THE HOT JOINTS » financial crisis

I’ll Show You A Stimulus Plan

Chris Jones — Thu, 09 Jul 2009 00:16:30 +0000

What we should have done instead of passing that ridiculous Obama stimulus plan that was nothing but $787 billion in pork, is pass something real and tangible.

If the Dems want to go the socialist route, then let’s do that. How about we give every single man and woman in America that’s 21 years of age or older a check for $1 million.

If you’re 21 years of age or older and in the country legally, you get $1 million bucks — tax free.

Think about that. It would cost a fraction of what the phony stimulus plan cost and would put real money in people’s pockets.

I just wonder what the implications long-term of something like that would be? It would cost the government little, but I wonder what the long-term societal impact of something like that would be.

Would it end up being a net positive for the country? Would there be unforeseen consequences?

Before you jerks start emailing me about this, I’m not trying to claim this as my idea. I’ve heard it suggested before, but I really gave it some thought today.

Instead of pissing money away on phony global warming and porky special interests, imagine if we just gave a bunch of money back to the people.

-Chris Jones

GOP Revolt: Auto Bailout In Jeopardy

Chris Jones — Wed, 10 Dec 2008 23:32:39 +0000

The auto industry bailout looked like all but a sure thing this morning, but growing Republican opposition to the measure has put the $14 billion dollar aide package in jeopardy.

Emergency aid for the nation’s imperiled auto industry was thrown into
jeopardy Wednesday, opposed by Republicans who were revolting against a
hard-fought deal between Democrats and the Bush White House to speed
$14 billion to ailing carmakers.

Democrats detailed the compromise
measure and laid the groundwork for quick votes on it, holding out hope
the bailout could be enacted by week’s end. But a growing number of GOP
senators declared they would not go along.

The White House,
though not formally endorsing an agreement with congressional
Democrats, dispatched administration officials to Capitol Hill to make
a case for the rescue package. During a contentious, closed-door
luncheon with Senate Republicans, they got an earful of criticism from
the rank-and-file, some of whom have already announced plans to block
the measure.

“They got a good dose,” said opponent Tom Coburn, R-Okla., as he emerged from the session.

Even auto state Republicans who have pushed hard for a bailout said the
measure needed work. Sen. Kit Bond, R-Mo., said he wanted to see
changes. And Sen. George V. Voinovich, R-Ohio, said the measure didn’t
have the necessary Republican votes to pass Congress.

I can remember when a billion dollars was a lot of money — or at least it seemed like it was. Now, the Congress hands out billions like it’s loose change. This financial crisis is an outrage. We bailed out the financial sector which may or not have been necessary, but what’s done is done. However, allowing this culture of bailouts and handouts to continue is completely unacceptable. Every Tom, Dick, and Harry in this country now has their hand out begging for their multi-billion dollar Christmas present.

The U.S. auto industry is a relic. Decades of bad management, out of control unions, and foreign competition has rendered the domestic auto industry a dinosaur. This romantic notion that we should just keep the car companies in business simply because they employ a lot of people is ridiculous. Why should a company that doesn’t turn a profit be artificially kept alive through government intervention?

A $15 billion dollar loan to the auto companies is like giving a homeless man $20. It will be gone in a day or two but the man will still be homeless. We should not even consider giving the ailing auto industry a single crying dime until they fix the root causes of their predicament.

Bank Of America Caves To Factory Workers

Chris Jones — Tue, 09 Dec 2008 22:01:55 +0000

I can’t believe Bank Of America caved to public pressure over the laid off workers who staged a sit-in in Illinois.

The Republic Windows & Doors factory suddenly closed last week and the workers were laid off without their severance or health insurance.

Believing Republic was in violation of their contracts and state employment law, the workers staged a sit-in at the factory and refused to leave the premises until they got their money.

The reason Republic had to close was because Bank Of America refused to give them a loan. The reason they refused is because Republic is broke and can’t pay it back — which is how this whole financial mess started to begin with. Giving people loans who cannot pay them back is absurd.

Yesterday, Gov. Blagojevich visited the plant and the outraged workers. Afterwords, he called on Bank of America to “do the right thing” and give Republic some money. He then went further and called for all state agencies to refuse to do business with B of A until they extend credit to the failing business.

Incredibly, B of A announced today that it’s caving to the workers and will extend credit to a business that can’t pay it back. Which means it’s not actually credit but instead a gift.

What really brings this whole episode into razor sharp clarity is this morning’s arrest of Gov. Blagojevich on corruption and bribery charges. We now know the reason he gave such full-throated and absurd support to the workers — he was hoping to get a cushy job with a labor union in return for Obama’s vacated senate seat.

He was trying to show he was a union man by calling for a boycott of B of A, but in reality the governor is just a corrupt scumbag who’s looking at serious prison time.

