Tax Returns: Romney Made $20.9 Million Last Year, $21.7 Million in 2010 - Updated

I say… enough!  Here are Romney’s taxes and everything he did is within in the law. Making money and managing it well in a free-market capitalistic society should be considered a good thing to be emulated, not a bad thing.  Romney did not inherit his money… he earned it.  And he pays the required taxes on it (more taxes than 97% of America) and he tithes more than 10% back to his church, as the Bible calls on all Christians to do, plus gives a lot to charity!  Don’t like the law… lobby to have it changed or let’s move to a flat or fair tax.  But remember… Romney did not inherit his money and the great thing about America is that anyone can become a millionaire.  Maybe he can manage our county’s finances as well as he has his own and can turn our nation around?!?  (Gingrich was not even able to manage the money for his presidential campaign effectively and ended up having his advisors and staff mis-use and steal it…  Is that really what we need in the financial mess we find ourselves in as a country?  That is why Gingrich was not able to participate in the Iowa Straw Poll.)

On the list(s) of most beloved American Presidents, ranging from one of the poorest to the richest, are: George Washington, Thomas Jefferson, Abraham Lincoln, Andrew Jackson, Woodrow Wilson, FDR, Harry Truman, Dwight D. Eisenhower, JFK, Ronald Reagan, and Bill Clinton in varying order and depending who you are polling. (Although President Obama, in a recent speech has said he is the 4th greatest president of all time… no modesty issues there!) Another interesting observation is that Teddy Roosevelt whose head is one of the four at Mt. Rushmore, thanks to his cousin FDR, is never on the most beloved or most influential U.S. Presidents lists. On the Five last week, both the libs and conservatives on the panel agreed that if Newt and Obama end up being our 2012 Election candidates, by the time the election is over they will have parleyed themselves up on the same level as God?!?)

An interesting side note: in today’s money… George Washington was the richest American President we have ever had and Mitt Romney, although very wealthy, would not be the richest. Thomas Jefferson, FDR and JFK were also extremely wealthy; JFK lived off his expense account almost exclusively. And John Heinz, had he have been elected would have been one of the richest. The Bushes are no pikers either!  Even our “redistribute the wealth President, Obama, is a multi-millionaire”.Tuesday, 24 Jan 2012 12:28 AM

Tax Returns: Romney Made $20.9 Million Last Year, $21.7 Million in 2010

By Newsmax Wires

Mitt Romney made $21.7 million in 2010 and $20.9 million last year — virtually all profits, dividends or interest from investments, according to an early release of his tax returns.

The partial snapshot of the Republican presidential hopeful's vast personal fortune came early Tuesday after the Romney campaign provided a preview Monday night to the media. A full release is expected today.

None of the income came from wages, the primary source for most Americans. Instead, Romney and his wife, Ann, collected millions in capital gains from a profusion of investments, as well as stock dividends and interest payments, the Post reported, citing the tax returns.

The Romneys gave away $7 million in charitable contributions over the past two years, including at least $4.1 million to the Mormon Church.

They paid an estimated $6.2 million in federal income taxes. According to Romney's 2010 tax return, he paid about $3 million to the IRS, for an effective tax rate of 13.9 percent, the Post reported. For 2011, Romney estimates that he will pay about $3.2 million, for an effective rate of 15.4 percent, which is in line with his earlier estimates.

He said previously that he estimates his net worth at $190 million to $250 million.

Romney, who earned most of his wealth after co-founding private equity firm Bain Capital, bowed to weeks of public pressure by disclosing his 2010 federal tax return and a tax estimate for 2011.

His surging rival for the Republican presidential nomination, Newt Gingrich, released a form 1040 — the standard income-reporting form for American taxpayers — with attachments last week, showing his income for the year was about $3.1 million and his effective tax rate more than 31 percent. Some sources of Gingrich's income were unclear because he earns most of his wealth through a holding company for enterprises such as his consulting and production companies.

Romney did not release tax returns from his time at Bain Capital. Romney co-founded the firm in 1984 and worked there until 1999. Tax returns from those years might show how Romney built the bulk of his fortune and would provide a more comprehensive picture of his wealth but the campaign said it would not be releasing them.

Romney's campaign lawyer Ben Ginsberg told reporters late on Monday: "Frankly we're not going to get into the game of once you give them something, you demand more. This is a fulsome release and we are very proud of it."

Even at more than 500 pages, the returns offer a narrow look into a working life of high income, and questions may persist over fairness in taxation. "The tax returns are very complicated compared to those of many Americans," said Brad Malt, director of Romney's trusts.

The effective tax rate is the actual tax rate paid after accounting for deductions, credits and the like. An individual might make enough to place among the richest Americans taxed at 35 percent but with deductions and alternative types of income, the actual rate paid can be much lower.

Like many of the wealthiest Americans, Romney gets most of his income through investments, so his rate trends lower in large part because of the 15 percent tax rate on capital gains. Romney had total capital gains income of $12.5 million for 2010 and an estimated $10.7 million for 2011.

Much of Romney's fortune likely qualifies as what is known as "carried interest," a share of profits earned by private equity managers taxed at the 15 percent capital gains tax rate rather than the maximum 35 percent wage rate. Private equity managers, some hedge fund executives and venture capitalists benefit from carried interest.

Campaign officials said Romney had carried interest of $7.4 million in 2010 and $5.5 million in 2011.

Critics say the 15 percent rate for carried interest is an unfair tax break because investment managers, as Romney was, are providing a service that should be taxed at the higher rate paid by wage earners.

Democrats in Congress have come close to raising the rate to have it equal the rate paid on "ordinary" or wage income but fierce lobbying has paid off so far for the private equity, venture capital and hedge fund industries.

The release shows Romney has a $100 million trust set up for his five sons. The campaign said the Romneys paid no gift taxes on the trust because they were able to use credits related to estate tax.

Romney's investment funds run through Bain are in offshore tax havens such as the Cayman Islands, a practice the campaign insists is legal and common but that has come under some criticism during the campaign.

The Romney campaign's answer to questions on this front has been that he does not control the makeup of the funds because they are run as blind trusts.

Some of these investments also are held through two Individual Retirement Accounts and investing IRAs offshore can eliminate all taxes until withdrawals are made.

Malt said that at one point money had been placed in a Swiss bank account and that this had been meant to diversify the portfolio but, aware that some such accounts are used to evade taxes, Malt decided to close it in early 2010 to remove a potential source of embarrassment. He said the account was never meant to evade taxes, and no taxes went unpaid.

As a devout Mormon, Romney gives away at least 10 percent of his income to the Mormon church, a practice known as tithing.

The documents showed he and his wife, Ann, contributed more than $7 million in charity over the two years, averaging over 16 percent of his income.

Source: Newsmax - All rights reserved.

