Tag Archives: bailouts

Lost and Found – June 1st Edition

What to remember about June 1st…

  • 1779  Court martial convenes in Philadelphia for Benedict Arnold on 13 counts of misbehavior including misusing finds and equipment
  • 1792  Kentucky is admitted to the Union as 15th state
  • 1796  Tennessee  is admitted to the Union as 16th state
  • 1812  President James Madison asks Congress for declaration of war against the United Kingdom
  • 1864  Union and Confederate forces clash over crossroads; Battle of Cold Harbor has begun
  • 1868  Former 15th President James Buchanan dies (b. 1791)
  • 1900  Future President Herbert Hoover and his wife are trapped in China as Boxer Rebellion breaks out
  • 1926  Norma Jeane Mortenson Baker is born in Los Angeles (d. 1962); “Marilyn Monroe” goes on to success as singer and actress
  • 1941  After 20,000 German paratroopers drop on island to spearhead invasion, Allied troops evacuate and Crete falls to the Axis
  • 1942  News of the gassing of Jews at Nazi death camps in Poland is revealed in the press for the 1st time
  • 1968  American author and activist Helen Keller dies (b. 1880); deaf and blind she learned to communicate and set example of achievement
  • 1990  President George H.W. Bush and Soviet leader Mikhail Gorbachev sign agreement in Washington, D.C. to end production of chemical weapons and begin the destruction of stockpiles
  • 2001  Islamic Palestinian terrorist of Hamas kills 21 teens and injures 132 in homicide bombing attack on nightclub in Tel Aviv, Israel
  • 2009  General Motors files for Chapter 11 Bankruptcy becoming the largest U.S. industrial company to enter bankruptcy protection
  • 2011  NASA Space Shuttle Endeavor completes its final mission and lands before decommissioning

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Lost and Found – June 1st Edition

What to remember about June 1st…

  • 1779  Court martial convenes in Philadelphia for Benedict Arnold on 13 counts of misbehavior including misusing finds and equipment
  • 1792  Kentucky is admitted to the Union as 15th state
  • 1796  Tennessee  is admitted to the Union as 16th state
  • 1812  President James Madison asks Congress for declaration of war against the United Kingdom
  • 1864  Union and Confederate forces clash over crossroads; Battle of Cold Harbor has begun
  • 1868  Former 15th President James Buchanan dies (b. 1791)
  • 1900  Future President Herbert Hoover and his wife are trapped in China as Boxer Rebellion breaks out
  • 1926  Norma Jeane Mortenson Baker is born in Los Angeles (d. 1962); “Marilyn Monroe” goes on to success as singer and actress
  • 1941  After 20,000 German paratroopers drop on island to spearhead invasion, Allied troops evacuate and Crete falls to the Axis
  • 1942  News of the gassing of Jews at Nazi death camps in Poland is revealed in the press for the 1st time
  • 1968  American author and activist Helen Keller dies (b. 1880); deaf and blind she learned to communicate and set example of achievement
  • 1990  President George H.W. Bush and Soviet leader Mikhail Gorbachev sign agreement in Washington, D.C. to end production of chemical weapons and begin the destruction of stockpiles
  • 2001  Islamic Palestinian terrorist of Hamas kills 21 teens and injures 132 in homicide bombing attack on nightclub in Tel Aviv, Israel
  • 2009  General Motors files for Chapter 11 Bankruptcy becoming the largest U.S. industrial company to enter bankruptcy protection
  • 2011  NASA Space Shuttle Endeavor completes its final mission and lands before decommissioning

