The trustee overseeing liquidation of the Bernie Madoff assets, sued his wife Ruth, for $45 million, for what he described as ‘Living a life of splendor”
The trustee, Irving H Picard, in court filings detailed his claims against her, in the US Bankruptcy Court in Manhattan. According to the Associated Press (AP), Ruth Madoff’s attorney, Peter Chawkin, in response, said that Picard’s action was “wrong as a matter of law and fairness. He said that the lawsuit, was “particularly perplexing and totally unjustified, because his client forfeited to the federal prosecutors office, nearly all of the assets described in the lawsuit”
Attorney Chawkin also described as odd, the US government agreement to allow her to retain $2.5 million, as they were unable to tie it with her husband’s fraud. Picard in filings, claim that Mrs. Madoff, for decades lived “a life of splendor”, using the funds belonging to customers of Bernie Madoff’s investment firm. The trustee also claim that Ruth Madoff came in receipt of tens of millions of dollars, during the final six years of her husband’s business, which was not reciprocated in the form of value or benefit to the firm. According to the Associated Press (AP), Mrs. Madoff took $23.7 million from the business in the final two years, $1.1 million for personal expenses, charged to American Express card, and $2.7 million to purchase her yacht in 2007. Most of these funds, if not all was subsequently transferred to her family members, or other business entities.
The trustee is asking the court to award 44.8 million to it, to be divided among the victims, because Mrs. Madoff knowingly, or should have been aware, that it belonged to the business and its customers. The trustee is also seeking compensatory, and punitive damages, according to the Associated Press.
He said she had no excuse that could be considered credible, that could make her believe, that the money was her entitlement, whether she was cognizant of the fraud or not. Mrs. Madoff was the controller at Madoff securities International Ltd, a part of the group, and was responsible for the account reconciliation, in the firms Investment Advisory Business.
Irving Picard said Mrs. Madoff was still left with substantial wealth, while the investors suffer. Two of the attorneys representing Madoff’s victim, visited him in prison, but while he apologized to his victim, was unaware where money could be found to pay back investors. He will remain in prison for 150 years.
Saturday, August 8, 2009
Nancy Pelosi Calls the Insurance Companies Villains
The Speaker of the House, Nancy Pelosi, was “true to form” last week, when she launched a scathing attack on the insurance companies. Despite a growing opposition to the government’s plan to socialize medicine, by even the more conservative Democrats also called the “Blue Dogs” who are in her own party, instead of lashing out at them, she decided to go after the insurance companies, calling them villains, according to The Huffington Post.
She reportedly described them as part of the problem in a major way.”Its almost immoral what they are doing, lobbying against public insurance plan option” She continued to say, “Of course they have been immoral all along, they are doing everything in their power to stop the public option from happening, and the public has to know about it”
Mrs. Pelosi did not stop there. She continued to say that it works so well for them, that they do not want subsidies. She said the insurance companies have had a good thing going for a long time, at the expense of Americans, and the health of the country. She claims it is tough to prevent the insurance companies from getting their way, and said “This is the fight of our lives”
It is obvious that Mrs. Pelosi’s attack on the insurance companies, and attacks by other Democrats last week, is the Democrats strategy to demonize those who oppose, or criticize the Obama Administration’s plan to socialize medicine. This is the strategy for the August recess. They will attack critics through attack advertisements in the media, and solicit the help of the liberal media, to join in the attacks on those who have genuine concerns about what is being proposed.
Why is it called a healthcare debate, if they only want to hear from those who support it? Have anyone ever called Mrs. Pelosi aside, and told her this is a democracy. Voters did not give up their freedom of speech when they were voted them into office. They have a right to speak, and to dissent, as provided for in the US Constitution. This socialized medicine if passed into law, will consume 16 – 20 percent of the US economy. The Democrats have voted down all the amendments that the Republicans have offered, because they want to push through their radical agenda, without any constructive input from the Republicans, insurance companies, healthcare personnel, the pharmaceutical companies and regular Americans, who are not comfortable placing their lives in the hands of the Democratic ideologues.
Republicans even though they are few in numbers, in the house and senate, represents 42 million voters. Is Mrs. Pelosi saying those 42 million people are not important? Americans are witnessing the first stages of a socialist and Marxist regime, because they want to silence the opposition, and anyone who does not agree with what they want to do this country. It is up to Americans to stop this debate and “shut down” ObamaCare now, because Mrs. Pelosi, and the other Democrats, are trying to shove a system that has failed in all the other countries that have tried it , and will fail here, if we go down the same path. The infrastructure to make it work efficiently, is not in place, and will take several years to put it in place, chief of which is training enough doctors and nurses, medical assistants, anesthesiologists and other health care professionals. Until this is in place the plan is “doomed” to failure, and a seven year old could figure this out. The other only explanation is that the government does not care, and this is a power grab, and will pursue this path even if it creates chaos. The ambitions of a few will enslave the will of the majority.
