CONGRESS has made a terrible mistake. Amid a rhetorical debate centered on words like “crisis,” “emergency” and “catastrophe,” it acted too fast. While arguments were made about the stimulus bill’s specific components — taxpayer money for condoms, new green cars and golf carts for federal bureaucrats, another round of rebate checks — its more dangerous consequences were overlooked. And now the package threatens a return to the kind of stagflation last seen in the 1970s. - New York Times
This is probably the best explanation of the mess that is being created with all of this spending. A MUST READ!
Saturday, February 14, 2009
Congress Limits Pay for Top Execs
(AP) President Barack Obama's economic team tried to keep Democratic allies negotiating the stimulus bill from limiting paychecks for bank executives at banks in need of a bailout. Treasury Secretary Timothy Geithner and economic aide Lawrence Summers failed.Sen. Christopher Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, inserted strict rules into the $787 billion economic stimulus package over the White House's objections. Dodd's limits on bankers' bonuses are significantly more aggressive than those sought by Mr. Obama or Geithner in recent days, with much fanfare.
Dodd, a Connecticut Democrat, said the restrictions - an executive making $1 million a year in salary could receive only $500,000 in bonus money, for example - are necessary if President Obama plans to ask Congress for more money to save the financial sector.
"It will never happen as long as the public perceives that there are people getting rich," Dodd said in an interview. "Save their pay or save capitalism."
That tone among Democrats flavored much of the discussion about how to write the stimulus bill, which the president could sign as early as Monday. Despite direct appeals from Geithner, Summers and White House officials, Democrats didn't budge, according to administration officials. - CBS News
I don't really think that these people have a clue of what they are doing. I agree that if the Government uses our Tax Dollars to Save a Company from failing then they need to limit the payouts to Executives. That is not what is happening here. I didn't quite understand it either until I did some checking.
The bailout for the Banks was not only to give money to banks that were failing. Money was infused into almost all Financial Institutions as a way to try and get credit flowing. Even banks that were financially sound were given money.
That is why the Treasury Secretary and the President were against what Congress was doing. Democrats didn't listen, not even to their own President. Now we will see how this plays out. Many Banks are saying that they will return the money quickly to avoid falling into this provision. NOW THAT WILL HELP THE ECONOMY!!!
Remember this was passed by DEMOCRATS with only 3 Republicans. 2010 is not that far away.
Congress Making Things Worse?
The Senate is scheduled to vote today on an $838-billion economic stimulus plan, but 58% of U.S. voters say most members of
The latest Rasmussen Reports national telephone survey found that just 24% believe most of Congress will understand the contents of the 700-page-plus plan before they vote. Nineteen percent (19%) are not sure.
Two-thirds of the nation’s voters (69%) lack confidence that Congress knows what it is doing when it comes to addressing the country’s current economic problems. Just 29% are even somewhat confident in the legislators.
Fifty-two percent (52%) of Democrats have at least some confidence, a view shared by just 16% of unaffiliated voters and 12% of Republicans.
Voters strongly agree with the perspective that “No matter how bad things are, Congress can always find a way to make them worse.” Fifty-eight percent (58%) share that view, and only 26% disagree.
Sixty-eight (68%) of Republicans and 63% of unaffiliated voters agree with that negative assessment of Congress. Democrats are more evenly divided: 46% agree, and 37% do not.- Rasmussen Reports
Union Walks away from GM Talks
(AP) Negotiators for the United Auto Workers walked out of concession talks with General Motors Corp. Friday night in a dispute over payments to a union-administered retiree health care fund, a person briefed on the talks said Saturday.
The breakdown comes at a critical time as GM races against a Tuesday deadline to submit a plan to the government showing how it can become viable.
The Detroit-based auto giant is living on $9.4 billion in government loans, and the Treasury Department must approve its viability plan for GM to get $4 billion more. Chrysler LLC, which has received $4 billion in government loans and wants an additional $3 billion, faces the same deadline.
At GM, UAW negotiators walked away because the company made demands that were "detrimental to retirees and the ability to provide health care," according to the person, who asked not to be identified because the talks are private.
Under terms of the loans to GM and Chrysler laid down by the Bush Administration, both companies must gain concessions from unions and debtholders. Among targets for concessions is GM's cash contribution to a trust fund that will take over the obligation for retiree health care starting next year.
GM says it owes $20.4 billion to the fund, and the loan terms set a target of giving the union half of the value in cash and half in GM stock. The trust fund would take over health care payments for GM's roughly 500,000 blue-collar retirees and spouses starting Jan. 1, 2010.
The trust, called a voluntary employees beneficiary association, would let GM move about $46.7 billion in retiree health care costs off its books, making it more cost-competitive with Asian automakers. It is the key feature of a new four-year contract signed in 2007 with the UAW.
The union has said that if fully funded, the trust would provide health care to retirees for 80 years.
GM also must reduce its public unsecured debt by two-thirds and has been negotiating with bondholders to swap the debt for equity. The company said in a Jan. 15 presentation to analysts that it has $41.6 billion in debt.
GM, Chrysler and their unions must also agree to reduce the companies' labor costs so they are competitive with Japanese automakers that have plants in the U.S.
GM has said its total per-employee labor costs, including wages, pensions, benefits and retiree costs, are now $69 per hour. Toyota Motor Corp., GM's biggest competitor, says its hourly costs are $53. GM's costs will drop to $62 once the retiree health care trust takes effect, the company has said. - CBS News
In essence for every GM Employee it costs them $143,250 per year. For Toyota it is only $110,240 per year. That is a difference of $33,000 per year per employee. In 2007 there were 73,454 Union Employees. Bases on those numbers the cost for Labor to GM is $10,522,285,500. If the pay was more in line with Toyota, the Costs would be $8,097,568,960. That is a savings of almost $2.5 Billion.
In these types of negotiations it is important for the Union to understand that if they don't give in, there is a better chance that more and more of your members will end up unemployed or that the Company will fold completely. GM and Chrysler at this point are in a do or die situation. If the Government holds true, then if concessions are not met and the funding is pulled then instead of those UAW Employees working for less, they won't be working at all. Everybody is taking a hit, maybe you should too.
The breakdown comes at a critical time as GM races against a Tuesday deadline to submit a plan to the government showing how it can become viable.
The Detroit-based auto giant is living on $9.4 billion in government loans, and the Treasury Department must approve its viability plan for GM to get $4 billion more. Chrysler LLC, which has received $4 billion in government loans and wants an additional $3 billion, faces the same deadline.
At GM, UAW negotiators walked away because the company made demands that were "detrimental to retirees and the ability to provide health care," according to the person, who asked not to be identified because the talks are private.
Under terms of the loans to GM and Chrysler laid down by the Bush Administration, both companies must gain concessions from unions and debtholders. Among targets for concessions is GM's cash contribution to a trust fund that will take over the obligation for retiree health care starting next year.
GM says it owes $20.4 billion to the fund, and the loan terms set a target of giving the union half of the value in cash and half in GM stock. The trust fund would take over health care payments for GM's roughly 500,000 blue-collar retirees and spouses starting Jan. 1, 2010.
The trust, called a voluntary employees beneficiary association, would let GM move about $46.7 billion in retiree health care costs off its books, making it more cost-competitive with Asian automakers. It is the key feature of a new four-year contract signed in 2007 with the UAW.
The union has said that if fully funded, the trust would provide health care to retirees for 80 years.
GM also must reduce its public unsecured debt by two-thirds and has been negotiating with bondholders to swap the debt for equity. The company said in a Jan. 15 presentation to analysts that it has $41.6 billion in debt.
GM, Chrysler and their unions must also agree to reduce the companies' labor costs so they are competitive with Japanese automakers that have plants in the U.S.
GM has said its total per-employee labor costs, including wages, pensions, benefits and retiree costs, are now $69 per hour. Toyota Motor Corp., GM's biggest competitor, says its hourly costs are $53. GM's costs will drop to $62 once the retiree health care trust takes effect, the company has said. - CBS News
In essence for every GM Employee it costs them $143,250 per year. For Toyota it is only $110,240 per year. That is a difference of $33,000 per year per employee. In 2007 there were 73,454 Union Employees. Bases on those numbers the cost for Labor to GM is $10,522,285,500. If the pay was more in line with Toyota, the Costs would be $8,097,568,960. That is a savings of almost $2.5 Billion.
