When asked why she didn't bear responsibility in the AIG bonus scandal resulting from the TARP and stimulus bills she worked feverishly to rush through Congress, Nancy Pelosi said, "Is it worth it to transfer hundreds of billions of taxpayer money, as Secretary Paulson asked us?" "What are the results? Where is the credit circulating on Main Street? Our people are afraid of losing their jobs, losing their homes, losing their pensions, losing the college education of their children. It's just not right."...
You're right it's not ! YOU promised us that TARP wasn't just for Wall Street. That it was needed for Main Street, for credit, to keep people in their jobs, from losing their homes, pensions and college education funds for their children !!!
It was YOU who tried to cutoff debate on the House version of TARP, chided the American public with 'they just didn't get it' when they implored Congress not to vote for the measure, mocked the previous administration for the need for the relief, castigated the Republicans for its failure to pass and then engineered passage in the House of the Senate version of TARP. YOU beamed with smug satisfaction when the stimulus bill was similarly pushed through without meaningful debate or review and then took credit for being the principal architect of its provisions but got 'pissed off' when conferees knocked some of your more egregious social spending programs out - condoms ! for economic recovery ???.
Your indignation rings hollow and hypocritical ... but then you're still running true to form !
LONDON FREE PRESS, Oct. 3rd 2008
House Speaker Nancy Pelosi, D-Calif., said the bill was needed to “begin to shape the financial stability of our country and the economic security of our people.” Typifying arguments the problem no longer is just a Wall Street issue but also one for Main Street, lawmakers from California and Florida said their state governments were beginning to experience trouble borrowing funds for their own operations.
Pelosi said, “We must win it for Mr. and Mrs. Jones on Main Street.”
BOOMERS_BANK, Oct. 3rd 2008
House leaders said the difference was lawmakers’ work to shift the focus from the bailout of financial companies to the boost it would give homeowners, small businesses and individual investors.
“All the attention was on Wall Street, and we wanted to turn that attention,” Pelosi said after the vote.
SAN DIEGO UNION TRIBUNE, Sept 26, 2008
Pelosi accused Republicans of "choosing to protect oil companies rather than schools, libraries, and road building."
THE AGE, Sept. 27th, 2008
When Ms Pelosi replied "it's not me blowing this up, it's the Republicans".
REUTERS, Sept. 27th 2008
"It would be my hope, that this could be resolved today, that we had a day for the American people and members of Congress to review the legislation on the Internet that we could bring something to the floor possibly Sunday night or Monday morning," Pelosi said.
CNN, Sept. 29th 2008
Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi, D-Calif.
Pelosi, speaking on the House floor, had blamed the nation's economic problems on "failed Bush economic policies."
THE SWAMP - TRIBUNE's WASHINGTON BUREAU, Sept. 29th 2008
"When was the last time anyone ever asked you for $700 billion?'' House Speaker Nancy Pelosi (D-Calif.) asked the House near the close of debate Monday.
"It's a staggering figure.... $700 billion, a staggering number, but only a part of the cost of the failed Bush economic policies to our country,'' Pelosi said, blaming Bush for inheriting a budget surplus and turning it into a record deficit with " reckless economic policies.... "It's really an anything goes mentality, no regulation, no supervision, no discipline.
"And if you fail, you will have a golden parachute, and the government will bail you out,'' Pelosi said. "Those days are over. The party is over.''
CNN, Feb. 12th 2009
Pelosi, however, said Thursday that, "We're proud of the product ... this is historical and transformational."
"While we would have liked to had more Republican support for it, and hopefully we will, we stand as Democrats ready to be accountable to the American people for this legislation and for the results we predict it will bring," she said.
WASHINGTON POST, Feb. 12th 2009
House Speaker Nancy Pelosi (Calif.), along with many other House Democrats, was disappointed that the final package more closely resembled the Senate's bill than the House's spending-rich package. But she called the legislation "historic and transformational" for its investments in Democratic social priorities.
"Let's just say it was a success," Pelosi told reporters.
FORBES, Feb 12th 2009
House Republican Leader John Boehner, R-Ohio, calls it "the trillion-dollar spending bill that stressed-out taxpayers feared it would be," after hundreds of billions of dollars in interest are factored in.
Nonetheless, Democrats are confident it will create at least 3.5 million jobs within the next two years. "We will be accountable for this," House Speaker Nancy Pelosi, D-Calif., told reporters in a press conference Thursday afternoon.
Friday, March 20, 2009
Thursday, March 19, 2009
Obama ... Messes
Way ta go Obama! You're The Man ... one of vision, one of keen intellect, one of ... oh well, you're just the ONE.
House Passes Bill to Punish A.I.G. Bonus Recipients
WASHINGTON — Spurred on by a tidal wave of public anger over bonuses paid to executives of the foundering American International Group, the House voted 328 to 93 on Thursday to get back most of the money by levying a 90 percent tax on it.
When no one at AIG wants to work there to finish winding down the remaining 1.6 TRILLION - do you get it Obama ! - that's TRILLION dollars - of derivatives exposure; what Warren Buffet calls weapons of financial destruction (WFD) and their performance suffers we all end up footing a needlessly more expensive bill or God, Forbid, - AIG actually collapses then we get to kiss anywhere from 80 to 170 Billion goodbye for naught and who knows what ensuing damage to the economy.
All because you couldn't rise up above the vitriol and lead !
Oh, hell, I forgot ... financial ruin, class warfare, institution destruction, constitutional crisis, panic, fear ... they're all necessary for your Socialist agenda ... silly me.
