Tuesday, March 31, 2009

Pay for Performance Act of 2009

www.washingtonexaminer.com >> Politics: "But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the 'Pay for Performance Act of 2009,' would impose government controls on the pay of all employees -- not just top executives -- of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies."

How come they don't apply this to Government employees?

Sunday, March 29, 2009

Off With The Head !

GM CEO resigns at Obama's behest - Mike Allen and Josh Gerstein - POLITICO.com: "The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.

The White House confirmed Wagoner was leaving at the government's behest after The Associated Press reported his immediate departure, without giving a reason."

Obama Thinks this is "Disturbing"

Wednesday, March 25, 2009

Chief Looter and Friend


The Weekly Standard: "According to Richard Holbrooke, Richard Holbrooke is essentially this country's top diplomat -- Hillary Clinton is merely his 'pupil. This despite the fact that Holbrooke has hit the trifecta of shady business dealings over the last few years: a member of AIG's board with more than $800,000 in compensation, a managing director at Lehman Brothers, and the recipient of a 'Friends of Angelo' loan from Countrywide (that alone was enough to get Jim Johnson thrown under the Obama campaign bus)."

Tuesday, March 24, 2009

Chief Looter

EDITORIAL: Dodd lied about AIG bonuses- The New Haven Register - Serving Greater New Haven, CT


EDITORIAL: Dodd lied about AIG bonuses- The New Haven Register - Serving Greater New Haven, CT: "We’re not going to mince words. Chris Dodd is a lying weasel. It is hard enough to swallow that the senator had no idea that he got preferential treatment on his home mortgages that saved him thousands of dollars. Or that, simply out of friendship, a wealthy New York man, who was later convicted in a huge stock swindle, picked up much of the cost of a condo Dodd bought in Washington; or that the stock swindler’s business partner out of a love of Ireland did the same for Dodd when the senator bought a waterfront house in Ireland."

Power Line - Barack Speaks

Power Line - Barack Speaks: "Obama said, in his introductory statement:

At the end of the day, the best way to bring our deficit down in the long run is not with a budget that continues the very same policies that have led us to a narrow prosperity and massive debt. It's with a budget that leads to broad economic growth by moving from an era of borrow and spend to one where we save and invest."

Monday, March 23, 2009

BX. POL GOT A SLICK 'RANGEL' TAX BREAK - New York Post

BX. POL GOT A SLICK 'RANGEL' TAX BREAK - New York Post: "WASHINGTON - Maryland officials have yanked a tax credit from Bronx Rep. Eliot Engel, who has avoided thousands in taxes on his nearly $1 million home there by improperly claiming it as his primary residence.

The officials told Engel he doesn't qualify for the homestead exemption, a tax credit only state residents can apply for, because he and his wife Patricia's primary residence is in The Bronx."

Richard Holbrooke's the man from Obama

American Thinker Blog: Richard Holbrooke's Terrible , Horrible, Miserable No Good Week

Sunday, March 22, 2009

Tea Party ? What Tea Party?


Power Line: "One emerging theme is the absence of press coverage, especially at the national level. For some reason, reporters and editors believe it is not news when thousands of people, all around the country, gather to protest the government's bailouts, trillions in debt, etc. And yet, when a mere forty people turned out in Connecticut for an ACORN-sponsored bus tour of homes owned by AIG executives, there were more media people covering the event than there were people on the bus. So let's see: conservative and libertarian opposition to the government's economic initiatives--not news. Far left opposition to the government's economic initiatives, no matter how few participate--that's news. But of course, not a single person reading this will be surprised."

Wednesday, March 18, 2009

Washington Times - Obama climate plan could cost $2 trillion

Washington Times - Obama climate plan could cost $2 trillion

resident Obama's climate plan could cost industry close to $2 trillion, nearly three times the White House's initial estimate of the so-called "cap-and-trade" legislation, according to Senate staffers who were briefed by the White House.

Tuesday, March 17, 2009

National debt hits record $11 trillion - Manu Raju - POLITICO.com

National debt hits record $11 trillion - Manu Raju - POLITICO.com: "The eye-popping national debt surpassed $11 trillion Monday, the largest in U.S. history.

The new Treasury Department figures on the national debt were released as the non-partisan Congressional Budget Office is expected to project that the annual budget deficit will be higher than previously estimated by the White House's Office of Management and Budget. The debt, which refers to the cumulative amount of money the government owes, hit $10.9 trillion on Friday."

The government is spending future generations money to bail themselves out of the mess they got us into. Make no mistake, the meltdown could not have happened in a free market. The meltdown occurred because of government regulation and intrusion into the markets, preventing self correction.

