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Monday, September 21, 2009
The Government's Cooked Books - Jacob Shreffler - Mises Institute
The Government's Cooked Books - Jacob Shreffler - Mises Institute: "For example, if I write myself a signed and sealed letter saying that I owe myself $1,000,000 by next year, that letter does not constitute a contract, a credit instrument, or any legal claim whatsoever. I cannot reasonably claim that I'm managing a million-dollar asset. It cannot properly be placed on my balance sheet as an asset or a liability. Yet the United States handles its accounts in just this way."
Hey, Mr. President, Leave Those Kids Alone | Gene Healy | Cato Institute: Commentary
Hey, Mr. President, Leave Those Kids Alone | Gene Healy | Cato Institute: Commentary: "One of the plans envisioned teachers making kindergartners write letters to themselves about what they can do to help the president. After parents rightly recoiled from that recommendation, the DOE tried to throw it down the memory hole, deleting it from their Web site.
Given some of the cultish questions that survived DOE's hasty revision, however, concerned parents can be pardoned a few overheated references to Kim Il-Sung:
How will [President Obama] inspire us?'
What is President Obama inspiring you to do?
Why is it important that we listen to the president and other elected officials?
These are question-begging questions, especially if you're one of those sensible Americans of all ages who aren't particularly inspired by President Obama, and who aren't convinced that listening raptly to elected officials is the best possible use of your time."
Given some of the cultish questions that survived DOE's hasty revision, however, concerned parents can be pardoned a few overheated references to Kim Il-Sung:
How will [President Obama] inspire us?'
What is President Obama inspiring you to do?
Why is it important that we listen to the president and other elected officials?
These are question-begging questions, especially if you're one of those sensible Americans of all ages who aren't particularly inspired by President Obama, and who aren't convinced that listening raptly to elected officials is the best possible use of your time."
Friday, September 11, 2009
ACORN Officials Videotaped Telling 'Pimp,' 'Prostitute' How to Lie to IRS - Local News | News Articles | National News | US News - FOXNews.com
ACORN Officials Videotaped Telling 'Pimp,' 'Prostitute' How to Lie to IRS - Local News | News Articles | National News | US News - FOXNews.com: "If the girls are under age 16, the ACORN staffer says on the tape, then they are not legally allowed to work in the state, regardless of what they do.
'So it's like they don't even exist?' 'Kenya' asks.
'Exactly,' the ACORN staffer replies. 'It's like they don't even exist.'"
'So it's like they don't even exist?' 'Kenya' asks.
'Exactly,' the ACORN staffer replies. 'It's like they don't even exist.'"
'Public Option' Unlimited But Paid For, Leaving Number-Crunchers Perplexed - Political News - FOXNews.com
'Public Option' Unlimited But Paid For, Leaving Number-Crunchers Perplexed - Political News - FOXNews.com: "Speaking Thursday, Obama repeated his claim that the cost of the plan -- estimated at $900 billion over 10 years -- will not add to the deficit."
It costs money but won't add to the deficit? I have no confidence that the government could pull that off.
It costs money but won't add to the deficit? I have no confidence that the government could pull that off.
Wednesday, September 09, 2009
Taxpayers Face Heavy Losses on Auto Bailout - Political News - FOXNews.com
Taxpayers Face Heavy Losses on Auto Bailout - Political News - FOXNews.com: "The prospect of recovering the government's assistance to GM and Chrysler is heavily dependent on shares of the two companies rising to unprecedented levels, the report said. The government owns 10 percent of Chrysler and 61 percent of GM. The two companies are currently private but are expected to issue stock, in GM's case by next year.
The shares 'will have to appreciate sharply' for taxpayers to get their money back, the report said.
For example, GM's market value would have to reach $67.6 billion, the report said, a 'highly optimistic' estimate and more than the $57.2 billion GM was worth at the height of its share value in April 2008. And in the case of Chrysler, about $5.4 billion of the $14.3 billion provided to the company is 'highly unlikely' to ever be repaid, the panel said."
The shares 'will have to appreciate sharply' for taxpayers to get their money back, the report said.
For example, GM's market value would have to reach $67.6 billion, the report said, a 'highly optimistic' estimate and more than the $57.2 billion GM was worth at the height of its share value in April 2008. And in the case of Chrysler, about $5.4 billion of the $14.3 billion provided to the company is 'highly unlikely' to ever be repaid, the panel said."