It may mean Americans marching up to Congress, when the new Congress starts in September, to show Mrs. Pelosi and her gang, that they work for us, we do not work for them. If they are so powerful now, what will happen if we allow them to control our healthcare as well? They have the power to deny treatment to those who oppose them. Just for those who are not aware, the Medical Review Board has already been appointed, and will be operating out of the White House. Our medical records which will be on line will also be headquartered at the White House. Does anyone else see how dangerous this is? The President and Democrats will have access to the health records of their opponents, which conveniently, they will be leaked to the press under the guise of “a security breach” This is tyranny, and this is what the people of Iran are fighting against. They are fighting for their freedoms, while we are trying to head down the same path they are trying to get rid of. “The road to hell is paved with good intentions”
Healthcare Reform, or Health Insurance whichever name is used on a given day is wrong, if it pursued in the format the government propose.
1) Firstly, it is too expensive, $1.6 Trillion ($1,600,000,000,000). The infrastructure is also not in place, politicians and ideologues will be deciding our treatment, it will be inefficient and chaotic, services will be rationed causing death rates to increase, and people will suffer. Our parents and grand parents will no longer be entitled to surgeries, but starting from age 65 years they will be getting pills to control pain, rather than procedures to lengthen their life span.
2) Secondly, we are placing too much power in the hands of two few faceless, and nameless people. The Medical Review Board, along with our health records, will be stationed at the White House. This is sinister.
3) We will be trading our rights under the constitution for socialized medicine.
Just last week Robert Creamer, a supporter of socialized medicine, wrote an article in the Huffington Post, describing Republicans and their allies in the health insurance industry as “cranking up fear machine like producers of horror movies” He grouped the insurance companies with the right wing, and accused them of “using fear to move public opinion, and frighten key members of Congress, that their constituents will vote them out of office, if they support health care reform.
The writer encouraged the democrats to focus on the insurance executives, and cast them as the ones who deny people healthcare, just so they can make millions, and retire with golden parachutes, which is exactly what the Democrats starting doing last week. He further encouraged the Democrats to frame the debate as a struggle between the powerful, and the majority of Americans. This seems to be what the Democrats are trying to replace with the same agenda. What makes it different, however, is that they have political power to make laws and can use this power against us? If we do not oppose them, we will end up like Venezuela, Cuba, and Iran where we will no longer have a President, but a Supreme Leader.
The government is hell-bent on pursuing healthcare reform, despite the polls which indicate that the majority of Americans neither approve of the way it is being done, with only 12 percent of those polled believe that the government should tackle healthcare now. The Congress and the President refuse to listen, however, because they know what’s best for us.
She reportedly described them as part of the problem in a major way.”Its almost immoral what they are doing, lobbying against public insurance plan option” She continued to say, “Of course they have been immoral all along, they are doing everything in their power to stop the public option from happening, and the public has to know about it”
Mrs. Pelosi did not stop there. She continued to say that it works so well for them, that they do not want subsidies. She said the insurance companies have had a good thing going for a long time, at the expense of Americans, and the health of the country. She claims it is tough to prevent the insurance companies from getting their way, and said “This is the fight of our lives”
It is obvious that Mrs. Pelosi’s attack on the insurance companies, and attacks by other Democrats last week, is the Democrats strategy to demonize those who oppose, or criticize the Obama Administration’s plan to socialize medicine. This is the strategy for the August recess. They will attack critics through attack advertisements in the media, and solicit the help of the liberal media, to join in the attacks on those who have genuine concerns about what is being proposed.
Why is it called a healthcare debate, if they only want to hear from those who support it? Have anyone ever called Mrs. Pelosi aside, and told her this is a democracy. Voters did not give up their freedom of speech when they were voted them into office. They have a right to speak, and to dissent, as provided for in the US Constitution. This socialized medicine if passed into law, will consume 16 – 20 percent of the US economy. The Democrats have voted down all the amendments that the Republicans have offered, because they want to push through their radical agenda, without any constructive input from the Republicans, insurance companies, healthcare personnel, the pharmaceutical companies and regular Americans, who are not comfortable placing their lives in the hands of the Democratic ideologues.
Republicans even though they are few in numbers, in the house and senate, represents 42 million voters. Is Mrs. Pelosi saying those 42 million people are not important? Americans are witnessing the first stages of a socialist and Marxist regime, because they want to silence the opposition, and anyone who does not agree with what they want to do this country. It is up to Americans to stop this debate and “shut down” ObamaCare now, because Mrs. Pelosi, and the other Democrats, are trying to shove a system that has failed in all the other countries that have tried it , and will fail here, if we go down the same path. The infrastructure to make it work efficiently, is not in place, and will take several years to put it in place, chief of which is training enough doctors and nurses, medical assistants, anesthesiologists and other health care professionals. Until this is in place the plan is “doomed” to failure, and a seven year old could figure this out. The other only explanation is that the government does not care, and this is a power grab, and will pursue this path even if it creates chaos. The ambitions of a few will enslave the will of the majority.
It may mean Americans marching up to Congress, when the new Congress starts in September, to show Mrs. Pelosi and her gang, that they work for us, we do not work for them. If they are so powerful now, what will happen if we allow them to control our healthcare as well? They have the power to deny treatment to those who oppose them. Just for those who are not aware, the Medical Review Board has already been appointed, and will be operating out of the White House. Our medical records which will be on line will also be headquartered at the White House. Does anyone else see how dangerous this is? The President and Democrats will have access to the health records of their opponents, which conveniently, they will be leaked to the press under the guise of “a security breach” This is tyranny, and this is what the people of Iran are fighting against. They are fighting for their freedoms, while we are trying to head down the same path they are trying to get rid of. “The road to hell is paved with good intentions”
Healthcare Reform, or Health Insurance whichever name is used on a given day is wrong, if it pursued in the format the government propose.
