The Bain Report

by R. Al Bain

Michigan House votes to eliminate retiree health care coverage for future state lawmakers but not those currently in office.
LANSING, Mich. (AP) The Michigan House has voted to eliminate lifetime health care coverage for future state lawmakers. Current law allows former state lawmakers who served at least six years in the Legislature to get full state-paid health insurance once they turn 55. Democratic Rep. David Nathan of Detroit voted against Tuesday’s proposal. He said if current lawmakers were going to take a vote on eliminating benefits they should include themselves in the proposal. In this citizens view the Senate should amend this Bill to include current lawmakers as well! Rep. Kate Ebli (D-Monroe) was absent for the vote! Rep. Kathy Angerer (D-Monroe) voted yes! It now goes to the Senate and we can only hope that our Senator, Randy Richardville (R-Monroe) offers an amendment to include current lawmakers as well!
Michigan Technology News, the online source for Michigan’s technology business

Michigan Judge: Bridge owner illegally built booths
DETROIT (AP) — A Michigan judge has ruled that the private owner of the Ambassador Bridge illegally installed toll booths and other facilities. Wayne County Circuit Judge Prentice Edwards on Friday ordered the Detroit International Bridge Co. to demolish the new structures. Edwards also ruled that the bridge company had illegally built a truck lane. The bridge is a busy trade link connecting Detroit and Windsor, Ontario. Bridge owner Manuel “Matty” Moroun wants to build a second span across the Detroit River alongside the Ambassador Bridge. Manuel “Matty” Moroun has made campaign donations to disgraced former Mayor of Detroit Kawme Kilpatrick (D) Detroit, Senator Randy Richardville (R) Monroe, Congressman John Dingell (D) Dearborn and many other politicians!
Battlecreekenquirer – Mich. judge: Bridge owner illegally built booths

Spreading his wealth
Campaign donations span Moroun family, company, political parties, decades
Manuel J. “Matty” Moroun isn’t shy about making campaign contributions — and his enthusiasm has been infectious. His wife, son and daughter-in-law also give generously, as do some of his top employees and at least one of their spouses. They often reach the highest limits for contributions and they give not only during election seasons but between the cycles too, keeping the Moroun name — and presumably its interests — front and center.
Metro Times – News+Views: Spreading his wealth

A Grim Fiscal Forecast
The President’s new budget commits the nation to “trillions more in spending than taxpayers can afford,” points out Heritage Foundation budget policy analyst Brian Riedl. $2 trillion more, to be exact. With all this new spending, the “freeze” will do little to address the record budget deficit projected for fiscal 2010. In fact, the deficit will continue to hover at levels not seen since World War II for the next ten years.
MyHeritage.org: Email – MyHeritage.org: A Grim Fiscal Forecast

Job losses from Great Recession about to get worse
WASHINGTON -Job losses during the Great Recession have been huge and they’re about to get bigger. When the Labor Department releases the January unemployment report Friday, it will also update its estimate of jobs lost in the year that ended in March 2009. The number is expected to rise by roughly 800,000, raising the number of jobs shed during the recession to around 8 million.
Job losses from Great Recession about to get worse – DailyFinance

Stocks set to extend slide, jobs report looms
Hold onto your 201K more loses ahead
NEW YORK -Stocks are set to extend their slide Friday as markets overseas tumble on fresh worries about the strength of a global economic recovery. Stocks were pounded Thursday on the growing economic concerns. The Dow Jones industrial average plummeted 2.6 percent — its worst day in seven months. Most Americans have seen their 401K turn into a 201K during this recession, hence the subtitle hold onto your 201K!
Stocks set to extend slide, jobs report looms – DailyFinance

A $15 Million Payday for JPMorgan CEO
Jamie Dimon, the CEO of JPMorgan Chase (JPM), will receive a $15 million to $20 million 2009 pay package, according to sources interviewed by the Financial Times. Despite Americans taking paycuts, loosing their jobs, and their homes to foreclosure, the Banksters, after a taxpayer bailout still reap huge bonuses! Not only that, try and get a loan from them.
A $15 Million Payday for JPMorgan CEO – DailyFinance

