European Union Authorize Seizure Of Money In Private Bank Account!
Nigel Farage: Now They Done It In One Country They are Quite Capable Of Do it In Italy Spain Portugal Or Anywhere Else & The Message That Sends To People That Has Saving In Bank In Those Country, Certainly If I Was Them Is Get Your Money Out While You Can!!!
Could That Happen In The United State?
Crisis In Cyprus Sparking Fears About Bank Deposits Everywhere – Is Your Money Safe? – Cavuto
Cypriots rushed to pull their money out of banks and ATMs before the tiny Mediterranean nation’s government could finalize a plan to seize depositors’ funds to satisfy austerity demands from euro zone leaders, sparking a run that prompted banks to be closed until at least Thursday.
Bank Deposit Taxed As Part Of Bailout! – Race To Withdraw Before 10% Tax Hit – Stuart Varney
Cyprus Turmoil Sparks Run On Banks Wall Street Bracing For Wild Ride – Stuart Varney
The island nation’s leaders were huddling to come up with a way to soften the blow on average depositors, with one proposal targeting accounts with deposits above $130,000. The plan elicited an angry response from Russian President Vladimir Putin, whose nation’s oligarchs may have as much as $19 billion secretly deposited in Cyprus banks. “Putin said that this decision, in case of its adoption, will be unfair, unprofessional and dangerous,” Russian news agencies quoted Kremlin spokesman Dmitry Peskov as saying. The Brussels-based euro zone agreed on Saturday to give Cyprus a $13 billion bailout, but demanded levies that would take between 6.75 and 9.9 percent of bank deposits.
Analysts believe the measure is designed to ensure that the bailout doesn’t go toward propping up Russia’s billionaires – including Putin himself.
“It is clear that (Cyprus) is under tremendous pressure from the European Union,” Deputy Finance Minister Sergei Shatalov told Interfax.
The $19 billion figure comes from Moody’s, and would account for as much as half of all Cypriot deposits. Cyprus’ bank deposits dwarf by 8-to-1 the gross domestic product of the nation of 1 million, indicating a dangerously oversized banking system stuffed with foreign cash. And Cypriot banks are invested heavily in Greek government bonds, which were restructured last year at the EU’s demand, incurring big losses on bondholders.
News of the coming bank accounts seizure sent shockwaves rippling through Europe and beyond. Not only did it spook wealthy foreigners who have long parked money in the island nation’s banks, it was seen as possibly setting the stage for similar grabs in bigger nations within the troubled euro zone.
“If I were a saver, certainly in Spain or maybe Italy, I think I’d be looking askance at these measures and think this could yet happen to me,” Peter Dixon, global financial economist at Commerzbank, told Reuters.
The Cypriot Parliament put off a vote on the measure until Tuesday in order to blunt the pain for small savers. But without the EU bailout, Cyprus would be headed for default, according to experts. If depositors – especially the foreigners who have made Cyprus the Cayman Islands of Eastern Europe, pull their money from banks, action by the European Central Bank may be all that can stop regional contagion. The Cypriot central bank announced all banks will remain closed until Thursday while talks on the savings seizure continue.
Russian mining tycoon and owner of the NBA’s Brooklyn Nets Mikhail Prokhorov said euro zone leaders “had set a real financial mine under the idea of a single Europe.”
“And this is not because it touches Russian business, which can afford to lose $2 [billion] or $3 billion,” Prokhorov told the Kommersant business daily. “The European Union essentially opened a Pandora’s box.”
Some analysts say the move could send billions in Russian deposits to safer havens, such as Luxembourg, leaving Cyprus no way to pay down its bailout.
“The unhappiest of the Russians will simply look for other places to put their money,” Paragone Advisory Group analyst Alexander Zakharov told the Global Post.
Taxes Are Going Up!! What Congress Past Was To Try To Keep some Taxes The same!!!!
One Step Closer To Europe? Congress Passes Deal To Avert ‘Cliff” – Stuart Varney
Smoking Mirrors There are No Cuts!!!
