The Dodd-Frank Financial Reform Bill: When Reality Sets In

Think the Dodd-Frank bill, another 2,000+ page bill which none of the politicians have read, is innocently packed with good intentions, and will be good for our economy?  Not so fast.

As Chris Dodd (D., Conn.), one of the chief architects of the bill, said “This is about as important as it gets, because it deals with every single aspect of our lives.” Given that we’ve only seen the tip of this iceberg, that should scare the he** our of you.

This bill is about Washington gaining more control of our lives.

The Dodd-Frank Financial Reform Bill:

* Adds $19 billion in new taxes on banks, which will be passed on to consumers. http://www.politico.com/news/stories/0610/38976_Page2.html

–** “Bank of America Corp. and other banks are preparing new fees on basic banking services as they try to replace revenue lost to regulatory rules, in a push that is expected to spell an end to free checking accounts for many Americans.” http://online.wsj.com/article/SB10001424052748703513604575311093932315142.html?mod=rss_Today%27s_Most_Popular

* It does nothing to stop future government bailouts. Instead, it makes the TARP bailout system permanent.

* The bill’s “orderly liquidation” process empowers regulators to seize any firm they deem a threat to our financial system and liquidate them.

* The bill does nothing to address Fannie Mae and Freddie Mac, whose activities were instrumental to the financial crisis.  Government-controlled Fannie Mae and Freddie Mac remain a multibillion dollar drain on the U.S. Treasury, and largely untouched by this proposal.  http://blog.heritage.org/2010/05/06/morning-bell-fannie-and-freddie-failure-forever/ //////    http://blog.heritage.org/2009/05/07/whos-behind-the-financial-meltdown/ ////// http://online.wsj.com/article/SB10001424052748703615104575328020013164184.html?mod=WSJ_hpp_LEADNewsCollection

* Delays disclosure of details concerning Fed lending to banks for 2 years (after the next election.  How convenient). http://online.wsj.com/article/SB10001424052748703615104575328430427126018.html

* Increases deposit insurance fees paid by banks to FDIC. http://online.wsj.com/article/SB10001424052748703615104575328430427126018.html

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I Told You So – Yes I Did

Here is some very astute political analysis of the first 6 months of O-Bow-ma’s undocumented presidency. He is indeed a train wreck in the making for America. Unfortunately, just like a wounded animal, he is very dangerous and likely to do much damage before he is “contained.”

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http://www.galganov.com/editorials.asp?ID=1147

By: Howard Galganov
Thursday, July 23, 2009

When Obama won the Presidency with the help of the LEFTIST Media, Hollywood and Entertainment Liberals, Ethnic Socialists (ACORN), Stupid Non-Business Professionals and Bush Haters, I wrote:

It won’t take 6 months until the people figure this guy out and realize how horrible a mistake they’ve made. And when they come to that realization, the damage to the United States of America will be so great, that it will take a generation or more to repair – IF EVER.

The IDIOTS who not only voted for the Messiah, but also worked their sorry asses-off to promote his Lordship, are now left holding the bag.

Here are two things they will NEVER do:

• 1 – They will NEVER admit to making a blunder out of all proportion by electing a snake-oil salesman with no positive social history or management experience of any kind.
• 2 – They will NEVER take responsibility for the curse they’ve imposed upon the immediate and long-term future of their country.

In essence, the people responsible for putting this horror-show in power are in themselves responsible for every cataclysmic decision he makes and the consequences thereof.

In just 6 (SIX) months, the Messiah’s polls are showing the following:

• On Healthcare Reform – He’s going under for the third time with polling well under 50%, even within his own Party.
• Even though he might be able to muscle a Healthcare Reform Bill by using Chicago BULLY tactics against his fellow Democrats, it will just make things worse.
• On Cap And Trade (Cap & Tax) – The Fat-Lady is already singing.
• On the Stimulus Package (Tax and Spend) – His popularity is in FREE-FALL.
• On the TARP package he took and ran with from President Bush – It’s all but Good-Night Irene.
• On the closing of GITMO and “HIS” war on what he no longer wants called the War On Terrorism – He’s standing in quicksand with his head just about to go under.
• On a comparison between himself and George W Bush at the same 6 months into their respective first term Presidencies – Bush is ahead of him in the Polls.
• On a comparison between He Who Walks On Water and the 12 preceding Presidents between WW II and now – Obama ranks 10th.
• On a Poll just conducted, that asks who would you vote for today between Obama and Mitt Romney – It’s a dead heat.
• Between Obama and Palin – Obama’s ONLY ahead by 8 points and she hasn’t even begun to campaign.

It seems to me that Obama wants to be everywhere where he shouldn’t be.

He’s personally invested in screwing-over America’s ONLY REAL Middle Eastern ally (Israel) in favor of Palestinian Despots and Murderers.

He’s traveling the world apologizing for the USA while lecturing others on how to do it right, when in fact and truth, he has no experience at doing anything other than getting elected.

He went to the Muslim world in Egypt to declare that America IS NOT A CHRISTIAN NATION while he heaped praises on Islam, where he compared the “plight” of the Palestinians to the Holocaust.

The Russians think he’s a Putz. The French think he’s rude. The Germans want him to stop spending. The Indians want him to mix his nose out of their environmental business. The North Koreans think he’s a joke. The Iranians won’t acknowledge his calls. And the British can’t even come up with a comprehensive opinion of him.

As for the Chinese, he’s too frightened to even glance their way.

Maybe, if America’s first Emperor would stay home more and travel less, and work a little bit instead of being on television just about everyday, or forget about his Wednesday Date Nights with his Amazon Wife, or stop running to “papered” Town Hall Meetings, perhaps he would have a little bit of time to do the work of the nation.

In all fairness, it wasn’t HARD to be RIGHT in my prediction concerning Obama’s Presidency, even in its first 6 months, so I’m going to make yet another prediction:

OBAMA WILL PROBABLY NOT FINISH HIS 4-YEAR TERM, at least not in a conventional way.

He is such a political HORROR-SHOW, and so detrimental to the USA and his own Democratic Party, that the Democrats themselves will either FORCE him to resign or figure out a way to have him thrown out.

Who knows, maybe he really isn’t a BORN US Citizen and that’s a way the Democrats will be able to get rid of him.

Or – MORE LIKELY THAN NOT, the Democrats will make Obama THEIR OWN LAME DUCK PRESIDENT.

I don’t believe the Democrats have nearly as much love for their country as they do for their own political fortunes. And with Obama, their fortunes are rapidly becoming toast.

The Democrats can keep on blaming Bush for EVERYTHING. But, that game’s already begun to wear real thin.

Their mantra was “WE DON’T WANT 4 MORE YEARS”, which the STUPID people bought, since McCain was nothing at all like George W Bush.

The new mantra will soon become: WE DON’T WANT 6 MORE MONTHS.

Best Regards . . . Howard Galganov

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Bias Alert: PMS-NBC Host Illustrates How “Leading Questions” Are Asked

This is exactly why (P)MSNBC is barely clinging to life at the bottom of all the ratings.  Dishonest, disingenuous, biased reporting.

