Archive for the ‘Joe Biden’ 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

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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

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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

Joe Biden to Head New Federal Bureaucracy: Holy Crap!

March 12, 2009

Last year in California, only two “economic sectors” grew: government and health care.

In the United States as a whole, the number one “engine of the economy” is consumer spending.

In our national economy, the number one and two employment sectors are retail and food service, with health care and government fighting hard to break into the top.

In the current economic crisis, unemployment numbers, though high, are not as high as they should be because we don’t measure the number of highly paid people now cleaning toilets and serving tacos: like former lawyers and business people.

Our economy is upside down: a problem that has not been addressed at all.

We don’t do anything of real value: our industry is now a shadow of its former self.  We do print money, apparently….

And now we’ll add another big federal  bureaucracy headed by Joe Biden: Recovery Accountability and Transparency (RAT) Board.

You know, in general we don’t need more government.  And government doesn’t need more Joe Biden.

U.S. President Barack Obama speaks before signing the American ...

Related:
http://michellemalkin.com/2009/0
3/12/joe-biden-to-preside-over-rat-board/

Card Check, Earmarks, Nancy’s Air Travel Cloud Giant That Could Eat Obama, Ruin America: The Economy
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China Making It Clear: Won’t Roll Over, Do Tricks for Barack, Hillary
.
 Barack, Hillary: Moronic “Reset” Idea for Relations With Russia

Buffett: Obama not at war; has toxic message machine on economy

53% Say It’s Likely the U.S. Will Enter a Depression

Obama Reelection Effort Begins

Obama: Playing not to lose

President Pelosi?

March 7, 2009

America has never had a woman President or Vice President but then again America has never had a woman Speaker of the House before either.

And Nancy Pelosi is unlike previous women to seek one of the nation’s top two spots, Geraldine Ferraro and Sarah Palin: Pelosi already has a mega-job that could easily catapault her into the White House.

Sarah Palin
Palin

Pelosi is feared by Republicans and Democrats alike.  Even Barack Obam has deferred to her twice already during his brief presidency.  Obama gave Pelosi and her team the job of crafting the economic stimulus package and now he has said she will spearhead creation of the health care reform measure.

Pelosi has also revised the rules of the House to preserve her clout and control.

So Pelosi is doing much of the heavy lifting in the Obama Administration; arguably more than Barack Obama, Joe Biden, Harry Reid, Rahm Emanuel, Timothy Geithner, Hillary Clinton or any of Obama’s many other czars and assistants….

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

By Andrew S. Ross
San Francisco Chronicle

When San Francisco’s Chamber of Commerce-led delegation meets with House Speaker Nancy Pelosi during its stimulus-dollarhunting expedition in D.C. next week, members might want to ascertain whether the hometown Democrat is rowing in the same direction as President Obama. Recent media reports suggest not. Pelosi’s “snubbing” of Republicans as she fast-tracked the stimulus package, according to a Newsweek story last week, denied the president some measure of the bipartisan support he sought. “Pelosi was very publicly undercutting the president,” an administration official is quoted as saying. “Obama wants that to stop.”

Pelosi says the story “couldn’t be further from the truth.” “The speaker agrees with him on almost every issue, although there will be disagreements on some things,” Brendan Daly, Pelosi’s communications director, told me. But the story did leave some bruised feelings. “Some of the Obama people said things they shouldn’t be saying,” said another Pelosi supporter.

And the speaker did halt another Obama initiative in its tracks – the establishment of a blue ribbon-style Social Security panel to figure out how to keep the program from going bankrupt. “The speaker thinks a new commission isn’t necessary,” said Daly. “This can be done in Congress.” Pelosi has told House committee chairs to include Social Security reform in federal spending hearings she wants held.

One suspects the necessary changes to Social Security won’t be fast-tracked any time soon.

