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Wednesday, 3 December 2008
Majority Against Bailing Out Auto Industry
The Majority of America taxpayers are against bailing out the auto industy. But will it make a difference to those that we sent to Washington DC to represent our will?
Sixty-one percent of those questioned in a CNN/Opinion Research Corp. survey out Wednesday are dead set against the federal government providing billions of dollars in assistance for the automakers, with 36 percent favoring such a bailout.My bet is that this type of polling with only encourage Nancy Pelosi and Harry Reid to show just who is in charge on the Hill.
And while we're visiting the Hill, let's talk about Harry Reid's comment that he was so happy that the improvements in the Senate Chamber were completed (late and to the tune of $600 million) because in the summer the tourists sink. Well here's what just one taxpayer had to say to Harry. Indeed our "representatives" do stink.
Posted By P.Brown at 9:41 PM
So How's that Bailout Working?
It appears the answer is: not too good. Millions of Americans called their Congress Representatives, pleading with them not to allow the US Government to enter business of bailing out banks and specifically not to turn such a large amount of money and power to Henry Paulson. Unfortunately, the pleas of "We the People" fell on deaf ears.
Now the report that was due some time back finally comes out, a few months late and a couple dollars short.
"The bad news was confirmation by the GAO in its first report about the program that Treasury has no way to measure whether taxpayer funds invested in banks are being used in accordance with the purpose of the law to increase lending," Frank said. "The much worse news is Treasury's response that it does not even have the intention of doing so."You have to know when Barney Frank is complaining, something is really wrong!
Customers of Citibank found out just how wonderful the bailout of Citibank worked to loosen up credit to consumers several weeks ago when they received letters from Citi saying their interest rates were going up!
So now the US Government is talking about backing 4.5% home loans, but only to new buyers and those defaulting. If you are paying your mortgage, forget it - you get to subsidize those that didn't!
Posted By P.Brown at 4:03 PM
Saturday, 29 November 2008
Terror in Mumbai Finally Over
With the death toll at 195 and the injured at around 300, the terror rained on Mumbai for 60 hours has finally ended.
Posted By P.Brown at 9:29 PM
Friday, 28 November 2008
Mumbai Massacre Continues: Winding Up
The massacre by terrorists in Mumbai continue. We're told that the Jewish Center should be cleared soon, but that all hostages inside appear to be dead. A 2 year old baby was snuck out by his nanny, but they fear his parents inside are dead. In addition, there are still a few terrorists hold up in the Taj Hotel.
More than 143 people were killed and 288 injured when suspected Islamic militants attacked 10 sites in Mumbai starting Wednesday evening.UPDATE: Death and injured toll continues to rise, now reported to be at least 150 dead and 370 injured.
Posted By P.Brown at 7:37 AM
Wednesday, 26 November 2008
Terror in Mumbia
As Americans begin their long Thanksgiving weekend, a terror attack has occurred in Mumbia, India
At least 40 people are reportedly being held hostage in Mumbai, India, by gunmen who targeted luxury hotels, a popular tourist attraction and a crowded train station in at least seven attacks that killed at least 78 in the nation's financial capital, police and witnesses said.The seven areas listed under attack are all well known western haunts in Mumbia; areas frequented by Americans and British. Those present this weekend include a European delegation of lawmakers. Places include: Leopold's restaurant, the train station and two luxury hotels, the Taj Mahal and the Oberoi.
US Federal officials also put out a warning yesterday evening of possible attacks on NYC over the holidays, stating
Federal authorities are warning of a possible Al Qaeda-orchestrated terror plot against New York City subway and other transit systems during the holidays.No specific event caused this warning, but there must be some chatter somewhere that they are specific with where they expect an Al Qaeda attack.
Posted By P.Brown at 1:51 PM
Thursday, 20 November 2008
US Attorney General Collapes
U.S. Attorney General Michael Mukasey collapses while giving a speech on National Security in Washington DC. Only news at this time is that he's in route to a hospital. It would appear he had a stroke from watching the film shown by Fox News.
In an update, Fox News reports that Mukasey is conscious, alert and speaking.
Posted By P.Brown at 8:53 PM
Sunday, 16 November 2008
From Pajamas Media:
Officials have found small devices in European point of sale card swipe machines that send selected transaction information to Pakistan. These are the card machines you use at the grocery store - totally plain vanilla. The devices appear to be untraceable and are inserted in some made-in-China MasterCard boxes. The best way to find out if a store has been infected is to literally weigh their card swipe machines. Bad machines weigh four ounces more than good ones.
Posted By P.Brown at 8:26 AM
Friday, 14 November 2008
Where Will the Bailout Stop?
The whole idea of a $700 Billion Bailout was enough to stun the nation. Many of us begged and plead with our representatives and Senators not to pass this crap sandwich. One of our objections was the power it gave to the former Goldman Sachs man, Henry Paulson.
Then came the hard PR sell. The American taxpayers were protected, they would owe pieces of the assets the US Government would buy. These toxic loans would be sorted out, some would be recoverable, the US Government would work to keep people in their homes.
