The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Archive for April 29th, 2009

NRSC on the first 100 days

Posted by iusbvision on April 29, 2009

I could do without the spooky music, but accurate none the less.

By the way, yet another lobbyist in the “most ethical Congress in history” as Nancy Pelosi put it. Via Hotair.com and Ed Morrissey just tells it like it is:

Democrats demonized lobbyists for the last two years on the presidential campaign trail, and won the 2006 midterms by criticizing the “culture of corruption” in the GOP-run Congress.  My, how times have changed.  Look who just got a cushy job as the top lobbyist at the most politically-connected firm on Wall Street:

  • Goldman Sachs’ new top lobbyist was recently the top staffer to Rep. Barney Frank, D-Mass., on the House Financial Services Committee chaired by Frank. Michael Paese, a registered lobbyist for the Securities Industries and Financial Markets Association since he left Frank’s committee in September, will join Goldman as director of government affairs, a role held last year by former Tom Daschle intimate, Mark Patterson, now the chief of staff at the Treasury Department. This is not Paese’s first swing through the Wall Street-Congress revolving door: he previously worked at JP Morgan and Mercantile Bankshares, and in between served as senior minority counsel at the Financial Services Committee.

Barack Obama told me that if I voted for John McCain, I’d see a revolving door between Wall Street fat cats and smoke-filled back rooms of the White House and Congress.  What do you know — he was right!

In this case, it really is a revolving door.  We’ve covered the excessive political pull that Goldman Sachs has (and uses), which makes this really, really …. interesting.  Patterson leaves GS to become Tim Geithner’s chief of staff, despite Obama’s promise to keep lobbyists out of the government.  GS reaches out and gets one of Barney Frank’s close advisers to take his place.

Nah.  No “culture of corruption” here.  Looks like business as usual … which was what Obama and the Democrats supposedly ran against.

Morrissey is spot on and as we have covered over and over, the lobbying, the money and the musical chairs of people from Washington to Wall Street and Wall Street to Washington is worse then ever.

Posted in 2012, Chuck Norton, Obama and Congress Post Inaugration | Leave a Comment »

12.8 Trillion Spent: Economy Shrinks 6.1%

Posted by iusbvision on April 29, 2009

Bloomberg news is where we got the 12.8 trillion number and we wrote about this HERE. Housing demand is still really bad and there has been no serious attempt to fix housing by the government and now we are pushing into May. Government seems to be using this crisis to take control of the banks and it has also proposed taking 51% ownership in GM (LINK).

Yahoo/AP:

WASHINGTON (AP) — The economy shrank at a worse-than-expected 6.1 percent pace at the start of this year as sharp cutbacks by businesses and the biggest drop in U.S. exports in 40 years overwhelmed a rebound in consumer spending.

The Commerce Department’s report, released Wednesday, dashed hopes that the recession’s grip on the country loosened in the first quarter. Economists surveyed by Thomson Reuters expected a 5 percent annualized decline.

Instead, the economy ended up performing nearly as bad as it had in the final three months of last year when it logged the worst slide in a quarter-century, contracting at a 6.3 percent pace. Nervous consumers played a prominent role in that dismal showing as they ratcheted back spending in the face of rising unemployment, falling home values and shrinking nest eggs.

Posted in Chuck Norton, Economics 101, Government Gone Wild, Mortgage Crisis, Obama and Congress Post Inaugration | Leave a Comment »