US President Barack Obama (R) sits with House Speaker Nancy ... 
US President Barack Obama (R) sits with House Speaker Nancy Pelosi (D-CA) (L) at a dinner for congressional committee chairmen at the White House in Washington, March 4, 2009.REUTERS/Jonathan Ernst (UNITED STATES)

Obama Cannot Perform Without Teleprompter (Biden Bad With or Without…)

March 5, 2009

Many have noticed that Barack Obama just isn’t himself without his teleprompter.  In fact, without his favorite speech aid, the next Abraham Lincoln sounds a lot like, well, Jimmy Carter.

Joe Biden is a confused, inanne and inept public speaker even with his teleprompter.  Today he gave the major address at an AFL-CIO event and cameras and other recording devices were banned.

We thought it interesting to note that Rush Limbaugh never uses a teleprompter at all….

http://michellemalkin.com/2009/02/24/ma
ny-hours-before-he-had-uttered-a-word/

******

President Barack Obama doesn’t go anywhere without his TelePrompter.

The textbook-sized panes of glass holding the president’s prepared remarks follow him wherever he speaks.

Resting on top of a tall, narrow pole, they flank his podium during speeches in the White House’s stately parlors. They stood next to him on the floor of a manufacturing plant in Indiana as he pitched his economic stimulus plan. They traveled to the Department of Transportation this week and were in the Capitol Rotunda last month when he paid tribute to Abraham Lincoln in six-minute prepared remarks.

Obama’s reliance on the teleprompter is unusual — not only because he is famous for his oratory, but because no other president has used one so consistently and at so many events, large and small.

After the teleprompter malfunctioned a few times last summer and Obama delivered some less-than-soaring speeches, reports surfaced that he was training to wean himself off of the device while on vacation in Hawaii. But no such luck.

Read the rest from Politico:
http://www.politico.com/news/st
ories/0309/19663.html

Related:
 Transparency? Biden Appears At Union Event But Cameras Not Allowed

http://nukegingrich.com/2009/0
3/05/obamas-brain/

Russia Testing Obama: Just as Biden Predicted

March 5, 2009

“Mark my words,” Democratic vice presidential nominee Joe Biden warned last October. “It will not be six months before the world tests Barack Obama like they did John Kennedy. The world is looking.”

“Remember I said it standing here if you don’t remember anything else I said. Watch, we’re gonna have an international crisis, a generated crisis, to test the mettle of this guy.”

Since President Obama’s inauguration, Russia has been testing Mr. Obama and his administration rigorously and continuously.

Russia has been jerking around all of Europe, showing who is boss of the gas and winter heating fuel for NATO which inludes the U.S.

Russia has even managed to withstand a threatened NATO boycott of ties as a direct result of Russia’s invasion of Georgia and South Ossetia last summer.  Today NATO members scrapped their threatened cut off of Russian ties just as Russia threatened to again stop the flow of Russian oil to Europe.

And the New York Times and other media reported that President Obama sent Russian President Medvedev a letter which may have offered to scrap U.S. missile defense plans in Europe in exchange, some believe, for Russian help in stopping Iran’s nuclear program.

Russian leaders are certain to be gloating at the pliability of the Obama Administration and the West.

Despite Joe Biden’s warning last October, the international “testing” of Obama is ongoing — just not as obviously and  publically as Russia tested JFK during the Cuban missile crisis.

It seems that Russian leaders may have matured and become more subtle since the 1960s.  U.S. leaders have not….

Related:
CNN:
http://edition.cnn.com/2009/WORLD/europ
e/03/05/russia.ukraine.gas/index.html

Russia building anti-satellite weapons

 Russia: Medvedev Pushing Putin Out?

Russia Verifies “American, Western Weakness”

Russia Sees Obama, U.S., Others As “Weak,” “Naive”

Barack Is Mostly Showman, Not Statesman; and Now Putin and Ahmadinejad Know

February 11, 2009

The president has shown us who he really is this last few weeks.  We already knew he was an able campaigner and “Town Hall” meeting host — and that’s what he fell back upon when the going got tough on the stimulus and the economy.

The trips to Elkhart and Fort Myers signaled weakness and not strength.

Related:
“Republicans Rape Truth,” and The “Over the Top”

The strengths of a president’s convictions would have kept him at home, with a really bipartisan group of lawmakers trying to sort out the nation’s economic future and the path to get there including the stimulus.

