Archive for bailout

"Palin's populist bailout has grown into a financial and possible criminal disaster."

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A few things have popped up about former Half-Gov Barbie McLipSchmutz, like The FBI and the milkman: Got fraud?:

The Palin era dairy bailout seemed like such a bad idea back in 2007. Bailing out an industry that couldn't stand on it's own two feet. Appointing unqualified cronies to key positions and then allowing them to give away state agriculture loans without guarantees or proper collateral. But today, rumors are abound that the FBI has come knocking. [...]

Today the end is near, and the story line continues to highlight how Palin's populist bailout has grown into a financial and possible criminal disaster. [...]

Even putting the Creamery's blatant mismanagement, the BAC's brutal cronyism, and the resulting financial losses aside, there are strong signals from insiders that the FBI still has much to say.

At the end of the day, the Palin era dairy bailout will stand the test of time as a very costly and very ill conceived attempt at government subsidized crony cow capitalism.

And with that, here are today's L.A. Times letters to the editor, because our voices matter:

Re “Hey GOP, take the Palin cure,” Opinion, Nov. 18

I couldn't tell whether Allen was going for high satire or was sincere in her jaw-dropping recommendation to the GOP that it nominate Palin in 2016.

I'll be the first to admit that we live in a time in which reality and perception are often muddled, and in which “uninformed” — or perhaps more accurately “misinformed” — people vote based on 30-second TV spots. However, I like to believe that more people than not give some thought to their votes.

When Allen listed Palin's attributes as a potential presidential candidate, there was one glaring oversight: her lack of intellectual rigor. Surely most voters could pick up on that.

Julia Springer

Summerland

 ***

I would like to inform Allen that my circle of friends jumped the fence and did the unthinkable: We voted for President Obama in 2008 for no other reason than that we found Palin unprepared and unqualified to run for vice president.

Further, we questioned John McCain's sanity when he made such a choice.

Palin is not what the Republican Party needs, and if this is all we have to offer for the next election, we should fold up our tent and step aside.

As for Palin being the new Ronald Reagan, give me a break. She can't get smart enough or live long enough for such a title.

Lori Graham

Los Angeles

 ***

When I saw this piece by Allen, initially I assumed it was a joke. After reading it, I can only pray that Allen is able to persuade her party to run Palin in 2016. I cannot imagine a bigger gift to us progressives.

As a woman, I find it horrifying that Allen suggests Palin would win over Hillary Rodham Clinton because “looks count in politics.”

I guess that is the biggest difference currently between Democrats and Republicans: Democrats value intellect and ability; Republicans value “hotness” and apparently very low IQs.

So, go Charlotte Allen! Run Sarah Palin and give us the White House for at least another four years.

Maggie Bialack

Woodland Hills

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Video- Fox Regular Noelle Nikpour Refers To President Obama As "Bailout Boy Obama"

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You know, she just as effectively (per her brain) could have called him "The King of Bailouts" or something similar, but they have to get that "boy" in. Via Media Matters.

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VIDEO: Mitt Romney was bailed out by the US government. What a Bain in the butt this will be...

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Un-aired 1994 Democratic attack ad via Politico. More ads at the link.

“The way the company was rescued was with a federal bailout of $10 million,” the ad says. “The rest of us had to absorb the loss … Romney? He and others made $4 million in this deal. … Mitt Romney: Maybe he’s just against government when it helps working men and women.”

I'd gotten wind of this story this morning, and then my buddy @joewo passed it along with a link. Joe wrote it up here, and Politico provides the reporting.

Willard M. Romney, who is worth a quarter of a billion-with-a-B dollars, whose supporters accuse the Obama administration of being socialists, who boasts about being a job creator (or as Debbie Wasserman Schultz calls him, a "job cremator"), took bailout money from the U.S. of A. government, and he and others got millions in  bonuses.

What a Bain in the butt this will be for his campaign.

Politico:

In 2012, those familiar attacks from his past are likely to take on a new potency: Bain Capital’s involvement in mass layoffs is likely to haunt Romney in a campaign focused on jobs. Other episodes, such as the claims that Romney benefited from a federal bank rescue, could ignite anew.

The never-aired “bailout” ad, shared with POLITICO by one of Kennedy’s advisers, remains an unexploded grenade from that race, underscoring Romney’s vulnerability in the first presidential election fought since the 2008 financial meltdown [...]

[A] Boston Globe report from 1994 confirms that Bain saw several million dollars in loans forgiven by the FDIC, which had taken over Bain’s failed creditor, the Bank of New England.

Willard Romney: Hypocridiot-O'-The-Day.

Much more here.

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Michelle Bachmann Accuses G W Bush of Socialism

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That book is bound to be a doozy. /eyeroll Via Taegan-

In her soon-to-be published book, Core of Conviction, Rep. Michele Bachmann accuses former President George W. Bush of "socialism" for his 2007 decision to bail out financial institutions that were near collapse, ABC News reports.

Writes Bachmann: "The Bush administration, which had always professed faith in the free-market system, was now reversing its course."

She says Bush and then Treasury Secretary Hank Paulson were embracing a kind of "bailout socialism."

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Auto industry, seeing new life, is on hiring spree

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Guess the Republicans were right, we should have never bailed them out.

DETROIT — Volkswagen opened a plant in Tennessee last month with 2,000 workers. Honda is hiring 1,000 in Indiana to meet demand for its best-selling Civic. General Motors is looking for 2,500 in Detroit to build the Chevy Volt.

Two years after the end of the Great Recession, the auto industry is adding workers again — and much faster than the rest of the economy. As an employer, it's growing faster than airplane makers, shipbuilders, health-care providers and the federal government.

The hiring spree is even more remarkable because memories of the U.S. auto industry's near-death experience are fresh. In 2009, General Motors and Chrysler both got government bailouts and entered bankruptcy, and auto sales hit a 30-year low.

That June, about 623,000 people were employed by the auto industry in the United States, the fewest since the early 1980s. Now the figure is almost 700,000, a 12 percent increase.

Sales are up, too, and automakers are hiring by the thousands to meet increased demand.

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Quickie- Chrysler to repay bailout by end of June

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Funny how the R's used to say that the auto industry would just be "collateral damage", and that we should let them fail.

Alisa Priddle / / The Detroit News- Chrysler Group LLC today confirmed its intention to repay its $7.4 billion in loans to the U.S. and Canadian governments by the end of June, as long as market and other conditions remain conducive.

In a statement prior to CEO Sergio Marchionne hosting a visit from U.S. Treasury Secretary Timothy Geithner later today, Chrysler said it plans to repay its government loans with a new term loan facility and newly issued debt securities that will be sold to institutional investors in a private offering.

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Government Earned $12 Billion in Profit on Citi Bailout

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Yeah, that's PROFIT bitchez! Bet this will be the topic du jour on Fox all day, right? Via Taegan-

The U.S. Treasury sold the last of its Citigroup common shares that capped the government's biggest bank bailout of the financial-market meltdown, the Wall Street Journal reports.

"The stock sale, which was finalized Monday evening, means taxpayers will reap a profit of $12 billion on their $45 billion cash investment in Citi, the Treasury said. It also helps the government quell some of the criticism that it went too far in propping up the financial system, and allows the bank to shake the market stigma that it has effectively been a ward of the state."

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