Tag: economics

The Obligatory “Nancy Pelosi supposedly knew about Torture” Posting

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Honestly, I would rather be getting a root canal without any anesthesia, than to have to blog about this. But everyone else is, so, here goes!

ABC NEWS Blog “The Note” reports the following:

ABC News’ Rick Klein reports: House Speaker Nancy Pelosi was briefed on the use of “enhanced interrogation techniques” on terrorist suspect Abu Zubaydah in September 2002, according to a report prepared by the Director of National Intelligence’s office and obtained by ABC News.

The report, submitted to the Senate Intelligence Committee and other Capitol Hill officials Wednesday, appears to contradict Pelosi’s statement last month that she was never told about the use of waterboarding or other special interrogation tactics. Instead, she has said, she was told only that the Bush administration had legal opinions that would have supported the use of such techniques.

The report details a Sept. 4, 2002 meeting between intelligence officials and Pelosi, then-House intelligence committee chairman Porter Goss, and two aides. At the time, Pelosi was the top Democrat on the House intelligence committee.

The meeting is described as a “Briefing on EITs including use of EITs on Abu Zubaydah, background on authorities, and a description of particular EITs that had been employed.”

EITs stand for “enhanced interrogation techniques,” a classification of special interrogation tactics that includes waterboarding.

Of course, everyone on the right is jumping up and down  and saying, “See we told you so!” Don’t count me in with that crowd, please. When it comes to this entire issue; I am a fence sitter. On one hand, I hate to know that a fellow human being is being tortured. But on the other hand, I also know what happened on September 11, 2001, and please; do not come in here and spout that stupid Alex Jones bullcrap about 9/11 being an inside job, okay? I am just not that simple-minded to believe that idiotic nonsense.  The truth is that the 9/11 attacks were carried out by Muslim extremists who hate our Country and for what we stand for;  they also happened because of our interventionist foreign policy and because of our occupation of parts of Arab peninsula. Further, the attacks were a revenge attack on United States because of the actions of the United States in the 1980’s. Osama Bin Ladin said that in one of his many tapes. This is NOT to say that the United States had it coming or anything of that sort. It is simply the bare, and sometimes ugly; truth.

Now back to the story at hand, there are some, mostly liberals who have problems with this story. Emptywheel, for example seems to believe that the CIA is lying about the briefings. I won’t quote here, what’s being said there. Because there is just so much to read. I’d advise everyone to just go over and read what is being said there.

The truth is folks, I do not believe we will ever know the truth about what happened, and who knew what when. I am sorry if that busts any balloons or anything of that sort. Our Government has a very good track record of covering up secrets and quite frankly covering it’s backside to the point of burying the truth. So for those who were hoping that Bush and Co. would be prosecuted. I hate to be the one to say this, but you are in for a big letdown. I knew this was coming; I blogged about a great deal of times. Obama will not go after the former President and his staff and cabinet. Obama just will not burn the political capital. President Obama would rather risk being a one-term President, than try and go after a former President and his staff. It just never has been done. Nor will it ever.

If the Obama Administration told holder to open an investigation as to “Who knew what, when…” when it came to the 9/11 attacks, The Iraq War, and the torture stuff. Both Parties; Democratic and Republican would be utterly destroyed and stripped void of any credibility that they still have now.  That is something that the Obama Administration is simply not going to allow to happen. Because both of these political parties want to maintain their grip on a two party system in this Country. One Party may talk about wanted to see the other destroyed. But they know how long their leash is, and when it reaches it max length, the parties that be know when to get back into line.

So, I feel that this all just a big witch hunt, to distract us from the real issues. Like the state of our economy and so forth.

The Southern Avenger Asks “Is Secession Crazy?”

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When Texas Governor Rick Perry suggested his state had the right to secede from the union, liberals laughed at the mere suggestion. But secession not only has deep American roots, but is no “crazier” than socialism.

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The Southern Avenger on “The Mexican Flu”

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How the news coverage of the swine flu isn’t so much indicative of any serious crisis, but the mainstream media’s corporate and government, PC sensibilities.

Some are warning that Hyper Inflation is coming

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Not sure if I agree with this or not, because I do not believe that we can predict this sort of a thing; but it is a interesting read.