10 Cities Where Home Values Have Plummeted Most
The median home price in Detroit is the nation’s lowest (the U.S. median home price was $174,000) in a region that is the nation’s most affordable — great if you can get a job. Do not think for a minute this has not, and does not affect Monroe County. Detroit and southeastern Michigan has a huge effect on property value and perception here in Monroe County. We are joined at the hip!
10 Cities Where Home Values Have Plummeted Most

A Majority Of States Are Now Insolvent:
Quantifying The Disastrous Unemployment Situation Zero Hedge recently highlighted the ever increasing Federal outlays on unemployment insurance, leading to questions on whether the true unemployment rate, as indicated by actual cash outlays, may be materially higher than indicated in increasingly dubious governmental reports.

To boost graduation rates, states water down standards
A high school diploma is supposed to be proof that a child has mastered basic English and math skills, and maybe some science and history. Yet after years of progress toward that goal, several states — pressured by parents and teachers — are now watering down their graduation standards. This is evident by the lowering of grade point averages of minority sports players at major universities for the sake of winning games.
Debate on education — Our view: To boost graduation rates, states water down standards – Opinion – USATODAY.com

Now 237 millionaires in Congress six from Michigan, two Reps. from Metro Detroit
While many Americans are struggling to make ends meet, a number of national lawmakers are living comfortably: Figures from 2008 suggest 44 percent of Congress members are millionaires, compared to around one percent of the general population.
Report: Now 237 millionaires in Congress — six from Michigan, two Reps. from Metro Detroit | Detroit News – – MLive.com

Keep Term limits: Longer time in office won’t fix state
Michigan voters adopted term limits in our state Constitution in 1992. In doing so, we continued a tradition in our country that extends back to our nation’s first Constitution and across more than half of the current 50 states. In every case in which elected officials have asked state voters to abolish term limits, the voters have refused. Michigan voters, I am convinced, would do the same thing if our elected officials similarly attempted to excuse themselves from our Constitution’s term limits. In the private sector if your job requires you to get it done in a time frame, you get it done or lose the contract and or your job! I say make the terms even shorter for our so called elected representatives!
Keep limits: Longer time in office won’t fix state | freep.com | Detroit Free Press

400 protesters say they’ve had enough of Granholm
“There’s no money left. It’s time for spending cuts at the government level,” said Leon Drolet, a former state representative and director of the Michigan Taxpayers Alliance. As at earlier Tea Party-promoted events, the unrest was eclectic. Hand-lettered signs suggested “Vote Them All Out,” and “It’s Our Money.” “Socialism never worked anywhere,” a 44-year-old truck driver said. “We’re not willing to hand over more and more.
400 protesters say they’ve had enough of Granholm | freep.com | Detroit Free Press

State of the State: Blown Away
“Either the governor is obtuse or she thinks the people of Michigan are obtuse. She talked about how next year going forward with the plan of the last seven years. And the results of the last seven years have not been good.” “Tonight, she was actually glib about the destruction that she and the Legislature have wrought. Every politician is going to want to say that in public (getting the budget done by July 1). But the political machinations are going to start as soon as the speech is over.” Bottom line, vote all of them out Democrat and Republican incumbents and get fresh ideas, faces and civic accountability.
Gov. Jennifer Granholm, State of the State [Mackinac Center]

Detroit only Survives in Subsidies
The chicken loophole is no longer sufficient, so taxpayers will have to pitch in too. They will do so with a $7,500 tax credit for buyers of electric cars like the forthcoming Chevy Volt, plus some $25 billion in direct loans to carmakers to retool plants dedicated to “green” cars. Check to see how your Representative votes on these subsidies before casting your vote! Nobody subsidizes us, why should we as taxpayers, with our tax dollars, subsides for carmakers gain?
Holman Jenkins: Keep on Truckin’, Detroit – WSJ.com

State of the State speech greeted with protests, conflict
LANSING — As Gov. Jennifer Granholm took to the podium in the chambers of the Michigan House of Representatives to present her final State of the State address Wednesday night, the social, political and economic upheavals she discussed in her speech were mirrored on the lawn of the Capitol.
State of the State speech greeted with protests, conflict « Michigan Messenger