Lost and Found – March 29th Edition

What to remember about March 29th…

  • 1790  Future 10th President John Tyler is born in Virginia (d. 1862); gains the office when William Harrison died 1-month into his presidency
  • 1865  Beginning new phase, Union forces move to take Petersburg, Virginia; this Appomattox campaign will lead to the end of the Civil War
  • 1867  American baseball pitcher Denton True “Cy” Young is born on Ohio (d. 1955); award in his name recognizes previous season’s best pitcher
  • 1929  Herbert Hoover has 1st phone installed in the Oval Office; phones installed in other parts of White House in 1878 by President Hayes
  • 1951  Julius and Ethel Rosenberg are convicted of espionage for passing atomic secrets to the Soviets; they will be executed in 1953
  • 1961  23rd Amendment to the Constitution is ratified; residents of Washington, D.C. allowed to vote in presidential elections
  • 1971  Army Lt. William Calley is convicted of murder by court-martial for massacre of Vietnamese civilians at My Lai
  • 1973  Last U.S. combat troops leave South Vietnam in fulfillment of President Nixon’s campaign promise; Paris peace treaty signed just 2 months earlier
  • 1992  New York Times article quotes presidential candidate Bill Clinton saying “I didn’t inhale it, and never tried it again.” regarding marijuana
  • 2009  Obama administration forces General Motors CEO Rick Wagoner to resign; $13.4 billion bailout gives government control

Lost and Found – March 29th Edition

What to remember about March 29th…

  • 1790  Future 10th President John Tyler is born in Virginia (d. 1862); gains the office when William Harrison died 1-month into his presidency
  • 1865  Beginning new phase, Union forces move to take Petersburg, Virginia; this Appomattox campaign will lead to the end of the Civil War
  • 1867  American baseball pitcher Denton True “Cy” Young is born on Ohio (d. 1955); award in his name recognizes previous season’s best pitcher
  • 1929  Herbert Hoover has 1st phone installed in the Oval Office; phones installed in other parts of White House in 1878 by President Hayes
  • 1951  Julius and Ethel Rosenberg are convicted of espionage for passing atomic secrets to the Soviets; they will be executed in 1953
  • 1961  23rd Amendment to the Constitution is ratified; residents of Washington, D.C. allowed to vote in presidential elections
  • 1971  Army Lt. William Calley is convicted of murder by court-martial for massacre of Vietnamese civilians at My Lai
  • 1973  Last U.S. combat troops leave South Vietnam in fulfillment of President Nixon’s campaign promise; Paris peace treaty signed just 2 months earlier
  • 1992  New York Times article quotes presidential candidate Bill Clinton saying “I didn’t inhale it, and never tried it again.” regarding marijuana
  • 2009  Obama administration forces General Motors CEO Rick Wagoner to resign; $13.4 billion bailout gives government control

Lost and Found – March 29th Edition

What to remember about March 29th…

  • 1790  Future 10th President John Tyler is born in Virginia (d. 1862); gains the office when William Harrison died 1-month into his presidency
  • 1865  Beginning new phase, Union forces move to take Petersburg, Virginia; this Appomattox campaign will lead to the end of the Civil War
  • 1867  American baseball pitcher Denton True “Cy” Young is born on Ohio (d. 1955); award in his name recognizes previous season’s best pitcher
  • 1929  Herbert Hoover has 1st phone installed in the Oval Office; phones installed in other parts of White House in 1878 by President Hayes
  • 1951  Julius and Ethel Rosenberg are convicted of espionage for passing atomic secrets to the Soviets; they will be executed in 1953
  • 1961  23rd Amendment to the Constitution is ratified; residents of Washington, D.C. allowed to vote in presidential elections
  • 1971  Army Lt. William Calley is convicted of murder by court-martial for massacre of Vietnamese civilians at My Lai
  • 1973  Last U.S. combat troops leave South Vietnam in fulfillment of President Nixon’s campaign promise; Paris peace treaty signed just 2 months earlier
  • 1992  New York Times article quotes presidential candidate Bill Clinton saying “I didn’t inhale it, and never tried it again.” regarding marijuana
  • 2009  Obama administration forces General Motors CEO Rick Wagoner to resign; $13.4 billion bailout gives government control

The Big Lie – GM Bailout And The Non-existant 1.5 Million Jobs

For a political junky such as myself, the conventions mark the end of “spring training” for me.  You watch the teams, the trades, the performance before partisan home teams – all to get ready for the real campaign season.  One of the stand out performances for the Democrats at their convention was the speech given by Bill Clinton.  His myth has been written so large that, combined with his charismatic delivery, the speech has taken some of the wind from the terrific convention held by the Republicans in Tampa.

