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Friday, February 27, 2009

Economy Shrank More Than Expected in Fourth Quarter - Presidential Politics | Political News - FOXNews.com

It seems the Administration's economic people can't figure out what's going on. This speaks to the Obama Administration's poor judgment on economic matters. To wit: They are projecting all manner of revenue and other developmental growth in the coming 10 years. But they can't even pull the data together for current times. No one has a crystal ball, and even though Obama would lead us to believe he does, he doesn't.

The problem is that he is politicizing the economy, rather than dealing with the reality of it. Positive perceptions are always good to help a dank economy, but to outright mislead will only put us deeper into the hole, because we can't plan well enough to do anything positive or corrective. And this performance means that Obama can't even deal with anything that's right in front of him.

It gives me no please to say that it appears Obama's critics were correct: his judgement is poor, at best.


Economy Shrank More Than Expected in Fourth Quarter - Presidential Politics | Political News - FOXNews.com:
"The U.S. economy contracted at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession.

The Commerce Department report released Friday showed the economy sinking much faster than the 3.8 percent annualized drop for the October-December quarter first estimated last month. It also was considerably weaker than the 5.4 percent annualized decline economists expected."

Herd mentality

"Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
- Charles Mackay"

Thursday, February 26, 2009

Locke Enters Debate Over Obama's Census Plans

Joseph Stalin is quoted as saying, "It's not how the people vote, but who does the counting." The census has implications for that as well, because it determines the number of represntatives the people of a region will have. Frankly, Obama's plan smacks of political chicanery, seeking to quiet opposing voices. But, as he promised, at least he's transparent about it. Shameless, too.

Locke Enters Debate Over Obama's Census Plans - First 100 Days of Presidency - Politics FOXNews.com:
"Just hours after the announcement, Republicans called on the former Washington governor to spurn the administration's plan to assert greater control over the 2010 census. The census has deep political implications because it is used to redraw congressional districts.

Republicans object to Obama's plan to have the next Census Bureau director report to both the commerce secretary and White House senior officials."

Obama Raises your Cell Phone Rates

Proposed Budget Includes New Spectrum Fees (Phone Scoop):
"The outline 2010 federal budget proposed today by the Obama administration includes significantly higher annual fees for holders of radio spectrum licenses, including cell phone companies. The fees would increase from $50 million/year now to up to $550 million/year over the course of the next decade. These fees are in addition the up-front license fees paid in auctions to reserve exclusive use of the spectrum. The current proposal is only an outline and a starting point; a more detailed budget proposal will be released in the spring. The goal of the increased fees is to help halve the budget deficit by 2013."

Boxer Seeks to Ratify U.N. Treaty That May Erode U.S. Rights

Boxer Seeks to Ratify U.N. Treaty That May Erode U.S. Rights - Presidential Politics | Political News - FOXNews.com:
"Critics say the treaty, which creates 'the right of the child to freedom of thought, conscience and religion' and outlaws the 'arbitrary or unlawful interference with his or her privacy,' intrudes on the family and strips parents of the power to raise their children without government interference."

Franken Becomes Butt of Senate Joke on 'Fairness'

Franken Becomes Butt of Senate Joke on 'Fairness' - Presidential Politics | Political News - FOXNews.com:
"Sen. Bob Bennett, R-Utah, ever the jokester, agreed and took a shot at Franken, who's currently awaiting the outcome of a contested Senate election in Minnesota to see if he'll become a senator.

'We've already had an opportunity for fairness, if you will, with respect to talk radio when a group of people got together and financed a liberal talk show host, one who aspires to enter this body at some time,' Bennett said, referring to Franken.

'The public spoke. The station went out of business. It went bankrupt...Let the public decide what they're going to listen to,' he said."

Democrats use omnibus to gut Bush policies

Washington Times - Democrats use omnibus to gut Bush policies:
"Democrats, freed from former President George W. Bush's veto threats, are gutting the previous administration's programs with funding cuts and policy changes in the omnibus spending bill that the House passed Wednesday.

From including language to 'consider' government health care benefits for same-sex domestic partners of federal workers to eliminating D.C. school vouchers, which they consider an affront to the public school system, Democrats say there are plenty of wrongs to right in Mr. Bush's wake.

The pork-laden bill also slashes funds for abstinence education and erases language prohibiting a 'fairness doctrine' law that threatens to squelch conservative talk radio."

Fair?

Obama Outlines Health-Reform Plan Funded by Taxes, Spending Cuts - WSJ.com:
"The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments."

