Gee it only took $170b in bailout funds and the stock being beaten down to penny stock range to realize this?
And people wonder why nothing ever changes in govt.
Like all the knuckle head politicians that brought us to this point. Where was their oversight? Why didn’t Barnie and Chris Dodd sound an alarm? They are in charge of the Banking committees. Then the legislators rush through spending bills without reading the fine print or putting safe guards in place to stem spending like this. Greedy CEO’s= bad; idiot legislators= WORSE.
The people of MA should do all of us a favor and fire this smary little twit. Obama should appoint him to head up AIG and see if he can do any better…LOL!!!
I am very surprised at all you Insurance people. I assume you know that the President, Congress Men and Reps. all get a retiremnet pension equal to their annual salary. Just like you and me!!! Guess you insures it and you only get one guess?? That has nothing to do with why they want to bailout AIG!!! What a joke.
about 3-4 years ago when these types of “financial” contracts where being sold? It was his department to oversea this. I think FRANK SHOULD BE FIRED, along with C. Dodd.
The government provided money to AIG and the banks with virtually no strings attached, no say as to how the money would be used, or who it would be paid to, and made no attempt to intervene in the AIG counterparty contractual obligations. The government also overlooked the ready made solution of standing behind the credit swaps (as well as the Fannie and Freddie CDO obligations) as guarantor, thereby lending them AAA status and precluding the need for AIG to fund the counterparties with taxpayer money. The only reason the counterparties require payment is because the agreements stipulate AIG must substitute cash for their guarantees in the event they lose their credit rating. Subsequently to this wave of government ineptitude we have the same people charged with oversight of this funding (Frank and Dodd) waving their lances at imaginary scapegoats, complaining that someone else did not execute adequate regulation over these transactions, the mechanics and nature of which they themselves clearly have no clue about.
So we are again being presented with the perennial con of government bureaucrats (i.e. Dodd and Frank) who actually created the financial crisis we are in, by promoting the making of predictably insolvent mortgages through Fannie and Freddie, while taking their money) now claiming that they are our saviours; pointing their fingers of blame to scapegoat the participants in the problem created by their own ineptitude.
I say we take Barney Frank up on his suggestion that guilty parties be fired — and get rid of him and Dodd — the sooner the better.
Barney Fife. Man can’t even run a bordello in his own condo, and he he want’s to tell AIG how to economize.
Don’t get me wrong. There need to be major changes at AIG.
But for Barney Frank to shout that AIG is wasting money is the most blatant hypocrisy. “The same people who got AIG into this mess are the ones getting bonuses”
Obama the messiah needs to fire some Democrats too. Maybe if we send him a mirror he will see who is really behind the problem.
O.B.A.M.A. = One Big *** Mistake America
The community reinvestment act of the Clinton admin is primarily responsible for the fiasco we are in….bottom line we put people in houses that had no way to afford them after 30 days so we could say more folks enjoying home ownership. w/o oversight aig leveraged this 30 to 1 and then some since it was not an insurance transaction…now we are surprised the market fell and aig could not pay the debt. when/who thought home prices would never fall…ALL BUIS IS CYCLICAL!
Everyone who has served in the House and Senate, for more than one term, should take $1 in annual salary until umemployment is below 4% and the stock market is above 12,000. What’s good for the goose……
Now that AIG won’t be allowed to compete for management talent, I suppose that Mr Frank et al will simply make it illegal for any AIG manager to leave for another job.
Quote: “I am very surprised at all you Insurance people. I assume you know that the President, Congress Men and Reps. all get a retiremnet pension equal to their annual salary. Just like you and me!!! Guess you insures it and you only get one guess?? That has nothing to do with why they want to bailout AIG!!! What a joke.”
Um, AIG exec, nobody I know gets a pension anymore. There might be a few boomers who still will, but most Gen X and Gen Y etc folks have never and will never get a pension. It’s our own savings (and a 401k if we get it) and that’s it.
There are plenty of competent people to fill financial jobs. AIG needs an enema. Don’t insult the rest of us by saying “we have to retain our talented people” by paying them for failing. YOU DON’T HAVE ANY TALENTED PEOPLE OTHERWISE YOU WOULDN’T BE IN THIS MESS. First, fire the moron who FAILED TO LINK BONUSES TO PERFORMANCE AND PROFITABILITY. Then, put a stop on bonuse checks and let the idiots sue for them. If AIG loses that suit, pay them their bonuses then fire them. What does it take for people to get angry enough to do something? Our Congress and Senate are impotent and incompetent for the same reasons the financial sector is screwed up. They’ve been in position too long and aren’t motivated to work for the public. They’re more interested in Barry Bonds steroids than keeping the economy afloat. Now their bickering amongst themselves over what to do. It’s sickening.
Please do not talk about firing anyone who got us into this mess or you will find your country without a President, Vice President, House Leader, most of the House of Reps and half the Senate. If you fire all of us you will have to pay for another election and the next President may not have such a good taste for concerts. So just STFU and enjoy the Obamanation. Your man BHO
> One of the best ones yet ………….
>
>
> > The Americans With No Abilities Act
> >
> > Washington , DC – (Dateline February 26 , 2009)
> >
> > President Barack Obama and the Democrat controlled Congress are
> > considering sweeping legislation that will provide new benefits for
> > many Americans. The Americans With No Abilities Act (AWNAA) is being
> > hailed as a major legislative goal by advocates of the millions of
> > Americans who lack any real skills or ambition.
> >
> > “Roughly 50 percent of Americans do not possess the competence
and
> > drive necessary to carve out a meaningful role for themselves in
> > society,” said California Senator Barbara Boxer – Democrat.
