Archive for March 25th, 2009

The Truth President Obama: You Are Spending And Taxing The United States Into Radical Socialism And Bankruptcy!

Posted on March 25, 2009. Filed under: Blogroll, Books, Communications, Economics, Employment, Energy, Investments, Links, People, Philosophy, Politics, Quotations, Raves, Regulations, Resources, Taxes, Uncategorized, Video | Tags: , , , , , |

Obama Spends Recklessly

 red_socialism

 

Obama administration breaking the law


 

Summary of Americas Current Economic Condition

U.S. – A Nation of Debt

US National Debt Clock

http://www.brillig.com/debt_clock/

 

President Obama’s  2010 Budget Projected 

Budget Deficits

National Debt Increases

 2010_budget_-_deficit_and_debt_increases1

http://upload.wikimedia.org/wikipedia/en/3/3b/2010_Budget_-_Deficit_and_Debt_Increases.png

 

president_obama_budget_national_debt

http://www.heritage.org/Research/budget/bg2249.cfm

family_spending_per_household

 

Obama forecasts mammoth budget deficit

Among conservatives and libertarians President George W. Bush was a great disappointment in terms of massive budget deficits and running up the National Debt.

However, President Obama’s budget proposals would result in deficits over four times that of President Bush.

Even the Congressional Budget Office is characterizing the deficits as unsustainable.

In order to partially pay for these huge increases in government spending, a new tax on energy is being proposed–the cap and trade tax.

The cap-and-trade energy tax will impact every American that uses electricity, drives a car or truck, or buys goods and services from businesses who use electricity and transportation.

The cap and trade carbon tax’s real purpose is not to stop or mitigate man-made climate change by reducing carbon dioxide emissions.

Carbon dioxide is not a pollutant.

Nor is carbon dioxide or man’s carbon emissions the primary cause or driver of global climate change.

However, that is the story or fraud the radical socialist peddle to the ignorant.

The majority of American  people think it is rubbish.

They will not sit silently by as their electrical bills and gasoline prices rise due to a tax increase.

There will be a tax revolt over any proposed carbon or cap-and-trade tax.

Instead, the new tax will be used to fund a much bigger government and budget for Socialized Medicine, Alternative Energy subsidies for wind and solar power, even more money for education and massive bailouts for failing businesses.

Those who do not pay Federal Income Taxes now will still be hit with higher electricity bills and gasoline prices if the cap and trade  carbon tax is passed.

Furthermore, the deficits will need to be financed by selling Federal Government notes and bills.

This will significantly increase the National Debt from about $11 trillion today  to over $14 trillion by the end of 2012.

No wonder several countries including Communist China have proposed a new international reserve currency to replace the US dollar.

Amazingly the Treasury Secretary, Timothy Geithner, actually said it is an idea worth serious consideration.

President Obama quickly made it known at his press conference that he does not support a global currency.

World Government and New Global Currency – 3.24.2009 – Glenn Beck

Hear The Truth America news: Obama: ‘I don’t support a global currency’

President Obama is wrecking the US economy, destroying  jobs, and devaluing the US dollar, what did you expect from the most inexperienced and first radical socialist to be elected President.

Actually, I was expecting exactly this and tried to warn people about it, few were listening.

Now they are starting to listen and are getting sacred. 

America is turning against Obama

Soon, President Obama , you too will join Prime Minister Brown and become the devalued President of a devalued Government.

Daniel Hannan MEP: The devalued Prime Minister of a devalued Government 

obama_tax_increase

  

Background Articles and Videos

British Political Hero Daniel Hannan Talks with Glenn Beck

 

Deficit Projected To Swell Beyond Earlier Estimates

CBO Expects Trillions More in Borrowing

 

By Lori Montgomery

Washington Post Staff Writer
Saturday, March 21, 2009; Page A01

“…In the first independent analysis of Obama’s budget proposal, the nonpartisan Congressional Budget Office concluded that Obama’s policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation’s financial system have ended.

Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade — $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.

Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would “not be sustainable.”

The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 — double last year’s level — and threaten the nation’s financial stability.

“This clearly creates a scenario where the country’s going to go bankrupt. It’s almost that simple,” said Sen. Judd Gregg (N.H.), the senior Republican on the Senate Budget Committee, who briefly considered joining the Obama administration as commerce secretary. “One would hope these numbers would wake somebody up,” Gregg said.

