TARP

Presidential Responsibility Lacking

A year and a half into office, President Obama still has many of the same problems that were waiting for him on day one. The economy is horrid, we’re fighting two wars, and Americans are apathetic about government just to name a few. The President, and his supporters, have pointed out that he inherited many of these problems. They weren’t of his making, they argue. This is may be true, many of them they were waiting for him on day one, so indeed he inherited them.

But at some point, you’ve got to stop blaming Bush and take some responsibility on your own. A year and a half into office, the economy is fully yours. The wars are yours too. It sucks, but they’re yours anyways.

You see, I’m not fan of George W. Bush. The only time I remotely liked him as a president was after 9/11, and that was short lived. I felt hope when President Obama was inaugurated, hoping against hope that he had a more libertarian bent than I expected. Yes, I too got caught up in the hope that was Barack Obama.

It didn’t last.

In short order, the President began showing that he and President Bush weren’t all that different. TARP II was just one example, since it wasn’t much different than TARP. Bailouts aplenty were the cause of the day, just as it had been in previous administrations. But these were hardly the most egregious examples of the similarities between the two men.

Those examples fall into his refusal to close down Guantanamo Bay, despite campaign promises to do so. It’s his refusal to draw down Iraq, and his desire to escalate Afghanistan. So much for that Nobel Peace Prize, huh?

His economic policies have failed to bring about the recovery hoped for. The second stimulus was geared towards public works projects, improving infrastructure, etc. But it hasn’t really brought about the job growth necessary. It’s just spent money like there was no tomorrow.

3 Reasons You Shouldn’t Be Upset About Big Bonuses

In the State of the Union Address President Obama again attacked banks and proposed a special tax on those businesses because of the big bonuses they are giving out:

To recover the rest, I have proposed a fee on the biggest banks. I know Wall Street isn’t keen on this idea, but if these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need.

Attacking banks for giving out big bonuses is simply ridiculous, and here’s five reasons why:

1) Unless you have ownership in the company, it shouldn’t matter to you
Let’s say that a company like Home Depot decides to pay out big bonuses to their managers. The only people who should be upset are the stock owners. These owners could have received some of this money as dividends but instead it was used to pay big bonuses to the managers. This should be the same concept related to the banks: their bonuses really have nothing to do with you, unless of course you are owner of the company stock.

2) But the taxpayers own part of the banks!
Yes it is true that we “bailed out” the banks. Here’s the problem: Americans should be upset at the government for being irresponsible with their money. If the manager of your investments put a high percentage of your cash into a company that was likely going to fail sometime soon, wouldn’t you be upset? That’s what our government did: bailed out failing companies. If anything your anger should be directed at our government for even MAKING us owners of these failing institutions.

Will Alabama’s Shelby Kill Plan to Audit the Fed?

As mentioned in an earlier post, Congressman Ron Paul has introduced legislation (HR 1207) to demand an audit of the Federal Reserve System. No body or institution in the world has so much power over our economy as does the Federal Reserve System. Yet, this private institution has virtually no accountability to the general public.
As of latest reporting, HR 1207 has 190 co-sponsors. This includes a fair number of Democrats. Among Alabama Congressmen, HR 1207 is co-sponsored by Congressmen Mike Rogers (3rd district), Robert Aderholt (4th district, and Spencer Bachus (6th district). Pressure

SC Congressman Gresham Barrett Booed at Greenville Tea Party

See Video

Despite the assertions of most MSM outlets, the Tax Day Tea Parties were not Republican love-fests.  Most who attended are just as angry at the ridiculous expanse of the federal government under the Bush administration as we are at Obama’s clear intent to continue what W started.  This video is a clear example.

However, sources indicate that this may be just the beginning.  Are you ready to attend meetings and rallies for your local RINO legislator and let him or her know how you feel about their voting record?  Sounds like it’s time to turn up the heat.

Government Intervention Run Amuck: Bank Intervention

My list of examples of the unintended consequences of government intervention in the marketplace gets longer and longer. This time, I’m going to point out the latest irony: Investment banking’s profitable last quarter.

This would be wonderful news if it were genuine, but looking a little deeper reveals the truth. First, in one of Barron’s feature articles by Andrew Bary, we learn about a little-discussed fact: Goldman Sachs has only been able to issue low-cost debt due to the backing of the FDIC through a program called the TLGP, or Temporary Liquidity Guarantee Program.

PPIP: The Right Medicine?

These tense times need comic relief.

ppip


Jon Stewart Explains Obama’s Euphemisms

Obama’s Socialism Problem

Barack Obama got a little touchy over a question from The New York Times during a recent interview:

President Obama was so concerned that he may have mishandled a question from New York Times reporters about whether he was a socialist, that he called the paper to clarify his position. The president initially answered the question aboard Air Force One saying, “Let’s take a look at the budget, the answer would be no.”

The president explained he wanted a return to the tax rates of the 1990s by giving a tax-cut to 95 percent of workers. But the president may have felt that was too dismissive, and called the Times from the Oval Office explaining: “It was hard for me to believe that you were entirely serious about that socialist question… it wasn’t under me that we started buying a bunch of shares of banks. it wasn’t on my watch.”

Ron Paul on Morning Joe Discussing the Government Bailouts

See Video

Ron Paul in answer to the idea that “the house is already on fire and we need to put water on it”:  “You’re correct, the house is on fire- you think we’re putting water on it. I think we’re putting kerosene on it.”

Why Do You Pay Taxes?

As various tax-related mail begins to appear in the mailboxes of hardworking Americans across the country, it’s instructive for all of us to reflect on why we carry the burden of our government every April.

Take this morning, for instance. We can credit the “ingenuity of the markets”, and specifically the ingenuity of John Thain, for moving annual executive bonus payments by Merrill Lynch up by a month last November, thus disbursing $15 billion in executive bonuses just before closing Merrill’s acquisition by Bank of America. Fast forward a few months, and the United States taxpayer just gave Bank of America another $20 billion in newly-borrowed funds to put a band-aid on mortar wounds in Merrill Lynch’s balance sheet.


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