AMERICAN CONSERVATISM IN 2008 AND BEYOND

For this president to act as a moral authority on wasteful spending is akin to a Sumo wrestler acting as an expert on dieting.

CBS News investigative correspondent Sharyl Attkisson and investigative producer Laura Strickler reported this story for CBSNews.com.

Spring in Washington is "earmark season" - a busy time for Congressman John Murtha.

"That's my business," Murtha said. "I've been in it for 35 years."

As head of a powerful Defense committee, Murtha controls hundreds of millions of taxpayer dollars, reports CBS News investigative correspondent Sharyl Attkisson. And he's not shy about directing money to those who give generously to his election campaigns.

CBS News has learned that this month, Murtha is steering new earmarks toward 10 companies that recently donated to his campaign.
http://www.cbsnews.com/stories/2009/04/20/eveningnews/main4958071.shtml

On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer money to a government agency that had just awarded her husband's real estate firm a lucrative contract to sell foreclosed properties at compensation rates higher than the industry norms.

Mrs. Feinstein's intervention on behalf of the Federal Deposit Insurance Corp. was unusual: the California Democrat isn't a member of the Senate Committee on Banking, Housing and Urban Affairs with jurisdiction over FDIC; and the agency is supposed to operate from money it raises from bank-paid insurance payments - not direct federal dollars.
http://washingtontimes.com/news/2009/apr/21/senate-husbands-firm-cashes-in-on-crisis/

WASHINGTON (AP) -- Taxpayers are increasingly exposed to losses and the government is more vulnerable to fraud under Obama administration initiatives that have created a federal bank bailout program of "unprecedented scope," a government report finds.

In a 250-page quarterly report to Congress, the rescue program's special inspector general concludes that a private-public partnership designed to rid financial institutions of their "toxic assets" is tilted in favor of private investors and creates "potential unfairness to the taxpayer." . . . .

. . . Using blunt language, Inspector General Neil Barofksy offers a series of recommendations to protect the public and takes the Treasury to task for not implementing previous advice. The report also commends Treasury and the Federal Reserve for creating some safeguards. . . .
http://finance.yahoo.com/news/Bank-bailout-may-hurt-apf-14979409.html?.v=8

Rep. Jane Harman , the California Democrat with a longtime involvement in intelligence issues, was overheard on an NSA wiretap telling a suspected Israeli agent that she would lobby the Justice Department reduce espionage-related charges against two officials of the American Israeli Public Affairs Committee, the most powerful pro-Israel organization in Washington.

Harman was recorded saying she would "waddle into" the AIPAC case "if you think it'll make a difference," according to two former senior national security officials familiar with the NSA transcript.
(See related transcript of Jeff Stein online Q&A about his column.)

In exchange for Harman's help, the sources said, the suspected Israeli agent pledged to help lobby Nancy Pelosi , D-Calif., then-House minority leader, to appoint Harman chair of the Intelligence Committee after the 2006 elections, which the Democrats were heavily favored to win. . . . .
http://static.cqpolitics.com/harman-3098436-page1.html?docID=hsnews-000003098436&cpage=1

WASHINGTON (Reuters) - President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF's resources and urged a bigger stake in the IMF for emerging powers.
In a letter to U.S. congressional leaders, Obama said the U.S. funding "does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets."

The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF resources to a total of $750 billion to help the IMF respond to crises in emerging market economies as a result of the global financial crisis and economic downturn.
http://www.reuters.com/article/politicsNews/idUSTRE53J6NH20090420?feedType=RSS&feedName=politicsNews&rpc=22&sp=true

WASHINGTON (Reuters) - President Barack Obama will participate in a meeting on Thursday with executives of U.S. credit card companies, the White House said.

Aides to Obama had previously announced that the credit card firms would be meeting at the White House with top administration officials, including Lawrence Summers, director of the National Economic Council.

But the White House made clear in a statement that Obama would participate in the meeting as well. He is expected to press the companies to change what administration officials see as deceptive practices that have saddled consumers with high debt and high interest rates.
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSWEN742420090420

Stocks suffered an across-the-board decline on Monday as investors questioned whether banks can continue to post strong results amid signs that borrowers are still falling behind on their debts. . . .

. . . .Major bank stocks had rallied over the last month but fundamental questions linger for the sector. The industry's ability to extend credit is still constrained, according to a Wall Street Journal analysis of Treasury Department data. The Obama administration may also convert some of the preferred shares that it's obtained via bank bailouts into common stock once a round of stress testing is done next month, according to reports.