House Passes Bill to Punish A.I.G. Bonus Recipients
WASHINGTON — Spurred on by a tidal wave of public anger over bonuses paid to executives of the foundering American International Group, the House voted 328 to 93 on Thursday to get back most of the money by levying a 90 percent tax on it.When no one at AIG wants to work there to finish winding down the remaining 1.6 TRILLION - do you get it Obama ! - that's TRILLION dollars - of derivatives exposure; what Warren Buffet calls weapons of financial destruction (WFD) and their performance suffers we all end up footing a needlessly more expensive bill or God, Forbid, - AIG actually collapses then we get to kiss anywhere from 80 to 170 Billion goodbye for naught and who knows what ensuing damage to the economy.
All because you couldn't rise up above the vitriol and lead !
Oh, hell, I forgot ... financial ruin, class warfare, institution destruction, constitutional crisis, panic, fear ... they're all necessary for your Socialist agenda ... silly me.
Reining In Congress ...
Musing for a moment on ways to rein in Congress's reckless and wasteful spending habits ... Here's a better version of "Pay to Play".
Most people know that recklessly spending Other People's Money (OPM or "our" tax money) is a seductive temptation our legislators just can't seem to refrain from; equally, most people understand that when it's YOUR money - either going into or out of their own pockets that there's a lot less carelessness involved.
Keeping this fundamental aspect of human nature in mind perhaps our legislators should be required to be the FIRST to pay their share of any bills they introduce and pass in the future.
Before they are called to vote, the Office of Management and Budget could prepare a report showing the cost to every American citizen for the proposed legislation and then calculate each member of Congress' share.
Let's not forget though, that we want to be sure to apply Obama Socialist Principle #1 - "Each according to his ability to Pay".
Therefore, while it adds complication and more work, the OMB will have to look at each member's net worth - and because we know these rascals have already defeated the financial reporting rules by limiting meaningful disclosures on spouses' incomes and financial interests, the OMB will have to determine their "household" net worth - and each member's share will be adjusted proportionately (read upwards) based upon how wealthy they are in contrast to each other and to the rest of us.
Next the OMB will need to calculate the carrying or interest costs of the legislation since we're already running a deficit and otherwise someone else will have to carry the burden in future years - since that's our children and grandchildren and they have no voice or representation in the debate over the merits, if any, of the legislation but will assume the expense of it when they begin working for their own earned incomes.
Again to be fair and since Obama has determined that half of the deficit will be eliminated in 10 years we'll use an amortization of only 20 years to compute interest.
Now, also since Congress gets far better perquisites, and benefits than the rest of us at taxpayer expense; for the privilege of being our legislators each member gets to prepay the first year's interest and that is added to their graduated share of the legislation's cost. The interest for each of the following 19 years will be invoiced to them each year.
When the clerk calls the roll for a vote, each member of Congress dutifully files down to cast their vote with checkbook, though cash is preferred because we all still remember the Congressional checkwriting scandal from a few years ago, or credit card in hand. If they choose to use plastic, they also have to pay the card processing fees.
Once they have a receipt showing that they have paid, each member can proceed to cast his or her vote !
If Joe Biden was still seated can you imagine how quickly Mr. Liberal would turn into a Fiscal Conservative ... Okay, you get the point.
Most people know that recklessly spending Other People's Money (OPM or "our" tax money) is a seductive temptation our legislators just can't seem to refrain from; equally, most people understand that when it's YOUR money - either going into or out of their own pockets that there's a lot less carelessness involved.
Keeping this fundamental aspect of human nature in mind perhaps our legislators should be required to be the FIRST to pay their share of any bills they introduce and pass in the future.
Before they are called to vote, the Office of Management and Budget could prepare a report showing the cost to every American citizen for the proposed legislation and then calculate each member of Congress' share.
Let's not forget though, that we want to be sure to apply Obama Socialist Principle #1 - "Each according to his ability to Pay".
Therefore, while it adds complication and more work, the OMB will have to look at each member's net worth - and because we know these rascals have already defeated the financial reporting rules by limiting meaningful disclosures on spouses' incomes and financial interests, the OMB will have to determine their "household" net worth - and each member's share will be adjusted proportionately (read upwards) based upon how wealthy they are in contrast to each other and to the rest of us.
Next the OMB will need to calculate the carrying or interest costs of the legislation since we're already running a deficit and otherwise someone else will have to carry the burden in future years - since that's our children and grandchildren and they have no voice or representation in the debate over the merits, if any, of the legislation but will assume the expense of it when they begin working for their own earned incomes.
Again to be fair and since Obama has determined that half of the deficit will be eliminated in 10 years we'll use an amortization of only 20 years to compute interest.
Now, also since Congress gets far better perquisites, and benefits than the rest of us at taxpayer expense; for the privilege of being our legislators each member gets to prepay the first year's interest and that is added to their graduated share of the legislation's cost. The interest for each of the following 19 years will be invoiced to them each year.
When the clerk calls the roll for a vote, each member of Congress dutifully files down to cast their vote with checkbook, though cash is preferred because we all still remember the Congressional checkwriting scandal from a few years ago, or credit card in hand. If they choose to use plastic, they also have to pay the card processing fees.
Once they have a receipt showing that they have paid, each member can proceed to cast his or her vote !
If Joe Biden was still seated can you imagine how quickly Mr. Liberal would turn into a Fiscal Conservative ... Okay, you get the point.
Bullshit ! ... AIG, again
"Listen, I'll take responsibility...", Obama said yesterday while traveling in California. He noted that, "... it's my job to make sure we fix these messes, even if I don't make 'em."
You did make it - by pushing through your stimulus bill which had the provisions enabling the mess and to top it off - you've never even read the bill.
So it won't come as any surprise to you when all the other "messes" start rolling in from that wicked little piece of legislation. Nor, should it surprise anyone else that true to form you'll glibly accept responsibility, without any intellectual honesty or genuine consequence, when they do.
You did make it - by pushing through your stimulus bill which had the provisions enabling the mess and to top it off - you've never even read the bill.
