Hannity Connects The Dots: Proof of Lies

Although I am not the biggest fan of Sean Hannity, ocassionaly he does make a valid point and is never short on the video proof to back up his words. On tonight's, March 20th, 2009 episode of "Hannity's America", he connected the dots very well as to what exactly happened with the AIG bonus situation and who hasn't been telling the entire truth.

Watch and learn

Citigroup dupes the taxpayers again.

Once again taxpayers of America, you have been duped. Just 11 days after reaching a deal with the United States Government to receive $25 billion dollars to stay afloat, on top of the $40B and $20B they have previously received, released a report today saying that they are so far having a very profitable 2009.

They somehow remain profitable even while donating huge wads to Obama's inauguration and building that new stadium of theirs, oh it must be the $85B of taxpayer money that gives them that extra bounce.

I think Becky C. from Just A Girl In Short Shorts says it best:

Maybe some smarty pants MBA can help me out? But preferably not one of those guys who pretends to understand those gee whiz Weapons of Financial Destruction known as derivatives.

Last week that day finally arrived when you could buy a share of Citigroup at the Dollar Store. And in the pattern that has become familiar, the bank gave a call to the Treasury and Ben Bernake?with the message dreaded by all parents who have a squirt in one of our over priced institutions of higher learning?SEND MONEY.

And of course, the enablers took Citigroup's dire warning to heart,and agreed to a preferred stock swap deal that would infuse an additional twenty-five billion into the bank.

Today, astonishingly, investors are going nuts bulling up the market?all on news that Citigroup claims to have had the most profitable two months since 2007.

I am afraid I am one of those cheeky girls who is not afraid to ask a dumb question?just like I never cared about looking stupid when I asked my financial guru how all the novel exotic financial instruments of the derivative class really worked. Of course, I no longer feel stupid, since it turns out that no one, with the possible exception of Diane Garnick, has a clue.

Call be a dumb blond or a cynical bitch, but this Citigroup is one slippery character.

Back in October, when Wachovia bit the dust, the FDIC brokered a sweetheart deal with Wells Fargo to take possession.

Next thing we know Citibank makes a very generous competing offer?and is even threatening a hostile takeover?with lawsuits and everything. In the end they were persuaded to quit acting like a brat.

But then something happened, that as far as I know, only astounded me.

Four weeks later the hotshot Citibank raiders went crying to the Fed for a bailout to the tune of approximately$300 billion--all depending on how you do the math.

Just yesterday federal regulators reported that Citi, along with B of A, JP Morgan, HSBC, and Wells Fargo face huge losses.

But who wants to believe that?after all its been over a week since Citi was nosing up to the public trough.

The chairman of Citi today issued the patently absurd report on their recent profits. Perhaps he was huffing glue, but the investors on Wall Street responded like they just snorted a pile of righteous blow.

Today the bad boy of the financial world is soaring high. But why shouldn't they be? Bernanke finally said it?none of the big banks are going to be allowed to fail?no matter how much money the Fed has to print.

What could be finer than being a shareholder in that scam?

That is until the world finally wakes up, and discovers that just like Citi, Ben's dollars ain't worth shit.

Small Free Market Banks In Texas Making Profits Without TARP Funds

Originally broken by Texas newspaper chron.com.

In what should be the primary argument against Barack Obama's second allocation of TARP funds and all future bailouts to come, we find that smaller operating banks are not hit by the financial crisis and are instead turning some very good profits.

Some smaller, bailout-free banks boosted lending, sometimes dramatically, during the fourth quarter of 2008, in part of a marketing plan that works by drawing business away from larger institutions and it has paid off well for them.

“People are coming to us because they’re not able to finance what they want to do at their bank,” said Jim Sturgeon, chief executive of Founders Bank in Sugar Land Texas, which reported loan growth of 31 percent from the third quarter to the fourth.

Twelve Texas banks have accepted money under the Troubled Asset Relief Program so far, but none showed the double-digit loan growth of many smaller institutions like Founders, which has one location.

“The small community banks may be the ones that save the day,” said Dan Bass, managing director of Carson Medlin, a Houston investment bank. “Right now they’re seeing the best loans they’ve seen in years.”

