Archive for the ‘Barney Frank’ Category

Obama Buys Into Anger, Fear as Political Tool

March 27, 2009

There is a clear message being sent of “we’ll get this, or else.”

Radicals protesting  the G20 summit transmit the message clearly.

Even President Barack Obama has gently used veiled threats and insinuations that he’ll go to any lengths to get what he wants.

“We won” flies in the face of bipartisanship and comity.

When Obama made his “outrage” remarks about the AIG bonuses, that was quickly followed up by Rep. Barney Frank asking for the names of all the AIG bonus recipients.

Then ACORN showed up to protest at the homes of some of those same AIG people.

Yesterday, two Washington Post reporters said the President of the United States is “attempting to harness public anger over the financial crisis” to pass his budget.

Once or twice, the president has lamely, limply, really, tried to mimic FDR’s “nothing to fear but fear itself” speech; but more often than not, “No Drama Obama” has hinted at other emotions beyond calm.
Obama is banking that his strong poll numbers will translate into the public trust and confidence he’ll need to reform, some say overhaul, and some say radically attack the financial system and Wall Street.

But pollster Frank Luntz and others say although the public approves of Obama himself, they reject some of his policies.

Public anger as a political tool?  That’s been used before but rarely by the president.

And the use of fear by the President of the United States at this time is disconcerting at the least.  Americans have plenty of fear and anger already: after losing jobs, retirement funds, and homes.

What American need is trust.  But at a time when trust in Wall Street, bankers and others is at low ebb, the president is talking about fear, crisis, catastrophe, anger and “outrage.”

Laughing on Leno and “60 Minutes” was a lame attempt to blind the facts.

My imagination running amok?  Hardly.  In Scotland, protesters attacked a bank executive’s home and inflicted thousands of dollars of damage.  In Paris the protesters rioted, setting tires on fire in the streets frequented by tourists.  Around the world, the economic crisis is turning from simmering outrage to a boil of fear and violence.

The G20 will be something to watch: not just because of the usually boring diplomatic and financial talk.  This time there are real issues and differences and the future of the American and world banking systems could surely hang in the outcome.

But added to that is an atmosphere of fear and even violence: and that is not a good way to do business.

Related:
Anger, Lawlessness Fueling U.S., Global Economic Revolution?

http://michellemalkin.com/2009/03/
27/the-coming-g20-riots-the-spread
-of-mob-rule/

Obama, Geithner, Summers Plan for “Toxic Assets” May be Toxic Itself

Obama’s public overexposure

Obama Still Thinks After Economy Recovers; Bank, Finance Good Times Can Return?

 Obama’s Economic “Rescue;” “The plan is very, very clever. Maybe too clever.”

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President, Treasury, Congress “undermining efforts to shore up the economy”

March 21, 2009

“By week’s end, I was more depressed about the financial crisis than I’ve been since last September. Back then, the issue was the disintegration of the financial system, as the Lehman bankruptcy set off a terrible chain reaction. Now I’m worried that the political response is making the crisis worse. The Obama administration appears to have lost its grip on Congress, while the Treasury Department always seems caught off guard by bad news.”

That from Joe Nocera in The New York Times.
http://www.nytimes.com/2009/0
3/21/business/21nocera.html?_r=1&hp

I agree with Joe 100% but he is a lot smarter than me!

Related:

Bonus backlash hits Wall Street

American Democracy With Checks and Balances is Broken; Media, Congress Failing

Obama’s Radicalism Is Killing the Stock Market

 Obama Spending, Tax Plans Likely Out The Window As CBO Predicts Much More Debt

Obama, Geithner, Congress Squandering Confidence Needed For Recovery

***********************

From Joe Nocera in The New York Times:

Yes, the $165 million in bonuses handed out to executives in the financial products division of American International Group was infuriating. Truly, it was. As many others have noted, this is the same unit whose shenanigans came perilously close to bringing the world’s financial system to its knees. When the Federal Reserve chairman, Ben Bernanke, said recently that A.I.G.’s “irresponsible bets” had made him “more angry” than anything else about the financial crisis, he could have been speaking for most Americans.

