Oct 4, 2008 | 11:00 AM
Category:
Political
Palin tax returns for 2006 and 2007 released
…since she took the job in December 2006, she hasn't paid taxes on the more than $17,000 she received in controversial per diem payments for working out of the family's lakeside home in Wasilla
For the 2007 tax year, Todd Palin......claimed a $9,639 loss from his racing…..said Sheldon Cohen, IRS commissioner in the Johnson administration. "They are milking every possible deduction. They have a right to, if it's legitimate. The question is, is he in the racing business or is it a hobby?"
……However, when they filed their taxes last month, dated Sept. 3, their tax liability turned out to be $24,738 — meaning they owed an additional $2,017. IRS rules require that when a taxpayer files for an extension in April, all outstanding taxes must be paid at that time. When asked if the Palins had paid any interest or penalties, and if so, how much, Maria Comella, a McCain-Palin spokeswoman, said the couple had paid "at least $2,017," and that the campaign was researching if an additional payment had been made.
On their tax returns, the Palins said they donated $8,105 to charity over the two years. The bulk of the donations came in "gifts by cash or check" — $4,250 in 2006 and $2,500 last year. Comella said the Palins gave the money to local churches, but she would not elaborate.
The Palins made noncash charitable contributions, claiming "thrift store value" of $825 for a Dec. 31, 2007, donation to the Salvation Army of Wasilla. The column used to describe the donated items states only "Wasilla Alaska." When asked to explain, Comella said, "I believe this is actual things that were part of their property — furniture, clothing and so forth. That was generally what they donated."
Cohen said it was fine for the state of Alaska to determine it was OK to reimburse Palin to work out of her home, but the state's decision didn't mean those benefits were not taxable by the federal government. "One has nothing to do with the other," said Cohen.
FROM: http://ap.google.com/article/ALeqM5gp77q25DPCEibEdOBHWi
Kkz5EVWQD93JEIGO1
Palins' finances released and raise a couple of questions
The documents indicated that Palin did not report as 2007 income the $17,000 that she received in per diem payments from the state of Alaska for days that she worked out of her home in Wasilla, rather than at the state Capitol in Juneau.
"What jumps out to me in this tax return," said Robert S. McIntyre, director of the Citizens for Tax Justice, a labor-backed group, "is that the $17,000 in per diems is not there, and it should have been."
The McCain campaign said these payments are not taxable income, a position that has been questioned by tax experts.
The McCain campaign has been under pressure to release Palins' tax returns after the Obama campaign released 10 years of the returns of Sen. Joe Biden, Obama's running mate.
The tax returns were supposed to be released Monday but were delayed until Friday.
From: http://www.startribune.com/politics/national/presiden
t/30455644.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aP
c:_Yyc:aULPQL7PQLanchO7DiUF
The McCain-Palin campaign had said the tax returns would be released Monday, but it suddenly put them out Friday afternoon — a time long used by government to reveal embarrassing news because few people watch TV or read newspapers Friday evening and Saturday.
From: http://news.aol.com/elections/article/palins-recent-tax
-returns-released/200067?icid=200100397x1210936459x1200
644208
Something I found interesting on these returns is the business mileage that Todd claimed for his self-employment. For the various vehicles used he claims mileage of: 2007 = 800, 1500, 800, & 5000 miles & for 2006 = 1000, 500, & 800 miles.
In fact one of the supporting schedules for the 2007 return shows business mileage claimed on 1 of the vehicles from 1999 to 2006 as: 800, 800, 800, 800, 1500, 900, 900, & 500.
The odds that all his vehicles ended up with these nice round numbers are slim at best. So the question becomes - what other numbers on these tax returns are made up?
There are other items that accountants should have a field day with (unless the Friday afternoon release trick worked) such as recaptured depreciation on sold assets not being accounted for on the 2007 tax return therefore understating 2007 taxable income.
No wonder the Palins only released 2 years of their tax returns like John McCain did.
Oct 4, 2008 | 10:52 AM
Category:
News
Palin tax returns for 2006 and 2007 released
…since she took the job in December 2006, she hasn't paid taxes on the more than $17,000 she received in controversial per diem payments for working out of the family's lakeside home in Wasilla
For the 2007 tax year, Todd Palin......claimed a $9,639 loss from his racing…..said Sheldon Cohen, IRS commissioner in the Johnson administration. "They are milking every possible deduction. They have a right to, if it's legitimate. The question is, is he in the racing business or is it a hobby?"
