The Hot Garbage of the Democrat 'I've Evolved' Argument
43 minutes ago
March 24, 2009
China Calls For U.S. To Dump Dollar
Beijing -- The Chief of the CHinese Central Bank has publicly called for the world to adopt a new "reserve currency" and to "dump" the U.S. dollar as the present reserve currency of the world.China has now joined Russia in making such calls publicly.This is the single worst possible development that could strike the USA, and fits directly into the time frame I warned about as far back as September 2007.If and when the world dumps the dollar, we will not be able to use our currency to buy much if anything from the rest of the world because the world is now viewing the Dollar as worthless.If more countries adopt the view of China and Russia, the U.S. economy will cease to exist and the U.S. Government will collapse within months.
March 23, 2009
Punch Drunk Obama
Yesterday on CBS’s 60 Minutes, Steve Kroft elicted the most insightful comments from President Obama that we’ve seen to date on the financial crisis he doesn’t want to waste.
Obama:I just want to say the only thing less popular than putting money in the banks [begins to smile] is putting…ha ha ha… money in the [continues to chortle and doesn’t finish the answer].
Kroft. Eighteen percent are in favor of it.
Obama. [Giggle]
Kroft. Seventy-six percent against.
Obama. It’s not a high number.
Kroft. You’re sitting here. And you’re laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he’s sitting there just making jokes about money?’ How do you deal with — I mean: explain … Are you punch-drunk?”
Not punch drunk. Stupid.
According to Howie Kurtz, the Obama Administration wanted this interview on 60 Minutes because they felt they were having trouble getting their message out. The fact that CBS has been a Democrat lapdog since the Nixon Administration and the demographics for 60 Minutes skews heavily to older viewers, precisely that demographic which is benefiting most from having Obama and Geithner preserving the investments they are depending on to live undoubtedly figured in the calculus somewhere. (As an aside, I think we need to stop using “calculus” when referring to any decision made by the Obama Administration as what we’ve seen so far much more resembles them pulling off their shoes and socks to deal with really big numbers.)
Kroft, who spent 90 minutes with Obama, says the president was “very, very relaxed” and seems comfortable with him after several previous interviews. “He did not seem at all concerned about what the press has been playing up as his worst week,” says Kroft, who was editing the story until 3:30 a.m. Sunday. “My own personal feeling is they sense they’re having trouble getting their message out in Washington and wanted a discussion at a more leisurely pace that went beyond a sound bite. . . . The challenge was to try to break through and get him to talk about things he hadn’t been talking about.”
To the extent they were able to get beyond the sound bites, I think we can all unite in agreeing that this was a barn burner of a success. And Kroft clearly succeeded in making Obama “very, very relaxed.”
But at a time when the world financial markets are reading utterances by the President and Secretary of the Treasury Geithner the way a fortune teller would read the entrails of a goat, Obama seems to think it is pretty funny that he has a job and a lot of people have lost theirs and that our financial system could be turned into a steaming heap of ordure by any unwise action.
Incredible. At least Nero had musical ability.
As Jeff Emanuel noted last evening:
Here’s a question: what the heck happened to the “Hope and Change” this man was supposed to bring to America with his accession to the White House? I suppose having a hearty chuckle on national television at those Americans who have lost their jobs, their incomes, and their savings in the last several months (with the bulk of the latter coming since the president’s swearing in a scant two months ago) is, in fact, a “change” from what every previous executive has done; however, something tells me rubbing America’s collective face in the current crisis isn’t exactly the brand of “change” that 53% who supported Obama voted for.
This guy has been given the benefit of the doubt by the press to an unbelievable extent. At some point the media has to begin acknowledging that Obama is way out of his depth as is his Administration. As is the case with so many mediocre intellects, they have to surround themselves with inferior mediocrities as a salve to their ego. Obama seems to have done this in a superlative fashion. Were this a one of a kind occurrence we could write it off as such but, sadly, this lack of sensitivity – or just plain common sense – is becoming the hallmark of any action by the administration.
Obama:I just want to say the only thing less popular than putting money in the banks [begins to smile] is putting…ha ha ha… money in the [continues to chortle and doesn’t finish the answer].