But death threats? “All the executives and their families should be executed with piano wire — my greatest hope,” wrote one person in an e-mail message to the company. Another suggested publishing a list of the “Yankee” bankers “so some good old southern boys can take care of them.”

Or how about those efforts to publicize names of individual executives who received bonuses — efforts championed by Attorney General Andrew Cuomo of New York and Barney Frank, chairman of the House Financial Services Committee. To what end?

How does outing these executives fix skewed compensation incentives, which have created that unjustified sense of entitlement that pervades Wall Street? No, it’s mostly about using subpoena power to satisfy the public’s thirst for blood. (In light of the death threats, when Mr. Cuomo received the list of A.I.G. bonus recipients on Thursday, he promised to consider “individual security” and “privacy rights” in deciding whether to publicize the names.)

Then there was that awful Congressional hearing on Wednesday, in which A.I.G.’s newly installed chief executive, Edward Liddy, was forced to listen to one outraged member of Congress after another rail about bonuses — and obsess about when Treasury Secretary Timothy Geithner learned about them — while ignoring far more troubling problems surrounding the A.I.G. rescue.

Oh, and let’s not forget the bill that was passed on Thursday by the House of Representatives. It would tax at a 90 percent rate bonus payments made to anyone who earned over $250,000 at any financial institution receiving significant bailout funds. Should it become law, it will affect tens of thousands of employees who had absolutely nothing to do with creating the crisis, and who are trying to help fix their companies.

Meanwhile, the real culprits — like Joseph J. Cassano, the former head of A.I.G.’s financial products division— are counting their money in “retirement.” Nobody on Capitol Hill seems much interested in getting that money back. (And the bill does nothing about bonuses that were paid before 2009, meaning that most of those egregious Merrill Lynch bonuses, paid at the end of last year, will not be touched.)

Read the rest:
http://www.nytimes.com/2009
/03/21/business/21nocera.html?hp

Obama, Geithner, Congress Squandering Confidence Needed For Recovery

March 21, 2009

“What we need today is more optimism and more confidence,” Larry Summers said.

“Consumer confidence is slightly up. The market is slightly up,” Biden said.

“We need confidence to make this recovery work,” President Obama said.

 Psst: Obama; Biden Was Supposed To Be the Gaffe Prone Guy

I believe all that.  I also know that the president, his team, Tim Geithner, Larry Summers, Joe Biden, Chris Dodd, Harry Reid, Nancy Pelosi, Barney Frank and a host of others are frittering away the confidence Americans and many others in the world like China need to make the recovery work….

“The whole congress should have their income taxed at 90% because of their incompetence,” said former Arkansas Governor Mike Huchabee today on Fox.[Pelosi+Congress.jpg]
http://cristyli.blogspot.com/

And Mister President, do I believe “Nobody messes with Joe?”

“Give me a f &^*$% ing break.”

 

You can’t urge confidence while spending trillions of taxpayers dollars and then spend, waste, an entire legislative week on $167 million with nothing to show for the effort except for a loss of confidence.

Congress this last week sent a torpedo into confidence in banks, companies like AIG, the Treasury, the White House, truth, honesty and themselves.

Why wait?  Follow the Grassley and Japanese way, congress: kill yourselves and save us the expense of a revolt……

The pain of your living, moronic behavior in a time of crisis is killing me and it should be killing you.  The wrong guy is going to die if the economy worsens: the taxpayer.

After the mass Seppuku (切腹 ) on Capitol Hill, the president can fire Geithner in an attempt to bring back some confidence. Some iota of confidence.  At least firing Geithner will be a pro-active step.

But nobody seems ready to do the right thing; even though I did the right thing by sending in my professionally (no Turbo Tax for me) prepared IRS forms yesterday….

And are we expected to have confidence in the president’s budget and allow rapacious spending on health care, energy, climate change and education?

Not after yesterday’s CBO report and not after what we”ve seen since Barack Obama and this congress go into the act….

