Obama Triples The Deficit – Says He Cut It In Half

Just got this E-mail from the Pinocchio-in-Chief

ScreenHunter_901 Dec. 26 10.03

ScreenHunter_902 Dec. 26 10.04

These are the actual numbers from US Treasury Dept.

ObamaDeficit

Current Issue: Monthly Treasury Statement: Publications & Guidance: Financial Management Service

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39 Responses to Obama Triples The Deficit – Says He Cut It In Half

  1. Okie says:

    He confused the deficit lie with the global warming lie; as opposed to the Benghazi lie, the Obamacare lie, the working across the aisle lie, etc.

    • Tom McNichol says:

      soo Obama was elected in what year??? anyone anyone -it was nov. 2008 – so whose budget were we working on since the president was sworn in on jan 20th 2009 – I am pretty sure the president was not allowed to put his budget in play on that day -do you think??? or do you so whose budget were we working on????

      • Obama pushed a one trillion dollar stimulus bill through during his first month, Homer.

        • Tom McNichol says:

          wow how we forget -the economy was sheading 800000 jobs a month – the stock market went down to 6500 – we were about to lose the auto industry – over 8 million jobs the market at 16000 – that is success -bush and his policies were the failure -remember or be doomed to repeat the failures

        • gator69 says:

          You must be confused. Until recently we had a president and congress, not just a dictator.

        • How we forget – unemployment was 4.4% and dropping when Dems took over the Congress in the 2006 election. Then Obama, Pelosi and Reid blamed their mess on Bush.

        • Gail Combs says:

          Sorry Homer,

          Shadow stats shows the real unemployment went from ~10% to 24% under Obummers watch and we lost 6.5 million jobs. by 2011.

          I can not stand the Bush and the Shrub but the economic mess gets laid squarely on Clinton’s doorstep.

          I will put up the links to back-up that statement but it will get booted into moderation and take a while.

        • Gail Combs says:

          THE TRUE ORIGINS OF THIS FINANCIAL CRISIS
          As opposed to a desperate liberal legend.
          http://spectator.org/articles/42211/true-origins-financial-crisis

          Report to Congress on the Root Causes of the Foreclosure Crisis
          By the U.S. Department of Housing and Urban Development, Office of Policy Development and Research

          Click to access foreclosure_09.pdf

          Thomas Sowell on the root causes of the mortgage lending crisis
          https://winteryknight.wordpress.com/2011/02/21/thomas-sowell-on-the-root-causes-of-the-mortgage-lending-crisis/

          (Those are from _jim)

          First off Obama had a majority in the house and the Senate his first term WHY didn’t THEY repeal the new banking laws?? Hint: Top Senate Democrat: Sen. Dick Durbin, on a local Chicago radio station this week, blurted out an obvious truth about Congress that, despite being blindingly obvious, is rarely spoken: “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.”

          It has been 100 years and despite the fact the FED has bled the USA dry, there have only been about a half dozen Congress critters who have gone after the Fed.

          It was CLINTON who set up the present economic mess ON PURPOSE.

          CLINTON AND TRADE TREATIES:
          Clinton pushed the ratification of WTO, NAFTA, the entry of China into the WTO.

          The China toll: Growing U.S. trade deficit with China cost more than 2.7 million jobs between 2001 and 2011, with job losses in every state
          Since China entered the World Trade Organization in 2001, the extraordinary growth of trade between China and the United States has had a dramatic effect on U.S. workers and the domestic economy, though in neither case has this effect been beneficial. The United States is piling up foreign debt and losing export capacity, and the growing trade deficit with China has been a prime contributor to the crisis in U.S. manufacturing employment. Between 2001 and 2011, the trade deficit with China eliminated or displaced more than 2.7 million U.S. jobs, over 2.1 million of which (76.9 percent) were in manufacturing. These lost manufacturing jobs account for more than half of all U.S. manufacturing jobs lost or displaced between 2001 and 2011.

          2.8 Million U.S. Jobs Lost Since China Joined WTO: Study
          Sep 21, 2011 – About 2.8 million jobs, both in manufacturing and high-tech fields, have … the dollar, but is artificially pegged in order to boost China’s exports.