……However, when they filed their taxes last month, dated Sept. 3, their tax liability turned out to be $24,738 — meaning they owed an additional $2,017. IRS rules require that when a taxpayer files for an extension in April, all outstanding taxes must be paid at that time. When asked if the Palins had paid any interest or penalties, and if so, how much, Maria Comella, a McCain-Palin spokeswoman, said the couple had paid "at least $2,017," and that the campaign was researching if an additional payment had been made.
On their tax returns, the Palins said they donated $8,105 to charity over the two years. The bulk of the donations came in "gifts by cash or check" — $4,250 in 2006 and $2,500 last year. Comella said the Palins gave the money to local churches, but she would not elaborate.
The Palins made noncash charitable contributions, claiming "thrift store value" of $825 for a Dec. 31, 2007, donation to the Salvation Army of Wasilla. The column used to describe the donated items states only "Wasilla Alaska." When asked to explain, Comella said, "I believe this is actual things that were part of their property — furniture, clothing and so forth. That was generally what they donated."
Cohen said it was fine for the state of Alaska to determine it was OK to reimburse Palin to work out of her home, but the state's decision didn't mean those benefits were not taxable by the federal government. "One has nothing to do with the other," said Cohen.
FROM: http://ap.google.com/article/ALeqM5gp77q25DPCEibEdOBHWi
Kkz5EVWQD93JEIGO1
Palins' finances released and raise a couple of questions
The documents indicated that Palin did not report as 2007 income the $17,000 that she received in per diem payments from the state of Alaska for days that she worked out of her home in Wasilla, rather than at the state Capitol in Juneau.
"What jumps out to me in this tax return," said Robert S. McIntyre, director of the Citizens for Tax Justice, a labor-backed group, "is that the $17,000 in per diems is not there, and it should have been."
The McCain campaign said these payments are not taxable income, a position that has been questioned by tax experts.
The McCain campaign has been under pressure to release Palins' tax returns after the Obama campaign released 10 years of the returns of Sen. Joe Biden, Obama's running mate.
The tax returns were supposed to be released Monday but were delayed until Friday.
From: http://www.startribune.com/politics/national/presiden
t/30455644.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aP
c:_Yyc:aULPQL7PQLanchO7DiUF
The McCain-Palin campaign had said the tax returns would be released Monday, but it suddenly put them out Friday afternoon — a time long used by government to reveal embarrassing news because few people watch TV or read newspapers Friday evening and Saturday.
From: http://news.aol.com/elections/article/palins-recent-tax
-returns-released/200067?icid=200100397x1210936459x1200
644208
Something I found interesting on these returns is the business mileage that Todd claimed for his self-employment. For the various vehicles used he claims mileage of: 2007 = 800, 1500, 800, & 5000 miles & for 2006 = 1000, 500, & 800 miles.
In fact one of the supporting schedules for the 2007 return shows business mileage claimed on 1 of the vehicles from 1999 to 2006 as: 800, 800, 800, 800, 1500, 900, 900, & 500.
The odds that all his vehicles ended up with these nice round numbers are slim at best. So the question becomes - what other numbers on these tax returns are made up?
There are other items that accountants should have a field day with (unless the Friday afternoon release trick worked) such as recaptured depreciation on sold assets not being accounted for on the 2007 tax return therefore understating 2007 taxable income.
No wonder the Palins only released 2 years of their tax returns like John McCain did.
Sep 30, 2008 | 9:24 AM
Category:
News
According to today’s paper:
“Hoping to pick up enough GOP votes for the next try, Republicans floated several ideas.”
One of them “would end rules that require companies to devalue assets on their books to reflect the price their could get in the market.”
Read that again! And then read it again!
Some imbeciles think that companies being allowed to OVER VALUE their worth would help solve our problems.
Who will letting companies camouflage the true value of their assets help? Big business, that’s who!
But how about the individual taxpayers? These politicians don’t care if people are investing for their retirement in stocks that are actually worth much less than the companies balance sheet shows.
Imagine the bubble that would eventually burst if this stupidity is allowed to happen!
Yes, this is one of the solutions offered by some of the people running our government. Does the mess we are in really surprise you?
Sep 30, 2008 | 9:19 AM
Category:
News
According to today’s paper:
“Hoping to pick up enough GOP votes for the next try, Republicans floated several ideas.”
