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Capitol Hill Grilling The Wall Street CEOs
Thursday, February 12th, 2009 | Author:

Well, the sideshow continues on…

The House Financial Services Committee (On Wed.) grilled The bank CEOs that took the money from the original TARP Fund, and greatly misused these funds. Also, we still do not know precisely how these funds were used; however, we do know that the money is not really flowing through the system.

http://blogs.wsj.com/deals/2009/02/11/live-blogging-the-wall-street-ceos-grilling-on-capitol-hill/?mod=googlenews_wsj 

So, what do they do going forward? That is simple, give them more TARP money. :shock: 

That is correct, according to Turbo Tax Tim, another $165 billion of TARP money will likely go to a lot of these same banks that were living large from the last injection of tax payer funds.

That is why I call this a sideshow; it seems that the government is having these hearings to try to cover their butts, or grandstand, in an attempt to show us that they are truly mad at these CEOs, however, I am going to step out on a limb and say that I will not be surprised to see “some” of these Senators and Congressman at the receiving side of their own hearings, in due time.

Quite Frankly, they are such hypocrites! In their haste, the government tossed billions of dollars at banks, without giving them standards and strict direction as to how to use these funds. Has anyone out there ever received a business loan, without strings, and specific provisions being attached? It is doubtful. So, who really is the bad guys here? Is it these CEOs, or the people that are suppose to be good stewards of our tax dollars? And when do the hearings for these Congressman and Senators take place?  They are continually wasting the publics money, and loosing the public trust.

This whole TARP Fund and so-called stimulus package is just a big joke; not to mention, there is no certainty in Wall Street, or on Main Street, and when there is no certainty, money simply doesn’t move.

I could list at least three things (to do with tax cuts) that would likely inject some confidence into the economy and markets again, but it almost seems futile at this point, as common sense does not seem to make any sense to these people anymore.

The government just seems hell bent on going “against” public opinion, playing big brother, and doing what they think is best. Hello! TARP one did not work, so why does there need to be a sequel? Perhaps we should call this Nightmare on Wall Street.

Instead of instilling confidence, it seems as though they’d rather play the odds game.

Very well, then perhaps we’d be better off taking The TARP funds to Atlantic City or Vegas; in that scenario, we may have better odds.

Mark

Category: Economics, Politics, Rewarding Failure  | One Comment
Ambiguous
Monday, February 09th, 2009 | Author:

adjective
1. Open to or having several possible meanings or interpretations; equivocal: an ambiguous answer.
2. Of doubtful or uncertain nature; difficult to comprehend, distinguish, or classify: a rock of ambiguous character.
3. Lacking clearness or definiteness; obscure; indistinct: an ambiguous shape; an ambiguous future.
   Dictionary.com
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Stimulus Bill..How Congress Voted
Monday, February 09th, 2009 | Author:

OK,
Here is the tally, as it came out of Congress..
 
This list will tell you exactly which Congress members voted for or against this so-called stimulus bill, and how to contact each member.
http://www.congress.org/congressorg/issues/votes/?votenum=46&chamber=H&congress=1111&tally=1
 
Mark
Category: Economics, Politics  | Leave a Comment
Robert Plant And Allison Krauss Win Album Of The Year!
Monday, February 09th, 2009 | Author:

WOW! Great news! Robert Plant and Allison Krauss won the best album of the year award for Raising Sand; that is so cool! 
 
I am so proud of Robert; in his mid-fifties, he is still making great music and winning awards.
I happen to own, and really like the album.
 
I must say, Robert has done a great job of building, and reinventing himself, in a post Zeppelin musical career.
 
Mark
Category: Led Zeppelin, Music  | 5 Comments
Greta Van Susteren Interviewing Elizabeth Warren..How The Government Blew 78 Billion In Tax Dollars
Saturday, February 07th, 2009 | Author:

Here is a video of Greta Van Susteren Interviewing Elizabeth Warren (chairwoman of the Congressional Oversight Panel) on how the government blew 78 billion tax dollars on The TARP Fund.
 
As usual, Greta conducts a very good interview; I think that this interview adds a good deal of insight as to what may have happened.
 
Mark

Category: Economics, Politics, Rewarding Failure  | 3 Comments
The Federal Government Overpaid By 78 Billion Dollars?
Friday, February 06th, 2009 | Author:

OK,
For anyone who hasn’t yet heard this, please hold onto your seat…
 
More exact numbers are suppose to come out later today, however, Elizabeth Warren, who is chairing the Congressional Oversight Panel for The (TARP) Troubled Asset Relief Program Fund, says that The Treasury may have overpaid by 78 billion dollars of the 254 billion that was given to financial institutions.
The troubled assets purchased, have a total value of (approximately) 176 billion dollars.
 
Yes, if this is correct, that means that our government basically wasted 78 billion of our tax payer dollars. 
  
And they want to use nearly 1 trillion more of our tax payer dollars?
I have a feeling that may “not” be a good idea.
 
