AN OPEN LETTER TO PRESIDENT OBAMA
(Be sure to watch Lou Pritchett today on The Mangru Report at 5:30 p.m. on Fox Business Network.)
Dear President Obama:
You are the thirteenth President under whom I have lived and unlike any of the others, you truly scare me.
You scare me because after months of exposure, I know nothing about you.
You scare me because I do not know how you paid for your expensive Ivy League education and your upscale lifestyle and housing with no visible signs of support.
You scare me because you did not spend the formative years of youth growing up in America and culturally you are not an American.
You scare me because you have never run a company or met a payroll.
You scare me because you have never had military experience, thus don’t understand it at its core.
You scare me because you lack humility and ‘class’, always blaming others.
You scare me because for over half your life you have aligned yourself with radical extremists who hate America and you refuse to publicly denounce these radicals who wish to see America fail.
You scare me because you are a cheerleader for the ‘blame America’ crowd and deliver this message abroad.
You scare me because you want to change America to a European style country where the government sector dominates instead of the private sector.
You scare me because you want to replace our health care system with a government controlled one.
You scare me because you prefer ‘wind mills’ to responsibly capitalizing on our own vast oil, coal and shale reserves.
You scare me because you want to kill the American capitalist goose that lays the golden egg which provides the highest standard of living in the world.
You scare me because you have begun to use ‘extortion’ tactics against certain banks and corporations.
You scare me because your own political party shrinks from challenging you on your wild and irresponsible spending proposals.
You scare me because you will not openly listen to or even consider opposing points of view from intelligent people.
You scare me because you falsely believe that you are both omnipotent and omniscient.
You scare me because the media gives you a free pass on everything you do.
You scare me because you demonize and want to silence the Limbaughs, Hannitys, O’Relllys and Becks who offer opposing, conservative points of view.
You scare me because you prefer controlling over governing.
Finally, you scare me because if you serve a second term I will probably not feel safe in writing a similar letter in 8 years.
(Be sure to watch Lou Pritchett today on The Mangru Report at 5:30 p.m. on Fox Business Network.)
The author, Lou Pritchett, is a well-known public speaker who retired after a successful 36-year career as the VP World Sales for Proctor and Gamble.
Lou Pritchett is one of corporate America’s true living legends- an acclaimed author, dynamic teacher and one of the world’s highest rated speakers. Successful corporate executives everywhere recognize him as the foremost leader in change management. Lou changed the way America does business by creating an audacious concept that came to be known as “partnering.” Pritchett rose from soap salesman to Vice-President, Sales and Customer Development for Procter and Gamble and over the course of 36 years, made corporate history.
Be sure to watch Lou Pritchett today on The Mangru Report at 5:30 p.m. on Fox Business Network.
Tags: barack, brazil, business, democrat, latin america, middle east, obama, oil, president, saudi arabia, United States
Republican lawmakers and oil industry executives are slamming President Obama for offering to help Brazil expand offshore drilling while U.S. production struggles to get back on its feet in the wake of the BP spill.
The president, on the first leg of his trip to Latin America, said in Brazil over the weekend that his administration wants to assist the Brazilian government “with technology and support” in developing its oil reserves — a black gold mine he said could hold twice as much oil as U.S. deposits.
“And when you’re ready to start selling, we want to be one of your best customers,” Obama said.
That message struck some at home as bizarre and misguided, considering the administration has stressed the need to wean the United States off foreign oil and move toward alternative fuels.
With U.S. oil exploration and drilling slowing to a crawl over the past year, they questioned why the president would throw U.S. weight behind Brazil, a country that also received a $2 billion loan for its state-owned oil company from the U.S. Export-Import Bank.
“We have abundant energy resources off Louisiana’s coast, but this administration has virtually shut down our offshore industry and instead is using Americans’ tax dollars to support drilling off the coast of Brazil,” Sen. David Vitter, R-La., said in a statement. “It’s ridiculous to ignore our own resources and continue going hat-in-hand to countries like Saudi Arabia and Brazil to beg them to produce more oil.”
Fresh off a three-country visit to the region, Obama is trying to improve relations with the powerhouses of Latin America. Gulf Oil CEO Joe Petrowski agreed it’s better to encourage production in more reliable Brazil than in the “inherently unstable” Middle East.
Still, he called Obama’s announcement “puzzling,” even “humorous.”
“More oil that is not concentrated in the Mideast is good for the world and good for America. It would be a lot better if we had the drilling here,” Petrowski told Fox News. “And it seems a double standard and it seems somewhat hypocritical to a country that desperately needs jobs … that we’re encouraging other countries to create the jobs that we need.”