Here’s The Deal: $1 Spending Cuts For Every $10 In Tax Hikes
Tax And Spend – Deal Cuts $15 Billion, Raises Taxes $620 Billion
Here’s The Deal: $1 Spending Cuts For Every $10 In Tax Hikes – Judge Andrew Napolitano
The House gave its approval Tuesday night to the Senate bill halting massive tax hikes and delaying a risky round of spending cuts, sending the package to the president’s desk and likely averting for now an economy-stalling fiscal crisis.
The 257-167vote came after a day of high drama on Capitol Hill, during which conservative House lawmakers voiced serious concern about the Senate bill’s lack of spending cuts.
Rank-and-file Republicans initially predicted they would tinker with the package, raising the possibility the Senate would abandon it and nothing would get done before the new congressional class is seated Thursday.
But House leaders soon learned they did not have a majority behind any spending-cut plan, and allowed the straight vote. More Democrats supported the bill than Republicans.
The result, once Obama signs it, is that tax hikes that technically kicked in Jan. 1 for most Americans would largely be halted.
The bill would nix the tax increases for families making under $450,000, while letting rates rise for those making above that threshold. It would also extend unemployment insurance for another year, while patching up a host of other expiring provisions and delaying automatic spending cuts for two months. Those cuts, which would hit defense heavily, will instead be offset with a blend of tax increases and other spending cuts.
Americans will still see a 2-point increase this month in their Social Security tax, as Congress did not opt to extend that payroll tax holiday.
The House was able to shoehorn in the vote before the markets open Wednesday. Uncertainty about a deal threatened to wreak havoc on Wall Street. And economists warned that any prolonged stalemate into 2013 threatened to pull the broader economy back into a recession. In total, more than $600 billion in tax hikes and spending cuts were set to take effect this year.
The vote Tuesday came amid rising pressure from House Democrats and the Senate side, which approved the bill early Tuesday morning. Democrats made clear that they would pin the blame squarely on House Republicans if the tax hikes were not averted.
“This is the House’s wisdom in making the best of a bad situation,” one House GOP leadership aide told Fox News. “We had a bad hand from the start, but we’re avoiding being blamed for taking us off the cliff.”
Still, a number of House Republicans came out against the package, including No. 2 House Republican, Eric Cantor.
“I do not support it,” Cantor told reporters after a closed-door meeting with fellow Republicans.
Rep. Steve LaTourette, R-Ohio, said earlier that the sentiment among House Republicans was to amend the bill to incorporate more spending cuts. Rep. Spencer Bachus, R-Ala., echoed the statement.
But other Republicans, while voicing opposition to the bill, acknowledged that it could pass the House.
Congress already missed the New Year’s Eve deadline for action, which technically triggered tax hikes. Without a resolution soon, taxes would have jumped by $2,400 on average for families with incomes of $50,000 to $75,000, according to a study by the nonpartisan Tax Policy Center. And because consumers would get less of their paychecks to spend, businesses and jobs would suffer as well.
House conservatives had begun voicing frustration Monday night about the lopsided ratio of tax increases in the plan, as compared with net spending cuts. The bill contained roughly $620 billion in tax hikes, and just a fraction of that in spending cuts. As one House Republican told Fox News, “I can’t imagine a ratio such as that warming our fiscal hearts.”
Not all Democrats were on board either. Many voiced frustration that tax hikes would only affect those making above $450,000 – when President Obama originally campaigned on raising them for households making above $250,000.
“Looks like a very bad deal the way this is shaping up,” Sen. Tom Harkin, D-Iowa, said Monday. Harkin voted against the Senate bill early Tuesday morning, as did Sens. Tom Carper, D-Del.; Mike Lee, R-Utah; Rand Paul, R-Ky.; Richard Shelby, R-Ala.; Michael Bennet, D-Colo.; Chuck Grassley, R-Iowa; and Marco Rubio, R-Fla.
The fiscal deal, though, still pushes off a permanent decision on the spending cuts until two months down the road, when lawmakers could find themselves in a similar position. And lawmakers are poised to renew a fight in a matter of weeks over raising the debt ceiling – which the U.S. government would have hit Dec. 31 if not for the Treasury Department taking emergency measures.
