Monday, September 29, 2008

Nancy Pelosi and Paul Kanjorski Blame George Bush - Its 545 People



545 People By Charlie Reese
Politicians are the only people in the world who create problems and then campaign against them.

Have you ever wondered why, if both the Democrats and the Republicans are against deficits, we have deficits?

Have you ever wondered why, if all the politicians are against inflation and high taxes, we have inflation and high taxes?

You and I don't propose a federal budget. The president does.

You and I don't have the Constitutional authority to vote on appropriations.
The House of Representatives does.

You and I don't write the tax code, Congress does.

You and I don't set fiscal policy, Congress does.

You and I don't control monetary policy, the Federal Reserve Bank does.

One hundred senators, 435 congressmen, one president, and nine Supreme Court justices 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.

I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.

I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a president to do one cotton-picking thing. I don't care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator's responsibility to determine how he votes.

Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.

What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The president can only propose a budget. He cannot force the Congress to accept it.

The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? She is the leader of the majority party. She and fellow House members, not the president, can approve any budget they want. If the president vetoes it, they can pass it over his veto if they agree to.

It seems inconceivable to me that a nation of 300 million can not replace 545 people who stand convicted -- by present facts -- of incompetence and irresponsibility. I can't think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.

If the tax code is unfair, it's because they want it unfair.

If the budget is in the red, it's because they want it in the red.

If the Marines are in IRAQ , it's because they want them in IRAQ .

If they do not receive social security but are on an elite retirement plan not available to the people, it's because they want it that way.

There are no insoluble government problems.

Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like 'the economy,' 'inflation,' or 'politics' that prevent them from doing what they take an oath to do.

Those 545 people, and they alone, are responsible.

They, and they alone, have the power.

They, and they alone, should be held accountable by the people who are their bosses provided the voters have the gumption to manage their own employees.

Kanjorski Spoke Way Too Soon!



House Fails to Pass $700B Bailout Kanjorski supported Bush. Can you imgaine that? I bet when Ed Mitchell started his strategy of trying to tie Lou Barletta to George Bush he never in his wildess dreams thought it would be PAUL KANJORSKI WHO SUPPORTS GEORGE BUSH. Make no mistake about this episode. Nancy Pelosi couldn't resist partisan politics and it came back to haunt her in a big way.

I am somewhat perplexed by this statement from Senator Chris Dodd who heads the Senate Banking Committee. "Dodd also told "GMA" that the plan to have the government buy up a mountain of virtually worthless mortgages and other debts from banks will work." How do you pay for something that is worthless????

The Young Bull, Old Bull Story
The younger bull turns to the older bull and says, "Look at all those cows. There are hundreds of them down there just begging to be serviced by a bull such as I. Let's run down into the valley and begin production on a few of those heffers..." The old bull smiles and turns to the young bull and advises, "Let us walk down young man and not just service a few but the whole herd!" The message here for those that missed it is to take your time. Don't be hurried and exhaust yourself prematurely.

Taking a little more time to address the concerns of the American taxpayers, the people who are really footing the bill, is a good thing. This time it appears the politicians cannot separate themselves from the greedy corporate executives and their lobbyists. It will take hero surgery to separate them from the hip.

Make no mistake about any plan. George Bush is leaving office at the end of the year. A new President, regardless of which one, will take over. Just as the bailout of the savings and loan industry in the 90's took years for recovery this plan will span multiple Presidents. We, the taxpayers, have no guarantee that any administration or Congress down the road will not try to alter any recovery plan.

Sunday, September 28, 2008

Kanjorski's corruption comes from letting power, respect, and seniority go to one’s head.

Posts from around the net.

“I go with the people that brung me, and Charlie’s a friend of mine, and Charlie’s done nothing wrong, and I’m not going to embarrass Charlie in any way for having been a good friend,” Mr. Kanjorski said in an interview.

Rangel's position-"I personally feel that I've done nothing morally wrong," Rep. Charles Rangel, a Democrat who has represented New York City's Harlem district for 38 years, said at a news conference.

On Cornerstone- Kanjorski, a lawyer and former Nanticoke city solicitor, said he's answered all the questions raised about his relationship to Cornerstone and done everything he can to show he's done nothing improper."I am so certain that this was all done with absolute propriety and that I have done nothing wrong," Kanjorski said.

"I'll tell you my impression. We really in this last election, when I say we...the Democrats, I think pushed it as far as we can to the end of the fleet, didn't say it, but we implied it. That if we won the Congressional elections, we could stop the war. Now anybody was a good student of Government would know that wasn't true. But you know, the temptation to want to win back the Congress, we sort of stretched the facts...and people ate it up."

Paul Kanjorski is trying to do the same in this financial crisis. He wants the public to believe he is working hard towards an equitable resolution. In reality he is working hard to make it look like his efforts lead to a solution while he was attending Charlie Rangel's $5,000.00 per plate fundraiser.

Friday, September 26, 2008

What Paul Kanjorski is Not Telling You About The Housing Crisis That Led To This Incredible Financial Crisis

I will keep this post short and to the point. A highly informative video that traced the cause of our current crisis that had its roots planted 12 years ago.

Goldman Sachs Loves Paul Kanjorski

An ABC news analysis by Avni Patel and Brian Ross has found that Goldman Sachs, the investment banking firm, has spent $43 million on lobbying and campaign contributions to buy influence since 1989.

"They are almost in a class by themselves," said Sheila Krumholz, the executive director for the Center for Responsive Politics

"Their top executives are in a class that is way above the clout and name-dropping that most other American businesses can achieve," says Krumholz.

The firm has been badly shaken by the financial crisis, with management seeking emergency infusions of cash. The bailout legislation, proposed by Treasury Secretary Henry Paulson, reportedly led financier Warren Buffett to put $5 billion into Goldman Sachs because he felt the government would make sure Goldman Sachs survived and could unload some of its most troubled loans.

Before becoming Treasury Secretary, Paulson was chairman of Goldman Sachs, earning over $140 million in compensation during his seven years as the firm's top officer, according to company filings. Upon taking office, Paulson divested himself of his 3.23 million Goldman shares, reportedly worth $485 million at the time, to comply with government ethics rules.

