Archive for the ‘Chris Dodd’ Category

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

Obama and Leno Discuss Congress, AIG: “It Kind of Scared Me”

March 20, 2009

Between President Barack Obama and Jay Leno, the one who seemed to understand the Congress best was Jay Leno when he said of the 90% tax bill for AIG employees: it “kind of scared me.”

“If the government decides they don’t like a guy, all of the sudden hey we’re going to tax you, and, boom, and it passes, that’s seems a little scary,” he said. “It was frightening to me as an American that Congress or whoever could decide I don’t like that group, let’s pass a law and tax them 90 percent.”

That’s un-American, was the implication.

Un-American and probably unconstitutional.

And certainly a stupid waste of congressional time and effort — and certain proof of congressional stupidity.

Given the opportunity to lead on the economy, the U.S. Congress has given us the stimulus, pork, and earmarks.

Now it gives us doubt without investment at all.

It serves up a legally questionable and faith-in-government damaging self-inflicted wound.

The world is in a crisis of confidence fueled by such brainless U.S. behavior — never mind the global recession that most blame on the U.S.

The world is seeking solutions but has only been sent more doubt and missteps by Americans in the corporate and government sphere.

With Leno, Obama rolled out caution and explained that people should lower their expectations.

Americans were already doing that.

“Look, I understand Congress’ frustrations,” he said on “The Tonight Show with Jay Leno.”

He does?

Then he should fire Tim Geithner and hire a leader.  Or two.

When the Congress has no leadership to turn to it is stuck with Nancy Pelosi, Harry Reid, Braney Frank and Chris Dodd.

On Jay Leno’s show, only one headliner said anything memorable last night  and that came from Leno himself.

President Obama on Jay Leno:

From the Wall Street Journal:
http://online.wsj.com/article/SB
123750431956789767.html

http://michellemalkin.com/2009
/03/20/obamas-worse-joke-and
-insult-to-american-taxpayers-
intelligence/

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

Obama on Leno, Special Olympics Crack, White House in “Damage Control Mode”

Economic Recovery? “These guys are eating my lunch”

Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability

Obama: Here’s Why Geithner Has To Go: Credibility, Confidence, Competance

 Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”

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/