Fuck AIG

Another headline that will get me banned by nanny software in airports and libraries everywhere. Fuck 'em. This is one funny song.

FREE MONEY IN THE USA

I cant pay my bills, my cards are maxxed
but the same old greedy banker hacks
are taking million dollar bonuses from my tax
Busting laws and breaking backs
AIGee your dumb said the man in the suit
With his bonuses and his sack of loot
The same guys who caused the train to crash
Are the only people still making cash

AIG I'm dumb FDIC my thumb
Shoved up my BofA
Free money in the USA
I got no place to stay
I lost my 401k
Now it's all gone away
Free money in the USA

Binding legal obligations
In a broke and worthless paper nation
one six five million in bonus pay
Free money in the USA
The first banker to press that case
may win in court but will one day face
an angry mob that he will meet
coming through the gates of easy street

Cancel all bonus's or put them in jail
We're all to goddamn big to fail

With so many people out of work
I hear some wealthy banker jerk
Say they can't attract the brightest and best
Like the ones who got us into this mess
Without hundreds of millions in retention pay
Free money in the USA
Go down to the unemployment line
There's a lot of people who'd do just fine
To right this ship and fix your bank
For a decent wage and a hearty thanks
for some honest pay for an honest day
Fuck aig fuck BofA-holes

© Paul Hipp 2009

President Obama's Weekly Web Address

Transcript:

Remarks of President Barack Obama
Weekly Address
Saturday, February 28th, 2009
Washington, DC

Two years ago, we set out on a journey to change the way that Washington works.

We sought a government that served not the interests of powerful lobbyists or the wealthiest few, but the middle-class Americans I met every day in every community along the campaign trail – responsible men and women who are working harder than ever, worrying about their jobs, and struggling to raise their families. In so many town halls and backyards, they spoke of their hopes for a government that finally confronts the challenges that their families face every day; a government that treats their tax dollars as responsibly as they treat their own hard-earned paychecks.

That is the change I promised as a candidate for president. It is the change the American people voted for in November. And it is the change represented by the budget I sent to Congress this week.

During the campaign, I promised a fair and balanced tax code that would cut taxes for 95% of working Americans, roll back the tax breaks for those making over $250,000 a year, and end the tax breaks for corporations that ship our jobs overseas. This budget does that.

I promised an economy run on clean, renewable energy that will create new American jobs, new American industries, and free us from the dangerous grip of foreign oil. This budget puts us on that path, through a market-based cap on carbon pollution that will make renewable energy the profitable kind of energy; through investments in wind power and solar power; advanced biofuels, clean coal, and more fuel-efficient American cars and American trucks.

I promised to bring down the crushing cost of health care – a cost that bankrupts one American every thirty seconds, forces small businesses to close their doors, and saddles our government with more debt. This budget keeps that promise, with a historic commitment to reform that will lead to lower costs and quality, affordable health care for every American.

I promised an education system that will prepare every American to compete, so Americans can win in a global economy. This budget will help us meet that goal, with new incentives for teacher performance and pathways for advancement; new tax credits that will make college more affordable for all who want to go; and new support to ensure that those who do go finish their degree.

This budget also reflects the stark reality of what we’ve inherited – a trillion dollar deficit, a financial crisis, and a costly recession. Given this reality, we’ll have to be more vigilant than ever in eliminating the programs we don’t need in order to make room for the investments we do need. I promised to do this by going through the federal budget page by page, and line by line. That is a process we have already begun, and I am pleased to say that we’ve already identified two trillion dollars worth of deficit-reductions over the next decade. We’ve also restored a sense of honesty and transparency to our budget, which is why this one accounts for spending that was hidden or left out under the old rules.

I realize that passing this budget won’t be easy. Because it represents real and dramatic change, it also represents a threat to the status quo in Washington. I know that the insurance industry won’t like the idea that they’ll have to bid competitively to continue offering Medicare coverage, but that’s how we’ll help preserve and protect Medicare and lower health care costs for American families. I know that banks and big student lenders won’t like the idea that we’re ending their huge taxpayer subsidies, but that’s how we’ll save taxpayers nearly $50 billion and make college more affordable. I know that oil and gas companies won’t like us ending nearly $30 billion in tax breaks, but that’s how we’ll help fund a renewable energy economy that will create new jobs and new industries. In other words, I know these steps won’t sit well with the special interests and lobbyists who are invested in the old way of doing business, and I know they’re gearing up for a fight as we speak. My message to them is this:

So am I.