One of them “would end rules that require companies to devalue assets on their books to reflect the price their could get in the market.”
Read that again! And then read it again!
Some imbeciles think that companies being allowed to OVER VALUE their worth would help solve our problems.
Who will letting companies camouflage the true value of their assets help? Big business, that’s who!
But how about the individual taxpayers? These politicians don’t care if people are investing for their retirement in stocks that are actually worth much less than the companies balance sheet shows.
Imagine the bubble that would eventually burst if this stupidity is allowed to happen!
Yes, this is one of the solutions offered by some of the people running our government. Does the mess we are in really surprise you?
Sep 27, 2008 | 10:53 AM
Category:
Political
The debate last night lightly touched on the candidates income tax plans. Even in this small period of time, Sen. McCain found it necessary to repeat one of his campaigns misleading statements.
Sen. McCain admits he doesn‘t have the needed grasp on economics (“The issue of economics is not something I’ve understood as well as I should,” he says. “I’ve got Greenspan’s book.”), but does he also not understand tax law? OR is he just following the politicians standard trick of repeating false statements knowing that some followers will blindly believe whatever they say?
According to the Tax Policy Center “The two candidates' plans would have sharply different distributional effects. Senator McCain's tax cuts would primarily benefit those with very high incomes….. In marked contrast, Senator Obama offers much larger tax breaks to low- and middle-income taxpayers and would increase taxes on high-income taxpayers.”
From an article by Factcheck:
A McCain ad wrongly claims Obama plans "painful tax increases" for working families.
McCain's new ad puts another stitch in what we've called his pattern of deceit on Obama's tax plan.
The ad is plain wrong about higher taxes on working families. In fact, Obama's economic plan would produce a tax cut for the majority of American households, with middle-income earners benefiting most.
We've already reported on at least 3 other ads, in both Spanish and English, from Sen. John McCain's campaign that distort his rival's tax policy. The ads claim that, for example, Democratic Sen. Barack Obama would raise taxes "on the sale of your home" and that he has a "history of raising taxes" and that he wanted to raise taxes on "families" making just $42,000 a year. Claims like these have led us to say that McCain's campaign is engaging in a "pattern of deceit" when it comes to describing Obama's tax plan. This most recent ad fits right into the template.
Overall, the TPC found that Obama’s plan would produce a tax cut for 81.3 percent of all households, and a cut for 95.5 percent of all households with children.
Under Obama's plan, the TPC estimates that people (or couples) making between $37,595 and $66,354 a year would see an average savings of $1,118 on their taxes.
Under McCain’s plan, on the other hand, those same individuals would save $325 on average — $793 less than the average savings under Obama's plan.
http://www.factcheck.org/elections-2008/a_new_stit
c
h_in_a_bad_pattern.html
Some of the other claims made by McCain that factcheck debunked:
“McCain falsely claimed Obama "says he'll raise taxes on electricity”, though Obama has said no such thing and his tax plan contains no proposal for a tax on electricity.”
“McCain stated that Obama would raise taxes "if you have an investment for your child’s education or own a mutual fund or a stock in a retirement plan." This was found to be “false”, by our colleagues at Politifact.com, and we concur.”
Instead of blindly believing the BS being spewed about, to see in reality how the actual tax proposals could affect you, check out the following web sites:
*Change in Tax Liability Under the Presidential Candidate Tax Plans for Nonelderly Single and Head of Household Families
http://www.taxpolicycenter.org/publications/url.cf
m?ID=411693
*Change in Tax Liability Under the Presidential Candidate Tax Plans for Married Families Filing Joint Returns
http://www.taxpolicycenter.org/taxtopics/election_
issues_matrix.cfm
*Change in Tax Liability Under the Presidential Candidate Tax Plans for Elderly Families
http://www.taxpolicycenter.org/numbers/displayatab
.cfm?DocID=1841
*2008 Presidential Candidates' Tax Proposals
http://www.taxpolicycenter.org/numbers/displayatab
.cfm?DocID=1840
*A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans (Full Report)
http://www.taxpolicycenter.org/numbers/displayatab
.cfm?DocID=1839
Very simple - you can be lazy and blindly believe what politicians tell you to believe, or take a few minutes to investigate and actually use your own mind.
Sep 27, 2008 | 10:32 AM
Category:
News
The debate last night lightly touched on the candidates income tax plans. Even in this small period of time, Sen. McCain found it necessary to repeat one of his campaigns misleading statements.