In the first independent analysis of Obama’s budget proposal, the nonpartisan Congressional Budget Office concluded that Obama’s policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation’s financial system have ended.

Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade — $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.  …”

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/20/AR2009032001820.html

 

The Obama Budget: Spending, Taxes, and Doubling the National Debt
by Brian M. Riedl
Backgrounder #2249

“…During his presidential campaign, President Barack Obama promised the American people a “net spending cut.”1

Instead, he signed a “stimulus” bill that spends $800 billion, and he has proposed a budget that would:

  • Increase spending by $1 trillion over the next decade;
  • Include an additional $250 billion placeholder for another financial bailout;
  • Likely lead to a 12 percent increase in discretion­ary spending;
  • Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over pre-recession levels;
  • Raise taxes on all Americans by $1.4 trillion over the next decade;
  • Raise taxes for 3.2 million taxpayers by an average of $300,000 over the next decade;
  • Call for a pay-as-you-go (PAYGO) law despite offering a budget that would violate it by $3.4 trillion;
  • Assume a rosy economic scenario that few econo­mists anticipate;
  • Leave permanent deficits averaging $600 billion even after the economy recovers; and
  • Double the publicly held national debt to over $15 trillion ($12.5 trillion after inflation).2

Before the recession, federal spending totaled $24,000 per U.S. household. President Obama would hike it to $32,000 per household by 2019— an inflation-adjusted $8,000-per-household expan­sion of government. Even the steep tax increases planned for all taxpayers would not finance all of this spending: The President’s budget would add trillions of dollars in new debt.[1][2] …”

http://www.heritage.org/Research/budget/bg2249.cfm

 

Obama’s budget FOUR TIMES THE DEFICITS OF BUSH

“… President Barack Obama‘s budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush’s presidency, congressional auditors said Friday.

The new Congressional Budget Office figures offered a far more dire outlook for Obama’s budget than the new administration predicted just last month — a deficit $2.3 trillion worse. It’s a prospect even the president’s own budget director called unsustainable.

In his White House run, Obama assailed the economic policies of his predecessor, but the eye-popping deficit numbers threaten to swamp his ambitious agenda of overhauling health care, exploring new energy sources and enacting scores of domestic programs. …”

http://www.ireport.com/docs/DOC-233039

IOUSA part 1 of 8

 

IOUSA part 2 of 8

 

IOUSA part 3 of 8

http://www.youtube.com/watch?v=urd13kgsxs0&feature=related

 

IOUSA part 4 of 8

 

IOUSA part 5 of 8

 

IOUSA part 6 of 8

 

IOUSA part 7 of 8

 

IOUSA part 8 of 8

 

 

Obama’s New Budget Deficit Math
Lee Cary

“…So, President Obama is folding his $1 trillion stimulus package (when you roll in interest) into the ’09 budget deficit and hanging it around the previous administration’s neck. No surprise there. It’ll be positioned as his inheritance.

Let’s look back. Here’s the litany of Bush deficits from 2004-2008:

2004: $412.5 billion
2005: $318.6
2006: $247.7
2007: $162.8
2008: $454.8
Source – The Government Accounting Office (GAO) document, “A Citizens Guide to the 2008 Financial Report of the United States of America: The Federal Government’s Financial Health”

In old math calculations, the total deficit spending from 2004-2008 (the last 5 years of Bush’s second term in office) was $1.596 trillion and change.

At this point, approximately half of the expected (noted in the WaPo article) ’09 deficit of, at least, $2 trillion is additional spending passed under Obama’s watch. If there’s a second stimulus bill and another TARP, that deficit number will grow. A total $3 trillion deficit is not out of the question.

So, being fair (a concept important to the Obama administration), at least half of the eventual ’09 deficit will be owned by President Obama’s administration. So for comparative purposes between administrations’ deficits, ’09, as a bridge year, is a wash. So it’s,

2009: $1 trillion (Obama’s stimulus package with interest), plus $1.2 (Bush’s original deficit)

According to the Washington Post piece, Obama “proposes” to cut the deficit he inherited in half. Let’s add up the numbers for 4 years, as compared to Bush’s 5 years. Fair to the max.