Those who refuse to learn from history are doomed to repeat it, said George Santayana, the philosopher. But this familiar maxim is being ignored this week by President Barack Obama and his fellow Democrats on Capitol Hill this week as they complete action on the chief executive’s proposed 2010 federal budget. With its unprecedented deficit approaching $2 trillion, this budget proposal is a certain prescription for hyper-inflation. So every senator and representative who votes for this monster $3.6 trillion budget will be endorsing actions that will turn America into the next Weimar Republic. For those too young to remember, that was the period in Germany in the years between the two world wars when people needed wheelbarrows full of money to buy a loaf of bread.

In a 1993 interview, Harvard law professor Friedrich Kessler described what living with Weimar hyperinflation was like: “It was horrible. Horrible! Like lightning it struck. No one was prepared….The shelves in the grocery store were empty. You could buy nothing with your paper money.” Thanks to the expanding profligacy on Capitol Hill, a version of such economic hell will likely happen here, according to two prominent economists. Johns Hopkins Professor Steve Hanke notes that the Federal Reserve’s balance sheet “has more than doubled in size since August…Unless the Fed shrinks its balance sheet,” he warns, “…inflation will roar back with a vengeance.”

via www.washingtonexaminer.com – Get ready for Obama’s coming hyperinflation.

Instapundit says that you do see gold prices going up, which might be a sign that the tea leave readers are shoring up, in case of a massive collapse. It is an interesting read. Some would say that this is nothing more than mas hysteria. by the dooms day folk. But it is an interesting fact that Obama has pour massive amounts of money into the system. It should be interesting to watch.

Update: Instapundit comments: “Actually, my point was that gold prices haven’t gone up particularly, as one would expect if hyperinflation were coming. Or, at least, if a lot of people thought it was coming.”

I stand corrected. Wow, The Glenn Reynolds commented on my Blog. SillyHypnotized I’ll never wash this Blog posting, ever. Winking I guess he does read his incoming links! Surprise

Local Auto News: Chrysler looking at Bankruptcy

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A pretty sad thing to wake up today. However, I am sorry to say this, but I knew it was coming. Chrysler never was able to get their act together; unlike G.M. and get a resolution together.

The Report comes via the Washington Post, I won’t quote the whole thing and I kindly ask that you go over and read the whole thing. But rather, I will give some my impressions from the interesting stuff.

My impressions:

The Obama administration last night planned to send Chrysler into bankruptcy, replace chief executive Robert L. Nardelli and pump billions of dollars more into the effort, all in hopes the company can emerge from court proceedings as a reenergized competitor in the global economy.

Government officials clung to 11th-hour hopes last night that bankruptcy could be averted, but talks broke down with Chrysler’s creditors. A bankruptcy filing could happen as soon as today.

The U.S. government’s attempt to save the automaker amounts to another extraordinary intervention in the economy and a landmark event in the history of the American auto industry.

Under the administration’s detailed court strategy, ownership of Chrysler would be dramatically reorganized, the leadership of Italian automaker Fiat would take over company management and the U.S. and Canadian governments would contribute more than $10 billion in additional funding.

Company and government officials had feared that a bankruptcy would stain the brand, shake customer confidence and erode sales, but the administration said it would seek to use the process to create a new Chrysler company. Its ownership would be divided, with the company’s union retiree health fund receiving a 55 percent stake, Fiat would claim as much as a 35 percent share and the United States would take 8 percent. The Canadian government would receive two percent.

Basically this is what General Motors did voluntarily. Minus the Fiat equation, of course. It is a tough break that the creditors, bond holders, and company management could not come together to an agreement.  The main and good thing is, that the automaker, itself, will be saved, and that American jobs will be saved.

Now comes the part that will make people like Sean Hannity, Rush Limbaugh, Michelle Malkin, and the rest of the far right wing people howl at the moon:

The automaker’s current majority owner, the private-equity firm Cerberus Capital Management, would have its holdings wiped out.

Now, to be fair; I will report the truth about this holdings company. This company, from what I have read and have been told; is notorious for buying up struggling companies, like Chrysler and shutting them down and selling off the assets to make money. They have done this in past, from what I told. So, while I hate to see anyone lose their money. I actually am glad to see Chrysler being taken away from this company.

Let me also say this. As an Conservative, who believes in “America First”, and believes that business sometimes have to fail; I am not exactly jumping for joy, when it comes to fact that this auto company is having taxpayer dollars being pumped into it. Nor am I happy at the fact, that a US automaker is having a foreign auto company’s management taking over its operations. However, I believe we must be realistic about such matters. We are not living in the 1950’s any longer, we are in a economic recession of monumental proportions, and if we do not drastic measures quickly, we could see a total collapse of the American auto industry. I also know that there is a undeniable truth that “as Detroit goes, so goes America.” Pat Buchanan and I, have been saying this all along; if allow the big three or in this case, the big two to disappear our Nation’s economy would go into free fall. I shudder in absolute horror at the thought of the far reaching implications of such an event.

