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Flotsam and Jetsam

The Pestering … er .. Organizing America canvassers over the weekend didn’t exactly wow the masses. It’s hard when your guy is the one in the White House. (h/t Kathryn Jean Lopez)

Andrew Cuomo seems to be running an extortion racket: return the bonus or we release your name. Is this what we have been reduced to? So far only a few AIG execs have resigned. It is the Unretention Bonus Plan — take away your money, threaten you with public humiliation, and subject you to an angry populist mob.

Home sales soared and prices plunged. You don’t think the two could be connected — sort of a supply and demand thing? Hmm. Maybe we should stop trying to prop up home prices and let the market operate.

Chris Buckley seems quite disappointed with the candidate whose “temperament” seemed so alluring. “In the midst of this bonfire of inanities, President Obama is pressing ahead with a $3.6 trillion budget, predicated on utterly unrealistic economic growth, even as the Congressional Budget Office is now projecting that this year’s deficit will soar past $1.8 trillion, 13 percent of the US economy. . . President Obama came to office proclaiming that he aims to solve problems, not hand them on to our children. Most presidents say that sort of thing. But now we are in very dire straits, and that being the case, he will be held to account. It’s your legacy, sir, and let’s not hear any more about ‘inheriting the crisis.’”

No, that’s not Tim Geithner’s reputation exploding over the Potomac – it’s a TV special effect.

The teleprompter gives it away: “We are being absolutely transparent in our utter lack of confidence in TATUS. Our motives are transparent, even if actions are not.” TATUS? Terrific Tim at Treasury, of course.

By  45%-34% Americans want to stop all bailouts to financial institutions. This may explain why the toxic asset plan is so convoluted and disguises the huge taxpayer subsidy.

Phil Klein explains how convoluted the Geithner toxic asset plan is. Why so complex? To disguise the amount the taxpayers are paying and subsidizing. If it wasn’t the government doing it, it would be called money laundering.

Rep. John Campbell thinks financial firms will be wary of doing business with the government. Ya think? Once Congress becomes lawless, seeking to take back what was previously guaranteed by statute (e.g. retention bonuses) there is no assurance that they won’t do the same thing in the future — no matter what the Treasury Secretary promises.

And George Will compiles a list of lawlessness that should confirm we have much to fear from a Congress and administration no longer bound by contract law and international trade obligations, and playing roulette with the nation’s financial future. While Obama was “taking politics out of science” he should have been taken it out of law and math.

61% of Americans want to end car bailouts. By the way, doesn’t Congress get to vote on anything anymore — or is “bailout” now an executive branch power?

One blogger seems amazed that “it looks as if the idea of investing taxpayer money in the financial system still isn’t palatable to Republicans, regardless of private partners sharing in the risk.” Perhaps that is because nearly all the risk is being undertaken by the taxpayers.

Chas Freeman is now reduced to writing hysterical letters to Rep. Frank Wolf accusing him of lying about the real reason Wolf opposed Freeman’s appointment. Suffice it to say Freeman has now confirmed his own crackpottery and made his supporters look like dunces.


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