2010: $1 trillion (“hovering near” – isn’t “hovering” almost always above?)
2011: $1 trillion
2012: (No number mentioned, so let’s do blue sky and assume $533 billion)
2013: $533 billion

That’s a total deficit increase during the Obama term of approximately $3.066 trillion. …”

http://www.americanthinker.com/blog/2009/02/obamas_new_budget_deficit_math.html

TESTIMONY

of

Patrick J. Michaels
Professor of Environmental Sciences
University of Virginia,
and Senior Fellow in Environmental Studies at Cato Institute

to the

Subcommittee on National Economic Growth, Natural Resources and Regulatory Affairs
U.S. House of Representatives

Carbon Dioxide: A Satanic Gas?

http://www.cato.org/testimony/ct-pm100699.html

Carbon Dioxide is Our Friend

Global Warming: How Hot Air and Bad Science Will Give You Staggeringly Higher Taxes and Prices.

Related Posts On Pronk Palisades

The Heritage Foundation

Heritage Foundation 2010 Budget Charts–Federal Spending

Heritage Foundation 2010 Budget Charts–Federal Revenue 

Heritage Foundation 2010 Budget Charts–Federal Debt and Deficits

Heritage Foundation 2010 Budget Charts–Federal Entitlements

Ludwig von Mises Institute

The Libertarian Tradition–Ludwig von Mises Institute–Videos

Tom Woods and Murry Rothbard on Keynesian Predictions vs. American History–Lessons President Obama Never Learned–Videos

Our Enemy, Inflation–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Murray Rothbard–Videos

Murray Rothbard– What Has Government Done to Our Money?–Videos

Thomas E. Woods, Jr.–Videos

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

President Obama Delays E-Verify–Shame On You Mr. President!

One Big Awful Mistake America (OBAMA): Veterans Will Now Lead The Fight To Defeat Radical Socialism!

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

The 2008 U.S. Presidential Election–Wedge Issues Now (WIN)?

The Issue of The United States 2008 Presidential Election–Criminal Alien Removal (CAR) and A Border Security Fence (BSF)

Clear, Hold, Build– Strategy for Victory In Iraq–Now Ready for Prime Time in America– Operation Criminal Alien Removal (CAR)!

 2008 Presidential Choice: Leader or Diletant–McCain or Obama 

Presidential Election 2008: American Elites Vs. American People

Appeasers and Oath Breakers All: Bush, Clinton, Bush, McCain, Clinton, Obama…Who is next?

Why immigration will be the number 1 political issue in the 2008 Presidential Election! — Gum Balls

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

John McCain’s Position on Illegal Immigration and Criminal Alien Removal? 

Presidential Election 2008: American Elites Vs. American People

Alan Keyes on Immigration

US Immigration Videos 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

 

 

Budget of the United States Government

Fiscal Year 2010The Budget Documents

http://www.whitehouse.gov/omb/budget/

 

Read Full Post | Make a Comment ( 7 so far )

AIG–Follow The Money Trail–Bailing Out Business Buddies–Corrupt Crony Radical Socialism

Posted on March 25, 2009. Filed under: Blogroll, Economics, Employment, Investments, Law, Links, Politics, Quotations, Rants, Raves, Regulations, Taxes, Video | Tags: , , , , , , , , , , , , , , |

 AIG Bonuses

A Big Distraction From Political Money Laudering and The Federal Reserve Monetarization of Debt!

 political_corruption

  

money-laundering

Glenn Beck – Congress Abusing their Authority & Showing Favortism to Fannie Mae

 

Kudlow: Geithner Gone After AIG Bonusgate? — 3.17.09

 

  

Levin on Obama’s AIG Campaign Donations 3-19-09

 

Levin on Barney Frank

 

Mark Levin On AIG Bonuses And Liberal Hypocrisy Part 1 Of 4

 

Mark Levin On AIG Bonuses And Liberal Hypocrisy Part 2 Of 4

 

Mark Levin On AIG Bonuses And Liberal Hypocrisy Part 3 Of 4

 

Mark Levin On AIG Bonuses And Liberal Hypocrisy Part 4 Of 4

 

The Democratic Party and President Obama are bailing out their major campaign contributors on Wall Street and Main Street including the executives of Goldman Sachs, Citigroup, JP Morgan Chase, Bank of America, Wachovia and AIG just to name a few.

Top Contributors

“…This table lists the top donors to this candidate (Obama) in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization’s PAC, its individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.