“We can no
>
> > longer stand by and allow People of Inability (POI) to be ridiculed
> > and passed over. With this legislation, employers will no longer be
> > able to grant special favors to a small group of workers, simply
> > because they have some idea of what they are doing.”
> >
> > In a Capitol Hill press conference, House Majority Leader Nancy
Pelosi
>
> > – Democrat, and Senate Majority Leader Harry Reid – Democrat –
> > pointed to the success of the U.S. Postal! Service , which has a
> > long-standing policy of providing opportunity without regard t o
> > performance. Approximately 74 percent of postal employees lack any
> > job skills, making this agency the single largest U.S. employer of
> > Persons of Inability.
> >
> > Private-sector industries with good records of non-discrimination
> > against the Inept include retail sales (72%), the airline industry
> > (68%), and home improvement warehouse stores (65%). At the state
> > government level, the Department of Motor Vehicles also has an
> > excellent record of hiring Persons of Inability (63%).
> >
> > Under AWNAA, more than 25 million mid-level positions will be
created,
>
> > with important-sounding titles but little real responsibility, thus
> > providing an illusory sense of purpose and performance.
> >
> > Mandatory non-performance-based raises and promotions will be given
so
>
> > as to guarantee upward mobility for even the most unremarkable
> > employees. The legislation provides substantial tax breaks to
> > corporations that promote a significant number of Persons of
Inability
>
> > into middle-management positions, and gives a tax credit to small and
> > medium-sized businesses that agree to hire one clueless worker for
> > every two talented hires.
> >
> > Finally, the AWNAA contains tough new measures to make it more
> > difficult to discriminate against the non-abled, banning, for
example,
>
> > discriminatory interview questions such as, “Do you have any
skills or
> > experience that relate to this job?”
> >
> > “As a Non-abled person, I can’t be expected to keep up with
people who
>
> > have something going for them,”said Mary Lou Gertz, who lost her
> > position as a lug-nut twister ! at the G M plant in Flint , Michigan
,
> > due to her inability to remember rightey tightey, lefty
loosey.”This
> > new law should be real good for people like me,” Gertz added.
With the
>
> > passage of this bill, Gertz and millions of other untalented citizens
> > will finally see a light at the end of the tunnel.
> >
> > Said Senator Dick Durbin (Democrat-IL), “As a Senator with no
> > abilities, I believe the same privileges that elected officials enjoy
> > ought to be extended to every American with no abilities. It is our
> > duty as lawmakers to provide each and every American citizen,
> > regardless of his or her inadequacy, with some sort of space to take
> > up in this great nation and a good salary for doing so.”
Yup. Time to fire Mr. Frank. It is his fault as much as anyone that they are in this mess in the first place. This is nothing compared to the earmark waste of money in the massive spending bills. Soe folks think that money appears by magic.
AIG could have easily gotten out of all their contractual obligations by filing Chaper 11. By giving AIG money, the US Govt is enabling them to continue to be stupid and also live up to dumb contracts. With Chapter 11, the bankrupcy court would be reorganizing the company in an orderly manner, would negate any employment contracts that were not in the best interests of the reorganization and sell off the valuable assets for the benefit of those who they owed.
If billions of our tax dollars were not spent keeping AIG in business then that would mean they wouldn’t be around to compete against. If the real market forces were allowed to come into play other carriers would be more competitive, agents would make more money, and Obama would suck even more of your blood. Giving them money helps Obama keep his promise to not raise your taxes (since you’ll be making a lot less than last year).
This is the arrogance of members of Congress. Yep it might be time to fire at AIG!
Thanks to Barney Frank we are in this financial mess. He and Christopher Dodd have contributed to the financial melt down in this country and yet, they maintain their seats in Congress (re-elected by their brain dead voters) and they maintain their “leadership” positions on House and Senate Committees. The third culprit has attained the highest leadership position -President of the United States.
If Frank, Dodd and Obama would have done their jobs – maybe we could have avoided an economic collapse of this magnitude.
Suddenly Barney Frank is an expert and has an opinion. Who cares, you did enough damage you moron!
LIFE WITH BIG BROTHER
Bill creates detention camps in U.S. for ’emergencies’
Sweeping, undefined purpose raises worries about military police state
Rep. Alcee L. Hastings, D-Fla.
Rep. Alcee L. Hastings, D-Fla., has introduced to the House of Representatives a new bill, H.R. 645, calling for the secretary of homeland security to establish no fewer than six national emergency centers for corralling civilians on military installations.
The proposed bill, which has received little mainstream media attention, appears designed to create the type of detention center that those concerned about use of the military in domestic affairs fear could be used as concentration camps for political dissidents, such as occurred in Nazi Germany.
Heed the warning of a former Hitler Youth who sees America on the same path as pre-Nazi Germany in “Defeating the Totalitarian Lie” from WND Books!
The bill also appears to expand the president’s emergency power, much as the executive order signed by President Bush on May 9, 2007, that, as WND reported, gave the president the authority to declare an emergency and take over the direction of all federal, state, local, territorial and tribal governments without even consulting Congress.
As WND also reported, DHS has awarded a $385 million contract to Houston-based KBR, Halliburton’s former engineering and construction subsidiary, to build temporary detention centers on an “as-needed” basis in national emergency situations.
(Story continues below)
According to the text of the proposed bill, the purpose of the National Emergency Centers is “to provide temporary housing, medical, and humanitarian assistance to individuals and families dislocated due to an emergency or major disaster.”
Three additional purposes are specified in the text of the proposed legislation:
To provide centralized locations for the purposes of training and ensuring the coordination of federal, state and local first responders;
To provide centralized locations to improve the coordination of preparedness, response and recovery efforts of government, private, not-for-profit entities and faith-based organizations;
To meet other appropriate needs, as defined by the secretary of homeland security.
