How ’bout those bailouts?

#TCOT #diggcons

Boy, it sure is a good thing we’re throwing tax dollars at all these poorly run private companies.  Otherwise things might really be bad!

Seriously.  How can anyone look at data that’s been released and say this march toward Socialism is helping anything?

Wall Street tumbles Stocks slump as weak retail sales and worries about the banking sector unnerve investors. NEW YORK (CNNMoney.com) — Stocks tumbled Wednesday morning as a surprisingly weak retail sales report and further concern about the financial sector weighed on sentiment. The Dow Jones industrial average (INDU) lost 300 points, or 3.6%, around an hour into the session, extending its five-session losing streak. The Standard & Poor’s 500 (SPX) index lost 3.3%. The Nasdaq composite (COMP) lost 3%. …(Read full article)

Blago: Where do I sign?

#TCOT #diggcons

Oh the perks of being a corrupt, classless, Democratic governor!  For background on this pic see this article.

Reminds me of Mel Brooks’ “It’s good to be the King” line in History of the World.

More trouble in Obamatopia

#TCOT #diggcons

You might have read my post the other day outlining a few sore spots that were rearing their heads in Obama’s transition.

Well, it’s starting to look like every time the President-elect and his team douse one fire, two or more flare up in its place.  He managed to dodge, at least for the time being, the bullet with scandals involving Bill Richardson and his buddy Blago.  Since then though, it’s been anything but smooth sailing.

You might recall one of Obama’s oft repeated campaign promises was to close the terrorist detention center at Guantanamo Bay, Cuba (Gitmo).  I mean, it was just plain awful that bloodthirsty terrorists were locked up in a place so dismal!  Today, CNN reports Obama plans to issue the order to close the detention center as early as his first week in office.  We still don’t know what will happen to the current residents, but they’re not being treated as the President-elect believes Allah-fearing bloodthirsty killers should be so he’s going to close it down.

Not long after the Obama camp reiterated its intentions to close the facility, the Pentagon released a report showing at least 61 former residents (who seem to have the President-elect’s sympathy) have returned to terrorism since their release.

Not good news for The Smooth Talker from Chicago/Hawaii/Kenya/?????.  He may have pinned himself in a corner on this one.  He’ll infuriate his liberal supporters who feel sorry for murderous savages intent on our country’s destruction if he doesn’t close it, but if he does and one of them is released and straps a bomb to himself and kills a bunch of innocents everyone else will be madder than Hell.

That’s not the only trouble he has in the making.

His buddy Blago put him in another tight spot by defying Obama and other Democratic leader when he appointed Roland Burris to fill Illinois’ vacant Senate seat.  The President-elect came out against seating Burris, but later changed his mind when it looked like other alternatives might lead to the seat being filled by a Republican.  He then twisted the arm of other Dems who had stated early on that any appointment by Blago “would not stand.” 

Then today, it’s reported that Burris may have himself taken more than a million dollars in illegal campaign contributions in his 2002 gubernatorial campaign.  Putting his neck on the line (or trying to implement Chicago style politics in DC?) to keep this seat may prove to be a huge mistake if anything comes of this.

Not finished yet.  There’s still more trouble brewing in Obamatopia.

Now even Congressional Democrats aren’t so sure they trust Obama with the last $350 billion from TARP, the huge bailout passed by the Democratic Congress to help big banks, other financial companies, and the auto industry.  With bipartisan support to block the issuing of this gigantic bundle of money after the first $350 billion has done virtually nothing to turn the economy around, Obama’s first move as President may be to use his veto power against members of his own party (you remember, all those who honored him as if he were a God the last couple of months.)

That should set a great tone for this Democratic President to work with both houses of Congress in the hands of his own party.

Surely that’s all the troubles he has, right?  Not quite.

It was also reported today that Obama’s pick to lead the Treasury Department, Timothy Geithner, thought he could get away without paying self-employment taxes for a few years.  Of course the Obama team and Geithner explain it as a misunderstanding, but that’s just as bad.  Do we really want someone who doesn’t know if he has to pay self-employment tax running the Treasury Department?  That wasn’t Geithner’s only lapse, though.  Apparently he also employed a housekeeper who was here illegally for a few months.  (Wait a minute, isn’t that what forced Linda Chavez and Zoe Baird to withdraw their names from consideration for a Cabinet post?)