Kroft. Eighteen percent are in favor of it.
Obama. [Giggle]
Kroft. Seventy-six percent against.
Obama. It’s not a high number.
Kroft. You’re sitting here. And you’re laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he’s sitting there just making jokes about money?’ How do you deal with — I mean: explain … Are you punch-drunk?”
Not punch drunk. Stupid.
According to Howie Kurtz, the Obama Administration wanted this interview on 60 Minutes because they felt they were having trouble getting their message out. The fact that CBS has been a Democrat lapdog since the Nixon Administration and the demographics for 60 Minutes skews heavily to older viewers, precisely that demographic which is benefiting most from having Obama and Geithner preserving the investments they are depending on to live undoubtedly figured in the calculus somewhere. (As an aside, I think we need to stop using “calculus” when referring to any decision made by the Obama Administration as what we’ve seen so far much more resembles them pulling off their shoes and socks to deal with really big numbers.)
Kroft, who spent 90 minutes with Obama, says the president was “very, very relaxed” and seems comfortable with him after several previous interviews. “He did not seem at all concerned about what the press has been playing up as his worst week,” says Kroft, who was editing the story until 3:30 a.m. Sunday. “My own personal feeling is they sense they’re having trouble getting their message out in Washington and wanted a discussion at a more leisurely pace that went beyond a sound bite. . . . The challenge was to try to break through and get him to talk about things he hadn’t been talking about.”
To the extent they were able to get beyond the sound bites, I think we can all unite in agreeing that this was a barn burner of a success. And Kroft clearly succeeded in making Obama “very, very relaxed.”
But at a time when the world financial markets are reading utterances by the President and Secretary of the Treasury Geithner the way a fortune teller would read the entrails of a goat, Obama seems to think it is pretty funny that he has a job and a lot of people have lost theirs and that our financial system could be turned into a steaming heap of ordure by any unwise action.
Incredible. At least Nero had musical ability.
As Jeff Emanuel noted last evening:
Here’s a question: what the heck happened to the “Hope and Change” this man was supposed to bring to America with his accession to the White House? I suppose having a hearty chuckle on national television at those Americans who have lost their jobs, their incomes, and their savings in the last several months (with the bulk of the latter coming since the president’s swearing in a scant two months ago) is, in fact, a “change” from what every previous executive has done; however, something tells me rubbing America’s collective face in the current crisis isn’t exactly the brand of “change” that 53% who supported Obama voted for.
This guy has been given the benefit of the doubt by the press to an unbelievable extent. At some point the media has to begin acknowledging that Obama is way out of his depth as is his Administration. As is the case with so many mediocre intellects, they have to surround themselves with inferior mediocrities as a salve to their ego. Obama seems to have done this in a superlative fashion. Were this a one of a kind occurrence we could write it off as such but, sadly, this lack of sensitivity – or just plain common sense – is becoming the hallmark of any action by the administration.
Global Warming Hoax
WASHINGTON
– This may come as bad news for Al Gore.
The modest global warming trend has stopped – maybe even reversed itself.
And it's not just the record low temperatures experienced in much of the world this winter.
For at least the last five years, global temperatures have been falling, according to tracking performed by Roy Spencer, the climatologist formerly of NASA.
"Global warming" was going to bring more and more horrific hurricanes, climate change scientists and the politicians who subscribed to their theories said. But since 2005, only one major hurricane has struck North America.
No need to get overheated. Read "Global Warming or Global Governance? What the media refuse to tell you about so-called climate change" for just $4.95 today!
A new study by Florida State University researcher Ryan Maue shows worldwide cyclone activity – typhoons, as well as hurricanes – has reached at least a 30-year low.
Two more studies – one by the Leibniz Institute of Marine Science and the Max Planck Institute of Meteorology in Germany and another by the University of Wisconsin – predict a slowing, or even a reversal of warming, for at least the next 10 to 20 years.
The Arctic sea ice has grown more on a percentage basis this winter than it has since 1979.
The number of polar bears has risen 25 percent in the past decade. There are 15,000 of them in the Arctic now, where 10 years ago there were 12,000.