Editor’s Note: Romney’s Secret to Skirting the IRS Despite raking in $21.7 million, Romney likely paid a lower tax rate than you did by exploiting these obscure tax secrets (Click here to see them)

Read more on Newsmax.com: Romney's Tax Returns: Mitt Paid Less than 15% taxes on almost 22 million.
Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!

*Romney has now released his taxes for 2010 and 2011.  Gingrich has released his for 2010.  Santorum says he does his own and won’t be able to release them until he gets back home at some time because they are on his computer.  And Paul says he won’t be releasing his because he makes so little compared to everyone else, it would be embarrassing, plus it is not required!!  Yes folks… it is not required. All Candidates fill our volumes of documents when they run including extensive  financial disclosure forms, but tax returns are not required.

*In a special interview with Mitt Romney on Hannity it was pointed out that the taxes on this money is a second bite of the apple. Romney is paying 15% on the bulk of the funds in these returns because he is now living on investments so is paying a capital gains tax. Corporate taxes were already paid on these funds and now the Romneys are paying an additional 15% on these funds. So when you add the corporate taxes, the capital gains taxes on the re-invested money and his charitable contributions, Romney pays somewhere between 34% and 42%.

Iowa Has Caucused…

2012 Iowa Straw Poll winners: Mitt Romney #1, Rick Santorum #2 and Ron Paul #3.  An angry Newt Gingrich who said he is changing his approach finished 4th. Rick Perry who finished a disappointing 5th said he was heading back to Texas to reevaluate… which means short of a lot of arm-twisting from influential backers, he is out.  And Michele Bachmann rounds out the field in 6th place after having been the winner of the Iowa Straw Poll this past August. She said she is going nowhere and it is headed on to New Hampshire and South Carolina, but the word is she is out of money.  Technically Jon Huntsman Jr. finished 7th in Iowa but he really didn’t campaign or participate there.

Update: Republican Presidential candidate Michele Bachmann formally ended her campaign for the White House this morning, just one day after Mitt Romney's Iowa caucus victory. "Last night, the people of Iowa spoke with a very clear voice. And I have decided to stand aside," the GOP Congresswoman from Minnesota told reporters today.

And there is also an interesting side note… Looks like although Mitt Romney won the Iowa Caucus (by 8 votes) and Rick Santorum was the story of the Iowa Caucus. Ron Paul may be the delegate winner.

And after heading home to Texas on Tuesday night and cancelling his South Carolina plans, Perry announced on Wednesday that he was staying in the race? Go figure?!?

In reality… the Iowa Caucuses were a virtual tie between Romney and Santorum followed by a strong 3rd for Ron Paul.

Photo: GOP participants in the Iowa Caucuses

“Game on”, said former the Senator from Pennsylvania, Rick Santorum from the podium last night. For whether he finished first or second in the Iowa Caucuses… he is the story of the day… he was the winner!!

(Wikipedia) The Iowa caucuses are an electoral event in which residents of the U.S. state of Iowa meet in precinct caucuses in all of Iowa's 1,774 precincts and elect delegates to the corresponding county conventions. The caucuses are generally defined as "gatherings of neighbors”. There are 99 counties in Iowa and thus 99 conventions. These county conventions then select delegates for both Iowa's Congressional District Convention and the State Convention, which eventually choose the delegates for the presidential nominating conventions (the national conventions). The 2012 Iowa Caucuses are held on January 3, 2012.^[1]

The Iowa caucuses are noteworthy for the amount of media attention they receive during U.S. presidential election years. Since 1972, the Iowa caucuses have been the first major electoral event of the nominating process for President of the United States. Although only about 1% of the nation's delegates are chosen by the Iowa State Convention (28 Republican delegates in 2012, assigned proportionately), the Iowa caucuses have served as an early indication of which candidates for president might win the nomination of their political party at that party's national convention, and which ones could drop out for lack of support.

Photo: Participants it the Ames Iowa Straw Poll in August 2011: Rick Santorum, Herman Cain, Ron Paul, Mitt Romney, Michele Bachmann, Tim Pawlenty, Jon Huntsman, Newt Gingrich… Rick Perry had not even entered the race yet.

It is an amazingly curious process that begins with the Ames Iowa Straw Poll which took its first casualty of the GOP presidential race, Tim Pawlenty.  Gary Johnson, who has also now moved from the GOP field to the Libertarian party, did not participate in the straw poll and Thad McCotter, who did participate, did not qualify for the pre-poll debate and dropped out of the race after the Straw Poll.

All three of the frontrunners: Romney, Santorum and Paul gave great speeches at the end of the night.  Gingrich sadly sounded like a vindictive whiner, which in the end will only hurt the GOP, the American people and help re-elect Obama.  Mr. No Negative Newt is turning into Get Even Angry Gingrich. Newt has already taken out a full page negative anti-Romney ad in South Carolina to hit the papers the day after the Caucus.

A side note… at the end of the evening it was announced that the Iowa Republican Party could not find the last 1% of votes from Clinton and Keokuk counties.  All the major networks, local reporters and media sat waiting long after the winners gave their speeches and went to bed.  Some were already off to New Hampshire or South Carolina before the votes were found.

All the remaining GOP candidates will participate in two debates that are scheduled before the New Hampshire primary where Romney now leads by 40%+ in every poll, even with Jon Huntsman having virtually lived in that state for months now.  There will also be another debate right before the South Carolina primary.

In every poll, Romney still comes out as the most electable against Obama in the General Election compared to all the other GOP candidates.

Countdown to New Hampshire primary: 7 days
Countdown to South Carolina primary: 18 days
Countdown to Florida primary: 28 days
Countdown to Nevada caucuses: 32 days
Countdown to Super Tuesday: 63 days
Countdown to Election Day: 308 days

Total ad spending in Iowa: By the way, the campaigns and various Super PACs spent more than $16 million in advertising in Iowa. The breakdown for the major players: Perry $4.3 million, Paul $2.8 million, Restore Our Future (pro-Romney) $2.8 million, Make Us Great Again (pro-Perry) $1.6 million, Romney $1.5 million, Gingrich $980,000, Red White and Blue Fund (pro-Santorum) $530,000, Winning Our Future (pro-Gingrich) $264,000, Bachmann $180,000, and Santorum $30,000.

Future ad spending: Here is what’s slated to run after today: In New Hampshire, Romney, Paul, and the pro-Huntsman Our Destiny PAC are all booked to run TV ads between tomorrow and the Jan. 9th primary. In South Carolina, Romney, Paul, and the pro-Romney Restore Our Future are booked. And in Florida, Restore Our Future is booked on broadcast advertising until Jan. 9th.

Obama addressed the Iowa Democratic caucus-goers, via video teleconference as the GOP Caucus was going on, at 8:15 pm ET. He made his case for another term to the absence of any noticeable cheering, chanting or clapping. And on Wednesday, 01.04.12, he goes to the important battleground state of Ohio, where he will speak in Cleveland.