Remember all the talk about a smooth transition a while back?

Right.  Perhaps putting a Chicago politician in the White House wasn’t such a grea idea after all.

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Related Posts

Obama’s Treasury Secretary: Tax rules for thee, but not for me–Michelle Malkin

Poll: Israel vs. Hamas

#TCOT #diggcons

Inspired by this poll which mistakenly pits Israel against “Palestine.”

Israel isn’t targeting Palestine. If it were it would be fighting in the West Bank also. Israel is attempting to stamp out Hamas’ ability to threaten its citizens.

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Related Posts

Gaza fighting continues as diplomacy efforts ramp up–CNN

Is it Israel? or Palestine? What’s the Truth?–Navitor

GM sending bailout money to Korea

#TCOT #diggcons

You would have thought General Motors CEO Rick Wagoner would have learned a little about the value of PR last November.  Flying to DC to beg for taxpayer money aboard a private jet almost cost him and the other little piggies their bailout cash.  Evidently he didn’t learn a thing.

In an announcement at Detroit’s North American International Auto Show today, Little Piggy Wagoner announced that GM would bypass an American supplier to spend our money in Korea.  The battery cells for GM’s long overdue Chevy Volt, will be purchased from LG Chem in Korea.  LG Chem and Massachussetts based A123 Systems/Continental were competing for the contract.  I wonder what Rep. Barney Frank (D-MA) thinks of the bailout now that GM is bypassing a Massachussets company and sending his constituents’ jobs overseas. 

Now, I’m a free market/free trade fan and if these were normal times I wouldn’t raise a fuss about this.  However, these aren’t normal times and last month’s auto company bailout cast off any semblance of GM operating under free market/free trade principles.

Recall, we were told the bailout of GM and Chrysler was essential to save American jobs and prevent an imminent collapse of our economy if these two went under.  In this video, Wagoner claims the bailout will “preserve many jobs, and support the continued operation of GM and the many suppliers, dealers and small businesses across the country that depend on our company and our industry.”  The following is a Bush quote from an article in the Dallas Morning News after the bailout was announced.  (emphasis added)

“By giving the auto companies a chance to restructure, we will shield the American people from a harsh economic blow at a vulnerable time,” the president said. “And we will give American workers an opportunity to show the world once again that they can meet challenges with ingenuity and determination, and emerge stronger than before.”

This would be understandable if the A123 batteries just couldn’t cut it, but that’s not the case.  GM’s vice-chairman, Bob Lutz says the A123 product was “very good.” 

That’s not the worst part.

Lutz went on to blame the US government for GM’s choice of a foreign supplier, saying Detroit isn’t the problem, Washington is.  His rationale?  The US government hasn’t spent enough money on research to develop battery technology.  He goes on saying this “is part of the penalty we pay in the U.S. for not having a well-funded R&D budget.”

Talk about biting the hand that feeds you!  Can you believe the arrogance of these jerks running GM?

They come begging from us, telling everyone that will listen the US economy is dependent on them and we must fill their coffers to save our jobs, save our economy.  Then, they have the gall to send that money overseas and tell us its our fault!

GM management still doesn’t get it.  They’re dependent on us, the US taxpayers/consumers.  This latest PR boondoggle is going to use up whatever good will the American taxpayer has for this US icon.  I’ve bought nothing but GM vehicles for the past 15 years, and now I’ll probably never buy another.

Congress shouldn’t give the idiots running GM another dime.  The only hope for this American icon’s survival is bankruptcy.  The GM Board of Directors should be ousted for leaving incompetent Little Piggy Wagoner in charge and paying him millions of dollars to lose billions of the company’s money.  Wagoner and the rest of GM’s management should be replaced with a team that understands that without customers, there’s no chance of success.

