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Posts Tagged ‘Bailout’

In a parody of the song, The Candy Man Can from Sammy Davis Jr., funny man Tim Hawkins has brilliantly assembled political lyrics in his latest video, The Government Can. http://www.timhawkins.net/

If YouTube gives awards like the Oscar’s or Grammys, this is sure to be nominated by members of  all political parties who are disgruntled with the current spending trends and debts. 

The National Debt Clock is ticking higher to an average of $3.89 billion per day since September 28, 2007. http://www.brillig.com/debt_clock/  and here it it broken down into categories http://www.usdebtclock.org/ including the per citizen debt of $38,000.

Congress will be forced to raise the legal limit on the nation’s debt later this year as the amount the government may borrow from the public, (that’d be us people who actually pay taxes unlike Timothy Geithner our Treasury Secretary) including foreign creditors, is limited by law to $12.1 trillion.  Today’s debt clock is $11 trillion give or take.

The Congressional Budget Office projects President Obama’s policies will require an additional $9 trillion in borrowing over the next decade.http://www.cbo.gov/ftpdocs/102xx/doc10296/06-16-AnalysisPresBudget_forWeb.pdf  has the President’s Budget Proposals for FY 2010. ” 

Under the President’s policies, the deficit in 2009 would total $1.8 trillion and equal 13.0 percent of gross domestic product (GDP), CBO estimates. The deficit in 2009 would be $157 billion higher than what is expected to occur under current law—primarily because of  additional spending for the government’s actions to stabilize financial markets and for ongoing military operations in Iraq and Afghanistan.

Oprah, a huge Obama supporter has a few ideas of her own to help reduce debt saying- “While the market plunges, free-floating anxiety is rising. If exercise and meditation aren’t your thing, here are a few other strategies you may not have considered.” http://www.oprah.com/subtopic/money/debt  Maybe someone from government should simply take a look at suggestion number 4- Stop Spending.

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Whitehouse-Extra-Mural--57785

President Obama is scheduled to return to the United Sinking States of America sometime today after yet another standing room only rock star tour.   In six days, he traveled to Saudi Arabia, Egypt, Germany and France.  He delivered the kind eloquent speeches that GW could nary do, not fumbling a word; but filled with contextual imperfections that leave many nations reading between the lines as to his intentions.  In reviewing Obama’s quotes from the tour, Firedog Lake asks, “Is it me, or is awaiting Obama’s follow-through a bit like standing in front of a slot machine wondering if a payoff will actually come.” http://oxdown.firedoglake.com/diary/5644 

This tour paid off with some family time in Paris where Obama lit a candle and listened to a children’s choir in the 12th century Notre Dame cathedral.  Awww, how nice!  Not only does he have honorary degree from Notre Dame University, but what a privilege to be in a church where no one at the pulpit says, ” God Damn America.”  Surely, he would rather have been at the Springsteen show for the Working On A Dream tour that was playing in Stockholm.  http://www.backstreets.com/news.html 

Obama will be begin his next tour with his political group Organizing for America with his return to the United Sinking States of America today.  This  public relations tour looks to again remove the rights of individual states and citizens, and increase reliance on the federal government.

In conquering the banking and auto industry, the health care industry is next on the socialistic agenda. In the weekly blog at http://www.whitehouse.gov/the_press_office/WEEKLY-ADDRESS-President-Obama-Outlines-Goals-for-Health-Care-Reform/  Obama said, “We must attack the root causes of skyrocketing health care costs.  Some of these costs are the result of unwarranted profiteering that has no place in our health care system.”  When did profit become so wrong in capitalism? 

“After months of insisting he would leave the details to Congress, President Obama has concluded that he must exert greater control over the health care debate and is preparing an intense push for legislation that will include speeches, town-hall-style meetings and much deeper engagement with lawmakers, senior White House officials say.” http://www.nytimes.com/2009/06/07/us/politics/07policy.html?_r=1&hp  “Obviously,” Mr. Emanuel said, “the president’s adoption of something makes it easier to vote for, because he’s — let’s be honest — popular, and the public trusts him.” 

