February 2009

Obama to Limit TARP Executive Pay to $500,000

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Update: Cloak and Dagger alert! Executive pay limits can be waived!:

Those same rules, however, would be voluntary for most recipients of government aid. Companies could waive the restrictions by informing shareholders.

Get that? Voluntary, just inform shareholders you are handing over huge wads of cash to people who ran your company into the ground to the point you need taxpayer money...wala, not a problem.

This is a shocker. Obama to Limit Executive Pay at Companies Getting Aid.

About time!

President Barack Obama will announce today that he’s imposing a cap of $500,000 on the compensation of top executives at companies that receive significant federal assistance in the future, responding to a public outcry over Wall Street excess.

Is Obama the Offshore Outsourcing President?

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Yesterday Obama nominated the most notorious offshore outsourcing Senate advocate, Judd Gregg, for Commerce Secretary.

Today global labor arbitrage and offshore outsourcing expert, expert, Dr. Ron Hira, spells out the hidden multinational corporate offshore outsourcing agenda in an op-ed, The Obama administration promotes outsourcing:

We know from a recent EE Times survey that offshoring is the No. 1 career concern for EEs. The Obama Administration has been in office just a few weeks now, but we already know how it will address the offshoring of engineering jobs.

It will promote it.

The 2009 Parable of the Talents

“Once upon a time, a man went on a journey, and summoned his slaves and entrusted his property to them. To one he gave five talents, to another two, and to another one, each according to his ability. Then he went on his journey.

The one who had received five talents went off right away and put his money to work in a Wall Street investment bank speculating in complex derivatives.

In the same way, the one who had two took out a negative-amortization, stated income subprime mortgage on a McMansion.

But the one who had received one talent went out and invested in a money market account, which dug a hole in the ground and hid his master’s money in it, earning only 2% a year.

Accountablity? That's for the mere citizens....Not CEOs...nor House Chairmen, eh Barney?

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Gosh Barney, what's up with this. I've been a big fan of yours, more fool me it would seem, as I've watched you go up against the GOP on the cable bloviator fests. But what about this Barn?

As usual there is clearly more going on here than meets the eye!

I found the part where Rep Sherman noted that, yes Virginia, he is hearing from his constituents about 'accountability' which clearly means something different in the D.C. Village than it does out here in taxpayer land.

Manufacturing Tuesday: Vol. 2.3.09

Greetings everyone to another new installment in the Manufacturing series. Now this was intended to be released yesterday, but some emergency family issues came up that needed to be resolved (this seems to be happening a lot to me on these days lately!). So, please accept my apologies on the delay. Saying that, though there is a silver lining, I'm going to go ahead and basically give you a more "fresher" version of what was planned for yesterday (I normally write these up on Saturday and Sunday). So without further adieu....

The Numbers

Yesterday we got the latest ISM Manufacturing Survey Index figures for the month of January. The patient is recovering, but is still in critical condition!

Autos Now in the Tank - Sales Down to 1981 Levels

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Remember in the 1980's (or look in your history books) on how important it was to buy American cars to support American workers?

Well, read the 2009 headlines:

GM, Ford Drag U.S. Sales to Worst Month Since ’81

General Motors Corp. and Ford Motor Co. said U.S. sales plummeted at least 40 percent in January and Toyota Motor Corp. dived by almost a third, dragging the world’s biggest auto market to the worst month since 1981.

U.S. industrywide deliveries tumbled 37 percent to 656,976 as the recession ravaged demand. That translates into an annual rate of 9.6 million after an average of more than 16 million vehicles in this decade, research firm Autodata Corp. said.

Why aren't Americans rioting?

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Joshua Holland asks a very interesting question.

Explosive anger is spilling out onto the streets of Europe. The meltdown of the global economy is igniting massive social unrest in a region that has long been a symbol of political stability and social cohesion.

It's not a new trend: A wave of upheaval is spreading from the poorer countries on the periphery of the global economy to the prosperous core.
...
Notably absent from the list of countries where the economic crunch is rending the social fabric is the good ole US of A, a state with the greatest level of economic inequality in the wealthy world.

California is officially flat broke

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Today was the day when California's budget problems went from bad to worse.

Since legislators have yet to produce a solution to California's $42 billion dollar budget deficit, state money has now completely stopped flowing outward.

Declaring itself officially broke, the state government will begin issuing IOU's instead of check for grants, schools and any other organization or program which was previously receiving funding. Additionally, your California income tax refund check this year will not be sent out until after a balanced budget is passed. Those who have already filed their taxes will get an announcement noting the delay.

Why Did Obama Just Nominate a Notorious Outsoucer for Commerce Secretary?

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America is screaming for change. They voted for change, they voted for no more offshore outsourcing, displace of U.S. workers with foreign guest workers, modification of trade agreements, improvement for labor, more unions, and to stop the never ending shrinking middle class.

So, what did Obama just nominate one of the most notorious offshore outsourcers in the Senate to be Commerce Secretary?

Alan Tonelson says it best, The Secretary of Outsourcing:

knew that Senator Judd Gregg, the New Hampshire Republican widely reported to be President Obama's leading candidate to head the Commerce Department, was a staunch supporter of outsourcing-focused trade policies. But until I checked his record, I had no idea how staunch. And for how long!

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