define('DISALLOW_FILE_EDIT', true); define('DISALLOW_FILE_MODS', true); No Runny Eggs » steveegg

No Runny Eggs

The repository of one hard-boiled egg from the south suburbs of Milwaukee, Wisconsin (and the occassional guest-blogger). The ramblings within may or may not offend, shock and awe you, but they are what I (or my guest-bloggers) think.

Archive for posts by steveegg.

April 29, 2009

Obama Air Force One commercial

by @ 10:22. Filed under Politics - National.

All we need is someone with voiceover skills to run with Fausta’s setting of the VC-25 (better known as Air Force One when the President is on board) buzzing of lower Manhattan to the MasterCard “Priceless” commercial.

Revisions/extensions (6:58 pm 4/29/2009) – Don’t ask me why I decided to try my hand at this, but I did…

[youtube]http://www.youtube.com/watch?v=uuGs0nh1FWw[/youtube]

Hot Read – John Hawkins, Why The Republican Party Is Psychologically Out Of Whack

While I work out how I want to have a Scramble Headlines section work, I’ll crib from Charlie Sykes and point you to, in this case, John Hawkins’ diagnosis of the split in the Republican Party.

That brings us to where we are today. The conservative base of the GOP feels like it has been used and abused by the Republican Party. Until that changes, we’re not going to cut the Party a lot of slack, we’re not going to be very interested in helping moderates, and we’re going to be deeply suspicious of the Party.

The way to change that perception is to admit that the party lost its way, reach out to the base to convince them that it has changed, and then to prove the party is getting back to its conservative roots by voting that way. When conservatives become convinced that the GOP is “on their side” again and making a good faith effort to do the right thing, we’ll be much more tolerant of moderates in blue states, we’ll cut the party more slack, and we’ll get fired up again. Having a far left-wing radical in the White House will help on that count, too.

But in the interim, conservatives should remember that if we want to win elections, we need to add people to the Republican Party, not get rid of them and moderates should remember that the beating heart of the GOP, like it or not, will remain conservative for the foreseeable future.

What expires faster than milk?

by @ 8:38. Filed under Politics - National.

Jim Geraghty shares the Not-So-Sweet 16 17 Obama campaign promises that have reached their expiration dates during the first 100 days of Obama’s Presidency. That is just one of the reasons why he is The Indispensible One.

Somewhat related, Jim has finally unprotected his Twitter updates. Do make sure you’re following him.

Pic of the day

by @ 8:20. Filed under Politics - National.

S. Weasel perfectly describes Arlen “Scottish Law” Specter (RINO D-PA) in Photoshop…

Oh, and go over to her place for comments. She deserves the credit.

Chrysler to become UAW Motors

by @ 7:55. Tags:
Filed under Business, Politics - National.

(H/T – DrewM., and I highly recommend reading the comments, at least if you are able to handle AoSHQ-standard NSFW language)

Bloomberg reports that the United Auto Workers are poised to accept a new contract that gives them a 55% stake in Chrysler, LLC. It also reports that Italy’s Fiat will initially get a 20% stake, which may increase to 35% if certain performance goals are hit, and that the Treasury Department will retain the other 10%.

The story, and others on the web, don’t mention where the 15% that may go to Fiat will be held initially, but I presume it will be the Treasury. Somehow, I doubt the Ram and Dakota pickups or most of the Jeep lineup surviving will be part of the conditions set by the Obama administration.

The UAW portion is a bit complicated. Chrysler is obligated to put $10.6 billion into VEBA, the union-run retiree health care plan. In exchange for $8.8 billion, Chrysler will give UAW said 55% stake, valued at $4.2 billion, and put in a $4.59 billion promissory note, to be paid off in installments until 2023 at a 9% annual interest rate.