Contracts Still Not Going To Small Firms
The questions about how much federal government contracting money is actually being spent with real small businesses continue.
Contracts Still Not Going To Small Firms – AOL Small Business

Obama’s Dig at Senate Democrats
President Obama met with Senate Democrats at their winter planning session in Washington Wednesday. During the session, which was broadcast live on C-SPAN, Obama also admitted that Democrats had fallen short of his promises of transparency in the health care bill. He then challenged senators, We’ve got to finish the job on health care, Applause! They can have their winter planning session on C-SPAN so why wasn’t the healthcare debate broadcast live on C-SPAN instead of private chambers? Finally, Obama told his fellow Democrats that the best antidote for Washington may be getting out of Washington more frequently and talking to constituents. Yea, the Town Hall meetings were met with disregard for the peoples opinions and views on health care reform!
Obama’s Dig at Senate Democrats: ‘You Guys Are a Little Difficult to Manage’ — Politics Daily

Brown Taking Over Kennedy’s Senate Seat
The liberal media and our elected officials still don’t get it! The late Sen. Edward Kennedy’s long-held seat may have been bought and paid for by the Kennedy family fortune but it’s still the peoples seat!
Scott Brown Taking Over Ted Kennedy’s Senate Seat – AOL News

Keith Olbermann Lashes Out at AOL Business Site DailyFinance
Keith, I don’t know what went into your decision to lie about us on your program. I don’t know whether you’ve ever actually read anything on DailyFinance, or whether one of your producers just prepped a script for you and you performed it. But stuff like this is why people like Jon Stewart and me increasingly have questions about your intellectual honesty and integrity. Knock it off already.
Hey Keith Olbermann, Have You Ever Really Read DailyFinance? – DailyFinance

Why the Bond Market Could Be in for a Bruising
After “the public in previous cycles bought emerging-market funds or Internet stocks or whatever,” bonds may now be the new bubble. I personally talked with my financial advisor in early 2009 and I proposed to him that even bonds were not a safe haven for my money, he said to me, you are absolutely right!
Why the Bond Market Could Be in for a Bruising – DailyFinance

Too Much Hope? Why Obama’s Budget Is Unrealistic
The $3.8 trillion spending plan combines overly rosy projections of rapidly rising tax revenues with skyrocketing outlays in defense, entitlements and other mandatory spending, creating structural deficits above $1 trillion for a long time. Ending Bush-era tax cuts on the rich won’t change that reality.
Why the Obama Budget Isn’t Realistic – DailyFinance

More than 5 Million Homes Will be Worth Less than 75% of Their Mortgage
About 5.1 million mortgage holders (or roughly 10% of Americans with mortgages) will own homes that are worth 75% or less than what they owe on their mortgages by mid-June.
– DailyFinance

House of Representatives to raise debt $1.9 trillion deeper
Would raise the cap on federal borrowing to $14.3 trillion. House of Representatives are counting on new budget deficit curbs to help smooth the way for a bill allowing the government to go $1.9 trillion deeper into debt over the next year — or about $6,000 more for every U.S. resident. Already, the accumulated debt amounts to $40,000 per person. And the debt is increasingly held by foreign nations such as China.
FOXNews.com – House Faces Tough Vote on $1.9T More Debt

Reuters Erred, But Your Taxes Will Rise
Rush Limbaugh yesterday made a point of noting that IBD’s story on President Obama’s budget (“Higher Taxes For All In Obama Budget”) had the same basic premise as a Reuters story (“Backdoor Taxes To Hit Middle Class”) that headlined the Drudge Report.
Reuters Erred, But Your Taxes Will Rise

Obama team draws sharp Hill questions on budget
WASHINGTON – President Barack Obama’s $3.8 trillion budget outline drew bipartisan fire on Capitol Hill on Tuesday, with Republicans complaining it doesn’t address deficits soon enough and raises taxes too much. Democrats balked at some of Obama’s spending cuts.
Obama team draws sharp Hill questions on budget – Yahoo! News

“That, as a republic is the best of governments, so that particular arrangements of the powers of society, or, in other words, that form of government which is best contrived to secure an impartial and exact execution of the laws, is the best of republics.” – John Adams

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