Posts Tagged ‘bailout’

Sen. Majority Leader Reid (D-NV).

Wonder what you would find if you frisked Senate Majority Leader Harry Reid’s thoughts on the automotive industry bailouts?

Answer: He believes that Ford, which refused to take government bailout money, only survived because of the government bailout.

🙄 Hmm… How does that one work? Simple: It doesn’t.

In reality (not Harry Reid’s liberal dream-world), Ford did have the chance to accept government bailout money, but chose not to. Isn’t it interesting that the only one of the Big Three who didn’t accept government money is doing the best?

What would have happened if none of them accepted those taxpayer bailout dollars? The Blog Prof believes that the government’s interference in the process did more harm than good:

Without the bailouts, GM and Chrysler could have gone through bankruptcy restructuring without the 800-lb government gorilla on their backs. As it is, the bankruptcy restructuring occurred in a way to help Obama’s primary constituency – unions – rather than the long-term health of the companies. We are yet to see whether the restructuring will work, but if it does, it will be despite the government takeover, not because of it. There are in fact plenty of good people still working for the autos. I know because some of them have been my best engineering students.

And Ed Morrissey – from Hot Air – sums it up:

And don’t forget that we spent over $60 billion on those bailouts just to see the companies go into bankruptcy anyway.  A proper bankruptcy would have maintained order in capital markets and reallocated resources rationally without the $62 billion in taxpayer money that we had to borrow for the bailout.  As we service that debt, it will come out of the pockets of Americans who might otherwise have spent it on actual growth-producing activities — like buying cars.

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Wonder what you would find if you frisked California and their Governor Arnold “The Terminator” Schwarzenegger?

Answer: He wants a $8 billion bailout.

Ugh… California has already received $7 billion in state grants from the failing stimulus package, but Gov. Schwarzenegger wants more:

Facing another huge deficit, the governor wants $8 billion or threatens massive cuts in social services. He also plans to renew push for offshore oil drilling.

Facing a budget deficit of more than $20 billion, Gov. Arnold Schwarzenegger is expected to call for deep reductions in already suffering local mass transit programs, renew his push to expand oil drilling off the Santa Barbara coast and appeal to Washington for billions of dollars in federal help, according to state officials and lobbyists familiar with the plan.

If Washington does not provide roughly $8 billion in new aid for the state, the governor threatens to severely cut back — if not eliminate — CalWORKS, the state’s main welfare program; the In-Home Health Care Services program for the disabled and elderly poor, and two tax breaks for large corporations recently approved by the Legislature, the officials said.

Schwarzenegger also will propose extending a cut in the state payroll that is scheduled to expire this summer. That cut has translated into 200,000 state workers being furloughed three days a month, the equivalent of a 14% pay cut. Lawmakers would have the option of extending the furloughs, imposing layoffs or some combination of the two.

Disgraceful… We all know the debt racked up by our federal government is awful, but we at least – as a country – hold states accountable to balance their own budgets. Personally, I don’t give a rat’s (you know what) if the Governor has to strap on his Edward Scissorhand blades to make drastic budget cuts that will likely upset Californians. The state has relied on liberal policies for decades which got them into this whole mess. I feel bad for you California, but as Michigan citizen – which we have our own economic problems – I am not paying for your state’s shortfalls.

IF we end up bailing them out – which liberals love to do – we should impose some serious consequences on the state of California. Ed Morrissey has an interesting idea:

Taken at face value, a bailout request is an insult to the federalist model of state sovereignty.  The basic act of governance at any level is creating a budget and determining which functions to fund and at what level.  California has failed at this for the last few years, and only stayed out of bankruptcy in 2009 because of the Porkulus cash.  Coming to Washington, hat in hand, should carry a big penalty for California and any other state demanding that citizens of other states subsidize their incompetence — say, the loss of voting rights in Congress until the money gets repaid.  After all, if they’re asking to be a federal protectorate, why should California have any more privileges in Congress than Puerto Rico or other federal protectorates?

Something needs to happen, because this type of reckless political spending is destroying our country and the American people are realizing this!

Side-Note: Notice how I didn’t mention Arnold “The Terminator” Schwarzenegger is a Republican… Yeah, I’m in embarrassed and angry. 😡

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Wonder what you would find if you frisked President Obama’s opinion regarding the struggling newspaper industry?

Answer: Hmm… Bailout?

There is that horrible curse words that starts with a ‘B’ again… No, not THAT one… I’m referring to ‘Bailout.’ Lately, due to economic downturns and dwindling ad revenue, the newspaper industry has been really struggling.

Hmm… It couldn’t have anything to do with their pattern of liberal bias, could it? Unfortunately for them, most Americans do not hold that ideology. Boo-hoo.

Although nothing is official, the President remains ‘open’ to the idea of bailing them out:

The president said he is “happy to look at” bills before Congress that would give struggling news organizations tax breaks if they were to restructure as nonprofit businesses.

“I haven’t seen detailed proposals yet, but I’ll be happy to look at them,” Obama told the editors of the Pittsburgh Post-Gazette and Toledo Blade in an interview.

Sen. Ben Cardin (D-Md.) has introduced S. 673, the so-called “Newspaper Revitalization Act,” that would give outlets tax deals if they were to restructure as 501(c)(3) corporations. That bill has so far attracted one cosponsor, Cardin’s Maryland colleague Sen. Barbara Mikulski (D).

Oh look… Of course the Democrats would already have a bill ready to go. They never hesitate to draft something up that’ll spend our hard earned money! Why is the industry so vital (besides continuing to promote their special causes)?:

Obama said that good journalism is “critical to the health of our democracy,” but expressed concern toward growing tends in reporting — especially on political blogs, from which a groundswell of support for his campaign emerged during the presidential election.

“I am concerned that if the direction of the news is all blogosphere, all opinions, with no serious fact-checking, no serious attempts to put stories in context, that what you will end up getting is people shouting at each other across the void but not a lot of mutual understanding,” he said.

Well schucks! Who wouldn’t want Frisk A Liberal to be their main news source!? Even though Obama made a great point, it would only be true if journalism wasn’t already dead:


No CPR can bring back this one. I’m afraid a miracle is needed for that to happen!

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