Yesterday Czar Paulson informed us that he knew by the time he had his hands on the crap sandwich, buying assets weren't the way to go. And so, without any further information to Congress or the public about his switch in thinking and promises made, Paulson started doling out the crap sandwich.
Those standing in line with their hands out just keeps growing. First California wanted $10 Billion. Yesterday Detroit announced they wanted $10 Billion. Now Philadelphia, Atlanta and Phoenix all want money. The big 3 auto makers got $25 Billion and want more. AIG has been back for 2 more dips after their $85 billion bailout (over and above the $700 billion). The list just keeps growing.
Oh and wonders of wonders, the FDIC has now announced a program where they will offer lenders incentives to renegotiate those home loans people aren't paying! They also offer to share the losses of these new loans! Ah yes, that certainly will bring out the fraud in those untrustworthy lenders who made bad loans!
The agency, the Federal Deposit Insurance Corp, said on Friday the plan would cost the government about $24.4 billion, which could be paid from the U.S. Treasury's $700 billion bailout program for the financial industry.Oh do notice that word "could" because I'll place bets on the fact that it won't happen - it will be new spending. Paulson has too many plans already for the $700 Billion.
When will someone yell ENOUGH? This isn't working. No assets have been purchased. The taxpayers are at extreme risk and Czar Paulson decides who lives and who dies. The stock market is crazy, reacting to every stupid thing Washington DC does and says.
An inexperienced, socialistic Democrat President, a totally crazy democrat Congress coming to the helm in January, a Republican President who appears to have lost his mind currently in power and Goldman Sachs Paulson: we're more than screwed.
Posted By P.Brown at 10:56 AM
Thursday, 13 November 2008
Bailout - No Oversight Committee in Place
They are already handing out money and making commitments as if money grows on trees, but even though taxpayers were promised a report within 30 days and an oversight team - none is in place and the report is overdue.
The WaPo discusses handling out $290 Billion by the "Bush Administration" but say little about the Democrat Congress that approved this dune boggle and it was the Democrat Congress that was to appoint the 5 member oversight board.
The legislation also created a body called the Financial Stability Oversight Board, whose five members include Paulson and Federal Reserve Chairman Ben S. Bernanke. But it has no staff of its own, and few expect that policymakers can conduct oversight of themselves. "It's sort of a joke in terms of oversight," a congressional aide said.In the meantime, Detroit is asking for 10 Billion, Obama wants to give $50 Billion to the auto giants (the Democrats have asked for $25 Billion for the auto industry) and GE says the government is going to guarantee $139 billion of its debt for GE Capital Corp! Reports are that both Wall Street and Banks have socked billions away to pay bonuses to their incompetent leaders! The true amount of the bailout is currently reported to be not $700 Billion, but $5 Trillion, and still moving up.
Anyone got the feeling yet that the clowns are in charge while it's the taxpayers' money being spent? When will they get the hint that every move they make causes the stock market to fall even more because of the stupidity of their actions.
And just in case you are wondering as all this billion dollar figures fly around, much more has been "spent" than the $700 Billion
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, there is little disclosure about how the programs are being implemented.And who is demanding an accounting? Not the Democrats!
House Republican leader John Boehner called for the Federal Reserve to disclose the recipients of almost $2 trillion of emergency loans from American taxpayers and the troubled assets the central bank is accepting as collateral....You better believe I'm "troubled"!
Posted By P.Brown at 7:30 AM
Wednesday, 12 November 2008
Bailout: Oh BTW, Not for What We Said
Yep, Paulson is now backtracking on what he's going to do with that $750 Billion he extracted from the American taxpayers with the help of Congress.
I remind you to go back to September 2008. This was a crisis. The sky was falling and no one had any time to think about whether it might or might not be a good idea to bail out those who showed little fiscal sense. Then it was sold to the America Public (those buying it), that the money would be used to buy failed assets which would later be resold. The American Taxpayer was to have a stake in these nebulous assets and also a stake in the companies getting the bail out.
Here we are two months later and guess what: plans have changed.
In his statement, Paulson said that nonbank financial institutions, including companies that deal with credit cards, auto loans and student loans, may be eligible for direct capital injections.THIS is exactly why giving one man this much money and the power over it was a dumb idea.
And if your mad about the above, you might not want to read this. It seems Wall Street is expected to continue their payment of bonuses to "top performers" well, because they expect them, that's why! Now when you've gone so far down that you have to have a bailout from the US Taxpayers, how on earth can you have "top performers". Performers in not losing as much as others? Performers in lobbing congress to get the taxpayers' money?
"Wall Street is likely to pay bonuses to people unless there's legislation that prevents them because nobody wants to be the one that doesn't pay when others do," said John Challenger chief executive of Challenger Gray & Christmas, the Chicago employment consulting company. "People have been expecting the bonus. If they yank that out from under people they (the Wall Street companies) lose a competitive advantage."Well we the people (taxpayers) were expecting Wall Street to sleep in their own bed that they made, rather than be bailed out by us.
Posted By P.Brown at 11:01 AM
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