1) Firstly, it is too expensive, $1.6 Trillion ($1,600,000,000,000). The infrastructure is also not in place, politicians and ideologues will be deciding our treatment, it will be inefficient and chaotic, services will be rationed causing death rates to increase, and people will suffer. Our parents and grand parents will no longer be entitled to surgeries, but starting from age 65 years they will be getting pills to control pain, rather than procedures to lengthen their life span.
2) Secondly, we are placing too much power in the hands of two few faceless, and nameless people. The Medical Review Board, along with our health records, will be stationed at the White House. This is sinister.
3) We will be trading our rights under the constitution for socialized medicine.
Just last week Robert Creamer, a supporter of socialized medicine, wrote an article in the Huffington Post, describing Republicans and their allies in the health insurance industry as “cranking up fear machine like producers of horror movies” He grouped the insurance companies with the right wing, and accused them of “using fear to move public opinion, and frighten key members of Congress, that their constituents will vote them out of office, if they support health care reform.
The writer encouraged the democrats to focus on the insurance executives, and cast them as the ones who deny people healthcare, just so they can make millions, and retire with golden parachutes, which is exactly what the Democrats starting doing last week. He further encouraged the Democrats to frame the debate as a struggle between the powerful, and the majority of Americans. This seems to be what the Democrats are trying to replace with the same agenda. What makes it different, however, is that they have political power to make laws and can use this power against us? If we do not oppose them, we will end up like Venezuela, Cuba, and Iran where we will no longer have a President, but a Supreme Leader.
The government is hell-bent on pursuing healthcare reform, despite the polls which indicate that the majority of Americans neither approve of the way it is being done, with only 12 percent of those polled believe that the government should tackle healthcare now. The Congress and the President refuse to listen, however, because they know what’s best for us.
Wednesday, July 29, 2009
The Health Care Reform a “Trojan horse”- Irreversible if it becomes Law
The current Health Care Reform, or Health Insurance Reform, as it is being recently called, is irreversible if passed in its present form. There are several parts to the bill, and it is difficult to understand. Just this week, Democratic Congressman, John Conyers, when asked if he read the bill, advised he wouldn’t read the bill, because even if he did, he could not understand it, and would need two attorneys to explain it to him. If the Congressman is helping to write the bill and does not understand it, regular Americans will not be able to understand it either. This however, should not deter regular citizens from being engaged in the discussions. They should listen to experts, Democrats and Republicans who oppose the bill in its present form. They all agree that reform is necessary it is the approach, cost, and restrictions to which they are opposed.
The health insurance system in the United States is not perfect, and can benefit from changes in certain areas such as tort reform, insuring those without insurance, incentivize college students to become doctors to increase the number of health personnel. However, a total overhaul will be catastrophic, and will make our current system, even with its current problems, a blessing in comparison. There are many countries that have socialized medicine such as Britain, Canada and Spain. People in these countries who are suffering from life threatening illnesses, and cannot get attention in their country, many have turned to the United States, and paid to get the surgery or procedure done here, otherwise they would die. Under socialized medicine, they are regarded as a number, and emotions, and the seriousness of their condition does not move them ahead of the line. People have died in these countries, waiting for an appointment that can take six months or more, just to see a primary care physician.
Some of the benefits being proposed under the plan would be good for the average American, such as coverage for pre-existing conditions, it’s transferable if you lose your job or switch to a new company. However, the negatives far outweigh the benefits, and the majority of Americans are not following the bill as it is being discussed, hoping to wait until it is passed, but that will be too late.
The passage of this bill will be a fundamental change in health insurance as we know it. The doctor patient relation as we know it now will be gone forever. The government will now have policies and procedures for doctors to follow, lab tests and diagnostic tests such as MRI, CAT SCANS, will be regulated by the government, and getting second opinions will be a thing of the past.
The government is deceptive in selling the plan. It is being marketed that it will reduce costs, expand coverage and present more choices. Nothing could be further from the truth. Dr. John Lindberg, of Robert Wood Johnson University Hospital as a doctor has reviewed what is proposed, and was on the cable channel recently, and outlined what the plan will mean for all Americans: Healthcare rationing, no options to opt out of the plan, no discretion for doctors, compulsory enrollment, and high cost. Employers who fail or refuse to insure all their employees will be charged an 8 percent penalty, individuals who refuse to enroll in the program will be charged $2500, healthcare rationing will occur because their will not be sufficient doctors in the system to service 47 million additional individuals who will be insured.
If 47 million people are added to the system with the same amount of doctors we currently have in the system, there are several things that are likely to occur.
1) It will take months before we will be able to get an appointment to see our primary care doctor.
2) Many more people will die waiting to get medical attention.
3) If we think we are waiting long now at the doctor’s office before we are seen, if socialized medicine is introduced, we will be praying that these days would come back.