Fox News’ Ed Henry, Chad Pergram and Mike Emanuel contributed to this report.
When President Obama won re-election last month by a larger margin than even his most fervent supporters had expected, though with fewer popular votes than he received in 2008, most commentators initially opined that not much had changed in Washington. The president would remain in the White House for another four years, the Democrats would keep control of the Senate, and the House would stay in Republican hands. Most Republicans re-elected to both houses of Congress had publicly pledged not to vote to raise taxes under any circumstances. And most of those Republicans have adhered to that promise—until now.
Over the Thanksgiving weekend, the false congressional fiscal conservatives in the Republican Party began to reveal their true selves. Led by the Republican presidential standard bearer in 2008, Arizona Sen. John McCain, at least a half-dozen Republican members of Congress have renounced their public promises never to vote to raise taxes. In the case ofC Sen. Bob Corker, R-Tenn.,Congressman and Senator-elect Jeff Flake, R-Ariz., and Rep. Peter King, R-N.Y., they had restated their promises, directly or indirectly, as recently as last month during their successful campaigns. Did they blatantly dupe the voters?Did they genuinely change theirminds?Did they ever sincerely accept the pro-freedom anti-tax logic?
The Founders certainly embraced the pro-freedom anti-tax logic, as they gave us a Constitution that barred the federal government from imposing any direct tax on any persons. That was part of the genius of the document. If the feds really needed cash, they’d need to tax the states. If the states were feeling over-taxed, they could block federal taxes in the Senate, where for 135 years senators were chosen by state governments as delegates to the Senate, rather than elected by voters. This procedure, too, was part of the Founders’ genius. It came about in order to assure a place at the federal table for the states, many of which were older than the federal government and all of which retained their sovereignty when they voluntarily joined the union. This procedure for choosing senators was also a check on the growth of the federal government.
Those constitutional provisions were cast aside during the progressive era about 100 years ago, when, during a period of just five years, the Constitution was amended so that the states lost their place at the federal table and Congress could tax incomes, and the feds got a new printing press for cash in the form of the Federal Reserve.
I have described this dreadful time in our history in my new book, Theodore and Woodrow: How Two American Presidents Destroyed Constitutional Freedom. They did so by inverting the concept of limited government. With the exception of Abraham Lincoln, every president from George Washington to TR’s predecessor, William McKinley, accepted the truism that the federal government is one of limited powers, and it may only in engage in behavior that is specifically authorized by the Constitution or reasonably inferable therefrom.
Theodore Roosevelt and Woodrow Wilson, who ran against each other and who hated each other, turned this value on its head. They jointly argued that the Constitution does not mean what it says and is not the Supreme Law of the Land as it states. They held that the federal government can do whatever it wishes unless those wishes are expressly prohibited by the Constitution.
For 100 years, the Republican Party resisted the progressive onslaught. As recently as this past election just a few weeks ago, Republicans argued that increased tax revenue, whether from increased tax rates or from decreased tax deductions, effectively moves wealth from the productive sector and delivers it to the consuming sector—which would be the government.
This argument is really one of the basic laws of economics, so why are Republicans now rejecting it? I suspect that they are drunk with power and have concluded that they—just like Obama did—can assure their re-elections, their continued possession of governmental power, if they deliver bigger pieces of the federal pie to the folks back home. Stated differently, they are unwilling to address a system that soon will deliver more in entitlement payments and interest payments on government debt than it collects in revenue by reducing the entitlements, shrinking the government, cutting the debt, returning to the confines of the Constitution and letting hardworking Americans retain what is theirs. Instead, they now want to raise federal taxes.
They would be unwise to try to pull this off—and would be wise to recall recent history. The last Republican president to pledge “Read my lips. NO NEW TAXES” and then violate that promise was dispatched by the voters to a hotel suite in Houston, rather than to four more years in the White House. I bet George Herbert Walker Bush today would stick to his pledge.
Pat Buchanan: Barack Obama is a Drug Dealer of Welfare!
Obama: Oct 19 1998 (tape) “I Support Redistribution” Audio Tape
A newly released audio recording purports to feature a young Barack Obama saying he believes in government “redistribution” — a comment that Mitt Romney quickly seized on to claim his opponent thinks “the government should take from some to give to the others.”