That brings up the same question that I had yesterday with General Government Motors – what happens when it’s time to convert that 55% stake into cash? With most of the VEBA funding to be paid later, I expect that to happen sooner rather than later, sooner even than at GM. The Bloomberg story notes that, if the UAW manages to get more than $4.2 billion for its full 55% stake, the Treasury will get the difference. That begs the question of what happens in the likelier eventuality that the UAW doesn’t get $4.2 billion. Will the Treasury we the taxpayers pony up that difference?

Related to that, the Washington Post notes at the end of its story that one of the key players in the Obama auto task force that has come up with both the union-owned Chrysler and government-owned GM is Ron Bloom. Bloom was instrumental in creating the employee-owned United Airlines. The Post notes that didn’t exactly work.

One more item – The News Organization That Cannot Be Quoted™ (that would be the Associated Press for those just tuning in) reports that the biggest of Chrysler’s secured creditors, representing 70% of the secured debt, including JPMorgan, Citibank Chase, Goldman Sachs and Morgan Stanley, have reached a deal with the Treasury to, if all 46 secured creditors sign on, take $2 billion in cash to retire the $6.9 billion in secured debt they hold. I note that those 4 banks are among the 19 undergoing the TARP “stress tests”, and I wonder if the hold the Obama administration has on them had anything to do with them swallowing the 71% haircut the Treasury is demanding. After all, as secured creditors, they get paid first in the event of Chrysler’s liquidation, and it is likely that they would do far better than $2 billion.

Revisions/extensions (8:13 pm 4/29/2009, involves a major ReWrite™ of the first R&E after reviewing the WaPo item) – The Washington Post reports (H/T – Dad29) that, in the now-likely event of a bankruptcy, the final US Treasury stake would be only 8%, with the Canadian government owning 2%. The hedge funds which own Chrysler secured debt are resisting the cramdown because a recent Standard&Poor’s analysis of it reveals that what the Treasury is offering is at the bottom end of what they could recover in a bankruptcy.

That is a risky proposition because a bankruptcy judge could force the cramdown down the funds’ throats. I’m sure that the Treasury knows precisely which judge will get the case, and how that judge will act.

April 28, 2009

Eggs on the road – end of April edition

by @ 15:35. Filed under Miscellaneous.

There’s some traveling to be done, both today and later this week:

Today

The Milwaukee-area Scott Walker for Governor announcement – Wisconsin Lutheran College, 8800 W. Bluemound Rd., Wauwatosa, 5:45 pm
Blog ‘n Grog – Nice Ash, 327 W. Main St., Waukesha, 7 pm

Friday-Sunday

Republican Party of Wisconsin convention – La Crosse Convention Center, 300 Harborview Plaza, La Crosse (yes, I will be live and in color, and I hope to have some good interviews)

And I’m sure I’ll squeeze in a Brewer game (most likely Thursday) because it’s the 5-county half-off deal.

The generic R beats the generic D*

by @ 14:46. Filed under Politics - National.

Rassmussen reports that, in the current generic Congressional horserace, the Republican would beat the Democrat 41%-38%. Even better, 31% of conservative Dems say they’re willing to bolt their pasture. That’s brilliant timing on the part of Arlen Specter (D-PA) to announce he’s returning home.

Of course, there’s a couple catches. First, this is just the second time in the 5-year history of the daily/weekly horserace that the Republicans have had a lead. Second, the 41% represents an R high while the 38% represents a D low.

DLTDHYOTWO, Scottish Law

by @ 11:22. Filed under Politics - National.

(H/T – Michelle Malkin)

The Washington Post‘s Chris Cillizza reports that Senator Arlen “Scottish Law” Specter (R RINO Rat-PA) is going to make that last designation official, hand Senate Majority Leader Harry Reid (D-NV) a filibuster-proof majority once Stuart Small…er, Al Franken gets his certificate, and run in 2010 as a ‘Rat. Two things:

– The NRSC, and its head John Cornyn (“R”-TX), now has major egg on its face for supporting Scottish Law in his expected primary against Pat Toomey

– For those of you thinking that 60 is a magical number, guess again – there has been no difference between 57 ‘Rats and 60 thus far.

