Tampa Tea Party Blog

Washington Post: "President Obama’s Phony Accounting on the Auto Industry Bailout" “One of the Most Misleading Collections of Assertions”

Tue, 07 Jun 2011 13:06:08 -0400

I thought I was done with posts about politicians’ difficulty with numbers for one day… And then I see Washington Post’s fact checker chimes in with this headline: President Obama’s phony accounting on the auto industry bailout. Desperation setting in?

We take no view on whether the administration’s efforts on behalf of the automobile industry were a good or bad thing; that’s a matter for the editorial pages and eventually the historians. But we are interested in the facts the president cited to make his case.

What we found is one of the most misleading collections of assertions we have seen in a short presidential speech. Virtually every claim by the president regarding the auto industry needs an asterisk, just like the fine print in that too-good-to-be-true car loan.

In awarding President Obama 3 Pinocchios for his auto industry speech, the Washington Post leaves with this:

The president is straining too hard. If the auto industry bailout is really a success, there should be no need to resort to trumped-up rhetoric and phony accounting to make your case. Let the facts speak for themselves.

Read the link for the full breakdown of the whoppers Obama told or check out here for Ed Morrisey’s summation.

Graph: Latest unemployment figures added to the famous graph...

Tue, 07 Jun 2011 12:33:03 -0400

Graph: Latest unemployment figures added to the famous graph that shows official unemployment numbers plotted alongside what the Obama administration said would happen with and without his nearly $1 Trillion Keynesian “Spendulus” experiment.

Total Unfunded Federal Obligations: $61.6 Trillion

Tue, 07 Jun 2011 12:16:53 -0400

USA Today looks past the oft used current debt figure ($14 trillion) to look at the complete picture including all unfunded federal liabilities: What it found is not pretty.

Corporations would be required to count these new liabilities when they are taken on — and report a big loss to shareholders. Unlike businesses, however, Congress postpones recording spending commitments until it writes a check.

The $61.6 trillion in unfunded obligations amounts to $534,000 per household.

….

USA TODAY has calculated federal finances based on standard accounting rules since 2004 using data from the Medicare and Social Security annual reports and the little-known audited financial report of the federal government.

Got to love ideologues who can brush off the enormity of $61.6 Trillion:

Michael Lind, policy director at the liberal New America Foundation’s economic growth program, says there is no near-term crisis for federal retirement programs and that economic growth will make these programs more affordable.

“The false claim that Social Security and Medicare are about to bankrupt the United States has been repeated for decades by conservatives and libertarians who pretend that their ideological opposition to these successful and cost-effective programs is based on worries about the deficit,” he says.

CBO: True cost of Fannie/Freddie bailout more than 2x Obama claim

Mon, 06 Jun 2011 16:50:00 -0400

A new Congressional Budget Office report says taxpayers are on the hook for Fannie Mae and Freddie Mac at over twice the amount the Obama administration claims. The Obama administration counts only the $130 billion in cash paid to bail out the two government sponsored enterprises (GSE’s) while ignoring “the cost of the federal government guaranteeing the loans bought and securitized by the GSEs.” The CBO says the total is really closer to $317 billion.

In a report delivered to the House Budget Committee on June 2, the CBO said a “fair value” accounting of guaranteeing the two defunct mortgage companies – known as Government Sponsored Enterprises (GSEs) – was more than twice as high as the Office of Management and Budget had accounted for.

…

The total of those cash payments is $130 billion, and is normally reported as the cost of the bailout of the GSEs to date. However, the CBO said that merely counting the cash payments, and not the cost of federal subsidies granted to the GSEs, obscures their real costs.

Essentially, the CBO is accounting for the cost of the federal government guaranteeing the loans bought and securitized by the GSEs.

Say again?

The GSEs have a fair-value deficit between assets and liabilities that total to $187 billion. Combined with the $130 billion in cash infusions given by the federal government to Fannie and Freddie, the taxpayer is on the hook now for $317 billion. The CBO predicts that the liability will increase each year by slightly more than $4 billion over the next ten years as well.

Taxpayers might have to eat it all in the near term in order to shed the liabilities. If Congress gets around to ending the government guarantees for Fannie and Freddie, it will almost certainly have to resolve the deficit. That is why the CBO calculation is so important, and likely why Congress and the White House avoided addressing the issue in 2009 and 2010.