          And China’s WTO Violations Threaten [an additional] 1.6 Million … American jobs in the auto industry, according to the Alliance for American Manufacturing…. (Jan 31, 2012)

          [b]Clinton KNEW US jobs would be exported and made sure the blame would not fall on him.[/b]

          GOVERNMENT ECONOMIC REPORTS: THINGS YOU’VE
          SUSPECTED BUT WERE AFRAID TO ASK!

          …Up until the Clinton administration, a discouraged worker was one who was willing, able and ready to work but had given up looking because there were no jobs to be had. The Clinton administration dismissed to the non-reporting netherworld about five million discouraged workers who had been so categorized for more than a year. As of July 2004, the less-than-a-year discouraged workers total 504,000. Adding in the netherworld takes the unemployment rate up to about 12.5%….

          Also of interest, no sooner than Bush entered the White House the Banker Owned News Media started screaming RECESSION!

          CLINTON AND FARMING
          The WTO Agreement on Ag and the “Freedom to Fail” 1996 Farm bill that bankrupted American farmers and farmers overseas allowing the Ag Cartels to move in and grab power over the world food supply were both written under Clinton by Cargil VP Dan Amstutz (I am hoping he is roasting in Hades.)

          As an example NAFTA:

          Small Farmers And The Doha Round: Lessons From Mexico’s NAFTA Experience
          ….
          II: Mexico – NAFTA and agricultural modernisation
          For anybody who doubts that, without safeguards, the brunt of adjustment costs of integrating relatively low-productivity agriculture into international markets is borne by small and marginal farmers, a close look at Mexico’s post-NAFTA experience would be salutary. Even Felipe Calderon, Mexico’s President and an acolyte of neoliberal economics, has had to acknowledge that Mexico, at least in part as a result of agriculture’s integration into global markets, is faced with an unprecedented agrarian crisis….

          The vacuum created by retreat of the Mexican state from agriculture was filled by large US and Mexican agribusiness….

          Alongside this, as hoped for by designers of NAFTA, has been ‘modernisation’ – a sharp decline in the share of agriculture and allied sectors in the workforce. From nearly 27% in 1991 it declined to slightly less than 15% in 2006, losing more than 2 million jobs[18]. Again small and marginal farmers and agricultural labour bore the brunt, as evidenced by very sharp decline in the number of rural households. According to a study by Jose Romero and Alicia Puyana carried out for the federal government of Mexico, between 1992 and 2002, the number of agricultural households fell an astounding 75% – from 2.3 million to 575, 000…

          Food Shortage Coming as Farmers Struggle
          There is a good reason BIG MONEY is moving on the small farmer.

          Legendary investor Jim Rogers remains bullish on commodities and says the world will soon face food shortages.

          “The fundamentals (for agriculture) have gotten better,” he says. “The inventories are now at the lowest they’ve been in decades, not in years. And that trend is just intensifying, Rogers tells CNBC.

          “Things are getting worse. Many farmers can’t get loans to buy fertilizer now, even though we have big shortages developing.”

          And what will be the end result of this dynamic?

          “Sometime in the next few years we’re going to have very serious shortages of food everywhere in the world, and prices are going to go through the roof,” Rogers said.

          Agriculture is his favorite sector in the commodity space…

          Rothschild cashes in by Investing in Farmland

          Credit Suisse: The Hunt for Land Has Already Started

          CLINTON AND BANKS

          Clinton’s signed the laws that repealed the McFadden Act of 1927, the Glass-Steagall Act of 1933 and the Bank Holding Company Act of 1956 lead to the Formation of Mega Banks. He is also responsible for the Housing and Community Development Act of 1992 and the Commodity Futures Modernization Act of 2000 that was responsible for marginal mortgage loans doomed to fail and the unregulated CDSs used to insure the banks against foreclosure.

          The Federal Reserve Act was signed into law by a Democrat on 1913.