I’d like to thank Scottish Law for making it official, and making Toomey’s election a little bit easier.

Revisions/extensions (11:52 am 4/28/2009) – Allahpundit brought the full scope of Specter’s betrayal out of the memory hole, recalling a March 17 interview with “The Hill” (emphasis in Allahpundit’s copy):

I am staying a Republican because I think I have an important role, a more important role, to play there. The United States very desperately needs a two-party system. That’s the basis of politics in America. I’m afraid we are becoming a one-party system, with Republicans becoming just a regional party with so little representation of the northeast or in the middle atlantic. I think as a governmental matter, it is very important to have a check and balance. That’s a very important principle in the operation of our government. In the constitution on Separation of powers.

One more thing – this quote from my piece last month (linked above) looking at just how ineffective the Senate Republicans have been (failed to stop the Dems 9 times out of 10 at that point) needs to be dusted off – “So, who were the big failures? Specter and Snowe lead the pack at 9, but I give the edge to Specter for his attempt to make the total failure rate 100%.”

R&E part 2 (12:14 pm 4/28/2009) – Jim Geraghty has a few more tidbits:

– That promise to stay in the Republican Party was made as late as April 9.

– Specter is already off the list of Senators at the NRSC home page

There is more over at Jim’s place.

New NRE poll – What will the official team of NASCAR (Hendrick Motorsports) be driving next year?

With the news that GM, the parent company of Chevrolet, is seeking a government takeover, the Car and Driver April Fool’s Day joke about the Obama Administration forcing them (and Chrysler) out of NASCAR is quite a bit closer to reality. With that in mind, it’s time for another NRE poll, focusing on the official team of NASCAR, Hendrick Motorsports.

I’ll leave it to your discretion on whether to count a Chevy Impala with all the badges removed as a non-factory-sponsored Chevy or “something else”. The cars IROC ran in their last couple years of existence were Pontiac Trans Ams, but since GM stopped making them (and ultimately pulled Pontiac out of motorsports), they bore no GM badges.

What will the official team of NASCAR (Hendrick Motorsports) be driving next year?

Up to 1 answer(s) was/were allowed

  • NASCAR will be out of business (26%, 10 Vote(s))
  • Toyotas (18%, 7 Vote(s))
  • Non-factory-sponsored Chevys (13%, 5 Vote(s))
  • Something else (13%, 5 Vote(s))
  • Factory-sponsored Chevys (11%, 4 Vote(s))
  • Fords (11%, 4 Vote(s))
  • Hendrick Motorsports will be out of business (5%, 2 Vote(s))
  • Dodges (either factory-sponsored or non-factory-sponsored) (3%, 1 Vote(s))

Total Voters: 38

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Government Motors to axe Pontiac, save the unions

by @ 7:32. Tags:
Filed under Business, Politics - National.

In case you missed all the news about General Government Motors yesterday, let’s recap (courtesy Investor’s Business Daily):

  • GM will drop Pontiac as a brand, 8,000 jobs, and 2,600 dealerships by next year. I suppose the good news is the performance division won’t be stuck trying to sell the Pelosi GTxi SS/Rt Sport Edition (© Iowahawk)
  • GM is asking bondholders who hold $27 billion in GM debt to swap their notes for stock to the tune of 225 shares per $1,000 owed, or $4.44 per share. That is just over twice what the stock is trading at now, which represents something less than 50 cents on the dollar for the bondholders, and if math I’ve seen elsewhere is right, would represent roughly 10% of the stock.
  • GM wants the United States Treasury to take a majority of common stock in exchange for forgiving $10 billion in debt. Also, they want the UAW to take 39% of the common stock in lieu of cash for $10 billion in retiree health care payments.

That leaves the current stockholders with 1% of the company. If you’re confused, join the club headed by Larry Kudlow.