So it won't come as any surprise to you when all the other "messes" start rolling in from that wicked little piece of legislation. Nor, should it surprise anyone else that true to form you'll glibly accept responsibility, without any intellectual honesty or genuine consequence, when they do.
Pelosi's Oath ...
"I, Nancy Pelosi, do solemnly swear that I will support and defend the Constitution of the United States against all enemies, foreign or domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter. So help me God."
It was reported yesterday that Nancy Pelosi, in addressing a group of illegal aliens in San Francisco, declared them to be the true Patriots - she also decried the actions of Immigration and Customs law enforcement personnel and insisted that enforcement of the US Immigration laws was "Un-American" and unacceptable.
What alternate universe does Pelosi live in? Airlines, to insure our safety as passengers, are required to periodically perform evaluations of the mental and emotional fitness of their pilots. Nancy Pelosi stands as the best example as to why there should be the same requirement for the political leadership of this country !
The Speaker of the House has a higher standard of behavior and responsibility than any other member of Congress. Nancy Pelosi has and continues to fail, miserably, in meeting that standard of office.
By law the Speaker of the House is second in line only to the Vice-president of the United States for succession to the Presidency. That puts Nancy Pelosi two heartbeats away from holding the most important position of leadership in the United States.
It is time that Nancy Pelosi be removed by Congress from her office, BEFORE she is capable of inflicting any more damage on the United States.
It was reported yesterday that Nancy Pelosi, in addressing a group of illegal aliens in San Francisco, declared them to be the true Patriots - she also decried the actions of Immigration and Customs law enforcement personnel and insisted that enforcement of the US Immigration laws was "Un-American" and unacceptable.
What alternate universe does Pelosi live in? Airlines, to insure our safety as passengers, are required to periodically perform evaluations of the mental and emotional fitness of their pilots. Nancy Pelosi stands as the best example as to why there should be the same requirement for the political leadership of this country !
The Speaker of the House has a higher standard of behavior and responsibility than any other member of Congress. Nancy Pelosi has and continues to fail, miserably, in meeting that standard of office.
By law the Speaker of the House is second in line only to the Vice-president of the United States for succession to the Presidency. That puts Nancy Pelosi two heartbeats away from holding the most important position of leadership in the United States.
It is time that Nancy Pelosi be removed by Congress from her office, BEFORE she is capable of inflicting any more damage on the United States.
Black Wednesday ... Printing Presses to Crank Up
To most people, yesterday March 18th wasn't all that different a day save for the hypocritical excoriations conducted by Representative Barney Frank and friends at the Capitol during the day long interrogations of AIG Ceo Edward Liddy and the news of the tragic death of Natasha Richardson, actress and daughter of Lynn Redgrave, and wife of actor, Lliam Neeson.
What mostly passed notice yesterday though was the Federal Reserve's decision to purchase about 300 Billion dollars worth of US Treasury Bonds (debt) and up to 750 Billion in mortgage backed securities.
In the preceding weeks, the Treasury Dept tried to sell more US debt to pay for the Obama economic and domestic programs by offering another round of about $40 billion worth of 30 year US Treasury bonds. Notably, the subscription failed with less than half of the amount being purchased because investors either, didn't believe the treasuries were a good investment, and, or because for the risk involved they didn't pay a high enough interest rate.
To pay a higher rate of interest would spur on inflation. Something the Fed is loathe to cause.
It was not a good sign for the confidence of investors in the future prospects of the US economy.
Now, in order to purchase our nation's debt, which is a direct consequence of an undisciplined President and Congress hell bent on profligate spending and unwilling to set realistic priorities - the Federal Reserve has decided to step in to buy US debt to help prop up our economy.
This is important because the only way the Fed can purchase debt is to increase the money supply and the only way to increase the money supply is to print more, new US currency - that is, dollars. Too many dollars and too much debt result in all dollars being worth less, or devaluation.
And cranking up the presses to print worthless dollars is a major problem because it too will spur on both eventual inflation and the devaluation of our dollars - including those in the savings, and checking accounts and payroll checks of every American - as well those dollars held by foreign governments as cash and in the value of the US treasury bonds (debt) they already hold.
Printing worthless money puts all of us on the edge of a terrible precipice - one that with alarming rapidity can cause our country and the rest of the world to fall into a devastating depression.
And the Fed is going to print 1 TRILLION new dollars !
This is precisely what the Chinese government expressed as their concern when they criticized Obama and Congress about his reckless spending programs and the potential to devalue their holdings in dollars, both as currency reserves and in US debt.
In their view the Congress, Pelosi and Obama are acting like drunken whores on a shopping spree with a credit card - a credit card that belongs to the Chinese. Reallistically how long will it be before the Chinese, in an act of self preservation and desperation, cancel that credit card ?
The rest of the world is very pissed off at the change in their economic fortunes because of all of the toxic debt and assets that were created here and subsequently packaged and marketed to them - they see us accountable for it. They intend to hold us accountable for it in due course.
That accountability is already taking form with discussions about replacing the US Dollar with another "world" currency - if and when that occurs - the US and its citizens will really be screwed.
Why weren't you listening Pelosi and Obama ? Over the past 2 months the Chinese have sent earlier warnings about their posture on it. And while there have been no public disclosures as yet, the Chinese have almost certainly beaten up Hank Paulson over this issue during his watch.
Obama is too concerned about pushing his Socialist agenda to give much thought to economic and other realties.
Pelosi on the other hand, famous for wasting tax dollars on jet travel, has a real problem with hearing, and comprehension. While she protests she supports real protection for US taxpayers and their money - she has a bug for the Chinese about their internal domestic human rights policies and treatment of Tibet, because the Chinese audaciously do not conform to her "San Francisco" values and beliefs.