The system we have now might work for the powerful and well-connected interests that have run Washington for far too long, but I don’t. I work for the American people. I didn’t come here to do the same thing we’ve been doing or to take small steps forward, I came to provide the sweeping change that this country demanded when it went to the polls in November. That is the change this budget starts to make, and that is the change I’ll be fighting for in the weeks ahead – change that will grow our economy, expand our middle-class, and keep the American Dream alive for all those men and women who have believed in this journey from the day it began.

Thanks for listening.

President Obama's Weekly Web Address

Transcript:

Yesterday began with some devastating news with regard to our economic crisis. But I'm pleased to say it ended on a more positive note.

In the morning, we received yet another round of alarming employment figures – the worst in more than 30 years. Another 600,000 jobs were lost in January. We've now lost more than 3.6 million jobs since this recession began.

But by the evening, Democrats and Republicans came together in the Senate and responded appropriately to the urgency this moment demands.

In the midst of our greatest economic crisis since the Great Depression, the American people were hoping that Congress would begin to confront the great challenges we face. That was, after all, what last November's election was all about.

Legislation of such magnitude deserves the scrutiny that it's received over the last month, and it will receive more in the days to come. But we can't afford to make perfect the enemy of the absolutely necessary. The scale and scope of this plan is right. And the time for action is now.

Because if we don't move swiftly to put this plan in motion, our economic crisis could become a national catastrophe. Millions of Americans will lose their jobs, their homes, and their health care. Millions more will have to put their dreams on hold.

Let's be clear: We can't expect relief from the tired old theories that, in eight short years, doubled the national debt, threw our economy into a tailspin, and led us into this mess in the first place. We can't rely on a losing formula that offers only tax cuts as the answer to all our problems while ignoring our fundamental economic challenges – the crushing cost of health care or the inadequate state of so many schools; our addiction to foreign oil or our crumbling roads, bridges, and levees.

The American people know that our challenges are great. They don't expect Democratic solutions or Republican solutions – they expect American solutions.

From the beginning, this recovery plan has had at its core a simple idea: Let's put Americans to work doing the work America needs done. It will save or create more than 3 million jobs over the next two years, all across the country – 16,000 in Maine, nearly 80,000 in Indiana – almost all of them in the private sector, and all of them jobs that help us recover today, and prosper tomorrow.

Jobs that upgrade classrooms and laboratories in 10,000 schools nationwide – at least 485 in Florida alone – and train an army of teachers in math and science.

Jobs that modernize our health care system, not only saving us billions of dollars, but countless lives.

Jobs that construct a smart electric grid, connect every corner of the country to the information superhighway, double our capacity to generate renewable energy, and grow the economy of tomorrow.

Jobs that rebuild our crumbling roads, bridges and levees and dams, so that the tragedies of New Orleans and Minneapolis never happen again.

It includes immediate tax relief for our struggling middle class in places like Ohio, where 4.5 million workers will receive a tax cut of up to $1,000. It protects health insurance and provides unemployment insurance for those who've lost their jobs. And it helps our states and communities avoid painful tax hikes or layoffs for our teachers, nurses, and first responders.

That's what is at stake with this plan: putting Americans back to work, creating transformative economic change, and making a down payment on the American Dream that serves our children and our children's children for generations to come.

Americans across this country are struggling, and they are watching to see if we're equal to the task before us. Let's show them that we are. And let's do whatever it takes to keep the promise of America alive in our time.

Thank you.

The Current Economic Reality

I read Atrios, so I know most of what the corporate media is shoveling at us about the bailouts is 100% pure unadulterated crap. Here's the real deal, from three of Duncan Black's posts today:

(a) For over a year the one point that I and others have been trying make is that the polite fiction that masters of the universe of Wall Street and their defenders in the media and Congress have been trying maintain, that this is liquidity crisis not an insolvency crisis, is utter horseshit. They made bad leveraged bets and lost immense amounts of money, and now they, and their buddies Geithner and Summers, want taxpayers to bail them out so they can go on living their opulent life styles while some of my neighbors wonder if their next food stamp card is going to show up.

