The inept managers of the insurance giant AIG, which is being bailed out by taxpayers at a cost of over $170 billion, are using taxpayer money for hundreds of millions of dollars in bonuses!
The Senate voted down an amendment that would have kept federal bailout money from being used to hire illegal aliens, resulting in up to 300,000 jobs being filled by illegal aliens that otherwise might have gone to citizens and legal immigrants.
In an unrecorded voice vote, the House of Representatives voted down a proposed amendment to keep people who lied on their loan applications from receiving federal bailout money.
The vote was unrecorded so that liberal lawmakers in conservative districts (who camouflage themselves as supposedly-conservative “Blue Dog” Democrats) could hide their vote from their constituents. The stimulus package funds groups like ACORN, which helped spawn the mortgage crisis by promoting “liar loans,” and which has an extensive history of financial fraud and vote fraud.
Federal spending commitments for bailouts now exceed $8 trillion, including a “stimulus” package that the Congressional Budget Office admits will actually shrink the economy “in the long run,” and that guts the 1996 welfare reform law (contradicting Obama’s claims in his 2008 campaign ads that he supported welfare reform — even though he had fought to undermine welfare reform while in the Illinois legislature).
Law professor Ronald Rotunda, co-author of a treatise on constitutional law, doubts the constitutionality of the stimulus package’s “bypass” provisions.
Meanwhile, healthy banks that sold shares to the federal government only under pressure from the Treasury Department (which argued that they should accept federal money so that unhealthy banks also taking federal money would not thereby be stigmatized as a result) are being harassed by liberal lawmakers like Barney Frank (D-Mass.) for spending much smaller sums than AIG on deserving managers and employees, and for failing to make risky mortgage loans to people with bad credit.
Money is pouring into the Washington, DC area, as up to 250,000 new bureaucrats will be hired as a result of the explosion in federal spending (Obama has pushed through more spending in his first 60 days in office than Bush spent on the entire Iraq War, and federal deficits are at unprecedented levels, something that not even the proposed massive tax increases will fix).
(By the way, Washington, D.C. now has the highest AIDS rate in America — a rate of more than 3%, higher even than most of Africa, qualifying as a “generalized and severe epidemic.” Congress has plenary power over the District, but neglects its most basic oversight functions, resulting in a thoroughly incompetent D.C. city government).
Meanwhile, the economy faces a “litigation tax” from an explosion in lawsuits, as a result of recent changes in employment law, trial-lawyer earmarks in the stimulus package (such as HIPAA lawsuits), and a proliferation of products liability lawsuits resulting from anticipated anti-preemption bills in Congress, and the Supreme Court’s newfound reluctance (perhaps in response to liberal victories in the 2008 election) to limit runaway lawsuits in state courts.
POST YOUR COMMENTS BELOW