4) Currently we wait at our doctor’s office or at the emergency room because there are not enough primary care physicians to attend to the number of patients in a timely manner. Doctors are spending less time with each patient and having waited for two or more hours to see the doctor, you have is attention for less than five minutes. The system now is that those with health insurance visit their private physicians, and using the emergency room only in emergency situations. For the uninsured they use the emergency rooms when they have chronic illnesses. If socialized healthcare is passed, millions of the uninsured will now have insurance and will be competing for the services of the already few doctors. This will mean that it will now take months to get an appointment to see our primary care physician, or when they do go in to the appointment the waiting period will be much longer.
5) Our tax rates will increase, and despite the government’s claim that only the rich will be taxed, this is not possible, and eventually everyone will be taxed.
6) Treatment will be based on age. At age 65, all Americans will be given counseling sessions as they are being prepared for hospice. Care at their age will be greatly reduced, and they will no longer get hip replacement surgeries, organ transplants, or any major procedure, but rather medication to treat pain until they die.
7) Another ‘line” that the government use is that if you love your current coverage you can keep it. That is not true, for at least three reasons. Firstly, small businesses that currently provide health benefits to their employees may stop providing coverage, and the employees would be forced to go to the government plan. The Employer may reason that it is less expensive to pay the 8 percent fine from the government, than increase its insurance costs. Secondly, with the government entering the market with cheaper plans, private insurance companies such as Blue Cross Blue Shield, and Humana will find it difficult to compete and may eventually be “swallowed” and go out of business. Thirdly, if you switch jobs you are forced to sign up for the government plan. All three groups will end up on the government plan, so the government is being disingenuous when it claims you can keep your current plan. The system will eventually make it impossible.
8) The most important reason is that the plan is being hyped, and this is not what it is being promoted to be. It was proposed to the Democratic members of the Congress that has a sign of good faith, that they should switch their current coverage to the government plan, and they all refused. That is telling. It is good enough for the “common” folks but not our rulers.
The Obama Administration and Democrats are in a rush to pass this bill, and when they are asked why the rush, the excuse they give is that we already waited 60 years. If that is so, what difference would two more months make if it gave them the chance to create a good bill, and have the public review it and make sure that it was popular with the public. This bill is so unpopular that up this point, 52 democrats have refused to support the bill from their own party, and none of the Republicans will support it, in its present form, hence the bill cannot be placed on the floor for a vote.
The bill is over 1000 pages, so this is just a tip of the iceberg. This reform is estimated to cost $1.6 Trillion over a 10 year period. Funding for this will either increase the deficits or Americans will be taxed to pay for it. In Britain the tax for some citizens is upwards of 60 percent. The bottom line is that if the current bill passes, government will determine who lives or dies, similar to other countries where socialized medicine is practiced.
This bill is a Trojan horse; it looks good on the outside, but is bad on the inside. We cannot wait until the bill is passed, to make our views heard, because that will be too little too late. We must all in one voice speak up now. The house members and senators are on their way home for summer vacation, Americans need to let them hear the objections, or we will truly regret the day this bill is passed.
The health insurance system in the United States is not perfect, and can benefit from changes in certain areas such as tort reform, insuring those without insurance, incentivize college students to become doctors to increase the number of health personnel. However, a total overhaul will be catastrophic, and will make our current system, even with its current problems, a blessing in comparison. There are many countries that have socialized medicine such as Britain, Canada and Spain. People in these countries who are suffering from life threatening illnesses, and cannot get attention in their country, many have turned to the United States, and paid to get the surgery or procedure done here, otherwise they would die. Under socialized medicine, they are regarded as a number, and emotions, and the seriousness of their condition does not move them ahead of the line. People have died in these countries, waiting for an appointment that can take six months or more, just to see a primary care physician.
Some of the benefits being proposed under the plan would be good for the average American, such as coverage for pre-existing conditions, it’s transferable if you lose your job or switch to a new company. However, the negatives far outweigh the benefits, and the majority of Americans are not following the bill as it is being discussed, hoping to wait until it is passed, but that will be too late.
The passage of this bill will be a fundamental change in health insurance as we know it. The doctor patient relation as we know it now will be gone forever. The government will now have policies and procedures for doctors to follow, lab tests and diagnostic tests such as MRI, CAT SCANS, will be regulated by the government, and getting second opinions will be a thing of the past.
The government is deceptive in selling the plan. It is being marketed that it will reduce costs, expand coverage and present more choices. Nothing could be further from the truth. Dr. John Lindberg, of Robert Wood Johnson University Hospital as a doctor has reviewed what is proposed, and was on the cable channel recently, and outlined what the plan will mean for all Americans: Healthcare rationing, no options to opt out of the plan, no discretion for doctors, compulsory enrollment, and high cost. Employers who fail or refuse to insure all their employees will be charged an 8 percent penalty, individuals who refuse to enroll in the program will be charged $2500, healthcare rationing will occur because their will not be sufficient doctors in the system to service 47 million additional individuals who will be insured.
If 47 million people are added to the system with the same amount of doctors we currently have in the system, there are several things that are likely to occur.
1) It will take months before we will be able to get an appointment to see our primary care doctor.
2) Many more people will die waiting to get medical attention.
3) If we think we are waiting long now at the doctor’s office before we are seen, if socialized medicine is introduced, we will be praying that these days would come back.
