TPP Shot Down

[Ron Burgundy]

Bomma loses His vote in the House.

http://news.yahoo.com/razor-edge-u-congress-vote-decide-fate-obama-051023703.html

My own Representative, a Republican, voted against it.

 

[Spike]

nope - better read the fine print

that was the TAA

the TPA passed

goes back to another vote next week

if it passes...

Revolt!

 

[SteelChip]

I guess I'm too old and stupid to understand this but from what little I do know, they still have the details locked up where only "the few" can read them. The Trade Deal itself may be a worthy piece of legislation but it's the hidden 'small print' stuff that scares me. On top of that, I see more of the IM-EX Bank type deals in the works here. They say they are helping small business but the small business's turn out to be GE, Boeing and Caterpillar.

The public criticisms of the TPP have been vague. That’s by design—anyone who has read the text of the agreement could be jailed for disclosing its contents. WTF is that all about ?

Earlier today, Wessel wrote an article in Politico titled "I’ve Read Obama’s Secret Trade Deal. Elizabeth Warren Is Right to Be Concerned" which we agree with wholeheartedly because while one may or may not disagree whether the US economy will benefit from a trade agreement which anecdotally benefits large multinationals, it should be unanimous that America's transformation into a secretive, klepto-fascist state controlled by corporations is catastrophic for not only the republic but America's people, or at least those who are not among the 0.001% who stand to benefit from the TPP.

Then I read this kind of stuff about more hidden powers. My question about this is if we give Barry these powers, won't they also be available to the next President...hopefully a Conservative.

Discovered inside the huge tranche of secretive Obamatrade documents released by Wikileaks are key details on how technically any Republican voting for Trade Promotion Authority (TPA) that would fast-track trade deals like the Trans-Pacific Partnership (TPP) trade deal would technically also be voting to massively expand President Obama’s executive authority when it comes to immigration matters.

The president’s Trade in Services Act (TiSA) documents, which is one of the three different close-to-completely-negotiated deals that would be fast-tracked making up the president’s trade agreement, show Obamatrade in fact unilaterally alters current U.S. immigration law. TiSA, like TPP or the Transatlantic Trade and Investment Partnership (T-TIP) deals, are international trade agreements that President Obama is trying to force through to final approval. The way he can do so is by getting Congress to give him fast-track authority through TPA.

TiSA is even more secretive than TPP. Lawmakers on Capitol Hill can review the text of TPP in a secret, secured room inside the Capitol—and in some cases can bring staffers who have high enough security clearances—but with TiSA, no such draft text is available.
http://r.search.yahoo.com/_ylt=A0LE...reement//RK=0/RS=slg_l1wEQ_bsSIQtJVUfEwEDcrU-

 

[Ron Burgundy]

We need to pass the bill to know what's in it.
My understanding is that it will turn over our trade and environmental policies, especially the all-important climate change, to an international bureaucracy. The Leftys just can't stand us being in charge of our own ****.

 

[Confluence]

I really don't know why yinz get all upset about secret trade deals when there are public deals that let foreign governments access Billions and Billions of USD directly from the Fed without need for either Fed or US Government approval.

With the push of a button, foreign central bankers could literally instantaneously siphon hundreds of Billions of USD with no approval needed for currency swaps. Just as the Euro dives, several European central banksters can simply trade their **** for your alls greenbacks.....and no one cares.....and guess what? They ALREADY HAVE!!

from the GAO:

http://www.gao.gov/new.items/d11696.pdf

They hide the good stuff on page 203

The FOMC approved these swap line arrangements to help address challenges in the global market for interbank lending in U.S. dollars. Many
foreign banks held U.S. dollar-denominated assets and faced challenges borrowing in dollars to fund these assets. In contrast to U.S. commercial
banks, foreign banks did not hold significant U.S. dollar deposits, and as a result, dollar funding strains were particularly acute for many foreign
banks. The Board of Governors of the Federal Reserve System (Federal Reserve Board) staff memos recommending that the FOMC approve
swap lines noted that continuing strains in dollar funding markets abroad could further exacerbate strains in U.S. funding markets. For example,
foreign banks facing difficulties borrowing against U.S. dollar assets may have faced increased pressure to sell these assets at a time of stress,
potentially putting downward pressure on prices for these assets. The dollar swap lines allowed foreign central banks to make dollar loans to
banks in their jurisdictions without being forced to draw down dollar holdings of foreign exchange reserves or to acquire dollars directly in the
foreign exchange market. An FRBNY staff paper noted that the dollar reserves of many foreign central banks at the start of the crisis were
smaller than the amounts they borrowed under the swap lines and that efforts by foreign central banks to buy dollars in the market could have
crowded out private transactions, making it more difficult for foreign banks to obtain dollars.2 This paper further noted that the Federal Reserve
System (the Federal Reserve Board and Reserve Banks collectively) was in a unique position to provide dollars needed by foreign central banks to
provide lender-of-last-resort liquidity to banks in their jurisdictions. The increase in reserves was offset through sales of Treasury securities and
increasing incentives for depository institutions to hold excess reserves at FRBNY. The Federal Reserve Board authorized these swap lines under section 14
of the Federal Reserve Act of 1913. The Federal Reserve Board has interpreted section 14 of the Federal Reserve Act to permit the Federal
Reserve Banks to conduct open market operations in foreign exchange markets and to open and maintain accounts in foreign currency with
foreign central banks. Section 14 states that “[a]ny Federal reserve bank may…purchase and sell in the open market, at home or abroad, either
from or to domestic or foreign banks, firms, corporations, or individuals, able transfers…” The Federal Reserve Board has interpreted “cable
transfers” to mean foreign exchange. Section 14(e) authorizes Reserve Banks to “open and maintain accounts in foreign countries, appoint
correspondents, and establish agencies in such countries” and “to open and maintain banking accounts for…foreign banks or bankers.” Federal
Reserve Board officials noted that the establishment of dollar swap lines with foreign central banks was not unprecedented. In the days following
the September 11, 2001, terrorist attacks, the FOMC authorized a similar system of swap lines to help ensure the continued functioning of global
financial markets.

Table 24: Foreign Central Banks’ Use of Dollar Swap Lines by Aggregate Dollar
Transactions
Dollars in billions
Rank Central bank
Number of
transactions
Aggregate
dollar
transactions
Percent of
total
1 European Central Bank 271 $8,011 79.7%
2 Bank of England 114 919 9.1
3 Swiss National Bank 81 466 4.6
4 Bank of Japan 35 387 3.9
5 Danmarks Nationalbank (Denmark) 19 73 0.7
6 Sveriges Riksbank (Sweden) 18 67 0.7
7 Reserve Bank of Australia 10 53 0.5
8 Bank of Korea (South Korea) 10 41 0.4
9 Norges Bank (Norway) 8 30 0.3
10 Banco de Mexico 3 10 0.1
Total 569 $10,057 100.0%
Source: GAO analysis of Federal Reserve Board data.
Note: Foreign central banks not included in this table did not draw dollars under their swap line
agreement with FRBNY. Aggregate dollar transactions represent the sum of all dollars drawn under
the swap line arrangements and have not been adjusted to reflect differences in the terms over which
the dollar draws were outstanding

In the above crappy chart, the European Central Bank accessed a total of $8.011 TRILLION US Dollars in 271 transactions --- nice work if you can get it!!


Again, why are you alls getting cranked about real trade -- where you actually get stuff in return -- when most of you don't know about the huge moves like above???????

 

[Confluence]

We need to pass the bill to know what's in it.
My understanding is that it will turn over our trade and environmental policies, especially the all-important climate change, to an international bureaucracy. The Leftys just can't stand us being in charge of our own ****.

too late. They already have been put in charge.

Thanks Helicopter Ben!!!