Tuesday, September 08, 2009
Unions Must Stop Supporting Legislation That Kills Jobs - FOXNews.com
Unions Must Stop Supporting Legislation That Kills Jobs - FOXNews.com: "'Card check' is the provision in this bill that would strip workers of the right to vote using a secret ballot during a union election. Instead, a union 'election' would be held with just half of the workers publicly signing their name to a card. It would be immensely difficult to refuse to sign the card if a union boss followed you home.
Under EFCA, employees and employers would also lose the decision-making ability to negotiate contracts. In what is the most egregious provision in EFCA, a federal bureaucrat with no knowledge of the particular industry would dictate wages, benefits and workplace conditions under a contract that is binding for two years. This mandatory, binding arbitration is different from other forms of arbitration, in which the arbitrator just interprets the contracts agreed upon by both parties. Under EFCA, this government arbitrator would dictate the terms."
Under EFCA, employees and employers would also lose the decision-making ability to negotiate contracts. In what is the most egregious provision in EFCA, a federal bureaucrat with no knowledge of the particular industry would dictate wages, benefits and workplace conditions under a contract that is binding for two years. This mandatory, binding arbitration is different from other forms of arbitration, in which the arbitrator just interprets the contracts agreed upon by both parties. Under EFCA, this government arbitrator would dictate the terms."
Campaign For Liberty — Obama's Czars
Campaign For Liberty — Obama's Czars
Obama now has 32 Czars! Czar came from "Caesar" and means Emperor -- that seems like a bad title.
Obama now has 32 Czars! Czar came from "Caesar" and means Emperor -- that seems like a bad title.
Friday, September 04, 2009
White House to List Visitors on Web Site - Political News - FOXNews.com
White House to List Visitors on Web Site - Political News - FOXNews.com: "'For the first time in history, records of White House visitors will be made available to the public on an ongoing basis,' President Obama said in a statement. 'We will achieve our goal of making this administration the most open and transparent administration in history not only by opening the doors of the White House to more Americans, but by shining a light on the business conducted inside. Americans have a right to know whose voices are being heard in the policymaking process.'"
It doesn't seem that significant to me. Meetings would just have to be held off-site to keep them private.
It doesn't seem that significant to me. Meetings would just have to be held off-site to keep them private.
Tuesday, September 01, 2009
Mammoth U.N. Tech Overhaul: Over Budget and Behind Schedule - United Nations - FOXNews.com
Mammoth U.N. Tech Overhaul: Over Budget and Behind Schedule - United Nations - FOXNews.com: "A $286.6 million computer and software system upgrade, described as the 'cornerstone of a United Nations-wide effort to bring groundbreaking reform' to the management of the U.N. Secretariat, is already about three to four months behind schedule, and is headed to be tens of millions of dollars over budget, less than a year and a half after being approved."
"Yet despite the unappetizing revelations about the cost and timing of the technology project-named Umoja, or "unity" in Swahili — the bureaucrats in charge of the scheme remain relentlessly upbeat about the final outcome."
'The bureaucrats claim that by the time their project is concluded in 2012 it will be back on schedule, and will pay for itself in cost efficiencies and other savings in just two years' time after it is operable and "stabilized." Their report offers little evidence beyond sweeping generalities, however, of how those efficiencies will be achieved.
And by then, the report says, the technology upgrade will have cost a staggering $337 million, or about $50.4 million more than was planned when the scheme was approved about a year and a half ago.
Even that cost-overrun is considerably understated. The original $286.6 million price tag for the Umoja information technology project, known as an enterprise resource system, or ERP, included $37.2 million worth of funding over and above the expected cost, or roughly 15 percent, for "contingencies" In effect, the report projects that the worst-case over-run will be exceeded by 135 percent.'
'Elsewhere, the report says many of the existing electronic systems are only used to back up hand-entered paper systems, which employees trust more than their electronic tools. "Paper documents are usually the source of trusted information," the report confides, adding that at the U.N. "we often have several versions of 'the truth.'" '
'Among other things, the report claims that Umoja's automated processes would "drastically reduce the 207-day average time between the creation of a requisition for goods and the creation of a purchase order" in the Secretariat's procurement system — a claim that seems unarguable. '
'Some projected savings, however, appear bizarre. One example: "Umoja would also generate opportunities for the United Nations to generate income with ... sales of publications, postage stamps and gift items." Expected revenue: $11 million to $21 million. No explanation is provided of how that would happen. The U.N. postal system has been a scandal-tainted perennial money loser.'