Jimmie over at The Sundries Shack explains that it is all payback. He pulled a post from QandO from the memory vault that unspun a Los Angeles Times article attempting to pin the Congressional failure of the Big 3 UAW bailout on those eeeeeeeeeeevil Republicans. Not only have contributions from the UAW dwarfed those from the Big Three over the last 4 election cycles, and not only have those UAW contributions gone to the Democrats by a 99-1 ratio over each of those 4 cycles, but the Big Three donated mostly to Democrats last time around.

One more thing; the editorial gang at IBD noted that the UAW Jobs Bank, unlike the power of current GM stockholders and the value of the debt held by GM’s creditors, is going nowhere.

Revisions/extensions (7:51 am 4/28/2009) – Let’s do some math, using the assumption that the $10 billion-for-39%-of-the-common-stock the UAW is getting is a pure 1-1 deal. Of course, it is a very dangerous assumption because the market capitalization of GM is only $1.25 billion. That would put the new “market capitalization” at a tick below $25.65 billion. Assuming things don’t crater at the “new” GM (do remember, however, that assumption is the mother of all fuck-ups), we can use that to determine how badly the bondholders and stockholders get the shaft here:

– Ignoring the effect of the remainder of the loans, the $10 billion the government will spend to run General Government Motors would be worth $12.82 billion. Of course, there’s the “slight” matter of paying back the other $17 billion that GM is borowing/wants to borrow.
– The $27 billion the bondholders would pay to get 10% of GM would turn into a $2.56 billion “investment”. That’s a haircut of over 90%.
– The $1.25 billion the market has invested in GM suddenly turns into $256 million, or a haircut of just under 80%.

If I were one of the bondholders, I’d hold out for bankruptcy. That notes-for-stock plan won’t happen unless almost all of the bondholders agree.

R&E part 2 (10:12 am 4/28/2009) – Ed Morrissey has more on this effect.

There’s also a couple questions I don’t really want to consider because they are just too ugly:

– Who is going to buy the UAW 39% to convert those shares into cash? Do remember that the 39% is taking the place of $10 billion that was supposed to go into the retiree health fund, and I doubt that the dividends will make up for that lost cash.
– What happens when (not if) the market decides that Government Motors isn’t worth $25.65 billion?

R&E part 3 (10:38 am 4/28/2009) – The Washington Post has a few more details:

– The Obama administration is claiming they won’t use their majority position to run the company. Of course, when they had but 35% of the debt, they demanded the firing of former CEO Rick Wagoner and a reconstituting of the board of directors. As Jim Geraghty says, “All of Barack Obama’s statements come with an expiration date. All of them.”

– Related to that control, it was the Treasury that formally limited the bondholders to 10% in the new company.

– While GM bonds are currently trading in the $0.08-$0.13 on the dollar range, financial experts are expecting a return of 0%-5% for bondholders who take shares of common stock. That goes to the questions I had earlier, because that would represent a halving of the nominal “market cap” based on the UAW obligation-for-stock deal.

April 27, 2009

The Crap Water People™ do it again

by @ 7:24. Filed under MMSD - The Crap People.

As expected, the rain over the weekend triggered dumping of both partially-treated sewage and raw sewage from the combined sewers in Milwaukee and Shorewood. I decided to run through all 20 of MMSD’s working rain gauges to see how much rain fell between the 7-am hour Saturday (the first gauge, at Green Tree and River in River Hills, showed 0.03 inches of rain at 8 am) and the start of the dumpings (the partially-treated dump began at 11:30 am Sunday, the combined-raw-sewage dump began at 2:45 pm).