I will say, as a devout Paleo-Conservative; If we would have rejected the globalism of the Rockefeller-type conservative types and would have imposed strict trade restrictions on Japanese and other such foreign automotive products, these auto companies would not be in the position that they are today.  It is because of the Rockefeller-type, Madison Avenue, Neo-Conservatives, whose mantra is “screw the American middle class”, is the reason we are in this position today.  Further more, it is the reason that the world is also partaking in our recession as well.  Perhaps President Obama will see the state of our globalist economy and will rethink his position on NAFTA and TAFTA and the rest of those toxic free trade agreements that are in place; and impose strict tariffs on imports that are bleeding our economy dry.

Realistically however, I highly doubt that President Obama will do any of that, because he is trying to run as a centrist, or as I like to call it; he is sucking up to the Neo-Conservative right, as they are his biggest supporters, strangely, after trying so very hard to defeat him in the election. Of course, we Paleo-Conservatives know why this is; because the only difference between a Neo-Conservative and a Democrat is the letter next to the name.

The Worry in my Father’s Eyes (A Personal GM Posting)

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As many of you know, I am the son of a retired General Motors worker.  Ironically, I am also a Conservative.  No, I am not a Republican; or even a formal Libertarian.  I am someone that believes that the less Governmental interference in my life, the better.   However, there is a place, where my politics ends and a genuine concern for my family begins.

I see that General Motors is going to be taking more money from the Government, and is desperately trying to salvage what is left of that company:

Quote:

General Motors Corp. will get up to $5 billion and Chrysler LLC $500 million in short-term aid, according to a 250-page government report obtained Monday by The Detroit News.

The Detroit News reported Friday that GM would get about $5 billion and Chrysler $500 million, citing an Obama administration official, which prompted a denial from the White House.

The short-term aid figures are disclosed in the report from the Treasury Department’s Inspector General on the $700 billion Troubled Asset Relief Program.

The report was obtained from a congressional source late Monday.

Meanwhile General Motors is is doing its damnedest to rid itself of waste:

General Motors Corp. has started notifying about 1,600 white-collar workers — most of whom work in southeast Michigan — that they will lose their jobs this week as the cash-strapped automaker cuts costs that could help the automaker qualify for up to $16.6 billion in additional federal aid.

The announcement was made by GM North American President Troy Clarke in an e-mail sent to employees today, spokesperson Tom Wilkinson said.

“This is part of really restructuring the company to a smaller, leaner company, one that can, as the (Obama) administration requested, be profitable on an ongoing basis,” Wilkinson said.

While this might be a good thing, there are those out there that believe that this is too little too late:

It’s ironic enough that Italy’s Fiat Auto could end up being the savior for Chrysler. After all, former Chrysler President Bob Lutz once likened Fiat to a dead bride when his old boss, Lee Iacocca, wanted the company to join up with the Italian carmaker. Now, Lutz is at General Motors until he retires in December, and Fiat may help his current employer.

Yes, the Italian carmaker is reportedly in talks with GM about forming a partnership with its European and South American businesses, says Automotive News. How ironic is that? Well, in 2000, GM bought 20% of Fiat Auto for $2.4 billion. Back then, GM was healthy and Fiat was in serious financial trouble. The Italian company was wracked by quality issues. It was so bad that GM actually paid another $2 billion a few years later just to avoid a put option that would have made GM the sole owner of Fiat. GM’s board didn’t want that kind of headache.

But now, after Fiat CEO Sergio Marchionne has fixed the company, he could help save Chrysler in the U.S. and GM in Europe. GM lost $1.5 billion in the Olde World last year, with its Opel and Vauxhaul brands suffering mightily with too many factories. GM is actually doing very well in Latin America, where the auto giant earned $1.3 billion last year. Fiat is pretty strong there, too, so they could make a powerful pair down there. The only catch is that Fiat doesn’t have any cash either. But the alliances will help be getting each company jointly-engineered vehicles and sharing parts.

The bottom line: Fiat is not a great carmaker by any stretch. But Chrysler and GM are in so much trouble that anyone could help at this point. Even Fiat.

