America, You Asked For It!

Political News and Commentary from the Right

Congratulations American Taxpayer

You’re now the proud owner of yet another failed corporation!

The week between Christmas and New Year’s Day is usually a week when Americans slow down and take some time off.  Kids are out of school, many companies are shut down or slowed down, and quite a few families are on vacation.  Congress is even on vacation, minimizing the damage they typically inflict on the wallet of the American taxpayer.

This year the Obama administration took advantage of the holiday distractions to seize control of GMAC, the financing arm of General Government Motors Corp.  This third bailout of the company that writes loans for Government Motors and Chrysler Corp. vehicles resulted in the US government increasing its ownership share of the company to 56.3%.  This, of course, once more gives the Obama administration controlling interest in what had been a privately owned company.

When the Bush administration signed off on the first $6 billion GMAC received from the US taxpayer, officials in the former President’s Treasury Department considered it “part of a broader program to assist the domestic automotive industry in becoming financially viable.”  But in May 2009, the Obama administration handed over another $7 billion in taxpayer wages to the beleaguered finance arm of what was soon to become the first US government owned auto maker.

The second bailout netted the Obama Treasury Department a 35.8% stake in the corporation, and an agreement GMAC would take on the additional liability of financing customers of Chrysler Corp.  This followed almost immediately after the President took an 8% stake in Chrysler for the US taxpayer and handed over a 55% controlling interest to the unions.

Much of the initial money will go to help GMAC shoulder new lending responsibilities for Chrysler dealers and consumers after Chrysler’s government-orchestrated Chapter 11 bankruptcy filing last month. As part of the Chrysler reorganization, the government in effect dissolved Chrysler Financial and handed its business to GMAC, creating one big auto-financing arm that would service both companies.–WSJ, May 21, 2009

President Obama had already invested billions in Chrysler and plans to secure US government ownership of General Motors were in the works. Bailing out GMAC became an easy way to launder even more bailout cash to the President’s experiment with union and government ownership of former US industrial icons.  As with other stones forming the foundation of Obama’s economic policies, funneling money to the automakers through loans to their customers didn’t prove too solid.

But that’s not something the President is willing to admit yet–that his policies for stimulating the economy have failed.  No, his newest plan is to throw good money after bad and pile another $3.8 billion of YOUR money onto the still smoldering pile of waste known as GMAC.

The first $6 billion wasn’t enough to rescue the financial firm and its now-nationalized benefactors of its bad loans.  The next $7 billion couldn’t save it, but did put Obama in control of 35.8% of the company.  The second bailout also allowed the President to twist the arm of the company and force it to agree to loan more money to customers of GM, which Obama would soon nationalize, and Chrysler, which the President had recently handed over to his union backers.

Though neither of these bailouts accomplished their (supposed) goal, our omnipotent, omniscient oracle Obama, in his infinite wisdom, has determined the solution to the problem is to pour more of your hard-earned tax dollars into the bankrupt corporation,  $3.8 billion more.  But don’t worry!  The President who brought us $1.4 trillion deficits and a $12 trillion national debt has traded our greenbacks for a controlling interest in the company.

That’s right.  We now own 56.3% of a company that can’t attract private capital because it can’t manage to stem the flow of red ink from its books.  A company that cannot, on its own merits, attract private capital.  President Obama is forcing all American taxpayers to borrow money to purchase a portfolio of profitless companies controlled by politicians and bureaucrats.

So congratulations taxpayers!  Like it or not, you own yet another failed corporation run by Chairman Obama.

January 1, 2010 Posted by | Bailout, Socialism | , , , , , , , , | 5 Comments

PAYGO won’t mean a balanced budget

Original post on Boot Berry

What would you call a Congressman who voted for a bill that led to the US being on the hook for nearly $24 TRILLION, then voted to spend billions more on the two most inefficient American auto companies, then voted to spend another $787 billion on a stimulus plan that didn’t stimulate the economy, then voted for a federal budget that QUADRUPLED the deficit in just one year, and after all that, claimed to be a fiscal conservative?

Hypocrite seems to fit the bill.