At the G-20 summit Obama's pleas for European Union support of his economic plan was rebuffed by Germany, who basically said that his reckless spending was not the solution and more likely to cause greater economic harm to both the US and the rest of the world. Ow ! - that was a slap in the face, wasn't it Obama ?
Ironically, Communist China, moving quickly and massively in cutting taxes to improve its economy is acting more like a capitalist nation than the United States, which under the Obama/Pelosi's leadership has rejected tax cuts in favor of uncontrolled reckless spending.
What mostly passed notice yesterday though was the Federal Reserve's decision to purchase about 300 Billion dollars worth of US Treasury Bonds (debt) and up to 750 Billion in mortgage backed securities.
In the preceding weeks, the Treasury Dept tried to sell more US debt to pay for the Obama economic and domestic programs by offering another round of about $40 billion worth of 30 year US Treasury bonds. Notably, the subscription failed with less than half of the amount being purchased because investors either, didn't believe the treasuries were a good investment, and, or because for the risk involved they didn't pay a high enough interest rate.
To pay a higher rate of interest would spur on inflation. Something the Fed is loathe to cause.
It was not a good sign for the confidence of investors in the future prospects of the US economy.
Now, in order to purchase our nation's debt, which is a direct consequence of an undisciplined President and Congress hell bent on profligate spending and unwilling to set realistic priorities - the Federal Reserve has decided to step in to buy US debt to help prop up our economy.
This is important because the only way the Fed can purchase debt is to increase the money supply and the only way to increase the money supply is to print more, new US currency - that is, dollars. Too many dollars and too much debt result in all dollars being worth less, or devaluation.
And cranking up the presses to print worthless dollars is a major problem because it too will spur on both eventual inflation and the devaluation of our dollars - including those in the savings, and checking accounts and payroll checks of every American - as well those dollars held by foreign governments as cash and in the value of the US treasury bonds (debt) they already hold.
Printing worthless money puts all of us on the edge of a terrible precipice - one that with alarming rapidity can cause our country and the rest of the world to fall into a devastating depression.
And the Fed is going to print 1 TRILLION new dollars !
This is precisely what the Chinese government expressed as their concern when they criticized Obama and Congress about his reckless spending programs and the potential to devalue their holdings in dollars, both as currency reserves and in US debt.
In their view the Congress, Pelosi and Obama are acting like drunken whores on a shopping spree with a credit card - a credit card that belongs to the Chinese. Reallistically how long will it be before the Chinese, in an act of self preservation and desperation, cancel that credit card ?
The rest of the world is very pissed off at the change in their economic fortunes because of all of the toxic debt and assets that were created here and subsequently packaged and marketed to them - they see us accountable for it. They intend to hold us accountable for it in due course.
That accountability is already taking form with discussions about replacing the US Dollar with another "world" currency - if and when that occurs - the US and its citizens will really be screwed.
Why weren't you listening Pelosi and Obama ? Over the past 2 months the Chinese have sent earlier warnings about their posture on it. And while there have been no public disclosures as yet, the Chinese have almost certainly beaten up Hank Paulson over this issue during his watch.
Obama is too concerned about pushing his Socialist agenda to give much thought to economic and other realties.
Pelosi on the other hand, famous for wasting tax dollars on jet travel, has a real problem with hearing, and comprehension. While she protests she supports real protection for US taxpayers and their money - she has a bug for the Chinese about their internal domestic human rights policies and treatment of Tibet, because the Chinese audaciously do not conform to her "San Francisco" values and beliefs.
At the G-20 summit Obama's pleas for European Union support of his economic plan was rebuffed by Germany, who basically said that his reckless spending was not the solution and more likely to cause greater economic harm to both the US and the rest of the world. Ow ! - that was a slap in the face, wasn't it Obama ?
Ironically, Communist China, moving quickly and massively in cutting taxes to improve its economy is acting more like a capitalist nation than the United States, which under the Obama/Pelosi's leadership has rejected tax cuts in favor of uncontrolled reckless spending.
The Federal Reserve purchases will bolster concern that inflation will accelerate as borrowing costs fall, said Jessica Hoversen, a foreign exchange analyst with MF Global Ltd. in Chicago.
“The Fed is basically financing our deficit by buying the debt issued by the Treasury,” she said. “If the Obama administration pushes through another stimulus package, the dollar is done.”
Wednesday, March 18, 2009
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Brown Shirts ...
Obama has planned yet this week 2 townhall style meetings as well as a guest appearance for Jay Leno's Tonight Show in California.
If you're wondering what the hell is he doing racking up more costs to taxpayers for transportation and security - which doesn't come cheap - to go to California when he should be at his desk at work in Washington ....
Well, take your pick:
It's the infatuation of flying on Air Force One for free - can't get enough of it, or,
I've never had a real job anyway, and I don't like this "tied to a desk" routine, or,
I'm still campaigning !
If you chose all 3 - Congratulations.
Now that Obama's popularity is starting to slide, and his budget proposals are taking heat on the Hill, it's time to try and fire up some grass roots support.
You may not be surprised to learn that the Obama campaign and it's members "Obama for America" have now become "Organizing for America" to promote Obama's Socialist agenda. Hey, same initials - they can still use all of those old, leftover campaign buttons.
Previous supporters of the "old" OFA, not to be confused with the "new" OFA, are being asked by the "new" OFA to sign a "pledge" to support the Obama economic plan and domestic proposals for education, health care and energy.
This coming weekend OFA supporters have also been asked to go out and canvas neighborhoods, knocking door to door, to garner even more support.
In the future don't be surprised if OFA organizers eventually finalize on a "Brown" shirt for the faithful to wear when they gather in groups to rally and pledge allegiance to Obama.
If you're wondering what the hell is he doing racking up more costs to taxpayers for transportation and security - which doesn't come cheap - to go to California when he should be at his desk at work in Washington ....
