We looked at whether Al Gore’s global warming alarmism was just a scam to increase his already considerable wealth by misleading people desperate to find meaning in life with a bunch of faith-based lies. This time, let’s take a look at Obama’s bailout activities and see whether the the bailouts are to stimulate the economy, or to reward people who voted for him.
For instance, California recently cut $74 million from its state budget by lowering the salaries of unionized workers. How did Obama respond? By threatening to withhold stimulus money unless the unions got the money back.
The radically leftist Los Angeles Times has the story. (H/T Hot Air)
Reporting from Sacramento — The Obama administration is threatening to rescind billions of dollars in federal stimulus money if Gov. Arnold Schwarzenegger and state lawmakers do not restore wage cuts to unionized home healthcare workers approved in February as part of the budget.
Schwarzenegger’s office was advised this week by federal health officials that the wage reduction, which will save California $74 million, violates provisions of the American Recovery and Reinvestment Act. Failure to revoke the scheduled wage cut before it takes effect July 1 could cost California $6.8 billion in stimulus money, according to state officials. …
The wages at issue involve workers who care for some 440,000 low-income disabled and elderly Californians. The workers, who collectively contribute millions of dollars in dues each month to the influential Service Employees International Union and the United Domestic Workers, will see the state’s contribution to their wages cut from a maximum of $12.10 per hour to a maximum of $10.10.
And we know from Michelle Malkin that Obama is pressuring private companies to shaft their shareholders in order to give his union buddies a better deal than they deserve.
Greed is good – until it gets in the way of a union-friendly restructuring deal. President Obama, generous recipient of Wall Street largesse, angrily derided a group of hedge fund managers this week as “speculators.” The miffed president suggested that uncooperative firms were selfish for holding out on the government’s Chrysler bankruptcy plans and refusing to make “sacrifices” to benefit the United Auto Workers.
The “sacrifices” involved Chrysler debt holders agreeing to sell the debt to the government at prices determined by union-beholden bureaucrats instead of bankruptcy courts. The hedge firms balked. Obama sneered that the dissenters were looking for “unjustified taxpayer-funded bailout.” But the holdouts never took banking bailout funds from Washington. And the targeted financial executives were simply doing what good money managers are supposed to do: put their clients’ fiduciary interests first.
Michelle Malkin also reports on how Obama wants another $19 billion for his peeps at Fanie Mae. Remember, democrats caused this recession by forcing banks via regulations to make loans to Democrat voters against all common sense. Obama gets happy leftist feelings of superiority by redistributing wealth from the producers to the victims. And he thinks that if you went to expensive private schools and Harvard thanks to a rich grandmother, then you would feel good about him redistributing your money, too.
The story from Yahoo News Michelle links to says:
Fannie Mae (FNM.P), the largest provider of U.S. home mortgage funding, said on Friday it needs more capital from the U.S. Treasury after a $23.2 billion loss in the first quarter, and warned government housing programs would cut deeper into its profitability.
The government-controlled company said its regulator requested $19 billion from the Treasury under a funding commitment that on Wednesday was doubled to $200 billion. The credit, in the form of senior preferred stock purchases, was established as soaring losses led the government to push the company into conservatorship in September.
As the nation’s housing market reels in its worst downturn since the 1930s, credit-related expenses accounted for the majority of Fannie Mae’s loss, at $20.9 billion. It also took a $5.7 billion loss on mortgage securities.
Provisions for credit losses soared 85 percent as the U.S. economy faltered, expanding delinquencies — which have wreaked havoc on the entire financial system — to consumers with better credit, it said.
Oh, and here is news of a prospective bailout of Obama’s buddies in the left wing media.
At the annual White House Correspondents Dinner in Washington DC Saturday evening (May 9), President Barack Obama ended on a serious note, pledging his undying support for journalists and specifically newspapers.
President Obama spoke about media job losses and changes in the industry, then quoted Jefferson, “if he had the choice between Government with newspapers or newspapers without Government, he’d choose the latter.” The gushing was perhaps understandable at a press function, but it’s what he said next that foretold of a newspaper bailout.
Obama told the crowd “Your ultimate success is essential to success of our democracy” before shortly saying “Government without a tough and vibrant media is not an option for the United States of America.”
The notable thing in context is that Obama primarily in the speech talks about newspapers, with other media outlets being mentioned second (collectively), or when making a joke (for example, noting that Jefferson hadn’t seen Cable News.) It would appear from the speech clearly that Obama holds the mainstream media, and particularly newspapers above online media. It is clear that when he talked about “tough and vibrant media” that he is referring to mainstream media, and newspapers in particular.
He concludes with the line that the problems in the media industry are “problems worth solving,” which sounds an awful lot like the final word that there’s going to be a newspaper bailout.
And remember I blogged recently about Michele Bachmann’s effort to prevent taxpayer money from going to ACORN while they are facing criminal charges.
It’s like Bush and Haliburton. Only that Bush stuff never actually happened, but this Democrat stuff is actually happening. Everything the Democrats hated about Bush? Like opposing dissent and free speech? Bush never did any of it. Democrats are the ones who are authoring hate crime bills and criminalizing blogging. Yeah, fascism is a solely a phenomenon of the left. Always has been, always will be.