University of California $1,385,675

Goldman Sachs $980,945

Microsoft Corp $806,299

Harvard University $793,460

Google Inc $790,564

 Citigroup Inc $657,268

 JPMorgan Chase & Co $650,758

Stanford University $580,904

Sidley Austin LLP $574,938

Time Warner $547,951

National Amusements Inc $541,251

 WilmerHale $524,292

 UBS AG $522,019

IBM Corp $518,557

Skadden, Arps et al $510,274

Columbia University $503,566

 Morgan Stanley $490,873

US Government $479,956

General Electric $479,454

Latham & Watkins $467,311 …”

 http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638

Matching the companies that have received Troubled Asset Relief Program or TARP money with the executives of the companies that contributed to both the Obama and Democratic Party and the amounts results in many matches. Instead of forcing failing companies or banks to go into bankruptcy, liquidation or be bought  by a successful company, the political class is bailing out their financial friends–corrupt crony capitalism–no–corrupt radical socialism.

The good banks are telling the Federal Government take your money back and leave us alone.

Many banks were forced to take the TARP money even thought they did not need nor want the money!

 

TCF Bank Gives Back TARP Money

   

The politicians are hypocrites and corrupt to the core.

Hang the politicians high for all to see!

Forget about the bonuses, focus on who AIG in turn sent to the bailout money to meet AIG’s contracts with them and the amounts:

  • Goldman Sachs:                                         $   12,900,000,000 or $12.9 billion
  • Merril Lynch:                                             $    6,800,000,000 or $6.8 billion
  • Bank of America:                                        $    5,200,000,000 or $5,2 billion
  • Citi Group:                                                $    2,300,000,000 or $2.3 billion
  •  Wachovia                                                $    1,500,000,000 or $ 1.5 billion
  • Société Générale of France            nearly  $   12,000,000,000 or $12 billion
  • Deutsche Bank of Germany            nearly  $   12,000,000,000 or $12 billion
  • Barclays of Britain                                   $     8,500,000,000 or $8.5 billion
  • UBS of Switzerland                                  $     5,000,000,000 or $5 billion

Glenn Beck exposes huge ACORN cover-up – the leftists are distracting you, folks…

youtube=http://www.youtube.com/watch?v=UfRkhD85BBI&hl=en&fs=1]

 

Obama’s Marxist Magic Mess–Big Bad Bonuses–Radical Socialist Sleight of Hand

Then focus on the what the political elites really do not want you to understand and care about: 

The Monetarization of The Debt and Quantitative Easing: The Federal Reserve is printing $1,000,000,000,000!–Run-Away Inflation Coming Soon!

The Federal Reserve by significantly increasing the money supply runs the real risk of causing a significant increase in the general price level or inflation–a tax increase–that reduces the purchasing power of your money holdings.

LOL

 

Obama: It took us a couple of days because I like to know what I’m talking about before I speak

The Puppet President Pinocchio’s  nose and ears just grew another inch:

 

Barack Obama America’s Puppet President Pinocchio –The Transparent Lies–Ears and Nose Are Growing?

 

Background Articles and Videos

 

Follow the Bailout Cash

By Michael Isikoff and Dina Fine Maron  

“…While a few big firms, such as Wells Fargo and JP Morgan Chase, have curtailed their campaign giving, others are quietly doling out cash to select members of Congress, particularly those who serve on committees that oversee TARP. In recent filings with the Federal Election Commission, the political action committee for Bank of America (which got $15 billion in bailout money) sent out $24,500 in the first two months of 2009, including $1,500 to House Majority Leader Steny Hoyer and another $15,000 to members of the House and Senate banking panels. Citigroup ($25 billion) dished out $29,620, including $2,500 to House GOPWhip Eric Cantor, who also got $10,000 from UBS which, while not a TARP recipient, got $5 billion in bailout funds as an AIG “counterparty.” “This certainly appears to be a case of TARP funds being recycled into campaign contributions,” says Brett Kappell, a D.C. lawyer who tracks donations. (A spokesman for Cantor did not respond to requests for comment. A spokeswoman for Hoyer said it’s his “policy to accept legal contributions.”) …”

http://www.newsweek.com/id/190363  

 

Critics Got Donations From Insurer

Obama and Dodd Raised Money From the Firm for Presidential Campaigns

“…When Mr. Dodd was raising funds from AIG, his donor list included some executives from the company’s financial-products division that created the instruments that brought billions of dollars in losses to the company and led to its collapse.

A few weeks before Mr. Dodd formally announced that he was running for the Democratic nomination, 33 employees of AIG’s financial-products division each contributed $2,100 to his presidential account, or $69,300 total, according to Federal Election Commission records.

