Archive for the ‘communists’ Category

Obama Wants You To Trust Markets and Government; But He Offers to Ignore AIG Contracts

March 17, 2009

The President of the United States has demonstrated that he and his advisors care lttle for contracts, American free enterprise and good thinking.

President Barack Obama and his top aides expressed outrage at reports that AIG went ahead with $165 million in bonuses even though the company received more than $170 billion in federal rescue money. Obama directed Treasury Secretary Timothy Geithner to see whether there was any way to retrieve or stop the bonus money — a move designed as much for public relations as for public policy, Philip Elliott of the Associated Press reported.

“I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?” Obama said Monday in announcing a plan to help small businesses.

Here is how we justify the “outrage.”  The workers at AIG have contracts.  Same as you, me and Barack Obama.

The real outrage here is what the president is proposing: that he has the power to re-write contracts after the ink is dried and the money is paid.

What happened to the courts?  Did I miss something?  Did the president sleep though “Contract Law I” at Harvard?  Oh, he was writing his book….
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Communists understand this.  If you lived under communism or studied their practices — you do too.

When my wife, who lived through the communist takeover in Vietnam, heard President Obama say the U.S. taxpayers should ignore legal contracts and not pay the AIG bonuses, she flew into a rage and said, “This is how it starts.  This is how the state sweeps away everything involved in legal free enterprise.”

Related:
 Republican Grassley on AIG execs: Quit or suicide

And if this is the thinking of the president’s economic wise guys like Geithner, Summers, Volker; to go and get $163 million legally spent under contract while the world economy is still in a shambles, and further diminish investor confidence in the process — we are in a hell of a fix.
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Or is the President’s announcemnt on the AIG bonuses just political BS dreamed up by Rahm Emanuel?

Did someone check this “go tackle AIG and get back the bonus money” idea with Bernanke?

Confidence is gone Mister President and you have yourself to blame.  You didn’t “inherit” this.

This is what happens when you have a president with socialist beliefs, a crisis, a one party congress, and a media that is mostly in love with their president.

The AIG bonus money is 1/2 of 1% of the $170 billion some bailout to AIG.  It is a footnote and should have remained so to a president that just spent $1 billion an hour in his first 50 days in the White House.

His stumulus exceeded $787  billion and the omnibus $410 billion and now he is angry and chasing $163 million because of the public outrage?

Has he lost his mind?

And he wants us to have confidence in Wall Street and invest; and he wants to have confidence in him and government and spend.  And pay our taxes.

Personally, I have doubts.

Next year my Tim Geithner Turbo Tax IRS Tax Form might say: “Line 1, How much is your income?  Line 2: send it in.”

And the president wants us to have so much confidence that we’ll allow him to spend unknown trillions yet: on another stimulus, other bailouts?  Health care?  Energy?  Climate Change? Education?

The real problem here is the government wishing to control too much in some extra-legal thuinking: we gave you money so your prior contracts are void — you should have known that.

Is this what Obama learned at Harvard?

And where will this heavy handed and poor thinking government get this money?  From taxpayers you and me and the unborn.  That’s generaltional theft.

But in the near term we’ll borrow it from China and I’ll bet there are string atached to THAT.  I KNOW there are strings attached to that.  The communists invented the voiding of contracts.

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By PHILIP ELLIOTT, Associated Press Writer

The White House says it’s looking at restrictions on some $30 billion in taxpayers’ money approved to help American International Group as the administration tries to reclaim or block millions of dollars in bonuses the struggling company awarded executives.

President Barack Obama and his top aides expressed outrage at reports that AIG went ahead with $165 million in bonuses even though the company received more than $170 billion in federal rescue money. Obama directed Treasury Secretary Timothy Geithner to see whether there was any way to retrieve or stop the bonus money — a move designed as much for public relations as for public policy.

“I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?” Obama said Monday in announcing a plan to help small businesses.