Which brings me to my point; have any of you really looked at your Father?  I have.  I see worry in his eyes.  I see worry in both my parents eyes.  The questions my parents are facing, as they enter into their golden years are unfathomable, for someone my age.  Will my parents lose everything that my father worked hard to obtain?  We are talking 31 years worth of blood, sweat, and tears.  My Father earned every damned last penny.  I dare some idiot beltway type to say otherwise.

I have been a critic of the Obama Administration for much, as of late.  However, I will give him credit for one thing.  The President is looking out my Father.  I just hope he does not throw my Father under the bus, as he has many others in his short time in the White House.

Some of you might look at this posting and call me some sort of a hypocrite.  That is your right as an American.

However, if you could only see my Father’s eyes; you might just might be able to understand.

The Southern Avenger on “The Illiberal Media”

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The Southern Avenger on “The Radical Right”

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Books Mentioned:

Even More Professional Behavior from President Teleprompter

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This is unbelievable:

The bankers struggled to make themselves clear to the president of the United States.

Arrayed around a long mahogany table in the White House state dining room last week, the CEOs of the most powerful financial institutions in the world offered several explanations for paying high salaries to their employees — and, by extension, to themselves.

“These are complicated companies,” one CEO said. Offered another: “We’re competing for talent on an international market.”

But President Barack Obama wasn’t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public’s reaction to such explanations. “Be careful how you make those statements, gentlemen. The public isn’t buying that.”

“My administration,” the president added, “is the only thing between you and the pitchforks.”

via Inside Obama’s bank CEOs meeting – Eamon Javers – POLITICO.com.

Talking about cashing in on the public outrage! What’s more is this one here:

There were signs from the outset that this was a business event, not a social gathering. At each place around the table sat a single glass of water. No ice. For those who finished their glass, no refills were offered. There was no group photograph taken of the CEOs with the president, which typically happens at ceremonial White House gatherings but not at serious strategy sessions.

“The only way they could have sent a more Spartan message is if they had served bread along with the water,” says a person who attended the meeting. “The signal from Obama’s body language and demeanor was, ‘I’m the president, and you’re not.’”

Way to go there Mr. Bambi, piss off the very people that made you on wall street. What more do the people need to see, to realize that electing this buffoon was the biggest mistake America ever made?

You know, I criticized Bush relentlessly during the man’s time in office. But the actions of this new President is starting make me really wonder just how better off we truly are. I mean; this guy is right now over in Europe, and now going to France to make speeches saying that the United States of America was arrogant?? I have to admit, I do not always agree with Sean Hannity, But tonight he was spot on. Obama ought to be impeached for treason, first for bowing an Arab leader and then going overseas and basically sounding like the Dixie Chicks! I am, quite frankly, surprised that our media here has given him a pass on that one. But then again, when you are in the tank for the guy. What can one expect??

Not to mention that, he is spending like a drunken sailor, which is going to weaken our dollar. It is truly unbelievable.

You see people want to say that Bush caused all this economic recession, and that’s just flat out horse hockey! Bush did not cause this recession, Bill Clinton did! Clinton was one the one who placed the high pressure on the big lending institutions, like Freddie Mack and Fannie Mae to give loans to those who could not normally afford them. Then the people on Wall Street, thanks to the stupid deregulation of the Markets, cooked up these crazy credit swaps.  Bush’s White House saw the impending disaster and warned sternly the Republican controlled Congress that there were signs that the Markets are showing signs that there was about to be a serious problem. This was in 2003, Congress then began an investigation and the then President/CEO or whatever the hell you call him, who was black, did what any black person does when they’re under the gun. He played the race card. Rep. Barney Frank sat right up there and said there was no crisis.

So, this whole notion that is being peddled by the Democrats is totally false and is basically revisionist history. No wonder Bill O’Rielly flipped out on Barney Frank. Because the man is a damned liar. As are the Democrats in general. But yet, the President can sit there and act like a total asshole?!?! It was his party that created this whole mess!

Unbelievable, just totally unbelievable.

Generational Theft Act of 2009 has been passed

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It seems that the Liberal Congress and Obama are hell bent on devaluing our dollar:

Congressional Democrats overwhelmingly embraced President Obama’s ambitious and expensive agenda for the nation yesterday, endorsing a $3.5 trillion spending plan that sets the stage for the president to pursue his most far-reaching priorities.

Voting along party lines, the House and Senate approved budget blueprints that would trim Obama’s spending proposals for the fiscal year that begins in October and curtail his plans to cut taxes. The blueprints, however, would permit work to begin on the central goals of Obama’s presidency: an expansion of health-care coverage for the uninsured, more money for college loans and a cap-and-trade system to reduce gases that contribute to global warming.