"The most recent global warming that began in 1977 is over, and the Earth has entered a new phase of global cooling," says Don Easterbrook, professor of geology at Western Washington University in Bellingham, confidently. He maintains a switch in Pacific Ocean currents "assures about three decades of global cooling. New solar data showing unusual absence of sun spots and changes in the sun’s magnetic field suggest ... the present episode of global cooling may be more severe than the cooling of 1945 to 1977."
Climatologist Joe D’Aleo of the International Climate and Environmental Change Assessment Project, says new data "show that in five of the last seven decades since World War II, including this one, global temperatures have cooled while carbon dioxide has continued to rise."
"The data suggest cooling not warming in Earth's future," he says.
– This may come as bad news for Al Gore.
The modest global warming trend has stopped – maybe even reversed itself.
And it's not just the record low temperatures experienced in much of the world this winter.
For at least the last five years, global temperatures have been falling, according to tracking performed by Roy Spencer, the climatologist formerly of NASA.
"Global warming" was going to bring more and more horrific hurricanes, climate change scientists and the politicians who subscribed to their theories said. But since 2005, only one major hurricane has struck North America.
No need to get overheated. Read "Global Warming or Global Governance? What the media refuse to tell you about so-called climate change" for just $4.95 today!
A new study by Florida State University researcher Ryan Maue shows worldwide cyclone activity – typhoons, as well as hurricanes – has reached at least a 30-year low.
Two more studies – one by the Leibniz Institute of Marine Science and the Max Planck Institute of Meteorology in Germany and another by the University of Wisconsin – predict a slowing, or even a reversal of warming, for at least the next 10 to 20 years.
The Arctic sea ice has grown more on a percentage basis this winter than it has since 1979.
The number of polar bears has risen 25 percent in the past decade. There are 15,000 of them in the Arctic now, where 10 years ago there were 12,000.
"The most recent global warming that began in 1977 is over, and the Earth has entered a new phase of global cooling," says Don Easterbrook, professor of geology at Western Washington University in Bellingham, confidently. He maintains a switch in Pacific Ocean currents "assures about three decades of global cooling. New solar data showing unusual absence of sun spots and changes in the sun’s magnetic field suggest ... the present episode of global cooling may be more severe than the cooling of 1945 to 1977."
Climatologist Joe D’Aleo of the International Climate and Environmental Change Assessment Project, says new data "show that in five of the last seven decades since World War II, including this one, global temperatures have cooled while carbon dioxide has continued to rise."
"The data suggest cooling not warming in Earth's future," he says.
Obama's School Of Economic Recovery
Now what?
Last week, the Obama administration brought us a $1 trillion Federal Reserve magic trick hatched by the David Copperfield School of Economic Recovery — printing up a trillion bucks and “pumping it into the U.S. economy”…by buying up bonds and mortgage securities…sold and backed by the government.
Today, hapless, truth-challenged tax cheat Treasury Secretary Tim Geithner officially unveils another $1 trillion magic trick. Instead of letting failed banks fail, we’ll have another desperately massive and massively desperate attempt to prop them up through a “public private partnership investment program.” Eager to get the still-unfolding Bonus-gate behind them (see “Geithner Aides Worked With AIG for Months on Bonuses” and “AIG paid over $218 million in bonus payments”), Team Obama leaked details of the plan over the weekend. World stock markets were up this morning, full of audaciously blind hope.
Geithner ’s WSJ op-ed this morning lays out some of the details he failed to deliver when he first unveiled his non-plan plan a month ago:
Today, we are announcing another critical piece of our plan to increase the flow of credit and expand liquidity. Our new Public-Private Investment Program will set up funds to provide a market for the legacy loans and securities that currently burden the financial system.
The Public-Private Investment Program will purchase real-estate related loans from banks and securities from the broader markets. Banks will have the ability to sell pools of loans to dedicated funds, and investors will compete to have the ability to participate in those funds and take advantage of the financing provided by the government.
The funds established under this program will have three essential design features. First, they will use government resources in the form of capital from the Treasury, and financing from the FDIC and Federal Reserve, to mobilize capital from private investors. Second, the Public-Private Investment Program will ensure that private-sector participants share the risks alongside the taxpayer, and that the taxpayer shares in the profits from these investments. These funds will be open to investors of all types, such as pension funds, so that a broad range of Americans can participate.