          The US public was against the resulting Bank Bailouts but we got them anyway and then got the additional shaft from the Obama’s Mortgage Modification Program. Families on the edge were lured into the modification program, their mortgage payments lowered and then a year or so later the banks tell them the do not “Qualify” and hand them a HUGE bill due in 30 days consisting of all the money shaved off the year’s morgage payments, penalties AND LAWYERS FEES. If you manage to scrape the money together you hit Act II. The bank refuses to hand you a bill. It took us hiring a lawyer and a six months of dancing to get the !&%$ bank to actually name the amount needed to pay to keep us out of foreclosure!!!

          The US public was against the resulting Bank Bailouts but we got them anyway. The Fed refused to allow Congress (Ron Paul) to see where the money went When the Fed finally answered the question several year later, it turns out it went to the EU to bailout THEIR BANKS! Wall Street Journal: The Federal Reserve’s Covert Bailout of Europe

          Americans then got the additional shaft from the Obama’s Mortgage Modification Program. Families on the edge were lured into the modification program, their mortgage payments lowered and then a year or so later the banks tell them the do not “Qualify” and hand them a HUGE bill due in 30 days consisting of all the money shaved off the year’s morgage payments, penalties AND LAWYERS FEES. If you manage to scrape the money together you hit Act II. The bank refuses to hand you a bill. It took us hiring a lawyer and a six months dance to get the *&^$! bank to actually name the amount needed to pay to keep us out of foreclosure!!!

          How the AIG Bailout Could be Driving More Foreclosures
          …credit default swaps were used to guarantee mortgage-backed securities (MBS), a safe bet according to the best-available mathematical models. Why? Because most homeowners pay off their home loans with the certainty of an ATM.

          The is no reserve requirement with CDS because there’s no government regulation. Each insurance company can set aside as much — or as little — as it wants for reserves. In fact, a company could set aside nothing for potential losses without violating regulatory requirements.

          The money NOT set aside for reserves can be invested in high-risk securities to create a larger cash flow for the insurance company. This means that with CDS, insurers expected not only premiums but also bigger investment returns then would be possible with regular insurance products.

          CDS premium revenue is not restricted to those who might have actual losses or real assets to protect. You can bet as much as you want and create as many CDS as you want….

          “Much of the problem we’re facing today is not because of foreclosures by themselves, it’s because of side bets many companies took on in an effort to hedge their risk — bets which in many cases proved far more risky than the underlying mortgages.

          “Nobody,” says Saccacio, “is giving AIG money because they have a bad mortgage portfolio or a lot of foreclosures. AIG is getting money because it made huge derivative bets and lost.”

          Who Won
          In the end a CDS is nothing but a hedge that allegedly smart people in once-bigger financial institutions used to offset risk. AIG — meaning U.S. taxpayers — must now pay off the credit default swaps it issued

          ..

          There was no law to back-up Obama’s loan modification plans so the banks could determine whether or not to foreclose and collect not only the house but the taxpayer funded credit default swap insurance and you can bet your boots the more credit default swaps on you mortgage the more the bank WANTED to foreclose. It PAID to make risky loans. Obama’s mortgage modification program was a colossal failure, with hardly any principal modifications occurring. But the banks won big as marginal loans were forced into foreclosures that would otherwise not have occurred.

          Obama’s Mortgage Modification Program A Colossal Flop

          If you want to bash Republicans than bash Bush for the Patriot Act (that Obama and his Democratic Congress left intact) or Reagan and his Corporate Raiders and Leveraged Buyouts that took the accumulated assets of companies with NO DEBT and transferred it to raiders and banks while wiping out the corporation or leaving it so heavily in debt that salaries had to be cut.

      • While TARP was largely Bush’s doing (though a certain Kenyan ball-cupper was quite happy to vote for it as senator), the incoming Obama administration specifically requested that Bush release the remaining $600,000,000,000+ for Obama’s immediate use upon assuming office.

        The more than $1,000,000,000,000 stimulus was also entirely Obama’s doing: he lobbied for it, he got his party to show up to pass it, he signed it, he spent it.

        So, that’s $1.6 trillion in the first few months of his regime above any normal budgetary excesses imposed on the poor, unwitting African rube by a Democrat-run house & senate. In other words, Obama was able to accomplish in 6 months what it would have taken Bush more than 3 years to do.