The government ineptness and and lack of oversight caused all economic troubles we face today, this is why we need limited government as outlined in the constitution.

OpenSecrets | Before the Fall, AIG Payouts Went to Washington - Capital Eye


OpenSecrets | Before the Fall, AIG Payouts Went to Washington - Capital Eye: "time.

Over time, AIG hasn't shown an especially partisan streak, splitting evenly the $9.3 million it has contributed since 1989. In the last election cycle, though, 68 percent of contributions associated with the company went to Democrats. Two senators who chair committees charged with overseeing AIG and the insurance industry, Sen. Chris Dodd (D-Conn.) and Sen. Max Baucus (D-Mont.), are among the top recipients of AIG contributions. Baucus chairs the Senate Finance Committee and has collected more money from AIG in his congressional career than from any other company--$91,000. And with more than $280,000, AIG has been the fourth largest contributor to Dodd, who chairs the Senate's banking committee. President Obama and his rival in last year's election, Sen. John McCain (R-Ariz.), are also high on the list of top recipients."

The $1.4 Trillion Obama Tax Increase


The $1.4 Trillion Obama Tax Increase » The Foundry

Thursday, March 12, 2009

Citigroup cuts Wal-Mart to hold

UPDATE 1-Citigroup cuts Wal-Mart to hold on card check concernsReuters
March 10 (Reuters) - Citigroup downgraded Wal-Mart Stores Inc (WMT.N) to "hold" from "buy" saying the proposed card check legislation would increase laborcosts and could be a significant drag to earnings for the world's largest retailer.

"We believe that WMT would be the primary target if EFCA/card check were to be passed," analyst Deborah Weinswig wrote in a note to clients.

Here it comes see my original post here.

Tuesday, March 10, 2009

Employee Free Choice Act

If the Employee Free Choice Act "double speak" bill gets passed I will encourage a boycott of all unionized labor businesses.

This bill is an direct assault on democracy. This bill will eliminate the secret ballot. The union thugs will strong arm the populace.

Public employee unions should be outlawed, they are a direct conflict of interest.

The Teachers unions are a great example of this conflict of interest. The Unions demand more and more money in the name of need for students and the education system gets worse and worse in terms of student outcome, but the union is very successful at raising the number of dues paying union members. Then these dues are used to influence elections, and elect candidates that will allocate more money for education. Rinse and Repeat, can you say monopoly?

Monday, March 9, 2009

Politics | 16 Emanuel earmarks in federal spending bill | Seattle Times Newspaper

Politics | 16 Emanuel earmarks in federal spending bill | Seattle Times Newspaper: "WASHINGTON — Although President Obama has repeatedly pledged to ban congressional earmarks, White House chief of staff Rahm Emanuel has 16 such projects, worth $8.5 million, in the bill the Senate is to begin debating today.

The earmarks include money for a Chicago planetarium and a Chicago suburb. Obama has been relentless in criticizing the use of earmarks; in his address to a joint session of Congress last week, he boasted how the economic-stimulus package was 'free of earmarks.'

By the end of this week, however, Obama's likely to sign a separate $410 billion spending plan that keeps most domestic programs funded through Sept. 30, the end of this fiscal year. It's a plan that contains about 9,000 earmarks."

No Debate - WSJ.com

No Debate - WSJ.com

ROBERT THOMSON: Mr. President, obviously during the dark days of communism, America was a beacon for you and many other people in Central and Eastern Europe. What are your impressions of contemporary America?

VÁCLAV KLAUS: Sitting here in this room in the last two hours and the coming from, first Europe, and, second, from a former communist country where I spent most of my life, I almost don't believe my eyes to see how much you believe in government and how much you don't believe in the market.

This is for me a shocking experience. And I have to say that very loudly. As a professor of economics, I have my theoretical arguments about the impossibility of running the economy from above.
As a person who spent almost 50 years of his life in a communist country, I know how crazy it is to introduce schemes like the cap and trade and similar ideas, how devastating and damaging for the economy all those ideas really are. So I'm rather frustrated. It seems to me that to fight for freedom, free markets, is still the task of today, even if we hoped almost 20 years ago in the moment of the fall of communism that it was over.

This is the same in Europe these days. There is one EU summit after another one weekend after another, there is a summit trying to find solutions. But I don't think that this solution will come from the government.

Sunday, March 8, 2009

Meltdown

Meltdown Go Here Read This
Don't worry there are lots of pictures!

Reboot Congress: Unsupervised!?!

Reboot Congress: Unsupervised!?!