After voting for all the irresponsible spending noted above, last week I received an email from Berry titled “Join me in my support of PAYGO.” Just in case you don’t know, PAYGO is the short, misleading name for HR 2920 that passed the US House on July 22 of this year. The name of course leads one to believe this bill will force Congress to pass a balanced budget every year once it becomes law. So you may be asking yourself why would we have a problem with it?

It’s simple. This bill DOES NOT force Congress to pass a balanced budget. It’s nothing more than a typical Washington con job, intentionally designed to fool the American people. Marion Berry and his Democratic colleagues expect you to see the title and read no more. They don’t expect you to read the bill and they don’t expect you to look back to the previous grossly irresponsible, wasteful votes listed above.

But we did read the bill and the Democratic hypocrisy is more blatant than we could have even imagined. After pages and pages of lawyer language demanding the return of fiscal responsibility in DC, we arrived at the final section of the bill. Section 11 is titled “Exemptions” and as its name implies, it enumerates all the government programs the DC swindlers can continue to spend more money than we have on. Now, if you want to read them all, you’re going to be here a while.

Here’s a list of programs that the government will still be able to spend more than it takes in on, even if this supposed “PAYGO” legislation becomes law. This list just makes the hypocrisy of Berry and the rest of the DC Democrats as obvious as the nose on your face.

