Back when I was railing against the first $850 billion mistake to bail out Wall Street's Folly, I predicted that they'd be back in six months asking for another huge infusion of cash.
I was not expecting them to put up another $800 billion within 1 1/2 months to help Wall Street.
We can't afford this, nor should we be bailing out the auto industry. The fact that they're begging for money shows that they're already bankrupt, but haven't chose to admit it yet.
The government is setting us up for more falls in the future with all this intervention. This is a short-term strategy that will have serious long-term ramifications. A lot of these companies that we're busy rescuing were going to fail, and will probably fail regardless. And we'll still be stuck with the bill.
I don't like it.
Showing posts with label washington. Show all posts
Showing posts with label washington. Show all posts
Wednesday, November 26, 2008
Thursday, September 25, 2008
Wall Street Should Fend for Itself: They Made That Bed, Now They Should Sleep in It
I am now opposed to bailing Wall Street out of it's "toxic debt" problem that it alone is responsible for. The American taxpayer should NOT be made to pay for Wall Street's Folly, beyond what has already been agreed to.
In my opinion, the bailouts of Fannie Mae, Freddie Mac, AIG and Bear Sterns were correct, because of their interconnecting relationships to the U.S. and global currency markets. The damage from the collapse of those companies would not have been confined to Wall Street. Lehman Brothers was not bailed out because it was self-contained, as many of the other companies who stand to benefit from this $700 billion mistake-in-progress are.
The standard that the Bush Administration followed before should be the standard that is used now in deciding which companies to save, and which ones to allow to go by the wayside.
The other companies who have "toxic debt" need to get on a payment plan and pay off their debt. If the government wants to help, they should negotiate and set a fair interest rate with the creditors, which will allow the companies to clean up their own friggin' mess. People have to do the same thing; why should it be different for a company that goes into deep debt?
This is entirely appropriate for a system that cheers when blue-collar workers lose their jobs and pensions, while the system sees it's stock value soar. Why then, should blue collar taxpayers be stuck with the company's bill?
SHAME on Wall Street!
And the government needs to come up with a better plan.
In my opinion, the bailouts of Fannie Mae, Freddie Mac, AIG and Bear Sterns were correct, because of their interconnecting relationships to the U.S. and global currency markets. The damage from the collapse of those companies would not have been confined to Wall Street. Lehman Brothers was not bailed out because it was self-contained, as many of the other companies who stand to benefit from this $700 billion mistake-in-progress are.
The standard that the Bush Administration followed before should be the standard that is used now in deciding which companies to save, and which ones to allow to go by the wayside.
The other companies who have "toxic debt" need to get on a payment plan and pay off their debt. If the government wants to help, they should negotiate and set a fair interest rate with the creditors, which will allow the companies to clean up their own friggin' mess. People have to do the same thing; why should it be different for a company that goes into deep debt?
This is entirely appropriate for a system that cheers when blue-collar workers lose their jobs and pensions, while the system sees it's stock value soar. Why then, should blue collar taxpayers be stuck with the company's bill?
SHAME on Wall Street!
And the government needs to come up with a better plan.
Monday, May 05, 2008
Conspiracy Theorists Believe Bush Will Cancel 2008 Presidential Elections: NONSENSE!
Ahhh, more conspiracy notions to dispel!
The topic is NSPD-51, an Executive Order which ensures the continuation of the federal government in the event of a catastrophic attack or natural disaster. It calls for the President to take charge of government operations in the event that something really bad happens.
Some with very active imaginations have taken this to mean that President Bush will declare martial law and cancel the elections on a whim to begin his "reign" as dictator.
That's nonsense.
Let's imagine one scenario that this Executive Order is truly designed to deal with:
Washington is destroyed by a terrorist nuclear bomb while the government is in session, and most members of the House and Senate are killed. Also, the President, Vice President, most of the Joint Chiefs and many of the Cabinet members are dead.
In this hypothetical situation, the Presidency passes to...oh, the Secretary of Energy, who is twelfth in line of succession and overseas on business. He/she flies home and is sworn in somewhere over the Atlantic Ocean.