This story reminds of the hit series "All in The Family." After the bailout is finalized they will be playing the song "Those Were The Days" around Capitol Hill. I could hear Archie now "It's waddya call, wash your hands (one hand washes the other). What you need is somebody new....there's more than 1 fish in the woodpile."

"Holier than thy."-Archie. Do you know that as an individual the most you are allowed to donate in a federal race is $2,300.00 in the primary and $2,300.00 in the general elections? So how in the world can you and I ever have a say when the National Association of Realtors gives Paul Kanjorski $890,000.00 in just under 3 weeks? How do we ever have a say when Goldman Sachs can give $43 million? It should be criminal to be this corrupt but as one person, Mike Manzo, arrested in Bonusgate stated "While we watch the media rip us to pieces over the legislative bonuses, I just wanted to take a moment to kind of focus back to why our staff was treated so well: because they, and you, earned it!" Arrogance and greed exists at all levels of government.

Paul Kanjorski as Alexander Haig????

Click to view Congressman Kanjorskion CNBC's Squawk Box talking about the economic crisis. Today Paul Kanjorski couldn't wait to get in front of the camera to talk about the deal brokered to solve the out of control financial crisis. He called it "Tremendous progress" and " We've been working for six days to put the bill together to get that accomplished and I would say we have done that..It's almost an accomplished fact that they have done that..they are going to negotiate some fine points between the House and the Senate." He says of the Presidential Candidates.."the faster they can get out of the White House and get back up to the Hill... We'll have the bill done." He continues his criticism of the Presidential Candidates..."They are a delaying force. We know what has to go into the bill..We have negotiated very hard..It's been responsive from both sides..We have the bill basically complete. All we have to do is a sign of...Of this posturing Oh My God we need all the help of these people coming in."

All of this rhetoric reminds me of Alexander Haig. In 1981, after the March 30 assassination attempt on Reagan, Haig asserted before reporters "I'm in control here" as a result of Reagan's hospitalization.

“ Constitutionally, gentlemen, you have the President, the Vice President and the Secretary of State in that order, and should the President decide he wants to transfer the helm to the Vice President, he will do so. He has not done that. As of now, I am in control here, in the White House, pending return of the Vice President and in close touch with him. If something came up, I would check with him, of course." Rather than being seen as an attempt to allay the nation's fear, the quotation became seen as an attempt by Haig to exceed his authority.

Kanjorski is so far behind in the latest poll for a 24 year incumbent that he is desparate to bring any type of good news to the public. Paul, reparations for Cornerstone come this way. "I apologize to the American people for the failure that happened at Cornerstone." It would be harebrained to expect such a declaration of guilt. He refused to apologize to the American troops in Iraq for lying to the public about the real effort that would have been put forth in Congress to end the war and bring our ladies and men home, our families together once again.

His declaration of a deal brokered to end the financial crisis was premature and self serving. The audacity in a techological world of information validates the findings of the Franklin and Marshall poll. "DesRECD. Do you believe that Paul Kanjorski has done a good enough job in the U.S. House of Representatives to DESERVE RE-ELECTION, or do you believe it is TIME FOR A CHANGE?
35% Deserves re-election 54% Time for a change

Thursday, September 25, 2008

Paul Kanjorski's Free Money- Bail Out Wall Street


Congressman Kanjorski: Federal Tax Dollars Are 'Free Money' I wonder if he included the free federal money in the bailout Congress is working on. In the video he states " I don't think the rules should have any attention paid to it because in the Congress we have our own rules."

Foggy would say "NO, no, no you're doin it all wrong, I gotta straighten this lad out. Thing like this could warp his mind for life." Paul are you kiddin me. How can you believe I have trust in you to oversight the recovery when you feel the rules shouldn't have any attention paid to them.? No wonder your financial services buddies got themselves into the worst financial disaster since the Great Depression.

Paul Kanjorski and Women

From 9/28/2005

News flash to Rep. Paul Kanjorski (D-Pa.): Hurricane Katrina jokes are not funny.

Last week, the congressman expressed a unique idea to resolve the turmoil of hurricane season involving Hurricanes Katrina and Rita: “I’m thinking of denying [the right of] naming hurricanes in the future with female names, because they seem to be terribly destructive,” Kanjorski told a group of credit-union officers at their annual convention last week.

When his joke left the guests pin-drop quiet, Kanjorski explained: “Looking at our audience here, there seems to be more males than females, so I’m taking the liberty” to make wisecracks. Later, he called this month’s first deadly hurricane “little lady Katrina.” Again, no laughter.

Wednesday, September 24, 2008

Do You Feel Like You Are About To Be Robbed?


If you listen to Paul Kanjorski he is trying to tell the public that he will stay in Washington as long as it takes to solve this out of control financal crisis. Did anyone let Paul know that Charlie Rangel, an admitted tax evader although he trying to say it was a simple error that went on for over 20 years, is the host and featured guest speaker at a $5,000.00 per head fundraiser for Paul Kanjorski this evening in WASHINGTON, D.C.? To the savy political observer the money from the fundraiser,not the financial crisis would be the movtivation for Paul Kanjorski to remain in Washington.

Rangel owned a villa at the Punta Cana Yacht Club in the Dominican Republic, sporadically reported the rental income to Congress, and never declared it on his federal or state tax returns. Again, that is twenty years, not one or two or three. But he would have us believe it was an "error."

According to published reports Paul Kanjorski has accepted $21,000.00 from PACs controlled by Rangel. Chris Carney received the same amount since 2006. What was the payback? Both voted to table a Republican resolution that called for a House ethics investigation of Rangel. That's what $42,000.00 will get you.

Chris Carney is quoted as saying "Charlie Rangel has not been charged with anything." Way to go Chris. A person robs a bank but the police didn't get there yet. Is he innocent? Rangel essentially admitted to evading taxes. Ask Wesley Snipes about tax evasion.

Given the fact that Paul Kanjorski received $2.7 million from the financial services industry it sends off alarms among average Americans. How can a resolution to the financial crisis of the century be resolved satisfactorily for Mom and Pop when their voice has been drowned out in a sea of green faces of more Presidents than Kanjorski has seen in his 12 terms?