The measures now move to a conference committee where negotiators must resolve differences between the two chambers, a prelude to the more difficult choices that will be required to implement Obama’s initiatives. While Democrats back the president’s vision for transforming huge sectors of the economy, they remain fiercely divided over the details.

via Congress Approves Budget – washingtonpost.com.

$3.5 trillion dollars; That’s more money than I’ll ever see in this lifetime. Spending that much money will do nothing more than devalue our dollar to the point where the simplest things will cost more than most can afford.  Ron Paul said it right in this video here; the Liberal Congress are simply trying to recreate the bubble that burst and they are simply going to try create another.

This of course will create another burst somewhere down the road that will be greater than this one. Our only hope is that someone like Mark Sanford will get in there and order the fed audited and possibly closed. Also maybe Sanford would put us back on the Gold Standard and back Austrian Economics and put this silly Keynesian economics to pasture, where it belongs.

One can only hope.

Others: Sweetness & Light, , Fausta’s Blog, Donklephant, Hot Air, Right Wing News, Dr. Sanity, , QandO and Wake up America

The Southern Avenger on “Steadfast Sanford”

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When hundreds of protesters showed up at the South Carolina statehouse to protest Gov. Mark Sanford’s refusal to accept $700 million in federal stimulus, it was worth noting how Sanford doesn’t represent economic disaster – but perhaps the only chance we’ve got.

The Article referenced in this Video is found here

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President Barack Obama asks G.M. CEO Rick Wagoner to resign

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Full disclosure: My Father is a Retired G.M. Employee and a member of the United Auto Workers.

I have known about this for a while. I’ve just been waiting for as much info as I could get, before doing a post on it.

Originally Via the Politico:

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

On Monday, President Barack Obama is to unveil his plans for the auto industry, including a response to a request for additional funds by GM and Chrysler. The plan is based on recommendations from the Presidential Task Force on the Auto Industry, headed by the Treasury Department.

The White House confirmed Wagoner was leaving at the government’s behest after The Associated Press reported his immediate departure, without giving a reason.

General Motors issued a vague statement Sunday night that did not officially confirm Wagoner’s departure.

“We are anticipating an announcement soon from the Administration regarding the restructuring of the U.S. auto industry. We continue to work closely with members of the Task Force and it would not be appropriate for us to speculate on the content of any announcement,” the company said.

The surprise announcement about the classically iconic American corporation is perhaps the most vivid sign yet of the tectonic change in the relationship between business and government in this era of subsidies and bailouts.

Reaction from the Conservative Blogsophere has been predictable negative. Also I have observed via the local media, that some auto workers are not happy about the President asking a C.E.O. to resign.

I have an opinion on this. It is simply this. I want to wait and see what happens. I do not want to pass judgment upon this until I see what is going to happen. This could be a bad thing and then again, it could be a very good thing. I shall, like many from this God-Forsaken part of the Country are playing the wait and see game.

Reaction to this from the Editorial board of the The Detroit Free Press is not a good one:

The risk was there from the start.

The federal money flowing to Detroit to help struggling automakers was always going to come with strings.

But there’s a fine line between holding General Motors Corp. and Chrysler LLC accountable for a pile of taxpayer cash and inappropriate government efforts to actually run the companies.

President Barack Obama’s Auto Task Force may have crossed that line over the weekend when it reportedly asked for GM Chairman Rick Wagoner’s resignation as part of a plan to get more aid to the struggling automaker.

It’s hard to see how canning the chief executive is far shy of actually running the company. And if that’s the case, if GM’s federal overseers are stepping up their efforts to actually manage GM through its restructuring, this sets an awful precedent, both on general principle and in this particular instance.

The principle at stake says government shouldn’t manage private businesses. GM has a board of directors that, no matter its many mistakes, is accountable for the company’s fate. The government should ensure the board doesn’t squander taxpayer funds, but that doesn’t include selecting the company’s leadership.

It didn’t for banks, mortgage companies or insurance outfits like AIG. Why should GM be treated differently?

Something tells me that there is going to be a huge blow back from this and it might just cost Obama a reelection, should be try and run in 2012.

Additional Coverage:

Blogs:

The Southern Avenger on “AIG Bonuses are a Ruse”

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How the controversy over the AIG bonuses imbedded in the stimulus obfuscate the root problem of spending in general.

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The Southern Avenger on “What Happened to the War on Terror?”