        • gator69 says:

          “Jan. 12 (Bloomberg) — President-elect Barack Obama asked the Bush administration to notify Congress he plans to seek the remaining $350 billion in financial-rescue funds, White House spokeswoman Dana Perino said.

          Obama, who takes office on Jan. 20, called President George W. Bush this morning about 20 minutes after Bush said in his final White House news conference that he was willing to act on the president-elect’s behalf if asked.

          “President Bush agreed to the president-elect’s request,” Perino said. “We will continue our consultations with the president-elect’s transition team, and with Congress, on how best to proceed in accordance with the requirements of the statute.”

          http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aXTl_q8nIqk8

  2. chuck725 says:

    The administration’s reliance on idiots and propaganda is truly amazing.

  3. Shazaam says:

    It’s ever so much easier to make-up the numbers when you don’t bother with passing a budget.

    The Liar-in-chief is just working with his strengths, baffling the gullible with his spin on the facts.

    Unfortunately, the presstitiues will uncritically repeat that tripe without bothering to fact check.

  4. Phil Jones says:

    He did cut the deficit…. But Progressives and the Mainstream Media forget to tell you that Obama tripled it first… They blame Bush…

  5. R. de Haan says:

    President claims are in conflict with the “Ethics in Government Act of 1978: https://en.wikipedia.org/wiki/Ethics_in_Government_Act_of_1978

  6. R. de Haan says:

    And with his own election promises and his oath to uphold the US Constitution.

  7. John M says:

    The Treasury Department’s FMS has an already-prepared bar chart showing yearly deficit and operating costs from 2008 to 2013 in the Citizen’s Guide here: https://www.fms.treas.gov/finrep12/citizenguide/fr_citizen_guide_where_we_are_now.html#chart1
    The numbers match yours.
    In addition to muddying the water with the GDP comparison, the White House’s chart conveniently excluded the Recovery Act spending, which was estimated to be $787 billion at the time of passage, and later revised to $831 billion from 2009-2019..

  8. redc1c4 says:

    a lying liar lied… unexpectedly.

    news @ 11. our SCOAMF can’t leave office soon enough.

  9. R. de Haan says:

    Ethics in Government Act:

    Title VI

    Title VI amended Title 28 of the U.S. Code.

    It requires the Attorney General to investigate specific allegations of federal offenses by the President, Vice President, individuals at specified salary levels in the Executive Office of the President and the Department of Justice, any Assistant Attorney General, the Director and Deputy Director of Central Intelligence, the Commissioner of the Internal Revenue Service, all such specified individuals who held office during the incumbency of the President or during the period the previous President held office, if such preceding President was of the same political party as the incumbent President, and any officer of the principal national campaign committee seeking the election or reelection of the President.

    The Attorney General must decide if there is merit to the allegation within 90 days. If so, he or she must have a special prosecutor appointed who has all the power of the Department of Justice office except those specific to the Attorney General. The special prosecutor is chosen through a system wherein the Chief Justice of the United States appoints a panel of three judges from the Circuit Court of Appeals, one of which must be from the District of Columbia, who serve three-year terms and choose the special prosecutor. The special prosecutor has the authority to send any information to the United States Congress that he or she deems relevant and can provide counsel in issues that may call for impeachment of the person under investigation.

    The special prosecutor can only be removed by impeachment and conviction by congress, or by the Attorney General for “substantial improprieties” or a physical or mental condition that affects performance.

    The Department of Justice is required to suspend all investigations within the realm of the special prosecutor.

    The Attorney General has the authority to declare anyone disqualified from participating in an investigation because of conflict of interest.

    • Gail Combs says:

      Unfortunately when the Attorney General is corrupt it does no good.

      Remember The Department of Justice sent people down to Florida to help organize the Zimmerman protests.

      Talk about a complete blunder. Obummers handlers figured the guy was white because of the last name and decided to use him as a political race card to help win votes. Then it turns out he is Hispanic with his mom a Peruvian 1/2 black. ROTFLMAO

      But that is alright he has the media to spin the tale for him so Zimmerman because a WHITE (hispanic) and the hackers made sure he get 120% of the votes.

      I hope the Hispanics took notes of how the Demi-rats used one of their people.