Please see all the goodies at Michelle Malkin’s house….
http://michellemalkin.com/2009/03/2
1/saturday-open-thread-7/


President Obama, Joe Biden, Tim Geithner, Larry Summers, Chris Dodd, Harry Reid, Nancy Pelosi, Barney Frank and a host of others are running off to spend our money too fast and we have lost confidence…..

Related:
Bonus backlash hits Wall Street

American Democracy With Checks and Balances is Broken; Media, Congress Failing

Obama’s Radicalism Is Killing the Stock Market

 Obama Spending, Tax Plans Likely Out The Window As CBO Predicts Much More Debt

Obama: Why Are We Saving Geithner and His Incestuous Relationship With Wall Street?

Finance, one of America’s great industries, being destroyed by Congress during crisis?

For Cuomo, AIG, Financial Crisis Is His Political Moment

 Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

[Commentary]
Martin Kozlowski, WSJ

President, Congress Preach More Spending While Kitchen Table Voters Try To Save Responsibly

March 20, 2009

The clear message from this president and this congress is that we can spend our way out of the recession.

The president, a master campaigner, has also volunteered to be a master spender on health care, the environment, education, energy and more.

He has already just about guaranteed that the congress — a pack of spending campaigners — will assist him as enablers.

Just as congress assisted Mr. Obama on the stimulus.

So the president is asking for campaign-style signature pledges from voters to support his spending ideas.  That’s why he went to California.  The Jay Leno fiasco was unnecessary entirely  — and off message entirely.

The president is intent upon showing that the future of America is all about what we spend now.

The message from Washington is spending: even as the voter at home is seeking fiscal responsibility for every member of the family.

And the president  even wants those at home to spend more at WalMart and Target to help the economy along.

He’s urging fiscal irresponsibility upon voters and congress.

But this is counter-intuitive to a voter who lost a job and faces forclosure or other economic calamity.

Around the kitchen table, voters are trying to figure out how to limit their spending.

And the prsident who talked so mush about crisis and catastrophe is now saying the economy is not so bad and we should have confidence.

Too late.

US President Barack Obama, seen here on January 29, 2009, sits ... 
US President Barack Obama, seen here on January 29, 2009, sits alongside Treasury Secretary Timothy Geithner

Confidence is draining from the American voter faster that the president can patch the leaks.  Going after the AIG bonuses is understandable and right; but that is only a slight drip and not even a trickle.

The deluge in spending from the stimulus and the omnibus: to the tune of $1 billion per hour in this president’s first 50 days, is staggering, along with the interest payments and national debt.

But it isn’t  deluge of water.  It is a deluge of money and confidence and political capital: the lifeblood of a president.

And Obama’s cohorts in all this excite no confidence at all: Geithner, Pelosi, Dodd, Barney Frank, Harry Reid and the rest.

Related:
President’s Economic Team in Trouble: Especially Geithner

 Teachers Ask Pelosi, Dodd For Teaching on “American Values, Truth, Honesty, Competence”

World Gasps In Horror as U.S. Stumbles, Fumbles Over $165 Million

Economic Recovery? “These guys are eating my lunch”

March 19, 2009

Obama, Geithner, Bernanke, Pelosi, Barney Frank, Chris Dodd, Harry Reid and every “lawmaker” : “These guys are eating my lunch.”

That’s from my friend who lost his job, will lose his home to foreclosure and has gained only a credit score that would bring Tiger Woods to tears.

He used “eating my lunch” instead of “breaking my heart” because he’s purchased a gun and a broken heart was getting him nowhere.

He’s getting kind of heartless.

“Eating someone else’s lunch is un-American, as Nancy Pelosi must know,” he told me. 

He has a lot of time to watch TV now that he lost his income and his job.

For those in the immigrant community that only habla Espanol, when the law is enforced at your door, that is the law, which most people, except for Nancy Pelosi, do not consider as un-American.  When someone eats your lunch, which is an idiom, it means to take advantage of you, as in “clean your clock,” cross the border illegally and stuff like that.

The President is eating my lunch beause he refuses to fire Tim Geithner — but now maybe he will rethink that after finding out that Turbo Tax Tim had many of the bailout recipients sign a form indicating, maybe even swearing, that they did not owe the federal government any back taxes — but Tim never asked the IRS to check.