The financial bailout program remains politically unpopular and has been a drag on Obama’s new presidency, even though the plan began under his predecessor, President George W. Bush. The White House is aware of the nation’s bailout fatigue; hundreds of billions of taxpayer dollars have gone to prop up financial institutions that made poor decisions, while many others who have done no wrong have paid the price.

News that AIG still needs billions in taxpayer dollars to prevent a collapse did little to build public confidence, Obama aides acknowledged. Seeking to turn the public tide, White House spokesman Robert Gibbs aggressively criticized AIG and said administration officials were working to put strict limits on the next $30 billion installment bound for the company.

“Treasury has instruments that can address the excessive retention bonuses, and add provisions to ensure that taxpayers are made whole,” Gibbs said.

The AIG news overshadowed what Obama’s aides had hoped to spend the first part of the week discussing: billions of dollars to help the nation’s small businesses in the hopes of getting credit flowing again. Obama heaped praise on the little guys of American industry, often overshadowed in the blitz of government bailouts.

Read the rest:
http://news.yahoo.com/s/ap/200
90317/ap_on_bi_ge/obama_economy

http://michellemalkin.com/2009
/03/17/aig-derangement-syndrome/

Related:
Obama Plans to Charge Wounded Heroes for Treatment

Why Taxpayers Should Pay the AIG Bonuses; Obama is Dead Wrong On This
.
AIG Bonus Caper Demonstrates Obama Administration Weak Thinking
.
Stimulus: Way Fewer Jobs Than You Thought
.
 Obama Tells “Turbo Tax” Geither To Get Back AIG Bonus Money; Dumb and Dumber

 Obama: Really Want to “Fix Schools”? Try The China Or Singapore Model
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Thowing Money Around Isn’t Always the Cure

http://kreuzer33.wordpress.com/2009/0
3/16/white-house-goes-after-aig-bonus-payments/

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Why Taxpayers Should Pay the AIG Bonuses; Obama is Dead Wrong On This

March 17, 2009

Communists understand this.  If you lived under communism or studied their practices — you do too.

When my wife, who lived through the communist takeover in Vietnam, heard President Obama say the U.S. taxpayers should ignore legal contracts and not pay the AIG bonuses, she flew into a rage and said, “This is how it starts.  This is how the state sweeps away everything involved in legal free enterprise.”

The writer of the column below, Andrew Ross Sorkin, explained his thinking of the “Today Show” on NBC March 17, 2009.

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By ANDREW ROSS SORKIN
The New York Times

Do we really have to foot the bill for those bonuses at the American International Group?

It sure does sting. A staggering $165 million — for employees of a company that nearly took down the financial system. And heck, we, the taxpayers, own nearly 80 percent of A.I.G.

It doesn’t seem fair.

So here is a sobering thought: Maybe we have to swallow hard and pay up, partly for our own good. I can hear the howls already, so let me explain.


Andrew Ross Sorkin

Everyone from President Obama down seems outraged by this. The president suggested on Monday that we just tear up those bonus contracts. He told the Treasury secretary, Timothy F. Geithner, to use every legal means to recoup taxpayers’ money. Hard to argue there.

“This isn’t just a matter of dollars and cents,” he said. “It’s about our fundamental values.”

On that last issue, lawyers, Wall Street types and compensation consultants agree with the president. But from their point of view, the “fundamental value” in question here is the sanctity of contracts.

That may strike many people as a bit of convenient legalese, but maybe there is something to it. If you think this economy is a mess now, imagine what it would look like if the business community started to worry that the government would start abrogating contracts left and right.

As much as we might want to void those A.I.G. pay contracts, Pearl Meyer, a compensation consultant at Steven Hall & Partners, says it would put American business on a worse slippery slope than it already is. Business agreements of other companies that have taken taxpayer money might fall into question. Even companies that have not turned to Washington might seize the opportunity to break inconvenient contracts.

If government officials were to break the contracts, they would be “breaking a bond,” Ms. Meyer says. “They are raising a whole new question about the trust and commitment organizations have to their employees.” (The auto industry unions are facing a similar issue — but the big difference is that there is a negotiation; no one is unilaterally tearing up contracts.)

