Recovery Summer IV Results

Economy: After his embarrassing failure on the foreign policy front, President Obama decided to tout his success managing the U.S. economy — just as the historically weak recovery shows fresh signs of weakening further.

In a speech marking the fifth anniversary of the Lehman Bros. collapse, Obama ticked off a laundry list of alleged accomplishments since taking office: I stopped another Great Depression, saved the auto industry, put people to work, etc.

“We cleared away the rubble from the financial crisis,” he said, “and we’ve begun to lay a new foundation for economic growth and prosperity.”

Unfortunately, it’s a foundation built on quicksand.

Just last week we learned that retail sales have softened, consumer sentiment hit a five-month low, job growth in August was still tepid and the number of job losers posted its biggest jump since 2010.

All are signs the economy isn’t going to live up to expectations in the final months of the year.

This comes after 50 months of sluggish growth that has left 4.3 million out of work long-term, helped drive 10 million out of the job market, pushed the labor participation rate to 35-year lows, boosted food stamp rolls by 14 million and pushed nearly 3 million into poverty.

Just 13 states have employment rates above their pre-recession peaks (all but four of them, by the way, voted against Obama in 2008).

Thanks to Obama’s sluggish growth, real median household income remains 4.4% below where it was when his “recovery” started.

The day Obama gave his remarks, the AP reported that the unemployment rate among low-income families is at Great Depression levels of 21%, but among upper-income households it’s 3.2%. That, AP’s analysis found, is the widest gap on record.

AP also found that middle-income workers are increasingly ending up with lower-wage jobs, forcing lower-skilled workers out of the job market.

Meanwhile, a survey out of the University of Chicago finds that a record 8.4% of Americans consider themselves “lower class.”

Here’s another way to look at it: Had Obama’s recovery merely been average, there would be 7.4 million more people gainfully employed today, and the economy would be $1.3 trillion bigger.

Even the left is noticing that, despite Obama’s endless blather about building prosperity from the ground up, his recovery has had the opposite effect — concentrating whatever gains there have been at the top.

The Huffington Post called it “the most uneven recovery in at least several decades” — which would include the Reagan, Clinton and Bush recoveries.

Among the evidence presented: Workers in the bottom 20% have seen their real average hourly wages decline steadily under Obama, compared with gains at the very top. And while 60% of the jobs lost in the recession paid mid-wages, only 22% of the jobs gained in Obama’s recovery did so.

Incredibly, amid all this, Obama claims to see “progress across the board.”  Then again, Obama thinks his foreign policy adventures have been a success, too. (IBD)

“Are some of these folks really so beholden to one extreme wing of their party that they’re willing to tank the entire economy just because they can’t get their way on this issue?” Obama said in a speech at the White House. “Are they really willing to hurt people just to score political points?” (Townhall)

WELL, we know HE IS. He’s been doing it for 5 years now! 🙂

Obama conceded the problems. “As any middle class family will tell you or anybody who’s striving to get in the middle class, we are not yet where we need to be,” he said.

And never will be, with Progressives in charge because they depend on making people poor and dependent on them and making rich people less rich and demonic to keep them them there.

“After all the progress that we’ve made over these last four and a half years, the idea of reversing that progress because of an unwillingness to compromise or because of some ideological agenda is the height of irresponsibility,” Obama said.

Which is why he won’t compromise on anything that has been done or will be done. But he’s not ideologically rigid… 🙂

After all, it’s “Congress” (Read: Republicans) Fault!

He’s not partisan. 🙂

Political Cartoons by Gary Varvel

Political Cartoons by Steve Kelley

Political Cartoons by Michael Ramirez

 

 

The Light

Once again, the President likes to blame everyone else for the lack of success he has seen when it comes to Obamacare.

“But until then, when we’re getting outspent four to one and people are just uncertain about what all this means for them, we’re going to continue to have some polls like that,” Obama said. “And me just making more speeches explaining it in and of itself won’t do it. The test of this is going to be is it working. And if it works, it will be pretty darn popular.”

Even with a new PR blitz (costing $700 Million Dollars), the President can’t win over the public opinion:

“Over the course of six months to a year, as people sign up, and it works, and lo and behold, the people who already have health insurance are not being impacted at all other than the fact that their insurance is more secure and they are getting free preventive care, and all the nightmare scenarios and the train wrecks and the ‘sky is falling’ predictions that come from the other side do not happen, then health care will become more popular,” Obama said.

And when the train does wreck, naturally, it will be someone elses fault! 🙂

The New “Cash for Clunkers”…

Way back in 2009, President Obama’s Treasury Department launched the Home Affordable Modification Program, a massive authorization to help homeowners struggling with their mortgages in the wake of the financial crisis. 1.2 milllion people participated in the program at a cost to taxpayers of $4.4 billion.

A report [pdf] dropped this week from the Office of the Special Inspector General for TARP (SIGTARP) that HAMP has a stunning failure rate. Of the 1.2 million HAMP participants, 306,000 have re-defaulted on their mortgages, at an additional cost to taxpayers of $815 million. What’s more, another 88,000 homeowners in the HAMP program have missed payments and are at risk to re-default.

Twenty-two percent of homeowners who have re-defaulted on their HAMP permanent mortgage modifications have moved into the foreclosure process. The Administration’s stated goal for the housing initiative was “to help as many as three to four million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term.” However, since 2009, during each year of the program, an increased number of homeowners redefaulted on HAMP permanent mortgage modifications. Redefault rates of the oldest 2009 HAMP permanent mortgage modifications have continued to increase as they age at a redefault rate of 46%. The 2010 HAMP permanent mortgage modifications are redefaulting at a rate of 38%. Treasury’s data continue to demonstrate that the longer homeowners remain in HAMP, the greater the chance that they will redefault on their permanent modification and fall out of the TARP program. For the substantial number of homeowners who redefault, their modification was not sustainable. It is crucial that Treasury recognize this problem and take proactive steps to ensure that HAMP lives up to its promise and potential.

HAMP has been re-authorized to be in effect through 2015. (Townhall)

Gee, that mean through the mid-term election and that a lot of people who were going to default before because they couldn’t afford it have defaulted again. NO! that’s shocking… :

But at least it’s safe until after the election. Just like the employer mandate. Fancy that…

Detroit

As Detroit enters the federal bankruptcy process, the city is proposing a controversial plan for paring some of the $5.7 billion it owes in retiree health costs: pushing many of those too young to qualify for Medicare out of city-run coverage and into the new insurance markets that will soon be operating under the Obama health care law.

Detroit wants insurance exchanges to cover retirees like Thomas Berry, a former police officer.

“There’s fear and panic,” said Michael Underwood, an ailing Chicago Police Department retiree.
Readers’ Comments

Officials say the plan would be part of a broader effort to save Detroit tens of millions of dollars in health costs each year, a major element in a restructuring package that must be approved by a bankruptcy judge. It is being watched closely by municipal leaders around the nation, many of whom complain of mounting, unsustainable prices for the health care promised to retired city workers.

Just dump all those poor bastards on the rest of us. It will save the city and make ObamaCare costs skyrocket and of course, more popular….

Say, isn’t that sort of a Bailout?? 🙂

The light at the end of this tunnel is a bullet train!

 

Moral Hazard

Ineptocracy (in-ep-toc-ra-cy)- a system of government where the least capable to lead are elected by the least capable of producing,and where the members of society least likely to sustain themselves or succeed,are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

THE $7 Trillion Dollar Secret

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.
‘Change Their Votes’

“When you see the dollars the banks got, it’s hard to make the case these were successful institutions,” says Sherrod Brown, a Democratic Senator from Ohio who in 2010 introduced an unsuccessful bill to limit bank size. “This is an issue that can unite the Tea Party and Occupy Wall Street. There are lawmakers in both parties who would change their votes now.”

The size of the bailout came to light after Bloomberg LP, the parent of Bloomberg News, won a court case against the Fed and a group of the biggest U.S. banks called Clearing House Association LLC to force lending details into the open.

The Fed, headed by Chairman Ben S. Bernanke, argued that revealing borrower details would create a stigma — investors and counterparties would shun firms that used the central bank as lender of last resort — and that needy institutions would be reluctant to borrow in the next crisis. Clearing House Association fought Bloomberg’s lawsuit up to the U.S. Supreme Court, which declined to hear the banks’ appeal in March 2011.

$7.77 Trillion

The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.

“TARP at least had some strings attached,” says Brad Miller, a North Carolina Democrat on the House Financial Services Committee, referring to the program’s executive-pay ceiling. “With the Fed programs, there was nothing.”

Bankers didn’t disclose the extent of their borrowing. On Nov. 26, 2008, then-Bank of America (BAC) Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his Charlotte, North Carolina-based firm owed the central bank $86 billion that day.
‘Motivate Others’

JPMorgan Chase & Co. CEO Jamie Dimon told shareholders in a March 26, 2010, letter that his bank used the Fed’s Term Auction Facility “at the request of the Federal Reserve to help motivate others to use the system.” He didn’t say that the New York-based bank’s total TAF borrowings were almost twice its cash holdings or that its peak borrowing of $48 billion on Feb. 26, 2009, came more than a year after the program’s creation.

Howard Opinsky, a spokesman for JPMorgan (JPM), declined to comment about Dimon’s statement or the company’s Fed borrowings. Jerry Dubrowski, a spokesman for Bank of America, also declined to comment.

The Fed has been lending money to banks through its so- called discount window since just after its founding in 1913. Starting in August 2007, when confidence in banks began to wane, it created a variety of ways to bolster the financial system with cash or easily traded securities. By the end of 2008, the central bank had established or expanded 11 lending facilities catering to banks, securities firms and corporations that couldn’t get short-term loans from their usual sources.
‘Core Function’

“Supporting financial-market stability in times of extreme market stress is a core function of central banks,” says William B. English, director of the Fed’s Division of Monetary Affairs. “Our lending programs served to prevent a collapse of the financial system and to keep credit flowing to American families and businesses.”

The Fed has said that all loans were backed by appropriate collateral. That the central bank didn’t lose money should “lead to praise of the Fed, that they took this extraordinary step and they got it right,” says Phillip Swagel, a former assistant Treasury secretary under Henry M. Paulson and now a professor of international economic policy at the University of Maryland.

The Fed initially released lending data in aggregate form only. Information on which banks borrowed, when, how much and at what interest rate was kept from public view.

The secrecy extended even to members of President George W. Bush’s administration who managed TARP. Top aides to Paulson weren’t privy to Fed lending details during the creation of the program that provided crisis funding to more than 700 banks, say two former senior Treasury officials who requested anonymity because they weren’t authorized to speak.
Big Six

The Treasury Department relied on the recommendations of the Fed to decide which banks were healthy enough to get TARP money and how much, the former officials say. The six biggest U.S. banks, which received $160 billion of TARP funds, borrowed as much as $460 billion from the Fed, measured by peak daily debt calculated by Bloomberg using data obtained from the central bank. Paulson didn’t respond to a request for comment.

The six — JPMorgan, Bank of America, Citigroup Inc. (C), Wells Fargo & Co. (WFC), Goldman Sachs Group Inc. (GS) and Morgan Stanley — accounted for 63 percent of the average daily debt to the Fed by all publicly traded U.S. banks, money managers and investment- services firms, the data show. By comparison, they had about half of the industry’s assets before the bailout, which lasted from August 2007 through April 2010. The daily debt figure excludes cash that banks passed along to money-market funds.
Bank Supervision

While the emergency response prevented financial collapse, the Fed shouldn’t have allowed conditions to get to that point, says Joshua Rosner, a banking analyst with Graham Fisher & Co. in New York who predicted problems from lax mortgage underwriting as far back as 2001. The Fed, the primary supervisor for large financial companies, should have been more vigilant as the housing bubble formed, and the scale of its lending shows the “supervision of the banks prior to the crisis was far worse than we had imagined,” Rosner says.

Bernanke in an April 2009 speech said that the Fed provided emergency loans only to “sound institutions,” even though its internal assessments described at least one of the biggest borrowers, Citigroup, as “marginal.”

On Jan. 14, 2009, six days before the company’s central bank loans peaked, the New York Fed gave CEO Vikram Pandit a report declaring Citigroup’s financial strength to be “superficial,” bolstered largely by its $45 billion of Treasury funds. The document was released in early 2011 by the Financial Crisis Inquiry Commission, a panel empowered by Congress to probe the causes of the crisis.
‘Need Transparency’

Andrea Priest, a spokeswoman for the New York Fed, declined to comment, as did Jon Diat, a spokesman for Citigroup.

“I believe that the Fed should have independence in conducting highly technical monetary policy, but when they are putting taxpayer resources at risk, we need transparency and accountability,” says Alabama Senator Richard Shelby, the top Republican on the Senate Banking Committee.

Judd Gregg, a former New Hampshire senator who was a lead Republican negotiator on TARP, and Barney Frank, a Massachusetts Democrat who chaired the House Financial Services Committee, both say they were kept in the dark.

“We didn’t know the specifics,” says Gregg, who’s now an adviser to Goldman Sachs.

“We were aware emergency efforts were going on,” Frank says. “We didn’t know the specifics.”
Disclose Lending

Frank co-sponsored the Dodd-Frank Wall Street Reform and Consumer Protection Act, billed as a fix for financial-industry excesses. Congress debated that legislation in 2010 without a full understanding of how deeply the banks had depended on the Fed for survival.

It would have been “totally appropriate” to disclose the lending data by mid-2009, says David Jones, a former economist at the Federal Reserve Bank of New York who has written four books about the central bank.

“The Fed is the second-most-important appointed body in the U.S., next to the Supreme Court, and we’re dealing with a democracy,” Jones says. “Our representatives in Congress deserve to have this kind of information so they can oversee the Fed.”

The Dodd-Frank law required the Fed to release details of some emergency-lending programs in December 2010. It also mandated disclosure of discount-window borrowers after a two- year lag.
Protecting TARP

TARP and the Fed lending programs went “hand in hand,” says Sherrill Shaffer, a banking professor at the University of Wyoming in Laramie and a former chief economist at the New York Fed. While the TARP money helped insulate the central bank from losses, the Fed’s willingness to supply seemingly unlimited financing to the banks assured they wouldn’t collapse, protecting the Treasury’s TARP investments, he says.

“Even though the Treasury was in the headlines, the Fed was really behind the scenes engineering it,” Shaffer says.

Congress, at the urging of Bernanke and Paulson, created TARP in October 2008 after the bankruptcy of Lehman Brothers Holdings Inc. made it difficult for financial institutions to get loans. Bank of America and New York-based Citigroup each received $45 billion from TARP. At the time, both were tapping the Fed. Citigroup hit its peak borrowing of $99.5 billion in January 2009, while Bank of America topped out in February 2009 at $91.4 billion.
No Clue

Lawmakers knew none of this.

They had no clue that one bank, New York-based Morgan Stanley (MS), took $107 billion in Fed loans in September 2008, enough to pay off one-tenth of the country’s delinquent mortgages. The firm’s peak borrowing occurred the same day Congress rejected the proposed TARP bill, triggering the biggest point drop ever in the Dow Jones Industrial Average. (INDU) The bill later passed, and Morgan Stanley got $10 billion of TARP funds, though Paulson said only “healthy institutions” were eligible.

Mark Lake, a spokesman for Morgan Stanley, declined to comment, as did spokesmen for Citigroup and Goldman Sachs.

Had lawmakers known, it “could have changed the whole approach to reform legislation,” says Ted Kaufman, a former Democratic Senator from Delaware who, with Brown, introduced the bill to limit bank size.
Moral Hazard

Kaufman says some banks are so big that their failure could trigger a chain reaction in the financial system. The cost of borrowing for so-called too-big-to-fail banks is lower than that of smaller firms because lenders believe the government won’t let them go under. The perceived safety net creates what economists call moral hazard — the belief that bankers will take greater risks because they’ll enjoy any profits while shifting losses to taxpayers.

Moral hazard arises because an individual or institution does not take the full consequences and responsibilities of its actions, and therefore has a tendency to act less carefully than it otherwise would, leaving another party to hold some responsibility for the consequences of those actions. For example, a person with insurance against automobile theft may be less cautious about locking his or her car, because the negative consequences of vehicle theft are (partially) the responsibility of the insurance company.

If Congress had been aware of the extent of the Fed rescue, Kaufman says, he would have been able to line up more support for breaking up the biggest banks.

Byron L. Dorgan, a former Democratic senator from North Dakota, says the knowledge might have helped pass legislation to reinstate the Glass-Steagall Act, which for most of the last century separated customer deposits from the riskier practices of investment banking.

“Had people known about the hundreds of billions in loans to the biggest financial institutions, they would have demanded Congress take much more courageous actions to stop the practices that caused this near financial collapse,” says Dorgan, who retired in January.
Getting Bigger

Instead, the Fed and its secret financing helped America’s biggest financial firms get bigger and go on to pay employees as much as they did at the height of the housing bubble.

Total assets held by the six biggest U.S. banks increased 39 percent to $9.5 trillion on Sept. 30, 2011, from $6.8 trillion on the same day in 2006, according to Fed data.

For so few banks to hold so many assets is “un-American,” says Richard W. Fisher, president of the Federal Reserve Bank of Dallas. “All of these gargantuan institutions are too big to regulate. I’m in favor of breaking them up and slimming them down.”

Employees at the six biggest banks made twice the average for all U.S. workers in 2010, based on Bureau of Labor Statistics hourly compensation cost data. The banks spent $146.3 billion on compensation in 2010, or an average of $126,342 per worker, according to data compiled by Bloomberg. That’s up almost 20 percent from five years earlier compared with less than 15 percent for the average worker. Average pay at the banks in 2010 was about the same as in 2007, before the bailouts.
‘Wanted to Pretend’

“The pay levels came back so fast at some of these firms that it appeared they really wanted to pretend they hadn’t been bailed out,” says Anil Kashyap, a former Fed economist who’s now a professor of economics at the University of Chicago Booth School of Business. “They shouldn’t be surprised that a lot of people find some of the stuff that happened totally outrageous.”

Bank of America took over Merrill Lynch & Co. at the urging of then-Treasury Secretary Paulson after buying the biggest U.S. home lender, Countrywide Financial Corp. When the Merrill Lynch purchase was announced on Sept. 15, 2008, Bank of America had $14.4 billion in emergency Fed loans and Merrill Lynch had $8.1 billion. By the end of the month, Bank of America’s loans had reached $25 billion and Merrill Lynch’s had exceeded $60 billion, helping both firms keep the deal on track.
Prevent Collapse

Wells Fargo bought Wachovia Corp., the fourth-largest U.S. bank by deposits before the 2008 acquisition. Because depositors were pulling their money from Wachovia, the Fed channeled $50 billion in secret loans to the Charlotte, North Carolina-based bank through two emergency-financing programs to prevent collapse before Wells Fargo could complete the purchase.

“These programs proved to be very successful at providing financial markets the additional liquidity and confidence they needed at a time of unprecedented uncertainty,” says Ancel Martinez, a spokesman for Wells Fargo.