Well, take your pick:
It's the infatuation of flying on Air Force One for free - can't get enough of it, or,
I've never had a real job anyway, and I don't like this "tied to a desk" routine, or,
I'm still campaigning !
If you chose all 3 - Congratulations.
Now that Obama's popularity is starting to slide, and his budget proposals are taking heat on the Hill, it's time to try and fire up some grass roots support.
You may not be surprised to learn that the Obama campaign and it's members "Obama for America" have now become "Organizing for America" to promote Obama's Socialist agenda. Hey, same initials - they can still use all of those old, leftover campaign buttons.
Previous supporters of the "old" OFA, not to be confused with the "new" OFA, are being asked by the "new" OFA to sign a "pledge" to support the Obama economic plan and domestic proposals for education, health care and energy.
This coming weekend OFA supporters have also been asked to go out and canvas neighborhoods, knocking door to door, to garner even more support.
In the future don't be surprised if OFA organizers eventually finalize on a "Brown" shirt for the faithful to wear when they gather in groups to rally and pledge allegiance to Obama.
And Speaking of Honor ...
Obama has gone out of his way during the campaign and as recently as this week to praise our service men and women; commenting on the honor they have earned and what we owe them. Yet this very same week, he, and members of his administration refuse to commit to avoid shifting the cost of medical services for veterans injured during service to private insurance carriers and subsequently causing veterans to bear the financial burden.
An Administration spokesperson points out that Obama is trying to save 540 million in the budget.
An Administration spokesperson points out that Obama is trying to save 540 million in the budget.
Honor ...
Charles Grassley, Republican Senator from Iowa, in his zeal to blast AIG over bonus payments, called upon AIG management to do the "honorable" thing and follow the Japanese custom - for failure and dishonor - and commit suicide. A day later, though he continued to refer to the Japanese suicide ritual, Grassley tried to explain that his remarks were made only because he wanted a demonstration of contrition from those responsible, not that he actually wanted anyone to perform the act.
There aren't adequate words to describe how vile, irresponsible and idiotic this man's statements were ... ok, maybe there are ... but I don't want to put them in print !
There aren't adequate words to describe how vile, irresponsible and idiotic this man's statements were ... ok, maybe there are ... but I don't want to put them in print !
Ineptitude ... AIG, TARP Revisited
During his campaign and notably since taking office, Obama has been posturing for his Socialist agenda by pitting populism against the wealthy in America to entrench and further deepen the class schism.
Obama's latest overture - his recent "outrage" over AIG's latest abuse of TARP money - has been to exploit the same for political purposes. But in singlemindedly pursuing his socialist goals he's lost track of some other realities.
If he really gave a damn about taxpayer's money he would have "vetoed" the stimulus appropriations bill that wastes BILLIONS instead of ranting about AIG's millions in bonus payments. Given that he took such a strident position against "earmarks" and that he would champion the stewardship of taxpayer's interest - when it came to tackling the reality of confronting the political interests of Congressional legislators who sponsor "earmarks" - he limply backed away, saying in effect, "well, it's just an old business item carried over from last year; but we'll really address the earmark problem on future appropriations bills.". That's nice, it's only going to cost us 8 billion that could have been prevented.
Well, by signing that bill he not only squandered our money, but his credibility too.
Now he should re-think expressing his "outrage" over AIG.
Presumably some of these people at AIG have specialized knowledge on how to run that business. Unfortunately, we now own most of AIG, to the tune of 80% .
At this point what injures Americans the most ? Should AIG be abandoned and allowed to collapse - or do we continue to prop it up? If, it's the latter, then the same people are necessary to keep AIG functioning, and Obama's and Congress' rantings and threats aren't going to yield optimum performance over at AIG; to the contrary they will insure further failed performance. Yeah, it's piss poor that our leadership and legislators didn't heed the warnings or care and know enough about how to protect our interests before they rushed head long to pass TARP. But what is in our best interests now? It's certainly not the spew coming out of Washington from the politicians.
Obama also needs to consider whether or not he's setting this up for further backlash in Congress. Congress is going to be very hard pressed to justify the next 30 billion round of funding for AIG - and it's coming up soon - let alone any more so called TARP rescue for other financial institutions.
Secretary Geithner's and Treasury's accountability in all this is under scrutiny as well, with calls already for Geithner's resignation! Geithner says he will get all of the bonus payment money back from AIG. Wake up idiot, "WE OWN AIG - you're going to get it all back from US ! ".
Schumer, Dodd, Reid, Grassely, Pelosi, Frank and others are foaming at the mouth to pass some sort of legislation that targets the individuals who received the bonuses; interestingly those who are complaining the loudest bear the greatest responsibility for failing miserably to protect taxpayers in the first place.
The "thinking" of these legislators is especially dangerous - it is "wrong" when government resources are used to "punish" those who are not in political favor or seen as undeserving. In Europe, where they have had decades of injury, misery and suffering from totalitarian and fascist regimes, they understand just how dangerous this kind of political "thinking" is. There are real constitutional problems with what these legislators want to do, and they will be called to account for it.
Some voices are pushing for the bonus agreements between AIG and its employees to be blocked, voided or rescinded - essentially to interfere with legally binding contracts. If no fraud was involved, you can be certain litigation will follow and lost and the cost burden will be borne by the American public at greater expense than the bonus payments alone.
Because of Obama's ineptitude and his fanning the flames of outrage, responsibility for all of this can be laid at the Whitehouse's doorstep.
Lastly, AIG's abuses are only prelude - is there anyone in Congress or the Administration so gullible to believe that with the BILLIONS of dollars yet to be distributed from the stimulus bill that more financial abuses, fraud and voter outrage aren't on the way? Unfortunately, we already know the answer!
Yeah, this really is change we can believe in !
Obama's latest overture - his recent "outrage" over AIG's latest abuse of TARP money - has been to exploit the same for political purposes. But in singlemindedly pursuing his socialist goals he's lost track of some other realities.
