Video: Obama and His Wall Street buddies

Obama’s plan to stay in power? Another Bailout.

obama[2]Obama using Government Money to maintain control? 

Today, Patrick Buchanan came out with a scathing attack on Obama’s most recent bailout proposal.

Obama calls it an “emergency” measure to prevent “massive layoffs of teachers, police and firefighters.” Yet, none of the 20 million state, county or municipal workers can lose their job unless an elected legislature and a chief executive agree that they should go.
Obama is calling for a taxpayer rescue of the political class to which he belongs, to spare it the painful duty tens of thousands of business executives have had to perform. Private employees — 25 million of whom are out of work, underemployed or have given up looking for jobs—may be expendable, but government workers are not.

Buchanan sees right to the heart of the issue, which is not about saving jobs but about saving those who support Obama the most.

Government workers enjoy far greater job security than private-sector workers. At the state and local level, their average pay and benefits, about $40 an hour, far exceed the $27 per hour in the private sector. The federal worker has it even better, receiving $30,000 a year more in pay and benefits than the average worker in the private sector.
Obama’s proposal is thus about taking care of his own and the Democratic Party’s political base.
Consider. The American Federation of State, County and Municipal Employees, the American Federation of Teachers, the Transport Workers Union of America and other government unions in the AFL-CIO are all powerhouses of the Democratic Party.
Obama is proposing a $50 billion payoff for his own voters.

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Yesterday, the Daily Record reported that Obama handed out more than 400 million dollars to federal employees in 2009, 80 million more than 2008.

What does this all mean? It means Obama is getting scared about the upcoming election in November. He knows that many people are angry, and he is fighting back. If he can make sure that the millions of government employees throughout the country, local and federal, are dependent on him, then they will vote for him. This means that we are going to have to fight even harder to claim victory in November. Even though Obama might be scared, he has a lot of tricks up his sleeves, including using government money to achieve political control. We must remain vigilant and make sure that this November, his party and his policies get the beating it deserves.

Who Will Bail Out America?

By Peter Ferrara, American Spectator

Social Security, Medicare and the retirement of the baby boom generation wasn’t enough of a burden for the American taxpayer. We will now be paying as well for the generous pensions of Greek bureaucrats retiring in the warm Mediterranean sun at age 55, thanks to the foresighted leadership of our very own international statesman, Barack Obama.

Just last year President Obama proposed, and his overwhelmingly Democrat Congress approved, an additional $100 billion line of credit from the USA to the International Monetary Fund (IMF). On Sunday, the IMF approved a contribution of $40 billion to the Greek bailout, with America voting yes for yet another raid on its own taxpayers.

But this is only the beginning. What the trillion dollar Euro bailout fund has done is to create the perverse incentives of Too Big to Fail for fiscally irresponsible Eurostates. Do those literally murderous Greek rioters look ready to accede to austerity budgets with massive tax increases and massive benefit cuts? Political leaders in the Mediterranean states in particular, faced with short-term financial and political pressures, will be too tempted to put off the pain a little longer, hoping that EU bailouts will save them in the end. Indeed, voters in Spain, Italy, Portugal, and elsewhere may well think they should get their share of those bailout funds too, voting out leaders who try to be responsible, and voting in the worst demagogues trying to take advantage of the situation to gain political power.

Imagine if each of the American states could run deficits with a federal bailout fund to back them up. Could we count on the voters of California, New York, New Jersey, Michigan, and Illinois to support candidates promising crippling austerity budgets, with draconian benefit cuts and skyrocketing taxes, so they can do the responsible thing? This is the system the EU has just adopted. What that means is get ready for still more IMF bailouts financed by American taxpayers.

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Obama Reform Plan Will Have Taxpayers Paying for Bank Failures

Money News

A Senate measure advertised as protecting taxpayers from another Wall Street bailout would still leave them fronting the money if the government moves to liquidate a big failing company like insurance giant AIG.

Taxpayers could end up putting up billions of dollars to cover the costs of dealing with such a firm and be able to recoup that money only over a period of five years, under the Senate’s sweeping overhaul of financial regulations.

An amendment the Senate is expected to pass Tuesday states that "taxpayers shall bear no losses from the exercise of any authority under this title."

Sen. Richard Durbin, D-Ill., says the legislation means: "We’re never going to let the taxpayers and Treasury face this kind of obligation."

But the measure doesn’t prevent that kind of obligation, though it does require that taxpayers would be paid back.

"The bill ensures taxpayers don’t get stuck paying for Wall Street’s mistakes," said Kirstin Brost, a Democratic spokeswoman for the Senate Banking Committee. The government would have top priority getting repaid, with proceeds of the sale of a liquidated firms’ assets going to the government first.

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