JPMorgan absorbed the country’s largest savings and loan, Seattle-based Washington Mutual Inc., and investment bank Bear Stearns Cos. The New York Fed, then headed by Timothy F. Geithner, who’s now Treasury secretary, helped JPMorgan complete the Bear Stearns deal by providing $29 billion of financing, which was disclosed at the time. The Fed also supplied Bear Stearns with $30 billion of secret loans to keep the company from failing before the acquisition closed, central bank data show. The loans were made through a program set up to provide emergency funding to brokerage firms.
‘Regulatory Discretion’

“Some might claim that the Fed was picking winners and losers, but what the Fed was doing was exercising its professional regulatory discretion,” says John Dearie, a former speechwriter at the New York Fed who’s now executive vice president for policy at the Financial Services Forum, a Washington-based group consisting of the CEOs of 20 of the world’s biggest financial firms. “The Fed clearly felt it had what it needed within the requirements of the law to continue to lend to Bear and Wachovia.”

The bill introduced by Brown and Kaufman in April 2010 would have mandated shrinking the six largest firms.

“When a few banks have advantages, the little guys get squeezed,” Brown says. “That, to me, is not what capitalism should be.”

Kaufman says he’s passionate about curbing too-big-to-fail banks because he fears another crisis.

‘Can We Survive?’

“The amount of pain that people, through no fault of their own, had to endure — and the prospect of putting them through it again — is appalling,” Kaufman says. “The public has no more appetite for bailouts. What would happen tomorrow if one of these big banks got in trouble? Can we survive that?”

Lobbying expenditures by the six banks that would have been affected by the legislation rose to $29.4 million in 2010 compared with $22.1 million in 2006, the last full year before credit markets seized up — a gain of 33 percent, according to OpenSecrets.org, a research group that tracks money in U.S. politics. Lobbying by the American Bankers Association, a trade organization, increased at about the same rate, OpenSecrets.org reported.

Lobbyists argued the virtues of bigger banks. They’re more stable, better able to serve large companies and more competitive internationally, and breaking them up would cost jobs and cause “long-term damage to the U.S. economy,” according to a Nov. 13, 2009, letter to members of Congress from the FSF.

The group’s website cites Nobel Prize-winning economist Oliver E. Williamson, a professor emeritus at the University of California, Berkeley, for demonstrating the greater efficiency of large companies.
‘Serious Burden’

In an interview, Williamson says that the organization took his research out of context and that efficiency is only one factor in deciding whether to preserve too-big-to-fail banks.

“The banks that were too big got even bigger, and the problems that we had to begin with are magnified in the process,” Williamson says. “The big banks have incentives to take risks they wouldn’t take if they didn’t have government support. It’s a serious burden on the rest of the economy.”

The Moral Hazard.

Dearie says his group didn’t mean to imply that Williamson endorsed big banks.

Top officials in President Barack Obama’s administration sided with the FSF in arguing against legislative curbs on the size of banks.
Geithner, Kaufman

On May 4, 2010, Geithner visited Kaufman in his Capitol Hill office. As president of the New York Fed in 2007 and 2008, Geithner helped design and run the central bank’s lending programs. The New York Fed supervised four of the six biggest U.S. banks and, during the credit crunch, put together a daily confidential report on Wall Street’s financial condition. Geithner was copied on these reports, based on a sampling of e- mails released by the Financial Crisis Inquiry Commission.

At the meeting with Kaufman, Geithner argued that the issue of limiting bank size was too complex for Congress and that people who know the markets should handle these decisions, Kaufman says. According to Kaufman, Geithner said he preferred that bank supervisors from around the world, meeting in Basel, Switzerland, make rules increasing the amount of money banks need to hold in reserve. Passing laws in the U.S. would undercut his efforts in Basel, Geithner said, according to Kaufman.

Anthony Coley, a spokesman for Geithner, declined to comment.
‘Punishing Success’

Lobbyists for the big banks made the winning case that forcing them to break up was “punishing success,” Brown says. Now that they can see how much the banks were borrowing from the Fed, senators might think differently, he says.

The Fed supported curbing too-big-to-fail banks, including giving regulators the power to close large financial firms and implementing tougher supervision for big banks, says Fed General Counsel Scott G. Alvarez. The Fed didn’t take a position on whether large banks should be dismantled before they get into trouble.

Dodd-Frank does provide a mechanism for regulators to break up the biggest banks. It established the Financial Stability Oversight Council that could order teetering banks to shut down in an orderly way. The council is headed by Geithner.

“Dodd-Frank does not solve the problem of too big to fail,” says Shelby, the Alabama Republican. “Moral hazard and taxpayer exposure still very much exist.”
Below Market

Dean Baker, co-director of the Center for Economic and Policy Research in Washington, says banks “were either in bad shape or taking advantage of the Fed giving them a good deal. The former contradicts their public statements. The latter — getting loans at below-market rates during a financial crisis — is quite a gift.”

The Fed says it typically makes emergency loans more expensive than those available in the marketplace to discourage banks from abusing the privilege. During the crisis, Fed loans were among the cheapest around, with funding available for as low as 0.01 percent in December 2008, according to data from the central bank and money-market rates tracked by Bloomberg.

The Fed funds also benefited firms by allowing them to avoid selling assets to pay investors and depositors who pulled their money. So the assets stayed on the banks’ books, earning interest.

Banks report the difference between what they earn on loans and investments and their borrowing expenses. The figure, known as net interest margin, provides a clue to how much profit the firms turned on their Fed loans, the costs of which were included in those expenses. To calculate how much banks stood to make, Bloomberg multiplied their tax-adjusted net interest margins by their average Fed debt during reporting periods in which they took emergency loans.
Added Income

The 190 firms for which data were available would have produced income of $13 billion, assuming all of the bailout funds were invested at the margins reported, the data show.

The six biggest U.S. banks’ share of the estimated subsidy was $4.8 billion, or 23 percent of their combined net income during the time they were borrowing from the Fed. Citigroup would have taken in the most, with $1.8 billion.

“The net interest margin is an effective way of getting at the benefits that these large banks received from the Fed,” says Gerald A. Hanweck, a former Fed economist who’s now a finance professor at George Mason University in Fairfax, Virginia.

While the method isn’t perfect, it’s impossible to state the banks’ exact profits or savings from their Fed loans because the numbers aren’t disclosed and there isn’t enough publicly available data to figure it out.

Opinsky, the JPMorgan spokesman, says he doesn’t think the calculation is fair because “in all likelihood, such funds were likely invested in very short-term investments,” which typically bring lower returns.
Standing Access

Even without tapping the Fed, the banks get a subsidy by having standing access to the central bank’s money, says Viral Acharya, a New York University economics professor who has worked as an academic adviser to the New York Fed.

“Banks don’t give lines of credit to corporations for free,” he says. “Why should all these government guarantees and liquidity facilities be for free?”

In the September 2008 meeting at which Paulson and Bernanke briefed lawmakers on the need for TARP, Bernanke said that if nothing was done, “unemployment would rise — to 8 or 9 percent from the prevailing 6.1 percent,” Paulson wrote in “On the Brink” (Business Plus, 2010).
Occupy Wall Street

The U.S. jobless rate hasn’t dipped below 8.8 percent since March 2009, 3.6 million homes have been foreclosed since August 2007, according to data provider RealtyTrac Inc., and police have clashed with Occupy Wall Street protesters, who say government policies favor the wealthiest citizens, in New York, Boston, Seattle and Oakland, California.

The Tea Party, which supports a more limited role for government, has its roots in anger over the Wall Street bailouts, says Neil M. Barofsky, former TARP special inspector general and a Bloomberg Television contributing editor.

“The lack of transparency is not just frustrating; it really blocked accountability,” Barofsky says. “When people don’t know the details, they fill in the blanks. They believe in conspiracies.”

In the end, Geithner had his way. The Brown-Kaufman proposal to limit the size of banks was defeated, 60 to 31. Bank supervisors meeting in Switzerland did mandate minimum reserves that institutions will have to hold, with higher levels for the world’s largest banks, including the six biggest in the U.S. Those rules can be changed by individual countries.

They take full effect in 2019.

Meanwhile, Kaufman says, “we’re absolutely, totally, 100 percent not prepared for another financial crisis.”(Bloomberg)

Feel better now? 🙂

Political Cartoons by Henry Payne

Political Cartoons by Jerry Holbert

 Political Cartoons by Michael Ramirez

The Ruling Elite Exposed

One of the biggest scandals in American politics is waiting to explode: the full story of the inside game in Washington shows how the permanent political class enriches itself at the expense of the rest of us. Insider trading is illegal on Wall Street, yet it is routine among members of Congress. Normal individuals cannot get in on IPOs at the asking price, but politicians do so routinely. The Obama administration has been able to funnel hundreds of millions of dollars to its supporters, ensuring yet more campaign donations. An entire class of investors now makes all of its profits based on influence and access in Washington. Peter Schweizer has doggedly researched through mountains of financial records, tracking complicated deals and stock trades back to the timing of briefings, votes on bills, and every other point of leverage for politicians in Washington. The result is a manifesto for revolution: the Permanent Political Class must go.
For the Palin Deranged, let it be known he has worked for her and shares her ideas so you may want to consult your Thought Police Manual before continuing…Thank you.
Political Cartoons by Lisa Benson
The Point is not that it’s the Democrats or The Republicans doing it, it’s both!
The fact is NEITHER of them should be doing it is the point!
Martha Stewart went to Jail for “insider trading”.
Congress does it as matter of course. It’s a normal part of the day. Nothing special.
Perfectly Legal. They wrote the laws that say so! 🙂
They get opportunities that would send us normal people to jail, they can do it with abandon.
It turns out that it is not illegal for member of Congress to make stock trades using inside information they learn while working on legislation.
So they can use, say, the passing of Health Care Laws to buy and selling stocks that would be effected by it to enrich themselves.
Or an earmark for a major road to be built conveniently near property you just bought.
They could get out of the Stock Market before it crashed in 2008.
You could buy IPOs not available to normal people (Nancy Pelosi).
Conflict of Interest is not illegal for Congress. Everyone else, yes, Congress, No.
Political Intelligence groups data mine and gather the non-public info in Congress and sell it to Wall Street so they can all make money.
Yes, that evil Wall Street that is so “evil” and so is the subject of so much hypocritical demonizing.
Thus you may surmise that a political opposition to Big Brother Obama was psychologically necessary in order to provide an internal enemy posing a threat to the rule of the Party; the constantly reiterated ritual of the Two Minutes Hate help ensure that popular support for and devotion towards Big Brother is continuous.
So it’s Orwell’s  Hate Week is an event in George Orwell’s novel Nineteen Eighty-Four, designed to increase the hatred for the current enemy of the Party, as much as possible but now they have 24/7/365 newscasts and cable channels along with newspapers to keep it going ad infinitum!
But again, it’s Both Republicans and Democrats.
The Democrats tell the masses to hate Wall Street, but they are using Wall Street to get rich.
Rich people are evil.
Then they use info that would be a normal person a prison sentence to get rich.
They are the Political and Economic Elite.
They are in fact, the very thing they are saying is evil and that the class warfare is supposed to be about but they have re-directed it.
Class Warfare is a fraud. It’s a Diversion. It’s an Orwellian Hate ploy.
Fascinating. Disgusting. And perfectly Legal, for them.
One set of rules for the Ruling Elite. One set of rules for the peasants.
Is that Democracy?
No.
This is both Republicans and Democrats!
By the way: Mr. Warren “tax me more” ‘Darling of the Left’ Buffet is one of the major influences. Aw shucks…
One of the most damaging things reported by Schweizer is how Warren Buffett profited with millions from the government bailout programs he helped design. Wynton Hall, writing in Big Government says: In the wake of the $700 billion TARP bailout, Warren Buffett apparently shaped a plan to clean up toxic assets that Treasury Secretary Tim Geithner later adopted–resulting in massive profits for Buffett.
Buffett proposed something he called a “public-private partnership fund.” For every $10 billion the private sector invested, Buffett said the government should put up $40 billion.
As the political debates surrounding the proposed $700 billion TARP bailout bill heated up, Buffett maintained an appearance of naivete, an “aw shucks” shtick that deferred to the judgment of politicians.  “I’m not brave enough to try to influence the Congress,” Buffett told the New York Times.
During the meeting, Buffett strongly urged Democratic members to pass the $700 billion TARP bill to avert what he warned would otherwise be “the biggest financial meltdown in American history.”
That soundbite sound familiar? 🙂
After Paulson’s exit, incoming Treasury Secretary Tim Geithner tweaked the plan and rolled it out in March 2009. But according to quarterly reports from Buffett’s holdings company, Berkshire Hathaway, between the time the billionaire crafted his plan and Geithner adopted it, Buffett quietly purchased 12.4 million shares of Wells Fargo stock and 1.5 million shares of U.S. Bancorp. Once the government unveiled its “Public-Private Investment Program,” bank stocks jumped, resulting in large profits for Buffett.
In September of 2008, Buffett invested $5 billion in the over-leveraged investment house of Goldman Sachs, having obtained impressive terms: Berkshire Hathaway would receive preferred stock with a 10% dividend yield, and the option to buy another $5 billion at $115 a share.
Buffett had a strong financial interest in the bailout’s passage, says Schweizer. “If the bailout went through, it would be a windfall for Goldman. If it failed, it would be disastrous for Berkshire Hathaway.”

Yet Buffett had little reason to worry; his insider political connections afforded him two guarantees. First, many members of Congress were themselves investing heavily in Berkshire Hathaway throughout the bailout talks–a move that may simply have been a good investment in an unsteady time, or else a shrewd exploitation of unique information. Senator Dick Durbin (D-IL), for example, snatched up $130,000 worth of Berkshire Hathaway stock.  Senator Orrin Hatch (R-UT) also bought shares in Berkshire Hathaway, as did Senator Claire McCaskill (D-MO), who purchased half a million dollars’ worth just days after the Wall Street bailout bill was signed.  Second, Buffett knew he had an ally in the surging Barack Obama. Buffett had backed Obama in 2008. And as Obama has himself conceded, “Warren Buffett is one of those people that I listen to.”

When the TARP bailout passed, Berkshire Hathaway firms received a staggering $95 billion in bailout cash from U.S. taxpayers. In total, TARP-assisted companies made up almost a third (30%) of Buffett’s entire publicly disclosed stock portfolio. The payoff:  by July 2009, Buffett’s Goldman bet and his congressional jawboning had yielded profits as high as $3.7 billion.

Incredibly, in a breathtaking public relations move, Buffett publicly complained that the government bailouts had put his company at a disadvantage,  because funders “who are using imaginative methods (or lobbying skills) to come under the government’s umbrella–have money costs that are minimal.”  Rolfe Winkler of Reuters best captured Buffet’s audacity: “It takes chutzpah to lobby for bailouts, make trades seeking to profit from them, and then complain that those doing so put you at a disadvantage.”

Still, despite Buffett’s apparent, and brazen, display of crony capitalism and political manipulation to produce billions in profits, Schweizer says that the most egregious part is that his behavior appears to have been entirely legal. Buffett merely leveraged his unique and powerful political connections to turn taxpayer money into massive private profits.

Now, with the 2012 presidential election right around the corner, Buffett plans to back President Obama again. In August 2011, the two men vacationed together in the plush surroundings of Martha’s Vineyard. Shortly thereafter, Buffett hosted an Obama fundraiser in New York City where contributors spent $35,800 for VIP tickets and the chance to discuss the economy with the Berkshire Hathaway CEO.

If Buffett’s political track record is any indication, his time spent alongside President Obama was an investment intended to yield a high rate of return–at taxpayers’ expense. (Big Government.com)

Aw shucks, Tax me More Warren is part of the disease, what a shock. And of Course, Obama has his ‘full support’ $$$$

In January, Obama specifically said, “But at a time when our discourse has become so sharply polarized – at a time when we are far too eager to lay the blame for all that ails the world at the feet of those who think differently than we do – it’s important for us to pause for a moment and make sure that we are talking with each other in a way that heals, not a way that wounds.”

We were told to change our rhetoric, to have a new “tone” of civility free of violent references.

Fast forward to now, and Obama’s Vice President Joe Biden, is telling unions they “fired the first shot” at a campaign events.

“Folks, you fired the first shot. It’s not about Barack Obama. It’s not about Joe Biden. It’s about whether middle-class people are going to be put back in the saddle again – because you are the people who make this country move,” Vice President Joe Biden said at a campaign event in Ohio today.

Thanks for leading by example, Biden.

But then again, The Unions are the Brownshirts, the army of this Adminstration and as has been chronicled in this blog many times, the incestuous $$ partners of Democrats.

So the Circle of Sleeze continues. But don’t worry, it’s <fill in the blank>’s Fault! 🙂

Pay no attention to the men behind the curtain…

Political Cartoons by Michael Ramirez
Political Cartoons by Glenn Foden

Political Cartoons by Chip Bok

 Political Cartoons by Bob Gorrell
Political Cartoons by Gary McCoy

Occupy Hollywood

More Hope & Change: 🙂

Political Cartoons by Bob Gorrell

More hilarity for “99% er” Millionaire Michael Moore. Who seems to want some media attention more than anything else. Any publicity is good publicity.

Too bad he’s gone so Hollywood. Roger & Me is deeply cynical and hilarious. But we come from the same town and the movie was about the same time I was growing up there, so I understood the humor and the sarcasm. Then.

In Denver: Moore, ever the populist $50 millionposeur, did not disappoint. “Everybody is a leader!” he insisted. “Wage slaves! That’s right. You know, historians — I believe that’s what they’re going to call us. They’re going to call us all wage slaves!” (would that apply to the little people who work for a guy who has $50 Million Dollars like he does?)

When Michael Moore told Piers Morgan that he was not among the hated 1 percent, he wasn’t lying. That’s because with a net worth upwards of $50 million he’s among the top 0.1 percent.

This story appears in the Nov. 11 issue of The Hollywood Reporter.

One of the many things that bug me about the industry in which I work is the large population of phonies who claim to be liberal, caring, green and unaffected by their wealth and fame but in reality are just as self-centered and addicted to their huge, over-air-conditioned living spaces and private planes as those at whom they point their fingers. And none is more phony and finger-pointing than Michael Moore.

But it looks good. And in Hollywood, Perception IS reality. And in Democrat Politics Perception is the ONLY reality they want.

Moore seems to be everywhere of late, talking about the “occupy” movement and fashioning himself its spokesmodel. I saw him on CNBC blowing hard and receiving kid-gloves treatment from Carl Quintanilla. On Piers Morgan Tonight, Moore said, “How could I be in the 1 percent?” When Morgan made the statement that Moore is “worth millions,” Moore responded with “No, that’s not true.” He went on to justify that comment by saying, “Even though I do well, I don’t associate myself with those who do well.” Although Morgan started off a bit confrontational, he, like most other interviewers, backed down fast. In my opinion, a lot of important issues are being brought up by the “occupiers,” but overall, this protest would be better served if those speaking on its behalf were of cleaner hands and less hypocritical than Moore, who has suckled mightily at the teat of “those who do well.”