(b) The question all along has been who is still standing when the music stops, which sucker gets stuck holding the bag.

(c) Bailing out these institutions might be necessary, but bailing out executives and shareholders is not.

Since the people running Obama's economic team are Wall Streeters, it appears that we the taxpayers will be the bagholders.

Unfortunately, This is Right

In re the current debate over the stimulus plan:

Obama is, sadly, much to blame for giving the Republicans so much leverage. He defined the challenge as bipartisanship not saving the U.S. economy.

It's kind of like the war on terror. Bipartisanship is a tool, not a goal. Saving the economy is the goal. Focus, Barack, focus.

Bipartisanship: The Enduring Myth

Obama put $300 billion in tax cuts into his economic stimulus plan, cut funds for family planning and refurbishing the National Mall, all to appease Republicans, and guess what?

Not one Republican voted for his "bipartisan" stimulus plan.

In Washington, "bipartisanship" is doing what the Republicans want.

They're not going to vote for your bill, Obama. Just craft the best stimulus possible and forget them. They want the economy to fail. They've been working hard at that for the last eight years.

I don't need $500. I need you to fix the bridges I drive across every day. Get to work the smart way. You don't need those bozos.

President Obama's Weekly Web Address

Transcript:

Remarks of President Barack Obama

Weekly Address

Saturday, January 24th, 2009


We begin this year and this Administration in the midst of an unprecedented crisis that calls for unprecedented action. Just this week, we saw more people file for unemployment than at any time in the last twenty-six years, and experts agree that if nothing is done, the unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four. And we could lose a generation of potential, as more young Americans are forced to forgo college dreams or the chance to train for the jobs of the future.

In short, if we do not act boldly and swiftly, a bad situation could become dramatically worse.

That is why I have proposed an American Recovery and Reinvestment Plan to immediately jumpstart job creation as well as long-term economic growth. I am pleased to say that both parties in Congress are already hard at work on this plan, and I hope to sign it into law in less than a month.

It’s a plan that will save or create three to four million jobs over the next few years, and one that recognizes both the paradox and the promise of this moment - the fact that there are millions of Americans trying to find work even as, all around the country, there’s so much work to be done. That’s why this is not just a short-term program to boost employment. It’s one that will invest in our most important priorities like energy and education; health care and a new infrastructure that are necessary to keep us strong and competitive in the 21st century.

Today I’d like to talk specifically about the progress we expect to make in each of these areas.

To accelerate the creation of a clean energy economy, we will double our capacity to generate alternative sources of energy like wind, solar, and biofuels over the next three years. We’ll begin to build a new electricity grid that lay down more than 3,000 miles of transmission lines to convey this new energy from coast to coast. We’ll save taxpayers $2 billion a year by making 75% of federal buildings more energy efficient, and save the average working family $350 on their energy bills by weatherizing 2.5 million homes.

To lower health care cost, cut medical errors, and improve care, we’ll computerize the nation’s health record in five years, saving billions of dollars in health care costs and countless lives. And we’ll protect health insurance for more than 8 million Americans who are in danger of losing their coverage during this economic downturn.

To ensure our children can compete and succeed in this new economy, we’ll renovate and modernize 10,000 schools, building state-of-the-art classrooms, libraries, and labs to improve learning for over five million students. We’ll invest more in Pell Grants to make college affordable for seven million more students, provide a $2,500 college tax credit to four million students, and triple the number of fellowships in science to help spur the next generation of innovation.

Finally, we will rebuild and retrofit America to meet the demands of the 21st century. That means repairing and modernizing thousands of miles of America’s roadways and providing new mass transit options for millions of Americans. It means protecting America by securing 90 major ports and creating a better communications network for local law enforcement and public safety officials in the event of an emergency. And it means expanding broadband access to millions of Americans, so business can compete on a level-playing field, wherever they’re located.