Such a move would give the administration added flexibility to provide further aid to the banks without allocating additional money, but would dilute existing shareholders of the firms' common stock.
http://online.wsj.com/article/SB124022450492434551.html

April 20, 2009
WASHINGTON - President Obama’s top economic advisers have determined that they can shore up the nation’s banking system without having to ask Congress for more money any time soon, according to administration officials.

In a significant shift, White House and Treasury Department officials now say they can stretch what is left of the $700 billion financial bailout fund further than they had expected a few months ago, simply by converting the government’s existing loans to the nation’s 19 biggest banks into common stock.
Converting those loans to common shares would turn the federal aid into available capital for a bank " and give the government a large ownership stake in return.

While the option appears to be a quick and easy way to avoid a confrontation with Congressional leaders wary of putting more money into the banks, some critics would consider it a back door to nationalization, since the government could become the largest shareholder in several banks.
http://www.msnbc.msn.com/id/30300700/

okie wrote:

For this president to act as a moral authority on wasteful spending is akin to a Sumo wrestler acting as an expert on dieting.

Sumo wrestlers eat a very controlled diet. They probably would be good people to talk to about dieting. ....

Cycloptichorn

Cycloptichorn wrote:

okie wrote:

For this president to act as a moral authority on wasteful spending is akin to a Sumo wrestler acting as an expert on dieting.

Sumo wrestlers eat a very controlled diet. They probably would be good people to talk to about dieting. ....

Cycloptichorn

Obama is on a controlled spending binge as well, all calculated to break the country.

When Bush was in office or right before congressional elections, when they could talk endlessly about something weird, like the senator from Idaho in airport bathrooms.

Foxfyre, why do you bother, corruption by democrats don't matter, it only matters with Republicans. I learned that long time ago. When was the last time the media cared about corruption? Many moons ago now. When Bush was in office or right before congressional elections, when they could talk endlessly about something weird, like the senator from Idaho in airport bathrooms.

okie wrote:

Foxfyre, why do you bother, corruption by democrats don't matter, it only matters with Republicans. I learned that long time ago. When was the last time the media cared about corruption? Many moons ago now. When Bush was in office or right before congressional elections, when they could talk endlessly about something weird, like the senator from Idaho in airport bathrooms.

Yes the media certainly does appreciate GOP corruption much more than they appreciate Democrat corruption, but we must admit that the GOP is neither pure, sanitized, nor corruption free. It just happens to be Democrats in the headlines this week.

It is the level of corruption, self-promoting, self-serving greed and lust for power, fiscal irresponsibility, and lack of accountablility to the tax payer that we see throughout government that triggered those Tea Parties. The looney left wants to make them into something ugly and evil--Raul Emmanuel described them as 'unhealthy'--but I see them as the people rising up to speak out--FINALLY--as the last real hope that we have to turn it around before an out-of-control government swallows us all.

The Democrats/Leftists touted viscious complaints and ugly caricatures of President Bush as 'freedom of speech' and 'patriotism in action' and that for people to speak out in protest was honorable and good. How did such a concept become something to ugly and evil and unhealthy in so short a time?

If those of us who believes in power to the people will defend and encourage more of the spirit behind the Tea Parties, we might, just might see it put into action at the ballot box next year. We have to try.

From Huffpost:
Gingrich Slams Obama Over Chavez Greeting At Summit Of The Americas


WASHINGTON " Former House Speaker Newt Gingrich charged Monday that President Barack Obama's cordial greeting with Venezuela's Hugo Chavez sends a poor message to enemies of America.
In a nationally broadcast interview on NBC's "Today" show Monday, the Georgia Republican also accused the administration of being too slow to react to North Korea's launching of a rocket test and said it has reached out too much to ease relations with Cuba.
Appearing on Fox News Channel's "Fox & Friends," Gingrich said: "This does look a lot like Jimmy Carter. Carter tried weakness and the world got tougher and tougher because the predators, the aggressors, the anti-Americans, the dictators, when they sense weakness, they all start pushing ahead."
Chavez has been one of the harshest critics of the United States in that part of the world. Obama said at the conclusion of the Latin summit Sunday that he didn't think greeting Chavez would be "endangering the strategic interests of the United States."
Gingrich complained that the simple act of a smiling Obama shaking Chavez's hand caused a book Chavez has written to skyrocket on the best-seller lists in the United States.
"What I find distressing," he said, "is that the administration opposes opening up oil exploration," but yet Obama has "bowed to the king of Saudi Arabia" and now reached out to Chavez, whom Gingrich said has been conducting "a vicious anti-American campaign."
Gingrich, whose name has been mentioned in 2012 presidential speculation, said, "How do you mend relationships with someone who actively hates your country. ... "
"Cuba releases zero prisoners," he said, "yet we make nice with Cuba. I'm for doing things methodically and calmly ... things that will work, but I'm not for deluding myself about smiles and words."
Filed by Stuart Whatley

And then there's this; Bush kissing Saudi king. http://www.youtube.com/watch?v=OAAIOoG_JOA

Most Americans Say Bailouts Were Bad Idea, Political Class Disagrees
Tuesday, April 21, 2009

Looking back, 59% of voters nationwide believe the federal bailouts for banks and other financial institutions were a bad idea. The latest Rasmussen Reports national telephone survey found that just 26% think they were a good idea.