In 2005, the Weinstein Co. set up financing of about $500 million to fund production and distribution. The investment vehicle was created and syndicated by a little firm called Goldman Sachs. One of the films that was produced by TWC using funds from that investment was Moore’s documentary “Sicko”. Given the success of his previous film, Fahrenheit 9/11, which he made with Harvey and Bob Weinstein, Moore was able to command a terrific deal for himself.

For which he is suing The Weinsteins for  alleged “financial deception” and “bogus accounting methods” in their production deal.

Apparently, the “wage slave” feels he’s owed more $$$ millions. 🙂

By 2010, TWC had burned through the capital raised in the Goldman Sachs deal. Investors were forced to restructure their arrangement, meaning some suffered a devaluation of their investment. Goldman also lost some money it put in TWC, but it could handle the loss in part because it was a recipient of the government’s TARP bailout. Some unlucky investors might never get back the money they put into funding TWC.

Not unlike other bad investments set up by Goldman Sachs and others during this period, some people did make out quite well, while others, often lower on the food chain, suffered. One of those who did quite well using the TWC funds was Moore.

While I don’t know for sure what Moore received on his movie, given his previous success, it likely was several million dollars. Sicko, produced by TWC but released in 2007 by Lionsgate, did not perform as well as Fahrenheit, earning $36 million at the box office. But Celebritynetworth.com pegs Moore’s net worth at more than $50 million, and Moore is suing TWC for $2.7 million more in profits from Fahrenheit. (Reports at the time of the lawsuit said Moore already had received $19.8 million from TWC for that film alone.)

If Moore really wants to be seen as someone outside the circle of those he is protesting, it would be great if he would disclose how much he has made off his TWC-backed movies and why he was willing to associate himself with financing set up by Goldman Sachs. Further, journalists should start showing more backbone in testing the veracity of statements made by those who use the media to disseminate a holier-than-though message.

Never happen. They are too dishonest and in-the-tank for that to happen. There are virtually no actual journalists left, the vast majority are just Propagandists.

There are many reasons our country is in financial trouble, and some do relate to misdeeds by Wall Street executives. Calling attention to such misdeeds and issues of income inequality is a good thing. But the true fault of what put us in this situation resides with the government that gave leeway to those who contributed to political campaigns and provided jobs to those who ran between the various administrations and the private sector. Having a hypocrite blowing hard about groups of people in whose number he himself should be counted diminishes the impact and validity of the message.

Ah, who cares, he’s a Liberal, so we’ll give him a pass…

Political Cartoons by Gary Varvel

Now this made me laugh:

“I have made it to the big time. I’m on MSDNC…”

http://www.youtube.com/watch?feature=player_embedded&v=vitn50hI0OA

 

The Excuse List

During an online “discussion” regarding Libya specifically, a fellow conservative asked how can the Liberals justify this that were talking about and clear out the blue I came up with this list.

This list applies to most, if not all, Liberal responses to most anything.

So with a few tweaks here it is.

You’ve heard of a Bucket List. Well this a bucket of a different kind for a different purpose… <<hint hint nudge nudge say no more…>>

I’m sure It will fall under:
a) children will starve
b) grandma will be eating dog food otherwise
c) well “the richest 1%/2%”….
d) class warfare
e) Threats, Intimidation and Union Mafia mouthing off
f) Whine and cry like a 2 year old
g) But Mommy, so-so non-Liberal did it first…
h) But It was done for the best of intentions…
i) You’re just heartless
j) you’re a rac*st!
k) wingnuts!
l) It was the Tea party’s Fault
m) it was Bush’s Fault
n) It was Halliburton’s/Corporate America’s Fault
o) Orwellian Doublespeak
p) So what?
q) Don’t do as I do, Do as I say!!
r) Damn that Fox News!
s) You’re just Lying!
t) It does not!
u) Well, I have this Liberal report from Media Matters/Huffington Post/Mainstream Media/Liberally Biased Poll that says…
v) They already have a hive-mind Talking Point
w) well, it runs out/starts in 2014 so why do you care?
x) it’s “fair”
y) It feels good….
z) zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

But rest assured…

a) it is never their fault

b) they are always the victim

c) They will fight the very drop of YOUR blood to be right every time.

That about covers it. 🙂

So on that note: Inflation.

It’s real it’s out there. And it’s not “corporate america’s” fault that Raw food commodity indexes, for example, have hit all-time highs. And the broader CRB Commodity Index, including food, energy and industrial commodities, has run up 32% the past 12 months.

It’s really government that causes inflation with actions such as:

• The $2 trillion in money created by the Fed under “quantitative easing” since 2008, an unprecedented shot of liquidity pumped straight into the economy.

• The $5.5 trillion in new debt added by our government in just three years — nearly a 60% rise.

• The Environmental Protection Agency’s move to regulate all stationary producers of carbon dioxide, which has led businesses to put off large investments.

• The surge in regulation at all levels of government, which has added to small-business uncertainty and reduced hiring.

• The record 29% jump in federal spending in President Obama’s first three years, which has crowded out private spending and business investment.

• Spending on TARP and “stimulus,” which could total nearly $2 trillion when all is said and done.

The list goes on. The point is, don’t blame companies like Wal-Mart (CEO of Wal-Mart’s U.S. arm last week he told consumers to get ready for a burst of “serious” inflation) , a proven price cutter, when inflation hits home.

Blame the federal government, which seems dead set on repeating the same errors it made in the stagflationary 1970s. (IBD)

And the Democrats want to whine about cutting 20 billion from 1.5 Trillion dollar deficit this year alone.

And the Republicans want to “compromise”.

I say, screw them both. After all, they are screwing us all in the end.

Political Cartoons by Chuck Asay

Political Cartoons by Steve Breen

Political Cartoons by Glenn McCoy

Welcome to The Future

Political Cartoon

The Most Expensive Congress in History: The 111th Congress.

http://video.foxnews.com/v/4476944/111th-congress-most-expensive-in-history/?playlist_id=86858

When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be “no new deficit spending.” Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.

“After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” Pelosi said in her speech from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.”

Pelosi has served as speaker in the 110th and 111th Congresses.

“Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.”- Nancy Pelosi, 2007 inauguration speech.

At the close of business on Jan. 4, 2007, Pelosi’s first day as speaker, the national debt was $8,670,596,242,973.04 (8.67 trillion), according to the Bureau of the Public Debt, a division of the U.S. Treasury Department.  At the close of business on Oct. 22, it stood at $13,667,983,325,978.31 (13.67 trillion), an increase of 4,997,387,083,005.27 (or approximately $5 trillion). (CNS)

WHOOPS!

Some of the world’s strongest banks have profited from an emergency credit facility set up by the US Federal Reserve to shore up confidence in the global financial system, according to a Financial Times analysis of data released by the Fed.

More than half of lending under the Fed’s term auction facility – the largest of its crisis programmes – went to foreign banks. Details of the varied uses to which they put it may add to political criticism of the Fed.

The Taf was set up in December 2007 to provide one-month loans to creditworthy banks as markets dried up for lending longer than overnight. In August 2008, it began offering three-month loans as well.

Rabobank of the Netherlands and Toronto-Dominion of Canada, two of the only banks in the world with triple A credit ratings, used more than $20bn in cumulative Taf loans.

Ed Clark, TD chief executive, said that using Taf was logical even though his bank never had a liquidity problem. “That wasn’t how we made a lot of money. But you make a dollar here, you make a dollar there. What’s the spread you make on a billion dollars?” he said. (FT)

WHOOPS!

HAMTRAMCK, Mich. — Leaders of this city met for more than seven hours on a Saturday not long ago, searching for something to cut from a budget that has already been cut, over and over.

“We can make it until March 1 — maybe,” Mr. Cooper said of Hamtramck’s ability to pay its bills. Beyond that? The political leaders of this old working-class city almost surrounded by Detroit are pleading with the state to let them declare bankruptcy, a desperate move the state is not even willing to admit as an option under the current circumstances.

“The state is concerned that if they say yes to one, if that door is opened, they’ll have 30 more cities right behind us,” Mr. Cooper said, as flurries fell outside his City Hall window. “But anything else is just a stop gap. We’re going to continue to pursue bankruptcy until the door is shut, locked, barricaded, bolted.”

You mean the UAW is concerned. The UAW runs the State, or at least in Mafiaoso style they think they do. They have the politicians and media in their pockets and have for more than a generation.

They did when I was growing up in Michigan. Now with the Socialist Wheaties of the modern Liberals behind them I’m sure they are more Tony Soprano than Jimmy Hoffa.

And the last thing the UAW wants is to have their union busted by bankruptcies.

But the inevitable is coming. And THEY DON’T CARE!

Union pensions and benefits, not just the UAW, but Government Public Sector Unions also, and other private Unions have been sucking industry and the taxpayers dry for several generations but the cash cow is out of milk and endanger of dying altogether.

And you know what, THEY DON’T CARE!

Everyone must sacrifice for them. They are holy. They are sacrosanct.

They are untouchable.

So they believe. And since they have been buying Democrats for generations they will be the Pied Piper to all their slave rats.

Because THEY DON’T CARE.

And ultimately, that is the lesson of the last 3 years of Pelosi-Reid and Obama.

They said all the right things to get their hands on your throat and then they throttled you with debt to pass their 90 year old Socialist wet dreams and they are still at it and will be still at it with control of the Senate and the President.

THEY DON’T CARE.

They, and the Unions, are the ultimate in GREED and CORRUPTION.

Prichard, Ala., which stopped paying monthly checks to retired city workers when its pension fund ran out last year, is appealing a bankruptcy judge’s ruling that it did not qualify for Chapter 9 under Alabama law.

And they telegraphed it ahead of time, and no one cared.

A Liberals personal pursuit of everyone else’s money for their own benefit, economically or politically, is all they care about.

It’s all about THEM.

Screw you.

Now that’s your “kind”, “Compassionate” and “caring” Liberals who are always looking out for “the little guy”.

To crush them into slavery and steal everyone else’s wealth and power from themselves.

Officials in Detroit announced this year that they had for years overpaid Hamtramck in a revenue-sharing deal related to a General Motors plant that sits smack on the border of the two cities. The dispute is likely to be resolved, eventually, in court, but meanwhile, Detroit has stopped paying $2 million a year, and Hamtramck is watching a growing gap in its $18 million budget.

Could it be that these “overpayments” were ok until Detroit had to hide it’s own budget woes so they passed it on to another city?

Hmmm….

“Detroit is cutting police, lighting, road repairs and cleaning services affecting as much as 20% of the population,” the Guardian’s Elena Moya noted late Monday, writing about the 60 Minutes piece. “The city, which has been on the skids for almost two decades with the decline of the US auto industry, does not generate enough wealth to maintain services for its 900,000 inhabitants.”

BINGO!

City Manager Bill Cooper said the city of roughly 20,000 people is staring at a $3 million deficit.
California, which faces a $19 billion (some say as high as $26 Billion) budget deficit next year, has a credit rating approaching junk status. It now spends more money on public employee pensions than it does on the state university system, which had to increase its tuition by 32 percent.
“This is the state of affairs in Illinois. Is not pretty,” Illinois state Comptroller Dan Hynes told Kroft.  

Hynes is the state’s paymaster. He currently has about $5 billion in outstanding bills in his office and not enough money in the state’s coffers to pay them. He says they’re six months behind.

“The state’s a deadbeat,” Kroft remarked.  

“Yeah. I mean, the state of Illinois is known as a deadbeat state. This is a reputation that has taken us years to earn and we’ve reached, you know, the heights of, I think, becoming the worst in the country,” Hynes said. (CBS)

The home of our President, Done Proud. 🙂
Unions have a $3 Trillion Dollar appetite and it’s insatiable. And THEY DON’T CARE.
No one is talking about it now, but the big test will come this spring. That’s when $160 billion in federal stimulus money, that has helped states and local governments limp through the great recession, will run out.
You thought TARP was for the “economy”. No, it wasn’t.
It was for the state employee unions and foreign banks.
That’s running out.
Now the wheels of this Cadillac are about to go bald and flat.
Now this is driving a car into a ditch.
And I guarantee you, the Liberals and the Unions DON’T CARE!

Mr. Cooper, the city manager (of Hamtramck), says that everything else that could be cut already has been, while the city goes on spending 60 percent of its total general fund (of an $18 million dollar budget) to pay for its police and firefighting forces — 75 current police officers and firefighters and about 240 former workers and spouses now on pensions. Mr. Cooper said that an entry-level police officer costs the city about $75,000 a year in salary and benefits, and yet repeated efforts to renegotiate contracts have failed.

“They kind of have the Cadillac plan,” Mr. Cooper said, “and we’d kind of like the Chevy.”

Trust me, Unions of all types love Cadillacs.

Growing up in Flint,Mi the one-time home of 7 auto plants and an AC Delco Engine Plant. “Buick City” it was called (there was a billboard proclaiming this 10 miles south of town near Fenton off I-75).

It had a population of 250,000 when I was growing up. Last year it was 125,000 and everyone of those plants had closed years ago.

But growing up my friends and I always said that only 2 kinds of people drove Cadillacs, Pimps and Auto Workers. So no much difference there.

That was the 1970’s. In 40 years it hasn’t gotten any better.

(Found, Mr. Cooper says, posted on the wall of the firefighters’ barracks was his name — crossed out — on a list of former city managers and the word “Next?”)

So let the extortion begin. It’s the only tactic Unions use. Economic and political hardball extortion.

After all, dozens of Unions have been exempted from ObamaCare and their “Cadillac” Health Plans are exempt until 2018.

So it’s not like they care or anything.

“I’m not going to wait for two hours for a cop to show up,” said Shannon Lowell, the co-owner of a coffee shop. “We’ve trimmed every bit of fat. What else are we going to do? Borrow money from our dying grandmother?” (NYT)

Yep. That would also be the grandma who the government is going to pull the plug on because she’s a burden to society according to Medicare and Medicaid Director Dr. Donald Berwick.

Welcome to the Future.

“If you want a vision of the future, imagine a boot stamping on a
human face – forever.”— George Orwell

Michael Ramirez Cartoon

Political Cartoon

The Left Doesn’t Get it :)

Michael Ramirez Cartoon

I would add in Treasury Secretary Geithner, Fed Chairman Bernacke and our dear President.

Geithner and Bernacke for there Us Treasury Bond buy out which is just another attempt at a stimulus for what the 6th time now? (and a quarter of the money they are using is from TARP, remember that from 2 years ago that was going to save the universe?)

Trying to pump money into the system so that business will lend it and hire and buy. Instead, they just hoard it expecting the Obama Administration to hit them with even more taxes because the are “rich” “fat cats” and evil,greedy corporate america.

The Bush Tax cuts are still out there.

Health care Mandates are still out there.

Financial “reform” is still out there.

So what will they try next?

That’s been the problem all along. What will the Left do next to demonize the business community next? They don’t know.

And then our dear President is going on a trip to Indonesia where he seems determined to take the entire US Navy with him like a Potentate, at a cost some estimate at $200 million PER DAY.

He just doesn’t get it.

I saw his press conference the day after the elections and it was clear he personally doesn’t get it.

The Associated Press’ Ben Feller asked if he would concede that the midterms had been “a fundamental rejection of your agenda.” Obama declined. “What they were expressing great frustration about is the fact that we haven’t made enough progress on the economy.”

It’s not the policies that have failed. They just haven’t work fast enough for the stupid, impatient, get-me-a-job today, ungrateful , unwashed, stupid masses! 🙂

“Would you still resist the notion that voters rejected the policy choices you made?” “Voters are not satisfied with the outcomes,” the president said.

No matter how many ways reporters phrased the question, the answer was the same. CNN’s Ed Henry suggested there may be “a majority of Americans who think your polices are taking us in reverse,” and asked: “You just reject that idea altogether that your policies could be going in reverse?” “Yes,” Obama said sharply.

What failures he did admit were those of tactics and communications. It’s not that he has poisonous relations with business, he said, but that he needs to do better at “setting the right tone publicly.” It’s not that his economic policies were flawed, he said, but that people “don’t see” the progress.

You just aren’t doe-eyes and awe-struck enough to see how great he is. You don’t faint in his presence.

Then the best comedy line (in a cynical way mind you):

Peter Baker of the New York Times asked Obama for areas in which he’d be willing to compromise with Republicans. “I’ve been willing to compromise in the past, and I’m going to be willing to compromise going forward,” the president fired back.

Now that’s comedy! That’s why they shut out the Republicans completely, shouted and denigrated the American People, BECAUSE THEY WERE WILLING TO COMPROMISE! 🙂

Must be quite an alternate universe to be them.

When Fox News’ Mike Emanuel pointed out that one in two voters, according to exit polls, favors a repeal, Obama replied: “It also means one out of two voters think it was the right thing to do.”

It’s also obvious that the self-righteous, smarter-than-thou Progressive Left is incapable of getting it either.

There are calls by the whacky left to just ignore Congress altogether and just use regulatory power to get the agenda crammed through. After all, why let anything get in the way of Utopia? 🙂

By any means Necessary. The end justifies the means.

Many of these nuts are the same ones, by the way, that were made at Obama because he was far left enough for there taste over the last 2 years! Yikes!

Obama’s conclusion: “Getting out of here” — the White House — “is good for me.” On that, at least, he’ll probably get Republican support. (IBD-A Leftist columnist no less).

Political Cartoon by Jerry Holbert

P.s. The San Francisco Liberal Food Police Strike again:

On Tuesday, San Francisco became the first major U.S. city to pass a law requiring restaurant kids’ meals to meet certain nutritional standards before they can be sold with toys. For example, the new law forces fast-food chains like McDonald’s to make their children’s meals healthier or stop selling them with toys.

According to the San Francisco Chronicle, if the ordinance passes its final vote next week, it will go into effect in December 2011. Beginning in 2011, restaurants will only be able to give toys away with kids’ meals if the meal contains less than 600 calories, has less than 640 milligrams of sodium and less than 35 percent of the calories are derived from fat (less than 10 percent from saturated fat), except for fat contained in nuts, seeds, eggs or low-fat cheese.

In beverages, less than 35 percent of the total calories can come from fat, and less than 10 percent from added sweeteners. In addition, the meals must contain a half-cup or more of fruit and three-quarters of a cup or more of vegetables. A breakfast meal must contain at least a half-cup of fruit or vegetables.

Backers of the ordinance say it aims to promote healthy eating habits while combating childhood obesity. Also, activists who support the measure said they hope efforts like this would curb childhood obesity, perhaps starting a trend that would spread to other cities, states and the country.

“It’s not a ban; it’s an incentive. We’re part of a movement that is moving forward an agenda of food justice,” said Supervisor Eric Mar, who sponsored the measure. “Our children are sick. Rates of obesity in San Francisco are disturbingly high, especially among children of color,” added Mar.

But fear not:

Scott Rodrick, an owner and operator of 10 McDonald’s restaurants in the city, said, “There will be sales loss, there may be jobs impacted, and I know the city of San Francisco will lose tax income to people wanting a McDonald’s experience without government intervention.”

According to Rodrick anyone could circumvent the law easily. Someone doesn’t have to travel very far — a mile outside San Francisco — to get the traditional McDonald’s Happy Meals experience. (Until the liberal cancer spreads that is).

