Obama Abandons Kanjorski Plan

On the Huffington Post Paul Kanjorski wrote this column about "Too Big To Fail" back in November, 2009.

"Too big to fail" must die. I am preparing legislation to empower federal regulators to rein in and dismantle financial firms that are so large, inter-connected, or risky that their collapse would put at risk the entire American economic system, even if those firms currently appear to be well-capitalized and healthy. Never again should American taxpayers have to bail out high-flying financiers when their risky bets go sour.

The economic meltdown we narrowly averted last year rightfully convinced the American people that we need to re-examine the fundamental structure of our financial system. Wall Street financiers, however, seem to think that -- now that they are basically stable thanks to American tax dollars that kept them afloat during the worst of the crisis -- they can just go back to business as usual.

Evidently Paul Kanjorski with all his senority couldn't convince his boss. Today President Obama urged Senate Democrats according to this Fox News report to nix the $50 billion dollar fund designed to finance the liquidation of a big financial institution facing collapse, a victory for Senate Republicans opposed to government-supervised and government-funded corporate bailouts.

"The fund was not in our original proposal we announced almost a year ago and we don't feel it is an essential part of final legislation," a senior administration source told Fox. "The President will only sign a bill if it passes the test of putting an end to bailouts."

There is one thing missing in the Fox News article. That would be Paul Kanjorski's name. Evidently his claims to the public aren't as powerful as he wants us to believe. They are more powerful in his own head. I guess Obama no longer believes Kanjorski is the right team member for his plans.

Kanjorski- Democrats Will Lose

"If the election is decided as a referendum on the last 14 months, this coming November, the Democrats are going to lose," Kanjorski said.

Yesterday, Paul Kanjorski opened up his campaign tour with visits to the editorial departments of the Citizen's Voice and the Times Leader. He spent time trying to convince them that the problems facing the American people were the actions of the Democratic party but not him. For a moment I thought I heard Slim Shady in the background "Say it wasn't me". He not only sought to distance himself, from the articles it sounds like he was talking about another party altogether.

It might be fitting that he and Tiger Woods chose the same week to launch "Damage Control".

In a not so distance past Barack Obama handed Paul Kanjorski his victory. He latched onto Barack Obama like a koala bear cub hugs its parent. At the same time Ed "The Distraction" Mitchell launched a campaign to paint Lou Barletta tied to the hip of George Bush which couldn't have been further from the truth. Bush never supported Barletta's immigration stand so it was just plain "Russian propaganda" 60's style vs. the real relationship.

The same analogy doesn't apply to Kanjorski with Obama. It's funny how blogger comments dig Barletta for his appearances on Lou Dobb. Kanjorski couldn't wait to get in front of the camera Alexander Haig style on CNBC or any network that would have him.

One has to give Paul credit. His condenscending tone never goes away. He talks about Corey O"Brien calling him a nice young man, translation, a young pup from NEPA while I am the elitist from Washington.

“If I were to leave this year, the longest-serving legislator in the region will be Sen. Bob Casey,” Kanjorski said. “We are losing state Senators Bob Mellow and Ray Musto, who are retiring. If I go and Sen. Casey is not re-elected in his next run, then we might as well close down the ballroom.” Geez, Paul I didn't know Washington would stop running without you. What a pompous statement.

Kanjo tells the Times Leader we need his clout in Washington. “I’m in the right place at the right time to do the right thing,” Kanjorski said. “And the chance of accomplishment is there.” Geez, Paul wasn't that your story two years ago?

Kanjorski, D-Nanticoke, blamed the Obama administration's inflexibility.."His administration and he seemed to freeze in place, and so did the Congress that 'we don't give a damn, we're going to have health care.'" Kanjorski said during an interview Wednesday with The Citizens' Voice editorial board.

Remember this commercial:



Evidently Mr. Kanjorkski and Mr. Mitchell would prefer if it wasn't around.

Michael Sisak writes this commentary in his article. The challenge for Kanjorski and other House Democrats is overcoming a perception, pushed by Republicans and members of the growing Tea Party movement, that they are not governing.

Perception..hmmm. Is it perception that TARP funds were spent to bail out the banks? Is it perception that the automakers had their industry engulfed like phagocytosis by the United States Government? Is it perception that $300 billion of Stimulus funds were spent? Is it perception that the federal deficit has more than tripled the record in just one year under Kanjorski and Obama's watch? Is it perception that our children and our grandchildren were handed I.O.U's that they are responsible for by persons they probably will never meet? It is more than perception; it's reality.