Third, private-sector purchasers will establish the value of the loans and securities purchased under the program, which will protect the government from overpaying for these assets.
The new Public-Private Investment Program will initially provide financing for $500 billion with the potential to expand up to $1 trillion over time, which is a substantial share of real-estate related assets originated before the recession that are now clogging our financial system. Over time, by providing a market for these assets that does not now exist, this program will help improve asset values, increase lending capacity by banks, and reduce uncertainty about the scale of losses on bank balance sheets. The ability to sell assets to this fund will make it easier for banks to raise private capital, which will accelerate their ability to replace the capital investments provided by the Treasury.
This program to address legacy loans and securities is part of an overall strategy to resolve the crisis as quickly and effectively as possible at least cost to the taxpayer. The Public-Private Investment Program is better for the taxpayer than having the government alone directly purchase the assets from banks that are still operating and assume a larger share of the losses. Our approach shares risk with the private sector, efficiently leverages taxpayer dollars, and deploys private-sector competition to determine market prices for currently illiquid assets.
The self-delusional hope, as the NYTimes put it over the weekend (see “Toxic Asset Plan Foresees Big Subsidies for Investors”), “is that such a generous taxpayer subsidy will attract private investors into the market and accelerate the recovery of the country’s banks.”
Because, you know, the trillions of generous taxpayer subsidies we’ve already poured down the hole have worked such wonders to “accelerate the recovery.”
And because, you know, healthy investment firms will be sooooo eager to accept government funding after watching what happened to AIG.
Mike Shedlock boils it down:
This is similar in nature to fraudulent schemes that promise “what’s inside the bag is worth $1 million, unless you open the bag”.
In this case there may be a few “good bags” similar in nature to salting the mine schemes, but for the most part everyone knows what’s in the bag is toxic garbage. What really makes no sense whatsoever is why the government would risk 97% with shared “upside” instead of just buying it all.
Somehow, Geithner (and Obama by implication) believes that igniting a bidding war between hedge funds and private equity over a bag of cow manure will inspire confidence that there’s gold in the bag. Such insanity cannot possibly work, which means it won’t.
To paraphrase Obama’s favorite president, Abe Lincoln: “You can fool all of the Kool-Aid drinkers some of the time, and some of the Kool-Aid drinkers all of the time, but you can’t fool all of the Kool-Aid drinkers all of the time.”
Last week, the Obama administration brought us a $1 trillion Federal Reserve magic trick hatched by the David Copperfield School of Economic Recovery — printing up a trillion bucks and “pumping it into the U.S. economy”…by buying up bonds and mortgage securities…sold and backed by the government.
Today, hapless, truth-challenged tax cheat Treasury Secretary Tim Geithner officially unveils another $1 trillion magic trick. Instead of letting failed banks fail, we’ll have another desperately massive and massively desperate attempt to prop them up through a “public private partnership investment program.” Eager to get the still-unfolding Bonus-gate behind them (see “Geithner Aides Worked With AIG for Months on Bonuses” and “AIG paid over $218 million in bonus payments”), Team Obama leaked details of the plan over the weekend. World stock markets were up this morning, full of audaciously blind hope.
Geithner ’s WSJ op-ed this morning lays out some of the details he failed to deliver when he first unveiled his non-plan plan a month ago:
Today, we are announcing another critical piece of our plan to increase the flow of credit and expand liquidity. Our new Public-Private Investment Program will set up funds to provide a market for the legacy loans and securities that currently burden the financial system.
The Public-Private Investment Program will purchase real-estate related loans from banks and securities from the broader markets. Banks will have the ability to sell pools of loans to dedicated funds, and investors will compete to have the ability to participate in those funds and take advantage of the financing provided by the government.
The funds established under this program will have three essential design features. First, they will use government resources in the form of capital from the Treasury, and financing from the FDIC and Federal Reserve, to mobilize capital from private investors. Second, the Public-Private Investment Program will ensure that private-sector participants share the risks alongside the taxpayer, and that the taxpayer shares in the profits from these investments. These funds will be open to investors of all types, such as pension funds, so that a broad range of Americans can participate.