There is a saying “Paper money eventually returns to its intrinsic value ---- zero.” Fortunately all of the PAC money won't put Kanjodumpty back together again. If Paul Kanjorski was a pool player I am sure he would be saying to the PACs "I am going to place that money in my side pocket."

The sad part in this whole financial meltdown will be every politician in Washington including Paul Kanjorski will be taking credit for their efforts to resolve this crisis caused by Gramm-Leachy-Bliley Act, a bill passed with bipartisan support. If you really think about everyone reading this post, stop, and pat yourself on the back. It's not Dudley Do Right but "Taxpayers To The Rescue."

Thomas Jefferson wrote in 1816 “I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” Those prophetic words describe today's crisis to a tee-student credit card debt, junk mortgages, no down payment mortgages, inflated apprasials demanded by loan officers,etc.

Daniel Webster wrote in the Senate “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.” Washington needs to make sure that taxpayers are rewarded for their loans. The term bailout should be eliminated. It should be replaced with corporate words like line of credit, newly issued shares, quarterly dividends, pledged assets, and personal guarantees.

The corporate pirates that took the risk and brought to bear upon the American people a financial crisis of epic proportions should be made to solemnly swear " I will never expose the American taxpayer to the type of risk created from corporate greed and stupidity. I pledge to treat the American taxpayers' money as if it were,not my own, but a symbol of the utmost honesty and trust. Without trust in any relationship there is none. And to this point Paul & Co. haven't earn anyone's trust except the PACs to do the right thing for them, not you and me.


Senator Carter Class, author of theEmergecy Banking Act of 1933 said "Is there any reason why the American people should be taxed to guarantee the debts of banks, any more than they should be taxed to guarantee the debts of other institutions, including merchants, the industries, and the mills of the country?" The Emergency Banking Act of 1933 allowed a plan that would close down insolvent banks and reorganize and reopen those banks strong enough to survive. I wonder how many of the corporate executives would balk at any rescue plan offered by you and me if we threatened to eliminate them, not let them remain to have rescue become a bad habit.

Tuesday, September 23, 2008

Freddie, Fannie, Paulie


In congressional testimony last week, FBI Director Robert Mueller confirmed that the bureau is investigating 24 financial institutions, "large corporations, where the allegations would be that there were misstatement of assets," he said.

A senior official tells ABC News that lending giants Freddie Mac and Fannie Mae are in the government's sights, as well.

So Paulie, how are those contributions working out for you!?

A Message About Ney-Kanjorski


Here's what Paul Kanjorski said about his bill.

The Center for Responsible Lending had this to say about the Ney-Kanjorski bill- "Ask your Congressional representatives to oppose the Ney-Kanjorksi bill, H.R. 1295."

And here's what the National Community Reinvestment Coalition had to say- "will weaken existing federal law, and will preempt stronger state anti-predatory law". The mess you see today would have been much worse if the piece of self-interest legislation had ever become law. If you want to read about their failed attempt Google the Responsible Lending Act.

At last our Congress felt the heat
And stopped the regal stratagem
That many laws they laid upon us
Did not apply to them- Art Buck

No, Paul Kanjorski- "In the Congress we have our own rules." According to his rules it was a bill designed to be anti-predatory. To everyone else the real intent to gut the safeguards were clear.

Just in- Kanjorski's C(r)ash and Burn

The DCCC tells PolitickerPA.com it will spend a total of $2.2 million combined this year to defend U.S. Reps. Chris Carney and Paul Kanjorski. Carney, a freshman, is facing a battle against Republican Chris Hackett, a staffing company executive. Kanjorski, a 12 term incumbent, is running against Republican Hazleton Mayor Lou Barletta. Maybe my $4 million figure will be too low.

Gramm-Leach-Bliley Act

In 1999 a 385 page piece of legislation known as the Gramm-Leach-Bliley Act was passed by the Congress and signed into law by then President Bill Clinton. The bill allowed commercial and investment banks to consolidate forming mergers between banks and insurance companies. It repealed most of the Glass-Steagall Act which prohibited a bank from offering investment, commercial banking, and insurance services. Historically the financial services industry was born. Every new beginning is some other beginning's end.

The final conference vote was 90-8 in the Senate and 362-57 in the House. Democrats agreed to support the bill only after Republicans agreed to strengthen provisions of the Community Reinvestment Act and address certain privacy concerns. It was a bipartisan with broad support. Yet, today in this financial crisis the Democrats are blaming George Bush and the Republicans are blaming the Democrats. Did I say that President Clinton signed the bill and not George Bush? Back to the story.

Governor Meyer in a speech in 2000 summed up the provision in the GLB creating financial holding companies: "To be an FHC, each subsidiary bank must be well-capitalized, be well-managed, and have a Consumer Reinvestment Act (CRA) rating of at least satisfactory." Did he really say well managed?

I believe this statement in that speech illustrates why we are in the mess today. "No better example of the problems of putting congressional intentions into action can be found than the CRA "sunshine" provisions in GLB."

The battlecry of the Democrats goes to the core of a Republican philosophy that less government is better. To the Dems this crisis justifies their beliefs that more government is better. Actually neither side is right. If you have the wrong people in government it never can be right. If you have the wrong people in the institutions created by GLB it never can be right. Non profit does not mean no profit and less government does not mean no government. If you believe in more government regulation just realize that the Income Tax has made more liars out of the American people than golf.

Governor Meyer further states "GLB, as with most complex banking legislation, is a blend of detailed, specific new banking rules and a broad outline to be filled in by the banking agencies. Such delegation in part reflects the agencies' expertise in addressing technical complexities." A governor talking about expertise and government in the same sentence. It's not criminal but it ought to be.

Analysis of an accident always reveals that the final result is due to a cascade of events that culmuinate in tragedy. If you are following the news about the monumental rescue to address today's financial crisis aka "Wall Street Bailout", you will see that once again the Dems want to tag on pet provisions to any bailout bill put forth in the Congress in the same way they did it with the passage of GLB. All of the pundits are citing GLB as the incubator of destruction causing today's crisis. Wall Street Bailout sounds like a movie title; Ben Stein could be the Federal Reserve Chairman. The bailout could be part of his hit Comedy Central quiz show "Win Ben Stein's Money." This way it will earn its rightful title "Bailout Bonanza."