  • ‘Activities resulting from private donations, bequests, or voluntary contributions to the Government.
  • ‘Activities financed by voluntary payments to the Government for goods or services to be provided for such payments.
  • ‘Administration of Territories, Northern Mariana Islands Covenant grants (14-0412-0-1-808).
  • ‘Advances to the Unemployment Trust Fund and Other Funds (16-0327-0-1-600).
  • ‘Black Lung Disability Trust Fund Refinancing (16-0329-0-1-601).
  • ‘Bonneville Power Administration Fund and borrowing authority established pursuant to section 13 of Public Law 93-454 (1974), as amended (89-4045-0-3-271).
  • ‘Claims, Judgments, and Relief Acts (20-1895-0-1-808).
  • ‘Compact of Free Association (14-0415-0-1-808).
  • ‘Compensation of the President (11-0209-01-1-802).
  • ‘Comptroller of the Currency, Assessment Funds (20-8413-0-8-373).
  • ‘Continuing Fund, Southeastern Power Administration (89-5653-0-2-271).
  • ‘Continuing Fund, Southwestern Power Administration (89-5649-0-2-271).
  • ‘Dual Benefits Payments Account (60-0111-0-1-601).
  • ‘Emergency Fund, Western Area Power Administration (89-5069-0-2-271).
  • ‘Exchange Stabilization Fund (20-4444-0-3-155).
  • ‘Federal Deposit Insurance Corporation, Deposit Insurance Fund (51-4596-4-4-373).
  • ‘Federal Deposit Insurance Corporation, FSLIC Resolution Fund (51-4065-0-3-373).
  • ‘Federal Deposit Insurance Corporation, Noninterest Bearing Transaction Account Guarantee (51-4458-0-3-373).
  • ‘Federal Deposit Insurance Corporation, Senior Unsecured Debt Guarantee (51-4457-0-3-373).
  • ‘Federal Housing Finance Agency, Administrative Expenses (95-5532-0-2-371).
  • ‘Federal Payment to the District of Columbia Judicial Retirement and Survivors Annuity Fund (20-1713-0-1-752).
  • ‘Federal Payment to the District of Columbia Pension Fund (20-1714-0-1-601).
  • ‘Federal Payments to the Railroad Retirement Accounts (60-0113-0-1-601).
  • ‘Federal Reserve Bank Reimbursement Fund (20-1884-0-1-803).
  • ‘Financial Agent Services (20-1802-0-1-803).
  • ‘Foreign Military Sales Trust Fund (11-8242-0-7-155).
  • ‘Hazardous Waste Management, Conservation Reserve Program (12-4336-0-3-999).
  • ‘Host Nation Support Fund for Relocation (97-8337-0-7-051).
  • ‘Internal Revenue Collections for Puerto Rico (20-5737-0-2-806).
  • ‘Intragovernmental funds, including those from which the outlays are derived primarily from resources paid in from other government accounts, except to the extent such funds are augmented by direct appropriations for the fiscal year during which an order is in effect.
  • ‘Medical Facilities Guarantee and Loan Fund (75-9931-0-3-551).
  • ‘National Credit Union Administration, Central Liquidity Facility (25-4470-0-3-373).
  • ‘National Credit Union Administration, Corporate Credit Union Share Guarantee Program (25-4476-0-3-376).
  • ‘National Credit Union Administration, Credit Union Homeowners Affordability Relief Program (25-4473-0-3-371).
  • ‘National Credit Union Administration, Credit Union Share Insurance Fund (25-4468-0-3-373).
  • ‘National Credit Union Administration, Credit Union System Investment Program (25-4474-0-3-376).
  • ‘National Credit Union Administration, Operating fund (25-4056-0-3-373).
  • ‘National Credit Union Administration, Share Insurance Fund Corporate Debt Guarantee Program (25-4469-0-3-376).
  • ‘National Credit Union Administration, U.S. Central Federal Credit Union Capital Program (25-4475-0-3-376).
  • ‘Office of Thrift Supervision (20-4108-0-3-373).
  • ‘Panama Canal Commission Compensation Fund (16-5155-0-2-602).
  • ‘Payment of Vietnam and USS Pueblo prisoner-of-war claims within the Salaries and Expenses, Foreign Claims Settlement account (15-0100-0-1-153).
  • ‘Payment to Civil Service Retirement and Disability Fund (24-0200-0-1-805).
  • ‘Payment to Department of Defense Medicare-Eligible Retiree Health Care Fund (97-0850-0-1-054).
  • ‘Payment to Judiciary Trust Funds (10-0941-0-1-752).
  • ‘Payment to Military Retirement Fund (97-0040-0-1-054).
  • ‘Payment to the Foreign Service Retirement and Disability Fund (19-0540-0-1-153).
  • ‘Payments to Copyright Owners (03-5175-0-2-376).
  • ‘Payments to Health Care Trust Funds (75-0580-0-1-571).
  • ‘Payment to Radiation Exposure Compensation Trust Fund (15-0333-0-1-054).
  • ‘Payments to Social Security Trust Funds (28-0404-0-1-651).
  • ‘Payments to the United States Territories, Fiscal Assistance (14-0418-0-1-806).
  • ‘Payments to trust funds from excise taxes or other receipts properly creditable to such trust funds.
  • ‘Payments to widows and heirs of deceased Members of Congress (00-0215-0-1-801).
  • ‘Postal Service Fund (18-4020-0-3-372).
  • ‘Radiation Exposure Compensation Trust Fund (15-8116-0-1-054).
  • ‘Reimbursement to Federal Reserve Banks (20-0562-0-1-803).
  • ‘Salaries of Article III judges.
  • ‘Soldiers and Airmen’s Home, payment of claims (84-8930-0-7-705).
  • ‘Tennessee Valley Authority Fund, except nonpower programs and activities (64-4110-0-3-999).
  • ‘Tribal and Indian trust accounts within the Department of the Interior which fund prior legal obligations of the Government or which are established pursuant to Acts of Congress regarding Federal management of tribal real property or other fiduciary responsibilities, including but not limited to Tribal Special Fund (14-5265-0-2-452), Tribal Trust Fund (14-8030-0-7-452), White Earth Settlement (14-2204-0-1-452), and Indian Water Rights and Habitat Acquisition (14-5505-0-2-303).
  • ‘United Mine Workers of America 1992 Benefit Plan (95-8260-0-7-551).
  • ‘United Mine Workers of America 1993 Benefit Plan (95-8535-0-7-551).
  • ‘United Mine Workers of America Combined Benefit Fund (95-8295-0-7-551).
  • ‘United States Enrichment Corporation Fund (95-4054-0-3-271).
  • ‘Universal Service Fund (27-5183-0-2-376).
  • ‘Vaccine Injury Compensation (75-0320-0-1-551).