Unsupervised!?! Are you kidding me? Here's a list of "supervisors" that failed to prevent various and sundry aspects of the financial meltdown:

1. Congress (House and Senate, added 3/7/9)
2. US Treasury
3. Federal Deposit Insurance Corporation (FDIC)
4. Federal Reserve ("The Fed")
5. Office of the Comptroller of the Currency (OCC)
6. Security and Exchange Commission (SEC)
7. Bureau of the Public Debt (I bet they're busy these days!)
8. Community Development Financial Institution Fund (CDFI)
9. Financial Crimes Enforcement Network (FinCEN)
10. Federal Inspectors General
11. Office of Thrift Supervision (OTS)
12. National Credit Union Administration (NCUA)
13. Housing and Urban Development (HUD)
14. Office of Fair Housing and Equal Opportunity (FHEO)
15. Federal Housing Administration (FHA)
16. Fannie Mae
17. Freddie Mac
18. Ginnie Mae

Saturday, March 7, 2009

The Ayn Rand Center for Individual Rights: The ARC Lecture Series

The Ayn Rand Center for Individual Rights: The ARC Lecture Series: "The media, politicians, and even many businessmen have blamed today’s financial meltdown on capitalism. But in this talk, John Allison—the longest-tenured CEO of a top-25 financial services company—argues that this crisis is a legacy of the government’s anti-capitalist policies.

Mr. Allison uses his unique inside view of the financial services industry to show how massive government intervention into the U.S. economy—from the creation of the Federal Reserve in 1913 to a reckless crusade to encourage home-ownership—laid the groundwork for an unsustainable real estate boom. And he shows how the government’s response to the inevitable bust—a frenzied series of bailouts, nationalizations, and “stimulus” efforts—is only making things worse."

Friday, March 6, 2009

American Thinker: The Obama Double Tax Whammy

American Thinker: The Obama Double Tax Whammy: "President Obama's proposal to provide only a 28 percent benefit for charitable contributions by top-bracket taxpayers is part of a double whammy, since he proposes at the same time to raise the top bracket from 35 to 39.6 percent. The double-barreled increase/decrease reflects a two-part strategy that is much more than a simple tax increase. Less civil society and more government power is the result."

Thursday, March 5, 2009

$1 Trillion dollars


Great Graphic depiction of your grand kids mountain of debt, go check it out.

$1 Trillion dollars: "What is exactly is one TRILLION dollars?

All this talk about 'stimulus packages' and 'bailouts'...

A billion dollars...

A hundred billion dollars...

Eight hundred billion dollars...

One TRILLION dollars...

What does that look like? I mean, these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like.

We'll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to make friends wherever they go."

AP Lawmaker goes after ex-Fannie CEO over loan deal


The Associated Press: Lawmaker goes after ex-Fannie CEO over loan deal: "By ALAN ZIBEL – 20 hours ago

WASHINGTON (AP) — A Republican lawmaker is accusing the former chief executive of mortgage finance company Fannie Mae of being dishonest in testimony before Congress about discounts he received on his home loan.

Rep. Darrell Issa of California released documents Wednesday that he said showed former Fannie CEO Franklin Raines received special treatment in 2003 when he refinanced with Countrywide Financial Corp."

He also made $90,000,000 while running Fannie Mae into the ground

American Thinker: Who is Barney Frank?


American Thinker: Who is Barney Frank?: "In 1991, Barney Frank received an official reprimand for reflecting 'discredit upon the House.' The reprimand came as a result of his relationship with a man named Steve Gobi, a male prostitute whom Frank initially paid $80 for sex. Frank later took Gobi to live with him in his home, making him a personal aide. He paid him $20,000 in compensation (unreported to the IRS) and let him use his car. Subsequent investigation revealed that in the course of their relationship, Frank used his congressional office and stationary to fix Gobi's 33 parking fines. Frank also used his congressional letterhead to write a reference letter to Gobi's probation officer -- Gobi was under court supervision as a convicted felon with a prison record -- in which he gave false information. Most damningly, the investigation found that Gobi ran a prostitution ring from Frank's home. In his defense, Frank asserted he knew nothing of Gobi's illicit enterprise."

Wednesday, March 4, 2009

Official: Performance czar withdraws candidacy


Official: Performance czar withdraws candidacy: "Flashback: Obama Names Chief Performance Officer

WASHINGTON (AP) - Nancy Killefer, who failed for a year and a half to pay employment taxes on household help, has withdrawn her candidacy to be the first chief performance officer for the federal government, the White House said Tuesday.

Killefer was the second major Obama administration nominee to withdraw and the third to have tax problems complicate their nomination after President Barack Obama announced their selection.

The White House said Obama had accepted Killefer's decision and that the 55-year-old executive with consulting giant McKinsey & Co., would explain her reasons for pulling out later Tuesday.