Expected to Cross $16 Trillion around Midnight
1/3 of Debt Racked Up Under Pres Obama
Last $1 Trillion Added in less Than 11 Month
Larger than EURO Economies Combined
Now Paying $10 Billion A Week, 1/4 we Pay to Foreign Country
U.S. Jobless Claims Unchanged At 374,000
By Jeffry Bartash Published August 30, 2012 MarketWatch Pulse
WASHINGTON – Applications for U.S. jobless benefits were flat last week at a seasonally adjusted 374,000, the Labor Department said Thursday. Economists surveyed by MarketWatch had projected claims would fall to 370,000. Initial claims from two weeks ago were revised up to 374,000 from an original reading of 372,000, based on more complete data collected at the state level.
The average of new claims over the past month, meanwhile, rose by 1,500 to 370,250. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. Also, Labor said continuing claims decreased by 5,000 to a seasonally adjusted 3.32 million in the week ended Aug. 18. Continuing claims reflect the number of people already receiving benefits. About 5.53 million people received some kind of state or federal benefit in the week ended Aug. 11, down 62,253 from the prior week. Total claims are reported with a two-week lag.
Read more: http://www.foxbusiness.com/markets/2012/08/30/us-jobless-claims-unchanged-at-374000/#ixzz252k2eSbq
Tea Party activists may keep low profile at first GOP convention
By Cristina Corbin Published August 25, 2012 FoxNews.com
Next week marks the Tea Party’s first Republican convention.
But despite its role in helping the party win the House majority in 2010, the movement is expected to keep a relatively low profile inside the arena, activists say. Some Tea Party groups are deliberately giving the party space to spotlight its nominee, though others claim they’re being snubbed by GOP leaders.
The Tea Party, of course, is composed of thousands of different groups, each with its own causes. A Tea Party scene could erupt in Tampa at any moment. But unlike some other factions heading into the once-every-four-years affair, the Tea Party does not appear to have a concerted agenda.
Gop Platform Emerging Draws Praise and Criticism
Instead, the movement may just settle for speaking roles for favored politicians and shout-outs in the platform.
The four-day convention in Tampa will kick off Monday with speeches from Tea Party favorites, Sen. Rand Paul of Kentucky and Senate candidate Ted Cruz of Texas. The party’s draft platform that will be voted on includes many of the conservative policies championed by the movement.
FreedomWorks, a Washington-based Tea Party-aligned think tank started by former House GOP leader Dick Armey, announced Wednesday that nearly all of its “Freedom Platform” has been adopted by the GOP, including a repeal of President Obama’s health care law, an end to tax hikes and an audit of the Federal Reserve.
“They were very open to our ideas and willing to work with us,” FreedomWorks vice president Russ Walker said of the platform-writing committee chaired by Virginia Gov. Bob McDonnell, North Dakota Sen. John Hoeven and Tennessee Rep. Marsha Blackburn.
The Tea Party’s visibility beyond that, though, may be minimal at the convention, activists say. The expectation has drawn mixed reactions from the loosely organized anti-tax movement.
“They like the work we’re doing, but they’re afraid because they don’t want to turn off independents with the Tea Party brand,” said Todd Cefaratti of the group, TheTeaParty.Net. The group has filed a petition called “Let Them Speak,” urging the Republican National Committee to allow Tea Party leaders to speak at the convention.
“You get these moderate Republicans and they say ‘I don’t want to offend Grandma Independent,’” Cefaratti said. TheTeaParty.Net is a chief sponsor of the “Unity Rally 2012” to be held at a Tampa church on the eve of the convention, featuring speeches by Tea Party darlings and former presidential candidates Michele Bachmann and Herman Cain.
“It’s our response to a lot of our leaders being shut out of the convention,” Cefaratti said.
Another group, The Kitchen Table Patriots, also expressed resentment over the Tea Party’s representation at the convention.
“The amount of effort that the GOP went through to make sure that no Tea Party person went to the convention was unbelievable,” said Anastasia Przybylski, one of the group’s co-founders. “I did not see it coming.”
