“Oops Obama” On A European Vacation

On the morning of this last day of March’s madness we found lantern-jawed, scowling, Mary Todd Michelle Obama furiously yanking sleeves off dresses while frantically poring over old traveling Jackie-O photographs. Her boob of a husband was busy embarrassing himself in his one sole alleged area of expertise – basketball – while allegedly doing a political impersonation of Ronald Reagan.

As March began Big Media was amazed at the amazing Obama March Madness basketball picks – what ‘amazing basketball knowledge’ hoorayed the almost entirely male frat boy political party which is Big Media. “Hoops Obama” however turns out, even in his expert area of basketball to be “Oops Obama“.ABC News reports that the NCAA basketball tournament is down to the final four from the original 64 but Obama’s NCAA picks are duds. It turns out that only the University of North Carolina, among the many “Oops Obama” picks, has a chance of winning.

President Obama is doing worse than 53.17 percent of those in ESPN’s pool.

In the White House pool, President Obama is ranked 18th out of 32.

President Obama still has time to recover a bit if the Tarheels go all the way.

But since there are those ranked ahead of him in the ESPN pool who have also picked UNC to go all the way, it’s a mathematical certainty that he won’t win that one. (It’s unclear if any of the 17 ahead of him in the White House pool picked the Tarheels, so theoretically at least he could still win that contest.)

Now ask yourself – Obama is a boob in his one area of acknowledged expertise (basketball) – how will Obama, devoid of any private sector experience, not even having run a lemonade stand, do running global companies like GM? Obama is as believable as this defunct guy:



* * * * *

Mary Todd Michelle is tearing sleeves, pumping TelePrompters in lieu of weights, and trying to mimic Jackie-O but Mary Todd Michelle has not yet, and will probably never learn the difference between fashion and style. Mary Todd Michelle may shop with Oprah at the Water Tower and go to a dressmaker for female impersonators to get her fashion tips and frocks but she, like her hubby does not understand that fashion is fleeting, style is forever.

Hubby “Oops Obama” meanwhile prepares for his Imperial tour of Europe. His tours used to be Papal, now with a staff of 500 for a crutch, the tour is Imperial.



The Obama Imperial tour of Europe might be more like a butter/margarine commercial, he’ll wear a crown but everyone will be laughing at him.

But if the U.S. president thought his popularity would cause foreign governments to fall quickly into line behind a new American leadership, experts warn, he could be in for a rude awakening. The German government has resisted calls to deploy more combat troops to Afghanistan. Russia is pushing back against a NATO missile defense system in Poland. And the Czech prime minister last week described the U.S. plans for global economic recovery as the “road to hell.”

Imperial pretensions at home too. Democrats who used to bemoan Ronald Reagan and his destruction of the Air Controllers Union are quiet regarding Obama and the UAW. Getting ahead of our April Fools day post, we note that some Hopium addicts are feeling let down by reality:

So it really is about f*cking the unions over, isn’t it?

“Unlike a liquidation, where a company is broken up and sold off, or a conventional bankruptcy, where a company can get mired in litigation for several years, a structured bankruptcy process — if needed here — would be a tool to make it easier for General Motors and Chrysler to clear away old liabilities,” the government said in a fact sheet [snort] outlining a “surgical bankruptcy” of 30 days or less.

Because we know what those “old liabilities” are, don’t we?

Even the DailyKooks are scratching their heads as some realize

Obama simply cannot be trusted. Obama cannot be trusted on any issue. Obama cannot be trusted by his friends. Obama cannot be trusted by his enemies. Obama cannot be trusted.

There are no heroes in this sorry tale of debt and the Obama solution of creating yet more debt. We do wonder if the Obama fired GM chief Rick Wagoner refused to used Chapter 11 bankruptcy in order to protect his $20 million pension plan which would have been abrogated in event of GM declaring bankruptcy and using tried and true legal methods for actual restructuring not endless fake restructuring.

Auto workers who supported Obama are also learning that Obama can’t be trusted.

Many assembly line autoworkers reacted with skepticism and anger Monday to the Obama administration’s tough tactics, which stoked long-simmering feelings that the people who put the country on wheels get treated differently than the wizards of Wall Street.

“It’s the age-old Wall Street vs. Main Street smackdown again,” said Brian Fredline, president of UAW Local 602 at a plant near Lansing. “You have all kinds of funding available to banks that are apparently too big to fail, but they’re also too big to be responsible.”

“But when it comes to auto manufacturing and middle-class jobs and people that don’t matter on Wall Street, there are certainly different standards that we have to meet — higher standards — than the financials. That is a double standard that exists and it’s unfair,” Fredline said.[snip]

To see the very people that drove this economy into the ground be rewarded through bonuses while receiving tax dollars is just galling,” said Dan Maloney, a machine repairman at auto supplier Delphi Corp.’s plant in Rochester, N.Y., and a union local president. “In light of that, the administration is taking it out, I believe, on the automotive sector.”

Michigan Gov. Jennifer Granholm called Obama’s moves “a bit of tough love,” yet recognized a disconnect between the financial and auto industries.

“Yes, I do think that there has been a different look at those who manufacture than those who make money by flipping paper and I’m hopeful that the financial industry gets as tough a scrutiny as the auto industry has,” she told reporters after an event Monday in Macomb Township, about 20 miles northeast of Detroit.

You get what you vote for.

* * * * *

Yup, you get what you vote for.

The almost comical and overheated Glenn Beck performed a service for real Democrats in Connecticult last night.

Beck interviewed Connecticult Attorney General Blumenthal.



Blumenthal is the likely replacement for dud Dodd in Connecticult.

Interviews with a dozen Democratic state legislators, party officials and operatives in Connecticut indicate there is deep concern back home over whether the incendiary American International Group bonuses issue has delivered a mortal blow to Sen. Chris Dodd (D-Conn.), the five-term senator already facing tough scrutiny over his role as Senate Banking Committee chairman and his personal financial dealings.

Many of them describe a palpable fury among the party rank and file — anger that’s led some to wonder if the party would be better served with a different Democratic nominee in 2010— though they note that, at the moment, Dodd still retains the loyalty of Democratic activists and the political class. [snip]

“There is somebody else in the background who could easily become senator if Dodd doesn’t run,” he said, referring to Attorney General Richard Blumenthal. “People are conflicted. They want to see a senator be a Democrat, and that can be guaranteed with Blumenthal, but they’re all still supporters of Dodd.”

Dodd is a total dud but can anyone say, after watching the Beck interview, that Blumenthal is any better? Instead of demanding accountability, Blumenthal defended the indefensible. Blumenthal refused to speak about “federal” issues when it hurt his friend Dodd but mouths popular words regarding bonuses while refusing to actually do anything. The AIG bonuses were an outrage but all Connecticut voters got from Blumenthal was words – not action.

You get what you vote for. Even the Obama supporters at Salon now begin to suspect that is the case (and only months or years behind us).

I’ve had [a feeling] for a while, that the Democrats can’t get us out from under this mess until they are forced to reckon with their role in creating it. Every time I see Chuck Schumer on television pretending to be a populist scourge of Wall Street, I remember his role in blocking higher taxes for hedge fund managers and repealing Glass-Steagall. I can’t help thinking that Tim Geithner is too close to the industry that took over — and took down — the economy to tame it. A large part of the Democrats’ resurgence in the last four years, ironically, has been its success raising money from Wall Street, which undermines its populist street cred at a time like this. Fortunately for the party, Republicans are just as compromised, so it’s not too late to for Democrats to take leadership in bucking the financial oligarchy and develop real solutions to the financial crisis.

Yup you get what you vote for.

The Obama administration is starting to revel in two-faced spins. It gave AIG officials a pass on their bonus, and only got concerned after public outrage.[snip]

During his campaign, Obama promised change. But beating up the auto industry is that same old politically-correct stuff, and he couldn’t resist.

How about he also demand the resignation of some folks who really did contribute to the current fiscal debacle — say Barney Frank and Chris Dodd and other lawmakers from both parties?

Yup, you get what you vote for.

Share

194 thoughts on ““Oops Obama” On A European Vacation

  1. Admin,

    m.o. should have stayed behind, in her designer gowns, and weeded the royal garden.

    poor obama is going to need a month’s vacation after this grand tour. I can see it coming now.

    I feel sorry for Hillary more and more.

  2. While looking for Imperial margarine commercials we learned something about Eleanor Roosevelt. Here is one of the Imperial margerine commercials we did not use in the article:

    Here is what we learned – Eleanor Roosevelt in 1959 filmed a margarine commercial:

  3. Admin………love it love it love it!! 😀

    would love to be a fly on the wall when the daily kooks realize their own words were used here to tell the truth LOL!!

  4. JanH: Please do not be sorry for Hillary.She is exactly where she wants to be,serving her country and her people.If she was still in the senate then I too would be sorry.She is the star on center stage this week and the world loves and respects her for her brave and outstanding efforts to bring peace to this fractured world that Telebama hopes to rule.I watched her interview with Andrea Greenspan and she just glowed with self confidence.Anrea needs new dentures.Her brain and her mouth are not in sync.Perhaps she could do better with Bo,MO and oh oh.This week is all Hillary and he knows it and is running scared.The entourage of 500 MSM and panicky supporters is not going to change anything for him.Protesters are gathering and geeting signs ready to greet the Messiah at every stop.The Jig is up mr.potus

  5. Right, JanH. MO should have stayed behind to tend her VICTORY garden. We are all going to need Victory gardens before this is all over.

    Another Hawaii vacation, you say?

  6. Clinton voices appreciation for Netherlands

    Tuesday 31 March 2009

    US Secretary of State Hillary Clinton has extensively praised the Netherlands for “being at the forefront of the international community time and time again”.
    Her praise not only referred to how quickly the Netherlands had organised the conference, after Washington first launched the initiative only a month ago. In her speech to the conference, she also praised the “extraordinary contribution and leadership that the Dutch mission has provided in Afghanistan.”

    She went on to say other European countries and the United States in other Afghan provinces have copied the Dutch mix of military effort with development work. Standing next to a radiant Dutch Foreign Minister Maxime Verhagen, Mrs Clinton called the typically Dutch approach in Uruzgan an important source of inspiration for the new American strategy that President Barack Obama presented last week.

    Dutch politicians have been saying for some time that the new US Afghanistan plan is similar to the Dutch approach, and that the choice of The Hague to host the talks is proof of this. However, this is the first time this has been echoed by a senior American politician.

    radionetherlands.nl/news/zijlijn/6238950/Clinton-voices-appreciation-for-Netherlands

  7. Clinton Calls US-Iranian Meeting ‘Promising’

    By Lisa Bryant
    The Hague
    31 March 2009

    Senior U.S. and Iranian leaders met Tuesday on the sidelines of an international conference in The Hague aimed at re-energizing international commitments for war-torn Afghanistan. Participants agreed to boost security and development in the central Asian nation.

    Secretary of State Hillary Clinton described the meeting that took place between U.S. special representative Richard Holbrooke and Iran’s deputy foreign minister Mehdi Akhundzadeh as brief but cordial. She said the two sides had agreed to stay in touch.

    In remarks at the conference, Akhundzadeh criticized international military efforts in Afghanistan. But he also said Iran was willing to help fight drug trafficking that is spilling across Iran’s border with Afghanistan, and to help in that country’s reconstruction and development.

    Clinton called the Iranian diplomat’s remarks “promising”. “The questions of border security and, in particular, the transit of narcotics across the border from Afghanistan to Iran is a worry that the Iranians have, which we share,” she said. “And we will look for ways to cooperate with them. And, I think, the fact they came here today, they intervened today, is a promising sign that there will be future cooperation.” Clinton also said the U.S. had handed a letter to the Iranian delegation, seeking Tehran’s intervention on behalf of three American citizens in Iran who are unable to return home. One of them is a former FBI agent, Robert Levinson, who disappeared while visiting Iran in 2007.

    Representatives from more than 80 countries and international institutions at The Hague conference stressed the importance of international and regional cooperation – notably on the part of Pakistan and Iran – in helping to rebuild Afghanistan. A separate donors’ conference on Pakistan will be held April 17 in Japan. Diplomats also agreed to work jointly to improve security, economic and political development in Afghanistan. That country will be on the agenda again this week during a NATO summit on the French-German border.

    voanews.com/english/2009-03-31-voa45.cfm

  8. Obama Warranty Plan Leaves Many GM, Chrysler Owners Vulnerable
    Under the so-called Warranty Commitment Program unveiled by President Obama, the government will cover 110 percent of an accounting reserve established to cover 125 percent of projected warranty costs for each new vehicle sold by GM and Chrysler.

    Tuesday, March 31, 2009

    Just call him Mr. Goodwrench. That’s what President Obama is telling American car owners and buyers, making them an offer they can’t refuse: If General Motors or Chrysler won’t honor their warranties, he will. Playing pitchman for the ailing U.S. auto industry, Obama on Monday offered guarantees on the warranty of every new vehicle sold by the Detroit automakers during their restructuring efforts. Obama said with additional incentives for new car buyers, the industry could sell an additional 100,000 new cars this year.

    But Uncle Sam won’t stand by warranties held by current vehicle owners or safety recalls, which can occur years after the warranty expires. That would leave uncovered about 10 million to 15 million GM and Chrysler vehicles bought in the past couple years, said Clarence Ditlow, executive director of the Center for Auto Safety.

    remainder of article found here:

    foxnews.com/politics/first100days/2009/03/31/details-obamas-auto-warranty-plan-emerges/

  9. A senior White House official on Tuesday dismissed fresh reports of division between the United States and key European partners on how best to revive the global economy, ahead of the G20 summit. Mike Froman, a deputy national security advisor for international economic affairs, argued that the summit on Thursday would end with broad agreement on the need to do whatever was necessary to restore growth. He spoke amid fresh suggestions that key European powers were not satisfied with the level of regulation being offered by President Barack Obama after balking at his calls for more rigorous economic stimulus measures.
    ——————————-
    Yes Mike–its all just a figment of their imagination. There is no division, no dissention, no diagreement and no trouble in paradise. Everyone is just fine with the downturn, agrees it is healthy, and is determined to follow the inspiration leadership of massaobama and partake of his nickel a bag hopium. Also, they are elated about his transparent effort to stage a D-Day type invasion of fortress europe with a staff of 500 whose role will be to bamboozle the mass media and make a direct appeal to the masses over the heads of their leaders. What will come out of this meeting will be blue smoke but the backchannels will tell the real story. My guess is he will get star billilng in the satires and cartoon strips in Europe. Pathetic.

    While he is over there massaobama might wish to consider the fact that factories across the world are shutting down, 180 vessels which are too large to get through the Panama Canal (900 foot long TEU container ships)which would normally be carrying cargo to the United States and the rest of the world are empty and at achor throughout Asia, in places like Hong Kong, Singapore and elsewhere. I have been trying to get a feel for the loss in tonnage, and have not seen the figures. However, I asked the marine arbitrator this morning what it looks like on the west coast and he says its down at least 20% over first quarter of last year–probably more. The Pacific Martime Association which is the bargaining agent for the west coast shipping companies is alarmed because with the steep decline in tonnage the hourly labor cost for a longshoreman has risen to $70 per hour (wages + benefits which is unsustainable).

    The entire economy runs on the axiom that the revenue growth must always outrun the cost increases. Now that is not happening. This is further evidence that the White House Budget director is non compos mentis. A 1.2% contraction in gdp this year? A 3.2% increase next? Give me a break.

  10. djia Says:

    March 31st, 2009 at 3:33 pm

    but to whine that someone is picking on you and suggest and speculate that this site does not post 100% true information is totally out of line and unfair. Big pink has a awesome track record
    &&&&&&&&&

    So true. This site has good give and take. “Outside” points of view are welcome. Then people can “discuss amongst yourselves”.

    I often post Bot viewpoints, or Right-wing viewpoints, or today someone with some anti-union viewpoints. I pick out where I think they have a valid point, or where they’re off the tracks. Others here do that as well.

    There really isn’t much “picking on people” going on here, from my point of view. Sure, I recall some touchy back and forth, “You’re a troll”, “No, you’re the troll”. But there’s much good here. And if sometimes info is not 100% copacetic, just remember, this is the InterWeb. Everything with a grain of salt. To wit, Wikipedia sometimes (??) fudges or omits info.

    Even the Fourth Estate, what should be bastions of journalism, (NYTImes, WashPOst) are susceptible to censorship or half-truths.

  11. Brilliant, admin!
    turned down, (repost from other thread)
    I’m talking about the run-off election in the 20th congressional district to replace Gillibrand since she was named senator.
    I have no problem with gillibrand but i’m hoping her seat goes to the repub, tedisco, instead of the dem, murphy.
    That would send a message that bo’s coat tails aren’t that long.
    An obscene amount of money has been thrown behind murphy and i, personally, don’t want another pelosi rubber stamper in upstate ny. That’s not (imho) what gillibrand was but it is what murphy would be.

  12. ADMIN!

    Please delete the 5:03 post!

    Here’s what I meant to say;
    Brilliant, admin!
    turned down, (repost from other thread)
    I’m talking about the run-off election in the 20th congressional district to replace Gillibrand since she was named senator.
    I have no problem with gillibrand but i’m hoping her seat goes to the repub, tedisco, instead of the dem, murphy.
    That would send a message that bo’s coat tails aren’t that long.
    An obscene amount of money has been thrown behind murphy and i, personally, don’t want another pelosi rubber stamper in upstate ny. That’s not (imho) what gillibrand was but it is what murphy would be.

  13. THE SONG OF THE BOT

    Half a league, half a league,
    Half a league onward,
    All in the valley of Death
    Rode the six hundred BOTS
    “Forward, the Light Brigade!
    “Charge for the guns!” he said:
    Into the valley of Death
    Rode the six hundred BOTS.

    2.
    “Forward, the Light Brigade!”
    Was there a man dismay’d?
    Not tho’ the soldier knew
    BAMBI had blunder’d:
    Theirs not to make reply,
    Theirs not to reason why,
    Theirs but to do and die:
    Into the valley of Death
    Rode the six hundred BOTS.

