Archive for November 13th, 2008

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The Crap Sandwich Has a New Flavor

November 13, 2008

It seems that the Troubled Asset Relief Program or TARP has now turned into a TRAP for our tax dollars.  Treasury Secretary Paulson recently acknowledged that the Bailout is no longer going to purchase Troubled Assets with the money in the Troubled Asset Relief Program.  What???!!!???  If we were forced to mortgage our future to bailout lending institutions from variable loans, on homes with inflated prices, and with owners who should not have been able to purchase the house in the first place then why aren’t you doing what you promised?  Where is this money going to go?  Did we even need $700 Billion?  Can I get some of that money?  We should be outraged.  Who will be our voice? Just as MM suggests Paulson has become the Naked Emperor, and no the sky was not falling.

Today, three senators wrote to Secretary Paulson with their concerns.  At least there are 3 out of the 535 who are willing to ask questions.  Here are excerpts from the letter:

November 13, 2008

Dear Secretary Paulson:

We are writing to express our deep concern over your announcement this morning that the Department of the Treasury will halt all plans to purchase trouble mortgage assets through the Troubled Asset Relief Program (TARP). We are concerned that the program has been fundamentally changed from its original intent and worry that continued changes may erode the structures of accountability put in to protect taxpayers.

The primary reason for this course of action, we were told, was to assist the market in discovering the price of these assets and to return liquidity to the financial markets.

This troubled asset relief program has to be properly designed for immediate implementation and be sufficiently large to have maximum impact and restore market confidence. It must also protect the taxpayer to the maximum extent possible, and include provisions that ensure transparency and oversight while also ensuring the program can be implemented quickly and run effectively.

Although the legislation was passed on October 3, the program was never implemented and now has been officially abandoned in favor of alternative plans after little more than a month. Such a rapid reversal raises questions about the TARP’s original design as well as the propriety of future plans.

Sincerely,

U.S. Senator Tom Coburn, M.D., U.S. Senator Richard Burr, U.S. Senator David Vitter

We should all write to these senators and let them know how much we appreciate their intelligence.  We do not need Government spending the money where they see fit.  It is our money they are borrowing, and there needs to be some oversight and transparency in order for the taxpayers to know where are money is going.  Let us hope that Congress can get this together before it is too late, or I want a refund.  Like a huge check in the mail.

-reagan21

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CA Assemblyman Chuck Devore to Challenge Barbara Boxer in 2010

November 13, 2008

(Thanks to Erick at Redstate)

TBV readers:  Devore is a very attractive candidate.  Not only is a veteran, but he is very articulate, and he relates well to regular people. As the Republican party seeks to rebuild its leadership across the country at local, state, and national levels – we conservatives need new leadership with big ideas rooted in Reagan conservatism, all eyes should be on Chuck Devore and California.

– AP

Mr. Devore intends to challenge Barbara Boxer in 2010 for the United States Senate. He is an interesting candidate and a compelling choice for Republicans to embrace early.

Devore represents the Republican bastion of Orange County that, demographically, is slowly turning from red to blue. Despite the demographic change, Devore has been able to hold on the area in a way others have not. In 2004, Devore won a greater percentage of votes in his district than George Bush did, despite Devore having a Libertarian candidate on the ballot opposing him. In 2008, again Devore won a greater percentage of the vote than John McCain. “The GOP vote was depressed this year,” he tells me. The party ran with “a muddled vision of Democrat lite” and voters chose the real thing over the pretender, Devore explained.

Devore is one of those candidates who likes to make clear there are real differences between the Republicans and Democrats. “A majority of Californians now agree nuclear power is needed,” he tells me, pointing out Barbara Boxer disagrees. “A plurality also favor offshore drilling,” he tells me, again pointing out Barbara Boxer disagrees. Boxer, he emphasizes, “is an unreconstructed extremist liberal.” That’s red meat rhetoric that will play well to the Republican base.

Devore is committed to picking off Boxer. In 2010, an political earthquake is coming to California. He is taking advantage of it. This year, voters in California sided with the Governator and approved a proposal to have a non-partisan redistricting commission draw the redistricting lines. The commission will begin after the 2010 census. The proposal does not apply to congressional districts, but will shake up the California General Assembly.

“Right now, less than 10% of seats are competitive,” Devore fills me in. “60% will still be non-competitive after the new redistricting.” But the competitive 40% is still enough to shake things up. The Democrats in California have a simmering civil war competitive redistricting just might shake back into political fratricide. Urban white power brokers are more and more often clashing with the growing numbers of Latino and black voters in the state — voters who have helped lock in Democratic dominance.

Right as things are shaking up, Devore will be seizing the initiative against Boxer. She opposed Proposition 8 in hostile terms. Black and Latino voters, who have never been willing to embrace her too strongly, were on the other side — on Devore’s side. They are on his side on energy too. In fact, on many social issues and day to day life issues, Devore and the conservatives in California are much more in line with Latino voters and black voters than Barbara Boxer and the urban white elites whose policies have made it even more difficult for poorer families to survive.

 

Devore for U.S. Senate – http://www.chuckdevore.com/