When her selection was announced by Obama on Jan. 7, The Associated Press disclosed that in 2005 the District of Columbia government had filed a $946.69 tax lien on her home for failure to pay unemployment compensation tax on household help."

Tuesday, March 3, 2009

Share the Misery

Whether your rich or poor your standard of living is going down. Women and minorities hardest hit.

The Cost of Climate Regulation On American Household

And It's all because of a fraud.

Co2 is NOT a pollutant.

VIA Powerline

First, do you know that carbon dioxide (CO2) in our atmosphere is
Þ only slightly more than 1/3rd of 1/10th of 1 percent?
Þ just recovering from the lowest level in the history of the earth?
Þ the source of carbon for all life forms, on land or in the sea?
Þ only slightly above the suffocation level for green plants?
Þ a fraction of the level for which evolution designed plants?
Þ so low as to cause some people breathing problems?
Þ increased by 130 times and more when administered to sick patients?
Þ considered, thanks to Al Gore, a pollutant by the U.S. Supreme Court?

Over the last 350 million years CO2 has varied by 10 fold, approximately 250 ppm to 2,500 ppm with an average level of 1,500 ppm. This average level happens to be the optimum level for plants, it seems by evolutionary design, and is the reason that this level of CO2 is used in greenhouses Since plants and animals evolved together it's likely that humans also evolved to function best at some higher level. However, at 380 ppm we are not far from the lower end of that 10 fold range.

Monday, March 2, 2009

Rep. Grace F. Napolitano has collected at least $158,000 in interest on loan she made to her campaign - Los Angeles Times

Rep. Grace F. Napolitano has collected at least $158,000 in interest on loan she made to her campaign - Los Angeles Times: "By Andrew Zajac
February 14, 2009
Reporting from Washington -- Rep. Grace F. Napolitano (D-Norwalk) has collected tens of thousands of dollars in personal income by charging double-digit interest on money she lent her campaign 11 years ago and soliciting donations from Washington lobbyists at 'debt retirement' fundraisers.

Napolitano, 72, has taken advantage of a 1998 Federal Election Commission ruling that authorized her to lend $150,000 to her campaign at 18% interest, accepting her argument that the money was from a retirement fund subject to an early withdrawal penalty equivalent to that rate. She lowered the interest on the loan to 10% in mid-2006."

My Way News - Trade nominee Ron Kirk agrees to pay back taxes

My Way News - Trade nominee Ron Kirk agrees to pay back taxes: "By DAVID ESPO


WASHINGTON (AP) - Ron Kirk, nominated as U.S. Trade Representative in the Obama administration, owes an estimated $10,000 in back taxes from earlier in the decade and has agreed to make his payments, the Senate Finance Committee said Monday."

Sunday, March 1, 2009

The Head Looters

Via Astute Bloggers

* RICHARDSON - PAY-FOR-PLAY
* GEITHNER - TAX CHEAT
* DASCHLE - TAX CHEAT
* HOLDER - HIS PARDONS OF RICH
* RAHM - HIS UNDECLARED FREE DC APARTMENT
* SOLIS - HUSBAND A TAX CHEAT; SHE LIED ON CONGRESSIONAL DOC'S
* KILEFER - TAX CHEAT

AND THEN ADD KEY DEM CONGRESSIONAL LEADERS TO THE LIST:

* RANGEL - TAX CHEAT

* BARNEY FRANK - AFFAIR WITH KEY FANNIE MAE EXEC WHILE ON HOUSE COMMITTEE WITH OVERSIGHT

* DODD - FAVORS FROM COUNTRYWIDE WHILE SERVING ON SENATE COMMITTEE WITH OVERSIGHT

* AND BIDEN'S SON'S WERE DEEPLY INVOLVED WITH SANFORD'S CORRUPT INVESTMENT BANK.

AND THEN THERE'S OBAMA OLDEST POLITICAL; FUNDRAISER - REZKO.

AND HIS PAL - WHOSE CAMPAIGNS HE CO-CHAIRED WIOTH RAHM - ROD BLAGOJEVICH.

OBAMA: THE MOST CORRUPT ADMINISTRATION EVER!

AND IT'S JUST A MONTH OLD.

Upside Down Economics

Thomas Sowell : Upside Down Economics - Townhall.com: "From television specials to newspaper editorials, the media are pushing the idea that current economic problems were caused by the market and that only the government can rescue us.

What was lacking in the housing market, they say, was government regulation of the market's 'greed.' That makes great moral melodrama, but it turns the facts upside down.

It was precisely government intervention which turned a thriving industry into a basket case.

An economist specializing in financial markets gave a glimpse of the history of housing markets when he said: 'Lending money to American homebuyers had been one of the least risky and most profitable businesses a bank could engage in for nearly a century.'"