I know that some are skeptical about the size and scale of this recovery plan. I understand that skepticism, which is why this recovery plan must and will include unprecedented measures that will allow the American people to hold my Administration accountable for these results. We won’t just throw money at our problems - we’ll invest in what works. Instead of politicians doling out money behind a veil of secrecy, decisions about where we invest will be made public, and informed by independent experts whenever possible. We’ll launch an unprecedented effort to root out waste, inefficiency, and unnecessary spending in our government, and every American will be able to see how and where we spend taxpayer dollars by going to a new website called recovery.gov.

No one policy or program will solve the challenges we face right now, nor will this crisis recede in a short period of time. But if we act now and act boldly; if we start rewarding hard work and responsibility once more; if we act as citizens and not partisans and begin again the work of remaking America, then I have faith that we will emerge from this trying time even stronger and more prosperous than we were before. Thanks for listening.

Top 10 George Bush Moments

Sometimes you'd rather laugh at George W. Bush than cry about what he's done to the world:

Obama Economic Recovery Plan

Excerpts of Obama's speech outlining his plan to end the Bush Recession, via dailykos:

The Arts Go First

Looks like I'm losing my studio space. The Worcester Craft Center, where I have rented space for the past two years, has announced it is closing its doors for a "strategic pause" [pdf file]. To me, strategic pause sounds very ominous. The Board is basically giving up and putting out an APB for funding. I'm not sure whether to use the past tense or the present tense in writing this post. The Center took the studio renters money for January so we are allowed to continue to use our spaces until the end of the month; but there are no longer any employees at the Center. No classes, no gift shop, no one to pay for supplies or clay, no one to fire the kilns, no one to maintain the equipment.

Everyone but the Executive Director was fired yesterday; a few people will stay on for a day or two, but that's it. They even closed the gift shop so apparently bringing in modest amounts of money is not considered important. (The gift shop was profitable.) The glass studio which is in a separate building is now offering all kinds of rentals, of space and different kinds of equipment.

The Craft Center has been in financial straits for years and the economic crisis has made things worse. Here's the financial situation according to the Telegram:

The decision, reached at a trustees meeting Monday night, came after pressure from creditors and a significant decline in tuition, donations and other revenue added up to a shortfall of about $700,000, said David J. Firstenberg, president of the board of trustees. To reopen, the center needs about $1.2 million, to retire debt and finance a restart, he said, while acknowledging that that is a steep challenge in the current economic climate.

Last summer, the Center for Crafts had just begun to recover from several years of serious financial struggles. The board had worked hard to stabilize the venerable institution, Ms. Walzer had been hired as a permanent director after a period when the position had been a revolving-door, and a $1.2 million capital campaign was showing promise. The board had hoped to use some of the money to rebuild the staff after several rounds of budget cuts in recent years had gutted it. There was no marketing director or accountant on staff, for example, and several craft areas languished without department heads.

Then, in October, the recession deepened and the money flow ebbed. Some capital campaign pledges didn’t come through, and investment portfolios deflated. Tuition revenue declined as prospective students became more conservative with spending.

[]

The craft center is hampered in borrowing its way out of the crisis by the debt it has already incurred. Among major creditors are vendors such as utilities and printers, who are owed about $140,000. “A significant portion of that is over 90 days and so we’ve been stringing vendors along and that gets dicey after a while,” Mr. Firstenberg said.

There also is a substantial institutional debt. The Non-Profit Funding Foundation loaned the craft center $330,000 in 2004, on which $290,000 is still owed. “We’ve been making interest-only payments for a period of time and they’ve been, not at all inappropriately, asking when we were going to begin making principal payments,” Mr. Firstenberg said. The Commonwealth National Bank in Worcester, where the craft center does most of its banking, also has been receiving interest-only payments on loans totaling about $29,000, he said. Other debt is in friendlier hands, he said, friends of the institution that had made loans last fiscal year to help hold the center over until pledge money came in.