But you have one Democrat who is outshining all by seeking an individual piece of legislation to thwart GLB. Yes, we are back to the Community Choice in Real Estate Act. Isn't it funny that the title is "Community Choice" but the effect of the bill is to ban not offer choice? Not so funny if you are the consumer. I wish I had a counter for this site. It would be rolling up the dollars the National Association of Realtors is paying..oops donating, my bad, uhh no wasting on Paul Kanjorski to help him in his already failed reelection attempt.

Who voted for Gramm-Leach-Bliley? Right again, Paul Kanjorski. What is his reward? $980,000.00 and counting. Oh that is wrong. That's only from one entity. Didnt' I write the financial services industry was born above? As of June 30,2008 he was already over $1 million in PAC money. Add on the $980,000.00 and Kanjorski will top the $4 million mark with all the PACs when this election ends on November 4th.

Paul Kanjorski voted for the war but he offers excuses; on May 10, 2007 he voted for redeployment in Iraq but states the surge won't work; he blames George Bush for lying about WMDs but never mentions the infamous Feith-Carney memo, yes Chris Carney who authored the memo with faulty information given to George Bush; he voted against Medicare Part D but he offers excuses; Cornerstone Technologies lost $10 million of taxpayer's money and he offers excuses not an apology; he voted for GLB, no excuses just efforts to get legislation passed to take care of his corporate buddies. He rallies behind the misperception that the Republicans represent big business. Paul, who are the PACS filling your campaign coffers? Mom and Pop, nahh didn't think so.

If Lou Barletta wasn't as well known as he is how would anyone be able to challenge incumbents and have a prayer to win? The financial services industry wants to drown each and every American. It was corporate greed by the wrong that got us into this mess and it is Paul Kanjorski who wants to see it stays that way. I guess that why they say the campaign contributions he is receiving come from the FIRE sector (Finance, Insurance and Real Estate donations.

Gore Vidal wrote in 1969 "Unless drastic reforms are made we must accept the fact that every four years the United States will be up for sale, and the richest man or family will buy it." In this race it is every two years. And Helen Douglas was quoted in 1973 as saying "The first step toward liberation for any group is to use the power in hand...And the power in hand is the vote."

Take a little time and donate to Lou Barletta's campaign. Big or small, the size of the contribution doesn't matter. What does matter is that your voice will be heard. Lou Barletta is a one issue candidate. And that issue is courage; the courage to speak for you.

Monday, September 22, 2008

National Association of Realtors Gives Paul Kanjorski $890,000.00!


According to an article by Aaron Blake in The Hill posted 09/21/2008 he states that the National Association of Realtors has spent nearly "$4 million combined in seven battleground districts this year."

In looking at the race between Lou Barletta and Paul Kanjorski the article states "The PAC also spent another $60,000 on radio ads and $220,000 on direct mail for Kanjorski, who is one of the most vulnerable Democrats in the House in his matchup against Hazleton Mayor Lou Barletta (R).

The Realtors have now spent $890,000 total on Kanjorski. That investment is second only to the $990,000 the PAC spent in April and May on failed New Mexico GOP congressional candidate Monty Newman, who is a realtor."

Over 22% of their total spend for races was placed with Paul Kanjorski. In this time of economic and financial crisis it begs the question- What favors were curried of Paul Kanjorski to warrant such an investment?

With a quick search it wasn't that hard to find an answer. Paul Kanjorski introduced the Community Choice in Real Estate Act. Interests who want this bill to become law included these interests and specific groups: insurance companies, brokers & agents, real estate agents, an other real estate services.

A summary of the act goes as follows: To amend the Bank Holding Company Act of 1956 and the Revised Statutes of the United States to prohibit financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities, and for other purposes. In effect, prohibits financial holding companies and national banks from engaging, directly or indirectly, in real estate brokerage or real estate management activities. This bill holds up the old adage -with every investment the investor expects a positive return. This bill wasn't bringing home the bacon, the whole pig, lipstick and all came with it.

This bill is not a new effort from Paul Kanjorski. If you read this articleyou will see he attempted to introduce similar legislation as far back as 2001. He proposed it again in 2003. The congressmen is persistent while maintaining campaign contributions "don't influence the way he does his job" or curry favors.

When you cut through the haze with polarized sunglasses you see clearly the proposal would protect a significant amount of business for realtors and related services by preventing large banking conglomerates to enter real estate brokerage and property management. The NAR charges allowing such a practice would lead to higher costs to consumers, large-scale consolidation in the real estate industry, and potential conflicts of interest should banks be able to steer homebuyers to their own insurance and loan products.

Banks wanting to make loans...It reminds me of the James Lipton Commercial for Geico where he says..Human beings behaving humanly. Brilliant.

Paul Kanjorski claims the money doesn't curry favors. Look at this article "CFAL Commends Reps. Ney and Kanjorski on New Bill Establishing Tough Uniform National Mortgage Lending Standards" Business Wire, March 15, 2005.

It states " CFAL, which represents many of the nation's leading nonprime mortgage lenders, has long advocated passage of legislation creating uniform federal standards to replace the current confusing and conflicting patchwork of differing state and local laws now regulating mortgage lending. CFAL believes that such legislation must provide all mortgage borrowers -- regardless of where they live or who regulates their loan originator -- with equally strong and effective protections to stop improper practices by unscrupulous mortgage brokers and lenders."

This statement brings me back to the Community Choice in Real Estate. This bill has been declared "DEAD" since the 107th Congress. Paul, if contributions don't influence why are you trying so hard? Back to my buddy Foghorn, of Paul's efforts, "That dog's as subtle as a hand grenade in a barrel of oat meal."

Sunday, September 21, 2008

Paul Kanjorski supported Predatory Lending

The Hazleton Standard Speaker features an article in its Sunday edition- Barletta calls Kanjorski’s role into question . Paul Kanjorski's congressional office issued an eight page timeline of the congressman's record "to regulate Fannie Mae and Freddie Mac, curb predatory lending, improve the quality of real estate appraisals and otherwise help consumers seeking to buy homes." Did the rooster come home to roost or what?