Furor over drilling, or lack thereof, has returned to Capitol Hill in full force over the past couple months as the price of a gallon of gas nears the $4 mark. Democrats say the rising prices, destabilized in part by the turmoil in several Arab nations, are yet another reminder why the United States needs to pursue alternative sources of energy and improve energy efficiency.
Republicans say the United States needs to develop all resources available, but emphasizes domestic drilling and exploration.
House Natural Resources Committee Chairman Doc Hastings, R-Wash., complained that, with his comments in Brazil, Obama is pushing to deepen U.S. dependence on foreign oil.
“He appears to believe the answer is to shift our foreign energy dependence from one part of the world to another,” he said.
But the Obama administration stressed that Brazil’s emerging energy industry makes the country a vital partner. These are boom times for Brazilian energy exploration — recently discovered deepwater deposits of oil buried below thick salt layers are estimated to contain tens of billions of barrels.
Obama adviser Mike Froman told BBC Brasil that the discoveries make the country a “key actor in global energy markets.”
The administration launched what it called a “strategic energy dialogue” with Brazil. According to the White House, the cooperation will entail an upcoming meeting between Brazilian officials and U.S. Department of Interior representatives; a trade mission at the end of May; and workshops starting in the fall on deepwater production and environmental management.
The administration has recently inched forward on approving oil projects in the Gulf of Mexico.
Last month, the Bureau of Ocean Energy Management, Regulation and Enforcement issued the first deepwater drilling permit since the BP spill last spring.
Then the administration announced Monday that it approved a deepwater exploration plan for Shell Offshore Inc., the first such plan since the Deepwater Horizon rig explosion last April.
But Shane Guidry, CEO of rig towing company Harvey Gulf International Marine, said that, at a time of economic stress, the U.S. government should concentrate its energy investment inside the United States rather than Brazil.
“If you’re going to do something for one country, why not do it for yours?” he told Fox News.
The Lost Peter Schiff Interview – Freedom Fest 2010 January 18, 2011Posted by Admin in Interviews.
Tags: America, bernanke, business, constitution, dan mangru, fed, federal reserve, finance, Fox, free, freedom, liberty, monetary policy, peter schiff, rights, tv, United States
Originally filmed on July 8, 2010, this exclusive Dan Mangru interview with Peter Schiff, conducted at FreedomFest 2010 in Las Vegas, was broadcast on Fox Business but then was thought to be lost forever until now. Now view what former U.S. Senate Candidate and Euro-Pacific Capital President Peter Schiff thinks about freedom and the state of our nation.
Why real-estate quagmire stays, and stays, and stays … – Dan Mangru WND (WorldNetDaily) Exclusive Commentary November 10, 2010Posted by Admin in Market Commentary, News.
Tags: America, bernanke, economy, Foreclosure, housing, markets, mortgages, obama, real estate, recession, subprime, treasury, underwater, United States
Why real-estate quagmire stays, and stays, and stays …
By Dan Mangru
Posted: November 09, 2010 5:37 pm Eastern
We live in an instant society.
Want to watch your favorite movies any time of the day? We have Instant on Demand.
Didn’t think that Terrell Owens got both feet in for his touchdown on Monday Night Football? No worries, we have instant replay.
We have instant popcorn, instant pudding, and pretty much instant everything.
So with all the advances of modern technology, what is taking so long to clean up the real estate market?
We have all of the tools to fix the market.
Want to start selling foreclosures? We can use the power of the Internet to do massive online foreclosure auctions as opposed to gathering on the old courthouse steps.
Want to gather investors? Start an investment group on Facebook. It’s really that simple.
Yet despite all of the tools available to us, the real estate markets remain a disaster.
National home prices have changed -5.0 percent quarter-over-quarter. In fact, looking at national home prices since their mid-August peak, price declines are even more dramatic, changing -6.8 percent.
Roughly 1 out of every 4 homeowners has negative equity in a home (meaning that their home is worth less than their mortgage).
And just last month, all of the major banks halted the sale of foreclosed properties.
So what has been the government’s response to all of these problems?
The One-Sided Compromise – Guest Commentary By John Browne October 29, 2010Posted by Admin in Market Commentary.