ABC News: Obama's Speeches Don't Wow Wall Street

ABC News: Obama's Speeches Don't Wow Wall Street:
"The morning after Obama's prime-time economic pep talk on Tuesday night, the markets opened low and lost 194 points before rallying.

Stocks edged into the black late in the afternoon, but plunged back into the red as Obama appeared to discuss his plans for tougher regulations of financial institutions. The Dow closed down 80 points today."

Monday, February 23, 2009

Higher Education: Are You Sick Yet?

One of the American dreams has been to either send your child to college, or attend it yourself. It has to do with improving your own stead, and making the next generation better than you. But what about your money enriching the already filthy rich?

To put a particularly disgusting underscore on the colleges to which middle and lower-class families pay their hard-earned money, it has been revealed what some folks make in pay who having nothing to do with actually educating your kid. For example, how about a college coach who makes over 4 million bucks a year? Having been a college teacher myself, I can assure you not much of your money goes toward hiring good instructors. Which then speaks volumes about the worthlessness of a college education.

Take note of the money spent on college sports. Nice if you're into that, but if your son or daughter is just trying to get, say, a good medical education, it's something else. Colleges have taken it on themselves to provide the NFL and NBA with a "minor league," training athletes for their prime gigs in pro sports - athletes who then receive the same degree as your kid at the end of 4 years, having not really earned it at all, but rather "working' for the school. It fits my definition of corruption, all on your educational dime.

High-paid officials: It's not just college presidents - USATODAY.com

Now, an analysis of tax filings of more than 4,000 other employees at 600 private colleges shows that presidents' earnings are relatively modest.

For example, the head football coach at the University of Southern California and a Columbia University dermatologist each earned more than $4 million in 2007, making them the highest paid employees at private colleges. The presidents, meanwhile, earned about $900,000 and $1.4 million, respectively.

The salaries of employees other than presidents were released today by the Chronicle of Higher Education, which has published a report on presidents' compensation each fall for more than 15 years. It is expanding its scope to other employees, it says, because their compensation "contributes to the broader national discussion about appropriate levels of pay for leaders in all sectors," including higher education.

"There are other people getting pretty big paychecks" besides presidents, says Chronicle editor Jeffrey Selingo.

Sunday, February 22, 2009

Well-Run Companies - HP announces company-wide pay cuts to avoid layoffs

This is how a well-run company responds to a recession. This is also not the first time HP has done this - in the 1980s, when they were just a printer company, HP asked its employees which they should do - layoff or a pay reduction. They voted for a pay reduction, and that's how its been there ever since.

A rather nice corporate culture, don't you think?

Electronista | HP announces company-wide pay cuts to avoid layoffs

HP has followed up its lackluster Q1 financial disclosure with an internal memo announcing pay cuts for all employees, according to WebGuild. CEO Mark Hurd authored the memo, explaining that the company had to compensate for poor performance in several areas due to the ongoing economic recession. HP's desktop sales were hit particularly hard, with a revenue decline of 25 percent compared to the last quarter, while notebook sales were down 13 percent.

The reduced pay will start from the top, with Hurd losing 20 percent and the Executive Council members facing a 15 percent cut. The remaining executives will see a pay reduction of 10 percent, while base pay for exempt employees will be cut by five percent and non-exempt employees will only see a 2.5 percent drop.

"To give you a little insight into my world, after we report our earnings, we engage in a dialogue with analysts and investors. They’re going to ask what we’re doing in light of the current environment to right-size these businesses," Hurd said. He further explained that he considers the company "fundamentally sound" and that a company-wide workforce reduction is not the best solution for the current situation.

The recession has affected a number of tech-industry giants. Intel recently announced plans to halt production at five facilities, potentially affecting 6,000 workers. AMD is set to cut 1,100 jobs, while also lowering the pay of remaining employees. Microsoft plans to reduce its workforce by 5,000 employees, while Motorola is expected to lay off 7,000 workers.

"Again, there are no guarantees. If the environment gets worse, if the downturn lasts longer than we’re assuming, if our performance declines, we’ll have to reassess," Hurd said. "But for now I believe this is the right thing for the strength of HP."





The One-way "Dialogue" on Race

Back Channels: Beware 'dialogue' on race | Philadelphia Inquirer | 02/22/2009

"Attorney General Eric Holder may get the dialogue on race that he called for Wednesday in a speech marking African American History Month. But the terms he offered are likely to promote division more than unity.