Sen. David Vitter (R-LA) Opposes Release of Last $350 billion

#TCOT #diggcons

Press Release from Senator David Vitter (R-LA)

Vitter Issues Statement on Release of Additional TARP Funds January 12, 2009 – (Washington, D.C.) – U.S. Sen. David Vitter today issued the following statement in response to President Bush’s request to release additional funds under the Troubled Assets Relief Program on behalf of President-elect Obama’s incoming administration. The decision would release the second $350 billion of the $700 billion authorized by Congress last fall in response to the widening financial crisis. “When I publicly opposed the first bailout back in September, I did so because I was concerned that it would lead us down a slippery slope and encourage further bailouts. By now, it is clear that it has. Since then, we’ve bailed out mismanaged auto companies, and now we are seeing a move in Congress to ensure that the entire $700 billion authorization will be spent. “Considering the harsh criticism that has accompanied the management of the first half of the $700 billion released by the government, I believe that the release of the other half would be grossly irresponsible. The safeguards that Congress has put in place to prevent the misuse of this money amount to little more than window dressing. I continue to oppose these bailouts, and I believe that responsible action demands some form of oversight. “Although President Bush has to officially request that Congress release this money, congressional action is not required to release the remainder of these funds. But this process does allow Congress to pass a disapproval resolution to prevent the release of these funds, and I plan on leading an effort that would do just that. Before we write another $350 billion check, we must ensure that the money will be used effectively. We cannot afford – and our kids and grandkids cannot afford – to make any more mistakes,” said Vitter.

Rep. John Boehner (R-OH) Opposes Release of Last $350 Billion

#TCOT #diggcons

Press Release from House Minority Leader John Boehner

Boehner Statement Opposing the Release of Additional Taxpayer Funds for TARP GOP Leader: “I remain disappointed about the way TARP has been managed and how its resources have been spent over the last several months.” Washington, Jan 12 – After President Bush announced that he would request the final $350 billion in Troubled Asset Relief Program (TARP) funds at President-elect Obama’s request, House Republican Leader John Boehner (R-OH) issued the following statement: “I remain disappointed about the way TARP has been managed and how its resources have been spent over the last several months. From the outset, the program has been implemented with too little transparency and in a manner inconsistent with the way it was presented to Congress last fall. Until officials can present a clear plan to Congress – and, most importantly, to taxpayers – demonstrating how the expenditure of additional TARP funds will benefit our economy and making clear an exit strategy for getting the government back out of the private sector, it would be irresponsible for Congress to release the remainder of these resources. I will oppose the release of these taxpayer funds when the matter is considered on the House floor.” NOTE: Boehner has written to Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke on several occasions raising questions about the implementation of TARP. On December 3, 2008, House Republican leaders sent a letter to Secretary Paulson and Chairman Bernanke, outlining concerns about the program’s lack of transparency to date. On October 29, 2008, Boehner wrote to Secretary Paulson expressing his concern with how some of the TARP funds were being utilized.

Spineless Dems to seat “tainted” Burris

#TCOT #diggcons

Following corrupt Illinois’ Democratic Governor Rod “The Senate Seat Salesman” Blagojevich’s appointment of Roland Burris to fill President-elect Obama’s vacated Senate seat, Democrats in the US Senate publicly took a principled stand, vowing not to seat Roland Burris.

From UPI, 1-4-09

“Blagojevich obviously is a corrupt individual. I think that’s pretty clear,” Reid said. “And the reason that he’s done what he’s done is to divert attention from the arrest that was just made of him and the indictment which will be coming in a few days, according to the U.S. attorney in Illinois. That’s why President-elect Obama agreed with us that Mr. Burris is tainted.”

From FoxNews:  Statement by Senate Democratic Leadership on Burris’ appointment 12-30-08

