Obama Eliminates SEC Transparency
July 30th, 2010Every 2,400 page bill that comes from this administration has cute little surprises tucked into them. The Financial Reform Act is no exception.
The SEC no longer has to provide any information that was previously required by the Freedom of Information Act. Remember the big campaign promises about more transparency? Forget that. Remember the trumpeting about the Act itself that it would look after the little guy? Forget that.
Do you recall any public disclosure about this part of the Act while it was being debated? Any media exposure of this new SEC immunity from disclosing anything to anyone? What will happen to this part of the act now?
There will be a hue and cry that it hurts the little guy. The Democrats who stuck it in there will come up with lame excuses regarding the reasons why it was stuck in there. But, it will stay in there. Stay in there until January of 2011 when a Republican Congress takes it out.
What does the SEC have to hide? Let’s see there was that little Bernie Madoff problem. Using the Freedom of Information Act, some media got information that showed Madoff had a tight relationship with certain people in the SEC. The same with Bear Stearns, the same with Lehman Bros. Very embarrassing to the SEC. If the SEC is investigating someone, wouldn’t you as an investor want to know about that?
Can you name one reason why this is in your benefit to have the SEC be able to hide anything they choose to hide that no other facet of government is allowed to hide? Come up with one and I’ll listen.
In my judgment, this was done by the SEC with the help of a Democratic Congress to allow the SEC to bury embarrassments that might happen despite the very expensive Financial Reform Act.
So, if the Act fails, the failures can be hidden. I find this disgusting at best and downright illegal at worst.
Tags: Bear Stearns, Financial Reform Act, Freedom of Information Act, Lehman Bros, madoff, obama, SEC
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Obama Puts The View Over the Boy Scouts
July 29th, 2010I guess our president wants to enhance his image by appearing on The View. That should help the dive in his approval ratings. Contributions to the Democratic Party are down 65% this year over 2008. Obama couldn’t make it to speak at the Boy Scout’s 100 year celebration in Washington, D.C. But, he can go on The View. A vacuous show with babbling idiots. He should fit right in. They will need bibs to catch the drool.
Sam Adam, former governor Blagojevich’s defense attorney said in his closing arguments that his client wasn’t the sharpest knife in the drawer. Based on his performance in office, one might begin to say the same about Blago’s peer, President Obama. Sam also said Blago made bad decisions about his advisers. Again, who would tell Obama to blow off the Boy Scouts and go on The View? Is he jealous because Gore has both a Nobel Prize and an Oscar?
President Obama made Mexico happy by suing Arizona and winning. But, he made 60% of the American public unhappy. Now, he’s trying to blame it on Eric Holder. His approval rating will take another hit over this. The contributions to the Democratic Party will take another hit. When your president has upset the financial community, the business community, the medical community, the Jewish community, small businessmen, the elderly, the Boy Scouts, military veterans, and most everyone I know, who is left to contribute? Labor unions, freak environmentalists, those never intending to be employed, and illegal aliens who can’t vote?
Every day I become more and more convinced that Obama is totally clueless or simply on a mission to destroy my country. There is no other explanation for his decisions. He is taking the entire Democratic Party down in record time. He is bankrupting my country. He is uncomfortable with anything but a teleprompter. Oil spill, not my problem. He has lost trust. He has lost faith. He is lost period. He has broken every campaign promise. He has no compunctions about standing before the teleprompter and telling whoppers.
I sure hope he looks presidential on The View. He doesn’t anywhere else any more. Except to the cherished few who still get a tingle down the leg, no one believes you anymore.
Tags: Boy Scouts of America, gore, obama, The View
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Tony Hayward Gets the Boot
July 28th, 2010In the corporate world you pay when you fail to perform. The oil leak was on Tony Hayward’s watch. He failed to measure up to his promise of laser attention on safety. Then, he failed to demonstrate the leadership required of the CEO job. He did not do and say the right things to give people the impression that he was making the Gulf oil leak top priority and had appropriate empathy for the people who were harmed by the act. He deserved to be fired, and he was. It’s easy to say he walked away with millions, so who cares? He cares. He worked his way to the top of a huge corporation and leaves in disgrace. He would give most of those millions back to have the oil leak erased.
In the world of US politics, you do worse than Tony Hayward did and you suffer no consequences. No one did more to destroy the US economy than Chris Dodd and Barney Frank. Dodd is retiring rather than suffer a defeat in the November elections. Barney will be reelected and go on with his mischief. Both proudly stood behind President Obama when the signed the abortion of a Financial Reform Act into law. Smug as peacocks. The Financial Reform Act that ignores Freddie and Fannie like they don’t exist.