Tags: Capital, china, currency, dan mangru, Dollar, economy, Euro-Pacific, g20, geithner, global, john browne, mangru report, reserve, secretary, south korea, treasury, United States, yuan
The One-Sided Compromise
By: John Browne
Thursday, October 28, 2010
Last weekend, the G-20 finance ministers met in South Korea to find areas of agreement in preparation for the main G-20 gathering in November. The Chinese rebuffed renewed American pleas for them to revalue their yuan. They rejected Secretary Geithner’s suggestion of a four percent cap on current account surpluses. However, in return for accepting America’s continued dollar debasement, the Chinese did agree to “look into” a revaluation of the yuan and the management of trade surpluses. They also agreed to an international self-policing regime to curb currency manipulation. This ‘one-sided’ compromise was hailed in the Western media as a triumph for Mr. Geithner. The US stock markets and dollar rallied. All looked good for the election season in November.
Unfortunately, compromises are never one-sided; they are only construed as such. Though the reporting failed to emphasize it, Mr. Geithner actually agreed to a massive shift of monetary power in exchange for China’s empty concessions. The shareholdings and board composition of the huge and powerful International Monetary Fund (IMF) have now been shifted. China will now become the third largest shareholder of the IMF and the developing economies will get a six percent larger voting share. Two European states will lose their seats on the IMF’s board in favor of developing countries.
Meanwhile, China, supported by Russia, India, and even Brazil, continued to lobby hard for the US dollar’s privileged role as the international reserve currency to be replaced by a wide basket of currencies and gold. To this end, the IMF has recently been given additional “emergency” lending facilities. These could be used in a coming sovereign default crisis to ‘bail out’ Western countries, at which point they would be unable to resist global economic governance under the guise of the reformed IMF.
In short, Secretary Geithner’s “victory” at the G-20 was one only King Pyrrhus could love.
But the blame cannot be laid entirely with Mr. Geithner. The fact that he left the meeting at least saving a bit of face for his delegation is a monumental achievement, considering the dismal condition of the US economy.
Fed Chairman Bernanke appears desperate to flood the United States with another round of quantitative easing (QE-2). In a $13 trillion economy, a release of anything less than $1 trillion would not be seen as effective. Remember, the Fed already injected over $1 trillion after the credit crunch – and we are still in recession. How much will it take to right this listing ship?
When Geithner pledged to China a “gradual” debasement of the dollar, it is astonishing that they didn’t laugh him out of the room.
If he were to make good on his pledge and convince Bernanke to cut QE-2 to, say, $500 billion, the US GDP and stock markets would almost certainly begin to contract. This would threaten the banking system with a second crisis borne out of the ashes, or toxic assets, of the first.
For a frame of reference, the US home mortgage market is valued at some $10.6 trillion. Indeed, foreclosures and past-due loans amount already to some 14 percent of the market, or about $1.5 trillion. Of this staggering figure, the loans delinquent or in foreclosure to which the top three banks (Bank of America, Wells Fargo and JP Morgan) are exposed amount to more than $600 billion, an amount roughly equal to the original TARP bailout fund.
At the same time, thanks to falsely low interest rates, the banks’ net interest margins, or the difference between what they earn in loan interest and what they pay to their creditors, are being squeezed severely, while their non-interest earnings are falling, due to lower economic activity and the prohibitions contained in FinReg.
Finally, there is the murky question of how exposed the banks are to the massive derivatives market, a house of cards with a shaky foundation.
As we have described for several years, the US economy is virtually locked into a long arc of decline. There are no politically palatable solutions to this quandary. Until Americans are ready to take their lumps and accept a steep drop in their standard of living, the US government will have no leverage with the creditor nations and no ability to keep its promises. Therefore, we should celebrate when China even gives our Treasury Secretary an audience.
If China does manage to topple the US dollar from its perch as the international reserve currency, our economy will very likely move into free fall as decades of inflation come pouring back into the country. We will be forced to live within our means or face hyperinflation. Losing a few votes at the IMF is a small cost to delay this eventuality, but it also puts us one step closer to it.
John Browne is a Senior Market Strategist at Euro-Pacific Capital. He’s been a member of English Parliament, an advisor to Prime Minister Margaret Thatcher, and currently serves as Lead Panelist for The Mangru Report. You can view all of his commentaries by CLICKING HERE NOW.
Tags: china, Congress, consumers, currency, dan mangru, goods, manipulator, manufacturing, price, quality, resolution, The Mangru Report, United States
While Congress passes a new resolution to label China as a currency manipulator, Dan Mangru evaluates whether this is just political posturing or real policy. China recently unpegged its currency (the yuan) from the U.S. dollar but has seen more pressure from the U.S. to allow it’s currency to appreciate so that U.S. manufactured goods would be cheaper to Chinese consumers.