In these types of negotiations it is important for the Union to understand that if they don't give in, there is a better chance that more and more of your members will end up unemployed or that the Company will fold completely. GM and Chrysler at this point are in a do or die situation. If the Government holds true, then if concessions are not met and the funding is pulled then instead of those UAW Employees working for less, they won't be working at all. Everybody is taking a hit, maybe you should too.
President's Chief of Staff Under Fire
President Obama's latest Cabinet setback -- the sudden withdrawal of Republican Sen. Judd Gregg as commerce secretary nominee -- has put the White House on the defensive, particularly Chief of Staff Rahm Emanuel, whom some critics blame for cracks in the vetting process."They need to do a better job in their vetting process," said Kurt Bardella, a spokesman for Rep. Darrell Issa, R-Calif. An administration gets a pass for botching the selection of one nominee, he said, "but the third or fourth time, you have to start asking, are people doing their jobs?"
Gregg's withdrawal came just three weeks into Obama's presidency and on the heels of several other Cabinet troubles. He still needs to fill two vacancies -- at the Commerce and Health and Human Services departments. Former Senate Democratic leader Tom Daschle withdrew his nomination for the latter post amid a tax controversy, while Treasury Secretary Tim Geithner was confirmed by the Senate despite revelations that he had not paid some of his taxes on time.
New Mexico Gov. Bill Richardson was Obama's first choice for commerce secretary. He withdrew in early January following the disclosure that a grand jury is investigating allegations of wrongdoing in the awarding of contracts in his state. Richardson has not been implicated personally.
Obama told FOX News in an interview right after Dascle's withdrawal earlier this month that he takes full responsibility. - FOX News
When you take Rahm Emanuell, Nancy Pelosi and Harry Reid you can easily find the problems that the Obama Administration will be having. These are three of the biggest problems in the Political Process and they are running Obama's Agenda.
Friday, February 13, 2009
"Buy American" Will Cause Major Problems
WASHINGTON - Congress approved protectionist measures in a $789 billion stimulus bill Friday that U.S. trading partners have warned could spark a trade war.
The bill, however, left the Obama administration some room to maneuver to appease other countries who say it will benefit U.S. companies unfairly.
The stimulus bill was approved by the House Friday afternoon and by the Senate later in the evening. It now goes to President Barack Obama who is expected to sign into law quickly.
Major partners, including the European Union and Canada, say the legislation favoring U.S. steel, iron and manufactured goods for government projects could undermine pledges by the leaders of major economies not to resort to perfectionism during the world economic downturn.
Requirements known as "Buy American" were softened as the bill progressed through Congress and after strong criticism from abroad. Senate and House negotiators agreed to a version that would require the government not to violate trade agreements when implementing the law.
The bill also allows the Obama administration and state governments to waive requirements to favor U.S. companies if they deem it in the U.S. public interest and if they publish a justification.
The dispute has put Obama in a difficult position. While campaigning last year, he raised questions whether U.S. trade agreements contained sufficient protection for labor and environmental standards. He has warned recently, however, about antagonizing trading partners and has made clear that passage of the overall stimulus bill is needed urgently to mend the U.S. economy.
In several television interviews last week, he said the stimulus package should not include protectionist language that could trigger a trade war. But now that it does, he is likely to sign it anyway. The measures appear, however, to give the administration discretion about how to implement spending decisions, given the requirement of meeting trade obligations.
U.S. labor groups that pushed hard for inclusion of the measure have argued that its main purpose is to ensure that U.S. Treasury dollars are used to the fullest extent to support domestic job creation.
But industry groups see the provision in a different light. One hundred business groups and companies, including major construction, defense and high-tech companies, wrote Senate leaders last week with the dire warning that the provision "will harm American workers and companies across the entire U.S. economy, undermine U.S. global engagement and result in mirror-image trade restrictions abroad that would put at risk huge amounts of American exports." - FOX News
Obama again has shown his lack preparedness. The "Buy American" clause remained in the Stimulus Bill even though many Nations around the Globe have stated that it will undermine Trade Agreements. In the infinite wisdom of Congress they gave Obama room to maneuver to avoid problems. The only thing that they accomplished was to put Obama in a position to fall into a deep sink hole. This is a battle he can not win, If he gives into Trade he will upset the unions, If he gives into unions he will upset allies. NO Win!
Way to go Congress.
Senate Passes Huge Spending Bill Called Stimulus
Divided along party lines, Congress neared final passage of President Barack Obama's $787.2 billion recovery plan Friday night, a huge political gamble for Democrats but also a vital beachhead for the new administration as it tries to turn around the collapsing economy.House passage came on a 246-183 vote—with no support from Republicans. The Senate began voting shortly before 5:30 p.m. but the roll call stretched on for hours in a near-empty chamber awaiting Sen. Sherrod Brown, who was flying back from his mother's wake in Ohio.
At 7 p.m., the vote stood at 59-38, making Brown the 60th vote Democrats need to waive a last budget point of order and have complete passage of the legislation. Three Republican moderates—Sens. Olympia Snowe and Susan Collins of Maine and Sen. Arlen Specter of Pennsylvania—voted as promised with the majority.
Sen. Edward Kennedy (D., Mass.), who despite his illness has returned at some risk to himself on earlier votes this month on the bill, was not able to vote today, requiring Brown to fly back-and-forth from Ohio where his mother’s funeral is being held Saturday.
Friday’s continued partisan divide in the House was extraordinary given all the changes made in the package since it first left the House in January. New tax breaks were added in negotiations with the Senate, spending substantially reduced and the overall cost of the package scaled back by more than $30 billion.
Republican aides had predicted this week that 10 to 20 party moderates could join in supporting the bill. But the grassroots pressure from conservatives has been immense, raising fears of Republican primary challenges. The result appears to be a hardening of positions—dramatized Thursday by New Hampshire Republican Sen. Judd Gregg’s withdrawal as Obama’s nominee as Commerce secretary.
The mood in the Senate was more tempered, given the three Republican defections and the huge influence they had on reshaping the Democratic package. But Obama’s old rival, Sen. John McCain (R., Ariz.) was given the role of raising the crucial budget point of order against emergency spending in the bill. Gregg, just a day after withdrawing his name for the Cabinet, supported McCain. And even as McCain congratulated Obama on his anticipated victory, he was scathing in his comments.
“That this is bipartisan legislation is simply not accurate,” he said. “We want to work with the other side, and this is not the example that I think the American people wanted.” - Politico.com
OK, so technically it is not passed yet. It will be. The very very sad part about this is that almost none of the people voting has even read what the bill actually says.
The bill is said to not have any pet projects or earmarks, BULL!!! One pet project put in at the last moment was a high speed train from Vegas to Disney. That is a project that Harry Reid has wanted.
In the Senate it was the same 3 Republicans that voted last time for this bill, in the house there was not one Republican vote for it. This clearly draws the lines for the upcoming election in 2010. The Democrats outside of Washington already see the writing on the wall. They readily admit that the climate is not going to be right for them to hold their vast majority. Too bad the Democrats in Washington don't see how bad they are screwing up, or maybe that is a good thing. We only have to live with it for 2 years, but as you have seen today, a lot of damage can be done in one single day let alone 2 years.
Bush Biggest Spender - Until Obama
Twenty-four days saved George W. Bush from running up five trillion dollars of government debt.The latest posting on the Department of the Treasury website shows the National Debt just hit $10.759-trillion dollars. And that $5-trillion and change more than it was on the day Pres. Bush took office on Jan. 20, 2001.
Even so, Mr. Bush ran up the biggest increase in the National Debt of any American president. The Debt was $5.727-trillion on his first day in the White House. And on the day he left, it was $10.626-trillion. That means the Debt increased by $4.899-trillion on his watch. Some would round it off to $5-trillion – but that wouldn’t be fair. He was saved from five trillion dollar infamy by $101-billion.- CBS News
This spending is ridiculous. I know that we can say that we fought two wars, Hurricane Katrina, Bank Bailout, First Stimulus, blah blah blah.
The problem is, Obama is going to take away that title form Mr. Bush. He is going to outspend him quite easily.
But watch for the National Debt to start shooting up again once the $879-brillion economic stimulus bill is signed into law next week.
So far, the National Debt has increased $133-billion since the day Barack Obama became President. That averages out to $5.3-billion a day. The Congressional Budget Office estimates the federal deficit this year will hit an all-time high of $1.2-trillion – and that doesn’t include the stimulus bill.