    3.
    Cannon to right of them,
    Cannon to left of them,
    Cannon in front of them
    Volley’d and thunder’d;
    Storm’d at with shot and shell,
    Boldly they rode and well,
    Into the jaws of Death,
    Into the mouth of Hell, AND OBAMALIES
    Rode the six hundred BOTS.

    4.
    Flash’d all their PENKNIVES bare,
    Flash’d as they turn’d in air,
    Sabring the gunners there,
    Charging an army, while
    All the world wonder’d:
    Plunged in the battery-smoke
    Right thro’ the line they broke;
    Cossack and Russian
    Reel’d from the sabre stroke
    Shatter’d and sunder’d.
    Then they rode back, but not
    Not the six hundred BOTS.

    5.
    Cannon to right of them,
    Cannon to left of them,
    Cannon behind them
    Volley’d and thunder’d;
    Storm’d at with shot and shell,
    While horse and hero fell,
    They that had fought so well
    Came thro’ the jaws of Death
    Back from the mouth of Hell,
    All that was left of them,
    Left of six hundred.

  14. Admin at the top:

    we note that some Hopium addicts are feeling let down by reality:
    So it really is about f*cking the unions over, isn’t it?

    which is a link to:

    correntewire.com/obama_bankruptcy_big_auto_makes_it_easier_clear_away_old_liabilities

    Interesting comment at that site:

    &&&&&&&&&&&&&&&&&&&&
    Comments
    ————-
    By jawbone on Mon, 03/30/2009 – 11:07am

    Have we reached the tipping point where Big Money really is our government, in that they are calling the shots?? Pulling the strings?

    I have never believed that the Nader attack line, about not a dime’s worth of difference between the Repubs and Dems, was accurate. I believed there were substantial differences, albeit not adhered to by all Dems. In this New Dem version? Well….

    With the takeover of the Democratic Party by the Obama crew, I don’t know if I can still say that. There are islands of real Democrats who still adhere to Democratic principles, but they are being marginalized more and more by Team Obama. Team Obama works to marginalize even Speaker Pelosi, who’s not even that firmly in the Democratic wing of the Democratic Party but, apparently, too close to it.

    Per the Black Agenda Report post by Bruce Dixon on Obama declaring himself a New Democrat (see comment below), this corporatization of the Dems has been going on since the ’80’s under the DLC. (I’m still resisting that Clinton was a true believer in the DLCer approach, but I’m beginning to actually question that…. OMG! Say it isn’t so!)

    Is there hope for the Democratic wing of the Democratic Party? For DFHers?

  15. Someone else just told me that in addition to the 180 monster cargo ships there are 500 regular cargo ships anchored up in Singapore Harbor alone right now empty, and they are lined up as far as the eye can see. Maybe Bambi should have his budget director go tell them to get off their dead asses and go to work. But it is a little tough when there is no cargo because there is no production because there is no demand because the financial class is hording the money and demanding more, and more, and more. Its a fine bunch of friends Obama has, isnt it.

  16. Rgb44hrc, there were even some interesting comments over at the sulphur site. We like that “jawbone” uses our type of terminology such as in “Big Money”. The emerging coalitions are getting interesting and very diverse. We’ll have something to say about all of this when we do an April 15 tea party post.

  17. # wbboei Says:
    March 31st, 2009 at 5:34 pm

    Someone else just told me that in addition to the 180 monster cargo ships there are 500 regular cargo ships anchored up in Singapore Harbor alone right now empty, and they are lined up as far as the eye can see. Maybe Bambi should have his budget director go tell them to get off their dead asses and go to work. But it is a little tough when there is no cargo because there is no production because there is no demand because the financial class is hording the money and demanding more, and more, and more. Its a fine bunch of friends Obama has, isnt it.
    ***********
    Last month I drove to LA on I-40..the truck traffic was way down from what I remember it being last year. Also, a friend works at home as a transportation broker…two years he was making up to $100k per month; over the past six months business is essentially 0.

  18. Mr. Froman’s overtures come as many members of the G-20 are looking to punish the United States and Britain for what they see as a free-wheeling style capitalism that led to the crisis crushing their economies. “This crisis was caused by no black man or woman or by no indigenous person or by no poor person,” Luiz Inacio “Lula” da Silva said last week after talks with Prime Minister Gordon Brown of Britain. “This crisis was fostered and boosted by irrational behavior of some people that are white, blue-eyed. Before the crisis they looked like they knew everything about economics, and they have demonstrated they know nothing about economics.”
    ************************************

    White man to blame for everything. Nowi am White and Brown eyed…hmmmm

  19. US reverses rights council stance

    The Obama administration has reversed another policy from the Bush era by seeking a seat for the US on the UN’s Human Rights Council.

    Secretary of State Hillary Clinton and the US Ambassador to the UN, Susan Rice, jointly announced that the US would stand for election to the body.

    The 47-member council is due to hold its next round of elections on 15 May.

    The Bush administration criticised the council because it admitted states with poor human rights records. The council’s repeated criticism of Israel and failure to comment on rights abuses elsewhere, such as Sudan, further antagonised the Obama administration’s predecessor.

    Based in Geneva, the council was created in 2006 to replace the UN Commission on Human Rights, which had widely been seen as ineffective.
    Current members of the council include China, Saudi Arabia and Cuba.

    ‘Working from within’

    The US state department said the decision to stand for election was in keeping with the Obama administration’s “‘new era of engagement’ with other nations to advance American security interests and meet the global challenges of the 21st Century”. “With others, we will engage in the work of improving the UN human rights system to advance the vision of the UN Declaration on Human Rights,” Mrs Clinton said in the statement.

    Ambassador Rice said: “Those who suffer from abuse and oppression around the world, as well as those who dedicate their lives to advancing human rights, need the council to be balanced and credible.” She added: “Working from within, we can make the council a more effective forum to promote and protect human rights.”

    Members elected in May will serve a three-year term.

    news.bbc.co.uk/2/hi/americas/7975611.stm

  20. White House names UM economist to big job: Dean chosen to guide aid for people, communities dependent on auto industry

    By Scott Calvert |
    March 31, 2009

    University of Maryland economist Edward Montgomery has plenty of real-world experience, including a role in ending a Teamsters strike against UPS in 1997 while at the U.S. Department of Labor. He also has served as the No. 2 official at Labor with oversight of about 17,000 employees.

    But nothing could prepare him for the huge job he assumed Monday. President Barack Obama charged the 53-year-old Howard County resident with marshaling federal aid to bring relief to reeling communities in Michigan and other auto-producing states.

    And while the president did not directly say so, some auto industry experts predicted Montgomery would also wield influence in the boardrooms of General Motors and Chrysler. “I think he’s been given a very broad agenda that will not get narrower but only broader,” said Gary Chaison, professor of industrial relations at Clark University in Worcester, Mass.

    Obama announced the choice of Montgomery on a day when the president raised the possibility of a controlled bankruptcy for the two automakers, even as he sought to reassure consumers by pledging government backing of new-car warranties. Obama said Montgomery would “cut through the red tape” and make sure the “full resources” of the federal government “assist the workers, communities and regions that rely on our auto industry,” especially in Michigan, Ohio and Indiana. “They will have a strong advocate in Ed,” Obama said. Without offering details, the president said Montgomery would tap the $787 billion economic stimulus package “to create new manufacturing jobs and new businesses where they’re needed most – in your communities. And he will also lead an effort to identify new initiatives we may need to help support your communities going forward.”

    Remainder of article can be found here:

    baltimoresun.com/news/world/bal-bz.montgomery31mar31,0,3167807.story

  21. Groups to White House: Halt stimulus lobbying ban

    google.com/hostednews/ap/article/ALeqM5gSMcF3k0JizQCxPJGNA85l-PnboAD9797LF80

  22. Another Telebama supporter is well on the way to being out of business.The Pittsburgh Post Gazette lastweek announced two week lay offs without pay for a large group of its staff.Today they announced no more daily home deliveries to many surounding counties but would only deliver Sunday papers effective this weekend.The day of mind control has now arrived.Unless one is computer skilled and able to reap the benefits of links like our Big Pink,you are doomed to life with Telebama on a slow train to complete deception and poverty.Imagine a country without credible news,MSM with Fox and MSNBC spewing thsir venom 24/7 .Folks we are being occupied by so many forces of evil and they must be stopped,even by force if neccesary.The only realistic answer I can come up with is Down the road impeachment,congressional legislation to have another election and put the most qualified woman ever in the whitehouse,Hillary Rodham Clinton.The future of our great country is at stake.Do I hear a second?

  23. UH OH!….THE WHEELS ON THE BUS GO ROUND N ROUND……ROUND N ROUND…….

    Sebelius admits errors, pays $7,000 in back taxes

    By ERICA WERNER – 33 minutes ago

    WASHINGTON (AP) — Health and Human Services nominee Kathleen Sebelius recently corrected three years of tax returns and paid more than $7,000 in back taxes after finding “unintentional errors” — the latest tax troubles for an Obama administration nominee. The Kansas governor explained the changes to senators in a letter dated Tuesday that the administration released. She said they involved charitable contributions, the sale of a home and business expenses.

    Sebelius said she filed the amended returns as soon as the errors were discovered by an accountant she hired to scrub her taxes in preparation for her confirmation hearings. She and her husband, Gary, a federal magistrate judge in Kansas, paid a total of $7,040 in back taxes and $878 in interest to amend returns from 2005-2007.

  24. LINK TO SEBELIUS ARTICLE:

    google.com/hostednews/ap/article/ALeqM5iyF-qhq9qmv7jsGQ3MJPo63B1gAAD979A8H00

  25. So if she weren’t a nominee, would Sebelius ever have paid her back taxes?

    This is becoming a very bad punch line.

  26. ADMIN, I read the Cheeto thread to which you refer.

    What is interesting is to read the howls of outrage of the Obamabots on that thread, that “It’s not faaaaair to say that, because those donations are mostly rank-and-file individual employees who supported Obama, not donations from the banks themselves!”

    Hmmmm. Many of these same people had pitchforks out over Hillary’s contributors (like her donations from the healthcare industry, credit card companies, etc), and when we argued that those were individual nurses and doctors donating, that arugument was roundly shouted down.

    But it was the second part of our argument that is pertinent here. Because the second part was the challenge we issued which they never could answer: Show me the quid pro quo. Show me where Hillary has made decisions or cast votes that disproportionately favor big business, or the healthcare giants, or the credit card companies, we said. They couldn’t. They never did.

    In Obama’s case, we can. We can show the quid pro quo in glaring technicolor on the big IMAX screen, writ obscenely huge in trillion-dollar letters, with the credits rolling over all-too-familiar starring names, and the bankers getting the celebrity treatment in the “special” trailer.

  27. In my 2nd paragraph: “arugument???” Too much arugula on the brain, I guess.

    Or maybe my typo is useful. It could be a good word.

    Arugument (n): A specious argument proffered usually by one of the elite or “creative” class, which does not hold water, is rooted in arrogance, and betrays breathtaking ignorance of the lives, thoughts, motivations, and needs of the average American.

  28. So if she weren’t a nominee, would Sebelius ever have paid her back taxes?

    This is becoming a very bad punch line.

    —–

    Exactly….why did they not check LAST YEAR when they were kissing BO’s ass to check their tax records and fix them…..As governor, SHE BASICALLY STOLE money from the tax payers….and now she is doing time/payback so she can get a job in the BO administration……

    I hope somebody in the DEM senate has the guts to vote against her…..

  29. JanH:

    You can call him “YOUR HIGHLESS”…..

    I am calling him “YOU LOWEST_OF_LOW LIFE FORM, WASTREL”!!!!!!!!

  30. so back on this “sebe-liars” tax issue….
    did they just review the last 3yrs…or they reviewed the last 7?

  31. HillaryforTexas Says:
    March 31st, 2009 at 8:07 pm

    Arugument… thats a kool word. We can use it in code. (great definition)

    I accidentally found a beauty today: fugacious..

  32. University of Maryland economist Edward Montgomery has plenty of real-world experience, including a role in ending a Teamsters strike against UPS in 1997 while at the U.S. Department of Labor.
    ——————————————-
    That is pure bullshit. This guy was a backbencher in that dispute.

  33. wbboei – “a role in” is code for “answered some phones and went out for sandwiches”.

  34. Sebelius admits errors, pays $7,000 in back taxes
    ———————————————
    Another dirty public official.

  35. Last month I drove to LA on I-40..the truck traffic was way down from what I remember it being last year. Also, a friend works at home as a transportation broker…two years he was making up to $100k per month; over the past six months business is essentially 0.
    —————————————————–
    Does he work at Longbeach or San Pedro? Longbeach is the big one. I am trying to get tonnage figures for them particularly.

  36. Another great, funny, and illuminating article.
    When Hillary traveled the world as first lady her mission was to make the horrific conditions of of millions of woman across the world a front page news.In contrast, MO, is making millions upon millions think she is somehow the black Jackie-O. Form over substance is what got us BO and until the world is willing to acknowledge that he is simply an “empty suit” this ruse will continue and our nation / world shall fall into greater disrepair.

  37. wbboei – “a role in” is code for “answered some phones and went out for sandwiches
    —————
    Correct. I knew the players on both sides. As I recall, Alexis Herman did a fair amount of shuttle diplomacy which was just for show. The issue was really resolved when Ron Carey secured the cooperation of the unions in Europe, and shut down some major facilities. UPS’s financial people caved. Their labor relations managers and operators were devastated. This joker probably carried Hermans bags.

    As far as Herman is concerned, she was Bills secretrary of labor. Seems like she was part of the RBC group. I wonder whether she was one of the loyal 7, or another Judas.

  38. The bots are an incurious group. Outside the narrow realm of their pathology and left wing extremism, they are afraid to connect the dots.

    Case in point. They see he fired the head of an auto manufacturer for non performance as he defined it. But he failed to touch a hair on the precious head of the financial industry which was guilty of outright fraud on the taxpayers, and their actons have cost the American taxpayer ten times as much as GM and the continue to not perform.

    Do the rapid hopuim addled Bots ever ponder the question of WHY? Or, is it true of those little Breshnev era apparachiks what the said of the light brigade–ours not to make reply, ours not to reason why, ours but to do and die. If they did ponder that question they would find is that the reason he does not take down wall street ceos is because they are the ones who installed bambi in the first place, and they own him.

    If the bots realized that was the truth, then they would have to admit that they fell for the big lie, and are the same silly people they always were. The believed they were getting change, supported him for that reason and now it has become obvious that Mr Obama is merely a shill for the Global business interests they profess to hate.

    In a time of financial crisis, most businesses batten down the hatches. They reduce the workforce consistent with volume reduction, and they cut out what they call “discretionary expenses” and forgo capital budget decisions. Notice that is not at all what the banks have done, nor is it what Obama himself has done. In fact, they have done the exact opposite namely they have spent like drunken sailors.

  39. # djia Says:
    March 31st, 2009 at 9:46 pm

    # JanH Says:
    March 31st, 2009 at 9:49 pm

    “badwrench” sounds much better…lol…
    ~~~~~~~~~~~~~~~~~~~~~~~~~~

    Me-chelle Badwench

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    and

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    I haven’t used my new word in a sentence yet. How’s this:

    (as reported by BBC World News:)

    When President Medvedev shook the US President’s hand he said:

    “I’ve been told your words are fugacious!..”

  40. wbboei Says:
    March 31st, 2009 at 10:17 pm

    Right on point, wbboei. The OBots will keep hoping the Change will come until the country is down and out destitute. When the supermarkets hold 12 loaves of bread to feed a community, barren shelves that once were a milk case and not even scraps of hamburger at the butchers block.

    The US is going to look like Russia when it’s economy crashed and Fat ladies will be envied because they have a lucrative food source.

  41. U.S. dollar will stay world reserve currency: W.House

    Tue Mar 31, 2009

    LONDON (Reuters) – The U.S. dollar will remain the world’s reserve currency and the strength of the United States’ economy is unmatched, the White House said on Tuesday, when pressed about comments from Russia and China about a new world reserve currency.

    “We’ve been quite clear that the reserve currency of the world is now and will continue to be the U.S. dollar,” spokesman Robert Gibbs told reporters aboard Air Force One, which was carrying President Barack Obama to Britain for this week’s G20 summit.

    “The strength and breadth of our economy is unmatched.”

    reuters.com/article/newsOne/idUSTRE52U74820090331

    ——————————–

    Yep! That’s what he said.

  42. I have the BBC on right now and they have NOTHING in the way of clips of Obama doing or saying anything of the day’s events.

  43. The New York district 20 congressional race featuring Democrat Scott Murphy vs. Republican Jim Tedisco won’t be decided tonight.

    The vote is very very close (50-50%; Murphy 77,344 Tedisco 77,279) and there are 5,900 absentee ballots to be counted. The absentee ballots will decide the race.

  44. The U.S. dollar will remain the world’s reserve currency and the strength of the United States’ economy is unmatched, the White House said on Tuesday, when pressed about comments from Russia and China about a new world reserve currency.
    ——————————–
    If they had said that up front that would have been satisfactory. But Obamas Secretary of Treasury said the opposite, and then corrected himself. Markets tumbled and t-bill auctions were depressed. Now Gibbs comes back a week later and tries to clean it all up like it never happened. A week later is too late. And what about Russia and China–have they repudiated what they said before? And what about the World Bank. Saying its so dont make it so Gibbs, you Pilsbury doughboy.

  45. I just found this on defendourfreedoms.us love it! pass it around!

    Minuteman Call

    Americans, don’t be disenchanted,
    For here are your Constitutional rights soundly planted.
    Do not refuse your country’s call,
    For your refusal may well be its fall.
    It is not a simple venture to ask.
    Still, it is such a vital task.
    Yes, your country demands a great endeavor.
    For freedom is only kept with great valor.
    The borders of America need guarding,
    While this government goes on disregarding.
    Veterans of the past have done their important part.
    Yet, they are needed in this present battle for America’s heart!
    So, just as Colonials of the past won the land,
    Today’s Minutemen will take their mighty stand.
    So, Americans, say not you will not go,
    For knocking at our doorsteps is our foe.