*While waiting for the lost votes to come in I listened to the coverage from the BBC.  (Always good to hear things from another perspective!)  Their take is that the GOP really needs to pull themselves together and start focusing on the prize… beating Obama, instead of beating each other up!  They thought that Obama is very vulnerable, but the infighting and extreme ideology of some voter groups will end up causing Obama to be reelected.

Reports out of the Obama campaign are that they are elated by the 3-way split of votes in Iowa as well as the latest reports of stepped up in-fighting.  They feel that if the united GOP goal is really to replace him, they should be able to unite.

At 1:54a.m.ET with 122,255 votes cast, the difference between Romney and Santorum was just 4-votes, with Santorum leading. At 2:34a.m. ET the final tally came in by agreement of the senior staff people of the two winning camps.  But during and after that gap, the talking heads had a lot of time to kill while waiting for the final votes to come in.  At 2:35a.m. they were pondering whether perhaps it was not too late for someone else to jump in… or as the old song lyrics go, should Republicans ‘learn to love the ones they are with’ instead of yearning for a dream team they wanted that didn’t run like Chris Christie, Sarah Palin, Paul Ryan…

In the end, Romney won the race by 8 votes…. as we said before, a virtual tie. (Jon Huntsman siphoned off approximately 700 votes and Herman Cain got 58 votes, even though he is out of the race.) Both Romney (30,015 votes) and Santorum (30,007 votes) came out winners. And Ron Paul doing this well is also a victory for his campaign.

But the true question is… Is the division displayed in Iowa a victory for the GOP voters and ultimately for the American people?

Check out this great site:  Project VoteSmart  - Find Your Candidate

Former Minnesota Governor Rick Pawlenty is OUT After Taking 3rd Place in Iowa Straw Poll

Former Minnesota Gov. Tim Pawlenty announced Sunday he is ending his bid president. (AP) 

ST. PAUL, Minn. (AP) — Former Minnesota Gov. Tim Pawlenty dropped out of the race for the GOP presidential nomination on Sunday, hours after finishing a disappointing third in the Iowa straw poll.

“I wish it would have been different, but obviously the pathway forward for me doesn’t exist so we are going to end the campaign,” Pawlenty said on ABC’s “This Week” from Iowa.

The low-key Midwesterner, who had struggled to gain traction in a state he had said he must win, had told supporters on a conference call shortly before the broadcast interview that he was ending his White House bid.

“I thought I would have made a great president, but obviously that pathway isn’t there,” Pawlenty said. “I do believe we’re going to have a very good candidate who is going to beat Barack Obama.”

The two-term ex-governor of a Democratic-leaning state was on Arizona Sen. John McCain’s short list for the vice presidential spot in 2008. He had spent roughly two years laying the groundwork for his 2012 campaign and had hoped to become the alternative to the national front-runner, former Massachusetts Gov. Mitt Romney.

But this summer he unexpectedly found himself in a grudge match with Minnesota Rep. Michele Bachmann, who shot to the top of polls in Iowa after getting into the race. Pawlenty struggled to raise money and connect with voters.

He poured most of his money and time into Iowa in the run up to Saturday’s straw poll, a test of organizational strength and popularity in the state whose caucuses lead off the GOP nomination fight.

Pawlenty had acknowledged that he needed a strong finish in the straw poll to show momentum and quiet concerns that his campaign was faltering. He put it all on the line, spending the bulk of his campaign account on TV ads ahead of the contest and on a statewide tour of Iowa.

But Bachmann won and got two times as many votes as Pawlenty, who came in well behind the second-place finisher, Rep. Ron Paul of Texas.

Despite that, Pawlenty suggested to supporters late Saturday night that he wasn’t dropping out. He called the test vote here “an important first step on the road to the Republican nomination and, ultimately, the White House.

“As I’ve said all along, we needed to show progress to do well, and we did just that,” Pawlenty said. “This is a long process to restore America – we are just beginning, and I’m eager for the campaign.”

Still, he said in a statement after the results were announced: “We have a lot more work to do.”

Hours later, he reversed course in the face of a daunting challenge: convincing donors who were slow to give in the months leading up to the straw poll that he was still a viable candidate.

Had he stayed in the race, he would have been competing for money in an expanded field. Texas Gov. Rick Perry, a prolific fundraiser with deep ties to the party’s biggest donors, became a candidate Saturday.

At first blush, Pawlenty, 50, seemed to have all the right ingredients as a candidate.

His blue-collar upbringing offered him a natural rapport with middle-class America. He governed as a fiscal hard-liner in a left-leaning state, winning his second term in a year when Republicans elsewhere got drubbed. He made inroads with the right crowds and assembled an all-star cast of advisers with loads of presidential campaign experience.

Pawlenty ran a traditional operation. In the lead-up to his campaign, he spread checks around to local politicians in key states through a political action committee while putting a heavy focus on small-scale events in places such as Iowa and New Hampshire.

But Pawlenty struggled to connect. He came off as bland and rehearsed next to more dynamic contenders. He languished in the polls. Perry’s candidacy shoved Pawlenty further to the side.

His inability to stoke the passions of voters the way other candidates and even non-candidates have was evident.

“He said the right things, that we’re going to limit the size of government and hold down spending,” Sam Buck, a retired veteran from Winterset, said last week after hearing Pawlenty speak. “I like him … but let’s see what Perry of Texas does.”

Pawlenty had been building momentum after a May campaign launch in which he framed himself as the one in the race willing to deliver the hard truths and confront public policy sacred cows. The climb screeched to a halt in a New Hampshire debate in early June, when he shirked the chance to back up prior tough talk about Romney when they were face to face. It reinforced worries among some Republicans that he wouldn’t be willing to take the fight to Obama as the nominee.

In that same debate, Bachmann declared herself a candidate and immediately cast a long shadow Pawlenty had trouble escaping. When he went on the attack against Bachmann in an Iowa debate this week, some wondered if he came on too strong.

His ability to raise money paled compared with Romney and others. The straw poll showing threatened to discourage possible donors.

Source:  the Blaze

Predictions:  Jon Huntsman Jr. and Newt Gingrich won’t be far behind!!

Get all the info on last week’s Iowa debate and the Ames’ Iowa Straw Poll:  HERE

Related:

Bachmann Wins Iowa Straw Poll, Paul Second Followed by Pawlenty

Ron Paul Emphasizes Social Issues as the Veteran Congressman Finishes 2nd in Ames

Pawlenty Campaign Moves Forward After Third Place Straw Poll Finish

Is Palin Definitely Out of the 2012 Race?

Texas Governor Rick Perry Announces Bid for President

See Romney’s Heated Exchange With Angry, Heckling Crowd In Iowa

Santorum After Ames Boost ‘Voters Rallied Around Our Message’

Herman Cain Touted Business Experience at Straw Poll: ‘The Engine of Economic Growth Is the Business Sector’  -  But Cain He Do It?