  • ‘Vaccine Injury Compensation Program Trust Fund (20-8175-0-7-551).
  • ‘(B) The following Federal retirement and disability accounts and activities shall be exempt from reduction under any order issued under this part:
  • ‘Black Lung Disability Trust Fund (20-8144-0-7-601).
  • ‘Central Intelligence Agency Retirement and Disability System Fund (56-3400-0-1-054).
  • ‘Civil Service Retirement and Disability Fund (24-8135-0-7-602).
  • ‘Comptrollers general retirement system (05-0107-0-1-801).
  • ‘Contributions to U.S. Park Police annuity benefits, Other Permanent Appropriations (14-9924-0-2-303).
  • ‘Court of Appeals for Veterans Claims Retirement Fund (95-8290-0-7-705).
  • ‘Department of Defense Medicare-Eligible Retiree Health Care Fund (97-5472-0-2-551).
  • ‘District of Columbia Federal Pension Fund (20-5511-0-2-601).
  • ‘District of Columbia Judicial Retirement and Survivors Annuity Fund (20-8212-0-7-602).
  • ‘Energy Employees Occupational Illness Compensation Fund (16-1523-0-1-053).
  • ‘Foreign National Employees Separation Pay (97-8165-0-7-051).
  • ‘Foreign Service National Defined Contributions Retirement Fund (19-5497-0-2-602).
  • ‘Foreign Service National Separation Liability Trust Fund (19-8340-0-7-602).
  • ‘Foreign Service Retirement and Disability Fund(19-8186-0-7-602).
  • ‘Government Payment for Annuitants, Employees Health Benefits (24-0206-0-1-551).
  • ‘Government Payment for Annuitants, Employee Life Insurance (24-0500-0-1-602).
  • ‘Judicial Officers’ Retirement Fund (10-8122-0-7-602).
  • ‘Judicial Survivors’ Annuities Fund (10-8110-0-7-602).
  • ‘Military Retirement Fund (97-8097-0-7-602).
  • ‘National Railroad Retirement Investment Trust (60-8118-0-7-601).
  • ‘National Oceanic and Atmospheric Administration retirement (13-1450-0-1-306).
  • ‘Pensions for former Presidents (47-0105-0-1-802).
  • ‘Postal Service Retiree Health Benefits Fund (24-5391-0-2-551).
  • ‘Public Safety Officer Benefits (15-0403-0-1-754).
  • ‘Rail Industry Pension Fund (60-8011-0-7-601).
  • ‘Retired Pay, Coast Guard (70-0602-0-1-403).
  • ‘Retirement Pay and Medical Benefits for Commissioned Officers, Public Health Service (75-0379-0-1-551).
  • ‘Special Benefits for Disabled Coal Miners (16-0169-0-1-601).
  • ‘Special Benefits, Federal Employees’ Compensation Act (16-1521-0-1-600).
  • ‘Special Workers Compensation Expenses (16-9971-0-7-601).
  • ‘Tax Court Judges Survivors Annuity Fund (23-8115-0-7-602).
  • ‘United States Court of Federal Claims Judges’ Retirement Fund (10-8124-0-7-602).
  • ‘United States Secret Service, DC Annuity (70-0400-0-1-751).
  • ‘Voluntary Separation Incentive Fund (97-8335-0-7-051).
  • ‘(2) Prior legal obligations of the Government in the following budget accounts and activities shall be exempt from any order issued under this part:
  • ‘Biomass Energy Development (20-0114-0-1-271).
  • ‘Check Forgery Insurance Fund (20-4109-0-3-803).
  • ‘Credit liquidating accounts.
  • ‘Credit reestimates.
  • ‘Employees Life Insurance Fund (24-8424-0-8-602).
  • ‘Federal Aviation Insurance Revolving Fund (69-4120-0-3-402).
  • ‘Federal Crop Insurance Corporation Fund (12-4085-0-3-351).
  • ‘Federal Emergency Management Agency, National Flood Insurance Fund (58-4236-0-3-453).
  • ‘Federal Home Loan Mortgage Corporation (Freddie Mac).
  • ‘Federal National Mortgage Corporation (Fannie Mae).
  • ‘Geothermal resources development fund (89-0206-0-1-271).
  • ‘Low-Rent Public Housing–Loans and Other Expenses (86-4098-0-3-604).
  • ‘Maritime Administration, War Risk Insurance Revolving Fund (69-4302-0-3-403).
  • ‘Natural Resource Damage Assessment Fund (14-1618-0-1-302).
  • ‘Overseas Private Investment Corporation, Noncredit Account (71-4184-0-3-151).
  • ‘Pension Benefit Guaranty Corporation Fund (16-4204-0-3-601).
  • ‘San Joaquin Restoration Fund (14-5537-0-2-301).
  • ‘Servicemembers’ Group Life Insurance Fund (36-4009-0-3-701).
  • ‘Terrorism Insurance Program (20-0123-0-1-376).
  • ‘(h) Low-income Programs- The following programs shall be exempt from reduction under any order issued under this part:
  • ‘Academic Competitiveness/Smart Grant Program (91-0205-0-1-502).
  • ‘Child Care Entitlement to States (75-1550-0-1-609).
  • ‘Child Enrollment Contingency Fund (75-5551-0-2-551).
  • ‘Child Nutrition Programs (with the exception of special milk programs) (12-3539-0-1-605).
  • ‘Children’s Health Insurance Fund (75-0515-0-1-551).
  • ‘Commodity Supplemental Food Program (12-3507-0-1-605).
  • ‘Contingency Fund (75-1522-0-1-609).
  • ‘Family Support Programs (75-1501-0-1-609).
  • ‘Federal Pell Grants under section 401 Title IV of the Higher Education Act.
  • ‘Grants to States for Medicaid (75-0512-0-1-551).
  • ‘Payments for Foster Care and Permanency (75-1545-0-1-609).
  • ‘Supplemental Nutrition Assistance Program (12-3505-0-1-605).
  • ‘Temporary Assistance for Needy Families (75-1552-0-1-609).’
  • (d) Economic Recovery Programs- Section 255 of BBEDCA is amended by adding the following after subsection (h):
  • ‘(i) Economic Recovery Programs- The following programs shall be exempt from reduction under any order issued under this part:
  • ‘All programs enacted in, or increases in programs provided by, the American Recovery and Reinvestment Act of 2009.
  • ‘Exchange Stabilization Fund-Money Market Mutual Fund Guaranty Facility (20-4274-0-3-376).
  • ‘Financial Stabilization Reserve (20-0131-4-1-376).
  • ‘GSE Mortgage-Backed Securities Purchase Program Account (20-0126-0-1-371).
  • ‘GSE Preferred Stock Purchase Agreements (20-0125-0-1-371).
  • ‘Office of Financial Stability (20-0128-0-1-376)
  • ‘Special Inspector General for the Troubled Asset Relief Program (20-0133-0-1-376).
  • ‘Troubled Asset Relief Program Account (20-0132-0-1-376).
  • ‘Troubled Asset Relief Program Equity Purchase Program (20-0134-0-1-376).
  • ‘Troubled Asset Relief Program, Home Affordable Modification Program (20-0136-0-1-604).’