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On the sixth anniversary of the war in Iraq, why are the loudest champions of the War on Terror no longer talking about it?

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President Barack Hussein Obama’s March Towards Communism

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In all honesty….  it is more like a marathon run towards Communism actually.

Thanks to the stupidity of the Carter and Clinton Administrations and the inaction on the Republican controlled 2003 Congress. We are now becoming a Communist Nation. We have no one to blame, but ourselves.

The Communist owned Washington Post reports:

The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.

The government at present has the authority to seize only banks.

Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president’s Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.

The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury’s role, are still in flux.

Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American International Group, which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.

The administration’s proposal contains two pieces. First, it would empower a government agency to take on the new role of systemic risk regulator with broad oversight of any and all financial firms whose failure could disrupt the broader economy. The Federal Reserve is widely considered to be the leading candidate for this assignment. But some critics warn that this could conflict with the Fed’s other responsibilities, particularly its control over monetary policy.

The government also would assume the authority to seize such firms if they totter toward failure.

Besides seizing a company outright, the document states, the Treasury Secretary could use a range of tools to prevent its collapse, such as guaranteeing losses, buying assets or taking a partial ownership stake. Such authority also would allow the government to break contracts, such as the agreements to pay $165 million in bonuses to employees of AIG’s most troubled unit.

The Treasury secretary could act only after consulting with the president and getting a recommendation from two-thirds of the Federal Reserve Board, according to the plan.

Geithner plans to lay out the administration’s broader strategy for overhauling financial regulation at another hearing on Thursday.

You see folks, this is where it starts. They start seizing businesses, and taking the assets for themselves. Then the Government decides to take YOUR assets; because they happen to think that you are making too much money. What amazes me, is the resounding silence from the Republicans, especially the Neo-Conservatives like Michelle Malkin and over at HotAir.com. Could it be that the Neo-Conservatives secretly approve of such actions? Possibly the Republican Party as well? Could it be that the Republican Party is now infiltrated with Communists to the point of having lost it’s true identity?

You decide.

Others: The Moderate Voice, Reuters, pw,  , The Strata-Sphere,Bloomberg, Washington Monthly, Pajamas Media, Right Wing News, Sweetness & Light, Neptunus Lex, Stop The ACLU, Sister Toldjah, and Fausta’s Blog

(Via Memeorandum)

Tim Geithner reveals his plan and it still sucks

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There’s a great deal of coverage on this… go here to check it out. We’re screwed, and I do mean badly.

Others covering:

Frank James / The Swamp: Geithner’s financial-rescue plan, take two
Jeremy P. Jacobs / The Hill’s Blog Briefing Room: Geithner lays out toxic asset plan
Caitlin Taylor / The Note: The Note, 3/23/09: Crisis of Confidence …
Simon Johnson / The Baseline Scenario: Breaking The Bank  —  My problem with Monday’s expected announcement …
Bloomberg: Obama Seeks Investors in Plan to Buy Illiquid Assets
Atrios / Eschaton: Risk  —  One thing which stood out from Timmeh’s WSJ op-ed (perfect place to leg hump the
The Heretik / theheretik.us: Toxic Update  —  Geithner on those troubled toxic assets …
Ben Pershing / Washington Post: A New Week, A New Economic Plan to Sell
Clay Risen / The Plank: Foxes Guarding the Henhouse?
James Joyner / Outside The Beltway: Geithner Plan: TARP 2.0?
Caitlin Taylor / Political Punch: Will the Public Want to Partner with Wall Street?
Taegan Goddard’s Political Wire – bk: Geithner’s Plan, Take Two  —  In advance of his second attempt …
Betsy Newmark / Betsy’s Page: Obama and the AIG bonuses
Barry Ritholtz / The Big Picture: US Futures Higher: Dow 212+
Democracy in America: Geithner’s big day  —  FOREIGN stocks are up as the markets anticipate …
William Richards / Dealbreaker: Opening Bell: 03.23.09  —  Geithner Looks To Announce New Plan Today (Bloomberg)
Charles Lemos / MyDD: D-Day for Geithner  —  It’s showtime for Secretary Geithner.
Lambert / Corrente: What you mean, “we,” Timmy?
Doug Stanglin / On Deadline: Geithner set to unveil bank bailout plan
Brad DeLong / Grasping Reality with Both Hands: The World Is Divided into Four Groups of People
DownWithTyranny!: Is This Really How Geithner Plans To Keep Us From Falling …
Gaius / Blue Crab Boulevard: The Plan.  Such As It Is.  —  Timothy Geithner has a plan:
more via Memeorandum

Editorial: The psychos are running the nuthouse!