Obama: New Low Jobs Approval Rating Sinks Below 40% For the First Time - But not to worry, he is heading out on a jobs bus tour this week on the taxpayer’s nickel to fire us up… before leaving on his Martha’s Vineyard vacation….

It Begins: Bachmann and Perry at Same Event

Allen West: Ron Paul ‘Not the Kind of Guy You Want to be Sitting at 1600 Pennsylvania Ave’

1st Official Casualty of Straw Poll: Pawlenty Out

Herman Cain won the best line award in the straw poll speeches… “People say I don’t have much foreign policy experience….(pause), Like the guy that’s in the White House now does?”

Iowa GOP Debate and Straw Poll…

Updates: Straw Poll Winner Results and More Updates below: 

1st Official Casualty of Straw Poll: Pawlenty Out

Who won the Republican Presidential Debate?

Who won the Iowa GOP debate?  That would depend on who you talk to and which poll you are looking at.  Fox’s online National poll showed Ron Paul as the winner.  Several polls showed Mitt Romney as the winner and I even heard that one showed Newt Gingrich, who was pretty much counted out before last Thursday’s debate, as the winner.

Below is my ‘Quick Take’ on Thursday night’s debate written Immediately after the debate and wrap up:

Romney appeared and sounded the most presidential.  He didn't allow himself to be pulled into the weeds like Pawlenty and Bachmann, and he gave his 7 point plan simply and right up front without being asked directly for it.  He is not my first choice but he did well in this debate!

I generally agreed with Frank Luntz and Joe Trippi's analysis given on Hannity's special right after the debate.  I thought the same before Hannity had them on.

Gingrich won the battle (against the media) and helped himself. (Shame on Chris Wallace, who I generally like, for the ‘gotcha’ questions’).  Romney won this round of the war.  Huntsman is out  (sounded unprepared and like he was a Democrat part of the time). Bachmann held her own and came out looking like a fighter. Pawlenty, although he has a good plan hurt himself, at least somewhat, in this debate. Santorum, Cain and Paul did fine.  Santorum and Paul got into a back and forth but made it about their points and issues, so it didn't come across as petty as Pawlenty and Bachmann's back and forth.  Cain stood strong and seemed more informed on his weaker areas.

After watching the debate, there is definitely room for Palin, Perry and a few others who are still debating their entry into this field.  Their entering the race would change the dynamics and probably knock out a few of the present weaker contenders.... sooner.  M~

More on the debate below…

Saturday 8.13.11 is the Ames Iowa Straw Poll…

So, what is the Ames Iowa Straw Poll?

This is actually a bit more complicated than you would think, but the short answer is that it is a straw poll, held by the Iowa Republican Party as a part of a fundraising dinner, in Ames, Iowa. Ames -- the home of Iowa State University (go Cyclones!) -- is located in Story County, which sits in the dead center of the state. This marks it as a symbolic location, the ideal place to officially kick off six months of state-wide political festivities. It will be held Saturday, August 13th.  Part of the festivities of this Iowa State Fair are the candidates coming to meet, greet and eat with you up close and personal!  And that includes Sarah Palin, who has not yet thrown her hat in the ring, but rolled into Ames in her bus on Friday and took part in the festivities with her family. She also appeared on Hannity’s special from Ames on Friday night along with several of the GOP candidates from Thursday’s debate, Rep Steve King and political analyst Joe Trippi.  

The Ames Straw Poll has been conducted every year there hasn't been an incumbent GOP president since 1979. That makes it sound like a more impressive tradition than it actually is -- there have only ever been five Ames Straw Polls.

In a larger sense, the Ames Straw Poll serves a heroic purpose in our American lives. It gives the media something to fixate on in the critical month of August, when reporters often bellyache about there being "nothing to write about" because all the powerful men and women they have access to have left Washington, leaving everyone with a slow news month. Left to their own devices, the media can mess things up royally.

This year they should be covering the town halls that most of the Congressmen and Senators have been holding back in their home areas and hopefully they will have Boehner to cover as he calls, at least the republicans, back to Washington to deal with the problems and debt. Who knows… some Dems might return and Harry Reid might even be shamed into calling the Senate back. (Actually according to New Gingrich, 15 blue-dog democrats have signed a letter saying they feel Congress should reconvene to deal with the problems at hand.) That way when Obama returns from his Martha’s Vineyard vacation he might have some bills to sign??? or veto??? And then there is Glenn Beck’s Restoring Courage Event in Israel later in the month to cover… but I guess I am dreaming?!?

800 reporters will be credentialed to cover this straw poll, a new record.

Who is participating in this year's poll?

1. Minnesota Representative Michele Bachmann
2. Godfather's Pizza CEO Herman Cain
3. Former Speaker of the House Newt Gingrich -  Not formally at event.
4. Former Utah Governor/Ambassador to China Jon Huntsman – Will not be at event
5. Michigan Representative Thad McCotter -  Was not asked to join the debate
6. Texas Representative Ron Paul
7. Former Minnesota Governor Tim Pawlenty
8. Former Massachusetts Governor Mitt Romney -  Will not be at event
9. Former Pennsylvania Senator/Jelly enthusiast Rick Santorum

So, the non-participants are Gary Johnson, Fred Karger, Buddy Roemer, and future primary candidate Rick Perry.  As well as Sarah Palin, who will be in Ames, but not participating as a candidate… yet.

Perry's presence, however, will be felt this weekend, as he's decided that he will be "making his intentions clear" and announcing his candidacy to run for President on Saturday… what timing!?! But not in Iowa.

How exactly does the Ames Straw Poll work?

It's useful to think of it like this: it's sort of an extension of the county fair, held outside the Iowa State University's Hilton Coliseum, at which the participants in the poll are your hosts for the day. The candidates, with the help of their campaign staffs, are throwing the people of Iowa a big party, with food and entertainment and candidate pitches.

To that end, on June 24, the Iowa Republicans held an auction in which portions of the space for this "county fair" were sectioned off and sold to the highest bidder. The general consensus is that the portioned-off areas near the front of the space are the best locations. We have no idea why that is. Maybe Iowans just like making up their minds quickly, or they hate walking around. Either way, they are coveted.

Bidding for the spaces starts at $15,000. (Remember, every aspect of this is actually a fundraiser for the Iowa GOP.) The highest bid was submitted by Ron Paul. That's not that surprising: Ron Paul is a shrewd winner-of-straw-polls and timed his preseason "money-bombs" so he'd have plenty of scratch on hand to get the best possible spot. In this case, his $31,000 bid topped the field.