There are a couple of things wrong with this situation though.  First, Bill Clinton isn’t running for President.  Second, the record of statements and actions of the former President are totally at odds with President Obama’s not-so-lite style of socialism.  And finally, Slick Willie can’t can only lie about the so-called achievements of the current administration – those that they will even talk about, that is.

Here is a break down from Ace of Spades HQ rebutting some of Clinton’s bigger whoppers:

  • “Obama didn’t really take $716 billion from Medicare.  Somehow Clinton made this sound as if Obama put more money into Medicare.  He didn’t.  He cut it.  He did not “use the money to close the donut hole” as Clinton claimed (or, rather, only a part of it is used for that; the rest is for the new clients of ObamaCare).”
  • “Clinton also claimed, baffling, that if Romney puts the $716 billion back into Medicare, that makes the system go broke more quickly.  But, the $716 billion being used to “shore up Medicare” has always been a lie. You cannot spend the same dollar twice.”
  • “Clinton fudged facts to suggest that Obama’s Miracle Economy was just around the corner. It was no accident that Clinton fudged dates to claim that people “didn’t feel” the recovery in 94-95, but then suddenly felt it in 1996. He is trying to convince people who Obama’s own economic miracle is just six or nine short months away. In fact, Clinton inherited a growing economy — the Bush recession ended the quarter before the election — and the economy grew far more strongly in Clinton’s first three years than it has in Obama’s. Something like 4% vs. 2%.”

But, the biggest lie of them all was the 1.5 million jobs saved by the nationalization bailing out of General Motors.  National Review Online delivers a scathing, in-depth analysis.

“Admirers of the GM bailout should bear in mind that it was the Bush administration that first decided to intervene at the firm, offering a bridge loan on the condition that it draw up a deeply revised business plan. President Obama’s unique contribution was effectively to nationalize the company, seeing to it that the federal government violated normal bankruptcy processes and legal precedent to protect the defective element at the heart of GM’s troubles: the financial interests of the UAW. It did this by strong-arming GM’s bondholders into taking haircuts in order to sweeten the pot for the UAW… Bill Clinton bizarrely tried to claim that the bailout has been responsible for the addition of 250,000 jobs to the automobile industry since the nadir of the financial crisis. Auto manufacturers and dealerships have indeed added about 236,000 jobs since then, but almost none are at GM, which has added only about 4,500 workers, a number not even close to offsetting the 63,000 workers that its dealerships had to let go when the terms of the bailout unilaterally shut them down.”

The Romney campaign needs to get out in front of this freight train of falsehoods.  They need to rebut point by point the false allegations and false accomplishments of the Obama administration.  Bill Clinton is a former President and due all the respect a holder of that office deserves.  However, no one gets to vote “present” when it come to the truth.

And if Obama’s apologists want to say that none of this could be forseen, check out Death of a Thousand Car Dealerships.  I wrote it in May of 2009.

Obama’s Green Jobs Are Foreign Jobs

I guess the high-tech, next generation jobs touted by President Obama as essential to the nation’s economic recovery are just more “jobs that American’s won’t do”.  Billions of dollars in perks, sweeteners, and loans to Mexican, Finnish, and Chinese companies.  Check out the video for more info.

(Learn more at the Americans for Prosperity website.)

Lost and Found – April 30th Edition

What to remember about April 30th…

  • 1789  George Washington is inaugurated as 1st President of the United states in ceremony in New York City
  • 1803  Treaty formalizing Louisiana Purchase is signed; 828,000 square miles acquired for less than 3 cents per acre
  • 1812  Louisiana is admitted as the 18th state in the union
  • 1927  1st federal prison for women opens in Alderson, West Virginia
  • 1938  American science fiction author Larry Niven is born
  • 1939  New York Yankees 1st baseman Lou Gehrig plays his final Major League Baseball game
  • 1945  In fortified bunker under Berlin, Adolf Hitler and his new bride Eva Braun commit suicide as Allied forces close in
  • 1948  Organization of American States is formed when U.S. and 20 other nations sign agreement to resist communist expansion in the Americas
  • 1956  Former 35th Vice President of the United States Alben William Barkley dies during a speech after stating “I would rather be a servant in the House of the Lord than to sit in the seats of the mighty.” (b. 1877)
  • 1961  Soviet Union commissions the K-19; their 1st nuclear submarine equipped with nuclear missiles
  • 1975  South Vietnam surrenders as communist forces take capital of Saigon
  • 2009  Chrysler automobile company files for Chapter 11 bankruptcy