First it was Salt. Then it was fat. Now it’s Kid’s Meals….You’re Next Fatso!

The Liberal Food Police are coming for you, Barbara! 🙂

Political Cartoon by Lisa Benson

The 19th Hole

March 2009: The Obama administration maintains that the American Recovery and Reinvestment Act will create or save 3.5 million jobs overall by the end of next year.

Now: The jobless rate has been at or above 9.5 percent for a year and two months, the longest stretch since the Great Depression. The “underemployment” rate adds part-time workers who would rather work full time and jobless people who aren’t actively seeking work. It now exceeds 17 percent.(AP)

But don’t worry, It’s all the Republicans and Bush’s Fault!! 🙂

Or just have the media lie: The unemployment rate was unchanged at 9.6 percent during the month as the economy lost 95,000 jobs, due mainly to government layoffs. The private sector added 64,000 jobs, a point the president and his aides emphasized repeatedly this morning.”We’ve now seen nine straight months of private sector job growth,” Obama said after touring a small brick and masonry company in Bladensburg, MD. (NBC)

The 95,000 people who lost jobs this month are not in the Media’s equation. The unemployment rate, which many are now suspecting may be manipulated by the Administration was unchanged. Yet, the Ministry of Truth put the positive spin on it anyhow. Sure 95,000 lost there jobs but look at this nice shiny object over here….

So where is the President?
President Obama hit the golf course Saturday for what, by CBS News’ Mark Knoller’s calculation, was his 52nd such outing since taking office.

That’s 2-3 rounds per month average.
As I have said before, he doesn’t want to fix the mess, he wants to just mutate it into his own socialist “utopia” of “fairness”.

That was the “change” in “Hope and Change”.
The hope was, that like a high-risk invasive  radical surgery, that you’d survive it.
So you could be further exploited, after wards.

And when he’s not golfing, he’s campaigning like it’s 2008!

“He has a spectacular God given gift of communication,” says Democratic strategist Paul Begala, a former aide to Bill Clinton. “I just want him to use it to communicate to the American people what Republicans stand for.”
Not what Democrats stand for, mind you. Virtually no Democrat is running on that.

The day after his speech in Madison, where he had roused the crowd by saying, “I am telling you, Wisconsin, we are bringing about change, and progress is going to come,” Obama had a decidedly more difficult time convincing voters in a suburban Des Moines backyard that things were getting better.

When Mary Stier, mother of a 24-year-old college graduate who campaigned enthusiastically for Obama, told the president her son and his friends were struggling to find work and “losing their hope,” Obama launched into an explanation of the historic scope of the Great Recession. Then he listed his administration’s accomplishments, in health care, reforming student loans and the economy.

When he was finished, there was silence. Scanning the crowd, the president moved on to the next question.(Politico)

Obviously, these low life Neandertal were too awed by his magnificence to applaud or faint in his presence. So he moved on.

Just in case anyone mistakenly believes Obama has heard (or gives a rip about) the loud voice of the American people rejecting his socialism, appeasement, unconstitutional abuses of power and unpresidential combativeness and divisiveness, let me share a few tidbits.

–After House Minority Leader John Boehner, R-Ohio, issued a damning critique of Obama’s economic policies, the administration’s economic philosopher Joe Biden issued a rebuttal, assuring us it was their predecessor who got us into this mess. That’s novel.

–Obama renewed his war on Fox News, saying it is a “destructive” force in American society, while the White House lauded MSNBC’s Keith Olbermann and Rachel Maddow as providing “an invaluable service” to America.

–Rep. Paul Ryan reports that Obama’s latest “fiscal year ends in fiscal failure.” Congress broke for recess, “prioritizing election over stopping looming tax hikes.” It failed to complete any of the 12 annual appropriations bills, pass a budget resolution and stop the tax increases.

–The White House produced a bizarre tax video series, with the first one claiming that “objective economists” all agree that raising taxes in this bad economy would be good for the economy. Surreal.

–On a conference call, Obama and top administration officials beseeched thousands of faith-based and community organizations to “get out there and spread the word” in favor of Obamacare. You’ve gotta love the left’s consistency on church-state separation.

–In Rolling Stone magazine, Obama berated members of his base for their lethargy and “sitting on their hands complaining.” One leftist remarked, “I’ve never seen a politician run an election with the message ‘Don’t be stupid, quit your bitching and vote for me.'”

–When a coalition of health care groups recently urged Congress to withhold money from the Centers for Medicare and Medicaid Services under Obamacare, we were painfully reminded of Obama’s corrupt recess appointment of Dr. Donald Berwick to head the centers. The health care groups are trying to pressure Berwick to answer basic questions about his health policy views. Berwick has advocated rationing and insists that health care funding must be used as a vehicle to redistribute wealth. Obama appointed Berwick not unaware of these ideas, but because of them.

–Obama agreed to donate $100 billion to the United Nations. Andrea Lafferty of The Traditional Values Coalition wrote, “The U.S. taxpayer is forced to pay billions to an inefficient organization run by world leaders who hate America and the free market system.” Just so.

–Obama’s venerable partner, Vice President Joe Biden, said, “If I hear one more Republican tell me about balancing the budget, I am going to strangle them.” Yes, how dare Republicans voice the outrage of the people over the bankrupting of our children! And they talked about Cheney.

–Obama, the man who promised he would bring us together, fired yet another class warfare missile into the political mix, shifting his traditional argument against the Bush tax cuts from budget concerns to the “income gap.” In other words, the rich make too much and we ought to use the tax code to punish them. This is the same philosophy he espoused to Charlie Gibson when he admitted he favors increases in capital gains tax rates even though such increases reduce revenues — “as a matter of fairness,” i.e., punishing the rich even if it hurts everyone else.

–Obama’s Environmental Protection Agency admits its new greenhouse gas regulations could very well “slow construction nationwide for years.” For what? We know these green policies won’t appreciably reduce global temperature over the next century.

–With the disastrous consequences of Obamacare already unfolding before our eyes, Obama has already granted 30 exemptions and waivers to insurers, employers and union plans. If you were king, wouldn’t you?

–Rasmussen Reports reveals that just 36 percent of voters believe race relations between blacks and whites are improving — down from 62 percent in July 2009.

–Democratic Rep. James Clyburn says, “Next year, we may even get the public option.” Swell.

–Under Obama, the number of people receiving food stamps is at an all-time high: 41.8 million people, compared with 32 million when Obama began.

–The world apologist in chief apologized for experiments that infected Guatemalans with STDs more than 60 years ago.

–At a time when we need to encourage energy production, Obama’s Interior Department is poised to begin a major review of the process of approving offshore drilling without advance detailed environmental studies.

–BP spill investigators say the Obama administration was either lying or incompetent.

–Oh, yes, and don’t forget that Obama expects us to believe that $50 billion more in stimulus money would “jump-start” the economy, when $868 billion hasn’t. (David Limbaugh)

So it’s fool me one, same on you. Fool me twice,shame one me! 🙂

News of The Day

Quote of the Century: “It is the biggest bang for the buck when you do food stamps and unemployment insurance. The biggest bang for the buck,–Speaker Pelosi.

“It is an unassailable fact that in June, more food stamps were distributed by the government than ever before in American history. (It turns out that Barack Obama’s idea of spreading the wealth around was spreading more food stamps around.),” wrote Newt Gingrich.

It should also be noted that the Democrats were in power in Congress before President Obama got to the White House. So “the mess” that he constantly reminds us he “inherited” includes runaway spending by Congressional Democrats, of whom Senator Barack Obama was one of the more prominent big spenders. (Thomas Sowell)

The score so far: nearly 8 million jobs lost since the recession began in December 2007, more than 3 million since Obama took office in January 2009, and 350,000 since the “recovery” began that June.

But that’s Bush’s Fault, you know… 🙂

Government meddling — marked by a money-losing $700 billion TARP plan, a failed $862 billion “stimulus,” a job-killing health care overhaul, a burdensome and unneeded reform of the financial system, and the largest tax hike in U.S. history looming on Jan. 1 — is the cause of this (job) growth deficit.

Is that Bush’s Fault or the Republicans too? 🙂

Political Cartoon by Jerry Holbert
Michael Ramirez Cartoon

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FAKE TEA PARTY CANDIDATE

A New Jersey Republican congressional candidate criticized his Democratic opponent Friday amid mounting evidence that Democratic officials planted a tea party candidate in the race to siphon off conservative votes.

“My opponent, John Adler, represents everything that is wrong with politics in our country today,” Republican Jon Runyan said. “I would ask for an apology. But frankly, an apology from someone like Congressman Adler would be so meaningless that it’s not worth seeking.”

He spoke at a news conference as Adler, a first-term Democratic lawmaker, and his campaign remained mum about a report in the Courier-Post of Cherry Hill in which Democratic operatives speaking on the condition of anonymity confirmed what Republicans have believed for months: That tea-party candidate Peter DeStefano was put on the ballot by Democrats.

What have I been saying for over a year: Democrats believe in “the end justifies the means” so nothing is unethical, dishonest, or out of bounds. NOTHING.

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In an election year, this is the time for an “October surprise”– some sensational, and usually irrelevant, revelation to distract the voters from serious issues. This year, there are October surprises from coast to coast. There are a lot of incumbents who don’t want to discuss serious issues– especially their own track records.

This year’s October surprise that is getting the biggest play in the media is the revelation that California gubernatorial candidate Meg Whitman once employed a housekeeper– at $23 an hour — who turned out to be an illegal immigrant. It is great political theater, with activist lawyer Gloria Allred putting her arm protectively around the unhappy-looking woman.

But why anyone should be unhappy at getting $23 an hour for housekeeping is by no means clear. Maybe she is unhappy because Meg Whitman fired her when she learned that her housekeeper was an illegal immigrant, despite false documents that indicated she was legal when she was hired.

What is Meg Whitman supposed to be guilty of? Not being able to tell false documents from real ones? Is that what voters are supposed to use to determine who to vote for as governor of California? A far more important question is whether voters can tell false issues from real ones. (Thomas Sowell)

But when the shoes is on the other foot, blow it off:

In a private conversation inadvertently captured by voicemail, Democratic gubernatorial nominee Jerry Brown or one of his associates can be heard referring to his Republican opponent Meg Whitman as a “whore,” saying she cut a deal protecting law enforcement pensions while the two candidates competed for police endorsements.

The comment came after Brown called the Los Angeles Police Protective League in early September to ask for its endorsement. He left a voicemail asking Scott Rate, a union official, to call him, then apparently believed he had hung up the phone. The voicemail captured the ensuing conversation between Brown and his aides. (LA Times)

If everyone who made silly remarks when they were teenagers were prevented from being elected, at least half the elective offices in the country would be vacant. And since when is earning a high income in private industry a disqualification for holding public office?

The Obama administration has fewer people with real world experience in the private sector than any other administration in years. Maybe if they had more people with practical experience in the economy, we wouldn’t be in the mess that politicians created.

The big question for the election next month is whether the voters keep their eye on the ball and judge candidates by what policies they advocate or whether they can be thrown off the track by red herrings.

We have already seen in 2008 what can happen when voters fail to pay attention to a presidential candidate’s track record, and let themselves be dazzled by rhetoric, symbolism and media hype. We are losing not only our jobs but our country– and this could be our last chance to stop the Obama-Pelosi-Reid juggernaut. (Thomas Sowell)

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Political Cartoon by Chuck Asay
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David Vitter Campaign Ad:

Now here’s a group of smiling white folks with a big fat check made out to “all illegal aliens.”

Vitter check.jpg

Timothy Geithner’s signature is a nice touch.
A Truth in Satire. One of my favorite things 🙂
****
Homeland Security Secretary Janet Napolitano told Bill O’Reilly last night that the federal government hasn’t made a decision about whether to investigate if the maid of GOP gubernatorial candidate Meg Whitman lied on her employment forms.
“I think obviously this is ultimately a matter for California voters to decide,” Napolitano said on O’Reilly’s show.
So much for going after criminal illegal aliens… And when it was an Arizona issue and voters did decide, her boss sued them.
“I can tell you that our efforts over the past 19 months have resulted in more people being deported who have used bogus social security numbers who have criminal records who have committed crimes than in any other period in our nation’s history,” Napolitano said.
Just not this admitted criminal who stole a social security card, committed fraud and lied under oath.
She’s special. She’s the Democrats Pet Illegal. They drag her out to cry on cue and perform tricks for the media and if they hug, her and kiss her and make all you feel bad for her plight that’s  all good.
Disagree, you’re a racist. 🙂
And That’s the News. Good Night, Sleep tight, and don’t let the IRS bedbugs bite…

The Peasants are Revolting!

Speaker Nancy Pelosi 2/4/09: “Every month that we do not have an economic recovery package 500 million Americans lose their jobs.”

9/3/10: Obama said a recovery is taking place, but not at the speed he’d hope. “That’s why we need to take further steps to create jobs and keep the economy growing, including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest,” Obama said Friday. “In the weeks ahead, I’ll be discussing some of these ideas in more detail.”

Doesn’t the anticipation of more Keynesian economics just make you twitch with excitement? 😦

This is not “better than expected”; it’s worse than expected. This can be gauged not by market expectations for modest job creation, but by long-term experience watching how jobs are created in a normal recovery. By that gauge, we’re in the worst jobs slump since World War II.

Even the normally bland Surveys of Consumers, put out by Thomson Reuters and the University of Michigan, warned Friday that “the probability of a double dip (recession) is high enough for everyone to include such an event in their contingency plans.”

Job data can be misleading. Gallup’s biweekly measure of “underemployment” — the share of workers who are either unemployed or working part-time but want to work full-time — stood at 18.6% in late August, the highest level since June.

“Worse yet,” said Gallup, “(our) job data show that 28% of Americans 18 to 29, 24% of those with no college education, and 22% of women, were underemployed in August.”

For those who have no job but want one, it may be a long wait.

In 2009, President Obama vowed to create 3.5 million jobs, lifting the total by the end of this year to 137.8 million. The actual number as of August was 130.3 million — leaving, as Heritage Foundation economist J.D. Foster puts it, a “jobs deficit” of 7.5 million.

Put differently, at August’s pace of private-sector job creation — 68,000 a month — it would take more than nine years for Obama to reach his goal. And that assumes that there’s no growth in the work force at all.

If it wasn’t clear to everyone by now, it should be: All the actions this government has taken — the $700 billion TARP program, the $862 billion “stimulus,” the health care takeover, financial reform — haven’t “saved or created” 3.8 million jobs, as claimed. Instead, they’ve destroyed millions of jobs — and with them, the hopes and dreams of those who’ve lost the jobs.

But the administration remains clueless, hinting that it may seek another “stimulus” costing billions. This bunch is either willfully doing damage to the U.S. economy, or completely incompetent.

On Friday, the president actually patted himself on the back, saying the employment report was “positive news” that “reflects the steps we’ve already taken to break the back of this recession.”

If there’s one thing that marks this administration as different from others, it’s the steadfast refusal to remove its ideological blinders and learn from its mistakes.

The Democrats’ politicized housing and mortgage policies pushed our economy into its worst downturn since the Great Depression. So, of course, it’s a perfect time for the biggest tax increase in history.

Why is the economy still paralyzed after the president’s much-touted “Recovery Summer”? It may be that private investment, too, has been immobilized.

With unemployment now up to 9.6%, Americans fear that the economy won’t get moving again anytime soon. As a new report from Americans for Tax Reform shows, that fear is completely rational. The report outlines the impact of the largest-ever tax hike that’s coming in just 120 days as the Bush tax cuts expire.

On New Year’s Day, “The top income tax rate will rise from 35% to 39.6% (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10% to 15%. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.”

Of crucial importance to entrepreneurship and job creation, the top capital gains tax rate rises from 15% to 20% next year, while the top rate for taxation of dividends rises from 15% to 39.6%.

And, “These rates will rise another 3.8% in 2013,” ATR points out.

Then there are the 20 new or increased taxes dictated by the ObamaCare government takeover of the health care system. All told, Americans’ taxes will go up by $3.1 trillion, as Heartland Institute economist John Nothdurft noted in IBD last week.

With all that on the horizon for an already-crippled U.S. economy, the Obama administration has saturated the Internet with WhiteHouse.gov propaganda — like an interactive map in which you can “Roll over states to learn how many estimated jobs have been created and saved due to Recovery Act funding.”

Maybe playing with that map of fictional jobs on their computer can give unemployed breadwinners something to do.

The U.S. Chamber of Commerce in July sent an open letter to the president, Congress and the American people, warning: “Through their legislative and regulatory proposals — some passed, some pending, and others simply talked about — the congressional majority and the administration have injected tremendous uncertainty into economic decision making and business planning.”

“This is why banks are reluctant to lend and why American corporations are sitting on well over a trillion dollars,” the Chamber wrote. “It is why America’s small businesses and entrepreneurs, the engines of innovation and job creation, are starving for capital and are either struggling to survive or unable to expand.”

Amid all this, the president is reportedly mulling “emergency” infrastructure spending — another stimulus to throw tens of billions more in good taxpayer money after bad. (IBD)

Though the Democrats won’t call it a “stimulus” anymore. That word is persona non-grata. It’s now a “jobs bill” And how could you be against that? 🙂

But in reality, the Democrats are going into a siege mentality. The villagers are coming for them with pitchforks so they are shoring up their defenses.

It’s not like they can admit to being wrong. After all, they are the morally and intellectually superior Masters of all that they survey.

Eugene Robinson, Mega-Lefist: According to polls, Americans are in a mood to hold their breath until they turn blue. Voters appear to be so fed up with the Democrats that they’re ready to toss them out in favor of the Republicans — for whom, according to those same polls (by Liberals no doubt) , the nation has even greater contempt. This isn’t an “electoral wave,” it’s a temper tantrum.

Maybe the american people just need a time out in the corner to think about how badly they have been treating their Intellectual Superiors. 🙂

But at this point, it’s impossible to ignore the obvious: The American people are acting like a bunch of spoiled brats. (IBD)

It’s just a bunch of ignorant peasants wanting to storm the gates of their castle, after all.

To hold the line against Republicans, the House speaker, Nancy Pelosi, issued an urgent plea for members in safe districts to help their endangered colleagues by contributing money. She called out to Democrats who were delinquent on paying their party dues and instructed members with no re-election worries to tap into a combined $218 million from their campaign accounts to help save their majority.

“We need to know your commitment,” Pelosi wrote to lawmakers last week in a private letter, demanding that they call her within 72 hours to explain how they plan to help.

She added, “The day after the election, we do not want to have any regrets.”

They are circling the wagons. The hostile natives are after them and they have fight them off.

They have the liberal media to use as their ammunition.

So expect an all out nuclear war.

The following headline appeared at Time.com shortly after the release of Friday’s jobs report:

What’s Good About Rising Unemployment

What should jump out at the eagle-eyed reader is that headline didn’t end with a question mark.

Time senior writer Stephen Gandel was actually making the case that the rising unemployment rate was good news.

He also argues a fallacy: What economists know very well, but most of the rest of us do not is that the unemployment rate never hits 0%. It never even gets close.

