Archive for May, 2009


Glassman says GM bondholders would get just 10 percent of a new GM, while the auto workers’ union would get 17.5 percent of its stock.
clipped from www.newsmax.com

A former Bush administration official says the Obama administration is like “an irresponsible third-world regime, skirting the law and handing economic prizes to political cronies.”

In an op-ed article published in Saturday’s New York Times, former Under Secretary of State for Public Diplomacy and Public Affairs James K. Glassman wrote that credit markets have been damaged for the long term because of the “Obama administration’s attempts to reward the United Auto Workers, one of the president’s strongest supporters in the last election, while trampling decades of legal precedent regarding owners of corporate debt.”

Chrysler filed for bankruptcy protection in April, and GM is likely to do the same by Monday.

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Govt. Employees Bilk Taxpayers

Among the examples listed are a Federal Aviation Administration employee who used the government card to pay $3,700 for laser eye surgery, a State Department employee who took a first-class Hawaiian vacation on the government and a Pentagon employee who got reimbursed for more than a dozen airline tickets—totaling nearly $10,000—that he never bought.
clipped from www.judicialwatch.org

Systematic fraud, waste and mismanagement in the federal travel card program has for years allowed government employees to bilk U.S. taxpayers out of millions of dollars.

Issued to federal employees who travel more than five times a year, the charge cards are regularly used by workers from a wide range of agencies to buy personal items, travel first-class or simply steal cash from the government. Details of the ongoing fraud are documented in a congressional report made public this week.

Among the examples listed are a Federal Aviation Administration employee who used the government card to pay $3,700 for laser eye surgery, a State Department employee who took a first-class Hawaiian vacation on the government and a Pentagon employee who got reimbursed for more than a dozen airline tickets—totaling nearly $10,000—that he never bought. 

This must end!

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At a White House conference earlier this year on the government’s budget problems, a roomful of tax experts pleaded with Treasury Secretary Timothy F. Geithner to consider a VAT. A recent flurry of books and papers on the subject is attracting genuine, if furtive, interest in Congress.
clipped from www.washingtonpost.com


With budget deficits soaring and President Obama pushing a trillion-dollar-plus expansion of health coverage, some Washington policymakers are taking a fresh look at a money-making idea long considered politically taboo: a national sales tax.


Common around the world, including in Europe, such a tax — called a value-added tax, or VAT — has not been seriously considered in the United States. But advocates say few other options can generate the kind of money the nation will need to avert fiscal calamity.


“There is a growing awareness of the need for fundamental tax reform,” Sen. Kent Conrad (D-N.D.) said in an interview. “I think a VAT and a high-end income tax have got to be on the table.”

“Whether born from experience or inherent physiological or cultural differences,” she said later, regarding non-white, female judges, “our gender and national origins may and will make a difference in our judging.”

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