With all of these “exemptions,” does anybody really believe this bill will provide for a balanced budget? This is a typical Berry tactic. In the months leading up to an election, Berry dons a conservative hat. As soon as he’s elected, or his liberal Democratic colleagues need his vote, he’s all too willing to turn on his conservative Arkansas constituents.
Don’t let him fool you. Berry’s no fiscal conservative.

August 12, 2009 Posted by | Democrats | , , , , , , , , , , | 5 Comments

How’s the stimulus working for you so far?

by Neal Boortz at

Well now. Our economy is really lunging forward, isn’t it? What a ride! Are you holding on?

We’re billions of dollars further in debt (trillions?) and the economy is still stagnant. TARP, the stimulus bill, massive debts our children and grandchildren will have to pay .. and what has this all brought us? Banks aren’t lending, businesses aren’t hiring – let along expanding – and consumers aren’t buying. Oh, to be sure, the malls are crowded. Turn up the thermostats and see how long that lasts. Those aren’t shoppers, they’re just your neighbors trying to stay cool while watching the latest absurd teen fashion and freak shows.

Do what the initials SNAFU mean? That word was created to define government action, or inaction as the case may be. In 1942 Time magazine carried this revelation: “Last week U.S. citizens knew that gasoline rationing and rubber requisitioning were snafu.” Well .. if there was ever a SNAFU, our economy would fit the description. To fully understand this, you have to know what the acronym stands for. Go ahead … Google it.


July 6, 2009 Posted by | Economy | , , , , , , , , | Leave a comment

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.

January 12, 2009 Posted by | Economy | , , , , , , , | 4 Comments

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.

January 12, 2009 Posted by | Economy | , , , , , , , , , | Leave a comment



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