Read the rest:
http://www.nytimes.com/2009/03/17
/business/17sorkin.html?hp

Related:

Obama Tells “Turbo Tax” Geither To Get Back AIG Bonus Money
.
Grassley on AIG execs: Quit or suicide
.

Related:
Ultimate Hipocracy and Irony: Obama Wants You To Trust Markets and Government; But He Offers to Ignore AIG Contracts
.
AIG Bonus Caper Demonstrates Obama Administration Weak Thinking
.
Obama Plans to Charge Wounded Heroes for Treatment
.
Stimulus: Way Fewer Jobs Than You Thought

 Obama Tells “Turbo Tax” Geither To Get Back AIG Bonus Money; Dumb and Dumber

Obama: Really Want to “Fix Schools”? Try The China Or Singapore Model
.
Obama’s War On Banks: Backlash Stirring

From March 13:
Republicans: If You Can’t Agree On Core Values Now, Commit Harakiri

China’s Business Corruption: Rags to Riches to Really Big Trouble

December 16, 2008

Billionaire Wong Kwong-yu personifies the journey China has taken since it launched sweeping economic reforms 30 years that transformed the communist country into an economic power.

But as Wong — founder and chairman of the country’s biggest appliance chain — is finding, getting rich in China is still plenty risky.

By ELAINE KURTENBACH, AP Business Writer

Born into poverty, Wong built a fortune selling appliances to a nation of consumers hankering for a modern, affluent lifestyle. Estimates of his wealth vary, but an October report by Shanghai-based researcher Rupert Hoogewerf named him the wealthiest Chinese individual, with assets worth about 43 billion yuan ($6.3 billion).

Last month, however, Beijing police confirmed that the 39-year-old Wong was the focus of an investigation into alleged economic crimes. His whereabouts are unclear. His company, Gome Electrical Appliances Holdings, has released scant information since it suspended its shares from trading in Hong Kong last month.

Scores of Chinese entrepreneurs like Wong have made fortunes by exploiting economic niches neglected by the state-run companies that still dominate many strategically vital businesses, such as banking.

But the loopholes and gray areas that are crucial assets in the early years sometimes come back to haunt those tycoons later — what some in China call the “original sin” problem. And apart from potential entanglement in corruption scandals, wealth inevitably draws unwelcome attention from the authorities. In China, the road to success often runs from rags to riches to, eventually, really big trouble.

“It’s not because the government discourages wealth, but because of the ‘original sin’ problem,” said Ge Dingkun, a professor of strategy and entrepreneurship at the China Europe International Business School in Shanghai.

“Typically, the companies grew when the relevant legal system was lacking and they had to give ‘sweets’ to officials to get anything done that was not clearly legislated at that time, the so-called gray areas,” Ge said.

Read the rest:
http://news.yahoo.com/s/ap/20081216/ap_on_b
i_ge/as_china30_years_tycoon_troubles_1

China Arrests Dissident Over Online Petition

December 11, 2008

One of China’s most prominent human rights activists has been arrested after publication of an open letter to the government from hundreds of prominent Chinese intellectuals, according to his wife and a colleague. The document, published Tuesday on the Internet, proposes extensive political reform, including an end to one-party rule.

The unusually bold appeal, released a day before International Human Rights Day, has struck a discordant note here amid the Chinese government’s attempts to paint a picture of progress as the country prepares to celebrate the 30th anniversary of its policy of reform and opening up.

 

By Lauren Keane
Washington Post Foreign Service
Thursday, December 11, 2008; Page A18

Police arrested veteran dissident Liu Xiaobo, suspected of organizing the petition, late Monday at his Beijing home. His wife told reporters that several policemen had arrived with an arrest warrant about 11 p.m.; some took him away, she said, and the others stayed through the night to search the house and confiscate computers, books and other belongings.

Another prominent signer of the document, political theorist and activist Zhang Zuhua, was arrested and detained at the same time but was released the next morning after a lengthy interrogation, he said. His house was also searched and belongings confiscated. Zhang said Liu is being detained on suspicion of “inciting subversion of state power.