"Holder's speech demonstrated the contradictions that doom these dialogues before they start. The most quoted - and dumbest - line from his speech is, "Though this nation has proudly thought of itself as an ethnic melting pot, in things racial, we have always been, and continue to be, in too many ways, essentially a nation of cowards..."

"...Unfortunately, the bigger lesson is this: These incidents - Imus, the cartoon, Holder's speech - are our national conversation on race. And they do not "foster a period of dialogue among the races," as Holder proposes. They foster anger, suspicion, and division. They consist of accusations, countercharges, and hard feelings, and they are often difficult to understand. Get involved, and chances are you'll get burned.

"Avoiding such dialogues isn't cowardice; it's common sense."

Saturday, February 21, 2009

Friday, February 20, 2009

The New Normal

One thing that occurs to me about the economic mess and the bailout - it was all caused by many dishonest people. I see a lot of people losing everything, yet I see no one being prosecuted, let alone going to jail.

What's up? Is corruption the new normal?

So Much for Listening to The People and Transparency

There has been quite a bit of hubbub over the on-air rant by CNBC's Rick Santelli. If you haven't seen it, here it is. Below that is the report of Obama's PR dolt's comments running Santelli down for saying what he (and clearly those around him) thought. So much for listening to the people.




Washington Times - White House blasts reporter's 'rant':

The White House on Friday launched a bullish retaliatory attack on cable television reporter Rick Santelli, saying his "rant" against President Obama's housing foreclosure plan is uninformed and dangerous.

In a briefing with reporters in which he ridiculed Mr. Obama's own Transportation secretary's idea to tax drivers' mileage and all but said Mr. Obama's successor in the Senate, Sen. Roland Burris, should resign, press secretary Robert Gibbs saved his harshest barbs for Mr. Santelli.

"The government is promoting bad behavior," Mr. Santelli said, calling on the administration to hold an Internet referendum to see if Americans really wanted to rescue those with bad mortgages.

Mr. Gibbs mentioned Mr. Santelli by name six times. The reporter is a former trader and financial executive who has been an on-air editor for CNBC since 1999.

Responding to Mr. Gibbs, a more staid Mr. Santelli said on CNBC Friday that he would read the plan but took a shot at Washington politicians who forced through a $787 billion spending bill last week without giving most lawmakers a chance to read the measure, which spanned hundreds of pages.

"I want a dialogue. Enlighten me, enlighten America," Mr. Santelli said. "We just want to all feel we're being treated fairly and equally."


What Happens When There's Talk of Nationalization

Bloomberg.com: Worldwide:
"Citigroup Inc. tumbled as much as 36 percent and the Dow Jones Industrial Average dropped below its lowest close since 1997 before paring losses as White House spokesman Robert Gibbs said the administration wants to maintain a “privately held banking system.” Bank of America Corp. also plunged as much as 36 percent before recouping most of the drop after Chief Executive Officer Kenneth Lewis said the bank can survive “on our own.”

“There’s so much uncertainty and a decent chance of the worst case, nationalization, that it’s complete speculation to mess with Citigroup and Bank of America,” said Edwin Walczak, head of U.S. equities at the American unit of Vontobel Holding AG of Switzerland. “The price is telling you that.” Vontobel’s U.S. unit manages $6 billion."

Wednesday, February 18, 2009

Washington Times - Markets seesaw as economy worsens

Washington Times - Markets seesaw as economy worsens: "Wall Street seesawed Wednesday as gloomy government reports showed a worsening economy and President Obama unveiled a highly complicated $75 billion plan to help up to 9 million families avoid foreclosures on their homes.

The markets did not seem impressed with a housing plan that eventually could total $275 billion, and the Dow Jones Industrial Average at one point fell below its Nov. 20 post-meltdown low of 7,552.29."

Dem exclusive? Reporters jump ship - Michael Calderone - Politico.com

Dem exclusive? Reporters jump ship - Michael Calderone - Politico.com:
"Blogs at both the Weekly Standard and the National Review are pointing to a “revolving door” that spins between the media and the Obama administration. And while Brent Bozell, president of the conservative Media Research Center, acknowledges that financial troubles may be forcing reporters out of newsrooms, he thinks it’s worth noting where they’re going.

“When some leave journalism because of a reduction in staff, what’s the natural landing spot?” The Obama administration,” Bozell charged."