 

[Ron Burgundy]

"**** you, Bomma" -- Congressional Democrats

http://dcwhispers.com/presidents-behavior-appalling-abusive-arrogant/

Appalling, abusive, and arrogant are just three of the descriptions that emerged from President Obama’s morning meetings with both Democrat and Republican members of Congress today as he tried in vain to accumulate the needed support for what is being called the”Obamatrade” legislation.

Apparently those meetings did not go well for the president, who lashed out at members of Congress and then left visibly upset over how few were willing to support him.

Today Congress was greeted with the many faces of Barack Obama, and apparently none of them were particularly positive or respectful and that has whispers spreading throughout Washington D.C. regarding just how poorly the meetings went between members of both political parties and the President of the United States.

“The president was said to be very defensive within minutes of his arrival. He snapped at staff, verbally bullied members of Congress, and finally left openly angry and frustrated. There were lawmakers who in turn felt the president’s abusive and arrogant behavior was appalling. They’ve seen him act out before, but not like this. He was every bit the spoiled little brat.”

The contentious environment was apparently not simply between Barack Obama and Congressional Democrats either, but in fact involved certain influential members of the Democratic Caucus telling Nancy Pelosi if she did not stand up to the president on the trade bill, her time as Minority Leader was over. Pelosi must have taken her own members at their word as she was among those who then told Barack Obama he didn’t have the votes. The president pushed back, Pelosi refused to budge, and the president then got up and walked out, “tight lipped and ready to leave.”



“He despises Congress. He despises the Supreme Court. He despises anyone or anything that doesn’t go along with every demand he has for his own agenda.”

_______________

UPDATE: Fox News confirmed much of this earlier D.C. Whispers report. Panelists on Special Report indicated the rift between Pelosi and members of her own House caucus who forced the Minority Leader to reverse her initial support for the Obamatrade bill. This resulted in what was described as a “striking” image of President Obama walking into the halls of Congress with Pelosi at his side and then Pelosi telling the president in a closed door meeting he didn’t have the votes – including her own!

 

[ark steel]

And, again, the gutless GOP allows this to go on, even trying to help pass it. I would bet the people that put the GOP in the majority, specifically, did so to avoid this **** happening.

 

[SteelChip]

And, again, the gutless GOP allows this to go on, even trying to help pass it. I would bet the people that put the GOP in the majority, specifically, did so to avoid this **** happening.

Exactly ark, these POS "GOP Leaders" are just as sneaky as the Libs and sometimes I think they are worse. This bill has me confused and no thanks to Con, I may never understand all the ins and outs but stories like this just make me wanna choke somebody.

TAA was originally supposed to be financed with Medicare cuts – which sparked major outrage, and cries of hypocrisy in what would have certainly turned into boldly negative campaign advertisements against Republicans by Democrats this next cycle. But under pressure, Republican leadership, mainly Boehner and Ryan, negotiated with Democrats to remove the Medicare cuts from the financial backing of TAA and instead using direct tax hikes by raising the penalties for misfiled taxes.

“It’s pretty outrageous what is called for in this bill that Congress is going to vote on Tuesday – it literally doubles and triples the taxes on small businesses,” explained Ellis.

“It’s outrageous that Republicans who complain all the time – rightfully so – about the IRS’s overreach and over burdening small business are actually increasing the incentive for the IRS to spy on people – to spy on small businesses,” he added.

Essentially, as explained by Ellis, any time a small business paid an independent contractor or freelancer a commission or any tips, it must be reported to the IRS with a 1099 form, which a copy is also sent to the contractor or freelancer. If the small business is late in filing this form, then it is fined by the IRS. The proposal Tuesday, as it stands, would double and triple these fines.

“It is the height of cynicism for Congress to plan on paying for a welfare program for unions by increasing the penalties for small businesses,” Ellis reacted.
http://www.breitbart.com/big-govern...-tax-hike-that-violates-gops-anti-tax-pledge/

The 'tell' is out there for all to see....
Ryan’s office has not responded to a request for comment in response to these revelations about Obamatrade’s tax increases.

I'll tack this on, pretty good analogy.....

http://click.heritage.org/f00fs0e0YX01eH3KMrTTp0P