The 50 State “BIG DIG”

I went to my sisters last night for dinner. I could tell my brother in law was on edge as he place Christmas ornaments on the tree. My sister pulled me aside when he wasn’t looking and told me that my brother in law had just learned that his father retired in Nevada, had lost his life savings of $250,000.00 which he had placed with the now defunct ” too big to fail” AIG.

Many people don’t know that “AIG” creditors were paid by taxpayers, but investors lost everything.  Goldman Sachs’ headed by the Caesar Paulson was the largest creditor, and the taxpayer’s saved Goldman with the bailout. See http://www.thefirstpost.co.uk/45505,features,aig-rescue-and-the-goldman-connection-philip-delves-broughton

To whom did the “AIG” taxpayer TARP money go to?    Certainly not American retirees who lost it all. If you have connections “it’s all good”.

Today,  I read that many retired elected officials including N.Y former Senator Al D’Amato were hired  ny Fannie and Freddie to lobby Congress and stop proposed legislation to protect the taxpayers. See http://hosted.ap.org/dynamic/stories/T/THE_INFLUENCE_GAME_FREDDIE_MAC?SITE=1010WINS&SECTION=HOME&TEMPLATE=DEFAULT

President Elect Obama ,admitted that the economy is going to get worse, something I have believed for the past 2 years.  See http://apnews.myway.com/article/20081207/D94TUJ4O0.html

I am deeply troubled that the fat cats took all the boats and the Titanic US economy is slowly sinking. Can Obama repair it? Obama is an attorney and politican he has gathered the facts and believes that a major public works program will stimulate the economy and right the economy. See http://www.nytimes.com/2008/12/07/us/politics/07radio.html?partner=permalink&exprod=permalink

Will this work, I don’t know but this is the Paul Krugman economic theory which Obama is a disciple of. See http://www.nytimes.com/2008/11/10/opinion/10krugman.html?partner=permalink&exprod=permalink

One aspect that won’t be corrected is our trade defecit which is also causing us problems.

This Christmas season is predicted to be poor, and consumption of LCD and Plasma televisions manufactured overseas, does little to put Americans back to work.

Given, our Congress and State elected officials are pawns of the Lobby community, do you really think this new ” public work program”  can evade there  influence peddling and unbridled greed. Can our elected officials avoid bribes or are we creating another ” BIG DIG” . The Big Dig, see ; http://en.wikipedia.org/wiki/Big_Dig_(Boston,_Massachusetts) in essence documents how, favoritism, unions, cost overruns, poor planning, cronyism, and government inept managerial supervison cause a noble public works program to become a disaster. ( Katrina???)

So, in summary I don’t think an infusion of cash to the states for public works programs is workable given our past failures  and why create a 50 state big dig debacle.

2008 BAILOUT LEGAL EXTORTION BY PORK CONGRESSMAN

I have never been one to follow the herd and  as we know that can have both positive and negative consequences.  So, initially when some Congressman were opposing Caesar Paulson’s “hurry up bailout offense” I was supportive of the ” time out”.  Chiefly because in our bicameral democratic society Congress should review budget matters proposed by the President. I was also concerned that President Bush, Treasury Secretary Paulson ( ex Goldman Sachs C.E.O.)  Wall Street and the New York Congressional members were Strong arming the nation. Naively, I believed we may still have some statesman such as the late Senator Patrick Moynihan of New York a champion of America.  I thought they would ensure the bill was pure, and it’s purpose finite and swift ” To inject stability in the financial markets and stop the domino’s of destruction to the dollar and our credit markets. New York’s landscape as the financial capital of the world may have ended this year. World ecomomics are dominated  and move in correlation with the “dollar”. American’s dervie economic power by a storng dollar. http://www.entrepreneur.com/tradejournals/article/99933284_3.html As such all states and elected officals had a justifiable rational and sole objective in passing this legislation.  The elected officlas who witheld their vote in order to get  subjective pork barrell spending should be arrested for extortion http://aolsvc.merriam-webster.aol.com/dictionary/extortion against the american  people and their economy.

My friends we should recall that President Bush gave 20 Billion to New York City after the 911 attacks. http://www.fas.org/irp/crs/RL31617.pdf That money is still not fully accounted for. Lets throw in the  70 billion Katrina Debacle.http://www.usatoday.com/news/washington/2006-01-17-katrina-congress_x.htm Do you really think the Federal government will properly handle “$700 billion in toxic real estate that is declining in value as we speak.

Here are the staggering monies clearly “pork barrel” legislation  boot strapped to the economic bailout plan. If you got your pork you voted yea, if you did not nay. The groups such as the teachers union, hollywood producers and other have blood on there hands, they are not Americans they are greedy greedy selfish bums.   http://www.nypost.com/seven/10032008/news/nationalnews/sweetners_tacked_onto_rescue_plan_132000.htm

1. Hollywood gets a $ 480 millon dollar tax break. http://www.nypost.com/seven/10042008/news/nationalnews/cut__big_fat_tax_break_for_movie_shoots_132057.htm

2. $ 400 million for Teachers who claim they purchase school supplies with their own money.

3. 20 Million American who would be hit by the “AMT” Alternative Minimum Tax will now be exempt. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSgLBrYiphYM

4. R & D Credits to The Information Technology Association of America

5. Renewable Energy Incentives ( wind geothermal) Credits ( $ unknown)

6. $ 5 Billion for higher education deductions

7. $ 8 billion deductions for disaster victims.

8. $ 3 billion for state residents who don’t have state  income taxes to deduct local taxes.

9. $ 190 million to exempt Puerto Rico and Virgin Island Rum

10. Commerical Automobile Race Tracks get a 7 year depreciation worth $ 100 million.http://blogs.moneycentral.msn.com/smartspending/archive/2008/10/03/there-s-plenty-of-pork-in-the-wall-street-bailout-bill.aspx?PageIndex=6

11. Oregon Archery manufacturers get $ 2 million.

12. Wool Producers $ 148 million.

For further information see ” Taxpayers for Common Sense”. http://www.taxpayer.net/resources.php?category=&type=Project&proj_id=1429&action=Headlines%20By%20TCS

Congresswoman KAPTUR MAMA Know’s A Wolf Is In The Sheep Herd

Kudos to this Congresswomen Kaptur. http://www.kaptur.house.gov/ My concern with Wall Street has been expressed by the chatting class.  Wall Street has yelled “fire in the hole” , evacuate but they were all airlifted out with their worldly possessions.  Thank  god some in Congress are now questioning the maniacs causing the panic and stampede. If you examine the Board of Directors of AIG http://investing.businessweek.com/research/stocks/people/board.asp?symbol=AIG Its a who’s who including Martin Feldstein from Harvard and a member of Goldman Sachs. ( any surprise AIG was bailed out GOLMAN was at risk). Why should we trust the unelected  new Caeser Hank Paulson http://en.wikipedia.org/wiki/Henry_Paulson a former Goldman CEO.  With respect to GOLDMAN, they eliminated their investment bank competitors and now BIG BUCKS DADDY WARREN BUFFET http://money.blogdig.net/archives/articles/September2008/23/Buffett_Buys_Goldman_Sachs.html is buying a material portion of their firm, coincidence ? The big dogs are not on the porch the leash is broken and they want to bite the U.S. taxpayer in the ASS.