Sen. McCain admits he doesn‘t have the needed grasp on economics (“The issue of economics is not something I’ve understood as well as I should,” he says. “I’ve got Greenspan’s book.”), but does he also not understand tax law? OR is he just following the politicians standard trick of repeating false statements knowing that some followers will blindly believe whatever they say?
According to the Tax Policy Center “The two candidates' plans would have sharply different distributional effects. Senator McCain's tax cuts would primarily benefit those with very high incomes….. In marked contrast, Senator Obama offers much larger tax breaks to low- and middle-income taxpayers and would increase taxes on high-income taxpayers.”
From an article by Factcheck:
A McCain ad wrongly claims Obama plans "painful tax increases" for working families.
McCain's new ad puts another stitch in what we've called his pattern of deceit on Obama's tax plan.
The ad is plain wrong about higher taxes on working families. In fact, Obama's economic plan would produce a tax cut for the majority of American households, with middle-income earners benefiting most.
We've already reported on at least 3 other ads, in both Spanish and English, from Sen. John McCain's campaign that distort his rival's tax policy. The ads claim that, for example, Democratic Sen. Barack Obama would raise taxes "on the sale of your home" and that he has a "history of raising taxes" and that he wanted to raise taxes on "families" making just $42,000 a year. Claims like these have led us to say that McCain's campaign is engaging in a "pattern of deceit" when it comes to describing Obama's tax plan. This most recent ad fits right into the template.
Overall, the TPC found that Obama’s plan would produce a tax cut for 81.3 percent of all households, and a cut for 95.5 percent of all households with children.
Under Obama's plan, the TPC estimates that people (or couples) making between $37,595 and $66,354 a year would see an average savings of $1,118 on their taxes.
Under McCain’s plan, on the other hand, those same individuals would save $325 on average — $793 less than the average savings under Obama's plan.
http://www.factcheck.org/elections-2008/a_new_stitc
h_in_a_bad_pattern.html
Some of the other claims made by McCain that factcheck debunked:
“McCain falsely claimed Obama "says he'll raise taxes on electricity”, though Obama has said no such thing and his tax plan contains no proposal for a tax on electricity.”
“McCain stated that Obama would raise taxes "if you have an investment for your child’s education or own a mutual fund or a stock in a retirement plan." This was found to be “false”, by our colleagues at Politifact.com, and we concur.”
Instead of blindly believing the BS being spewed about, to see in reality how the actual tax proposals could affect you, check out the following web sites:
*Change in Tax Liability Under the Presidential Candidate Tax Plans for Nonelderly Single and Head of Household Families
http://www.taxpolicycenter.org/publications/url.cf
m?ID=411693
*Change in Tax Liability Under the Presidential Candidate Tax Plans for Married Families Filing Joint Returns
http://www.taxpolicycenter.org/taxtopics/election_
issues_matrix.cfm
*Change in Tax Liability Under the Presidential Candidate Tax Plans for Elderly Families
http://www.taxpolicycenter.org/numbers/displayatab
.cfm?DocID=1841
*2008 Presidential Candidates' Tax Proposals
http://www.taxpolicycenter.org/numbers/displayatab
.cfm?DocID=1840
*A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans (Full Report)
http://www.taxpolicycenter.org/numbers/displayatab
.cfm?DocID=1839
Very simple - you can be lazy and blindly believe what politicians tell you to believe, or take a few minutes to investigate and actually use your own mind.
Sep 26, 2008 | 8:12 AM
Category:
News
Palin Once Blessed Against 'Witchcraft'
ANCHORAGE, Alaska (Sept. 24) - A grainy YouTube video surfaced Wednesday showing Sarah Palin being blessed in her hometown church three years ago by a Kenyan pastor who prayed for her protection from "witchcraft" as she prepared to seek higher office.
The video shows Palin standing before Bishop Thomas Muthee in the pulpit of the Wasilla Assembly of God church, holding her hands open as he asked Jesus Christ to keep her safe from "every form of witchcraft."
"Come on, talk to God about this woman. We declare, save her from Satan," Muthee said as two attendants placed their hands on Palin's shoulders. "Make her way my God. Bring finances her way even for the campaign in the name of Jesus. ... Use her to turn this nation the other way around."
Palin filed campaign papers a few months later, in October 2005, and was elected governor the next year.