Obviously, I feel bad for the workers. Nobody wants to lose their job — I certainly don’t. However, when a business fails — it fails. When did it become a rule that regardless of how your business performs — you have a right to keep that business operating? Even if your business can’t make money, the government will keep you in business just for the sake of keeping you in business?

I don’t know what that’s about, but what I do know is that Bank of America set a dangerous presidence by caving to Republic Windows & Doors.

Obama And McCain Promise To Work Together

Chris Jones — Mon, 17 Nov 2008 23:20:48 +0000

President-Elect Obama and his defeated rival John McCain met today to discuss working together in the days and weeks to come.

President-elect Barack Obama and former rival Sen. John McCain, said Monday they will join forces in wrestling with the financial crisis and other challenges facing the nation.

“We hope to work together in the days and months ahead on critical challenges like solving our financial crisis, creating a new energy economy, and protecting our nation’s security,” the two said in a joint statement released after their meeting in Chicago.

It did make for a good photo-op at least.

Hot Air has video.

U.S. To Buy Stakes In Nation’s Nine Largest Banks

Chris Jones — Tue, 14 Oct 2008 03:21:46 +0000

The Wall Street Journal is reporting that the U.S. government has decided to buy stakes in nine of the nation’s largest banks.

The U.S. government is expected to take stakes in nine of the nation’s top financial institutions as part of a new plan to restore confidence to the battered U.S. banking system, a far-reaching effort that puts the government’s guarantee behind the basic plumbing of financial markets.

This move comes on the heels of the British government’s decision to buy stakes in their countries largest banks.

Video: Devastating New Ad Targets Democrats Over Financial Crisis

Chris Jones — Fri, 03 Oct 2008 21:53:53 +0000

It’s about time the GOP called the Democrats out for blocking any meaningful legislation to tighten regulations on Fannie and Freddie. Democrats have been allowed to spread the unbelievable lie that this crisis is a result of so-called “Bush economic policies” when nothing could be further from the truth.

More like “Barney Frank and Chris Dodd economic policies” in reality. We posted the clip from 2004 showing Democrats vociferously defending Fannie and Freddie and falsely claiming nothing was wrong.

Bill O’Reilly took Barney Frank apart on this issue last night on ‘The Factor.’

Congress Approves Bailout, Bush Promises To Sign

Chris Jones — Fri, 03 Oct 2008 19:06:50 +0000

Believe it or not, Congress took the unusual step of putting aside their hatred for one another and actually passed the damn bailout bill!

With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Immediately after the vote President Bush pledged to quickly sign the $700 billion dollar package into law.

President Bush said Friday he would quickly sign into law a far-reaching $700 billion bill to bailout the nation’s tottering financial industry and thanked Congress for acting in a bipartisan and decisive fashion.

“There were moments this week when some thought that the federal government could not rise to the challenge. But thanks to the hard work of members of both parties, in both houses, and the spirit of cooperation between Capitol Hill and my administration, we completed this bill in a timely manner,” Bush said in remarks in the Rose Garden.

Now that the feds have their obscene bailout package lets see if they can right the ship and get this country going again.

$700 Billion Dollar Bailout Rejected, Market Drops 700+ Points

Chris Jones — Mon, 29 Sep 2008 20:57:26 +0000

The U.S. House of Representatives defeated a proposed bailout package of more than $700 billion dollars in a vote of 228-205. The stock market immediately took a nose dive with the Dow Jones dropping more than 700 points, which is more than on 9/11.

In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation’s financial system, ignoring urgent warnings from President BushDow Jones industrials plunged nearly 800 points, the most ever for a single day. and congressional leaders of both parties that the economy could nosedive without it. The

Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.

The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.

This is almost a self-fulfilling prophecy at this point. Now that the markets are spooked about a looming disaster, any failure to pass this massive bailout will cause the looming disaster to happen for sure. It’s too bad the Democrats were not interested in regulating Fannie and Freddie back in 2004 when the Republicans wanted too. Now they have the chutzpah to blame this mess on so-called “Bush economic policies.”

Video: Democrats Say “Nothing Wrong” At Fannie And Freddie In 2004

Chris Jones — Mon, 29 Sep 2008 14:54:04 +0000

Since Democrats have attempted to rewrite history in the last couple of weeks blaming the financial crisis on George Bush, it has become necessary to review the tapes. Thanks to the YouTube world we live in the rewriting of history is a much harder thing to do.

As this video clearly shows, it has been Republicans from day one that have called for new regulations on Fannie and Freddie. Democrats however, wouldn’t hear of it. Democrats successfully blocked all meaningful legislation that would have brought Fannie and Freddie under control and prevented this mess.

(hat tip Hot Air)

THE HOT JOINTS » financial crisis

I’ll Show You A Stimulus Plan

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