Candidate Obama vs. President Obama

The video speaks for itself.

Correction, Obama speaks for himself.

No commentary needed from me.

Vodpod videos no longer available.

more about “Candidate Obama vs. President Obama“, posted with vodpod

New Government Entity

Here a Trillion, there a Trillion, print a Trillion, every where a Trillion.

By the time Obama and  Geithner are finished we will all speak of a Trillion in the same way we currently speak of a Billion.

My Way News

The Obama administration’s latest attempt to tackle the banking crisis and get loans flowing to families and businesses will create a new government entity, the Public-Private Investment Program, to help purchase as much as $1 trillion in toxic assets on banks’ books. […]

A key part of that regulatory framework will give the government new resolution authority to take over troubled institutions that would pose a threat to the entire financial system if they failed. […]

According to administration and industry officials, the toxic asset program will have three major parts:

_A public-private partnership to back private investors’ purchases of bad assets, with government support coming from the $700 billion bailout fund. The government would match private investors dollar for dollar and share any profits equally.

_Expansion of a recently launched Fed program that provides loans for investors to buy securities backed by consumer debt as a way to increase the availability of auto loans, student loans and credit card debt. Under Geithner’s plan for the toxic assets, that $1 trillion program would be expanded to support purchases of toxic assets.

_Use of the FDIC, which insures bank deposits, to support purchases of toxic assets, tapping into this agency’s expertise in closing down failed banks and disposing of bad assets.

Yeah… this should work.

 

Stand Like A Rock

In matters of style, swim with the current; in matters of principle, stand like a rock

Thomas Jefferson

This from the Glenn Beck show on Fox news.

Vodpod videos no longer available.

more about “Stand Like A Rock“, posted with vodpod

Sign Of The Times, Recent Headlines

The sign reads:

“Hang on folks, it’s gonna be a wild ride!”

Houses passes 90% RETROACTIVE tax against AIG bonuses

U.S. to Aid Auto Industry With $5 Billion for Suppliers

General Motors CEO Rick Wagoner says taxing gasoline until it reaches $4 per gallon is "worthy of consideration"

Fed to pump another $1 trillion into U.S. economy

US stock rally fades as investors assess Fed moves

Chris Dodd Admits To Adding Loophole In Stimulus That Allowed A.I.G. Bonuses

House debates bill taxing AIG and other bonuses

U.N. panel says world should ditch dollar

$750 billion "green" investment could revive economy: U.N.

At G20, Kremlin to Pitch New Currency

Bailed-Out Firms Owe At Least $220M in Back Taxes

 

Seriously, Shut The Hell Up You Damn Cry Babies

The majority of this posting is pure personal commentary and rant.

Gallup Poll released the following poll today.

Gallup

Three in four Americans (76%) want the government to take actions to block or recover the bonuses insurance giant AIG paid its executives after receiving federal bailout funds.

Poll Results

Question

Answer

Which comes closer to your thinking about this matter: The government should not intervene because the AIG bonuses were part of existing contracts in place before the bailout money was given to AIG,  (or) the government should take actions to try to block or recover any bonuses paid to AIG executives because the company was given government bailout money?

17% -government should NOT intervene

76% -government should intervene

How do you personally feel about these bonuses – outraged, bothered, or not particularly bothered? 59%-Outraged
26%-Bothered
11%-Not particularly bothered
Views on AIG bonuses by party affiliation Democrats:
83%- block/recover bonuses
70%- Outraged
Independents:
77%-block/recover bonuses
54%- Outraged
Republicans:
67%-block/recover bonuses
56%- Outraged

Seriously, shut the hell you damn cry babies.

The majority of you are not outraged, you are jealous.

Your personal envy of another should not have effect on their personal incomes.

As has been established, the government knew of these bonuses long before the bonuses were paid. The stimulus bill allowed for these bonuses to be paid.

I must also ask, are those of you who believe these bonuses should be returned also demanding with the same amount of outrage that president Obama and other politicians return the monies they received from AIG?