Przybylski’s counterpart, Ana Puig, claims the GOP in Bucks County, Pa., spent $70,000 to derail her run to become a delegate at the convention. Puig is now paying her way to go as an “honorary delegate,” she said, meaning “I can do everything except vote.”
“What is the convention going to accomplish except that Mitt Romney will formally be the candidate? It’s a shoulder-rubbing event,” Puig said.
Puig, however, said she is happy the Tea Party’s platform has been well-received by the RNC, adding that she’s hopeful “we would see a trickle down effect to the GOP on the local level,” she said.
“I am looking at this trip as a way for us, Tea Party, and GOP to try to mend some fences and move side by side to secure a big win in November.”
But not everyone within the movement believes Tea Party leaders should be on prominent display during the convention.
“This is the Mitt Romney-Paul Ryan show and it should be,” said Sal Russo of the Tea Party Express, one of the most visible factions of the movement. “We don’t have an agenda beyond that.”
“I would consider this an extremely successful convention for the Tea Party,” Russo said, noting that Romney was always among his group’s top three picks for a presidential nominee. “We thought we shouldn’t try and intrude on a convention that we’re happy with.”
Jenny Beth Martin, co-founder of the Tea Party Patriots, echoed Russo’s sentiment, characterizing the convention as “more style than substance.”
“The purpose is to legally nominate their candidate,” Martin told FoxNews.com. “Tea Party Patriots are far more concerned about what laws are going to be passed than what they’re doing at a party in Florida and Charlotte.”
“As long as our values are represented, we are making an effect. What we will be happy about is when bills are signed into law that repeal the president’s health care law, and when the budget is balanced and when we’re on the road to recovery,” she said. “The convention is just a very small step along the way.”
FRANKFURT – German Chancellor Angela Merkel on Friday said she wants Greece to remain in the euro zone, but repeated that she wants to see a report from the country’s troika of international lenders next month before European leaders decide whether to give Greece more time to implement austerity measures and reforms in return for its bailout. Merkel, in a joint news conference with Greek Prime Minister Antonis Samaras after a meeting in Berlin, said she was convinced Samaras’s new government is committed to solving Greece’s woes. Samaras repeated that Greece isn’t seeking more money but needs “breathing space” to implement measures while aiming to restore growth to the recession-wracked country.
Read more: http://www.foxbusiness.com/markets/2012/08/24/merkel-germany-wants-greece-to-remain-in-euro/#ixzz24gfZfRbX
Coming soon to a theater — and Republican convention — near you.
The Hope and the Change is a more sophisticated and potentially potent effort than the Hillary project was. Instead of featuring strident partisan voices such as Morris or Ann Coulter, the cast of 40 is composed entirely of registered Democrats and independents who voted for Obama in 2008. This reflects a political premise shared by Bossie and Stephen K. Bannon, the film’s director—that the 2012 election will be decided by that group of voters in key states whose enthusiasm for Obama has descended toward disillusion.
The film’s early production stage, reflecting the true nature of the project, involved an ambitious political operation in dozens of key counties in seven swing states. Bossie used market research firms to identify their pool of Obama voters, and then conducted focus group sessions to cull the group down to those who would appear in the film. He contracted with Pat Caddell, the Democratic pollster and adviser to former president Jimmy Carter, who had been researching the very group Bannon and Bossie were interested in, to design the sessions…
Bannon says he sees his movie as “a referendum film,” which, of course, neatly fits the election framework that the Romney camp is hoping for. Advertising spots are already being cut, and will serve the duel purpose of promoting the film and signaling to voters hesitant about an Obama reelection that they are not alone.
Solyndra headquarters could sell at fraction of original price
Published August 24, 2012FoxNews.com
Taxpayers are about to take it on the chin again when it comes to solar-panel firm Solyndra, as the now-defunct company looks to sell off its glimmering headquarters for a fraction of the original price.
Bankruptcy court documents filed earlier this week show that Seagate Technology — which makes hard drives and other storage products — is offering to buy the Fremont, Calif., building for $90.3 million. The original building cost was cited in earlier documents as roughly $300 million.
