~ The top 14.4 million reasons why Orrin Hatch keeps spending money we don't have ~

​ - Produced Sept 21st,  2011 -

~ The Top 1.8 million Reasons why Orrin Hatch voted for Bank Bailouts ~
-- Produced Oct. 24th, 2011 -  

If you want other Utahn's to see this information, please donate to help cover the costs of hosting Pre-Caucus Voter Education Meetings that we are scheduling and holding throughout Utah.

Guest writer Michael Jolley
www.Twitter.com/UTJolley 
http://www.michaeljolley.net/

Orrin Hatch has been a huge supporter of Utah based company Raser Technologies for years. These were his words at a press conference following the groundbreaking ceremony of Raser's geothermal plant in Beaver, Utah:

Solving [the energy] problem was my motivation in introducing legislation in 2005 that would make the renewable tax incentives last longer, giving geothermal a chance to play in the game. My provision became law as part of the Energy Policy Act of 2005. And just last week, I cosponsored a measure in the Senate with Senators John Ensign of Nevada and Maria Cantwell of Washington that further extends tax incentives for renewable energy production.

When I first introduced my geothermal incentives bill, I didn’t realize that a Utah company would be first out of the gate with the latest technology, but I’m proud that one of our own is leading the charge.


Raser Technologies not only benefited from Senator Hatch's geothermal tax incentives, but they also received a $33 million treasury grant in 2009. Apparently the government help wasn't enough because earlier this year Raser filed for Chapter 11 bankruptcy protection.  Raser is just one of several geothermal companies whose technologies haven't panned out.

The problem with the government picking winners and losers is the loser is usually the American taxpayer. Tell Orrin Hatch to stop wasting taxpayer money on risky investments.

And just for fun, here is the Washington Post's report of Senator Hatch's terrifying test-drive of Raser Technologies' hybrid Hummer: 

"How do you start this baby?" Hatch asked of the executives who built the 100-mile-per-gallon SUV.

"It's started," an official told Hatch.

"It's already on?" Hatch asked, surprised. "Heh, heh."

"Put your foot on the brake, then put it in drive," the official said. Nothing happened. "Is your foot on the brake? You have to have your foot on the brake."

"I think I've got it on," the senator replied.

"Nope," the executive said, pointing out the brake pedal. "There we go."

"No wonder," Hatch said. "I had it on the gas."

The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured above), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage on July 21, 2011:  http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only” $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.

In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.” – Bernie Sanders(I-VT)

When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.

Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places

View the 266-page GAO audit of the Federal Reserve(July 21st, 2011):http://www.scribd.com/doc/60553686/GAO-Fed-Investigation

Source: http://www.gao.gov/products/GAO-11-696
FULL PDF on GAO server: http://www.gao.gov/new.items/d11696.pdf
Senator Sander’s Article: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

Sincerely,