This year's auction featured a little bit of mystery in the form of an anonymous bidder, who showed up in Ames and refused to declare whose candidacy he was supporting. This caused the rest of the campaign operatives on hand to threaten a walkout. As it turns out, the secret operative was from the McCotter campaign, who ended up putting down $18,000 on a spot on the fairgrounds. (The Wall Street Journal described the bid as "a sum that suggests he wants to be taken seriously," which is difficult to square with the pointless cloak-and-dagger act that went on before the bid was made.)

After that, Bachmann, Cain, Pawlenty and Santorum all took spots. Mitt Romney and Jon Huntsman, though on the ballot, (whether they are officially on the ballot or just write-ins is somewhat unclear as we near the vote and reports vary) are skipping the event. Newt Gingrich had a representative at the auction who declined to make a bid on a space. A Gingrich spokesperson said, "We will work to turn people out, not because we have an air-conditioned tent, but because we have good ideas." But you know what? Having an air-conditioned tent in Iowa in August is a pretty good idea!

At any rate, it's better to put it like that then it is to say, "Oh, yeah, the entire campaign staff in Iowa recently quit, and we're up to our noses in campaign debt."

What happens once they've bought a space?

From there, the candidates each do their level best to show attendees a good time. They'll be serving food and providing a diverse array of fit-to-be-consumed-by-social-conservatives musical acts. (That means you probably shouldn't expect sets from Slipknot or Destrophy or hometown heroes The Envy Corps.) Ames' own The Nadas, however, will be among the performers. The HuffPost's Alex Becker has the complete guide to all the musical acts that will be performing.

Also, Mike Huckabee will be hauling his bass guitar all around the grounds, slapping it for whoever wants to hear. Originally, people thought that he was providing musical accompaniment exclusively to Herman Cain, but he'll actually be jamming with Santorum and Pawlenty as well. No favoritism! The guy just likes playing bass!  (Herman Cain gave Hannity’s audience a little sampling of his vocal talent on Friday night’s special coverage from the fair.)

Eventually, all of the candidates present at the event will get to address the throngs in a fifteen minute speech. The candidates get to choose their speaking slot, with the highest bidder in the Ames "land auction" getting first dibs. This year, the order will go like this: Rick Santorum, Ron Paul, Tim Pawlenty, Michele Bachmann, Thad McCotter, and Herman Cain. The monotony will be broken up with speeches from Iowa GOP luminaries like Terry Branstad, Chuck Grassley, and Steve King.

So, after all is said and done, how does the voting work?

Voters cast ballots for their favorite candidates, and they are totaled up and a winner is declared. Any attendee from the state of Iowa is eligible to cast a vote. You don't even need to be a Republican.

The candidates however, spend money to sign up supporters in advance. It's commonplace for campaigns to turn out support by buying tickets for people, and either providing transportation or paying for parking. Yes, that means that the Straw Poll is more of a test of a campaign's organizational strength than of the value of a candidate's ideas. It can be argued that all you've demonstrated, with an Ames win, is that you're good at busing people across Iowa. This sort of criticism is blunted somewhat by the fact that a bus ride does not constitute a binding contract to cast a vote, but let's get real: these campaigns wouldn't be buying free parking and food for people if they weren't more or less certain that it was going to translate into votes.

People can also write in a candidate, so Sarah Palin’s name will certainly show up and perhaps Rick Perry’s as well.

Some unusual voting shenanigan facts about the straw poll:

Up until 1995, anyone from anywhere could vote in the Ames Straw Poll. But after 1995, when the practice of busing out-of-state supporters in to Ames got out of hand, officials instituted the Iowa-only policy.

Also, in 1999, officials started using indelible ink to stamp the hands of people who had already voted, after widespread rumors of cheating surfaced in 1995 ("voters would have their hands stamped, run into the bathroom to wash the ink off, and go vote again").  This is exactly what we need to do to stop the double voting corruption in the all our elections!!

In 2007, voters actually had to dip their thumbs in ink, just like in the Iraqi elections! They were also required to present their tickets and I.D. Because, you know, ACORN.

In 2007, supporters of Ron Paul raised a bit of hue and cry over the Ames Straw Poll's use of "easily rigged Diebold computers" to tally up the votes.

More generally, people complain about how better funded campaigns have all the advantages in the Ames Straw Poll, if they're not already complaining about how better funded campaigns can actually skip the event altogether, without consequence.

The conventional wisdom is that the Ames Straw Poll is a key test for the viability of a campaign. But does that stand up under scrutiny?  Perhaps less these days than in days gone by?

So, who has something on the line in the Ames Straw Poll?

Frankly, nobody should really feel they have anything on the line, in Ames. Obviously, Bachmann, Paul, and Cain are three candidates who'll make great hay of an Ames win -- or even a strong showing -- should those results come to pass. Romney wouldn't sniff at a win, either, but he's got nothing invested in the process and will ride it out in any event. McCotter and Huntsman don't seem poised to bail if Ames doesn't go their way -- and neither should be expecting to do well. Santorum announced today that after spending 3 weeks straight in Iowa and visiting 68 counties that needs to place 5th of better in the poll to stay in? And Newt Gingrich seems to be wiling to stay in the process on his terms no matter how he fares.  The only person who has something legitimately on the line at Ames is Tim Pawlenty, and he hurt himself in the debate on Thursday night allowing Chris Wallace to pull him into an ‘Minnesota Nice’ match with Bachmann.  (Both Bachmann and Pawlenty need to show well in their neighboring state, but Bachmann seems to have little, or at least less, to worry about.

Back to the debate:

I actually watched the debate live and twice more in replays and took copious notes. For this is the GOP’s race to win or lose. The person who wins the GOP nomination, by many economist’s and political analyst’s views, could be the person who saves America or will be the last president to serve as head of the American nation as we know it, because unless they can turn it around, China is expected to take our place as the economic super power of the world in 2016. If Obama is reelected there are few who think we can survive as much more than just a shell of the nation we used to be.

As ‘President Downgrade’ proceeded with his fundraising, Ramadan Dinner, fiestas, vacation planning and blame game the GOP candidates, at least the major contenders in the race at this time, met in Ames Iowa for another debate.

After sleeping on my notes and reading up and listening to polls and reviews, this seems to be the consensus:

Jon Huntsman.  The word(s) most frequently used in social media about Jon Huntsman last night was “creepy” and “slimy”   From almost every point of view, Huntsman is a man who would clearly be more comfortable in the Democratic Party than the Republican Party.  So why is he here?  Who knows?  He also seemed very unprepared. If anything, he turned more voters off last night who had not previously seen him.

Herman Cain. Herman Cain is probably the guy who would be the most fun to sit down and have a beer or  an iced tea with and he is very knowledgeable about business and finances. He did well in South Carolina, but his last two performances have been less than stellar, although he is getting better in the areas that are his weak points. In politics, unfortunately if you are not going up, you are going down. Herman kinda seems to be standing still.

