One term Obama

That is my prediction.

No talented person will work in a company where the President of the US can retroactively and arbitrarily rescind a contract (bonus/commission) because he thinks it excessive.  Any company who has received bailouts will see a mass exodus of all the talent needed for that company to ever turn around.  All the companies bailed out will fail unless they find a way to return the money to govt fast.  Taxpayers will give them trillions more not to fail but they will fail anyway because all the talented people will have left.  This is inevitable. 

Obama et al are either showing a total ignorance as to how companies actually work, or they don’t care because they know they can take advantage of the chaos they have created to ram down the throats of all Americans policies they know Americans would never stomach in rational times.  Chaos has been used many times in history by leaders for the overturn of long standing laws, policies, governments and ways of life.  “Don’t let a good crisis go to waste” said Rahm Emmanuel, Obama’s chief of staff.  These are very smart people taking advantage of the ignorance of the majority of Americans as to how our financial system actually works. 

 

This about a direct attack on “rich people” who this administration has targeted.  They don’t want any more rich people.  They want everyone to basically earn the same.  Earn what government thinks they should earn.  This is a total affront to life, liberty and the pursuit of happiness.  Once called “inalienable rights”. 

I predict Obama is a one term President.  Hillary or some other smart Dem or Rep will take advantage of the destruction this man (along with Pelosi, Reid, Frank etc) will cause over the next 2- 3.5 years.  The recession will last his entire administration and he will run out of the ability to blame Bush in the fall of this year.  The chaos will get worse.  Threats to our liberties will grow everyday for the next 3.5 years, hopefully less.  The dems have 1.5 years to have a super majority because many of them will get thrown out in the interim election.  The Republicans then elected stand a very good chance of making things worse unless there is someone with insight and wisdom into how the world really works leading them. 

 

“Government is not the solution to our problems, it is the problem.”  Reagan.  Some govt is needed!  Massive government always becomes tyrannical. 

 

Obama Seeks Legal Authority to Stop Future Bonuses

By JONATHAN WEISMAN

WASHINGTON -- President Barack Obama said he will seek legal authority over the financial system that will give the federal government power to step into contract issues, such as the one that has allowed American International Group Inc. to pay out $165 million in retention bonuses to employees of the tottering insurance giant's financial products group.

The president said he spoke with House Financial Services Committee Chairman Barney Frank this morning about granting him "resolution authority" similar to the power the Federal Deposit Insurance Corp. has over the thrifts it regulates. That would allow his administration to potentially abrogate contracts that it can show does not serve the good of newly regulated entities like AIG.

Reuters

President Obama (right) makes remarks about AIG outside the White House Wednesday as Council of Economic Advisors Director Christina Romer (left) and Treasury Secretary Timothy Geithner look on.

Mr. Obama said he needs the regulatory power "to allow us proactively to get out in front, to separate bad assets from good in dealing with contracts that may be inappropriate."

Mr. Obama spoke with reporters outside the White House as he headed toward his helicopter en route to Andrews Air Force Base for a trip to California. He acknowledged that the furor around the AIG bonuses had consumed Washington, "and rightfully so because they represent what we all of consider an inappropriate use of taxpayer funds."

But the president urged Americans to look beyond the bonuses, which appear nearly impossible to retrieve, and to consider broader issues of re-regulating the financial system to prevent the kinds of institutional collapses that have dragged the entire economy down with firms like AIG, Bear Stearns, Fannie Mae and Freddie Mac. (These companies did not fail for lack of regulation!!!  They failed because the value of homes fell upon which the entire house of cards depended.  You cannot regulate the price of homes!!  I am certain they will eventually end up trying to though.- Pat Sullivan)

"We've got to have tools that under our legal authority we can do something about this," he said.

He also expressed his full faith and confidence in his embattled Treasury secretary, Timothy Geithner, (I predict Geithner will get fired and blamed for much of the chaos.  Right or wrong!  They need more scapegoats to blame to take the focus off the real culprits and real problems!! - Pat) who he said is dealing with more crises from the outset of his tenure than any of his predecessors, perhaps with the exception of the first Treasury secretary, Alexander Hamilton.

"He is making all the right moves in terms of playing a bad hand," the president said.

Write to Jonathan Weisman at [email protected]