Popularity may have won him the election, but the battle on the hill is full of distrust and maneuvering.  A new Harris Poll reveals that no one in Obama’s Cabinet and administration is helping his strong popularity ratings at all.  http://latimesblogs.latimes.com/washington/2009/06/harris-poll-obama-team-pelosi.html Most disheartening, the poll reveals, ” The new online poll of 2,681 American adults taken last month shows that after eight years of the well-known Evil Crowd, many on Obama’s team are not only not well-known, they’re little-known. Almost unknown.”  Is there any wonder why Americans wake up each day and “ask yourself-well…how did I get here? ” http://www.lyricsfreak.com/t/talking+heads/once+in+a+lifetime_20135070.html from The Talking Heads.

Tickets for the trust Obama tour aren’t cheap.  From The Daily Pfennig, a daily email newsletter from Everbank https://www.everbank.com/  so far have cost , “Your family’s share of the government debt is now over half a million dollars. A record $546,668, to be exact. That cheery Monday stat comes courtesy of a USA Today study, which claims that each American family’s share rose 12% in 2008. That’s $55,000 in new government debt last year for every US household – thousands more than the median household annual income. ”  Add in the bailouts of 2009 and if health care is expensive now, just wait until we see the ticket price when the government takes over. 

The ticket cost for freedom is priceless.  The ticket price for the Obama Administration plan to change the world and America’s health care; to be determined later, in full transparency of course. 

Patients United Now – http://patientsunitednow.com/?q=node/233 (which is anti-nationalized healthcare group) has posted what it claims is a copy of the forthcoming Obama healthcare bill. It’s 167 pages long also posted at  http://www.businessinsider.com/help-analyze-obamas-health-care-bill-2009-6

“Same as it ever was…same as it ever was…same as it ever was…
Same as it ever was…same as it ever was…same as it ever was…
Same as it ever was…same as it ever was…”

The Obama’s looking rather fit in photo props from http://www.freakingnews.com/Whitehouse-Extra-Mural-Pictures-66096.asp

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How could the America people be so naive to think that our government did not know about the $165 million controversial bonus money paid out to AIG executives?  Of course they did, and they know about the nearly $1 Billion in bonuses as well.  http://www.huffingtonpost.com/2009/03/17/cuomo-reveals-details-of_n_175865.html

The Obama reign approved the bonuses so that there would be less lawsuits by AIG employees.  Obama’s fictitious outrage is an attempt to divert attention to the fact that Tres. Sec. Geithner had urged the bonuses to be allowed.

Today’s required reading is from Charles Krauthammer at WaPo –http://www.washingtonpost.com/wp-dyn/content/article/2009/03/19/AR2009031903041.html  “A $14 trillion economy hangs by a thread composed of (a) a comically cynical, pitchfork-wielding Congress, (b) a hopelessly understaffed, stumbling Obama administration, and (c) $165 million. …The AIG bonuses were agreed to before the government takeover and are perfectly legal. Is the rule now that when public anger is kindled, Congress will summarily cancel contracts?” 

Apparently they won’t cancel contracts, but have summarily decided that anyone who keeps a bonus from a firm receiving federal bailout money will be taxed at a 90% tax rate.   The House voted 328-93 to approve H.R. 1586 http://www.opencongress.org/bill/111-h1586/show introduced by Rep. Charlie Rangel (D-NY) the day before.  The Sunlight Foundation http://blog.sunlightfoundation.com/2009/03/19/read-the-bill-stimulus-bill-and-bonus-loopholes/  points out that,  had members of congress bothered to read the entirety of the stimulus bill before passing it with expediency, perhaps they would have known in advance, they were authorizing bonuses. It was available for only 13 hours. Shame on them. 

“I GUESS IT’S TOO BAD NOBODY READ IT BEFORE IT PASSED, THEN: The Stimulus Bill Explicitly Guarantees Contractual Bonuses Executed Before February 11. Yeah, I know, I already mentioned this. But it’s a point worth making again — they rushed this stinker through, and now it’s biting them on the ass. Good.” said http://pajamasmedia.com/instapundit/73719/  .  It isn’t “good,” for little old me the taxpayer though.  To know that our elected officials allowed this to happen in the first place and then to back peddle and put a tax restriction on it, is just as heinous.  Double shame.