At the moment, the statutory ceiling on the National Debt is $11.3-trillion. It will clearly have to be raised soon.
It’s certain the one sure-fire investment this year is red ink. - CBS News
Obama & Caterpillar
Rep. Aaron Schock (R-Ill.), the congressman from Peoria who joined Obama on his Caterpillar visit yesterday, attacked the ... ... President's stimulus plan on the House floor Friday morning.
"I found it very interesting that after the President finished his speech...not one employee at that facility approached me and asked to vote for this bill," said Schock, who claimed he had received 1,000 phone calls and emails from Caterpillar employees asking him to vote no on the stimulus package. - Politico.com
House Passes Stimulus with No Republican Support
The House passed the $787 billion economic stimulus bill by a vote of 246-183, although a week of negotiations and lobbying by President Obama failed to convince a single Republican to support the bill.Instead of voting for the gargantuan package of tax cuts and public works spending, key Republicans made last ditch speeches denouncing the bill. Seven Democrats also voted against it.
"It's disappointing the way this process has worked, and the outcome," House Minority Leader John Boehner, waving the bulky report in his hands, said on the House floor. "Bad process leads to bad policy and that's what we have in my view. ... I hope it works but I surely have my doubts. ... This is the epitome of what I came here to stop."
"I'm going to vote no and I'm going to hope that next time. ... You'll include us and you'll include our ideas," the Ohio Republican said, clearly addressing Democratic leaders.
Rep. Aaron Schock, R-Ill., who represents the town of Peoria, Ill., where the president touted the stimulus Thursday, said employees from Caterpillar asked him to oppose the bill.- ABC News
Unfortunately it doesn't look like there is going to be a way to stop this ridiculous piece of legislation. I agree that something should be done to help restore the Economy, but this just absolutely positively is NOT IT! This bill will throw a whole bunch of money right down the drain and add to the problem in the long run. There is just too much sensless spending that does nothing for the economy.
Obama deals Blow to Civil Lawsuit
On Tuesday, if you believe what some liberal bloggers and columnists are saying, President Obama delivered a chest blow to civil liberty. He sided with the Bush Administration on an extremely touchy and disputatious national security matter, thereby reversing an iron-clad campaign promise.Mr. Obama's Justice Department decided not to retract a claim of what's called the "State Secrets Privilege" in a civil lawsuit brought by five former Guantanamo detainees against a subsidiary of the Boeing Corporation that allegedly helped to plan their renditions to countries that tortured them.
The Bush Administration had asserted the privilege, which was formally recognized by the Supreme Court in 1953, to prevent the case from being tried. Allowing the litigation to proceed, the Bush lawyers argued, would significantly jeopardize the country's national security.
The case has long been a favorite example for civil libertarians looking to point out just what was wrong with the Bush administration's approach -- that under the guide of secrecy and the fig leaf of national security, policies that sanctioned torture could be hidden from judicial review, and those who broke the law would be freed from formal accountability.
But Mr. Obama faces enormous expectations to change the way justice is meted out. On the surface, by refusing to revoke the privilege, the Obama administration endorsed the Bush administration's viewpoint. Administration officials said a retraction of the privilege in this particular case would set a precedent regarding access to classified information in future cases. Just 22 days in, Obama's lawyers weren't ready to radically change the law. - CBS News Story
Plane Crash in New York Kills 49
The FAA reported 44 passengers and 4 crew members were on the plane. The crash also killed one person on the ground, an emergency director said. The crash was reportedly caused by heavy rain and sleet in the area. State Trooper John Manthey says the plane hit a house about 10 miles northeast of Buffalo around 10:10 p.m. Thursday.
Flames erupted from remnants of the house and aircraft as firefighters sought to control the blaze. Twelve homes near the crash site have been evacuated. Authorities say Continental Airlines Flight 3407 was operated by Manassas, Virginia-based Colgan Air. It was en route from Newark, New Jersey to Buffalo. The plane is a Bombardier Dash 8 Q400. The airline released a statement saying, "Colgan Air's accident response team are being mobilized and will be devoted to cooperating with all authorities responding to the accident and to contacting family members and providing assistance to them. Airline personnel and local authorities have already begun working to confirm the number of people on board and their identities."
Thursday, February 12, 2009
President Caught...oops
At a Caterpillar Inc. plant in Peoria, Ill., today, President Obama said that his proposed economic stimulus would allow the company's CEO to rehire recently laid-off employees. But the head of the company said he will have to fire more workers before he can rehire anyone who has been let go.Obama has said twice in the past two days that Caterpillar CEO James Owens indicated his company would be able to rehire some of the 20,000 recently laid-off employees.
"Yesterday, Jim, the head of Caterpillar, said that if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off," Obama said today in Peoria.
But when asked today if the stimulus could do that, Owens said, "I think, realistically, no. The honest reality is we're probably going to have more layoffs before we start hiring again." - ABC News
Mr. Obama you are the President. You don't have to say anything to get elected, that part is over already.
It is just simply amazing that President Obama, who promised honesty and openness, is being caught time and time with just not telling us the facts.
I can't imagine the position that he put the CEO in. They hear the President tell them that the CEO is ready to hire workers back, when that just is not the case.
Wisconsin Minimum Mark up Law - Unconstitutional
MADISON, Wis. (AP) -- A federal judge has declared Wisconsin's minimum markup on gas unconstitutional.
State law makes it illegal for retailers to sell gasoline without marking it up either 6 percent over what they paid or 9.18 percent over the average wholesale price, whichever is higher.
The 1939 law was intended to ensure fair competition and prevent larger companies from marking their gas down to drive smaller competitors out of business.
Flying J., Inc., a Utah company that runs travel plazas in Black River Falls and Oak Creek, sued last month to make Wisconsin stop enforcing the law.
Chief judge Rudolph T. Randa of the Eastern District of Wisconsin issued a ruling Thursday, saying the law unconstitutionally restrains free trade. - WTMJ 4
Fairness Doctrine or Hush Rush
We have been hearing a lot about this over the past few weeks, and you can be it will really heat up more and more as things go along.
What is the Fairness Doctrine?
The Fairness Doctrine was a policy of the United States Federal Communications Commission (FCC) that required the holders of broadcast licenses to present controversial issues of public importance and to do so in a manner that was politically balanced as judged by a government censor. It should not be confused, but often is, with the Equal Time rule. The Fairness Doctrine deals with matters of public importance; the Equal Time rule only deals with political candidates. - WIKIPEDIA
What does this mean to you if it is re-enacted? What it means is that for every hour of Conservative talk there must be equal time for Liberal Talk. That means every station that carries Rush Limbaugh will have to carry a counter point to him for the same amount of time.
The problem is, Liberal Talk Shows do not work. Many stations have tried and then dumped them because the didn't draw listeners. If the stations can't support the counter point to Conservative talk then the will have to dump them.
We will need to keep a close watch on this and act if necessary to stop this. This is Censorship to the letter.
What is the Fairness Doctrine?
The Fairness Doctrine was a policy of the United States Federal Communications Commission (FCC) that required the holders of broadcast licenses to present controversial issues of public importance and to do so in a manner that was politically balanced as judged by a government censor. It should not be confused, but often is, with the Equal Time rule. The Fairness Doctrine deals with matters of public importance; the Equal Time rule only deals with political candidates. - WIKIPEDIA
What does this mean to you if it is re-enacted? What it means is that for every hour of Conservative talk there must be equal time for Liberal Talk. That means every station that carries Rush Limbaugh will have to carry a counter point to him for the same amount of time.
The problem is, Liberal Talk Shows do not work. Many stations have tried and then dumped them because the didn't draw listeners. If the stations can't support the counter point to Conservative talk then the will have to dump them.
We will need to keep a close watch on this and act if necessary to stop this. This is Censorship to the letter.
Stimuls or Spendulus
Democratic leaders are hailing the economic stimulus bill as a way to "invest quickly into the economy," but according to a Wall Street Journal estimate, only about 12 cents of every dollar will actually go to "something that can plausibly be considered a growth stimulus." - FOX News Story
The bill was passed basically on a party line vote in both the House and Senate over the last week. The bill now has come to a mix of the House Version and Senate Version. As you can read what the Wall Street Journal had to say, sounds pretty familiar to what you hear from the Republicans.