The offer, though not final, became an instant political football as the Romney campaign used it to resurrect accusations that the Obama administration gambled, and lost, with taxpayer dollars. The government gave a $528 million loan to Solyndra.
“Solyndra is the ultimate symbol of President Obama’s failed attempts to pick winners and losers in the free market,” Romney spokeswoman Andrea Saul said. “The Obama administration’s decision to put its friends and donors ahead of taxpayers was wrong, and even the sale of Solyndra’s palatial headquarters won’t make things right.”
Solyndra, aside from trying to recover for investors what it can from the value of the building, already auctioned off much of its equipment during a two-day affair last November.
Solyndra filed for bankruptcy in September 2011, setting off a months-long investigation by Republicans in Congress. It has been a persistent campaign-year issue.
A report released earlier this month by Republicans on the House Energy and Commerce Committee concluded that “political pressure” by a White House eager to tout its stimulus spending was largely to blame for fast-tracking the loan guarantee.
“It is clear (the Department of Energy) should never have issued the loan guarantee to Solyndra,” the report said.
The White House, though, said the investigation nevertheless affirmed “this was a merit based decision made by the Department of Energy” as opposed to an attempt to reward political cronies.
If the $90 million sale price is approved, it’s unclear how much of that might be returned to the government. A prior restructuring deal allowed private investors to be repaid before taxpayers.
During a congressional hearing last November, Energy Secretary Steven Chu said taxpayers are not likely to get much of that money back.
Asked how much money taxpayers might see, Chu said: “Well, that remains to be seen. I’m anticipating that not very much.”
Treasury Raises TARP Cost Estimate as Share Prices Shift
Published August 13, 2012 Dow Jones Newswires
The Treasury Department raised slightly its cost estimate for the financial bailout, largely reflecting shifting share prices for two of the companies it rescued at the height of the crisis.
The Troubled Asset Relief Program, or TARP, will ultimately cost taxpayers $47.75 billion, the Treasury said in a monthly report sent to Congress Friday. That is up from the previous estimate of $43.32 billion.
The latest figures are based on General Motors Co. (GM) and American International Group Inc.’s (AIG) share prices from May 31, when GM was at $22.20 and AIG at $29.18. The prior report used share prices from the end of February, when GM was $26.02 and AIG was $29.22.
The latest calculation puts the cost of the auto bailout at $25.05 billion, up from the previous estimate of $21.70 billion.
Meanwhile, the two stocks have since moved in opposite directions. GM closed Friday at $20.54 a share and AIG at $32.60. The Treasury also has pared back its AIG holdings, selling its fourth tranche of shares early this month for $5.75 billion.
Nearly four years after TARP’s launch, the U.S. still has substantial investments in AIG, GM, Ally Financial Inc. and hundreds of smaller banks. The U.S. holds a 53% stake in AIG and a 26.5% stake in GM–the largest of the publicly traded companies.
TARP ended up a smaller and less costly program than initially projected. At one point, TARP’s price tag was set at $700 billion. Ultimately, $431 billion was disbursed through a handful of programs and much of that has been recovered as companies paid back funds or the government sold off investments.
Indeed, some of TARP’s components are expected to turn a profit.
“To date, we’ve already recovered nearly 84% of the funds disbursed for TARP and the program is expected to cost dramatically less than many once feared,” a Treasury official said Monday.
In the Treasury’s latest estimate, the biggest chunk of costs are expected to arise from $46 billion set aside for housing–funds that some think will never be used.
The Congressional Budget Office, for example, expects only $16 billion will ultimately be disbursed for mortgage programs. Because of the big difference, CBO this spring forecast that TARP will end up costing taxpayers $32 billion.
The remaining costs stem largely from assistance to AIG and aid to the automotive industry.
Bill Clinton to Paul Ryan on Medicare Election: ‘Give me a Call’
ABC News’ Jonathan Karl (@jonkarl) reports:
The day after the stunning upset in the special congressional election in upstate New York, Rep. Paul Ryan is a man under fire.
But ABC News was behind the scenes with the Wisconsin Congressman and GOP Budget Committee Chairman when he got some words of encouragement none other than former President Bill Clinton.