Holder: US is nation of cowards on racial matters

Holder: US is nation of cowards on racial matters:
WASHINGTON – Attorney General Eric Holder described the United States Wednesday as a nation of cowards on matters of race, saying most Americans avoid discussing unresolved racial issues."

Monday, February 16, 2009

More Bait and Switch

Now wait a minute - Obama went all around he country selling us on the idea that if we didn't pass the stimulus bill, it would be "catastrophic." Now, he says it won't work immediately. Couldn't that be catastrophic, if it didn't work immediately? If it didn't work right away, would that be a "failed policy?"

It seems Obama just wants a lot of money to move us toward his ideological vision of America, one which embraces socialistic ideals. If so, I will call his attention to the "failed policies" of the Soviet Union and other Socialist experiments around the world.

We have the most successful economic and political system the world has ever known, and now the Democrats with Obama at the helm want to tinker with it. And old adage comes to mind:

If it ain't broke, don't fix it.

White House dampens stimulus expectations | Reuters:
"WASHINGTON (Reuters)- President Barack Obama's aides warned Americans on Sunday not to expect instant miracles from the $787 billion economic stimulus bill he will sign this week, but said it would help eventually."

Bait and Switch

When is a contract a contract? Better still, why is a legislative bill, duly discussed, argued and agreed upon by 535 elected members of the US Congress, allowed to be modified by a single person, apparently accountable to no one? That seems to be what's happening with the Stimulus bill.

The new question: when is a president an emperor?

Washington Times - Obama to ease curbs on CEO pay:
"The White House wants to rewrite a provision in the massive economic-stimulus plan that caps executive salaries and bonuses at institutions receiving federal bailout money - posing the possibility of an early showdown between President Obama and leaders of his own party on Capitol Hill."

Sunday, February 15, 2009

Exec Pay Limits - What has really changed?

Politicians are very clever. They create loopholes all the time, such that it seems it is the order rather than the exception. To wit:

Congress Strengthens Exec Pay Limits - Presidential Politics | Political News - FOXNews.com:
"The stimulus bill, however, sets executive bonus limits on all banks that receive infusions from the government's $700 billion financial rescue fund. The number of executives affected depends on the amount of government assistance they receive. But as a rule, top executives will be prohibited from getting bonuses or incentives except as restricted stock that vests only after bailout funds are repaid and that is no greater than one-third of the executive's annual compensation.

The prohibition would not apply to bonuses that are spelled out in an executive's contract signed before Feb. 11, 2009."

So if the existing execs pay is grandfathered in as it is written in their contracts, aren't they still free to receive huge salaries and ginormous bonuses, irrespective of what congress or the president says?

Right. We're being fed a load of it again.

Saturday, February 14, 2009

Not Very Happy Valentines

Report: Union breaks off talks with GM - MarketWatch:
"SAN FRANCISCO (MarketWatch) -- The United Auto Workers has walked away from concession talks with General Motors Corp. over a dispute on payments to a retiree health-care fund, according to a report published Saturday.

The Associated Press, citing an unnamed source, reported that the break in talks comes at a critical time for GM, which is scheduled to submit an update on its restructuring plan to the government by Tuesday."

Even though the two have always needed couples counseling, one might think that the UAW would alter its modus operandi concerning it's dealing with an employer which is near-bankrupt. But NOOOOO. Unions are myopic with no self-control, to the point of being parasitic.

In biological terms, a parasite will feed off of and sicken its host until that host dies. Then they both die. UAW: did you fail biology?

But after GM dies, taking its employees and hopefully the UAW with it, what next? A federal bailout for the UAW? Probably. After all, the real sweethearts in this have always been the unions and the Democrats.

Sloppy kisses all around...

More Lies Associated with the Chicago Democratic Machine

Burris Reveals Prior Contact With Blagojevich Associates - washingtonpost.com: "
CHICAGO -- Sen. Roland W. Burris (D-Ill.), appointed late last year to replace President Obama in the U.S. Senate, has informed Illinois lawmakers that he did not tell them the complete story about his contacts with close associates of Gov. Rod Blagojevich (D) before he got the job.

The admission came in a sworn affidavit filed quietly by Burris last week with the Illinois House, and it raises questions about the new senator's credibility as he begins to finish the final two years of Obama's term. 'I'm disappointed and I do feel betrayed,' state Rep. Jack Franks (D-Ill.) said today as Illinois's political leadership began to assess the implications of Burris's admission. 'He was sworn to tell the whole truth and nothing but the truth, and it's obvious that didn't occur.'"