Senator Chris Dodd (D-Conn), chairman of the Senate Banking Committee initially denied having anything to do with the allowance of the bonuses and said he never talked to Treasury officials.  Dodd corrected himself saying his previous comments had been misconstrued CNN reported, http://www.cnn.com/2009/POLITICS/03/19/aig.bonuses.congress/index.html.  Dodd lied and admitted it. Dodd is also running for re-election in 2010 against Republican challenger former U.S. Rep Rob Simmons.  Rob Simmons’  Senate campaign doesn’t have  web site yet.  Someone else  registered a domain name that Simmons might have used. Trouble is, http://www.RobSimmons2010.com isn’t exactly a message the candidate might be looking to spread. (source- Capital Watch http://blogs.courant.com/capitol_watch/2009/03/rob-simmons-has-no-web-site-so.html )

Did Obama know about the preservation of bonuses, did he too lie or doesn’t he have a clue what is going on in his administration?   Didn’t President Obama bother to read the stimulus bill that he signed, authorizing these bonuses?  Guess not. “Everybody’s pointing fingers at each other and saying it’s their fault, the Democrats’ fault, the Republicans’ fault. Listen, I’ll take responsibility. I’m the president,” he said at a town hall meeting in Costa Mesa, California.

AIG CEO , Edward Liddy inherited this mess and sat, about to be tar and feathered in front of grandstanding members of Congress yesterday, 03-19-09.  The display was purely for entertainment purposes and may have bordered on malfeasance.  For entertainment I’d much rather watch Obama on The Tonight Show with Jay Leno.   “I do think in Washington it’s a little bit like American Idol, except everybody is Simon Cowell,” said Obama .  “Barackstar” in trying to play the role of politician and personality, managed more cluelessness during the interview by referencing the Special Olympics in describing his own bowling game.  “It was like the Special Olympics or something,” said the President.  Bad manners and a bad bowling game.

Blogger Steve Young reports that Obama has decided to bowl against 12 year old Billy Madison, a Special Olympian at The White House in the future.  http://steveyoungonpolitics.com/president-obama-to-bowl-against-special-olympian/.

At least this Obama gaffe won’t cost the taxpayers billions, now that’s entertainment.

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Venezuela’s Hugo Chavez seized a food and rice processing unit owned by Cargill, one of the US’s largest privately-held companies and is taking aim at Polar- Venezuela’s largest private company.

Venezuelan citizens  have faced shortages of white rice sold at a low government-set price in recent weeks, while stores have ample supplies of parboiled rice which is not subject to price controls.  Venezuela’s rice millers association blames the shortages on insufficient supplies of the grain, while the Chavez government says the mills are deliberately producing small quantities of white rice in order to skirt price controls. http://www.newsdaily.com/stories/tre52405l-us-venezuela-chavez-cargill/  

Polar has two distinct divisions.  On the one hand it has a biotechnology and development division and on the other hand, makes the popular brand, Polar Beer, and it tastes pretty damned good in my humble opinion.  Polar is a rice based beer and Venezuela is the third-largest buyer of U.S. rice. No wonder Chavez is going after Cargill- it’s all about the beer! 

“In the field of agricultural biotechnology, Polar is working on transgenic rice and maize.  Rice is transformed to increase resistance to the white leaf virus. Polar’s interest in the rice and maize projects is to improve productivity, since the company is the largest national buyer of maize, and a major one in rice and malted barley. ” http://www.biotech-monitor.nl/3205.htm .

Blogging from Venezuela,  http://daniel-venezuela.blogspot.com/2009/03/cargill-and-polar-to-be-looted-by.html says that “The Polar thing came just as Polar announced it would go to court.  So Chavez, who owns the courts, and as the thug he is, replied by threatening to take it all.” 

Polar also has a 38 per cent share in the largest Venezuelan bank. Chavez will now own and nationalize the oil, electric, steel, cement, telecommunications, food, beer and the money in the bank for his citizens to not only starve to death but now die of thirst.  Chavez must have drank too many Polar beers in recent weeks to take over an American manufacturing plant.   According to UPI, he also ordered the military to take over the other rice mills as well.   

