Tag Archives: Detroit

News

Democrats use TARP money to shore up personal fortunes

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Story from the Washington Post. Senator Daniel Inouye (DEMOCRAT) intercedes to have TARP funds redirected to the floundering “Central Pacific” bank, which he owns.

But I prefer Hot Air’s summary.

In other words, Inouye interceded to get TARP funds to secure his personal assets.  He used his political clout on Capitol Hill to get Treasury to approve a “marginal” application that had already been rejected once, in order to save his own bank from collapse.  Central Pacific had already been in trouble with the FDIC even before the collapse in the lending and financial sector, thanks to bad management practices and undercapitalization.  The FDIC had required a change in management and $40 million more in capitalization, which is why Treasury was reluctant to give CP a bailout check in the first place.

Inouye isn’t the first member of Congress to have used TARP to rescue personal fortunes.  Maxine Waters did the same thing with OneUnited of Massachusetts, where she and her husband had significant investments.  In that case, Waters arranged a meeting between OneUnited and regulators, while Barney Frank wrote legislation that required Treasury to grant special consideration to OneUnited’s TARP application.

A second Hot Air piece about the corruption in the cap-and-trade bill.

Remember that last-minute, 300-page amendment to the cap-and-trade bill that hit the House just hours before the vote approving it?  The one that Democrats insisted on putting up for a vote before anyone had the chance to read it?  When one reads the contents of it, as the Washington Times’ Edward Felker did, it becomes apparent why Henry Waxman and Edward Markey pushed it through so quickly.  It was a payoff for Rep. Marcy Kaptur (D-OH) to turn her back on coal-producing Ohio and vote to kill the economy in her state, and she wasn’t alone…

…The amendment itself got published in the wee hours of Friday morning.  By the time the House came to order and began debate, it hadn’t yet been noted by the media.

In essence, Waxman and Markey bought Kaptur with our money. They spent $3.5 billion for a single vote in Congress, and Kaptur had willingly put herself up for sale.  Never mind that Ohio will get [hit] hard by caps on the use of coal.  Ohioans will lose jobs, their energy bills will skyrocket, and that will have an inflationary effect on all goods and services as the jobless rate escalates.

More Democrat corruption in Michigan

But this is not the only corruption going on with those sneaky Democrats.

Michigan Democrats are involved in yet another corruption scandal. I wonder if these Democrats keep their piles of cash in freezers like the Louisiana Democrats do.

Here’s the story from the BlogProf. This blog has been tracking the story from its inception.

Excerpt:

Ever since Monica Conyers became a convicted felon, a big chunk of the the most powerful Michigan Democrats have been somehow connected to the growing scandal. Husband John Conyers somehow wrote a letter to the EPA to open toxic deep wells that he vehemently opposed, which was a boost to Jim Pappas who was bribing Monica for the favor. In the middle was Monica Conyers advisor Sam Riddle. In addition, Pappas hired U.S. Sen Debbie Stabenow’s husband, Tom Athens, to illegally lobby for the same deal, all the while Stabenow publicly came out against Canadian trash imports, including those that we to be injected into said wells.

Since the conviction of Monica, Riddle has been talking. What he said today raised many eyebrows throughout the state, now ensnaring the Michigan Democrat Party, Jennifer Granholm, Mark Brewer chairman of the Michigan Democratic Party, and Bernard Kilpatrick father of disgraced felon ex-mayor Kwame Kilpatrick. From The Detroit News: Riddle: FBI probed $50K deal with Dems.

People who trash the free exercise of religion, traditional morality, the rule of law and family should not be expected to act honestly. Morality requires certain metaphysical beliefs, which Democrats, being secular socialists, just don’t have grounded by their worldview.

We can’t elect people who believe that it’s OK to kill defenseless unborn children for convenience and then expect them to have integrity. It’s not rational for someone like that to act morally. If they are willing break the big moral laws, they’ll have no trouble breaking the small ones, too.

Videos

MUST SEE! Michele Bachmann goes nuclear against gangster government!

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Representative Michele Bachmann
Representative Michele Bachmann

UPDATE: For all the people that are searching for Michele Bachmann, this blog is FILLED with stories on Michele Bachmann!!! Here is a good summary of some of her best material. Here’s her latest video.

More recent posts

Here are my recent posts on Michele Bachmann:

Michele Bachmann’s amazing speech

This video is a MUST SEE. (H/T Doug Groothuis)

Here is the article by Michael Barone that she cited.

What is gangster government?