During this Mangru Moment, Mangru also takes a hard look at whether the U.S. should fight it’s battles with China via the media, whether the U.S. should be focused on growing the Chinese market, and what’s ultimately best for America.
Lou Pritchett Interview with Dan Mangru – The Mangru Report on Fox Business – Episode 20 October 6, 2010Posted by Admin in Interviews.
Tags: America, barack obama, business, commentary, corporate, dan mangru, environment, Fox, Fox Business, general motors, GM, green, interview, lou pritchett, news, obama, outsourcing, P&G, partnering, patriot, president, sam walton, talk, Tea Party, The Mangru Report, tv, U.S., unemployment, United States, wal-mart, walmart, you scare me
Retired Corporate Executive Lou Pritchett set off a national firestorm with his eloquent “You Scare Me” open letter to President Barack Obama. Since he wrote it millions of Americans have passed it along online and it has made Lou a Tea Party favorite.
As one of the pioneers of partnering and a major business partner of Sam Walton of Wal-Mart, Lou Pritchett discusses why it’s important to have business experience in government. Pritchett also tells Dan Mangru what he would have done if he were president to General Motors, how America can use it’s intellectual resources to be better, how to operate a small business in a recession, small business outsourcing, and whether the Tea Party should just “amuse” President Obama.
Also vote on our poll of the day on the Tea Party.
Lou Pritchett’s Open Letter To Barack Obama October 3, 2010Posted by Admin in Interviews, News.
Tags: barack, blame america, corporate, executive, government, lou pritchett, obama, P&G, president, scare, United States, white house
Fmr NY Gov. George Pataki, Don King, Lt. Col. Allen West, and Al Zucaro to Headline Today’s Edition of The Mangru Report September 11, 2010Posted by Admin in Interviews, News.
Tags: 9/11, afghanistan, Al Zucaro, allen west, army, business, commemorative episode, dan mangru, don king, finance, Fox, Fox Business, freedom tower, george, giuliani, governor, ground zero mosque, honor, iraq, lt. col. Allen West. LTC Allen West, mangru report, military, New york, news, pataki, Pennsylvania, Pentagon, pray, talk, tribute, troops, tv, united 93, United States, War, world trade
As part of our 9/11 commemorative episode of The Mangru Report we will offer you very different perspectives on the events and how they’ve shaped our nation and each other.
First, we’ll be joined by former New York Governor George Pataki, who will recount the events of that tragic morning. He will discuss why 9/11 is still relevant today, whether we should have a “Ground Zero Mosque”, and why it has taken so long to rebuild on Ground Zero.
Then, we’ll sit down with legendary boxing promoter and American Patriot, Don King. King will share why 9/11 hits us all personally, how he helped New York City move forward after 9/11, why it’s important to understand other cultures, lessons to be learned from 9/11, and why we must never take freedom for granted.
Next, we’ll be joined by Lt. Col. (Ret.) Allen West who served in Iraq and was an informal military advisor to the Afghanistan government. West will explain why we can’t fight a “War on Terror”, why it’s necessary to properly identify our cause and our enemy, and why this war is ultimately one that we can win.
Finally, we’ll speak with Al Zucaro of The World Trade Center Association and World Trade Center Palm Beach. Zucaro will discuss the business vision behind the Twin Towers as a global trade hub, how the World Trade Center Association has still kept global trade strong with now over 300 World Trade Centers across the globe, the safety of the Freedom Tower, and plans to rebuild New York City.
Today, as we mourn those we lost, pray with those that were left behind, and pay thanks to those that work to keep us all safe, join us today at 5:30 p.m. on Fox Business (Dish 206, DirecTV 359, AT&T 211, Verizon 117) for what we hope to you will consider an honest and introspective look at the event that has changed our lives forever.
Tags: candidate, Capital, Congress, deficits, euro, Euro-Pacific, gold, inflation, investments, Pacific, peter, real estate, republican, schiff, senate, unemployment, United States
On the next episode of The Mangru Report, which premiers this Saturday at 5:30 p.m. with a replay on Sunday at 5:30 p.m. on Fox Business Network, Dan Mangru will have a Mangru One-on-One with Euro-Pacific Capital President and current Republican U.S. Senate Candidate from Connecticut, Peter Schiff. During the interview, they will discuss topics such as real estate, gold, unemployment, inflation, deficit spending, and investments.