Rep. Gary Ackerman D-NY Blasts the SEC into speechlessness (mostly by interupting answers)

Rep. Gary Ackerman, D-N.Y., was the first to raise the issue of corporate jets at the earlier Big 3 Auto hearing. He is very boisterous and animated at the Madoff Fraud Allegations [Ponzi Scheme] and Financial Markets Regulation hearing, yet he nailed the SEC to the wall. Mr Ackerman didn’t do this by himself, in fact he was just echoing Harry Markopolos, an independent financial fraud investigator and analyst.

I give Harry Markopolos a gold ribbon for working so hard on the behalf of Americans and I give Rep. Gary Ackerman a blue ribbon for appearing to be on the side of good in a great show at the hearing and publicly pinning the tail on the donkey. Our congressmen and congresswomen should be working for and representing the public interest in congress, being the voice of the public, not echoing the hard work of others such as Harry Markopolos.

Background of the SEC (Securities & Exchange Commission):

The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

This is based on the Securities Act of 1933 often referred to as the “truth in securities” law, the Securities Act of 1933 has two basic objectives:

• require that investors receive financial and other significant information concerning securities being offered for public sale; and
• prohibit deceit, misrepresentations, and other fraud in the sale of securities.

In the economy of today, with billions of dollars being handed out to Wall Street companies, banking and investment firms, mortgage companies, and big industry, we can not afford or tolerate our one government agency (SEC) assigned to protect our economy from fraud, to be paid for nothing.

In the videos below you will hear Merrill Lynch named and you will hear specifically how the SEC has failed to do what the tax payers are paying them to do.

YouTube – Markopolos: I gift wrapped and delivered the largest Ponzi scheme in history to the SEC.

Next is Rep. Gary Ackerman at the helm:

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Swindled in America

On a daily basis I am surprised at how easy it is to swindle Americans out of their money and a vote.

In the 1960’s JFK made a speech that implored you to ask not what your country can do for you, instead, ask what you can do for your country. For two years Obama campaigned the exact opposite, and spent your campaign dollars telling you what he will do for you. As history now shows, you bought it.

How could this have happened? Could it have been a simple case of lack of education and the structure of our own government? Could it have been just a great Hollywood performance? Could it be that you wanted to hear certain words like “change” (be it for good or bad), and “united”?

We have Joe Public who goes down to a car dealer to buy a new car. He saw an advertisement on TV that told him he would get a $5000 off deal, or a $5000 trade in allowance, or some BS gimmick whre there is no savings at all of any kind let alone $5000 worth. Joe Public ends up buying a car for 3 times its actual value. Why? because the car makers have to pay union wages which are 3 times the cost of non-union wages and they car makers have to offset this with the price of the car to still make a profit. As Joe public drives off the car lot with a car he paid three times what its worth, he understands the value of the car is just got cut in half by simply driving off the lot with it. This is OK with Joe, because the key word “New” is still in his head and in his nostrils. He got swindled out of his hard earned money, but is it new.

Now Joe Public sees on TV that the Big 3 have gone to congress to ask for “more” of his hard earned money he paid in taxes. They got it. Now Joe is feeling even more swindled. Then Joe realizes, this isn’t the only time. Other privately owned companies have gone to congress, as if congress were a bank, and asks for more of his money.

Meanwhile, Joe finds out that he is losing his mortgage and is facing a layoff at work. How can this be? In his depression, Joe mutters profanities at the President of the United States, not realizing that this blame is misplaced. See, Joe Public didn’t get a great education so he doesn’t understand the “limited powers” of the executive branch of the government, in fact didn’t even know there was a branch. Joe also doesn’t realize that the true power to approve or disapprove where his tax money is spent lies within congress, not the office of the president.

Joe Public is very depressed now as he turns on C-Span and watches where his tax dollars (33% of his income) is being spent and wonders “why did I vote for a powerless president? I don’t even see him sitting in congress.” Then it hits him as Joe recognizes the people he voted for, sitting in congress, giving away his money to the people he just gave money to for a new car, gave even more money to for his house and other companies getting a load of his money.

Joe says to himself, “I should have put more importance on who I hired into congress, than on voting for a President that can’t really do anything for me. I’m supposed to be doing something for my country to make it a better place, not relying on a double talking president to do it for me.”

As Joe hears in the background that another $800 billion and another $350 billion behind that are going to be used to “stimulate” the economy, a thought occurs to him. There are roughly 300 millions people in America, 7% (21 million) illegal immigrants, 150 million under the age of 18, (2.5 kids per household) 6 – 11% unemployed or on welfare (18 to 33 million) which leaves about 100 million employed working Americans. If I were a congressmen I could save a lot of the tax payers dollars by giving it back to them to stimulate the econmy, instead of giving it to these failing private companies. Yes, if I gave everyone $1000 back to the  100 million working Americans that would only be $100 billion. I could tell car companies to shut down their plants overseas and put that saved money into operations here at home. I could reverse NAFTA so that Dupont and Hershey and other major companies brought jobs back to America. I could take the unemployed and train them up to be border patrol agents with the hundrds of billions of dollars in tax payers money I saved from not giving it to failing companies. I could randomly drug test welfare recipients every month and for everyone that fails the drug test, they are permanently denied welfare which would save billions more dollars that can be given back to hard working Americans.

Joe Public starts to light up as all these simple solutions that he never heard utterd by “Both Ways Obama” in the entire two years of his campaign.  Joe beams even more as he realizes he can “fire” [with a vote] these crooks in congress with the real power, handling his tax dollars, just as easily as he “hired” them. Afterall, they aren’t performing to the level of expectations and job requirements, and someone who can do the job are waiting to be hired. Why have we been paying Ted Kenndy all these years? Yes, I do want change, I want these crooks and criminals in congress FIRED!