Biden Suffers Worst Approval Ratings Plunge Of Any President Since World War II

https://www.zerohedge.com/political/bidens-ratings-plunge-most-any-president-world-war-ii

VP Biden says he called Jon Corzine for advice

This crook, Jon Corzine, former CEO of bankrupt MF Global, former Governor and US Senator of New Jersey, former Goldman Sachs executive, and yes, due to be appointed by President Obama to be Treasury Secretary in 2013 (after all, he served in the Treasury under Clinton), is being investigated by the FBI for stealing $600 million of client funds right before MF Global's collapse.  Hey, if you're going to steal, do it big.

Do you think this is an isolated incident of the rich stealing from the rich?  Think again.  This is the first domino in a cascade of segregated client accounts being stolen from--with no recourse for the victims.  Visualize putting money down to purchase a home in an escrow account.  That money is safe, separated from the firm's own money.  Even if the broker somehow went broke, your money is still safe due to the separation.  It's the central tenet of our global banking system, the foundation of our trust in firms handling our money.

Apparently, that faith and trust is now broken, because if you believe your money in your bank account is safe from legalized theft, think again.  150,000 clients had their accounts zeroed out at MF Global:  clients including large pension funds, as well as individuals like you and me.   Gone.  Zilch.  Nada.

What was their crime?  They believed their funds inside MF Global were safe--safe from outsized illegal gambling by the custodian bank, safe from fraud, and safe from outright theft.  Because, after all, the regulatory agencies would monitor the bank, and even in the event of a cataclysmic collapse, would backstop and honor their deposits, right?  Wrong.

Jon Corzine just happened to be one of President Obama's biggest campaign fundraisers.  Which apparently makes it okay for him to steal $600 million dollars from clients right before his firm collapsed.

America, we allowed this happen to us.  We deserve everything we're about to get:  a $hit $andwich.


http://youtu.be/xm3VMrKqJSA

Biden seeks to reassure China on U.S. debt

http://www.reuters.com/article/2011/08/19/us-china-usa-idUSTRE77H0HA20110819

U.S. Vice President Joe Biden on Friday said China had "nothing to worry about" concerning the safety of its vast holdings of Treasury debt, while China's Premier Wen Jiabao gave a ringing endorsement of the resilience of the debt-ridden U.S. economy. 

Given the track record of government leaders and central bankers, and their attempts to soothe markets, it's time to worry.

Government wants to nationalize your 401K/IRA

If this passes, watch the stock markets collapse. Wow, the government is really eager to raise revenue. Whether you are a Democrat, Republican, Independent, Libertarian, or from Mars, passage of this proposal should concern you.

http://republicanleader.house.gov/News/DocumentSingle.aspx?DocumentID=183859

Dear Secretaries Solis and Geithner:

As members of the Republican Savings Solutions Group, we write today to express our strong opposition to any proposal to eliminate or federalize private-sector defined contribution pension plans, such as 401(k)s, or impose burdensome new requirements upon the businesses, large and small, who choose to offer these plans to their employees.

In the Annual Report of the White House Task Force on the Middle Class, Vice President Biden discussed at length the creation of so-called “Guaranteed Retirement Accounts, (GRAs)” which would provide for protection from “inflation and market risk” and potentially “guarantee a specified real return above the rate of inflation” – presumably at taxpayer expense. In the Report, the Vice President recommended “further study of these issues.”

The Vice President’s comments are troubling, insofar as they come on the heels of testimony before Congress from supporters of GRAs proposing to eliminate the favorable tax treatment currently afforded to 401(k) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary – again, with a government subsidy. These advocates would, essentially, dismantle the present private-sector 401(k) system, replacing it instead with a government-run investment plan, the size and scope of which remain to be seen. This despite data showing that 90 percent of households have a favorable opinion of the existing 401(k)/IRA system.

In light of these facts, we write today to express our opposition in the strongest terms to any effort to “nationalize” the private 401(k) system, or any proposal that would dismantle or disfavor the private 401(k) system in favor of a government-run retirement security regime.

Sincerely,

House Republican Leader John Boehner (R-OH)
Rep. John Kline (R-MN)
Rep. Dave Camp (R-MI)
Rep. Sam Johnson (R-TX)
Rep. Dean Heller (R-NV)
Rep. Brett Guthrie (R-KY)
Rep. Michele Bachmann (R-MN)
Rep. Pat Tiberi (R-OH)
Rep. Bob Latta (R-OH)
Rep. Erik Paulsen (R-MN)
Rep. Lynn Jenkins (R-KS)
Rep. Ed Royce (R-CA)
Rep. Buck McKeon (R-CA)