A spokesman for the McCain campaign declined to comment. A person who answered the phone at the Wasilla church confirmed the video was from May 2005 but declined further comment.
On a visit to the church in June 2008, Palin spoke fondly of the Kenyan pastor and told a group of young missionaries that Muthee's prayers had helped her to become governor.
"Pastor Muthee was here and he was praying over me, and you know how he speaks and he's so bold," she said. "And he was praying 'Lord make a way, Lord make a way' ... He said, 'Lord make a way and let her do this next step.' And that's exactly what happened."
The Rev. Zipporah Ndiritu, who studied under Muthee in the Kiambu, Kenya-based Word of Faith Church, said the bishop is revered among evangelicals there. In a phone interview from Mombasa, Kenya, she said church doctrine focuses on ridding the world of demons — and witches.
"Even in the days of Jesus Christ, according to the Bible there were witches who were manifesting through demonic forces," she said. "You can seek from the Lord, and if you find demonic forces you cast them out."
http://www.youtube.com/watch?v=iwkb9_zB2Pg
FROM: http://news.aol.com/elections/article/palin-once-blesse
d-against-witchcraft/187797
Sep 26, 2008 | 8:10 AM
Category:
News
Palin Once Blessed Against 'Witchcraft'
ANCHORAGE, Alaska (Sept. 24) - A grainy YouTube video surfaced Wednesday showing Sarah Palin being blessed in her hometown church three years ago by a Kenyan pastor who prayed for her protection from "witchcraft" as she prepared to seek higher office.
The video shows Palin standing before Bishop Thomas Muthee in the pulpit of the Wasilla Assembly of God church, holding her hands open as he asked Jesus Christ to keep her safe from "every form of witchcraft."
"Come on, talk to God about this woman. We declare, save her from Satan," Muthee said as two attendants placed their hands on Palin's shoulders. "Make her way my God. Bring finances her way even for the campaign in the name of Jesus. ... Use her to turn this nation the other way around."
Palin filed campaign papers a few months later, in October 2005, and was elected governor the next year.
A spokesman for the McCain campaign declined to comment. A person who answered the phone at the Wasilla church confirmed the video was from May 2005 but declined further comment.
On a visit to the church in June 2008, Palin spoke fondly of the Kenyan pastor and told a group of young missionaries that Muthee's prayers had helped her to become governor.
"Pastor Muthee was here and he was praying over me, and you know how he speaks and he's so bold," she said. "And he was praying 'Lord make a way, Lord make a way' ... He said, 'Lord make a way and let her do this next step.' And that's exactly what happened."
The Rev. Zipporah Ndiritu, who studied under Muthee in the Kiambu, Kenya-based Word of Faith Church, said the bishop is revered among evangelicals there. In a phone interview from Mombasa, Kenya, she said church doctrine focuses on ridding the world of demons — and witches.
"Even in the days of Jesus Christ, according to the Bible there were witches who were manifesting through demonic forces," she said. "You can seek from the Lord, and if you find demonic forces you cast them out."
http://www.youtube.com/watch?v=iwkb9_zB2Pg
FROM: http://news.aol.com/elections/article/palin-once-blesse
d-against-witchcraft/187797
Sep 26, 2008 | 7:51 AM
Category:
News
September 26, 2008
Government Seizes WaMu and Sells Some Assets
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.
Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual, the nation’s largest savings and loan, to JPMorgan Chase for $1.9 billion, averting another potentially huge taxpayer bill for the rescue of a failing institution.
Washington Mutual, with $307 billion in assets, is by far the biggest bank failure in history, eclipsing the 1984 failure of Continental Illinois National Bank and Trust in Chicago, an event that presaged the savings and loan crisis. IndyMac, which was seized by regulators in July, was one-tenth the size of WaMu.
But the seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan H. Fishman, was in mid-air flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates. WaMu was not immediately available for comment.
The deal will end WaMu’s 119-year run as an independent company and give JPMorgan Chase branches in California and other markets where it does not have a big presence.
FROM: http://www.nytimes.com/2008/09/26/business/26wamu.html?
em
Sep 26, 2008 | 7:48 AM
Category:
News
September 26, 2008
Government Seizes WaMu and Sells Some Assets
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.
Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual, the nation’s largest savings and loan, to JPMorgan Chase for $1.9 billion, averting another potentially huge taxpayer bill for the rescue of a failing institution.