Rick Santorum.  An hour into the debate, Santorum held up his hand and said, “I haven’t gotten a lot to say.”  Santorum was mostly ignored until the end which is unfortunate because he holds the values of fiscal conservatives and social conservatives and he had to fight to get his message out.  He did get into the fray somewhat, particularly clashing with Ron Paul.  Although he did a lot of campaigning in Iowa he is relatively unknown outside the Pennsylvania area and to some Fox News watchers.

Ron Paul.  It is hard to lump Ron Paul in as a winner or a loser.  Ron Paul is Ron Paul, kinda like the crazy, yet knowledgeable, old uncle that every has somewhere. He is a true Libertarian, through and through, and did his usual ranting about militarism and war mongering.  He is an expert and right on about the dangers of the Federal Reserve but he is way off on his underestimation of the dangers of Iran.  His opinion on social issues would be great if we lived in a perfect world, but alas…

Minor winners (because he was the frontrunner going in and still is):

Mitt Romney. Mitts strategy right now seems to be simply not to screw up.   He had his pat answers for Obamneycare and amazingly was again not really challenged, considering he is and remains the frontrunner, but the tougher debates will come.  He did look and act presidential , stayed out of the bickering and put his 7 point plan out on the table. As it was, he probably picked up a small margin overall.  He was the overall winner of the war, so to speak, by most estimates.

Big Winners:

Newt Gingrich. But the biggest winner of the night had to be Newt Gingrich.  Gingrich needed both a stellar performance in the debate and needs a good showing in the straw poll to keep his campaign alive.   Gingrich also looked Presidential and dominated a lot of the serious talk.  His comeback to Chris Wallace was spectacular.  The problem with Newt is he is a big government conservative.  If he were committed to the dismantling of socialism, he would be a great candidate.  If he were committed to absolutely destroying liberalism the way Reagan, who Newt often quotes, was committed to destroying Soviet Communism, he would be the guy we could all rally around. Unfortunately, he is not.

Michele Bachmann.  Memo to anyone who wants to take Michele Bachmann on:  Wear your body armor!  Whether you win or lose a fight with her, you are going to come away bloodied and bruised.  Bachmann was hit from all sides during the debate and held her own.  She took the tough questions from the panel and then fought back against the other candidates on the stage.  Michele Bachmann is a ‘Girl Scout with a sniper rifle’ (stole that line from Judson Phillips of TPN) and anyone who calls her out can expect to get hit. Michele showed the strength needed to be President.  She proved she could stand and take it, and then dish out better than she got.

The Biggest Loser:

Tim Pawlenty.  The only good news is Pawlenty’s performance was so bad he should soon be out of our misery.  Pawlenty, did not have the courage to attack Romney last time and barely did this time, but showed no compunction about attacking Michele Bachmann.  A bad chess move for him.

Pawlenty’s attacks against the only female candidate on the stage backfired.  He ended up looking like that creepy guy in the neighborhood who you expect any day will be arrested for stalking instead of presidential material.  Frank Luntz credited him with the funniest line of the night, but it wasn’t enough to save him.  Bachmann nailed Pawlenty for being the most like Obama of anyone on the stage, based on his past record. At the end, Pawlenty said we need conservative leadership.  Being neither conservative, nor a leader, he’s 0 for 2 in that department.

All of this leads us back to the straw poll on Saturday.

Romney is not participating, or at least just half way.  Ron Paul will probably win the straw poll.  His followers are enthusiastic and come out for him.  Paul winning the straw poll, however, may pretty much invalidate it.

Michele Bachmann will come in second but the real fight is for third and fourth place.  Those are actually the most important positions in this straw poll.

For the second tier candidates, third and fourth place means they can continue.   For any candidate who does not place at least fourth, with the exception of possible write in candidates Rick Perry and Sarah Palin, money will begin to dry up.  Some of those campaigns are already in death spirals.   Rick Santorum said today that he ‘had’ to place at least 5th, but in reality his campaign is over.  And, Tim Pawlenty’s will be after the straw poll.  His only purpose in continuing at this point will be to run for a cabinet position.  The same is probably true of Cain, who may get fourth place.  Gingrich may have pulled enough out of the debate to hit third or fourth place, although he may hang in no matter where he places, at least for awhile.

Perry will throw his hat in the ring on Saturday and if Sarah is jumping in, it will be by mid-September. By the time we get to New Hampshire the true fun and seriousness of the campaign will be upon us.  For those like Giuliani and Bolton, I’d say back and help someone else.  As of Chris Christy… he would add some spice to the race.  And for Trump… please don’t screw this up and run as a third party candidate.

When you look at the line-up the two toughest candidates are the gals, if Palin gets in and of course Christy if he jumps in.  It looks like it really is still early in this race!!  And as Newt Gingrich said, “We are 15-months from the election, the Super Congress is a horrible idea and we have done nothing to attack our debt problems.  We cannot wait until the election.  He told Boehner on air that he needs to call he House back to Washington on Monday!”

But in reality, the more research you do, the more you realize that the true winner of the Ames Straw Poll is Ames itself, because it stimulates the local economy and brings a lot of attention to Iowa.  But at least for now, people seem to watch the activities there with a lot of interest, if not complete seriousness.

You can watch the full debate here in these Videos if you missed it:

2012 Presidential Republican Primary Debate in Iowa Part 1

2012 Presidential Republican Primary Debate in Iowa Part 2

2012 Presidential Republican Primary Debate in Iowa Part 3

2012 Presidential Republican Primary Debate In Iowa pt.4

2012 Presidential Republican Primary Debate In Iowa  pt.5

2012 Presidential Republican Primary Debate in Iowa pt.6

2012 Presidential Republican Primary Debate In Iowa pt.7

2012 Presidential Republican Primary Debate In Iowa pt.8

2012 Presidential Republican Primary Debate In Iowa pt.9

2012 Presidential Republican Primary Debate In Iowa pt.10

Michele Bachmann "I've Been The Lone Voice In Washington Saying We Can't Raise The Debt Ceiling!"

"I Just Don't Believe These Wars Are Necessary" Ron Paul Post Debate Interview

h/t to Jean Stoner, the Huffington Post, and TPN

Related:

GB:  GOP Hopefuls Debate

Update:  8/13/2011 12:10A.M. ET

I just watched the replay of Hannity’s earlier live show from the Des Moines State Fair.  He had several people on including Gov Sarah Palin, GOP Candidate Herman Cain, Rep Steve King and Joe Trippi, is a long-time Democratic campaign consultant and political analyst.

For Sarah Palin’s interview with Hannity, the fair grounds around them were packed and the crowd was engaged.  All I can say is that Sarah is a phenomenon.  She lights up a room, captures a crowd at an event and has a down-home type of charisma that is relatable. I think she will run, do does Hannity. You can see the passion and love for this country in her eyes. 