ABC

AIG employees kept doling out donations to politicians, including presidential candidate Barack Obama, after getting bailed out with federal funds last year, raising the question of whether those politicians will now return the money. […]

top AIG recipients for the 2008 campaign:

1. Sen. Chris Dodd, D-Conn., $103,100
2. Sen. Barack Obama, D-Ill., $101,332
3. Sen. John McCain, R-Ariz., $59,499
4. Sen. Hillary Clinton, D-N.Y., $35,965
5. Sen. Max Baucus, D-Mont., $24,750
6. Former Gov. Mitt Romney, (R) Pres $20,850
7. Sen. Joe Biden, D-Del., $19,975
8. Rep. John Larson, D-Conn, $19,750
9. Sen. John Sununu, R-N.H., $18,500
10. Former Mayor Rudolph Giuliani (R) Pres $13,200
11. Rep. Paul Kanjorski, D-Pa., $12,000
12. Sen. Dick Durbin, D-Ill., $11,000

That is just the tip of an iceberg I do not have time to climb at the moment.

 

 

Let’s not forget also, who the controlling partner in AIG is, our government.

The government owns at least 79% right now.

Politicians are of course suggesting now that the employees who received the bonuses be taxed on those bonuses at up to 100%.

Carolyn MCcarthy (D) New York would like to take it even further if she knew of a way.

MSNBC

A hundred percent, as far as I‘m concerned, is not even enough.  If I could tax them 1,000 percent, I would tax them 1,000 percent. 

Why the hell aren’t more Americans outrage at the above statement?

Why aren’t more outraged at the very idea of retroactively taxing a business?

That would set a dangerous precedent, that I assure you, you want no part of. What will you think of a retroactive tax when they come for you?

The damned jealousy of some makes me so angry. At one time it did not bother me much at all, but it seems to be a prevailing tendency in America.

What happened to the America I grew up in?

Not that jealousy did not exist, however it did seem that the majority of Americans sought their own success and did not begrudge the success of another.

Barack Obama is not only creating policy that ushers this nation into a true socialist (as opposed to the semi-socialist nation we have been for sometime) state, but the people are clamoring for it weather they see it or not.

You may recall the Fox Dynamic poll I posted about on February 20th of this year.

Those polled concluded that Americans rely on the government too much while at the same time expressing that they [the person polled] believed in the majority that the government should provide, food, healthcare, housing, and employment.

Who the hell are we that we think we deserve something without having earned it , while those who have earned something (AIG executives) are not deserving of what they worked for!?

What happened to the American attitude of government staying out of the way and we will provide our own opportunities and either succeed or fail based upon our own efforts and merit?

 

Feigned Outrage Over AIG Bonuses

Scroll down for recent update

President Obama and his administration are the definition of disingenuous, that is, hypocritically ingenuous.

The Hill

I don’t think anyone on Capitol Hill should doubt the genuineness of the outrage,” Gibbs said. He added: “Barack Obama came in, and there was a new sheriff in town on executive compensation.

The supposed outrage over the AIG bonuses paid to executives in the amount of $165 million is mere play acting on the part of Obama, his administration and Democrats on the hill.

It is done for the benefit of the masses and as a tool to further the administration agenda. The administration knows that the majority of Americans are going to take them at their word, that the majority of Americans are going to believe the show of outrage is genuine and will not balk as the administration uses the AIG bonuses as reasoning for implementation of what other wise would be seen as intrusive government restrictions and control of business.

Turns out, and who would be surprised, that the administration and Democrats on the hill knew for sometime or at least should have known, that these bonuses would be paid.

I suppose they could claim ignorance being that they did not read the text of the stimulus package before having passed it.

Chris Dodd should at least have known as he is the the person who included in the stimulus bill an amendment which allows the paying of bonuses that were contractually agreed to before 2.11.2009.