The average rainfall in the 28 hours between the start of the rain and the start of the partially-treated sewage dump – 1.93 inches, with a high of 2.64 inches on Granville just north of Bradley (Milwaukee’s far northwest side)

The average rainfall in the 31 hours between the start of the rain and the start of the combined-raw dump – 2.45 inches, with a high of 3.36 inches on Granville just north of Bradley, 2.11 inches at 3rd and Lincoln (the southern part of the combined sewer area), 2.46 inches at 25th and Canal (the middle of the combined sewer area), 1.92 inches at Bartlett and Belleview (Upper East Side, also in the combined sewer area), and 2.31 inches at 36th and Fond du Lac (the northwest part of the combined sewer area)

The average rainfall in the 46 hours between the start of the rain and 5 am this morning – 2.95 inches, with a high of 3.90 inches on Granville just north of Bradley

As of 7:20 am, the main Deep Tunnel was holding 369 million of its 405 million-gallon capacity, and it is slowly being pumped out, while the Northwest Side annex was holding 88 million of its 89 million-gallon capacity. Both sewage plants are running at over 100% capacity.

Exit question – Is that a “hundred-year” rain that MMSD and their echo chamber at The Milwaukee Journal (I don’t remember whether the Sentinel also bought in) said would be required to defeat the somewhat-almost-not-quite-deep-enough Deep Tunnel?

April 24, 2009

Scott Walker is now in the ring – UPDATE – Mark Neumann to likely follow

by @ 18:09. Filed under Politics - Wisconsin.

The word from his Twitter account – “I just filed my paperwork to run for governor of Wisconsin.”

Revisions/extensions (9:41 pm 4/24/2009) – WISN-TV reports (H/T – WisPolitics) that they confirmed that the Tuesday/Wednesday announcement tour by Walker will be his formal announcement of candidacy.

WISN and others also report that Neumann intends to jump in “some time between now and October.”

One more item, also via WisPolitics – the Superior Telegram is reporting that Superior mayor Dave Ross is exploring the possibility of running for lieutenant governor on the Republican ticket, and expects to decide in the fall.

Welcome to Twitter, WisDems

by @ 7:53. Filed under Politics - Wisconsin.

(H/T – Kevin Binversie)

I likely won’t be following the Democratic Party of Wisconsin on Twitter, but Tweets like this one may make me change my mind because there’s just so much good comedy material inside of 140 characters:

Kevin already pointed out the fact that they misspelled Mark Neumann’s last name. Come on, DPW. If you’re going to endorse an opponent in the opposition party’s primary, at least get the name right. One more thing on that; don’t try the “Twitter = text message” excuse – that Tweet didn’t come from a cell phone.

Speaking of endorsing, I assume there is a reason why, at this early stage, the DPW is trying to select Jim Doyle’s opponent now. They’re not exactly afraid of someone who has been out of politics the last 10 1/2 years, while they’re deathly afraid of a certain county executive.

April 23, 2009

Taliban on the march in Pakistan

by @ 17:39. Filed under War on Terror.

(H/T – Allahpundit, who is officially freaking out)

The Daily Mail reports that, after being given control of Pakistan’s Swat district, the Taliban took over the neighboring Bruner district, putting them a mere 60 miles from the capital of Islamabad.

If that isn’t disturbing enough, Bill Roggio has even worse news – they’re also moving on the Haripur district, which neighbors not only Islamabad, but the military garrison city of Rawalpindi (headquarters of the Pakistani Army) and several nuclear facilities, including the facility where Pakistan’s nuclear weapons are reportedly stored. If memory serves, Pakistan has close to 100 nuclear weapons, already sized for ballistic-missile or tactical fighter delivery, and while they don’t possess any purely-military nuclear-capable assets that can hit American soil, they do have nuclear-capable assets that can easily hit Afghanistan.

For those hoping that an Anbar-style “awakening” would stem the tide against the Taliban, Roggio has some very bad news – the Taliban is steamrolling through whatever resistance the local tribal lashkars have put up. That piece also reinforces the lesson that the Taliban cannot be negotiated with – on April 9, they agreed to pull out of Bruner; on the 10th, they started consolidating control over Bruner.

