Paul Ryan Agent of the Banking Class

Bloomberg Reports

Highlights...

• Rep. Paul Ryan  has more than $5.4 million in his campaign account  
• Romney’s campaign raised more than $1.2 million after announcing Ryan’s addition to the ticket
• Ryan opposes the 2010 financial regulation law that imposed new rules on an industry blamed for contributing to the worst economic downturn since the Great Depression (wants more deregulation)
•  Lobbyists including the American Banking Association and the Financial Services Roundtable scheduled a fundraiser for Ryan’s leadership political action committee
• Lobbyists for lenders that make short- term loans online held a fundraiser for Ryan’s re-election campaign

Ryan’s budget proposal to end traditional Medicare for future generations would benefit private insurers!!!

• Insurance employees and political action committees have given $815,328 to Ryan’s election efforts over his career
• Wisconsin based private insurance  Northwestern Mutual Life Insurance Co. and related family have been donating more than $89,000 annually to Paul Ryan's campaign.
• Employees of the National Beer Wholesalers Association have been contributing $75,000 annually to Paul Ryan's campaign

Paul Ryan's Net Worth estimated between $927,100 and $3.2 million (2010)

Top Contributors: Baker Tilly Virchow Krause LLP, PricewaterhouseCoopers LLP, Northwestern Mutual, Wells Fargo & Co. (WFC), Abbott Laboratories (ABT), Abbott Laboratories (ABT), UBS AG (UBSN) and Home Depot Inc. (HD)

• • Ryan’s Prosperity PAC had $724,265 cash on hand at the end of June, according to FEC reports. His campaign account of more than $5 million can be turned over to the Republican National Committee; it can’t be used directly by Romney’s campaign. 

White House: Bipartisan Debt Deal Fact Sheet

Via Zerohedge

Bipartisan Debt Deal: A Win for the Economy and Budget Discipline

• Removes the cloud of uncertainty over our economy at this critical time, by ensuring that no one will be able to use the threat of the nation’s first default now, or in only a few months, for political gain;
•  Locks in a down payment on significant deficit reduction, with savings from both domestic and Pentagon spending, and is designed to protect crucial investments like aid for college students;
• Establishes a bipartisan process to seek a balanced approach to larger deficit reduction through entitlement and tax reform;
• Deploys an enforcement mechanism that gives all sides an incentive to reach bipartisan compromise on historic deficit reduction, while protecting Social Security, Medicare beneficiaries and low-income programs;
• Stays true to the President’s commitment to shared sacrifice by preventing the middle class, seniors and those who are most vulnerable from shouldering the burden of deficit reduction. The President did not agree to any entitlement reforms outside of the context of a bipartisan committee process where tax reform will be on the table and the President will insist on shared sacrifice from the most well-off and those with the most indefensible tax breaks.
  

Mechanics of the Debt Deal

• Immediately enacted 10-year discretionary spending caps generating nearly $1 trillion in deficit reduction; balanced between defense and non-defense spending.
• President authorized to increase the debt limit by at least $2.1 trillion, eliminating the need for further increases until 2013.   
• Bipartisan committee process tasked with identifying an additional $1.5 trillion in deficit reduction, including from entitlement and tax reform. Committee is required to report legislation by November 23, 2011, which receives fast-track protections. Congress is required to vote on Committee recommendations by December 23, 2011.
• Enforcement mechanism established to force all parties – Republican and Democrat – to agree to balanced deficit reduction. If Committee fails, enforcement mechanism will trigger spending reductions beginning in 2013 – split 50/50 between domestic and defense spending. Enforcement protects Social Security, Medicare beneficiaries, and low-income programs from any cuts.    

SLV ETF Adds Physical Bullion Holdings After Recent Margin Hikes