Is GoldmanSachs Really a 'Sach' of Slime?

Interesting stuff here. No wonder TurboTimmy wanted it out of the public eye.

...Bloomberg Markets reports in its April issue [that] Representative Darrell Issa, the ranking Republican on the House Committee on Oversight and Government Reform, placed into the hearing record a five-page document itemizing the mortgage securities on which banks such as Goldman Sachs Group Inc. and Societe Generale SA had bought $62.1 billion in credit-default swaps from AIG.

These were the deals that pushed the insurer to the brink of insolvency -- and were eventually paid in full at taxpayer expense. The New York Fed, which secretly engineered the bailout, prevented the full publication of the document for more than a year, even when AIG wanted it released.

Because Issa made the document public,

The public can now see for the first time how poorly the securities performed, with losses exceeding 75 percent of their notional value in some cases. Compounding this, the document and Bloomberg data demonstrate that the banks that bought the swaps from AIG are mostly the same firms that underwrote the CDOs in the first place.

[Remember that "the swaps" were paid back, 100%, by taxpayers through the AIG Bailout.]

The banks should have to explain how they managed to buy protection from AIG primarily on securities that fell so sharply in value, says Daniel Calacci, a former swaps trader and marketer who’s now a structured-finance consultant in Warren, New Jersey.

There's a word for that:

“It’s almost too uncanny,” Calacci says. “If these banks had insight into the underlying loans because they had relationships with banks, originators or servicers, that’s at the least unethical.”

The identification of securities in the document, known as Schedule A, and data compiled by Bloomberg show that Goldman Sachs underwrote $17.2 billion of the $62.1 billion in CDOs that AIG insured -- more than any other investment bank. Merrill Lynch & Co., now part of Bank of America Corp., created $13.2 billion of the CDOs, and Deutsche Bank AG underwrote $9.5 billion.

These tallies suggest a possible reason why the New York Fed kept so much under wraps, Professor James Cox of Duke University School of Law says: “They may have been trying to shield Goldman -- for Goldman’s sake or out of macro concerns that another investment bank would be at risk.”

If you're not a cynic, you're on the wrong planet.

ObamaCare 3.1 Will Cost $750Bn or So in New Taxes

Plenty of tax hikes and cost-increases in that 10-year plan of Barry's. That's if you believe the numbers he's using--which is foolish--and if you actually believe that the spending will go according to plan, which means you live under a rock.

A sampling of the new burdens, from ATR:

Corporate 1099-MISC information reporting ($17 billion): Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers

(By the way, that has a few Big Brother implications.)

Apply Medicare tax to unearned income ($334 billion): Would apply the current 2.9 percent Medicare tax rate to unearned income in households earning at least $200,000 or $250,000 married (interest, dividends, capital gains, rent, royalties, and passive investment in pass-throughs like S-corporations and partnerships)

Innovator medicine company tax ($22 billion): $2.3 billion annual tax on the industry imposed relative to share of sales made that year

(And YOU will pay that tax, just like the next two items:)

Medical device manufacturer tax ($19 billion): $2 billion annual tax on the industry imposed relative to shares of sales made that year. Exempts items retailing for <$100. Rises to $3 billion annually in 2017

Health insurance company tax ($60 billion): $10 billion annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2017. Fully-imposed on firms with $50 million in profits

Medical itemized deduction "haircut" raised from 7.5 to 10 percent of AGI ($15 billion)

That last one will virtually eliminate the medical deduction for the vast majority of people.

No, You Won't "Keep Your Health Plan"

Obamamamama's decided to stop playing hide-and-seek with his Statist intentions.

The Senate bill includes a “grandfather” policy that allows people who like their current coverage, to keep it. The President’s Proposal adds certain important consumer protections to these “grandfathered” plans. Within months of legislation being enacted, it requires plans to cover adult dependents up to age 26, prohibits rescissions, mandates that plans have a stronger appeals process, and requires State insurance authorities to conduct annual rate review, backed up by the oversight of the HHS Secretary. When the exchanges begin in 2014, the President’s Proposal adds new protections that prohibit all annual and lifetime limits, ban pre-existing condition exclusions, and prohibit discrimination in favor of highly compensated individuals. Beginning in 2018, the President’s Proposal requires “grandfathered” plans to cover proven preventive services with no cost sharing.