It’s not often that I agree with Secretary of State Hillary Clinton, but her reaction to this news (from the Mail) rings true – “I think the Pakistani government is basically abdicating to the Taliban and the extremists.” Considering that the Taliban is an ISI creation, and that up until yesterday, the government of Pakistan wasn’t exactly willing to fight for Bruner, one could say that the Taliban is coming home to roost.

However, that would be a “minor” understatement. There is the “minor” matter of the nuclear weapons program.

Open Thread Thursday – 4/23/2009

by @ 9:06. Filed under Open Thread Thursday.

There’s so many topics out there, but I have so little energy. Consider this the open thread.

April 20, 2009

There’s no way out of TARP, parts 3-5

by @ 11:33. Tags:
Filed under Business, Politics - National.

Those of us who at a minimum had severe reservations about TARP and at a maximum opposed it are being proven right about our concerns. Where, oh where to begin.

I’ll start with the news that I first heard Saturday and posted through the Emergency Blogging System now that I found a link – Bloomberg reports that the Treasury will be hanging onto their stock warrants after the TARP loans are repaid and the prefered stock the Treasury received as part of the package is bought back, only releasing the warrants after a further negotiated settlement.

Item #2 – Fox Business reports that Treasury officials are considering converting the the aforementioned prefered stock into common stock, complete with voting rights. In several instances, that would make the government the largest voting shareholder.

Item #3 (H/T – Legal Insurrection) – The Financial Times reports that repayment would be accepted only if it were in the “national economic interest”. That’s right; banks that have the money to pay back the loans and pass the “stress test” may not be allowed to pay back the government.

I’m just waiting for the booming voice that is in the Grand Finale of Rush’s “2112” to announce, “Attention all banks of the United States of America. We have assumed control. We have assumed control. We have assumed control.”

April 15, 2009

Very-quick Appleton Tea Party thoughts (and the rest of the state)

I took a look at the map and the clock and decided not to go to Fort Atkinson’s tea party, opting instead to make Appleton’s. I’m too tired to offload the pics off my camera and make sure they’re halfway-decent, but I’ll crib off my Tweets:

– There ended up being somewhere around 3,000 people, as the Fox Banquets parking lot ended up being jammed up.
– No current politicians were up at the microphone, but we did get a brief appearance from former state treasurer Jack Voight.
– After the opening invocation, we got a history lesson – Since the Brits spent themselves out of money, they looked at the American colonies as a piggy bank. The colonists responded with the original tea party and ultimately the Revolution.
– Speaking of history, one of the speakers (didn’t have a working recorder, so I don’t remember his name) pointed out that at one time, each party had a low-tax champion, and that both parties are currently ignoring their legacies.

I do have numbers from a couple of other Wisconsin Tea Parties:

Superior – 100
Eau Claire – 300
Wausau – “hundreds”

I was hardly alone covering the Madison Tea Party:
Lance Burri with the pic dump.
Randy Hollenbeck (do not miss the two-page photo gallery)
Denise of Finding a Balance
Fred Dooley (first is his personal blog, Real Debate Wisconsin, second is the MacIver Institute)
Christian Schneider
MadisonConservative

Revisions/extensions (11:13 pm 4/15/2009) – Paul Socha has a good write-up and a heap of pics. Somehow I missed him.

Very-quick Madison Tea Party thoughts

I’ve got a couple minutes between Madison’s Tea Party and Fort Atkinson’s, so I’ll put a couple thoughts up on what 5,000-6,000 of my closest friends and I saw and heard.

– The theme of the day is that elections matter. It isn’t enough to be involved today; we need to be involved tomorrow, next week, next month, and next election.

– I should’ve brought the Big Black Camera. It was far too bright to get good pics off the Blackjack.

– It was refreshing to hear both Reince Priebus (RPW chair) and Rep. Paul Ryan note that both parties are at fault for this. Ryan did, however, forget that his votes of last year, and his vote for the 90% TARP tax, are also parts of this.