But the president chose instead to go on the road and characterize the stimulus debate as a talk between those who had a solution (Democrats) and those who had no solution (Republicans). Of course if this were true there would be no need for bipartisanship — which has been sent to the ash heap after what?  Three weeks?

It’s easy to convince a group of unemplyed RV builders that you’ll give them money and life will be O.K.  It’s another thing to sit down with the politicial opposition and hammer out the details.

But showmanship replaced statesmanship; because Barack is, deep down, a showman, not a legislator or a statesman.

And details are lacking in no small amount.

Treasury Secretary Geithner almost single handedly caused a hemorrhage of the stock market yesterday because of his lack of details.

When asked for more details at a Senate hearing Wednesday he seemed clueless; which is just about what Senator Lindsey Graham called him.

And the more the details of the simulus are known the less thinking people like it.  We didn’t know until yesterday that the stimulus includes government oversight of your doctor’s opinion about your medical care.

If I can figure this out so can Ahmadinejad in Iran and certainly the Master, Putin in Moscow.

They can see weakness.  They can see an election and a man with a lot less substance than people thought.

Joe Biden has gotten himself into trouble twice since the election.  The first time he predicted that some international effort would test the new president.  He got in trouble agin when he said the Administration had a pretty good chance of screwing up — and the president seemed to say Monday night, “Who listens to that fool Joe Biden anyway?”

Well guys like Putin and Ahmadinejad do listen and watch.  And the tests the president has encountered so far, like can he build bipartisanship and not destroy it further, have been lost.

Hey, it was Vice President Joe Biden that pointed this out first, not me.

Michelle:
http://michellemalkin.com/2009/02/
11/barack-obamas-savior-based-economy/

Russia has already forced closure of a base key to and NATO troops in Afghanistan. 
American Troops In Afghanistan Out On A Limb?

Related:
Mr. Obama and Russia

Obama faces double dilemmas in Mideast

Obama: Let’s Be More Honest About Economy, Plans, Republicans

 Obama Being Tested By Russia; As Biden Predicted

Biggest Beneficiary of U.S. Economic Stimulus?

January 30, 2009

Name one state, agency or program that will get more than $300 Billion from the $800+ Billion economic stimulus.

That would be China.  Nothing and nobody comes close.

China will reap over $300 Billion just by fincnacing the stimulus.  That will be U.S. dollars flowing from Americans to China as interest on the loan.

We’d be be better off borrowing from our credit cards.

A bank employee counts US dollar bank notes. The euro fell sharply ...

When America borrows, who pays?  First, I guess, and correct me if I’m wrong, China lends the money to the U.S.

China already “owns” as of October, 652.9 billion dollars in US Treasury bonds.

And China won’t just get the money: China will gain further in its already pervasive importance in the world.

And China may call the shots.

Just today, China said it didn’t like the “Buy American” provisions in the economic stimulus.

What else doesn’t China like?

When one country owes another country so much money, over $1 Trillion, what will happen?  We don’t know, because this has never happened before.

Like a Mafia, Boss, China will own the United States.  And, if real estate trends are any guide, China will also buy up any remaining valuable U.S. soil.

China will have all the money.  And in some places, money is power.

In the business deal called the economic stimulus, I’d rather be Chinese than American….

John E. Carey
Wakefield Chapel, Virginia

A Chinese customer shows off a handfull of hundred-yuan notes ...

The latest irritants to China from America are a “buy American” provision attached to White House-backed stimulus legislation moving through Congress and criticism of China’s currency policies by Vice President Joe Biden and Treasury Secretary Timothy Geithner….See:
China Starts to Set Limits On Its Biggest Borrower: Barack Obama and The U.S.

Related:
Economic Stimulus About “Soul of America”

In The White House, Protocol Not Just For Computers

January 25, 2009

When Vice President-elect Joe Biden returned from a trip to Pakistan and other points just before the inauguration, a press conference was hurridly planned to allow the President-elect to thank his number two before the media and America.  After Barack Obama’s gushing praise, the number two closed the event with words of his own.  He got the last word.