Mizzz Brewer leads Judd Gregg with the classic “so when did you quit beating your wife” type of question.  If she thought she could have gotten away with more than the quip about taking money away from schools, she would have gone for it.  “So, you’re going to leave seniors on the streets to die?” Or, “So, your plan takes food away from children.”  This is how a BIASED reporter asks questions. There are biased reporters on all sides, but the majority of them seem to find homes with media outlets that have a decidedly liberal bias.

An HONEST reporter would have simply asked how the Senator intended to cut spending, then based upon his answers ask how that would affect various programs. They would not lead with an IDEOLOGICAL supposition.

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http://www.mrc.org/biasalert/2010/20100128060034.aspx?print=on

GOP Senator Rips Into MSNBC Host For ‘Absurd,’ ‘Dishonest,’ Statements

By: Kyle Drennen
January 28, 2010 16:56 ET

On the soon-to-be canceled ‘It’s the Economy’ program on MSNBC on Thursday, co-host Contessa Brewer grilled Republican New Hampshire Senator Judd Gregg on his calls to reduce out-of-control government spending: “Which programs are you willing to cut? Are you willing to tell schools, no money for you?” Gregg shot back: “What an absurd statement to make. And what a dishonest statement to make.”

Gregg called out Brewer for her unfair framing of the issue: “…nobody’s saying no money for schools….On its face you’re being fundamentally dishonest when you make that type of statement.” He went to explain the kinds of budget cuts he would make: “I would freeze discretionary spending, a real freeze, not a – not a freeze plus inflation. I would eliminate the T.A.R.P. money….I would end the stimulus spending effective in June of this year, if not sooner….reform our entitlement programs….I’ve made very specific proposals and I’m willing to stand by them.”

Gregg was far from finished, he described the big government mentality shared by the Obama administration and the liberal media: “The problem is that this administration’s view of governance is that economic prosperity is created by growing the government dramatically. And then it gets misrepresented by people like yourself who say they’re going to – that if you do any of this stuff you’re going to end up not funding education.”

Brewer attempted to deny suggesting that Gregg wanted to cut funding for schools: “That’s not what I said.” Gregg continued undeterred: “I mean that statement alone is the most irresponsible statement I’ve heard from a reporter, probably in a month….And there are a lot of irresponsible statements made by reporters and that was the most irresponsible I’ve heard.”

Fellow co-host Melissa Francis ran to Brewer’s defense: “Senator, with respect, that’s not what she said, she was asking you what you would like to cut specifically.” Gregg replied: “That’s exactly what she said, go back and read your transcript.”

Brewer then attempted to end the interview: “We appreciate your time today-” Gregg kept going: “You can’t be duplicitous about this. You can’t make a representation and then claim you didn’t make it. You know, it just shouldn’t work that way. You’ve got to have some integrity on your side of this camera, too.”

Gregg reiterated: “…you’re suggesting we should have a zero – zero in education. Well, of course, nobody’s suggesting that. Nobody’s even implying that. But in your introduction to me, you said that, that education funding would be cut.” Brewer again denied making that exact implication: “No, I didn’t.” She then concluded the interview: “Senator, I’m sorry for any mis-communication that we’ve had. And as always, we appreciate your time, we appreciate you sharing your particular perspective on what should be done to take America into a prosperous future. Thank you.”

Here is a full transcript of the segment:

2:33PM

CONTESSA BREWER: Let’s bring in now Republican Judd Gregg, the Senator of New Hampshire, the top Republican now on the Budget Committee and a member of the Senate Banking Committee. What do you think about the money the President is proposing to spend on jobs and what [National Urban League President] Mark [Morial] was just saying that it has to go hand in hand with other programs that integrate job training, vocational skills, and certainly educating very young people.

JUDD GREGG: Well, we’re running a 3 point – a $1.3 trillion deficit this year. The government’s going to spend over $3 trillion. All of that deficit goes into the debt, which has to be paid by our children and our children’s children. I think somebody’s got to ask a more fundamental question, how are you going to get the economy going if you run up the debt to a point where we can’t afford our government? That, I think, is a much more fundamental question.

If you want to do something to energize this economy, I think you put in place some plans which control the rate of government, so the people can have confidence that we as a nation are not going to go into some form of fiscal bankruptcy in five to seven years. And that will cause people to be willing to invest, to be willing to take risks, and to be willing to create jobs. Jobs are not created by the government. You know, long-term good jobs are created by a vibrant economy. And you don’t get a vibrant economy when the government and the size of the government and the debt of the government is overwhelming the capacity of the economy to function well.

MELISSA FRANCIS: That’s good in theory, Senator. How would you practically-

GREGG: It’s not theory. It’s not theory.

FRANCIS: How would you – well, tell me-

GREGG: Don’t tell me that it’s good in theory.

FRANCIS: Well, tell me how to put it to work. Tell me – tell me very practically-

GREGG: No, you don’t tell me it’s good in theory. What are you – how do you get off saying something like that? Good in theory?

FRANCIS: Because it is good in theory. It is, it’s fantastic.

GREGG: Oh, of course.

FRANCIS: So tell me how to practically – here’s your opportunity, Senator, let me finish, to tell us how to practically put it to work. I’m all for small government.

GREGG: Well, you stop – you stop the spending spree. You stop growing government so fast that you can’t afford to pay for it. You don’t increase the size of the government from 20% of GDP to 25% of GDP in two years. You don’t add a trillion dollars of new debt to the – to our kid’s back every year for the next ten years. You don’t pass a budget – the President doesn’t send up a budget which increases – doubles the debt in five years, triples it in ten years. You don’t say that you’re for fiscal responsibility and then propose a whole panoply of new programs which you can’t pay for. That’s not theory, that’s reality. That’s what we’re facing as a nation.

BREWER: So when – when-

GREGG: The reality of a fiscal meltdown of our country which is going to have a massive impact on people’s lives and especially cost a lot of jobs in this country.

BREWER: So my partner, Melissa, Senator Gregg, is really asking for specifics. If you don’t believe that we should have a $1.3 trillion budget, which programs are you willing to cut? Are you willing to tell schools, no money for you? Do you – and do you side then, with those who say – I mean, you look back at the Great Depression, economists say we landed back into real problems in 1937 when people got onto cutting a deficit and a lot of government spending was pulled back before it should have been.

GREGG: Well, first off nobody’s saying no money for schools. What an absurd statement to make.

BREWER: Well, I’m asking-

GREGG: And what a dishonest statement to make.

BREWER: What we both are-

GREGG: On its face you’re being fundamentally dishonest when you make that type of statement.

BREWER: Senator Gregg, what we’re both asking, is which programs you expect to cut?

FRANCIS: Tell us what to cut.

GREGG: I mean do you know how much money we’re spending at the federal government on education this year?

BREWER: Which – Senator, you’re going to be asked to cut certain programs if you’re on the Senate Banking Committee, which programs would you cut?

FRANCIS: Just tell us, what do you want to cut?