In March 2007, Mr. Dodd’s campaign paid $250 to the financial-products unit in Wilton, Conn., for a “room rental fee.” Such itemizations typically are associated with fund-raising events.

AIG has run one of the largest political-influence operations in Washington in the past decade. The company has spent $72.6 million to lobby Congress and the administration since 1998, making it one of the top lobbying spenders among corporations, according to public records.

In October, after it received government funding to stay afloat, AIG said it would stop lobbying Congress and the Obama administration. Campaign donations dried up at the same time.

AIG has made $9.3 million in donations since 1989, placing it among the top 100 sources of campaign donations during that period, according to the Center for Responsive Politics. In addition, FEC records show that the company has hosted dozens of fund-raising events for lawmakers. …”

http://online.wsj.com/article/SB123742426774379307.html

 

Did Campaign Cash Influence Bailout? Banks Get 258,000 Percent Return from Investments in D.C. Pols.

“…His anger seems real enough. But the stench of hypocrisy reeks up the room every time he forgets to mention the hundreds of thousands of dollars he received in 2008 as campaign donations from these same banks, their management and employees—currently now under receivership of the U.S. taxpayer.

But Sen. Dodd is not alone. He and the biggest names in American politics, including President Barack Obama, are quickly becoming poster children for “moral hazard” and pay-to-play politics. Slap-dash legislation with little or no oversight, by the Bush Administration, rubber-stamped by top Democratic politicians, seems to have made problems worse, not better. Banks are hoarding bailout money, and its not getting down to consumers.

Dodd’s Senate committee—arguably one of the most powerful–created and oversees the Troubled Asset Relief Program (TARP)—the $700 billion dollar bailout of financial institutions—caught up in the sub-mortgage meltdown.

From all indications and reports, TARP has been universally acclaimed a failure-in-progress and bad news reports have angered large cross sections of America. Dodd and his committee seem powerless to reign in the titans of American finance and industry—despite widespread capital infusions from Congress. Unemployment is moving towards double digits and banks haven’t begun to unfreeze consumer credit, although a moratorium on mortgage foreclosures was set in place.

But the Senior Senator from Connecticut who said he personally turned a four-page draft into 80-plus pages of legislation that was passed, has crossed an ethical line. While he was crafting legislation to rescue his friends, Dodd “received $854,200 from the T.A.R.P. companies in the 2008 election cycle, including money to his presidential campaign” according to a recent Center for Responsive Politics (CRP) report. …”

 

“…According to the C.R.P. report, Sen. Chris Dodd received $854,200 from various financial groups, including $570,294 from commercial banks in the 07-08’ election cycle.

-Speaker of House Nancy Pelosi received a paltry $15,600 from JPMorgan/Chase, $11,000 from both Citigroup and Goldman Sachs.

-Sen. Majority Leader Harry Reid received $71,500 in from JPMorgan/Chase and $47,350 from Citigroup.

-Alabama Sen. Dick Shelby who sits on the Senate Banking Committee got $91,200 from his top contributor; Citigroup, and $66,500 from JP Morgan/Chase.

-Senior Illinois Sen. Dick Durbin got $46,575 from Citigroup and $19,500 from Goldman Sachs.

-New York Sen. Chuck Schumer raked in $80,800 from Citigroup, $58,000 from Goldman Sachs, $57,000 from Morgan Stanley, $53,750 from Lehman, $50,250 from Merrill Lynch, $47,800 from JP Morgan Chase—raised over $1 million from Securities and Investment firms.

-Sen. Minority Leader Republican John Boehner got $14,300 from Morgan Stanley and $12,000 from Goldman Sachs.

These where the same people—our legislators and leadership who were charged with giving a blank check of $700 billion to companies who were funding their re-election campaigns. Can you spell conflict of interest? By rights lawmakers, including all Presidential campaigns–should return any money received from employees and management of these failed corporations they are legally responsible to regulate. …”

http://www.kctribune.com/article.cfm?articleID=18675

 

AIG Gives $644,000 in ‘Campaign Bonuses’ to U.S. Senators and Representatives According to The O’Leary Report

