The Talk Show American

THE TALK SHOW AMERICAN: 03/29/2009 - 04/05/2009

Saturday, April 04, 2009

More Cluelessness in Washington

When British Prime Minister Gordon Brown visited Washington a few weeks ago, the Obama administration apparently didn't know that the State Department had an office that handled protocol for visiting dignitaries.

"According to a person close to the situation, Obama hasn't yet appointed a chief of protocol and his staffers, still unpacking, didn't realize that the State Department has an entire office dedicated to foreign visits."

Brown proudly presented Obama with a pencil holder carved from the antislavery ship, the HMS Gannet. Obama reciprocated with a DVD set of Hollywood movies, including "Psycho." When Brown got back home, he discovered they didn't work in his European player.

"At a minimum you don't want to give offense," says a former White House official who helped orchestrate foreign visits for a previous president. "That was really phoning it in."

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This Week's ObamaNation: White House Helps Banks Skirt Rules

Are you ready for this one folks ?

Major banks that benefited from the $700 billion bailout rescue package submitted records of ownership and executive pay, one of the requirements outlined by Congress in order for Banks to participate in the program.

So the Obama administration decided to engineer its new bailout initiatives so that firms benefiting from the bailout can avoid the Congressional restrictions, including limits placed on executive pay.

The administration has set up entities to act as a kind of middleman, channeling funds to the firms and avoiding the restrictions imposed by Congress.

There are some legal experts who are questioning the legality of this strategy including a former Justice Department Attorney who said:
"They are basically trying to launder the money to avoid
complying with the plain language of the law."

The administration says that this strategy enables them to determine if firms should be subject to the congressional restrictions.

The strategy has attracted little attention on Capitol Hill and some congressional aides have said that they were unaware of the administration's strategy. As you remember folks, two weeks ago Congress was up in arms about the AIG bonuses with some members of Congress accusing the Obama administration of not doing enough to safeguard the taxpayers interests.

Rep. Edolphus Towns (D-N.Y.), chairman of the House Oversight and Government Reform Committee, believes congressional conditions should apply to any firm benefiting from bailout funds. He plans to review the administration's decisions and may seek to undo them.
"We have to make certain that if they are using government money in any sort of way, there should be restrictions," he said.

According to Treasury spokesman Andrew Williams:

"These programs are designed to both comply with the law and ensure taxpayers' funds are used most effectively to bring about economic recovery."

In one program,to restart small business lending, administration officials plan to set up a middleman called a special purpose vehicle, a term made notorious during the Enron scandal, or some other type of entity to avoid the congressional restrictions, sources familiar with the strategy said.

In another program,to restart consumer lending, a special entity was created for the purpose of getting around legal limits on the Federal Reserve, which is helping fund this initiative. The Fed don't normally support the markets that finance credit cards, auto loans or student loans, but could channel the funds through a middleman.

When the initiative was being developed last year, the Bush administration decided to apply executive pay limits to firms participating in this program. However the Obama administration reversed that decision days before it was unveiled on March 3 and lifted the restrictions, according to sources who spoke on condition of anonymity because the discussions were private.

So,it appears that the Obama administration may be violating the law and very few in Congress either know about it or will do anything about it.

This administartion is running roughshod over the laws and Constitution of this nation and the sheep are just merrily following behind.

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Sunday, March 29, 2009

White House to GM CEO: Step Down

Here is another chapter in America's evolution into a socialist republic. First the government fights the AIG bonuses and now they have asked the CEO of GM to step down and he does.

General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.

Detroit-based GM issued a statement Sunday saying only that the company expects a decision by the administration soon but that "it would not be appropriate for us to speculate on the content of any announcement."

A person familiar with Chrysler's management said the company has been given no indication that the government will require any changes at the Auburn Hills, Mich., company.

Wagoner's departure indicates that more management changes may be part of the deal, but it is still unclear who will be put in charge of GM.

On Monday, Obama is to announce measures to restructure GM and Chrysler LLC in exchange for additional government loans.

This is scary stuff folks, make no mistake about it. What is happening to our country before our very eyes is a slow evolution toward a socialist republic where the government owns everything and controls your salary and you employment as well as your employer.

This is just the tip of the iceberg. The government is using the federal bailout funds as an excuse to control private enterprise. Once they gain control of the banks we will be pretty much all done with capitalism, at least as we know it.

Treasury Secretary Timothy Geithner has already made a statement that "the market will not solve this" while disclosing a bailout fund for battered banks has $135 billion left and might need more.

Last week he said he would consider a suggestion by China to move to a universal currency.

I told people this on my show when President Bush was looking to bailout Wall Street, the dangers that this posed to our country. By allowing the government to bail out these firms we ran the risk of the government being able to obtain more control over the firms and to almost become involved in the day to day operations.

Wake up people, under Obama, it is actually coming to fruition, and quicker than I thought it would.