The broad specifications of the bill’s language, however, contribute to concern that the “national emergency” purpose could be utilized by the secretary of homeland security to include any kind of situation the government wants to contain or otherwise control.
Rep. Hastings created controversy during the 2008 presidential campaign with his provocative comments concerning Republican vice presidential candidate Sarah Palin.
“If Sarah Palin isn’t enough of a reason for you to get over whatever your problem is with Barack Obama, then you damn well had better pay attention,” Hastings said, as reported by ABC News. “Anybody toting guns and stripping moose don’t care too much about what they do with Jews and blacks. So, you just think this through.”
H.R. 645, which seeks to allocate $360 million for developing the emergency centers, has been referred to the House Committee on Transportation and Infrastructure and to the Committee on Armed Services
Since Nancy knows most of you thought we would never get comprehensive gun control passed read this confirmation from Snopes and weep. HAHAHAHAHA! We got the power baby! Dems and Libs and Socialists gone wild!
The article is excellent. I just hope someone
> listens.
>
> Interesting. The first email below was sent out by
> GM to all suppliers. The email that follows is a response
> from one such supplier.
>
>
>
> Dear Employees & Suppliers,
>
>
>
> Congress and the current Administration will soon
> determine whether to provide immediate support to the
> domestic auto industry to help it through one of the most
> difficult economic times in our nation’s history. Your
> elected officials must hear from all of us now on why this
> support is critical to our continuing the progress we began
> prior to the global financial crisis………………….As
> an employee or supplier, you have a lot at stake and
> continue to be one of our most effective and passionate
> voices. I know GM can count on you to have your voice heard.
>
>
>
>
> Thank you for your urgent action and ongoing support.
>
>
>
>
> Troy Clarke
>
> President General Motors North America
>
> ++++++++++++++++++++++++++++++++++++++++++++++
>
> Response from:
>
> Gregory Knox, Pres.
>
> Knox Machinery Company
>
> Franklin, Ohio
>
>
>
> Gentlemen:
>
> In response to your request to contact legislators
> and ask for a bailout for the Big Three automakers please
> consider the following, and please pass my thoughts on to
> Troy Clark, President of General Motors North America.
>
> Politicians and Management of the Big 3 are both
> infected with the same entitlement mentality that has spread
> like cancerous germs in UAW halls for the last countless
> decades, and whose plague is now sweeping this nation,
> awaiting our new “messiah”, Pres-elect Obama, to
> wave his magic wand and make all our problems go away, while
> at the same time allowing our once great nation to keep
> “living the dream”… Believe me folks, The dream
> is over!
>
> This dream where we can ignore the consumer for years
> while management myopically focuses on its personal rewards
> packages at the same time that our factories have been
> filled with the worlds most overpaid, arrogant, ignorant and
> laziest entitlement minded “laborers” without
> paying the price for these atrocities…this dream where you
> still think the masses will line up to buy our products for
> ever and ever.
>
> Don’t even think about telling me I’m wrong.
> Don’t accuse me of not knowing of what I speak. I have
> called on Ford, GM, Chrysler, TRW, Delphi, Kelsey Hayes,
> American Axle and countless other automotive OEM’s
> throughout the Midwest during the past 30 years and what
> I’ve seen over those years in these union shops can only
> be described as disgusting.
>
> Troy Clarke, President of General Motors North
> America, states: “There is widespread sentiment
> throughout this country, and our government, and especially
> via the news media, that the current crisis is completely
> the result of bad management which it certainly is
> not.”
>
> You’re right Mr. Clarke, it’s not JUST
> management…how about the electricians who walk around the
> plants like lords in feudal times, making people wait on
> them for countless hours while they drag ***…so they can
> come in on the weekend and make double and triple time…for
> a job they easily could have done within their normal 40
> hour work week.
>
> How about the line workers who threaten newbies with
> all kinds of scare tactics…for putting out too many parts
> on a shift…and for being too productive (We certainly must
> not expose those lazy bums who have been getting overpaid
> for decades for their horrific underproduction, must we?!?)
>
> Do you folks really not know about this stuff?!?
> How about this great sentiment abridged from Mr.
> Clarke’s sad plea: “over the last few years …we
> have closed the quality and efficiency gaps with our
> competitors.”
>
> What the hell has Detroit been doing for the last 40
> years?!? Did we really JUST wake up to the gaps in quality
> and efficiency between us and them? The K car vs. the
> Accord? The Pinto vs. the Civic?!? Do I need to go on?
> What a joke!
>
> We are living through the inevitable outcome of the
> actions of the United States auto industry for decades.
> It’s time to pay for your sins, Detroit .
>
> I attended an economic summit last week where
> brilliant economist, Alan Beaulieu, from the Institute of
> Trend Research , surprised the crowd when he said he would
> not have given the banks a penny of “bailout
> money”. “Yes, he said, this would cause short term
> problems,” but despite what people like politicians and
> corporate magnates would have us believe, the sun would in
> fact rise the next day… and the following very important
> thing would happen…where there had been greedy and sloppy
> banks, new efficient ones would pop up…that is how a free
> market system works…it does work…if we would only let it
> work…”
>
> But for some nondescript reason we are now deciding
> that the rest of the world is right and that capitalism
> doesn’t work – that we need the government to step in
> and “save us”…Save us my ***, Hell – we’re
> nationalizing…and unfortunately too many of our once fine
> nation’s citizens don’t even have a clue that this
> is what is really happening…But, they sure can tell you
> the stats on their favorite sports teams…yeah – THAT’S
> really important, isn’t it…
>
> Does it ever occur to ANYONE that the
> “competition” has been producing vehicles,
> EXTREMELY PROFITABLY, for decades in this country?… How
> can that be??? Let’s see… Fuel efficient… Listening
> to customers… Investing in the proper tooling and
> automation for the long haul… Not being too complacent or
> arrogant to listen to Dr. W. Edwards Deming four decades ago
> when he taught that by adopting appropriate principles of
> management, organizations could increase quality and
> simultaneously reduce costs. Ever increased productivity
> through quality and intelligent planning… Treating vendors
> like strategic partners, rather than like “the
> enemy”… Efficient front and back offices… Non union
> environment…
>
> Again, I could go on and on, but I really
> wouldn’t be telling anyone anything they really
> don’t already know down deep in their hearts.