'The original plan for the project called for 44 "core" or full-time staffers to manage the Umjoa installation and roll-out. The new draft report bluntly declared the project "could not possibly be executed" without 36 additional bodies. Cost: $32.4 million. Another $18.1 million would be required to replace staff brought in from other parts of the U.N. to help out along the way.
Even though the staffing climbs to 80, the revised Umoja budget includes office rental for 236 people ($6.7 million) with "minor alterations" to the office space ($4.2 million).
The original budget for the tech overhaul had a minimal expense line for travel. That's changed: now the budget calls for "a total of 1,285 trips by the ERP team, subject-matter-experts and corporate consultants," at an average air ticket cost of $6,000, plus $202 "terminal expenses," plus $5,000 for per diem expenses, "with each trip is [sic] estimated to cost $11,202/person."'
This would be hilarious if were just a comical movie. Only a government organization could get away with being that incompetent without being shut down!
"Yet despite the unappetizing revelations about the cost and timing of the technology project-named Umoja, or "unity" in Swahili — the bureaucrats in charge of the scheme remain relentlessly upbeat about the final outcome."
'The bureaucrats claim that by the time their project is concluded in 2012 it will be back on schedule, and will pay for itself in cost efficiencies and other savings in just two years' time after it is operable and "stabilized." Their report offers little evidence beyond sweeping generalities, however, of how those efficiencies will be achieved.
And by then, the report says, the technology upgrade will have cost a staggering $337 million, or about $50.4 million more than was planned when the scheme was approved about a year and a half ago.
Even that cost-overrun is considerably understated. The original $286.6 million price tag for the Umoja information technology project, known as an enterprise resource system, or ERP, included $37.2 million worth of funding over and above the expected cost, or roughly 15 percent, for "contingencies" In effect, the report projects that the worst-case over-run will be exceeded by 135 percent.'
'Elsewhere, the report says many of the existing electronic systems are only used to back up hand-entered paper systems, which employees trust more than their electronic tools. "Paper documents are usually the source of trusted information," the report confides, adding that at the U.N. "we often have several versions of 'the truth.'" '
'Among other things, the report claims that Umoja's automated processes would "drastically reduce the 207-day average time between the creation of a requisition for goods and the creation of a purchase order" in the Secretariat's procurement system — a claim that seems unarguable. '
'Some projected savings, however, appear bizarre. One example: "Umoja would also generate opportunities for the United Nations to generate income with ... sales of publications, postage stamps and gift items." Expected revenue: $11 million to $21 million. No explanation is provided of how that would happen. The U.N. postal system has been a scandal-tainted perennial money loser.'
'The original plan for the project called for 44 "core" or full-time staffers to manage the Umjoa installation and roll-out. The new draft report bluntly declared the project "could not possibly be executed" without 36 additional bodies. Cost: $32.4 million. Another $18.1 million would be required to replace staff brought in from other parts of the U.N. to help out along the way.
Even though the staffing climbs to 80, the revised Umoja budget includes office rental for 236 people ($6.7 million) with "minor alterations" to the office space ($4.2 million).
The original budget for the tech overhaul had a minimal expense line for travel. That's changed: now the budget calls for "a total of 1,285 trips by the ERP team, subject-matter-experts and corporate consultants," at an average air ticket cost of $6,000, plus $202 "terminal expenses," plus $5,000 for per diem expenses, "with each trip is [sic] estimated to cost $11,202/person."'
This would be hilarious if were just a comical movie. Only a government organization could get away with being that incompetent without being shut down!
Monday, August 31, 2009
Report: U.S. Makes $4 Billion From Bailout Banks - Political News - FOXNews.com
Report: U.S. Makes $4 Billion From Bailout Banks - Political News - FOXNews.com: "The U.S. government has hauled in about $4 billion in profits from large banks that have repaid their obligations from last year's federal bailout, The New York Times reported Sunday.
Last September, Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressed congressional leaders for legislation authorizing a $700 billion financial bailout of some of the nation's largest financial institutions, which were in danger of collapsing. The bill was signed into law in October."
So the profit rate is only 0.57% on banks that have repaid -- which appears to exclude any banks that haven't repaid. It will be interesting to see the overall rate once all have paid back (or failed).
Last September, Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressed congressional leaders for legislation authorizing a $700 billion financial bailout of some of the nation's largest financial institutions, which were in danger of collapsing. The bill was signed into law in October."
So the profit rate is only 0.57% on banks that have repaid -- which appears to exclude any banks that haven't repaid. It will be interesting to see the overall rate once all have paid back (or failed).
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