4) Currently we wait at our doctor’s office or at the emergency room because there are not enough primary care physicians to attend to the number of patients in a timely manner. Doctors are spending less time with each patient and having waited for two or more hours to see the doctor, you have is attention for less than five minutes. The system now is that those with health insurance visit their private physicians, and using the emergency room only in emergency situations. For the uninsured they use the emergency rooms when they have chronic illnesses. If socialized healthcare is passed, millions of the uninsured will now have insurance and will be competing for the services of the already few doctors. This will mean that it will now take months to get an appointment to see our primary care physician, or when they do go in to the appointment the waiting period will be much longer.
5) Our tax rates will increase, and despite the government’s claim that only the rich will be taxed, this is not possible, and eventually everyone will be taxed.
6) Treatment will be based on age. At age 65, all Americans will be given counseling sessions as they are being prepared for hospice. Care at their age will be greatly reduced, and they will no longer get hip replacement surgeries, organ transplants, or any major procedure, but rather medication to treat pain until they die.
7) Another ‘line” that the government use is that if you love your current coverage you can keep it. That is not true, for at least three reasons. Firstly, small businesses that currently provide health benefits to their employees may stop providing coverage, and the employees would be forced to go to the government plan. The Employer may reason that it is less expensive to pay the 8 percent fine from the government, than increase its insurance costs. Secondly, with the government entering the market with cheaper plans, private insurance companies such as Blue Cross Blue Shield, and Humana will find it difficult to compete and may eventually be “swallowed” and go out of business. Thirdly, if you switch jobs you are forced to sign up for the government plan. All three groups will end up on the government plan, so the government is being disingenuous when it claims you can keep your current plan. The system will eventually make it impossible.
8) The most important reason is that the plan is being hyped, and this is not what it is being promoted to be. It was proposed to the Democratic members of the Congress that has a sign of good faith, that they should switch their current coverage to the government plan, and they all refused. That is telling. It is good enough for the “common” folks but not our rulers.
The Obama Administration and Democrats are in a rush to pass this bill, and when they are asked why the rush, the excuse they give is that we already waited 60 years. If that is so, what difference would two more months make if it gave them the chance to create a good bill, and have the public review it and make sure that it was popular with the public. This bill is so unpopular that up this point, 52 democrats have refused to support the bill from their own party, and none of the Republicans will support it, in its present form, hence the bill cannot be placed on the floor for a vote.
The bill is over 1000 pages, so this is just a tip of the iceberg. This reform is estimated to cost $1.6 Trillion over a 10 year period. Funding for this will either increase the deficits or Americans will be taxed to pay for it. In Britain the tax for some citizens is upwards of 60 percent. The bottom line is that if the current bill passes, government will determine who lives or dies, similar to other countries where socialized medicine is practiced.
This bill is a Trojan horse; it looks good on the outside, but is bad on the inside. We cannot wait until the bill is passed, to make our views heard, because that will be too little too late. We must all in one voice speak up now. The house members and senators are on their way home for summer vacation, Americans need to let them hear the objections, or we will truly regret the day this bill is passed.
Can Small Business Owners Survive An Obama Administration?
Small Business owners are the lifeline towards building a strong economy. They are responsible for employment of millions of Americans either through the operation of family businesses or franchise operations such as fast food chains, like McDonalds. They are being categorized as rich based on an income of $250,000 by the Obama Administration, and through threat of taxation the government is acting in a manner, that proves that they are unaware of the contribution that small businesses play, and this ignorance will drive these people out of business. This will lead to unintended consequences. If these businesses fail thousands of people will lose their jobs.
Since taking office the government has not done anything to help them. TARP money is being given to the financial institutions, but they are not lending these funds to small businesses to help them with their cash flow requirements. Banks operate by accepting deposits at one rate, and lend these same funds at a higher rate. The difference is their spread, from which they deduct the cost of doing business, and the remaining amount if any, is net profit. Over the past few weeks, most of the big banks have been announcing profits, and better than expected performances. How are they achieving these profits when they have curtailed lending? They are obviously investing the deposits or invested the TARP funds, and achieved the spread from that source. The banks have also adopted new measures such as increased fees, introduction of new fees, and increased credit card interest rates in an effort to increase its earnings.
Recently the government advised that it will use TARP funds to help small business owners with loans, but since that announcement, no plan has been announced. Is the government waiting until they all go out of business before they attempt to help these businesses? The recent chapter 11 pre-arranged bankruptcies for Chrysler, and General Motors, was a typical example of pressure being brought to bear on small businesses. Hundreds of dealers lost their franchises, and thousands of their employees were laid off as part of the government’s deal to restructure these companies. The dealerships are not a liability to the car companies. Many of those that were terminated complained that they were given no reasons why they were terminated, despite the fact that they were operating profitably, had high volumes of sale, and in most cases had performed better than some of the dealerships that remained.