>
> I have six children, so I am not unfamiliar with the
> concept of wanting someone to bail you out of a mess that
> you have gotten yourself into – my children do this on a
> weekly, if not daily basis, as I did when I was their age.
> I do for them what my parents did for me (one of their
> greatest gifts, by the way) – I make them stand on their own
> two feet and accept the consequences of their actions and
> work through it.
>
> Radical concept, huh… Am I there for them in the
> wings? Of course – but only until such time as they need to
> be fully on their own as adults..
>
> I don’t want to oversimplify a complex
> situation, but there certainly are unmistakable parallels
> here between the proper role of parenting and government.
> Detroit and the United States need to pay for their sins.
>
> Bad news people – it’s coming whether we like it
> or not. The newly elected Messiah really doesn’t have a
> magic wand big enough to “make it all go away.” I
> laughed as I heard Obama “reeling it back in”
> almost immediately after the final vote count was
> tallied…”we really might not do it in a year…or in
> four…” Where the Hell was that kind of talk when he
> was RUNNING for office.
>
> Stop trying to put off the inevitable folks … That
> house in Florida really isn’t worth $750,000… People
> who jump across a border really don’t deserve free
> health care benefits… That job driving that forklift for
> the Big 3 really isn’t worth $85,000 a year… We really
> shouldn’t allow Wal-Mart to stock their shelves with
> products acquired from a country that unfairly manipulates
> their currency and has the most atrocious human rights
> infractions on the face of the globe…
>
> That couple whose combined income is less than
> $50,000 really shouldn’t be living in that $485,000
> home… Let the market correct itself folks – it will. Yes
> it will be painful, but it’s gonna’ be painful
> either way, and the bright side of my proposal is that on
> the other side of it all, is a nation that appreciates what
> it has…and doesn’t live beyond its means…and gets
> back to basics…and redevelops the patriotic work ethic
> that made it the greatest nation in the history of the
> world…and probably turns back to God.
>
> Sorry – don’t cut my head off, I’m just the
> messenger sharing with you the “bad news”. I hope
> you take it to heart.
>
>
>
> Gregory J. Knox, President
>
> Knox Machinery, Inc.
>
> Franklin, Ohio 45005
>
Nancy,
You hit the nail on the head. It’s funny yet another genious in Congress, Rep. Alcee Hastings is looking to supress Americans Constitutional rights, bestowed upon us by our Founding Fathers.
This from a disgraced judge “Impeached” as a Federal Judge. Only to resurrect his career as a corrupt politician.
Don’t you just love guys like Barney Frank and Alcee Hastings? Do as I say not as I do. And in the case of Hastings, when he doesn’t get what he wants, he plays the race card.
It’s time to throw all the bums out of Washington, in BOTH parties. They are all corrupt and power mongers!
Good job Sam. This is what REX84 says:
“The exercise anticipated civil disturbances, major demonstrations and strikes that would affect continuity of government and/or resource mobilization. To fight subversive activities, there was authorization for the military to implement government ordered movements of civilian populations at state and regional levels, the arrest of certain unidentified segments of the population, and the imposition of martial law” ..
The only ones trying to undermine the United States Government is Islam! Let’s hope this government is astute enough to know this and what they are preparing for. To Protect and Defend the Constitution of the United States of America! Of course our 2nd Amendment gives us the Right to Bear Arms!
I notice in all of this discussion; NOBODY has spoken in defence of Frank! Could it be that even the Left is embarrassed by his incompetance and self-serving ramblings?
Thith ith an OUTRAGE! I call on all of my wepubwican coweagues in congweth to thtep up with me and demand an invethtigation! Thtarting with the botheth at AIG and then Fannie Mae and Freddie Mac………….wait. Let’th leave Franklin Rainth alone. He wath great on my mortgage! And he is a great democrat ( a word I can pronounth, by the way!).
Bill, it’s also because he’s a liberal democrat. The media only chastices those evil right wing religous right conservative Republicans. The media expects democrats to have these hiccups (a Harry Reidism). It’s not the end result that matters, it’s their intention that is lauded. So Barney Frank and Chris Dodd are both immune from any media scrutiny. It was George Bush’s fault!
Gee it only took $170b in bailout funds and the stock being beaten down to penny stock range to realize this?
And people wonder why nothing ever changes in govt.
Like all the knuckle head politicians that brought us to this point. Where was their oversight? Why didn’t Barnie and Chris Dodd sound an alarm? They are in charge of the Banking committees. Then the legislators rush through spending bills without reading the fine print or putting safe guards in place to stem spending like this. Greedy CEO’s= bad; idiot legislators= WORSE.
Would be nice to hold Frank responsible for his part in Freddie Mac & Fannie May fiasco.
The people of MA should do all of us a favor and fire this smary little twit. Obama should appoint him to head up AIG and see if he can do any better…LOL!!!
…or just make him stop talking altogether. I don’t know about the rest of you but I can’t even stand that little crooks’ voice.
It was nice to see Bill OReilly blast him when this all started to unfold.
Please,Massachusetts fire this political hack you have elected.