“…As President Barack Obama and Senator Chris Dodd (D-CT) continue to point fingers over which one of them is to blame for the stimulus bill’s “Dodd Amendment,” which specifically excludes bonuses from caps on executive pay, one thing is clear: both Obama and Dodd profited from AIG campaign “bonuses” and an overwhelming majority of Americans want them to give this money back.
According to a breaking poll conducted by The O’Leary Report and Zogby International, 73 percent of Americans think any members of Congress who received campaign contributions from AIG over the last two years should return the money.
This might go double for President Obama and Senator Dodd, who were by far the largest recipients of AIG campaign cash in the last election cycle. According to the Center for Responsive Politics, Obama received $104,332 from AIG and Dodd raked in $103,900. Obama and Dodd far outpaced the rest of Congress, as the next largest beneficiary received about $45,000 less than each of them. All told, AIG gave a total of $644,218 to federal candidates over the last election cycle. …”

http://www.smartmoney.com/news/pr/?story=PR-20090325-000143-0546

Cronyism

“…Cronyism is partiality to long-standing friends, especially by appointing them to positions of authority, regardless of their qualifications. Hence, cronyism is contrary in practice and principle to meritocracy. Cronyism exists when the appointer and the beneficiary are in social contact; often, the appointer is inadequate to hold his or her own job or position of authority, and for this reason the appointer appoints individuals who will not try to weaken him or her, or express views contrary to those of the appointer. Politically, “cronyism” is derogatorily used. The word “crony” first appeared in 18th century London, believed by many to be derived from the Greek word χρόνιος (chronios), meaning “long-term”, however, crony appears in the 1811 edition of Grose’s Vulgar Tongue with a decidedly non-collegiate definition, placing it firmly in the cant of the underworld.[1] A less likely source is the Irish Language term Comh-Roghna (pron. ko-ronə), which translates to “close pals”, or mutual friends.

Governments are particularly susceptible to accusations of cronyism, as they spend public money. Many democratic governments are encouraged to practice administrative transparency in accounting and contracting, however, there often is no clear delineation of when an appointment to government office is “cronyism”. It is not unusual for a politician to surround him- or herself with highly-qualified subordinates, and to develop social, business, or political friendships leading to the appointment to office of friends, likewise in granting government contracts. In fact, the counsel of such friends is why the officeholder successfully obtained his or her powerful position — therefore, cronyism usually is easier to perceive than to demonstrate and prove.

In the private sector, cronyism exists in organizations, often termed ‘the old boys club’ or ‘the golden circle’, again the boundary between cronyism and ‘networking’ is difficult to delineate.

Moreover, cronyism describes relationships existing among mutual acquaintances private organizations where business, business information, and social interaction are exchanged among influential personnel. This is termed crony capitalism, and is an ethical breach of the principles of the market economy; in advanced societies, crony capitalism is a breach of market regulations, e.g. the Enron fraud is an extreme example of crony capitalism.

Given crony capitalism’s nature, these dishonest business practices are frequently (yet not exclusively) found in societies with ineffective legal systems. Resultantly, there is an impetus upon the legislative branch of a government to ensure enforcement of the legal code capable of addressing and redressing private party manipulation of the economy by the involved businessmen and their government cronies.

The economic and social costs of cronyism are paid by society. In the form of reduced business opportunity for the majority of the population, reduced competition in the market place, inflated consumer goods prices, decreased economic performance, inefficient business investment cycles, reduced motivation in affected organizations, and the diminution of economically productive activity. A practical cost of cronyism is manifest in the bad workmanship of public and private community projects. Cronyism is self-generating, cronyism then begets a culture of cronyism. This can only be apprehended by a comprehensive, effective, and enforced legal code, and empowered government agencies who can effect prosecutions in the courts.

All appointments that are suspected of being cronyism are controversial. The appointed party may choose to either suppress disquiet or ignore it, depending upon the society’s level of freedom of expression and individual personal liberty.

Some instances of cronyism are readily transparent. As to others, it is only in hindsight that the qualifications of the alleged “crony” must be evaluated. …”

http://en.wikipedia.org/wiki/Croneyism 

 

Bundlers

Bundlers are people with friends in high places who, after bumping against personal contribution limits, turn to those friends, associates, and, well, anyone who’s willing to give, and deliver the checks to the candidate in one big “bundle.”

Even though these donors direct more money to the candidates than anyone else, disclosure can be spotty, with Obama and McCain posting bundlers by ranges, indicated in this chart with the “max” and “min” columns, and with the top ranges being simply “$500,000 or more.” Together, 540 elites have directed at least $207,200,000 to McCain, and 561 have gathered at least $63,200,000 for Obama.