Chavez’s nationalizations appear to be publicly supported but periodic shortages of basic goods have hurt his popularity in recent years.  To ensure his continued power as president, Chavez changed the rules so that he can run again in the next election.  Hey, wait a minute, who was that Congressman who is trying to pass a law to eliminate term limits for the Office of Presidency here in the U.S.?   U.S. Representative José E. Serrano represents the 16th Congressional District of New York – the Bronx, that’s who. https://ahrcanum.wordpress.com/2009/01/14/obama-to-serve-as-president-forever-constitution-changes/  H.J. Res 5 would repeal the 22nd amendment- follow the bill which is in committee here  http://www.govtrack.us/congress/bill.xpd?bill=hj111-5.

Already with a struggling economy, the one thing citizens of Venezuela must  have really enjoyed, was sitting down with a cold Polar beer on a hot sunny day.  Really now, what is Chavez going to serve the Cubans and Russians when they come again for diplomatic talks?  I wonder what Obama has in store as a repercussion, if anything.  Imagine if another country like say, oh – I don’t know, Japan just showed up on US Soil and took over it’s car manufacturing here.   “Obama, you take care of your business and I’ll take care of mine. Don’t mess with me, Mr. Obama,” Chavez said recently. http://www.energypublisher.com/article.asp?id=18326  He didn’t even bother to call him President Obama.  So much for props.

On a clear day sitting on Aruba’s beaches you can almost make out the smog coming from Venezuela.  Pretty soon you are going to see people making a bee line on boats for the beaches if- for nothing else, a cold Balashi beer instead of a Polar.  Brewed in Aruba,  Balashi’s malt is imported from Scotland while the hops hail from Germany. http://www.balashi.com/balashi/BBeer.htm 

Somehow I don’t see Obama and Chavez sitting down over any beer, anytime soon.  Maybe Obama will see fit to offer Cargill some bailout money instead. Maybe Obama is following in Chavez’s footsteps nationalizing the banks, the automotive industry, and who knows what else is next. 

Best bet, let’s stop importing Venezuela’s oil and exporting our rice to them.  We’ve heard lots about Oil for Food in Iraq, http://www.heritage.org/research/internationalorganizations/bg1748.cfm, let’s hope this isn’t the start of Oil for Rice and that Obama never nationalizes our beer.  Ooops, the famous American Budweiser beer is no longer an American company anyways.  It is owned by InBev of Belgium.

 Cheers and God Bless America.

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A nickel isn’t worth a dime today. ~ Yogi Berra

I can’t seem to fathom Washington tripping over quarters to pick up nickles that haven’t been minted yet.

It is time for a break, simmer down a bit, spend spend some of my quarters while they are still worth something and take a word press vacation.  I keep seeing Obama in my dreams and me wagging my finger at him saying shame, shame.  With all the talk of the bailout it is I who need to bail for a bit.  I need to re-group my thoughts and get a good night sleep.

In the mean time, may I recommend:

http://americanthinker.com/  or http://www.justsaynodeal.com/index2.html

A favorite, Lame Cherry sums thing up this way, ” Now you know in these shades of grey if John McCain is the normal sounding one in the room, Bill Clinton is the silent wall flower and Hillary Clinton MacBeth is deemed the solid citizen in the Obama clique, that this stage act has gone from Twilight Zone to Obama Zone in fading to black.”   http://lamecherry.blogspot.com/

Check out 50 unstimulating facts of the stimulus at http://article.nationalreview.com/?q=YjcyODIyZGM2MGU1ZDdkNDgxZDc3OTNjYjM4ZDY1ODI=

To keep up to date on things, select http://americansforprosperity.org/

God Bless America.

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Oh the hilarity of calling it a compromise stimulus package.  The American Recovery and Reinvestment Plan report is about 778 pages of political wrangling and the public has only been given about 24 hours to review it before a final vote.

Where is the damned Generational Theft Act that the Congressional Budget Office has referred to as, The American Recovery and Reinvestment Plan?  I’d like to read every last page.  It sure as hell is not on the White House web pages, as it states, “The President remains committed to bringing more transparency to government, and in this spirit the White House will continue to publish legislation expected to come to his desk on line for public comment as it moves through Congress.”    http://www.whitehouse.gov/briefing_room/OfficialStatements/  

President Obama resolutely promised change and transparency indicating that,  “Too often bills are rushed through Congress and to the president before the public has the opportunity to review them. As president, Obama will not sign any non-emergency bill without giving the American public an opportunity to review and comment on the White House website for five days.  Key word here- NON EMERGENCY.  http://www.whitehouse.gov/blog_post/update_on_sunlight_before_signing/ This is an emergency if ever there was one. One trillion tomorrow, two trillion the next day, defines emergency in my dictionary.