“So anyway, I told them before you got here, I said I’m glad we won this race in New York,” Clinton told Ryan, when the two met backstage at a forum on the national debt held by the Pete Peterson Foundation. But he added, “I hope Democrats don’t use this as an excuse to do nothing.”
Ryan told Clinton he fears that now nothing will get done in Washington.
A congressional report concluded Friday that “political pressure” by a White House eager to tout stimulus spending was largely to blame for fast-tracking the ill-fated $535 million Solyndra loan guarantee — findings compounded by the release of an email that showed the former CEO once referred to the aid as “The Bank of Washington.”
The email and the report were released by Republicans, who continue to use the scandal to portray the Obama administration as careless with taxpayer money in pursuit of its alternative-energy agenda.
The email, posted online by the Republican National Committee, was a late 2009 message from ex-CEO Chris Gronet. “The Bank of Washington continues to help us!” he exclaimed, pointing to the recently approved loan guarantee and other tax incentives the company might use.
The report, meanwhile, was released by Republicans on the House Energy and Commerce Committee and caps a nearly yearlong investigation by the panel into why the government allegedly ignored red flags to approve the loan. Solyndra, a solar-panel firm, filed for bankruptcy last year.
“It is clear (the Department of Energy) should never have issued the loan guarantee to Solyndra,” the report said, adding that a subsequent decision to restructure the terms “violated the plain language of the law.”
The report, which follows another GOP-authored congressional study earlier this week on the Justice Department’s Fast and Furious scandal, is sure to fuel an election-year furor over questionable taxpayer investments in private companies.
The Obama administration has argued that the overall loan guarantee program has been successful and critical to supporting alternative energy innovators. In response Thursday, the administration blasted the GOP report and defended the integrity of the program.
“This is month 18 of this congressional investigation and everything disclosed … affirms what we said on day one: this was a merit based decision made by the Department of Energy,” White House spokesman Eric Schultz said. “As Republicans won’t answer how much investigation has cost taxpayers, we believe they should instead be focused on legislation to creating jobs and grow the economy.”
But an overriding theme in Thursday’s report is that the Department of Energy was under pressure from the beginning in 2009 to approve the Solyndra loan guarantee despite warning signs.
“This report conclusively shows that DOE pushed forward with the guarantee despite these warnings because of the Obama administration’s desire to use the Solyndra guarantee to highlight its stimulus,” the report said.
“A 123 Systems, the “green,” federal stimulus-funded lithium ion battery manufacturer, announced atrocious quarterly results today. Most expected that A 123‘s results would be dark red. What was a surprise was the simultaneous announcement that the company had entered into a memorandum of understanding (MOU) with a Chinese industrial group, Wanxiang, that will give the Chinese control of the company.”
Green Battery Maker- A123′s Deal With China (More TaxPayer Cash Wasted) - China Could see 80% of Control of Lithium Ion technology.
A123 Systems Rallies On China Firm Investment
By Steve Gelsi Published August 08, 2012 MarketWatch Pulse
NEW YORK – Battery maker A123 Systems Inc. jumped 23% to 58 cents a share on Wednesday after the Waltham, Mass., company said Wanxiang Group Corp. will invest up to $450 million in the firm. The investment from Wanxiang, China’s largest automotive component maker, is intended to create the capital structure necessary for A123 Systems to continue growing its business, the company said. “Alignment with Wanxiang is also expected to substantially strengthen A123′s access to the growing vehicle electrification and grid-scale energy storage markets in China,” the company said.
Has an Obama gaffe finally revealed his innermost contempt for America, our Constitution and our traditional institutions? A contempt so deep and so villainous to American Principles and Values that he had to keep it concealed from public view. Hidden lest his villainous ideology be exposed and ruin his wicked plan to destroy America’s most cherished constitutional, social and economic institutions. Every once and a while those seers of our American culture would get a glimpse of his veiled intent and would alert our populous who either would not or could not believe that an American President could be capable of such infamous deeds.Then last Monday night while speaking at a fundraiser in Oakland last, Obama momentarily removed his superficial cloak as he told a mob of supporters that, “Just like we’ve tried their plan, we’ve tried our plan, and it worked. That’s the difference. That’s the choice in this election. That’s why I’m running for a second term.” He thereby, perhaps unconsciously, revealed his ongoing plan to subvert and destroy America.