GREGG: Oh I have no problem telling you, I would freeze discretionary spending, a real freeze, not a – not a freeze plus inflation. I would eliminate the T.A.R.P. money, which would get us close to $400 billion. I would end the stimulus spending effective in June of this year, if not sooner, so that we can recover all the money that’s going to be spent outside the window of this recession. And we shouldn’t be spending it and adding it to the debt. I would take a major effort to reform our entitlement programs, in fact yesterday, or the day before yesterday, we had a vote to try to do that under a bill which I proposed with Senator Conrad. I’ve made very specific proposals and I’m willing to stand by them. The problem is that this administration’s view of governance is that economic prosperity is created by growing the government dramatically. And then it gets misrepresented by people like yourself who say they’re going to – that if you do any of this stuff you’re going to end up not funding education.

BREWER: That’s not what I said

GREGG: I mean that statement alone is the most irresponsible statement I’ve heard from a reporter, probably in a month.

BREWER: It wasn’t a statement, it was a question.

GREGG: And there are a lot of irresponsible statements made by reporters and that was the most irresponsible I’ve heard.

FRANCIS: Senator, with respect, that’s not what she said, she was asking you what you would like to cut specifically.

GREGG: No, that’s what she said.

FRANCIS: And I think you answered the question.

BREWER: We appreciate your time-

GREGG: That’s exactly what she said, go back and read your transcript.

BREWER: We appreciate your time today-

GREGG: You can’t be duplicitous about this. You can’t make a representation and then claim you didn’t make it. You know, it just shouldn’t work that way. You’ve got to have some integrity on your side of this camera, too.

FRANCIS: She asked you what you would like to cut. She asked you if you’d like to cut schools. You said no. It was a question and answer.

GREGG: No, you’re suggesting we should have a zero – zero in education. Well, of course, nobody’s suggesting that. Nobody’s even implying that. But in your introduction to me, you said that, that education funding would be cut.

BREWER: No, I didn’t.

GREGG: Well, education funding isn’t going to be cut. Yes you did.

BREWER: Senator, I’m sorry for any mis-communication that we’ve had. And as always, we appreciate your time, we appreciate you sharing your particular perspective on what should be done to take America into a prosperous future. Thank you.

GREGG: Thank you.

—Kyle Drennen is a news analyst at the Media Research Center.

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… of Bailouts and Birth Certificates

Unless the Undocumented president provides some papers, there may be a lot of people wronged by his unconstitutional actions due some redress.

Barack got some ‘splainin’ to do.

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http://www.wnd.com/index.php?fa=PAGE.view&pageId=118403

BORN IN THE USA?

Closed Chrysler dealers to drive Obama’s eligibility

Seeking damages for lost businesses, will question administration’s ‘authority’

Posted: December 08, 2009
9:18 pm Eastern
By Bob Unruh

© 2009 WorldNetDaily

Two lawyers have joined forces to assemble a case challenging in U.S. bankruptcy court the federal government’s use of Troubled Asset Relief Program funds to bail out Chrysler and in doing so may have created a scenario that finally will bring to a head the issue of Barack Obama’s eligibility to be president.

The attorneys are Leo Donofrio, who has launched cases directly challenging Obama’s eligibility, and Stephen Pidgeon, who also has worked on the issue.

Their new case questions the authority by which the federal government and administration officials intervened in the auto industry, specifically allocating some $8 billion-plus to Chrysler, which later was forgiven.

Pidgeon told WND the plaintiffs in the case are former Chrysler dealers who lost their businesses as part of the “restructuring” of the automobile company. They have been damaged with the loss of their businesses, and the case alleges the Obama administration, through its use of TARP money, influenced Chrysler’s outcome.

Donofrio told WND the core issue is the disbursement of TARP funds to the automaker that were intended to help banks and financial institutions
. The previous Treasury secretary had indicated such expenditures were not appropriate, and, in fact, a congressional effort to authorize the expenditures failed, he said.

So, along with a bankruptcy-court challenge, a “quo warranto” case is being filed in Washington, D.C., demanding to know by what authority administration officials set up the financial arrangements with Chrysler and handed out taxpayer money. …

(Read complete article HERE)

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I Told You So

It would be hard to say it much better than this.  This guy wrote this piece 4 months ago, 6 months into the Obama usurpation.  It’s as accurate as if it were written yesterday.

The part that he is the most correct about is that the idiot masses that elected this fool will NEVER admit that they made a mistake.  Obama may be the destructive force taking apart America, but those who voted for him are the ones who enabled him to start his campaign of destruction.

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http://www.galganov.com/editorials.asp?ID=1147

I Told You So – Yes I Did Barack Obama

Thursday, July 23, 2009
By Howard Galganov

When Obama won the Presidency with the help of the LEFTIST Media, Hollywood and Entertainment Liberals, Ethnic Socialists (ACORN), Stupid Non-Business Professionals and Bush Haters, I wrote:

It won’t take 6 months until the people figure this guy out and realize how horrible a mistake they’ve made. And when they come to that realization, the damage to the United States of America will be so great, that it will take a generation or more to repair – IF EVER.

The IDIOTS who not only voted for the Messiah, but also worked their sorry asses-off to promote his Lordship, are now left holding the bag.

Here are two things they will NEVER do:

1 – They will NEVER admit to making a blunder out of all proportion by electing a snake-oil salesman with no positive social history or management experience of any kind.

2 – They will NEVER take responsibility for the curse they’ve imposed upon the immediate and long-term future of their country.

In essence, the people responsible for putting this horror-show in power are in themselves responsible for every cataclysmic decision he makes and the consequences thereof.  (Also, those who stayed home and did not vote as a real citizen must gave Obama his slim margin of victory.)

In just 6 (SIX) months, the Messiah’s polls are showing the following:

On Healthcare Reform – He’s going under for the third time with polling well under 50%, even within his own Party.

Even though he might be able to muscle a Healthcare Reform Bill by using Chicago BULLY tactics against his fellow Democrats, it will just make things worse.

On Cap And Trade (Cap & Tax) – The Fat-Lady is already singing.

On the Stimulus Package (Tax and Spend) – His popularity is in FREE-FALL.

On the TARP package he took and ran with from President Bush – It’s all but Good-Night Irene.

On the closing of GITMO and “HIS” war on what he no longer wants called the War On Terrorism – He’s standing in quicksand with his head just about to go under.

On a comparison between himself and George W. Bush at the same 6 months into their respective first term Presidencies – Bush is ahead of him in the Polls.

On a comparison between He Who Walks On Water and the 12 preceding Presidents between WW II and now – Obama ranks 10th.

On a Poll just conducted, that asks who would you vote for today between Obama and Mitt Romney – It’s a dead heat.

Between Obama and Palin – Obama’s ONLY ahead by 8 points and she hasn’t even begun to campaign.

It seems to me that Obama wants to be everywhere where he shouldn’t be.

He’s personally invested in screwing-over America’s ONLY REAL Middle Eastern ally (Israel) in favor of Palestinian Despots and Murderers.

He’s traveling the world apologizing for the USA while lecturing others on how to do it right, when in fact and truth, he has no experience at doing anything other than getting elected.

He went to the Moslem world in Egypt to declare that America IS NOT A CHRISTIAN NATION while he heaped praises on Islam, where he compared the “plight” of the Palestinians to the Holocaust.