Below is a list of some of earmarks, oops their aren't any of those. Below is a list of the ECONOMIC STIMULUS ITEMS that you haven't heard much about, Composed by FOX News.
The bill was passed basically on a party line vote in both the House and Senate over the last week. The bill now has come to a mix of the House Version and Senate Version. As you can read what the Wall Street Journal had to say, sounds pretty familiar to what you hear from the Republicans.
Below is a list of some of earmarks, oops their aren't any of those. Below is a list of the ECONOMIC STIMULUS ITEMS that you haven't heard much about, Composed by FOX News.
Tucked in among the vast construction projects and tax relief programs is an effort to revive a law that's been dead for over 60 years that would provide up to $198 million in pensions for Filipinos who fought alongside the U.S. during WWII. U.S. citizens would get $15,000 a year, but even non-citizens would still get $9,000 a year.
The bill also invests heavily in research and technology. NASA is set to receive $450 million for "Science" and another $200 million for "Aeronautics."
More than $28 billion is being provided to put kids in special education, Head Start and child care and development programs for disadvantaged children.
FOXNews.com readers pored over the package and found a host of expenditures that might not pump money in any time soon. What follows is a list of some of the more fascinating -- if less stimulating -- items in the bill:
-- $100 million for the Lead-Based Paint Hazard Control Grant Program
-- $200 million to the Leaking Underground Storage Tank Trust Fund Program
-- $300 million for "Violence Against Women Prevention and Prosecution Programs"
-- $900 million for the IRS for the "Limitation on Administrative Expenses"
-- $1 million for the Railroad Retirement Board for administrative costs
-- $2 billion for the Drinking Water State Revolving Act
-- $50 million for Health and Human Services to carry out injury prevention programs
-- $1.1 billion for studies on the effectiveness of different medical treatments -- $200 million to upgrade labs and facilities for the Department of Agriculture "to improve workplace safety and mission-area efficiencies"
-- $10 million for urban canal inspection
-- $16 billion to pay for student financial aid
-- $1 billion to pay for the U.S. Census
-- $600 million to pay for a fuel-efficient federal auto fleet
-- $650 million for the Digital Converter Box Program to help the constantly delayed transition from analog television
-- $485 million to the Forest Service for "hazardous fuels reduction and hazard mitigation activities in areas at high risk of catastrophic wildfire"
-- Up to $1 billion for "summer activities" for youths as old as 24
-- $40 million for the occupational research agenda
-- $3 billion for the Centers for Disease Control wellness programs and vaccinations
-- $410 million for Indian health facilities
-- $2.4 billion for carbon-capture demonstrations
Gregg Withdraws from Commerce Secretary Job
Republican Sen. Judd Gregg withdrew his nomination to be President Obama's commerce secretary on Thursday, citing "irresolvable conflicts" over issues like the economic stimulus package and the Census. In doing so, the New Hampshire senator became the first Cabinet-level nominee to withdraw his name in protest.
"It has become apparent during this process that this will not work for me as I have found that on issues such as the stimulus package and the Census there are irresolvable conflicts for me," Gregg said in a written statement.
Gregg, who was first elected to the Senate in 1999, also says he doesn't intend to run again in 2010. He didn't give specifics on why he didn't plan to seek another term, saying to reporters Thursday, "Sometimes, there's other things to do in life."
New Mexico Gov. Bill Richardson withdrew his name for the same position of commerce secretary in January amid an ethics investigation in his state. And Tom Daschle withdrew his name for health and human services secretary over criticism about his failure to pay taxes on unreported income.
Gregg, in a written statement, said he's withdrawing his name because his and Obama's policy views are too different.
"Prior to accepting this post, we had discussed these and other potential differences, but unfortunately we did not adequately focus on these concerns. We are functioning from a different set of views on many critical items of policy," he said. "Obviously the president requires a team that is fully supportive of all his initiatives."
In referencing the stimulus, Gregg, known as a fiscal conservative, made clear his distaste for the package that his fellow Republicans say is filled with wasteful spending.
Only three Republican senators have supported the spending and tax-cut plan. They were the lone members of their party who pushed a compromise bill expected to cost $789 billion and be on the president's desk in a matter of days. - FOX News
Although it is totally understandable for him to withdraw, it now takes away a valuable voice during the Census Takeover by President Obama. He would have been a voice from the opposite side to keep the Obama Administration in check or at the very least blow the whistle when they go out of bounds. It is pretty clear based on remarks from Obama and members of the Democratic side, the President intends on taking control of the Census and using it for political gain. Illinois Politics again showing through in the White House.
This also goes to show the lack of Bipartisanship that really exists within the White House.
Baseball Takes Big Hit - Aaron Homerun King
A-Rod, as Yankees third baseman Alex Rodriguez is called, was in line to surpass the current home-run record held by Barry Bonds. But that could all change if Rodriguez is suspended as MLB Commissioner Bud Selig said he might be, according to USA Today. Selig told the paper he is also considering reinstating Aaron as baseball's home run king. Bonds, who himself is at the center of a steroid scandal, broke Aaron's record of 755 home runs in 2007. He was charged with lying to a grand jury about using performance-enhancing drugs. His trial is scheduled for March 2.
"This is breaking my heart, I don't mind telling you that," Selig told USA Today.
Bonds and Rodriguez are the latest baseball greats to fall from grace because of performance-enhancing drugs.
On Wednesday, news emerged that All-Star shortstop Miguel Tejada might be deported to the Dominican Republic after pleading guilty to lying to Congress about using steroids. - FOX News Story
Selig needs to come down and come down hard on all of this NOW! This is ruining the game. The lax style of handling it before has come back to bit them and stealing from the President, "The time to Talk is Over, We need ACTION!"
New Bailout Mascot
I got this emailed to me today and just had to share it with you.
Whoever came up with it should get a standing ovation.
Good News On the Economy
U.S. retail sales jumped 1 percent in January, reversing a six-month declining trend and defying economists' expectations by posting the biggest increase in 14 months.
The Commerce Department says January retail sales rose a percent from December after having fallen for six straight months. Wall Street economists surveyed by Thomson Reuters had expected January sales to show a drop of 0.8 percent. They plunged 2.7 percent in December, which had the weakest holiday selling season since at least 1969.
The January report shows strong increases in sales of automobiles and in general merchandise stores -- the "big box" outlets -- though sales by department stores, carrying fewer varieties of items, posted a decline. - FOX News
Uh oh Ricky, Somebody's got some splaining to do. President Obama has been preaching that unless he gets his Stimulus Bill through it is Armageddon Time. "This Crisis will become a Catastrophe" I don't know but it sure sounded alot like the President selling fear. The news that Retail sales jumped 1% is great news. The bad news is that the Economist expected it to drop nearly 1%, these are the same people who tell us the Stimulus is desperately needed.
Oh yea, GUESS WHAT? Jobless claims also dropped last week! It was only a very slight drop, but it was a drop.
The big problem is that it appears that Wall Street didn't like the thought of the President's Stimulus Bill or what the Treasury Secretary had to say as the stock market dropped almost 400 points the same day. Now today the day after they announce that they have an agreement between the House and the Senate, the Dow is down more than 200 points early.
NCAA Football Should have a Playoff
It would seem there's little common ground between Rep. Joe Barton - the Waco native, proud Aggie and Texas GOP heavyweight - and President Barack Obama - the Democratic star with international roots and Ivy League degrees. Football, however, makes strange bedfellows. Both Barton and Obama have called for college football to have a playoff system to crown a national champion and scrap the controversial Bowl Championship Series. The Arlington congressman has filed one of at least three bills in Congress to force action on the matter. "The biggest sport that raises the most money and has the most publicity has a totally artificial and undecipherable system that really doesn't base the championship on the merits of a playoff," Barton said. Proof that this Aggie doesn't have a dog in the fight: The Texas Longhorns - along with the University of Utah - were considered to have been cheated by the BCS. Rivalries aside, Barton's bill would prohibit the promotion, marketing or advertising of any postseason NCAA Football Bowl Subdivision matchup as a championship game unless a playoff system crowns the champion. "Otherwise, it's a false trade practice because it's false and deceitful," Barton said. The congressman is working to get a committee to consider the bill. Meanwhile, he is gathering more co-sponsors for the measure, a way to broaden its support in the House. Barton said he's talked to the president about the issue and that Obama is "enthusiastic." -- Dallas Morning NewsWell I'll be damned. If he would have sold this on the Campaign Trail I would have been out there supporting him all the way. He may be totally destroying the federal deficit, but if he can get a playoff in the NCAA Football Division I, I will stand right there with him. OBAMA OBAMA OBAMA
Wednesday, February 11, 2009
Stimulus Deal Reached, What is in the Bill?
