Tag Archives: Wealth

News

Are Obama’s bailouts just pay-offs to left-wing special interest groups?

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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.

Inquisitr.com and Free Republic reported: (H/T Gateway Pundit)

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.

News

The Family Research Center evaluates Barack Obama’s first 100 days

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Has Obama been a good President for Christians? Should Christians have voted for him? How well has he done at fulfilling his campaign promises to pro-life and pro-marriage social conservatives?

Watch this 7-minute video and see for yourself how prudent it was for Christians to put their faith in Obama’s promises. (H/T Gateway Pundit)

The Cloak Room lists the decisions of interest to Christians and social conservatives from the first 100 days of Obama’s regime.

I think we should judge presidential candidates on their record, not on their speeches or their appearance. How did Obama vote before his campaign started? Did the Christians who voted for Obama take the time to find out?

This video follows the story of the Democrats’ Hate Crime bill, which allows the government to imprison bloggers and Christians, (much like Iran’s theocratic government). My original post on Obama’s attempts to intimidate Chrysler’s creditors, thereby undermining the Constitution and the rule of law, is here. And it has now been corroborated over at Hot Air, here.

Regarding the intimidation of Chrysler’s creditors, Hot Air has a follow-up story from the Business Insider:

Creditors to Chrysler describe negotiations with the company and the Obama administration as “a farce,” saying the administration was bent on forcing their hands using hardball tactics and threats.

Conversations with administration officials left them expecting that they would be politically targeted, two participants in the negotiations said. …

The sources, who represent creditors to Chrysler, say were taken aback by the hardball tactics that the Obama administration employed to cajole them into acquiescing to plans to restructure Chrysler. One person said described the administration as the most shocking “end justifies the means” group they have ever encountered.  Another characterized Obama was “the most dangerous smooth talker on the planet- and I knew Kissinger.” Both were voters for Obama in the last election.

One participant in negotiations said that the administration’s tactic was to present what one described as a  “madman theory of the presidency” in which the President is someone to be feared because he was willing to do anything to get his way. The person said this threat was taken very seriously by his firm.

Hot Air comments:

Well, that’s certainly reassuring.  The man at the helm during one of the biggest economic crises in decades is a madman who will act in an unpredictable and irrational manner if he doesn’t get his way.  It sounds like they paint Obama as either a lunatic or a petulant child.

The “madman theory” of the Presidency? Is that what uninformed Christians who voted for Obama expected?

UPDATE: Ace has more here and here. (H/T Commenter ECM) And Hot Air (Ed Morrissey) has more here.

Commentary

Why do conservative Catholics support Obama so strongly?

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Let’s see what the story is, from Hot Air:

I know I’ve said this before on the site, and I know many devout Catholics’ experiences are different, but having grown up in the Church, there’s nothing here that surprises me. Most Catholics I know treat the Church’s commands as essentially hortatory, to be politely ignored when need be — as in the case of torture — which is why I can’t quite fathom the outrage over a pro-choicer as adamant as The One speaking at Notre Dame. His job approval this month among Catholics is 70 percent, and 65 percent among those who attend church weekly. They’re fighting a losing battle here.

Allahpundit then goes on to quote the findings here:

Even Catholics who consider themselves “conservative” politically are more likely to approve than disapprove of Obama’s job performance [49/40]…

In fact, 53% of Catholics voted for Obama for president in November, almost identical to the 52.9% of the popular vote Obama won in the 2008 election. Catholics’ 67% approval of Obama in his first 100 days is slightly higher than his overall 63% average approval rating for the same period. Thus, relative to the population, Catholics have become a bit more supportive of Obama as president than they were in the election.

This news makes the Wintery Knight sad… so sad, that he is tempted to cry tiny icicle tears.

I am an evangelical Protestant Christian who believes in the inerrancy of the Bible (in the autographs). I think that one of the reasons why evangelical Protestants are more politically conservative than Catholics (and some mainline Protestants) is because there is more emphasis on free market capitalism in evangelical Protestantism.

Evangelical Protestants are also more conservative on the exclusivity of salvation than Catholics are. We believe that salvation is based on knowing God, not on doing good works. I think some Catholic voters are being swayed by Obama’s emphasis on helping the poor, even by government redistribution of wealth. This is also true for mainline Protestants, who seem to be increasingly concerned with social justice instead of economic liberty, and they are also soft on exclusive salvation.

UPDATE: Commenter ECM says that I should not make too much of this poll, because it is done by Gallup and their polls lately have been way off.

UPDATE: And now I’m going to rebut my own post: Pastor Joel Hunter says Obama Displaying “Wisdom and Balance” During First 100 Days. (H/T The Pugnacious Irishman)

Excerpt:

As someone who is completely pro-life (concerned about the vulnerable outside the womb as well as inside the womb), I am encouraged by the vision (and budget) President Obama has cast for empowering those marginalized with the resources they need to become responsible citizens.

…By supporting sex education and contraception, we reduce the number of unexpected pregnancies and thus reduce the likelihood of abortion. Also, by supporting expectant mothers who are feeling pressure to have an abortion because of financial concerns, education interruptions, or the baby having development problems, we again decrease the likelihood and therefore the incidence of abortion.

…Even the overturning of the Mexico City Policy had a pro-life side to it, in that sex education, contraception and family planning almost certainly will decrease the number of abortions performed.”

It’s the social justice that does them in, and I should write something about how social justice suddenly became the main job of the church instead of spreading the Gospel and answering speculations against it. What do you expect when people abandon truth? If religion is about meeting people’s needs, then everybody goes to Heaven and we should all focus on making people feel good about their sins in the here and now.

EVERYBODY: Say it with me: when you subsidize something, you get more of it. When you tax something, you get less of it. Subsidizing pre-marital sex gives you more pre-marital sex, and more accidental pregnancies, and more abortions. Reduce government subsidies and support for risky sex, and you lower the number of abortions.

UPDATE: Maritime Sentry has a much more reliable Rasmussen Reports poll shows that Catholics are more serious about their faith than the flawed Galup poll indicated.