Archive for the ‘oversight’ Category

Health care overhaul may cost another $1.5 trillion or more

March 17, 2009

THIS JUST IN:

“Guaranteeing health insurance for all Americans may cost about $1.5 trillion over the next decade, health experts say. That’s more than double the $634 billion ‘down payment’ President Barack Obama set aside for health reform in his budget, raising the prospect of sticker shock at a time of record federal spending.”

See the entire story at:
http://news.yahoo.com/s/ap/200
90317/ap_on_go_pr_wh/health_
overhaul_cost

While most of America’s mainstream media was worried about, what, $160 million in bonus money AIG paid out, the real issue always was and still is, how can we do everything in President Obama’s budget when we still haven’t stopped the economic bleeding.

The 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.

We are charging to our national credit card with no end in sight  — and we don’t know for sure what we are buying, what it will cost and what else could go wrong like a new terrorist attack like 9-11, another war, and so on.  And we don’t know if all this printing money and insanity will cause inflation that will make the dollar worthless.

That’s what China was worried about last week when Premier Wen Jaibao said he was concerned about american spending and borrowing.

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.

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.”

What is an outrage here is that President Obama has not yet apologized to the American people for the ineptitude of his economic team.

he needs to fire geithner and scale back his spending dreams.  He already has too much of my money — and my grandchildrens’.

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

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

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

March 17, 2009

Senator Chris Dodd (D-Conn.) on Monday night floated the idea of taxing American International Group (AIG: 0.9642, 0.1841, 23.6%) bonus recipients so the government could recoup the $450 million the company is paying to employees in its financial products unit. Within hours, the idea spread to both houses of Congress, with lawmakers proposing an AIG bonus tax.

By Rich Edson
Fox Business

While the Senate constructed the $787 billion stimulus last month, Dodd unexpectedly added an executive-compensation restriction to the bill. That amendment provides an “exception for contractually obligated bonuses agreed on before Feb. 11, 2009,” which exempts the very AIG bonuses Dodd and others are seeking to tax. The amendment is in the final version and is law.

Also, Sen. Dodd was AIG’s largest single recipient of campaign donations during the 2008 election cycle with $103,100, according to opensecrets.org. 

Dodd’s office did not immediately return a request for comment.

One of AIG Financial Products’ largest offices is based in Connecticut.

 Read  the rest:
http://www.foxbusiness.com/story
/markets/industries/finance/dod
d-cracks-aig—time/

Related:
Obama’s AIG Outrage: All Talk, No Action

Dodd Allowed AIG To Thrive in His State, Approved Bonuses: Now Throws Them Under The Bus

Fox News and other sources also said treasury Secretary Geithner worked with Senator Dodd and others to allow AIG the right to issue the bonuses — the same bonuses that caused President Obama “ourage” yesterday.  Obama told Geitherner to use all legal means to get the bonus money back….