But As For Me

From page H1412 of the Final Stimulus Bill, “SEC. 111. EXECUTIVE COMPENSATION AND CORPORATE GOVERNANCE:

“(iii) The prohibition required under clause (i) shall not be construed to prohibit any bonus payment required to be paid pursuant to a writte employment contract executed on or before February 11, 2009, as such valid employment contracts are determined by the Secretary or the designee of the Secretary.”

As the But As For Me blog, referenced in the above quote, points out; by having voted for the stimulus bill politicians actually voted to protect the bonuses of AIG.

That being so, then who is to blame for the payout of these bonuses?

Those crying the loudest, those who are so very outraged, they are to blame.

Who else knew, or again, should have known?

How about golden boy Timothy Geithner?

You know the man who we were told was the only person who could rescue America from her economic meltdown.

Politico

Timothy Geithner, then at the New York branch of the Federal Reserve, was a huge proponent and architect of the AIG bailout. So if Obama had strong private opposition to the idea it did not affect his pick for the person who would oversee all bailouts.

Do not be a fool and do not be fooled, the administration or a least enough persons in the administration knew that these bonuses were to be paid out that there should have been no surprise when they bonuses were paid.

This is fake outrage.

Fake outrage not without a purpose however.

UPDATE:

ABC News: Political Punch

Sources in the Obama administration Tuesday said that despite previous media reports administration officials did not know until a couple weeks ago that the officials of the controversial AIG Financial Product Division were set to receive $165 million in bonuses on March 13.
 
Given the fact that the administration knew of this two weeks ago their outrage appears even more disingenuous.
Delayed fake outrage.
 
Almost all accounts, other than the accounts of the administration, seem to demonstrate that the claim of only recently coming about the knowledge of AIG bonuses is a false claim.
 
First, remember the language of the Chris Dodd amendment to the stimulus package (provided earlier in this posting).
 
Yahoo is running an Associated Press article that contains several good insights.
 
AIG’s plans to pay hundreds of millions of dollars were publicized last fall, when Congress started asking questions about expensive junkets the company had sponsored. A November SEC filing by the company details more than $469 million in "retention payments" to keep prized employees. […]
In January, Reps. Joseph E. Crowley of New York and Paul E. Kanjorski of Pennsylvania wrote to the Federal Reserve and the Treasury Department pressing the administration to scrutinize AIG’s bonus plans and take steps against excessive payments.
"I at that point realized that we were going to have a backlash with regard to these bonuses," Kanjorski said in an AP interview. In a meeting with Liddy later that month, he said he told the AIG chief that "all hell would break loose if we didn’t find a way to inform the public … and that we should take every step to put that information out there so we wouldn’t have the shock."
The administration clearly choose to go with shock.
 
Perhaps the “awe” was to come by way of President Obama providing a public smack down to AIG.
 
The story continues.
Around the same time, Congress and Obama’s team were passing up an opportunity to put in place strict laws to revoke bonuses from recipients of the $700 billion Wall Street bailout. In February, the Senate voted to add such a proposal to the economic recovery bill that cleared Congress, but in final closed-door talks on the measure, that provision was dropped in favor of limits that affect only future payments.
 

Bookmark and Share

Latest Front Page Of The Drudge Report Makes Me Think That Obama Is A Financial Genius

Sorry, I meant socialist, economy destroying maniacal genius…

You’ve been stimulated!

Stocks hit 12 year low

CITI in pennies

ABC Radio owner Citadel Closes trading at 1 penny on NYSE

Fed refuses to release bank lending data

12 pct. are behind on mortgage or in foreclosure

FDIC insurance fund could be insolvent this year

GM running out of cash

Updated:

Add to yesterday’s Drudge headlines these as well:

Jobless rate 8.1%

Payrolls fall 651,000

Food stamp enrollment jumps to record 31.8 million

Obama bear market punishes investors as Dow tumbles 20%

Obama’s radicalism is killing the Dow

CropperCapture[7]