Thursday, April 30, 2009

Power Line - Banana Republic Capitalism

Power Line - Banana Republic Capitalism: "The Chrysler reorganization is shaping up as another milestone in the decline of the rule of law under Barack Obama. We've said for quite a while that bankruptcy is the only viable option for Chrysler and General Motors, not--as Obama claims--because they don't know how to make the right kinds of vehicles, but because their unsustainable union contracts make it impossible for them to be profitable. That reality has now been turned on its head, as the administration has tried to bully Chrysler's secured creditors into going away, while the United Auto Workers Union, solely on the basis of political clout, would be paid at an implied rate of 50 percent and would emerge owning 55 percent of the company, with the government also holding a stake."

Tuesday, April 28, 2009

Geithner: The Fox Guarding the Henhouse? - Larry Kudlow - The Corner on National Review Online

Geithner: The Fox Guarding the Henhouse? - Larry Kudlow - The Corner on National Review Online: "What is going on in this country? The government is about to take over GM in a plan that completely screws private bondholders and favors the unions. Get this: The GM bondholders own $27 billion and they’re getting 10 percent of the common stock in an expected exchange. And the UAW owns $10 billion of the bonds and they’re getting 40 percent of the stock. Huh? Did I miss something here? And Uncle Sam will have a controlling share of the stock with something close to 50 percent ownership. And no bankruptcy judge. So this is a political restructuring run by the White House, not a rule-of-law bankruptcy-court reorganization."

Sunday, April 26, 2009

RED ALERT: Feinstein's husband hits the jackpot again!

RED ALERT: Feinstein's husband hits the jackpot again!: "In a nutshell, Senator Diane Feinstein's family keeps hitting the lotto, the taxpayer lotto, that is.

Washington is certainly a sleazy place, but Feinstein doesn't even appear to be trying to rise above the stench.

But today's Democrats are above the law anyhow, what with dozens of current ethical violations swirling about and an utterly disinterested mainstream media. So I suppose Feinstein doesn't have to even keep appearances up. Only a couple of bloggers will report on this egregious behavior, so it's like a tree fell in a forest and only a few idiot taxpayers were around to hear it."

Tuesday, April 21, 2009

Thank God For TEXAS

Graph o' the day: Monstrous Cuts

Graph o' the day: Monstrous Cuts Via Doug Ross Journal

EXCLUSIVE: Senator's husband cashes in on crisis - Washington Times

EXCLUSIVE: Senator's husband cashes in on crisis - Washington Times: "On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband's real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms.

Mrs. Feinstein's intervention on behalf of the Federal Deposit Insurance Corp. was unusual: the California Democrat isn't a member of the Senate Committee on Banking, Housing and Urban Affairs with jurisdiction over FDIC; and the agency is supposed to operate from money it raises from bank-paid insurance payments - not direct federal dollars."

Thursday, April 16, 2009

Redding Tea Party

Local News paper is reporting 120 people attended the Tea Party event. I would estimate about 2000 at the bridge.

Friday, April 10, 2009 >> Opinion >> Opinion: "Civilian libertarians were apoplectic over former President George W. Bush’s “warrantless wiretap” program, which sought to monitor communications from terrorist networks overseas. So why are they not screaming bloody murder now that President Barack Obama appears slated to receive unprecedented power to monitor all Internet traffic without a warrant and to even shut the system down completely on the pretext of national security? The Cybersecurity Act of 2009 - introduced by Senate Intelligence Committee chairman Jay Rockefeller, D-WV, and cosponsor Olympia Snowe, R-ME - bypasses all existing privacy laws and allows White House political operatives to tap into any online communication without a warrant,�including banking, medical, and business records and personal e-mail conversations. This amounts to warrantless wiretaps on steroids, directed at U.S. citizens instead of foreign terrorists."

Wednesday, April 8, 2009

Musings on the Age of Obama by Thomas Sowell on National Review Online

Musings on the Age of Obama by Thomas Sowell on National Review Online: "Barack Obama seems determined to repeat every disastrous mistake of the 1930s, at home and abroad. He has already repeated Herbert Hoover’s policy of raising taxes on high income earners, FDR’s policy of trying to micro-manage the economy, and Neville Chamberlain’s policy of seeking dialogues with hostile nations while downplaying the dangers they represent."

"Socialists believe in government ownership of the means of production. Fascists believed in government control of privately owned businesses, which is much more the style of this government. That way, politicians can intervene whenever they feel like it and then, when their interventions turn out badly, summon executives from the private sector before Congress and denounce them on nationwide television."

Monday, April 6, 2009

Death Star 2

Banks as Bidders and Sellers; Financial Nostalgia � Rortybomb: "Yup. Bad news. Bank A pays $6.50 for its new asset because of the leverage , and it loses all of that. It also loses the $50 from not having the asset anymore. However it gains $80, net profit - same as Bank B. The government has paid $73.50 for a $50 asset, twice. (See previous for how the levered non-recourse loan turns into a put option.) We tend to call this collusion if you and I did it.

So why did my energy trading friend get all nostalgic? “Because what you are telling me brings back some great memories from what Enron was up to back in the day. All of us energy traders back then watched with our jaws on the floor. 2000 was a hell of a year.”"


Via Powerline

Sunday, April 5, 2009

Democrats Mouth Moving - More Lies - Vice President Biden Taking Credit for Someone Else's Work? - Special Report w/ Bret Baier: "Democrats descended on Capitol Hill Wednesday to deliver hundreds of thousands of pledges from across the country in support of President Obama's budget. The signatures were harvested during a massive effort to tap the president's huge e-mail list and capitalize on a 50-state, door-to-door campaign.

The official DNC release read, 'Supporters of President Obama's budget to hand deliver 642,000 pledges....' CNN and the Huffington Post reported the DNC's claim. But the truth is somewhat more complicated.

The president's e-mail list of 13-million resulted in just 114,000 individual pledges — a response rate of less than 1 percent. Party workers secured another 100,000 signatures by hitting the streets. The DNC arrived at its 642,000 figure by making three photocopies of each petition so that every signer's senators and representative could get one."

Wednesday, April 1, 2009

PROMISES, PROMISES: Obama tax pledge up in smoke

Cigarette Tax Increase Angers Smokers

WASHINGTON (AP) - One of President Barack Obama's campaign pledges on taxes went up in puffs of smoke Wednesday.

The largest increase in tobacco taxes took effect despite Obama's promise not to raise taxes of any kind on families earning under $250,000 or individuals under $200,000.

This is one tax that disproportionately affects the poor, who are more likely to smoke than the rich.

To be sure, Obama's tax promises in last year's campaign were most often made in the context of income taxes. Not always.

'I can make a firm pledge,' he said in Dover, N.H., on Sept. 12. 'Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.'"

Government Claims Power to Ban Books and Speech

American Thinker: Government Claims Power to Ban Books and Speech: "On Mar. 24, the Supreme Court heard arguments in Citizens United v. FEC, the latest installment in an ongoing series of challenges to the Bipartisan Campaign Reform Act (BCRA), better known as McCain-Feingold. This case has far-reaching implications for the future of campaign activities, and draws an important line between the right of citizens to speak out and the power of government to imprison them if they do."

Read the rest!