The Bain Report

by R. Al Bain

IRS to Enforce Obama Healthcare Penalties

The IRS would become the main agency for determining who has an “acceptable” health insurance plan; for finding and punishing those who don’t have such a plan; for subsidizing individual health insurance costs through the issuance of a tax credits; and for enforcing the rules on those who attempt to opt out, abuse, or game the system.

Treasury Secretary Timothy Geithner told AIG executives to withhold key details about how they were spending taxpayer money.

AIG transferred more than $62 billion to a number of large domestic and foreign banks, including Goldman Sachs and Société Générale, paying those obligations at full value.

The Stimulus Myth

Many on the left are hailing the President’s $787 billion “stimulus” package as the key behind the budding economic turnaround. These same folks support the President’s proposal for a third stimulus spending package to give the economy a final boost into recovery. But they are missing one critical point: as Heritage Foundation economist Brian Riedl explains, “government spending does not stimulate economic growth.”

U.S. Secretary of State Hillary Clinton promises $100 billion to foreign countries to promote “global management”

You see, while our corporate and Wall Street bailouts spent huge amounts of money we didn’t have – the next Washington scheme does that AND erodes our sovereignty at the same time.

December Chill: Employers Cut 85,000 Jobs

The nation’s effort to return to job growth has been a little like that Charlie Brown comic strip scene where he runs to kick the football . . . only to have Lucy pull it out of the way at the last moment. Well, it looks like Lucy swiped the football again. The U.S. Labor Department announced Friday that the economy lost 85,000 jobs in December, dashing expectations of a slight gain.

UPS cutting 1,800 jobs in US

About 1,100 employees will be offered a voluntary separation package as part of the work force reduction, which is meant to streamline the company’s U.S. small package segment. Other cuts will come through attrition and layoffs. The U.S. small package segment represents roughly 60 percent of UPS’ annual revenue. It handles shipments of up to 150 pounds by ground and air.

Congress Accidentally Gives South Dakota Back to Sioux

On Friday, in a late business wrap up, the US Congress gave back the state of South Dakota to the Oglala Sioux Tribe. Reports have surfaced that an obscure bill, which was suppose to cede a 100 acre parcel of land in South Dakota back to the Oglala Sioux, had a small typographic error in the official copy which, accidentally, ceded the entire state of South Dakota back to the Oglala Sioux. President Obama signed the measure into law without reading it late on Friday and on Saturday morning!

Downturn Forcing Private Small Business Companies into Cost Cutting, Layoffs

Small, privately held companies have done an admirable job keeping their businesses afloat during the worst economic conditions since the Great Depression, but now data suggests they are feeling pressure that could lead to more layoffs and more small business failures.
Downturn Forcing Private Companies into Cost Cutting, Layoffs – AOL Small Business

Young people eager to step into Civic Role, Political Leadership

Young leaders aren’t forgetting who they serve — local constituents who rely on them to attract new people and businesses and keep taxes low and services high.

Homeowners fall back into delinquency

Nearly 40 percent of homeowners who had their monthly payments cut by 20 percent or more last year were delinquent again within a year, according to a report Monday from the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Liberal States are Bankrupt and Residents Are Leaving

If Socialism and Liberalism is so damn good then why are the biggest state failures and population decreases in liberal states?

Kwame Kilpatrick should pay much more

Michigan Secretary of State Terri Lynn Land said that she would need a complaint before investigating whether Kwame Kilpatrick misused nearly $1 million in campaign money.

Well, now she has one. A retired Wayne State University law professor said Wednesday he filed a complaint alleging Kilpatrick violated campaign-finance law by using his re-election fund to pay the criminal defense lawyers who defended him during the text message scandal. She didn’t need a complaint as to try and block the Andy Dillon recall by taking the case to court to try and stop it, she took that on all by herself! What’s with Republicans like Land and Cox who want to protect the Democrats for breaking the law?

Monroe County’s November jobless rate worsened in November

The county rate rose to 14.4 percent, up from 13.6 percent in October. About 10,900 people were without jobs, or one of every seven workers, according to the Michigan Department of Energy, Labor and Economic Growth.
County’s November jobless rate worsened – MonroeNews.com

GMAC Expects to Post $5 Billion Loss

The struggling finance company said Tuesday it expects to report a $5 billion loss for last year’s fourth quarter, raising GMAC’s total losses last year to $10 billion.

New York Fed to AIG: Can You Keep a Secret?

In 2008 the New York Federal Reserve Bank — then chaired by current Treasury Secretary Timothy Geithner — urged American International Group (AIG) not to disclose to the public its Credit Default Swaps settlement payments to banks.

Rising Apartment Vacancy Rates Could Threaten Regional Banksters

Here comes the commercial real estate bubble! I thought Geithner and Bernanke said we were out of the recession? What about the credit card bubble and cash for clunker bubble yet to come?

Apartment vacancy rates soared to their highest level in 30 years in the fourth quarter of 2009. That means more apartment owners could have trouble paying their mortgages, which could lead to an even greater number of commercial defaults. U.S. bank examiners believe losses on commercial real estate loans pose the biggest risk to U.S. banks this year.

2 political visits planned for auto show

House Speaker Nancy Pelosi is to meet chief executives of Detroit’s three automakers on Monday. Around the same time, Tea Party activists are planning a protest outside General Motors headquarters at the Renaissance Center. “We go to Detroit with our commitment to continue to preserve our manufacturing base,” Pelosi said in a statement. She was invited by Rep. John Dingell, D-Mich. Meanwhile, the anti-tax National Tax Day Tea Party has called on supporters from southeast Michigan to “make a peaceful yet clear statement against government takeover of America,” namely the U.S. government’s 61% stake in GM.

More Pain at the Pump: Gas Prices High and Going Higher

American consumers can’t catch a break. Jobs are hard to find and wages are stagnant for those who are still working. And now higher gasoline prices threaten to take the few pennies that are still rolling around at the bottom of the piggy bank.

Gas Prices Are High and Likely Going Higher in Spring and Summer 2010 – DailyFinance

Jumbo Mortgage Delinquencies Soar as High-End Home Inventory Builds

Delinquencies on jumbo mortgages nearly tripled to 9.2% in December 2009 compared to the 3.2% rate December 2008 as the inventory of expensive homes continued to rise, according to a report from Fitch Ratings. This shouldn’t be much of a surprise to the banks who allowed option adjustable-rate mortgages and interest-only mortgages to be concentrated in the high-cost housing market.

Limited Drug Competition Is a Prescription for Extreme Price Increases

From 2000 to 2008, pharmaceutical companies raised prices for 321 different brand-name drugs by huge amounts — from 100% to more than 2,000%, according to a new GAO report. Although the 416 products that rose so rapidly represent just 0.5% of all brand-name drugs, that group includes some big sellers.

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  1. Week in review « Craig W. Wright

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