The dealers were successful in gaining congressional support to get their dealerships restored. The Obama Administration, however, vowed that they would veto whatever action congress took, because they are opposed to reinstatement of the dealerships. In the case of the restructured GM the US government and Canadian government owns 72.50 percent of the shares, the UAW 17.5 percent, with a warrant to purchase another 2.5 percent and the remaining 10 percent owned by bondholders. What occurred in the case of bondholders who under the law were first in line to be paid, but this was thrown out the window, by the Obama administration, the federal bankruptcy court, and the Supreme Court. They were forced to take what the government thought they deserved, rather than what the law provided. It placed the union who are regular shareholders ahead of bondholders who are considered secured shareholders. These bondholders were not big business people, but workers whose pension funds were invested in General Motors. This is so typical of the insensitivity that the government has displayed to business owners, and citizens on a whole.
Just this week, the government increased the federal minimum wage from $ 6.55 to $7.25, an increase of $0.70. This increase is against the background that the employer will be forced to pay out more in wages, while the company is experiencing financial difficulties. The employer is faced with two options, reduce employees or increase prices. The option to increase prices is a non-starter in this economy. Most consumers have curtailed spending, and are purchasing just the bare essentials. They will seek out less expensive goods, or refuse to make the purchase altogether. The only other option is for the employer to lay off the number of employees that is necessary to offset the mandated increase in minimum wages. This will again increase unemployment, and is that what the government intends. The policies are contradicting and create mixed messages to small businesses, and their traditional role in the economy.
It may be helpful if the government would concentrate on the economy rather than on campaign promises. The country is spending trillions of dollars, which is the new normal, even though the treasury is empty. We have to rely on our biggest competitor, China, in the global economy to purchase our debt. Are we not seeing the impact that our indebtedness to China will cause? China is not our friend, and they are more concerned about what they will get out of buying our debt. The minute it is not beneficial to them, they will call in the debt. What will we do then?
Since taking office the government has not done anything to help them. TARP money is being given to the financial institutions, but they are not lending these funds to small businesses to help them with their cash flow requirements. Banks operate by accepting deposits at one rate, and lend these same funds at a higher rate. The difference is their spread, from which they deduct the cost of doing business, and the remaining amount if any, is net profit. Over the past few weeks, most of the big banks have been announcing profits, and better than expected performances. How are they achieving these profits when they have curtailed lending? They are obviously investing the deposits or invested the TARP funds, and achieved the spread from that source. The banks have also adopted new measures such as increased fees, introduction of new fees, and increased credit card interest rates in an effort to increase its earnings.
Recently the government advised that it will use TARP funds to help small business owners with loans, but since that announcement, no plan has been announced. Is the government waiting until they all go out of business before they attempt to help these businesses? The recent chapter 11 pre-arranged bankruptcies for Chrysler, and General Motors, was a typical example of pressure being brought to bear on small businesses. Hundreds of dealers lost their franchises, and thousands of their employees were laid off as part of the government’s deal to restructure these companies. The dealerships are not a liability to the car companies. Many of those that were terminated complained that they were given no reasons why they were terminated, despite the fact that they were operating profitably, had high volumes of sale, and in most cases had performed better than some of the dealerships that remained.
The dealers were successful in gaining congressional support to get their dealerships restored. The Obama Administration, however, vowed that they would veto whatever action congress took, because they are opposed to reinstatement of the dealerships. In the case of the restructured GM the US government and Canadian government owns 72.50 percent of the shares, the UAW 17.5 percent, with a warrant to purchase another 2.5 percent and the remaining 10 percent owned by bondholders. What occurred in the case of bondholders who under the law were first in line to be paid, but this was thrown out the window, by the Obama administration, the federal bankruptcy court, and the Supreme Court. They were forced to take what the government thought they deserved, rather than what the law provided. It placed the union who are regular shareholders ahead of bondholders who are considered secured shareholders. These bondholders were not big business people, but workers whose pension funds were invested in General Motors. This is so typical of the insensitivity that the government has displayed to business owners, and citizens on a whole.
Just this week, the government increased the federal minimum wage from $ 6.55 to $7.25, an increase of $0.70. This increase is against the background that the employer will be forced to pay out more in wages, while the company is experiencing financial difficulties. The employer is faced with two options, reduce employees or increase prices. The option to increase prices is a non-starter in this economy. Most consumers have curtailed spending, and are purchasing just the bare essentials. They will seek out less expensive goods, or refuse to make the purchase altogether. The only other option is for the employer to lay off the number of employees that is necessary to offset the mandated increase in minimum wages. This will again increase unemployment, and is that what the government intends. The policies are contradicting and create mixed messages to small businesses, and their traditional role in the economy.
It may be helpful if the government would concentrate on the economy rather than on campaign promises. The country is spending trillions of dollars, which is the new normal, even though the treasury is empty. We have to rely on our biggest competitor, China, in the global economy to purchase our debt. Are we not seeing the impact that our indebtedness to China will cause? China is not our friend, and they are more concerned about what they will get out of buying our debt. The minute it is not beneficial to them, they will call in the debt. What will we do then?
Sarah Palin’s Critics attacks Again
To strengthen governor Palin’s reason for resigning her post, her critics has filed the 17th ethics complaint against her. This is the second complaint being brought against her, since she announced her resignation on July 3rd 2009. This will again cost Alaska thousands of dollars to assist in her defense. As a result, the Associated Press stated that governor Palin issued a statement pointing out that this is a “wake-up” call for the state to change the ethics policy to prevent frivolous charges. Sarah Palin was also quoted by the Associated Press has saying that “The only saving grace in this recent episode, is that it proves beyond any doubt the significance of the problem Alaska faces in the ‘new normal’ of political discourse”.