– Superior mayor Dave Ross wondered where the higher-taxes rally was. I submit it was inside that building we were in front of.

– Speaking of that building, and the party that controls it, they pulled a rather dirty trick by scheduling a whole host of committee hearings for during that rally. Leah Vukmir didn’t get out of her committee hearing until at the end.

– Personal lesson of the day; check the batteries in the voice recorder before bringing it. DVR #1 died about 30 minutes in, and DVR #2 died just as Vicki McKenna came out.

On to a quick look-in at Fort Atkinson, then a mad dash to Appleton.

Revisions/extensions (10:52 pm 4/15/2009) – Roland Melnick of Badger Blogger got a pic of THE SIGN OF THE DAY (that’s right; all credit goes to him, not me)

dsc02228
Click for the full-sized pic, and don’t forget to credit Roland

Tea Party primer over at Malkin’s place

Michelle Malkin has the “short” history of the Tea Parties over at her place. It’s just short enough to read before heading out to your local Tax Day Tea Party.

I was fortunate enough to be in DC for the February 27 series of Tea Parties. I’ll be making the rounds around eastern Wisconsin today, so if you can’t make it to one of any number of Tax Day Tea Parties, stay tuned to your local blog.

There’s no way out of TARP, part II

by @ 8:15. Tags:
Filed under Business, Politics - National.

Goldman Sachs said on Monday, in the wake of its $1.8 billion first-quarter profit, that it was looking to have a stock offering of $5 billion in order to repay its $10 billion loan. Tuesday, a rift developed between Rep. Barney Frank (D-MA) and the Obama administration, as the former welcomed the repayment development. The administration, on the other hand, claims to want to not “stigmatize” those still on the TARP.

As a guest on “Your World with Neil Cavuto” pointed out yesterday, the more-likely reason is the Obama adminstration would rather keep control. After all, he who doles out the gold makes the rules.

There’s no way out of TARP

by @ 7:57. Tags:
Filed under Business, Politics - National.

The comments timed out back at Sister Toldjah, so I’m bringing the entire post here and moving it to the top. The placeholder I had up since April 6 is below the fold.

(H/T – Lawhawk)

Back at my regular home, both my co-blogger Shoebox and I have been monitoring attempts, some successful, others not, by banks to get out from under the Troubled Assets Relief Program. In today’s Wall Street Journal, Stuart Varney relates the story of a larger bank that was forced to take TARP money:

Here’s a true story first reported by my Fox News colleague Andrew Napolitano (with the names and some details obscured to prevent retaliation). Under the Bush team a prominent and profitable bank, under threat of a damaging public audit, was forced to accept less than $1 billion of TARP money. The government insisted on buying a new class of preferred stock which gave it a tiny, minority position. The money flowed to the bank. Arguably, back then, the Bush administration was acting for purely economic reasons. It wanted to recapitalize the banks to halt a financial panic.

Fast forward to today, and that same bank is begging to give the money back. The chairman offers to write a check, now, with interest. He’s been sitting on the cash for months and has felt the dead hand of government threatening to run his business and dictate pay scales. He sees the writing on the wall and he wants out. But the Obama team says no, since unlike the smaller banks that gave their TARP money back, this bank is far more prominent. The bank has also been threatened with “adverse” consequences if its chairman persists. That’s politics talking, not economics.

Why can’t this bank do what some tiny banks that received TARP money have done? Varney answer that with three words – “Control. Direct. Command.” He points to the Pay for Performance Act, which many have seen as merely a ceiling on pay at any company that has so much as a dime of TARP money. Given the Democrats’ support for a “living wage”, I see that as a vehicle for raising the minimum wage by means other than legislation. After all, if the biggest banks are forced to pay a large sum of money for entry-level tellers, that will force the smaller banks and other businesses that offer entry-level jobs to follow suit.