To start with the obvious, even though Obama denies that he will manage the companies, we have all learned by now that he has no problem doing the very thing he is denying. (In ordinary life this political artfulness is called lying). He fired one CEO, forced Chrysler to accept Fiat (WSJ.com 6/5/09), told GM that it cannot move its headquarters out of Detroit (WSJ.com 6/3/09), and may have ordered that whoever buys GM’s European auto maker Opel must agree not to export cars to the U.S.. (WSJ.com 6/1/09) These decisions were made in secret with no Congressional oversight, by a man with no training or experience of any kind in business, never mind the auto business. The companies will be run by politicians, who will make decisions for the benefit of political agendas rather than on sound business principles. The result will be that the auto companies and the union will not make the deep changes required to make the companies profitable, so we can anticipate many more cash infusions.

Gary Jason writes about how Obama is intervening in the free market to screw creditors and take care of his union supporters with taxpayer bailouts.

I will argue that the unprecedented action by the current administration in manipulating the bankruptcies of Chrysler and GM, and in effect nationalizing the companies, is egregiously unethical by every one of these major ethical perspectives. For this reason, I believe that this action makes it morally imperative for Americans to boycott these socialized companies.

… the Obama administration spent tens of billions in taxpayers’ dollars to take control of the companies and force the outcome it wanted. Obama, who received millions in contributions from the United Auto Workers union, has forced a settlement that will give UAW far more equity in the companies when they come out of bankruptcy than it was due compared to the secured debt holders.[i] Obama’s agents used threats and intimidation (calling holdout bondholders speculators and hedge funds at one point) to get the creditors to accept being shafted. (WSJ.com 5/11/09)The result is that the vast majority of the two companies will be almost clearly owned by the federal government and the UAW, and the UAW arguably controls the federal government.

The result is drenched in irony. The UAW was a major reason why the companies hit the wall, and now the UAW will be rewarded with major control and ownership. It is as if a rape victim were forced to marry her rapist. The result makes the crony capitalism we saw in Russia look clean by comparison; it, at least, was a kind of capitalism.

And what are the long-term consequences?

…To start with the obvious, even though Obama denies that he will manage the companies, we have all learned by now that he has no problem doing the very thing he is denying. (In ordinary life this political artfulness is called lying). He fired one CEO, forced Chrysler to accept Fiat (WSJ.com 6/5/09), told GM that it cannot move its headquarters out of Detroit (WSJ.com 6/3/09), and may have ordered that whoever buys GM’s European auto maker Opel must agree not to export cars to the U.S.. (WSJ.com 6/1/09) These decisions were made in secret with no Congressional oversight, by a man with no training or experience of any kind in business, never mind the auto business.

The companies will be run by politicians, who will make decisions for the benefit of political agendas rather than on sound business principles. The result will be that the auto companies and the union will not make the deep changes required to make the companies profitable, so we can anticipate many more cash infusions.

Worse yet, we can foresee that now that the UAW and feds have control of Chrysler and GM, they won’t stop there. Their natural instinct will be to achieve monopolistic control. The UAW has helped drive Chrysler and GM to the wall and is now co-owner with the government of most of the equity. They will likely next target Ford, to get equity ownership of it. Then look for the UAW and the administration it controls to attempt to force the employees of foreign auto makers in this country to join the UAW, or use environmental and other regulatory laws to put those companies out of business.

Obama and the Democrats are willing to use threats and intimidation to ram through their socialist policies. Here is a long list of unconstitutional interventions. (H/T 4Simpsons) He does not care about laws and rights – he wants power over your liberty. He wants to control your life.

The Road to Serfdom

For those of you who did not know before, the greatest economics book of the 20th century was Nobel-prize winning economic F.A. Hayek’s “The Road to Serfdom“, which is analyzes the history of socialism and fascism in Nazi Germany and Russia. This book is #1 on Human Events’ Top 10 books every Republican should read.

Human Events writes:

Friedrich Hayek (1899-1992) was an Austrian economist awarded the Nobel Prize in 1974. He defended capitalism and individual liberty against collectivism. In “The Road to Serfdom,” he describes how government planning of the economy leads to tyranny. President Reagan cited Hayek as one of his favorite economists. “To decentralize power is to reduce the absolute amount of power, and the competitive system is the only system designed to minimize the power exercised by man over man,” wrote Hayek. “Who can seriously doubt that the power which a millionaire, who may be my employer, has over me is very much less than that which the smallest bureaucrat possesses who wields the coercive power of the state and on whose discretion it depends how I am allowed to live and work?”

When Michele Bachmann stands up on the floor of the House and advocates against government intervention in the free market, she is literally standing between the American people and mass-murdering, rights-trampling, faith-destroying communism.

And by the way, Obama means to do the exact same thing with the health care and energy sectors.

BONUS

Don’t forget my recent post which has even more amazing and encouraging videos of Michele Bachmann and Marsha Blackburn defending the American way. Or click here to see all of my Michele Bachmann posts. You can read more about her strong Christian faith in this article from World Magazine.