This 17th complaint alleges that the governor received payments from the media for interviews. Both her attorney Thomas Van Flein, and Mike Nizich, her chief of staff, have denied this latest complaint. This is exactly why she resigned, because she believed that this would stop these actions against her, which are clearly political, and intended to destroy her financially. This apparently has not stopped her critics, because she has the audacity to differ from them politically and ideologically.
These complaints not only hurt the governor personally and financially, it also cost the state of Alaska financially. Alaskans deserve better than having to spend money on frivolous complaints, instead of the money being used to benefit the state? For her critics, who call her a quitter, the question is “what would you do? Would you continue to build up the legal costs which already stand at $500,000, and allow your state to spend more than the $2 million that it has already spent for the 15 previous complaints? The two most recent complaints will only increase these debts and if she served out her term, no telling how many more complaints would have been filed. To her critics, Karma is an apt reminder, and also “what goes around comes around”
This 17th complaint alleges that the governor received payments from the media for interviews. Both her attorney Thomas Van Flein, and Mike Nizich, her chief of staff, have denied this latest complaint. This is exactly why she resigned, because she believed that this would stop these actions against her, which are clearly political, and intended to destroy her financially. This apparently has not stopped her critics, because she has the audacity to differ from them politically and ideologically.
These complaints not only hurt the governor personally and financially, it also cost the state of Alaska financially. Alaskans deserve better than having to spend money on frivolous complaints, instead of the money being used to benefit the state? For her critics, who call her a quitter, the question is “what would you do? Would you continue to build up the legal costs which already stand at $500,000, and allow your state to spend more than the $2 million that it has already spent for the 15 previous complaints? The two most recent complaints will only increase these debts and if she served out her term, no telling how many more complaints would have been filed. To her critics, Karma is an apt reminder, and also “what goes around comes around”
Levi’s Johnston extends his Fifteen Minutes of Fame
Levi Johnston, “father” of Bristol Palin’s son, has proven to be a thorn in the Palin’s sides, intent on benefiting from the association. He hopes to benefit financially, by latching on to their name to get there. No creative thought of his own to get the fame he desperately seeks. He is exploiting his “son” and the Palin’s name, to stay in the news.
He claims that governor Palin resigned for money and her family. By then it was already public knowledge that she had obtained a book deal, so where is the news? She has a $500,000 legal bill, due to the frivolous ethics complaints, hence the need to earn more money. Based on the governor’s salary, it would take her years to pay this bill. Who among us would not quit our current job if we had the chance of earning a lot more, and if it benefitted our family? How did this become newsworthy? Didn’t the media have more pressing news to report?
The extension of his fifteen minutes is being encouraged and entertained by the media, because it suits their cause. However, for Levi Johnston, he has failed to earn the money and fame he had expected by the exploitation of his son.
The Palin’s must have learned a valuable lesson has Levi’s suffers from “Palin derangement syndrome” who will do and say anything to stay in the “spotlight”. They will remember from now on the saying “Be careful who your friends are”
He claims that governor Palin resigned for money and her family. By then it was already public knowledge that she had obtained a book deal, so where is the news? She has a $500,000 legal bill, due to the frivolous ethics complaints, hence the need to earn more money. Based on the governor’s salary, it would take her years to pay this bill. Who among us would not quit our current job if we had the chance of earning a lot more, and if it benefitted our family? How did this become newsworthy? Didn’t the media have more pressing news to report?
The extension of his fifteen minutes is being encouraged and entertained by the media, because it suits their cause. However, for Levi Johnston, he has failed to earn the money and fame he had expected by the exploitation of his son.
The Palin’s must have learned a valuable lesson has Levi’s suffers from “Palin derangement syndrome” who will do and say anything to stay in the “spotlight”. They will remember from now on the saying “Be careful who your friends are”
Dick Cheney and the CIA- Will politicking ever stop in Congress
A country with a 9.5 percent unemployment rate and rising, an average of 500,000 persons filing for weekly unemployment benefits, and a government spending “out of control”, with deficit spending at $1.08 Trillion, as announced recently by the Congressional Budget Office (CBO), what time does congress men and women have to play politics. Why not spend the time to read the bills they pass, is it because they do not care how rotten they are?
The latest incident started in June 2009, when it was claimed that Leon Panetta, the director of the Central Intelligence Agency (CIA), mysteriously decided to conduct an audit of the agency. As a result of this audit, he claims that he found information that the Bush administration had a program in place after September 11, 2001, and Dick Cheney, former vice president, had requested the CIA not to brief the US Congress on it. He claims that the program was never implemented, but he discontinued it immediately. Mr. Panetta immediately went over to Congress to brief a small group of both Republicans and Democratic lawmakers.
This plan was to formulate strategies to kill leaders of terrorists groups such as Osama Bin Laden. This is similar to what happens with the drones in Pakistan and Afghanistan, where the drone targets the terrorists and then strike. What is different? These are people who slammed planes into the Pentagon, The World Trade Center, killing over three thousand people, including those who died in the plane in Pennsylvania, and instead of applauding the idea, they want to make political grandstanding and investigate “an idea” that was never put in place.