  46. If I were a hopium addled bot I would be getting just a tech uncomfortable right about now. Here is what would bother me:

    1. he has repudiated every progressive position he took in the primary

    2. he is getting us into another viet nam in Afghanistan

    3. he was backed by big business and they call the tune

    4. his bailout plan leaves no banker behind

    5. his stimulus plan wont fix the economy–only the 2010 election

    6. my generation will have to pay the costs of all this

    7. I do not want to be pressed into public service

    8. He is good at campaigning but no good at govening

    9. We were deceived

  47. I glanced at a regular network national news program, and it was so far from reality I could not believe it. This blog has all kinds of vital information being brought to it, and the news program sounded like O had written the script for the teleprompter.

  48. I hope Chelsea DOES get married….in private ceremony with no invitation to those that betrayed her parents…especially her Mum!!!

  49. NMF: what they are spooked about is the distinct possibility of a run on the banks if the true facts came out. They will lie like this but the foreign media will tell us the truth, and continuing events will bury this fraud. There will come a point when they can no longer defend a liar without being perceived to be liars themselves.

    Which station did you glance at?

  50. OT: Here’s Thomas Browne using smileys. Who knew?


    Not that I meerly owe this Title to the Font, my Education, or the clime wherein I was born, (as being bred up either to confirm those Principles my Parents instilled into my unwary Understanding, or by a general consent proceed in the Religion of my Country;)

  51. Potemkin village
    From Wikipedia, the free encyclopedia

    Potemkin villages were purportedly fake settlements erected at the direction of Russian minister Grigori Aleksandrovich Potemkin to fool
    Empress Catherine II during her visit to Crimea in 1787. According to this story, Potemkin, who led the Crimean military campaign, had hollow facades of villages constructed along the desolate banks of the Dnieper River in order to impress the monarch and her travel party with the value of her new conquests, thus enhancing his standing in the empress’s eyes.
    ——————————————-
    THE TALE OF POTEMKIN VILLAGE

    Grigori Aleksandrovich Potemkin: Big Media

    Empress Catherine II: The American People

    Abdul Abbulbll Amir: Barack Huessein Obama

    Desolate Dneiper Riverbank: Obamas sociopathology and incompetence

    Potemkin Village: The lies told by Big Media to cover it up

  52. LaRouche: Why President Obama’s Popularity has Suddenly Collapsed
    Send to friend
    Printer-friendly version
    March 24, 2009 (LPAC)–Lyndon LaRouche today warned that President Barack Obama is being hoodwinked by some of his leading so-called economic advisers, and the consequences could be both the early destruction of his Presidency, and a global financial shock, that brings down the entire system. “This is why, over the past 48 hours, since the announcement of the latest bailout swindle, President Obama’s approval rating with the American people has plummeted. It is the result of the President’s apparent endorsement of this worst-yet bailout swindle,” LaRouche explained.

    “It is clear to me,” LaRouche warned, “that the entire global financial system is hopelessly bankrupt, and that the behavior of some key American officials, including Larry Summers, Nancy Pelosi and Barney Frank is tantamount to treason.” LaRouche explained: “The President is clearly unprepared to deal with the horrendous financial and monetary collapse that he has inherited, and he is being hoodwinked into endorsing policies that will only assure that the entire system blows. Otherwise, President Obama would never have gone along with the swindle announced yesterday by his Treasury Secretary, Tim Geithner. You cannot solve this worst financial and monetary crisis in modern history by turning over the keys to the banking system–at taxpayers expense–to a bunch of hedge fund thieves. Is the President prepared to squander another $6 trillion in taxpayers money over the period between now and April 15? That is what the plan announced yesterday by Secretary Geithner is going to mean.

    “I know,” LaRouche continued, “that Geithner is not the sole author of this swindle. He is the vehicle through which the scheme has been floated. I have no doubt that, ultimately, this plan was hatched in London, which stands to lose everything if the offshore hedge fund empire is shut down. So, we are not dealing with a well-meaning blunder. We are dealing with a policy that is intended to destroy the United States altogether. It is coming from a London-centered financial oligarchy that is out to wreck the United States, beyond repair. And people like Speaker of the House Nancy Pelosi and House Financial Services Committee Chairman Barney Frank are fully complicit in this treasonous effort. For them, and for people like Larry Summers, their complicity in this action is tantamount to treason. If the plan, announced on Monday by Secretary Geithner is allowed to go forward, this can be the trigger that detonates the crash of the entire global financial system. This will not just bankrupt the United States. It will bankrupt the world.”

    LaRouche concluded, “President Obama is, no doubt, well meaning, but he has been taken in. If this continues any longer, the U.S.A. will be finished. I do not wish to see that happen. I do not wish to see worthless and semi-worthless paper on the books of the banks bought up by taxpayers’ dollars at 80 or 90 cents on the dollar, and turned over as assets of the very offshore hedge funds that have played such a pivotal role in the unfolding of this crisis. I am speaking in blunt terms, because the stakes are so great, and nothing short of the whole truth is going to serve the President’s needs at this time.”

  53. LaRouche concluded, “President Obama is, no doubt, well meaning, but he has been taken in.
    **********
    If LaRouche believes that a sociopath is well meaning and “has been taken in”, then he is a bigger fool than I thought he was.

  54. If LaRouche believes that a sociopath is well meaning and “has been taken in”, then he is a bigger fool than I thought he was.
    —————————————————-
    SHV: LaRouche knows exactly who Obama is. He has investigated the Obama-Soros connection, and reported on it in great detail. What he is trying to do now is to influence Obama, and therefore he is pretending Obama is the victim of others rather than a co-conspirator.

    My reaction is the same as yours. It is a waste of breath. And I told that to one of his 2 top people in the United States whom I know and respect. I told him it was highly unlikely that Obama would listen because he is not the innocent victim here he is the pointman for the very hedge fund London based interests who precipitated the crisis.

    This is a pretty standard ploy. When you are cross examining a witness who has given testimony harmful to your case, it is easier to prove that he is mistaken than that he is lying. In this case it is easier to pretend Obama is not a hedge fund agent than to say Jacccuze.

  55. Admin: you are so right. Thirty one years of experience, unburdened by a Harvard Education (as Obama and Bush clearly have been).

  56. If LaRouche believes that a sociopath is well meaning and “has been taken in”, then he is a bigger fool than I thought he was.
    ——————————————–
    That is a very well constructed sentence. My interest in LL relates to his research and his abilities as an economist. He is well respected for his work as an economist and advisor the some of the fromer Soviet Republics. He read the current economic situation accurately. TAnd, the guy I know in his organization is a former democratic party politican, an astute political analyst, a meticulous student of history.

  57. One other point on LR. He is more of an anglophoebe than I am, but I can tell you for a fact that the most cutthroat business people I have ever met were Thatcherites. But even there, I am hardpressed to believe that they are out to destroy the United States. That said, I certainly do see a connection between speculators and the collapse of the economy Ergo, La Rouche can provide insight on that subject.

  58. Foz covering the London protests against the G-20 meeting and it has a heavy cost for security and damage in protecting the great Emperor Jones. Fox listed some interesting facts.

    1- Stupid quote for a a greenhorn POTUS to protect his butt
    “I did not come here to lecture but to listen”
    2- 1 chef
    3- 1 friend (hoops expert)
    4- 12 Teleprompters
    5- 4 speech writers
    6- 8 Maintenance assist’s for first lady
    7- 200 security personnel
    8- The balance of the 500 entourage are no doubt servants
    and well screened MSM

    All this for a Gummi Puppen on his campaign for world leadership. I would love to see a video of our SOS Hillary walking through the protesting crowds and watch the parting of the masses as they clear the way for the most loved woman and great hope for world stability that we all so desparately need.

    By ABM90 This indeed will be her week and as the world realizes that America has blundered big time.

    2- The inventory of help items for the Obamas
    One Chef-One friend(Hoops savvy)-four speech writers
    Eight personal care assistants for MO

  59. There are many things I still have to learn about composing and typing my thoughts in spite of my efforts to control my creeping short memory losses.I am sure I have lots of company out there and I refuse to accept defeat in my blogging efforts.

    ABM90 Thank you all

  60. Japan right to defend against NKorea: Clinton

    THE HAGUE (AFP) — US Secretary of State Hillary Clinton defended Tuesday Japan’s right to protect itself from a planned North Korean rocket launch over its territory, calling the act provocative.

    “Japan has every right to protect and defend its territory from what is clearly a missile launch that could very well be aimed at their nation,” she told reporters in The Hague on the sidelines of a conference on Afghanistan. Clinton warned the North Korean launch could have consequences at the UN Security Council. “It is an unfortunate example of provocation by the North Koreans,” she said. “Their missile launch violates UN Security Council Resolution 1718 and there will be consequences, certainly (at) the UN Security Council if they proceed with the launch.”

    Pyongyang has said it will launch a communications satellite over northern parts of Japanese territory between April 4 and 8. But the United States and its Asian allies suspect the launch is a cover for a ballistic missile test.

    Japan has deployed anti-missile systems to try to bring down the rocket should it start falling towards Japanese territory. It has dispatched three Aegis destroyers, two of which are fitted with ballistic missile interceptors, to waters around Japan, and Patriot guided-missile units to select locations in the country.

    google.com/hostednews/afp/article/ALeqM5hLxZMuZovz7W3iBUMinAzS63VhAw

  61. Obama Recovering After Closed Captioning ‘Mishap’

    by Mac Johnson
    04/01/2009

    Bethesda, Md. — Doctors were said to be treating President Barack Obama at Bethesda Naval Hospital today for exhaustion and possible vocal cord injuries after a freak television accident occurred at the White House Tuesday evening.

    According to a statement read by White House Press Secretary Robert Gibbs, President Obama, noted for his near total dependence on the teleprompter when speaking, was leaving a practice session for an upcoming press conference when he happened upon a muted television set near the White House Briefing Room on which someone had activated the “closed captioning” function. “Apparently, Mr. Obama mistook the captioning for his new flat screen teleprompter and began reading the text aloud,” Gibbs said. Gibbs stated that “what followed was a tragic marathon speaking session that lasted for nearly 14 hours before staff discovered Obama and disconnected the device.”

    The President’s accidental filibuster was said to have included a 2-hour episode of “The Biggest Loser,” a much anticipated “Law and Order: Special Victim’s Unit,” the local evening news, and a late night paid infomercial for “natural male enhancement.” The press later described Obama’s reading of the captioning as “eloquent” (New York Times), “historic” (CNN), and “emotionally moving” (Newsweek).

    This event comes on the heels of several embarrassing teleprompter gaffes by Obama, including one in which he thanked himself for being invited to the United States when he accidentally read the teleprompter text intended for the visiting Prime Minister of Ireland on St. Patrick’s Day, his repeated mispronunciation of the written word “Orion” at an event for Orion Energy in Milwaukee (staff had apparently neglected to spell it phonetically on his teleprompter), a little reported campaign event in which Obama’s thoughts disappeared with his flickering teleprompter image, and a news conference in which Obama responded to complaints about his addiction to the teleprompter blocking the view of photographers by having a giant flat screen TV installed on the back wall and reading his thoughts from that.

    When asked for an explanation of how such an event could occur to the President of the United States, Gibbs responded, “That’s a good question. We’re investigating now. How anyone could leave the closed captioning on like that is just inexplicable. The White House staff should know better by now.”

    A source at Bethesda Naval Hospital, who spoke on condition of anonymity, said the President was doing fine, but was “quite hoarse” and getting some much needed rest ever since doctors turned the screen on his heart monitor around so that he couldn’t read it anymore. “Before that he just kept saying ‘Heart rate 98, Heart rate 97, Heart rate 98…’” the source said, adding, “It was kind of weird, but since we removed that he’s been OK. Although I’d hate to see what would happen to this guy if someone accidentally left him alone in the room with the crawler on the Fox News Channel.” Another source at the hospital commented that Obama’s dependence on the teleprompter was predictable given his earlier self-admitted addiction to his Blackberry, or “Crackberry,” as it is popularly known. “Those Blackberrys are like a gateway drug,” the source said. He added, “First you’re getting your jokes and ideas from that apparently harmless little toy, and the next thing you know, you can’t even speak like an adult unless someone feeds you your thoughts word for word on a giant television monitor hung right in front of your face. It’s sad — just sad.”

    “Oh, and Happy April Fools’ Day.”

    humanevents.com/article.php?id=31285

  62. wbboei

    Sorry, I went to bed. The channel I was watching was a international news segment for the US, and his first name was Charles Something. Sorry, I forgot his last name. It was not one of the 3 biggees, but then they are not so big any more. He is a little older and you see him on the international channel. He seemed so bland and monitone.

    My thoughts are if you flood the prime news media with I am loved, I am doing a good job, the economy is turning around, they think it will happen. I guess I feel that they are building the confidence of the American people so they will start buying again. If all those boats are standing empty, people are not buying. However, the parking lots of Costco, Sam’s and Walmart are still full. However, I am not sure that is enough to turn around the economy.

  63. Good points, all, Admin…Great analysis, wbboei. Yes, I agree 100% on LL’s summary. He was diplomatic on stating Obama as the victim.

    From what I have gathered on the Soros/Obama connection, Soros is a one way street. He has spent so many years written so many books just waiting for this time to make his Billions on the losses. Soros has never given a second thought to the plan needed to pull the economy back from the brink and repair the damage done to the existing system..

    This is how I see whats is missing from the current situation… a case in point of ‘No Exit Strategy’ ( see Bush/Iraq ) from an economy in freefall with little in the way of stopgap measures creating a ground floor on which to rebuild.

  64. Read another of Barney Frank’s Lame ideas:

    Beyond AIG: A Bill to let Big Government Set Your Salary

    By Byron York

    Chief Political Correspondent 3/31/09

    It was nearly two weeks ago that the House of Representatives, acting in a near-frenzy after the disclosure of bonuses paid to executives of AIG, passed a bill that would impose a 90 percent retroactive tax on those bonuses. Despite the overwhelming 328-93 vote, support for the measure began to collapse almost immediately. Within days, the Obama White House backed away from it, as did the Senate Democratic leadership. The bill stalled, and the populist storm that spawned it seemed to pass.

    But now, in a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees –– not just top executives –– of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place. And it would give Treasury Secretary Timothy Geithner extraordinary power to determine the pay of thousands of employees of American companies.

    The purpose of the legislation is to “prohibit unreasonable and excessive compensation and compensation not based on performance standards,” according to the bill’s language. That includes regular pay, bonuses –– everything –– paid to employees of companies in whom the government has a capital stake, including those that have received funds through the Troubled Assets Relief Program, or TARP, as well as Fannie Mae and Freddie Mac.

    The measure is not limited just to those firms that received the largest sums of money, or just to the top 25 or 50 executives of those companies. It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.

    In addition, the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.” And it directs the Treasury Department to come up with a method to evaluate “the performance of the individual executive or employee to whom the payment relates.”

    The bill passed the Financial Services Committee last week, 38 to 22, on a nearly party-line vote. (All Democrats voted for it, and all Republicans, with the exception of Reps. Ed Royce of California and Walter Jones of North Carolina, voted against it.)

    The legislation is expected to come before the full House for a vote this week, and, just like the AIG bill, its scope and retroactivity trouble a number of Republicans. “It’s just a bad reaction to what has been going on with AIG,” Rep. Scott Garrett of New Jersey, a committee member, told me. Garrett is particularly concerned with the new powers that would be given to the Treasury Secretary, who just last week proposed giving the government extensive new regulatory authority. “This is a growing concern, that the powers of the Treasury in this area, along with what Geithner was looking for last week, are mind boggling,” Garrett said.

    Rep. Alan Grayson, the Florida Democrat who wrote the bill, told me its basic message is “you should not get rich off public money, and you should not get rich off of abject failure.” Grayson expects the bill to pass the House, and as we talked, he framed the issue in a way to suggest that virtuous lawmakers will vote for it, while corrupt lawmakers will vote against it.

    “This bill will show which Republicans are so much on the take from the financial services industry that they’re willing to actually bless compensation that has no bearing on performance and is excessive and unreasonable,” Grayson said. “We’ll find out who are the people who understand that the public’s money needs to be protected, and who are the people who simply want to suck up to their patrons on Wall Street.”

    After the AIG bonus tax bill was passed, some members of the House privately expressed regret for having supported it and were quietly relieved when the White House and Senate leadership sent it to an unceremonious death. But populist rage did not die with it, and now the House is preparing to do it all again.

    Byron York, The Examiner’s chief political correspondent, can be contacted at byork@washingtonexaminer.com. His column appears Tuesday and Friday, and his stories and blog posts can be read daily at ExaminerPolitics.com.

  65. admin Says:

    March 31st, 2009 at 6:04 pm
    Rgb44hrc, there were even some interesting comments over at the sulphur site.
    &&&&&&&&&&&&&&

    “Sulphur site”?

    And is Cheetos a derogatory term for a DailyKaos blogger?

    Lastly, anyone recall what the “shadow site” was, blog.hillaryis44.com, or something? Did they just go away? Or did they contract Obama Regret Syndrome as well?

  66. sulphur site and Cheetos both refer to dailyKos. I call them cheetos, because they are all likely a bunch of little boys living in their mom’s basement typing at their computers and eating cheetos.

  67. John Calipari is now accepting the basketball coaching positon at the University of Kentucky. He just said IT TAKES A VILLAGE, yes HRC has influenced a lot of people.

  68. “The purpose of the legislation is to “prohibit unreasonable and excessive compensation and compensation not based on performance standards…”

    ————————————-

    Thanks for the post, Mrs. Smith. I hate to tell those idiots this, but I have yet to ever see “ordinary” hard-working employess getting bonuses or compensation the likes of the greedy guts that sit in their companies oval offices.