The new President is going to be pretty busy, trying to figure things out and wondering where to start.
Where the conspiracy theorists are going crazy is the discussion over whether to reconstitute the Congress immediately or not. The Constitution stipulates that in the event of the death or incapacitation of a member of Congress that an election is held for the seat.
But what would happen if all 535 members of Congress were dead?
Consider this: it would take some time to organize elections in every state, and then designate a new national capitol for the reconstituted Congress to meet at. The directive gives the President emergency powers to manage the situation, and begin to get things in place for setting the government back up.
The reason that it does this is that if our government is decapitated, it assumes that the Executive Branch will recover first. It's easier to swear in a duly appointed Cabinet member as President than it is to organize an election, have candidates campaign, stage the election, get them to the capitol and swear them in. That's how the law is written.
Of course, the governors might appoint the new slate of Representatives and Senators. But even then, where would they meet? Someone would have to coordinate that.
One troubling thing that is giving the theorists ammunition are the secret annexes to this Presidential Order. Only the Administration knows what's in the various annexes, and this is driving the conspiracy discussion along. There are rumors of martial law being declared (possibly) for the purpose of making the President a dictator (highly unlikely).
That's the spirit of this Presidential order as I read it. If President Bush has one obsession (and a flaw), it's national security and protecting the country.
Bush isn't going to stop the elections due to terrorism. Other nations have held elections in the wake of deadly terrorist attacks, such as Spain in 2004.
Here's what will likely happen in October/November/December of this year:
Here's the complete list of Executive Orders from the National Archives dating back to 1937.
The topic is NSPD-51, an Executive Order which ensures the continuation of the federal government in the event of a catastrophic attack or natural disaster. It calls for the President to take charge of government operations in the event that something really bad happens.
Some with very active imaginations have taken this to mean that President Bush will declare martial law and cancel the elections on a whim to begin his "reign" as dictator.
That's nonsense.
Let's imagine one scenario that this Executive Order is truly designed to deal with:
Washington is destroyed by a terrorist nuclear bomb while the government is in session, and most members of the House and Senate are killed. Also, the President, Vice President, most of the Joint Chiefs and many of the Cabinet members are dead.
In this hypothetical situation, the Presidency passes to...oh, the Secretary of Energy, who is twelfth in line of succession and overseas on business. He/she flies home and is sworn in somewhere over the Atlantic Ocean.
The new President is going to be pretty busy, trying to figure things out and wondering where to start.
Where the conspiracy theorists are going crazy is the discussion over whether to reconstitute the Congress immediately or not. The Constitution stipulates that in the event of the death or incapacitation of a member of Congress that an election is held for the seat.
But what would happen if all 535 members of Congress were dead?
Consider this: it would take some time to organize elections in every state, and then designate a new national capitol for the reconstituted Congress to meet at. The directive gives the President emergency powers to manage the situation, and begin to get things in place for setting the government back up.
The reason that it does this is that if our government is decapitated, it assumes that the Executive Branch will recover first. It's easier to swear in a duly appointed Cabinet member as President than it is to organize an election, have candidates campaign, stage the election, get them to the capitol and swear them in. That's how the law is written.
Of course, the governors might appoint the new slate of Representatives and Senators. But even then, where would they meet? Someone would have to coordinate that.
One troubling thing that is giving the theorists ammunition are the secret annexes to this Presidential Order. Only the Administration knows what's in the various annexes, and this is driving the conspiracy discussion along. There are rumors of martial law being declared (possibly) for the purpose of making the President a dictator (highly unlikely).
That's the spirit of this Presidential order as I read it. If President Bush has one obsession (and a flaw), it's national security and protecting the country.
Bush isn't going to stop the elections due to terrorism. Other nations have held elections in the wake of deadly terrorist attacks, such as Spain in 2004.
Here's what will likely happen in October/November/December of this year:
- There will be no terrorism before the election. If there is, it'll be small-scale.
- Washington, DC, will not fall into the Atlantic Ocean.
