SNL – New Senator Scott Brown heats things up on the Hill

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January 31, 2010. Tags: , , , , , , , . Politics. Comments off.

Video Update: GM CFO Ray Young says co won’t make June 1st $1Billion debt repayment…

Update 2: CNBC’s Phil LeBeau

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Update: Bloomberg:

General Motors Corp., trying to avoid a U.S.-backed bankruptcy on June 1, may close plants and scrap models as much as four years sooner than planned to lower its break-even point, people familiar with the effort said….

…The new plan may require GM to complete many of the reductions in models and dealers planned by 2014 as soon as next year, allowing earlier plant and job reductions, people briefed on the talks said. GM said March 31 that by 2014 it would trim dealers to 4,100 from 6,122, nameplates to 36 from 43, and U.S. assembly capacity to 2 million vehicles from 2.8 million.

The bond offer may include some framework of GM’s plan to cut $20.4 billion in obligations to a United Auto Workers union- run retiree-medical fund by more than half, two of the people said. The bond offer may disclose what portion, if any, of U.S. loans would be converted to equity, one person said.

–the flintstones car at the new york international auto show–

Breaking from WSJ on CNBC Chyron…

This is in addition to GM CEO Fritz Henderson commenting bankruptcy more likely…

they are really putting the hammer down on the bondholders..were I they, I would NOT cut a deal, I would wait for my bankruptcy judge, but the pundits say a MI bankruptcy judge will be under HUGE political pressure to wipe the bondholders out anyway…

say hello to Nancy Pelosi and Henry Waxman’s Little Friend..a Flintstone mobile, perhaps all we will be allowed to purchase until they reinvent the wheel..

A vehicle that meets Waxman/Pelosi emission standards

A vehicle that meets Waxman/Pelosi emission standards

We will then get sued by people behind us as our feet produce a cloud of dust they can claim MIGHT somehow damage them as a pollutant…

Good Grief….

April 22, 2009. Tags: , , , , , , , , , , , , , , , , , . Big 3, Economy, Finance, Obama Administration, Politics, Popular Culture, Saturday Morning Cartoons, Uncategorized. Comments off.

Tax Day Tea Party: TX – San Antonio, Boerne…

Courtesy of sateaparty:

Promo Video for the San Antonio Tea Party – April 15th, 2009. http://www.sateaparty.info

Tea Party website here

San Antonio, TX
When: April 15, 6:00pm – 8:00pm
Venue: Raymond Russell Park UPDATE: THE ALAMO!!!!!

Boerne, TX April 15 5:00 – 7:00 p.m.
Boerne Main Plaza (corner of Main and Blanco Streets)
E-mail: BoerneTXTeaParty@gmail.com

taxdayteaparty2

March 29, 2009. Tags: , , , , , , , , , , , , , , , , , , . Economy, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized. 7 comments.

Creeping Socialism: Rangel AIG Tax Bill, unConstitutional?

Sounds like it’, Rangel was on CNBC this morning and specifically mentioned this ‘group of people’ we (Congress) do not think DESERVED those bonuses. Well it is certainly a tax targeted at a specific group’ of people as a punishment, sounds like Bill of Attainder action to me…

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RightPundits.com:

….this idea that Congress is floating about a targeted tax on AIG that would essentially take 100% of that bonus money away from the executives who received them. The reason I hate this idea so much is that I think it is blatantly unconstitutional. Art. I, Sec. 9 states “No bill of attainder or ex post facto Law shall be passed.” What Rangel (who I’m sure has never even read the Constitution and is a known tax cheat) and the rest of Congress is considering here is a Bill of Attainder…. The basic question is whether the legislature has usurped a judicial function in an attempt to hand out a punishment to some targeted individual or group.

Apparently the language of the congressional action will apply to “any company in which the U.S. government has a 79 percent or greater equity stake.” Gee, I wonder who they are referring to? There is no question that this legislation is specifically targeted at only one group, AIG. So, the next question is whether this “super-tax” on AIG executives is punitive as required by the Constitution. According to at least one case and Justice Brenan, it is:

In determining whether punitive or nonpunitive objectives underlie a law, United States v. Brown established that punishment is not restricted purely to retribution for past events, but may include inflicting deprivations on some blameworthy or tainted individual in order to prevent his future misconduct. 381 U.S. at 458-459. This view is consistent with the traditional purposes of criminal punishment, which also include a preventive aspect . . . Brown left undisturbed the requirement that one who complains of being attainted must establish that the legislature’s action constituted punishment, and not merely the legitimate regulation of conduct.

Of course aside from the Creeping Socialism and unConstitutionality of these actions, there is the fact that this is counter productive to Timmeh’s plan for private public partnership, would YOU enter into a deal with this government and expose yourself to losses and targeted tax hikes if you actually make a proft? Exactly.

BusinessInsider:

The Democratic leadership in the House says they expect the bill to pass with overwhelming bipartisan support. The rule would cover 75 percent of the companies that got bailout funds….It was reportedly drafted yesterday, which probably means that it contains scores of loopholes and provisions that will have unintended effects on corporate behavior.

The 90 percent tax would apply to employees with overall income exceeding $250,000, including bonuses. The tax would apply to bonus payments made after Dec. 31, 2008. If it takes effect, it seems likely that companies will simply respond by changing payment structures to deliver higher salaries rather than bonuses.  This could hurt incentive pay measures, although critics will say that the incentive pay at many financial firms are broken anyway.

In New York City, we would expect the effect tax rate on bonuses would approach 100%, once state and city taxes are added on. This pretty much guarantees that none of these bonuses will ever be paid. Instead, TARP firms will find other ways to pay employees.

March 19, 2009. Tags: , , , , , , , , , , , , , , . Economy, Entertainment, Finance, Music, Obama Administration, Popular Culture, TARP, Taxes, Uncategorized, Wall St. 2 comments.