  69. Koh, No? Critics Decry Obama Nominee for State Department Legal Adviser
    Harold Koh, President Obama’s pick to become one of the State Department’s top lawyers, has ignited fury among critics who say his legal views are a threat to American democracy.

    FOXNews.com
    March 31, 2009

    President Obama’s nominee to be the State Department’s legal adviser has ignited a fury among conservative critics who say his views are a threat to American democracy — an accusation the White House on Tuesday called “outrageous” and “completely baseless.” Former Clinton administration official Harold Koh, who has been dean of the Yale Law School since 2004, once wrote that the U.S. was part of an “axis of disobedience” with North Korea and Saddam Hussein’s Iraq. Koh also has long held that the U.S. should accept international law when deliberating cases at home.

    Obama nominated Koh on March 23 to become the State Department’s legal adviser — an appointment that, if confirmed by the Senate, will give Koh far-reaching influence over the extent to which international norms affect U.S. law.

    “This is not a desk job. This guy will be the face of American international law around the world,” said Steven Gross, legal expert and fellow at the conservative Heritage Foundation. “The top legal adviser at State travels extensively and is involved in international legal negotiations, treaties and in major United Nations conferences.
    “The president should have the right to choose the most conservative or liberal legal advisers to give them advice, but this is much more than that. The concern is that he cares as much about — if not more about — international law and integrating that into the American judicial system than he does about protecting American prerogatives and American sovereignty,” Gross said.

    The White House vehemently defended Koh’s nomination on Tuesday, telling FOXNews that he is “one of the most respected members of the legal community.”
    Koh “earned wide bipartisan praise as assistant secretary of state and he’s universally respected by legal scholars,” White House spokesman Reid Cherlin told FOXNews.com. “The president looks forward to working with him at the State Department. He’s a strong believer in the Constitution, and the president nominated him because of his firm defense of the Constitution.” State Department spokesman Gordon Duguid also offered praise for Obama’s nominee. “Dean Koh is universally respected for his legal scholarship and previously served as an assistant secretary of state — and was praised for his work by Republicans and Democrats alike,” Duguid said. “President Obama and Secretary Clinton strongly believe he’s the right person for the job.”

    Koh, like Obama, is a strong opponent of the Iraq war and the use of harsh interrogation techniques that some consider torture. He has fiercely criticized former President George W. Bush for invading Iraq in 2003 and has accused the Bush administration of trying to “block public release of more Abu Ghraib type pictures.”
    “We should resist the claim that a War on Terror permits the commander in chief’s power to be expanded into a wanton power to act as torturer in chief,” Koh wrote in an article published in May 2006 in the Indiana Law Journal. Koh also advocates a “transnational legal process” and has criticized the U.S. for its failure to “obey global norms.” In an article published in the Berkeley Journal of International Law in 2004, Koh wrote, “What role can transnational legal process play in affecting the behavior of several nations whose disobedience with international law has attracted global attention after September 11th — most prominently, North Korea, Iraq and our own country, the United States of America? For shorthand purposes, I will call these countries ‘the axis of disobedience.'” And in a Stanford Law Review article published in May 2003, Koh wrote that supporters of the International Criminal Court should bring pressure to bear on U.S. opinion “with an eye toward persuading U.S. officials that the ICC actually serves U.S. interests.”

    A March 21, 2007, blog posting on National Review’s Web site shows a letter written by New York attorney Steven J. Stein to Koh, challenging Koh for supposedly saying during a speech to the Yale Club of Greenwich that year that Islamic law could apply to disputes in U.S. courts. “In your discussion of ‘global law’ I recall at least one favorable reference to ‘Sharia,’ among other foreign laws that could, in an appropriate instance (according to you) govern a controversy in a federal or state court in the U.S.,” Stein wrote in his letter addressed to Koh. Cherlin said Stein’s version of events is “not accurate,” and that the host of the event in question disputed the account. Stein could not be reached for comment.

    Koh’s critics insist his legal views undermine the U.S. Constitution and American sovereignty. John Fonte, senior fellow and director of the Center for American Common Culture at the Hudson Institute, told FOXNews.com that Koh’s views have “a very big practical effect on American foreign policy and on American democracy. “This is international imperialism. Under Koh’s plan, the Constitution would become secondary and international law would take precedence regardless of what Americans said about the matter.”

    Supporters tout Koh as a leading expert on public and private international law, national security law and human rights. He served as assistant secretary of state for democracy, human rights and labor from 1998 to 2001, and previously had served on the secretary of state’s Advisory Committee on Public International Law. He has argued before the U.S. Supreme Court and testified before Congress dozens of times, and he’s received more than 30 awards for his human rights work, according to Yale’s Web site.

    Cherlin described Koh as “an American success story.” (His brother, Howard Koh, was tapped by the president two days later for a position in the Health and Human Services Department.) “He’s the son of immigrants. He’s a dedicated teacher and professor, and does great work. We don’t have any question whatsoever about any of these issues raised by critics who are sworn opponents of the administration,” said Cherlin, who said the conservative critics’ opposition was “ideologically driven.”

    foxnews.com/politics/2009/03/31/obamas-appointment-koh-state-department-legal-adviser-stirs-controversy/

  70. North Korea threatens to shoot down US spy planes ahead of missile
    launch: Pyongyang defies international condemnation of plans to launch rocket it says will put communications satellite in orbit

    guardian.co.uk, Wednesday 1 April 2009

    North Korea today threatened to shoot down any US spy planes that encroached on its air space as it defied international pressure to abandon a planned missile launch.
    Pyongyang has vowed to go ahead with the launch – possibly this weekend – of a rocket it says will put a communications satellite into orbit. It said the North would destroy any US aircraft sent to spy on the launch site.

    The US and Japan believe North Korea is using the launch to test a long-range Taepodong-2 missile, and has warned of a robust diplomatic response if it goes ahead. Both countries have said they are prepared to shoot down boosters or other debris from the rocket in the event that the test fails and debris falls towards a “danger zone” over northern Japan.

    In typically strongly-worded language, North Korean state radio accused the US of sending RC-135 surveillance aircraft to monitor the launch site at Musudan-ri, on its north-eastern coast. “If the brigandish US imperialists dare to infiltrate spy planes into our airspace to interfere with our peaceful satellite launch preparations, our revolutionary armed forces will mercilessly shoot them down,” the South Korean unification ministry quoted the broadcaster as saying. The broadcast did not say how North Korea would engage the spy planes, which are capable of flying at high altitude.
    Yesterday, North Korea accused the US and South Korea of conducting 190 aerial spying missions near the site last month.

    Gordon Brown joined calls for Pyongyang to cancel the test, while the US secretary of state, Hillary Clinton, warned the regime would face “consequences” if it went ahead.
    Those warning have so far been ignored, with images taken above the launch site showing a rocket, with a bulb-shaped tip that experts say looks more like a satellite than a warhead, already in place. But a satellite launch would still enable the regime to test its missile technology, in violation of a 2006 UN resolution, and could be met with even harsher sanctions.

    The International Crisis Group, a Brussels-based thinktank specialising in conflict resolution, urged restraint and warned that an overreaction by the US and its allies could threaten stalled multi-party talks on the North’s nuclear weapons programme.
    “In the worst case, it could risk a war with potentially devastating damage to South Korea, Japan and the world economy,” the group said in a report.

    China, North Korea’s only major ally, is expected to use its security council veto to block any attempts to impose tougher sanctions.

    guardian.co.uk/world/2009/apr/01/north-korea-us-spy-planes

  71. Also that new coach of Kentucky got $31M. I have to tell you the sports salaries bother me as much at the CEO does. If you cap them, cap them ALL. (What about movie stars). I bet you this will get messy.

  72. ABM90 Says:

    April 1st, 2009 at 7:58 am
    Foz covering the London protests against the G-20 meeting and it has a heavy cost for security and damage in protecting the great Emperor Jones. Fox listed some interesting facts.
    ——————————
    and 21 historians, ranging from 8 to 12 years old–6 years old based on their mental IQ.

  73. If all those boats are standing empty, people are not buying. However, the parking lots of Costco, Sam’s and Walmart are still full.

    ============

    Maybe the problem is with the parking lots at Sears, Macys, and Whole Foods?

  74. Why is the messiah hiding from the leader of north korea. I don t believe this Bethesda nonsense for a minute. If he would just get on his campaign plane with that we are the world symbol on the tail and fusilodge, go over there and have tea and sushi with him I am confident we would have a new Bretton Woods treaty in no time. But instead he pulls this sick out at the worst possible time. If the leader of north korea knocks down our spy satellite and lobs one in on Japan, Bambi could get real tough and send in Jarratt and Gibbs. An immediate surrender could then be expected–ours, not North Koreas. What a bunch of losers we have running the show. It really does boggle the mind. The worst bunch of back benchers imaginable. Fantasy island.

  75. JanH Says:
    April 1st, 2009 at 10:33 am

    “The purpose of the legislation is to “prohibit unreasonable and excessive compensation and compensation not based on performance standards…”

    =================

    The effect, hopefully, might be to discourage firms from accepting corporate welfare (ie ‘bailout’ or ‘stimulus’ money).

  76. BARACK “HALF-MEASURE” OBAMA DECRIES….GET THIS, “HALF MEASURES”

    CNN article: World leaders meeting at the Group of 20 summit “cannot afford half-measures” as they try to hammer out ways to address the global financial crisis, President Obama said Wednesday.
    (snip)

    Yet this morning, I heard on NPR that France (Sarkozy, no Barack, Mitterand is no longer their leader) and Germany (Merkel) are precisely threatening to boycott the G20 summit because Obama offers half-measures.

    Again, Obama makes nice sounding words, but:

    a) has no idea how to implement them

    and/or

    b) is covertly working for other interests (big money people who helped install him)

    Here’s the link:

    cnn.com/2009/POLITICS/04/01/us.obama.g20/index.html

    Speaking after a morning meeting with British Prime Minister Gordon Brown, Obama said G-20 delegates have “a responsibility to act with a sense of urgency” and come up with “tough new rules” for managing the world economy.

    “We’ve passed through an era of profound irresponsibility,” Obama said at a joint news conference. “Now, we cannot afford half-measures and we cannot go back to the kind of risk-taking that leads to bubbles that inevitably burst. So we have a choice: We either shape our future or let events shape it for us.”

    Leaders from the G-20, which represents the world’s leading industrial and emerging economies, will be meeting Thursday in London for a summit with financial chiefs. Watch Obama, Brown talk about global crisis »

    Obama, on his first overseas trip as president, said the summit cannot solve all the world’s problems, but it can make “real and unprecedented progress.”

    Brown and Obama praised the continuation of the “special relationship” between Britain and America, with Brown calling it resilient and constant.

    “Ours is not an alliance of convenience — it’s a partnership of purpose,” Brown said.

    Brown called on world leaders to cooperate in achieving five tasks at the one-day summit, starting with restoring growth to emerging market economies and agreeing to “clean up” the global banking system.

    There will be no sustainable recovery until a new regulatory system for the banks is put in place, Brown said.

    Leaders must also commit to whatever is necessary to bring about the resumption of growth, Brown said. They must kick-start global trade and resist protectionism, he said, and lastly, they must make sure that economic recovery is sustainable and keeps carbon dioxide emissions low, so as to protect the environment.

    “We have some tough negotiations ahead,” Brown said. “It will not be easy, but … the world does want to come together.”

    Obama called on leaders to reject protectionism, support emerging markets, and put in place a sustainable financial structure.

    “We have a responsibility to coordinate our actions and find a common ground, not to focus on our differences,” Obama said. Watch where else Obama will go on European trip »

    The president added he is “absolutely confident” the meeting will reflect “enormous consensus” about the steps that are needed.

  77. JanH

    Any person who has a job with responsibility is giving years of their life in the stress they are exposed two. So who decided that CEO, Sport Stars, and Movie Stars have anymore stress than anyone else. The young person in the Army who is disarming a bomb has to be 0 error, and they have no golden parachute. If they fail people die. The same can be said of paramedics, firemen, and police. So why are people given bonues and golden parachutes for failure?

    This has got to change. The Boards etc for CEOs are afraid to do their jobs. The same is true of sports stars and Movie stars. Maybe salaries should be determined after the season or the movie has been released, and they are rewarded on performance as viewed by the people they entertain. I guess that will never happen.

    There is nothing wrong with being rewarded for hard work and success. But our society has been infiltrated by rewarding people without proven success.

  78. If all those boats are standing empty, people are not buying. However, the parking lots of Costco, Sam’s and Walmart are still full.
    ————————————————-
    They are not buying to the degree they were before. The McKinsey report is crystal clear on that point. If we spoke to the procurement manager for those companies, or someone with supply chain management competencies, I am certain they would confirm it. People are still buying certain items, but staples rather than discretionary items. There is antecdotal evidence that sections of certain WalMart stores are being cordoned off due to the lack of inventory. I suspect there will always be cars in the parking lot, but the buying habits have changed. I have been told that the thrift shops now are doing a land office business, whereas high end outfits like Nordtroms are experiencing a 30 per cent decline in volume over same period last year. I think even Sears is in the same boat.

    On a different note, how long will it be before Bambi forgoes this I am here to listen crap and starts lecturing. Maybe someone who knows him said keep your mouth shut and be thought a fool, rather than opening it and removing all doubt. And of course the longer he stays mum the less the American press will have to report and the more it wil be obvious that he is not in charge–any more than he ever really is. For that reason, he will start his pontificating soon enough.

  79. Gee, CNN is making it difficult to find anything about the G20 boycott by France and Germany. They only talk about US and England. I guess according to CNN, everything’s hunky dory. Yes, they’re covering “protesters”, but not Obama’s peers who dare stand up to him.

    Here’s one link about the France/Germany boycott possibilities:

    france24.com/en/20090401-world-leaders-gather-london-amid-tight-security-financial-crisis-g20?ppcseid=4004&ppcsekeyword=G20+France&mmtctg=1303444112&mmtcmp=33405962&mmtmt=5&mmtgglcnt=0&gclid=CLb_kP6B0JkCFR1N5Qod3zRaZA

    and here’s the latter half of the article.

    (snip)
    The G20 summit is Obama’s first major international gathering after two months in the Oval Office. As president of the country which ushered in the present economic crisis, he is under intense pressure to produce solutions.

    However, differences already emerged which might prevent leaders from reaching a consensus at the summit.

    On Tuesday, French President Nicolas Sarkozy upped the stakes, warning that he would walk away if the summit failed to produce concrete solutions to the crisis.

    Early on Wednesday, Sarkozy reiterated his disagreements with the G20 draft statement. “Neither France nor Germany are satisfied with the proposals as they currently stand,” the French leader told Europe 1 radio, speaking just hours before the start of the talks.

    While the US and others favour stimulus to boost economic growth, European leaders, led by France and Germany, are sceptical about spending more money and insist on tighter financial regulation to rein in market excess.

  80. Gee, CNN is making it difficult to find anything about the G20 boycott by France and Germany. They only talk about US and England. I guess according to CNN, everything’s hunky dory. Yes, they’re covering “protesters”, but not Obama’s peers who dare stand up to him.

    Here’s one link about the France/Germany boycott possibilities:

    france24.com/en/20090401-world-leaders-gather-london-amid-tight-security-financial-crisis-g20?ppcseid=4004&ppcsekeyword=G20+France&mmtctg=1303444112&mmtcmp=33405962&mmtmt=5&mmtgglcnt=0&gclid=CLb_kP6B0JkCFR1N5Qod3zRaZA

    and here’s the latter half of the article.

    (snip)
    The G20 summit is Obama’s first major international gathering after two months in the Oval Office. As president of the country which ushered in the present economic crisis, he is under intense pressure to produce solutions.

    However, differences already emerged which might prevent leaders from reaching a consensus at the summit.

    On Tuesday, French President Nicolas Sarkozy upped the stakes, warning that he would walk away if the summit failed to produce concrete solutions to the crisis.

    Early on Wednesday, Sarkozy reiterated his disagreements with the G20 draft statement. “Neither France nor Germany are satisfied with the proposals as they currently stand,” the French leader told Europe 1 radio, speaking just hours before the start of the talks.

    While the US and others favour stimulus to boost economic growth, European leaders, led by France and Germany, are sceptical about spending more money and insist on tighter financial regulation to rein in market excess.

  81. Maybe salaries should be determined after the season or the movie has been released, and they are rewarded on performance as viewed by the people they entertain. I guess that will never happen.

    ==================

    Isn’t that the theory of someone workign for ” $1 a year” and then at the end of the year they give him his actual salary as “bonus”? Not a bad theory, if the condition is that the business is still in business at the end of the year, to pay the bonus. The worker is gambling double or nothing. But if the business is not in good shape and the bonus is coming from the taxpayers … that’s bad.

  82. wbboei said:
    And of course the longer he stays mum the less the American press will have to report and the more it wil be obvious that he is not in charge–any more than he ever really is. For that reason, he will start his pontificating soon enough.

    ==================

    Well, he can stage something in front of some landmark while the adults are inside talking numbers, and the US press will never know the difference.

  83. CNN article: World leaders meeting at the Group of 20 summit “cannot afford half-measures” as they try to hammer out ways to address the global financial crisis, President Obama said Wednesday.
    —————————————-
    This kind of reporting which ignores contrary evidence is why CNN cannot explain its drop in prime time ratings by telling us that they are a bona fide news channel whereas their competitors are entertainers who deal in opinion as opposed to hard facts. They are a propaganda mill as well, and not worth listening to.

  84. Two moore on France/Germany boycott:

    1. news.yahoo.com/s/nm/20090331/bs_nm/us_g20;_ylt=ApyClS2PFL3UxTDCaoBgYQvZn414

    France threatens G20 walkout
    ======================

    By Sumeet Desai and Lesley Wroughton Sumeet Desai And Lesley Wroughton – Tue Mar 31, 4:13 pm ET
    LONDON (Reuters) – France threatened on Tuesday to storm out of this week’s G20 summit if it did not get the results it wanted, despite Britain’s call for countries to unite and restore confidence to a broken world economy.