Oh, yes, "consumer protections," said the Grandmama with the extraordinarily large teeth.

Those 'protections' are designed to terminate-with-prejudice the health insurance industry within 10 years or so. Expanded coverage, 'controls' on rate increases, mandated pre-existing coverages, (etc.) will singly or in combination demolish "your health plan."

Buy More Ammo!!

HT: AmSpec/Klein

Is UW-Madison Breaking State Laws?

Looks clear to me!

Statute 20.927 of Wisconsin law states, “No funds of this state or of any county, city, village, town or long term care district or of any subdivision or agency of this state or of any county, city, village or town and no federal funds passing through the state treasury shall be authorized for or paid to a physician or surgeon or a hospital, clinic or other medical facility for the performance of an abortion.”

Looks like the UW-Madistan is gaming that a bit.

An open records request by Pro-Life Wisconsin and the Alliance Defense Fund reveals the University of Wisconsin Hospital and Clinics (UWHC) has been funding medical students’ rotations at Planned Parenthood, training medical students in abortion procedures.

I'm sure there will be a long Jesuitical argument which tells us that 'education' does not precisely fall under the prohibition of 20.927.

"Out, out, damned spot..."

HT: ProLifeWisconsin

Favre-Itis Infection

The social disease of Washington is Favre-Itis.

Leave it to third-string, has-been quarterbacks of the Republican Party to throw an interception at the precise moment conservatives are about to turn the game around. What is wrong with people like former Speaker of the House Newt Gingrich, former Senator Alan Simpson, and Senator Orrin Hatch?

Nothing that a good buttstroke to the head won't cure.

We Really Meant "Catholic"

Part Two of the "Catholic means Catholic" stuff.

Bishop Robert Vasa of Baker, Oregon, has given us the absolute best reason to rejoice in a penitential season: he yanked the title "Catholic" from a hospital in his diocese that refuses actually to be Catholic.

...The point of contention that the good bishop had with the St. Charles Hospital in Bend, OR was the hospital's practice of surgical sterilization

The adjective "Catholic" may not be used by this hospital any more.

HT: Shepherd

He Said 'If You Elect Me the Seas Will Stop Rising'

And he was right, according to IPCC.

"Politics as Usual" or White House Bribery?

See, there's this U S Code section:

"Whoever solicits or receives … any….thing of value, in consideration of the promise of support or use of influence in obtaining for any person any appointive office or place under the United States, shall be fined under this title or imprisoned not more than one year, or both." 18 USC Sec. 211

And then there's this thing here:

"In the face of a White House denial, U.S. Rep. Joe Sestak stuck to his story yesterday that the Obama administration offered him a "high-ranking" government post if he would not run against U.S. Sen. Arlen Specter in Pennsylvania's Democratic primary."--Philadelphia Inquirer February 19, 2010

And it's not the first time this White House was ........umnnnhhhh........"helping" someone make a decision, either.

HT: AmSpec

Not Nationalized, Exactly. But "Controlled"

Somebody spent all day thinking up the spin here.

President Obama will propose on Monday giving the federal government new power to block excessive rate increases by health insurance companies, as he rolls out comprehensive legislation to revamp the nation’s health care system, White House officials said.

Personally, I think we have an "excessive" White House.

DHS to Investigate White House

Headline:

Homeland chief: Domestic extremism is top concern

So Obama, Rahmsputin, and Axlegrease will be under surveillance?

This Line Says It All, Sorta

From the JS story about the Doylet Line ChooChoo:

Last week, the Legislature's Joint Finance Committee voted to accept the federal stimulus money for the train line, which would start at 79 mph in 2013 and reach 110 mph by 2015.

Umnnnhhhh....

Ron Paul?

Apparently Ron Paul won the straw-poll at CPAC.