So why are you worried now?  It’s not like we can solve the problem, so just be patient, you’re an ignoramus for being so short-sighted. 🙂

Watch just how far a liberal media member is willing to go today to make economic data look favorable for the Party currently in power, and imagine the unlikelihood of such a thing happening if a Republican was in the White House.(Newbusters)

You mean like, the uptick in unemployment is good because more people are LOOKING for work instead of sitting on their asses waiting for their Mama Government to take care of them?

Orwell would be proud of you my sons.

Not that they will find them. That doesn’t really matter in the end. Just the perception.

The Hope.

And Change. 🙂

And it won’t stop there. Many Democrats are running as “moderates” and “against Washington” and all I have to say to that is, stay tuned to see if voters remember and apply this old adage come Election Day: “Fool me once, shame on you; fool me twice, shame on me.”
So don’t be fooled.
And if the Republicans don’t get it, the same applies.
Period.
Cynthia Tucker (AJC): Our long, hot summer needed another ingredient to induce a fever-like madness in the national psyche: demographic change. Over the last year and a half, many Americans have begun to see a deeper message in President Obama’s inauguration — the end of the white majority. For some,  especially those who are middle-aged and older, it’s a jarring and unwelcome message.
Then she goes on to say she’s not calling you a racist…sort of. 🙂

While some prognosticators were naïve enough to believe that Obama’s election signaled the beginning of a post-racial era, it prompted something altogether different: a backlash against the browning of America. The winds of resentment would have blown in even if the economy were booming, but an anemic recovery provided the perfect fuel for a summer of discontent.

Timing is everything. Just as many Americans came to understand that the nation they knew was undergoing a dramatic demographic change, the economy collapsed. Unable to account for the disappearance of jobs and financial security, they linked those developments as cause and effect. The backlash is now at gale force.

So we’ve seen a summer of fury over illegal immigration, despite the fact that illegal border-crossings have plunged in the last two or three years, according to a new study by the Pew Hispanic Center. Islamophobia spiked as conservatives made a case against a proposed Islamic center two blocks from Ground Zero, claiming that it would represent a victory for jihadists. It didn’t seem to matter that the imam proposing the center has publicly denounced jihadists.

Just not terrorists, Iran, or Sharia Law. Nothing too big to fail. 🙂

So in the coming months as the Democrats turn up the spin to the point where the Earth should stop rotating because it, just keep it in mind this science fact:

If you raise the middle while trying to crush the top you squash the middle. 🙂

Trust Me

When a man assumes a public trust he should consider himself a public property. –Thomas Jefferson

Trust, but verify. –Ronald Reagan

If the people cannot trust their government to do the job for which it exists – to protect them and to promote their common welfare – all else is lost. –Senator Barack Obama August 2006

25% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as president. Forty-two percent (42%) Strongly Disapprove, giving Obama a Presidential Approval Index rating of -17. (Rasmussen)

For the past year, those giving Congress good or excellent marks have remained in the narrow range of nine percent (9%) to 16%, while 53% to 71% have rated its performance as poor. (Rasmussen)

Guess when the 71% was. Health Care “deem and pass” cram down talk in February. Right before they did cram it down your throat! 🙂

30% of Likely Voters say the country is heading in the right direction, according to a new Rasmussen Reports national telephone survey taken the week ending Sunday, August 8.

Confidence in the nation’s current course has ranged from 27% to 35% since last July.

Pew Research Center:

Distrust

Thomas SowellDemocracy: It’s an awful thing in a country when its people no longer believe the government protects them and their rights. Yet, a new poll shows that’s exactly where Americans are headed right now.

In a Rasmussen poll of 1,000 adults taken last Friday and Saturday, nearly half, or 48%, said they see government today as a threat to their rights. Just 37% disagreed. The poll also found that only one in five (21%) believe current government has the consent of the governed.

In other words, people think much of what our government does today is illegitimate — possibly even illegal.

For a democratic republic such as our own, this is extraordinarily dangerous. The Declaration of Independence and the Constitution were created explicitly to protect Americans’ rights by limiting the scope, reach and power of the federal government.

The Declaration promises “life, liberty and the pursuit of happiness,” and goes on to say that “to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed.”

In short, our government was designed to protect our rights — not to serve as an all-embracing nanny state that slowly, silently strips us of our ability to act as free individuals.

Bailouts, TARP, the takeover of the auto industry, nationalization of health care, the micromanagement of Wall Street and the banks, the expected $12 trillion explosion in U.S. publicly held debt over the next decade — all this and more adds up to a feeling of loss of control by the American people over their lives, both public and private, and a diminution of their rights.

The Founding Fathers understood this could happen. “Government is not reason; it is not eloquence,” George Washington presciently warned. “It is force. And force, like fire, is a dangerous servant and a fearful master.”

His generation understood it would be up to us, the citizens, to ensure government wouldn’t trample our rights. That’s what the Constitution was — an agreement to limit government to certain, carefully prescribed duties. And that’s why we vote.

Today, Americans feel their rights are threatened by a government that has grown beyond its constitutional bounds. Once merely a dangerous servant, our federal government is on its way to becoming a fearful master. The only question is, will we let it?

How did we get to the point where many people feel that the America they have known is being replaced by a very different kind of country, with not only different kinds of policies but very different values and ways of governing?

Something of this magnitude does not happen all at once or in just one administration in Washington. What we are seeing is the culmination of many trends in many aspects of American life that go back for years.

Neither the Constitution of the United States nor the institutions set up by that Constitution are enough to ensure the continuance of a free, self-governing nation. When Benjamin Franklin was asked what members of the Constitution Convention were creating, he replied, “A republic, madam, if you can keep it.”

In other words, a Constitutional government does not depend on the Constitution but on us. To the extent that we allow clever people to circumvent the Constitution, while dazzling us with rhetoric, the Constitution will become just a meaningless piece of paper, as our freedoms are stolen from us, much as a pick-pocket would steal our wallet while we are distracted by other things.

It is not just evil people who would dismantle America. Many people who have no desire to destroy our freedoms simply have their own agendas that are singly or collectively incompatible with the survival of freedom.

Someone once said that a democratic society cannot survive for long after 51 percent of the people decide that they want to live off the other 49 percent. Yet that is the direction in which we are being pushed by those who are promoting envy under its more high-toned alias of “social justice.”

Those who construct moral melodramas– starring themselves on the side of the angels against the forces of evil– are ready to disregard the Constitution rights of those they demonize, and to overstep the limits put on the powers of the federal government set by the Constitution.

The outcries of protest in the media, in academia and in politics, when the Supreme Court ruled this year that people in corporations have the same free speech rights as other Americans, are a painful reminder of how vulnerable even the most basic rights are to the attacks of ideological zealots. President Barack Obama said that the Court’s decision “will open the floodgates for special interests”– as if all you have to do to take away people’s free speech rights is call them a special interest.

It is not just particular segments of the population who are under attack. What is more fundamentally under attack are the very principles and values of American society as a whole. The history of this country is taught in many schools and colleges as the history of grievances and victimhood, often with the mantra of “race, class and gender.” Television and the movies often do the same.

When there are not enough current grievances for them, they mine the past for grievances and call it history. Sins and shortcomings common to the human race around the world are spoken of as failures of “our society.” But American achievements get far less attention– and sometimes none at all.

Our “educators,” who cannot educate our children to the level of math or science achieved in most other comparable countries, have time to poison their minds against America.

Why? Partly, if not mostly, it is because that is the vogue. It shows you are “with it” when you reject your own country and exalt other countries.

Abraham Lincoln warned of people whose ambitions can only be fulfilled by dismantling the institutions of this country, because no comparable renown is available to them by supporting those institutions. He said this 25 years before the Gettysburg Address, and he was speaking of political leaders with hubris, whom he regarded as a greater danger than enemy nations. But such hubris is far more widespread today than just among political leaders.

Those with such hubris– in the media and in education, as well as in politics– have for years eroded both respect for the country and the social cohesion of its people. This erosion is what has set the stage for today’s dismantling of America that is now approaching the point of no return.

“To those who claim omnipotence for the Legislature, and who in the plentitude of their assumed powers, are disposed to disregard the Constitution, law, good faith, moral right, and every thing else,” Lincoln declared in an early speech to the Illinois legislature, “I have nothing to say.”

In Lincoln, we have a glimpse of prudence in a liberal democracy; but it is also our best glimpse of it, and perhaps our best hope for understanding and recovering it, and our best hope for the possibility of statesmanship in an age of the partisan absolute, where ignorant armies clash by night. (Heritage.org)

Or on the Internet and the 24/7 News cycle…:)

Trust:
reliance on the integrity, strength, ability, surety, etc., of a person or thing; confidence.confident expectation of something; hope.the condition of one to whom something has been entrusted.the obligation or responsibility imposed on a person in whom confidence or authority is placed: a position of trust.charge, custody, or care: to leave valuables in someone’s trust.something committed or entrusted to one’s care for use or safekeeping, as an office, duty, or the like; responsibility; charge.

The new “reach for hope” should be a renewal of trust. But Verify 🙂

The Ship is Sinking, Save the Apparatchiks!

Americans should all print this out and carry it everywhere . . .

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Council of Economic Advisers chairwoman Christina Romer is best known for drafting the February 2009 report “The Job Impact of the American Recovery and Reinvestment Plan,” which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included). Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That’s not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.

Predictably, the stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies. That and give $308 million in subsidies to BP before the Gulf oil spill disaster, and subsidize a study on what happens when monkeys snort coke.

Obama is adding to the economic misery by creating an environment of regulatory uncertainty. The Wall Street reform law Obama recently signed potentially requires 533 new regulations, 60 studies and 93 reports, according to the U.S. Chamber of Commerce. Obama’s Environmental Protection Agency has 29 active rulemakings, and there are 100 new rules on the Labor Department’s agenda and 26 at the Transportation Department.

Add Obama’s determination to raise everybody’s taxes by allowing the Bush cuts from 2001 and 2003 to expire Jan. 1, 2011, and it’s easy to why banks, businesses and consumers are hoarding trillions of dollars that could otherwise spur economic growth. And we haven’t even addressed the destructive effect on economic growth of Obama’s nationalization of major portions of the economy, including the banks, health care and the auto industry.

The economy is stalling, unemployment seems stuck at European levels of idleness, the federal deficit and the national debt are at historic highs, public confidence in Congress is at its lowest-ever level and big majorities of Mainstream Americans say Obama has the country on the wrong path. Obamanomics has failed miserably and it’s time for everybody in this town to admit it so we can move on.

But The Democrats and Liberals can’t and won’t do that. They can’t politically admit the stuff they have waited generations to cram down everyone’s throat is total crap on a stick!

“Recovery summer”? Time for another sobriquet.

So the little buggers went off on their 6 week holiday, BUT, nope they were ordered back by the likes of Speaker Pelosi

because they needed to pass a $26 Billion spending bill to give more money to public sector employees!

More money for their Peeps. The apparatchiks need more money!

On Friday, after release of the jobs report, Labor Secretary Hilda Solis touted the economy’s “turnaround” and credited “strong and immediate action” President Obama took after entering office. The only real problem, she hinted, was Republicans who refuse to support a $26 billion bailout for state and local governments and their pampered unions.

“There is no room for partisan roadblocks when Americans are depending on their government’s action and the stakes are so high,” Solis said. In this White House, economic recovery is always just one massive stimulus or bailout bill away. (IBD)

This would be the Hilda Solis who earlier this year created a PSA advising Illegal aliens to call her if their mean, capitalist boss was exploiting them so she could crack down on their boss!

And naturally, voting against it, is hurting children! 🙂

WASHINGTON — House members are giving up a couple of days reconnecting with folks in their districts this week to pass a jobs bill that Democrats say is crucial to the nation’s well-being.

The unusual in-and-out session was called because the Senate waited until last Thursday, after the House had already recessed for its summer break, to pass a $26 billion bill to prevent tens of thousands of teachers and an equal number of other state and local government workers from being laid off before the November election.

Oh no!  Not that! We can’t have public sector employees (unemployment rate 3%) hurt before the election while the little people have 9.5% (officially) closer to 18% in reality (with those who have given up) are in actual need but not politically necessary enough to care about.

“This legislation is about creating and saving American jobs, and preventing a double-dip recession,” House Speaker Nancy Pelosi said in announcing the special session just hours after the Senate passed the bill that the administration says could save the jobs of nearly 300,000 teachers and other public workers.

“It’s not a gamble,” he said, but “it would be gambling our childrens’ education to have them go back to school and find no teacher in the classroom or a larger class size.”-Rep. Chris Van Hollen, D-Md.

It’s all for the children…:)

Well, you’ve heard it hear first. Everything is now perfect and we’ll all be better off and the recession is officially been sorted by saving 300,000 public sector employees!!

Democrats should be staying home and listening to their constituents “instead of scampering back to Washington to push through more special interest bailouts and job-killing tax hikes,” said House GOP leader John Boehner of Ohio.

Republicans portrayed the special session as the Democrats’ pre-election gift to their labor union allies and objected to provisions to raise taxes on some U.S.-based multinational companies as a way to partially cover the $26 billion cost of the bill.

So raising taxes on evil capitalists to “save” some jobs will save us all.

Utopia is upon us all  🙂

REJOICE!

Bask in the splendor and the wonder that is Obamanomics!

Here’s the real record: America has lost 4.1 million jobs since Obama took office and 7.7 million since the recession began in December 2007. So most of the jobs lost have been under this administration. Whatever else you might call Obamanomics, “successful” isn’t it.

You’d never know that Democrats controlled Congress for Bush’s last two years, or that policies they enacted during their many decades in power — in particular, using Fannie Mae and Freddie Mac to issue trillions of dollars of mortgages to unqualified borrowers — are the root cause of our crisis.

As with most progressives, they believe bigger government is always the solution to our problems…(IBD)

So the Democrats stategy to stave off a political bloodbath is to SPEND EVEN MORE and then Blame Bush for it!

Haven’t we seen re-run before? 😦

Following release of Friday’s government report on unemployment and job creation, consumer and investor confidence has fallen to the lowest level of 2010. Just 21% of Adults nationwide now believe the economy is getting better. That’s down from 30% on Friday morning. The number who believe the economy is getting worse is now up to 54%.

The Rasmussen Consumer Index, which measures the economic confidence of consumers on a daily basis, slipped on Monday to 69.7. That’s down nine points since release of Friday’s disappointing jobs report and the lowest level of confidence measured since December 2, 2009. Eight percent (8%) rate the economy as good or excellent while 55% say it’s in poor shape.

Looked at on a month-by-month basis, consumer confidence increased on four of the first five months in 2010 and held steady in the fifth. However, it has fallen in the past two months, June and July.

But don’t worry, everything will be a utopia when these 300,000 government union people are kept off the unemployment line!!

Everything will be great when your taxes go up!  (sorry, “pro-growth revenue”)
or was that the Health Care Mandate that wasn’t tax, it’s a penalty, that’s a tax because of the Commerce Clause.

The Border is more secure now than ever! 🙂

When Social Security is officially broke (and it is).

When Medicare Advantage is slashed and your Health Savings Account is gutted.

When Fannie Mae and Freddie Mac (left out of financial reform) are bailed out YET AGAIN!

When your bosses taxes and regulations go up!

When evil capitalist pigs are crushed under the boot of Big Brother!

When the government runs your Health Care.

When Illegal aliens are granted Amnesty (but we’ll come up with an Orwellian term for it, like “deferred action”).

Rejoice in the grandeur and splendor of Obama, Pelosi, Reid!

OR ELSE! 🙂

The Ideological Deficit

The Democrats have found a new “religion”.

Complain about spending too much, only if it’s against their ideology.

And for no other reason.

Take the “Bush” Tax cuts.

The democrats know that the tax increases from this will hurt the economy badly, but because it’s Bush, they can’t stomach extending them so they play the “deficit” card which is hilarious since they just spent weeks bashing the Republicans for being “mean” and “heartless” because they wanted the unemployment benefits extension paid for instead of adding to the deficit!

In the end, the Democrats just passed it anyhow.

So they can raise the deficit for unemployment benefits (now going over 100 weeks straight with the average being 37) but keeping a tax cut with Satan’s name attached to it is not worth adding to their massive spending.

New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.

That’s taking partisan ideologicial politics to a new low.

The Democrats are effectively saying, if it doesn’t benefit them politically it’s not worth doing.

I also think they want to saddle the Republicans with it.

They know they are going to lose massively in November so what better way to play it than stick your opponent with the mess and then when the 2012 tax season rolls around and people are hit full-on in the face with the 2011 income tax increases you can have “sympathy” for them in the 2012 Presidential election and make it look like it was all the Republicans fault.

Or Bush’s fault.

Now is that too cynical?  I think not.

Fiscal Policy: Many voters are looking forward to 2011, hoping a new Congress will put the country back on the right track. But unless something’s done soon, the new year will also come with a raft of tax hikes — including a return of the death tax — that will be real killers.

Through the end of this year, the federal estate tax rate is zero — thanks to the package of broad-based tax cuts that President Bush pushed through to get the economy going earlier in the decade.

But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.

Resurrection of the death tax, however, isn’t the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it’s not just the rich who will pay.

The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.

Yes, it raises taxes on anyone who pays taxes, Period. Even the “poor”. So I guess he wants  to pander to the 47% who don’t pay taxes, women, and minorities in his apparatchik class and everyone else can just screw themselves…

But the damage doesn’t stop there.

The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.

Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000. Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers.

Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020.

But even more tax headaches lie ahead. This “second wave” of hikes, as Americans for Tax Reform puts it, are designed to pay for ObamaCare and include:

The Medicine Cabinet Tax. Americans, says ATR, “will no longer be able to use health savings account, flexible spending account, or health reimbursement pretax dollars to purchase nonprescription, over-the-counter medicines (except insulin).”

The HSA Withdrawal Tax Hike. “This provision of ObamaCare,” according to ATR, “increases the additional tax on nonmedical early withdrawals from an HSA from 10% to 20%, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10%.”

Brand Name Drug Tax. Makers and importers of brand-name drugs will be liable for a tax of $2.5 billion in 2011. The tax goes to $3 billion a year from 2012 to 2016, then $3.5 billion in 2017 and $4.2 billion in 2018. Beginning in 2019 it falls to $2.8 billion and stays there. And who pays the new drug tax? Patients, in the form of higher prices.

Economic Substance Doctrine. ATR reports that “The IRS is now empowered to disallow perfectly legal tax deductions and maneuvers merely because it judges that the deduction or action lacks ‘economic substance.'”

A third and final (for now) wave, says ATR, consists of the alternative minimum tax’s widening net, tax hikes on employers and the loss of deductions for tuition:

• The Tax Policy Center, no right-wing group, says that the failure to index the AMT will subject 28.5 million families to the tax when they file next year, up from 4 million this year.

• “Small businesses can normally expense (rather than slowly deduct, or ‘depreciate’) equipment purchases up to $250,000,” says ATR. “This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be ‘depreciated.'”

• According to ATR, there are “literally scores of tax hikes on business that will take place,” plus the loss of some tax credits. The research and experimentation tax credit will be the biggest loss, “but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.”