If he really gave a damn about taxpayer's money he would have "vetoed" the stimulus appropriations bill that wastes BILLIONS instead of ranting about AIG's millions in bonus payments. Given that he took such a strident position against "earmarks" and that he would champion the stewardship of taxpayer's interest - when it came to tackling the reality of confronting the political interests of Congressional legislators who sponsor "earmarks" - he limply backed away, saying in effect, "well, it's just an old business item carried over from last year; but we'll really address the earmark problem on future appropriations bills.". That's nice, it's only going to cost us 8 billion that could have been prevented.
Well, by signing that bill he not only squandered our money, but his credibility too.
Now he should re-think expressing his "outrage" over AIG.
Presumably some of these people at AIG have specialized knowledge on how to run that business. Unfortunately, we now own most of AIG, to the tune of 80% .
At this point what injures Americans the most ? Should AIG be abandoned and allowed to collapse - or do we continue to prop it up? If, it's the latter, then the same people are necessary to keep AIG functioning, and Obama's and Congress' rantings and threats aren't going to yield optimum performance over at AIG; to the contrary they will insure further failed performance. Yeah, it's piss poor that our leadership and legislators didn't heed the warnings or care and know enough about how to protect our interests before they rushed head long to pass TARP. But what is in our best interests now? It's certainly not the spew coming out of Washington from the politicians.
Obama also needs to consider whether or not he's setting this up for further backlash in Congress. Congress is going to be very hard pressed to justify the next 30 billion round of funding for AIG - and it's coming up soon - let alone any more so called TARP rescue for other financial institutions.
Secretary Geithner's and Treasury's accountability in all this is under scrutiny as well, with calls already for Geithner's resignation! Geithner says he will get all of the bonus payment money back from AIG. Wake up idiot, "WE OWN AIG - you're going to get it all back from US ! ".
Schumer, Dodd, Reid, Grassely, Pelosi, Frank and others are foaming at the mouth to pass some sort of legislation that targets the individuals who received the bonuses; interestingly those who are complaining the loudest bear the greatest responsibility for failing miserably to protect taxpayers in the first place.
The "thinking" of these legislators is especially dangerous - it is "wrong" when government resources are used to "punish" those who are not in political favor or seen as undeserving. In Europe, where they have had decades of injury, misery and suffering from totalitarian and fascist regimes, they understand just how dangerous this kind of political "thinking" is. There are real constitutional problems with what these legislators want to do, and they will be called to account for it.
Some voices are pushing for the bonus agreements between AIG and its employees to be blocked, voided or rescinded - essentially to interfere with legally binding contracts. If no fraud was involved, you can be certain litigation will follow and lost and the cost burden will be borne by the American public at greater expense than the bonus payments alone.
Because of Obama's ineptitude and his fanning the flames of outrage, responsibility for all of this can be laid at the Whitehouse's doorstep.
Lastly, AIG's abuses are only prelude - is there anyone in Congress or the Administration so gullible to believe that with the BILLIONS of dollars yet to be distributed from the stimulus bill that more financial abuses, fraud and voter outrage aren't on the way? Unfortunately, we already know the answer!
Yeah, this really is change we can believe in !
Tuesday, March 17, 2009
Nice Work ... If You Can Find It !
How many hours of work a week do you put in...40, 50 or more? If you own a business it's probably not uncommon for you to work 12 or more hours a day, skip a lot of lunches and miss a lot of family events because of time on the job during weekends. If you're a homemaker, you probably work even longer hours.
Now how much time do you think Congress puts in for a full year for $174,000 in pay, not including perqs and benefits - which by the way includes an automatic $4700 pay increase that went into effect in January?
This year Congress is scheduled to work a total of 137 days - for everyone else a normal work year on the job is about 103 days longer or about 240 days.
The rebuttal, of course, is that members of Congress want you to know that they spend the rest of their time in their home districts working very hard - to get re-elected, that is.
Given the magnitude of the economic crisis confronting all of us, the limited number of days Congress actually spends on the job, and as precious as their time is, they apparently found enough of it to grind out that very vital piece of the people's business by legislating March 14th into officialdom as "PI Day" thereby promoting science and mathematics. It must have been a moment of tremendous satisfaction and personal pride, since clearly, quality efforts like this by Congress go a long way in assuring America's technical and scientific pre-eminence in the World.
Representative John Murtha, Democratic septuagenarian, said he thought they were voting for "Pie" Day - those of the fruit persuasion.
Apparently, my 6 year old grandaughter reads as much of the bills pending before Congress as our legislators do - though she comprehends more.
Ed Rendel, the Governor of Pennsylvania has something to say about Congress' work ethic - "How hard do you think Congress works?", he asks. "Until you can show me that you bust your hump every single day of the week—that you're working 10 hours a day, five days a week, and you have meetings on Saturdays—until you tell me that, don't tell me you're working too hard."
Personally, I'd rather see Congress not work at all, or at the very least not increase their hours ... for when they're on the job - it costs all of us a fortune.
Congress - please go away but more importantly, stay away!
Now how much time do you think Congress puts in for a full year for $174,000 in pay, not including perqs and benefits - which by the way includes an automatic $4700 pay increase that went into effect in January?
This year Congress is scheduled to work a total of 137 days - for everyone else a normal work year on the job is about 103 days longer or about 240 days.
The rebuttal, of course, is that members of Congress want you to know that they spend the rest of their time in their home districts working very hard - to get re-elected, that is.
Given the magnitude of the economic crisis confronting all of us, the limited number of days Congress actually spends on the job, and as precious as their time is, they apparently found enough of it to grind out that very vital piece of the people's business by legislating March 14th into officialdom as "PI Day" thereby promoting science and mathematics. It must have been a moment of tremendous satisfaction and personal pride, since clearly, quality efforts like this by Congress go a long way in assuring America's technical and scientific pre-eminence in the World.
