April: The Bush Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE (government supported enterprise) could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
May: President Bush calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
A link to the actual letter is attached: http://georgewbush-whitehouse.archives.gov/omb/pubpress/2002-29.pdf
North Versailles, restaurateur, Bill Balsamico, has been in business for quite some time. But lately, his restaurant has been getting attention not for it’s meatballs, but for his opinions.
The owner has used the power of the sign to express his political views for some time now. The messages are poignant, direct, and sometimes, offensive. But to the “common man” (and woman) they make a whole lot of sense. Check out his stance on the the latest bailout (see above), and check out his opinions about everything from immigration, to the recent election at www.casadice.com.
As a middle class American, I’ve always strived to make it to the upper echelons of wealth – to bust free from the my middleclass shackles and experience financial independence to the utmost. But then I read stories like this and ask myself, “is being rich really all it’s cracked up to be?”
MyCentrl is a $999.99 iPhone App (as opposed to many $.99 apps) that promises those
stupid rich enough to fork over nearly a grand a way to “Meet people. Find places. Get deals.” The developers say MyCentrl is a social networking app, but have very little in detail after that.
So if you have a cool “G” sitting in your pocket, just waiting to be spent on something that may do something, but then again, may not do anything… Then you’re not middle class, and you shouldn’t be reading this blog! Oh, and you can purchase the MyCentrl app too. [Found via Gizmodo]
Here’s why the government has the lowest approval rating in history. Check this out – Congress convened a panel, called the National Commission on Surface Transportation Infrastructure, to review the current Federal Gas tax, which is currently 18.4 cents a gallon on gas, and 24.4 cents a gallon on diesel. Their findings? People are driving less. Consequently, revenue from gas sales are lower, and the result is fewer dollars to pay for road maintenance and repair. So their recommendation? Raise gas tax by 50%!
A 50 percent increase in gasoline and diesel fuel taxes is being urged by the commission to finance highway construction and repair until the government devises another way for motorists to pay for using public roads.
The National Commission on Surface Transportation Infrastructure Financing, a 15-member panel created by Congress, is the second group in a year to call for increasing the current 18.4 cents a gallon federal tax on gasoline and the 24.4 cents a gallon tax on diesel. State fuel taxes vary from state to state. – [Source CNBC]
So let’s understand this a bit better. People are using less gas. Why? Because of one of two reasons – 1) CAFE standards, implemented by Congress, which is requiring higher fuel efficiency, and 2) the higher price of gas, which is much lower than it was, but still not below $1.00 a gallon, and is still a partially a result of the current tax. Both the policies encourage less gas usage, and subsequently, lower revenue. Taxing will only encourage less consumption… Am I really the only person in America that realizes this?
Looks like Chrysler is in some hot water – again. Seems the boys in the boardroom thought it would be a good idea to take some of that hard-earned bailout money, and use it to thank the American tax payer for their generous support. So they go and spend almost a quarter a million a pop on full page ads in the leading newspapers (who reads those anyway?). Does that seem like the best way to spend your money?
“Years ago there was a robber who was really polite. He said please and thank you while he was robbing people. At the end of the day, people had their money stolen. Saying thank you doesn’t make it OK. They should give the money back.”
Original story on Fox News.
Here’s something that makes absolutely no sense whatsoever:
Despite the country’s economic meltdown, Congress is about to receive an automatic $4,700 pay raise on Thursday — a 2.8 percent increase over the current $169,300 salary for most members.
Maybe it’s just me, but I don’t get an automatic pay raise every year, do you? Shouldn’t something like this be tied to, oh, I don’t know, an approval rating or something? How come the same (mostly liberal democrats) get all up in arms about executives that get pay increases despite poor business performances, but let something like this slide?