• The deduction for tuition and fees will no longer be available and there will be limits placed on education tax credits. Teachers won’t be able to deduct their classroom expenses and employer-provided educational aid will be restricted. Thousands of families will no longer be allowed to deduct student loan interest.

Then there’s the tax on Americans who decline to buy health care insurance (the tax the administration initially said wasn’t a tax but now argues in court that it is) plus a 3.8% Medicare tax beginning in 2013 on profits made in real estate transactions by wealthier Americans.

Not all Americans may fully realize what’s in store come Jan. 1. But they should have a pretty good idea by the mid-term elections, and members of Congress might take note of our latest IBD/TIPP Poll (summarized above).

Fifty-one percent of respondents favored making the Bush cuts permanent vs. 28% who didn’t. Republicans were more than 4 to 1 and Independents more than 2 to 1 in favor. Only Democrats were opposed, but only by 40%-38%.

The cuts also proved popular among all income groups — despite the Democrats’ oft-heard assertion that Bush merely provided “tax breaks for the wealthy.” Fact is, Bush cut taxes for everyone who paid them, and the cuts helped the nation recover from a recession and the worst stock-market crash since 1929.

Maybe, just maybe, Americans remember that — and will not forget come Nov. 2. (IBD)

And there’s always the Tax that isn’t a Tax because it’s a “penalty” but in court it’s a Tax– The Health Care Mandate. 🙂

After all, known communist and fired “green Jobs czar” Van Jones recently said:

While the federal government sinks deeper into debt than any time since World War II, former White House “green jobs” adviser Anthony Van Jones said it was time to stop worrying about budget deficits and pressure Washington to take more money from American businesses to fund larger social and infrastructure projects.

“This is a rich country. We have plenty of money, and if you don’t believe me, ask Haliburton,” Jones told a group of progressive bloggers and activists at the Netroots Nation (Think Far Left Hatefest) convention Friday. “There’s plenty of money out there; don’t fall into the trap of this whole deficit argument.”

“The only question is how to spend it,” he added.

Speaking of Spending Remember TARP, that bailout that was supposed to save the universe and create jobs?

Well, not so much.

How’s that Troubled Asset Relief Program going? Not so well. A review of TARP found that homeowners aren’t avoiding foreclosure and the decisions to close car dealerships were politically based.

The Home Affordable Modification Program, infused last year with $50 billion in TARP money by the Obama administration, was supposed to help 3 million to 4 million mortgage holders with their problem loans.

But according to a government audit, it has failed to “put an appreciable dent in the foreclosure filings.”

Neil Barofsky, special inspector general for the $787 billion Troubled Asset Relief Program, told Congress on Wednesday that fewer than 400,000 homeowners have had their mortgages permanently modified under the program.

“It’s just not a program that’s working for homeowners,” Elizabeth Warren, chairwoman of a panel charged with overseeing the bailout, also told Congress on Wednesday.

“It’s not a program in some cases that’s working for investors. And most importantly, it’s not a program that’s working for the economy over all.”

Warren, who resides on the other side of the idea spectrum from us, said the problem with the program is “It’s too slow. It’s too small.”

But at least we have $20 Billion dollars in signs touting how great it is (each sign cost $10,000 a piece).

Her position is based on a faulty assumption: that the federal government, which is rife with fraud, waste and corruption, is able to effectively implement even a small program. She is expecting an unwieldy bureaucracy to do something that it cannot — and should not — do.

Another function of TARP, the auto dealership closing program, also took criticism in the review. More than 2,000 dealerships were closed as a cost-cutting measure in Washington’s bailout of Chrysler and General Motors. But the closings weren’t business decisions. They were political.

And they cost jobs.

“Treasury made a series of decisions that may have substantially contributed to the accelerated shuttering of thousands of small businesses and thereby potentially adding tens of thousands of workers to the already lengthy unemployment rolls — all based on a theory and without sufficient consideration of the decisions’ broader economic impact,” said Barofsky’s 45-page report.

According to the audit, the Treasury Department, which administers TARP, simply failed to show how the dealership closings were “either necessary for the sake of the companies’ economic survival or prudent for the sake of the nation’s economic recovery.”

The Barofsky report says some GM “dealerships were retained because they were recently appointed, were key wholesale parts dealers, or were minority- or woman-owned dealerships.”

Further underscoring TARP’s institutional problems is Barofsky’s finding that the government has been throwing taxpayers’ money at the country’s financial system that it wasn’t authorized to spend.

“Indeed, the current outstanding balance of overall federal support for the nation’s financial system has actually increased more than 23% over the past year, from approximately $3 trillion to $3.7 trillion — the equivalent of a fully deployed TARP program,” says the report.

The money has been allocated “largely without congressional action, even as the banking crisis has, by most measures, abated from its most acute phases.” Worse, much of the unauthorized expenditures was doled out to Fannie Mae and Freddie Mac, the quasi-government mortgage institutions that are largely responsible for the 2007-08 financial meltdown.

Fannie and Freddie were explicitly excluded from the “financial reform” package.

It’s no coincidence that TARP has been a big part of one of the ugliest economic eras in American history.

We wouldn’t be surprised if historians one day look back and find that TARP was a significant contributor to the depth and length of the current slump.

Unless you’re a Journo-List Media biased ideological “journalists” or historian that distorts the facts to suit Big Brother’s Ideological Agenda that is. 🙂

Michael Ramirez Cartoon

Freedom a Dinosaur?

Recommended Viewing: Gov. Christie of NJ gives a whining member of the teacher’s union a slap back. For once, someone who will stand toe to toe with liberals and push back!

http://www.youtube.com/watch?v=yuri7p_9pm4&feature=player_embedded

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Now on to the Financial “reform” bill being finalized in the Congress.

It’s supposed to protect you and me from “too big to fail”.

It’s supposed to protect the consumer against the greedy capitalist pigs called Banks.

Naturally, these are Liberals, so it doesn’t really do that at all.

Just like Health Care reform wasn’t really about Health care. It was about granting the government the power to decide who lives and who dies. Period.

Well, here’s the next nail in your coffin.

But, we are from the government and we are here to help you!

The bill authorizes the Secretary of the Treasury – a political appointee – to seize any financial company (bank or nonbank) simply because, in his opinion, it is too big to fail and in danger of insolvency.  This power can be used for political retribution, pressure for campaign funding, or any other abuse bureaucratic whim or partisan politics can conceive.  It is a power Fidel Castro or Hugo Chavez would love to have!

The legislation also requires that any business that extends credit, in any form, needs to clear the loan instrument in advance with the new consumer protection agency.  The backlog of pending applications will strangle consumer credit.

And the bill fails to do the one thing it must do — regulate derivatives and make them transparent.  Senator Chris Dodd (D Ct) bowed to pressure from his sponsors on Wall Street and deleted the regulatory provision and set up a commission to study the situation for two years!  Senator Maria Cantwell (D Wash) protested the cop out with a no vote against the legislation.

These would be the financial fake money traders who caused the problem in the first place when all the bad debts from the subprime mortgage debacle-in-waiting started and eventually crashed.

Curiously, this was championed by the same guy who also championed the Subprime Mortgage mess, Now-retiring Sen. Chris Dodd.

Coincidence I think not.

So how did it pass?  Four Republicans sold out, that´s how!  Among the RINOs were, of course, Susan Collins and Olympia Snow of Maine.  But, surprisingly, Scott Brown (R Mass), the newly elected Massachusetts Miracle defected as did the normally stalwart Chuck Grassley (R Iowa).

Now the federal government has effectively taken over about one third of our national economy by passing Obamacare and regulatory reform in almost the same breath.
But that is only part of the story. The bill gives the secretary of the treasury (appointed by the president) powers that are a dictator’s dream come true. He would have the power to seize any bank or financial institution if, in his opinion, it is in danger of insolvency. One can imagine the threats coming from the White House to those banks who failed to make campaign contributions or endorse the presidential agenda.

Then there are the implications for our individual lives. The bill, as we explained in a previous story, would give the feds the right to peer into our bank accounts . . . yours and mine. But also the banks would have to get permission from the government to make individual loans. This is not merely a bank getting general approval to make loans. It is banks going to the government for approval of each and every individual loan.

It might look like this. John Smith goes to First Bank of Elm Street and asks for a car loan. The bank then sends an application to the federal government asking for permission to loan Mr. Smith the money. The feds look at Mr. Smith’s bank statement and find that he contributed money to the president’s political opponent last election. Mr. Smith can forget about his car loan . . . or home loan . . . or financing a new pair of socks.

With possible implications also, according to Glenn Beck, that it will be the “fault” of the lender if the person who they loan the money to defaults.

So imagine this: Your a Bank. If you loan Mr. Smith money, for say a house, and he defaults. He can go to the Consumer advocacy bureaucrats and complain that his rate was too high or whatever and the government can just say,” Bank, you were too greedy” and that’s that.

Now if you were a bank, would you loan any Mr. Smith’s any money?

And the economy comes to a grinding halt.

But at least your safe from greedy capitalist pigs!!

The Financial Stability Oversight Council will be created and identify non-bank financial companies that “may pose risks to the financial stability of the United States in the event of their material financial distress or failure”

So if the government “deems” you too big a risk they can come in and break up your company, fire anyone they like and do what they deem necessary to “protect” you from these greedy capitalist pigs! 😦

The Bureau of Consumer Financial Protection will be created — for you. They’ll be able to limit what financial products and services can be offered to consumers. And the bill mandates any financial institution that takes deposits, keep a record of the number and amount of those deposits and that customer addresses be “geo-coded for the collection of data regarding the census tracts of the residences or business locations of customers.” Geo-coded? Are they linking deposits to the Census Bureau?

They claim to be protecting you from “unfair and deceptive” practices. Unfair and deceptive are two words that are defined and often used in our laws, but there is another word they put in the bill: “abusive.” What does that even mean? No one really knows because it has not been used in this context before. Will its definition be up to the new super regulator who will be in charge of the agency? What is abusive? What if someone defaults on their loan or their house is foreclosed upon and they say “the interest rate is too high” or “I did not understand adjustable rate would adjust up” or “I am old, you should’ve explained it to me.”

Will the regulator decide the lender was abusive? It puts the pressure on the lender to not only offer full disclosure, but take full responsibility. Don’t worry if you can’t pay your loan, blame it on the abusive greedy bank.

Glenn Beck continues…

And here’s what is coming in the House’s financial bill:

First and foremost, it does nothing to address the problems with Fannie Mae and Freddie Mac. Those two helped create the housing mess and then needed a $125 billion bailout, which they haven’t even scratched the surface on a payback.

It creates a special protected class of “too big to fail” firms. In section 113, a “Financial Stability Oversight Council” is established, which will choose the firms deemed too big to fail. Hmm, can you think of any other massive financial institutions that don’t care if they fail because they know they will be bailed out by the government? Fannie and Freddie. So not only is this bill not doing anything to stop Fannie and Freddie, as they continue to lose hundreds of billions of taxpayer dollars, this bill will create more of them.

Provides for seizure of private property without meaningful judicial review. The secretary of the treasury can order the seizure of any financial firm that he finds “in danger of default.” Again, a bureaucrat arbitrarily getting to make the distinction to just take over a financial firm whenever they feel like it. And, once the decision is approved, it’s nearly impossible to reverse.

This Financial Stability Oversight Council, they’ve got nine regulatory authorities out there and this expands the reach outside of just financial firms. They can declare if a non-bank financial firm (insurance, finance companies, hedge funds) are “in trouble.” And guess what? They can turn it over to the treasury for regulation. Again, this distinction is completely arbitrary and comes from bureaucrats.

Opens a line of credit to the treasury for additional government funding. Guess who’s irrelevant? You are, Congress! No more begging those pesky politicians for billions of dollars, like with TARP. No, we’ll just skip that and tap the ATM.

Regulators can guarantee the debt of solvent banks as well. If there is a ‘liquidity crisis’ …

The bill creates a new “Bureau of Consumer Financial Protection.” They just want to “protect” consumers. Uh-huh. This bureau will have broad powers to limit what financial products and services can be offered to consumers.

It’s supposed to help, but it will only reduce choices and likely make credit more expensive and harder to get. It also allows them to track all of your financial transactions, just to “protect you.”

Non-financial firms would be subject to financial regulations. Listen to how broad this is: Section 102 defines a “non-bank financial company” as a company “substantially engaged in activities… that are financial in nature.” Aren’t all companies financial in nature? Sure, bakeries are making cupcakes and bread, but isn’t that financial in nature?

And they’re making sure this bill is jammed down America’s throat by, I’m not kidding, July 4th.

So here is the Frankendodd monster giving us our independence by chaining our children and our freedoms by snooping through our credit cards.

This fits the progressive agenda to a T: Power and control. These guys are power hungry. This financial bill is the biggest reform since FDR. We’re making the same mistakes we make in the 1930s, except the first time we made these mistakes, the American people didn’t know what progressives were really about and there was no global structure in place. When FDR died in office, we could still reverse many of the things he tried to do. But this time, we won’t be able to, because your representatives won’t have any control.

Again: “Governance is not government — it is the framework of rules, institutions and practices that set limits on behavior of individuals, organizations and companies.”

Again, I ask you to call your representative at the IMF and complain if you don’t like that fact that America spent $50 billion in tax money to bail out Greece. Call your representative at the U.N. and say you won’t vote for him next time. Contact the World Bank and let them know that you’ll close your bank account with them if you have to.

This is why all of this matters: You have no representation. It’s just the way the world is now. It’s a global community.

Another thing FDR did not have, but Woodrow Wilson did, was Cass Sunstein.

He’s the regulatory czar, the head of the Office of Information and Regulatory Affairs. He controls everything — he nudges you. He never tells you what to do — he nudges you. Remember “The Truman show”? Sunstein is the director up there in the control room. You still have his “freedoms.” Sunstein is just using a lot of “choice architecture” around you.

Cass Sunstein has wanted that job in the control room his whole life — his whole life! In 2008, on the campaign trail, he went on a date with his soon to be wife, Samantha Power. She asked him what his dream job was. She said, “I expected him to say he dreamed of playing for the Red Sox… his eyes got real big and he said, ‘Ooh! OIRA!'”

Most people will say what’s the big deal with that job? Here’s a guy who’s wanted this job. What kind of geek wants this job? Well, any geek who knows history knows that’s one of the most powerful jobs in the world. You are looking at the power of the Fed and more.

Oh, by the way, if this financial regulation bill passes, how much control does government have over the economy? Twenty percent? Forty-eight percent? No — 60 percent.

We are teetering on the brink of totalitarianism in the land of the free. Folks, write your congressmen while there is still time.

But at least the government is looking out for you! 😦

*******

An analysis of government data by USA Today found that “paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year.”

That’s only part of this sad story: “At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010.”

If the share of private-sector pay is shrinking, income from government must necessarily be growing. Sure enough, during the first quarter, the federal government added 81,000 jobs while the private sector lost 4.71 million.

President Obama wants more. He’s asked federal agencies to accelerate and streamline hiring of federal workers at a time when laying off bureaucrats would be the far better course.

Even before Obama began to push federal hiring, working for Washington was a lucrative career choice. In 2008, the typical federal worker took home on average $67,691 in salary compared with $60,046 for the private sector.

During the first 18 months of the recession, USA Today reported in December, “Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants — and that’s before overtime pay and bonuses are counted.”

Government workers have also avoided the job losses we’ve seen in the private sector. Their unemployment rate from 2007 to 2010 has been 3%; the rate across private industry has been 7.9%.

************

And finally, this liberal ditty. Now keep in mind the Liberals have no problem with a 13-story Islamic mosque being built practically across the street from ground zero by a radical muslim cleric…

But they do object to…The American Flag!!

(But don’t expect the Ministry of truth to tell you this one.) 😦

An Army veteran in Wisconsin will be allowed to display an American flag until Memorial Day, but the symbol honoring his service in Iraq and Kosovo must come down next Tuesday, his wife told FoxNews.com.

Dawn Price, 27, of Oshkosh, Wis., said she received a call from officials at Midwest Realty Management early Wednesday indicating that she and her husband, Charlie, would be allowed to continue flying the American flag they’ve had in their window for months through the holiday weekend. The couple had previously been told they had to remove the flag by Saturday or face eviction due to a company policy that bans the display of flags, banners and political or religious materials.

“It’s basically an extension so we can fly the flag on Memorial Day,” Price told FoxNews.com. “It does need to come down after that.”

Charlie Price, 28, served tours of duty as a combat engineer in Iraq and Kosovo, his wife said. To honor his eight years of service, she began decorating their apartment during Veterans Day in November. An American flag topped off the display, she said.

“I knew it made Charlie really proud to see that,” she said. “And this isn’t something new. This has been up for quite some time now.”

Veterans’ groups were furious at the realtors’ refusal to allow the flag to fly.

“As a veteran, it sickens me that the Dawn and Charlie Price’s building management company would imply that the American flag could be construed as offensive by their residents,” said Ryan Gallucci, a spokesman for AmVets.

“We’re talking about our most revered national symbol. This is insulting to anyone who has defended our flag honorably, like Charlie Price.”

Dawn Price said she now works to amend the federal Freedom to Display the American Flag Act of 2005, which states no “condominium association, cooperative association, or residential real estate management association” may stop someone from flying the American flag. The law, however, does not apply to renters.

“This has been eating at us since Friday,” she said. ‘The best way to fight this isn’t getting an eviction and going after these people in court. That’s just going to cost us a lot of time, energy and money.”

Instead, Dawn Price said she either intends to place a curtain between the flag and the apartment window to block it from onlookers or will move it to a rear balcony come next week.

“We don’t want to fight the eviction,” she said. “We know we’d lose.”

Officials at Midwest Realty Management, which manages Brookside Apartments, where the Prices live, did not return several messages seeking comment. In a statement to the Oshkosh Northwestern, company officials said the policy was established to provide a consistent living environment for all residents.

“This policy was developed to insure that we are fair to everyone as we have many residents from diverse backgrounds,” the statement read. “By having a blanket policy of neutrality we have found that we are less likely to offend anyone and the aesthetic qualities of our apartment communities are maintained.”

Despite the brief reprieve, Dawn Price said her husband is disappointed by the flag flap.

“He actually sees it as a slap in the face to his service,” she said. “He’s pretty upset about it, especially right around Memorial Day.”(FOX)

*******

But the good news, if there is such a thing these days, there’s a Tea Party in San Francisco!!

No, the world did not end because of this fundamental contradiction.

But great “Unifier” can’t even win in San Francisco these days.

So there is hope.

Hope FOR Change.

Or else, in my lifetime, it will all go the way of the dinosaurs….

Freedom of Information

“You’re are coming of age in a 24/7 media environment that bombards us with all kinds of content and exposes us to all kinds of arguments, some of which don’t always rank that high on the truth meter.  With iPods and iPads and XBoxes and PlayStations — none of which I know how to work — information becomes a distraction, a diversion, a form of entertainment rather than a tool of empowerment, rather than the means of emancipation.”