Also, please take note of Senator Chris Dodd’s quote to the media, in the above CNN article.
Dodd told reporters,”the fact that they made a poor one doesn’t mean they can’t do it right”
 
I hate to break this to the senator, however, most people that loose large sums of money for their companies, generally do not last very long; or perhaps that is just the (double) standard for us “average” citizens.
 
This is really beyond comprehension.
 
Mark
Category: Economics, News, Politics, Rewarding Failure  | One Comment
Fiduciary
Thursday, February 05th, 2009 | Author:

noun, adjective
1. Law. a person to whom property or power is entrusted for the benefit of another. 
-adjective
2. Law. of or pertaining to the relation between a fiduciary and his or her principal: a fiduciary capacity; a fiduciary duty.
3. Of, based on, or in the nature of trust and confidence, as in public affairs: a fiduciary obligation of government employees.
4. Depending on public confidence for value or currency, as fiat money.
   Dictionary.com
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Enumerate 
Thursday, February 05th, 2009 | Author:

verb
1.To mention separately as if in counting; name one by one; specify, as in a list: Let me enumerate the many flaws in your hypothesis.
2.To ascertain the number of; count.
   Dictionary.com
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Virtuoso
Wednesday, February 04th, 2009 | Author:

noun, adjective
1.A person skilled in the techniques of an art, esp. playing a musical instrument; by extension, a person with a cultivated appreciation of artistry
2.Showing mastery in artistic skills
   Dictionary.com
Category: Adjectives, Music, Nouns  | Tags:  | Leave a Comment
Fox Business Sues The Government For TARP Fund Info
Wednesday, February 04th, 2009 | Author:

This story is a little dated, as it goes back to December, however, for those who do not know, it is certainly a story worth telling, and following…
 
Fox Business filed a freedom of information act request from The Feds, and The Treasury for information on the use of The TARP Fund. However, this information was not disclosed; as a result, Fox Business sued The U.S. Treasury for this information. http://www.state.gov/m/a/ips/
 
Please watch this video…
http://www.foxbusiness.com/video-search/m/21698224/fbn-sues-government-over-tarp-info.htm
 
I for one, am very thankful for the people on the front lines that “are” looking out the citizens, and not allowing the government to pull the wool over our eyes.
 
It is our tax dollars, and we certainly do have a right to know “precisely” how the money is being used; In this case, I would have to believe that most citizens would agree.
 
Mark
Category: News, Politics, Rewarding Failure  | Leave a Comment
The Lollipop Effect (The Enabling Government)
Wednesday, February 04th, 2009 | Author:

As are many Americans, I have been following, and thinking about this proposed stimulus package that recently came out of Congress, and how it might effect us now, and in the future…
 
In life, there tends to be a few different approaches to parenting: if a child misbehaves, some parents will discipline their children, or use a practice often referred to as tough love. Tough love, whether it is applied to a child, a friend, or anyone we love, generally does not feel good. Often, we can feel guilty for being so tough on the ones that we love; however, the purpose of tough love tends to be used to help the ones that we love to see things in a different light, that they are not seeing otherwise. As a parent, tough love is often to teach our children to be self-reliant, and to not be overly dependent on others for their needs.
 
There is often another approach used by parents, and that is to try to pacify their children by giving them what they want at any given time; often this is in the form of a toy, or candy, such as a lollipop. While this may feel good to a child, and temporarily solves the problem for the parent, the long term effect is that the child will often grow up with a sense of entitlement, or as we often refer to as being spoiled; not understanding the need to work hard, and earn what they want in life. While some parents may see tough love as a harsh approach, more often then not, I would believe , as the child grows older, and wiser, they will later be thankful to their parent for being tough, and teaching them to be self-sufficient.
 
It seems to me that the children who were given one too many lollipops, often grow up expecting another lollipop, regardless of their behavior. You might even expect them to have more trouble becoming independent from their parents, as opposed to the children who were taught that bad behavior is not rewarded, and that lollipop needs to be earned; whether it is by doing chores, or bringing home good grades from school.
 
So, how does this all come together?
Well, for a moment, let’s think of government as parents… 
 
If a government teaches people to be responsible, and more self-reliant - gives incentives, and rewards those who are willing to work hard, try their best, and help advance the country, you would think, in that model, all of society would benefit. Now, think of a government that teaches that it is OK to perpetually fail, misbehave, and do nothing to advance society, however, they are still going to give you that lollipop. In this scenario, would we all grow up to be responsible, hard working citizens - or would we grow up to be spoiled, even co-dependent on government? 
  
As tempting as it may be, and as much as you may want it, it is often better, in the long run, to turn that lollipop down.
 
Category: Miscellaneous, Opinion, Politics  | 3 Comments
93,000 Thousand More In Petty Cash For Each Member Of Congress?
Tuesday, February 03rd, 2009 | Author:

Congress has voted to give themselves (each) $93,000 more in petty cash, on top of the $1.5 million that they already receive for petty cash expenses.
 
In this right in an economic environment such as ours? 
Also, where is this money coming from? hmmm
 
Does anyone detect a double standard going on here?
 
Here is a clip from Bulls and Bears (Foxnews/business), on this very topic.
 
Mark

Category: Politics, Rewarding Failure  | Leave a Comment
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