Joe Trippi who is a Democratic political analyst and worked for crazy ass Howard Dean said tonight that he thinks if Sarah Palin were in the Iowa straw poll that she would walk away with it hands down.   That is quite a statement coming from him. And Rep Steve King said he has seen her in action and she can ‘work a room’ like nobody he has ever seen. I saw her speak live to an audience in an outdoor stadium. She is pretty amazing, Live!  She can make a crowd light up… which is tough in an outdoor arena.

I also think the notion that she can’t win is only true if we allow the media to convince us of that.  Sarah has a Libertarian streak that give her an edge over Bachmann.  She is also more down to earth. Don’t get me wrong… I like Bachmann, but there is something about Palin that is magic! 

Update: 8.13.2011 6:39PM ET

Bachmann Wins the Ames Iowa Straw Poll

I just watched the replay of Hannity’s earlier live show from the Des Moines State Fair. He had several people on including Gov Sarah Palin, GOP Candidate Herman Cain, Rep Steve King and Joe Trippi, is a long-time Democratic campaign consultant and political analyst.

For Sarah Palin’s interview with Hannity, the fair grounds around them were packed and the crowd was engaged. All I can say is that Sarah is a phenomenon. She lights up a room, captures a crowd at an event and has a down-home type of charisma that is relatable. I think she will run, do does Hannity. You can see the passion and love for this country in her eyes.

Joe Trippi who is a Democratic political analyst and worked for crazy ass Howard Dean said tonight that he thinks if Sarah Palin were in the Iowa straw poll that she would walk away with it hands down. That is quite a statement coming from him. And Rep Steve King said he has seen her in action and she can ‘work a room’ like nobody he has ever seen. I saw her speak live to an audience in an outdoor stadium. She is pretty amazing, Live! She can make a crowd light up… which is tough in an outdoor arena.

I also think the notion that she can’t win is only true if we allow the media to convince us of that. Sarah has a Libertarian streak that give her an edge over Bachmann. She is also more down to earth. Don’t get me wrong… I like Bachmann, but there is something about Palin that is magic!

Update: 8.13.2011 6:39PM ET

No real surprises in Ames as Rep. Michele Bachmann came in first with 4,823 votes, narrowly edging Ron Paul out of the top spot and finishing far ahead of third place finisher Tim Pawlenty:

Former Minnesota governor Tim Pawlenty secured 2,293 votes. Former U.S. Senator Rick Santorum earned 1,657. Former Godfather's Pizza CEO Herman Cain locked-up 1,456 votes. Former Massachusetts governor Mitt Romney, who did not actively campaign in the event, captured 567 votes. Former House Speaker Newt Gingrich, who also did not aggressively look to secure support in the straw poll, got 385 votes. U.S. Rep Thad McCotter, a longshot contender, received 35 votes. And Jon Huntsman Jr. received 69 votes.

The Minnesota congresswoman narrowly outpaced libertarian Rep. Ron Paul, who had 4,671 votes, and whose red t-shirt-wearing supporters flooded the campus of Iowa State University, and packed the arena when Paul spoke. Paul gave a strong anti-abortion speech. Former Minnesota Governor Tim Pawlenty finished third with 2,293, a showing that keeps him in the game for next year's Iowa caucuses, but had to come off as slightly disappointing. He spent in $1 million dollars in Iowa. (Santorum and Cain spent little and did it the old fashioned way by meeting people and shaking hands).

The hope in his camp was that his organization muscle in Iowa would propel him to the top, but he was no match for the charismatic Bachmann, whose political star continues its dizzying ascent. Where Pawlenty relied on traditional, on-the-ground campaigning, Bachmann rode a wave of media-fueled enthusiasm that, right now, shows no sign of abating.
Still, in spite of Bachmann's victory, the poll came on the day that Texas Gov. Rick Perry declared that he, too, will mount a presidential run, setting up a showdown in Iowa over the social and fiscal conservatives that dominate the caucuses here. Perry had mounted an on the ground write-in campaign for the Straw Poll with a representative and staff even though he did not appear there and garnered 712 write-in votes.

Bachmann planned to appear on the five major network Sunday morning talk shows Sunday as part of a blitz to capitalize on the win--and perhaps a tactic to thwart Perry's momentum. Both candidates will speak at a dinner in Waterloo, Iowa Sunday evening.

The result is the first indication of what Iowans think of the field of Republicans competing for the chance to challenge President Barack Obama next fall. But it's hardly predictive of who will win the winter Iowa contest, much less the party nod or the White House.

We may see a one or two dropouts as a result of the straw poll. Rick Santorum hinted yesterday that he might call it quits if he didn't do well. He finished a distant fourth, but said he needed to finish 5th to stay in. Herman Cain is expected to continue his campaign despite finishing 5th, but his polls show that him at 3rd across the state of Iowa.

Bachmann Wins Iowa Straw Poll, Paul Second Followed by Pawlenty

Ron Paul Emphasizes Social Issues as the Veteran Congressman Finishes 2nd in Ames

Pawlenty Campaign Moves Forward After Third Place Straw Poll Finish

Is Palin Definitely Out of the 2012 Race?

Texas Governor Rick Perry Announces Bid for President

See Romney’s Heated Exchange With Angry, Heckling Crowd In Iowa

Santorum After Ames Boost: ‘Voters Rallied Around Our Message’

Herman Cain Touted Business Experience at Straw Poll: ‘The Engine of Economic Growth Is the Business Sector’  -  But Cain He Do It?

Obama: New Low Jobs Approval Rating Sinks Below 40% For the First Time - But not to worry, he is heading out on a jobs bus tour this week on the taxpayer’s nickel to fire us up… before leaving on his Martha’s Vineyard vacation….

It Begins: Bachmann and Perry at Same Event

Allen West: Ron Paul ‘Not the Kind of Guy You Want to be Sitting at 1600 Pennsylvania Ave’

1st Official Casualty of Straw Poll: Pawlenty Out

Herman Cain won the best line award in the straw poll speeches… “People say I don’t have much foreign policy experience….(pause), Like the guy that’s in the White House now does?”

Iowa Straw Poll and GOP Line Candidates

As we near the Iowa Straw Poll and another GOP debate after the somewhat disappointing announcements (for many) of the first 9 members of the Super Congress Committee by Reid (whose 3 nominees equal 83-yrs in Congress), McConnell, and Boehner.. Just waiting on Pelosi; Europe is burning as they ask us what our plan is; and people like Judge Andrew Napolitano, political commentator/author Mark Steyn and respected blogs like the American thinker are saying things like:

Steyn:

The government is losing well over $1 trillion annually. This is a classic ponzi scheme.

I think 1768, where the French government was using 60% of their annual revenue just to service their debt - and, he said, you know how that worked out.