Rather than wasting time on a political witch hunt congressmen and Senators need to read the bills they pass, not play politics. Maryland Democratic congressman Steny H. Hoyer speaking to CNS News in July reportedly laughed at the idea recently when it was suggested to him that lawmakers read the health care bill, currently being formulated in congress, before they vote on it. Hoya was quoted as saying “If every member pledged to not vote for it if they hadn’t read it in its entirety, I think we would have very few votes” Hoyer laughing at the idea shows the contempt they have for their constituents who place them in congress, and a lack of understanding of their job. Now that is a reason for an investigation. People in his district should remember how he laughed at them the next time he is up for elections.
The Democrats were phishing for something, anything, to launch an investigation against Dick Cheney, so they set the wheels in motion, and this non-information was perfect for the Democrats to use to play politics as usual. They have now decided to launch an investigation into the CIA, which is really meant to go after Dick Cheney. This gives them the excuse to try to rehabilitate Nancy Pelosi’s reputation, after she recently accused the CIA of lying to Congress. As “so called” lawmakers they leaked information on a classified briefing with the CIA director Leon Panetta, to the media, and these are the people we are expected to take at their word. They have even written a letter to Leon Panetta, requesting that he makes a statement saying that the CIA has lied to Congress. It is obvious that Panetta is being used as a poppet in this, because he was a former Democratic congressman, and unless he is a party to this, it is hoped he realize this, and not put his credibility on the line. This is also the reason why the head of CIA should not be a political appointee, or a former politician.
This is a non-issue because the plan was never implemented, and if it was, they would have been briefed as the law requires. For over a year Charlie Rangel, Chairman of the House Ways and Means Committee has been accused of tax evasion, and to date Congress under the leadership of Nancy Pelosi has failed to investigate him. It is okay to break the law if you are a Democrat, and the media remains quiet, but are vocal when the Democrats try to play politics with our national security. There is a double standard for Republicans. One would hope the Republicans would remember this period of witch hunt, and know what to do when the shoe gets back on the other feet, and at the rate that this country is proceeding downhill, it will be sooner, rather than later.
The latest incident started in June 2009, when it was claimed that Leon Panetta, the director of the Central Intelligence Agency (CIA), mysteriously decided to conduct an audit of the agency. As a result of this audit, he claims that he found information that the Bush administration had a program in place after September 11, 2001, and Dick Cheney, former vice president, had requested the CIA not to brief the US Congress on it. He claims that the program was never implemented, but he discontinued it immediately. Mr. Panetta immediately went over to Congress to brief a small group of both Republicans and Democratic lawmakers.
This plan was to formulate strategies to kill leaders of terrorists groups such as Osama Bin Laden. This is similar to what happens with the drones in Pakistan and Afghanistan, where the drone targets the terrorists and then strike. What is different? These are people who slammed planes into the Pentagon, The World Trade Center, killing over three thousand people, including those who died in the plane in Pennsylvania, and instead of applauding the idea, they want to make political grandstanding and investigate “an idea” that was never put in place.
Rather than wasting time on a political witch hunt congressmen and Senators need to read the bills they pass, not play politics. Maryland Democratic congressman Steny H. Hoyer speaking to CNS News in July reportedly laughed at the idea recently when it was suggested to him that lawmakers read the health care bill, currently being formulated in congress, before they vote on it. Hoya was quoted as saying “If every member pledged to not vote for it if they hadn’t read it in its entirety, I think we would have very few votes” Hoyer laughing at the idea shows the contempt they have for their constituents who place them in congress, and a lack of understanding of their job. Now that is a reason for an investigation. People in his district should remember how he laughed at them the next time he is up for elections.
The Democrats were phishing for something, anything, to launch an investigation against Dick Cheney, so they set the wheels in motion, and this non-information was perfect for the Democrats to use to play politics as usual. They have now decided to launch an investigation into the CIA, which is really meant to go after Dick Cheney. This gives them the excuse to try to rehabilitate Nancy Pelosi’s reputation, after she recently accused the CIA of lying to Congress. As “so called” lawmakers they leaked information on a classified briefing with the CIA director Leon Panetta, to the media, and these are the people we are expected to take at their word. They have even written a letter to Leon Panetta, requesting that he makes a statement saying that the CIA has lied to Congress. It is obvious that Panetta is being used as a poppet in this, because he was a former Democratic congressman, and unless he is a party to this, it is hoped he realize this, and not put his credibility on the line. This is also the reason why the head of CIA should not be a political appointee, or a former politician.
This is a non-issue because the plan was never implemented, and if it was, they would have been briefed as the law requires. For over a year Charlie Rangel, Chairman of the House Ways and Means Committee has been accused of tax evasion, and to date Congress under the leadership of Nancy Pelosi has failed to investigate him. It is okay to break the law if you are a Democrat, and the media remains quiet, but are vocal when the Democrats try to play politics with our national security. There is a double standard for Republicans. One would hope the Republicans would remember this period of witch hunt, and know what to do when the shoe gets back on the other feet, and at the rate that this country is proceeding downhill, it will be sooner, rather than later.
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