Dodd and Frank supported Freddie and Fannie to the end and beyond. Without these two organizations there would not have been a housing meltdown. Taxpayers have dumped over $100 billion into these two organizations to cover up their mistakes. The men who ran Freddie and Fannie into the ground walked away with millions in bonus payments, but the AIG people got the public attention. They still sit on billions in bad mortgages and the bailouts for them are not over.
Who are Dodd and Frank kidding. They should have been fired for far more reasons than Tony Hayward. They kept Freddie and Fannie out of Financial Reform because they want the Freddie and Fannie problems kept under the rug. They don’t intend to answer to anyone for their culpability in the mess. They don’t want reform in Freddie and Fannie because they want them to keep doling out mortgages to people who can’t pay. They still believe home ownership is an American right.
Will either Dodd or Frank ever face justice for their injustice to the US taxpayer? Will they even have to answer to the media for their failures?
In a media culture where 400 high-level journalists were sharing e-mails on how to get Obama elected during the campaign, it can’t happen. If you were a TV producer or a newspaper editor, would you fire a journalist in your employ who was blatantly using his job to promote his political ideology? Have any of the 400 been fired for participating in the little cartel to elect Obama? None that I’ve read about?
In the private sector, you mess up, you get fired. In the government, you mess up, nothing happens. In the media world, you mess up, nothing happens.
Tags: barney frank, Chris Dodd, Fannie, Freddie, Tony Hayward
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Why Stan is My Friend
July 27th, 2010In an era where the governor of Illinois will find out next week whether he will join the previous governor in prison, it’s hard to find anyone who has credibility. Our President tells us we can keep our doctor under his health care bill, but he knows, and we know he knows, many will not. Charlie Rangle is going to trial for ethics violations. Mark Kirk, Republican candidate for the Obama senate seat, tells tall tales about his military career and even an ordeal on a sailboat in Lake Michigan when he was a kid. His Democratic opponent made loans to gangsters and broke his bank. Great choice on that ticket.
Where have all the honorable people gone? Who stands for anything today? Whose word is worth anything, handshake is good enough to take to the bank?
All my life I have tried to avoid people like Rob Blagojevich, Mark Kirk, Barack Obama, Charlie Rangle, and people like this. I’m proud I have friends like Stan.
Stan was playing in a golf tournament. They were giving a car away for a hole in one. When Stan got to that hole, he asked his caddie, you want to risk your tip on me making this shot? The caddie said my car is a piece of crap, sure, I’ll do it. Stan said give my a six iron. The caddie said, I’ll give you a five iron. Stan knocked the shot in the hole and turned to the caddie and said, son, you just won a new jeep.
How many politicians do you think would have kept their deal with the caddie with a new car at stake? Bill Clinton was a notorious cheater at golf. Most politicians I’ve played with were. That’s why I don’t play golf with politicians anymore.
It makes me proud to be a friend of Stan’s. I just wish we had more Stan’s in this world today.
Tags: Blago, Clinton, hole-in-one, Kirk, obama, Rangle
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Help Your Rich Neighbor Buy a Volt
July 31st, 2010President Obama took a victory lap at GM. Remember when Bush landed on the aircraft carrier to announce the premature victory in the Iraq war? Same deal.
Obama touted the fact that 50,000 jobs were saved with the auto industry bailout. At a mere cost of only $50 billion. A million a job. Obama showed his continued infatuation with the Volt.
Statistics released today showed the sales of SUV’s are way up for 2010. Guess most Americans didn’t get the memo from the White House.
The Volt will essentially sell for $50,000. It’s the size of the typical $15,000 car you can buy today. But, you will get a tax credit of $7,500 from the man who wants you to buy a Volt. The real CEO of GM, President Obama. The Soviet Union made typically bad cars and lost money making them. The government was helping people buy golf carts earlier this year. You might be better off buying a golf cart than a Volt. Who will spend $41,000 for a car that has a range of 40 miles on the batteries? Who will take a $41,000 risk that GM got this right? I recall the 70′s when GM made diesel Cadillacs. They were a disaster. They blamed fuel, drivers, and anyone they could find when injectors pluigged at an alarming rate. Cost to repair was around $1,500 in 1980 dollars. Mercedes diesels ran fine, but GM’s didn’t.
Hollywood millionaires will snap them up, but drive their Bentleys or have their drivers drive them. Campy fads.
This is what you get when our government runs the car companies. Ford will keep turning out cars the public wants. GM will turn out cars Washington wants. Who will stay in business? It’s good we have a check and balance to Obama’s socialization of the auto industry. At least some car companies will survive.
But, like Bush, it’s a little early for a victory lap, Mr. President. Let’s see how the GM IPO goes. Let’s see how the Volt sells. Let’s pop the cork and light the cigars when we have all of our $50 billion back and GM is on it’s own.
Tags: Bush, Chevy Volt, GM, Iraq war, obama
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