We can't keep electing the same people and expect a different result. It is time to send Kanjorski and other incumbents(yes, there are a few Republicans as well) to the same retirement community Chris Dodd and Evan Bayh chose as their new address.

O'Bailout- Follow The Cash

Obama is going to be doing a media tour this week to get the public behind him after being thrown off track this week. Geithner and the President will be touting the help that will be needed to shore up the banks.

Did Team Obama drop the ball or throw the game?
Sunday, March 22, 2009
By Jack Kelly, Pittsburgh Post-Gazette


American International Group, an insurance company that has received about $180 billion in taxpayer funds, this month paid $165 million in bonuses to executives whose bad judgment is largely responsible for the financial mess we're in.

Sen. Chris Dodd, D-Conn., the chairman of the Senate Banking Committee, wants the government to take back the bonuses. This is a change of heart for Mr. Dodd, because it was he who inserted in the "stimulus" bill an amendment which specifically protected from restrictions on executive compensation "contractually obligated bonuses agreed on or before Feb. 11, 2009." The amendment applied principally to AIG.

This apparent hypocrisy was not helpful to Mr. Dodd, who has been criticized for receiving a cut-rate loan from Angelo Mozillo, CEO of Countrywide Mortgage, one of the worst of the subprime mortgage lenders, and for his purchase of a $160,000 Irish "cottage" with the assistance of an insider trading felon for whom Mr. Dodd had arranged a pardon.

But it gets better.

The AIG bailout has been a way to hide an enormous second round of cash to the same group that had received TARP money already," wrote former New York Gov. Eliot Spitzer in Slate Tuesday. "AIG was nothing more than a conduit for huge capital flows to the same old suspects, with no reason or explanation."

Perhaps there's a hint of an explanation in this: Employees of Goldman Sachs contributed $955,473 to the Obama campaign. Employees of CitiGroup contributed $653,468; employees of JPMorgan Chase, $646,058; employees of Morgan Stanley, $485,823

If you want to read about Obama's Crocodile Tears over the AIG bonuses click here.

GOP Blasts Kanjorski, Carney Over AIG

Times-Tribune Reporter BORYS KRAWCZENIUK highlighted a report that the National Republican Congressional Committee(NRCC) accused Paul Kanjorski and Chris Carney of [either failing to read the bill or knowingly supporting “a bill that would hand out millions in taxpayer-funded bonuses to Wall Street executives.”]

As usual, Paul Kanjorski has been posturing(pandering) to the public that he is their champion in looking out for their interests. Paul, when are you going to return AIG's donations?

U.S. Rep. Paul E. Kanjorski labeled as “troubling” the $165 million in bonuses paid over the weekend to current and former executives of American International Group as he led the hearing into the ailing insurance giant Wednesday.

“Something is seriously out of whack, and AIG needs to fix it now,” Mr. Kanjorski, D-11, Nanticoke, said in remarks at the hearing of the House Capital Markets, Insurance and Government-Sponsored Enterprises Subcommittee, which he heads.

As it turns out, the stimulus bill included language inserted by Sen. Chris Dodd of Connecticut that exempts bonuses in employee contracts in place before Feb. 11 from the bill’s prohibitions on bonuses paid with Wall Street bailout money. President Barack Obama signed the bill into law Feb. 17. Mr. Dodd said he inserted the language at the White House’s request, but had no indication it was AIG-related.

The facts bear out that the TARP bill was put through Congress in a hurry. Paul Kanjorski was part of that process, and now he wants to cry about the horse roaming free when the barn door was left open by his vote. It has been known for months by Kanjorski and the Obama administration that there were bonuses to be paid. At the time the TARP bill was passed bonuses were discussed.

Paul, you were right. “Something is seriously out of whack."

To see how much was actually paid out by most of the firms click here. Forget the $165 million read this headline "Banksters used $85 billion of $140 billion taxpayer TARP money for bonuses in 2008".

The American public is just waking up to the egregious acts of the bonuses. Here is an article that appeared in the Pittsburh Tribune-Review back in November on the subject. "Bailout execs get bonus billions" Paul, do you read the newspaper??

Since it is not election time Kanjorski doesn't have the D-TripleC to run to his defense with their out and out lies.

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.