Let's look at what this article states at the time Kanjorski proposed his main bill- Feds Propose Gutting State Protections Against Predatory Lending dated February 28, 2006. Quote- "But a proposed federal law sponsored by Reps. Bob Ney, an Ohio Republican, and Paul Kanjorski, a Pennsylvania Democrat, would override those state laws and gut consumer protections. Perhaps unsurprisingly, their campaign reports show close connections to the financial industry. Rep. Ney, of course, is infamous for his connections to Jack Abramoff and took just short of $570,000 from financial companies in 2003 and 2004. Rep. Kanjorski took almost $450,000 from the financial services industry in the 2004 election cycle, over half of the money he raised."

It is reported in the Standard Speaker article that Kanjorski took $2.7 million overall since 1989. That means he received 16% of his money in one election cycle out of 10 election cycles.

The Progessive States article goes on to state "Consumer rights advocates have come out in support of an alternative federal bill introduced last year by Rep. Brad Miller, a North Carolina Democrat, which would protect existing state predatory lending laws."

How did the latest mortgage crisis happen? Read this article 1.2 million home foreclosures: how did it happen? In part the writer states "Some crucial answers lie in a new report by Common Cause, titled, "Ask Yourself Why... Mortgage Foreclosure Rates Are So High." Several experts testified before Congress in 2000 to warn of lending abuses, persuasion of families to take out loans beyond their means, steering minority homeowners into subprime loans unnecessarily, and more. Yet Congress didn't act.

Over the next seven years, the mortgage lending industry spent $210 million in Washington lobbying and in campaign contributions as they worked to stave off regulation."

The Standard Speaker article tries to paint a rosy picture of Paul Kanjorski's efforts ignoring the information about the Ney-Kanjorski bill. There is one fact that can't be denied. Those that are singing his praise gave him millions in donations, something he claims did not influence him. Geez Paul, can you explain why the National Association of Realtors is running ads against Lou Barletta to the tune of over $234,000.00 for your benefit? No influence, complete balderdash.

The National Low Income Housing Coaltion has this appraisal of Ney-Kanjorski "Representatives Robert Ney (R-OH) and Paul Kanjorski (D-PA) introduced the Responsible Lending Act (H.R. 1295) on March 19, 2005. While at first glance the Ney-Kanjorski bill appears to offer useful consumer protections, its language is riddled with loopholes, making most of its provisions meaningless to borrowers. For example, while it also sets the points and fees trigger at 5%, the bill excludes prepayment penalties, yield spread premiums, discount points, SPCI and other fees in its calculation, significantly limiting the number of loans it covers. Ney-Kanjorski also prohibits prepayment penalties, but only after three years of the loan origination and even though most high cost loans have prepayment penalties two-three years after loan origination. Furthermore, loopholes in the bill would allow for flipping when a single reasonable tangible benefit is provided, even if the tangible net benefit would leave the borrower worse off. Ney-Kanjorski also does not ban mandatory arbitration on all home loans and would preempt state or local laws, including those that provided stronger consumer protections."

If my bddy Foghorn Leghorn were real and read Paul Kanjorski and Ed Mitchell's propaganda he would say "This is gonna cause more confusion than a mouse in a burlesque show!"

Of the money received by Paul Kanjorski from the financial and real estate industry-"They have plenty of Congressmen protecting them. Isn't it time we had someone who is protecting us? We cannot change Washington unless we change the people we send there. This November Lou Barletta will represent, in this election, the definition of change asked for by the voters, not the big corporations.

Saturday, September 20, 2008

High Paying Jobs


Did anyone mention Cornerstone? "Two half nuthins is a WHOLE nuthin!!"-FL And that is what was left at Cornerstone.- nuthin. You can click on the link if you want to see the actual bankruptcy filing. In particular look at Schedule B- Personal Property only $14,100.00 worth left from $10 million. 2 mill bodies cost $100,000.00 each location "UNKNOWN." "You’re telling me I can’t take care of my family?"

Kanjorski wearing Flip Flops


Paul Kanjorski decided to do a flip-flop. Just wanted to give him a few for future use. He will be sure to use them all before this election is over.

"Kanjorski signed on as a co-sponsor of House Resolution 6709, a bipartisan bill called the National Conservation, Environment, and Energy Independence Act, on July 3. The bill, which would have lifted the ban on offshore drilling, had broad bipartisan support and Kanjorski was one of its 138 co-sponsors.

H.R. 6709 would repeal the offshore ban and allow drilling beyond 25 miles from shore, with states having complete authority from 25 to 50 miles off their coastline. Kanjorski, D-Nanticoke, voted against that measure on Tuesday, which subsequently failed .Minutes later, he voted for H.R. 6899, which passed. That bill bans offshore drilling within 50 miles of shore. "

So much for Kanjorski being truly interested in solving our energy crisis. Did anyone tell him the oil is where its at, not where he wants it to be? Gotta love Foghorn Leghorn -"Boys as sharp as a bowling ball."

"I'm Willing To Let Them Fail" Paul Kanjorski

In the same Saturday, September 20, 2008 article Paul Kanjorski is quoted making a sarcastic statement "I'm willing to let them fail" referring to the financial institutions that are seeking a federal bailout. In a fair and balanced look Paul was not sincere but sarcastic with his comment.

Now let's look at Paul Kanjorski and Ed Mitchell's smear campagin against Lou Barletta regarding healthcare. In a recent commercial put out by the Kanjorski campaign it distorts one of Barletta's statements made to the Pocono Record in a March 26, 2008 story. In the article he stated "Government-run health care scares me to death," he said. "I don't think the government should be in the health care business. It could encourage more people to come into the country illegally for health care."

Ed Mitchell took the statement "I don't think the government should be in the health care business" and used it out of context in a political ad aimed square at Barletta. The Kanjorski ad uses the quote to proffer that Barletta opposes current government-funded health programs, such as Medicare and Children's Health Insurance (CHIP), Va hospitals, and Medical Assistance. Clearly Barletta's statement was "stretched" by the Kings of Stretch, Ed Micthell and Paul Kanjorski.

