The Detroit automaker said it will purchase 200 million shares of GM stock held by Treasury for $5.5 billion — or $27.50 per share — nearly $2 above the stock's closing price on Tuesday. GM shares jumped sharply on the news and were up 7.5 percent to $27.36, or $1.90, early afternoon in very heavy .As we continue to live under crushing debt, spending money we do not have but continue to borrow or print, we add to that a crushing loss on GM stock. There was never any reason for the government to buy into GM-a managed bankruptcy was always a better plan-but once they did there was no doubt the only loser would be the taxpayer. The initial investment was made under the guise that there was no funding available for bankruptcy, which they ended up going through anyway, and then that the government wouldn't lose any money on the deal, which they did. Bait and switch? Nah, we knew what we were getting.
The U.S. Treasury, after more than a year of refusing to say when it might start selling its remaining stake in GM, said it willannounce a written plan in January to shed its remaining 300 million shares over the next 12 to 15 months, likely in a series of small stock sales.
The Treasury's move is intended to minimize the impact of the stock sale on the share price — and the government's state will shrink from 26.5 percent to less than 19 percent — but the exit could be completed far more quickly.
The exit plan may prove to be a boost to GM's lagging stock price and to some car buyers, who have avoided GM because of the "Government Motors" label.
The exit timetable signals the end of one of the most extraordinary government interventions in the U.S. economy in history — the rescue and partial nationalization of two U.S. automakers and their finance arms supported by two U.S. presidents.
Still, taxpayers will almost certainly lose billions of dollars in the $49.5 billion GM bailout - and the government would need to sell its remaining shares for about $70 each to break even. If the government sold the rest of its stock at current prices, taxpayers would lose more than $13 billion.
Punching Stupid and Evil in the Face Since 1986!
Wednesday, December 19, 2012
Two Texas women are suing after state troopers subjected them to a humiliating and invasive 'roadside body cavity search' that was caught on video.The first trooper searched the car and found nothing. After the unbelievable violation, they then attempted to turn it into a DUI investigation, which also failed. Ultimately, the two women were issued a warning for littering for throwing a cigarette butt out the window. What's worse? The Texas Department of Public Safety had already received several complaints about unlawful strip searches and other disgusting behavior, but has done nothing to address the problem. I hope they throw the book at these people. I hope they win millions of dollars in a judgement against this department. I hope the officers who violated these women and other women like this, burn in hell.
Female trooper Kellie Helleson is seen in the footage aggressively searching the private parts of Angel Dobbs, 38, and her niece, Ashley Dobbs, 24, in front of passing cars.
The women, who claim the trooper used the same rubber glove for both of them, were initially stopped by Helleson's colleague David Farrell on State Highway 161 near Irving after he saw one of them throw a cigarette butt out the window.
Sunday, December 16, 2012
House Speaker John A. Boehner has offered to push any fight over the federal debt limit off for a year, a major concession that would deprive Republicans of leverage in the budget battle but is breathing new life into stalled talks over the year-end “fiscal cliff.”
Really I just wish Republicans would just walk away from the whole thing. The people voted for this, let them have it. When the economy goes to hell, then Republicans can make the changes that must be made. Anything else just allows them to continue to take the blame.
Saturday, December 15, 2012
Check the link for all the names, addresses and phone numbers you could want!
The hackivist group Anonymous has been so kind as to leak the personal contact information of Westboro Church members. With a special thanks to Vets Against the WBC.
Wednesday, December 12, 2012
During a panel discussion on Tuesday's NBC Today about hiring people to do Christmas chores like decorating the tree or buying gifts, the network's chief medical editor Nancy Snyderman suddenly broke into an anti-religious rant: "I don't like the religion part. I think religion is what mucks the whole thing up....I think that's what makes the holidays so stressful."
Snyderman's take-the-Christ-out-of-Christmas commentary was prompted by fellow panelist Star Jones explaining: "I focus on, honestly, the religion part of it. I really and truly do. So I can't out-source that part of it. I can send you to get my tree, but I can't help – you can't help me pray." When Snyderman launched into her attack on faith, Jones countered: "That's the only reason for me to have the holiday....We wouldn't have the holiday if it wasn't for the religion part."
Moments later, Jones was still giving Snyderman a quizzical look, causing Snyderman to react: "Look at you." Jones replied: "I'm sitting here, in my head going, 'Jesus is the reason for the season and you don't like the religious part.' Okay."
Um, ok. I'm not sure what we would even be celebrating if not for the birth of Jesus. The problem is not with "the religion part" the problem is irrational, liberal fools constantly trying to re-frame everything to suit their ideas. If you don't want to celebrate the birth of Jesus-DON'T-no one forces you to participate.
