It's union payback time - again
As hard (or not) as it may be to believe, the Democrats in Congress are working on yet another bailout. Given how the American people seem to be growing more and more upset with the level of federal spending, you might find that a little surprise, especially since we're getting closer and closer to a mid-term election where recent polls continue to show the Dems in big trouble.
But you probably wouldn't be surprised when you consider just "who" the bailout is for. That's because this big early Christmas present is for the labor unions. You know, those guys who spent over 100 million (that they admit to) helping Obama get in the White House...and the same guys that the Democrats desperately need to be in high gear for them come November.
In other words, it's payback time (again) for the unions.
(Via FOX News)
A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.
The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.
As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.
Let them hear from you
Congress is at it again!
First it was almost a trillion dollars in bailouts for banks without fixing the housing policies that helped start the crisis.
Then there was over 150 BILLION dollars for AIG Insurance, then bailouts for GM and Chrysler.
And of course the TRILLION dollars in "stimulus" which "bailed out" state governments, among other things.
Now Obama and the Democrats in Congress are using the excuse of "financial regulation reform" to institute what amounts PERMANENT BAILOUTS of financial institutions - and essentially take them over via the new regulation that goes along with those promised bailouts.
Obama claims these new "reforms' are needed because these companies "caused" the financial crisis - completely ignoring that government mandated cheap home loans to people who couldn't pay them back triggered the collapse.
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give a little to get a lot...
Not that this would come as a shock to anyone who pays any attention whatsoever to government, but....
A study by two economists at the University of Michigan demonstrates that banks with better political connections got more bailout money from the TARP program.
Among the more interesting (though unsurprising) findings:
- Just one standard deviation in terms of political contributions equaled an increase of almost 15 million in bailout money.
- A standard deviation in spending on lobbying was associated with an increase of over 10 million.
- And (surprise) banks that had headquarters in districts represented by members of the House Financial Services Committee had a 26% better chance of getting bailout funds at all.
Like they say, it's not what you know, but who you know.