The government-sanctioned monopolies that securitize the majority of all mortgages in the U.S. are among the major players in the real estate collapse and the subsequent recession. As political instruments, politicians over the years made demands of these GSE’s to securitize more and more loans and ones that were riskier and riskier — eventually under the Clinton administration demanding more risky, subprime loans.

And when that risk is realized, who’s on the hook? The people who agreed to take on the risk? The politicians who built the system? Of, course not. Us taxpayers are the ones to pay the bill.

If these GSE’s weren’t too big to fail — ie, if they weren’t government sanctioned monopolies — they a) would be more difficult to become political play things and b) could fail and other enterprises could move into their place. Instead, as blunt political tools (and ones that give generously to the very political candidates who oversee them [Obama, Dodd, Frank, R’s too…]) they remain instruments of social engineering that we taxpayers must prop up when they and their political cronies fail.

Fannie / Freddie are the poster children for why governments should not play puppet masters in the marketplace.

Video: Paul Ryan’s Saving Medicare, Visualized

Thu, 26 May 2011 11:04:23 -0400

Video: Paul Ryan’s Saving Medicare, Visualized

Video: Marco Rubio on Saving Medicare

Thu, 26 May 2011 10:33:57 -0400

Video: Marco Rubio on Saving Medicare

Video: Marco Rubio at Tampa Tax Day Tea Party 2011

Mon, 18 Apr 2011 12:39:50 -0400

Video: Marco Rubio at Tampa Tax Day Tea Party 2011

It's your day

Tue, 02 Nov 2010 11:09:20 -0400

Be heard. Vote.

Video: Sanity

Mon, 01 Nov 2010 11:09:02 -0400

Video: Sanity

Whoops: Rail cost estimates already exceeding initial projection

Fri, 29 Oct 2010 13:10:00 -0400

As predicted, cost projections were a bit too rosy. The real cost, says Hillsbororough Area Regional Transit officials, will be much higher.

NoTaxForTracks.com has continuously pointed to the huge costs and record of cost overruns associated with rail projects and already the evidence with this rail tax is in: (From the St Pete Times today:)

Projections by the county’s Metropolitan Planning Organization put the construction costs for a new light rail system — the figure commissioners considered — at $70 million per mile.

Now, Hilllsborough Area Regional Transit officials say the cost likely will be $85 million to $120 million per mile, based on an analysis issued two weeks ago that doesn’t consider inflation.

“I think that’s a consistent pattern and it’s occurred in city after city,” said Martin Wachs, who supervises transportation research at Rand Corp., a nonpartisan, nonprofit think tank.

Past history is a much better indication of reality than the rosy, overly optimistic assumptions and predictions from those who are in support of this initiative.

Phoenix: Mayor told voters cost would be $500 million, actual cost is $1.4 Billion and with $240 million deficit to close added a 2% tax on food and groceries in April, a portion of that money to keep rail operating (after cutting bus and rail svcs) Also, University of Phoenix bought tens of thousands of passes and free rides are given to students who pay for them thru their tuition (many paid for by parents or tax subsidized loans or grants). Those “free” rides are included in their ridership numbers.
Phoenix is rated one of the 15 most bankrupted cities according to BusinessInsider.com: http://www.businessinsider.com/americas-most-bankrupt-cities-2010-4

Charlotte: Charlotte had cost overruns of over 100%, first leg cost $48 million per mile, to build out will now cost $101 million per mile and they have raised fares and delayed build out they promised voters due to declining revenues. Regarding their transit oriented development, Charlotte taxpayers subsidize the rail, subsidized the developers and subsidized some of the residents to entice them to move into high density housing by waiving their property taxes for 5 or more years. And their rail ridership includes 4000 previous bus riders who simply moved over to higher taxpayer subsidized rail.

Stop the Boondoggle BEFORE it starts!

VOTE AGAINST THE RAIL SURTAX

Florida Voter Guide

Fri, 22 Oct 2010 12:45:58 -0400

Have you settled on your vote for senator, governor, or attorney general? What about judges? Do you know how judges ruled on ObamaCare? Or know the ins and outs of all the amendments? Check out this Florida Voter Guide.