Some Senate Democrats are unhappy, too. Sen. Tom Harkin, D-Iowa, says there is just not enough money in the bill for school construction.
"Every school in America will get 10,000 bucks if they're lucky," Harkin said, guessing that might be enough to buy two energy efficient windows. "And what's that going to do for them?" he asked. "We're trying to add new heating facilities. We're trying to add renovations. And doing it by formula doesn't do it."
Harkin says he'd ultimately vote for it, but he doesn't like the concessions made to get the support of the moderate Republicans.
Transportation Secretary Ray LaHood, a former Republican congressman from Illinois, told ABC News' Jake Tapper today that House members "like to be in the room when these things are put together. And they haven't been."
And that was evident as some House leaders openly expressed their disappointment. House leaders John Boehner, R-Ohio, and Eric Cantor, R-Va., said they had been kept in the dark about the negotiations.
"From everything I'm hearing about the so-called deal, I'm very disappointed," Boehner said. "It appears they have made a bad bill worse by reducing the amount of tax relief for American families and small businesses and adding more wasteful Washington spending."
Cantor asked: "My question is, what is the majority trying to hide?"
One member of the conference committee who did not attend the closed-door meeting, Rep. Jerry Lewis, the ranking Republican on the House Appropriations Committee, said in a statement: "In the dead of night, Democrat congressional leaders and White House officials negotiated the almost trillion-dollar stimulus legislation without a scrap of public scrutiny or bipartisan involvement. I have never before in my 30 years in Congress seen such secrecy and blatant lack of regard for the American public. This begs the question: If the Democrat majority is so proud of this stimulus legislation, what are they hiding from?"
Democratic congressional leaders and White House officials huddled in Pelosi's office until after midnight Tuesday night, attempting to come to a final agreement. But the California Congresswoman was not present at Wednesday's proceedings. White House chief of staff Rahm Emanuel was a major player in the meetings and was present on Capitol Hill today during the negotiations. - ABC News Story
Do we really know what is in this new bill? I read here that the Democrats are mad because each school would only get $10,000, only enough for new windows, what is that gonna do? Well I say ask the President, he says winterizing will cut energy costs and the work of putting them in would add jobs. That is the sales pitch we got about Winterization.
Why are the President and the Democrats hiding this bill and doing it behind closed doors in the dead of the night? I could of swore that Candidate and President Elect Obama said that there was going to be more transparency. Is this what he calls transparency? WOW! We were sold a bill of goods and given the praverbial shaft.
Stimulus Deal Reached, That is just Great
The House and Senate have reached an agreement to reconcile their two versions of a massive economic recovery package, settling on a bill with $789 billion in spending and tax cuts, lawmakers said Wednesday afternoon.Senate Majority Leader Harry Reid said the compromise bill will create 3.5 million jobs, and tax cuts will make up more than a third of the package.
"This has been a give and take," Reid said. After nearly 24 hours of negotiations, he said, the House and Senate were able to bridge the differences between the conflicting versions of the bill and arrive at a package that costs less than either of them.
The Senate passed a version costing $838 billion Tuesday that included more tax cuts than the $819 billion version passed two weeks ago by the House.
The economic stimulus package, pushed by President Obama, had scant GOP support, but Reid thanked the three Republican senators who helped forge a compromise with Democrats.
One of those Republicans, Sen. Arlen Specter of Pennsylvania, said he would have preferred a bill similar to what Sen. John McCain, R-Ariz., had proposed -- a tax-cut measure costing about half as much as the compromise.
"But in the legislature you don't always get what you want," Specter said. He said action must be taken, "because the serious economic conditions, with millions of jobs lost and millions of people being foreclosed from their homes, poses a threat that cannot be ignored."
Connecticut Sen. Joe Lieberman also thanked the Republicans, saying the recovery package would go a long way in jump-starting the economy. - FOX NewsIt is just simply amazing at how far out of touch these people really are. You can't just keep throwing money into the barrel. $789 Billion Dollars for what? We are going to put 3.5 Million People to work, where? Construction people, that is who we are spending all this money on. Building Bridges, Roads, Schools, those are construction jobs. What about the people who are not in the Construction areas? What about the Technology people, Auto Sales, Housing, Retail? What is this bill doing for them? NOTHING!!!
Quit spending our money on a select few. Bailout the mainstreet people who are struggling to pay their bills. Don't wait until they are behind, help them now. That is great that you don't want people to lose their homes, but what about the people who are doing their jobs of paying all of their bills. Maybe I pay all my bills and don't buy those new shoes, I get no help. But if I would say screw the Mortgage and buy some shoes, go out for dinner, take a trip, then Hey, by all means St. Obama will be there to help me out. HELP ME OUT NOW!!!! Don't make me quit paying my bills to get help.
This is the dumbest thing I have ever heard of.
Treasury Secretary Geithner Drives Consumer Confidence Down
Following Treasury Secretary Tim Geithner’s presentation of the White House financial rescue plan, the Rasmussen Consumer Index fell a point-and-a-half to 56.6. That’s another all-time record low, surpassing the mark set ten days ago. During 2008, record lows for consumer confidence were recorded on a regular basis. The Consumer Index, which measures the economic confidence of consumers on a daily basis, is down three points from a week ago and two points from a month ago. The New York Times reports that the plan “is far bigger than anyone predicted and envisions a far greater government role in markets and banks than at any time since the 1930s.” - Rasmussen
Ads Attack GOP Over Stimulus
The public relations battle around the stimulus package continues.
The labor-supported organization Americans United for Change and the AFSCME (American Federation of State, County and Municipal Employees) union this morning began running a national television advertisement attacking Republican leaders for their opposition to the stimulus bill.
“Our economy in crisis. Millions out of work. That’s why 80 percent of Americans support a plan like President Obama’s to create jobs. But Republican leaders? They’re 'just saying no,'" a narrator says in the spot. "No to changing the failed economic policies of the past 8 years. We’re in an economic crisis and Republican leaders are playing politics instead of doing what's right.” - CBS News Story
Evidently this group is smoking the rope with Michael Phelps. They obviously have not seen the polls that show only 37% approve of the Stimulus Package. That 50% thing this package will make things worse. 62% agree with Republicans and want more tax cuts. See Rasmussen
Support for the $800-billion-plus economic stimulus plan put forth by President Obama and congressional Democrats has fallen over the past month. Although the plan has passed the House and the Senate, the overwhelming majority of voters are not confident that Congress knows what it’s doing with regards to the economy. The Senate and House versions of the stimulus plan will now be the subject of a joint conference to work out a package that both chambers can agree on. - Rasmussen
When it comes to taxes, voters say they trust the GOP more by a 44% to 41%, after the parties were tied on the issue in January. Related polling on the stimulus package showed that most voters wanted to see a plan with more tax cuts and less government spending. - Rasmussen
I say go for it. Spend that money, you are giving your own stimulus just by spending the money. Tell us all how great this package is and how the Republicans were against it. That way when it fails to accomplish the goals it will be fresh in everyone's mind that it was a Democrats Plan that failed and drove up the National Debt.
The labor-supported organization Americans United for Change and the AFSCME (American Federation of State, County and Municipal Employees) union this morning began running a national television advertisement attacking Republican leaders for their opposition to the stimulus bill.