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Originally published over at my column at NolanChart.com:

It has been a while since I have written an article for my column; with all my days spent blogging about the political happenings post-Obama election, I just have not had the time to sit here and hammer out a good column.  I have not forgotten to write, I just have not had the time to sit down and gather my thoughts and put my opinion to the current matters.

President Barack Obama has not been in the White House for 100 days yet and already it seems that our Country is headed for either one of two things; either economic disaster or outright European socialism.  Although I tend to believe that one will follow the other, I do firmly believe that capitalism is in grave danger.  I also believe that our Nation is going to be one that is going to become a society that rewards failure.

This applies in the area of the home mortgages; since when do we bail out people who have gotten in over their heads in debt?  To be clear, I do understand that there were those who were victimized, and those who did this, to innocent people, should be prosecuted.  However, those who knowingly got into mortgages that they knew they would not normally be able to afford, I have zero pity for.  You make a stupid mistake you pay the consequences.  That is how a free and democratic society works.  You have to responsibility for your own actions.

Let me give you a personal example.  When I was 19 years old, Discover Card sent me an application for a Credit Card.  My parents came on as co-signers. Between the time that I first received that card and the time in 2004, when I finally filed for bankruptcy, I was over 14K in debt.  Conversely it was over 18K of debt with the new truck that I bought, that I could not really afford; however because I had a job, I could make payments.  One day the unthinkable happened, I lost my job; the gravy train stopped and threw me off.  Those gravy trains never were known for their cordialness.  After doing the obligatory and quite painful grunt and skid across the debt parking lot.  I decided I had better go see a bankruptcy lawyer.

What does this have to do with what is happening now in the United States Government?  It has quite a bit to do with it actually.  Did the United States Government come in and offer to pay off my debt?  No.  Did the United States Government offer to come in and give me any kind of relief on my truck payments?  Nope!  I ended up losing that truck someone else owns it now.  In other words, I was not rewarded for making stupid decisions, like going over my head in debt.  Which by the way, was my own fault, I am the one that charged items on my discover card and got over my head in all that debt not anyone else, not that American taxpayers, but me.

Another way that the United States Government is rewarding failure is by losing their ever-loving minds over bonuses that were contractually awarded to employees of a company.  Now I understand the reasons why people are upset about the bonuses.  The problem is, the people on the left, or the Democrats are looking at this from a rather idiotic point of view.  If the Democrats in Congress are so mad about these bonuses, then why in the heck did they vote to prop up these banks in the first place?  The bonuses were a drop in the bucket to what we spent to take ownership in these companies.  Why nationalize a company and then gripe about a bonus?  It makes zero sense to me.

Again, even bailing out these companies in the first place is rewarding companies for failure.  Sorry, I do not buy the notion of a business being too big to fail, that is simply stupid political double talk for a nationalization argument.

Let me give you another personal example of why I think this propping up a business is just simply stupid and why it teaches that it is okay to have a bad business model.  I used to run a small electronics out of my house here.  I would never buy more than one or two items at the most. I would always tell my customers, you want something, you pay up front, and I will order the item.  I would get the money and order the item, and whatever I had left over, I kept for profit.  That is called responsible business practices.  However, what if I went out, got a loan for say $500.000, and bought a bunch of inventory and then the market fell out in the electronics business or what if I just did not bother to advertise?  I would be stuck with a bill for the loan and a bunch of inventory that I could not move.  Now would it fair for me to want the United States Government to bail me out of that situation?  I think not.  Nevertheless, that is what the Government is doing; they are essentially saying that some businesses are just too big to fail.

Not only this, but we are bailing these banks out with money that we do not even have.  We are using money that we are borrowing from china, money that is not even ours.  What we do not borrow from China, we are printing ourselves, which will devalue the dollar.  It is as the title of this column says a case of psychos that are running the nuthouse.

Obama’s Katrina Moment?

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Seems that way to me!

The Video:

(Via Jim Treacher on Twitter)

Barry’s Budget might bring $9.3 trillion in deficits

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Nothing like something to make your Saturday a bit more gloomy. Knowing that the Globetrotter in chief is basically spending your Country into a economic black hole.

Via the AP:

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.

The dismal deficit figures, if they prove to be accurate, inevitably raise the prospect that Obama and his Democratic allies controlling Congress would have to consider raising taxes after the recession ends or else pare back his agenda.