- An asteroid will not strike Capitol Hill and level all of Washington.
- The election will be held, a winner will be decided.
- The transition will begin.
- President Bush and VP Cheney will leave office on January 20th, 2009, on time and without strings attached.
- The 44th President will take office on the same day.
- The conspiracy theorists will look silly again.
Here's the complete list of Executive Orders from the National Archives dating back to 1937.
Tuesday, November 20, 2007
Democrats Are Using Back Door to De-Fund Iraq War: $50 Billion Funding Bill Stalls in Senate Until January
It appears that the anticipated de-funding of the Iraq War by the Democrats is currently underway. But they're not taking the direct approach as was predicted by analysts.
Instead, they're guaranteeing that their legislation on war funding either doesn't make it to the President's desk, or if it does that he is certain to veto it. All the Democrats have to do is insert a clause that calls for withdrawal from Iraq to doom the legislation.
They have effectively de-funded the war, without drawing attention to the fact that this is/was their goal. They can publicly claim that they won't de-fund the Iraq War and will continue to put forth bills with terms and conditions that the Republicans find indigestible and will move to block.
The other tactic being employed is that the Democrats are ignoring the President's war funding requests for months at a time. Congress has already passed the Pentagon's $471 billion budget but stripped war funding from that bill. President Bush asked for $192 billion more in supplemental spending for the wars since mid-February; Congress is getting around to that request now, in mid-November.
The war bill passed by the House and rejected by the Senate would have provided $50 billion for the wars, and set the end of 2008 as a withdrawal date of troops from Iraq.
There's a time-crunch in play here; the current war funding will run out in February, and the military will have to divert money out of it's new $471 billion budget--money needed for repairing battle-damaged equipment or replacing it, beefing up V.A. hospitals, building mine-resistant vehicles, providing care for our wounded warriors, and purchasing new weapons platforms--to pay for the wars.
They've already signaled that they're diverting $4 billion immediately.
And the military is planning to make deep cuts when the designated war-fighting funding runs out in February. And it probably will; the only war funding bill on the table and on the horizon has been KO'ed.
Another mess.
Instead, they're guaranteeing that their legislation on war funding either doesn't make it to the President's desk, or if it does that he is certain to veto it. All the Democrats have to do is insert a clause that calls for withdrawal from Iraq to doom the legislation.
They have effectively de-funded the war, without drawing attention to the fact that this is/was their goal. They can publicly claim that they won't de-fund the Iraq War and will continue to put forth bills with terms and conditions that the Republicans find indigestible and will move to block.
The other tactic being employed is that the Democrats are ignoring the President's war funding requests for months at a time. Congress has already passed the Pentagon's $471 billion budget but stripped war funding from that bill. President Bush asked for $192 billion more in supplemental spending for the wars since mid-February; Congress is getting around to that request now, in mid-November.
The war bill passed by the House and rejected by the Senate would have provided $50 billion for the wars, and set the end of 2008 as a withdrawal date of troops from Iraq.
There's a time-crunch in play here; the current war funding will run out in February, and the military will have to divert money out of it's new $471 billion budget--money needed for repairing battle-damaged equipment or replacing it, beefing up V.A. hospitals, building mine-resistant vehicles, providing care for our wounded warriors, and purchasing new weapons platforms--to pay for the wars.
They've already signaled that they're diverting $4 billion immediately.
And the military is planning to make deep cuts when the designated war-fighting funding runs out in February. And it probably will; the only war funding bill on the table and on the horizon has been KO'ed.
Another mess.
Wednesday, October 17, 2007
Nation Welcomes Dalai Lama to Washington: Religion-Banning Communist Heathens in Beijing Protest Visit
The White House and Congress welcomed the Dalai Lama to Washington and awarded him a Congressional Gold Medal, while the communist government in Beijing demanded that he not be awarded the medal, which is the highest civilian honor in this country.
China ought to get over it and engage the Dalai Lama in conversation, not try to control him.
And they can begin by returning the right of self-rule to Tibet and pulling it's troops out of there, immediately and forever.