“Our economy in crisis. Millions out of work. That’s why 80 percent of Americans support a plan like President Obama’s to create jobs. But Republican leaders? They’re 'just saying no,'" a narrator says in the spot. "No to changing the failed economic policies of the past 8 years. We’re in an economic crisis and Republican leaders are playing politics instead of doing what's right.” - CBS News Story
Evidently this group is smoking the rope with Michael Phelps. They obviously have not seen the polls that show only 37% approve of the Stimulus Package. That 50% thing this package will make things worse. 62% agree with Republicans and want more tax cuts. See Rasmussen
Support for the $800-billion-plus economic stimulus plan put forth by President Obama and congressional Democrats has fallen over the past month. Although the plan has passed the House and the Senate, the overwhelming majority of voters are not confident that Congress knows what it’s doing with regards to the economy. The Senate and House versions of the stimulus plan will now be the subject of a joint conference to work out a package that both chambers can agree on. - Rasmussen
When it comes to taxes, voters say they trust the GOP more by a 44% to 41%, after the parties were tied on the issue in January. Related polling on the stimulus package showed that most voters wanted to see a plan with more tax cuts and less government spending. - Rasmussen
I say go for it. Spend that money, you are giving your own stimulus just by spending the money. Tell us all how great this package is and how the Republicans were against it. That way when it fails to accomplish the goals it will be fresh in everyone's mind that it was a Democrats Plan that failed and drove up the National Debt.
Octuplets Could Cost Taxpayers $1 Million
As the famous octuplets wake up to their 17th day of life in a California hospital, experts are waking up to the staggering financial burden the octuplets' family may lay on the indebted state, including a possible $1 million hospital bill.
Outrage is growing that the hospital bill may become taxpayers' problem.
The bill is the latest facet of the growing controversy surrounding the octuplets' birth that also includes accusations by the octuplets' grandfather that their mother, Nadya Suleman, falsified birth certificates by listing a fake name, David Solomon, as the kids' father.
Falsifying birth certificates is a felony, punishable by a maximum of three years in jail.
Suleman's octuplets were born Jan. 26 and are expected to stay in the hospital for several weeks under close watch before being released. - ABC News
Great news, as if all the bailouts aren't enough now we have to pay for the stupidity of this Woman and her Doctor. I think that the Doctor should be held liable and have to pay the bill.
Brett Favre Retires Again
Without the tearful public ceremony that accompanied his retirement announcement from the Green Bay Packers just 11 months ago, quarterback Brett Favre has told the New York Jets he is retiring.Chris Mortensen and Ed Werder break the news that Brett Favre is retiring from the Jets. Plus, Steve Phillips on A-Rod and Bob Knight on college basketball.
Favre had instructed his agent, James "Bus" Cook, to inform the Jets on Wednesday that he is retiring. Jets team executives and coach Rex Ryan confirmed the retirement in a statement, saying they talked to Favre on Wednesday morning about his decision. - ESPN.com
And there you go. Brett Favre rides off into the shadows again. It makes you wonder if all of the stuff that happened in Green Bay had to happen? Was it all worth the 1 more year that he played? The heat that he took from the New York Press and Fans, was it worth it? The emotions of hatred he stirred in Wisconsin to play 1 more year, was it all worth it?
Tuesday, February 10, 2009
RePUBLICcan Enemy Three
WASHINGTON (CNN) -- An influential conservative political action committee is pledging to support primary challenges to any Republican senator who backs the economic stimulus package -- the latest public show of dissatisfaction from the right over the massive measure before Congress.GOP Sens. Arlen Specter and Susan Collins are two of the three Republicans who voted for the stimulus bill.
Three GOP senators voted for the $838 billion compromise version of the package that the Senate approved Tuesday, but all three have said they might not vote for the final version.
"The American people don't want this trillion-dollar political payoff that will just line the pockets of non-governmental organizations who supported [President Barack] Obama in the election," said Scott Wheeler, the executive director of The National Republican Trust PAC, an organization that calls for less government spending and lower taxes.
"Republican senators are on notice," he said. "If they support the stimulus package, we will make sure every voter in their state knows how they tried to further bankrupt voters in an already bad economy."
Olympia Snowe and Susan Collins of Maine and Arlen Specter of Pennsylvania were the three GOP senators who voted for the bill Tuesday. All three were involved in forging the Senate compromise, in which some spending proposals were cut from the plan, and have said they may not vote for the final version -- which will be hammered out by a Senate-House conference committee -- if more spending projects are added to it.
The PAC's pledge appears most threatening to Specter, the only one of the three who faces re-election in 2010. A longtime moderate, Specter has faced tough primary challengers in the past, including Club for Growth President Pat Toomey in 2004.
"[Sen. Specter] crossed the line one too many times," Wheeler told CNN. "We're now going to get involved in finding a conservative alternative."
Toomey has said he is not interested in running again, and another credible challenger has yet to emerge in the race. Still, Specter's decision to vote for the stimulus bill has irked many Republicans in his home state and may have virtually guaranteed a primary fight.
Speaking to CNN Tuesday, Specter said his vote has resulted in a flood of negative phone calls to his office and predicted it would lead to a tough primary battle. - CNN News
This is the price you pay when you choose not to listen to the people who ultimately elect you. You are elected with an expectation that you will represent the people of your district, when you don't this is the reaction you should expect.
Be it right, wrong, or indifferent, the reason that there are Political Parties is because of the ideology that you are suppose to represent. When you don't exercise that ideology and go against your own constituents, you pay the price.
Democrats losing ground Fast
The Democrats in Congress are losing ground fast in Congress. Latest Rasmussen Polls indicate that on January 18th, Democrats led the Republicans by a 42% to 36% margin. On Feb. 8th that lead has dropped to 40% to 39%.
The sales pitches by the leaders of the Democratic Party and President Obama don't seem to be having an impact. They claim that the Democrats are doing what the Public wants and Obama blaming the Republicans on partisan politics.
It looks like the Public is in agreement more and more with the Republicans and less and less with the Democrats.
The sales pitches by the leaders of the Democratic Party and President Obama don't seem to be having an impact. They claim that the Democrats are doing what the Public wants and Obama blaming the Republicans on partisan politics.
It looks like the Public is in agreement more and more with the Republicans and less and less with the Democrats.
Can this Spending Bill be Killed?
By Andrea Tantaros
Republican Political Commentator
First of all, as a Pennsylvania girl I’d like to apologize to every fiscal conservative in America for the actions of Pennsylvania Senator Arlen Specter, one of three Republicans who voted with the Democrats on the “spendulus” bill. Senator Specter is up for re-election in 2010 and I hope the voters in my home state will hold him accountable for his actions.
Once we pass this expansion it will be like pulling teeth to ever go back.
The actions of the 61 Senators who voted for this bailout plan to funnel money to Democratic constituencies, like unions and blue states, are shameful. But the battle of the bulge has just begun for the Senate and House, who now head into what is known as a conference committee to reconcile the differences between their two versions of the bill. If you thought the measure was bloated before, this stage could balloon the cost as each legislative body fights for its priorities. It should be a good fight. No Republicans supported the House version of the package two weeks ago. House Majority Leader Steny Hoyer “is mindful that too much House meddling could torpedo the entire package.” Hear that Congressional Republicans? It there ever was a time to meddle, it’s now.
A part of what this bill — in its current form — does is funnel money to expand socialized medicine (Medicaid) and welfare programs. Once we pass this expansion it will be like pulling teeth to ever go back. And keep in mind that this is essentially a two year bill. To think that Democrats are actually going to cut funding for these costly programs is unthinkable, particularly in an election year. Yes, if these provisions go through we will be pumping billions into Democratic priorities. Talk about unstimulating.
Passage of a plan allocating almost a trillion dollars in money we don’t have will also give Democrats an excuse to raise taxes. Mark my words America. It’s coming. But tax hikes aren’t just the worst Rx economically, they are exactly what the public can’t afford and doesn’t want.
“We can’t embrace the losing formula that says only tax cuts will work for every problem we face,” President Obama said on Friday. But a recent poll by Investor’s Business Daily shows that Americans would welcome tax reductions with open arms as part of any stimulus plan. Of 568 adults surveyed last Monday through Thursday, 67 percent favored cutting federal taxes on businesses, 79 percent favored cuts in individual income taxes and — despite the fact that only half of Americans are investors — 62 percent even favored cuts in capitals gains taxes.
As the “spendulus” heads to conference it’s imperative we stand tall against Obama & Co.’s trickle up economics. We continue to hear the left talk urgently about the need to “do something.” But the cost of doing nothing isn’t as great as the cost of doing the wrong thing, and this bill is filled with wrong things. Act I of the economic recovery drama was a tragedy. It’s not too late to rectify Act II. - FOX News
When I read this I was simply amazed, it was almost as if some of my own thoughts were written right there in front of me. By the way, I will have to get back to you on the apology for Spectre. I am sorry you have to live with his decisions all the time.