Video: Chinese Professor

Fri, 22 Oct 2010 12:31:17 -0400

Video: Chinese Professor

Fannie, Freddie Bailout Will Cost Double of Earlier Estimates

Fri, 22 Oct 2010 12:29:22 -0400

Via HotAir quoting the Dallas News:

Rescuing mortgage buyers Fannie Mae and Freddie Mac could cost as taxpayers as much as $363 billion over the next three years, more than double the current amount, a federal regulator said Thursday.

The two companies could end up costing taxpayers $221 billion to $363 billion through 2013, the Federal Housing Finance Agency projected. The actual amount will depend on whether home prices stabilize or take another dive, the agency said. …

When the government stepped in to take them over in September 2008, the rescue was only expected to cost a combined $200 billion. Fannie and Freddie have already received $148 billion from the government.

It’s the first time the agency has released a public estimate of the taxpayer tab. The combined bailout of the two companies is on track to be the largest of the financial crisis.

Reminders:

- Obama administration removed the $400 Billion cap on the Fannie/Freddie bailout.

- D.C. just this summer said reforming Fannie/Freddie would be “too complicated” to do now so left them untouched in the Wall Street regulation bill passed this summer. Punting, promising to review the situation of the big campaign contributors sometime in the future.

Ed Morrissey of HotAir suggests reading this recent book for “one of the best and most concise analyses I’ve yet read” of Fannie/Freddie.

$800B later Obama learns "there’s no such thing as shovel-ready projects" for public works

Wed, 13 Oct 2010 15:50:00 -0400

The $800 Billion lesson. In a New York Times Magazine article titled “The Education of a President”, Obama reflects:

While proud of his record, Obama has already begun thinking about what went wrong — and what he needs to do to change course for the next two years. He has spent what one aide called “a lot of time talking about Obama 2.0” with his new interim chief of staff, Pete Rouse, and his deputy chief of staff, Jim Messina. During our hour together, Obama told me he had no regrets about the broad direction of his presidency. But he did identify what he called “tactical lessons.” He let himself look too much like “the same old tax-and-spend liberal Democrat.” He realized too late that “there’s no such thing as shovel-ready projects” when it comes to public works. Perhaps he should not have proposed tax breaks as part of his stimulus and instead “let the Republicans insist on the tax cuts” so it could be seen as a bipartisan compromise.

Admission 1: Stimulus, as just about everyone knew except for the president it seems, could not possibly live up to its false promises. The smart folks new BEFORE $800 billion was committed that it was the wrong prescription for what ails this country.

Admission 2: President “I won” Obama admits shutting Republicans out of participation.

Last Day to Register for General Election

Mon, 04 Oct 2010 10:53:42 -0400

October 4, 2010 - Tampa, FL - Earl Lennard, Hillsborough County Supervisor of Elections, reminds the public that today is the last day for Hillsborough County residents to register to vote in the upcoming 2010 General Election.

“Hillsborough County residents can download the registration form on our website, www.votehillsborough.org, or, they can register at any of the public libraries, Department of Motor Vehicles, at our downtown office located on the 16th floor at 601 E. Kennedy Blvd., or at the Robert L. Gilder Elections Service Center, on 2514 Falkenburg Road,” said Lennard.

All mailed in registration forms must be postmarked by October 4th, or hand delivered to one of the two Election Offices by 5 p.m. on October 4th, 2010.

Video: Alan Grayson, A National Embarrassment

Fri, 01 Oct 2010 16:12:57 -0400

Video: Alan Grayson, A National Embarrassment

Sunshine: Alan Grayson down 7 points

Wed, 29 Sep 2010 09:27:43 -0400

Let the sunshine in. From Sunshine State News Poll:

In one of the most closely watched U.S. House races in the nation, Republican Daniel Webster now holds a 7-point lead over Democratic Rep. Alan Grayson in Central Florida’s 8th Congressional District, according to a new Sunshine State News Poll.

—-

“It’s his character to say foolish things, and he doesn’t handle stress well. He’ll see this poll and get more desperate,” said Gaitens…

—-

Female voters are anything but ambivalent about Grayson — “They really loathe him,” Lee reported. With Grayson’s 33/53 favorable/unfavorable rating among women, Webster’s lead among females is much stronger (45/33 over Grayson) compared to a statistical tie (41/40 Webster) among males.

But wait! There’s more?