Vox likes it.

...this straw poll win won't be trumpeted by the NY/DC Axis Republicans the way it would have if Romney or Jindal had won. It is astonishing how they continue to argue that a liberal Mormon from Massachusetts or an Indian from Louisiana is going to have more national appeal than the libertarian Texan who everyone now knows was correct about the failed World Democratic Revolution, correct about the financial crisis, and correct about TARP and the banking bailouts.

Oh, there's more.

Romney is a liberal Mormon; he's about as electable as an Aztec priest. Palin is a political rock star, but she's a lightweight and won't be running if she has any sense at all because she'd be throwing away a very lucrative career in what passes for political commentary these days. Jindal is a lightweight who looks and talks funny. Pawlenty is an unprincipled snake, which is probably why the neocons are talking him up. I don't like Huckabee, but he's probably the only other serious candidate in the bunch.

From what I've seen of Pawlenty, Vox nails it. I'll agree with him on the other names above, except to quibble over Huckabee, who is personally likeable, but politically skanky.

Paul does have a huge obstacle to overcome: The Party of War--which is spokes-fronted by Limbaugh, Hannity, Levin, Sykes, and Belling.

“There is nothing wrong with being a conservative and having a conservative belief in foreign policy where we have a strong national defense and don’t go to war so carelessly,” Paul said. That line was met with a lot of silence, some nods, but, based on my conservations with activists afterward, strong respect from many for not simply pandering."

It is very useful to remember that Statism is furthered best by war. See both Woodrow Wilson and FDR--not to mention GWB, the BigGummintPubbie (and heir to GHWBush...)

Breitbart: The James O'Keefe Story Is Not Over

We're reminded of Paul Harvey's line: "And now, for the REST of the story!"

Should be fun to watch this unfold.

HT: MoonBattery

Another Low for ObamaSupport

Yah, and this bozo thinks he'll get ObamaCare through? (No matter. I'm polishing up the hayfork.)

Forty-one percent (41%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -19. The Approval Index has been lower only on one day during Barack Obama’s thirteen months in office (see trends). The previous low came on December 22 as the Senate was preparing to approve its version of the proposed health care legislation. The current lows come as the President is once again focusing attention on the health care legislation.

A -19 Index means Geiger counters go nuts whenever he gets nearby.

HT: Ace

Seeking Rent for Murder

Typically, rent-seeking is the practice of obtaining Government dollars for your company--which produces something of interest to the Government--such as jet engines. A variant is to persuade Government that your product should be forced onto the populace. Poisonous lightbulbs are a fine example, along with windmills-for-electricity. A third variant is the "license & permits" scheme, whereby you persuade Government that only certain people can practice a trade, and that (by coincidence) only those with a "license" or "permit" are Good Enough People.

But there's a perverse, murderous, and malicious form of rent-seeking out there, too, called Planned Parenthood.

A new report asserts the U.S. abortion industry is in significant decline, held together largely through the $300 million-plus that federal taxpayers deliver annually to its major player, Planned Parenthood.

"It is very clear that the only abortion group expanding its business is Planned Parenthood, and the only reason it can do so is with the help of our tax dollars," said Operation Rescue President Troy Newman.

Another "spending" item which not only could be cut--it should and must be cut.

Demonizing Tiahrt and the NRA

Gee. It's just shocking to learn that that a certain newspaper would demonize the Tiahrt Amendment and the NRA.

Here's something that the newspaper doesn't tell you:

The FY 2007 version of the Tiahrt amendment ensures that trace data is available to federal, state, and local agencies "in connection with and for use in a bona fide criminal investigation or prosecution" or for use in administrative actions by BATFE

That is the specific reason that DA Chisholm cannot "go fishing," as he would like to do. If there's no bona fide criminal investigation, BATFE is not allowed to release the data.