 The White House blog itself was just updated after three three days of inactivity. http://www.whitehouse.gov/blog_post/first_flights/  features his first trip on Air Force One and highlights his Democratic Caucus trip saying, “We have to accommodate the interests of a range of people.  And the House is going to have to work with the Senate.  But let’s think big right now.  Let’s not think small.”  What I am thinking is big government sucks.

Published on line by the Library of Congress, parts of the American Recovery and Reinvestment Plan are available at Open Congress http://www.opencongress.org/bill/111-h1/show .  Have fun reading through all the 481 amendments proposed. 

Relying on Sen. Tom Coburn (R-OK) at his  site  http://coburn.senate.gov/public/index.cfm?FuseAction=RightNow.Home&ContentRecord_id=3db704c6-802a-23ad-406c-a424db591389  you’ll find a fistful of wasteful and Non-Stimulus Spending Provisions.

I’d rather stand in the unemployment line for five more days than have this rushed through legislation and not put it out there for us little people- the tax payer to look at.  I want to know who exactly proposed spending $75 million for “smoking cessation activities,  $75 million for salaries of employees at the FBI and the $25 million for tribal alcohol and substance abuse reduction just to name a few.  C’mon, who?  What gall. 

There are a whole host of concerns that we all have but now is not the time to worry about stop smoking and drinking. 

Show me the money honey and while I’m thinking about it, why in the sam hell does  The President have time to write an Op-Ed piece for Wa-Po?  Is there nothing else he could be doing than taking the time for this?  Like giving orders to post the damned “plans” on the website before he signs them? 

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/04/AR2009020403174.html?hpid=opinionsbox1

That’s the way to create consumer confidence, write about how “this recession might linger for years.”  We are indeed a desperate nation when we allocate millions for pork barrel projects and earmarks that do nothing.  Obama is doing something alright, he will be addressing the nation on prime time TV tonight. https://ahrcanum.wordpress.com/2009/02/08/obama-prime-time-vision/

In the meantime so as not to confuse billions and trillions of of dollars between two pieces of legislation, “With the administration making a full court press to get the economic stimulus package through Congress, Treasury Secretary Timothy Geithner is delaying his plans to spell out details of the upcoming bank rescue plan, now dubbed the Financial Stability and Recovery Plan.” http://www.thedeal.com/dealscape/2009/02/geithner_puts_banking_rescue_p.php

Geithner’s new plan appears designed to stem the government’s up-front costs to the federal budget but could nevertheless expose taxpayers to as much as $2 trillion more in potential obligations to the financial industry. 

I’d like to read the Financial Stability and Recovery Plan before it goes into law too, but even Open Congress doesn’t provide this.

Might as well turn in my conservative blogger badge now and say hello to government controlled capitalism as we allocate nearly three trillion dollars in three days. 

Lol, ain’t nothing funny about it.  

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The stimulus bailout money does not immediately stimulate anything except my blood pressure. 

Sen. Tom Coburn (R-OK) introduced an amendment to prohibit any funds in the economic stimulus bill from going to museums, theaters, or arts centers among other things.  http://www.ruthulrich.com/?p=274 has the whole rundown on what should be off limits for a stimulus and most of it makes sense.

The language of the amendment against what Coburn calls the Generational Theft Act , (Amendment No. 175, as filed) is in part that, “None of the amounts appropriated or otherwise made available by this Act may be used for any casino or other gambling establishment, aquarium, zoo, golf course, swimming pool, stadium, community park, museum, theater, arts center, or highway beautification project, including renovation, remodeling, construction, salaries, furniture, zero-gravity chairs, big screen televisions, beautification, rotating pastel lights, and dry heat saunas.” 

People just don’t seem to get it as “What bothers me is that museums, arts centers, and theaters are lumped in with casinos, swimming pools, rotating pastel lights, and zero-gravity chairs.  What in the holy living hell is the relation between the arts and a highway beautification project?” asks  http://klacknermusic.wordpress.com/   The relationship is simple, it does not stimulate the economy immediately and having a job, food and a place to live usurps everything else.  