When one reads that article Paul Kanjorski makes the statement "I don't do the ads," claiming not to know the specific content. Hello, Paul. "I am Paul Kanjorski and I approve this message" is at the beginning of the ad on KanjoTV.

The ad starts by stating "Lou Barletta is a threat to your health." It is the typical smear that is characteristic of a fight against Ed Mitchell. He chooses to ignore the private and employer sponsored insurances in America today. Ed charges that George Bush has the U.S. in a world of debt. Yet, he and Paul Kanjorski want to put American taxpayers into more debt by funding all health insurance. With double digit inflation in healthcare expenditures it won't be long before 100% of GDP will be used to pay for "Kanjorski's master plan."

The ad ends with a statement that Lou Barletta opposes health insurance for all Americans. That charge is another distortion of Lou Barletta's position. Is Paul Kanjorski making us believe that the only way all Americans can have health insurance is if the United States Government pays for it? When did Lou Barletta ever state he opposes health insurance for all Americans? Let's see that one in writing.

What he did state is that he is opposed to the government in the healthcare business. No government should ever be in business, otherwise it competes with the very entity that supports it. Medicare, VA hospitals, and Chips are not goverment healthcare business entities. They are entitlement programs. The services in two out of three programs are provided by healthcare providers paid by the government. Even the VA hospitals do not compete as they do not serve the public. Their subsidies are paid for by the government to only treat military personnel.

But, as one would expect, Ed and Paul wouldn't know the difference. Washington has clouded Paul's vision. If Barletta wanted to stoop to the Ed Mitchell mentality he would come out with a commercial that states Paul Kanjorski wants all financial institutions to fail. After all Paul did say he was "willing." And that is scary to our health.

Ed Mitchell has the nerve to rip Barletta over negative campaign ads. Jeff Brauer from Keystone College was almost right when he said "it’s common for challengers to make incumbents out to be untrustworthy, corrupt or out of touch. In this case Ed Mitchell and Paul Kanjorski are doing it to themselves. "It's free money." "But you know, the temptation to want to win back the Congress, we sort of stretched the facts...and people ate it up." "You’re telling me I can’t take care of my family?"

Paul Kanjorski Supports George Bush

In Saturday's edition, September 20, 2008, of the Hazleton Standard Speaker there is an article titled "Kanjorski halts campaigning to help with economic issues"

In the article it states "Kanjorski said he would spend the weekend helping Paulson and Federal Reserve Board Chairman Ben Bernanke author legislation aimed at resolving the crisis." Paulson was a Bush appointment in 2006 and Bernanke was appointed to his position in 2005 by George Bush.

Ed Mitchell, Kanjorski's failing media guru, created commercials against Lou Barletta stating he supported George Bush. Now any "student of government", to borrow a Kanjorski phrase about stretching the facts, knows that Lou Barletta, as Mayor of Hazleton, never had an opportunity to support George Bush because Barletta has no vote in Congress.

If one were to look at how Paul Kanorski votes it is readily apparent that he has supported George Bush and the Republicans on more than one occassion.

Since the 2002 race, Mayor Barletta has become known for his strong opposition to illegal immigration. Kanjorski attacked Barletta's views on the issue in February, 2008, comparing Barletta to David Duke by saying, "What David Duke was to civil rights, my opponent has done that with immigration...He's used that issue the same way Duke used the civil rights issue." In the ensuing controversy, Kanjorski apologized for implying that Barletta was a racist.

However, it you look at Paul Kanjorski's campaign website you will see his own position against illegal immigration. It is titled "Curbing Illegal Immigration" . Here is what it states:

"Paul believes that we need secure borders and strong enforcement of laws already on the books to prevent illegal immigration. He opposes amnesty for illegal immigrants, and is a cosponsor of the Secure America through Verification and Enforcement (SAVE) Act. This bill would combat illegal immigration through stronger worksite enforcement, increased border security, and improved interior enforcement.

Paul has long been a supporter of making English the official language of the United States government because the use of English as a common language remains vital to our nation’s prosperity.

As a land of immigrants, America has prospered by attracting talented and ambitious people from around the world. Paul supports streamlining the process by which those who aspire to become Americans can immigrate to our country legally."

So if Lou Barletts is labeled a racist by Kanjorski and others, what does that make Kanjorski? Don't be swayed by Mitchell's campaign rhetoric designed to make you look right when you should be looking at his leftist tactics. Let Paul Kanjorsk stand on his record. His record includes giving taxpayer money and political donations to his family; His record includes admission of stretching the facts; His record of suppporting George Bush.

As for Paul Kanjorski supporting George Bush. Well, that is only true now. Let's see what happens come November.

Thursday, September 18, 2008

The Twist On Universal Healthcare

Most Americans believe government can play a role in fixing the health care system. If you read the latest quips about universal healthcare the pundits will try to tell you private corporations would run health plans paid for by the U.S. government. In an effort to create a distinction Democrats and Paul Kanjorski are claiming that system is not a government entitlement program. Yet, that setup exactly mirrors the way Medicare dispenses healthcare today. Ask yourself this question- do you believe Medicare is a government program? The elderly already have virtually universal healthcare coverage due to Medicare.

It is only partially true to state that the United States does not have a national healthcare system similar to other nations around the world. With the introduction of Medicare Part D prescription programs governement now pays for approximately 45% of all healthcare expenses in America. This estimate includes funding for Medicare, Medicaid, workers' compensation, the Department of Veterans Affairs, public hospitals, and government public health activities. Thus, public funds directly pay for the health care of many people in the United States.

In the United States around 84.7% of citizens have some form of [here] health insurance; either through their employer (59.3%), purchased individually (8.9%), or provided by government programs (27.8%; there is some overlap in these figures).

In 1960 the percent of GDP that went to national healthcare expenditures was 5.2%. In 2005 that figure rose to 16%. In 1965 households paid 61 percent of national healthcare expenditures. Click Here In 1960 federal, state, and local government payments for healthcare services were 13.1% of their total budgets. In 2005 that figure rises to 40.4%. Out of pocket expenditures in 1960 were 55% however they decreased to just 15% in 2005. Government was paying 21.4% in 1960 but that figure has risen to 45%. When one looks at hospital expenditures out of pocket expenditures were 20.7% in 1960 and only represent 3.3% in 2005. Governments share was 42.2% and rose to 56.8% in the same time period. Private insurance remained fairly steady in the 35%+ area.