Washington Mutual, with $307 billion in assets, is by far the biggest bank failure in history, eclipsing the 1984 failure of Continental Illinois National Bank and Trust in Chicago, an event that presaged the savings and loan crisis. IndyMac, which was seized by regulators in July, was one-tenth the size of WaMu.
But the seizure and the deal with JPMorgan came as a shock to Washington Mutual’s board, which was kept completely in the dark: the company’s new chief executive, Alan H. Fishman, was in mid-air flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates. WaMu was not immediately available for comment.
The deal will end WaMu’s 119-year run as an independent company and give JPMorgan Chase branches in California and other markets where it does not have a big presence.
FROM: http://www.nytimes.com/2008/09/26/business/26wamu.html?
em
Sep 26, 2008 | 7:30 AM
Category:
News
GOP sidetracks Bush's $700 billion bailout
WASHINGTON -The Bush administration's $700 billion plan to bail out the battered financial services industry has been sidetracked by harsh Republican Party in-fighting and it's uncertain how many GOP lawmakers will even take part in Friday's resumption of closed-door negotiations in Congress.
Even for a party whose president suffers dismal approval ratings, whose legislative wing lost control of Congress and whose presidential nominee trails in the polls, Thursday was a remarkably bad day for Republicans.
A White House summit meeting called principally with the purpose to seal the deal that President Bush has argued is indispensable to stabilizing frenzied markets and reassuring the nervous American public descended into arguments — mostly among Republicans.
The meeting revealed that Bush's proposal to combat the worst financial crisis in decades had been suddenly sidetracked by fellow Republicans in the House, who refused to embrace a plan that appeared close to acceptance by the Senate and most House Democrats.
Treasury Secretary Henry Paulson begged Democratic participants not to disclose how badly the meeting had gone, dropping to one knee in a teasing way to make his point according to witnesses.
And when Paulson hastily tried to revive talks in a nighttime meeting near the Senate chamber, the House's top Republican refused to send a negotiator.
"This is the president's own party," said Rep. Barney Frank, a top Democratic negotiator who attended both meetings. "I don't think a president has been repudiated so strongly by the congressional wing of his own party in a long time."
By midnight, it was hard to tell who had suffered a worse evening, Bush or McCain. McCain, eager to shore up his image as a leader who rises above partisanship, was undercut by a fierce political squabble within his own party's ranks.
Republicans and Democrats alike seemed unsure which way McCain was leaning. His campaign's statement late Thursday shed little light. "At this moment, the plan that has been put forth by the administration does not enjoy the confidence of the American people," it said.
Ordinarily a Republican president's problems are with Democrats, especially if they control the House and Senate. In this case, Bush seemed almost over that hurdle.
To be sure, Democrats demanded a number of changes in his $700 billion bailout plan, but administration insiders signaled they probably were acceptable. They included greater oversight, more protections for taxpayers, efforts to head off home foreclosures and piecemeal allocations of the federal money to buy toxic mortgage securities.
What caught some by surprise, either at the White House meeting or shortly before it, was the sudden momentum behind a dramatically different plan drafted by House conservatives with Minority Leader John Boehner's blessing.
At one point in the White House meeting, according to two officials, McCain voiced support for Ryan's criticisms of the administration's proposal. Frank, a gruff Massachusetts liberal, angrily demanded to know what plan McCain favored.
These officials also said that as tempers flared, Bush struggled at times to maintain control.
At one point, several minutes into the session, Obama said it was time to hear from McCain. According to a Republican who was there, "all he said was, 'I support the principles that House Republicans are fighting for.'"
Some at the table took that to mean the conservatives' alternative proposal, which stands little chance of passage.
A few hours later, Paulson and the handful of negotiators wearily headed for home. Frank told The Associated Press: "I did tell Secretary Paulson that this whole thing is at risk if the president can't get members of his own party to participate."
FROM: http://money.aol.com/news/articles/_a/bbdp/gop-sidetrac
ks-bushs-700-billion-bailout/188230
Sep 26, 2008 | 7:27 AM
Category:
News
GOP sidetracks Bush's $700 billion bailout
WASHINGTON -The Bush administration's $700 billion plan to bail out the battered financial services industry has been sidetracked by harsh Republican Party in-fighting and it's uncertain how many GOP lawmakers will even take part in Friday's resumption of closed-door negotiations in Congress.
Even for a party whose president suffers dismal approval ratings, whose legislative wing lost control of Congress and whose presidential nominee trails in the polls, Thursday was a remarkably bad day for Republicans.