    As leaders of the world’s big powers converged on London for Thursday’s crisis meeting to chart a way out of the worst global downturn since the Great Depression, the World Bank announced a $50 billion program to get international trade flowing again.

    The International Monetary Fund also looks poised to get a huge cash boost to its ability to help countries being ravaged by the recession, and the leaders will likely announce common codes on financial regulation to prevent future crises.

    “I want results,” French president Nicolas Sarkozy told reporters. “We have to get results, there’s no choice, the crisis is too serious to allow us to have a summit for nothing.”

    Shattering any impression of unity, his finance minister warned that Sarkozy would not sign the G20 communique if the summit failed to satisfy his objectives.

    “(He) was very clear on that front. He said if the deliverables are not there, I won’t sign the communique — that means walking away,” Christine Lagarde said in a TV interview.

    A spokesman for summit host Gordon Brown said the British prime minister and French president had talked constructively on Monday and that Britain was looking forward to Sarkozy’s participation.

    Brown also desperately needs the summit to provide concrete results, just as much to revive his own political fortunes as to get the British economy out of recession.

    But the run-up to the April 2 meeting have been marred by divisions between the United States and Britain on one side and the continental Europeans on the other over the right scale of fiscal stimulus and regulation.

    Lagarde has said France may do more on the spending front if necessary, but that nations should wait to see the effect of current stimulus measures before taking any further action. Also, Europe has pushed for a strict overhaul of financial regulation while Britain and the United States appear to favor a lighter touch.

    “Leaders meeting in London must supply the oxygen of confidence to today’s global economy and give people in all of our countries renewed hope for the future,” Brown said.

    OBAMA TO EUROPE

    The Organization for Economic Co-operation and Development (OECD) said on Tuesday the economies of its 30 members would shrink by 4.3 percent in 2009, costing 25 million jobs.

    “The first major risk comes from a potential economic collapse of emerging markets,” Australian Prime Minister Kevin Rudd said as he arrived in London. “The second major risk to global recovery is the process of deleveraging.”

    To prevent that, the G20 is expected to more than double the $250 billion available to the IMF to help struggling nations. Rudd said its funding should be tripled if necessary.

    Speaking at a Thomson Reuters event, World Bank President Robert Zoellick announced measures to reverse a sharp drop in trade flows.

    He said the $50 billion program would include funding from governments, starting with contributions from Britain and the Netherlands, regional development banks and private-sector banks such as Standard Chartered, Standard Bank and Rabobank.

    A draft of the communique, obtained by Reuters this week, shows the G20 will pledge to avoid competitive devaluation of their currencies and other protectionist measures.

    Lagarde told Reuters on Tuesday that currency imbalances will not be a feature of Thursday’s meeting but the issue may require a separate summit.

    China and Russia have started a debate about reserve currencies by raising the prospect of developing the IMF’s Special Drawing Rights as the basis for a new global currency.

    “We should think about creating a new currency system…The current system is not ideal,”” Russian President Dmitry Medvedev said. “We cannot develop in the next 10 years if we do not create a new infrastructure including new (currency) systems.”

    But for now the dollar’s supremacy looks unchallenged.

    The U.S. dollar is now and will remain the world’s currency, a spokesman for the White House said as President Barack Obama’s plane touched down at London’s Stansted Airport for his first trip to Europe.

    &&&&&&&&&&
    2. marketwatch.com/news/story/sarkozy-says-g20-draft-doesnt/story.aspx?guid=%7BEC498639%2DFB3B%2D40F1%2DA72C%2D9D48F4799CBA%7D&siteid=rss

    Sarkozy says G20 draft doesn’t suit France, Germany
    ======================================

    By MarketWatch
    Last update: 3:29 a.m. EDT April 1, 2009Comments: 36
    PARIS (MarketWatch) — French President Nicolas Sarkozy Wednesday said he can’t believe that the summit of G20 leading industrialized and emerging countries in London over the economic and financial crisis will fail. Speaking in an interview with French radio Europe 1, Sarkozy said he wouldn’t want to “associate” himself with a G20 that would be concluded by “false compromises.” He said the current draft of the final G20 statement doesn’t suit France nor Germany. Sarkozy said he spoke to German Chancellor Angela Merkel late Tuesday.

  85. While the US and others favour stimulus to boost economic growth, European leaders, led by France and Germany, are sceptical about spending more money and insist on tighter financial regulation to rein in market excess.
    ——————————-
    I wonder whether one of the issues France and Germany are pressing for is tighter regulation of HEDGE FUNDS? I think that is a safe answer someone should ask because the answer is obvious. If that is true, then that issue should be teed up for the world. N.B.>>>> Hillary favored regulation of hedge funds, whereas Mr. Obama did not.

  86. If the issue is hedge funds and cnn/nbc/msnbc censors that information from the American Public, there needs to be consequences.

  87. To prevent that, the G20 is expected to more than double the $250 billion available to the IMF to help struggling nations. Rudd said its funding should be tripled if necessary
    ———————————-
    This is a big headline backed up by a pittance. A total of $500 billion from all the have nations to all the have not nations that used to be called the third world and are now described as emerging markets?

    Just remember Bambi has legislation that will give $870 billion of US taxpayer funds just to Africa–but I doubt he will act on it right now.

  88. Oh, we are in true negotiations here, and France and Germany understand they have leverage. O cannot dictate or bully, as it is perceived that the US no longer has an upper hand. Oh, Os not good at negotiations, just ask lawyer buddies where he had some scant experience.

  89. Is the world willing to accept the leadership of Gordon Brown who is quite unpopular at home. Looks like Obama is just alot of hot air.

  90. the u.s. media will do everything they can to hide the real problems of obama in Europe. He will come out shining.

  91. The U.S. dollar is now and will remain the world’s currency, a spokesman for the White House said as President Barack Obama’s plane touched down at London’s Stansted Airport for his first trip to Europe.

    ===============

    I hope he had his seat belt fastened.

  92. Again, to save face internationally, there will be some agreement here, but the question is will it be symbolic, and where will the truth be reported. Not on the major channels of the US.

    You know when you prop someone up, they eventurally fail big time, and then you have to explain to everyone why you protected and promoted that person when they really did not have it. The respect for your opinion is ruined at that point.

  93. “We should think about creating a new currency system…The current system is not ideal,”” Russian President Dmitry Medvedev said. “We cannot develop in the next 10 years if we do not create a new infrastructure including new (currency) systems.”

    But for now the dollar’s supremacy looks unchallenged.
    ———————————————-
    The last sentence is superulous. A transition like this cannot happen over night without collapsing the system. It is the preceding paragraph which tells the story here. Therefore, any attempt by the administration to claim credit for saving the dollar is materially misleading. If they try to do so, the media should call them on it.

  94. China Continues to Expand its Economic Clout by Challenging the Dollar’s Dominance Ahead of the G20 Summit

    By Jason Simpkins

    China has been more vocal than ever ahead of tomorrow’s (Thursday’s) Group 20 financial summit, a development that highlights the nation’s dissatisfaction with the dollar, as well as its growing political and economic influence on the world stage.
    After questioning the dollar’s viability as the world’s main reserve currency, Beijing recently took another step in its quest to expand the role of its own currency, the yuan, by agreeing to a $10 billion (70 billion yuan) currency swap with Argentina. The deal will allow China to receive yuan instead of dollars for its exports to the Latin American country.

    “Beijing has its eye on raising the status of the yuan,” Ben Simpfendorfer, an economist at the Royal Bank of Scotland Group PLC (ADR: RBS), told The Associated Press. “They are the world’s second-largest exporter and the third-largest economy, so it is in their interest to handle trade in the yuan.”

    The deal was signed Sunday by Zhou Xiaochuan, governor of the People’s bank of China, and Martin Redrado, president of the Central Bank of Argentina. It eliminates the need for both nations to buy dollars to facilitate cross-border transactions.
    “Dollars will not be needed for trade,” said the People’s Daily, the Communist Party newspaper. “This measure will play a positive role in improving regional currency stability, preventing financial risk and reducing the spread of the crisis at this extraordinary time when the financial crisis is growing daily.” Including the latest deal with Argentina Beijing has signed about $95 billion (695 billion yuan) of currency deals with Malaysia, South Korea, Hong Kong, Belarus, and Indonesia over the past few months.

    These deals undermine the status of the dollar as the world’s leading trade and reserve currency, but they also broaden the status of the yuan – something policymakers in Beijing see as being vital to the country’s economic success, particularly in light of the current financial crisis. “China is affected a lot when the dollar is up and down. Everyone is looking for balance and self-protection,” Zuo Xiaolei, chief economist for Galaxy Securities in Beijing, told the AP. “How can China protect its own interests in the current economic situation? You can’t change the U.S., so you can only change yourself.”

    China Disses the Dollar:

    China has been increasingly critical of the dominant role played by the U.S. dollar in the world economy as the G20 summit approaches. Central bank governor Zhou last week called for a new global currency to replace the dollar as the world’s main instrument for trade and stockpiling reserves. Zhou pointed to the dollar’s unique status as the world’s primary currency reserve as a contributing factor to many of the financial crises to occur since the collapse of the Bretton Woods system in 1971. “The price is becoming increasingly higher, not only for the users, but also for the issuers of the reserve currencies,” Zhou said. “Although crisis may not necessarily be an intended result of the issuing authorities, it is an inevitable outcome of the institutional flaws.” Zhou called for the “re-establishment of a new and widely accepted reserve currency with a stable valuation” to replace the U.S. dollar – a credit-based national currency – noting that the International Monetary Fund’s Special Drawing Right (SDR) should be given special consideration. “The SDR has the features and potential to act as a super-sovereign reserve currency,” said Zhou. “Moreover, an increase in SDR allocation would help the Fund address its resources problem and the difficulties in the voice and representation reform. Therefore,efforts should be made to push forward a SDR allocation.” Zhou’s assault on the dollar came just one week after Chinese Premier Wen Jiabao expressed his concern that overzealous monetary policy might significantly devalue his nation’s currency reserves. “We have lent a huge amount of money to the United States,” Wen said. “Of course, we are concerned about the safety of our assets. To be honest, I am definitely a little bit worried. I request the U.S. to maintain its good credit, to honor its promises and to guarantee the safety of China’s assets.” Of China’s $2 trillion in foreign currency holdings, about $1 trillion is invested in U.S. Treasuries and notes issued by other government affiliated agencies, such as Fannie Mae (FNM) and Freddie Mac (FRE). China should seek to “fend off risks” by further diversifying its reserves, Wen said. “We have already adopted a guiding management policy of diversifying our foreign exchange reserves, and at present our foreign exchange reserves are safe overall,” Wen said. “Our first principle in managing foreign currency is averting risk. We have always adhered to the principles of foreign currency security, liquidity and maintaining value, and implemented a strategy of diversification.”

    China to Seek Greater Influence at G20 Summit:

    China’s president, Hu Jintao, is expected to carry Beijing’s concerns about the dollar into Thursday’s G20 summit. “Currently it’s hard to shake up the U.S. position,” Wang Yong, an international relations scholar at Beijing University, told the AFP. “But given what’s going on, some reforms are necessary. That’s going to be China’s key message in the G20 summit.” China’s goal at the G20 meeting will not be to effect the kind of dramatic change that immediately deposes the dollar. Instead the goal is to broach discussion about the dollar’s status even if no long-term solutions are reached at the two-day meeting. “When a problem comes up, it’s always better to discuss it than not. But important reforms take more than one or two days,” Sun Zhongtao, a professor of international strategy at the Central Party School in Beijing, told the AFP. “Under the new system, the dominance of the dollar is set to be challenged. But it’s impossible to reach consensus on such issues overnight.”

    World Bank President Robert Zoellick came to the defense of the dollar in a recent interview with Reuters. “I think the dollar will remain the principle reserve currency. The question will be whether you have complementary measures,” Zoellick said. “It is appropriate to discuss the monetary system but one also has to be sensible and not throw out the baby with the bath water.” Zoellick echoed Sun’s point that establishing a new reserve currency will take time. “To create a reserve currency you need to have more than a summit or a meeting, you have to create financial markets where people feel comfortable moving in and out of the currency,” he added. Zoellick also said that China’s contribution to the debate has been a positive development that shows its engagement and willingness to participate in the international financial system.

    For many analysts just the amount of attention China has drummed up for itself heading into Thursday’s meeting, is evidence of the country’s growing political clout. “In the Asian financial crisis, China kept a relatively low profile and it didn’t assume any kind of leadership role at that stage,” Brian Bridges, a political scientist at Hong Kong’s Lingnan University told the AFP. “Now the contrast is very significantly different in terms of China being much more open and involved in the financial system.” For Bridges China’s determination to flex its financial muscle and expand political influence is what sets it apart from other would-be success stories, like the Japan of 1980s. “In the case of China, you have a power which is almost simultaneously both becoming a rising economic power and also involved in political and security issues around the world increasingly,” said Bridges. “It’s slightly different from the Japan model, because Japan was first an economic power and there was expectation it would become important in political and security issues. But it never actually fulfilled that role.”

    moneymorning.com/2009/04/01/china-dollar-g20/

  95. the u.s. media will do everything they can to hide the real problems of obama in Europe. He will come out shining.
    —————————————–
    What they try to do is irrelevant. I doubt he will come out shining to the people who count. The clock on him is ticking. The larger issue is saving the world financial system and not bankrupting the US taxpayer. He is at risk on both of those issues. Again, the trick here is to read between the lines. I am sure the negotiators of the Kellogg Briand Pact were elated when they passed a treaty outlawing war as an instrument of policy. But twelve years later Germany invaded Poland.

  96. G-20 Leaders Are Meeting on Political Death Row:

    by Matthew Lynn

    April 1 (Bloomberg) — The stage couldn’t be more ominous. While the Group-of-20 leaders gather in London, angry protesters are preparing their verbal assault.

    Their words will fall on deaf ears.

    Many of the presidents and prime ministers at tomorrow’s summit are already on political death row. The fallout from the global recession is about to claim some leadership victims. U.K. Prime Minister Gordon Brown, who hosts the summit, has trailed the Conservatives in every opinion poll since January 2008. Brown’s Labour Party is more than 10 points behind. The British electorate has taken a good look at him and decided it doesn’t much like what it sees. The U.K. is in a deep recession from which there is no obvious escape. As chancellor for 10 years, Brown can hardly shift the blame. His attempts to avoid the rap just make him look ridiculous. At next year’s election, he’s history.

    Few of the other summit attendees are in better shape. French President Nicolas Sarkozy has lost what little momentum for economic renewal he had. He has faced mass strikes, supported by a majority of the French, who don’t believe he is doing enough to fix the financial crisis. German Chancellor Angela Merkel looks a bit steadier, and her grip on economic logic has been firmer, but the poll ratings for her Christian Democratic Union party stand at only 34 percent. She stays in the lead only because the left-wing opposition parties remain hopelessly split.

    Unpopular Leaders

    Japanese Prime Minister Taro Aso has a popularity rating of just 22 percent, even with his main opposition in disarray. And Mexico’s President Felipe Calderon is expected to suffer heavy losses in this year’s mid-term Congressional elections. Czech Prime Minister Mirek Topolanek already resigned last month after failing a no-confidence vote. The Czech Republic currently holds the presidency of the European Union.

    With China, Brazil and India still excluded from the core G-7 group of countries, the only leader of any real strength will be U.S. President Barack Obama, and he’s too busy trying to repair the reputation of his country so it can be taken seriously again.

    The G-20 meeting is unlikely to achieve much. Participants aim to fix the global financial architecture when there isn’t much evidence that it was broken. The credit crunch was caused by loose monetary policy and the ensuing financial bubble. It had little to do with the International Monetary Fund, the World Bank, the World Trade Organization or any of the bodies the G-20 might want to overhaul. Summit leaders will just waste time on tax havens and the inevitable onset of protectionism.

    No Agreement

    The size of the grouping is also absurd. A G-3 — the U.S., China and the EU — might have a chance of agreeing on something meaningful. A group of 20 people won’t even agree on what to have for lunch, never mind fixing the global economy. The leaders will just use the event for photo opportunities to appease voters back at home.

    Lastly, with the possible exception of Obama, few of the leaders have enough authority to implement any serious changes to the way their economies work. We are going to see a lot of anger among voters in the next two or three years. They are likely to desert those in office when the music stopped.

    There will be a solution to the credit crunch eventually, but it is unlikely to come from the G-20 leaders. By pushing an agenda that suggests there is a single global fix to the economic crisis, they are just making the problem worse. “The only real hope appears to be that the eminent pragmatism of the likes of Merkel and Brazilian President Lula might come to the fore, given that the Browns and the Obamas appear to be full of vacuous grandstanding rhetoric,” Marc Ostwald, a fixed-income strategist at Monument Securities in London, said in a note to investors.

    An exaggerated faith in summits will be one of the reasons for the demise of some leaders. They should have just admitted it will be a long, hard slog to revive the global economy and then canceled this week’s powwow.

    bloomberg.com/apps/news?pid=20601039&sid=aofSy5x6fwYY&refer=home

  97. For many analysts just the amount of attention China has drummed up for itself heading into Thursday’s meeting, is evidence of the country’s growing political clout. “In the Asian financial crisis, China kept a relatively low profile and it didn’t assume any kind of leadership role at that stage,” Brian Bridges, a political scientist at Hong Kong’s Lingnan University told the AFP. “Now the contrast is very significantly different in terms of China being much more open and involved in the financial system.” For Bridges China’s determination to flex its financial muscle and expand political influence is what sets it apart from other would-be success stories, like the Japan of 1980s. “
    ————————————–
    That is the dynamic. And if this economic crisis widens and deepens as many suspect it will, this will become more obvious.