Lost and Found – March 29th Edition

What to remember about March 29th…

  • 1790  Future 10th President John Tyler is born in Virginia (d. 1862); gains the office when William Harrison died 1-month into his presidency
  • 1865  Beginning new phase, Union forces move to take Petersburg, Virginia; this Appomattox campaign will lead to the end of the Civil War
  • 1867  American baseball pitcher Denton True “Cy” Young is born on Ohio (d. 1955); award in his name recognizes previous season’s best pitcher
  • 1929  Herbert Hoover has 1st phone installed in the Oval Office; phones installed in other parts of White House in 1878 by President Hayes
  • 1951  Julius and Ethel Rosenberg are convicted of espionage for passing atomic secrets to the Soviets; they will be executed in 1953
  • 1961  23rd Amendment to the Constitution is ratified; residents of Washington, D.C. allowed to vote in presidential elections
  • 1971  Army Lt. William Calley is convicted of murder by court-martial for massacre of Vietnamese civilians at My Lai
  • 1973  Last U.S. combat troops leave South Vietnam in fulfillment of President Nixon’s campaign promise; Paris peace treaty signed just 2 months earlier
  • 1992  New York Times article quotes presidential candidate Bill Clinton saying “I didn’t inhale it, and never tried it again.” regarding marijuana
  • 2009  Obama administration forces General Motors CEO Rick Wagoner to resign; $13.4 billion government bailout gives them control

President Goldman Sachs or “Who owns Obama?”

First off, it’s not a slavery reference.  Go somewhere else trolls.

So, the heroic martyrs of Obama’s Occupy movement would save us from the evil banker oligarchs.  They decry the economic influence these businessmen have.  They rant about the political power wielded by Wall Street.  The least radical solution proffered by the protesters and their Democrat patrons is that we divest ourselves of the monolithic financial institutions of Wall Street and “spread the wealth”.  (even though the Occupy leaders do business with them)   Well, as I have said before, maybe Wall Street isn’t what they should be occupying.

Judge Andrew Napolitano (Fox News contributor if you are keeping score) posted an interesting graphic on Facebook detailing where Wall Street influence seems quite prevalent.

Despite their public vilification of financial institutions and their managers, Obama’s administration seems quite comfortable having them in their midst.  The Executive Branch is fairly infested by Goldman Sachs personnel.

As part of the bailout of AIG, Goldman Sachs received over $12 billion in taxpayer funds; ostensibly to prop up the weakened financial sector and failing American economy.  Almost half of the money then flowed to more than 30 other organizations, many of which were overseas.  To add insult to injury, Goldman Sachs announced this year that it would lay off over 1000 Americans as it shifts some operations to Singapore.  The savings will be at least a billion dollars next year.  This is after the company reported a $2.3 billion profit in just the first three-quarters of this year.

If you have read here for any time at all, you know that I am a vocal champion of free market capitalism.  Hearing me, the occupiers would shout back that the Goldman Sachs story illustrates why the capitalist system is a failure and must be destroyed.  But, I argue that this is NOT capitalism.  This is cronyism bordering on socialism.  The revolving door of corporate insiders through policy making and regulatory positions enables a pattern of systematic favoritism.  Add to that the tremendous influence bought by copious campaign contributions by Goldman Sachs and other big financial firms.  With these forces at play, the government finds itself into a position where it can and does choose which businesses will fail or succeed.  This is what is broken.

Proposals have been made for years on how to limit the influence of big money donors in politics.  Short of a total revamp of the tax code that eliminates the fiction of corporate income taxes, most other ideas are stopgaps.  But, there is one idea that in the face of our current budget and debt limit negotiations has piqued my interest.  Professor Glen Reynolds (The Instapundit) has long proposed a 50% surtax on anything earned for 5 years after leaving federal, non-military service.  Check it out here.

As things are now, I stand by the sentiment in the title of this rant.  Who owns Obama and his administration?  Look below and see.