What is up with the Public Private Investment Program?

March 25, 2009

After briefly reviewing the Public Private Investment Program White paper that I found on the US Treasury Departments website I was left with more questions than answers.  What I found was there is no fine print or “real” details into how this program will work other than the broad ideas of its framework. Here are the following questions I would like some answers too:

1) How did they come to assume that the markets will be stable? It appears it is wishful thinking rather than academic analysis.

 2) How does a repackaging the same Toxic assets to the same current owners solve the problem? It’s a attempt at a free lunch that I believe no one will have a appetite for because the current owners know they have no value and unless the government gives them zero liability to hold them it will fail.

 3) Why does the government think that using the free markets to value these recycled toxic assets will provide a nominal value that will minimize tax payer risk when it is these markets that :

                   1) Gave value to the worthless products

                    2) Are socializing the loses.

4) What is the framework for the oversight and how will they control for conflicts of interest?

5) Why don’t they have the exact requirements and structure of the Legacy Loans Program? What does subject notice and comment rulemaking? Who will be the rule maker? When will it happen? Will it be released on a Friday 11:59pm at night? How does a program move forward with no details? You could not run a small business this way let alone a recovery of financial markets.

6) The whole program is a attempt at improving confidence! That will never happen without anyone, especially Wall Streets, ability to understand how the program will work.


Dear President Obama, Senator’s Cassey & Spector, and Congressmen Altmire

March 20, 2009

250px-boston_tea_party1Today in the New York Times an article “AIG sues US government for over 300 million dollars” illustrates there is a severe crisis of confidence in the financial system, federal legislature, executive, and judicial branches. How is that after AIG received over 150 billion dollars of our money they are able to sue us? AIG is an outrageous entity from the risks it has taken, the negative results thereof,   receiving billions of tax dollars, giving out hundreds of millions in bonuses, and now sues the government / tax payer for more. All I will say is that both Republican and Democrats have played the societal cycles very well whereby the majority rule in government switches after once and a while. What this has allowed to happen is create a world view where Americans blame our ills on the other part, which has made the political game Republican versus Democrat. However, what this AIG situation has brought to light is that we the American people have been taken advantage by both parties. The game is not longer Democrat against Republican but rather the people against the government. Let this letter be fair warning that if you continue down this road you will face a populist political revolution.

http://www.nytimes.com/2009/03/20/business/20aig.html?_r=1

 

 


The AIG Bonuses – Outrage on Sale

March 19, 2009

Are you a righteous citizen upset about the $165 million in bonuses paid to employees of bailout recipient AIG? How dare they pass out your tax dollars to those unworthy scoundrels! Have you called the White House or petitioned your member of Congress?

Either way, you might want to note the $12 billion in shrink-wrapped $100 bills that vanished in Iraq, or better yet, the projected $3 trillion cost for the removal of Saddam Hussein. Don’t sell your outrage cheap.

The Pittsburgh Post-Gazette’s Tony Norman expressed his thoughts on the subject.

Steve Sikora blogs at Art of Angles.


Its time for a third political party that puts the people first!

March 12, 2009

congress

http://www.propublica.org/article/bailed-out-bank-had-friends-in-high-places-312

 

It appears there are some banks out there that have close friends in high places. It appears these friends have key positions on the House Financial Services Committee. These type of conflicts or appearances of special relationships will  no longer be tolerated. These issues need to have swift investigations to clarify what, if any conflicts influenced decisions when drafting legislation. We need a third party and  stop the back and forth trading of seats between D’s and R’s.


Jim Cramer on how to manipulate the market and make money

March 11, 2009

stock_market_manipulationhttp://www.youtube.com/watch?v=ZWVmlxhk-tU


Another Example of the Right Wing Corporatocracy Exploiting Our Xenophobia to Raise their Smoke Screen

March 9, 2009

I received the following e-mail from a friend who is, like many Americans, appropriately concerned about the impact of illegal immigration on American jobs.  Unfortunately, this type of correspondence plays right into the hands of the corporate interests that make millions employing illegal immigrants for less than minimum wage under sub-human working conditions.

 

From the L. A. Times 

1.   40% of all workers in L. A. County ( L. A.  County has 10.2 million people) are working for cash and not paying taxes.   This is because they are predominantly illegal immigrants working without a green card. 

2.   95% of warrants for murder in Los Angeles are for illegal aliens.

3.   75% of people on the most wanted list in Los Angeles are illegal aliens. 

4.   Over 2/3 of all births in Los Angeles County are to illegal alien  Mexicans on Medi-Cal, whose births were paid for by taxpayers.

5.   Nearly 35% of all inmates in California & pre-detention centers are Mexican nationals here illegally.

6.   Over 300,000 illegal aliens in Los Angeles County are living in garages. 

7.   The FBI reports half of all gang members in  Los Angeles are most likely illegal aliens from south of the  border.

8.   Nearly 60% of all occupants of HUD properties are illegal. 

9.   21 radio stations in L. A. are Spanish speaking. 