Third, private-sector purchasers will establish the value of the loans and securities purchased under the program, which will protect the government from overpaying for these assets.
The new Public-Private Investment Program will initially provide financing for $500 billion with the potential to expand up to $1 trillion over time, which is a substantial share of real-estate related assets originated before the recession that are now clogging our financial system. Over time, by providing a market for these assets that does not now exist, this program will help improve asset values, increase lending capacity by banks, and reduce uncertainty about the scale of losses on bank balance sheets. The ability to sell assets to this fund will make it easier for banks to raise private capital, which will accelerate their ability to replace the capital investments provided by the Treasury.
This program to address legacy loans and securities is part of an overall strategy to resolve the crisis as quickly and effectively as possible at least cost to the taxpayer. The Public-Private Investment Program is better for the taxpayer than having the government alone directly purchase the assets from banks that are still operating and assume a larger share of the losses. Our approach shares risk with the private sector, efficiently leverages taxpayer dollars, and deploys private-sector competition to determine market prices for currently illiquid assets.
The self-delusional hope, as the NYTimes put it over the weekend (see “Toxic Asset Plan Foresees Big Subsidies for Investors”), “is that such a generous taxpayer subsidy will attract private investors into the market and accelerate the recovery of the country’s banks.”
Because, you know, the trillions of generous taxpayer subsidies we’ve already poured down the hole have worked such wonders to “accelerate the recovery.”
And because, you know, healthy investment firms will be sooooo eager to accept government funding after watching what happened to AIG.
Mike Shedlock boils it down:
This is similar in nature to fraudulent schemes that promise “what’s inside the bag is worth $1 million, unless you open the bag”.
In this case there may be a few “good bags” similar in nature to salting the mine schemes, but for the most part everyone knows what’s in the bag is toxic garbage. What really makes no sense whatsoever is why the government would risk 97% with shared “upside” instead of just buying it all.
Somehow, Geithner (and Obama by implication) believes that igniting a bidding war between hedge funds and private equity over a bag of cow manure will inspire confidence that there’s gold in the bag. Such insanity cannot possibly work, which means it won’t.
To paraphrase Obama’s favorite president, Abe Lincoln: “You can fool all of the Kool-Aid drinkers some of the time, and some of the Kool-Aid drinkers all of the time, but you can’t fool all of the Kool-Aid drinkers all of the time.”
DVD's Confirmed;Won't Play In England
Remember the cheesy DVD collection with which Chairman Zero insulted Britain's nearly blind Gordon Brown? It has been confirmed that it was encoded for the wrong region and can't be played on European machines.
With the Moonbat Messiah, you can't tell where the insolence leaves off and the incompetence begins. How many times were we told that this punk would mend the allegedly tattered relationships with our allies?
With the Moonbat Messiah, you can't tell where the insolence leaves off and the incompetence begins. How many times were we told that this punk would mend the allegedly tattered relationships with our allies?
The TOTUS
WTF is IT with these imbeciles? Are they TOTALLY unable to speak without a teleprompter in front of them 24/7? Are they so TOTALLY incapable of knowing their subject material enough to be able to confidently speak about it? That's what briefers are taught but then again, this is the administration of simple-minded radical children, often in the positions they are because of Affirmative Action or just outright nepotism. From Gibbs following his Master's lead as a stuttering fool to the antics of Turbo Tax Timmy Ghietner to a cabinet so full of cheats, liars, and frauds, that pathetic puppet and his team of idiots is almost laughable...almost. What makes this even funnier is that the leftist vermin made of the way Bush gave speeches but at least one, he had no teleprompter, and two, he wasn't a stuttering babbling fool.
"It is far better to remain silent, and let people think you are a fool, than to open your mouth and confirm that you are a fool!"
The Comrade Maobama team seems bound and determined to confirm this each and every day.
Someone tell Gibbs he's in so far over his head, that he could shovel the manure for a century and not see daylight!
"It is far better to remain silent, and let people think you are a fool, than to open your mouth and confirm that you are a fool!"
The Comrade Maobama team seems bound and determined to confirm this each and every day.