I'm not Jewish. I don't celebrate Rosh Hashanah or Yom Kippur but I don't try to turn those dates into days into something that suits me.
In a joint statement today, Buffett, Soros and more than 20 other wealthy individuals asked Congress to lower the estate tax’s per-person exemption to $2 million from $5.12 million and raise the top rate to more than 45 percent from 35 percent.
An estate tax structured this way will “raise significant revenue to reduce the deficit and fund vital services, will only be paid by the top one percent of estates, will raise more from the wealthiest estates” and will simplify compliance, said the statement. It also was signed by John Bogle,founder of mutual fund company Vanguard Group Inc., and former President Jimmy Carter.
Tuesday, December 11, 2012
As suspected all along, the President not only asked for twice the tax increase he campaigned on, but now it would seem the broken promise goes even farther down the rabbit hole. Obama is pushing for twice as much in new tax revenues, to the tune of $1.6 trillion, and of that increase he wants 75% going towards new spending. That's right, not only are we making what amounts to no reductions in the debt but we are increasing it at an even faster rate than he agreed to in 2011:
According to the minority side of the Senate Budget Committee, $1.2 trillion of the proposed $1.6 trillion in tax hikes would go toward new According to the minority side of the Senate Budget Committee, $1.2 trillion of the proposed $1.6 trillion in tax hikes would go toward new spending, while only $400 billion would go toward deficit reduction. spending, while only $400 billion would go toward deficit reduction.
"The [president's] plan called for $1.6 trillion in new taxes, twice what the president asked for in the campaign. He asked for $800 billion during "The [president's] plan called for $1.6 trillion in new taxes, twice what the president asked for in the campaign. He asked for $800 billion during the campaign. Now he wants $1.6 trillion in new taxes," said Senator Jeff Sessions, the ranking member on the Senate Budget Committee, last week the campaign. Now he wants $1.6 trillion in new taxes," said Senator Jeff Sessions, the ranking member on the Senate Budget Committee, last week on the floor. on the floor.
"Spending under that plan would increase $1 trillion above the levels agreed to in the Budget Control Act, as signed into law. We agreed to the "Spending under that plan would increase $1 trillion above the levels agreed to in the Budget Control Act, as signed into law. We agreed to the Budget Control Act 16 months ago, in August 2011, and we raised the debt ceiling and agreed to reduce spending. We raised the debt ceiling $2.1 Budget Control Act 16 months ago, in August 2011, and we raised the debt ceiling and agreed to reduce spending. We raised the debt ceiling $2.1 trillion and agreed to reduce spending $2.1 trillion. The President's plan would take out over $1.1 trillion of those spending limitations that are in trillion and agreed to reduce spending $2.1 trillion. The President's plan would take out over $1.1 trillion of those spending limitations that are in current law. I repeat, spending will increase more than $1 trillion above the already projected growth in spending," Sessions added. current law. I repeat, spending will increase more than $1 trillion above the already projected growth in spending," Sessions added.
"Our spending is growing. It is not decreasing. It is already projected to grow, but the President's proposal is to have it grow even faster than the "Our spending is growing. It is not decreasing. It is already projected to grow, but the President's proposal is to have it grow even faster than the law currently calls for." law currently calls for."
That's right kids, the way to solve the insurmountable debt and deficit that stretches to infinity is to make it bigger.
Monday, December 10, 2012
With so many Republican governors and legislatures refusing to implement ObamaCare Exchanges, the Federal government has been fast at work trying to get their versions of these exchanges ready for their 2014 debut. Of course, as is par for the course with this Administration, they can't just follow the law, they make it a point to completely decimate them in order to pay back their own friends.
HHS has contracted with a subsidiary of a private health care company to help build and police the very exchanges in which that company will be competing for business. The person who ran the government entity that awarded that contract has since accepted a position with a different subsidiary of that same company. An insurance industry insider (speaking on the condition of anonymity) says that HHS, in an attempt to hide this unseemly contract from public view until after the election, encouraged the company to hide the transaction from the Securities and Exchange Commission.Just one more aspect of the most corrupt Administration in history continuing their #winning streak!
Friday, December 7, 2012
Regular folks are cutting back on personal spending and tightening their belts just to fall farther and father behind each month-while the federal government can't seem to stop their over-bloated spending. And, just for the record-IT'S THE ENTITLEMENTS STUPID.The labor participation rate, which represents the proportion of the adult population that is either employed or actively looking for work, remains very low by historical standards.At 63.6 percent in November, Mr. Gault said, it was just 0.1 percent above the low point for the current economic cycle, which was reached in August 2012.