10. In  L. A. County 5.1 million people speak  English, 3.9 million speak Spanish. (There are 10.2 million people in    L. A. County) 

11. The average illegal alien sends 4 times as much money out of the country as he spends in the country.
 (All 11 of the above are from the Los  Angeles Times) 
 

Less than 4% of illegal aliens are picking our crops, but 29% are on welfare.  Over 70% of the United States ‘ annual population growth (and over 90% of California, Florida, and New York ) results from immigration. 29% of inmates in federal prisons are illegal aliens. 
 We are a bunch of fools for letting this continue!

 

I checked out the accuracy on snopes (see for yourself at the snopes site http://www.snopes.com/politics/immigration/taxes.asp ) and, as expected, it is a combination of truths, half-truths, exaggerations, and outright lies.

 

This type of chain e-mail is disconcerting to me on a number of levels.  Primarily, this type of correspondence exploits our natural fears (unemployment, xenophobia, security, overtaxation, etc.) and elicits a gut reaction that plays right into the hands of the oppressors of the middle class.  By eliciting this gut response, the real cause of illegal immigration, illegal employment, is overlooked.  Enforcing current law that requires employers to confirm the legal status of their workers and enacting living wage laws would immediately solve our illegal immigration problem.  These simple measures would remove all incentive for our neighbors south of the border to cross illegally in search of work.  Instituting a legal pathway for the immigrant workers we really need to obtain work visas would then easily relieve the inevitable worker shortage.

 

On a more personal level, as a second generation Italian-American, it’s offensive to me that immigrants are slandered in this manner.  My grandfather was the recipient of similar xenophobic treatment in the early part of the 20th century.  In that era, everyone “knew” that all Italian immigrants were in the mafia, the evil labor unions were formed for the benefit of the mob, and these immigrants were taking the jobs of “real Americans”.  Americans of all European lineages have been subjected to similar treatment at some time in our history.  I won’t even get into the African American issue, as the treatment of these involuntary immigrants and their progeny has been far worse.

 

 A few statements warrant special consideration.

·      The millions of undocumented workers allegedly working for cash is exaggerated.  Even if this were true, the lost revenue to the US Treasury is a drop in the bucket compared to the hundreds of billions in taxes avoided legally by the corporations that move offshore and use loopholes and tax credits (Exxon-Mobil) to largely avoid all taxes.

·      The law enforcement issues are largely cherry-picked, without any reference to mitigating factors (poverty and residence in East LA or south central LA).  In fact, the vast majority of immigrants are law-abiding, hard-working humans.

·      Over 300,000 illegal immigrants in LA are living in garages, obviously living in luxury at our expense.

·      Less than 4% of illegal immigrants are picking our crops, but 29% are on welfare.  This is grossly untrue.  As a matter of fact, the vast majority of illegal immigrants are paying payroll taxes, and, if legal documentation of these workers was pursued, they could be the very group of workers that save social security for us boomers who have begun to retire.  Furthermore, while nobody likes paying taxes to support those who choose not to work, the entire welfare system in this country costs less than the amount paid out to private contractors (many of which are no-bid) in Iraq.

 

In closing, every human is at his/her core somewhat xenophobic.  We tend to identify with those most like us, and subconsciously, at least, harbor some mistrust of those who are different.  It is only our self-awareness that assists us in rising above these basic tendencies, and recognizing the means of oppression used by those who have the most to gain by preserving the status quo.

 

The military-industrial complex (a.k.a. corporatocracy) has the money, influence, and power to continue to dominate the politics of our country, and are the major beneficiaries of our corporate welfare system.  The amount of income redistributed to the rich in this country far exceeds that “trickling down.”  It’s time the working class quits carrying their water for them. 


Butler County Backs down…..

March 6, 2009

Just got word that the tapes will be delivered next week…..I will post the audio next week..
Kevin


Breaking News: Butler County Government refused to release tape!

March 6, 2009

BREAKING NEWStop-secrte

What ever happen to protecting John Q Citizen? I just got off the phone with Jim Eckstein who informed me he placed a Freedom of Information Act request for the tapes of the Butler County government meeting on the 50% pension grab. This is the same pension grab Jim wrote about in my last blog. When he followed up on the FOIA request they notified him that they would not release the tapes and denied his request! This just screams cover up!!! Why not release the tapes and let the citizens decide? When I get my hands on the audio, and I will, then I will post it here for everyone to hear. Stay tuned because we will be giving weekly updates on the situation.   


Urgent: Write a Letter to President Obama Today!!

March 4, 2009

On March 5, President Obama will hold a summit to discuss health care reform.  Not one single-payer advocate has been invited.  I was notified by the Progressive Democrats of America, who advocate sending an e-mail to the president, urging him to at least invite Congressman Conyers.  I replied through their site, but went one step further:  I sent an e-mail directly to http://www.whitehouse.gov urging him to include single-payer advocates in the summit.  A copy of my letter follows; feel free to use any part of it (cut and paste if you would like to), but, by all means, please e-mail President Obama today!!!!!!!!