Someone tell Gibbs he's in so far over his head, that he could shovel the manure for a century and not see daylight!
Obama And The Crappy DVD's
Remember that crappy box O' DVDs that Obama gave to the UK Prime Minister as some form of a "special partnership"...well it turns out the DVDs don't even work across the pond. From The Telegraph (h/t Greyhawk):
Alas, when the PM settled down to begin watching them the other night, he found there was a problem.
The films only worked in DVD players made in North America and the words "wrong region" came up on his screen. Although he mournfully had to put the popcorn away, he is unlikely to jeopardise the special relationship – or "special partnership", as we are now supposed to call it – by registering a complaint.
Also, some punk staffer gave The Telegraph attitude when contacted:
A White House spokesman sniggered when I put the story to him and he was still looking into the matter when my deadline came last night.
It was reported that the Prime Minister was attempting to watch Psycho, but knowing the reliable competence of the new White House, I'm certain it was the ill-fated and atrocious 1998 remake with Vince Vaughn and not the original Hitchcok.
Alas, when the PM settled down to begin watching them the other night, he found there was a problem.
The films only worked in DVD players made in North America and the words "wrong region" came up on his screen. Although he mournfully had to put the popcorn away, he is unlikely to jeopardise the special relationship – or "special partnership", as we are now supposed to call it – by registering a complaint.
Also, some punk staffer gave The Telegraph attitude when contacted:
A White House spokesman sniggered when I put the story to him and he was still looking into the matter when my deadline came last night.
It was reported that the Prime Minister was attempting to watch Psycho, but knowing the reliable competence of the new White House, I'm certain it was the ill-fated and atrocious 1998 remake with Vince Vaughn and not the original Hitchcok.
Dumbama On 60 Minutes; Dumbass
To be honest, I am sick of Barack Obama's face.He's everywhere. He was on ESPN. He was on the Tonight Show. It's too much. It's overexposure.He was on 60 Minutes... again!It's saturation Obama, and it isn't over. He's screwing up prime time (American Idol) on Tuesday night by commandeering the air waves for a news conference. We don't need that.But back to 60 Minutes--After NCAA coverage ended, 60 Minutes was up next. It was left on in the background. I wasn't really watching Steve Kroft's intervew with Obama. I was busy doing other things, but I would listen now and then, and look at the screen now and then.I was thinking how arrogant he sounded and how smug he looked.Then came the laughing. It was so weird that even Kroft couldn't let it go unmentioned.Transcript
ON THE SUBJECT OT THE AILING AUTOMOBILE INDUSTRY THE PRESIDENT SAID HE IS STILL COMMITTED TO HELPING GENERAL MOTORS AND CHRYSLER AVERT BANKRUPTCY, BUT HE SAYS THEY HAVE YET TO DEMONSTRATE THEY CAN REMAIN ECONOMICALLY VIABLE. AND THERE ARE MAJOR POLITICAL OBSTACLES.PRESIDENT OBAMA: I just want to say that-- the only thing less popular than putting money into banks is putting money (LAUGHS) into the auto industry. So--STEVE KROFT: 18 percent are in favor.PRESIDENT OBAMA: (LAUGHS) That's--STEVE KROFT: Seventy-six percent against.PRESIDENT OBAMA: It-- it-- it's not a high number.STEVE KROFT: You're sitting here. And you're-- you are laughing. You are laughing about some of these problems. Are people going to look at this and say, "I mean, he's sitting there just making jokes about (LAUGHTER) money--” How do you deal with-- I mean, wh-- explain -PRESIDENT OBAMA: Well--STEVE KROFT: --the mood and your laughter.PRESIDENT OBAMA: Yeah, I mean, there's got to be--STEVE KROFT: Are you punch drunk?PRESIDENT OBAMA: No, no. There's gotta be a little gallows humor to (LAUGHS) get you through the day. You know, sometimes my team-- talks about the fact that if-- if you had said to us a year ago that-- the least of my problems would be Iraq, which is still a pretty serious problem-- I don't think anybody would have believed it. But-- but we've got a lot on our plate. And-- a lot of difficult decisions that we're going to have to make.STEVE KROFT: Afghanistan.PRESIDENT OBAMA: Speaking of which. Yeah.Obama said he wasn't punch drunk.OK.Then why was he laughing so inappropriately?He should have said yes.Obama has a sick, twisted sense of humor.OBAMA: "There's gotta be a little gallows humor to (LAUGHS) get you through the day."Give me a break!The cameras are rolling. He's sitting there with the lights on him. This was hardly the time for Obama to be laughing.Does he need "a little gallows humor" to get him through the interview with Kroft?Did Obama forget where he was, that he wasn't a celebrity doing a guest spot with Leno?It looked absolutely terrible for Obama to laugh when discussing the country's economic crisis.But it makes perfect sense. He jokes about bowling like a Special Olympics athlete. Of course, he would laugh about the sorry state of the auto industry.Fair or not, he came across as arrogant and insensitive, thoughtless and selfish. It appears that is the real Obama, stripped of his teleprompeter. Very unbecoming.
