Posts Tagged ‘crap sandwich’

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The Big Three Burning Through Cash While on Capitol Hill

November 19, 2008

Could I borrow $25 Billion, once again I forgot my diamond studded wallet on my private jet?  It seems that while the Big Three Auto makers were pleading for cash, their private jets were waiting for them down on the Tarmac.

Hotair via ABCNews reports:

The CEOs of the big three automakers flew to the nation’s capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.

The CEOs of GM, Ford and Chrysler may have told Congress that they will likely go out of business without a bailout yet that has not stopped them from traveling in style, not even First Class is good enough.

All three CEOs – Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler – exercised their perks Tuesday by flying in corporate jets to DC. Wagoner flew in GM’s $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone.

The jets cost $20,000 just to fly to and from Washington…and you want more of my money?  (Actually according to republican Congressman Knollenberg, It’s not my money…it belongs to Congress).  Moreover, Ford CEO, Alan Mulally, flies to and from Detroit from Seattle every week because he did not want to relocate to Detroit upon taking his job.  That is millions of dollars per year, because your CEO doesn’t want to move?  Really?!? 

I have an idea.  First cut off all of your fat and reckless spending, then come to me begging for cash.  Does no one else see how a Chapter 11 Bankruptcy filing could help this situation.  I guarantee the US Trustee would not allow the use of these jets, and any other negligent spending.  I bet he would force the Big Three to put the jets up for auction on ebay.  Chapter 11 would actually promote the possibility of long term growth.  An influx of cash would not discourage horrible fiscal policy, and in some ways validate said fiscal irresponsibility.  Romney  and AP are with me, why isn’t Congress?

-reagan21

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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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Senate Passes Crap Sandwich 75-24

October 2, 2008

Yahoo News reports that the Senate just passed this 700 billion dollar turd with the three senators in the race voting for it. Interestingly though, it is unclear whether or not the House will pass this bill. Jake Tapper reports that neither Steny Hoyer or Roy Blount, in the House, signed off on the bill.  They only need to switch 11 votes.  As you may recall, the failout failed 205–28 on Monday. The bill, which last week was 3 pages, ended up being almost 500 pages and loaded to the gills with “tax extenders and pork barrel projects. There is a chance that 17 democrats may switch their yea votes to nays.