Tag Archive: Taxpayer Ripoff


“One of the Biggest and Most Elaborate Falsehoods Ever Sold to the American Pubic” (The Bank Bailouts)

 

 

 

” One thing, which I wish Taibbi had emphasized more is that it looks increasingly like credit would not have “seized up” across the board, for very long anyway had the big banks been allowed to fail. The mid-sized banks and the community banks, which lacked exposure to much in the way of toxic assets (because they sold them off to the big banks which then folded them into Mortgage Backed Securities) would have survived. It would have been bumpy but well run banks just outside of big bank status, BB&T for instance, would have filled in the space.

The bailout was, as David Stockman says, a Wall Street crisis. The bankers all freaked out when their bets turned terrible, and then played the information leverage game with Washington to get the tax payers to pay for their mistakes. They basically said that the entire economy was going down (it wasn’t) and therefore an unprecedented abandonment of what was left of our market based economy was justified. It was a giant con. “

 

 

Illustration By Mike Keefe

 

About these ads

Department of Homeland Pork

 

 

 

 

 “A grant program administered by the Department of Homeland Security has morphed from a fund designed to fight terror into a pork-barrel program that pads local governments’ budgets, according to a report to be released Wednesday by Sen. Tom Coburn (R., Okla.).

The report, titled “Safety at Any Price: Assessing the Impact of Homeland Security Spending in U.S. Cities,” focuses on Homeland Security’s Urban Area Security Initiative (UASI).

“Since 2003, DHS has spent $35 billion on grant programs that were intended to make Americans safer from terrorist attacks,” a spokesman for Sen. Coburn wrote in an email. “But DHS failed to establish goals or metrics to ensure that funds were used to make Americans safe and cannot say how much safer we are today after spending $35 billion.” “

“Insight: GM’s Volt…

…The ugly math of low sales, high costs”

  “Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts.

Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce.

And while the loss per vehicle will shrink as more are built and sold, GM is still years away from making money on the Volt, which will soon face new competitors from Ford, Honda and others.”

  The New York Sun has a fine editorial today on why we should all rejoice at the repudiation of the 5 year , multi-million dollar waste of taxpayer funds that was the Roger Clemens witchhunt .
    It’s always nice to see the Justice Dept receive a black eye but it is especially sweet today given the politicization of Holder’s JD .

” The acquittal yesterday of Roger Clemens of all charges that he had lied to Congress and tried to obstruct an investigation into whether he used steroids is a moment to savor for those who maintain a decent respect for the Constitution. It’s just not every day that an ordinary citizen throws a no-hitter in the courtroom against batters as powerful as the combined might of the Congress and the Department of Justice. The government’s five-years-long pursuit of the great hurler was ended by a jury in just a few hours. The prosecutors, according to the Associated Press, slinked away from the courthouse without comment, and the Justice Department put out a statement claiming, “we respect the judicial process.”

Follow

Get every new post delivered to your Inbox.

Join 6,739 other followers