Posts

The plot to destroy American capitalism

I am not sure I can say anything about this right now. Suffice it say they were all in on it. McCain, Obama and of course the man on the inside, Hank Paulson … Read more

Follow The Money … Follow Buffett … Follow The Democrats

Editors Note: I am writing this post because if RVO “Contributor” Erik Blazynski or “Author” Steve McGough wrote this, their heads would explode. Special H/T to Instapundit for this one.

So follow the money and that means follow the Democrats. OK some Republicans too … but mostly Democrats and mostly Democrat contributors on Wall Street. First this from American Thinker.

Warren Buffett promoted the Troubled Assets Relief Program (TARP), and lambasted the greed on Wall Street, yet he is one of the main benefactors of the TARP largesse according to a Sacramento Bee story. Buffett endorsed Barack Obama for President last year, and Obama tapped Buffett to be a member of the candidate’s economic team. Obama referred to Buffett’s endorsement during the campaign as proof that he had the capability to deal with the troubled US economy. Buffett’s holding company, Berkshire Hathaway, profited from TARP in several ways …

The number of people helping Obama put together the bailout package who had connectitions with the failing banks and who had previoulsy had profited from the Wall Street madness is stunning really.

Senate Banking Chairman Chris Dodd received special treatment from Countrywide on his mortgage, Obama Chief of Staff Rahm Emmanuel received about $300,000 for very little work at Freddie Mac, former Clinton OMB Director Franklin Raines reaped about $90 million from Fannie Mae by inflating profits — and the list goes on.

The this from Friday’s NY Times:

Lawrence H. Summers, the top economic adviser to President Obama, earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed Friday in releasing financial information about top officials.

But it just gets better:

The disclosure forms also shed further light on the compensation received by a top Obama aide who previously worked for Citigroup, one of the largest recipients of taxpayer bailout money. The aide, Michael Froman, deputy national security adviser for international economic affairs, received more than $7.4 million from the company from January 2008 to when he joined the White House this year.

Want more? Sure.

Desirée Rogers, the White House social secretary. Ms. Rogers, a close Chicago friend of the Obama family, reported income of $2.3 million last year. She earned a salary of $1.8 million from People’s Gas & North Shore Gas, along with three other sources of income from serving on insurance company boards.

Thomas E. Donilon, the deputy national security adviser, reported earning $3.9 million as a partner at the Washington law firm O’Melveny & Myers. His disclosure form says major clients included Citigroup, Goldman Sachs.

Not bad money for a social secretary. I gotta get a job like that. Hmmm, or maybe become a Democrat? Just waiting now to hear from Erik and Steve. Check back frequently for them to drop something here.

Congressman Larson explains a few things

This is a video from Jan 29, 2009 . Yours truly had the distinct pleasure of getting to ask 1st District Congressman John Larson (D-Conn.) a couple of questions.

Basically he blames the Bush administration.  I was able to ask the exact same question today and he really didn’t answer the question. Nothing has changed since then. We still do not have full disclosure.

In this next video Congressman Larson explains how we are going to pay back all of the money that we are borrowing from the world. If someone can interpret this that would be wonderful.

Capitalists … Meet Your Master

Just in case you were wondering if the CEO of General Motors is the only one facing the guillotine (figuratively of course). Read more

Are You Threatening Us, Mr. President?

Although it is doubtful that anyone in the room had the courage to ask that question, it would appear that had they, the answer would have been, “yes”.  The story is beginning to emerge from the recent meeting between Obama, and the CEO’s of the banks receiving TARP money.  Initially described by all as “cordial”, we now are learning that a more apt description might have been “frosty“.

But President Barack Obama wasn’t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public’s reaction to such explanations. “Be careful how you make those statements, gentlemen. The public isn’t buying that.”

“My administration,” the president added, “is the only thing between you and the pitchforks.”

Is that the part where the administration stirs the public into a frenzy, and ACORN rents buses for the now frenzied masses to pay a “visit” to the CEO’s homes, a la AIG?    Whether you were in favor of TARP or not, it is unconscionable to think that unless the banks do what the administration orders, the CEO’s will be exposing themselves and their families to mob violence.

But, this is how far we have come in only a few short months.  The government now controls our banking system.  To be sure, the government has always regulated the banking system, but the banks themselves have been controlled by their shareholders, and the free market system.  No longer.

Well, you say, let them pay back the TARP money and the government won’t control them anymore.  Besides, wouldn’t it be great for the taxpayers to have that money back?  Not so fast…

In a column in the April 4, 2009 Wall Street Journal, Stuart Varney (often a guest on Sound Off Connecticut) gives us the details of an even more chilling plan.

It is not for nothing that rage has been turned on those wicked financiers. The banks are at the core of the administration’s thrust: By managing the money, government can steer the whole economy even more firmly down the left fork in the road.

And here is how that is accomplished.  All the government needs to do is refuse to accept a return of TARP money, and, believe it or not, that has already happened.  According to that column, one bank (whose identity has not been revealed to prevent “retaliation”) has already offered to repay the TARP money, with interest, but the administration has said, “no”, threatening the bank with “adverse consequences” if the bank continues to try to repay the money!

Pitchforks, retaliation, adverse consequences?  This is beginning to sound like what we have come to refer to as “Illinois political thuggery” at its finest.  Only this time the stakes are much higher.  What better way to redistribute wealth, than to control our systems of wealth.  Should Congress pass the bill giving the Secretary of the Treasury the power to set the salaries of TARP recipients bright young financiers will leave, only to be replaced by government bureaucrats.

  Mission accomplished.