Friday, February 13, 2009

Quite a Friday the 13th

Even Jason is afraid.

Congress Passes Economic Stimulus Bill - WSJ.com: "Not a single House Republican backed the package. Seven Democrats joined 176 Republicans in opposition."

How Did They Miss This?

Incompetence, that's how.

WASHINGTON -- Turns out there is a problem with limiting the pay of highly compensated bankers: the Wall Street high flyers pay taxes, too.

Imagine this: Capping top bank executives at $400,000 a year, as the Senate version of the $800-plus billion economic stimulus had called for, would have cost the government $11 billion in lost tax revenue by 2019. That's more than $1 billion a year, according to an estimate this week by the Congressional Budget Office.

Ouch.

Reading Obama’s Balance Sheet

Reading Obama’s Balance Sheet by The Editors on National Review Online:
"The market’s verdict seems to be in: It is a vote of no-confidence in Obama’s economic agenda. Obama inherited difficult circumstances, to be sure. But he has responded with a bloated stimulus package that has something for every interest group, and a bank-rescue plan that hedges on the tough decisions. He needs to recognize that his stock is tanking. Less than a month into his presidency, a course correction already is needed."

Senate voting on stimulus bill

Washington Times - Senate voting on stimulus bill:
"'It is not petty to say each member should at least have the opportunity to read this legislation,' said Rep. Lincoln Diaz-Balart, Florida Republican.

Georgia Republican Rep. Tom Price called the tight voting deadline 'a joke.'

'You can't be serious. We got this at 11 p.m. last night,' he said."

Thursday, February 12, 2009

789 Billion Dollars, for this.

ABC News: Less Taxes, More Deductions in Stimulus Bill:
"On a smaller scale, a middle class couple can expect to find an additional $26 in their weekly paychecks starting June 1, thanks to a tax cut in the gigantic bill. A single person will see an extra $13 in the paycheck."

Oooh, let's run out and buy stuff! That'll get the economy moving! How about dinner from McDonald's Dollar Menu?

Wednesday, February 11, 2009

"People say I steal"

"People say I steal. Well, all politicians steal."

~ Huey P. Long

Monday, February 9, 2009

All-In on the Economy

The economic mess we are in is too important to be entrusted to any one entity, yet that's what we're getting, from the Democratic party. Repairing the American economy has global ramifications, spanning decades. The Democrats have written a single huge bill in response, now known as Spendulus, coming on the heels of a $750 Billion bank bailout package - also passed by a Democratic Congress. The latter has been ineffective in loosening the credit market even a little, which has in turn been in part responsible for the meltdown in the auto industry.

The Democrats took no responsibility for that lost $750B, instead writing a gargantuan spending proposal the likes of which has never before been even pondered.

A package as large as Spendulus means that it can only be done once. That means it must be absolutely the correct solution(s) to get the economy moving, and fast. But its size also means that it will go into effect slowly (that much money can't be given out overnight), and if it doesn't work, we won't know for years. And when we know that it doesn't work, that's that. We're busted. Broke. It's like playing a bet "all-in."

Logic would say that an entity which spent a huge amount of money and got nothing for it (the bank bailout) should not be entrusted with any other expenditures. But this is a government in the hands of the Democratic party, and there's no stopping them where spending is concerned. They listen to no one.

Spendulus must be scaled back. Doing so will do several things, the most important of which is that it will allow room for error. If the Spendulus were "only" a few billion (I can't believe I'm saying that about such a lot of money), and directed to only do one thing, like fix the housing market, then if it didn't work it could be used as something from which to learn, and another effort could be mounted, perhaps toward business and manufacturing. It could also be effected and evaluated much, much faster.

Spendulus is a monstrosity in excess of $800 Billion created by politicians who, in spectacularly demonstrated fashion, know nothing about finance. Plus, it's is a one-shot deal. If it doesn't work, that's it.

Smoot-Hawley had nothing on this. Say hello to worldwide depression.

Partisan expert joins White House

Washington Times - Partisan expert joins White House:
"Amid the furor over controversies regarding Cabinet-nominee tax problems and the seismic battle over a nearly trillion-dollar economic rescue bill, President Obama made a little-noticed appointment that is now generating intrigue.

Shauna Daly, a 29-year-old Democratic operative, was named last month to the new job of White House counsel research director. Though she is inside one of the most powerful legal offices in the land, Miss Daly holds no law degree and doesn't list any legal training on her resume.

Her sole experience has been as an opposition researcher for Democratic political campaigns: She helped dig up dirt on rivals, or on her own nominee to prepare for attacks.