It is truly regrettable that despite requests from all 50 Democratic Senators and public officials throughout Illinois, Gov. Blagojevich would take the imprudent step of appointing someone to the United States Senate who would serve under a shadow and be plagued by questions of impropriety. We say this without prejudice toward Roland Burris’s ability, and we respect his years of public service. But this is not about Mr. Burris; it is about the integrity of a governor accused of attempting to sell this United States Senate seat. Under these circumstances, anyone appointed by Gov. Blagojevich cannot be an effective representative of the people of Illinois and, as we have said, will not be seated by the Democratic Caucus. Next week we will start one of the most important debates of the year — outlining an economic recovery plan to create jobs and invest in America. And in the coming weeks, we will be working to protect homeowners and consumers, make America more energy independent, strengthen our national security, and improve health care and educational opportunities. There is much work to do and a lot at stake. It is thus critical that Illinois and every other state have two seated Senators without delay. We again urge Gov. Blagojevich to not make this appointment. It is unfair to Mr. Burris, it is unfair to the people of Illinois and it will ultimately not stand. The governor must put the interests of the people of Illinois and all Americans first by stepping aside now and letting his successor appoint someone who we will seat.

President-elect Obama concurred with Senate Dems and reiterated his previous call for his old buddy, old pal, old friend Blagojevich to step aside and allow “a lawful and appropriate succession to take place.”

Apparently, its principles be damned for Democrats though–if there’s a chance it could mean losing a Senate seat to an untarnished Republican.

Obama vacillated, on January 7, stating he’d be willing to work with him if he was seated and pressured Reid to sweep the “tainted” (remember, that’s what Reid called him) appointee into his seat.  You see, with so much focus on Blago’s troubles, the idea of Obamatopia was quickly fading as the fingers of the scandal reached closer to the President-elect.

Reid, as does a cowardly dog, tucked his tail and scurried from his previous principled position.  Today, he announced that Senate Democrats will seat the “tainted” Burris, throwing principles to the wind and further undermining Democratic claims of honesty and transparency.

In the final analysis, it all boils down to Democrats’ unwillingness to stand on principle if it might mean losing a seat in their near filibuster proof majority.  Principle is valueless if it might cost them anything.

‘Atlas Shrugged’: From Fiction to Fact in 52 Years

#TCOT #diggcons

by Stephen Moore on WSJ-Opinion

‘Atlas Shrugged’: From Fiction to Fact in 52 Years Some years ago when I worked at the libertarian Cato Institute, we used to label any new hire who had not yet read “Atlas Shrugged” a “virgin.” Being conversant in Ayn Rand’s classic novel about the economic carnage caused by big government run amok was practically a job requirement. If only “Atlas” were required reading for every member of Congress and political appointee in the Obama administration. I’m confident that we’d get out of the current financial mess a lot faster. Many of us who know Rand’s work have noticed that with each passing week, and with each successive bailout plan and economic-stimulus scheme out of Washington, our current politicians are committing the very acts of economic lunacy that “Atlas Shrugged” parodied in 1957, when this 1,000-page novel was first published and became an instant hit. …(Read full article)

More studies debunking Obamanomics

#TCOT #diggcons

And surprisingly, they keep coming from liberal California universities. 

If you recall, the other day Michelle Malkin shook the dust off a 2005 UCLA study that found FDR’s massive economic recovery plan, The New Deal, actually prolonged The Great Depression.  Still, Obama disregards such science and claims economists “from across the spectrum” agree that massive government spending is the only thing that can revive this economy.

Okay, well maybe he just thinks the conclusions reached in that study were wrong.  Perhaps if there were others proving his plan (for which we’ve seen virtually no details, but he keeps assuring us it exists) wrong, maybe then he’d wake up and see the fallacy of his thinking.

Well, here’s a post on The American Thinker describing two studies, one from UC Berkeley and the other from UC San Diego, that conclude tax cuts produce more than twice the growth in GDP than government “stimulus” spending.

So we have three studies conducted by liberal universities in the solid blue state of California all concluding that a conservative approach to stimulus–primarily tax cuts–is more than twice as effective in accomplishing its goal than is a liberal approach–namely government spending.

History and economics tell us Obama’s strategy won’t work, but he’s charging ahead.  Promising trillion dollar deficits (yes that’s $1,000,000,000,000) for the foreseeable future, but saying the alternative is really bad.  His own economists have stated their predictions for growth can’t be trusted, but “The Smooth Talker from Chicago/Hawaii/Kenya/????” is dead set on pursuing this perilous path.

I’m afraid we’re in for a long, hard ride.

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Related Posts

Obama’s new New Deal stimulus package could prolong economic crisis–Examiner.com