While government officials have called on banks to lend more, many larger institutions are reporting declines in their loan business. Dallas-based Comerica, for example, received $2.3 billion in TARP money in late October, yet its outstanding loans fell by more than 2 percent in the fourth quarter. Other large bailout recipients, such as Bank of America, Citigroup and JP Morgan Chase, also reported declines in their latest financial statements.

So while the government may cram their scare tactics down our throats on how the world is going to end if we do not give them all of our paychecks to "stimulate" lending, we can clearly see that under free market principles, the fall of the bigger banks leaves the playing field wide open for smaller banks to become more competitive. This growth for the smaller banks will lead stimulate the economy itself if given the time it needs. Instead the government would rather bail out the big guys and leave the little guys all alone out in right field, all the while screwing the consumer out of doing business with a competent and sound smaller company.

"Fast Eddie" Rendell Ponying Up $10 Million For Philadelphia Inquirer Bailout

It's sad to see that Pennsylvania Governor Ed Rendell is still so desperately out of touch with his PA constituents. After it was announced this week that Pennsylvania is facing a $1.9 BILLIONdeficit, and the strong negative public reaction to Rendell's $35 million Bailout of Boscov's Department Store, Rendell is looking to secure a $10 Million bailout for blatantly left-wing biased news rag The Philadelphia Inquirer.

Chris Friend from the Philadelphia Bulletin, recently sat down with Chuck Ardo, the Governor's press secretary for clarification.
"The Bulletin: It has been reported that Inquirer publisher Brian Tierney has approached Gov. Rendell for a $10 million bailout for the newspaper.

Did that conversation take place?

Chuck Ardo: The governor and Brian Tierney have had a number of conversations over the course of the last several months. The governor has made no commitment as a result of those conversations.

TB: Is the bailout something that is still on the table?

CA: He would certainly be open to discussions with Brian, but we need to look at the situation that we are in economically and financially, and I think any discussions have to be seen through that prism.

TB: If the governor were to say, “Sure, we’ll do it,” from where would the money come?

CA: If the governor was persuaded to the wisdom of helping Philadelphia Media Holdings, the money could come from a number of revenue streams. It’s hard to say, and would depend on what kind of help they would need.

TB: Would that require legislative approval, or would it come from the executive branch?

CA: There are ways that the executive branch can do this without need for legislative action.

TB: Would the money be a grant or a loan?

CA: It would depend on what the discussions might lead to. But as of now, no commitment has been made at this point.

TB: It’s one thing when the government becomes involved in car companies and banks, but how do you think the public would react to a media company seeking and receiving government bailout money from Gov. Rendell? Can it truly be viewed as objective and unbiased in its political reporting?

CA: The entire concept of a democracy depends on an informed public. Newspapers are a critical source of information, so there is a fundamental need for newspapers to continue to provide that information to the public. Now whether that information rises to the level of triggering help from the commonwealth, is something we’ll have to wait for the future to unfold.“


Reactions all over Pennsylvania to this situation have been negative. “I guess my first reaction would have to be, ‘Are you kidding me?,’” said state Rep. Doug Reichley, R-134th, of Lehigh County. “Mack Trucks in Allentown could use a bailout, but I haven’t seen the governor’s office soliciting them to see how much aid they need. Maybe the governor’s office could make the best out of two bad situations by placing slot machines in all the Boscov’s stores,” he said. “That would be a way of drawing shoppers into the failing retail chain he is trying to prop up, and would assist the declining slots revenue until the two Philadelphia slots locations are done with litigation.”

“If the Inquirer didn’t alienate 50 percent of its potential customer base with left-wing nonsense masquerading as news, it wouldn’t be in Harrisburg with a cup in its hand. If I cut my customer base in half, I’d be out of business in a week,” said Kevin Kelly, founder of The Loyal Opposition in Philadelphia.

“Thomas Jefferson understood the importance of a free press in a free society when he said, ‘Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter,’” said Matthew Brouillette who is the president of the Harrisburg-based Commonwealth Foundation.

This whole bailout boondoggle, has this blogger wondering just how long The Inquirer was looking to slip their hands in the state's pockets, it might explain this slobbery little knob-job that was somehow granted front and center print distinction back in September of 2008. With tough investigative and unbiased reporting like that, it's hard to see why this paper is going under.