President Barack Obama will accept unlimited corporate donations for his Inauguration in January, reversing his position from his first Inauguration, according to two sources close to the planning.I guess exceptions are cool when you are talking about a PAR-TAY!
There are no legal limits for inauguration donations, but four years ago, the president capped all contributions at $50,000 and barred companies from kicking in any money. Obama had also banned corporate money from the 2012 Democratic National Convention.
But the sources say the new decision is driven by pragmatism: The president and his team just wrapped up the most expensive campaign in history — with costs topping $1 billion — and they’ve determined that their donors are simply tapped out.
The cost of an Inauguration can run into the tens of millions. Obama spent $47 million in 2009. And raising that in a matter of six weeks is too difficult without throwing open the flood gates, said the sources, who spoke on condition of anonymity.
According to the Republican side of the Senate Budget Committee, welfare spending per day per household in poverty is $168, which is higher than the $137 median income per day. When broken down per hour, welfare spending per hour per household in poverty is $30.60, which is higher than the $25.03 median income per hour.
"Based on data from the Congressional Research Service, cumulative spending on means-tested federal welfare programs, if converted into cash, would equal $167.65 per day per household living below the poverty level," writes the minority side of the Senate Budget Committee. "By comparison, the median household income in 2011 of $50,054 equals $137.13 per day. Additionally, spending on federal welfare benefits, if converted into cash payments, equals enough to provide $30.60 per hour, 40 hours per week, to each household living below poverty.So the lesson is, go on welfare, make more money than the average worker and pay no tax. Remind me again-what's the incentive to work?
To survive, the GOP needs to stop being afraid of Millennials and tell them truth: they can move out of mom and dad’s house, they can drop out of school, they can quit their dead-end job with the idiot supervisor. But they can’t get away from government and debt.
If you want freedom, it doesn’t emanate from Washington, DC. It starts here.
Thursday, December 6, 2012
This is a very important opportunity for conservatives in the MO 8th. We have several newly elected members in the Congressional District Committee. Because this is a seat that Republicans have had no trouble holding on to, even with a RINO like Jo Ann Emmerson, it would be a real boon to get an actual conservative to serve.The process for selecting a replacement:
The following process will occur once a vacancy is declared (in this case, it will not be until February):
Once the Governor and Secretary of State are notified of the vacancy, the Secretary of State will have 24 hours to notify the 8th Congressional District GOP Committee.
The Governor will select the date for the election, and according to RSMO 21.110, he must provide at least 10 weeks notice.
Once the 8th Congressional District GOP Committee is informed of the vacancy, the Chairman of the committee will call a meeting of the committee to select a Republican candidate to run in the special election. The meeting must occur within the congressional district, and a majority of members of the committee must attend in person.
Wednesday, December 5, 2012
It would seem that President Obama is now openly seeking out the help and support of the MSM to push support of his tax and spend agenda:
"President Barack Obama met with several MSNBC hosts this afternoon at the White House to discuss tax rates, according to Huffington Post reporter Jennifer Bendery. The reporter wondered if an "MSNBC love fest" was going on at the White House."
Well at least he isn't hiding his propagandist ways any more. Now he just invites those kids right in to the White House to tell them what to report. I'm sure there will be no bias there. Maddow or Sharpton are sure to question the validity of massive tax increases during a recession while at the same time doing nothing to curb spending. Makes perfect sense to me.
On Nov. 19, nine business days after she won reelection with 72 percent of the vote, Rep. Jo Ann Emerson, R-Mo., began final negotiations for a new job with the National Rural Electric Cooperative Association, official documents show.Oh, color me surprised...... Thanks for wasting our time and for not allowing a truly good conservative candidate the opportunity to serve. This would go right along with what Bill Hennessy wrote just this morning-she knew she was leaving and wanted to secure the seat for a true
According to ethics rules set in place meant to avoid conflict of interest, Members of Congress are required to file disclosures with the House Ethics Committee and the Senate Office of Public Records within three business days after they begin to negotiate for a future job while they are still in Congress. However, the definition of "negotiation" is left ambiguous and leaves room for "preliminary or exploratory" talks before any report is required. Reports are filed on paper at the ethics committees offices and, while available to the public, are not posted online.
While the stamp date on the document shows that disclosure was filed on Nov. 16, Emerson appears to have signed the document on Nov. 23. The Reporting Group contacted her office and the ethics committee for a clarification and will update this post if more information is provided.
Rep. Emerson also filed another form, dated Dec. 3, to recuse herself from any official matter that would affect the National Rural Electric Co-op. As Sunlight reported earlier, over the past two decades, the co-op has contributed more than $72,000 to Emerson and her husband, the late Rep. Bill Emerson, whom she succeeded in office, as well as another $20,000 to GO JO, Emerson's leadership PAC.