The Russians think he’s a Putz. The French think he’s rude. The Germans want him to stop spending. The Indians want him to mix his nose out of their environmental business. The North Koreans think he’s a joke. The Iranians won’t acknowledge his calls. And the British can’t even come up with a comprehensive opinion of him.  (None of these views have changed or improved in the 4 months since this article was written.)

As for the Chinese, he’s too frightened to even glance their way.  (At the time of this writing, Obama is over in China cuddling up to the Chinese, doing everything he can to show subservience to them.  He is bargaining from a position of weakness, and the rest of the world knows it.)

Maybe, if America’s first Emperor would stay home more and travel less, and work a little bit instead of being on television just about everyday, or forget about his Wednesday Date Nights with his Amazon Wife, or stop running to “papered” Town Hall Meetings, perhaps he would have a little bit of time to do the work of the nation.  (Sadly, if he were to take Mr. Galganov’s advice he would have more time and energy to devote to actively destroying the America he hates in order to build his totalitarian utopia.  Catch-22.)

In all fairness, it wasn’t HARD to be RIGHT in my prediction concerning Obama’s Presidency, even in its first 6 months, so I’m going to make yet another prediction:

OBAMA WILL PROBABLY NOT FINISH HIS 4-YEAR TERM, at least not in a conventional way.  (We can only hope for change, and pray that it happens soon.)

He is such a political HORROR-SHOW, and so detrimental to the USA and his own Democratic Party, that the Democrats themselves will either FORCE him to resign or figure out a way to have him thrown out.  (Again, we can only hope.)

Who knows, maybe he really isn’t a BORN US Citizen and that’s a way the Democrats will be able to get rid of him.  (They don’t have the guts for that approach.)

Or – MORE LIKELY THAN NOT, the Democrats will make Obama THEIR OWN LAME DUCK PRESIDENT.

I don’t believe the Democrats have nearly as much love for their country as they do for their own political fortunes. And with Obama, their fortunes are rapidly becoming toast.

The Democrats can keep on blaming Bush for EVERYTHING. But, that game’s already begun to wear real thin.

Their mantra was “WE DON’T WANT 4 MORE YEARS”, which the STUPID people bought, since McCain was nothing at all like George W Bush.

The new mantra will soon become: WE DON’T WANT 6 MORE MONTHS.  (Or 6 more days, or 6 more hours, or 6 more minutes, or…)

Best Regards . . . Howard Galganov

 

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Mr. Obama: I’m calling you out

This is what the REAL mainstream of America is thinking and feeling.

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http://www.semissourian.com/story/1586060.html

Wednesday, November 11, 2009
By William Piercey Sr.

The new era of government control over our lives and freedoms has begun. This week, it got personal, and I felt helpless.

The doctor overseeing my health care advised me to get an H1N1 flu shot. I’ve been under a six-year treatment program for a chronic infection, plus I have heart and lung problems. Therefore, I am considered a high risk. Fortunately, my doctor had three shots available, but I would have to get approval from my county health department. Much to my surprise, the woman at the health department apologized and told me that even though I was a senior citizen at high risk, the health department had been instructed to approve shots only for children and pregnant mothers. I asked when a shot for my situation might be available. “We really don’t know. Check back with us sometime in December.”

What? The terrorist detainees in Gitmo are getting shots this month. Why not a high-risk senior citizen?

Mr. Obama, this is what we call health care rationing, which you claim won’t happen under a government-run health care program.

If George W. Bush was considered the Barney Fife of executive power, then welcome to the Chicago-style politics of the new Vito Corleone family. The president himself, like a strong-armed enforcer, said in a nationally televised speech, “If you misrepresent anything in this plan, I will call you out.” This administration has turned the once dignified and esteemed Oval Office into a war room for its liberal propaganda.

On his first day in office, the president signed the Ethics Commitments by Executive Branch Personnel executive order. During the campaign he vowed to keep lobbyists out of the administration. But in Section 3 of this order is a waiver clause. The director of the Office of Management and Budget “may grant” a written waiver of any restrictions. Former lobbyists were given waivers and now hold key positions in government. Mr. Obama, you lied.

At the same time lobbyists were coming in the front door, dozens of new unvetted, hand-picked ideologues were being shuttled in the back door. Many of these people were placed in key policymaking positions. U.S. Sen. Susan Collins of Maine was worried about 18 of these unvetted czars, 10 of whom worked in the White House. An amendment to force these appointees to testify in oversight hearings was shot down by the Democratic leadership. Collins was especially concerned about Carol Browner, who negotiated fuel-economy standards with the auto industry. She even sent a letter to Obama, and one of his counsels replied that no one would be made available. This administration fears no one, especially a senator who dares to enforce something as minor as checks and balances. Obama promised transparency. He lied.

On the topic of transparency, the $787 billion stimulus bill was a progressive Trojan horse. It’s loaded with political favors and programs that set up the infrastructure for education, health care and climate change. It was passed and signed in a matter of weeks. This was not a bill to put Americans back to work. Obama said it would produce 3.5 million jobs in two years. Over the past year the administration has changed its story daily but finally settled on the “create or save” propaganda. Obama also said the bill would keep unemployment under 8 percent. The rate has climbed to over 10 percent. Either his economic advisers are incompetent and need to be fired, or, once again, Mr. President, you lied.

Mr. President, you said you didn’t want to run our car companies and banks, but you do. With the $350 billion in TARP funds left by President Bush, Obama’s people continued the surge of bailouts. Americans might be shocked to know the recipients of bailout money now total 727 institutions. This government control in the private sector is unprecedented.

Government-run health care, card check, cap-and-trade, net neutrality, control of radio stations and possible newspaper bailouts are just part of this administration’s agenda.

It’s time for Americans to get in this government’s face and call it out. This coup d’etat can be defeated. We have the numbers, the votes and the will power to turn back this assault on our individual freedoms.

With 15 million unemployed Americans, I’m sure we can find a few willing patriots to fill all those upcoming vacant seats in Washington, especially with an annual salary of $170,000, office, staff, insurance, expense account and, best of all, a three-day workweek. The only requirements for this job are honesty, integrity and a love of country.

William Piercey Sr. is a Cape Girardeau resident.

+

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Obamanomics: Deficit Has TRIPLED, and Will Likely Increase by at Least $1 Trillion a Year

By the White House’s own estimates, the deficit over the next decade will increase by not just $1 Trillion, but by $1 Trillion EACH YEAR! That’s a conservative estimate, as most experts are beginning to feel that under Obama’s “leadership” our deficits will increase by nearly double that.  Russia and the Soviet Union already tried this and failed.  WHY ARE WE LETTING THIS COMU-SOCIALIST AND HIS DEMOCRAT MINIONS TRY IT AGAIN HERE IN AMERICA?

THEY MUST BE STOPPED AT ALL COST.

With this new admission of debt guilt, shouldn’t this pretty much drive the last nail in the coffin of Health Care Reform/Takeover?  Not to mention Cap-and-Tax.