When President Obama asked Vice President Joe Biden to administer the oath of office to  members of the White House staff, the VEEP said, “Am I doing this again? Oh! For the senior staff. My memory’s not as good as Justice Roberts’ … Chief Justice Roberts.”

It was a joke or a senior moment or the combination of the two.

But the president was not amused.

Protocol and dacorum are the opposite of awkward and foolish rolled into disrespectful and inappropriate.

US Vice President Joe Biden gestures while US President Barack ... 
US Vice President Joe Biden gestures while US President Barack Obama signs an Executive Order in the Eisenhower Executive Office Building January 21 in Washington, DC.(AFP/Getty Images/Brendan Smialowski)

There have been awkward moments before at the White House and in presidential administrations and sometimes they cause pain and embarrassment to visiting dignitaries.  Sometimes they detract from years of great diplomacy.

Just ask Hu Jintao, President of China, after he was introduced at the White House during a Bush hosted ceremony as the President of the “Republic of China,” which most of us know as Taiwan.  President Bush added to the lack of protocol and decorum that day by manhandling President Hu toward the exit to the stage, a “touching” just not allowed  — except maybe for children.

So there are a lot of opportunities for success when one stands in the ever present spotlight.  And there are plenty of opportunities for embarrassment….

Incoming White House Chief of Staff Rahm Emanuel gestures prior ... 
Incoming White House Chief of Staff Rahm Emanuel gestures prior to the inauguration ceremony of Barack Obama as the 44th President of the United States, in Washington, January 20, 2009.(Jim Young – UNITED STATES/Reuters)
.
From The New York Times

By Mark Leibovich

Early this month, Barack Obama was meeting with the House speaker, Nancy Pelosi, and other lawmakers when Rahm Emanuel, his chief of staff, began nervously cracking a knuckle.

At which point, Mr. Emanuel held the offending knuckle up to Mr. Obama’s left ear and, like an annoying little brother, snapped off a few special cracks.

The episode, confirmed by Mr. Emanuel’s office, underscores some essential truths about Mr. Emanuel: He is brash, has a deep comfort level with his new boss, and has been ever-present at Mr. Obama’s side of late, in meetings, on podiums and in photographs.

There he was, standing at President Obama’s desk in one of the first Oval Office pictures; and again, playfully thumbing his nose at his former House colleagues during the inauguration; there he was, accompanying the president to a meeting with Congressional leaders on Friday.

Mr. Emanuel is arguably the second most powerful man in the country and….

Read the rest:
http://www.nytimes.com/2009/01/25/us/pol
itics/25emanuel.html?_r=2&hp

On Biden:
http://www.msnbc.msn.com/id/28789980/

Even as Vice President, Biden Keeps “Biden for President Inc.” Open to Tidy Up Loose Ends

January 23, 2009

Joe Biden ended his own presidential bid after coming in fifth in the Iowa caucuses more than a year ago. But his presidential campaign lived on — and continued receiving taxpayer money — well after he was elected vice president.

The vice president is not gearing up to challenge President Barack Obama in the 2012 Democratic primaries, though. Rather, he’s keeping his committee, Biden for President Inc., open to tidy up loose ends in preparation for a mandatory federal audit, which could become expensive to defend.

So, Biden continued requesting federal funds for his campaign — through the so-called primary matching funds program — for months after he was tapped to be Obama’s running mate.

By Kenneth P. Vogel
Politico

Vice President Joe Biden and his wife Jill dance at the Commander-In-Chief ... 

In all, Biden’s campaign received more than $2 million through the program, which matches private contributions with taxpayer money. He requested more than $37,000 in matching funds after he joined the Democratic ticket, including a final payment of $2,275 which came just last week.

The trickle of payments and upkeep of the committee, which continues to pay consultants’ bills and rent office space in Delaware, creates odd optics, but is not uncommon in the quirky world of campaign finance. The situation results from arcane federal election laws that require many campaign committees to stay open — and keep a cash reserve — for months, or even years after an election to balance their books….

Read the rest:
http://news.yahoo.com/s/politico/200
90123/pl_politico/17853