Double The Record Bailout, Double The Criminality

Franklin Raines, Barney Frank, Maxine Waters, and all the rest of these thieving Democrat criminals should be made to forfeit of every last penny’s worth of their personal property and then be thrown in Federal prison for the rest of their lives. They’ve done immeasurable damage to the U.S. economy, the U.S. taxpayers, and everyone who own a house or a retirement account. And it’s not over yet and it’s only going to get worse.

Fannie and Freddie support may reach $363 billion by 2013

Mortgage finance giants Fannie Mae and Freddie Mac could need as much as $363 billion in government payments by 2013, regulators said Thursday.

The Treasury Department has pumped $148 billion into the agencies since the government took them over in 2008.

The new projections by the Federal Housing Finance Agency, based on a series of assumptions about home prices, indicate that Fannie and Freddie will require an additional $73 billion to $215 billion before 2013.

Read the projections:

Projections of the Enterprises’ Financial Performance

See also:

Fannie, Freddie May Draw $363 Billion, FHFA Says
Fannie/Freddie Bailout Could Total $363 Billion
Fannie, Freddie May Need $215 Billion More in Aid
Fannie & Freddie ‘could cost US $363bn’
Fannie Mae, Freddie Mac bailouts could hit $363 billion, report says
Fannie, Freddie bailout could hit $363 billion
US taxpayers warned Fannie Mae and Freddie Mac may need $363bn bailouts
Fannie Mae and Freddie Mac deep in the hole
Fannie Mae, Freddie Mac Bailout Costs Could Soar
Fannie and Freddie May Need Infusion
Fannie, Freddie Rise Despite Giant Potential Tab With U.S Treasury

Yes folks, the Fannie and Freddie bailout is going to end up costing more than the AIG and Auto bailouts combined, by an order of magnitude, and the U.S. taxpayers are going to get stuck with the bill.

/why do the known criminals who obviously caused this 1/3 of a trillion dollar mess remain unpunished?

Tuesday Trifecta

Today was a good day for common sense, truth, justice, and the American way.

House bonus bill is buried by the Senate

President Obama and Senate Democrats have buried a bill passed last week by the House that would have heavily taxed executive bonuses at bailed-out firms.

Despite the public outcry over $165 million in bonuses awarded at troubled insurer AIG, Senate Majority Leader Harry Reid (D-Nev.) showed little inclination Monday to bring the explosive issue to the floor this week or next. Instead, Reid is likely to delay action on executive compensation until late April, after the Senate returns from a two-week recess starting April 4.

The lack of enthusiasm to expedite the bonus legislation comes after Obama said over the weekend that he didn’t think it was a good idea for Congress to target individuals with tax proposals.

“As a general proposition, I think you certainly don’t want to use the tax code … to punish people,” Obama said in the interview with “60 Minutes” that aired Sunday.

Reacting to a frenzy of media coverage, the House last week passed a measure that would levy a 90 percent tax on bonuses received this year by executives at AIG and other companies collecting more than $5 billion in federal aid.

Senate Finance Committee Chairman Max Baucus (D-Mont.) last week introduced a less stringent proposal that would impose a 35 percent tax on bonuses. Both employers giving bonuses and executives who receive them would pay.

But even this modified proposal is being placed on the backburner.

So much for that overreaching travesty.

Specter delivers death blow to ‘card check’

Sen. Arlen Specter (R-Pa.) announced Tuesday he will oppose card check, giving an apparent death blow to the most important congressional issue to organized labor.

Specter made the dramatic announcement in a floor speech. His opposition means Democrats can count on a maximum of 59 votes to move the bill forward, one short of the 60 required to clear Senate rules.

Winning 59 votes would require Democrat Al Franken to beat Republican Norm Coleman in the still-contested Minnesota Senate race. Democrats also would have to count on holding the rest of their votes, and several centrists have raised doubts about the bill.

In his floor speech, Specter noted that Franken’s likely win could give him the 60th vote required to make the bill law.

“If so, the decisive vote would be mine,” said Specter, who told The Hill last week in an interview that his would be the decisive vote.

“It is an anguishing position but we play the cards we’re dealt,” Specter said Tuesday on the floor.

Hmm, I wonder what the Republican leadership is blackmailing Specter with to keep him on the reservation and get him to double cross his union buddies?