 

Dear Mr. Obama:
I absolutely love many of the actions you have taken so far to aid in recovering our economy.  Your boldness is beyond my wildest dreams, and validated my whole-hearted support of your candidacy.
Unfortunately seems you are dropping the ball when it comes to health care reform.  Only one plan will accomplish all of the pressing needs of our health care system;
     Providing first dollar cradle to grave coverage for every American
     Achieving global outcomes where they belong for a country of
     America’s stature
     Saving Medicare
     A global 
cost savings of approximately 30%
     preserving the patient-doctor relationship.
In spite of this, and the fact that a super majority of Americans support this plan, you have not invited a single advocate for a national single-payer health plan to participate in your summit.  This is shameful!!!!!   Please reconsider, and invite 
Congressman Conyers, union presidents, and a representative of the Physicians for a National Health Plan to take part in the dialogue.  Any less will be a serious affront to your millions of ardent supporters like me.
Blue Collar Doc


County Commisioners

March 4, 2009

waste-roll1

Today’s Butler County Commissioners meeting was a interesting and I will focus on the waste.  

1)      2 Prison Computers at a cost of $10,000

2)      Law education for prisoner at a cost of 70, 000 over ten years

3)      50% increase pension grab by Butler County officials

There is a need for two computers in the new county jail for the purpose of digitizing paper law books. The reason for the move was to save money, which is estimated to be $70,000 over ten years at current prices. However, what caught my ear as well as that of Karen Kane of the Pittsburgh Post Gazette at the meeting was the price of the two computers. What was the price? $10,000! Their explanation is the County only received one offer to provide the service for the computers, which includes the computer itself, general operating software, and the need to harden it.  The need to harden it is to make sure that the inmates do not break the machine.

Ten thousand dollars is just outrageous, especially in these hard economic times, when the county is looking to sell Sunny View Rehabilitation Center.  There appears to be no proactive moves by the County to seek out a more efficient method for dealing with the computer issue. Lastly, Butler County Resident Jim Eckstein spoke regarding his concerns about how county officials got a 50% pension grab, which got no response from the County Officials at the meeting. See Jim’s Eckstein’s concerns in their entirety below.

Mr. Pinkerton interrupted me at the last meeting to tell me I didn’t have my facts correct in regard to Mr. Kennedy’s spearheading the 2004 pension grab. Last week, I obtained the minutes of the last four retirement board meetings prior to and during the pension grab of 2004. Upon thoroughly reading the minutes I proudly stand by my statements at the last meeting. I’d like to say that my second line of that speech was cut to meet the commissioners stringent three minute rule. It read as follows: Mr. Kennedy along with four accomplices, Scott Lowe, Glen Anderson, Diane Marburger, and Jack McMillen orchestrated this plan.

To review, here’s the tip of the spear with five elected officials on it. Here’s the handle with $170,000 in tax payers money on it. Mr. Pinkerton wants to dabble in semantics; I do not. There were five elected officials on the spear head who voted unanimously on this pension grab legislation. We taxpayers got the shaft. After reading the pension grab minutes I was sick. Elected officials in the county take an oath of office to work for the citizens of Butler County as responsible stewards of the public’s money, not just to serve themselves and the employees in the courthouse and its annex.

The minutes show just the opposite; they show the retirement board tracking this new optional state legislation through the state house and senate, right up to the governor’s desk like ups tracks the delivery of your Christmas gift. Only their Christmas package cost the county tax payers at least 2.5 million dollars per year forever. To put this figure in context, the commissioners have decided to sell Sunnyview for an operating loss of 2.5 million over 10 years which is 1/10 the cost of their pension grab in just one year. Their goal is to pull out the county’s safety net for the disabled and our senior citizens for fund their pension grab. Their pension grab will cost Sunnyview half of a million dollars this year.

 


I spoke to two of the elected officials at length to try to understand the reasoning behind their 50% retroactive 2004 pension increase. I emphatically disagree with their actions and their rejection of the compromise plan offered in the state legislation. They instead chose to follow Cuba Goodings Junior’s “Show me the money”. Now my job is to let our community decide. I’ve decided to update my website ThePeoplesVoice.com in the next 30 days. First, I will publish the minutes from the first four pension grab meetings online. Second, after consulting with my ACLU attorney, I’ve made a formal request with the county to review the audio tapes from the December, 23, 2003 and the January 2, 2004 retirement board meetings. I have confirmed that the tapes still exist, I filed the proper form and we are working on setting up a meeting next week to review the tapes, I will keep the public updated on their content. Anyone wishing to obtain a copy of the minutes sooner can file a public’s right to know request with the country controller’s office or leave your address or email address on my answering machine and I’ll gladly send you copies to review. Jim Eckstein
 

 

 

 

 


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