Read the rest:
http://www.washingtonpost.com/w
p-dyn/content/article/2008/12/10
/AR2008121002854.html?wprss=rss_world

Human Rights? China Has A Problem the UN Ignores

December 10, 2008

China is to Human Rights what Iran’s President Ahmadinejad is to world peace….

By Don Feder
The Washington Times

With much self-congratulatory back-slapping today, Dec. 10, the United Nations will celebrate the 60th anniversary of the Universal Declaration of Human Rights (UDHR). The Declaration is a noble document to which many U.N. members pay lip-service, and routinely violate.

In the aftermath of World War II – with memories of genocide and other atrocities still fresh – the delegates from 48 nations who gathered in Paris in 1948 were anxious to affirm the universality of human rights.

File photo shows a girl waving a flag in front Mao's Memorial ...

Thus, the UDHR’s preamble affirms that “recognition of the inherent dignity and of the equal and inalienable rights of all members of the human family is the foundation of freedom, justice and peace in the world.”

It goes on to affirm: “the right to life, liberty and security of person,” freedom from cruel or degrading punishment, freedom from arbitrary arrest and detention, the right to a fair hearing by an “independent and impartial tribunal,” freedom of conscience and expression, freedom of religion, and the right to protest.

The document also proclaims “the will of the people shall be the basis of the authority of government” – said will expressed in “periodic and genuine elections.”

Recruits for the People's Liberation Army attend a ceremony ...
 Recruits for the People’s Liberation Army attend a ceremony before they head off to start their service, at a square in Taiyuan, Shanxi province December 10, 2008. REUTERS/
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While all this looks great on paper, the operation of the United Nations makes a mockery of UDHR. Nowhere is this more starkly revealed than in its treatment of China and Taiwan. These neighbors across the Taiwan Straits provide their own vivid contrast in the area of human rights.

After two decades of political reform, Taiwan is one of the freest countries in Asia. The first multiparty legislative elections occurred in 1991-92. Since 1996, Taiwan has had four presidential elections and two orderly transfers of power between the major parties.

Its people enjoy freedom of expression and worship, the right to fair trial by an independent judiciary, freedom of the press, the right to peacefully protest and freedom from arbitrary arrest, to the same degree as citizens of the more mature democracies.

Read the rest:
http://www.washingtontimes.com/news/2008
/dec/10/double-standards-on-china/

China city checks complainers into mental hospital

December 8, 2008

Authorities in eastern China have found a creative way to deal with residents with complaints — checking them into a mental hospital and force-feeding them drugs, local media reported on Monday, citing victims.

Authorities in Xintai, a municipal region in eastern Shandong province, had forced at least 18 people with grievances, ranging from police brutality to property disputes, into a local mental hospital, the Beijing News said.

Chinese residents with complaints directed at local governments often travel to “petitions and appeals” offices (also called “letters and visits” offices) in provincial capitals and in Beijing after failing to get redress through lower channels.

Local governments, fearing embarrassment, often send police and other officials to intercept them and forcefully take them back to their home villages.

Sun Fawu, a 57-year-old retired miner from Dagouqiao village in Xintai, was force-fed drugs and injections during a more than 20-day stay at the Xintai Mental Health Hospital in October, the paper said.

“My head was always dizzy and I could not stay up,” the paper quoted Sun as saying. He had campaigned for years to get compensation for spoiled farm land and housing stemming from coal mining near his village.

Reuters

Sun was released only after he signed a document saying he was mentally ill and “would not petition again,” the paper said.

Lao Shi, an 84-year-old retiree from Tianbao township, was sent directly to hospital in 2006 after traveling to Beijing to complain about a local property dispute.

The former public servant counted 18 petitioners in over two years there, a list corroborated by Wu Yuzhu, the hospital’s director.

“The hospital also has its misgivings,” Wu told the paper, saying that it was under pressure to take petitioners, some of whom would arrive escorted by police.

Read the rest:
http://news.yahoo.com/s/nm/20081208/lf_nm
_life/us_china_hospital_1