The numbers are similar for the bailout loans given to General Motors and Chrysler: 60% say they were a bad idea, and just 26% hold the opposite view.

Public opposition to the bailouts has been strong right from the start. In September, right after Lehman Brothers collapsed, just seven percent (7%) of voters thought the federal government should use taxpayer funds to keep a large financial institution solvent. Sixty-five percent (65%) said the companies should file for bankruptcy. A week later, following Treasury Secretary Henry Paulson’s appeal for a $700 billion bailout, support increased a bit but only to 28%. The more voters learned about the plans, the more opposition grew.

But, in the end, the opinions of the Political Class mattered more than the opinions of voters. Today, by a 61% to 23% margin, the Political Class still believes the bailouts for the financial industry were a good idea. By a 64% to 23%, they say the same about the auto bailouts.

Overall, Americans are evenly divided as to the short-term impact of the bailouts: 39% say they helped the economy while 36% believe they hurt. However, among the Political Class, 71% believe the bailouts helped the economy in the short-term.

Looking further down the road, just 29% of all voters believe the bailouts will have a positive long-term impact on the economy. Most (51%) believe the bailouts will hurt. Once again, the Political Class has an entirely different view. By a 75% to 17% margin, the Political Class believes the bailouts will have a positive long-term impact.

Data released earlier shows a growing concern that the government will end up doing too much in response to the recent economic crisis. On that question, there was also a huge gap between the views of the Political Class and Mainstream America.

The Political Class and Mainstream classifications are determined by the answers to three questions measuring general attitudes about government. Most Americans trust the judgment of the public more than political leaders, view the federal government as a special interest group, and believe that big business and big government work together against the interests of investors and consumers. Only seven percent (7%) share the opposite view and can be considered part of the Political Class. Another seven percent (7%) lean towards the Political Class.

In all income groups, a majority views the bailouts as a bad idea. Opposition is lowest among those with the highest incomes.

While Democrats are evenly divided as to whether the bailouts were a good or a bad idea, solid majorities of Republicans and unaffiliated voters believe they were bad.

Americans have a little more confidence in the U.S. banking system than they did two months ago, but the level is still well below where it was last summer.
http://www.rasmussenreports.com/public_content/business/federal_bailout/most_americans_say_bailouts_were_bad_idea_political_class_disagrees

Monday, April 20, 2009
Fifty-one percent (51%) of Americans have a favorable view of the “tea parties” held nationwide last week, including 32% who say their view of the events is Very favorable.

Thirty-three percent (33%) hold an unfavorable opinion of the tea parties according to a new Rasmussen Reports national telephone survey. Fifteen percent (15%) are not sure.

While half the nation has a favorable opinion of last Wednesday’s events, the nation’s Political Class has a much dimmer view"just 13% of the political elite offered even a somewhat favorable assessment while 81% said the opposite. Among the Political Class, not a single survey respondent said they had a Very Favorable opinion of the events while 60% shared a Very Unfavorable assessment.
http://www.rasmussenreports.com/public_content/politics/general_politics2/51_view_tea_parties_favorably_political_class_strongly_disagrees

And this on the TEA PARTIES:

(I hope everybody took note of the identification of the 'political class' vs 'voters' in the previous post.)

Quote:

Monday, April 20, 2009
Fifty-one percent (51%) of Americans have a favorable view of the “tea parties” held nationwide last week, including 32% who say their view of the events is Very favorable.

Thirty-three percent (33%) hold an unfavorable opinion of the tea parties according to a new Rasmussen Reports national telephone survey. Fifteen percent (15%) are not sure.

While half the nation has a favorable opinion of last Wednesday’s events, the nation’s Political Class has a much dimmer view"just 13% of the political elite offered even a somewhat favorable assessment while 81% said the opposite. Among the Political Class, not a single survey respondent said they had a Very Favorable opinion of the events while 60% shared a Very Unfavorable assessment.
http://www.rasmussenreports.com/public_content/politics/general_politics2/51_view_tea_parties_favorably_political_class_strongly_disagrees