And perhaps they ought to allow their own people to practice religion instead of suppressing it.
Get with the program, China.
China ought to get over it and engage the Dalai Lama in conversation, not try to control him.
And they can begin by returning the right of self-rule to Tibet and pulling it's troops out of there, immediately and forever.
And perhaps they ought to allow their own people to practice religion instead of suppressing it.
Get with the program, China.
Thursday, September 27, 2007
Government About to Hit Debt Limit Again; Bush Administration to Ask for an Additional $950 Billion on Credit Limit
Here we go again with the debt limit. Not content with the $9 trillion plus debt ceiling, the Bush Administration requested that Congress extend the ceiling by an additional $950 billion.
That's quite ENOUGH!
This government needs to make more than it spends and lower it's debt load to a more manageable level before it's too late. $10 trillion is too much debt. It must spend our taxpayer money much more conservatively.
The trade deficit is of particular concern; as is the devaluation of the U.S. dollar against other major world currencies. I do think the brakes should be put on free trade agreements until the damage from NAFTA and CAFTA are fully assessed. Whoever said that the North American Free Trade Agreement would create a sucking sound from south of our border has definitely been proven correct.
But of more concern is this government's willingness to outspend how much it makes. Income must always exceed expenses. I think that the next President is going to have to make major cuts across the board in order to get the country's budget back into order.
And Congress is going to have to stop earmarking as they're contributing more than their fair share to the debt load with their peanut storage facilities and bridges to nowhere. The days of blank checks from the government for useless projects must become a thing of the past if the country's financial situation is to recover quickly from the financial disaster we're in.
That's quite ENOUGH!
This government needs to make more than it spends and lower it's debt load to a more manageable level before it's too late. $10 trillion is too much debt. It must spend our taxpayer money much more conservatively.
The trade deficit is of particular concern; as is the devaluation of the U.S. dollar against other major world currencies. I do think the brakes should be put on free trade agreements until the damage from NAFTA and CAFTA are fully assessed. Whoever said that the North American Free Trade Agreement would create a sucking sound from south of our border has definitely been proven correct.
But of more concern is this government's willingness to outspend how much it makes. Income must always exceed expenses. I think that the next President is going to have to make major cuts across the board in order to get the country's budget back into order.
And Congress is going to have to stop earmarking as they're contributing more than their fair share to the debt load with their peanut storage facilities and bridges to nowhere. The days of blank checks from the government for useless projects must become a thing of the past if the country's financial situation is to recover quickly from the financial disaster we're in.
Monday, August 13, 2007
Rove Steps Down: So?
Karl Rove and President Bush got on the TV this morning and announced that Rove was leaving the Bush Administration and heading home to Texas to re-enter the private sector.
Here's the $64,000 question: so what?
The sheer amount of panting and labored breathing coming from the news media and the Democrats this morning (and all day) was hilarious! They couldn't get Rove charged with political crimes, couldn't get him to testify before Congress, and couldn't get him to budge on any issues. The Dems and the press failed to take out Rove. He left of his own accord, when the timing was right to him.
The only thing they're trying to hang their hats on now is the "symbolic end of the Bush Administration." They've been saying that since the day after Gore tried and failed to litigate his way into the White House. They've already been there and done that with the "end of Bush" thingy.
The irony here is too delicious to ignore. What will the Congressional Democrats do if Bush keeps winning political fights without his political attack dog around? Who will they blame? They may come to rue the day that Rove left town. It was easy for them to blame "Bush's Brain" for their defeats, but if Bush takes them head-on by himself and wins, especially on Iraq war funding, who will deserve the title of "idiot" more?
I'm looking forward to watching and finding out.
Here's the $64,000 question: so what?
The sheer amount of panting and labored breathing coming from the news media and the Democrats this morning (and all day) was hilarious! They couldn't get Rove charged with political crimes, couldn't get him to testify before Congress, and couldn't get him to budge on any issues. The Dems and the press failed to take out Rove. He left of his own accord, when the timing was right to him.
