The Bain Report

by R. Al Bain

Bailouts created more risk in system
WASHINGTON -The government’s response to the financial meltdown has made it more likely the United States will face a deeper crisis in the future, an independent watchdog at the Treasury Department warned.
Watchdog: Bailouts created more risk in system – DailyFinance

Bernanke Wins Second Term as Fed Chief
Fed Chairman Ben Bernanke won Senate confirmation to a second term atop the nation’s central bank. First he had to clear a key procedural vote that prevented a Republican filibuster. In the final confirmation tally, lawmakers supported Bernanke 70 to 30. This is a disaster for the American people and our economy!
Bernanke Wins Second Term as Fed Chairman – DailyFinance

Rising Corporate Debt Could Bankrupt Firms, Crash Market by 2013
Massive amounts of corporate debt issued from 2003 to 2007 is set to come due over the next four years. The inability of companies to refinance their debt will leave them paying high interest payments, dragging down corporate earnings and forcing some companies into bankruptcy.
Credit Crisis, The Sequel? Tide of Corporate Debt Rises – DailyFinance

FHA Numbers Indicate Foreclosures Will Rise
According to a report in The Washington Post, About 9.1 percent of FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago. In the long term a massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond.
FHA Numbers Indicate Foreclosures Will Rise – DailyFinance

House Speaker Nancy Pelosi uses United States Air Force costing taxpayers $2,100,744.59 over a Two-Year Period
Travel for family & friends at taxpayer expense for in-flight expenses, including food and alcohol to the tune of an additional $101,429.14
Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced today that it has obtained documents from the Air Force detailing House Speaker Nancy Pelosi’s use of United States Air Force aircraft.
Judicial Watch Uncovers New Documents Detailing Pelosi’s Use of Air Force Aircraft | Judicial Watch

States Seeking To Ban Mandatory Health Insurance
JEFFERSON CITY, Mo. — Although President Barack Obama’s push for a health care overhaul has stalled, conservative lawmakers in more than two-thirds of the states are forging ahead with constitutional amendments to ban government health insurance mandates. Is this just a grandstand play in an election year? Is this just a bone to throw at the Tea Party Conservatives for votes? Its no secret the Republican Party has to be concerned with the polls that show Tea Party Activist come ahead of Republicans in voter choice!
States Seeking To Ban Mandatory Health Insurance – Health News Story – WDIV Detroit

Tea Party seek purity and victory
The Tea Party people say they are now a multi-million-dollar organization that will have an impact on perhaps hundreds of such races all over the US.
BBC – Mark Mardell’s America: Tea Party seek purity and victory

Wal-Mart cuts about 11,200 Sam’s Club staffers
NEW YORK (AP) — Wal-Mart Stores (WMT) said Sunday it is cutting about 11,200 jobs at its Sam’s Club warehouse division as it outsources in-store product sampling to marketing company Shopper Events in an effort to win more customers and boost lagging sales.
Wal-Mart cuts about 11,200 Sam’s Club staffers – USATODAY.com

Michigan Lawmakers aim to change stem-cell research, medical marijuana laws
LANSING (AP) — Just over a year ago, Michigan voters put their stamp of approval on measures loosening restrictions on embryonic stem cell research and letting some sick people use marijuana for medical reasons.
Lawmakers aim to change stem-cell research, medical marijuana laws – The Morning Sun News: Serving Clare, Gratiot and Isabell..