Those that got billions in bailout money ate Turbo Tax Tim’s lunch and the lunch and tax money of every taxpayer.

But the president insists: “Nobody is working harder than this guy.”

My friend is working hard trying to get a real job: not a cushy do anything and get paid job.  Not a job with no accountability like Geithner’s job.  Not a job where you can lie like Dodd’s job.  Not a job where you can write a book and make $5 million, or get on Jay Leno, or fly in style like Obama’s job.

Bernanke is eating my lunch because his Fed action already caused the price of oil to go up and the value of the dollar to go down.

Every American lawmaker in Washington DC who did not vote against the stimulus ate my lunch because nobody read the stimulus and that is the law that allowed AIG to pay bonuses — while it gave away billions of dollars.

That’s not lunch money.  But maybe chump change to Obama: not to me.  I pay my taxes — and not with Turbo Tax — I hire a guy because that ensures it gets done better than Geithner can do.

And those “lawmakers” who gave billions of dollars to the likes of Obama, Geithner and Bernanke and a bunch of government agents who are eating my lunch and getting their clocks cleaned by those getting bailout money — I hate them all.  The entire lunch eating flock.

Barney Frank ate my lunch because he missed the looming failure of Fannie Mae and Freddie Mac and missed the arrival of the recession.  Isn’t he the guy that stampeded many to create the rapid fire stimulus?  Isn’t his stimulus the law that legalized the AIG bonuses — the same bonuses he offers to tax at 90%? (Which may be unconstitutional?)

He ate our lunch for sure.

I’ll just throw Charlie Rangel in here for eating my lunch too.  He’s trying to rush a 90% tax on those that got bonuses like the AIG guys.  But hey, Charlie: that might be unconstitutional.  And hey, Chalie, can you go though an audit for us, pal?
.
Amnesia Chris Dodd ate our lunch and then lied about it: putting language into the stimulus to help his buddies at AIG to pay those now famous bonuses.

Then Judas Dodd threw his buddies at AIG under the bus.

Barack Obama hired Turbo Tax Tim and Joe Biden so he continues to eat my lunch every day.

As Biden says, “This was a stupid idea.”

“Give us a f &*^%$# ing break”

But the president wants ME, US, and YOU to be confident because that could help the economy improve.

No habla.  Habla Espanol.

Related:
Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
.
Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”
.
Pelosi, Rangel rushing to tax AIG and other bonuses 90%; This caused a revolution once…

http://michellemalkin.com/2009/03/1
9/audio-comedy-gold-bozo-the-vice-pr
esident-is-looking-out-for-you/

 AIG Bonus Snafu: Boomeranging Into the Faces of Democrats?

“Dodd The Dodge” — Senator Weasels Away The Truth; And Not Artfully

Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”

US President Barack Obama (R) stands with Treasury Secretary ...

Darkened shadows: US President Barack Obama (R) stands with Treasury Secretary Timothy Geithner (L) as he makes remarks about AIG and his economic recovery package before departing for a trip to California from the White House in Washington, March 18, 2009. Obama on Wednesday assailed AIG’s hefty executive bonuses as an “inappropriate use of taxpayer funds,” saying the government needed tools to prevent a situation like AIG’s from ever again posing a risk to the financial system.  But Geithner paid those bonuses with taxpayers money….REUTERS/Jonathan Ernst

http://conservativemeanderings.
wordpress.com/2009/03/19/oba
ma-received-aig-bonus-time-fo
r-him-to-resign/

Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Stimulus Allowed?

March 19, 2009

Buckaroo Barney Frank is leading the newest stampede in the House of Representatives, talking up a 90% tax on “bonuses” paid to big execs.

Isn’t he the guy that should have warned us about Fannie Mae, Freddie Mac and the recession?  Isn’t he the guy that stampeded many to create the rapid fire stimulus?  Isn’t his stimulus the law that legalized the AIG bonuses — the same bonuses he offers to tax at 90%?