Emancipation?  Curious choice of word there, or was it? 🙂


“All of this is not only putting new pressures on you, it is putting new pressures on our country and on our democracy.”

The Pressure being that he can’t lie as freely as past generations could.

As Liberals have control of most of the Ministry of Truth they do a good job of trying.

Hence the push for “net neutrality” aka government control of the internet information, the biggest thorn in his side.

People like me. 🙂

“So many voices clamoring for attention on blogs and on cable, on — on talk radio. It — it can be difficult at times to sift through it all, to know what to believe, to figure out who’s telling the truth and who isn’t.”–Obama at Hampton University

And, of course, the government is always telling the truth…
But then there’s: “President-elect Barack Obama has repeatedly said how much his BlackBerry means to him and how he is dreading the prospect of being forced to give it up, because of legal and security concerns, once he takes office,” and he did not give it up, he still has it.  So as usual it’s “do as I say, not as I do.” NYT
Perhaps it’s easier these days to spread disinformation, but it’s also easier to correct it. If the president doesn’t know how to use these devices, how does he explain the June 26, 2008, issue of Rolling Stone noting that Bob Dylan, Yo-Yo Ma, Sheryl Crow and Jay-Z were featured on his, uh, iPod.

Maybe it’s programmed for him, like his teleprompters?
In this administration, freedom of speech, press or information is a distraction and a threat. That’s why they sought to impose the doctrine of “net neutrality” on the Internet. In the name of opening up broadband to all, it’s designed to suppress the voices of those who have competed in the marketplace of ideas and won.
Being informed depends on information and the free flow thereof, with no one, especially not the government, being the final arbiter of truth. That’s for the individual to decide. That’s why in words inscribed in a frieze below the dome of his memorial in Washington, D.C., Jefferson said: “I have sworn upon the altar of God eternal hostility against every form of tyranny over the mind of man.”
We disagree with what some have to say, but will defend to the death their right to tweet it.
(IBD)

Speaking of Free Speech…

“up” Chuck Schumer and  Sen. Van Hollen have introduced legislation (supported by the Obama administration) reimposing the same type of First Amendment restrictions that the United States Supreme Court recently declared unconstitutional in Citizens United v. Federal Elections Commission  (FEC). In other words, their response to having free speech limitations overturned by the Supreme Court is to roll the same rock back up the same hill.

Under their bill, all contractors with the government and recipients of Troubled Asset Relief Program (TARP) funds would be prohibited from U.S. election spending. The legislation would impose that same prohibition upon American businesses with as few as 20 percent of shares owned by foreign nationals, or whose boards of directors happen to have a majority of foreign nationals. (No word yet on whether Schumer, Van Hollen or the Obama administration will recognize their error and suddenly amend their bill to except illegal immigrants.)

But note one big-spending group that Schumer and Van Hollen suspiciously omitted from their prohibition: labor bosses.

According to a report in The Hill quoting Loyola Law School election law professor Richard L. Hasen, Big Labor may receive a free pass in the bill:

“Hasen said some of the biggest campaign spending restrictions in the summary would only affect corporations. For example, large federal contractors, recipients of government bailout funds who have not repaid the money and foreign-owned companies would be banned from election spending. ‘There are no foreign-owned unions, and unions are not government contractors,’ Hasen said. ‘The biggest limitations in this bill apply only to corporations because there are no parallels in the labor world.’“

There is simply no logical or ethical justification for exempting union bosses from the same restrictions that would limit their employer counterparts, considering the hundreds of millions in union members’ dues redirected toward union-friendly politicians. The Service Employees International Union (SEIU) alone spent approximately $85 million to elect Obama and Democrats in 2008.

That’s 85 hardworking union members that the SEIU could make millionaires using the same money that it instead spent on political campaigns.

Sadly, that enormous campaign spending explains why Big Labor is excluded from the bill.(Daily Caller)

This is the way it used to be and they want it to be again. When the Court struck down the Campaign Finance Law, it wasn’t free speech that the Liberals were mad about, it was the competition.

They were no longer going to be the big stick on the block.

The biggest Bully.

The biggest purveyor of misinformation and disinformation.

And we all how much Liberal hate competition. 🙂

The sight of the American flag in America—even on Cinco de Mayo—should not be a source of offense to Americans of Mexican descent, but pride, providing of course that one sees him or herself as an American first. And here is the point that this young woman, the school administrators and a handful of sympathizers seem forever not to grasp. Americans do not want to be an extension of Mexico! Indeed many of us have had a peek south of the border and do not like what we see. The political culture and the values that support it hold little interest for those proud of our flag and “the republic for which it stands.”

Among many Americans, there is a growing sense that immigrants to this country have no interest in becoming Americans. Illegal immigrants are largely seen as people who disrespect our laws, our language, and our traditions. More significantly, they are viewed as taking advantage of everything this nation has to offer and yet refusing to assimilate into our American culture. The political class says that these fears are unfounded, and the elite label such thoughts as bigoted. And yet we are treated to stories like this one, wherein American children are sent home from school for wearing an image of the American flag. Should we believe the political elites? Or our lying eyes? (Daily Caller)

And lying eyes are everywhere… 🙂

A Dirty Little Secret

Two Things before this mornings article.

1) the old admonition that “if it seems too good to be true, it is”

2) I have hated GM my entire life.

As I have said before I grew up in Flint, Michigan. A town ruled by GM.

There was no doubt about this at all.

In my childhood their were 7 Chevrolet (which is GM) Plants and a Engine Plant. (Now: ZERO planets!)

They were the town.

There was even a sign just south of town on I-75 that proclaimed “Welcome to Buick City” not Flint, but “Buick City”.

But the reason I hated them?

Largely the same reasons I detailed yesterday about the why I soured on Baseball later in life.

Greedy people arguing about who could be greedier.

Unlike Obama, I don’t begrudge people working hard to make more money and I don’t think “at some point you’ve made enough” as he does but I also don’t like greed for greed’s sake. And greed just for the sake of screwing someone over.

Power Politics.

Not economics.

It was seared into my memory, sitting in a barber shop in the mid-70’s when the news story came over the speaker that the UAW was going on strike AGAIN, this time because they only made $28.00/hr!

Think about that? In the Mid-70’s under home state President Gerald Ford.

And they were Mad as hell and they were going to punish GM and the town for it!

So GM would give into the strikers, then they’d lay off 5 or 10,000 of them and then the Union would hit them again at collective bargaining.

They were out to destroy each other and see who could screw each other the most next time around.

It was the endless war.

As I have said before, there were only 2 kinds of people driving Cadillacs (GM) in town, pimps and auto workers.

Which one was which, didn’t matter in the end.

So when the bailout GM came down (But not Ford, also headquartered in the Detroit area, but NOT nearly as notorious for any kind of labor strife and never took a dime of bail out money) I knew right off that it was a bailout of the UAW and the decades of  “screw you” politics.

And it was.

But now we turn to commercials that are just too good to be true.

And it turns out, they are.

Ally Bank.

Been advertising as some kind of kinder, gentler, more people-friendly bank.

They have cute kids. They have mean adults.

They have catchy slogans. (“Even kids know its wrong to hide behind fine print,”–Oh the irony!)

But I just found the snake in the paradise of the better, more compassionate and sensitive bank.

General Motors! (GMAC to be precise)

The US Government owned Car Company.

The company owned by tax payers, (aka “the customers” of this bank technically).

The UAW in reality.

And then there’s GM’s commercials where they says they’ve paid back their loans.

Which is a bold faced lie.

GM has decades of practice at it.

General Motors’ false advertising that it has paid back its bailout money “in full” has prompted harsh criticism. Yesterday, Competitive Enterprise Institute Attorneys Hans Bader and Sam Kazman filed a complaint asking the Federal Trade Commission to investigate these claims, noting “GM has only repaid a fraction of those funds—barely ten percent, and “moreover, GM apparently repaid its loan by using other federal funds [emphasis in original]”

As Bader wrote recently in The Daily Caller, “that money is a drop in the bucket compared to what GM has received from taxpayers” Similarly, criticizing both GM and the Obama administration for trumpeting the “in full” claim, New York Times liberal business columnist Gretchen Morgenson proclaimed, “Employing spin and selective disclosure is no way to raise taxpayers’ trust in our nation’s leadership.”

Now, the correct focus on spin and selective disclosure in GM’s claims should extend to an advertising campaign for another recipient of bailout funds—an entity directly affiliated with GM. At around the same time the government was doling out money to the auto companies, it gave $17.2 billion to General Motors Acceptance Corporation, the financing arm for GM dealers and consumer that over the decades had extended itself into home mortgages and other commercial credit.

GMAC has come to the government three separate times to feed at the TARP trough, and it may not be done yet. Nina Rosenwald, editor-in-chief of the savvy opinion site HudsonNY.org, calls the firm a “serial bailout sweetheart.” In March, the Congressional Oversight Panel on TARP, which has a majority of members appointed by congressional Democrats, blasted that bailout as “baffling” in a report. “A company that apparently posed no systemic risk to the financial system, that did not seem to be too big to fail, too interconnected to fail, or indeed, of any systemic significance, was assisted to the extent of a total of $17.2 billion of taxpayers’ money and became one of the five largest wards of state,” the panel stated.

The Federal Reserve also made the unprecedented move of granting GMAC the status of a bank holding company able to access the Fed’s coveted discount window and other facilities. It is unprecedented for a bank affiliated with a non-financial company—and GM still owns 49 percent of GMAC—to have this access to Fed support.

So why the lack of outrage and attention to GMAC? Perhaps because the firm cleverly but deceptively changed its name for a large part of its operations. Much of GMAC is now Ally Bank.

You know Ally Bank. It has the commercials with cute kids to illustrate the supposed bad practices of the Ally (GMAC’s) competitors. “Even kids know its wrong to hide behind fine print,” one of the commercials states.

Yet the whole basis of the commercials is to hide the “fine print” that Ally (GMAC) has received massive bailouts from our tax dollars. And the kids in the commercials and other American kids are going to be stuck with a huge tab for the bank’s subsidies. These commercials may not have legally actionable false claims, as we contend GM’s do, but certainly many of the bank’s customers would reconsider if they were aware of its troubled past and government largesse.

The worst part is that Ally (GMAC) is using money from these very bailouts to stamp out competition from its unsubsidized rivals. As Rosenwald puts it:

“GMAC, it seems, would like to attract customers to transfer their accounts over to Ally from unsubsidized private banks, by offering better terms and interest rates—using your money in the process. This, of course, stacks the deck in competing for customers and financing against private banks and other car companies that do not have the benefit of government subsidies or guarantees—even though GMAC made terrible loans, and the private companies may have done everything right.”

The Congressional Oversight Panel echoes these concerns about the effect of the Ally (GMAC) distorting and possibly reducing competition as well as well the viability of GMAC. “Many questions remain unanswered with respect to Ally Bank,” the report states. “How much, if any, of the projected $10 billion loss of TARP funds allocated to GMAC is attributable to Ally Bank and its payment of above-market rates of interest? If the answer is one dollar or more, why has Treasury committed the taxpayers to subsidize these rates?”

On Ally’s website: GMAC Inc. announces intention to rebrand to Ally Financial Inc. on May 10, 2010.

The jig is up apparently.

I guess we have some more kids on the employment line.

I guess that was the fine print. 🙂

So what’s next, the fine print in Health Care? Cap & Tax? Immigration? Financial Reform?

No wonder as a kid I read the fine print at the bottom of the commercials, it’s was good training for life under Liberals.

I recommend it. 🙂

How’s That “New” Image Working

President Obama and the Liberals all said we needed to “improve” our image all over the world and to apologize for the “cowboy” attitudes of George W. Bush. To erase the the “ugly american”.

So he went around the world apologizing to everyone and anyone would would listen.

And proclaimed it a success.

So when I saw this story on FoxNews, I chuckled cynically:

Looking for a job? Well, if you’re an “arrogant American,” you had better search elsewhere.

An information technology staffing firm based in Rolling Meadows, Ill., posted an advertisement for a technical writer that warned that an “arrogant American” would not flourish in the position.

“Exelon is looking to provide these proposals to Chinese businesses, so someone who is respectful and understands Chinese culture is preferred. An arrogant American will not work well in this role,” the listing read.

The ad, posted by Viva USA, an information technology consulting firm, has since been removed. Varuna Singh, the company’s development manager, told FoxNews.com it received the language from its client, Exelon Nuclear Partners, and the wording somehow got past a “junior recruiter” who posted the advertisement on CareerBuilder.com.

“We are taking it down immediately, this was a mistake,” Singh said. “This was not wordage by Viva. This was sent into us by the client, but we, as the staffing company, should have looked into it before posting.

Singh apologized for the error, citing “negligence” on the company’s behalf.

Judith Rader, a spokeswoman for Exelon, said the company apologizes for the “offensive and inappropriate” language contained in the job posting.

“Exelon was surprised and very disappointed to see this job posting including this offensive and inappropriate language,” a statement to FoxNews.com read. “This statement was not approved by Exelon and in no way reflects the company’s policies and values. We regret that this language appeared in recruiting materials that were prepared by a third party and not approved by Exelon. We apologize for this error and the offense it has caused. We are taking steps to ensure this does not happen again. Exelon is deeply committed to diversity and inclusion, and we make every effort to attract and retain talent of all backgrounds.”

The “apology” is very Politician-speak isn’t it?

By the way: Exelon is a provider of energy services with an electric and natural gas distribution and is the largest nuclear operator in the United States.

You know the 8.5 billion Obama just promised for building a new plant. Hmmm…

Ferne Wolf, a St. Louis-based employment law attorney, said the posting “sounds like national origin discrimination” and suggested the advertisement be brought to the attention of EEOC officials.

“I think a jury could reasonably conclude that there’s already a predisposition [by the firm] that Americans are arrogant,” she said. “That’s like saying ditzy blondes need not apply.”

Maybe they’ll hire a Muslim. 🙂

From Iran-Daily.com

A prominent national Muslim civil rights and advocacy group today called on Congress to probe allegations of anti-Muslim bias at the taxpayer-funded agency that advises the president and other government officials on issues related to religious freedom worldwide.
Current and former staff and commissioners of the US Commission on International Religious Freedom say the agency discriminates against Muslim staffers, targets Muslim countries for extra scrutiny, focuses disproportionately on the persecution of Christians, and downplays violations of religious rights in places like Israel and Europe, prnewswire.com reported.
A Muslim policy analyst contracted by the commission recently filed a complaint with the Equal Employment Opportunity Commission (EEOC) alleging that her contract was canceled because of her faith and her past affiliation with an American Muslim organization.
The commission was created by Congress in 1998 as part of the International Religious Freedom Act. It has a $4.3 million budget. Next year, Congress must decide whether to extend the commission’s life beyond its 2011 sunset date.
“The disturbing allegations of anti-Muslim bias at the US Commission on International Religious Freedom must be investigated by Congress prior to instituting any necessary reforms,” said CAIR National Executive Director Nihad Awad. “Taxpayer dollars should not be used to promote the religious agendas or pet projects of those with an ideological ax to grind.”

Awad noted that the commission devoted extensive resources to examining the textbooks used at an Islamic school in Virginia, despite the fact that the agency was created to monitor religious freedom overseas.
In 2001, a group of American Muslim, Christian and secular organizations criticized the commission’s lack of balance in its reporting on violations of religious freedom.
The Council on American-Islamic Relations (CAIR) is America’s largest Muslim civil liberties and advocacy organization. Its mission is to enhance the understanding of Islam, encourage dialogue, protect civil liberties, empower American Muslims, and build coalitions that promote justice and mutual understanding.

CAIR being the basically terrorist advocacy group that will pounce on you if you so much a look cross-wise at any Muslim.

If my house get’s fire bombed, or the IRS suddenly seizes my assets, you’ll know why.

That’s Image Making at it’s finest.

Las Vegas:

President Obama flew into Las Vegas Friday, $1.5 billion in TARP money in hand. It seemed a make-up bouquet for his remarks singling out the city as no place to spend money. But is pork really the answer?

The president had been blamed by Nevada’s governor and Vegas’ mayor for damage to the local economy in the last 12 months after he twice scolded Americans about blowing their cash in the city famed for casinos and entertainment.

“When times are tough, you tighten your belts,” he told a New Hampshire town hall on Feb. 2. “You don’t blow a bunch of cash in Vegas when you’re trying to save for college.”

Vegas officials say his remarks affected more than just spendthrifts. Comments such as those above and in 2009 prompted the cancellation of 340 Las Vegas events last year, according to officials, and were directly linked to the shutdown of the Ritz-Carlton this year, which threw 400 workers out of their jobs.

Now Obama’s back, offering what’s essentially a $1.5 billion welfare handout as a means of making up with the economically battered city. The problem, though, is that he doesn’t address what’s really killing Vegas — a lack of jobs and a struggling economy that’s having a hard time creating them.

For starters, the “bouquet” isn’t all it’s cracked up to be.

It kind of stinks — of politics. The cash will be funneled through state housing finance agencies “to design programs,” as the White House blog vaguely puts it. The conduit will flow through the door of corrupt community organizers such as Acorn, which get their cash from such agencies to conveniently skirt federal rules that prohibit handing taxpayer money to these groups.

Second, the dollars also will be shared with five states, and not on an equal basis, opening the way to favored political constituencies, while 45 other states get nothing. You can bet electoral politics will figure in that distribution.

Third, the flowers are old and wilted. Friday, the Mortgage Bankers Association announced that the mortgage crisis had turned a decisive corner with a drop-off of foreclosures. To shovel $1.5 billion in subsidies into the market that’s just beginning to correct itself will only distort the market more and delay recovery.

If Obama would focus on policies that benefit the entire country instead of trying to make choices about who’s in favor or who’s not, the jobs problem would solve itself and nobody would get upset if he scolds workers about Vegas. Tax cuts, free trade and an end to using paid-back TARP funds as a political piggy bank would make it up to Vegas. And the rest of us, too. (IBD)

But don’t worry he appointed a commission to look into the problem of the deficit, while he continues to pork people into submission.

How’s that New Image going…Oh, that’s right, it will be on full bore show on Feb 25 for the “summit” on Health Care.

Get your barf bags ready.

Putting Your Money Where His Mouth is

“After a decade of profligacy, the American people are tired of politicians who talk the talk but don’t walk the walk when it comes to fiscal responsibility,” he said. “It’s easy to get up in front of the cameras and rant against exploding deficits. What’s hard is actually getting deficits under control. But that’s what we must do. Like families across the country, we have to take responsibility for every dollar we spend.”

To put Obama’s Olympian hypocrisy in perspective, one need only examine the federal budget tables posted on the White House website by Obama’s own Office of Management and Budget.

They reveal these startling facts: When calculated by the average annual percentage of the Gross Domestic Product that he will spend during his presidency, Obama is on track to become the biggest-spending president since 1930, the earliest year reported on the OMB’s historical chart of spending as a percentage of GDP. When calculated by the average annual percentage of GDP he will borrow during his presidency, Obama is on track to become the greatest debter president since Franklin Roosevelt.