  10. Shazaam says:

    You’ve just gotta love these recent polling numbers.

    http://www.judicialwatch.org/wp-content/uploads/2013/12/Judicial-Watch-Breitbart-Nationwide-Omnibus-Survey-Report-and-Analysis-TO-CLIENT-12.17.2013.pdf?V=1

    A majority of those polled consider DC to be the epicenter of government corruption…. And yet the major media outlets can’t seem to grasp that concept….

  11. R. de Haan says:

    This is flabbergasting: Chamber of Commerce to spend 50 million to crush Tea Party? http://www.breitbart.com/Big-Government/2013/12/26/Chamber-of-Commerce-To-Spend-50-Million-To-Crush-Tea-Party

    • Karl W. Braun says:

      Could it be that the interests of the Chamber of Commerce are more closely aligned with Wall Street than those of Main Street?

    • Gail Combs says:

      That is a really really bad move because the Democrats have a more loyal and bigger base. (from memory) D =42% R ~ 37% with the rest independents.

      I suggest every one read E.M. Smith’s “Evil Socialism” vs “Evil Capitalism”

      It is the best short explanation of what happened to our country and why D = R and no one represents the man in the street.

  12. R. de Haan says:

    Dubious US policies Iran boycott and the Turkish Gold Rush: http://www.foreignpolicy.com/articles/2013/12/26/irans_turkish_gold_rush

    • Gail Combs says:

      I am not going to dig it out, how ever the BRICS countries are stock piling gold AND started a development bank to rival the IMF/World Bank. The Turkish Gold Rush is part of that I am sure.
      B= Brazil
      R= Russia
      I= India
      C= China
      S= South Africa.

      This also has a lot to do with the UN stepping in and preventing the USA from mining gold near Yellowstone a few years ago. (We gave control of our parks to the UN)

      The plan is to destroy the USA as a country and make her a vassal of the United Nations.

  13. gator69 says:

    New math.

  14. Another perspective:

    During the 3-1/2 years of World War 2 that started with the Japanese bombing of Pearl Harbor in December 1941 and ended with the Surrender of Germany and Japan in 1945, the U.S. Produced 22 aircraft carriers, 8 battleships, 48 cruisers, 349 destroyers, 420 destroyer escorts, 203 submarines, 34 million tons of merchant ships, 100,000 fighter aircraft, 98,000 bombers, 24,000 transport aircraft, 58,000 training aircraft, 93,000 tanks, 257,000 artillery pieces, 105,000 mortars, 3,000,000 machine guns, and 2,500,000 military trucks. We put 16.1 million men in uniform in the various armed services, invaded Africa, invaded Sicily and Italy, won the battle for the Atlantic, planned and executed D-Day, marched across the Pacific and Europe, developed the atomic bomb and ultimately conquered Japan and Germany.

    It’s worth noting, that during the almost exact amount of time, the Obama administration couldn’t build a functioning web site.

    http://atlasshrugs2000.typepad.com/atlas_shrugs/2013/12/notewrothy.html

  15. eco-geek says:

    Obama also said he was going to ban trans-fats. I bet you a dollar to a dose of diabetes he is actually going to ban the labelling of trans-fat content….

  16. R. de Haan says:

    Saudi’s lament have been stabbed in the back by Obama: http://www.foxnews.com/opinion/2013/12/27/saudis-lament-have-been-stabbed-in-back-by-obama/#

    Just like the taxpayer, the Vets, the Israeli’s, the US military, etc, etc.

  17. Note well that the last budget passed by a Republican House, Republican Senate, and Republican President, passed in 2006 for Fiscal Year 2007, produced a deficit of under $161 Billion.

    Democrat majorities were primarily responsible for FY 2008 to present, and have created the six largest deficits in the history of the U.S.A.

    … all after promising in 2006 and 2007 that they would stop deficit spending…

    2006:

    Over the past decade, the Republican controlled Congress took our nation in the wrong direction. Too many Americans are paying a heavy price for those wrong choices: record costs for energy, health care and education; jobs shipped overseas; and budgets that heap record debt on our children. For millions, the middle-class dream has been replaced by a middle-class squeeze…

    Democrats are proposing a New Direction for America…

    With integrity, civility and fiscal discipline, our New Direction for America will use commonsense principles to address the aspirations and fulfill the hopes and dreams of all Americans. That is our promise to the American people….