  98. If we check back a year from now, the cast of characters at g-20 will be different, the power of China will be even greater, and it will not be 70 days after a US election. Obama will be seen by more and more people as a flake. And midterm elections will be just a few months away. The loftier the rhetoric now the worse for him later. And Brown will be replaced by a more conservative cost conscious prime minister. Hence, the Anglo American alliance and claim to lead the world will be subject to increasing challenge. The great mistake we made was turning our collective future over to a sociopath.

  99. wbboei

    We turned our future over to a neighborhood organizer who if asked questions on economics probably would not have been able to answer one, vs a person who had knew the balance and difficulties of economics, and who had already seen it at an international level first hand.

  100. An exaggerated faith in summits will be one of the reasons for the demise of some leaders. They should have just admitted it will be a long, hard slog to revive the global economy and then canceled this week’s powwow
    ——————
    Correct. They are trying to convey the impression that a solution is being worked out the the global economic crisis. It is intended to build confidence in the financial system when everything else is falling apart. But they have not done the spade work to discuss the issues, and reach a work an enduring consensus. The inevitable result will be hot air and no effective followup. Truth to tell this is not really a summit at all. It is really just a photo op.

  101. We turned our future over to a neighborhood organizer who if asked questions on economics probably would not have been able to answer one, vs a person who had knew the balance and difficulties of economics, and who had already seen it at an international level first hand.
    —————————————————-
    And no good can come of it. By the way, did I mention that he is also a sociopath?

  102. wbboei Says:

    April 1st, 2009 at 12:45 pm

    ———————————–

    I agree

    ——————————–

    wbboei Says:

    April 1st, 2009 at 12:53 pm

    ————————-

    Brown and obama are fluffing and pumping their chests in an effort to appear leader-like and commanding.

    Not working.

  103. Admin’s mention of DailyKooks at the top of this article went to this link, from which I found very interesting a) the donor list interesting, and b) the blogger’s Update comments.

    dailykos.com/story/2009/3/30/714529/-Obama-forces-Wagoner-Out..Contracts-only-matter-when-they-belong-to-WS

    by dkmich
    Mon Mar 30, 2009 at 04:34:58 AM PDT

    From Open Secrets, Obama’s top donor list is pretty interesting. It could explain his love affair with Wall Street, Ahnold, and data collection.
    University of California $1,385,675
    Goldman Sachs $980,945
    Microsoft Corp $806,299
    Harvard University $793,460
    Google Inc $790,564
    Citigroup Inc $657,268
    JPMorgan Chase & Co $650,758
    Stanford University $580,904
    Sidley Austin LLP $574,938
    Time Warner $547,951
    National Amusements Inc $541,251
    WilmerHale $524,292
    UBS AG $522,019
    IBM Corp $518,557
    Skadden, Arps et al $510,274
    Columbia University $503,566
    Morgan Stanley $490,873
    US Government $479,956
    General Electric $479,454
    Latham & Watkins $467,311

    Update: There are several comments about the donor list being OT (off topic). If I hadn’t of witnessed Obama’s about face with my own eyes, I would agree with you. MI and OH followed his every word when he campaigned in our states. Autos are a huge “the” deal to us. He promised, over and over, to renegotiate trade and to save auto and manufacturing jobs. Given his retreat on renegotiating trade, buy American, and taxing companies that offshore jobs, there is no conclusion other than he lied pandered to people in MI. If he pandered to us, the question is “who else”. Maybe the list offers no clues, maybe it does.

  104. Meet the oligarchs:

    A hedge fund is a private investment fund that is exempt from government regulation and open only to accredited investors — investors with the means and the appetite for greater risk. As a result, hedge funds make greater use of complex investment strategies such as short selling, futures contracts, swaps and other derivatives as well as good old fashioned leverage. HFs also employ hedging techniques to reduce some of the risk. Hedge funds often charge hefty performance and management fees.

    The following list of entries from the Business Exchange website tell the story. UK and US are the center of the hedge fund industry, they are fighting the kind of regulation Hillary alluded to and Germany as you can see wants no part of them and their short selling techniques. I have a hunch that my hunch about where the fault lines are in g-20 is right on the money. If they go unregulated and I were a drug king pin with alot of cash, lets just say I would see the possibilities to extend my influence, etc. through this kind of vehicle. Under Obama, the oligarchs win and the rest of us suffer.

    Hedge Funds is part of Business Exchange, suggested by Roger Neal. This topic contains 3,505 news and 3,123 blog items. Read updated news, blogs, and resources about Hedge Funds. Find user-submitted articles and reactions on Hedge Funds from like-minded professionals. online.wsj.com. Added to topic by Pat LaVecchia on April 1 share your reaction | 1 action | report
    save Hedge Funds Promote Industry, Lobby UK Against Regulation more
    Hedge Funds lobby against an international push for more regulation and to promote their industry ahead of G20

    online.wsj.com. Added to topic by Gerard Denham on March 31 share your reaction | 3 actions | report
    save Top Hedge Fund Managers Do Well in a Down Yearmore
    As major markets and economies careened downward last year, 25 top managers reaped a total of $11.6 billion in pay by…

    New York Times. Added to topic by John A. Byrne on March 26 share your reaction | 44 actions | report
    save Russian regulator to lift ban on short selling in April more
    Russian regulator to lift ban on short selling in April MOSCOW, Mar 31 (Prime-Tass) — Russia’s Federal Service for…

    prime-tass.com. Added to topic by Gerard Denham on March 31 share your reaction | 1 action | report
    save UK Hedge Fund Industry Newslettermore
    Spring 09 newsletter promoting the UK Hedge Fund Industry to the UK MPs.

    aima.org. Added to topic by Gerard Denham on March 31 share your reaction | 1 action | report
    save Hedge funds stand to gain, but also face oversightmore
    Hedge funds are being offered a sweet deal to help the Obama administration rescue the U.S. banking system: A low-risk…

    BusinessWeek. Added to topic by John A. Byrne on March 25 share your reaction | 20 actions | report
    save Big hedge funds’ golden era fading more
    NEW YORK (Reuters) – The golden age for super-sized hedge funds may be coming to an end as investors think about…

    Reuters. Added to topic by Karyn McCormack on March 24 share your reaction | 27 actions | report
    save Malaysia bourse plans sharia shortselling platform | Industries |…more
    KUALA LUMPUR, March 30 (Reuters) – Malaysia’s stock exchange plans to launch a platform to facilitate regulated Islamic…

    Reuters. Added to topic by Gerard Denham on March 30 share your reaction | 1 action | report
    save UPDATE 1- Germany extends short-selling ban on bank stocks |…more
    FRANKFURT, March 30 (Reuters) – Germany’s Bafin has extended its ban on short selling for 11 companies until the end of…

    Reuters. Added to topic by Gerard Denham on March 30 share your reaction | 1 action | report
    save Top 25 Hedge Fund Managers Only Made $12 Billion Last Yearmore
    Alpha magazine has published its list of the best-compensated hedge fund managers in the world.

    businessinsider.com. Added to topic by Karyn McCormack on March 25 share your reaction | 17 actions | report
    save Daniel Hemel: Money to tax-dodging hedge funds is the real AIG…more
    On the Tonight Show With Jay Leno last week, President Barack Obama described AIG as a “hedge fund on top of an…

    Guardian Unlimited. Added to topic by Karyn McCormack on March 24 share your reaction | 18 actions | report
    save Top Hedge Fund Managers Do Well in a Down Yearmore
    As major markets and economies careened downward last year, 25 top managers reaped a total of $11.6 billion in pay by…

    New York Times. Added to topic by Karyn McCormack on March 25 share your reaction | 12 actions | report
    save Geithner Calls for Major Overhaul of Financial Rulesmore
    WASHINGTON — The Obama administration on Thursday detailed its wide-ranging plan to overhaul financial regulation by…

    New York Times. Added to topic by Gerard Denham on March 26 share your reaction | 8 actions | report
    save Biggest Losers: Eight Men Outmore
    Not all hedge fund managers were able to escape 2008 unscathed. The managers on this list lost the most — a combined $6.

    iimagazine.com. Added to topic by Michael Arndt on March 26 share your reaction | 5 actions | report
    save Madoff Exploited the Jewsmore
    Steven Spielberg. Elie Wiesel. Mort Zuckerman. Frank Lautenberg. Yeshiva University. As I read the list of people and…

    online.wsj.com. Added to topic by Ben Steverman on December 18 share your reaction | 524 actions | report
    save Who isn’t a Bernard Madoff victim? The list is telling.more
    As the number of victims of Bernard Madoff, the criminally charged founder of the investment firm that bears his name,…

    money.cnn.com. Added to topic by Ben Steverman on December 18 share your reaction | 407 actions | report
    save IOSCO consults on regulatory approach to short sellingmore
    The International Organization of Securities Commissions’ (IOSCO) Technical Committee has published a consultation…

    iosco.org. Added to topic by Gerard Denham on March 23 share your reaction | 6 actions | report
    save ISE Publishes Proposal For U.S. Regulatory Reform more
    The International Securities Exchange proposes a new regulatory structure for all U.S. financial markets and trading…

    ise.com. Added to topic by Gerard Denham on March 26 share your reaction | 2 actions | report
    save Hedging Their Bets: How Hedge Funds Can Curb Critics and Avoid…more
    Hedge fund managers oversee $1.9 trillion in assets, but no one knows what they invest in or even what those assets are…

    knowledge.wharton.upenn.edu. Added to topic by Mary S. Butler on March 21 share your reaction | 7 actions | report
    save Securities Lending: your questions answeredmore
    ISLA has today published Securities Lending: your questions answered to give beneficial owners of securities a balanced…

    isla.co.uk. Added to topic by Gerard Denham on March 27 share your reaction | 0 actions | report
    save They Knew What They Were Getting Intomore
    Why was the smart set so easily fooled by Bernie Madoff? Some knew it was a ruse all along—and just didn’t care.

    thedailybeast.com. Added to topic by Ben Steverman on December 17 share your reaction | 221 actions | report
    save The Secretary’s New Rulesmore
    Smeal’s John Liechty suggested changes to the country’s financial system similar to Secretary Geithner’s in an article…

    blogs.smeal.psu.edu. Added to topic by Wyatt DuBois on March 26 share your reaction | 0 actions | report
    save Exchanges propose modified uptick rule to limit ‘abusive’ shortsmore
    Circuit breaker would mean short selling limits kick in after stocks fall a lot

    MarketWatch. Added to topic by Karyn McCormack on March 24 share your reaction | 1 action | report
    save Madoff’s Longtime Rival On What Made Him Tickmore
    Lisa Quinones, Black Star/Newscom Among his peers, few probably knew Madoff as well as Kenneth Pasternak.

    thedailybeast.com. Added to topic by Ben Steverman on December 23 share your reaction | 147 actions | report
    save After Dodging Many Bullets, Hedge Funds Are Back in Regulators’ Sightsmore
    The hedge fund industry has a long history of avoiding tougher regulation. But as the Obama administration and Congress…

    knowledge.wharton.upenn.edu. Added to topic by Mary S. Butler on March 21 share your reaction | 3 actions | report
    save Previous 1 2 3 4 5 6 of 6 Next
    Top Sources: Hedge Funds
    rgemonitor.com money.cnn.com online.wsj.com thedailybeast.com New York Times news.yahoo.com portfolio.com Washington Post thebigmoney.com visualwebcaster.com Copy & Paste RSS or Atom Blog Feed URL
    Submit cancel
    Please wait, content being added to topic…

  105. NY TIMES OP-ED BY 2001 ECONOMICS NOBEL PRIZE WINNER STIGLITZ PIECE AGREEING WITH KRUGMAN

    nytimes.com/2009/04/01/opinion/01stiglitz.html?_r=1

    Obama’s Ersatz Capitalism
    ===================

    By JOSEPH E. STIGLITZ
    Published: March 31, 2009

    THE Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.

    Treasury hopes to get us out of the mess by replicating the flawed system that the private sector used to bring the world crashing down, with a proposal marked by overleveraging in the public sector, excessive complexity, poor incentives and a lack of transparency.

    Let’s take a moment to remember what caused this mess in the first place. Banks got themselves, and our economy, into trouble by overleveraging — that is, using relatively little capital of their own, they borrowed heavily to buy extremely risky real estate assets. In the process, they used overly complex instruments like collateralized debt obligations.

    The prospect of high compensation gave managers incentives to be shortsighted and undertake excessive risk, rather than lend money prudently. Banks made all these mistakes without anyone knowing, partly because so much of what they were doing was “off balance sheet” financing.

    In theory, the administration’s plan is based on letting the market determine the prices of the banks’ “toxic assets” — including outstanding house loans and securities based on those loans. The reality, though, is that the market will not be pricing the toxic assets themselves, but options on those assets.

    The two have little to do with each other. The government plan in effect involves insuring almost all losses. Since the private investors are spared most losses, then they primarily “value” their potential gains. This is exactly the same as being given an option.

    Consider an asset that has a 50-50 chance of being worth either zero or $200 in a year’s time. The average “value” of the asset is $100. Ignoring interest, this is what the asset would sell for in a competitive market. It is what the asset is “worth.” Under the plan by Treasury Secretary Timothy Geithner, the government would provide about 92 percent of the money to buy the asset but would stand to receive only 50 percent of any gains, and would absorb almost all of the losses. Some partnership!

    Assume that one of the public-private partnerships the Treasury has promised to create is willing to pay $150 for the asset. That’s 50 percent more than its true value, and the bank is more than happy to sell. So the private partner puts up $12, and the government supplies the rest — $12 in “equity” plus $126 in the form of a guaranteed loan.

    If, in a year’s time, it turns out that the true value of the asset is zero, the private partner loses the $12, and the government loses $138. If the true value is $200, the government and the private partner split the $74 that’s left over after paying back the $126 loan. In that rosy scenario, the private partner more than triples his $12 investment. But the taxpayer, having risked $138, gains a mere $37.

    Even in an imperfect market, one shouldn’t confuse the value of an asset with the value of the upside option on that asset.

    But Americans are likely to lose even more than these calculations suggest, because of an effect called adverse selection. The banks get to choose the loans and securities that they want to sell. They will want to sell the worst assets, and especially the assets that they think the market overestimates (and thus is willing to pay too much for).

    But the market is likely to recognize this, which will drive down the price that it is willing to pay. Only the government’s picking up enough of the losses overcomes this “adverse selection” effect. With the government absorbing the losses, the market doesn’t care if the banks are “cheating” them by selling their lousiest assets, because the government bears the cost.

    The main problem is not a lack of liquidity. If it were, then a far simpler program would work: just provide the funds without loan guarantees. The real issue is that the banks made bad loans in a bubble and were highly leveraged. They have lost their capital, and this capital has to be replaced.

    Paying fair market values for the assets will not work. Only by overpaying for the assets will the banks be adequately recapitalized. But overpaying for the assets simply shifts the losses to the government. In other words, the Geithner plan works only if and when the taxpayer loses big time.

    Some Americans are afraid that the government might temporarily “nationalize” the banks, but that option would be preferable to the Geithner plan. After all, the F.D.I.C. has taken control of failing banks before, and done it well. It has even nationalized large institutions like Continental Illinois (taken over in 1984, back in private hands a few years later), and Washington Mutual (seized last September, and immediately resold).

    What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a “partnership” in which one partner robs the other. And such partnerships — with the private sector in control — have perverse incentives, worse even than the ones that got us into the mess.

    So what is the appeal of a proposal like this? Perhaps it’s the kind of Rube Goldberg device that Wall Street loves — clever, complex and nontransparent, allowing huge transfers of wealth to the financial markets. It has allowed the administration to avoid going back to Congress to ask for the money needed to fix our banks, and it provided a way to avoid nationalization.

    But we are already suffering from a crisis of confidence. When the high costs of the administration’s plan become apparent, confidence will be eroded further. At that point the task of recreating a vibrant financial sector, and resuscitating the economy, will be even harder.

    &&&&&
    Joseph E. Stiglitz, a professor of economics at Columbia who was chairman of the Council of Economic Advisers from 1995 to 1997, was awarded the Nobel prize in economics in 2001.

  106. wbboei Says:

    April 1st, 2009 at 1:10 pm
    Meet the oligarchs:
    &&&&&&&&&

    Wasn’t “Meet the Oligarchs” a PBS series in the late 1970’s? As I recall, it was a British show, and I didn’t get the jokes, and the accents made it tough to understand. But I felt “smart” watching it, just the same.

  107. I see no real difference between what hedge funds do and gambling. When it comes to gambling the house always has the advantage. I think in Las Vegas today the house advantage is 17%. Black jack is your best chance to win, and there at least and unlike Obama you get to see the cards. I hate to see thinking people fall for his smoke mirrors and telepromter routine. Sooner or later they will be forced by reality and deteriorating circumstances to take off the blinders. Hope springs eternal that it will happen before rather than after it is too late.

  108. Wasn’t “Meet the Oligarchs” a PBS series in the late 1970’s? As I recall, it was a British show, and I didn’t get the jokes, and the accents made it tough to understand. But I felt “smart” watching it, just the same.
    ———————————
    rgb: you could be right. When I wrote it I must tell you it had a familiar ring. Like maybe I was plagerizing it, but when you cant recall well what is it then. ABM 90 made passing reference to short term memory. Hell, I cant remember what happened yesterday OR 20 years ago.

  109. My wife mentioned on our dog walk last night, in response to my various raggings about ofraud, that she heard a news story about one of his recent town hall events where people emailed in questions.

    One questioner had a serious comment about legalizing mj and taxing it, with the obvious benefits being:
    a) government (local, county, state, federal) are desperate for $$ (and taking drastic steps such as Los Angeles threatening deep cuts in teachers)
    b) criminalization and mandatory sentences clutter jails with non-violent offenders, jails which are increasingly operating at a loss.

    She recalls that Obama’s “answer” to this serious question was LAUGH IT OFF, as if the person was asking a fun question like “If you were a tree, what kind of tree would you be?”. He finished off his laughing response with something to the effect of “No way, no how”.

    Probably an older, more established, more confident politician could take that step.