But take heart; the latest Sunshine State Poll was conducted mainly before the smear in the “Taliban Dan” ad was exposed and widely condemned, which means Grayson may still be hurtling downward.

Waiting for Superman review. “Waiting for ‘Superman’” is not...

Tue, 28 Sep 2010 17:48:00 -0400

Waiting for Superman review.

“Waiting for ‘Superman’” is not only the most important documentary made in many a year but it might also help to restore a little of your faith in humanity, and I’m not even talking about the movie itself, which I’ll get to in a bit. I’m talking about its creator David Guggenheim, best known for directing and winning the Oscar for Al Gore’s alarmist global warming screed “An Inconvenient Truth.” In an era when, in order to hold on to power and take control of our lives, the Left tells Big Lies just as quickly as they can make them up, along comes Guggenheim, an acknowledged pro-union liberal, to take on the most powerful, and in my opinion destructive, special interest group in America: the national teachers union.

Update: NJ Republican Governor Chris Christie doesn’t want to wait. He wants to test teachers in reading and math.

“We cannot wait. Your children are sitting in these classrooms today. We cannot wait to make it better,” Christie told CBS 2’s Marcia Kramer.

Unqualified teachers will feel the lash. The governor is demanding that teachers in kindergarten through fifth grade actually pass tests in reading and math in order to be certified.

——

* Prohibit salary scales based on seniority

* Grant raises based on classroom performance

* Give tenure based on classroom performance

Senate report: New EPA rules mean "up to 798,250 jobs at risk"

Tue, 28 Sep 2010 17:32:00 -0400

New EPA rules will outsource pollution and jobs to China.

it’s not just the Senate Environment and Public Works Committee’s minority contingent that fears the loss of nearly a million jobs from new EPA rules on greenhouse gases and other emissions issues. It’s also groups like the United Steel Workers, Unions for Jobs and the Environment, and experts like King’s College Professor Ragnar Lofstedt.

Here is what the report finds:

New standards for commercial and industrial boilers: up to 798,250 jobs at risk;

The revised National Ambient Air Quality Standard for ozone: severe restrictions on job creation and business expansion in hundreds of counties nationwide.

New standards for Portland Cement plants: up to 18 cement plants at risk of shutting down, threatening nearly 1,800 direct jobs and 9,000 indirect jobs;

The Endangerment Finding/Tailoring Rules for Greenhouse Gas Emissions: higher energy costs; jobs moving overseas; severe economic impacts on the poor, the elderly, minorities, and those on fixed incomes; 6.1 million sources subject to EPA control and regulation;

From HotAir:

Again, no facility in the US meets the standards proposed by the EPA. Imposition of these standards would at least temporarily close almost 20 percent of all American cement producers and reduce long-term cement production from 8-15%. The cement that will be needed for construction demand will have to be imported, primarily from China, which is expanding their cement production using environmental standards significantly below current American standards. In other words, we can expect more pollution, not less — just outsourced along with the jobs in the industry.

Aug 25th Tampa Tea Party Rally with Marco Rubio

Sun, 22 Aug 2010 11:12:21 -0400

Announcing a new Meetup for Tampa Tea Party Members:

What: RECLAIM AMERICA RALLY WITH MARCO RUBIO

When: Wednesday, August 25, 2010 9:30 AM

Where: GRAND HYATT AT ROCKY POINT
2900 BAYPORT DRIVE AUDUBON ROOM
Tampa, FL 33607

RECLAIM AMERICA RALLY

WITH MARCO RUBIO

JUST ANNOUNCED!
MARCO RUBIO, CANDIDATE FOR THE UNITED STATES SENATE
WILL HOLD A RECLAIM AMERICA UNITY RALLY

WEDNESDAY, AUGUST 25, 2010

9:30 AM DOORS OPEN
9:45 EVENT BEGINS

THE GRAND HYATT AT ROCKY POINT
AUDUBON ROOM
2900 BAYPORT DRIVE
TAMPA, FLORIDA

IT IS TIME FOR VICTORY IN NOVEMBER

FOR MORE INFORMATION CONTACT
Ashley Beach
ASHLEY@MARCORUBIO.COM
239-634-2293
OR
Deborah Cox-Roush
DEBORAH.COX-ROUSH@HCRP.ORG
813-434-5285

RSVP to this Meetup:
http://www.meetup.com/Tampa-Tea-Party/calendar/14501123/