I stopped in yesterday afternoon to check on the work which came out of the soda kiln the Monday before Christmas. (Which turned out really well, BTW.) The lights were off, but I figured that there was just no one in working. Nope. The head of the clay studio broke the bad news to me; of course, it's far worse for him, a loyal 15-year-professional who is out of a job. Apparently rumors had been swirling around the entire time I've been gone, so at least I missed the anticipatory anxiety. I just get the thud of loss and stress.

Angry deep thought: If the Craft Center had had the foresight to change its name to Worcester Center for Banking and Crafts a few years ago, we could fill out a two page form [pdf file] and get a billion dollars from Hank Paulsen.

This is a tragedy for the city of Worcester. The schoolkids who took classes at the Center, the high school students in the Teen Apprentice Program, all the adults who have taken classes, all will miss the school. Of course, part of the problem that the Crafts Center has had is that it is not the most well-known of Worcester's cultural institutions. PR was never their strong suit.

The clay studio is the largest of the Craft Center's areas by number of students, and that community will want to stay together. One of the great things about the Craft Center is the ability to work in a collegial atmosphere, with everyone getting great ideas and inspiration from each other. If the Center does close that will be my priority, being able to stay in touch and work near some of the artists I've met and become good friends with.

A sad day.


Worcester Telegram: Center for Crafts shuts doors

Slide Show: Worcester Craft Center Over the Years

Worcester Craft Center

Strategic Pause letter from WCC (pdf)

New Street Glass Studio Hot Shop Rental Rates

Obama's Weekly Web/Radio Address

Economic Shot in the Arm

Barack Obama concentrates on a shot at Schultzie’s, a bar in South Charleston, W. Va., last May. It’s among the photos by Brooklyn photographer Scout Tufankjian in the book 'Yes We Can,' on sale Monday, Dec. 8.


NYDailyNews: On the road with Obama: An NYC photographer's exclusive

One place where the economy is not failing is Obama merchandise. Vendors in DC are doing a brisk business selling Obama t-shirts, hats, pins and other ephemera. I keep seeing TV ads for Obama plates and coins. And there will be plenty of coffee table books like this one.

It's not like anyone out there is clamoring for the George W. Bush coffee table books, anyway.

"Financial Crisis: The Musical"

Lyrics: B. Hopman Vocals: R. Hopman

The Shock Market is out of control!! Gall Street is crumbling!! Your savings have been 401KOD!! Just when you thought the economy has hit a low note, here comes a real chorus of gloom and doom. It won't take a degree in economics to enjoy this musical parody. Just a degree of humor. (Special appearance by John McCain.)

PEBO's Weekly Web/Radio Address

Only 45 days until PEBO becomes PBO. Bush will stop pretending to be a rancher and move in to his new mansion with wet bar. I hope the wet bar is supplied with plenty of pretzels.

President-Elect Obama's Weekly Web Address

Transcript

Obama's First YouTube Saturday Address

Hitting the Ground Running

President Bush walks with President-elect Barack Obama during a visit to the White House, November 10, 2008.
(Jim Young/Reuters)

Obama went to the White House on a mission to fix the economy. Will Bush act?

MSNBC First Read: The details on today's meeting

A source familiar with today's White House meeting tells NBC News that President-elect Obama focused on three economic issues during his conversations with President Bush this afternoon. The top topics: a stimulus package in the lame duck session, aid to the auto industry, and help for homeowners with adjustible-rate mortgages in order to prevent more foreclosures.

According to the source, Obama told Bush that action is needed on a stimulus package now - in a lame duck session - and cannot wait until after the inauguration.

Obama also urged help for automakers and encouraged the acceleration of the disbursement of $25 billion dollars for the industry.

On his third focus - housing - Obama voiced his concern that homeowners whose mortgage rates are about to go up will need aid to prevent more Americans from defaulting on home loans.

Two New Obama Ads: "Something" and "Rearview Mirror"

"Something"


"Rearview Mirror"


I love the rearview mirror ad. There's nothing that most Americans want more than to put the sight of George W. Bush out of their minds.

New Obama Ad: "His Choice"

Devastating. Palin's a winker and McCain's a fool for choosing her.

Sounds Good to Me

ABC News:
Movement to Scrap 401(k)s Gains Traction
Net Gains: Guaranteed Retirement Accounts Are Getting Attention in Washington