Breaking: Senate passes $410 Billion Omnibus…Amendment to save DC Vouchers fails….Sessions e-verify amendment fails…

Update; Looks like Alexander voted yes, Wicker MS, Murkowski AK, Bond MO, Cochran (R-MS),  Shelby (R-AL), and the usual suspects,
Snowe (R-ME), Specter (R-PA),

Collins,R- ME, VOTED NO!! so did Dems Baygh of Indiana (our pick for HRC VP), and Feingold WI, McCaskill MO of all people voted nay, but Reid got the MO GOP senators to vote aye to cover her axx,

The Corner has it. Also Amendment votes:

Update: Sen. Jeff Sessions’ (R-Ala.) amendment on e-verify also came very close — it was tabled on a 50-47 vote. By contrast, the amendment to save the District of Columbia’s Opportunity Scholarship program was soundly defeated.

The cloture vote will be available here in a few minutes.

What total hypocrites the Obamas are if they let those kids at Sidwell lose their vouchers when their own daughters attend that school and Teh One had a scholarship to an exclusive Hawaiian Prep School which just today he credited for having given him the ability to hold his office…. and I have to believe Obama could have called Durbin of all people his former co Senator of Illinois and had him table the bill…just wrong..

March 10, 2009. Tags: , , , , , , , , , , , , , , , , . Department of Education, Economy, Finance, Music, Obama Administration, Politics, Uncategorized. 1 comment.

Cramer stands by his call on Obama Policy hurting markets…

Airtime: Mon. Mar. 9 2009 | 11:50 AM ET

Mad Money host Jim Cramer  CNBC’s Erin Burnett.

Cramer stands by his call on Obama Bear Market

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March 9, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Wall St. 1 comment.

GM: The Song Remains the Same…

Meanwhile back at the ranch, GM is in danger of bankruptcy still and looking for another bridge loan up at the WH, I would say they were lookin for love in all the wrong places, ask Canada, less strings….

We need a heavy manufacturing base in this country, but I doubt Pelosi, Waxman and Team Obama will give us what we need….

I am positive I heard Rick Wagoner humming Zeppelin..Oh will you excuse me  I’m just trying to find the bridge… Has anybody seen the bridge?

(The Crunge is not on youtube so how about Over the Hills….)

CNBC:

General Motors on Thursday said its auditors had raised “substantial doubt” about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.

The “going concern” warning from the struggling U.S. automaker had been expected, but underscored the stakes for GM as it seeks up to $30 billion in U.S. government aid to restructure outside a court-supervised bankruptcy process.

The automaker faces an end of March deadline to complete concession talks with the United Auto Workers and bondholders to reduce its debt load as part of a bid to convince the autos task force assembled by President Obama that it can be made viable with a new round of government help.

Are you ready for your Homermobile designed by Waxman and Pelosi?

thehomer



March 5, 2009. Tags: , , , , , , , , , , , , . Big 3, Economy, Music, Obama Administration, Politics, Popular Culture, Uncategorized. 1 comment.

Update 2: Centrist Dems argue over bill changes as Durbin tries to limit cramdowns to ‘exotic subprime loans” only at banks request…..Housing: House Bankruptcy Cramdowns/judicial modification bill

UPDATE: AP and El Rushbo just reported Moderate Dems having closed door dispute with Speaker and Bill Sponsors over how this cramdown legislation will affect currently struggling homeowners..if this doesnt help anyone but  EXOTIC Subprime loans, then it is a STUPID people rescue or the Irresponsibility Act of 2009 and really if you listen to things Robert Reich said about making sure the stimulus jobs dont go to white engineers, then you start to question what social engineering they are doing here…

CALL YOUR CRITTERS FOLKS

A dispute among House Democrats stalled legislation Thursday to let bankruptcy judges reduce the principal and interest rate on mortgages for debt-strapped homeowners.

It hit a snag after a group of moderates expressed concerns in a closed-door meeting of House Democrats about how the bill would affect homeowners who are still struggling to make their mortgage payments.

The banking industry has lobbied hard against the measure, mounting a successful multimillion-dollar effort last year to kill it.

This year, mortgage industry players who are scrambling to narrow the scope of the measure to reduce its potential cost for banks have won some key concessions. House Democrats agreed to limit the measure to existing loans made before the bill is enacted and to borrowers who can show they tried other ways of modifying their home loans before resorting to bankruptcy, among other changes.

But banks want to go much further, restricting the bill only to subprime or other exotic loans.

Centrist House Democrats who have been working closely with the financial services industry to scale back the bill balked at supporting it on Thursday after a news report suggested that Sen. Dick Durbin, D-Ill., the lead sponsor of the bankruptcy measure in the Senate, was willing to limit it only to subprime mortgages. The Senate is expected to take up the legislation within two weeks.

In the House, Rep. Ellen Tauscher, D-Calif., the head of the business-minded New Democrat Coalition, raised concerns during the private session that the measure omitted help for homeowners who aren’t staring at bankruptcy but are buckling under burdensome mortgage payments.

House leaders said they had postponed a vote until Tuesday to give Democrats time to meet with Obama’s housing secretary, Shaun Donovan, about how the measure fits with his housing plan.

“There’s an equity question here,” said Rep. Ed Perlmutter, D-Colo., another member of the coalition. “The discussion has got to be, what’s the benefit to the guy next door who is struggling to pay the bills, is paying the bills and isn’t filing for bankruptcy?”

More clips from the Speaker

LIVE ON CSPAN

Expected to vote on this today

Here is what the Critters have been up to this morning:

Continues after the break

(more…)

February 26, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Music, Obama Administration, Politics, Uncategorized. 4 comments.

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