Representative John Murtha, Democratic septuagenarian, said he thought they were voting for "Pie" Day - those of the fruit persuasion.
Apparently, my 6 year old grandaughter reads as much of the bills pending before Congress as our legislators do - though she comprehends more.
Ed Rendel, the Governor of Pennsylvania has something to say about Congress' work ethic - "How hard do you think Congress works?", he asks. "Until you can show me that you bust your hump every single day of the week—that you're working 10 hours a day, five days a week, and you have meetings on Saturdays—until you tell me that, don't tell me you're working too hard."
Personally, I'd rather see Congress not work at all, or at the very least not increase their hours ... for when they're on the job - it costs all of us a fortune.
Congress - please go away but more importantly, stay away!
Focus
There must be a peculiar sense of vindication, albeit with a decidedly bitter aftertaste, for those who warned that AIG’s and the fortunes of other Wall Street miscreant’s should have been left to the judgment and correction of the markets rather than the misguided and incompetent meddling of our political leadership.
Now after 4 failed infusions totaling some $ 170 billion of taxpayer funded relief specifically to prop up AIG, our politicians are tripping over themselves to express their moral indignation and outrage that AIG would dare to use $165 million of taxpayer’s bailout money to honor employment contracts. Do these wonks really believe that they can deflect public resentment for the culpability of their own failures in this mess – that no one will recognize what is happening - that these very same politicians desperately want to shift the focus and blame away from themselves by scapegoating AIG? Well, yes … OF COURSE THEY REALLY BELIEVE IT or they wouldn’t be in such a mad rush to get “air time” or any other media coverage!
Certainly, AIG has a long laundry list of sins, misjudgments and missteps to account for, but honoring a legally binding contract is not one of them. And yes, it is one further abuse … BUT no, we should look squarely to place blame and responsibility where it belongs – on those politicians who enabled this latest abuse and the waste and squandering of 170 billion on AIG of our tax dollars in the first place. Those politicians rushed in boisterous zeal to pass legislation without having sufficiently debated the merits of it or comprehending its consequences. And they initially failed to provide for effective control or even rudimentary oversight.
“What the hell, it was only tax money not my own!”
If it can be presumed that no fraud has been perpetrated at AIG and that the company entered into these agreements with its employees prior to receiving any bailout funds, then what an incredible irony.
First, that our pontificating politicians have not shouldered any responsibility for the mess; that our government on our behalf now owns 80% of AIG; that AIG still needs substantial future taxpayer funding; and that if the Federal government tries to block legally binding contracts the resulting litigation will only cost us, the taxpayer, even more than just increased dollars of expense.
Now comes Christopher Dodd, Democratic Senator from Connecticut and the beneficiary of more than $2 million of the financial industry’s lobbying, outlandishly proposing that the way for the Federal government to re-capture taxpayer’s money is to target those who received the bonus with TAXES specifically designed and legislated for them – Apparently, if our leadership can’t provide and exercise sufficient judgment to prevent the wasting away of BILLIONS in taxes in the first place, they can smugly recapture millions by using the resources of government to punish those they deem to be undeserving.
Congratulations Mr. Dodd, your thought processes, and those of your ilk, are indeed proving to be truly dangerous!
Assuaging our politician’s “outrage” is only going to cost the rest of us more in the long run. And sad to say but better to write off this latest abuse of $165 million in bonuses and move on. The least we can learn from it in the future is to better recognize the spoon fed crap we will get from our current political leadership.
Still not satisfied because of the unfairness? Ok, then you want satisfaction. Fine - let’s see the outrage placed where it could better accomplish something more meaningful – not on the $165 million - focus on the $8 BILLION in waste of our tax dollars on “pork” in the last appropriations bill – the $ 270 billion in the same bill that had nothing to do with stimulating the economy – or the TRILLIONS of dollars of debt we’re running up. Express that to Congress.
Take at least one small step ... Send a Teabag on April 1st – it’s a simple, but powerful and symbolic message they’ll finally understand.
Now after 4 failed infusions totaling some $ 170 billion of taxpayer funded relief specifically to prop up AIG, our politicians are tripping over themselves to express their moral indignation and outrage that AIG would dare to use $165 million of taxpayer’s bailout money to honor employment contracts. Do these wonks really believe that they can deflect public resentment for the culpability of their own failures in this mess – that no one will recognize what is happening - that these very same politicians desperately want to shift the focus and blame away from themselves by scapegoating AIG? Well, yes … OF COURSE THEY REALLY BELIEVE IT or they wouldn’t be in such a mad rush to get “air time” or any other media coverage!
Certainly, AIG has a long laundry list of sins, misjudgments and missteps to account for, but honoring a legally binding contract is not one of them. And yes, it is one further abuse … BUT no, we should look squarely to place blame and responsibility where it belongs – on those politicians who enabled this latest abuse and the waste and squandering of 170 billion on AIG of our tax dollars in the first place. Those politicians rushed in boisterous zeal to pass legislation without having sufficiently debated the merits of it or comprehending its consequences. And they initially failed to provide for effective control or even rudimentary oversight.
“What the hell, it was only tax money not my own!”
If it can be presumed that no fraud has been perpetrated at AIG and that the company entered into these agreements with its employees prior to receiving any bailout funds, then what an incredible irony.
First, that our pontificating politicians have not shouldered any responsibility for the mess; that our government on our behalf now owns 80% of AIG; that AIG still needs substantial future taxpayer funding; and that if the Federal government tries to block legally binding contracts the resulting litigation will only cost us, the taxpayer, even more than just increased dollars of expense.