I am very surprised at all you Insurance people. I assume you know that the President, Congress Men and Reps. all get a retiremnet pension equal to their annual salary. Just like you and me!!! Guess you insures it and you only get one guess?? That has nothing to do with why they want to bailout AIG!!! What a joke.
How about a nice financial debate between Elmer Fudd and Barney Frank. I think Elmer would win!! Why you wrascally congressman!
about 3-4 years ago when these types of “financial” contracts where being sold? It was his department to oversea this. I think FRANK SHOULD BE FIRED, along with C. Dodd.
Don’t blame me I voted Liberterian! LOL
The government provided money to AIG and the banks with virtually no strings attached, no say as to how the money would be used, or who it would be paid to, and made no attempt to intervene in the AIG counterparty contractual obligations. The government also overlooked the ready made solution of standing behind the credit swaps (as well as the Fannie and Freddie CDO obligations) as guarantor, thereby lending them AAA status and precluding the need for AIG to fund the counterparties with taxpayer money. The only reason the counterparties require payment is because the agreements stipulate AIG must substitute cash for their guarantees in the event they lose their credit rating. Subsequently to this wave of government ineptitude we have the same people charged with oversight of this funding (Frank and Dodd) waving their lances at imaginary scapegoats, complaining that someone else did not execute adequate regulation over these transactions, the mechanics and nature of which they themselves clearly have no clue about.
So we are again being presented with the perennial con of government bureaucrats (i.e. Dodd and Frank) who actually created the financial crisis we are in, by promoting the making of predictably insolvent mortgages through Fannie and Freddie, while taking their money) now claiming that they are our saviours; pointing their fingers of blame to scapegoat the participants in the problem created by their own ineptitude.
I say we take Barney Frank up on his suggestion that guilty parties be fired — and get rid of him and Dodd — the sooner the better.
Barney Fife. Man can’t even run a bordello in his own condo, and he he want’s to tell AIG how to economize.
Don’t get me wrong. There need to be major changes at AIG.
But for Barney Frank to shout that AIG is wasting money is the most blatant hypocrisy. “The same people who got AIG into this mess are the ones getting bonuses”
ET TU, BARNEY??
Obama the messiah needs to fire some Democrats too. Maybe if we send him a mirror he will see who is really behind the problem.
O.B.A.M.A. = One Big *** Mistake America
They did’t fire Frank when he was running a male prostitution ring in his basement in the 80s so I will doubt they will fire him now.
He should be in jail for the mess he let happen!
Hey Barney let’s fire You and some of your
very inept cohorts before You start sticking your nose into the provate sector.
Can you just here Barney Frank yelling at Obama about what a fine mess he got us into.
DAMN I MISS BUSH!
Obama does a much better job of hiding Biden than Bush did Cheney.
Maybe he shouldn’t.
The community reinvestment act of the Clinton admin is primarily responsible for the fiasco we are in….bottom line we put people in houses that had no way to afford them after 30 days so we could say more folks enjoying home ownership. w/o oversight aig leveraged this 30 to 1 and then some since it was not an insurance transaction…now we are surprised the market fell and aig could not pay the debt. when/who thought home prices would never fall…ALL BUIS IS CYCLICAL!
Everyone who has served in the House and Senate, for more than one term, should take $1 in annual salary until umemployment is below 4% and the stock market is above 12,000. What’s good for the goose……
Now that AIG won’t be allowed to compete for management talent, I suppose that Mr Frank et al will simply make it illegal for any AIG manager to leave for another job.
Quote: “I am very surprised at all you Insurance people. I assume you know that the President, Congress Men and Reps. all get a retiremnet pension equal to their annual salary. Just like you and me!!! Guess you insures it and you only get one guess?? That has nothing to do with why they want to bailout AIG!!! What a joke.”
Um, AIG exec, nobody I know gets a pension anymore. There might be a few boomers who still will, but most Gen X and Gen Y etc folks have never and will never get a pension. It’s our own savings (and a 401k if we get it) and that’s it.
DS, that is just what I meant. I was being sarcastic. The polititians do, not us and they are insured by AIG.
Don’t forget to blame me and my Gestapo!! Heil Bush.
There are plenty of competent people to fill financial jobs. AIG needs an enema. Don’t insult the rest of us by saying “we have to retain our talented people” by paying them for failing. YOU DON’T HAVE ANY TALENTED PEOPLE OTHERWISE YOU WOULDN’T BE IN THIS MESS. First, fire the moron who FAILED TO LINK BONUSES TO PERFORMANCE AND PROFITABILITY. Then, put a stop on bonuse checks and let the idiots sue for them. If AIG loses that suit, pay them their bonuses then fire them. What does it take for people to get angry enough to do something? Our Congress and Senate are impotent and incompetent for the same reasons the financial sector is screwed up. They’ve been in position too long and aren’t motivated to work for the public. They’re more interested in Barry Bonds steroids than keeping the economy afloat. Now their bickering amongst themselves over what to do. It’s sickening.
Please do not talk about firing anyone who got us into this mess or you will find your country without a President, Vice President, House Leader, most of the House of Reps and half the Senate. If you fire all of us you will have to pay for another election and the next President may not have such a good taste for concerts. So just STFU and enjoy the Obamanation. Your man BHO
> One of the best ones yet ………….
>
>
> > The Americans With No Abilities Act
> >
> > Washington , DC – (Dateline February 26 , 2009)
> >
> > President Barack Obama and the Democrat controlled Congress are
> > considering sweeping legislation that will provide new benefits for
> > many Americans. The Americans With No Abilities Act (AWNAA) is being
> > hailed as a major legislative goal by advocates of the millions of
> > Americans who lack any real skills or ambition.
> >
> > “Roughly 50 percent of Americans do not possess the competence
and
> > drive necessary to carve out a meaningful role for themselves in
> > society,” said California Senator Barbara Boxer – Democrat.