Wind tower company gets federal tax credits
Michigan companies that make solar panels, wind turbines and other alternative energy products are getting more than $200 million in tax credits through the federal stimulus package.
Michigan solar, wind firms get federal tax credits | R&D Mag

Tax Loophole for Heirs of Super-Wealthy Could Cost U.S. Billions
As a result, there’s effectively an estate-tax hiatus between January 1 and December 31, 2010, so a fortune above $3.5 million, usually taxed at 45%, will not be taxed at all this year. (The tax affects approximately 5,500 estates annually.) Next January 1, the tax returns with a vengeance: a 55% tax on annual incomes of more than $1 million.
Link

Republican Sen.-elect Brown says he supports abortion rights
Brown tells ABC’s “This Week” that he disagrees with his party’s position that the Supreme Court decision legalizing abortion should be overturned.
Sen.-elect Brown says he supports abortion rights – washingtonpost.com

Family link is found between Obama and Scott Brown – latimes.com

He lost a senator but gained a cousin | Philadelphia Inquirer | 01/31/2010

Michael and Me and Taxpayer Makes Three
It is no secret that Mackinac Center scholars have been fierce critics of the Michigan Film Incentive. We are not the only ones. Several Michigan legislators, Lansing budget analysts and scholars have also spoken out against the program as being ineffective and too expensive.
Michael Moore, Michigan Film Incentive [Mackinac Center]

Graphical Representation of Rising Unemployment by County
This map in interactive real time shows just how bad unemployment is by county in this recession, a real eye opener! Click link below then click play.
multimediafinal

Why Obama Was Wrong to Slap the Supremes
Wednesday night’s swipe at the Supreme Court was a low point for constitutional government in America. Sad to say, the highlight of President Obama’s first State of the Union address on Wednesday was when he took the opportunity to openly condemn the Supreme Court. For the first time in memory, a president lashed out with the justices seated just a few feet away from him. Talk about “in your face”! The attack from the president prompted his equally-partisan supporters in Congress to erupt in raucous applause. This marks a low point for constitutional government in America, where the third branch of government is publicly humiliated by our head of state, and where an entire political party joined in this shameful display of disrespect for our Constitution.
FOXNews.com – Why Obama Was Wrong to Slap the Supremes

More than 5 Million Homes Will be Worth Less than 75% of Their Mortgage
The likelihood that homeowners will reach a point of despair also increases as more homes drop below the value of the mortgages that their owners carry. That in turn makes it more likely that people will hand their keys over to the bank.
– DailyFinance

In a $3.8 Trillion Budget, Pork Is Hardly the Biggest Problem
No one can deny that a budget with a $3.83 trillion bottom line has a fair amount of waste embedded in it. But like pornography, art and classic rock, government waste is in the eye of the beholder. The bigger issue is a congressional culture of out-of-control spending. The biggest issue may be that Politicians are self severing and have forgotten what civic duty is all about! It doesn’t matter what party Democrat or Republican, they both have forgotten about the very citizens who elected them as their voice!
In a $3.8 Trillion Budget, Pork Is Hardly the Biggest Problem – DailyFinance

Republicans Uncertain Over Who Should Challenge Obama in 2012
A new poll shows Republican voters are deeply divided over who they want to carry the party mantle in the 2012 presidential race. Former Alaska Gov. Sarah Palin leads the pack, a couple other names are close behind and a whopping 42 percent of Republicans are listed as undecided. The 42 percent of undecided voters are Tea Party Conservative Republicans who are feed up with the direction that the party has taken! This may be why the Republicans are pandering to this group, however, they will not be fooled by the rederick!
FOXNews.com – Republicans Uncertain Over Who Should Challenge Obama in 2012

Obama, live with Senate Democrats
President Obama is huddling with Senate Democrats this morning to discuss legislative strategy. It’s a Socialist strategy that We The People do not want!
Obama, live with Senate Democrats – The Oval: Tracking the Obama presidency

Obama Rips Vegas
In remarks yesterday at a town hall meeting in NH, Obama touted fiscal responsibility, pleding to rein in government spending. “You don’t go buying a boat when you can barely pay your mortgage. You don’t blow a bunch of cash in Vegas when you’re trying to save for college,” Obama said.
President Obama apologizes for Las Vegas remark | dscriber

“If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.” – Thomas Jefferson

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  1. Week in review « Craig W. Wright

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