and “limit taxpayer exposure.”

The mortgage finance company and its smaller rival Freddie Mac were taken over during the financial crisis as losses on subprime mortgages threatened insolvency.

To read more, visit:  http://www.reuters.com/article/2011/11/09/us-usa-housing-fanniemae-idUSTRE7A77F420111109?feedType=RSS&feedName=businessNews&rpc=23&sp=true

Fed up! McCain predicts rise of third political party

Posted: 09 Nov 2011 09:40 AM PST

By Steve Holland and David Alexander, Reuters.com

(Reuters) – Senator John McCain predicted on Tuesday a third political party will emerge in response to Americans’ economic frustrations and said it might as well be called “the Fed-Up Party.”

The Republican Party’s presidential nominee in 2008 raised the possibility of a third party about a year ago, but his comments on Tuesday suggest he has hardened his views as polls show Americans increasingly disillusioned with Washington politics.

The 75-year-old McCain may now be the most prominent politician forecasting Americans will look to another party to compete with Democrats and Republicans.

“Unless both parties change, then I think that it’s an inevitability. We aren’t doing anything for the people,” McCain said in blunt remarks at the Reuters Washington Summit.

Americans, he said, are frustrated by sluggish economic growth that has depleted their incomes while corporate executives take in massive salary bonuses.

Asked if the new option would be a centrist party, or a wing of the left or right, McCain quipped; “I think a Fed-Up Party.”

To read more, visit:  http://www.reuters.com/article/2011/11/08/us-washington-summit-mccain-idUSTRE7A77U820111108

Tea party activist wins mayor’s race in Troy; Oak Park mayor loses

Posted: 09 Nov 2011 09:36 AM PST

By: Christine Ferretti and Serena Maria Daniels, The Detroit News

Troy— A tea party activist was elected mayor of Troy on Tuesday night, topping a city councilwoman who backed a controversial tax approved in August for the city’s library.

Janice Daniels defeated Robin Beltramini by just more than 600 votes, 52 percent to 48 percent, according to complete unofficial returns.

Daniels, a member of the anti-tax group Troy Citizens United, will succeed retiring Mayor Louise Schilling.

Daniels, 58, touts “openness and full disclosure.” The 11-year resident has said she’s never run for office and said she considers it a strength.

Steve Schaff, 36, says he voted for Daniels because he was “ready for change.”

“I like that she wanted to change the status quo that Troy has had for a long time,” said Schaff, who moved to Troy six months ago.

A library millage approved by voters in August was the third request put before voters in less than two years in an attempt to secure funding for library operations.

The two vied to replace Schilling, who was termed out from retaining her post as leader of Oakland County’s largest city.

To read more ,visit:  http://www.detnews.com/article/20111108/METRO02/111080419/Tea-party-activist-wins-mayor%C3%ADs-race-in-Troy–Oak-Park-mayor-loses
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