Wednesday, August 19, 2009
Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” —Ronald Reagan
WIKAPEDIA DEFINES CHROMYISM AS; “Cronyism is partiality to long-standing friends, especially by appointing them to positions of authority, regardless of their qualifications. Hence, cronyism is contrary in practice and principle to meritocracy. Cronyism exists when the appointer and the beneficiary are in social contact; often, the appointer is inadequate to hold his or her own job or position of authority, and for this reason the appointer appoints individuals who will not try to weaken him or her, or express views contrary to those of the appointer. Politically, “cronyism” is derogatorily used. The word “crony” first appeared in 18th century London, believed by many to be derived from the Greek word χρόνιος (chronios), meaning “long-term”, however, crony appears in the 1811 edition of Grose’s Vulgar Tongue with a decidedly non-collegiate definition, placing it firmly in the cant of the underworld. A less likely source is the Irish Language term Comh-Roghna (pron. ko-ronə), which translates to “close pals”, or mutual friends”.
Governments are particularly susceptible to accusations of cronyism, as they spend public money. Many democratic governments are encouraged to practice administrative transparency in accounting and contracting, however, there often is no clear delineation of when an appointment to government office is “cronyism”. It is not unusual for a politician to surround him- or herself with highly-qualified subordinates, and to develop social, business, or political friendships leading to the appointment to office of friends, likewise in granting government contracts. In fact, the counsel of such friends is why the officeholder successfully obtained his or her powerful position — therefore, cronyism usually is easier to perceive than to demonstrate and prove.
The Obama administration is a present day example of the resources of our society(tax dollars) being used to promote cronyism. A look at the cabinet appointments and the Czars appointed by Obama shows cronyism at it’s worst. As do the way Obama and his past car czar handled the General Motors and Chrysler bankruptcy debacles. There you have a definite bias toward one of the strongest supporters of Obama and the Democrats, the auto workers union!
Another prime example is the Bail Out money and to whom it has been distributed.
The scandal some are calling “Bonusgate” has extended beyond AIG and Bank of America into Fannie Mae and Freddie Mac bringing to light the relationship between Wall Street contributions and their connection to Democratic negligence in the handling of Wall Street excesses. Two key figures top the list in campaign contributions from the entities involved as they did for AIG, Senator Chris Dodd (D-RI) and President Barack Obama. Many Americans are now learning that for some time the Democratic leadership in return for heavy campaign contributions has show undo favoritism to Wall Street resulting in the wasting of billions of taxpayer dollars.
According to the non-partisan research organization, employees of security and investment firms donated nearly $10 million to Barack Obama in 2008. And during the presidential election campaign, Barack Obama, strongly benefited from employees of Lehman Brothers.The Illinois senator raised approximately $370,000 from Lehman employees that year, more than three times what McCain raised from employees of the failing firm! source:CNNPolitical Ticker
In March of 2008 Politico.com revealed the following amounts of contributions that were given to Obama during his presidential campaign.
– Obama has taken $1,180,103 from the top issuers of subprime loans. [cq.com]
– Obama received $266,907 from Lehman. [cq.com]
– Obama received $5395 from GMAC. [cq.com]
– Obama received $150,850 from Credit Suisse First Boston. [cq.com]
– Obama received $11,250 from Countrywide. [cq.com]
– Obama received $9052 from Washington Mutual. [cq.com]
– Obama received $161,850 from Citigroup. [cq.com]
– Obama received $4600 from CBASS. [cq.com]
– Obama received $170,050 from Morgan Stanley. [cq.com]
– Obama received $1150 from Centex. [cq.com]
– Obama received $351,900 from Goldman Sachs. [cq.com]
None of these gifts were even close to the near 50 million dollars that labor unions contributed to elect Obama!
And Open Secrets.com lists the following Obama contributors:
University of California $1,591,395
Goldman Sachs $994,795
Harvard University $854,747
Microsoft Corp $833,617
Google Inc $803,436
Citigroup Inc $701,290
JPMorgan Chase & Co $695,132
Time Warner $590,084
Sidley Austin LLP $588,598
Stanford University $586,557
National Amusements Inc $551,683
UBS AG $543,219
Wilmerhale Llp $542,618
Skadden, Arps et al $530,839
IBM Corp $528,822
Columbia University $528,302
Morgan Stanley $514,881
General Electric $499,130
US Government $494,820 ?????
Latham & Watkins $493,835
And the SEIU, whose officers now meet with Obama every week, endorsed Obama, that union has 1.9 million members and has a rank-and-file that is far more politically active than most other unions’. Its political action committee spent more than $75 million for Obama’s campaign. They expect and are receiving special attention from the Obama administration. And to show their appreciation they are some of the “thugs” who attack and intimidate anti-Obmacare attendees at Town Hall meetings!
Ms. Burger of SEIU said the service employees would make a big push to press the president and Congress to enact universal health coverage and the Employee Free Choice Act, a bill that would make it easier for workers to join unions.
She said the S.E.I.U.’s members would make 10 million phone calls to members of Congress as part of that legislative effort!
And although this issue was dropped there is the issue of illegal foreign contributions that the Federal Elections Commission was contemplating investigation, that could be connected to the fact that some of the TARP funds have found their way to foreign divisions of American banks and investment corporations.
The FEC analyst says that Obama’s filings indicate he received large, bundled sums of donations from overseas, sometimes exceeding a quarter millions dollars. “It’s suspicious, but it’s the small donations made by credit card that need to be examined. We’ve raised red flags on many of these and the Obama campaign just ignored them.
Then there is the issue that Secretary of Treasury Geithner had a hand in the $30 billion Bear Stearns bailout and the multilevel AIG bailouts ($85 billion and $38 billion under President Bush and another $30 billion in March 2009 under Obama). Massive sums of that taxpayer money went to major financial institutions that had employed Obama’s money men and their closest confidants. Goldman Sachs, for example, raked in nearly $13 billion in December 2009 from AIG in federal TARP funds — and reported record profits this quarter with a bonus pool of more than $11 billion.
President Obama’s optimism that big government will help the economy is unwarranted and dangerous. The American taxpayer has seen billions of dollars wasted in the TARP program which has to date been of no real significance in benefit. Despite good intentions government is never efficient at replacing private commercial enterprise with public ones. Thousands of pages of law have been written of which apparently not a single member of Congress has read according to statements made by California Congressional Representative Maxine Waters on MSNBC. She admitted they rely on unelected staff to write and read the law the affect the pocket book of everyday Americans.
They are too busy campaigning for re-election and attending parties and taking “junkets” to be bothered with reading a bill before voting on it!