The Top 50 Obama Short comings-50 reasons not to vote for Obama
1. Obamacare
2. The failed $850 billion stimulus
3. High, persistent unemployment
4. Gas prices
5. The 2012 budget’s fecklessness
6. Massive deficits each and every year
7. The seizure of GM and Chrysler, the transfer of bondholder wealth to unions, and the dumping of the GM stock at a loss
9. Hostility to Israel, including attack on apartment expansion and icing of Prime Minister Netanyahu in basement of White House
10. Failure to support Iran’s Green Revolution
11. Failure to support Syrian revolution
12. The Libyan Fiasco
13. The incompetent handling of the Gulf Oil disaster
14. The unnecessary permitorium in the aftermath of the Gulf Oil disaster
15. The shutdown of Shell’s Arctic oil exploration by EPA
16. The president’s push for cap-and-tax in the Congress
17. The president’s attempt to unconstitutionally impose cap-and-tax via EPA when the Congress wouldn’t pass cap-and-tax
18. The president’s push for unconstitutional restrictions on free speech on his political enemies while keeping the unions free to spend money on campaigns via The Disclose Act
19. The president’s attempt to unconstitutionally impose The Disclose Act on his political opponents but not unions via Executive Order
20. The president’s use of unaccountable “czars”
21. The president’s refusal to accept Congressional direction vis-a-vis his “czars” contained in the last 2011 Continuing Resolution
22. The president’s verbal assault on the Supreme Court while the members of the Court sat before him in the state of the Union
23. The president and Eric Holder’s politicization of the Department of Justice, including the black panthers case and the refusal to defend DOMA
24. The president’s use of demonizing rhetoric towards his opponents, such as accusing doctors of performing unnecessary surgery for money
25. The president’s hyper-partisan approach to governing including “I won, you lost” in 2009 and the assault on Paul Ryan with Paul Ryan as an invited guest in the president’s April 2011 “deficit speech.”
26. Bowing to the Saudi King and the Japanese emperor
27. Returning the bust of Churchill to Great Britain
28. Removing the missile shield from Poland and the Czech Republic
29. Backing the would-be dictator of Hondorus when that nation’s Supreme Court rightfully removed him from office
30. Failure to push for quick ratification of free trade agreements with Columbia, Panama and South Korea
31. Indecision on Afghanistan surge coupled with announcement of eventual withdrawal.
32. Incoherence on Egypt, most obviously with the dispatch of Frank Wizner and then rejection of Wizner’s advice vis-a-vis Mubarak.
33. Appointment Craig Beck to NLRB via recess appointment
34. Appointment of FCC commissioners who are pursuing “net neutrality” without Congressional authorization
35. Failure to resume full water deliveries to California’s Central Valley because of the Delta Smelt
36. Attempt to close Guantanamo Bay
37. Attempt to try terrorists in New York City
38. Janet “The System Worked” Napolitano
39. Government takeover of the student loan program
40. Cancellation of “virtual border fence” project with no replacement or indeed concern for border security
41. The “Beer Summit” and the attack on the Cambridge Police Department
42. The Department of Justice’s attack on Arizona for that state’s exercise of its sovereign legislative authority on the issue of citizen identification rules
43. The attack on Scott Walker and Wisconsin for the governor’s and the state legislature’s exercise of their sovereign legislative authority on public employment issues
44. Dabbling in basketball brackets while the Middle East fell into chaos and the gas prices skyrocketed
45. Arguing that American exceptionalism was the same as any nation’s sense of exceptionalism
46. Implying that Minnesota bridge collapse was the result of lack of infrastructure funding
47. Inserting himself into campaign for the Olympics
48. Attack on D.C. voucher program
49. Van Jones and a long list of other appointees
50. Teleprompter dependency and the worst run of presidential rhetoric since Millard Fillmore combined with testiness in the few interviews he grants.