The addition to White House counsel Greg Craig's staff has alarmed some Republicans, who consider it a politicization of the office, and has irritated others who say that Democratic lawmakers who railed against Republican opposition researchers in legal positions in the past are now silent.

''Her only qualification is that she knows how to dig up dirt' said Mark Levin, a conservative lawyer and radio-show host who worked in the Reagan White House and as chief of staff for Attorney General Edwin Meese.

"...But even some Democrats said there is reason to be cautious about the presence of a political-opposition researcher inside a White House legal office that is supposed to be free of partisan influence.

Sunday, February 8, 2009

Free Speech and Obama's CIA: Reporter restrained after Panetta hearing

Michael Calderone's Blog: Reporter restrained after Panetta hearing - Politico.com:
Following Leon Panetta’s confirmation hearing Thursday, several reporters approached the CIA director-designate in the hallway outside room G-50 in the Dirksen Building.

There, CongressDaily reporter Chris Strohm — upon asking a question — was physically restrained by a man who accompanied Panetta at hearings both days.

Strohm, when reached by phone Friday, said he was unsure of the man’s role.

“I felt this hand grab my right arm and push me aside,” Strohm said.

By his account, Strohm told the man, “Please don’t touch me” more than once. Eventually, the man let him go.

Tim Starks, a reporter for Congressional Quarterly, said he witnessed Strohm approach Panetta and ask a question, just before the man began “grabbing him by the arm and moving him away.”

“I said to the guy, ‘That’s not the way you do it,’” recalled Starks.

Starks said that he’s covered the CIA for years and had never seen a reporter strong-armed that way before, adding that the agency is typically respectful of journalists.

Reflecting on the incident, Strohm played it down somewhat, saying that he’s “had worse happen” while reporting."

Bill Clinton Has It Right

Apparently, Bill Clinton is fearing voter backlash from the spendtastic stimulus debacle. In a speech on Feb 07, he said that the Democrats "should become the party of 'How.'"

What he meant was they need to define "how" they would rescue the economy from the economic peril they lament hourly.

This is perhaps a swipe at Obama, who has been assailed from both parties for a lack of leadership. This complaint seems to be true, when one considers that he didn't write the bill (he palmed that off onto Nancy Pelosi, of whom it has been said to never copy her answers from a test). Obama has simply conducted a long series of interviews saying that it will be "a catastrophe" if the bill is not passed. It's like saying, "Trust me, I'm in charge, there's nothing to worry about if you just do as I say."

Clinton addressed the need for the democrats to explain how the stimulus will work. I agree. There's been no mention of how jobs will be created by doling out, for example, $40-plus Billion for the creation of ATV trails. Of course the impact on the environment wasn't discussed in that matter either, and of course, these projects will receive a waiver from EPA environmental impact studies. The environmentalists on the left must be howling, rethinking their votes.

I'd like to know the How of the stimulus, too. With no clear plan, this smacks of a different kind of presidential error. The left assailed Bush over his invasion of Iraq with no plan of exit. The stimulus, with no clear plan for recovery (let's call that an exit strategy for the stimulus), should at least receive the same scrutiny. This error could follow several generations as it puts the US into heavy debt to foreign nations, a security risk in and of itself.

Obama's Peeps not Included

Washington Times - Salary caps miss some big-pay appointees:
"Weeks before the Treasury Department announced a half-million dollar salary cap for executives at companies taking federal aid, one of President Obama's top political appointees reported a seven-figure compensation deal with one of the nation's biggest recipients of bailout cash.

Deputy Secretary of State Jacob Lew filed financial-disclosure papers last month showing he took home just under $1.1 million last year as a managing director at Citi Alternative Investments, a unit of Citigroup. So far, Citigroup has gotten $45 billion in federal bailout funds."

Saturday, February 7, 2009

An Open Letter Concerning the Spendulus Package

Senators Reach Tentative Deal on More Than $800B Economic 'Spendulus' Bill - Presidential Politics | Political News - FOXNews.com

An open letter to the supposed Party of Opposition; please feel free to copy and send to your congressmen. Links are above to their e-mail:

Sirs and Madams,

Thank you for your efforts on behalf of Americans, however I urge you to reject the Stimulus package. It is simply too much money for American Citizens to go into debt over. I hope you realize that the Government could simply pay several thousand dollars to every American, have a lower total price, and get a better net effect. I don't recommend that, but bring it up to illustrate how bad the stimulus bill is.