ON THE SUBJECT OT THE AILING AUTOMOBILE INDUSTRY THE PRESIDENT SAID HE IS STILL COMMITTED TO HELPING GENERAL MOTORS AND CHRYSLER AVERT BANKRUPTCY, BUT HE SAYS THEY HAVE YET TO DEMONSTRATE THEY CAN REMAIN ECONOMICALLY VIABLE. AND THERE ARE MAJOR POLITICAL OBSTACLES.PRESIDENT OBAMA: I just want to say that-- the only thing less popular than putting money into banks is putting money (LAUGHS) into the auto industry. So--STEVE KROFT: 18 percent are in favor.PRESIDENT OBAMA: (LAUGHS) That's--STEVE KROFT: Seventy-six percent against.PRESIDENT OBAMA: It-- it-- it's not a high number.STEVE KROFT: You're sitting here. And you're-- you are laughing. You are laughing about some of these problems. Are people going to look at this and say, "I mean, he's sitting there just making jokes about (LAUGHTER) money--” How do you deal with-- I mean, wh-- explain -PRESIDENT OBAMA: Well--STEVE KROFT: --the mood and your laughter.PRESIDENT OBAMA: Yeah, I mean, there's got to be--STEVE KROFT: Are you punch drunk?PRESIDENT OBAMA: No, no. There's gotta be a little gallows humor to (LAUGHS) get you through the day. You know, sometimes my team-- talks about the fact that if-- if you had said to us a year ago that-- the least of my problems would be Iraq, which is still a pretty serious problem-- I don't think anybody would have believed it. But-- but we've got a lot on our plate. And-- a lot of difficult decisions that we're going to have to make.STEVE KROFT: Afghanistan.PRESIDENT OBAMA: Speaking of which. Yeah.Obama said he wasn't punch drunk.OK.Then why was he laughing so inappropriately?He should have said yes.Obama has a sick, twisted sense of humor.OBAMA: "There's gotta be a little gallows humor to (LAUGHS) get you through the day."Give me a break!The cameras are rolling. He's sitting there with the lights on him. This was hardly the time for Obama to be laughing.Does he need "a little gallows humor" to get him through the interview with Kroft?Did Obama forget where he was, that he wasn't a celebrity doing a guest spot with Leno?It looked absolutely terrible for Obama to laugh when discussing the country's economic crisis.But it makes perfect sense. He jokes about bowling like a Special Olympics athlete. Of course, he would laugh about the sorry state of the auto industry.Fair or not, he came across as arrogant and insensitive, thoughtless and selfish. It appears that is the real Obama, stripped of his teleprompeter. Very unbecoming.
March 22, 2009
Obama And His Banking Coup
Barack Obama's plan for ALL banks isn't just overreaching. It's beyond that. It's so radical and so extreme that it's hard to believe it is what it is.
From the New York Times:
The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.
Good Lord!
ALL banks?
What right does Obama have to intervene in the operations and set compensation for executives at ALL banks?
This is insane.
Why stop at ALL banks? Why doesn't Obama set compensation rules for all industries?
Why stop at executives? Why doesn't Obama set compensation for all employees in all businesses?
Clearly, Obama is bent on destroying the private sector.
Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system.