Obama will outspend and out-borrow the admittedly profligate George W. Bush, a man Obama and his lieutenants routinely malign for fiscal recklessness and who, when in office, was often hailed even by his allies as a Big Government Republican. Obama will even outspend—but not quite out-borrow—his fellow welfare-state liberal FDR, who had to contend with both the Depression and World War II.

In determining this was the case, I credited the presidents prior to Obama with the federal spending and borrowing that occurred during the fiscal years that started when they were in office. I credited Obama with the spending and borrowing that his own OMB estimates will occur during the fiscal years from 2010 to 2013, which are the four fiscal years starting during Obama’s four-year term. (Before fiscal 1977, fiscal years ran from July 1 to June 30. Since then, they have run from Oct. 1 to Sept. 30.)

FDR was inaugurated in March 1933 and died in April 1945. He is thus responsible for the 12 fiscal years from 1934 to 1945. During those years of depression and world war, according to OMB, federal spending averaged 19.35 percent of GDP. During Obama’s four fiscal years, OMB estimates spending will average 24.13 percent of GDP. That is about 25 percent more than under FDR.

In the first eight fiscal years of FDR’s presidency, before Japan attacked Pearl Harbor, federal spending as a percentage of GDP never exceeded 12 (despite the Depression). During those years, it averaged only 9.85 percent. Under Obama, annual spending as a percentage of GDP will average almost two-and-a-half times that much.

In fiscal 1942, when the U.S. started dramatically ramping up expenditures to fight World War II, federal spending equaled 24.3 percent of GDP. In 2010, the first full fiscal year of the Obama era, spending will reach 25.4 percent of GDP.

Under current estimates, Obama will not beat FDR’s overall record for borrowing, although he will nearly double FDR’s pre-World War II rate of borrowing. From 1934-41, FDR ran annual deficits that averaged 3.56 percent of GDP. Obama, according to OMB, will run average annual deficits of 7.05 percent GDP. When you include the war years of 1942-45, FDR ran average annual deficits of 9.76 percent of GDP. Even without a world war, Obama’s overall prospective borrowing is at least competitive with FDR’s.

And Obama and FDR share one historic debt-accumulating distinction. By OMB’s calculation, they are the only two presidents since 1930 to run up annual deficits that reached double figures as a percentage of GDP. Obama will run up a deficit this year of 10.6 percent of GDP. The last time the deficit hit double digits as a percentage of GDP was 1945 — when Germany and Japan surrendered.

The U.S. won the Cold War without ever running a double-digit deficit. President Reagan’s highest deficit was 6 percent of GDP in 1983 — and he bankrupted the Soviet Union not the United States.

So how does Obama compare with the much-maligned George W. Bush? In Bush’s eight fiscal years, annual federal spending averaged 20.43 percent of GDP, significantly less than Obama’s estimated 24.13 percent of GDP.

Bush ran annual deficits that averaged 3.4 percent of GDP—and that includes fiscal 2009, when the deficit soared to 9.9 percent of GDP and Obama signed a $787 billion stimulus bill (some of which was spent in fiscal 2009) after Bush left office. Obama, according to OMB, will run deficits that average 7.05 percent of GDP—or more than twice the average deficits under Bush.

The bottom line on Obama: He puts our money where his mouth is.(CNSnews)

The Bush Deranged who will blame every ill in the universe on George W. Bush, who admittedly was a fiscal socialist like them in his last years.

The fact that Congress was taken over by The Reid-Pelosi types in 2007 didn’t help any.

Whether that was trying to buy off his legacy from people that had already spent years piling on him or just weakness., it’s hard to say.

Bush in his last couple of years was a train wreck.

But the current administration takes that train wreck and brings in Godzilla, King Ghidorah, Hedorah, and all the other monsters and has a stomping party on it.

Then proclaims not only is it the other guys fault but they have “saved us all”!

How great are we! 😦

BUT He made me do it!!! 😦

Bovine Fecal Matter!!

That’s like saying, after an all-night binge drinking session and getting pulled over for DUI that it was the bar’s fault or your friends who egged you on.

It’s complete crap.

So you have “fiscal responsibility” after the biggest spending binge in American History….then you propose EVEN MORE OR THE SAME  (aka Health Care, Cap & Trade, Amnesty for New Democrats,etc) and that’s supposed to work because you have re-imagined it!

The definition of insanity is doing exactly the same thing every time and expecting a different result.

They are insane.

But this is the wet dream of  several generations of socialist Democrats at precisely the wrong time.

But they can’t understand that.

Like children who have been lusting after a toy for Christmas since the day after Christmas from when they were 2 they think the message is not the problem, but how it’s phrased and delivered.

That somehow the 1000 lb. White Elephant in the room is not the problem, so let’s call in a stylist and call it a The Blanco Pachyderm Supreme, as if that will help sell there socialism.

In true Orwellian fashion, it’s not the ideas that are bad, it’s the presentation.

The almost child-like arrogance and stubbornness is not appealing.

Neither is the finger pointing.

But they can’t see that.

And that’s why they are headed straight for the iceberg aboard the Titanic.

Unfortunately, we are all the Passengers and we will all go down with them.

And it’s all those Damn Republican’s Fault! 😡

Vice President Joe Biden complains that Washington is “broken” and “dysfunctional.” In fact, Republicans blocking Democrats from further wrecking the economy is the American system at its best.

Appearing on the CBS Early Show, the vice president lamented that “Washington, right now, is broken,” adding that “I don’t ever recall a time in my career where to get anything done, you needed a supermajority, 60 out of 100 senators. … I’ve never seen it this dysfunctional.”

The man one heartbeat away from the presidency obviously has a conveniently short memory.

During the Bush administration, when Republicans outnumbered Democrats in the Senate but were lacking a supermajority, Democrats were only too happy to use the filibuster to block judicial appointees like Priscilla Owen and Janice Rogers Brown — because they weren’t liberal activists. (The courts are where liberals are able to wield the kind of sweeping powers that the people would never give them through the ballot box.)

Now, with the tables turned, Biden has come to think a lot less of the rules of that “world’s greatest deliberative body” where he spent more than 30 years.

Others on the left agree.

Lawyer Thomas Geoghegan, writing in the New York Times last month, charged that “the Senate, as it now operates, really has become unconstitutional” and argued that the Founding Fathers “were dead set against supermajorities as a general rule, and the ever-present filibuster threat has made the Senate a more extreme check on the popular will than they ever intended.”

But the derailing of the radical health care revolution being pushed by the White House and the Democratic majorities in Congress is a perfect example of how America’s legislative system can rise to greatness — protecting the majority.

Defending the filibuster last month on the Witherspoon Institute’s thepublicdiscourse.com, Radford University political science Professor Matthew J. Franck noted: “The Senate has chosen a set of rules that prize the power of senators as individuals to shape and to slow down debate in the chamber, while the House has chosen rules that streamline debate and advantage the majority party.”

The Senate filibuster is “in purpose and effect, an aid to legislative deliberation” because, according to Franck, “the Senate has always prized the freedom of action of the individual senators, to speak at length during debate and to turn the deliberations on a bill in new directions by way of amendments.”

In the case of health reform, the people, who overwhelmingly oppose the Democrats’ plans, have indeed been deliberating.

Last month they used a special Senate election in one of the most dependably Democratic states in the Union to obstruct the Democratic majority’s locomotive running through Congress.

Massachusetts Republican Sen. Scott Brown’s 41st vote means the radical left will have to wait longer to get what they crave: extensive government control over the U.S. medical system.

What Joe Biden calls “dysfunctional” is American government working as it should — thanks to the Republicans doing their job in opposing still more spending and dangerous government intrusion. (IBD)

So let’s stay in Campaign Mode.

Democrats in charge of both the White House and Congress are firing all their guns at once to tout the benefits of the $862 billion stimulus package passed a year ago this week. They’ve even planned a 35-city tour to support it. Their message?

“One year later, it is largely thanks to the recovery act that a second depression is no longer a possibility,” President Obama said Wednesday. The stimulus act has created 2 million jobs, he claimed, predicting 1.5 million more this year from the program.

Is it just a coincidence that the 3.5 million jobs he is claiming is exactly what the White House predicted early last year? We doubt it. But whatever the case, Obama’s claims are false.

Start with this: Stimulus didn’t save us from an economic cataclysm. Obama himself said so back in March, noting that the economy was “not as bad as we think,” and that he was “highly optimistic.” It’s clear he didn’t think we were on the brink of a Depression.

He was right. In an editorial at the time, we pointed to 13 separate economic indicators signaling an imminent economic recovery — with all of them flashing before the stimulus was in place.

We knew at the time that our resilient private economy would climb out of its hole, and that politicians would try to claim credit. That’s why we wrote: “No politician who voted for these job- and growth-killing measures should claim any credit for our eventual rebound.” Following Wednesday’s fact-bending dog-and-pony show, we think that bears repeating.

The claim that stimulus has “created or saved” 2 million jobs is complete fiction. It rests on the obviously false idea that money can be taken from the productive private sector and given to the nonproductive public sector and create a net gain in jobs.

Based on the imaginary existence of a so-called “Keynesian multiplier,” this kind of thinking hypothesizes jobs that don’t really exist. Sadly, when we count actual jobs, the reality is a bit starker: 8.4 million jobs lost since December 2007, the start of the recession. And more than 4 million lost since the start of 2009.

So when Vice President Biden says Americans are “getting their money’s worth” from stimulus, it should be treated as a punch line — not a policy view.

Look Ma, how great I am. 😦

Worse is the administration’s claim that stimulus is responsible for the fourth quarter’s 5.7% spurt in GDP. This, too, is utterly false.

Two-thirds of that number was made up of inventories. Businesses had liquidated so much in inventories as Obama came into office, helping to make GDP declines last year deeper than expected, that when they finally stopped the economy appeared to be growing strongly. It wasn’t.

Real final sales, a measure that excludes short-term inventory swings, rose just 2.2% in the fourth quarter — hardly a boom.

What bothered us most, however, was Obama’s reference to a “lost decade” under President Bush — a now-popular insult Democrats use to imply Obama’s predecessor is to blame for everything.

So, let’s review the Bush record one more time.

As background, Bush’s presidency began after the largest stock market crash in history, which destroyed nearly $8 trillion in national wealth. Business investment had collapsed, in part due to the Y2K debacle. The economy in early 2001 was already in recession. And within nine months we were hit by the 9/11 attacks.

Thanks to Bush’s tax cuts in 2001 and 2003, the U.S. economy came back. From the end of 2000 to Bush’s exit from office, 4.6 million jobs were created, industrial output rose 5%, productivity soared 25%, real after-tax income jumped 21% and net wealth grew by $8.6 trillion. And that includes last year’s financial meltdown.

Calling this a “lost decade” is simply wrong. Curiously, the economy was far healthier before Democrats took over Congress in 2006. Is it just coincidence that the unraveling of our financial system took place just as they regained control?

Today, stimulus, TARP and other programs intended to boost the economy are instead adding trillions of dollars in debt and spending that our kids and grandkids will have to pay off in coming decades. And let the record show: They’re not creating jobs.

Recent polls show Americans overwhelmingly believe the stimulus is a failure. They’re right. And no amount of snake oil sold by slick White House salesmen from the back of a government truck is likely to convince them otherwise. (IBD)

But Don’t tell the Democrats or liberals that, it’s Heresy. 🙂

And they will be signing it’s praises regardless.

So, How do you want your $14 Trillion Dollar Blanco Pachyderm Supreme?

Take out or Delivery? 🙂

Command and Control

The Kind, Compassionate, Caring Liberals Speak:

“If you don’t pass this legislation (Cap & Trade), then … the EPA is going to have to regulate in this area,” the official said. “And it is not going to be able to regulate on a market-based way, so it’s going to have to regulate in a command-and-control way, which will probably generate even more uncertainty.”

So either pass Cap & Trade and destroy jobs and the economy or we’ll come in Soviet style and crush you with something far, far worse.

There’s a word for that, actually two: Blackmail. And Oppression. 🙂

And these are the caring and compassionate Liberals…

EPA Lisa Jackson, head of the U.S. Environmental Protection Agency, Copenhagen at the Global Warming Alarmist Love-in also stressed that the U.N. summit was not the “impetus” for her agency’s big ruling, but a fortuitous coincidence.

There are no coincidences in politics. Especially Liberal politics.

So Obama tauts his  Jobs summit where he talks about creating Jobs, only he excludes two of the biggest Small Business originations because they said bad things about him, and then has his minions threaten to destroy the economy if we don’t get a jobs-killing Cap & Trade disaster passed.

But he Cares. He cares so much it hurts!

You.

Are Liberals going cuckoo for coco-puffs? Is the stress of their grand schemes failures finally getting to them?

Obama continued his campaign (Not leadership) for his “Jobs” ideas:

LA Times: In an unusually aggressive move, Obama opened the meeting by accusing Republicans of “rooting against” an economic recovery, according to an account provided by Republican aides.
He also complained that Republicans were “stoking fear” about actions taken in Washington, said House Minority Whip Eric Cantor (R-Va.), who attended the meeting. White House aides did not dispute the accounts.

“That’s just not the case,” Cantor said in an interview. “It’s the policies that are stoking fear.”

With Cap & trade, now “Command and Control” along with the Health Care Colossus staring you in face like a couple of Mother Tyrannosaurus Rex’s  staring at you next to their nests barring their massive teeth, why would you hire people right now?

But the Liberals are not the one’s spreading fear and intimidation. No, that’s the Republicans. 🙂

And the Liberals believe that.

Fascinating…

“So, passing the right kind of legislation with the right kind of compensations seems to us to be the best way to reduce uncertainty and actually to encourage investment,” the official said.

Orwell would be proud.

You get to choose death by angry Tyrannosaur  or death by Raptor.

Congratulations!

No uncertainty here.

You’re Dead.

But don’t you feel better about it. They care. 🙂

And your helping to save the planet from all those nasty, evil  Human Beings!

Charleston WV Daily Mail: “It’s a good thing for those pushing the health care overhaul in Congress that the American people don’t get a vote,” commented Peter Brown, assistant director of the Quinnipiac university’s polling institute.

Ain’t 2009 American Democracy just grand! 🙂

That same poll:

Voters disapprove by a 63 percent to 38 percent margin of the health care proposal under consideration in Congress, and they disapprove 56 percent to 38 percent of President Obama’s handling of health care.

Voters also said by a 63 percent to 30 percent margin that extending health insurance to all will raise their cost of health care.

Another Raptor anyone? 🙂

Houston Chronicle: “Using uncertain and highly questionable science to institute volumes of onerous new regulations on employers who have never before been subject to EPA regulation is unprecedented and shows a real disregard for the preservation of American jobs, as well as families and businesses struggling to make ends meet,” Governor Perry wrote in the letter “(he sent to the EPA).

An EPA spokeswoman did not have an immediate response to the letter.

Andy Wilson, the global warming program director for the group Public Citizen, said Perry’s claims were “full of half-truths and mischaracterizations.”

Perry “has decided that railing against the federal government is a good substitution for real action on clean energy and climate change,” Wilson said.

And so the Religionists diminish and demean yet again. Does this all sound vaguely familiar?

More robotic parroted liberal ad hominems.

Are you feeling the love from your Representatives yet? 🙂

UN Climate Guru and Ringmaster of the Copenhagen Circus-Yvo de Boer: “If I were a businessman, I would say, ‘Please, please, please do a deal in Copenhagen, and please, please, please make it market-based.’ Because if we fail to get a market-based deal here, and if the U.S. Senate fails to pass cap-and-trade legislation, then the EPA will be obliged to regulate. And every businessman knows that taxes and regulations tend to be a lot more expensive and lot less efficient than market-based approaches.”

I’m guessing he’s never run a business.

Angry Tyrannosaur or Raptor? Hmmm..

How about NEITHER?

No, can’t have that. That’s not on the Liberal Agenda.

So choose.

Oh, while your deciding which fate you’d like, Chew on these Stimulus “Save or Created Job” Nuggets from The Hill: A contract worth $5.97 million, part of the $787 billion stimulus Congress passed this year, helped preserve three jobs at Burson-Marsteller, the global public-relations and communications firm headed by Mark Penn, Hillary Clinton’s pollster in 2008.

Now isn’t that special!

Feel the love! 🙂

$2 million dollars to job saved. Aren’t you proud of Obama! 🙂

White House officials have said the Congressional Budget Office (CBO) estimated the stimulus helped to create 1.6 million jobs. White House aides also have noted that the national employment report for November showed dramatic improvement compared to early this year.

A White House spokeswoman on Tuesday responded to the GOP report by saying Sen Coburn’s previous reports on stimulus spending have been filled with “false or misleading claims.”

That sounds familiar? 🙂

“In the end, even if there are a few unwise projects, it is only a handful out of the over 50,000 projects that have been approved to date,” said Liz Oxhorn, a White House spokeswoman.

Nothing to see here. It means nothing. Move along…

GOP senators also blasted a $1.57 million grant to Penn State University to search for fossils in Argentina and a $100,000 award to a liberal-leaning theater in Minnesota for socially conscious puppet shows.

Read: Extreme leftist “politically correct” 2 Mommies, 2 Daddies, “non-judgmental” indoctrination.

Two million dollars in stimulus money went to build a replica railroad as a tourist attraction in Carson City, Nev.

Is it going to be a replica of Harry Reid?

A dinner cruise company based in Chicago received nearly $1 million in funds to combat terrorism.

Well, that will put the terrorists over attacking a Dinner Cruise on the Chicago River! Damn! That would have brought America to it’s knees! That was such a good idea! Well, I guess they’ll just go home…

The National Institutes of Health got $219,000 in funds to study whether female college students are more likely to “hook up” after drinking alcohol.

Really? People have to study this one?

They’re sadder than I was in college then.

Half a million dollars went to Arizona State University to study the genetic makeup of ants to determine distinctive roles in ant colonies; $450,000 went to the University of Arizona to study the division of labor in ant colonies.

Feel like an ant under a magnifying glass yet??

“In the end, even if there are a few unwise projects, it is only a handful out of the over 50,000 projects that have been approved to date,” said Liz Oxhorn, a White House spokeswoman.

And just think of all the jobs saved by this valuable research!

And these jobs will be “saved” from the Tyrannoaurus or Raptor that the rest of us get to chose our economic death from.

But don’t worry, they care.

They care so much it hurts.

And pain is good for you.

While the Tyrannosaur or Raptor tear you into little bits.

I will give Lord Doom, Al Gore the final word: (Sydney Herald Sun)

Q: How damaging to your argument was the disclosure of e-mails from the Climate Research Unit at East Anglia University?

A: To paraphrase Shakespeare, it’s sound and fury signifying nothing. I haven’t read all the e-mails, but the most recent one is more than 10 years old. These private exchanges between these scientists do not in any way cause any question about the scientific consensus.

These people are examining what they can or should do to deal with the P.R. dimensions of this, but where the scientific consensus is concerned, it’s completely unchanged.

Too bad there’s no Tyrannosaurus Rex to eat these lawyers!

Command and Control! “veni, vidi, vici” 🙂

America 2010: Command & Control

Do you want slather yourself in BBQ sauce or butter? 🙂