By CBO’s calculation, Obama’s budget would generate deficits averaging almost $1 trillion a year of red ink over 2010-2019.

Worst of all, CBO says the deficit under Obama’s policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.

Here is the real kicker, what are the so-called “Liberal Experts” saying is the solution to the above? Spending more money! But of course!

As Washington Post columnist Steven Pearlstein pointed out, the numbers confirm that “the recession is worse than they thought when they did these things last time,” and thus “the more urgent it is for us to spend more money to stimulate the economy.

It is indeed a scarey time to be an American. The mental cases are running the asylum.

Others:

Palin’s Crap shoot

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I said the same thing about Mark Sandford, not on the blog; but I did think this at the time. I really feel what Sarah Palin is doing here is huge crap shoot. I’ll explain after the quote:

Gov. Sarah Palin just told reporters that she’s accepting only 55 percent of the federal economic stimulus money being offered to Alaska. The governor said that she will accept only about $514 million of the $930 million headed to the state.

“We are not requesting funds intended to just grow government. We are not requesting more money for normal day-to-day operations of government as part of this economic stimulus package. In essence we say no to operating funds for more positions in government,” Palin said.

The biggest single chunk of stimulus money that Palin is turning down is $160 million for education. There’s also $17 million in Department of Labor funds (vocational rehabilitation services, unemployment services, etc.), about $9 million for Health and Social Services and about $7 million for Public Safety. The full list and the specifics aren’t available from the governor’s budget department yet.

The reason I say this is a crap shoot is this. If Obama’s stimulus is a failure or does not bring the expected change in the economy; Palin and Sandford will be considered heroes in the Republican Party, and amongst open-minded Independents that voted for Obama.  On the other hand; If Obama’s Stimulus package works and the economy does turn around,  The Republicans who opposed this stimulus as well as Palin and Sanford will be considered those who stood in the way of rescuing the Nation’s economy from total meltdown.

Either way, it is a very risky crap shoot and not one I personally would have taken. Because there is that risk that you might end up regretting your actions. While appealing to your loyal and sometimes overly ideological base may be nice, one has to remember is that Sanford and Palin are Governors of the entire state that they Govern and not just Governors of that State’s Republican Party base.

Another theory I have is this; perhaps Palin knows that her popularity within the party and amongst Alaskans is gone, and she’s basically setting herself up to not run in 2010 for Governor or get defeated. I could be wrong on that one. But sometimes politicians do this sort of a thing, knowing that they won’t be running for reelection or have seen the poll numbers and are going out in a blaze of glory.

Others, on Both Sides: Hot Air, Think Progress, The Moderate Voice, Power Line, Salon, Conservatives4Palin.com, RedState, AMERICAblog News, Don Surber and TPMDC

Mark Steyn on debt to our kids

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Mark Steyn on the debt that we’re leaving our Children:

Just between you, me, and the old, the late middle-aged and the early middle-aged: Isn’t it terrific to be able to stick it to the young? I mean, imagine how bad all this economic-type stuff would be if our kids and grandkids hadn’t offered to pick up the tab.

Well, OK, they didn’t exactly "offer" but they did stand around behind Barack Obama at all those campaign rallies helping him look dynamic and telegenic and earnestly chanting hopey-hopey-changey-changey. And "Yes, we can!"

Which is a pretty open-ended commitment.

Are you sure you young folks will be able to pay off this massive Mount Spendmore of multitrillion-dollar debts we’ve piled up on you?

"Yes, we can!"

We thought you’d say that! God bless the youth of America! We of the Greatest Generation, the Boomers and Generation X salute you, the plucky members of the Brokest Generation, the Gloomers and Generation Y, as in "Why the hell did you old coots do this to us?"

via Mark Steyn: Welcome, kids, to the Brokest Generation – Opinion – OCRegister.com.

Now, I realize that Steyn was being snarky. To be fair, much of this debt was brought on, long before Obama ever took office. But Obama sure did not do anything to stop the increase of that debt. In fact, Obama has added to it.

This whole idea of tax the rich, and spend out way out of a recession, is just bad all the way around. Mainly, because we are spending money that we do not even have. We are getting it from China, who is increasingly getting nervous about giving us this money; not to mention, they are becoming more hostile by the day.

So, while I think it is quite fun to blame the Democrats from everything from the weather to my inability to get laid. (Surprised)  Some things you just cannot put on one party or the other; because, quite frankly, both parties have done the dirty of adding to our national debt.

Others: Cold Fury and Pajamas Media