Our economy and nation can’t hide behind fake figures and phony numbers for much longer.  Not with the staggering debt Obama is piling on to the next 10 generations.  It’s like Michael Moore trying to hide behind a blade of grass.  As the rate of decay of our economy increases at a blistering pace, pretty soon everything we own will be worthless, our currency will be worthless, and no one will earn enough money to buy even a loaf of bread.  Anyone remember pre-war Germany?  A wheelbarrow full of D-Marks wouldn’t buy a loaf of bread.  We will all be peasants.

The scene towards the end of “History of the World, part 1” is especially poignant here.  As the peasants are storming the castle, the king is told by his adviser that “the peasants are revolting!”  The king ignorantly and snobbishly replies “They certainly are!”  Dictator Obama and the liberal rats in Washington better wise up before they find themselves roasting on a spit.

http://www.ibtimes.com/articles/20090824/cumulative-deficit-estimate-for-next-decade-increasedtrillion-since-may.htm

Cumulative Deficit Estimate for Next Decade Increased $2 Trillion… Since May

By Trader Mark
Posted 24 August 2009 @ 07:45 am ET

I guess we’ll post this along the lines of “if you pass the stimulus plan, unemployment will only go to mid 8%” or “if you don’t give Goldman Sachs the TARP money, the world will end immediately” and other such incorrect mythologies. Long time readers know where I stand on government figures which are backwards looking; not to mention guestimates of the future… if the guess from government is correct THIS time around (chuckle here) the budget deficit for the next decade now will stand at $9 Trillion.

Last time government chimed in with an estimate? Way back… 3 whole months ago; when they said the deficit would be $7.1 Trillion. Missed it by *that* much. That’s ok, government estimates are made to be broken. Usually I try to give them more than 3 months to be wrong by a factor of 27% but I think within government circles that accuracy (+/- 25%) is considered “dead on”, and reason for promotion.

$9 Trillion over a decade is just under $1 Trillion a year. Consider until this year (partly by phony accounting for wars and financial rescues that were not counted in the budget by the former administration) the largest annual budget deficit we ever had was under $500 Billion. [Jul 28, 2008: US Budget Deficit to Half a Trillion] This year we have an excellent chance of $1.6 Trillion. Heck we just put up a $180B month [Aug 12, 2009: July Budget Deficit $180.7B]. With the economy only slowly recovering in 2010 (and subject to a double dip with higher inflation), and the main drivers of tax revenue (employment, real estate, consumption) not expected to be recovering much next year I think we have an excellent chance for another $1.5ish Trillion year in ’10. Especially after Obama and the Dems number fall this winter as the “Main Street” economy is not quite so awesome as the “Wall Street” economy and plans for Stimulus 8.0 are drawn up. Plus the next housing program give away; the next cars program; and helping the states out with their budget shortfalls in 2010. Oh yes, increased food stamps, another 13 week extension of long term unemployment, increased welfare for those who still fall out of unemployment, and I am sure a few other things I am forgetting. (cursory green shoots inserted here)

Now the good thing by layering on debt to inflate asset values AND stoke “prosperity” [Jun 5, 2009: 1 in 6 Dollars of Income Now Via Government; Highest Since 1929] [Jul 30, 2009: Cash for Clunkers a Bit Hit, Government Asks “What Can we Buy You Next?”] , is you might punish your currency month after month, but it should drive incremental tax revenue gains from stocks and (gosh) even real estate as more (ahem) “wealth” is created. Not in real terms, but in nominal… and most Americans only live in a nominal world. So if the currency drops 15% and your government is able to stoke some combination of your 401k, and house up 15% – you really gained nothing but you’ll feel great because most people only look at their 401k and housing values, without understanding the currency. Now if you happen to be one of those American souls who simply is trying to get by in a harsh world, and you don’t happen to own stocks or real estate? Well, you’re job then is to pay for your life with 15% more of a devalued currency – making everything 15% more expensive in real terms. But really, it’s not about you – we have a financial and political elite to take care of and only by coming together as one can we do it. Reverse Robin Hood style. Remember, inflation is GREEEEEEAT! (as long as your are not in the bottom half) [Aug 18, 2009: Bloomberg Opinion – Deflation Theory is Lemon We’ve Been Sold]

Even more funny is that the nominal increase in tax revenue (created by government shuffling money from the future to now to create “GDP growth”) might put a dent in near term deficits … by pathetically adding to long term deficits. Remember – in a nominal world there is no cost benefit analysis; only benefit benefit analysis. We get our goodies today, and the costs get stuffed “somewhere else” for “someone else” to deal with. Listen to the masses with the siren call of “free government money, I want mine!” not realizing they are taking from themselves… with interest. That’s called living in a nominal world. And not being real.

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(Don’t miss this last paragraph.  This sums up why our money and economy will be worthless in the very near future if we don’t STOP THIS INSANE SPENDING AND ALL OF THESE SENSELESS BAILOUTS.  Obama and the democrats are killing our country.  We MUST stop them, any way we can.)

America is (but not for long) still under 100% debt to GDP. We are on a clear path to surpass Japanese debt to GDP (a staggering 200% debt to GDP) within the decade. US Debt Clock (as of Aug 09) read $11.7T; GDP is say $13.5T. Throw the next decade’s (conservative) $9T on top and you are at a juicy $21T debt circa 2019 aka 150% of GDP. I think that’s conservative – we are overachievers and will “beat” that. Since the government figures just were raised $1.9T in 3 months you can see how quickly we could jump from $21T in 2019 to (some higher number). Once we pass 200% debt to GDP, it will all be uncharted territory for a modern developed country. Our annual growth rate of debt is now trouncing Japan, so it’s the story of the tortoise and the hare. Although in this case you don’t really want to be the hare. I also conveniently left out the $40T in unfunded liabilities (i.e. IOUs) sitting in Medicare. I’ve also left out the healthcare “reform” – considering the original estimates of Medicare were off by a factor of 10x within the first year of it’s implementation… well, you can do the math. And just for kicks let’s throw in the $1 Trillion pension disaster that is looming (currently being hidden by… accounting tricks) [Mar 4, 2009: Bloomberg – Hidden Pension Fiasco May Foment Another $1 Trillion Bailout] That’s just sort of icing on the cake at this point.

Did I mention how the debt will increase even more quickly if government debt interest rates permanently jump up as the world sees the increasing risk of investing in America?

Stanford University economics professor John Taylor, an influential economist, told Reuters Television Friday the U.S. budget deficit poses a greater risk to the financial system than the collapse in commercial real estate prices.”If that gets out of control, if interest rates start to rise because people are reluctant to buy all that debt, then that can slow the economy down. So, that’s the more systemic concern I have,” Taylor said.

Via Bloomberg

• The U.S. government’s long-term budget outlook is darker than expected, with projected deficits over the next 10 years totaling $2 trillion more than had been forecast, according to an Obama administration official.
• A White House budget review set for release Aug. 25 will show cumulative deficits over the next decade amounting to $9 trillion, up from $7.1 trillion that the administration predicted in May, the official said on condition of anonymity because the figures haven’t been made public.