We need something specifically designed to correct the problems in the mortgage/housing market, for MUCH less money.

I fear that America will end up in the pocket of foreign entities because so much money is owed.

In conclusion, please DO NOT vote for the Stimulus. It's too big and will ruin the US financially.

Thanks,

Friday, February 6, 2009

Etta James 'can't stand' Beyonce. Nor Obama.

Etta James 'can't stand' Beyonce - Yahoo! News:
"'The great Beyonce ... I can't stand Beyonce,' James said in the clip from a Jan. 31 concert at the Boulevard Casino in Coquitlam, British Columbia. 'She has no business up there, singing up there on a big ol' president day, gonna be singing my song that I've been singing forever.'"
I agree. Having Beyonce sing - well, lip-sync - the forever classic Etta James song, 'At Last' at the inaugural shindig, well, that's just cold not having James sing it herself." Why was Beyonce selected over James, anyway? Beyonce played James in a movie, that's why.

Etta says it stung to be not invited to the inauguration to sing "her song." You gotta agree, no matter whom you voted for, that's pretty low down and dirty.

Here's more from MTV news:

During the gig, she criticized the singer's performance at the inauguration. "You guys know your president, right? You know the one with the big ears?" began her rant, a recording of which was obtained by TMZ. "Wait a minute, he ain't my president. He might be yours; he ain't my president. But I tell you that woman he had singing for him, singing my song — she's going to get her a-- whipped.

"The great Beyoncé," James went on. "Like I said, she ain't mine. ... I can't stand Beyoncé. She has no business up there, singing up there on a big ol' president day, gonna be singing my song that I've been singing forever."

Ouch.

Out of touch Washington: DTV transition delay


The DTV transition delay could end up costing over $500 million - Engadget HD:
"Earlier this week the powers that be voted to delay the DTV transition by four months to give more time for 5.8 million Americans to get ready. Part of the reason that many weren't ready though is that there weren't enough converter box coupons to go around -- something we all knew would happen a year ago. The cost to give every one of these people a coupon would've been about $232 million; but even if we would've gave them all two, it still would've been cheaper than the cost of a four month delay. Keep in mind that we're not mathematicians -- we did a few quick calculations and if you only include the costs we're aware of, this thing will cost us over $500 million"

Thursday, February 5, 2009

The Stimulus and Political Crooks: Who Should Determine Tax Policy?

That's the question that should be on everyone's mind now, as we ponder what to do about $900 billion in new spending. The reasons:
  1. That money's not free. The stimulus and TARP are funded by borrowing from foreign entities, most significantly and fear-inspiring by the Chinese government. That money needs to be repaid with interest. Can we afford it?
  2. Tax policy is now being decided by people who are a) millionaires, and b0, don't pay their taxes anyway. I refer to what appears to be quite a few members of Concress, and many members of Obam's cabinet, too. Obama himself pays no taxes.
Isn't this a "taxation without representation" kind of deal?

But talking about the funding (Item 1), I see a huge security issue looming when a foreign government not particularly friendly to ours holds our IOUs. Further, we'll be funding communism when we repay all that interest.

On item 2, giving the opportunity to write tax policy to a wealthy man is like giving the henhouse to the fox. Do you really think the middle class will get a better deal than the rich? Doubtful. I'm all in favor of the rich keeping what they've earned, but I'm also in favor of them paying their share as much as the middle class does. Obama's own newly-minted Treasury secretary, Geithner, clams tax ignorance, while he leads the IRS. There's really not much more to say about that that isn't obvious.

There are so many conflicts of interest going on, one can't keep up without a scorecard. But these seem to well-tolerated by the voters. Incredible.

What did he expect?

Irritated Obama 'Stares Down' Reporter During Press Corps Visit - First 100 Days of Presidency - Politics FOXNews.com:

"According to reports, when the Politico's Jonathan Martin asked the president about his nominee for deputy secretary of defense, William Lynn, Obama refused to answer, saying he was not there to take questions."
Obama had such an easy time of it through the campaign, it's apparent that he expected the good times to roll for the next 4 years. Not likely. Journalists ask tough questions as part of their job. In the vein of "when it bleeds, it leads, " the juicier the story, the more cred is given to the reporter.

So Obama needs yet another wake up call.

Naivete, thy name is Barack.


Bill of Divorcement

This was in my mailbox. It's a beaut!