The only thing they're trying to hang their hats on now is the "symbolic end of the Bush Administration." They've been saying that since the day after Gore tried and failed to litigate his way into the White House. They've already been there and done that with the "end of Bush" thingy.
The irony here is too delicious to ignore. What will the Congressional Democrats do if Bush keeps winning political fights without his political attack dog around? Who will they blame? They may come to rue the day that Rove left town. It was easy for them to blame "Bush's Brain" for their defeats, but if Bush takes them head-on by himself and wins, especially on Iraq war funding, who will deserve the title of "idiot" more?
I'm looking forward to watching and finding out.
Friday, July 27, 2007
Iraqi Prime Minister's Statement That Iraq Can Take Care of Itself Should the Americans Leave Suddenly: Bravado or Reality?
The Iraqi Prime Minister recently made some eyebrow-raising statements concerning political upheaval in Washington that could lead to a sudden pull-out of the U.S. military from Iraq. Said he: "...American troops can leave anytime they want." He also said that Iraqi troops are capable of taking over.
Really? Since when, exactly?
That sounds like bravado backed up by facts not in evidence. I would think that we've heard enough bravado in this war to make everyone uneasy over his choice of words. I believe al-Maliki misspoke and hurt his own cause.
It smells of someone else standing on the deck of a U.S. aircraft carrier with a "Mission Accomplished" banner over his shoulder, stating that major combat operations in Iraq were at an end, or that same person's declaration that he didn't care if bin-Laden was brought in, "dead or alive."
Politicians are the same the world over.
Really? Since when, exactly?
That sounds like bravado backed up by facts not in evidence. I would think that we've heard enough bravado in this war to make everyone uneasy over his choice of words. I believe al-Maliki misspoke and hurt his own cause.
It smells of someone else standing on the deck of a U.S. aircraft carrier with a "Mission Accomplished" banner over his shoulder, stating that major combat operations in Iraq were at an end, or that same person's declaration that he didn't care if bin-Laden was brought in, "dead or alive."
Politicians are the same the world over.
Thursday, November 23, 2006
Thanksgiving Proclamation of 1789 by President Washington
Whereas it is the duty of all Nations to acknowledge the providence of Almighty God, to obey his will, to be grateful for his benefits, and humbly to implore his protection and favor-- and whereas both Houses of Congress have by their joint Committee requested me to recommend to the People of the United States a day of public thanksgiving and prayer to be observed by acknowledging with grateful hearts the many signal favors of Almighty God especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness.
Now therefore I do recommend and assign Thursday the 26th day of November next to be devoted by the People of these States to the service of that great and glorious Being, who is the beneficent Author of all the good that was, that is, or that will be-- That we may then all unite in rendering unto him our sincere and humble thanks--for his kind care and protection of the People of this Country previous to their becoming a Nation--for the signal and manifold mercies, and the favorable interpositions of his Providence which we experienced in the course and conclusion of the late war--for the great degree of tranquility, union, and plenty, which we have since enjoyed--for the peaceable and rational manner, in which we have been enabled to establish constitutions of government for our safety and happiness, and particularly the national One now lately instituted--for the civil and religious liberty with which we are blessed; and the means we have of acquiring and diffusing useful knowledge; and in general for all the great and various favors which he hath been pleased to confer upon us.
And also that we may then unite in most humbly offering our prayers and supplications to the great Lord and Ruler of Nations and beseech him to pardon our national and other transgressions-- to enable us all, whether in public or private stations, to perform our several and relative duties properly and punctually--to render our national government a blessing to all the people, by constantly being a Government of wise, just, and constitutional laws, discreetly and faithfully executed and obeyed--to protect and guide all Sovereigns and Nations (especially such as have shewn kindness unto us) and to bless them with good government, peace, and concord--To promote the knowledge and practice of true religion and virtue, and the encrease of science among them and us--and generally to grant unto all Mankind such a degree of temporal prosperity as he alone knows to be best.
Given under my hand at the City of New York the third day of October in the year of our Lord 1789.
President George Washington
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