Democrats Take Knife To Obama’s Budget

Key Democratic leaders were performing major surgery yesterday on President Obama’s first budget plan in an effort to bring skyrocketing annual deficits under control, while preserving the option of enacting some of the president’s most significant and costly domestic priorities.

In the budget blueprints they are scheduled to formally unveil today, Democrats in the House and Senate said they plan to cut hundreds of billions of dollars from Obama’s spending request over the next five years. They also are scrapping Obama’s plan to devote more cash to the financial sector bailout. And they are restoring some of the money-saving budget gimmicks the president said he eliminated last month when he unveiled his $3.6 trillion request for the fiscal year that begins in October.

The moves come as Republicans are pounding Obama for proposing a rapid increase in government spending and taxpayers are voicing anxiety and outrage about the gargantuan sums that Washington is already pouring into the economy and banking system.

In the Senate, the result is a leaner package that would drive the annual deficit to $1.2 trillion next year, compared with $1.4 trillion under Obama’s policies. By 2014, the deficit would plummet to just over $500 billion under the Senate’s plan, requiring the nation to borrow $3.8 trillion over the next five years, compared with about $4.4 trillion under Obama’s proposal.

To meet those goals, Sen. Kent Conrad (D-N.D.), chairman of the Senate Budget Committee, said he would leave out new spending for Obama’s proposed expansion of health care coverage, a program likely to cost in excess of $1 trillion over the next 10 years, as well as the president’s proposal to make permanent an $800 tax credit for working families.

Hey, every little bit cost trimming helps and it’s encouraging to see that even the Democrats realize that Obama’s budget, as is, would create unsustainable deficits and national debt. Of course the cuts don’t go far enough but, considering the precarious political position Republicans find themselves in, it’s a good start.

See also:
Drive to Tax AIG Bonuses Slows
Is That 90% Tax On AIG Bonuses Dead?
The 90% Bonus Tax Looks Dead
Tax May Not Be Needed If Bonuses Returned, Hoyer Says
Hoyer Signals AIG Tax Bill May Have Achieved Its Purpose
Specter shifts stance to oppose card check
Specter Says He Won’t Back Unions’ ‘Card-Check’ Bill
SPECTER DEALS BLOW TO CARD CHECK
Key G.O.P. Senator Reverses Course on Union Organizing Bill
A Specter of Hope on Card Check
Senate Dems propose cutting Obama budget by billions
Conrad carves up Obama’s budget
Democrats in Congress Are Ready to Pare Budget
Deficits spook Dems, spur budget whittling
Sen. Gregg says Obama budget will bankrupt US
Gregg continues budget-blasting of Obama

So, 90% punative, retroactive, unconstitutional tax on lawful bonus payments, dead! Card check, daed! Obama’s budget . . . not dead, but seriously wounded. All in all, not bad for a day’s work if you care about the future of America.

/now it’s on to cap and trade and universal health care and let’s kill those!

Stay Classy Chuck

Iowa Senator Says AIG Executives Should ‘Resign or Commit Suicide’

Iowa Sen. Charles Grassley suggested on Monday that AIG executives should take a Japanese approach toward accepting responsibility for the collapse of the insurance giant by resigning or killing themselves.

The Republican lawmaker’s harsh comments came during an interview with Cedar Rapids, Iowa, radio station WMT. They echo remarks he has made in the past about corporate executives and public apologies, but went further in suggesting suicide.

“I suggest, you know, obviously, maybe they ought to be removed,” Grassley said. “But I would suggest the first thing that would make me feel a little bit better toward them if they’d follow the Japanese example and come before the American people and take that deep bow and say, I’m sorry, and then either do one of two things: resign or go commit suicide.

“And in the case of the Japanese, they usually commit suicide before they make any apology.”

Grassley spokesman Casey Mills said the senator is not calling for AIG executives to kill themselves, but said those who accept tax dollars and spend them on travel and bonuses do so irresponsibly.

Se also:
Grassley on AIG execs: Resign or commit suicide
Senator Urges AIG Execs To Commit Suicide
US Senator Chuck Grassley from Iowa
AIG

/if there’s anyone who should apologize to the American people and either resign or commit suicide, it’s Congress