Really a trillion here, a trillion there – what does it matter. All I know is many Americans were gleeful per my review of national news this weekend they got new cars. (granted many now have a new layer of debt) Others are gleeful they can get their first house via money trees grown in D.C.. (and when many default on their close to no money down mortgages in 3 years – it will be ok, no skin in the game after all) Citigroup and Bank of America bondholders are happy that they never had to take a hit despite the biggest crisis in 80 years. Goldman Sachs is happy they got fulfilled dollar for dollar on AIG counterparty risk. AIG is just happy to be in existence and seeing its stock surge 20% a day, subsidized by US taxpayer. And we’re all happy these actions plus more are making the stock market inflate. It’s really all about happiness after all. Can we put a price on that?[Mar 31, 2009: Financial Rescue Pledges Now $12.8 Trillion] Hey! That was supposed to be a rhetorical question!

[May 29, 2009: In 1 year, US Taxpayer on the Hook for $55,000 More per Household] Stop it! There is no price too high to bear for happiness of our people and concurrent transfer of wealth from the middle to our financial oligarchs. Get with the program!

For another source to fact check the Administration:

• The nonpartisan Congressional Budget Office has estimated deficits between 2010 and 2019 will total $9.14 trillion.

Considering the CBO thought we’d be $1.1 T in hock for 2009 in (one third of the way into the fiscal 2009 year) December 2008 – they only understated the reality by 45% …Now we want them to guestimate how bad things will be not 1 year but 10 years out, so let’s take it all with multiple grains of salt. If they are only off in the decade by the same amount they were off in this 1 year it is really +/- $5 Trillion over 10 years. And since no one really knows how it will turn out, the best course of action is to continue policies as is and buy happiness (not to mention higher equity prices). “Someone else” (benefit benefit) analysis will worry about these things in 2019.

[May 23, 2008: David Walker on CNBC this Morning]

[Mar 26, 2008: Annual Spring Entitlement Warning Falls on Deaf Ears]

[Nov 23, 2008: David Walker in Fortune Magazine]

[Jun 12, 2009: NYT – America’s Sea of Red Ink was Years in the Making]

[Aug 5, 2009: Federal Tax Revenue Plummeting]

‘CHANGE’ With Brass Knuckles

“Bow to me, or else.”  So sayeth the Obamassiah.  Do not break my TEN COMMANDMENTS, or I will unleash Rahm Emmanuel upon you that he may smite you upon the head with a dead fish.

http://www.nypost.com/php/pfriendly/print.php?url=http%3A%2F%2Fwww.nypost.com%2Fseven%2F07292009%2Fpostopinion%2Fopedcolumnists%2Fchange_with_brass_knuckles_181814.htm

By MICHELLE MALKIN

July 29, 2009 –SIX months into the Obama ad ministration, it should now be clear: Hope and Change came to the White House wrapped in brass knuckles.

Ask the Congressional Budget Office. Last week, President Obama spilled the beans on the “Today Show” that he had met with CBO Director Douglas Elmendorf — just as the number crunchers were casting ruinous doubt on White House cost-saving claims.

Yes, question the timing. The CBO is supposed to be a neutral scorekeeper — not a water boy for the White House.

But when the meeting failed to stop the CBO from issuing more analysis undercutting the health-care savings claims, Obama’s budget director Peter Orszag played the heavy. In a public letter, he warned the CBO that it risked feeding the perception that it was “exaggerating costs and underestimating savings.”

Message: Leave the number-fudging to the boss. Capiche?

Obama issued an even more explicit order to unleash the hounds on Blue Dog Democrats during his health-care press conference. “Keep up the heat” translated into Organizing for America/Democratic National Committee attack ads on moderate Democrats who have revolted against ObamaCare’s high costs and expansive government powers over medical decisions.

Looks like there won’t be a health-care beer summit anytime soon.

The CBO and the Blue Dogs got off easy compared to inspectors general targeted by Team Obama goons. Former AmeriCorps Inspector General Gerald Walpin was slimed as mentally incompetent (“confused” and “disoriented”) after blowing the whistle on several cases of community-service tax fraud, including the case of Obama crony Kevin Johnson.

Walpin filed suit last week to get his job back — and to defend the integrity and independence of inspectors general system-wide. But he faces hardball tactics from both the West Wing and the East Wing, where first lady Michelle Obama has been intimately involved in personnel decisions at AmeriCorps, according to youth-service program insiders.

Obama Treasury officials forced banks to take TARP bailout money they didn’t want and obstructed banks that wanted to pay back TARP money from doing so. The administration strong-armed Chrysler creditors and Chrysler dealers using politicized tactics that united both House Democrats and Republicans, who passed an amendment last week reversing Obama on the closure of 2,800 Chrysler and GM dealerships.

At the Justice Department, Obama lawyers are now blocking a House inquiry into the suspicious decision to dismiss default judgments against radical New Black Panther Party activists who intimidated voters and poll workers on Election Day in Philadelphia. The DOJ is preventing Rep. Frank Wolf (R-Va.) from meeting with the trial team in the case. Wolf has been pressing for answers on what communications Attorney General Eric Holder and his deputies conducted with third-party interest groups and other political appointees about the case. So far: radio silence.

In the mafia culture, bully boys depend on a code of silence and allegiance — omerta — not only among their brethren, but also from the victims. The victims of Obama thugocracy are no longer cooperating. Perhaps it won’t be long until some of the enforcers start to sing, too. malkinblog@gmail.com

Obama’s Leap to Socialism

For those of you too jaded to believe, you will be going down with the rest of us if Obama and the socialist/communists/Democrats and RINO Republicans aren’t stopped.

Obama’s leap to socialism
By Dick Morris
Posted: 04/21/09 05:21 PM [ET]

President Obama showed his hand this week when The New York Times wrote that he is considering converting the stock the government owns in our country’s banks from preferred stock, which it now holds, to common stock.

This seemingly insignificant change is momentous. It means that the federal government will control all of the major banks and financial institutions in the nation. It means socialism.

The Times dutifully dressed up the Obama plan as a way to avoid asking Congress for more money for failing banks. But the implications of the proposal are obvious to anyone who cares to look.

When the Troubled Asset Relief Program (TARP) intervention was first outlined by the Bush administration, it did not call for any transfer of stock, of any sort, to the government. The Democrats demanded, as a price for their support, that the taxpayers “get something back” for the money they were lending to the banks. House Republicans, wise to what was going on, rejected the administration’s proposal and sought, instead, to provide insurance to banks, rather than outright cash. Their plan would, of course, not involve any transfer of stock. But Sen. John McCain (R-Ariz.) undercut his own party’s conservatives and went along with the Democratic plan, ensuring its passage.

But to avoid the issue of a potential for government control of the banks, everybody agreed that the stock the feds would take back in return for their money would be preferred stock, not common stock. “Preferred” means that these stockholders get the first crack at dividends, but only common stockholders can actually vote on company management or policy. Now, by changing this fundamental element of the TARP plan, Obama will give Washington a voting majority among the common stockholders of these banks and other financial institutions. The almost 500 companies receiving TARP money will be, in effect, run by Washington.

(DON’T MISS THIS!)And whoever controls the banks controls the credit and, therefore, the economy. That’s called socialism.