It will propose that many kinds of derivatives and other exotic financial instruments that contributed to the crisis be traded on exchanges or through clearinghouses so they are more transparent and can be more tightly regulated. And to protect consumers, it will call for federal standards for mortgage lenders beyond what the Federal Reserve adopted last year, as well as more aggressive enforcement of the mortgage rules.
Hedge funds aren't regulated. It makes sense to rein that in and have some oversight, but to swallow up the workings of ALL banks is crazy.
The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort.
The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could go beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.
One proposal could impose greater requirements on company boards to tie executive compensation more closely to corporate performance and to take other steps to ensure that compensation was aligned with the financial interest of the company.
The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving federal bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission.
During the presidential campaign, Mr. Obama repeatedly urged regulators to adopt new rules to give shareholders a greater voice in setting executive pay for all public companies.
I can't believe this. Absolutely unbelievable.
Obama is attempting a coup.
Why should Obama get to determine compensation? That's nuts.
And Obama wants his rules to apply to financial institutions that are NOT receiving federal bailout money.
This isn't about the taxpayers and the people's money at all. Why should Obama be allowed to butt in and manage the business of the banks that are functioning without government funds?
This interference is unacceptable.
It's un-American.
This is truly disturbing: "Officials say the rules could also be applied more broadly to publicly traded companies."
WHAT?
Bottom line: Obama plans to take down capitalism.
Obama's vision demands the destruction of the American dream.
It appears the American people elected a tyrant.
It makes me sick.
From the New York Times:
The Obama administration will call for increased oversight of executive pay at all banks, Wall Street firms and possibly other companies as part of a sweeping plan to overhaul financial regulation, government officials said.
Good Lord!
ALL banks?
What right does Obama have to intervene in the operations and set compensation for executives at ALL banks?
This is insane.
Why stop at ALL banks? Why doesn't Obama set compensation rules for all industries?
Why stop at executives? Why doesn't Obama set compensation for all employees in all businesses?
Clearly, Obama is bent on destroying the private sector.
Officials said the proposal would seek a broad new role for the Federal Reserve to oversee large companies, including major hedge funds, whose problems could pose risks to the entire financial system.
It will propose that many kinds of derivatives and other exotic financial instruments that contributed to the crisis be traded on exchanges or through clearinghouses so they are more transparent and can be more tightly regulated. And to protect consumers, it will call for federal standards for mortgage lenders beyond what the Federal Reserve adopted last year, as well as more aggressive enforcement of the mortgage rules.
Hedge funds aren't regulated. It makes sense to rein that in and have some oversight, but to swallow up the workings of ALL banks is crazy.
The administration has been considering increased oversight of executive pay for some time, but the issue was heightened in recent days as public fury over bonuses spilled into the regulatory effort.
The officials said that the administration was still debating the details of its plan, including how broadly it should be applied and how far it could go beyond simple reporting requirements. Depending on the outcome of the discussions, the administration could seek to put the changes into effect through regulations rather than through legislation.
One proposal could impose greater requirements on company boards to tie executive compensation more closely to corporate performance and to take other steps to ensure that compensation was aligned with the financial interest of the company.
The new rules will cover all financial institutions, including those not now covered by any pay rules because they are not receiving federal bailout money. Officials say the rules could also be applied more broadly to publicly traded companies, which already report about some executive pay practices to the Securities and Exchange Commission.
During the presidential campaign, Mr. Obama repeatedly urged regulators to adopt new rules to give shareholders a greater voice in setting executive pay for all public companies.
I can't believe this. Absolutely unbelievable.
Obama is attempting a coup.
Why should Obama get to determine compensation? That's nuts.
And Obama wants his rules to apply to financial institutions that are NOT receiving federal bailout money.
This isn't about the taxpayers and the people's money at all. Why should Obama be allowed to butt in and manage the business of the banks that are functioning without government funds?
This interference is unacceptable.
It's un-American.
This is truly disturbing: "Officials say the rules could also be applied more broadly to publicly traded companies."
WHAT?
Bottom line: Obama plans to take down capitalism.
Obama's vision demands the destruction of the American dream.
It appears the American people elected a tyrant.
It makes me sick.
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