(more…)

April 13, 2009

The “Do Not Disturb” lamp is lit

by @ 19:39. Tags:
Filed under Miscellaneous.

I’ll be at Blogs.4Bauer live-blogging the return of Cougar Bait.

Eggs on the road – Tax Week

by @ 8:29. Tags: , ,
Filed under Miscellaneous.

Besides being Tax season (and indeed, partly because of it), it’s road-trip season. My trips for the week:

– This one isn’t actually a trip, but I’ll be running the weekly “24” liveblog over at Blogs.4Bauer tonight. The fun will start a bit before 8.

– If it’s the second Tuesday of the month, it’s time for Drinking Right. I need to drink heavily after last week’s disaster, and Dickie over at Papa’s Social Club (7718 W. Burleigh in Milwaukee) is kind enough to serve us starting at 7 pm. He even throws in pizza from Mama’s next door.

– Wednesday is the Tax Day Tea Party. Blogging will likely be non-existant that day because I will be on the road all day: Madison at the Capitol (King Street entrance) at 11, Appleton at Fox Banquets (111 E. Kimball) at 5:30, and possibly a quick stop in Fort Atkinson (Municipal Building on Main) at 4.

– Saturday is potentially another full day. The only thing confirmed is a Tea’d Off party at Racine City Hall (where 6th, 7th, and Washington meet) at noon, though it is likely I’ll add the Sammies down in Chicago to the list.

April 12, 2009

Somali pirates die from seasickness and SEAL Team bullets, but mostly from SEAL Team bullets

by @ 14:45. Filed under War on Terror.

(Headline courtesy EC at Ace of Spades HQ)

Hopefully you haven’t been in a cave the last 2 hours, because some very good news came across the wires in that time. Maersk Alabama captain Richard Phillips escaped his Somali pirate captors a second time, and this time, the US Navy was ready. The Navy plucked Phillips from the water unharmed, killed three of the pirates, and captured the fourth.

I personally wish they had put some lead into the fourth pirate’s last meal; piracy is not a capital offense anymore. Title 18, USC, Sec. 1651 proscribes life in prison for those convicted of piracy.

Revisions/extensions (3:46 pm 4/12/2008) – I’m listening to the Pentagon press conference with the CENTCOM naval commander, and a couple more details came out:

– The captured pirate was on the USS Bainbridge as part of the negotiations.
– The standing orders from the CINC (i.e. President Obama) were to engage only if Phillips’ life were in imminent danger.
– The commander of the Bainbridge saw that one of the three pirates remaining on the lifeboat had a weapon trained at Phillips, who was apparently still on the lifeboat tied up, determined that Phillips’ life was in imminent danger, and ordered the rescue.
– Snipers on the Bainbridge took out all 3 of the remaining pirates.

Bravo Zulu, Navy!

He Is Risen

by @ 7:52. Filed under Religion.

Luke 24:1-12 (NIV):

On the first day of the week, very early in the morning, the women took the spices they had prepared and went to the tomb. They found the stone rolled away from the tomb, but when they entered, they did not find the body of the Lord Jesus. While they were wondering about this, suddenly two men in clothes that gleamed like lightning stood beside them. In their fright the women bowed down with their faces to the ground, but the men said to them, “Why do you look for the living among the dead? He is not here; he has risen!” Remember how he told you, while he was still with you in Galilee: ‘The Son of Man must be delivered into the hands of sinful men, be crucified and on the third day be raised again.’” Then they remembered his words.

When they came back from the tomb, they told all these things to the Eleven and all the others. It was Mary Magdalene, Joanna, Mary the mother of James, and the others with them who told this to the apostles. But they did not believe the women, because their words seemed to them like nonsense. Peter, however, got up and ran to the tomb. Bending over, he saw the strips of linen lying by themselves, and he went away, wondering to himself what had happened.

Have a blessed Easter

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