And who is leading the Senate in the stampede?  Amnesia Dodd: who couldn’t recall, in fact denied, knowing the source of the mystery stimulus language saying bonuses were OK.

Judas Dodd, who has benefitted most from AIG living in his neighborhood and then threw them under the bus, is the wrangler about to head up the cattle drive to stampede the senate, we suspect, on the conficatory tax cattle drive.

“Lawmakers” run amuk.  They must be eating too much trail dust and drinking too much Obama water.

Holy Cow!  Holy Cow Manure….

http://michellemalkin.com/2009/
03/19/first-they-came-for-aig-bonuses/

Related:
Duke Coach Slam Dunks Obama: Go Fix the Economy

 Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”

AIG Bonus Snafu: Boomeranging Into the Faces of Democrats?

March 18, 2009

The AIG bailout and bonus snafu has the feel of a keystone cops caper.

No wonder the Chinese fear for the investments they hold in the United States.

Oversight of financial institutions?  Next to zero.

Public confidence in the Treasury, the Fed and Congress?  Heading downward.

The President?  He is still defending Tim Geithner which I see as a losing horse.  The best politicial advice I could give to this president is this: fire the Treasury Secretary now and at least you look like you are doing something.

Related:
 Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Economic Recovery? “These guys are eating my lunch”

The congress?

“The fact is that the bill the president signed, which protected the AIG bonuses and others, was written behind closed doors by Democratic leaders of the House and Senate. There was no transparency,” said Sen. Charles Grassley of Iowa, the senior Republican on the Senate Finance Committee.

The more the public sees of Barney Frank and his House Committee on Financial Services the more they’ll lose confidence in their entire government.

The hearings featuring AIG chairman Edward Liddy — who came out of retirement and is working for $1.00 a year to clean up the AIG side of this mess — are showing how mean spirited and just simply stupid our “lawmakers” are.

These are the same guys that failed to read the “stimulus” but voted for it….

The Fed?

The dumped a bunch of dollars into the system on March 18 and what happened?  Oil went up and the dollar went down.

AIG’s Liddy looks credible and as if he is doing his best to make this right.

Mr. Liddy disclosed that the Federal Reserve — which sits on A.I.G.’s board — was informed of the bonus payouts and that Mr. Bernanke, the Fed chairman, had been consulted all along.

The A.I.G. executive  said  no attempt was made to hide the bonuses, no effort to conceal….

The committee members look, well, like self-righteous grandstanders.

Expect to see Obama regret his “outrage” at the AIG bonuses: it looks like many members of the government knew about them long before they were paid and some “lawmakers” and others took positive actions to make sure the bonus provisions in the AIG contracts were allowed to stand….even after the federal bailout amd “takeover” was well under way….

The discussions of suicides and death threats are way out of line, over the line and distasteful.

Much of this AIG bonus caper looks as if it was caused by the congress; with help from the Fed and the Treasury Department, perhaps….

I’m calling this Obama-Gate because it has the feel of Watergate in fast forward and without the stealth of a long coverup….yet….The president will survive this certainly but his stature will be diminished.  Some government officials could and should lose their jobs.  And the Republicans will get some new life, mojo or whatever.  This is actually a badly needed dose of Viagra for Republians and a real gift from the Obama Democrats….

Some congressional staffers are telling us the president knew about the bonuses last week and maybe before….

http://michellemalkin.com/2009/03/18
/all-of-the-people-should-be-executed-
with-piano-wire-around-their-neck/

Related:
Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
.
Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”

 AIG Bonus Snafu: Boomeranging Into the Faces of Democrats?

“Dodd The Dodge” — Senator Weasels Away The Truth; And Not Artfully

Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”

AIG Bonus Money Is Not The Problem: Government Is The Problem

March 17, 2009

“In this present crisis, government is not the solution to our problem; government is the problem.”

Ronald Reagan said that in his first inaugural address in 1981.

Thomas Jefferson said, “Most bad government results from too much government.”

We haven’t seen such stark reminders of those idea for a long time before today.

Obama is the problem.  Geithner is the problem.  Dodd is the problem along with Barney Frank and others.