A White House summit meeting called principally with the purpose to seal the deal that President Bush has argued is indispensable to stabilizing frenzied markets and reassuring the nervous American public descended into arguments — mostly among Republicans.
The meeting revealed that Bush's proposal to combat the worst financial crisis in decades had been suddenly sidetracked by fellow Republicans in the House, who refused to embrace a plan that appeared close to acceptance by the Senate and most House Democrats.
Treasury Secretary Henry Paulson begged Democratic participants not to disclose how badly the meeting had gone, dropping to one knee in a teasing way to make his point according to witnesses.
And when Paulson hastily tried to revive talks in a nighttime meeting near the Senate chamber, the House's top Republican refused to send a negotiator.
"This is the president's own party," said Rep. Barney Frank, a top Democratic negotiator who attended both meetings. "I don't think a president has been repudiated so strongly by the congressional wing of his own party in a long time."
By midnight, it was hard to tell who had suffered a worse evening, Bush or McCain. McCain, eager to shore up his image as a leader who rises above partisanship, was undercut by a fierce political squabble within his own party's ranks.
Republicans and Democrats alike seemed unsure which way McCain was leaning. His campaign's statement late Thursday shed little light. "At this moment, the plan that has been put forth by the administration does not enjoy the confidence of the American people," it said.
Ordinarily a Republican president's problems are with Democrats, especially if they control the House and Senate. In this case, Bush seemed almost over that hurdle.
To be sure, Democrats demanded a number of changes in his $700 billion bailout plan, but administration insiders signaled they probably were acceptable. They included greater oversight, more protections for taxpayers, efforts to head off home foreclosures and piecemeal allocations of the federal money to buy toxic mortgage securities.
What caught some by surprise, either at the White House meeting or shortly before it, was the sudden momentum behind a dramatically different plan drafted by House conservatives with Minority Leader John Boehner's blessing.
At one point in the White House meeting, according to two officials, McCain voiced support for Ryan's criticisms of the administration's proposal. Frank, a gruff Massachusetts liberal, angrily demanded to know what plan McCain favored.
These officials also said that as tempers flared, Bush struggled at times to maintain control.
At one point, several minutes into the session, Obama said it was time to hear from McCain. According to a Republican who was there, "all he said was, 'I support the principles that House Republicans are fighting for.'"
Some at the table took that to mean the conservatives' alternative proposal, which stands little chance of passage.
A few hours later, Paulson and the handful of negotiators wearily headed for home. Frank told The Associated Press: "I did tell Secretary Paulson that this whole thing is at risk if the president can't get members of his own party to participate."
FROM: http://money.aol.com/news/articles/_a/bbdp/gop-sidetrac
ks-bushs-700-billion-bailout/188230
Sep 25, 2008 | 8:36 AM
Category:
News
White House Dispatches Team to Push Economic Bill
The White House today is drumming up extraordinary pressure on Congress to approve its plan to enact a $700 billion mortgage bailout fund, suggesting the markets cannot wait much longer and dispatching Vice President Cheney and other top officials up Pennsylvania Avenue to jawbone lawmakers.
Paulson said Congress and the administration must move rapidly.
Fratto said it would be “unthinkable” for Congress not to pass legislation this week, asserting the result would be a “very, very serious situation” for the U.S. economy.
Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.
FROM: http://www.rollcall.com/news/28599-1.html?type=printer_
friendly
Sep 25, 2008 | 8:34 AM
Category:
News
White House Dispatches Team to Push Economic Bill
The White House today is drumming up extraordinary pressure on Congress to approve its plan to enact a $700 billion mortgage bailout fund, suggesting the markets cannot wait much longer and dispatching Vice President Cheney and other top officials up Pennsylvania Avenue to jawbone lawmakers.
Paulson said Congress and the administration must move rapidly.
Fratto said it would be “unthinkable” for Congress not to pass legislation this week, asserting the result would be a “very, very serious situation” for the U.S. economy.
Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.
FROM: http://www.rollcall.com/news/28599-1.html?type=printer_
friendly
Sep 25, 2008 | 8:05 AM
Category:
News
U.S. Troops In Homeland “Crowd Control” Patrols From October 1st
U.S. troops returning from duty in Iraq will be carrying out homeland patrols in America from October 1st in complete violation of Posse Comitatus for the purposes of helping with “civil unrest and crowd control” - which could include dealing with unruly Americans after a complete economic collapse.