Obama is dressing up the idea of the switch to common stock by noting that the conversion would provide the banks with capital they could use without a further taxpayer appropriation. While this is true, it flies in the face of the fact that an increasing number of big banks and brokerage houses are clamoring to give back the TARP money. Goldman-Sachs, for example, wants to buy back its freedom, as do many banks. Even AIG is selling off assets to dig its way out from under federal control. The reason, of course, is that company executives do not like the restrictions on executive pay and compensation that come with TARP money. It is for this reason that Chrysler Motors refused TARP funds.

With bank profits up and financial institutions trying to give back their money, there is no need for the conversion of the government stock from preferred to common — except to advance the political socialist agenda of this administration.

Meanwhile, to keep its leverage over the economy intact, the Obama administration is refusing to let banks and other companies give back the TARP money until they pass a financial “stress test.” Nominally, the government justifies this procedure by saying that it does not want companies to become fully private prematurely and then need more help later on. But don’t believe it. They want to keep the TARP money in the banks so they can have a reason and rationale to control them.

The Times story did not influence the dialogue of the day. People were much more concerned with the death of 21 horses at a polo match. Much as we will miss these noble animals, we will miss our economic freedom more.

Morris, a former adviser to Sen. Trent Lott (R-Miss.) and President Bill Clinton, is the author of Outrage. To get all of Dick Morris’s and Eileen McGann’s columns for free by e-mail or to order a signed copy of their best-selling book, Fleeced, go to dickmorris.com.
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AIG Bill: Counterproductive and Unconstitutional

Do you think they’ll stop their “collections” with the AIG execs? If you do, I have some beachfront property in Florida I’ll sell you when the tide goes down. Once Obama and Co. un-cork the bottle that’s holding the tax genie, that genie will likely never go back in the bottle. Is what they’re attempting to do constitutional? Constitution, shmonstitution. Who needs rules? Obama, Pelosi, Reid, Dodd, Frank and company don’t care about the constitution or us peasants. They have an agenda, constitution be damned.

The AIG (And Everyone Else) Bill: Counterproductive and Unconstitutional

Posted By Rory Cooper On March 20, 2009 @ 11:43 am In Ongoing Priorities | 33 Comments

Whom It Really Targets

• The Hit List: H.R. 1586 retroactively taxes AIG employees who are due deferred compensation and would tax that compensation at a 90% rate [1].
• A Much Broader Sweep: Going forward, the bill also imposes a 90% federal tax rate [1] on anyone employed by a company receiving $5 billion in TARP funds who has a family income over $250,000, individual income over $125,000 (if single or married but filing separately), or performance pay larger than adjusted gross income.
• What Defines a Bonus? Under H.R. 1586, a “bonus [1]” is any amount over an employee’s base salary, including retention and performance pay and even deferred compensation. But compensation in banking and finance is heavily geared towards performance, with relatively lower base salaries.
• Counterproductive Policy: While taxpayer money shouldn’t be spent on excessive bonus compensation, broad-based pay caps and punitive clawbacks will hurt performance and slow economic recovery. The government is ill-suited to set private-sector pay scales and risks causing more financial damage.
• Your Branch Manager: Anecdotally, a “Regional Branch Manager” for Bank of America who makes $250,000 plus bonuses for outstanding customer service at his branches would be taxed at 90% due to this bill.

The Real Problem, Plain and Simple

• How We Got Here: Senator Chris Dodd would like you to forget [2] that he inserted specific language recognizing AIG’s executive compensation into the $800 billion stimulus bill, which Finance Chairman Max Baucus now admits [3] nobody read.
• Government Bailouts: This is the inevitable result of government bailouts, which turn private concerns (such as compensation agreements between private parties) into public business, bringing politics where it is likely to do damage.
• Hasty Bills Make Disastrous Policy: The very fact that this problem was created by a mega-bill that wasn’t properly reviewed before passage—and is now being “corrected” by a hastily put together bill that hasn’t been properly reviewed—is beyond ironic.
• Avoid This in the Future: To avoid further entanglement of the federal government and taxpayers in routine business matters, President Obama and Congress should reject further bailouts and insist those already done be unwound as quickly as possible.

It’s Not Constitutional, Plain and Simple

• Bill of Attainder: The Constitution prohibits Congress [4] from punishing individuals, which is the role of the justice system. This prevents legislative tyranny and is essential to ensuring that those accused of wrongs receive due process and can mount a defense. It also encourages “sound legislation,” which is not accomplished by legislators being whipped into a frenzy and interfering in personal and economic affairs.
• An End Run? Congress added more taxes to the bill to get around the bar of bills of attainder, but it can’t make an unconstitutional act permissible by cloaking it in the guise of a tax bill.
• Taxation Not the Answer: Congress is prohibited [4] from using the tax code as a weapon of convenience against a select group of unfavorable people, even when the political opportunity exists.

Sen. Dodd Admits Adding Bonus Provision to Stimulus Package

Treasury “forced” him to do it? Looks like the kid got caught with his hand in the cookie jar. “The devil made me do it.” This crooked piece of trash not only added the language to ensure that bonuses would indeed be paid, he is one of the architects of the sub-prime melt down in the first place. GET RID OF THIS SCUM BAG NOW! Barney Fwank is next.

Sen. Chris Dodd, D-Conn., said Wednesday the Treasury forced him to add language to the stimulus bill last month that exempted all executive bonuses made before February 11, 2009.

By Trish Turner
FOXNews.com
Wednesday, March 18, 2009

In a dramatic reversal Wednesday, Sen. Chris Dodd, D-Conn., confessed to adding language to the stimulus bill last month that exempted all bonuses that bailed-out companies had promised to employees before Feb. 11, 2009.

Dodd told FOX News that Treasury officials forced him to make the change.

“As many know, the administration was, among others, not happy with the language. They wanted some modifications to it,” he said. “They came to us, our staff, and asked for changes, and the changes at the time did not seem that obnoxious or onerous.”

But the provision has become a flash point for criticism amid the controversy over $165 million in bonuses given out by AIG after securing more than $170 billion in federal aid. The language in the stimulus bill wasn’t specific to AIG, but some have expressed outrage that it appears to have created a loophole.

Dodd said the argument put forward by Treasury was that a “flood of lawsuits” would come forward if the change was not made.

Dodd said he was unaware of the AIG bonuses at the time the bill was being written back in early February. He also said he has no reason to believe Treasury officials making the argument knew about the AIG bonuses.

When asked how administration officials have this kind of leverage over members of Congress, Dodd said, “The administration has veto power. … No one suggested a veto to me, I don’t want to imply that to you. But certainly that’s not an insignificant tool.”

On Tuesday, Dodd told FOX News that he didn’t add the exemption.

“When the language went to the conference and came back, there was different language,” he said then. “I can tell you this much, when my language left the Senate, it did not include it. When it came back, it did.”

Dodd still thinks the Treasury can get the bonuses back, despite the inclusion of a date in the stimulus bill, and he said officials are, in fact, using his very language to claw back the money.

“There is language after that date that says explicitly that the Treasury has the right to modify, reaching back, those bonuses, compensations, if it’s inconsistent with the TARP legislation or contrary to the public interest,” he said.

