Money and Politics

We are on the cusp of what is going to be the most highly visible and contentious bank bonus season in history. Bonuses are predicted to run into the billions of dollars, and many of the banks that got the most bailout money are paying the biggest bonuses. The two issues are intimately related—and as long as the administration continues down its too-big-to-fail regulatory path, Mr. Obama will stay in the business of paying huge bonuses to fat cat bankers.

via Jonathan Macey: Government Bailouts Feed Wall Street Bonuses – WSJ.com.

“At some point, if the U.S. does not address proactively its deficit outlook and its debt outlook, there will be a financial-market revolt,”..

via Deficit, Budget Woes Need Solutions as U.S. Nears the Precipice – WSJ.com.

By what Constitutional provision is the office of Czar justified?

The answer is NONE!

Is there a single U.S. statute dealing with anything to do with a Czar?

The answer is NONE!

By what authority does these appointed Czars lord over American industry?

The answer is NONE!

What legal relationship is there between Congress and these Czars?

The answer is NONE!

By what Constitutional authority does the Executive branch appoint Czars?

The answer is NONE!

What branch of government does the office of Czar fall under, Executive, Legislative or Judicial?

The answer is NONE!

Are the dictates of the Czars enforceable by the Judicial branch of government or any enforcement agency of the government of the United States?

The answer is NO!

Do American industrial leaders have to obey the dictates of the Czars?

The answer is NO!

Are Czars elected by the citizens of the United States?

The answer is NO!

Can Czars be impeached by Congress?

The answer is NO!

Does the Constitution provide the Czars any diplomatic credentials including immunity?

The answer is NO!

Are the Czars answerable to the citizenry?

The answer is NO!

Are our elected representatives protecting us from this unconstitutional oligarchy of Czars?

The answer is NO!

Have our elected representatives the legal authority to use taxpayer revenue to pay the salaries of the Czars?

The answer is NO!

Are our tax dollars paying the salaries of the Czars.

The answer is YES

Does this smack of coup de tat?

The answer is YES!

Are you going to do anything about it?

The answer is…?

I think we might wish to consult a couple of the founders on this for guidance in the matter.

From the Declaration of Independence: When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. — Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States.

Thomas Jefferson: Leave no authority existing not responsible to the people.

Thomas Jefferson: The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.

Thomas Jefferson: The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.

Thomas Jefferson: Timid men prefer the calm of despotism to the tempestuous sea of liberty.

Thomas Jefferson: All tyranny needs to gain a foothold is for people of good conscience to remain silent.

Thomas Jefferson: When the people fear their government, there is tyranny; when the government fears the people, there is liberty.

George Washington: Firearms are second only to the Constitution in importance; they are the peoples' liberty's teeth.

George Washington: Laws made by common consent must not be trampled on by individuals.

George Washington: The Constitution is the guide which I never will abandon.

via Constitutional Republic or Oligarchy of Czars – Smart Girl Politics.

Grabbed this from Big Hollywood Andrew Breitbart’s blog : (link)

http://bighollywood.breitbart.com/kschlichter/2009/08/17/time-to-fight-the-power/

Here are some basic principles that you should demand that any health care reform plan incorporate:

1. Health care is not a right. You are not entitled to someone else handing it to you for free any more than you are entitled to free Special K, a free condo in Maui or a free Nintendo Wii.

2. Everyone is responsible for obtaining and paying for his own and his family’s health care. But isn’t it true that some folks just don’t have the money? Well, here’s a powerful wealth-building strategy that I’ll let the freeloaders out there in on for nothing: Get a job. Then you can buy your own damn health insurance. I work three jobs and I’m getting a masters degree. I’m not loving the idea of paying your freight too, so roll off the couch, do a push-up, and start eyeballing the Craigslist want ads.

3. I actually sort of respect illegal aliens – anyone who will swim a river, cross a desert and dodge cops to work for minimum wage cooking me Big Macs is the kind of guy I want in America. But that doesn’t mean I want to pick up the tab when one gets a rash. Go home, get in line, then welcome back when your turn comes.

4. The government is so wrapped up in health care that right now you effectively have no choices.  I know this because I pay for my employees’ health care and I have a wide variety of one choice at one price among two companies. Thanks for “helping” me choose by eliminating all choice, California.