    Our federal budget should be a statement of our national values. One of those values is responsibility. Democrats are committed to ending years of irresponsible budget policies that have produced historic deficits. Instead of piling trillions of dollars of debt onto our children and grandchildren, we will restore “Pay As You Go” budget discipline.

    Budget discipline has been abandoned by the Bush Administration and its Republican congressional majorities. Congress under Republican control has turned a projected $5.6 trillion 10-year surplus at the end of the Clinton years into a nearly $3 trillion deficit– including the four worst deficits in the history of America. The nation’s debt ceiling has been raised four times in just five years to more than $8.9 trillion. Nearly half of our nation’s record debt is owned by foreign countries including China and Japan. Without a return to fiscal discipline, the foreign countries that make our computers, our clothing and our toys will soon be making our foreign policy. Deficit spending is not just a fiscal problem – it’s a national security issue as well.

    Our New Direction is committed to “Pay As You Go” budgeting – no more deficit spending.

    2007:

    After years of historic deficits, this 110th Congress will commit itself to a higher standard: pay-as-you-go, no new deficit spending. Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.

    – New Speaker Nancy Pelosi, 01/04/2007

    2008:

    “The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.

    – Barack Obama July 3, 2008

    In 2006, Democrats complained about Republicans having created the four worst deficits in the history of America. But the last budget passed by a Republican House, Republican Senate, and Republican President (passed in 2006 for FY 2007) had a deficit of less than $161 Billion.

    The Democrats have held majority control of the budgeting and appropriations process for FY 2008, 2009, 2010, 2011, 2012, 2013. Those six fiscal years have produced the SIX worst deficits in the history of America.

    The same Democrats who complained of Republicans having created “the four worst deficits in the history of America”, the same Democrats who promised “no more deficit spending”, went on to create the SIX worst deficits in the history of America, blowing away what previous records by a huge margin.

    Republican majorities added $4 Trillion to the total national debt over the course of 12 Fiscal Years (FY 1996-2007)

    Democrat majorities added over $8 Trillion to the total national debt over the course of just 6 Fiscal Years (FY 2008-2013).

    Democrats, after promising fiscal discipline and no more deficit spending, have done the EXACT OPPOSITE, and have been deficit spending at OVER FOUR TIMES THE RATE of their Republican predecessors.

    And remember, the last budget passed by a Republican House, Republican Senate, and Republican President was passed in 2006 for FY 2007 and resulted in a deficit of less than $161 Billion.

    Democrats made deficit spending and the national debt a campaign issue in 2006 and won both houses of Congress with promises of fiscal discipline and “no more deficit spending”.

    Now, Democrats think that fiscal discipline is old and busted…

  18. Top Deficits, Top Surpluses, and Political Party Majority Responsible

    DEMOCRATS are majority responsible for the TOP 6 BIGGEST $ DEFICITS, and 7 of the top 10.
    (Top 6: FY2008-2013, and #10: FY 1992)

    And

    DEMOCRATS are majority responsible for the TOP 9 BIGGEST DEFICITS as a % of GDP.
    Five (#1- #4, & #9) were WWII-related, and Four (#5-#8) were 2009-2012.

    • While on the other hand…

      REPUBLICANS are majority responsible for the TOP 5 BIGGEST $ SURPLUSES.
      (FY 2000, 2001, 1999, 1998, and 1948)

      And REPUBLICANSare majority responsible for the TOP 2 BIGGEST SURPLUSES, and 6 of the TOP 10 SURPLUSES, as a % of GDP.
      (FY 1948, 2000, 1999, 2001, 1930, and 1998)

  19. JimmyNashville says:

    Here’s the detail on how they used the TARP loan to the banks (which was repaid with interest and subsequently blown by the Obama administration) and used the GSE bailouts as a new baseline for deficits $1Trillion every year over the earlier trend-line. Note, too, that fy 2013 deficit is deflated by the Treasury’s ‘extraordinary measures’ that pushed hundreds of billions in debt from fy 2013 into fy 2014 because of the debt limit cap.

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