As one can see the government has played an ever increasing role in purchasing healthcare for the last 48 years. Now the Democratic battle cry is for universal healthcare. Congressman Paul Kanjorski is an avid supporter of universal healthcare. However when you read the issue he provides no details on how to accomplish his goal. With an ever increasing share of healthcare expenditures already absorbed by government the only way to attain his goal is to raise taxes. That solution is already a component of Obama's plan.

Despite this relatively high level of spending, the U.S. does not appear to provide substantially greater health resources to its citizens, or achieve substantially better health benchmarks, compared to other developed countries.

Only 15% of Americans lack health insurance in this country. While it is a significant burden to those without insurance the unacceptable rise in overall healthcare costs bears examination. If government and private insurance companies have been regulating the cost of healthcare for decades why is the cost of healthcare spiraling upward out of control?

If you think of healthcare in a global sense like oil you will find a striking statistic. Government healthcare expenditures have been growing much more rapidly than GDP in OECD countries (Organization For Economic Cooperation and Development). For example, between 1970 and 2002 these expenditures grew 2.3 times faster than GDP in the U.S., 2.0 times faster than GDP in Germany, and 1.4 times faster than GDP in Japan. The growth in healthcare expenditures has been rising globally as well. What is the common denominator in each of these cases? The price controls used by these governments are not working to contain costs. And universal healthcare as proposed would be more of the same.

The U.S. should be looking to the consumer as a conduit of change. Look at the price of lasik surgery today compared with its inception in 1990. A person can pay as little as $295.00 per eye. Competition due to total out of pocket expense on the part of the patient is the main reason for the significant decrease in the face of increasing healthcare costs.

The government should look to reform the tax treatment of health insurance payments and use health care tax credits to offset out of pocket expenses incurred to compensate consumer driven purchases of healthcare. Health insurance exchanges could also be established state by state to facilitate the consumer and small employer purchase of health insurance, private insurance at affordable rates through competition. Employers could be facilitators for their employees to have access to these insurance exchanges. Consumers would be able to look to small businesses as access points to the same exchanges. This avenue would transition away from the traditional model of employer sponsored health insurance.

Paul Kanjorski, that is how one starts to solve the health care crisis in this country. The babble on this issue contained at your campaign site only serves to demonstrate that your thinking is not forward looking but "people feel good" words. It is time to place forward thinking people like Lou Barletta in Congress if we are to pave a successful path for the future.

More Than Streching The Facts

Paul Kanjorsk won't talk the issues so this piece is an attempt to let his record speak for "himself." In Kanjorski's 2002 campaign he made some claims about the issues.

On his 2002 website that is archived at the Library of Congress Paul Kanjorski lists issues during that campaign. There seems to be a problem with the issues . When one checks the record what is stated under the issue it appears to be an inaccurate representation of the Congressman's voting record.

On this issue Winning The War on Terrorism "Because he believes it is important to track, capture and prosecute terrorists, Congressman Kanjorski supported passage of the USA PATRIOT Act, which President Bush signed into law last October. The problem is when you go here you will see he voted NO.

On Safeguarding You Money, Investments, and Privacy it states "Congressman Kanjorski also believes that we need to crack down on corporate crime. To hold CEOs accountable and subject them to criminal penalties for knowingly lying, Congressman Kanjorski worked with his Democratic colleagues to introduce the Corporate Responsibility Act." Again there seems to be a misunderstanding of the record. This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books.
Last Action: Apr 29, 2002: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises

I guess these problems are why he confessed to the world that the Dems strectched the facts about the Iraq war to win the 2006 election. Stretching the facts seems to be a habit. One has to wonder whether counseling will help this propensity to stretch.

Failure To Communicate- A Kanjorski Trait

During a WVIA interview in January 2008 moderator Bill Kelly asked Paul Kanjorski if he would commit to a debate in the fall of 2008. Paul replied "Did you say 180 debates?" When pressed he agreed to participate in that debate.

Lou Barletta challenged Paul Kanjorski to eleven debates, one on each issue. Paul Kanjorski has refused that request. He is refusing to discuss the issues just as he refused to discuss energy on August 1st. The scheduled congressional break was August 10th. But on August 1st Paul Kanjorski and Nancy Pelosi voted to and actually turned out the lights and shut off the micrphones of Congress then walked away.

Today Joe biden ripped into Sarah Palin charging that she refuses to face the media. He is qouted on the Political Radar Blog of ABC news http://blogs.abcnews.com/politicalradar/2008/09/biden-rips-mc-1.html .

"I’ve done a lot of press, I’ve done, I don’t know, I was told I did 68, 70 press conferences, and the person says, "What do you think about Sarah Palin?" I said, “When she does three, I’ll let you know." I don’t know! I don’t have any idea! I don’t know! I don’t know!" Biden said as the crowd rose to their feet.

"You know, I mean, look, and it’s not, look guys, it’s not just Sarah Palin," he continued. "When’s the last time John, when’s the last time John’s had a press conference? I’m serious.”

Biden then turned to Ohio Gov. Ted Strickland, who introduced him.

"Ted, you and I know, when an elected official stops having press conferences, it ain’t because he’s found a way to communicate," Biden said. "It’s because he doesn’t want to communicate. Look folks, I mean, I, I, it’s just, if I sound angry it’s because I am angry. I mean, it’s like I don’t get it, I don’t get it!”

So the question goes out to Paul Kanjorski - "Do you know how to communicate?" "Is Paul Kanjorski afraid to face the media?"

Why is Paul Kanjorski afraid to debate Lou Barletta? Is he afraid he will have to explain how he has come to amass $6 million in assets as defined in his finance records while earning a Congressman's salary?

Time and again Paul states he will run on his record. Does that record include the debacle of $10 million from Cornerstone Technoligies? Does that record include taking $234,000.00 from the National Association of Realtors? Lou Barletta should make the claim that Paul Kanjorski is the candidate of Big Business with that type of infusion into Kanjorski's campaign.