5. As a lawyer, let me draw the fire of my peers. The malpractice system is nearly as big a scam as global warming – the only difference is a few people actually believe in global warming. Everyone in the legal field knows that the malpractice system is a racket.

6. The government must have nothing to do with providing health care. Nada. Zero. Zip. There’s no need to extend its unbroken track record of failure right into my doctor’s office. Time to get yourself pumped up and ready – and to give me something to talk about that tangentially relates to pop culture.

Obama’s Spending vs Obama’s Spending Cuts — in Pictures

• Posted April 20th, 2009 at 10.34am in Ongoing Priorities.

According to reports, President Barack Obama plans to convene his Cabinet for the first time today, where he will order members to identify a combined $100 million in budget cuts over the next 90 days. Just how laughable is Obama’s latest stunt to try to maintain his “fiscal responsibility” credentials? This graphic from Heritage’s John Fleming  might help:

Obama’s Spending vs Obama’s Spending Cuts — in Pictures » The Foundry

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BACK IN 2004, MOVEON MADE A POLITICAL SPOT about how Bush was saddling our kids with too much debt. The folks at RedState have updated it for 2009. Best political parody of the season.

Posted at 2:52 pm by Glenn Reynolds

Instapundit

By Mark Pittman and Bob Ivry

Feb. 9 (Bloomberg) — The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.

Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. Recipients’ names have not been disclosed.

“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”

Financial Rescue

The pledges, amounting to almost two-thirds of the value of everything produced in the U.S. last year, are intended to rescue the financial system after the credit markets seized up about 18 months ago. The promises are composed of about $1 trillion in stimulus packages, around $3 trillion in lending and spending and $5.7 trillion in agreements to provide aid. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps.

Federal Reserve lending to banks peaked at a record $2.3 trillion in December, dropping to $1.83 trillion by last week. The Fed balance sheet is still more than double the $880 billion it was in the week before Sept. 17 when it agreed to accept lower-quality collateral.

The worst financial crisis in two generations has erased $14.5 trillion, or 33 percent, of the value of the world’s companies since Sept. 15; brought down Bear Stearns Cos. and Lehman Brothers Holdings Inc.; and led to the takeover of Merrill Lynch & Co. by Bank of America Corp.

The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve.

‘All the Stops’

“The Fed, Treasury and FDIC are pulling out all the stops to stop any widespread systemic damage to the economy,” said Dana Johnson, chief economist for Comerica Inc. in Dallas and a former senior economist at the central bank. “The federal government is on the hook for an awful lot of money but I think it’s needed to help the financial system recover.”

Bloomberg News tabulated data from the Fed, Treasury and FDIC and interviewed regulators, economists and academic researchers to gauge the full extent of the government’s rescue effort.

Commitments may expand again soon. Treasury Secretary Timothy Geithner postponed until tomorrow an announcement that may invite private investment as a way to clear toxic debt from bank balance sheets. Measures that have been settled include a new round of injections of taxpayer funds into banks, targeted at those identified by regulators as most in need of additional capital, people briefed on the matter said.

Program Delay

The government is already backing $301 billion of Citigroup Inc. securities and another $118 billion from Bank of America. The government hasn’t yet paid out on any of the guarantees.

The Fed said Friday that it is delaying the start a $200 billion program called the Term Asset-Backed Securities Loan Facility, or TALF, to revive the market for securities based on consumer loans such as credit-card, auto and student borrowings.

Most of the spending programs are run out of the Federal Reserve Bank of New York, where Geithner served as president. He was sworn in as Treasury secretary on Jan. 26.

When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and then Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. The Federal Reserve so far is refusing to disclose loan recipients or reveal the collateral they are taking in return. Collateral is an asset pledged by a borrower in the event a loan payment isn’t made.

Fed Sued

Bloomberg requested details of Fed lending under the Freedom of Information Act and filed a federal lawsuit against the central bank Nov. 7 seeking to force disclosure of borrower banks and their collateral. Arguments in the suit may be heard as soon as this month, according to the court docket. Bloomberg asked the Treasury in an FOIA request Jan. 28 for a detailed list of the securities it planned to guarantee for Citigroup and Bank of America. Bloomberg hasn’t received a response to the request.

The Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan).

Bloomberg.com: News