Treasury Secretary Under Fire
No sooner had Treasury Secretary Tim Geithner announced the Obama administration's new financial stability plan then he headed across town to brief Congress on it, but some Republican lawmakers on Capitol Hill wanted far more detail than Geithner was ready to provide today.
"We've been here for three hours and 23 minutes and have no discernible idea as to how we're gonna solve this problem," said Sen. Bob Corker, R-Tenn, at this afternoon's Senate Banking Committee hearing.
"I don't think…I wouldn't want to encourage you in that view," replied Geithner.
"Well, we've been here for three hours and 23 minutes and I've been highly encouraged in that view, so I mean, we basically have some platitudes and again, I'm not being critical," said Corker.
"No, but you are, senator," Geithner argued.
"I'm not," said Corker. "I'm observing, in essence. Last night - I would be critical about this - I would think that the White House and you all communicate and last night the president said you would be very clear and there would be specific plans."
"And today we lost probably a trillion dollars in the market as people looked for those very clear and specific plans and instead heard guidelines and some platitudes. I mean, I haven't heard today what your commitment is to solving the problem."
Corker's criticisms came on the heels of similar comments from ranking member Sen. Richard Shelby, R-Alab., Sen. Jim DeMint, R-SC, and Sen. David Vitter, R-Lou..
"I think having a major announcement and a major committee hearing today with the complete lack of detail we have, quite frankly, was a big mistake and I think it's another version of the American people hearing how cataclysmic the crisis is with no flushed out solutions," Vitter said. - ABC News Story
Once again it appears that the Obama Administration is looking for money and telling us about some grand plan. They are trying to scare eveyone into, "THE SKY IS FALLING THE SKY IS FALLING!!!" and we have a plan to stop it. The problem is, they won't tell you what the real plan is. This is the Transparency we all heard about. Last night Obama said that it would be laid out very clearly, as clear as mud!!! All that is clear is that they want Trillions more.
Backlash for Obama Trying to Put Census under White House Control
A Republican lawmaker is calling for an investigation of President Obama's plan to move the U.S. census into the White House.
Rep. Marsha Blackburn, R-Tenn., a member of the House Energy and Commerce Committee, is sending a letter to committee leaders requesting a hearing.
"I'm deeply concerned" about "the White House controlling the day-to-day operations of the Census Bureau," Blackburn told FOXNews.com.
In a draft of the letter, Blackburn said Obama's plan "may jeopardize the important and nonpartisan work product of a sensitive administrative agency, and potentially disrupt completion of a competent, reliable 2010 census.
"The American people deserve a non-partisan census in 2010, and we hope the committee will ensure that goal comes to fruition by holding an oversight hearing on the administration's potential plans to reduce the future secretary of commerce's authority over the agency," she wrote.
She said the letter will include the signatures of her fellow committee members. Thirty-six Democrats and 22 Republicans are on the committee.
"We certainly hope to demonstrate that there is substantial interest among members to it," said Claude Chafin, a spokesman for Blackburn.
Blackburn said she has gotten a lot of feedback from local and state elected officials and constituents who are concerned about Obama's move, and she hopes her letter will be prompt California Rep. Henry Waxman, the Demorat who heads the committee, to conduct a hearing. - FOX News Story
Dow Crashes on Bailout / Stimulus News
NEW YORK (CNNMoney.com) -- Stocks slumped Tuesday, with the Dow industrials ending at a 3-month low, as the government's bank rescue plan failed to reassure investors burned by the 14-month old recession.
Treasury prices rallied, lowering the corresponding yields, and the dollar slipped versus other major currencies.
The Dow Jones industrial average (INDU) lost 382 points, or 4.6%, closing at its lowest point since Nov. 20, the date considered by many experts to have been the low of the bear market. The Dow had lost as much as 422 points in the afternoon.
The Standard & Poor's 500 (SPX) index lost 43 points, or 4.9%. The Nasdaq composite (COMP) lost 66 points, or 4.2%.
The TARP announcement "was a huge disappointment," said Stephen Stanley, chief economist at RBS Greenwich Capital. "There's been an incredible buildup for weeks and then they release a plan that has little in the way of details."
Stocks slipped leading into Geithner's late-morning speech and accelerated after he finished outlining the plan. He's providing more details this afternoon in a congressional hearing.
"It just doesn't seem that groundbreaking and that may have disappointed people," said Brian Battle, vice president at Performance Trust Capital Partners.
After much debate, the Senate passed its $838 billion economic stimulus bill Tuesday afternoon by 61 to 37. Now leaders will need to negotiate a final bill with the House, which already approved an $819 billion version of the plan two weeks ago. (For details, click here.)
Enthusiasm about the economic stimulus has waned in the weeks since it was first proposed.- CNN News
Senate Passes $838 Billion Dollar Spending/Stimulus Bill
(CBS/AP) The Senate has approved the $838 billion stimulus bill, which has solid Democratic support but is backed by only three Senate Republicans.
"That's good news," President Obama said of passage when told about it during a town hall meeting in Fort Myers, Fla.
But he also noted: "We've still got a little more work to do."
The bill now faces what could be contentious negotiations with the House, which passed a different version of the legislation, one that includes fewer taxes and more spending than the Senate version.
Majority Leader Harry Reid, D-Nev., vowed to send a finished bill to Mr. Obama's desk "as soon as possible."
Just three Republicans helped pass the plan on a 61-37 vote and they're already signaling they'll play hardball to preserve more than $108 billion in spending cuts made last week in Senate dealmaking. Mr. Obama wants to restore cuts in funds for school construction jobs and help for cash-starved states.
Those cuts are among the major differences between the $819 billion House version of Mr. Obama's plan and a Senate bill costing $838 billion. Mr. Obama has warned of a deepening economic crisis if Congress fails to act. He wants a bill completed by the weekend. - CBS News
If you think this is it, fasten your seat belts folks. This bill will only go up as the Senate and House reconcile their bills. I fully expect this bill to tip the scales somewhere around the $900 Billion area. I am looking for a song writer to put together the anthem for the Democrats. Spend, spend spend, when your out of money spend some more.
For all of those who think this is a good thing, don't forget about the other Trillions the Treasury Sec. was talking about earlier. Hey but look, the Stock Market is crashing on such good news. You gotta give it to them, they are definitely making a splach.
"That's good news," President Obama said of passage when told about it during a town hall meeting in Fort Myers, Fla.
But he also noted: "We've still got a little more work to do."
The bill now faces what could be contentious negotiations with the House, which passed a different version of the legislation, one that includes fewer taxes and more spending than the Senate version.
Majority Leader Harry Reid, D-Nev., vowed to send a finished bill to Mr. Obama's desk "as soon as possible."
Just three Republicans helped pass the plan on a 61-37 vote and they're already signaling they'll play hardball to preserve more than $108 billion in spending cuts made last week in Senate dealmaking. Mr. Obama wants to restore cuts in funds for school construction jobs and help for cash-starved states.
Those cuts are among the major differences between the $819 billion House version of Mr. Obama's plan and a Senate bill costing $838 billion. Mr. Obama has warned of a deepening economic crisis if Congress fails to act. He wants a bill completed by the weekend. - CBS News
If you think this is it, fasten your seat belts folks. This bill will only go up as the Senate and House reconcile their bills. I fully expect this bill to tip the scales somewhere around the $900 Billion area. I am looking for a song writer to put together the anthem for the Democrats. Spend, spend spend, when your out of money spend some more.
For all of those who think this is a good thing, don't forget about the other Trillions the Treasury Sec. was talking about earlier. Hey but look, the Stock Market is crashing on such good news. You gotta give it to them, they are definitely making a splach.
Treasury Looking at more Money
Treasury Secretary Timothy Geithner outlined a massive $2 trillion plan today that he said is meant to stabilize the nation's banking sector and restore the public's faith in the government's ability to handle the crisis.
Geithner said the American public has lost confidence in bank CEOs and is "skeptical that their government has -- to this point -- used taxpayers' money in ways that will benefit them."
