The Real Members Of Congress

I saw this on Instapundit.com this morning and just had to share the love



So when are we going to get a reality show about The Real Members Of Congress?

Too Busy Bitching To Blog

Maybe it's because I've been reading about the system of taxation in early 18th France and how the Taille differed between the Pays d'Election and the Pays d'Etat, and the details of the Taille en Tarif and the Taille Reelle that has put me in a mood.

Added to my reading that taxes are going to rise for the Middle Class, and how government funds have been utterly wasted on non growth related nonsense
while banks that have received stimulus money are paying out huge bonuses
and Wall Street analysts are putting out bogus earnings reports (didn't we just go through that about 10 years ago with the tech bubble)
and another bill is going to pass in congress that no one has actually read.

People I need a VACATION!

Luckily...I'm going on vacation next week and hopefully that will mean a much needed attitude adjustment.

In the mean time, here's a pretty picture.

Hermes Choker Necklace in 18K from Beladora.com

Stimulate This! - $800,000 for Air Pork!

There's nothing that makes me happier than finding out that even more federal $$$ is going to support an airport that basically does zero business.
FAA Approves Plan to Give Stimulus Funds to Airport Named After Murtha

Trust me...even Oprah's private jet doesn't land at Murtha's boondoggle

Bailout Boondoggles

Every year at tax season I get to wondering about where it is that all my tax dollars go....

Here are some of the Bailout Boondoggles that you and I have paid for.

1. The Golden Parachute

Peter Kraus joined Merrill Lynch in early September to head up its strategy team. But Bank of America, bolstered by $25 billion in bailout money, won shareholder approval this month to take over Merrill. The deal will trigger a golden-parachute clause in Kraus' contract, allowing him to pocket as much as $25 million for his two months on the job, according to The Wall Street Journal.

2. Executive Retention

Should taxpayers pay to keep executives who steered a company into a ditch? American International Group thinks so. It recently agreed to pay retention bonuses to 130 executives, including $3 million for Jay Wintrob, who heads the division that sells annuities. Last year, he earned $2.5 million in salary, bonus, stock and options. Other AIG execs will get more than $500,000, or about 200% of their salaries, to stay through 2009, according to Bloomberg. The insurer had previously promised to forgo bonus payouts as part of the bailout plan. AIG says retention bonuses are needed to keep execs from leaving while it restructures and that departures could cause the company's reinsurers to cancel contracts.

3. Executive Compensation

As millions of Americans learn what it's like to make ends meet on unemployment insurance, executives at banks getting taxpayer bailouts will continue to live the high life. Capital One Financial CEO Richard Fairbanks got $73.1 million in pay last year, according to The Corporate Library. That's 1,456 times the median household income of $50,233 earned by taxpayers footing the bill for Capital One's $3.55 billion federal bailout. Bank of America chief Kenneth Lewis last year took home $23 million, or 458 times the income earned by taxpayers covering his bank's $25 billion bailout. Both CEOs also make way more than the median of $8.85 million for CEOs at S&P 500 companies. Despite having to lean on taxpayers with modest incomes for help, both CEOs will likely continue to earn stratospheric pay. Neither bank has indicated it plans to cut CEO pay.

4. The Corporate Jet For Personal Use

While hard times are forcing many Americans to stretch another year out of the family jalopy, the CEOs at banks getting bailout money will continue to ride -- and fly -- high. John Mack . who heads Morgan Stanley, which has taken $10 billion in bailout money so far, enjoyed $356,000 worth of personal use of a corporate jet last year. JPMorgan Chase has gotten $25 billion in bailout money. Its chief, James Dimon, took $211 million worth of use of a company jet last year. He used company cars at an estimated cost of $68,000. So far, neither company has indicated it will cut back on CEOs' personal use of corporate jets as part of its acceptance of taxpayer bailout money.

5. Mergers and Acquisitions

Many banks are playing "Let's Make a Deal" and building empires with bailout money, instead of using it to make loans that help the economy. Shortly after PNC Financial Services got a $7.7 billion cash injection, it announced a buyout of National City. BB&T and Zions Bancorporation have said they have the urge to merge -- now that they've collectively pocketed $4.5 billion in bailout funds. Bigger banks mean less competition and higher fees for the taxpayers who helped fund these deals. And the mergers have created more banks that are "too big to fail" -- so when they come back for more money, it'll be even harder to say no. BB&T says it would buy only "problem" banks, in the spirit of the bailout program.

6. And More Golden Parachutes

Cleveland's National City bank was run so badly that it was virtually ruined, mainly by imprudent exposure to subprime mortgages. Management's reward for creating this colossal disaster: $200 million in golden parachutes. And taxpayers will get fleeced a second time. Because of a last-minute change in tax rules, PNC Financial Services, which bought National City, will get about $725 million in income-tax credits. Those credits stem from the $19.9 billion PNC expects to lose on bad loans made by National City.

On the positive side....now I know that there's quite a nice list of potential clients for 2009...John Mack, Jamie Dimon, Richard Fairbanks, Kenneth Lewis, Peter Kraus and their bailout buddies!!!

Not With A Bang...You Know The Rest

So for those who feel that it is about time for the United States to become more like Europe...here's evidence of that happening now.

From Fabius Maximus

America Passes A Milestone!

We now have more people employed in government than in manufacturing.

Perhaps we will soon be something more like France where approximately one in every four people work for the Government or for a Government controlled business.

Vive Les Impôts!!!

Lexus Leasing Legislators

Your tax dollars at work.

On YOUR Dime: Congressmen Lease Luxury Cars
Little-Known But Exploited Loophole Allows Politicians To Drive, Maintain Expensive Cars, SUVs On Taxpayer Money
Rep. Charles Rangel: 'My Constituents Appreciate It'

You may not realize it, but members of the House of Representatives can lease a car and have it paid for by you -- the taxpayer. And it's not just the car, but gas, registration, insurance … the works.

And how about this one: Congressman Gregory Meeks was recently seen waiting for Congressman John Conyers to step out of Meeks' Lexus LS460, which Meeks leases for $998 per month.

No surprise here about this kind of Congressional spend but a Lexus LS 460 is is $1000 a month....who knew.