When does Main Street become Broad Street in Hazleton?

In an interview on Channel 13 from Hazleton dated March 21st, 2008 Paul Kanjorski claimed “I brought into Hazleton City millions of dollars of federal grants that have never been used, and I find it incredible that, over all these years, with millions of dollars of grants, we have some of the conditions that I see on Main Street in Hazleton,” “The main street could have been repaved, sidewalks paved.”

Barletta, on behalf of the City, was insulted by the congressman's remarks.

“I am surprised that Congressman Kanjorski chose to not only attack me but also insult the City of Hazleton, its business owners and developers, and its citizens,” Barletta said. “The fact that Congressman Kanjorski is unaware of the development projects — past and present — here in Hazleton is further evidence he has spent too much time in Washington and has lost touch with his district.”

The mayor also jumped on Kanjorski’s mistake of referring to Broad Street as “Main Street.”

“The fact that the congressman didn’t even know what street he’s on while criticizing its condition speaks volumes about how out of touch he is,” Barletta said.

The question to Paul Kanjorski "What Hazleton were you in??" Hayden Towers, three tenants in its new annex, and a new restaurant, new drug store, intermodel started Lackawanna College opened in the old Post Office building, Luzerne County bought the former KNCB building on Broad St and is locating offices there, mine reclamation project, A.D. Thomas apartment renovation.

So when was the last time Paul took a walk down Main Street, oh sorry, Broad Street, Hazleton? It has become apparent that Paul Kanjorski is out of touch with his distrct. Washington has changed him. He said it in his own words- "Congress has its own laws."

Let's Talk About Fairy Tales

Let's talk about fairy tales. Biden was elected to the Senate in 1972. McCain was elected in 1982. So who's been part of the 'ole boy network longer? Obama talks about change. "Change we can believe in." He picks Biden who's there since 1972 and ignores Hillary who was only elected to the Senate in 2000. McCain picks Palin who has never been there but Obama talks about change. Tsk, Tsk, Tsk. The 'ole boy network all of the sudden has a crack in its presentation.

Let's get on about drilling in ANWR. There are those that say drilling in ANWR will not drill us out of our problem. Wake up. Oil is a global commodity not just a United States commodity. If extra oil is added to the world supply market forces will correct price even if it is just a small correction. One expects the United States to go to Saudi Arabia and ask them to increase production to bring the global price down while we sit on our own oil. Saving it for exactly what?? We are giving our money to people who would want to see us dead. Why give them a dollar when we can give ourselves the money? Use ANWR as a bridge until we conclusively reach a point of real commercial production and applications of alternative energy. Did someone say we should walk more and take care of the obesity epidemic while we are at it? Nahhh,,,sounds too simple.

DCNR just sold leases on a little over 74, 000 acres in north central PA, land it owns, for about $189 million. You can read all about it here. http://www.dcnr.state.pa.us/Forestry/gaslease.aspx Beautiful pristine forests like we all see in northeast PA. I had a pilots license and flew over this area many times.

To listen to the pundits we should not to drill in ANWR which is a desolate place so we don't ruin its environment. Here is a video to watch about exactly what we are talking about http://www.anwr.org/flash.htm and more information can be found here.http://www.anwr.org/backgrnd/where.htm Yet no one is complaining about the land in PA that soon will be sights for gas exploration rigs.

DCNR has over 2 million acres in its inventory. If it is okay for PA, and I don't have a personal problem with it, why are we allowing others to sell us a bag full of bull about ANWR?Back to that $189 million the state never had before. So do you think they are going to use it for highways or bridges? Or more of the same from Rendell and out of control spending.

Sunday, September 7, 2008

9/11

I am so mad. Why have people forgotten what happened on 9/11/2001? It is not 2011 nor 2021 or 2031. It is 2008. Almost 3,000 people died that day. Innocent people, not Americans who knew they offered their lives for their country, but ordinary people were terminated from America, from their families, from their dreams. Am I wrong in that sentence? Should we as Americans hold the truth self-evident that as part of our declaration in being America we do offer our lives for our country?

If you watched John McCain during his speech you saw limited mobility on the tele. Did you question why he could not move so much? Did it even dawn on you that there was a problem and why? Did you bother to research his situation to determine the answers to those questions? John McCain was beaten, arms and legs both broke, because he refused to participate in Vietnamese rhetoric. When they found out who he was they offered release to him. True to his honor as an American, true to his patriotism to his fellow comrades, he declined their offer. Insead he held to the tenet that first in is the first person out. He paid a price for that decision.

When you go to vote this election ask yourself one question? Are you going to vote against an American hero or one who wants you to believe he is one?

Don't be fooled by the false message of change. Americans are asking for change. America is not asking to be changed. America knows what it wants.. And it wants Washington to change. If you keep sending the same people to Washington over and over how are you going to accomplish change?

Obama said he is for change yet he chose Joe Biden. Actually his slogan is "Change we can believe in." Biden has been a senator since 1972. He has been in Washington 35 years. Think about that statement. He can claim to be a 5 term Senator but Senators are in Washington 6 years at a time. How does Joe Biden represent change? To me he represents more of the same
Washington and its cronies wanting infamy, destiny, and enshrinememt.
















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11th Congressional Race Pennsylvania

Lets take a look at the 11th Congressional Race in Pennsylvania between incumbent Congressman Paul Kanjorski and his formidable challenger Lou Barletta. Congressman Kanjorski is seeking his twelveth term in Congress and is facing the fight of his political career.

Paul's troubles began several years ago with a company owned and operated by his relatives that received federal grant money through earmarks secured by Kanjorski. Although this issue has been known for several elections since it was first brought to light it is a fire that will not be extinguished any time soon. The mood of the country, the circumstances, the events that Americans feel violate their trust election after election are reaching the Boston Tea Party point.

No matter how Paul tries to persuade his constituents that nothing he personally did was an illegal act he has miserably failed in addressing their underlying discontent. Cornerstone Technologies and Pennsylvania Micronics, both owned by his family, eventually went bankrupt and approximately $10 million in taxpayer money was lost in the process. The Kanjorski clan has yet to disclose how much of their own personal money was lost in this venture.