Top Industries of Obama Bundlers
Sector Min. Raised # of Bundlers
Lawyers/Law Firms $12,600,000 97
Securities & Investment $8,250,000 61
TV/Movies/Music $3,200,000 20
Business Services $2,400,000 19
Real Estate $2,050,000 20

The “08 Contribs” column indidates the total amount the bundler, their spouse and dependent children have given to all federal candidates, parties and PACs this election cycle.

 

http://www.opensecrets.org/pres08/bundlers.php?id=N00009638

 

Tracking the $700 Billion Bailout

By MATTHEW ERICSON, ELAINE HE and AMY SCHOENFELD

“…Hundreds of banks and a handful of insurers and automakers have applied for funds from the Treasury Department as part of the $700 billion Troubled Asset Relief Program. The Treasury Department has transferred capital to the majority of these companies. …” 

http://projects.nytimes.com/creditcrisis/recipients/table

 

The Center for Responsive Politics

http://www.opensecrets.org/index.php

 

Putting on a great show: Kabuki in the House; Update: 328-93, 90 percent bonus tax passes

By Michelle Malkin  

“…Scroll for updates…

If you haven’t been watching the AIG bonus debate in the House, you really should tune in.

Barney Frank is shrieking. Jumping up and down over parliamentary procedure. Blaming Bush, Bush, Bush, and then attacking GOP for “partisan attacks.”

John Boehner just finished statement: “Are you kidding me? This is joke. Vote no.”

Very effective: Almost all House GOP members have text of Dodd/Treasury/Obama AIG bonus protection clause on paper or in poster board home.

Frank has no response but to blubber.

Hensarling: “What we have here is a legislative cover-up. The Democrats could have prevented this. All of sudden, the [bonus protection] appeared and it has no parents…Here’s a newsflash: No more federal money, AIG, until bonsues are repaid. What happened to the most open, honest Congress in the history of America?” …”

http://michellemalkin.com/2009/03/19/putting-on-a-great-show-kabuki-in-the-house/

 

First, they came for AIG bonuses

By Michelle Malkin

“…The House is set to vote today on the retroactive, confiscatory 90 percent tax on bailout-funded bonuses. Lawmakers say the tax will apply to Fannie/Freddie bonuses. But who knows what the hell will end up in this Chicken Little measure:

The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.

“We figured that the local and state governments would take care of the other 10 percent,” said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.

Rangel said the bill would apply to mortgage giants Fannie Mae and Freddie Mac, among others, while excluding community banks and other smaller companies that have received less bailout money…The top two members of the Senate Finance Committee on Tuesday announced a bill that would impose a 35 percent excise tax on the companies paying the bonuses and a 35 percent excise tax on the employees receiving them. The taxes would apply to all companies receiving government bailout money, but they are clearly geared toward AIG.

The NYPost rightly warns that such politically expedient power grabs are courting catastrophe: …”

http://michellemalkin.com/2009/03/19/first-they-came-for-aig-bonuses/

 

The Senate shows a little sense; confiscatory Republicans show no shame

By Michelle Malkin  

“…Cooler heads have prevailed in the U.S. Senate and in this particular case, it is a good thing.

The Senate took its role as a deliberative body seriously and has buried the demagogic, backside-covering corporate bonus tax bill passed last week by the House. They’ve kicked the can down the road.

The Hill reports:

President Obama and Senate Democrats have buried a bill passed last week by the House that would have heavily taxed executive bonuses at bailed-out firms.

Despite the public outcry over $165 million in bonuses awarded at troubled insurer AIG, Senate Majority Leader Harry Reid (D-Nev.) showed little inclination Monday to bring the explosive issue to the floor this week or next. Instead, Reid is likely to delay action on executive compensation until late April, after the Senate returns from a two-week recess starting April 4…

…Senate Republican Whip Jon Kyl (Ariz.) said there is very little chance the Senate will act this week to recoup bonuses passed out at AIG and other corporations receiving bailout funds.

I still have seen very little questioning of the 85 Grabby Hands House Republicans, led by minority whip Eric Cantor, who went along with this abomination. How can they be trusted not to lose their heads when the next Kabuki outrage comes along? How can they be counted on to resist
the next confiscatory scheme down the road — say, this one? …”

http://michellemalkin.com/2009/03/24/the-senate-shows-a-little-sense-confiscatory-republicans-show-no-shame/

 

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