Flynn, a lefty, derides what the Fraternal Order of Police happens to support:

BATFE has fought for years in the federal courts to keep the databases confidential, because they contain information (such as names of gun buyers) that could jeopardize ongoing investigations—not to mention law enforcement officers’ lives. For example, a suspected gun trafficker could search databases for names of "straw purchasers" he had used to buy handguns, or for traces requested on guns he had sold. That information could lead him to names of officers, informants and other witnesses against his crimes

No, Ed, it wasn't "sudden." It was deliberate, and done for good reason. You may or may not care about witnesses and informants--or members of the FOP--but we do, Ed.

It's not a surprise that the Lefties: Barrett, Bloomberg, Cieslewicz (and others) formed "Mayors Against Illegal Guns." And it sounds so nice!!

The NRA and its several million members are concerned about crime. That concern led to a recent SCOTUS decision which affirmed the 2nd Amendment: every law-abiding citizen in this country is allowed to possess and carry firearms for self-protection. It's the same concern which Wisconsin allayed with its 25th Amendment.

Another purpose of the 2A, of course, is to prevent Governments (state, local, and federal) from getting too uppity. In that regard, Tiahrt is necessary and very helpful.

Ryan: Polite Understatement

Paul's a polite kinda guy.

Republican Rep. Paul Ryan says he was disappointed by the way President Obama, at the January 29 meeting with House Republicans in Baltimore, first praised him and then turned around and attacked him almost immediately after the meeting was over. At the bipartisan session, Obama called Ryan's anti-deficit plan "a serious proposal." And then, Ryan tells the New York Times, "the next day, his budget director starts ripping me and then the day after that the entire Democratic National Committee political machine starts launching demagogic attacks on me and my plan. So when you hear the word 'bipartisanship' come from the president and then you see his political machine get in full-force attack mode, it comes across as very insincere."

When the Times' Deborah Solomon notes that Obama seems "genuinely pained" by the "just-say-no obstructionism" of Republicans, Ryan answers simply: "You know, casting the other side as somehow nefarious and evil and poorly intended is the oldest trick in the book."

The local Predictable Chipmunk crowd was into that immediately, of course. The talking points were distributed to the sheep and they put them out there.

The Obama/Rahmsputin machine is far worse than "insincere." They are Statists, and intend to drive this country into civil chaos by whatever means necessary to further their agenda.

Ryan's just too nice a guy to say it.

HT: The Examiner

Heard on the Street re Elmbrook Schools

Heard on the street....

The Elmbrook District has told its high school faculty members that they will be expected to teach an additional hour of class next year, and staff will be reduced accordingly.

That's about a 1/6th cut in teaching staff.

OK, Here It Is!! An Apocryphal Story for ObamaCare

This guy did to the bank what the bank did to him.

Hoskins told News 5's Courtis Fuller that he issued the bank an ultimatum. "I'll tear it down before I let you take it," Hoskins told them. And that's exactly what Hoskins did. The Moscow man used a bulldozer two weeks ago to level the home he'd built, and the sprawling country home is now rubble, buried under a coating of snow.

Maybe the damnfools in the White House (and Senate, and House) who think they can ram ObamaCare through should read that story as an allegory.

There are a lot of bulldozers and pitchforks out here. And other toys.

HT: Vox

ObamaCare by Reconciliation? Bring It On!

Seems that Obmamamamama, Rahmsputin and Axelgrease don't get it.

Pro-life leaders on Capitol Hill are once again rolling up their sleeves for the health care fight after the White House announced it would publish a compromise bill as soon as Sunday to push through abortion-expanding health care.

In a New York Times report Thursday, Democratic officials confirmed that President Obama's proposal was being designed for attachment to a budget bill, which would require only a 51-vote majority in the Senate through a process known as budget reconciliation.

If the new legislation (which is essentially a package of compromises to satisfy House Democrats) passes, the House would be forced to swallow whole the health bill the Senate passed in December. The House-passed bill, which included the Stupak language barring government monies from funding abortion, would be completely discarded in favor of the abortion-expanding Senate bill.

Maybe the bozo parade of (D)s think that TEA Party folks are wintering underground. They're wrong.

We're buying pitchforks, along with the ammo. Tar and feathers will be hard to get, too...if this comes to the floor.