Alex Gimarc <http://www.jiglu.com/members/agimarc> <[email protected]> Monday, May 4, 2009 Interesting Items <http://www.jiglu.com/tags/interesting-items> 5/04 -
Howdy all, a few Interesting Items<http://www.jiglu.com/tags/interesting-items>for your information. Enjoy - In this issue: 1. Economy 2. Chrysler 3. EPA 4. Specter 5. Souter 1. Economy. President Teleprompter<http://www.jiglu.com/tags/president-teleprompter>hosted the celebration of his first 100 days in office last week with a remarkable fawning press conference. For those that watched, it was the most slobbering effeminate demonstration of journalistic malpractice seen in decades. The questions not asked were most important. For example, nobody asked why the economy had contracted by 6.1% last quarter – a historic contraction. This contraction was only a bit better than the 6.3% contraction in the last quarter of 2008. Federal tax receipts are also down. By some estimates, April 2009 will be down by nearly 40% over those of a year ago - $407 billion in April 2008 versus $250 billion (est) this April. That number may end up being even lower when it is finally computed. It is very clear that Atlas is Shrugging, as businessmen look at the impending actions out of the fascist congress<http://www.jiglu.com/tags/fascist-congress>and the illegal financial takeovers of banking, auto manufacturers, threats and strong arm tactics being used against other businesses to the benefit of the new administration and its supporters. The entrepreneurs are hunkering down, not taking chances, and getting out of the way, lest the mammoth crush them when it falls. The unemployment rate is now pushing 9% and may be well above 10% by the end of summer. Nothing that congress<http://www.jiglu.com/tags/congress>or the administration has been doing will turn this around: Not the excessive spending; not the printing of money; not the increased regulations; not the green jobs; not the increased taxation; not the regulation of carbon dioxide <http://www.jiglu.com/tags/carbon-dioxide>. Fortunately, a lot of it can quite quickly be turned around simply by turning off the money spigot. That will be the key should conservatives retake congress <http://www.jiglu.com/tags/conservatives> in 2010. We will see if Our Side is up for the fight. I know the other side is – and they will use Our Tax Dollars to fund their campaigns. ------------------------------ 2. Chrysler. President Teleprompter<http://www.jiglu.com/tags/president-teleprompter>announced Chrysler bankruptcy last week. The terms of the deal amount to an illegal taking, theft via government fiat from bondholders, stock holders, and other investors. The recipient of the proceeds will be the political cronies of the current administration – primarily the United Auto Workers (UAW), who have given democrat candidates billions<http://www.jiglu.com/tags/democrat>of dollars in campaign contributions over the years. The administration will also back the UAW pension funds with Your Tax Dollars. As the deal stands today, the UAW would be paid 50 cents on the dollar and would end up owing around 55% of the company after wards. Fiat, among the least competitive European auto manufacturers would end up owning around 20%, with the feds owing the rest. UAW payroll, pay, benefits and pensions would all be unchanged. Private bondholders, which have purchased bonds to back Chrysler through the expected bankruptcy, will be tossed overboard, and paid pennies on the dollar – that is, as long as 90% of them agree to this. As of late last week, they did not agree with giving up their rights to a payoff, prompting a vicious attack by Obama himself in a press event on the takeover. Obama accused the bondholders of not sacrificing while everyone else involved does sacrifice. This was a naked attempt to bully the bondholders, who are by law, among the first to be paid off in any normal bankruptcy, into submission. Limbaugh believes that they will eventually fold, and be paid off quietly, via back channel TARP funds<http://www.jiglu.com/tags/tarp>. Powerline Friday referred to this as Banana Republic Capitalism – which is an accurate description, though thoroughly insulting to the real Banana Republics. They also made the point that payoff of debits under the Obama administration <http://www.jiglu.com/tags/obama-administration> is entirely driven by what your political connections happen to be, and who contributes to your campaigns. They pointed out that should this proceed as announced; do not ever expect any financial institution to purchase corporate bonds in a unionized corporation. Perhaps this is what the recently nationalized banks are intended to be doing. In a related story, details of the General Motors (GM) takeover leaked out earlier in the week. It is similar, with the bondholders and stockholders getting completely shafted, to the tune of pennies on the dollar, the UAW gaining significant control of the corporation, and the government getting majority control of the corporation. Larry Kudlow Wednesday described the details. An excerpt of his column follows: What is going on in this country? The government is about to take over GM in a plan that completely screws private bondholders and favors the unions. Get this: The GM