By Greg Hunter’s USAWatchdog.com
Fed Chief Ben Bernanke testified in front of the House and Senate this week about the economy and money printing. The headline in USA Today says it all, “Fed Help Won’t Fade.” Remember, this is $85 billion in bond buying each and every month. That’s $45 billion in Treasury bonds and $40 billion in sour mortgage debt. I call it the fraud and mistakes of big banks. Why doesn’t anyone in Congress ask which banks are getting $40 billion each and every month? This is a half-trillion bucks a year, and nobody in Congress wants to know where it is going?
The Fed money printing orgy produced record highs in the stock market and 16 month highs in crude oil. It stands at $108 a barrel. Higher gas prices are coming. We also had the biggest U.S. city in history file for bankruptcy—Detroit. What a strange paradox? The city unions have to feel pretty screwed right now as pensions and healthcare are going to have to be cut drastically. Let’s not forget about the bond holders who will probably get about 10 cents on the dollar. In all, it was a $20 billion blow-up. More cities will surely follow Detroit’s move to shed debt.
Meanwhile, the Zimmerman verdict outrage continues to distract Americans about the real issues of unemployment and an imploding economy. The Zimmerman outrage is a total false issue and totally made up by the Left. Look at what conservative black commentator Larry Elder had to say to Piers Morgan recently on CNN. Elder said that Morgan should ashamed of putting up the idea that blacks have to be looking over their shoulder because they are being hunted down by whites. 90% of black people are killed by black people, same as white people. Remember, Zimmerman is not white but considers himself Hispanic. It is a fake and contrived problem that is being used to distract us from real issues.
Here are a few real issues. Obama Care is kicking in at the beginning of next year, and it is an economy killer. Already, part-time jobs and temporary jobs are spiking, and full-time jobs are imploding. Democrats know this, and that is why the Obama Administration has put off the employer mandate to provide healthcare for employees until 2015. Companies with 50 or more employees are required to provide healthcare or be fined. It is a political move to postpone the law because Democrats know it will cost them in the 2014 mid-term elections. President Obama said this week that “some folks are rooting for the law to fail.” His administration just postponed a big part of it! Isn’t that because it’s already failing?
How about all the lawsuits against the Obama Administration over the unconstitutionality of the NSA spying and data collection on all Americans? How about the recent appeal ruling that puts back into place “Indefinite Detention,” which guts the due process of the Constitution? One judge blocked it and, this week, an appeals court unblocked it. Now, the government can throw a bag over your head and drag you off forever without charge or trial. That is simply outrageous, and, yet, not even mentioned by the mainstream media.
What about the Syrian civil war where the al-Qaeda backed rebels are losing? Now, there is more talk of ratcheting up the violence by sending arms to al-Qaeda rebels? Also, there is talk of direct U.S. military involvement. That should make the Russians happy. More than 100,000 Syrians have been killed in the two year civil war. Secretary of State John Kerry said Syrian refugees fleeing to Jordan is the biggest humanitarian problem on the face of the earth. Issues like these are being clouded by the nonsense of the Zimmerman trial and verdict.
Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up.