The Emperor has no clothes…

That’s right,e’ve finally heard someone on television point out the nude emperor of U.S. Treasuries! Perhaps a few, maybe a dozen, of those clueless people who just want to “get the guy from their party elected” will start to realize (light breaking through clouds, cue music) that the Federal government IS LIVING WEEK TO WEEK - IT HAS NO CASH OTHER THAN WHAT IT RECEIVES. And it needs 50% more than it receives, so it borrows that. With no intention of EVER paying back the principal !!!!!!!

Video: America is over-invested in delusions!

Judge Napolitano:

…previously very ably described how we certainly need a return to free markets and an end to government meddling in markets.

American Thinker:

The urgency of reversing this index cannot be overstated; the United States is firmly on the path of becoming the most massive economic and financial failure in the history of mankind.

Thursday night might be the night for the GOP candidates participating in this straw poll and debate to make their mark or be counted out.  And this crisis may be the mark for those still debating on their decision including Rick Perry, Sarah Palin, John Bolton and even some who keep saying they aren’t running like Chris Christy and Paul Ryan (who was not chosen by Boehner for a Super Congress seat) to throw their hat(s) in the ring?

Yesterday Bernanke caused the Wall Street to rally by announcing that ‘since the economy will be sluggish, under statement of the Century, for the next two years the Feds will (artificially) keep interest rates low.  Well that worked well… not!!  They were back down by 519.36 last I heard.

We are beginning to see a domino effect!

· Stocks sink as Europe fears return

Wednesday, August 10, 2011 11:11:26 AM · by AAABEST · 16 replies - Cnn Money ^ | August 10, 2011 | By Hibah Yousuf

NEW YORK (CNNMoney) -- U.S. stocks fell sharply in early trading Wednesday, following the previous session's huge rally, as fears about Europe's ongoing debt crisis resurfaced. The Dow Jones industrial average (INDU) dropped 325 points, or 2.9%. The index fell as much as 446 points, which exceeded the gain in Tuesday's massive advance. [SNIP] On Wednesday, shares of French bank Societe Generale, or SocGen, tumbled almost 20% on the Paris stock exchange amid speculation that France may be first to face a rating cut. [SNIP] The major indexes have been swinging between massive gains and losses during trading, and ending...

· Sarkozy gives ministers debt deadline

Wednesday, August 10, 2011 11:03:29 AM · by Oldeconomybuyer · 3 replies  - Financial Times ^ | August 10, 2011 | By Peggy Hollinger in Paris

Nicolas Sarkozy, the French president, has given his finance and budget ministers one week to come up with new measures to cut France’s crippling debt burden as concerns mount over prospects for growth and the country’s ability to meet its deficit reduction targets. On Wednesday Mr Sarkozy summoned members of his government back from holiday for an emergency meeting on the current financial turmoil. In a statement after the two hour meeting in the Elysee Palace in Paris, Mr Sarkozy said France’s pledge to reduce the budget deficit from last year’s 7.1 per cent to 3 per cent by 2013...

· Run On Societie Generale Begins? Bank Down 17% On Rumors It Is On The Verge (Is France Next?)

Wednesday, August 10, 2011 11:31:20 AM · by SeekAndFind - Zero Hedge ^ | 08/10/2011 | Tyler Durden

Update: SOCGEN NOT IMMEDIATELY AVAILABLE FOR COMMENT: RTRS.Following earlier news that French CDS hit a record high on a rumor of an imminent French downgrade, the bloodbath in financials, first started in Italy, with 3 consecutive halts in Intesa causing endless headaches for Italin investors, the red tide has now shifted over to France, where SocGen, three years after fooling the Chairsatan that the world was ending and pushing him to cut rates by an unprecedented 0.75% on what was a trader error, now succeeded in getting the chairsatan to extend  ZIRP for two years... And still that is...

· Goldman Sachs Goes Short The US Dollar On QE3

Wednesday, August 10, 2011 11:18:29 AM · by SeekAndFind · 1 replies  -  Zero Hedge ^ | 08/10/2011 | Tyler Durden

Yesterday Goldman finally made it clear that Bill Dudley's marching orders are given: QE3 or no soup for you. Well, it didn't take long for the order from top to hit Goldman's FX desk, which has just issued this logical note: "Going short the USD on additional Fed easing." Odd, no easing has yet been announced, and according to so many none will come. But Goldman said so. So it must be. From Thomas Stolper: We have long argued that structural imbalances in the US will lead to more Dollar weakness. There are two main transmission channels: First, the current...

· European financial crisis: Germany shows signs of slowdown (The Euro's savior might need saving)

Wednesday, August 10, 2011 11:07:13 AM · by SeekAndFind · 3 replies  -  Washington Post ^ | 08/10/2011 | Suzy Khimm

Germany’s robust economy is showing signs of a slowdown, raising fears that the linchpin holding together Europe’s fragile financial health could be weakening. On Tuesday, the country revealed that its exports in June rose by only 3.1 percent, compared with a 20.1 percent increase in May, marking the smallest increase in 16 months. A few days earlier, an index of German manufacturing activity dropped from 54.6 in June to 52 in July — the lowest level since October 2009, marking the third consecutive month of declines. “The fact that [the German economy is] showing signs of faltering and sources of...

· Sen. Paul pushes for vote of no confidence in Geithner

Wednesday, August 10, 2011 9:29:59 AM · by caroline2005nc · 5 replies  -  The Daily Caller ^ | August 10, 2012 | Matthew Boyle

Kentucky Republican Sen. Rand Paul announced early Wednesday morning that he plans to push the Senate to hold a vote of no confidence in Treasury Secretary Tim Geithner. Unlike in the United Kingdom’s Parliament, where a no confidence vote would remove him, a U.S. Senate vote of no confidence would be a symbolic measure that sends a signal to the president. “The stock market gave a vote of no confidence to Timothy Geithner yesterday and for the past 11 days,” Paul said in a statement. “Geithner has shown no acumen in predicting, diagnosing, or treating America’s economic woes. The time...

Video:  Cong Ron Paul:  “This is Probably A Bigger Problem Than the World has Ever Face Before

Rome is Burning… and our Emperor is going on vacation (Martha’s Vineyard) and asking for more stimulus money after our credit rating downgrade.  His wife went on a previously unannounced vacation in Oregon instead of greeting the families and remains of fallen Seal Team 6, and Obama and his party are blaming the tea party (made up of Main Street Americans who probably prevented us from being downgraded to a BBB instead of just AA+) for their blunders and over-spending and too many of We the People are still buying it.  The reality is that Obama has done his job well… The USA Is All But Destroyed

 --> Time to take another look at the Beck’s Timeline for the fall of the dollar <-- We may be closer than we thought?!?

America is dying for leadership. If we don’t get it, the America we know will just die.

Ask Marion~ - h/t to Jean Stoner & Tolline Enger

Don’t forget to tune in to Fox News Channel on Thursday 8.11.11 at 9p ET as Bret Baier moderates the Iowa GOP debate.