bondholders own $27 billion and they're getting 10 percent of the common stock in an expected exchange. And the UAW owns $10 billion of the bonds and they're getting 40 percent of the stock. Huh? Did I miss something here? And Uncle Sam will have a controlling share of the stock with something close to 50 percent ownership. And no bankruptcy judge. So this is a political restructuring run by the White House, not a rule-of-law bankruptcy-court reorganization. ------------------------------ 3. EPA. The EPA pulled an air quality permit granted last summer for a coal-fired electrical generation plant on Navajo land in New Mexico. The excuse for retroactively revoking the permit was that the plant was not going to be using an experimental – perhaps mythical - gasification process for the coal prior to burning. The state of NM has been fighting the Navajos on the electrical generation plant since it was announced. The Navajo intended to use electrical generation and sales as a way to help lift them out of poverty on the reservations. Big Green decided after the fact that they need to remain in poverty. The lawyer representing the tribe, the former EPA air quality chief, said he had never seen the EPA pull a permit in this manner. It appears that this will be the vehicle for the Obama administration <http://www.jiglu.com/tags/obama-administration> and the greens now infesting the EPA and other regulatory agencies to use to obstruct, delay, deny and shut down industrial development here in the US. No more clean air permits will be issued for anything using coal for energy generation. Expect more things to be added to that list, as the greens are able to find reasons to oppose literally every single energy generation technology. And if the tribal governments, given their special protection against federal intrusion can’t get it done, what chance does anyone else have? The more of this that goes on, the better chance we will have to repair the legislation and clear the regulatory thicket of federal and congressional micromanagement. ------------------------------ 4. Specter. Pennsylvania Senator “Snarlin’” Arlen Specter returned back to the democrat party <http://www.jiglu.com/tags/democrat> last Monday<http://www.jiglu.com/tags/monday-27-april-2009>with an announcement that he would be leaving the Republican Party after 35 years. Specter became a Republican in the late 1970s when it became apparent that he had no chance to win in a democrat primary<http://www.jiglu.com/tags/democrat>. He was elected initially to the Senate courtesy<http://www.jiglu.com/tags/senate>of the Reagan landslide in 1980. He mostly behaved himself during his first term, but after a difficult reelection in 1986, shifted markedly leftward, joining the democrat-led lynching and defeat of Robert Bork’s nomination to the SCOTUS. In later years, Specter distinguished himself by referring to some ridiculous notion of ancient Scottish common law as an excuse to vote not to convict Bill Clinton following his impeachment trial in the Senate<http://www.jiglu.com/tags/senate>. Specter returned to the democrat party <http://www.jiglu.com/tags/democrat>because he was sitting 21% behind Pat Toomey in early polling for the Republican primary in Pennsylvania. His pollsters told him that the only chance he had would be to run as a democrat<http://www.jiglu.com/tags/democrat>; so he changed parties to do just that. ------------------------------ 5. Souter. SCOTUS Justice David Souter announced that he was going to be retiring from the SCOTUS in June. This nomination was one of Bush 41’s greatest mistakes, and one of the most awful bits of deception by both Souter and Warren Rudman. Souter was sold as a conservative during the nomination and confirmation. Once safely ensconced on the court, he became an uninspired, reliable liberal vote <http://www.jiglu.com/tags/liberal>. He had few, if any, notable opinions. He simply wanted to be on the SCOTUS. More later - - AG "If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen." - Samuel Adams, speech at the Philadelphia State House, August 1, 1776. Note: Interesting Items <http://www.jiglu.com/tags/interesting-items> can be found at the following locations: The Alaska Standard <http://www.jiglu.com/tags/alaska> http://thealaskastandard.com/ MatSuValley News http://www.matsuvalleynews.com District 28 http://www.dist28.com/ subscriber and supporter Elbert Collins at http://thatselbert.wordpress.com/ and the home page: http://home.gci.net/~agimarc Rod Martin's The Vanguard site is also a long-time supporter of this column: http://www.thevanguard.org/ ------------------------------ ** **Shout Out ** ** *All Tea Party organizers are asked to send their plans (when where, etc) to this addy with "TP" in the subject to be further posted to others on the Internet.* ** *Slick eZine is an announcement list. * *Send replies & comments to this list and **[email protected]*<[email protected]> ------------------------------ *I'M MAD, AND I'M NOT GOING TO TAKE IT ANY MORE* -------------------------------------------------------------------------------- You are welcome to join the [email protected] * Rich Martin * ** *.* -- This is the incredibly uncreditable election. 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