“We can no
>
> > longer stand by and allow People of Inability (POI) to be ridiculed
> > and passed over. With this legislation, employers will no longer be
> > able to grant special favors to a small group of workers, simply
> > because they have some idea of what they are doing.”
> >
> > In a Capitol Hill press conference, House Majority Leader Nancy
Pelosi
>
> > – Democrat, and Senate Majority Leader Harry Reid – Democrat –
> > pointed to the success of the U.S. Postal! Service , which has a
> > long-standing policy of providing opportunity without regard t o
> > performance. Approximately 74 percent of postal employees lack any
> > job skills, making this agency the single largest U.S. employer of
> > Persons of Inability.
> >
> > Private-sector industries with good records of non-discrimination
> > against the Inept include retail sales (72%), the airline industry
> > (68%), and home improvement warehouse stores (65%). At the state
> > government level, the Department of Motor Vehicles also has an
> > excellent record of hiring Persons of Inability (63%).
> >
> > Under AWNAA, more than 25 million mid-level positions will be
created,
>
> > with important-sounding titles but little real responsibility, thus
> > providing an illusory sense of purpose and performance.
> >
> > Mandatory non-performance-based raises and promotions will be given
so
>
> > as to guarantee upward mobility for even the most unremarkable
> > employees. The legislation provides substantial tax breaks to
> > corporations that promote a significant number of Persons of
Inability
>
> > into middle-management positions, and gives a tax credit to small and
> > medium-sized businesses that agree to hire one clueless worker for
> > every two talented hires.
> >
> > Finally, the AWNAA contains tough new measures to make it more
> > difficult to discriminate against the non-abled, banning, for
example,
>
> > discriminatory interview questions such as, “Do you have any
skills or
> > experience that relate to this job?”
> >
> > “As a Non-abled person, I can’t be expected to keep up with
people who
>
> > have something going for them,”said Mary Lou Gertz, who lost her
> > position as a lug-nut twister ! at the G M plant in Flint , Michigan
,
> > due to her inability to remember rightey tightey, lefty
loosey.”This
> > new law should be real good for people like me,” Gertz added.
With the
>
> > passage of this bill, Gertz and millions of other untalented citizens
> > will finally see a light at the end of the tunnel.
> >
> > Said Senator Dick Durbin (Democrat-IL), “As a Senator with no
> > abilities, I believe the same privileges that elected officials enjoy
> > ought to be extended to every American with no abilities. It is our
> > duty as lawmakers to provide each and every American citizen,
> > regardless of his or her inadequacy, with some sort of space to take
> > up in this great nation and a good salary for doing so.”
Yup. Time to fire Mr. Frank. It is his fault as much as anyone that they are in this mess in the first place. This is nothing compared to the earmark waste of money in the massive spending bills. Soe folks think that money appears by magic.
AIG could have easily gotten out of all their contractual obligations by filing Chaper 11. By giving AIG money, the US Govt is enabling them to continue to be stupid and also live up to dumb contracts. With Chapter 11, the bankrupcy court would be reorganizing the company in an orderly manner, would negate any employment contracts that were not in the best interests of the reorganization and sell off the valuable assets for the benefit of those who they owed.
If billions of our tax dollars were not spent keeping AIG in business then that would mean they wouldn’t be around to compete against. If the real market forces were allowed to come into play other carriers would be more competitive, agents would make more money, and Obama would suck even more of your blood. Giving them money helps Obama keep his promise to not raise your taxes (since you’ll be making a lot less than last year).
This is the arrogance of members of Congress. Yep it might be time to fire at AIG!
Thanks to Barney Frank we are in this financial mess. He and Christopher Dodd have contributed to the financial melt down in this country and yet, they maintain their seats in Congress (re-elected by their brain dead voters) and they maintain their “leadership” positions on House and Senate Committees. The third culprit has attained the highest leadership position -President of the United States.
If Frank, Dodd and Obama would have done their jobs – maybe we could have avoided an economic collapse of this magnitude.
Suddenly Barney Frank is an expert and has an opinion. Who cares, you did enough damage you moron!
… of insurance?
Anyone?
Frank and Dodd don’t count.
LIFE WITH BIG BROTHER
Bill creates detention camps in U.S. for ’emergencies’
Sweeping, undefined purpose raises worries about military police state
Rep. Alcee L. Hastings, D-Fla.
Rep. Alcee L. Hastings, D-Fla., has introduced to the House of Representatives a new bill, H.R. 645, calling for the secretary of homeland security to establish no fewer than six national emergency centers for corralling civilians on military installations.
The proposed bill, which has received little mainstream media attention, appears designed to create the type of detention center that those concerned about use of the military in domestic affairs fear could be used as concentration camps for political dissidents, such as occurred in Nazi Germany.
Heed the warning of a former Hitler Youth who sees America on the same path as pre-Nazi Germany in “Defeating the Totalitarian Lie” from WND Books!
The bill also appears to expand the president’s emergency power, much as the executive order signed by President Bush on May 9, 2007, that, as WND reported, gave the president the authority to declare an emergency and take over the direction of all federal, state, local, territorial and tribal governments without even consulting Congress.
As WND also reported, DHS has awarded a $385 million contract to Houston-based KBR, Halliburton’s former engineering and construction subsidiary, to build temporary detention centers on an “as-needed” basis in national emergency situations.
(Story continues below)
According to the text of the proposed bill, the purpose of the National Emergency Centers is “to provide temporary housing, medical, and humanitarian assistance to individuals and families dislocated due to an emergency or major disaster.”