"This has to change," Geithner said as he unveiled a new plan to use up to $2 trillion of taxpayer and private funds to stabilize the banking sector. - ABC NewsMore Money! Not just a little bit more either. How much money are you going to throw at this stuff. Where are we going to come up with all of this money? This is ridiculous. Maybe you should quit worrying about these banks and start bailing out us. If they would quick buying up bad debt and giving these banks money that they just waste would be a good start. Pay off peoples Credit Card Debt, arbitrarily reduce mortgage payments across the board, that would move money into the banking sector and free up spending from the bottom up. Quit trying to get the funds to trickle down. People would be less hit by the economy if we didn't have credit card bills and mortgage payments. It is our money you are spending, or at least our kids and grand-kids money. Instead of bailing out the banks bailout the public. It does the same thing just a different approach. If you pay off my Credit Card Debt, the money goes to the bank. So you are giving the bank the same amount of money, but you are eliminated my debt which frees up my money. I can then buy groceries, clothes, take trips, etc., all of which help the economy much much quicker.
I think I should have run for President. Not really.
Pelosi to Blame for Democrats Failure
NEW YORK (CNN) -- Well, that didn't take long. Three weeks into the new administration and the Democrats are squandering their advantage and threatening to snatch defeat from the jaws of victory.Credit House Speaker Nancy Pelosi for getting the ball rolling. Under her leadership, House Democrats excluded Republicans from having any voice in crafting the stimulus package.
Acting like children who hadn't seen Santa Claus for eight years, House Democrats busily loaded up the bill with stuff they had been unable to get for eight years. It was payback time.
Contraception, funding for the arts, restoration of the national mall, stop-smoking programs. All while Americans lose their homes, their jobs, and their savings. It was both childish and disgraceful.
Apparently tone deaf to the disgust and disappointment of Americans with the bailout package for Wall Street and the banks last year, as well as the voters' strongly stated desire for change as represented by the election of Barack Obama, House Democrats set the table for failure -- again. - CNN Jack Cafferty Commentary
Nancy Pelosi has seen fit to shut out the Republicans, ignore what the American People are saying, and craft a massive spending bill to make up for all of those promises that have been made but not kept. Her and her Democratic friends are pushing it on the American People under the guise of Stimulus. They think that the American People are ignorant to the fact that it is a massive spending package that will do little to stimulate the economy.
President Obama for his part says that the Republicans have no credibility when it comes to the economy as it is under them and their policies that have lead us into this mess. Well, Mr. President, think again. It was under the Democratic lead Congress that has driven us deeper into this mess. It was under the Democratic leadership that the $700 Billion TARP package was passed. Remember that many Republicans were against it. The President still attempts to blame that on the Republicans.
President Obama, Nancy Pelosi, Harry Reid, will all continue to push through massive spending that will drive the National debt to record numbers. They will also continue to blame it all on Republicans. Change, this is the Change that Obama sold us during the election. Hope, this is the Hope that Obama promised. Big Government, that is what Obama is bringing. Massive Deficity spending, that is what we will have over the next 2 years. Higher Taxes, that is what you can count on in the near future.
Monday, February 9, 2009
President Obama, DUCK!!
President Obama ran into the top of the door on Marine 1 today. Give the guy a break, it isn't like most of us have a Helicopter that we board in our backyards everyday.But you have to admit it was a good laugh with all of this economy stuff going on. I sure would of liked to have heard what he had to say on the ride.
A-Rod, A-Fraud
So now the water is a little bit clearer as to where the name A-Fraud came from. He was on the juice during the record season that lead to big big contracts. It also explains why he hasn't been able to match those big numbers since.
It sure would be nice to get a look at the rest of those names on the list.
Obama Takes to the Airwaves to sell his Package
President Obama went on Prime Time to try to sell his package to the American People. I can tell you that I personally was very disappointed in listening to him. He really didn't explain a whole lot to me. I got very tired early of listening to him blame everyone for everything.
He said that he inherited this economy, this deficit. That is true, you did inherit it, don't tell me who's to blame tell me how your plan is going to solve it. Instead he went on to tell me, well first I am going to spend the $350 Billion from the last bailout. That didn't work because it was done wrong. If memory serves me, it was him and his Democratic Party that passed that bill, and I quote what they sold us then, "There will be tremendous oversight." So, you failed in that, now you want us to give you another chance with Billions more. I do agree that tax cuts alone will not fix the economy. But I am not sure that driving the Federal Deficit through the roof is the other part of the package.
Some of the things President Obama eluded too that scare the hell out of me, are that this is only the first step. There are more things that have to be done. What are these things, and how much are these steps going to cost us? What kind of ridiculous spending will be added to these steps in the name of saving the economy?
There were some points that he did some explaining, and I was satisfied with his answers. However none of those answers came on the economy.
I hope that this President will start getting down and his hands dirty. Lay plans out on the table. He has been selling us on transparent Government, but seems to try and leave enough gray areas so not to get caught when he doesn't follow through.
His talking about the Bipartisanship question showed his true colors. How can you stand there and try to sell me on the idea that you want to work bipartisanly to accomplish things, yet in the same breath attack the other side? This is their fault, why would I like their ideas? I guess I should have left out tax cuts and then add them so they could take credit for them. Talk like that does not lead you down the road of working together.
He said that he inherited this economy, this deficit. That is true, you did inherit it, don't tell me who's to blame tell me how your plan is going to solve it. Instead he went on to tell me, well first I am going to spend the $350 Billion from the last bailout. That didn't work because it was done wrong. If memory serves me, it was him and his Democratic Party that passed that bill, and I quote what they sold us then, "There will be tremendous oversight." So, you failed in that, now you want us to give you another chance with Billions more. I do agree that tax cuts alone will not fix the economy. But I am not sure that driving the Federal Deficit through the roof is the other part of the package.
Some of the things President Obama eluded too that scare the hell out of me, are that this is only the first step. There are more things that have to be done. What are these things, and how much are these steps going to cost us? What kind of ridiculous spending will be added to these steps in the name of saving the economy?
There were some points that he did some explaining, and I was satisfied with his answers. However none of those answers came on the economy.
I hope that this President will start getting down and his hands dirty. Lay plans out on the table. He has been selling us on transparent Government, but seems to try and leave enough gray areas so not to get caught when he doesn't follow through.
His talking about the Bipartisanship question showed his true colors. How can you stand there and try to sell me on the idea that you want to work bipartisanly to accomplish things, yet in the same breath attack the other side? This is their fault, why would I like their ideas? I guess I should have left out tax cuts and then add them so they could take credit for them. Talk like that does not lead you down the road of working together.
Three Republicans Help Send Bill to Vote
With the help of Republican Sens. Susan Collins, Olympia Snowe and Arlen Specter, the Democrats locked in the votes needed to end debate on the bill.The final vote was 61 in favor, 36 opposed.
The bill is expected to survive a full vote in the Senate on Tuesday, setting up a battle with the House as the two chambers try to iron out differences between their versions of the bill.
Obama wants both chambers to come to an agreement so he can have the bill on his desk by Presidents Day, which is next Monday.
The House's stimulus bill passed without a single Republican vote nearly two weeks ago. Senators spent the past week debating amendments. Late Friday, a working coalition of Democrats and some Republicans reached a compromise that trimmed billions in spending from an earlier version.
The price tag of $827 billion is roughly the same in both bodies, but the House and Senate differ on spending and tax cuts - CNNThe Democrats got three (3) Republican Senators to turn about and vote in favor of sending this bill to a full vote. The three will have to hope that in the sweeping distaste for this package that is rampant across the Country, people forget that they were the three that pushed it passed it's biggest hurdle. You can bet that there won't be many Republicans that forget.
Obama Breaks another Electoral Promise
President Obama's pledge to turn the CIA's involvement in secret detention and torture into a thing of the past was sharply tested today, and critics say he failed miserably.
"This is not change," said the American Civil Liberties Union. "This is definitely more of the same."
In a federal court hearing in San Francisco this morning, a representative of the Justice Department said it would continue the Bush policy of invoking the 'state secrets' defense, which has been used in cases of rendition and torture.
The ACLU is arguing that its lawsuit against Boeing subsidiary Jeppesen Dataplan, Inc. should go forward. The suit is based on the company's alleged participation in the CIA's rendition program, and the Bush administration had previously intervened by saying that the case undermined national security interests, according to the ACLU, which is appealing the dismissal of the suit in Feb. 2008.
"Candidate Obama ran on a platform that would reform the abuse of state secrets, but President Obama's Justice Department has disappointingly reneged on that important civil liberties issues," the ACLU said in a statement. "If this is a harbinger of things to come, it will be a long and arduous road to gives us back an America we can be proud of again." - ABC News Story
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