“In fact, it’s that phrase that the administration is relying on this evening as a means by which they can reach back and maybe get these bonuses back,” he said.

Still, Dodd has his enemies. The Senate Republican re-election campaign quickly shot out a statement on the Dodd reversal, as he is a prime target in the 2010 midterm elections and is facing a Republican opponent who, in one poll, is in a statistical tie with him.

“Senator Dodd’s reversal on this issue is both astonishing and alarming,” the National Republican Senatorial Campaign said in a written statement. “Contrary to his statements and denials over the last 24 hours, Senator Dodd has now admitted that he and his staff did in fact change the language in the stimulus bill to include a loophole for AIG executive bonuses.”

The group added that Dodd had “misled voters and equivocated on his statements.”

Corruption: Liberal Resume’ Enhancement

Hypocrisy. The height of hypocrisy. To have these lying, cheating, stealing, corrupt liberal politicians lambasting any of these CEO’s for ANYTHING is the height of hypocrisy. The Republicans are far from being pure like the driven snow, but the Democrats take the cake. Getting busted and/or convicted is actually a resume enhancement for them. As far as they are concerned, ethics are for sucka’s.

Maxine Waters: Banking On Hypocrisy

By Michelle Malkin
March 13, 2009

At a flail-and-wail House hearing last month, California Democratic Rep. Maxine Waters melted down in front of big banking CEOs. “Raise your hand! Raise your hand!” she shrieked as she harangued the executives on their business practices and management of federal bailout money. Sneering at the “captains of the universe,” whom she refused to address by name (“You, Bank of America!”), Waters excoriated the corporate heads for their greed. “All of my political life,” Waters bragged, “I have been in disagreement with the banking and mostly financial services community because of practices that I have believed to be not in the best interest always of the very people that they claim to serve.”

As you’ll soon see, however, the ethically conflicted Waters has her own special definition of what’s in “the best interest” of the people she claims to serve. While she crusades against crony pseudo-capitalism, she is one of its most hypocritical beneficiaries and advocates. Cronyism comes in all colors. Waters has once again earned her title as one of the “Most Corrupt” members of Congress from the left-leaning (yes, left-leaning) Citizens for Responsibility and Ethics in Washington (CREW).

The bank CEOs sat meekly during Waters’ verbal flogging. But as she frothed at the mouth, House Financial Services Committee Chairman Barney Frank covered the microphone and briefly chastised her. To no avail. Waters’ motor mouth kept on running.

Did the banks raise interest rates on credit card customers after they took Troubled Asset Relief Program (TARP) money, she thundered. Thumping her fists on the table, she then railed about their loan modification policies. “How many require that you have to be behind by two months?” Blustering about underwriting fees they paid themselves on government-backed bond sales, she yelled, “You made money off the TARP money!” One of her fellow Democrats finally ended the diatribe: “I’m going to have to calm you down because when the chairman gets back he’s going to have to penalize me.”

Fast-forward a month later. The Wall Street Journal reported Thursday that the high-and-mighty Waters had a personal and financial stake in Boston-based OneUnited, a minority bank that received $12 million in TARP money under smelly circumstances. The banks’ executives donated $12,500 to her congressional campaigns. Her husband, Sidney Williams, was an investor in one of the banks that merged into OneUnited. They’ve profited handsomely from their relationship with the bank:

“Congressional financial-disclosure forms show Ms. Waters acquired OneUnited stock worth between $250,000 and $500,000 in March 2004, as did Mr. Williams. Mr. Williams joined the board of OneUnited that year.

“Each sold shares in September 2004 — including Ms. Waters’ entire stake — but Mr. Williams continued to hold varying amount of the company’s stock. In the lawmaker’s most recent financial-disclosure form, dated May 2008 and covering the prior year, Ms. Waters reported that her husband held between $250,000 and $500,000 worth of the bank’s stock.

“Mr. Williams also received interest payments from a separate holding at the bank, also worth between $250,000 and $500,000. The 2008 form doesn’t specify what that is. Mr. Williams stepped down from the bank’s board last spring. It couldn’t be learned whether he still owns stock in the bank. Mr. Williams didn’t return calls seeking comment.”

Waters (along with Frank) participated directly in pressuring the feds for OneUnited’s piece of the bailout pie. She personally contacted the Treasury Department last December requesting $50 million for the company — and failed to disclose her ties to the bank to them. The government ended up coughing up $12 million in TARP funding for OneUnited — despite another government agency rapping the bank in October 2008 for “operating without effective underwriting standards and practices,” “operating without an effective loan documentation program” and “engaging in speculative investment practices.”

Oh, and get this: The favored bank of Maxine Waters was also penalized for alleged excessive executive compensation. The FDIC ordered the bank to “sell all bank-owned automobiles,” require reimbursement for executives’ car purchases (according to the Boston Business Journal, OneUnited CEO Kevin Cohee was cruising around in a 2008 Porsche SUV), and cease payments on a $6 million Santa Monica beachfront home purchased by Cohee, his wife, Teri Williams, who served as bank president, and others.

Responding to scrutiny of the bank’s special treatment, Cohee is now accusing critics of — yep, you guessed it — racism.

Now, who is sick of Democratic shakedown artists sanctimoniously lecturing others about the culture of corruption? Raise your hand! Raise your hand!

—

Michelle Malkin is author of “Unhinged: Exposing Liberals Gone Wild.” Her e-mail address is malkinblog@gmail.com.

COPYRIGHT 2009 CREATORS SYNDICATE, INC.

Oh, Where, Oh, Where Has the Bailout Money Gone?

What bottomless pit has our government poured our hard earned taxpayer dollars into? $350 Billion of the $700 Billion TARP bailout has been done away with, and no one knows where it has gone. Over the objections of 80% of Americans, our elected REPRESENTATIVES chose not to represent us and shoved the $700 Billion bailout down our throats. In typical liberal fashion, congress, the senate, and only somewhat surprisingly Pres. Bush used fear to try to sell the bailout. Paulson said if we didn’t give the Fed $700 Billion the banking industry would collapse. We were promised that people’s mortgages would stop defaulting. We were promised the financial sector would stabilize. We were promised that money would be available to consumers because of this bailout. $350 Billion of this STUPID bailout has already been dispersed to banks and corporations (not citizens) with NO ACCOUNTABILITY. Where has that money gone, and for what purposes? Since we taxpayers are footing the bill, we have a right to know. We don’t know where any of this money has gone, we can see no benefit from it, and we see our national debt sky rocketing, yet Obama and company are moving toward their TRILLION DOLLAR so called “stimulus” plan, which is nothing more than a giveaway and redistribution of working Americans dollars to those who haven’t earned it. The experts say that this will push our national debt to 100% or more of our GDP. Do you understand what that means? It means that every penny this country produces will not be enough to pay the principal on our national debt. Don’t even bother to talk about interest.

http://abcnews.go.com/print?id=6606296

http://www.subprimeloananalysis.com/archives/39

http://www.jodyeisenman.com/2008/12/23/where-did-the-tarp-money-go/