Who can support this spending of invisible money that will come from our children’s children to benefit a politician sitting in a brand new cushy chair?  Apparently Nancy Pelosi.  People are standing in food lines for heaven’s sake.   Welcome to the American dream in high reverse- Lehigh Acres Florida and hundreds of other cities where no one gives a rats ass about a new community park, museum, theater, arts center, right now.  Highlighted in http://www.nytimes.com/2009/02/08/us/08lehigh.html?_r=1&em&exprod=myyahoo  People need private sector jobs and it is the private sector that needs the loans to stimulate the economy.

Coburn says “The fundamental problem with this bill is that it fails to address the root problem, which continues to be toxic assets in the mortgage market. The bill also includes a reckless bailout to states that would effectively nationalize state governments….“The bill also contains numerous provisions that are about stimulating long-frustrated ideological agendas rather than the economy….the American people will be nauseated by the numerous and shameless.

In a WSJ article, Coburn wrote, “What is not in the bill is as troubling as what is. The package does nothing to clear the toxic assets and bad mortgages that helped trigger the credit crisis. It also contains very little meaningful tax relief to make small businesses and American companies more competitive. Instead, the tax provisions of the stimulus are essentially a modest cash handout that repeats the failed policy of George W. Bush’s rebate-check stimulus.”  http://online.wsj.com/article/SB123371083449746103.html?mod=rss_opinion_main

I want Ross Perot to come out of the woodwork and help fix Pelosi’s posturing around like a chicken who just laid the golden egg.  Perot tried to gave heads up years ago- warning of the sucking sound of jobs from NAFTA among other things. No wonder he buried his head back in the private sector so as not to have to breath the same stale hot air that has been expelled in the beltway for years.

Government controlled capitalism is spelled socialism and at the very least Coburn appears to be try to rein in the wild spending spree. Visit his  site  http://coburn.senate.gov/public/index.cfm?FuseAction=RightNow.Home&ContentRecord_id=3db704c6-802a-23ad-406c-a424db591389  where you’ll find more wasteful and Non-Stimulus Spending Provisions like-

• $2 billion earmark to re-start FutureGen, a near-zero emissions coal power plant in Illinois that the Dept. of Energy defended last year because the project was inefficient
• A $246 million tax break for Hollywood movie producers to buy motion picture film
• $650 million for the digital television (DTV) converter box coupon program
• $88 million for the Coast Guard to design a new polar icebreaker (arctic ship)
• $448 million for constructing the Dept. of Homeland Security headquarters
• $248 million for furniture at the new Dept. of Homeland Security headquarters
• $600 million to buy hybrid vehicles for federal employees
• $400 million for the CDC to screen and prevent STD’s
• $1.4 billion for a rural waste disposal programs
• $150 million for Smithsonian museum facilities
• $1 billion for the 2010 Census, which has a projected cost overrun of $3 billion
• $75 million for “smoking cessation activities”
• $200 million for public computer centers at community colleges
• $75 million for salaries of employees at the FBI
• $25 million for tribal alcohol and substance abuse reduction
• $10 million to inspect canals in urban areas
• $6 billion to turn federal buildings into “green” buildings
• $500 million for state and local fire stations
• $650 million for wildland fire management on Forest Service lands
• $150 million for Smithsonian museum facilities
• $1.2 billion for “youth activities,” including youth summer job programs

• $88 million for renovating the headquarters of the Public Health Service
• $412 million for CDC buildings and property
• $500 million for building and repairing NIH facilities in Bethesda, MD
• $160 million for “paid volunteers” at the Corporation for National and Community Service
• $5.5 million for “energy efficiency initiatives” at the VA “National Cemetery Administration”
• $850 million for Amtrak
• $100 million for reducing the hazard of lead-based paint
• $75M to construct a new “security training” facility for State Dept Security officers when they can be trained at existing facilities of other agencies.
• $110 million to the Farm Service Agency to upgrade computer systems
• $200 million in funding for the lease of alternative energy vehicles for use on military installations.
• State Medicaid Bailout: $87.7 billion Through 3 different mechanisms, the bill would provide additional federal funds to state Medicaid programs over the next 3 years. This is nearly $70 billion more than the governors asked President Obama for in December, and should be a loan to be repaid by the states.

Who knew democratic socialism was going to be so damned expensive?

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