Now comes Christopher Dodd, Democratic Senator from Connecticut and the beneficiary of more than $2 million of the financial industry’s lobbying, outlandishly proposing that the way for the Federal government to re-capture taxpayer’s money is to target those who received the bonus with TAXES specifically designed and legislated for them – Apparently, if our leadership can’t provide and exercise sufficient judgment to prevent the wasting away of BILLIONS in taxes in the first place, they can smugly recapture millions by using the resources of government to punish those they deem to be undeserving.
Congratulations Mr. Dodd, your thought processes, and those of your ilk, are indeed proving to be truly dangerous!
Assuaging our politician’s “outrage” is only going to cost the rest of us more in the long run. And sad to say but better to write off this latest abuse of $165 million in bonuses and move on. The least we can learn from it in the future is to better recognize the spoon fed crap we will get from our current political leadership.
Still not satisfied because of the unfairness? Ok, then you want satisfaction. Fine - let’s see the outrage placed where it could better accomplish something more meaningful – not on the $165 million - focus on the $8 BILLION in waste of our tax dollars on “pork” in the last appropriations bill – the $ 270 billion in the same bill that had nothing to do with stimulating the economy – or the TRILLIONS of dollars of debt we’re running up. Express that to Congress.
Take at least one small step ... Send a Teabag on April 1st – it’s a simple, but powerful and symbolic message they’ll finally understand.
Thursday, March 12, 2009
Tea Party Slogans -
Save America Now … Send Pelosi Home - Economy Class!
Save America … Shut down Congress.
The Tree of Liberty Is Very Thirsty …
Hey Congress, Before You Raise Our Taxes, Again…Pay Your Own First !
Born Free … But Taxed To Death !
Hey Buddy, Spare Us Your “CHANGE”.
Don’t Stimulate … LIBERATE !
Your Choice - 1776 OR 1984 !
Paying My Mortgage … And Now Paying Yours Too!
Give Me Liberty Now … Not Debt.
Obamanomics – “Chains” You Can Believe In.
Obama, Commander n’ Thief
Stop Subsidizing Stupidity, Repeal CONGRESS or at least, Pelosi !
OBSCENITY – Nancy Pelosi’s use of the word “Bi-Partisan”!
WE GET IT, Pelosi … It’s not Stimulus, It’s Strangulation!
Your Mortgage Is Not My Problem!
If Healthcare is Expensive Now … wait until it’s FREE !
Congress … The Rise of the Incompetent!
Democracy … Not Pelosi’s Monarchy !
Obama’s CHANGE Checklist:
Loss of Wealth
Loss of Property
Loss of Freedoms
Loss of Liberty
Loss of Dignity
Free Markets … Not Free-Loaders!
Next Time Obama Read the Bill, BEFORE You Sign it!
OBAMA The RECKLESS!
233 Years to BUILD the Republic … 100 Days to Destroy It!
Things Congress Does Well … Ok, I Dunno, What?
The Obama Economic Plan … Haste, Waste and Fear!
Liberals - Working Louder … Not Smarter!
I’m 5 Years Old and Thanks to Congress I Have No Future !
Obama Lies and America Dies.
I Want My Money AND My Country Back!
Foreclose The Whitehouse!
You Can’t Fix Stupid … But You Can Vote Nancy Out!
It’s The SPENDING, Stupid !
Hey EveryBody C’mon Over to My Whitehouse – We’re Having Pork, Lobster and Caviar, again !
Pork – Congress’ Charitable Contributions … of our Taxes!
If Everyone Else Is Being “Laid-Off”, How Come Congress Isn’t ?
If It Was A Terrible Thing To Inherit 1 Trillion Of Debt, Why Was It A Good Thing Obama Doubled It ?
Save America … Shut down Congress.
The Tree of Liberty Is Very Thirsty …
Hey Congress, Before You Raise Our Taxes, Again…Pay Your Own First !
Born Free … But Taxed To Death !
Hey Buddy, Spare Us Your “CHANGE”.
Don’t Stimulate … LIBERATE !
Your Choice - 1776 OR 1984 !
Paying My Mortgage … And Now Paying Yours Too!
Give Me Liberty Now … Not Debt.
Obamanomics – “Chains” You Can Believe In.
Obama, Commander n’ Thief
Stop Subsidizing Stupidity, Repeal CONGRESS or at least, Pelosi !
OBSCENITY – Nancy Pelosi’s use of the word “Bi-Partisan”!
WE GET IT, Pelosi … It’s not Stimulus, It’s Strangulation!
Your Mortgage Is Not My Problem!
If Healthcare is Expensive Now … wait until it’s FREE !
Congress … The Rise of the Incompetent!
Democracy … Not Pelosi’s Monarchy !
Obama’s CHANGE Checklist:
Loss of Wealth
Loss of Property
Loss of Freedoms
Loss of Liberty
Loss of Dignity
Free Markets … Not Free-Loaders!
Next Time Obama Read the Bill, BEFORE You Sign it!
OBAMA The RECKLESS!
233 Years to BUILD the Republic … 100 Days to Destroy It!
Things Congress Does Well … Ok, I Dunno, What?
The Obama Economic Plan … Haste, Waste and Fear!
Liberals - Working Louder … Not Smarter!
I’m 5 Years Old and Thanks to Congress I Have No Future !
Obama Lies and America Dies.
I Want My Money AND My Country Back!
Foreclose The Whitehouse!
You Can’t Fix Stupid … But You Can Vote Nancy Out!
It’s The SPENDING, Stupid !
Hey EveryBody C’mon Over to My Whitehouse – We’re Having Pork, Lobster and Caviar, again !
Pork – Congress’ Charitable Contributions … of our Taxes!
If Everyone Else Is Being “Laid-Off”, How Come Congress Isn’t ?
If It Was A Terrible Thing To Inherit 1 Trillion Of Debt, Why Was It A Good Thing Obama Doubled It ?
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