Dodd took more AIG money in the form of campaign contributions than anyone.  Obama was second.

House Minority Whip Eric Cantor (R-VA) said the administration is in “disarray.” 

This is “Obama-Gate” if you are kind.  “Obama-Gate I” if you think there will be more.

None of these guys has a clue how to run big corporations.  And the notion, myth really, fabrication that we  are in such a financial crisis that we absolutely MUST now spend heaps of money bailing out everyone, including other nations, and we absolutely must solve all the problems of health care, energy, education and global warming is crazy.  Nuts.

They teach this at Harvard?  I mean I know they are socialist, but crazy too?

We are in an economic crisis and we do not yet know how much we’ll have to spend to end it: that is a real problem.  Until we stop thinking about a second stimulus and more bailouts we have no idea how much debt we’ll have and if anyone will buy our T-bills.

We haven’t even solved the banks with toxic assets problem yet.

China has already swallowed hard and expressed dismay.

The AIG bonus flap is about 1/2 of 1% of the AIG bailout of some $173 billion.

As Joe Biden likes to say: “Gimme a f*&$#ing break.”

The real issue is how much will we need to spend before the bleeding stops and our economy turns areound — along with the economies of Japan, Germany and everyone else.
My friend went into the OR to have “one or two clogs in arteries” removed; a procedure expedted to take about one hour.  Thirteen hours later he came out — almost dead.  The doctor had removed more than 150 clots.  My friend has scars all over the place and couldn’t walk for weeks.

The reason the president should not go fast on health care, education, our energy system, and climate change, is this: we do not know our own economic health.

See:
Health care overhaul may cost another $1.5 trillion or more

Obama can cure cancer, Pakinson’s and Alzheimer’s later.  Lets restore jobs, and economic order before we overhaul the world and reorder the universe.

More spending may not solve all our problems.  It may open a lot of new wounds also known as a can of worms or Pandora’s Box.

The United States has the second highest corporate tax rate in the world and a capital-gains tax rate that President Barack Obama had threatened to hike during his presidential campaign.

“Government continues to dominate the American taxpayer’s budget,” said Tax Foundation president Scott Hodge last April. “Americans will still spend more on taxes in 2008 than they will spend on food, clothing and housing combined.”

In 2008, Americans worked 74 days to afford their federal taxes and 39 more days to pay state and local taxes. Meanwhile, buying food required 35 days of work, clothing 13 days, and housing 60 days. Other major categories are health and medical care (50 days), transportation (29 days), and recreation (21 days).

The following is from Politico:

AIG disclosed its retention-bonus program more than a year ago, including bonuses directed to those handling the exotic derivatives that got the company and the country into this mess

The bonuses were essentially a nonissue when AIG got its initial bailout money, almost $150 billion under President Bush in the two months surrounding the presidential election. Joe Biden, then the vice presidential nominee, came out strongly against the bailout. Obama did not.

Timothy Geithner, then at the New York branch of the Federal Reserve, was a huge proponent and architect of the AIG bailout. So if Obama had strong private opposition to the idea it did not affect his pick for the person who would oversee all bailouts.

Read the rest from Politico:
http://www.politico.com/news
/stories/0309/20108.html

So now you know why Tim Geithner always looks like he has something to hide: he has mismanaged the bailout effort entirely and his boss is telling taxpayers it is THEM (guys like AIG) and not us (the government itself) that is to blame.

Sen. Sherrod Brown, D- Ohio, pauses in the elevator after arriving on Capitol
Geithner

 Obama: Fire Geithner

http://michellemalkin.com/2009/03
/17/how-aig-read-you-and-i-are-bail
ing-out-the-world/

Related:
 AIG Bonus Flap: Lawsuit to Get Back $165 M Could Cost $300 M or More

Obama White House Issues “Lamest” Confidence Statement Ever for Geithner

Amid AIG Furor, Dodd Tries to Undo Bonus Protections He and Geithner Put In

 Biden Off Mic: “Gimme a f*&$#ing break”