Divorce Proposal
We have stuck together since the late 1950's, but the whole of this latest election process has made me realize that I want a divorce. I know we tolerated each other for many years for the sake of future generations, but sadly, this relationship has run its course. Our two ideological sides of America cannot and will not ever agree on what is right, so let's just end it on friendly terms. We can smile; slate it up to irreconcilable differences, and go on our own ways.

Here is a model dissolution agreement:

Our two groups can equitably divide up the country by landmass each taking a portion. That will be the difficult part, but I am sure our two sides can come to a friendly agreement.

After that it should be relatively easy! Our respective representatives can effortlessly divide other assets since both sides have such distinct and disparate tastes. We don't like re distributive taxes so you can keep them. You are welcome to the liberal judges and
the ACLU.

Since you hate guns and war, we'll take our firearms, the cops, the NRA, and the military. You can keep Oprah, Michael Moore, and Rosie O'Donnell (you are however, responsible for finding a bio-diesel vehicle big enough to move them).

We'll keep the capitalism, greedy corporations, pharmaceutical companies, Wal-Mart, and Wall Street. You can have your beloved homeless, homeboys, hippies, and illegal aliens. We'll keep the hot Alaskan Hockey Moms, greedy CEO's, and Rednecks. We'll keep the Bibles and give you NBC and Hollywood.

You can make nice with Iran, Palestine , and France, and we'll retain the right to invade and hammer places that threaten us. You can have the peaceniks and war protestors. When our allies or way of life are under assault, we'll provide them job security.

We'll keep our Judeo-Christian Values. You are welcome to Islam, Scientology, Humanism, and Shirley McClain. You can have the U.N. But we will no longer be paying the bill. We'll keep the SUV's, pickup trucks, and oversized luxury cars. You can take every Subaru Station Wagon you can find.

You can give everyone healthcare, if you can find any practicing Doctors (that is practicing, Howard Dean) who will follow you to your turf.

We'll continue to believe healthcare is a luxury and not a right. (note - I don't agree with this wording - I think basic lifesaving healthcare in an advanced nation such as ours is a right, but treatments beyond that are to be earned. Transplants and cosmetic procedures can still be given to those in prison in the new country - hd.)

We'll keep The Battle Hymn of the Republic and the National Anthem. I'm sure you'll be happy to substitute Imagine, I'd Like to Teach The World To Sing, Kum Ba Ya, or We Are the World.

We'll practice trickle down economics, and you can give trickle up poverty its best shot.

Since it often so offends you we'll keep our History, our Name, and our Flag.

Would you agree to this? If so please pass it along to other likeminded patriots, and if you do not agree just hit delete and hang on.

In the spirit of friendly parting, I'll bet you ANWAR on who will need whose help in 15 years.

Sincerely,

John J. Wall
Law Student and an American

P.S. Please take Barbra Streisand.

Wednesday, February 4, 2009

Herding Cats

This definitely a good step, but raises the question, Why wasn't this the case in the first place?

There's not one of us out here in the Real World who would hand over money without getting an agreement in writing about what they were getting, how they were getting it, and outlining penalties. People do it all the time. But somehow Congress missed out on that. The Old Boy Network at it again, but it was a Democratic Congress under President George Bush who did this first round mess. Note: it was Democratic Congress who did it, but Bush should have intervened. Obama's Congress is poised to do it again, maybe. Let's hope not.

But the bootom line on the TARP money and especially for the now $900-Billion bailout in the Senate, it's just too much money to administer. Imagine herding cats; that's what policing this bailout would be. To vote no, please write your congressmen. See link at top.

Obama sets executive pay limits with overhaul in mind | Reuters:
"An Obama administration official said the new rules would require companies that get exceptional government funds -- such as financial giant Citigroup and insurer AIG have in the past -- to abide by the cap.

Additional compensation must be limited to restricted stock that does not vest until government money is paid back with interest.

Companies that have previously received bailout money would have to agree to stricter oversight and prove that they have followed already established restrictions on executive compensation, which are widely seen as being too lax."

Monday, February 2, 2009

Bank of America Sponsors Super Bowl Fun Fest

ABC News: Bailed Out Bank of America Sponsors Super Bowl Fun Fest:
"Despite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week as President Obama decried wasteful spending on Wall St.
Brian Ross investigates the bankers who sponsored Super Bowl festivities.

The event – known as the NFL Experience – was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.

The bank staunchly defended its sponsorship, saying it was a 'business proposition' and part of its 'growth strategy.'"

The Last Official Act of George W. Bush