Three additional purposes are specified in the text of the proposed legislation:
To provide centralized locations for the purposes of training and ensuring the coordination of federal, state and local first responders;
To provide centralized locations to improve the coordination of preparedness, response and recovery efforts of government, private, not-for-profit entities and faith-based organizations;
To meet other appropriate needs, as defined by the secretary of homeland security.
The broad specifications of the bill’s language, however, contribute to concern that the “national emergency” purpose could be utilized by the secretary of homeland security to include any kind of situation the government wants to contain or otherwise control.
Rep. Hastings created controversy during the 2008 presidential campaign with his provocative comments concerning Republican vice presidential candidate Sarah Palin.
“If Sarah Palin isn’t enough of a reason for you to get over whatever your problem is with Barack Obama, then you damn well had better pay attention,” Hastings said, as reported by ABC News. “Anybody toting guns and stripping moose don’t care too much about what they do with Jews and blacks. So, you just think this through.”
H.R. 645, which seeks to allocate $360 million for developing the emergency centers, has been referred to the House Committee on Transportation and Infrastructure and to the Committee on Armed Services
Since Nancy knows most of you thought we would never get comprehensive gun control passed read this confirmation from Snopes and weep. HAHAHAHAHA! We got the power baby! Dems and Libs and Socialists gone wild!
http://www.snopes.com/politics/guns/blairholt.asp
The article is excellent. I just hope someone
> listens.
>
> Interesting. The first email below was sent out by
> GM to all suppliers. The email that follows is a response
> from one such supplier.
>
>
>
> Dear Employees & Suppliers,
>
>
>
> Congress and the current Administration will soon
> determine whether to provide immediate support to the
> domestic auto industry to help it through one of the most
> difficult economic times in our nation’s history. Your
> elected officials must hear from all of us now on why this
> support is critical to our continuing the progress we began
> prior to the global financial crisis………………….As
> an employee or supplier, you have a lot at stake and
> continue to be one of our most effective and passionate
> voices. I know GM can count on you to have your voice heard.
>
>
>
>
> Thank you for your urgent action and ongoing support.
>
>
>
>
> Troy Clarke
>
> President General Motors North America
>
> ++++++++++++++++++++++++++++++++++++++++++++++
>
> Response from:
>
> Gregory Knox, Pres.
>
> Knox Machinery Company
>
> Franklin, Ohio
>
>
>
> Gentlemen:
>
> In response to your request to contact legislators
> and ask for a bailout for the Big Three automakers please
> consider the following, and please pass my thoughts on to
> Troy Clark, President of General Motors North America.
>
> Politicians and Management of the Big 3 are both
> infected with the same entitlement mentality that has spread
> like cancerous germs in UAW halls for the last countless
> decades, and whose plague is now sweeping this nation,
> awaiting our new “messiah”, Pres-elect Obama, to
> wave his magic wand and make all our problems go away, while
> at the same time allowing our once great nation to keep
> “living the dream”… Believe me folks, The dream
> is over!
>
> This dream where we can ignore the consumer for years
> while management myopically focuses on its personal rewards
> packages at the same time that our factories have been
> filled with the worlds most overpaid, arrogant, ignorant and
> laziest entitlement minded “laborers” without
> paying the price for these atrocities…this dream where you
> still think the masses will line up to buy our products for
> ever and ever.
>
> Don’t even think about telling me I’m wrong.
> Don’t accuse me of not knowing of what I speak. I have
> called on Ford, GM, Chrysler, TRW, Delphi, Kelsey Hayes,
> American Axle and countless other automotive OEM’s
> throughout the Midwest during the past 30 years and what
> I’ve seen over those years in these union shops can only
> be described as disgusting.
>
> Troy Clarke, President of General Motors North
> America, states: “There is widespread sentiment
> throughout this country, and our government, and especially
> via the news media, that the current crisis is completely
> the result of bad management which it certainly is
> not.”
>
> You’re right Mr. Clarke, it’s not JUST
> management…how about the electricians who walk around the
> plants like lords in feudal times, making people wait on
> them for countless hours while they drag ***…so they can
> come in on the weekend and make double and triple time…for
> a job they easily could have done within their normal 40
> hour work week.
>
> How about the line workers who threaten newbies with
> all kinds of scare tactics…for putting out too many parts
> on a shift…and for being too productive (We certainly must
> not expose those lazy bums who have been getting overpaid
> for decades for their horrific underproduction, must we?!?)
>
> Do you folks really not know about this stuff?!?
> How about this great sentiment abridged from Mr.
> Clarke’s sad plea: “over the last few years …we
> have closed the quality and efficiency gaps with our
> competitors.”
>
> What the hell has Detroit been doing for the last 40
> years?!? Did we really JUST wake up to the gaps in quality
> and efficiency between us and them? The K car vs. the
> Accord? The Pinto vs. the Civic?!? Do I need to go on?
> What a joke!
>
> We are living through the inevitable outcome of the
> actions of the United States auto industry for decades.
> It’s time to pay for your sins, Detroit .