    POTUS McCain might say: “I think it’s time we consider all the options”.
    POTUS Clinton: “While I have been skeptical of this in the past, the financial situation has gotten so bad that this is worth revisiting”.

    POTUS Obama? Translation:
    “Look, I ‘made history’ by being the first AA elected president. I think that’s about all I’ve got. Can you imagine what they’d say if I proposed this, they might say, ‘Look, we knew an AA would decriminalize it, because they love dr*gs’?’. So that’s another third rail that I can’t touch. I also can’t mess with Wall St., because if you look at my donor list, you know I owe them big time.”

    “I know many of the whack job Left, also known as ‘my base’, believe decriminalization is a great idea, especially before a Phish concert. I also know that many centrists, and police unions, think decriminalization has merit, for a variety of reaasons. But if you wanted a president to have the courage to do this, it certainly wasn’t going to be me, because I ‘made history’, and now I’m trying to make my legacy. Act sincere. Show empathy. Ooops, those were director’s suggestions in the teleprompter, not lines to read. And by the way, I am not overly reliant on a teleprompter. I’m off the habit. I quit last week.”

  110. wbb, there was no “Meet the Oligarchs”.

    It was cancelled just before it went into production. ;^)

  111. Reserecting an old quote from Admin a couple years ago or so:

    No man is an Island, entire of itself; every man is a piece of the Continent, a part of the main; if a clod be washed away by the sea, Europe is the less, as well as if a promontory were, as well as if a manor of thy friends or of thine own were; any man’s death diminishes me, because I am involved in Mankind; And therefore never send to know for whom the bell tolls; It tolls for thee.
    John Donne, Meditation XVII
    English clergyman & poet (1572 – 1631)

    —————————————
    It is the same with the economy–which Obama and his obligarchs are destroying.

    And that is not an isolated opinion, as rgb points out that another Nobel Prize winning economist is pointing out and Admin has always pointed out. Perhaps Admin should receive the Nobel Prize–that still has some panache, and has not been debased like the Pulitzer when it was given to the like of Givhan. What a piece of shit she is. But we digress. Heres the first paragraph of the article which nails obama.

    By JOSEPH E. STIGLITZ
    Published: March 31, 2009

    THE Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.

  112. wbb, there was no “Meet the Oligarchs”.

    It was cancelled just before it went into production. ;^)
    ———————————————
    Or it is was produced in the bowels of the financial industry and has been airing since January 20, 2009. It will stop airing when it runs out of money. It will always have an audience among bots and other cases of arrested development, like the Saturday cartoon programs.

  113. I would think with the race that close that the Republican will win the Guillabrand seat. There are alot of absentee ballots should favor the Republican Tedisco rather than Murphy. Given the strong endorsement by Bambi, and the radio message by Uncle Joe Biden, this is a serious blow to the Administation–if this assumption plays out.

  114. lookie what I came across, just as I was discussing earlier. Now Jack Cadaver sees merit in rethinking the issue.

    cnn.com/2009/POLITICS/03/31/cafferty.legal.drugs/index.html

    Commentary: War on drugs is insane
    ==========================

    Here’s something to think about:

    How many police officers and sheriff’s deputies are involved in investigating and solving crimes involving illegal drugs? And arresting and transporting and interrogating and jailing the suspects?

    How many prosecutors and their staffs spend time prosecuting drug cases? How many defense lawyers spend their time defending drug suspects?

    How many hours of courtroom time are devoted to drug trials? How many judges, bailiffs, courtroom security officers, stenographers, etc., spend their time on drug trials?

    How many prison cells are filled with drug offenders? And how many corrections officers does it take to guard them? How much food do these convicts consume?

    And when they get out, how many parole and probation officers does it take to supervise their release? And how many ex-offenders turn right around and do it again?

    So how’s this war on drugs going?

    Someone described insanity as doing the same thing over and over and expecting a different result each time. That’s a perfect description of the war on drugs.

    The United States is the largest illegal drug market in the world. Americans want their weed, crack, cocaine, heroin, whatever. And they’re willing to pay big money to get it.

    The drug suppliers are only too happy to oblige. The Mexican drug cartels now have operations in 230 American cities. That’s 230 American cities!

    And we’re not just talking about border towns, but places such as Anchorage, Alaska; Boston, Massachusetts; Atlanta, Georgia; and Billings, Montana. They’re everywhere. And they don’t just bring drugs, but violence and crime as well — lots of it at no extra charge.

    They have been able to infiltrate those 230 cities because we have not bothered to secure our borders. In addition to illegal aliens who come here to work and avail themselves of our social programs, we have criminals from Mexico bringing drugs in, taking money and guns back, and recruiting American kids into their criminal enterprises while they’re here. iReport.com: Is it time to legalize pot?

    What do you suppose the total price tag is for this failed war on drugs? One senior Harvard economist estimates we spend $44 billion a year fighting the war on drugs. He says if they were legal, governments would realize about $33 billion a year in tax revenue. Net swing of $77 billion. Could we use that money today for something else? You bet your ass we could. Plus the cartels would be out of business. Instantly. Goodbye crime and violence.

    If drugs were legalized, we could empty out a lot of our prison cells. People will use this stuff whether it’s legal or not. Just like they do booze. And you could make the argument that in some cases alcohol is just as dangerous as some drugs. I know.

    Like I said … something to think about. It’s time.
    &&&&&&&&&

    Just don’t ask the current POTUS to do anything that involves “thinking out of the box”.

  115. Rush limbaugh:

    president obama gave the queen a Ipod as a gift………but she already had one! LMAO

    WHAT A DISGRACE!!!!

  116. rgb44hrc Says:

    April 1st, 2009 at 1:36 pm

    ———————–

    I’ve read quite a few places that his recent “town hall” love-ins were deliberately populated by his fans and supporters.

  117. Who gives an ipod to the Queen of England? This guy is the stupidest jerk on earth. No couth, no manners, no sense at all.

  118. …not only the Ipod…but those clothes she is wearing…what is wrong with her? almost every photo I have seen her in going back to the Inaguaration and the Prayer/church setting has MO standing out like a big, big, big sore thumb…she is always loud and so frilly…wears evening clothes during the day and so much fro fro…

    she looks like a giant next to the queen and her husband…btw…did she curtsey? that is the protocol?

    an ipod…geesh…after the DVD fiasco, what is their problem…they give no thought to what they do…

  119. ROTFLMAO!!!!

    WHITE HOUSE NOTEBOOK: Obama NCAA Pick Controversy

    By JENNIFER LOVEN – 25 minutes ago

    LONDON (AP) — President Barack Obama said Wednesday he’s taken enough flak for making his NCAA college basketball selections; he’s not about to wade into European soccer — or, as he correctly called it in London, “football.”

    A reporter asked Obama his picks for the upcoming World Cup qualifier between England the Ukraine. Obama, laughing at himself and standing beside British Prime Minister Gordon Brown, balked. He noted his college basketball predictions “stirred up all kind of controversy.”

    “The last thing I’m going to do is wade into European football,” Obama said, using the European name for the game known as soccer in the United States. “That would be a mistake. I didn’t get a briefing on that, but I sense that would be a mistake.”

    SNIP

    The geek-in-chief didn’t miss a chance to give technology to new friends.

    Obama gave Queen Elizabeth II an engraved iPod during his visit to Buckingham Palace.

    The portable music device came with headphones and already loaded with songs. He and first lady Michelle Obama also gave the queen a rare book of songs signed by “The King and I” composer Richard Rodgers.

    It’s not the first time Obama has given a British leader a tech-based gift. When Brown visited the United States, Obama gave his peer 25 of his favorites movies on DVD. (Never mind the DVDs didn’t work when Brown took them home because they were meant for use only in North American players.)

    Obama is a known technology geek. He successfully fought to keep his mobile e-mail device and aides keep his iPod updated.

    ___

    Obama says his favorite part of England is its people. Oh, and the queen isn’t too bad, either.

    “There is just an extraordinary affinity and kinship that we have. We owe so much to England; that when you come here there’s that sense of familiarity, as well as difference, that makes it just a special place,” Obama said, seeking to repair a perceived slight against the United States’ close ally.

    During Brown’s visit to the United States, the British press suggested Obama didn’t give their leader proper respect; Obama opted for a familiar Oval Office chat instead of the kind of formal news conference afforded some leaders.

    In recent weeks, the White House has made a concerted effort to repair that perception.

    “There’s one last thing that I should mention that I love about Great Britain, and that is the queen,” a smiling Obama said. “I’m very much looking forward to meeting her for the first time later this evening. And as you might imagine, Michelle has been really thinking that through because I think in the imagination of people throughout America, I think what the queen stands for and her decency and her civility, what she represents, that’s very important.”

    Brown kept pace: “Well, I know the queen is looking forward to welcoming you and she’s very much looking forward to her discussion with you.”

    Obama isn’t dining like a king, but it’s darned close.

    SNIP
    At the end of a meeting with Russian President Dmitry Medvedev, Obama tried his hand at his counterpart’s native language.

    “I’m still working on my Russian,” Obama said. “The president’s English is much better.”

    google.com/hostednews/ap/article/ALeqM5j2uXNmaImSELzCKrZR84kyGiFBYAD979QUC00

    AND FROM ANOTHER ARTICLE WE HAVE THIS!!!

    Barack Obama met the Queen at Buckingham Palace today and gave her a gift of an iPod loaded with video footage and photographs of her 2007 United States visit to Richmond, Jamestown and Williamsburg in Virginia. In return, the Queen gave the President a silver framed signed photograph of herself and the Duke of Edinburgh – apparently a standard present for visiting dignitaries.

    blogs.telegraph.co.uk/toby_harnden/blog/2009/04/01/barack_obamas_gift_for_the_queen_an_ipod_your_majesty

  120. I need volunteers to make phone calls
    Volunteer action needed

    I need volunteers to call
    Eric Holder-Att Gen
    Elena Kagan -Solicitor General
    Robert Mueller -director of FBI
    Marc Sullivan-Director of Secret Service
    We need an immediate response from Eric Holder- whether he will institute Quo Warranto proceedings against Obama, whether he will appoint a special prosecutor to investigate all of the criminal activities surrounding Obama. He has no right to sweep this under the rug, It is a matter of National urgency, matter of National security. He has a duty to institute a quo Warranto proceedings and to appoint a special prosecutor to investigate all the criminal activity related to Obama and his supporters. If he is not doing that, he needs to resign immediately or be removed immediately. His inaction equals to aiding and abetting all of the crimes committed and he himself will need to be indicted, tried and convicted to the full extend of the law.
    Similarly, Elena Kagan, Robert Mueller and Marc Sullivan owe us answers, they are aiding and abetting this massive fraud, treason and other suspected crimes, committed by Obama and his supporters.
    I have received a letter from the chief clerk of the Supreme Court William K Sutter- he is stating that they will not review quo warranto, but I can refile as Extraordinary petition for a writ of Mandamus. While there is nothing in the rules saying that they cannot hear quo warranto, just to move things along, I am rewriting the complaint and will submit it as an Extraordinary Petition for the writ of Mandamus. I still did not get an answer from the Chief Justice Roberts in regards to all the illegal activity going on in the Supreme Court. Please call the Supreme Court Chief Justice Roberts, Chief Clerk William Sutter, chief of the police security for the Supreme Court officer Christine Giaccio 202-479-2369. What has been going on in the Supreme Court is the biggest scandal in our Judiciary system. This people have no right to sweep this under the rug all of these illegal activities, they owe American people answers
    1. who erased from the Supreme Court exterior docket information about my case Lightfoot v Bowen, right after the inauguration of Obama, while other cases where on the docket? This is particularly suspicious because my case stated that Obama is not eligible for presidency, and other cases remained on the docket .
    2. what investigation was done on this issue?
    3. who is the police officer or Secret Service Agent or FBI agent in charge of this investigation?
    4. what administrative action was done against clerk Danny Bickel, who refused to put on the docket and forward to Chief Justice Roberts and other Justices my second supplemental brief?
    5. Why didn’t Justice Scalia know anything about four cases dealing with Obama’s illegitimacy for presidency supposedly heard in 5 conferences? Did the clerks hide those cases from the justices? Did the Justices actually discuss those cases in conferences? Where are the decisions signed by Justice Scalia, when he supposedly read the cases and forwarded them to three out of five conferences? Did Justice Scalia sign those decisions, or were those signatures forged? How could he read five pleadings about something that important ans illegitimacy of the president and know nothing about it?
    6. Did all nine justices sign the decision not to hear these cases on the merits, if so, they would’ve known the cases? Did somebody forge their signatures? Did clerks intentionally misrepresented the cases to put foreign National, citizen of Indonesia and possibly still citizen of Kenya Barry Soetoro aka Barack Hussein Obama in the White House and keep him there by trampling on the Constitution and rule of law?
    7. If all of the above officials refuse to provide immediate answers and action, they, themselves are guilty of aiding and abetting this massive fraud, treason and all the other related crimes and they will need to be prosecuted and punished to the full extend of the law.

    Posted by Dr. Orly Taitz at 4/1/2009 7:48 AM | View Comments (1) | Add Comment

    DEFENDOURFREEDOMS.US

  121. OK I GOT LOST IN FILTER I GUESS…..

    Dr. Orly Taitz needs help making phone calls
    please see her sight for details (tried to post them here)

    defendourfreedoms.us

  122. Obama is a screw up. Everything he tries to do is a joke. The job calls for governing not campaigning. It aint about approval ratings–its about solutions now Bambi. Sound, effective solutions. So far, your economic plan gets an F from economists who are free of the corrupting influence of big media. But the verdict of a Nobel prize winning economist really calls the game on him on his bailout plan. Another Nobel prize winning economist has called a similar verdict on his stimulus plan. What’s left is alot of big media sound and fury signifying nothing.

  123. In return, the Queen gave the President a silver framed signed photograph of herself and the Duke of Edinburgh – apparently a standard present for visiting dignitaries.
    ——————–
    My god can I have one? Please! Sounds like he made one hell of an impression. Of course to a sociopath like him the message is different. He thinks it means yall just drop by any old time ya hear.

  124. Oh shit I am slow. An I-pod so the queen can listen to his speeches when the sleeping pills are not enough. How thoughtful of him. Now I get it.

  125. Joint Statement by Secretary of State Hillary Rodham Clinton and Secretary of the Treasury Tim Geithner on the Establishment of the U.S.-China Strategic and Economic Dialogue

    Bureau of Public Affairs
    Office of the Spokesman
    Washington, DC
    April 1, 2009

    “We are honored to have been appointed by President Obama as Special Representatives for the United States to the U.S.-China Strategic and Economic Dialogue. The Dialogue is a result of an agreement reached between the United States and China by President Barack Obama and President Hu Jintao.

    The dialogue will focus on addressing the challenges and opportunities that both countries face on a wide range of bilateral, regional and global areas of immediate and long-term strategic interest. Through the Dialogue, and in its strategic and economic tracks, we look forward to pursuing in-depth discussions with our Chinese counterparts to enhance the welfare of the citizens of both countries. We intend to meet once a year in alternate capitals, and we look forward to welcoming the Chinese to the United States for the first round of the Dialogue this summer.

    We look forward to working closely with our respective Chinese Co-Chairs, Chinese State Councilor Dai Bingguo, and Chinese Vice Premier Wang Qishan, as well as our colleagues in President Obama’s Cabinet in promoting U.S.-China cooperation.”

    state.gov/r/pa/prs/ps/2009/121155.htm

  126. Obama Accepts Invitation to Visit China After Meeting With President
    Top U.S. officials will also head up a new, intensive round of talks with Chinese leaders on economic and political issues, FOX News has learned.

    Wednesday, April 01, 2009

    LONDON — President Obama has accepted an invitation to visit China later this year, after meeting with Chinese President Hu Jintao. The two leaders met in London ahead of the G20 economic summit, shortly after Obama met with Russian President Dmitry Medvedev. Obama also accepted an invitation to visit Moscow. The White House said Obama and Hu agreed to “intensify coordination and cooperation on global economic and financial issues.” As economic leaders, the United States and China say they want to work together to address the economic crisis.

    Treasury Secretary Timothy Geithner and Secretary of State Hillary Clinton will also head up a new, intensive round of talks with Chinese leaders on economic and political issues, senior Obama administration officials told FOX News. This new effort, dubbed the Strategic and Economic Dialogue, will be announced in London — where G20 leaders are converging to discuss the global economic crisis.

    The Chinese have openly questioned the long-term value of their treasury bond holdings and begun angling for a new global reserve currency to replace the dollar. Obama adamantly opposes replacing the dollar as the global reserve currency.
    Geithner will engage senior Chinese officials on these and other economic issues, among them — continued stimulus spending to boost consumer demand, China’s currency valuation and trade compliance.

    Clinton will speak with Chinese officials on foreign policy issues — adding a diplomatic portfolio to high-level talks Bush Treasury Secretary Henry Paulson initiated with China. “It’s an expansion of a previous dialogue,” an administration official said. “The treasury secretary will lead on economic issues and the secretary of state will lead on the political dialogue — both benefiting the missions of their departments.”

    foxnews.com/politics/first100days/2009/04/01/officials-engage-china-political-economic-talks/

  127. Michelle has been really thinking that through because I think in the imagination of people throughout America, I think what the queen stands for and her decency and her civility, what she represents, that’s very important.”
    ———————–
    A bastillion of decency and civility?
    Princess Di had a somewhat different reaction to The Queen, as I recall. But what the hell does a grifter like Mobo know agbout decency and civility? Perhaps she is expecting a revolution this side of the pond, french style.

  128. No one-on-one, PM and Obama will hold team talks on Af-Pak

    London: Prime Minister Manmohan Singh will have a 45-minute discussion with US President Barack Obama at 10 pm (IST) on April 2 but it will not be a one-on-one meeting as suggested earlier.