AIG Bonus Flap: Lawsuit to Get Back $165 M Could Cost $300 M or More

 Obama Dead Wrong On Stimulus, Caterpillar Company Jobs, Recovery

Obama, His Outrage in Legal, Political Quicksand Over AIG Bonuses?
.
Obama Wants To “Unclog Blocked Lending Arteries” — Here’s The Problem

http://vivianlouise.wordpress.co
m/2009/03/18/the-aig-bonu
s-kerfuffle/

Obama’s War On Banks: Backlash Stirring

March 16, 2009

Some banks are in trouble because of foolish investments and bad loans.  But now all banks are getting the jitters of a hostile takeover of sorts from the likes of Barack Obama, Barney Frank and the rest of the Federal Government….

Related:
In Conservative Alaska, Banks Aren’t Full of “Toxic Assets” 

 Wells Fargo & Co. Chairman Richard Kovacevich criticized the U.S. for retroactively adding curbs to the Troubled Asset Relief Program, which he said forced the bank to cut its dividend, and called the administration’s plan for stress-testing banks “asinine.”

When the U.S. Treasury persuaded the nation’s nine biggest banks to accept capital investments in October, it signaled the whole industry was weak, Kovacevich, 65, said in a March 13 speech at Stanford University in California. Even though Wells Fargo didn’t want the money, it must comply with the same rules that the government placed on banks that did need it, he said.

“Is this America — when you do what your government asks you to do and then retroactively you also have additional conditions?” Kovacevich said. “If we were not forced to take the TARP money, we would have been able to raise private capital at that time” and not needed to cut the dividend to preserve cash, he said.

Kovacevich joins a growing list of bankers who are chafing at restrictions imposed by the TARP program, which affect lending, foreclosures, pay and perks. Lenders including Bank of America Corp., U.S. Bancorp and Goldman Sachs Group Inc. have said they want to give back the money. More than 500 banks, insurers and credit-card companies applied for TARP capital, and the government has distributed almost $300 billion.

From Bloomberg:
Read the rest:
http://www.bloomberg.com/apps/news
?pid=20601087&sid=aWWd8s37rrE0
&refer=worldwide

http://michellemalkin.com/2009/03/
16/no-duh-white-house-worried-abo
ut-bailout-backlash/

American Workers, Businesses Cut Back; Obama Launches Spending Spree

March 6, 2009

It seems ironic in this desperately weak global economy, that as workers and businesses cut back, the Obama Administration has launched a world class spending spree.

To investors and Wall Street, the problem isn’t irony but deep doubt and the fear of even worse economic times ahead.

Most Americans now say the U.S. government could go bankrupt.

Most Americans Now Say America Could Go Bankrupt

But the president has now seen his stimulus passed, with about $1 trillion in new spending and interest on the debt.  He also offers to overhaul an entire raft of ills he sees: energy, education, health care, banks and their lending, people hurt b bad mortgage deals, and the lest goes on and on.

The only thing we know for sure about the Obama proposed health care reform is this: it will cost hundreds of billions (and probably trillions of dollars), it will be formulated largely by the same people who wrote the stimulus, and, according to the President of the United States, it will not add one cent to the U.S. debt.  In fact, the president says, reforming health care will lead to a more robust economy!

If Barack Obama owned a small business undergoing an audit; the auditors would recommend immediate bankruptcy, a sell off of all assets, and for Obama and other “business leaders” like Barney Frank and Christopher Dodd to seek other lines of work as they await trial for cooking the books.

See:
Unemployment Highest Since 1983; Business Leaders Have No Confidence in Obama Economic Plan, Team

The American economy is dead: and the Obama recovery plan calls for an endless stream of new government spending to get us all out of this hole.

My grandfather, who was a foundation digger in the 1920s, used to tell me: when you are in a hole this big, put down your shovel….

Related:
Presidency of Fear

Obama’s Brazen Deception: Why The Stock Market Won’t Recover Soon

 Senate Halts Obama Spending; At Least For The Week End

 Obama plan to prevent foreclosures won’t help many California homeowners

“People that create American wealth are going on strike”

 Geithner’s Hand Picked Deputy at Treasury Drops Out