>
> I attended an economic summit last week where
> brilliant economist, Alan Beaulieu, from the Institute of
> Trend Research , surprised the crowd when he said he would
> not have given the banks a penny of “bailout
> money”. “Yes, he said, this would cause short term
> problems,” but despite what people like politicians and
> corporate magnates would have us believe, the sun would in
> fact rise the next day… and the following very important
> thing would happen…where there had been greedy and sloppy
> banks, new efficient ones would pop up…that is how a free
> market system works…it does work…if we would only let it
> work…”
>
> But for some nondescript reason we are now deciding
> that the rest of the world is right and that capitalism
> doesn’t work – that we need the government to step in
> and “save us”…Save us my ***, Hell – we’re
> nationalizing…and unfortunately too many of our once fine
> nation’s citizens don’t even have a clue that this
> is what is really happening…But, they sure can tell you
> the stats on their favorite sports teams…yeah – THAT’S
> really important, isn’t it…
>
> Does it ever occur to ANYONE that the
> “competition” has been producing vehicles,
> EXTREMELY PROFITABLY, for decades in this country?… How
> can that be??? Let’s see… Fuel efficient… Listening
> to customers… Investing in the proper tooling and
> automation for the long haul… Not being too complacent or
> arrogant to listen to Dr. W. Edwards Deming four decades ago
> when he taught that by adopting appropriate principles of
> management, organizations could increase quality and
> simultaneously reduce costs. Ever increased productivity
> through quality and intelligent planning… Treating vendors
> like strategic partners, rather than like “the
> enemy”… Efficient front and back offices… Non union
> environment…
>
> Again, I could go on and on, but I really
> wouldn’t be telling anyone anything they really
> don’t already know down deep in their hearts.
>
> I have six children, so I am not unfamiliar with the
> concept of wanting someone to bail you out of a mess that
> you have gotten yourself into – my children do this on a
> weekly, if not daily basis, as I did when I was their age.
> I do for them what my parents did for me (one of their
> greatest gifts, by the way) – I make them stand on their own
> two feet and accept the consequences of their actions and
> work through it.
>
> Radical concept, huh… Am I there for them in the
> wings? Of course – but only until such time as they need to
> be fully on their own as adults..
>
> I don’t want to oversimplify a complex
> situation, but there certainly are unmistakable parallels
> here between the proper role of parenting and government.
> Detroit and the United States need to pay for their sins.
>
> Bad news people – it’s coming whether we like it
> or not. The newly elected Messiah really doesn’t have a
> magic wand big enough to “make it all go away.” I
> laughed as I heard Obama “reeling it back in”
> almost immediately after the final vote count was
> tallied…”we really might not do it in a year…or in
> four…” Where the Hell was that kind of talk when he
> was RUNNING for office.
>
> Stop trying to put off the inevitable folks … That
> house in Florida really isn’t worth $750,000… People
> who jump across a border really don’t deserve free
> health care benefits… That job driving that forklift for
> the Big 3 really isn’t worth $85,000 a year… We really
> shouldn’t allow Wal-Mart to stock their shelves with
> products acquired from a country that unfairly manipulates
> their currency and has the most atrocious human rights
> infractions on the face of the globe…
>
> That couple whose combined income is less than
> $50,000 really shouldn’t be living in that $485,000
> home… Let the market correct itself folks – it will. Yes
> it will be painful, but it’s gonna’ be painful
> either way, and the bright side of my proposal is that on
> the other side of it all, is a nation that appreciates what
> it has…and doesn’t live beyond its means…and gets
> back to basics…and redevelops the patriotic work ethic
> that made it the greatest nation in the history of the
> world…and probably turns back to God.
>
> Sorry – don’t cut my head off, I’m just the
> messenger sharing with you the “bad news”. I hope
> you take it to heart.
>
>
>
> Gregory J. Knox, President
>
> Knox Machinery, Inc.
>
> Franklin, Ohio 45005
>
Nancy,
You hit the nail on the head. It’s funny yet another genious in Congress, Rep. Alcee Hastings is looking to supress Americans Constitutional rights, bestowed upon us by our Founding Fathers.
This from a disgraced judge “Impeached” as a Federal Judge. Only to resurrect his career as a corrupt politician.
Don’t you just love guys like Barney Frank and Alcee Hastings? Do as I say not as I do. And in the case of Hastings, when he doesn’t get what he wants, he plays the race card.
It’s time to throw all the bums out of Washington, in BOTH parties. They are all corrupt and power mongers!
TALK ABOUT HYPOCRACY!
If you think Alcee Hastings bill is scary just Google this – REX84 camps, Operation cable splicer & Garden plot.
It has already been done. Just waiting on the collapse of the economy or an WMD attack on the US.
I am not paranoid just google it!
Good job Sam. This is what REX84 says:
“The exercise anticipated civil disturbances, major demonstrations and strikes that would affect continuity of government and/or resource mobilization. To fight subversive activities, there was authorization for the military to implement government ordered movements of civilian populations at state and regional levels, the arrest of certain unidentified segments of the population, and the imposition of martial law” ..
The only ones trying to undermine the United States Government is Islam! Let’s hope this government is astute enough to know this and what they are preparing for. To Protect and Defend the Constitution of the United States of America! Of course our 2nd Amendment gives us the Right to Bear Arms!
Can’t Fire Frank, or Kennedy, or Inslee, or McDernut as they too are so impotant.
How dare you sully our reputation. You don’t lube, you goob!
Amen Brother, Amen.
I notice in all of this discussion; NOBODY has spoken in defence of Frank! Could it be that even the Left is embarrassed by his incompetance and self-serving ramblings?
I don’t care if you lambaste some democrats because that was very funny! thanks for the laugh. LMAOROTF
Thith ith an OUTRAGE! I call on all of my wepubwican coweagues in congweth to thtep up with me and demand an invethtigation! Thtarting with the botheth at AIG and then Fannie Mae and Freddie Mac………….wait. Let’th leave Franklin Rainth alone. He wath great on my mortgage! And he is a great democrat ( a word I can pronounth, by the way!).
I want to know why Frank is getting a pass by the media. Could it be that they are afraid of being called a bigot because he is queer.
Congressional hearings into Frank and Dodd.
Bill, it’s also because he’s a liberal democrat. The media only chastices those evil right wing religous right conservative Republicans. The media expects democrats to have these hiccups (a Harry Reidism). It’s not the end result that matters, it’s their intention that is lauded. So Barney Frank and Chris Dodd are both immune from any media scrutiny. It was George Bush’s fault!