    Washington has preferred that high-ranking officials from both sides be present in the first meeting between the two leaders. According to Government officials, top of the agenda at the meeting are the extent and nature of the stimulus required to pull the global economy out of its current morass and Washington’s new Afghanistan-Pakistan policy.

    Half a dozen US officials, including Obama’s National Security Advisor James Jones, Secretary of State Hillary Clinton and Treasury Secretary Tim Geithner will meet Singh who will be accompanied at the talks by Deputy Chairman, Planning Commission, Montek Singh Ahluwalia; Foreign Secretary Shiv Shankar Menon and NSA M K Narayanan.

    indianexpress.com/news/no-oneonone-pm-and-obama-will-hold-team-talks-on-afpak/441611/

  129. Anybody hear that m.o. and hubby uprooted a 126-year-old cherry tree planted by President Chester A. Arthur in 1883 to commemorate the signing of the Pendleton Act, which established the Civil Service Commission so they could plant their weed garden???

  130. Obama tells Netanyahu hopes to work on Arab-Israeli peace

    Wed Apr 1, 2009

    LONDON (Reuters) – U.S. President Barack Obama called Israeli Prime Minister Benjamin Netanyahu to congratulate him on his new government Wednesday, telling him he hopes to work with him on Arab-Israeli peace efforts, the White House said.
    Obama, in London for a G20 summit, reaffirmed his administration’s “steadfast commitment” to Israeli security, the White House said. “The president said he looked forward to working closely with Prime Minister Netanyahu and his government to address issues of mutual concern, including Iran and Arab-Israeli peace.”

    The congratulatory call came amid controversy stirred when Israel’s new ultranationalist foreign minister, Avigdor Lieberman, said Netanyahu’s right-leaning government would not be bound by U.S.-backed understandings on a Palestinian state reached in 2007.

    reuters.com/article/newsMaps/idUSTRE5306IH20090401

  131. wbboei said:
    But the verdict of a Nobel prize winning economist really calls the game on him on his bailout plan. Another Nobel prize winning economist has called a similar verdict on his stimulus plan.

    ============

    I haven’t been following all this very closely, but if that’s Krugman and Stiglitz, didn’t they oppose each other’s approach for decades? So if it’s two opposites who are now agreeing….

  132. S, I heard today that MO gave the Queen a fist bump instead of a curtsey-her typical neanderthal greeting. Could it be an April Fool’s joke? roflmao.

  133. Well, I also read somewhere that obama and wife were studying protocol the night before they left. Like a sieve probably.

  134. Jan

    I can believe it , [it’s disgusting and horrific if true] MO & BO do not have an ounce of respect for Americans Heritage or the American People.

  135. Telebama has designated Hillary And Geithner as the ones that will meet with China president Hu Jintao and discuss economics as well as foreign affairs.
    I believe he asked for them and their expertise in discussing these two serious problems.No doubt he did not care to have a listener only come bearing trashy gifts that his country made to begin with. Hillary sure made the right choice to be SoS instead of being in that foggy bottom Carp pond.

    By ABM90 I often wonder if Hannity has a political agenda
    with the backing of FOX who is slowly gaining dominence in controling our news and political system.We may soon become a nation of people without a voice and no source for truth.Chilling thoughts.

  136. so he gave the Queen an I-Pod. How lovely. What dorks.

    Awww, give poor Bambi a break. He probably did genuinely believe it was a perfect and thoughtful gift. It was loaded up with news video of Her Majesty’s visit to the US.

    See, to Bambi, that would be the perfect gift. He’d be thrilled! “Golly, I get to watch endless footage of MYSELF??? Thank you SO much!” His little narcissistic brain probably can’t wrap around the fact that the Queen may not be as enamored of looking in the mirror as he.

  137. ABM90,

    they won’t let bambi play with the big guns because of his predilection to screw things up big time. Not sure about Geithner, but I’m glad Hillary is in place.

  138. JanH, I do not like the pairing of Hillary and Geithner. She has been so far able to do her own damn job and not be associated with his economic blunders. Now he wants to link her to it.

    Who is the BIGGEST liability to Obama right now? Geithner. The public despises him. So what does Obama do? Toss that millstone to Hillary.

    No, I don’t like it. It smacks of Obama pettiness to me.

  139. Obama’s aunt becomes symbol in immigration debate

    By DENISE LAVOIE – 19 hours ago

    BOSTON (AP) — Barack Obama’s Kenyan aunt lost her bid for asylum more than four years ago, and a judge ordered her deported. Instead, Zeituni Onyango stayed, living for years in public housing.

    Now, in a case that puts the president in a tough position both personally and politically, Onyango’s request is being reconsidered under a little-used provision in U.S. immigration rules that allows denied asylum claims to be reheard if applicants can show that something has changed to make them eligible.

    Such as the ascension of her nephew to the presidency of the world’s most powerful country.

    “If she goes back to Kenya, she is going to be much more in the limelight, and that, in and of itself, could put her at a greater risk. The chances of her going back and keeping a low profile are gone at this point,” said Boston immigration attorney Ilana Greenstein.

    Onyango, 56, the half-sister of Obama’s late father, moved to the United States in 2000. Her first bid for asylum was rejected, and an immigration judge ordered her deported in 2004; she continues to live in public housing in Boston.

    In December, a judge agreed to suspend the deportation order and reopen her case. An initial hearing is scheduled Wednesday in U.S. Immigration Court in Boston.

    Obama has said repeatedly that he didn’t know his aunt was living in the United States illegally and believes that laws covering the situation should be followed. If she wins asylum, he could look soft on immigration enforcement. If she loses, he could face criticism from immigrant advocacy groups.

    The White House says Obama is staying out of it.

    “The President believes that the case should run its ordinary course, and neither he nor his representatives have had any involvement,” spokesman Ben LaBolt said last week.

    SNIP

    People who seek asylum must show that they face persecution in their homeland on the basis of religion, race, nationality, political opinion or membership in a social group.

    Onyango’s reasons for seeking asylum have not been made public, and her immigration hearing will be closed at her lawyer’s request.

    Kenya has been fractured by violence in recent years. In 2008, more than 1,000 people were killed in the East African nation following a disputed presidential poll, which saw a Luo candidate, Raila Odinga, declared loser to President Mwai Kibaki, a Kikuyu, the largest tribe in Kenya.

    ***NOTE:****
    AP fails to include the fact that Raila Odinga is Obama’s Cousin! and that Obama Campaigned for him in Kenya in 2006

    **************

    SNIP:

    Onyango has not responded to requests for interviews. Her case is being closely watched by people on all sides of the immigration debate. Some critics say her status has already damaged the president’s credibility on immigration issues.

    “The president’s moral authority has been compromised by his aunt’s situation,” said Dan Stein, president of the Federation for American Immigration Reform. “Americans have the right to expect aliens to respect our law, to leave when they are supposed to and not thumb their nose at the legal system.”

    google.com/hostednews/ap/article/ALeqM5ix0bDGZsyyFxorqqZSmhWGd8mjVQD979BL5O1

  140. HillaryforTexas,

    I don’t like them together either. I’m keeping my fingers crossed that she will do well with the foreign relations end and not be tarnished if he doesn’t come through.

  141. djia,

    I’ve been watching this story. I’m waiting for bambi’s faux white house to pull some strings and then hide the evidence.

  142. The plan from way back was for Hillary and Geithner to work together on economics. She figurse out the right thing for the world economy and tells him what the US should do. I’m less sure that she requested Geithner and Summers but it’s likelly she did, and they are certainly old friends of hers who worked in the Clinton Admin in the 90s.

  143. HillaryforTexas Says:

    April 1st, 2009 at 4:15 pm
    so he gave the Queen an I-Pod. How lovely. What dorks.

    ————————————————————————

    Do these idiots put any thought into gifts. An I-Pod, do they think the Queen will be walking around with an I-Pod. The Queen has CLASS idiots

  144. “The president’s moral authority has been compromised by his aunt’s situation,” said Dan Stein,

    ================

    Good grief. Imo his moral standing is compromised by throwing his aunt under the bus along with his grandmother! (And his various half-siblings who need his help and aren’t getting any.) Where is his family loyalty or kind-heartedness? $100 steaks? $200 ham? He should eat like the rest of us and give his poor relations some money!

  145. the president (and I use the term very loosely to describe this moron) never had any moral standing in the first place. Can’t lose what you don’t have.

  146. well I just looked at Mary Todd’s oh, excuse me MEschelle’s outfits for the hilarious Euro vacation. I think she looks like she just went blindfolded to the closet and yanged out clothes. Who in the hell would think that she is “wowing” anyone. Oh, excuse me again…the new media like Yahoo fcuking headlines.

    I am SO sick of seeing their names. I am SO sick and wish that 2012 election was tomorrow so we’d have some hope of seeing their braying arses out of the White House.

    I’m not having a very good day and to clik on Yahoo to see how far the dow fell today and have to see MeShells mug, well sorry folks.

  147. S Says:

    April 1st, 2009 at 2:47 pm
    …not only the Ipod…but those clothes she is wearing…what is wrong with her? almost every photo I have seen her in going back to the Inaguaration and the Prayer/church setting has MO standing out like a big, big, big sore thumb…she is always loud and so frilly…wears evening clothes during the day and so much fro fro…

    ——————————————————

    I noticed her on Yahoo home page. Everyone has on black except her.

  148. # JanH Says:
    April 1st, 2009 at 4:41 pm

    djia,

    I’ve been watching this story. I’m waiting for bambi’s faux white house to pull some strings and then hide the evidence.
    ***********************

    Let’s see…… she’s been here for how many YEARS ILLEGALLY? She has REFUSED to leave against court orders
    and now the judge gives her yet another year to stay here ????

    i don’t know about you, but i would say strings have already been YANKED!!

    same way they have been yanked all over the place to allow obama to REFUSE TO SHOW HIS BIRTH CERTIFICATE!!!
    AND SUPREME COURT JUSTICE’S REFUSE TO EVEN BLINK AT THE CASE.

  149. djia,

    If she broke the law by refusing to leave and if they were really serious about her leaving, they would have had a police escort take her to the airport and watch the plane take off.

  150. henry,

    only one I can think of that is semi-against him is Fox and not sure how accurate their reporting always is.

  151. Cleaning out my desk I found a reciept from a grocery store from a little over a year ago. As i usually purchase the same things with a few things to spice it up I decided this week that the previous order would be fine so I went by the same list. No alcohol or tobacco products on it. Last year was 203 this year exact same items 247. That’s for four people for a week with sundry staples included. Sucks for me but damn can you imagine working at or above min wage with a family and trying to do anything outside of feed.

  152. A Split At Justice On D.C. Vote Bill
    Holder Overrode Ruling That Measure Is Unconstitutional

    By Carrie Johnson
    Washington Post Staff Writer
    Wednesday, April 1, 2009; Page A01

    Justice Department lawyers concluded in an unpublished opinion earlier this year that the historic D.C. voting rights bill pending in Congress is unconstitutional, according to sources briefed on the issue. But Attorney General Eric H. Holder Jr., who supports the measure, ordered up a second opinion from other lawyers in his department and determined that the legislation would pass muster.

    A finding that the voting rights bill runs afoul of the Constitution could complicate an upcoming House vote and make the measure more vulnerable to a legal challenge that probably would reach the Supreme Court if it is enacted. The bill, which would give the District a vote in the House for the first time, appeared to be on the verge of passing last month before stalling when pro-gun legislators tried to attach an amendment weakening city gun laws. Supporters say it could reach the House floor in May.

    In deciding that the measure is unconstitutional, lawyers in the department’s Office of Legal Counsel matched a conclusion reached by their Bush administration counterparts nearly two years ago, when a lawyer there testified that a similar bill would not withstand legal attack.

    Holder rejected the advice and sought the opinion of the solicitor general’s office, where lawyers told him that they could defend the legislation if it were challenged after its enactment.

    Democratic and Republican Justice Department veterans said it is unusual, though not unprecedented, for the solicitor general, who backs the administration’s position before the Supreme Court, to be asked to weigh in before a case makes its way into a courtroom. Typically, legal scholars said, the solicitor general is asked whether the office can plausibly defend a law in court, rather than to opine directly on the legality of a piece of legislation. The office was asked for the opinion several weeks ago, before the Senate confirmed Elena Kagan as the new solicitor general.

    Through a spokesman, Holder portrayed the basis for his override of the OLC ruling as grounded in law, not politics.

    “The attorney general weighed the advice of different people inside the department, as well as the opinions of legal scholars, and made his own determination that the D.C. voting rights bill is constitutional,” Matthew Miller said. “As the leader of the department, it is his responsibility to make his best independent legal judgment, and he believes that although there are reasonable arguments on both sides of the issue, ultimately the bill would constitutionally grant D.C. residents a right to elect a voting representative in Congress.”

    Holder’s decision to get involved may expose President Obama’s Justice Department to some of the same concerns raised by Democrats during George W. Bush’s presidency.

    SNIP

    Questions over the constitutionality of a D.C. voting bill have dogged the proposal throughout its journey through Congress. Some legal experts say that because the District is not a state, the proposal does not square with a constitutional requirement that House members be chosen “every second year by the people of the several states.” Others argue that the Constitution gives Congress broad power over the District, including the ability to grant it a full House seat.

    Both Holder and Obama have expressed support for D.C. voting rights in the past. In an interview earlier this year, Obama described himself as a “strong proponent” of giving the District voting representation in Congress. As a U.S. senator, he co-sponsored a similar measure two years ago. Signing the legislation would represent a political victory for him, even if the Supreme Court later reversed the law, said sources who spoke on the condition of anonymity because the controversy is sensitive and ongoing.

    Holder, who has lived in the District for more than two decades, co-signed a 2007 letter with other prominent lawyers supporting D.C. voting rights legislation.

    The measure would create two new permanent seats in the House, one for the District and one for Utah, although that seat could transfer to a different state based on the results of the 2010 census.

    read it all here:

    washingtonpost.com/wp-dyn/content/article/2009/03/31/AR2009033104426.html

  153. Iran denies US reports of warm talks at conference

    yahoo.com/s/ap/20090401/ap_on_re_mi_ea/ml_iran_us;_ylt=ArP4O2lf3UJFkkQeUwVPb6Cs0NUE;_ylu=X3oDMTFiMGprcTBpBHBvcwM0MwRzZWMDYWNjb3JkaW9uX3dvcmxkBHNsawNpcmFuZGVuaWVzdXM-

  154. JanH
    thankyou so much for the recommendation but I was actually looking for something which presented a semblance of neutrality which fox does not. I find it incomprhensible that here is not a single news unit out there which is even attempting to provide a sense of balance. I have used yahoo for more than ten years but would gladly switch my email and homepage to something that at least pretended to be unbiased. Don’t even know what search engine to use?

  155. Oh my god, I just got home from work and read the story of Obama giving the Queen an iPod as an official gift. His administration certainly doesn’t learn from it’s mistakes. You’d think the flap over the tacky DVD gift to the prime minister would have given them a clue. Wonder if Obama had the iPod engraved on the back…good grief….

  156. henry,
    I have used yahoo for more than ten years but would gladly switch my email and homepage to something that at least pretended to be unbiased.

    =============

    Forgive me, but you do know that you can set your home page to anything you want — such as Big Pink, or gardening or cooking or even a blank page — without changing your email?

  157. One has to wonder with all of the bias which yahoo,google and msn have shown towards the telepromptor why noone from the other side of the spectrum hasn’t offered an alternative. A website offering on its home page real news? I think many of the millions in the democratic party left out in the cold as well as middle of the road republicans would be hungry for such a site. So very many gifted and intelligent people here why has no one done this? The news section being more than a regurtation of AP shit. Me thinks AP may be the biggest culprt in the bambi coup.

  158. turn
    yes but I like the news on my homepage– so I guess I was just hoping that someone else knew of a homepage akin to yahoo which offered a bit of real news. I have looked and MSN, Yahoo. Lycos all rely on the AP. They decide what stories they will put front and center but its all AP. Maybe you or someone here has the wherewithall to put it together? I hope so.

  159. Speaking of home pages, I just set this as mine in Chrome:

    h…./…w

    listology.com/content_show.cfm/content_id.15023/b_show_favorites.True/Books

    Sanity fix….

  160. AMERICANGAL:

    yes it was engraved! LMAO!

    check out my earlier post
    djia Says:
    April 1st, 2009 at 2:56 pm

  161. S Says:
    April 1st, 2009 at 2:47 pm

    Hilarious! S

    I know. MO looked like she was going shopping at the mall instead of meeting the PB… I just don’t understand it. MO worked in the corporate sector, what did she wear to work, jeans and a hooded sweatshirt?

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    djia Says:
    April 1st, 2009 at 2:56 pm

    Obama gave Queen Elizabeth II an engraved iPod during his visit to Buckingham Palace.

    The portable music device came with headphones and already loaded with songs. He and first lady Michelle Obama also gave the queen a rare book of songs signed by “The King and I” composer Richard Rodgers.

    It’s not the first time Obama has given a British leader a tech-based gift. When Brown visited the United States, Obama gave his peer 25 of his favorites movies on DVD. (Never mind the DVDs didn’t work when Brown took them home because they were meant for use only in North American players.)

    Obama is a known technology geek. He successfully fought to keep his mobile e-mail device and aides keep his iPod updated.

    In return, the Queen gave the President a silver framed signed photograph of herself and the Duke of Edinburgh – apparently a standard present for visiting dignitaries.

    Oh, well- Michelle must have put an order in for a car load of phographs of her and Bawack and she will be busy when she returns home… signing the mementos for future gifts. God, these people make the Clampitts look like royalty!

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    This really takes the cake!

    # JanH Says:
    April 1st, 2009 at 3:38 pm

    Anybody hear that m.o. and hubby uprooted a 126-year-old cherry tree planted by President Chester A. Arthur in 1883 to commemorate the signing of the Pendleton Act, which established the Civil Service Commission so they could plant their weed garden???

    Just goes to show how little respect the Obama’s have for other people and “our’ property! It just makes you wonder, were these people raised by wolves?

Comments are closed.