ACORN Slated To Get 4.2 Billion From Proposed Stimulus Package

From Republican House Minority Leader John Boehner's website:
Washington, Jan 23 - The House Democrats’ trillion dollar spending bill, approved on January 21 by the Appropriations Committee and headed to the House floor next week for a vote, could open billions of taxpayer dollars to left-wing groups like the Association of Community Organizations for Reform Now (ACORN). ACORN has been accused of perpetrating voter registration fraud numerous times in the last several elections; is reportedly under federal investigation; and played a key role in the irresponsible schemes that caused a financial meltdown that has cost American taxpayers hundreds of billions of dollars since last fall.

House Republican Leader John Boehner (R-OH) and other Republicans are asking a simple question: what does this have to do with job creation? Are Congressional Democrats really going to borrow money from our children and grandchildren to give handouts to ACORN in the name of economic “stimulus?”

Incredibly, the Democrats’ bill makes groups like ACORN eligible for a $4.19 billion pot of money for “neighborhood stabilization activities.” Funds for this purpose were authorized in the Housing and Economic Recovery Act, signed into law in 2008. However, these funds were limited to state and local governments. Now House Democrats are taking the unprecedented step of making ACORN and other groups eligible for these funds:
“For a further additional amount for ‘Community Development Fund,’ $4,190,000,000, to be used for neighborhood stabilization activities related to emergency assistance for the redevelopment of abandoned and foreclosed homes as authorized under division B, title III of the Housing and Economic Recovery Act of 2008 (Public Law 110–289), of which—

“(1) not less than $3,440,000,000 shall be allocated by a competition for which eligible entities shall be States, units of general local government, and nonprofit entities or consortia of nonprofit entities[.]”

“(2) up to $750,000,000 shall be awarded by competition to nonprofit entities or consortia of nonprofit entities to provide community stabilization assistance […]”



The House Democrats’ trillion dollar spending bill also includes $1 billion for the
Community Development Block Grant (CDBG) Program. CDBG funds are given by the federal government to state and local governments which often contract with nonprofits for services related to the purpose of the grant.

ACORN knows how to secure CDBG funds. Audit reports filed by ACORN’s headquarters with the Office of Management and Budget show that ACORN spent $1,588,599 in Community Development Block Grant (CDBG) Program funds from FY 2003 through FY 2007. It is not clear from these records when or from what source the funds were awarded to ACORN. It is also not clear whether ACORN chapters or affiliates have received CDBG grants on their own.

House Republican Leader John Boehner (R-OH) repeatedly urged President George W. Bush and other federal officials to withhold taxpayer funds from ACORN, including $17.2 million in federal grants awarded in December 2008 after numerous allegations of wrongdoing in connection with ACORN’s election activities were reported by the news media.

Leader Boehner also released a study of federal records in October 2008 listing tens of millions in federal grants received by ACORN. A new updated and more expansive study reveals that ACORN has actually received millions more than first thought. A review of the Federal Register and news releases issued by federal agencies showed that ACORN was awarded more than $53 million in taxpayer dollars. This amount does not reflect the millions more ACORN has received in federal block grant funds awarded to state and local agencies which passed them on to ACORN.

Bailed-Out Citibank Top Donor To Obama Inauguration

Employees of Citibank, which received $45 billion in rescue funds in the federal bailout, have contributed the most to Barack Obama’s inauguration fund — at least $113,000 as of Wednesday.

And the bank is lobbying behind the scenes for more money from the second $350 billion installment of federal bailout funds, according to The New York Times.

Among the contributions from Citibank executives is $50,000 from Ray McGuire, the bank’s co-head of global investment banking, and $50,000 from Louis Susman, the recently retired vice chairman of Citigroup, the Huffington Post reports.

Susman also bundled $300,000 in donations for the inaugural committee.

Nearly 80 percent of the $35 million raised by Obama’s inaugural committee has come from just 211 bundlers, according to Public Citizen.


You know when the HuffPo is criticizing the Obamanaut it has to be bad:
"In recent weeks, Obama has vowed changes to the much-criticized $700 billion bailout program, demanding that the second installment should focus on helping families at risk of losing their homes and small businesses, and echoing Democratic criticisms of banks giving lavish bonuses to their senior executives.

Yet, as the New York Times recently reported, many of the banks, including Citigroup, need more bailout money and have been fiercely lobbying behind the scenes for a major piece of the $350 billion second installment.