This shocking admission was calmly reported on September 8th by the Army Times website, which reports that from the beginning of next month the 3rd Infantry Division’s 1st Brigade Combat Team “Will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks.”
The article notes that the deployment “marks the first time an active unit has been given a dedicated assignment to NorthCom, a joint command established in 2002 to provide command and control for federal homeland defense efforts and coordinate defense support of civil authorities.”
The purpose of the unit’s patrols includes helping “with civil unrest and crowd control or to deal with potentially horrific scenarios such as massive poisoning and chaos in response to a chemical, biological, radiological, nuclear or high-yield explosive, or CBRNE, attack.”
Training for homeland operations has already begun at Fort Stewart and at Peterson Air Force Base in Colorado Springs.
Ominously, the report states that, “The 1st BCT’s soldiers also will learn how to use “the first ever nonlethal package that the Army has fielded,” 1st BCT commander Col. Roger Cloutier said, referring to crowd and traffic control equipment and nonlethal weapons designed to subdue unruly or dangerous individuals without killing them.”
The unit would also be deployed to deal with hostile crowds of Americans in the aftermath of a massive economic depression, potential food riots and race riots, if one defines the term “crowd control” to match its reasonably applicable scenarios.
The open admission that U.S. troops will be involved in law enforcement operations as well as potentially using non-lethal weapons against American citizens is a complete violation of the Posse Comitatus Act and the Insurrection Act, which substantially limit the powers of the federal government to use the military for law enforcement unless under precise and extreme circumstances.
Section 1385 of the Posse Comitatus Act states, “Whoever, except in cases and under circumstances expressly authorized by the Constitution or Act of Congress, willfully uses any part of the Army or the Air Force as a posse comitatus or otherwise to execute the laws shall be fined under this title or imprisoned not more than two years, or both.”
Under the John Warner Defense Authorization Act, signed by President Bush on October 17, 2006, the law was changed to state, “The President may employ the armed forces to restore public order in any State of the United States the President determines hinders the execution of laws or deprives people of a right, privilege, immunity, or protection named in the Constitution and secured by law or opposes or obstructs the execution of the laws of the United States or impedes the course of justice under those laws.”
However, these changes were repealed in their entirety by HR 4986: National Defense Authorization Act for Fiscal Year 2008, reverting back to the original state of the Insurrection Act of 1807. The original text of the Insurrection Act severely limits the power of the President to deploy troops within the United States.
For troops to be deployed, a condition has to exist that, “(1) So hinders the execution of the laws of that State, and of the United States within the State, that any part or class of its people is deprived of a right, privilege, immunity, or protection named in the Constitution and secured by law, and the constituted authorities of that State are unable, fail, or refuse to protect that right, privilege, or immunity, or to give that protection; or (2) opposes or obstructs the execution of the laws of the United States or impedes the course of justice under those laws. In any situation covered by clause (1), the State shall be considered to have denied the equal protection of the laws secured by the Constitution.”
The deployment of National Guard troops to aid law enforcement or for disaster relief purposes is legal under the authority of the governor of a state, but using active duty U.S. Army in law enforcement operations inside America absent the conditions described in the Insurrection Act is completely illegal.
FROM: http://www.prisonplanet.com/us-troops-in-homeland-crowd
-control-patrols-from-october-1st.html
Brigade homeland tours start Oct. 1
Beginning Oct. 1 for 12 months, the 1st BCT will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks.
They may be called upon to help with civil unrest and crowd control or to deal with potentially horrific scenarios such as massive poisoning and chaos in response to a chemical, biological, radiological, nuclear or high-yield explosive, or CBRNE, attack.
The 1st BCT’s soldiers also will learn how to use “the first ever nonlethal package that the Army has fielded,” 1st BCT commander Col. Roger Cloutier said, referring to crowd and traffic control equipment and nonlethal weapons designed to subdue unruly or dangerous individuals without killing them.
“It’s a new modular package of nonlethal capabilities that they’re fielding. They’ve been using pieces of it in Iraq, but this is the first time that these modules were consolidated and this package fielded, and because of this mission we’re undertaking we were the first to get it.”
The package includes equipment to stand up a hasty road block; spike strips for slowing, stopping or controlling traffic; shields and batons; and, beanbag bullets.
FROM: http://www.armytimes.com/news/2008/09/army_homeland_090
708w/