Citigroup senior counselor and former Treasury Secretary Robert Rubin was close to Obama, serving on his economic advisory team. But he recently resigned from the firm after months of criticism of his performance and his admitted failure to foresee the credit crisis.

In addition, Citigroup employees were Obama's 7th-biggest contributor, giving $586,866 to the candidate during the 2008 election cycle.

Other bailed-out banks, which have contributed to the inauguration fund, include Goldman Sachs ($44,500), JPMorgan Chase ($30,600), and Wells Fargo ($2,450).

Goldman Sachs employees were Obama's second-biggest contributor, giving $884,907 to the candidate. JP Morgan Chase employees were Obama's sixth-biggest contributor ($600,210). Morgan Stanley employees contributed $425,502 to the candidate."

PA Based Retailer, Boscov's, Will Get Promised Bailout

Boy this really pushes my buttons.

I used to work for this place during my college years, and let me tell you, Boscov's Department Stores do not deserve a bailout!! Everyone associated with the store saw the looming bankruptcy coming. Why are the Pennsylvania taxpayers responsible for their mess?

According to the Pottsville Republican(my hometown paper), 5 counties in PA are funneling money through the estranged and once again owner of the chain retail store, Al Boscov.

Schuylkill, Butler, Blair, Cambria, Lackawanna and Lebanon counties, will serve as a conduit for nearly $35 million in state government loans meant to keep the department store chain afloat.

“Boscov’s has been a stalwart in the community for years,” county Director of Economic Development Mark Scarbinsky said in a telephone interview Monday afternoon. “We’re only a conduit, a channel for this money. It is not local taxpayer dollars funding this.”

Seriously Mark Scarbinsky. Really. Local tax payer dollars are not funding this? Because it is the state's money you are using? Is that really your logic? You do realize that the locals in this community also PAY STATE TAXES RIGHT!?!?! Your incompetence is stifling, Mark Scarbinsky.

Snyder county has been the only county so far to refuse funds to Al Boscov. Kudos Snyder County! Do you have room for one more? I can't live in a place where the County Commissioner and Director of Economic Development think the citizens that live here are frickin idiots.

As for my fellow Schuylkill Countians and Pennsylvanian's alike, join me in boycotting Boscov's. It will be a cold day in hell before I step foot in that money-grubbing overpriced dollar store ever again. I have Christmas gifts that I would like to have returned there, but now I'm saying screw it, I'll donate my unwanted gifts. The Women in Crisis Center is much more deserving than that place.

I hear Bon-ton is falling on rough times. I say everyone that is through with Boscov's and their crap hi jinks, do your shopping at Bon-Ton and keep a business afloat in the right way.

Bailout Breadline Watch: Olmstead Falls School District, Ohio

WTTE 28 TV in Heath, Ohio:

The Olmstead Falls School District from suburban Cleveland has asked the Treasury Department for a 100 million dollar bailout this week. The school district superintendent, Todd Hoadley, believes that if automakers and cities can ask for money, school districts should not be left out. He also states that he feels he has a "moral obligation" too the tax payers to get special funding for their schools.

The school also projects a deficit of 2.6 million dollars at the end of the 2009-2010 school year.

Not quite worthy of any kind of bailout in my opinion. Why would we give more tax payer money on top of tax payer money to a school district that is failing with no recovery in sight?? I find this bailout mania to be quite amazing!

The Bailout Breadline Hits The Newspaper Industry

Brought to us by Michelle Makin:

So yes, it is starting. Everyone is jumping on the bailout bandwagon. Now a Connecticut Newspaper is jumping right in line with the banks, the auto industry and states across the union.

In a letter written to Commissioner Joan McDonald of the Connecticut Department of Economic and Community Development, seven state representatives please for help regarding funding for two newspapers in New Britain and Bristol. The letter states that the communities would be devastated by the job loss that closing the doors of these papers would incur. There is also a mention of the Bill of Rights and Freedom of the Press.

Strangely, or maybe really not so strangely anymore, missing from this letter is any kind of insight into why the papers have failed to stay fiscally sound or what, if any plans, the papers have to repair their operations and regain their economic feasibility.

One thing is for sure, this bailout thing has definitely become somewhat of a slippery slope. Corporate welfare has indeed become the norm.